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← Ocean Youth Trust North

2025-10-31-accounts

Charity registration number 1079955

Company registration number 03898088 (England and Wales)

OCEAN YOUTH TRUST NORTH

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

OCEAN YOUTH TRUST NORTH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Professor P. Strike (Chairman)
Mr D.A. Brown
Mr D.R. Graham
Mr N. Horne
Secretary Mr J.S. Lennon
Country of incorporation United Kingdom 03898088
(England and Wales)
Charity registration England and Wales 1079955
Registered office Greaves West & Ayre
17 Walkergate
Berwick upon Tweed
Northumberland
TD15 1DJ
Independent examiner Stuart Faed BSc (Hons) CA DipPFS
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ

OCEAN YOUTH TRUST NORTH

CONTENTS

Page
Trustees' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Balance sheet 10
Notes to the financial statements 11 - 20

OCEAN YOUTH TRUST NORTH

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2025

The trustees of Ocean Youth Trust North (the Charitable Company) present their report and accounts for the year ended 31 October 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charitable Company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

Our charitable objects and purpose

To advance the education and training of young person’s up to the age of 25 years principally from the northeast of England and from all other parts of the United Kingdom (the "beneficiaries") in yachting, boat sailing, seamanship and navigation.

To provide facilities for yachting and boat sailing in order to help educate the beneficiaries through their leisure time activities so as to develop their physical, mental and spiritual capacities that they may grow to full maturity as individuals and members of society and that their conditions of life may be improved.

Ocean Youth Trust North (OYTN) is a locally governed independent Northeast based charity founded in 1999. We use the transformative power of offshore sailing along England’s Northeast coast to equip young people (aged 11–25) with self-confidence and resilience, practical and social skills, and respect for nature; benefits which they take back to their communities and that last far beyond their time at sea. We use the traditional practices of seafaring as a tool for personal and social development. Young people thrive in the on-board environment where the familiar routine and close living mean they develop trusting relationships with those around them and every aspect of a voyage promotes personal growth that they can take forward into their futures. Our voyages nurture wellbeing and offer space for growth, independence, and connection.

In addition to our voyages, we deliver a highly successful career development programme (Cadetship) which has seen all 21 of its participants, who were NEET when they started the programme, either return to education or move into employment, a real testament to the power of the sea and its ability to transform young people’s perception of themselves.

The Charitable Company is the sole regional provider of challenging, residential sailing expeditions which young people of all abilities and backgrounds can access locally. It is a Royal Yachting Association (RYA) Approved Sea School, a member of the Association of Sail Training Organisations (ASTO) and an approved activity provider for the Duke of Edinburgh Award.

We do not receive statutory funding, mainly relying on grants and donations. Our work is partly self-funding through voyage fees which are kept as low as possible to allow a wide range of young people to be included.

Our 20m yacht "James Cook" was originally built by unemployed youth in the 1980s locally in Hebburn. The vessel is manned by professionally qualified staff, assisted by experienced volunteers who receive appropriate training. A comprehensive Safety Management System, including child protection policies and procedures, is in place and is reviewed annually.

An update to our Memorandum & Articles is planned for 2026 to keep up to date with regulatory guidance.

OCEAN YOUTH TRUST NORTH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2025

Strategies for achieving objects and purpose

The need we address with our work

Young people in Northern England face widening gaps in life chances: 1 in 4 now grow up in poverty, mental health referrals have doubled since 2019, and youth unemployment lingers at 18% - double the national average. Without intervention, they miss critical chances to build resilience, skills, and leadership, stalling ambitions for themselves, their communities, and regional economies.

In meeting these needs we have engaged with 10,000 young lives over 25 years, reaching 400 disadvantaged young people (aged 11 - 25) annually across Northeast England through offshore sailing. Around 30% of young people sailing with us from across the Northeast lived in the 10% most deprived neighbourhoods in England and a further 20% from the next most deprived quintile. Most young people share with us one or more challenges in their lives. It could be mild mental-health issues, bereavement, low confidence, or little access to the outdoor youth provision that allows them the independence to discover their potential. Participants include young carers, looked-after children, care leavers, SEND/neurodiverse young people, and some disabled young people (with engagement limited by the boat’s physical design). Around 20% of participants are disabled or have SEND, and 20% are from ethnic-minority backgrounds, including refugees and asylum seekers.

Our vision, mission, goals and values

Our vision is for Northern England’s youth, especially those disadvantaged, to thrive through “Adventure under Sail™”. Our mission is to provide affordable, accessible voyages that build confidence, skills and resilience for 11 - 25 year-olds, primarily from the Northeast. Our goals are to:

Our values and culture include:

OCEAN YOUTH TRUST NORTH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2025

Achievements and performance Review of activities and achievements

In the last period, we welcomed aboard 450 young people on 43 voyages. Sailing from North Shields along the Northeast coast, north to Berwick-upon-Tweed and south to Hull, most voyages were residential involving one to four nights onboard. To remain inclusive and financially resilient we deploy a mix of income strategies including fees from youth groups who sail with us; however, in recognition of their varying ability to cover the cost of voyages and the fact that those in most need are often the least able to pay, we secure support from grant giving organisations, our Friends group and individual donors.

Most young people came with an organised group of which we worked with 35 in the last year. To deliver our activities we have access to 40 volunteers that rotate between voyages supported by 2.5 FTE staff and a seasonal skipper. Each voyage welcomes up to 12 young people and their group leaders. Voyages are designed as personal development residentials; participants and group leaders set individual and team goals and review them at the end of a voyage. Young people and their leaders become crew: setting their own objectives while cooking for themselves, cleaning, standing watch and sailing the vessel.

Young people and group leaders say being away from home breaks cycles of bad habits and introduces new

positive behaviours. They tell us that, initially:

“Children were pushed out of their comfort zone….many children arrived unsure or nervous“, Group leader.

“they lacked emotional resilience and readiness for transition to secondary school“, Group leader.

Feedback gathered at the end of voyages indicates gains in confidence, social and practical skills, resilience, and health and wellbeing. A 2019 University of Cumbria evaluation found OYTN had a “significant” and “lasting” impact, with longer-term benefits including improved behaviour, transitions and progression towards employment.

“I made such close friends with the people I met onboard, so coming home was quite sad, I was quite lost without my boat family”, Young attendee.

“The crew built strong teamwork: mealtimes, taking the wheel, cleaning duties!”, Young attendee.

“They stepped out of their comfort zones, made new friendships, discovered strengths… gained independence and emotional maturity”, Group leader.

Our impact on young people is largely based on their own goal setting, revealing we:

OCEAN YOUTH TRUST NORTH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2025

Grants and Donations

We are hugely grateful to the grant making trusts and foundations, our Friends of Ocean Youth Trust North and individual donors who support our work to improve the lives of young people.

Our Equal Chance Appeal subsidies berths for young people who otherwise would not be able to afford to participate. To keep berth fees in general as low as possible the Charitable Company seeks grants and donations towards the operational costs of running voyages. While we aim to benefit groups of young people of all abilities and backgrounds, our charitable purpose favors groups working with deprived 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 Company's finances.

Support is also sought for capital expenditure relating to maritime operations and general operating costs.

It is the Charitable Company's policy not to name individual donors in the annual report and accounts unless specifically requested to do so, but we recognise and appreciate their belief in our vision and their support for our mission.

Financial review

The Board is continually working for the maintenance of a sound financial position. Financial controls are in place asking for prompt, detailed monthly accounts from which Marketing and Fundraising strategies are implemented.

Our main asset, the Sail Training Vessel (s.t.v.) "James Cook", now 38 years old, remains fit for purpose. Our extensive refit and maintenance programme aims to meet or exceed current standards of safety and crew welfare and extend the life of the vessel for a further 20 years. The work is partly funded by donations with the balance being met from reserves. This ongoing work continues to be a major draw on the Charitable Company's finances; however, the yacht is much improved, being in sound condition structurally with significant improvements made to enhance crew safety and wellbeing.

Annual and five yearly certification inspections and surveys are undertaken in compliance with the MCA Code of Practice for Small Commercial Vessels

Risk Review

The trustees actively review, on a regular basis, the major risks faced by the Charitable Company, both "financial and operational" and procedures are established or updated to mitigate any potential consequences.

The Charitable Company holds comprehensive insurance cover, Safeguarding and Safety Management is discussed at each trustee’s meeting.

Funds policy

Restricted funds:

The balance on the restricted funds for 2025 is £72,863 (2024: £130,336). The restricted fund was set up for the purchase of the sailing vessel "James Cook" for use by the Charitable Company in fulfilling its primary objectives.

Unrestricted funds:

The balance on the unrestricted funds for 2025 is £159,731 (2024: £123,338).

These are used for the day to day running costs of the Charitable Company. The Board aims to build a reserve equivalent to the values of James Cook and Lene Sono plus one year's running costs of approximately £200,000.

OCEAN YOUTH TRUST NORTH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2025

Structure, governance and management

Public benefit

In considering the operation, achievements and performance and finances of the Charitable Company, the trustees are satisfied that public benefit has been provided in accordance with the Charities Act 2011 and guidance provided by the Charity Commission.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charitable Company should undertake.

Structure, governance and management

Trustees

We currently have a board comprising four unpaid trustees responsible for governance, strategy, finances, risk and performance. Together they bring to the charity a passion for sailing and supporting young people’s personal development. They also bring vital skills to govern the charity including strategy, education, business development, outdoor recreation and ICT. In 2026, the plan is to grow the board in number and diversity.

Staff

Steve Lennon is our full time Managing Director who began as a volunteer in 2000, became Skipper in 2003 bringing extensive experience of sailing with young people, and a previous career in Agribusiness sales and marketing.

Steve is supported by a seasonally employed First Mate to ensure continuity, and 4 regular volunteer skippers which ensures that voyages are not interrupted in case of staff absence. The skippers also form a working party focusing on operational matters within the Safety Management System and are consulted on the strategic direction of the organisation.

Caroline Saunders, has been employed since 2015 as our full-time shore-based Administration and Development Officer. Caroline began as a volunteer and is now an experienced Sail Training Skipper, and RYA Yachtmaster Examiner, responsible for dealing with clients and all shore-based aspects of voyages.

Volunteers

Essential to our delivery is our team of 51 enthusiastic volunteers who bring in a wide range of skills and experience. Particular effort is made to engage and support our younger volunteers, many of whom started out as beneficiaries. 12 new volunteers were inducted during the year taking the total to 63.

The Career Development Programme (Cadetship) continues with demand for places outstripping availability.

Recruitment and appointment of Trustees

Trustees retire and are re-appointed/replaced by rotation. None of the trustees has any beneficial interest in the Charitable Company.

Charitable operations

The Charitable Company was incorporated on 22 December 1999. It is limited by guarantee and has no share capital. The Charitable Company registered as a charity on 22 March 2000 and resolved to change its name from Ocean Youth Trust (NE) on 20 June 2011 to Ocean Youth Trust North which more accurately reflects its wider geographical coverage.

Overall strategic control of the organisation is vested in the Board of Trustees who act in a non-executive capacity. The board endeavours to meet approximately four times each year with other meetings held as appropriate to address matters arising.

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 members of the board have experience of management in a range of disciplines and businesses and are committed to the requirements of effective governance and responsibilities for a charity, especially toward the young people who benefit from the Charitable Company's activities.

OCEAN YOUTH TRUST NORTH

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2025

No trustee has any beneficial interest in the Charitable Company. All trustees are members of the Charitable Company and agree to contribute £1 in the event of a winding up.

All trustees are given explanations of their role and new trustees are mentored by existing trustees. As considered appropriate trustees are given additional training.

The trustees, who are also directors, who either served during the year or were appointed in the period following the year end up to the date of signing this report were:

Professor P. Strike (Chairman) Mr D.A. Brown Mrs A.M. Hayes (Resigned 9 January 2026) Mr D.R. Graham Mr N. Horne

Mr J.S Lennon is a director, but not a trustee.

Statement of trustees' responsibilities

The trustees, who are also the directors of Ocean Youth Trust North for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the trustees are required to:

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

The trustees' report was approved by the Board of Trustees.

Mr J.S. Lennon

Secretary Dated: 31 March 2026

OCEAN YOUTH TRUST NORTH

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OCEAN YOUTH TRUST NORTH

I report to the trustees on my examination of the financial statements of Ocean Youth Trust North (the Charitable Company) for the year ended 31 October 2025.

Responsibilities and basis of report

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

Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitable Company’s accounts carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Stuart Faed BSc (Hons) CA DipPFS

17 Walkergate Berwick-upon-Tweed Northumberland TD15 1DJ

Dated: 31 March 2026

OCEAN YOUTH TRUST NORTH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2025

Current financial year

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
60,331
17,280
Charitable activities
4
149,661
3,400
Other income
5
1,854
-
Total income
211,846
20,680
Expenditure on:
Raising funds
6
-
8,175
Charitable activities
7
238,577
6,854
Total resources expended
238,577
15,029
Net (outgoing)/incoming resources before
transfers
(26,731)
5,651
Gross transfers between funds
63,124
(63,124)
Net movement in funds
36,393
(57,473)
Fund balances at 1 November 2024
123,338
130,336
Fund balances at 31 October 2025
159,731
72,863		 Total
2025
£
77,611
153,061
1,854
232,526
8,175
245,431
253,606
(21,080)
-
(21,080)
253,674
232,594		 Total
2024
£
87,789
106,471
2,720
196,980
2,583
243,337
245,920
(48,940)
-
(48,940)
302,614
253,674

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

OCEAN YOUTH TRUST NORTH

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2025

Prior financial year

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
79,289
8,500
Charitable activities
4
94,471
12,000
Other income
5
2,720
-
Total income
176,480
20,500
Expenditure on:
Raising funds
6
-
2,583
Charitable activities
7
231,337
12,000
Total resources expended
231,337
14,583
Net (outgoing)/incoming resources before transfers
(54,857)
5,917
Gross transfers between funds
56,474
(56,474)
Net movement in funds
1,617
(50,557)
Fund balances at 1 November 2023
121,721
180,893
Fund balances at 31 October 2024
123,338
130,336		 Total
2024
£
87,789
106,471
2,720
196,980
2,583
243,337
245,920
(48,940)
-
(48,940)
302,614
253,674

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

OCEAN YOUTH TRUST NORTH

BALANCE SHEET

AS AT 31 OCTOBER 2025

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
The funds of the Charitable Company
Restricted income funds
16
Unrestricted funds
17		 2025
£
7,450
144,786
152,236
(7,294)		 £
87,652
144,942
232,594
72,863
159,731
232,594		 2024
£
35,738
173,888
209,626
(42,936)		 £
86,984
166,690
253,674
130,336
123,338
253,674

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 2025.

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the trustees on 31 March 2026

Professor P. Strike (Chairman) Secretary

OCEAN YOUTH TRUST NORTH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

1 Accounting policies

Charity information

Ocean Youth Trust North is a private company limited by guarantee incorporated in England and Wales. The registered office is Greaves West & Ayre, 17 Walkergate, Berwick upon Tweed, Northumberland, TD15 1DJ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charitable Company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The Charitable Company is a Public Benefit Entity as defined by FRS 102.

The Charitable Company has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

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

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

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

1.4 Incoming resources

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

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

OCEAN YOUTH TRUST NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

1 Accounting policies

(Continued)

1.5 Resources expended

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 it relates.

Costs of generating funds comprise those costs associated with attracting voluntary income and the costs of trading for fundraising purposes.

Charitable expenditure comprise those costs incurred by the Charitable Company in the delivery of its activities and services for its beneficiaries. It 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 those costs incurred directly in support of expenditure on the objects of the Charitable Company and include project management.

1.6 Tangible fixed assets

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

Tangible fixed assets are stated at cost less depreciation where the purchase price exceeds £200. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

James Cook Nil Lene Sono 5% Straight Line Office equipment 25% Straight Line Equipment 25% Straight Line Website 25% Straight Line

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

1.7 Impairment of fixed assets

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

1.8 Cash and cash equivalents

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

1.9 Financial instruments

The Charitable Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charitable Company's balance sheet when the Charitable Company becomes party to the contractual provisions of the instrument.

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

OCEAN YOUTH TRUST NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

1 Accounting policies

(Continued)

Basic financial assets

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.10 Employee benefits

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

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

1.11 Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

2 Critical accounting estimates and judgements

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

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

OCEAN YOUTH TRUST NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

3 Donations and legacies

Unrestricted Restricted Total Total
funds funds
general
2025 2025 2025 2024
£ £ £ £
Donations and gifts 60,331 17,280 77,611 87,789

4 Charitable activities

Unrestricted
Restricted
funds
funds
general
2025
2025
£
£
General berth fees
123,695
-
Berth sponsorship
25,200
-
Miscellaneous income
466
-
Trust appeal income
300
3,400
149,661
3,400		 Total
2025
£
123,695
25,200
466
3,700
153,061		 Total
2024
£
72,141
22,330
-
12,000
106,471

5 Other income

5
Other income
Unrestricted
funds
general
2025
£
Interest receivable
1,854
6
Raising funds
Restricted
funds
2025
£
Raising funds
Other fundraising costs
8,175		 Total
2024
£
2,720
Total
2024
£
2,583

OCEAN YOUTH TRUST NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

7 Charitable activities

Other costs Shore based
costs
Boat
£
£
Staff costs
24,933
-
Depreciation and impairment
4,798
-
Restricted project expenditure
-
-
Communications
1,640
-
Training
-
1,776
Postage and stationery
-
580
Travelling expenses
-
2,389
Office equipment
-
1,463
Boat refit and maintenance
-
-
Fuel
-
-
Insurances
-
-
Victuals
-
-
Travel and subsistence
-
-
Ship's utilities
-
-
Berthing
-
-
Bookkeeping
-
1,331
Other charitable expenditure
1,178
31,371
8,717
Share of governance costs
(see note 8)
-
-
31,371
8,717
Analysis by fund
Unrestricted funds - general
31,371
8,717
Restricted funds
-
-
31,371
8,717
For the year ended 31 October 2024
Unrestricted funds - general
20,128
9,860
Restricted funds
-
-
20,128
9,860		 running
costs
Governance
costs
£
£
-
71,803
-
-
6,854
-
-
-
-
-
-
-
-
-
-
-
94,149
-
1,517
-
6,585
-
8,227
-
1,846
-
953
-
10,438
-
-
-
-
130,569
71,803
-
2,971
130,569
74,774
123,715
74,774
6,854
-
130,569
74,774
126,207
75,142
12,000
-
138,207
75,142		 Total
2025
£
96,736
4,798
6,854
1,640
1,776
580
2,389
1,463
94,149
1,517
6,585
8,227
1,846
953
10,438
1,331
1,178
242,460
2,971
245,431
238,577
6,854
245,431		 Total
2024
£
87,274
3,245
12,000
1,962
1,994
884
3,399
1,725
99,400
2,182
6,164
6,019
2,142
711
9,589
1,069
789
240,548
2,789
243,337
231,337
12,000
243,337

OCEAN YOUTH TRUST NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

8
Support costs
Governance
costs
£
Accountancy
2,709
Bank charges
262
2,971
Analysed between
Charitable activities
2,971		 2025 Governance
costs
£
£
2,709
2,551
262
238
2,971
2,789
2,971
2,789		 2024
£
2,551
238
2,789
2,789
Governance costs includes payments to the independent examiners of £500 (2024: £500) for Governance costs includes payments to the independent examiners of £500 (2024: £500) for independent
examination fees.
9 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements - -
Depreciation of owned tangible fixed assets 4,797 3,244

10 Trustees

During the year, none of the trustees received any payments from the Charitable Company (2024: £Nil).

11 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees
The average monthly number of employees during the year was:
2025 2024
Number Number
4 3
Employment costs 2025 2024
£ £
Wages and salaries 96,736 87,274
No employee earned over £60,000 during the year.

12 Taxation

The Charitable Company is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.

OCEAN YOUTH TRUST NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

13 Tangible fixed assets

James Cook
Lene Sono
Office
equipment
Equipment
£
£
£
£
Cost
At 1 November 2024
72,863
11,066
6,426
27,255
Additions
-
-
-
5,464
At 31 October 2025
72,863
11,066
6,426
32,719
Depreciation and impairment
At 1 November 2024
-
6,217
4,982
22,305
Depreciation charged in the year
-
553
631
2,813
At 31 October 2025
-
6,770
5,613
25,118
Carrying amount
At 31 October 2025
72,863
4,296
813
7,601
At 31 October 2024
72,863
4,849
1,444
4,950		 Website
£
3,200
-
3,200
321
800
1,121
2,079
2,879		 Total
£
120,810
5,464
126,274
33,825
4,797
38,622
87,652
86,984

OCEAN YOUTH TRUST NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

14 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
2,664
2,598
2,188
7,450		 2024
£
31,814
1,996
1,928
35,738

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Deferred income
Trade creditors
Other creditors
Accruals and deferred income		 2025
£
1,298
915
858
1,123
3,100
7,294		 2024
£
1,462
33,947
3,117
1,310
3,100
42,936

OCEAN YOUTH TRUST NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

16 Restricted funds

The income funds of the Charitable Company include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 November
2023
r
£
Restricted funds
108,030
James Cook
72,863
180,893		 Incoming
esources
Resources
expended
£
£
8,500
(2,583)
12,000
(12,000)
20,500
(14,583)		 Transfers
Balance at
1 November
2024
r
£
£
(56,474)
57,473
-
72,863
(56,474)
130,336		 Incoming
esources
Resources
expended
£
£
20,680
(15,029)
-
-
20,680
(15,029)		 Transfers
Balance at
31 October
2025
£
£
(63,124)
-
-
72,863
(63,124)
72,863		 Transfers
Balance at
31 October
2025
£
£
(63,124)
-
-
72,863
(63,124)
72,863
72,863

Restricted funds

The restricted fund represents specific donations for voyages.

Following discussions and approval, amongst the Trustees, the transfer of £56,474 from the Restricted Fund to the Unrestricted Fund has been carried out in order to realign fund balances at the end of 2024, following some of the Charitable Company’s voyage operational costs being met from Unrestricted Funds instead of Restricted Funds in prior years. The 2025 transfer balance of £63,124 relates to the re-alignment of fund balances to account for voyages that were undertaken during this year.

James Cook

The James Cook Restricted Fund represents the James Cook sailing vessel and any grants or maintenance specifically for the boat are allocated to this restricted fund.

OCEAN YOUTH TRUST NORTH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

17 Unrestricted funds

The income funds of the Charitable Company include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

At 1
November
2024
Incoming
resources
Resources
expended
Transfers At 31
£
£
£
£
General Reserve Investment
Fund
123,338
211,846
(238,577)
63,124
Previous year:
At 1
November
2023
Incoming
resources
Resources
expended
Transfers At 31
£
£
£
£
General Reserve Investment
Fund
121,721
176,480
(231,337)
56,474
18
Analysis of net assets between funds
Unrestricted
Funds
Restricted
Funds
Total Unrestricted
Funds
Restricted
Funds
2025
2025
2025
2024
2024
£
£
£
£
£
Fund balances at 31
October 2025 are
represented by:
Tangible assets
14,789
72,863
87,652
14,121
72,863
Current assets/(liabilities)
144,942
-
144,942
109,217
57,473
159,731
72,863
232,594
123,338
130,336		 October
2025
£
159,731
October
2024
£
123,338
Total
2024
£
86,984
166,690
253,674

The balance of £72,863 included in the restricted fund and allocated to Tangible assets related to the James Cook sailing vessel.

19 Related party transactions

There were no disclosable related party transactions during the year (2024: None).

OCEAN YOUTH TRUST NORTH

DETAILED INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2025

Income and endowments from:
Donations and legacies
Donations
Donations - Restricted fund
Incoming resources from charitable activities
General berth fees
Berth sponsorship
Merchandise income
Training course fees
Trust appeal income - Restricted fund
Other incoming resources
Deposit account interest
Total incoming resources
Resources expended
Costs of generating donations and legacies
Equal Chance Appeal - Restricted fund
Charitable activities
Other costs
Sea staff salaries
Depreciation
Communications
Shore based costs
Training
Postage and stationery
Travelling expenses
Office equipment
General administration expenses
Bookkeeping
Balance Carried Forward		 £
60,331
17,280
123,695
25,200
466
300
3,400
24,933
4,798
1,640
1,776
580
2,389
1,463
1,178
1,331		 2025
£
77,611
153,061
1,854
232,526
(8,175)
(31,371)
(8,717)
184,263		 £
79,289
8,500
72,141
22,330
-
-
12,000
14,921
3,245
1,962
1,994
884
3,399
1,725
789
1,069		 2024
£
87,789
106,471
2,720
196,980
(2,583)
(20,128)
(9,860)
164,409

OCEAN YOUTH TRUST NORTH

DETAILED INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025

Balance Brought Forward
Boat running costs
Maintenance
Fuel
Insurances
Victuals
Travel and subsistence
Ship's utilities
Berthing
Maintenance - Restricted fund
Governance costs
Office staff
Accountancy
Bank charges
Deficit for the Year		 2025
£
£
184,263
94,149
1,517
6,585
8,227
1,846
953
10,438
6,854
(130,569)
71,803
2,709
262
(74,774)
(21,080)		 2024
£
£
164,409
99,400
2,182
6,164
6,019
2,142
711
9,589
12,000
(138,207)
72,353
2,551
238
(75,142)
(48,940)

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