Charlty reglstration number 10799SS Company reg1Stration number 03898088 (England and Wale$l OCEAN YOUTH TRUST NORTH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
OCEAN YOUTH TRUST NORTH LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr P.C.M. Lewis Professor P. Strike (Chairnian) Mr D. Brovm Mrs A.M. Hayes Mr D.R. Graham Mr N. Home (Appointed 1 January 20221 (Appointed 1 January 20221 (Appointed 1 January 20221 (Appointed 1 January 20221 Secretary Mr J.S_ Lennon Charlty number 1079955 Company number 03898()88 Registered office Greaves West &Ay 17 Walkergate Berwck upon Twe Northumberland TD15 1DJ Independent examiner Stuart Faed Bsc (Hons) CA DipPFS Greaves West &AyTe 17 Walkergate Berwick.UFK)n-Tweed Northumbertand TD15 1DJ Bankers Bardays Corporate Banking plc 25 James Street Harrogate HGI 1QX
OCEAN YOUTH TRUST NORTH CONTENTS Page Trustees. report Independent examinerfs port Statement ol finanaal activities Balance sheet Notes to the financial statemènts 10-18
OCEAN YOUTH TRUST NORTH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2021 The trustee5 of Ocean Youth Trust North (the Charifable Company) present Iheir rewrt and Bccounts for the year ended 31 October 2021. The financial statements have been prepared in 8rdance the accounting FKdicies set out in note 1 to the financial statements and comply wth the Charitable Compan5 goveming document. Ihe Charities Act 2011 and "Aeeounting and Reportng by Charity"es". Statement of Recommended Practice applicable to charrt4es preparing their ac(yJunts in acxxjrdance the Financial Reporb'ng Standard applicable in the UK and Republic of Iieland IFRS 1021" (effective 1 January 20191. Objectives and activities The Charitable Company takes young people away from their everyday routine and inspires them to makè positivè changes to their lives through 'Adventure under Sail,. It uses the traditional practyces of seafaring as a tcK>l for personal and soual development. Young people thrive in the on-board envirtrnment where the farniliar rOUtne and d05e 14ving means they develop trusting relationships with those around them and every aspect of a voyage pronK*tes personal growth that they can take foTward to their futures. The Charitable Company Is British based and focused principalty on the East and West coasts ol Northern England. It works in partnership vth a we variety of youlh and educab.onal organisations and is the sole regional provider of challenging. residential sailiro expedibons whth young people ol all abilities and backgrounds Can access locally. Ir is a Royal Yachting Association IRYAI Training Centre an(J approved to njn The Duke of Edinburgh Award expeditions and residentials which means that young people who take part in its activthes can achieve nationally recognised qualfficabons. The Charrtablè Coryany is • mèm( of thè Assotsats"tsn of Sail Training Organisabons IASTOI The Charilabte Company endeavours to achieve its objects, through the opeRtKJn of the sailing vessel 'James Cook. chartering other suitable vessels a5 appropnate. The vessel is manned by profe55ionally qualified staff, assisted by experience volunteers who recesve trasning. While the focu5 is on those young people who are deprived or dwdvantaged. parbcipation is open to all young people. regardless of background. gender, ethnicty or creed. Every effort is made to encourage and acwrnmodate disabled access vthin the phySal limrts imFosed by the vessel. The Charitable Company does not receive statutory funding. Mainly relying on granls and donations. rts work is parY self-funding through voyage fees whh are kept as low as possible to allow a wide range ol young people to be included. Publi¢ benefit In considering the operation, achievements and perf0mnCe and finances ol the Charitable Company, the trustees a satisfied that public benefit has been provKl8d in a(£ordare with the Charitsès Act 2011 and guidance provided by the Charity Commission. The trustees have paid due regard to guidance issued by the Charity Commission in deriding what acts'vities the Charitable Company should undertake.
OCEAN YOUTH TRUST NORTH TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 31 OCTOBER 2021 Achievements and perforniance The Charitable Company did not operate during the year. In the light of guidance issued by the Department of Education and the Nabonal Youtt) Agency.. %thich outlined the conditions that should be mel vthen planning and undertaking a residential l educational visrt. and data regarding the spread of COVIO-19 infects'ons and new varianis among ywng people. the trustees conduded that to avoid unnecessary nsks to our clients, our staff and the oynmunity in general. remaining closed was the only responsible course ol actK)n. Shore based staff were retained to undertake essential admin15trative and fundraising work wth Sea staff retained on a 'zero hours. basis in the expectsts.on that they will return to work in Spring 2022 to prepare for the 2022 season. Vessels remained ashorè and were accomm(*Jated. ex gratia. courtesy of Boalfolk-Royal Quays Marina and Fox's Boatyard. Clients were offered refvnds or the opporbjnity to defer their voyages to the following year. Grants and Donations The Equal Chance Appeal subsdise5 berth5 for young people who othermse would not be ablè tts afford to partsopate. To keep berth fees In general as low as possible the Charitsble Cornpany seeks grants and donatstsns toward5 the operabonal costs of running voyages. The trustees gratefully acknovledge the support of all the sptsnsors and the contribution they make toward5 helping the Charitable Company achieve rts Chantable Objects. While the Charitable Company aims to benefit groups of young people of all abilities and backgrounds. from schools. colleges, youth dubs and local authorities. ifs charitable purpose favours groups worknng with depnved and disadvantaged young people. These young people. by their nature. benefit from the Charitable Company's services Most but are the least able to pay. thus putting an increasing strain on the Charitable Companys finances. Support is akn sought for capital expendityre relab.ng lo marib"ThE operatK)ns and general operating costs. It is the charitab Companls policy not to name indwidual thmors in the annual report and a¢UntS unless specifically requested to do so. The trustees herewrth rewgnise and are grateful for all the support given to the Charitable Company to help it fulfil rts charitable objects.
OCEAN YOUTH TRUST NORTH TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2021 Financial review The 8oard is eonts"nually working for the rna1ntenare of a swnd finanryal posibon. Finanaal controls are in place asking for prompt detailed monthly accA)unts. Marketing and lundraising strategies are inplernented. and the vessel "James Cook" is ctjnsidered fit for purpose. Annual and five yèarfy Inspects"on reports are undertaken The Charitable Company surplus for the peric#J was £24,27212020'. £43,100 surplus), increasing the unrestricted fund balance. During the year the Charitable Company was very fortunate to have received generous support from most of rts historic funders %vhich has put it in a position where it will be able to carry on its actiwts.es into 2022. The trustees are grateful to those who have supported our work for Iheir uncompromising finanaal confidence. Maintenance of our main asset. the yacht Jame5 CLX)k. conb"nue5 to be a sgnsficant cost. The mid-lrfe refit programme conb.nues wth work being undertaken at Fox's Boatyard. The aim of the programme being to meet urrent Standards ol safety and crew welfare and to extend the lrfe of the vessel for a fvrther 20 years. The work is partly fvnded by donatsons with the balarKe being met from serVeS. Risk Review The trustees actively review. on a regular basis. the major risks laced by the Charitable Company, both 'finanaal and operational. and procedures are established or updated to mf(MJate any potenbal ctlnsequen5. The Charrtable Company holds mprehensive Insuran cover and Safety Management discussed at each trustees meebng. Funds policy Restricted lunds- The balance on the restricted funds for 2021 is £129,26312020". £102,117). The $trICted fvnd was set up IOT the purchase ofthe sailing ve55el"James Cook" for use by the Charitable Company in fvlIlIng lis primary objectNes. Unrestricted funds.. The balance on the UnreStrted funds for 2021 is £104.08312020". £106,957). These are used for the day to day running o)sts of the Charilable Company. The Board 8ims to build a reserve equivalent to the values of James Cook and Lene Sono uS one yearfs iunning costs of approximately £200.000. structure, governance and management The Charitable Company was incorporated on 22 December 1999. The Charitsble Company is lirnited by guarantee and has no share eapits5. The Chariiable Company registered as a charity on 22 March 2000 and resolved to change rts name from oan Youth Trust INEI on 20 June 2011 lo Ocean Youth Trust North vthich more accufatety reflects rts wider geographieal eoveragè.
OCEAN YOUTH TRUST NORTH TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2021 The trusiees, who are also directors, who either served duriThJ the year or were appointed in the period following the year end up to the date ol signing this report were.. Mr P.C.M. Lewis Sir H.R. Wilmot Bt Ms F. Cunliffe-Lister Dr E. Fletchef Professor P_ Strike (Chairman) Mr O. Brown MrsA.M. Hayes Mr O.R. Graham Mr N. Horne IReggne(17 February 20221 (Resigned 7 February 20221 (Resigned S July 20211 (Appointed 1 January 2022) (Appointed 1 January 20221 (Appoinled 1 January 20221 (Appointed 1 January 20221 Mi J.S Lènnon is a director. but not a trustee. ¢erall strategic control of Ihe organisation is vested in the Board ol Trustee5 who act in ? non-executive capacity. The Board endeavours to meet approximately fwr bmes each year with other meetings held to address partylar matters arising. The Board of Directors, who also meet approximatety four b.mes a year. are respS1b1e for oveiseeing the implementabon of the policies set by the trustees. The members of the Board have èxperience of management in a range of disuplines and businesses and are committed to the requirements of effective governance and responsibil"ÈS for a tharty especially toward the young people who benefit from the Charitable Companrfs activities. I trustees are given explanations of their role and new trustees are mentored by existing trustees. Where considered appropriate trustees are gNen addrtional training. None of the trustees has any beneficial interest in the Charitable Company. All of Ihe trustees are mèmbers of the Charitsble Company and agree to contribtjte £1 in the evenl ol a wnding up. Sailing vessels used by the Charitable Corr¥)any are manned by vdunteers undèr the SLtpervision ol professional skippers and mates. The Charitable Company is a Royal Yaehbng Asswation IRYAI Approved Sea School and is a member of (he Association ol Sail Training Organisations (ASTO}. A comprehen&ve Safety Management System. induding Child proteclion poleS and procedure5, is in pLace and is reviewed annually.
OCEAN YOUTH TRUST NORTH TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2021 Statement of tru$¢ees' responsibilities The trustees. who are also the directors of Ocean Youlh Twst North lor the purpose of (x)mpany law, are re5pon5ible ft)r preparing the Trustees, Report and the acc¢)unts In accordance wth applicable law and United Kingdom Accounting Standards (United knngdom Generally Accepted AceoLsntin9 Practieel. Company law requires the trustees to prepare aC£OLtnts for taeh finarrial year which grve a truè and fair vièw of the state ol affairs ol the Cha&ble Company and of the inwming re50urce5 and applicatitsn ol restsurces, induding the income and expendrture. of the charitable company for that year. In preparing these accoun15. the trustees are required to". - select suitable 8ccounting policies arKI then apply Ihem consistenty". - observe the methods and prinaples in the Charities SORP.. - make judgements and estimates that are reasonable and prudenL state whethei applicable UK Accounts"ng Stant1ards have been followed, subject to any material departures disclosed and explained in the accounts,. and prepare the aecounts on the gtsing cOnM basis unless it is inappropriate to presume that the Chafstable Company will continue in operatson. The trustees 8re responsible for keeping adequate a¢Unting records that di5d¢)se reasonable accuracy al any tirne the financial position ol the Charttable Company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also respongble lor safeguarding the assets of Ihe Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trusteès. report was approved by Ihè Btrard ofTrusteès. MrJ.S. Lennon Secretary Dated." 20 July 2022 28.C>Tr.2o2
OCEAN YOUTH TRUST NORTH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OCEAN YOUTH TRUST NORTH I report to the trustees on my examinatK)n of the Iinancial statements of Ocean Youth Trust North lthe Charitable Company) for Ihe year ered 31 Octobei 2021. Responsibilities and basis of report As the trustees of the Charitable Company land also its d1CloT$ for the purposes of company lawl you are responsible for the preparation ol the financ¢al ststements in accordance with the requirements of the Companies Act 2( (the 21K16 Acti. Having satisfied myself that the acctsunts or the Charitable Company are not required to be audited under Part 16 of the 2(K16 Act and are eligible for independent examination. I report in respect of my examinab.on of the Charitable Companys accounts carried out under section 145 of the Chanbes Act 2011 Ithe 2011 Act) In carrying Out my examinats.on I have lollowed all the applicable Direcbons given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinefs statement I have completed my examination I confirm that no matters have come to my attentson in connection wth the examination giving me cause to believe that in any matenal respect". accounting records werè not kept in respect of the Chantable Company a5 required by seth.on 386 of the 2006 Act.. or the financial statements do not actord th)se records: or the fin8nci81 statements do not compty with the a¢c¢wnD'ng requirements of secbon 396 of the 2006 Act other than any requirement that the 8ccounts grve a true and lair view which is not a matter considered as part of an independent examination". or the financial statements have not been prepared in 8w)rdance with the methods and principles of Ihe statement of Recommended Practice lor accounting and reporting by Charities applicable lo charities preparing their awunts in accordan wilh the Fanryal RerxyDng Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no ctsncerns and have come across no other matters in connection wth the examination to which atte should be drawn in this report in order to enable a proper understanding of the accounts to be rè tuart F Bsc Honsl CA DipPFS West & Ayre 17 Walkergate Berwick-tJFK>n-Tweed Northumbertand TD15 1DJ Dated." 20 July 2022
OCEAN YOUTH TRUST NORTH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2021 Current financial year Unrestricted Restricted funds funds 2021 2021 Total Totsl 2021 2020 Note5 n¢ome and endowments from: Donations and legacies Charitable activrties Other inccme 17,992 16.412 61,998 71.512 50,638 81,861 59.850 36,781 55.100 50.638 Total income 149.744 34,404 184,148 178,492 enditure on- Raising lunds 4.258 4,258 5,621 Charitabk activrties 152.618 155.618 129.484 Other 11 287 Total resources expended 152,618 7,258 159,876 135,392 Net movement Sn funds 12,8741 27,146 24,272 43,100 Fund balan¢es at 1 November 2020 106.957 102.117 209.074 165.974 Fund balances at 31 October 2021 104.083 129.263 233.346 209.074 The statement of finan<xal 8th"wb"es I1{1deS all gains 8nd1055es reo)gnised in the year. All ineomè and expendrtvre derive from continuiThJ actNib"es. Thé statemènt ol finanual activities also comph'es with the requiremènts for an inc£Jme aThJ expenditure account under the Companies Ad 2CrfJ6.
OCEAN YOUTH TRUST NORTH STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2021 Prior financial year Unrestricted Restricted funds funds 2020 2020 Total 2020 Notes Income and endowments from: Oonations and legacies Charitable activities Other InMe 76.661 40,950 36.781 5,200 18,900 81,861 59.850 36,781 Total income 154.392 24.100 178,492 Ex enditure on: Raising funds 5,621 5,621 Charitable activthes 124.284 5.200 129.484 Other 11 287 287 Total resources expended 124,571 10,821 135,392 Net movement In lunds 29.821 13.279 43,100 Fund balances at 1 Novembw 2019 77.136 88,838 165,974 Fund balances al 31 October 2020 106.957 102,117 209,074 The stslement of finanaal activities includes all gains and losses recognised in the year. l ineome and expenditure derive from continuing aetNib"es. The stslement of financaal acb"vr(ie5 also wmplies with Ihe requirements for an ino)me and expenditure account under the CompaniesAct 26.
OCEAN YOUTH TRUST NORTH BALANCE SHEET AS AT31 OCTOBER 2021 2021 2020 Notes Fixed assets Tangible assèts 13 83.673 82,050 Current assets Debtors Cash at bank and in hand 14 18.773 228,176 6.034 157,16S 246.949 163.19g Credltors: amounts talllng due withln one year 15 (97.276} 136.1751 Nel current assets 149,673 127,024 Total assets less current liabilities 233,346 209,074 Income funds Restricted funds Unrestr¢eted lunds 16 129.263 104,083 102,117 106.957 233.346 209,074 The company is entiUed to the exemption from the audit Wu1ment contained in sects.on 477 91 the Companie5 Act 2006, for the year ended 31 October 2021. The Trustees ackno%ert9e their responsibilrties lor ensunng that the chanty keeps accounting records Vwhich comply with section 386 of the Act and for preparing financial ststements which gNe a true and fair view of the stsle of affairs tsl the eompany as at the end of the finaneial year and ol rts incoming resources and application of resources. Induding rts Income and expend5ture. for the finan¢Jal year in accordance trhe requirements of sections 394 and 395 and whh othenvise compty with the requirements of the C¢)mpanies Act 2006 relating to finanal statements, sts far as applicab to the company. The members have nol required the company to obtain an audit of rts finanrial statements for the year in quesb.on in aco)rdance wth secb'on 476. These finanual statements have been prepared in accordance with the rxovision5 applicable to ojmpanies Subject to the small companies regime. Thè fina aals ents wèrè approved by Ihe Tnjslees on 20 July 2022 PfeSSor P. Trustee almnI Company registration number 03898088
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 Aeeounting policies Charity infomiation Ocean Youth Trust North is a private company limiled by guarantee incorporated in England and Wales. The registered office is GaVeS West & Ayre, 17 Walkergate, BeTrvKk uk Tweed. Northumbeflan¢J. TD15 1DJ. 1.1 Accounting convention The financial statements have been prepafed in accordance wlh the Charitable Companvs goveming document, the Companies Act 2006 and "Accounts'ng and Reptsrting by Charities. Statement of Recommended Practiee applicable to charthes preparing theif accounts in accordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffecbve 1 January 20191. Thè Charitablè Company is a Public Benefit Entty as defined by FRS 102_ The Chantable Company has tsken advantage of the provisions in the SORP lor charits'es applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in steding. Ythich the fttnctional currency of the Charitable Company. Monetary amounts in these finan¢Jal statements are rounded to Ihe nearest £ The finanoal statements have been prepared under the historical cost ei)nvention. The prinpaI accountin9 policie5 adopted are set otjt below. 1.2 Going concern At the b"rHe of approving the financial 5taternentS. the trusiee5 have a reasonable expectatitsn that thè Charitable Company has adequate resources to conbnue in operational existence for the foreseeable future. Thus Ihe trustees continue to adopt the g(Mng concem basis of aUntIng in preparing the fin8nual statements. 1.3 Charitable funds Unrestricted funds are available for use at the discreb.on of the trustees in furtheranee of their charitable objecb.ves unless the funds have been designated for oiher purposes. Restricted f4Jnds are subject to specific o)nditions by donNs as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial ststements. 1.4 Incoming resources Income is recognised when the Charitable Company 15 legalty entItd to Tt after any performan condition5 have been met. the anTh)unts ¢an be measured reliabty. and it is probable that irkcoTh* will be received. Cash donations are recognised on receipt. Olher donations are renL once the Charitable Company has been notified of the donation. unless performance )ndIon$ require deferTal of the amount. Income tax recoverable in relation to donations received under Gift or deeds of covenant is recogni5ed at the b.me of the donal'on. 10-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 Accounting policies (Continued) 1.$ Resource5 expended Expenditure is recognised on an accnjal basis as a liability is In{red. Expenditure irlIdeS any VAT which cannot be fully rec))vered. and is rèported as part of the expenditure to which it relates. Costs ol generating funds tyJmpnse those ujsts a55Lxyated wilh attracting voluntary income and the costs of trading for fundraising purpose5. Charitable expenditure eomprise those eosts inc#Jrred by Ihe Charitable Company in the delivery of its activities and services for its beneficiaries It indudes Lx)th costs that can be all¢)cated direcuy to such activities and those costs of an indired nature necessary to support them. G0Veman eosts are those costs incurred directly in supw)rt of expenditure on the objects of the Charitable Company and include project rnanagement. 1.6 Tanglble fixed assets Tangible fixed assets are initially measuted at cost and subsequentjy measured at cost or valuats"on. net of depreaation and any impairnent knsses. Tangible fixed assets are stated at cost depatron where the purchase pre exceeds £200. Depreciation is provided at rates calculated to %wite off the cost less estimated resKlual value of each asset over its expected useful lrfe, as folbws.. James Cook Lene Sono Equipment 5% Straight Line 25% Straight L*)e The gain or loss arising on the disposal of an asset ig determined ès the drffertrn between the sale proceeds and the carrying value ol the asset, and is recogn¢sed in the ststement of finanaal activeS. 1.7 Impairmen¢ of fixed assets At each reportsng end date. lhe Charitable Company reviews the carrying amounts of its tangible assets to determine whether there is any indiration that those 8ssets have Suffered an Impairment loss. If any such indication exists, the reCrable amount of the asset is estimated in order to detemiine the extent of the impaimient loss lif any). 1.8 Cash and ¢ash equivalents Cash and cash equivalents indude cash in hand, deposits he at Call with banks, other short-term liquKI investrnents wrth original maturib.es of the M1hS or 5$. and bank overdrafts. Bank ovèrdrafts ara shown within btsrrowngs in eurrent liabilities. 1.9 Financial instruments The Charitable Company has elected to appty the w0$10n$ of Section 11 '8asic Financial Instruments. and Section 12 '0ther Financial Instruments 155ues' of FRS 102 to 811 of rts finarbcial in5truments_ Financial instruments are recognised in the Charitable Companys balance sheet en the Charitable Company bewmes party to the Irjntradual provisions ofthe st[urrnt. Financial assets and liabilities are offset. wth the net amounts presented in the financial statements, when there is a legally enforceable right to set off the ¢0nised arUnts and there is an intention to settle on a net basis or lo realise the asset and seitle the lia'lty simuttaneousty.
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 Accounting policies (Continued) Basic financial assets 8asic financial assets. which indude debtors and $h and bank balances. are initially measured at transaction price including transaction costs and are subsequenuy carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts drscounted at a market rate of interest. Financial assets classified as receNable within one year are not amortised. Basic financial liabilities Basic financial Siabi1itses, induding creditors and bank k)ans are initially recognised at transaction price unless the arrangement constitutes a financing transacts"on. where the debt instrument is measured at the present value of the future payments diseounted at a mafket rate of interest Financial liabilities classified as payable wrthin one year are not amor*sed. Debt instruments are subsequently carried at amorbsed cost. usirrfJ ihe effective interest rate method. Trade creditors are oblatiOnS to pay lor goods or serVe$ that have been ao]uired in the ordinary urse of operations from suppliers. Amounts payable are classified as current liabilrtw rf payment is due wthin one year or less. 11 noL they are psented as non-ujrrent liabilities. Trade credrtors are recognised initially at transaction price and subsequenuy measured at amortised $t using the effectNe interest method. Derecognition of financial liabilities Finanaal liabilib.es are t1erec(¥Jnised when the Charrtabk Company's ntraCtual obligab.ons expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holhlay enti1Jent is recognised in the period in which the employee's services are received. Terminabon benefits are re(xgnised immediately as an expense when the Charitable Company is demonstrably committed to tewminate the empbywnent of an employee or to provide teiminatson benefits. 1.11 Leasing and hire purchase commitments Assets obtained under hire purchase contracts and finance aSe$ are eapitalised as tsngible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreetnents are included in edrt0rs nel of the finance charge allocated to future periods. The finanee element ol the rental payment is charged lo the profit and loss account so as to produce n$nI periodic rates of charge on the net obligations outstanding in each perK)d. Rentals payable under ¢)perating leases are ¢harged against incorne on 8 straight line basis over the lease term. Critical accounting estlmates and Judgements In the application of the Charitable Company's accounting tKilicies. the trustees are required to make judgements, estimates and assumptions atrr>ut the carrying amount of assets and liabilits"e5 that are not readily apparent from other sources. The estimates and assooated aSsumptn$ are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these esbmates. The estmates and underfwng assumptions are rev an ongoing basis. Revisions to acco(Jnting estimates are rery)gni5ed in the period in which the esb.mate is revised where the revisicsn affects only that period, or In the penod of the ievision and futLsre periods wh8re the revisM)n affects both current and future periods. 12-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 Donations and legacles Unrestricted Restricted funds funds gerberal 2021 Total Total 2021 2021 2020 DonatnS and grfts 17,992 61.998 81,861 Charitable activities Unrestrided Restricted funds funds general 2021 Total Total 2021 2021 2020 Berth sponsorship Trusl appeal income 55.100 55.100 40.950 16.412 18.900 16.412 55.100 16.412 71.512 59.850 Other income Unrestricted funds general 2021 Total 2020 Interest recewable Cortsnavirus Job Retention Seheme 96 36,685 50.630 50,638 36,781 Raising funds Restricted funds Totsl 2021 2020 Raising funds Other fvndraising C1$ 4,258 5,621 13-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 7 Charitable activities Other costs Shore based Boat running Governance costs costs costs Total 2021 Total 2020 staff costs Depreciabon and Impairment Office rent and utilits'es Restricted project expenditure Communieatitsns Training Postage and stationery Travelling expenses Office equiprnent Equipment Hire Boat refit and maintenance Fuel Insurances Victuals Trave1 and sub515ten¢e Ship's utilitiès Berthing Bookkeeping Other ehantable expèndrtu 18,712 1.870 58.142 76.854 1.870 89,621 2.921 4.650 5,200 1.612 3.000 1.789 797 232 370 203 960 59.468 212 1.048 222 1.457 924 1.789 797 232 370 203 312 3,006 325 841 12.464 145 1.452 742 1.504 127 511 602 59.468 212 1.048 222 1.457 924 360 522 522 22.371 66.335 58.142 150.292 126.743 Share of govemance costs Isee note 81 5,326 5,328 2,741 22.371 66,335 63,468 155,618 129,484 Analysls by fund Unrestricted funds- general Rèstricted funds 22,371 63.335 63.468 152.618 22,371 66.335 63.468 155.618 For the year ended 31 October 2020 Unrestricted funds - general Restricted funds 33,987 5.794 16.945 5.200 67.558 124.284 5,200 33,987 5.794 22.145 67.558 129.484 14-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 Support costs Governance costs 2021 Governance costs 2020 Legal and professional Accountsncy Bank charges 1,621 3.538 167 1.621 3,538 167 350 2,165 226 350 2,165 226 5.326 5,326 2,741 2,741 Analysed between Charitable activits.es 5,326 5,326 2,741 2,741 Ck>vernance cy)sts includes payments to the indeperhdent examiners of £500 12020.. £5001 for independent examinabon fee5. Trustees During the year. none ofthe trustees iéeeNed any payEnts from the charItab C<Knpany12020'. £Nill. 10 Employees Number of employees Th8 average rwNJnthly numbèr of empbyees during the year wa5" 2021 Number 2020 Number Employment costs 2021 2020 Wages and salaries 76,854 89,621 No employee eamed over £60.000 during the year. 11 Other Totsl UnrestTied funds general 2020 2021 Net loss on disposal of tsny1b fixed assets 287 287 15-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 12 Taxation The Charitable Company is a registered charrty and aeiy)rdingly is exèmpt from taxabon on its income and gains where they are applied for charrtable purposes. 13 Tangible fixed assets James Cook Let)e FA•no Office equ¢pment Equipment Total Cost At 1 November 2020 Additions Disposals 72,863 11.066 7,300 50,688 3,491 {1.848) 141,917 3,491 11.8481 Al 31 October 2021 72,863 11,066 7,300 52,331 143,560 Depreclatlon and Impairment At 1 November 2020 Depreciats"on charged in the year Eliminated in respect of disposa15 4,004 553 6,852 307 49,010 1.009 {1.8481 59,866 1.869 11.8481 At 31 October 2021 4.557 7.159 48.171 59.887 Carrying amount At 31 oober 2021 72.863 6.509 141 4.160 83,673 At 31 October 2020 72.863 7.062 448 1.677 82,050 14 Debtors 2021 2020 Amounts falling due within one year: Trade debtors Other dobtsrs 7.473 11,300 1,851 4,183 18.773 6,034 15 Creditors.. amounts falling due within one year 2021 2020 other taxation and sOC4al securty Deferred inwme Trade creditots Other L¥editors Acc*uals and deferred income 942 21,863 65.004 6.867 2,600 3.679 24,821 1,443 3.632 2,600 97,276 36,175 16-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 17 Analysis of net assets between funds Ut)re$tricted Restricted Funds Funds 2021 2021 Total Unrestricted Restricted Funds Funds 2020 2020 Total 2021 2020 Fund balanee5 at 31 October 2021 ar8 represented by". Tangible assets Current assetsllliabilibesl 10,810 93.273 72,863 56,4C 83.673 149.673 9.187 97,770 72.863 29.254 82,050 127,024 104.083 129.263 233.346 106.957 102.117 209.074 The balance of £72,863 induded in the iestrthd fvjnd and allocated to Tangible assets related to the James Cook sailing vessel. 18 Related party transactions There were no disclosable related party transaCtS during the year12020.' None}. 18-
OCEAN YOUTH TRUST NORTH DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2021 2021 2020 Income and endowments from-. Donations and legacies Donations Donations- Restricted lund 76.661 5.200 17.992 61,998 81.861 Incoming resources from charitable activities Berth sponsorship Trust appeal inrne. Restricted fvnd 55.100 16,412 40.950 18.900 71,512 59.850 other incoming re$our¢es Deposit account interest Coronavirus Job retention stheme 96 36.685 50.630 50.636 36,781 Total incoming resoUe$ 184,148 178.492 Resources ex ended Co$t$ of generating donations and legacies Equal Chance Appeal - Restricted fund 14.2581 {5,621) Charitable a¢tivities other costs Sea staff salaries Depreciation oirice rent ènd uts"lib"es Communications 18.712 1.870 24.804 2.921 4.650 1.612 1.789 122.3711 133,9871 Shore based costs Training Postage and stslionery Travelling expenses Office equipment Equipment Hire General adrninistrats.on expenses Bookkeepin9 797 232 370 203 312 3,006 325 522 360 708 602 13.4441 15.7941 Balance Carried FoNiard 154,075 133,090 19-
OCEAN YOUTH TRUST NORTH DETAILED INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 2021 2020 BalanrR Brought Forward 154.075 133.090 Boat running ¢o$t$ Maintenance Fuel Insurances Victuals Travel and sub51Sten¢e Ship's utilities Berthing Mainlenan¢e- Restri¢led fvrKI 59.468 212 1.048 12.464 145 1.452 742 1,$04 127 511 5.21)0 1.457 924 166,3351 {22,1451 Govemance costs Office staff 58,142 64.817 other resources expended Loss on disposal of tangible fixed assets Legal and prolessDnal Aecountancy Bank charges 287 350 2.165 226 1.621 3.538 167 {63.468} 167,8451 Surplus for the Year 24.272 43,100 -20-