Charlty reglstratlon numb•r 1079955 Company regl$tTatlon number 03898088 (England and Walé$l OCEAN YOUTH TRUST NORTH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
OCEAN YOUTH TRUST NORTH LEGAL AND ADMINISTRATIVE INFORMATION Trustees Professor P. Strike Ichaimanl Mr D.A. Brown MrsA.M. Hayes Mr D.R. Graham Mr N. Horne Secretary Mr J.S. Lennon Charlty numb•r 1079955 Company numbor 03898088 Reglstèrèd offl¢• Greaves West &Ayre 17 Walkergate Betwick upon Tweed Northumberfand TD15 1DJ Independent examln¢r Stuart Faed Bsc IHonsl CA DipPFS 17 Walkergale Berwick.upon-Tweed Northumberfand TD15 1DJ
OCEAN YOUTH TRUST NORTH CONTENTS Page Tru5t8es' report Independent examinèrfs rèport Statement of finanaal activitles Ba18nce sheet io Notes to Ihe financial statements
OCEAN YOUTH TRUST NORTH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2023 The trustees of Ocean Youth Trust North (the Charitsble Cornpanyl present their Teport and accounts for the year anded 31 OGlober 2023. The financial statements have been prepared in accordance with the 8¢covnling ptslicies sel out in note I to the financial statements and compty with the Charitable Companws goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in aecordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" 18ffecbve l Janu8ry 20191. Objectives and actlvitios The Charitable Company lakes young people away from their everyday r(AJline and inspi$ them to make positive changes lo their lives through 'Adventurè under Sail.. It uses the tradits'onal practices ol seafaring as a tool for personal and social development. Young people thrive in the on.board environment where the f8mili3r roub'ne 8nd close living rneans they develop trusting relationships with those around them and every aspect of a voyage promotes personal growth that they can takè lotward to thair lutUTes. The Charitable Company 15 British based arid focused principally on the East and West coasts of Northern England. It works in partnership with a wide variety of youth and èducational organisations and is the $019 regional provider of challenging, residential sailing expèditi(>ns which young peopl8 of all abilities and backgrounds can access 5ocally. The Char¢lable Company endèavors to achieve its objects, through the operation of the sailing vessel "Jarn85 Cook. ehartering other suitable vessels as appropriate. The vessel is manned by professionally qualifi*d staff. assisted by experienced volunteers who receivè appropriate training. A comprèhènsive Safely Management System, including child proteclion policies and prOdUre5. is in pt8ce and is reviewed annually. The Charitable Company Is a Royal Ya¢hling Association {RYAI Approved Sea School, a member ol the Association of Sail Training Organisalions IASTOI and an approved activity provider for the Duke of Edinburgh Award. While the focus is on thosè young people who are deprived or disadvantaged, participaiion is open to all young people, regardless of background. gender. ethnicity. or creed. Every effort is made to encourage and accomrTtodale disabled a¢ce5S Within the physical limits imposed by the vessel. The Charitable Company does not receive slalulory funding. Mainly relying on grants and donats'ons, its woik is partly sell-lunding through voyage fees which are kept as low as possiblè to allow a wlde range of young people to be induded. Publlc bonoflt In considering the operation, achievèments and perform8nce and finances of the Charitsble Company, the trustees are satisfitrd that PL5blic bengfit has been provsded in accordance with the Charities Aci 2011 and guidance provided by the Charity Commission. The trusteès have pai(S due regard lo guidance issued by th& Charity Commission in decidin9 what activities the Charitsbl8 Company should undertake.
OCEAN YOUTH TRUST NORTH TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2023 Achievements and perfomiance The Charitable Company gratefully received awards from the Hlgh Sheriffs of Tyne & Wear and Northumberland, in recognition ol its work supp(>rting young people across the regions. and a special award from The Sir James Reckitt Charity Centenary Fund. celebrating 100 years of giving. The latter allowed several groups of young peop18 froln Hull and East Riding area of Yorkshire to take part in the Sail Training lnternab.onal Tall Ships Races, during which they visited ports in the Nethedands, Norway and ShelE3nd. They were presentod with awards for Best in Crew Parade, Third in Class, Youngest Crew and a special Communications award for their effort while at sea, relayin9 messag8s from other 8hips in the daily round of comm s. The young peopltr, who had no previous experience, showed a great spirit lor adventurè and a wllingness to work with other5 as part of a team. They joined as strangers but 18ft a5 friends, standing taller and prouder having worked hard, shared experiences and buiK a lasting bond with fellow shipmates and others. We are grateful to the Tmsteas of tha Charitable Company for their continued support. Othér clients included groups of scouts and sea scouts, refugees, looked after ¢hildr¢n and those leaving care. young carers. young people with hearing and visual Impairrnent and those with special needs. Circa 50°A of participants came from areas within the top 30¢/o ol the Index of Multiple Deprivation IIMD 1-31. We were particularly pleased to welcome back pupils from our local Alt6mative Education Partngrship IPupil Rèferral Unitl in North Tyneside. The group, many ol whom were anxious, vulnerable tsr suffer8d from Mentsl Health issues. find attendance at school extremely difficult. Thé group ro58 to the Challenge of the Sea and were engaged. taking responsibility lor all aspects of sailing taking an offshore yacht at sea. The Charitable CotTtpany operated with the invaluable assistance ol 60 active volunteers and re¢eived 13 new volunteer applications during the period. All voyages outstanding from th6 COVID pèn<)d were completed du¥ing the season. Ongoing refil and maint$nance has remained a major draw on the Charitable Company's financtr5, however our yad)t James Cook is much improved being in sound condition structurally wth significant improvements made to enhance crew safety and wellbeing. Grants and Donations During th8 year the Charilable Company was very fortunate to havtr received generous support from its longst¥ndsng funders and some new. which has pul Il a position where it will be able to carry on its activities into 2025 and beyond. Th$ trustees are gratefvl to those who continue to support our work for their uncompromising linancaal wnfidence. The Equal Chance Appé81 subsidies berths for young people who othemlse would not be 8bl8 lo afford lo participate. To keep berth fees in general as low as possible the Choritable Company seeks grants and donations towards the operational costs ol running voyages. The trustees gratefully acknowledge the support of all the sponsors and the contribution they make towards helping the Charitable Company achieve ils Charitable Objects. While the Charitabl8 Company aims to benefit groups ol young people of all abilitie$ and b8¢kgrounds. from schotsls, college5, yoijlh clubs and local authorities, 11$ ¢h8rilable purpose lavors group5 working wlh deprived and disadvantaged young petsple. These young people. by their nature, benefit from the Charitable Compally's SeICeS most but ar¢ the le3818ble to pay. thL¢S putting an increasing strain on the Charitab Companys finances. Suppc#l is also sought for rapital expenditure relatsno to mar¢tsme operations and general operating wsts. It is the Charitable Company's policy not to name individual donors in the annual report and accounts unless specifically requested to do so. The truste¢s herewith recognise and are grateful for all the support given lo the Charitable Company tts help it fulfil ils charitable objects.
OCEAN YOUTH TRUST NORTH TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2023 Financial review The B08rd is continually working for the maintenance of a sound financial position. Financial controls a in pla asking lor prompt detailed monlhly accounts. Marketing and fundraising str31egies are implemented, and the vessel 'James Cook" is considered fit for purpose. Annual and five yearly certification inspedions are undertaken. Maintenance of our main asset. the yacht James Cook, continue5 to be 8 Significant cost. The mid-life refit programme continues with work being undertaken at Fox's Boatyard. The aim of the programme being lo meet current standards of safely and crew welfare and lo extend the life of the vessel for a lurthgr 20 years. Thé work is partly funded by donations with the balance being met from reserves. Resioring James Cook to active service following the COVID lay-off has necèssitatad eonsiderab expenditure, well above normal annual outlay. The gènÈroLJS SUPPOrt of our spon50TS 8nd judicious use of resetves has made this work possible. The Gharitable Company surplus for the period was £38.24512022: £31,0231 which has led lo an increase in the unrestricted fund balance. Ri$k R•v5¥w The trustees actively reVw, on a regular b8SiS. the major risks fad by the Charitable Company. both 'financial and operational. and pro¢adures are established or updated to mitigate any potential consequences. The Charitsble Company holds comprèhonsive Insran cover and Safety Managemenl is discussed al each trustees meeting. Funds policy Restricted funds.. The balance on the restrictsd funds for 2023 is £180,89312022'. £156,201). The restricted fund was set up for the purchase of the sailing vessel"James Cook" for use by the Charitable Company in fulfilling lis primary objectwes. Unwstrl¢ted lunds.. The balance on the unrestricted funds for 2023 is £121,721 {2022'. £108,168). These aro used for tho day to day running costs osf the Charitable Company. The Board aims to build a raserve equivalent to the values of James Cook and Lene Sono plus one yaay's running costs of approximately £200,000.
OCEAN YOUTH TRUST NORTH TRUSTEES, REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 OCTOBER 2023 stru¢tur•. 9ov¢rnan¢? and management The Charitable Company was incorporated on 22 D8cember 1999. It Is Itrniled by guarantee and has no share capital. The Charitable Company registered as a charity on 22 March 2000 and resolved to change ils name from Ocean Youth TrLJ$I INEI on 20 June 2011 to Ocean Youth Trust North which more accurately reflects its wider gec)graphioal coverage. Overall strategi¢ ¢ontrol of the organisation is vested in the Board of Trustees who act in a non-6xÈcuhve capacity. The Board endeavours to meet approximately four times each year with oth8r meetings held lo address matters arising. Several new trustees joined the Board in 2022. and each has made a significant and valuable contribution to the work of the Charitable Comp8ny. The Board of Directors, who also meet approximately four times a year, are responsible for overseeing the implementation of the policies set by the trustees. The mgmbers of ihe Board have experience of management in a range of dis¢iplines and busSne5ses and are committed to the requirements of effectNe govemanee and 18spon5ibilities for a charity. especially toward the young people who benefit from the Chantgblè Companls actwities. New appointments were rn8 to the Board with ts¥o retirlng trustoas remaining as patrons. I trustees are given explanations of Iheir role and new trustees are mèntored by existing trustees. Where considered 3ppropriate trustees are given addits.onal tTaining. No trustee has any beneficial interest in the Charitable Company. All twslees are members of the Charitabl& Corllpany and agree lo (x)ntribute £1 in the evenl of a winding up.
OCEAN YOUTH TRUST NORTH TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 OCTOBER 2023 The trustees. who are also directors. who either Served during the year or were appointed in the period IDlbwing the year end up lo the date of signing this report were. Mr P.C.M. Lewis Prolessoi P. Strike Ichaifmanl Mr D.A. Brtswn Mrs A.M. Hayes Mr D.R. Graham Mr N. Horne IResigned 9 August 20231 Mr J.S Lennon is a director, but not a trustee. Overall strategie control ol the ¢)rg8nis81ion is vested in the Board of Truslees who act in a nonexecutive capacity. The Board end8avours to rlleet approximately four ts'mes each year with other meetings held to address particular matters arising. The Board (rf Oireetor5, wh0 81so meet approximately foul times a year. are responsible for overseeing the implementslion of the policies set by the trustees. The members of the Board havè oxperience of rnan8gement in a rdnge of disciplines and businesses and are committed to the requirements ol effective governan¢e and responsibilities for a charity especially toward the young people who benefit from the Charitable Company's activities. All trustees are given explanations of their role and new trustees are rnentored by existing trustees. Where onsidered appropriate trustees are given additional training. None of th8 trustees has any beneficial interest in the Charitable Cornpany. ol the trustees are members of tho Charitable Company and agree lo contribute £1 in the event Df a winding up. Sailing v¢ssèls used by Ihe Charitable Company are rnanned by volunteers under the supervision of professional skippeT5 and mates. The Charitsble Company is a Royal Yachting Association IRYAI Approved Sea School and is a member of th8 As50ri8lion ol Sail Training Organisaiions IASTOI. A eomprehensiv8 Safety Man8gemenl System, including child protection policies and procedures, is in pLac8 and is r8viewed annually.
OCEAN YOUTH TRUST NORTH TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2023 Statement of trustge$' re8pon5ibiliii•s The Iruslees. who are also the d1CtorS ol Ocean Youth Trust North for the PUTpose of company Liw. are responsible for preparing tre Trustees, Report and the accounts in accordance with applicable law and Unbled Kingdom Accounting Standards (United Kingdorn GenerallyAccepted Aceounting Practice). Company law r8quir6s the truslees to prepare accounts for each finanGial year which give a true and fair view of the state ol affairs of the Charitable Company and of the incoming resources and application of resources, induding the inwm9 and 8xpenditur6, of the charitable company for that year. In preparing these accounts. the trustees are required to.. 591gCt suitable accounting policies and then apply them consistenlty., - observe the methods and principles in the Charities SORP., make judgements and estimates that are feasonable and prudent.. ststg whether applicable UK Accounting Standards have been followed. subject to any materfal departures disclosed and explained in the a¢counts', and prepare the accounts on the going concern basis Ljnlèss it Is Inappropriate to presume that the Charitable Company will continue in operation. The trustees are spOnsIble for keeping adequate accounting records that dtsclos8 Wlth reasonable accuracy al any lime the financial position of the Charitable Company and enable them to ensure that the accounts corfFpIy with the Companies Act 2006. They are 8150 respOnsbIe for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of traud and other irregularities. Tho trustees, port was approveé by the Board of Trustees. Mr J.S. Lennon Secretary Dated.. 12 July 2024
OCEAN YOUTH TRUST NORTH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OCEAN YOUTH TRUST NORTH I report lo the trustees on my examination of the finanaal ststements ol Ocean Youth Trust North (the Charitable Companyl lor the year ended 31 October 2023. Responsibilities and basis of report As the tru5te85 ol the Chanlable Company land also ils directors for the purpos&s ol company lawl you are responsible lor the preparation ol the financial statements in accordance with the requirements ol the Companies Act 2006 Ithe 2006 Act). Having satisfièd mys6lf that the accounts of the Charitable Cornpany are not reqLiired to be audited under Part 16 01 the 2006 Ad and are eligible for independent examination, I report in respect of my examination ol the Ch8ritable Company s accounts carried out under section 145 of the Charities Ad 2011 Ithe 2011 Acll. In carrying out my examination I have followed all the applicable D1c.0n$ given by the Charity Commission under section 14515llbl of the 2Q11 Act. Independent examir.$ ststgrnent I have complelert my examination. I confim that no matters have come to my attention in connection with the axamination giving ma cause lo bglieve thal in any material respect.. accounting records were not k&pt in respect of th8 Charitable Company as required by section 386 01 the 2006 Act., or the financial statements do not accord with thosè records,. oi the financtal stalements do nol comply with the accounting requirements of sectlon 396 01 the 2006 Act other than any requirement that the accounts 9ivo a trLJe and fair view which is not a matter considered a5 PArt of an independent examination., or the financial statements have not beèn pr&p8rÈd in acwrdance with the methods and principles of the Statement ol Reeommended Practice tor accounting and reporting by charities applicaNe to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Républic of Ireland IFRS 1021. I have no ci)ncerns and have come across n() other matt&rs In connection with the examination to which attention should be drawn in this rèport in order to enable 8 proper understanding of the accounts to be Stuart d8Scl ADipPFS Ikergale B8rwck-upon-Tw8ed Northumberland TD15 IDJ Dated.. 12 JLJIY 2024
OCEAN YOUTH TRUST NORTH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023 Current financial year Unre$tridgd Rg$trlcted funds funds 2023 2023 Total Totsl 2023 2022 Notes Incom8 and èndowm•nts from= Donations and legacies Charitable activities Other in¢ome 75,788 127,735 1,383 28.250 6,950 104,038 134,685 1,383 140,447 122.987 65 Totsl Income 204,906 35,200 240.106 263,499 enditure on: Raising funds 7,433 7,433 8,887 Charitable activities 191.353 3,075 194,428 223,120 Other 469 Total resou0$ •xp•ndèd 191,353 1Q,508 201.861 232.476 Net movèmènt In funds 13,S53 24,692 38,245 31,023 Fund balances al 1 November 2022 108,168 156,201 264,369 233,346 Fund balaneos at 31 October 2023 12t,721 180,893 302,614 264.369 The stslement of financial activities includes all gaSns and losses recognised in the year. All income and expenditur8 derive from continuing activities. statement of fin8n¢i81 activities also wmplies with the QU1mentS for an income and expenditure account und8T thè CoMpani8s Ad 2006.
OCEAN YOUTH TRUST NORTH STATEMENT OF FINANCIAL ACTIVITIES {CONTINUEDI INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023 Prlor flnanclal year Unrestricted Restriet•d funds funds 2022 2022 Tot31 2022 Notes Income and endowments from.. Donations and legacies Charitable activities Other income 138,137 87,182 65 2,310 35,825 140,447 122,987 65 Totsl incom• 225,364 38,135 263.499 Ex nditure on: Raising funds 8,887 8,887 Charitable activities 220,810 2,310 223,120 Othèr 469 469 Total rnsourc•s expended 227.279 11,197 232,476 Net movement in funds 4,085 26,938 31,023 Fund balances at 1 November 2021 104.083 129,2 233,346 Fund balan¢es at 31 October 2022 108,168 156,201 264,369 The 51atemenl of financ¢al activities includes all gains and losses recognised in the year. All in¢ome and expenditure derive from continuing activite9. Th8 staternent of financial activities also complies with the requirem&nts for an incoma and expendituro account under the Companies Act 2006.
OCEAN YOUTH TRUST NORTH BALANCE SHEET ASAT31 OCTOBER 2023 2023 2022 Notes Fixed asstrts Tangible assets 13 82,086 81,437 Current assets D8btors Cash at bank and in hand 14 7.245 230,078 3,481 199,574 237,323 203,055 Creditor$= #mounts tslling due within one year 16,795 20,123 Nel Current assets 220.528 182,932 Total assets less current Ilabllities 302,614 264,369 Tho funds of thè Charltablo Compat)y Restricted income funds Unrestricted funds 16 180,893 121,721 156,201 108,168 302,614 264,369 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 October 2023. The TDJstees acthowledgo their reswnsibililies for ensuring that the charity keeps accounting rewrds which comply with section 386 01 the Act and lor preparing financial statements which give a true and lair view ol the state of affairs of the wmpany as at the end of the financial year and of ils incoming resources and application of resources. including ils income and expenditure, foc the financial year in accordance wilh the requirements of sections 394 and 395 and which otherwisa cornply with the requirements of the Compani8s Act 2006 reLqling to financial statements, so far a5 applicable to the corllpany. The members have not required the company to obtain an audit ol its financial statements for the year in question in accordance with section 476. These financial ststemenls have been prepared in accordance with the provisions applicable lo companies subject lo Ibe small Companies regime. The financial statements We approved by Ihts tru51ees on 12 Juty 2024 Pro Trustee aimianl Company registration number 03898088 (England and Wales) 10-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies Charity information O¢e8n Youth Trust North is a private company limited by guarantee incorporated in England and Wales. The registered office is Gre8v&s West & Ayro. 17 W81keigate, Beick Lkpon Tweed, Northumberfand, TD15 1 DJ. 1.1 Aeeountlng conv•ntlon The financial statements have been prepared in awordance with the Charitable Companys govemin9 document, the Companies Act 2006 and "Accounting 8nd R8POrting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021" lefteclive 1 January 20191. The Charitable Company is a PLJblic 88nèfit Entity as defined by FRS 102. The Charitable Company has taken advantage of the provisions in the SORP for ¢harities applying FRS 102 Update 8ulletin 1 not to prepare a Statement of Cash Flows. The financial slalements are prepared In sterlin9, which is the functional (xrrency of the CharEtsble Company. Monetary amounts in these fillancial stalernents are roundèd to th6 nearest £. The financial statements have been prepared under the historical cost convenb"on. Th8 princlpal a¢counting policies adoptgd ale set out bèlow. 1.2 Golng concern At the time of approving the financial stataments. th& trustees have a reasonable expectation that the Charitable Company has adequate resources lo conbnue in operational existence foi the foreseeab future. Thu5 the trustees continue to adopt the going conrn basis of accounting in pr9panng the financial ststemÈnts. 1.3 Charitablè funds Unrestricted funds are available for use at the discfetion of the trustees in furthèranee of their diaritable objectives unless the funds have been designated for other purposes. Resiricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restrieted funds are set out in the notes to the financial ststernents. 1.4 Incomin9 resources Income is recognised when the Charitable Company is legally entitled to it after any p8rformancè condib.ons have been met, the amounts can be measured reliab, and it is probable that incorre will be reoew8d. Cash donations are recognis¢d on receipt. Oihèr donations are recognised once the Charitablg Cotnpany has been Trotified of the donation, unless perfom8nce condits.ons require deferral of the amount. Income tax recover8ble in relation to donation5 reGeived under Gift Aid or doèds of covenant is recognis8d at the time of the donation.
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies Icontinuedl 1.S Rèsources •xpend•d Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which il relates. Costs of generating funds c()mprisè those costs 8SSOClat8d wth attracting voluntary income and the costs of trading for fun(Jr815ing purposes. Charitable expenditure comprise those costs incurred by the Charitable Cornpany in Ihe delivery of its acty'vities and services for its beneficiaries. 11 includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs are thosts costs incurred directly in support of 8XP8nditure on the objects of th8 Charitable Company and include project management. 1.6 Tangible flx•d ass•ts Tangible fixed assets are initially mèasurad at cost and subs8qtJendy maasurèd at cost or valuation, net of depreciation and any impairment loss8s. Tangible lixad assets are statèd at cost less depre¢iation where the purchase price exceeds £200. Depreuats"on Is provided at rates calculated lo write off the cost less estimated residual value of each asset over its 8xpè¢led ysefvl life. as follows.. JamÈs Cook Lene Sono Equipment 5.10 Slraighl Line 2510 Straight Line The gain or loss arising on the dispo$al of an asset 1$ determined 8$ the differen¢e belween the sale proceeds and the carrying value of the asset. and is recogni5ed in the stalernenl of financial aclivilies. 1.7 Impalrmènt of flxèd assèts At each reporting end date, the Charitable Company reviews the ¢arrying amounts of its tangible assets to detemine whether there Is any indi¢alion th81 those 8s9ets have suffered an impairment loss. If any such indication exists, the r8Gover8ble amount ol the as5el is estimated in order lo detemiine the extent of the impaimient loss lif 8nyl. 1.8 Cash and ca¥h equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts a show within borrowings in current liabilities. 1.9 Flnancial instruments The Charitable Company has elected tts apply the Pfovisitsns ol Section 11 'Basic Finan¢ial Instrurnenls, and SectK)n 12 '0lher Financi31 Instruments Issues, of FRS 102 to all of its financial instruments. Finan¢ial instruments are recognised in the Charitable Company's balance sheet when the Chartrlable Cornpany becomes party lo the contractual provisions of the instrument. Financial assets and lièbilities aro offset. with the net amounts presented in the financial statements, when there is a legally enforcg8ble right lo set off the recognised amounts and there is an intention lo settlo on net basis or to r8alis8 the asset and settle the liability simultaneously. 12-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies (Continued) Bosle finanel81 osséts 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 CL)St using the effective interest method unless the ar[allment constilules a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial ossets Classified as receivable within ¢)ne year are not amortised. Baslc flnanclal Ilabllltles 8asic financial liabilities, induding credrf(ors and bank loans are initially recognised at transaction pri unless the arrangement constitutes a financing transaction, wheT8 the debt instrurn8nt is messurèd at the Pfesent value of the futtjre paym8nts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, Ustng the effective interest rate method. Trade credilors are obligats'ons to pay for goods or servi¢es that have been acquired in the ordinary course ol 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 inits'ally at transaction price and subsequently measured al amorbsed cost using the effective interest method. Derecognltlon of Ilnanclal Ilabllltiès Financial liabilities are econISed whèn the Charitsble Company's ¢ontra¢tual obligations expire or are dischargèd or cancèllad. 1.10 Employeg benofits Thè cost of 8ny unused holiday entitment is recognised in the period in which th& employee's 8ervices are rgG8ivgd. Terniination benefits are recognised immediately as an eXnS when tha Charitablè Company is demonstrably committed to terminat8 th8 employmenl of an 8rnpk)yee or to provide t8rmin8tion befiefits. 1.11 Loa$lng and hlrè purchase commltments Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated ovgr the shorter of the lease term and their useful lives. Obligations under such agreements ar& inoluded in creditors net of the finance charge allocated to futu periods. The finance element ol the rental payment is charged to the profit and loss account SO as to producs constant pèriodic rates of charge on the nel obligations outstanding in each p&riod. Rentals payable under operating lease$ 8Te charged against income on a straigh¢ line basis over the lease term. Crftlcal accountlng estlmatè$ and judgements In the application of the Charitable Company's accounting policies, the trustees are required lo make judgeménts. estimates and assumptions about the carying amount Of assets and liabilities that are not readily apparent from other sources. The estimates and asstscsated assumptiofts are based on historlcal experience and other factors that are cons¢defed to be relevant. Actual results may diffèr from these estimatès. The eskn"mates and underlying assumplictns are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only thÈt pgriod, or in the period of the revision and future p¢rtods where the revision affects both current and future periods. 13-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Donatlons and le9acie5 Unrestrlcted Restrlcted funds funds general 2023 Tolal Total 2023 2023 2022 Donations and gilts 75,788 28,250 104,038 140.447 Charltable actlv5tl?s Unrestricted Restri¢ted funds fund$ gènèral 2023 Totsl Total 2023 2023 2022 General berth lees Berth sponsorship Trust appeal income 103,529 24.206 103,529 62.612 24.206 24.550 6,950 35,825 6,950 127.735 6,950 134,685 122.987 Other Income Unrestrlctod funds general 2023 Total 2022 Interest rgceivable 1,383 65 Raising fund$ Restricted funds Total 2023 2022 Fiaising fL¢nds Other fundraising Costs 7.433 8.887 14-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 7 Charitable activiti9$ Other costs sho based Boat runnirtg Governanca costs ¢osts costs Total 2023 Total 2022 Staff costs Depreciation and impairment Restricted project expènditur• Comrnunications Training Postage and stationery Travelling expenses offi eouipment Equipmént Hirè Boat rèfit and maintenance Fual Insurances Victuals Travel and subsistence Ship's utilities Berthing Bookkeeping Other oharitsble 8xpend*ttJr8 40.290 1,876 66,380 106.670 1,876 3,075 1,694 1.718 529 1.747 1,754 86,423 1,765 2,310 1,695 737 745 4,757 314 1,828 98,298 1,686 3,962 4,140 2,547 443 5.373 557 195 3.075 1.694 1,718 529 1,747 1,754 45.354 2.264 3.518 9,348 394 1,107 9,263 45,354 2,264 3.518 9,348 394 1,107 9,263 528 446 528 43,860 6.722 74,323 66,380 191,285 217,775 Share of govem¥n¢fj costs (see note 81 3,143 3,143 5,345 43.860 6.722 74.323 69,523 194,428 223,120 Analysis by fund Unrestricted funds- general Restricted funds 43.860 6,722 71,248 3.075 69,523 191,353 3,075 43.860 6,722 74,323 69,523 194,428 For th• year •nd•d 31 October 2022 Unrestricted funds - general Restricted funds 20,356 9.133 116,449 2,310 74,872 220.810 2,310 20,356 9,133 118,759 74.872 223.120 15-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Support costs Govgrnance eosts 2023 Govèrnanc• ¢osts 2022 Legal and professional Aocountancy Bank charges 1,566 3,471 308 1,566 3,471 2,840 303 2,840 303 3,143 3,143 5,345 5,345 Analysed between Charitable activities 3,143 3,143 5,345 5,345 Governance Gosts includes payments to the independent gxamTrners of £500 12022.. £5001 for independent examination fees. Oth$r Total Unrestricted funds general 2022 2023 Nel loss on dispos81 of tangkblÈ fixed assets 469 10 Trust•ès During the year, nontr of the trustees received any payments Irotn the Charitable Company12022.. £Nill. 11 Employeès Number of ernployees The average monthly number of employees during the year was: 2023 Numbgr 2022 Numbor EmpkJym•nt costs 2023 2022 Wagès and salaries 106.670 86.423 No employee earned over £60,000 durin9 the yéar. 12 Taxatlon The Charitsble Company is a registered Charity and accordingly is exempl from tsx*ion on its inox)me and gains where they are applied lor charitable purposes. 16-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 13 Tangible fixed assets James Cook Lfrne Sono Equlpm¢r Totsi 91pman1 Cost At 1 NoverTtber 2022 Additions Disposals 72,863 11,066 7,300 2,525 13,3981 34,062 125,291 2,525 114,2731 110.8751 At 31 Odob8T 2023 72,8fj3 11,066 6,427 23,187 113,543 Depreciation and impainnent Al 1 November 2022 Depreciation charged in the year Eliminated in respect tsf disposals 5,111 553 7,300 450 13,3981 31,443 873 110,8751 43.854 1,876 114,2731 At 31 October 2023 5,664 4.352 21.441 31.457 Carrying amount At 31 Octob9r 2023 72.863 5.402 2,075 1,746 82,086 At 31 October 2022 72,863 5,955 2,619 81,437 14 Debtors 2023 2022 Amounts falling due within one year.. Trade debtors Other debtors Prep3yments and accrued income 1,870 1.474 3,901 1,870 1,611 7,245 3.481 15 Crgditor$.' 8mounts falling due within one year 2023 2022 Other taxation and swial 5ecurrty Dtrferrgd income Trade crèditors Other creditors Accruals and deferred income 2.380 3.737 6,127 1,451 3,100 1,156 7,375 7,380 1.112 3,100 16,795 20,123 17-
OCEAN YOUTH TRUST NORTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 17 Unrestri¢ied funds The income funds of the Charitabl8 Company inolude the following designated funds which have been set asidè out of Ljnrestricted funds by the trustees for specific purposes.. At1 November 2022 In¢omFng resources Resc*urces At 31 October expended 2023 General funds 108,168 204,906 1191,353 121,721 Prevlous y•ar: At1 November 2021 Incomlng resources Resources At 31 Octob•r expended 2022 General funds 104,083 225,364 1221,279} 108,168 18 Analysls of n•t ass•ts b•twè•n fund5 Unrèstricted Rèstrl¢ted Fund$ Funds 2023 2023 Total Unrestricted Restrlded Funds Funds 2022 2022 Total 2023 2022 Fund balanc95 8t 31 Oetobor 2023 are ropresented by.. Tangiblè Bssèts Current assetsllliabilrti¢sl 9,223 112.498 72,663 108,030 82,086 220.528 8.574 99,594 72.863 83,338 81,437 182,932 121,721 180,893 302,614 108,168 156,201 264,369 The basan of £72.863 included in the restricted fur and allocated to Tangible assets related to thè James Cook sailing vessel. 19 Related party transaetlons There were no disclosable related party transactions during the year12022.. Nong). t9-