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2023-12-31-accounts

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Charity registration number 1055435

Company registration number 03192077 (England and Wales)

HERTFORDSHIRE YOUNG MARINERS' BASE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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HERTFORDSHIRE YOUNG MARINERS' BASE

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LEGAL AND ADMINISTRATIVE INFORMATION

Trustees G Hughes
R Hodgson
R Fenton
L Russell
C Hewitt
J Pick
G Pick
Officers
Chair R Hodgson
HonoraryTreasurer G Hughes
Honorary Secretary R Hodgson
Charity number 1055435
Company number 03192077
Principal address 231 Windmill Lane
Cheshunt
Hertfordshire
EN8 9AJ
Registered office 231 Windmill Lane
Cheshunt
Hertfordshire
EN8 9AJ
Independentexaminer Gary Howard FCA
Howard Wilson CharteredAccountants
36 Crown Rise
Watford
Hertfordshire
WD25 ONE
Bankers CAF Bank
25 Kings HillAvenue
West Malling
Kent
ME19 4JQ
Lloyds Bank Plc
1 Bircherley Street
Hertford
Hertfordshire
SG141BU

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| HERTFORDSHIRE YOUNG MARINERS' BASE

CONTENTS

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Page
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Trustees' report 1-4
Statement ofTrustees’ responsibilities 5
Independent examiner's report 6
Statement offinancial activities 7-8
Summary income and expenditure account 9
Balance sheet 10
Notestothefinancialstatements 11-22

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HERTFORDSHIRE YOUNG MARINERS' BASE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 oe

The Trustees present their annual report and financial statements for the year ended 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”.

Objectives

The objectives of HYMB are to promote the development of young people by the provision of outdoor educational facilities with a preference for those who are resident in Hertfordshire. To complement the young people’s programme HYMB also offers an adult programme.

Both programmes promote the importance of safety whilst enjoying an activity and the mental and physical health benefits from participating in outdoor activities. There are many opportunities to develop leadership skills and obtain qualifications so that participants can go on to teach others.

Public Benefit

We have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set.

Activities and Participants

HYMB operated throughout the year. It was pleasing to see the rapid return of the Schools Programme following two years of disruption. Many new, as well as existing schools and youth groups, attended the centre. Several schools used the centre to help deliver their physical education GCSE courses. Several holiday clubs also took place which enabled Individuals to book activities. Bookings for the holiday clubs were robust but have yet to return to their pre-covid levels. Activities included sailing, paddling, archery, climbing, caving, and raft building.

A significant number of courses were also run to enable participants to progress in their favoured activity under the guidance of qualified instructors. These courses are popular and take place under the rules of national governing bodies.

The continued provision of paddle sports (Canoe, Kayak, Stand Up Paddleboarding) along with open water swimming resulted in a significant growth in the number of adults using the centre.

The provision of an indoor climbing wall and archery range will now enable the centre to offer these activities in inclement weather. Fencing is also being reintroduced.

This Statement of Public Benefit is to be taken in conjunction with the rest of the Trustees Report.

Staff and Training

In common with many organisations recruiting staff proved challenging although the policy of recruiting staff through an in house training programme showed its value. The first of 3 caravans for seasonal staff was installed and occupied. This proved to increase the catchment area for staff recruitment.

Fencing Training

Seven staff obtained a fencing GB Award. HYMB continues to support its staff in gaining NGB’s qualifications in paddlesports, climbing, caving, fencing and archery.

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| All staff have been able to improve their qualifications in general. | The continued provision of training days and short residential experiences for staff provided opportunities to | develop the staffs management and leadership skills. The trustees believe it is important that all staff can | progress, develop their skills and obtain additional nationally recognised qualifications.

: HERTFORDSHIRE YOUNG MARINERS' BASE TRUSTEES’ REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

Career Advancement

Promotion and Publicity

The recruitment of an IT specialist to the Trustees gave much relevant advice helping with the improvement of the website has made it easier for individuals to book online and an increasing use of social media has raised awareness of the centre, particularly amongst adults. The trustees have been working with the local council to improve physical signage with a new sign at “The Pond” and sponsorship of a roundabout.

Finances

Total expenditure for the year was £361,595 (2022: £323,387) against total income of £310,782 (2022: £318,679) resulting in a deficit of £50,813 (2022: £4,708). The result comprises a deficit on unrestricted funds of £31,918, a surplus on restricted funds of £3,663 and a deficit on endowment funds of £22,558.

The Trustees would like to thank those who donated kayaks, canoes and other equipment including ground maintenance and paint.

Progress on the Development Plan continued making use of grants obtained in previous years; the conversion of the camping equipment store into a large indoor training area was substantially completed with Fencing and Archery training being delivered. The Trustees were successful in obtaining revenue grant funding to support some of the activities.

The potential of a new maintenance building was progressed with clearance of the area and removal of some extremely large trees.

Endowment Fund

The Endowment Fund originally represented donations from various sources to finance the redevelopment of the sailing administrative centre and climbing complex. This fund is being depreciated over 50 years which is the expected useful life of the buildings and facilities.

General Fund

Following the formation of the charity in 1996 the trustees embarked on a major redevelopment of the centre buildings and associated facilities. The Trustees recognised that with the unknown factors associated with the running of the new facilities and the employment of staff they should pursue a prudent financial policy.

The trustee policies relating to the general fund are:-

The reserves policy will be reviewed annually.

Principal sources of income Charges for use of the Centre Payment from Solar Panels Donations

Grants from applications to charitable funders

Broxbourne Borough Council supported the work through allowing 80% rate relief Gift Aid

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HERTFORDSHIRE YOUNG MARINERS' BASE

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

Risk management

Safety

HYMEB is inspected annually and licensed by the "Adventure Activity Licensing Service" for all outdoor activities as part of "The Activity Centres (Young Persons Safety) Act 1995". Additional inspections and certifications are also awarded by recognised sport governing bodies; British Canoeing; Royal Yachting Association and the "Quality Badge" for Centres with ‘Learning Outside of the Classroom’ which is affiliated to the British Mountaineering Council.

A new staff handbook was introduced during 2017 to compliment the standards set out by the Activity Governing bodies. The handbook is reviewed and updated on a regular basis. Work is ongoing to make the handbook more accessible to staff electronically.

The Accident and Near Miss reports are analysed regularly, and any significant findings are drawn to the staffs attention at the annual staff training day in January. In addition, all Accident and Near Miss Reports are discussed at the regular staff meetings with a view to preventing their reoccurrence.

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The Trustees approve and review annually the specific Risk Assessment for the HYMB.

2024 - Moving Forward

The Trustees recognise that becoming an all-weather, all season centre will provide greater opportunities for schools, organisations and individuals to access activities at the base. It will also enable the base to employ a greater number of full-time members of staff and therefore create a career path for employees. This would in turn make working for HYMB more attractive to those living within the Borough. A range of potential opportunities have been identified so that the base can substantially increase the activities available from November through to March.

Structure, governance and management

The activities of the charity are governed by the Charity Commission Scheme document dated 24 October 1996 together with its Memorandum and Articles of Association which were revised and approved by the Board on the 18 June 2012.

Trustees receive no remuneration and are members of the company, guaranteeing to contribute no more than £1 in the event of the winding up of the company, which is limited by guarantee.

The Trustees, who are also the directors for the purpose of company law, and who served during the year were: G Hughes R Hodgson G Nicholson (Resigned 22 March 2023) D Rudland (Resigned 24 May 2023) R Fenton L Russell C Hewitt D Hewitt t (Deceased 5 November 2023) J Pick G Pick (Appointed 22 March 2023)

The Elected and Co-opted Trustees are recruited on a rotating 3 year cycle. The Elected Trustees are elected by the associate members of HYMB (the users) in May/June each year. The Co-opted Trustees are recruited as vacancies occur to try and fill gaps in trustee’s skills.

All Trustees complete a declaration of interests of themselves and close family, which is updated annually.

They are required to declare any interests relating to specific items on the agenda at the start of Trustees Meetings.

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. HERTFORDSHIRE YOUNG MARINERS' BASE

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The Board of Trustees is made up of 3 Elected Trustees and 6 Co-opted Trustees. All Trustees are appointed for an initial term of 3 years and are eligible for reappointment.

Key decisions about Health and Safety inspections, the Charity's Development plan, recruitment of staff, advertising and the tender for material capital or revenue expenditure are undertaken by the board of Trustees at board meetings. Members of staff prepare bids for capital and revenue grants in line with the charity's overall objectives and these are discussed by Trustees prior to application.

The Trustees’ report was approved by the Board of Trustees.

R Hodgson Trustee

Dated: 7 May 2024

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HERTFORDSHIRE YOUNG MARINERS' BASE

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees, who are also the directors of Hertfordshire Young Mariners’ Base for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at | any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HERTFORDSHIRE YOUNG MARINERS' BASE

| report to the Trustees on my examination of the financial statements of Hertfordshire Young Mariners' Base (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. EECay Howard FCA

Howard Wilson Chartered Accountants

36 Crown Rise

Watford Hertfordshire WD25 ONE

Dated: 13 May 2024

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HERTFORDSHIRE YOUNG MARINERS' BASE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

Current financial year

Current financial year
Unrestricted Restricted Endowment Total Total
funds funds funds
2023 2023 2023 2023 2022
Notes £ £ £ £ £
Income and endowments from:
Voluntary income 3 2,930 5,234 - 8,164 25,266
Operation ofMariners' Base 4 301,631 - - 301,631 287,576
Investments 5 975 - - 975 267
Other income 6 12 - - 12 5,570
Total income 305,548 5,234 - 310,782 318,679
Expenditure on:
Operation ofMariners’ Base 7 337,466
—_—__		 1,571
—____		 22,558
—_		 361,595
——		 323,387
—__.
Netmovement infunds (31,918) 3,663 (22,558) (50,813) (4,708)
Fund balances at 1 January 2023 188,850 13,575 547,553 749,978 754,686
Fund balances at 31 December
2023 156,932 17,238 524,995 699,165 749,978

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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. HERTFORDSHIRE YOUNG MARINERS' BASE

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STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

Prior financial year

Prior financial year
Unrestricted Restricted Endowment Total
funds funds funds
2022 2022 2022 2022
Notes £ £ £ £
Income and endowments from:
Voluntary income 3 25,266 - - 25,266
Operation of Mariners’ Base 4 285,376 2,200 - 287,576
Investments 5 267 - - 267
Other income 6 5,570 - - 5,570
Total income 316,479 2,200 - 318,679
Expenditure on:
Operation of Mariners’ Base 7 295,064 5,765 22,558 323,387
Netmovement in funds 21,415 (3,565) (22,558) (4,708)
Fund balances at 1 January 2022 167,435 17,140 570,111 754,686
Fundbalancesat31December2022 188,850 13,575 547,553 749,978

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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HERTFORDSHIRE YOUNG MARINERS' BASE

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |All|income|funds| |2023|2022| |£|£| |Gross|income|310,782|318,679| |Total|expenditure|from|income|funds|339,037|300,829| |Net (expenditure)/income|for the year|(28,255)|17,850|

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. HERTFORDSHIRE YOUNG MARINERS' BASE

BALANCE SHEET AS AT 31 DECEMBER 2023

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2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 11 603,356 629,328
Current assets
Stocks 12 36 156
Debtors 13 6,190 8,849
Cash at bank and in hand 151,188 170,909
157,414 179,914
Creditors: amounts falling duewithin
oneyear		 15 (55,938) (49,264)
Netcurrentassets 101,476 130,650
Totalassets lesscurrentliabilities 704,832 759,978
Creditors: amounts falling due after
more than oneyear 16 (5,667) (10,000)
Netassets 699,165 749,978
Capital funds
Endowment funds - general 18 524,995 547,553
Income funds
Restricted funds 19 17,238 13,575
Unrestricted funds 156,932 188,850
699,165 749,978

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 7 May 2024

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TrusteeR Hodgson | , bebe TrusteeL Russell AWCLa
Company Registration No. 03192077
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HERTFORDSHIRE YOUNG MARINERS' BASE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Charity information

Hertfordshire Young Mariners’ Base is an private company limited by guarantee incorporated in England and Wales. The registered office is 231 Windmill Lane, Cheshunt, Hertfordshire, EN8 9AJ.

1.1 Accounting convention The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” ("FRS 102") and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial | Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The | charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Charitable expenditure comprises those costs incurred by the charity in the delivery of the activities and services for our beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

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: HERTFORDSHIRE YOUNG MARINERS' BASE

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings straight line over 10/40/50 years Boats straight line over 6 years Grounds, lakes, fences and jetties grounds and lakes not depreciated, others straight line over 10 years Office equipment straight line over 3/5/10 years Solar panels straight line over 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

The charity has a policy not to capitalise expenditure on fixed assets costing less than £3,000.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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HERTFORDSHIRE YOUNG MARINERS' BASE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Accounting policies (Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Irrecoverable VAT

irrecoverable VAT is shown as a separate category of resources expended.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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. HERTFORDSHIRE YOUNG MARINERS’ BASE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Voluntary income

Unrestricted Restricted Total Unrestricted
funds funds funds
2023 2023 2023 2022
£ £ £ £
Donations and gifts 2,930 5,234 8,164 1,600
Core grant support for Mariners Base - - - 23,666
2,930 5,234 8,164 25,266
Grants receivable for core activities
Coronavirus Job Retention Scheme Grant - - - 58
Covid 19 grants - Borough ofBroxbourne - - - 4,000
Build Back Better Grant - - - 19,608
- - - 23,666
4 Operation ofMariners' Base
2023 2022
Core charitable activities £ £
Courses and instruction 295,411 278,894
Admissions and equipment hire - 30
Performance related grants - 2,200
Solar electricity income 6,220 6,452
301,631 287,576
Analysis by fund
Unrestricted funds 301,631 285,376
Restricted funds - 2,200
Performance related grants
Hertfordshire County Council Locality Budget Grants - 2,200
- 2,200

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HERTFORDSHIRE YOUNG MARINERS' BASE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Investments

Interest receivable

Unrestricted Unrestricted
funds funds
2023 2022
£ £
975 267

6 Other income

Other income

Unrestricted Unrestricted
funds funds
2023 2022
£ £
12 5,570

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. HERTFORDSHIRE YOUNG MARINERS’ BASE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

7 Operation of Mariners’ Base

2023 2022
£ £
Staff costs 225,620 211,262
Depreciation and impairment 25,971 26,446
Premises costs 14,825 11,468
Insurance 14,733 13,448
Repairs and maintenance costs 39,903 22,948
Office costs 7,692 6,338
Computer and website costs 9,833 8,661
Motor and travel expenses 709 1,083
Promotion and publicity 1,384 1,068
General costs 1,827 2,701
Legal and professional costs 3,360 4,217
Governance costs 1,600 1,600
Bank charges and other finance costs 1,037 1,253
Irrecoverable VAT 10,262 9,794
Staff training 2,839 1,100
361,595 323,387
Analysis by fund
Unrestricted funds 337,466 295,064
Restricted funds 1,571 5,765
Endowment funds - buildings 22,558 22,558
361,595 323,387

Included in governance costs are fees paid to the independent examiners of £1,600 (2022 - £1,600) for examination services and included in Legal and professional costs are fees of £800 (2022 - £800) for payroll services.

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

One Trustee was reimbursed expenses of £755 in respect of items paid on behalf of the charity (2022 - £462) during the year.

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HERTFORDSHIRE YOUNG MARINERS' BASE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9 Employees

The average monthly number employees directly employed by the charity during the year was:

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2023 2022
Number Number
Charitable activities 13 14
Administration 2 2
Total 15 16
Employment costs 2023 2022
£ £
Wages and salaries 202,668 190,380
Social security costs 9,239 8,312
Other pension costs 13,713 12,570
225,620 211,262

There were no employees whose annual remuneration was £60,000 or more.

10 Taxation

The company is a registered charity and is therefore exempt from corporation tax insofar as any surpluses are applied for charitable purposes.

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HERTFORDSHIRE YOUNG MARINERS' BASE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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||||||||| |---|---|---|---|---|---|---|---| |12|Stocks| |2023|2022| |£|£| |Finished|goods|and|goods|for|resale|36|156| |13|Debtors| |2023|2022| |Amounts|falling|due|within|one|year:|£|£| |Trade|debtors|2,598|5,266| |Other|debtors|51|79| |Prepayments|and|accrued|income|3,541|3,504| |6,190|8,849| |14|Loans|and|overdrafts| |2023|2022| |£|£| |Bank|loans|9,667|14,000| |Payable|within|one|year|4,000|4,000| |Payable|after one|year|5,667|10,000|

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The long-term loans are supported by a guarantee to the lender from the UK Government under the Bounce Back Loan Scheme.

The charitable company obtained the Bounce Back Loan from Lloyds Bank, repayable over six years with no repayments in the first year. The interest rate is 2.5% per annum, with the interest in the first twelve months being covered by the UK Government.

15 Creditors: amounts falling due within one year

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||||||| |---|---|---|---|---|---| |2023|2022| |Notes|£|£| |Bank|loans|14|4,000|4,000| |Other taxation|and|social|security|2,906|2,891| |Deferred|income|17|27,666|27,002| |Trade|creditors|3,401|1,470| |Other|creditors|11,659|10,351| |Accruals|and|deferred|income|6,306|3,550| |55,938|49,264|

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HERTFORDSHIRE YOUNG MARINERS' BASE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

16 Creditors: amounts falling due aftermore than oneyear
2023 2022
Notes £ £
Bank loans 14 5,667 10,000
17 Deferred income
,

Other deferred income 27,666 27,002
Deferred income is included in the financial statements as follows:
2023 2022
£ £
Deferred income is included within:
Current liabilities 27,666 27,002
Movements in the year:
Deferred income at 1 January 2023 27,002 30,643
Released from previous periods (24,227) (30,643)
Resources deferred in the year 24,891 27,002
Deferredincomeat31December2023 27,666 27,002

18 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at Resources Balance at Resources Balance at
1 January 2022 expended‘ January 2023 expended 31 December
2023
£ £ £ £ £
Permanentendowments
Sailing centre, climbing wall and caving
complex		 570,111 (22,558) 547,553 (22,558) 524,995
570,111 (22,558) 547,553 (22,558) 524,995

Sailing centre, climbing wall and caving complex is a permanent endowment fund which comprises construction of the Hertfordshire Young Mariners' Base Centre and facilities for operation included for operation as an outdoor centre. The fund also includes the fabrication of a new teaching room within the existing main building.

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