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 prO￿dUre5. 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 Se￿ICeS 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 reV￿w, on a regular b8SiS. the major risks fa￿d 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 Ins￿ran￿ 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
rn￿8 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 d1￿CtorS 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 respOns￿bIe 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 D1￿c￿.0n$ given by the Charity Commission
under section 14515llbl of the 2Q11 Act.
Independent exami￿r.$ 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 resou￿0$ •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 ￿QU1￿mentS 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 activit￿e9.
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, Be￿ick 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 con￿rn 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[all￿ment 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 ￿e￿co￿nISed whèn the Charitsble Company's ¢ontra¢tual obligations expire or are
dischargèd or cancèllad.
1.10 Employeg benofits
Thè cost of 8ny unused holiday entit￿ment is recognised in the period in which th& employee's 8ervices are
rgG8ivgd.
Terniination benefits are recognised immediately as an eX￿nS￿ 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
9￿1pman1
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-