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 8￿rdance the accounting FKdicies set out in note 1 to the financial statements and comply wth the Charitable Compan￿5 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 rOUt￿ne 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 w￿e 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 phyS￿al limrts imFosed by the vessel. The Charitable Company does not receive statutory funding. Mainly relying on granls and donations. rts work is par￿Y self-funding through voyage fees wh￿h 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 perf0m￿nCe and finances ol the Charitable Company, the trustees a￿ satisfied that public benefit has been provKl8d in a(£ordar￿e 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 rna1ntenar￿e 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 ctlnsequen￿5. 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 fv￿lIlIng lis primary objectNes. Unrestricted funds.. The balance on the UnreStr￿ted 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 o￿an 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 party￿lar matters arising. The Board of Directors, who also meet approximatety four b.mes a year. are resp￿S1b1e 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 pol￿eS 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 cOn￿M 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 er￿ed 31 Octobei 2021. Responsibilities and basis of report As the trustees of the Charitable Company land also its d1￿CloT$ 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 F￿anryal 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 finanut the carrying amount of assets and liabilits"e5 that are not readily apparent from other sources. The estimates and assooated aSsumpt￿n$ 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 Donat￿nS 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 C￿1$ 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 pay￿Ents from the charItab￿ C