Charity Registratlon No. 1079959 Company Re9lstratlon No. 3898084 (England •nd WAI•8 OCEAN YOUTH TRUST SOUTH (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 OCEAN YOUTH TRUST SOUTH LEGAL AND ADMINISTRATIVE INFORMATION Chalrnian c￿lf Executlv• Offlc•r Mark Todd Tru*t•es Brian Eyres Steve Lacey Frederick Coltr Ben Martin Rithard Grffilhs Eamonn Fee￿Y Lesley Robinson Edward Bishop Lauren M3(knnio Lee MosgC¥DP Martyn Pov John Hicks R￿JOr Bolton (Appolnted 9 Novernber 20191 IApp(xnted 21 May 20201 (Apwnted 21 January 20211 (Appc4nlgd 21 January 20211 Other offic•r• Carolknfr Wtlte. B￿lnesS rMnag8r Ch•rlty Thumb•r 1079959 Comp•ny nurnb•r R•gl•t•r•d offle• 8 Ncrflh Meadow Weewl Lane Gosport HompsP4r Uniled KingdLNn P012 18P Ind•pond•nt •x•mln•r AzetsAudit SeNces Camac Placa Cams Ham E8lats Farehem Hampshi Unrted Kingth)m P016 8UY Banker LloJYls B￿k PLC 57 High Street Christchurth Dorset United Kiwjom BH23 1BB OCEAN YOUTH TRUST SOUTH CONTENTS Trustees, report Independgnl examinets rewrt Statsment ol flnandal aclvilbos Balance sheet 10 statsm8nt of cash flows 11 Notes lo the fnancial 818lew*nts OCEAN YOUTH TRUST SOUTH TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2020 The Trustees, who ar8 dirKtors for the wrrx)ses of cOm￿Y law. present their re￿t and finandal ststements lor the year ended 31 Oct¢knr 2020. The firwncial statements have ￿¥n prepored in accrydarKx th Ihe arKyJunling wliw sd out in not¢ 1 to the financaal statemnts and Gornp￿ wilh Ihe rtArity's govomirrfJ d¢￿rnent. the Companies Act 2006 and "Ac¢Duntin9 and Reporting by Charities.. Statement of Recommended Pra￿ce applicabk to charIt￿S preparing thelr att￿nts in acccydance with the Financial Re￿ling Stsndard ap￿ICable in the UK and Republic of Ireland IFRS 102)" {85 8m8nded for a￿Ount1￿j periods Ccmrmencing Irom 1 January 20161. Chalrf• r•port In common with other Cha￿lieS and buslnesses, this was a tha1￿ngIr￿j year for the Trust. We completed a successful vessel rafll al the start of the financial yoar and in March 2020 we were ready for the gaillng season with strong bookings and bright prospects. However. the owt of the Corcffia￿Ws pandemlc inltially forr£d pos1ponemenl to the season start. and then as the year went on and lh8 pandern￿ continued, wlth government guidarKe ruling out any rg$id¢ntial activitses fry ytyng people, It evenlually became dgar that no sailing woukl be pos*bbtr for Ihè entire sea￿. The focijs of Ihe Tru8t dudng the year was therefore on protecllng our finances and $KurirKJ w fvturo. whlle supp¢yting our stsff, contlnuing lo engage our ¥olunteers and liaising wlh our clients. Wè ￿rned lo do eve￿￿￿r0 posslble to redLKO •xpenditure aTrJ- wth staffing ncmally our big9gSt CO8t- th1$ Included maklng 8Xtensive use of th8 CoronaMrus Job Relenllon Scheme, ¥￿th all but on8 of our staff furtoughed lor al least part ol the ye8r Énd 8t8ff hJrlcyJghed continuou￿Y from April 2020 beyond the end of Ihe lin8naal y8ar. The speciali51 knowle6Jo and s￿115 p)ssessed by our staff m8ant thAt it was a priority to avoid maklng anyon8 ￿d￿ndant.. the thjll tèam have teen neede(I had it b•en F*)ssibb8 lo resume sallkng at any polnt in 2020 and are n88d8d for a rgtum to operadoro in 2021. Al the 50me lime we lo￿ssed on briNJing in n8w funds to replace 1091 Voyage irKomè. The ch8dty'8 Incom from charitable activities fell by over £180,000 cornparèd wrth Ihe Pre¥￿u$ year; bul ¢hanks to some vory generous donots, In¢￿￿e from donations and leg8cbs was up by more than £140.CC(I In the same p8rioa. Ocean Youth Trusl Soulh is very gralefvl to all those Vh￿ gave financial support during the year. This included very siynificanl sums from the Assouat*)n of Sail Training OnJanisats)ns and a numbgr of spec4f Coronavlrus-relaled grant schemes, partlcukqrfy the CO￿naVirUS Job Retention Scheme ICJRSI. as well as contlnulng support from virtually 811 wr regular donor5. many of whom ￿ndty lrfted fy8lrictions on donolions orKJinally intended to cover Voya￿ fees for disadvantaged and vulnerable young people. in order to allow us to spend the fundg on ¢ore costs Whi￿ we were unable to operaie. We atso receivgJ outstanding supwrt from our own rnembers and were pwtkulody 1￿ched by the lengths to Some young peopte to ralse mon•y for us evgn though their voyages had txen Can¢01￿d. At th8 and ol year our vary tal8nted Staff Skipper Peta Koczy dedded it was time for her to move on, havlng worked fulklime al sea for ning ye8rs. We were very fortunate to be abk* trj appolnt Holly Vint as her successor. Holly is the flyst pgrson to Comp￿18 th& Joumey from teenage uow Member to Staff s￿pper with Ocean Youth TrLbSt South. having flrst $al￿d wllh us in 2012 before joining our volunteers ond glsv spending a s8ason on the stsff, in 2018. when She worked as SailiThJ SuppDrt Officer to suppjrt our Se￿￿d se88Cn our new boat, Prolfft. OCEAN YOUTH TRUST SOUTH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn ICONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 A ful sailing 5ea50n in 2021 has proved impossi￿e but we cN)tsly rrnnitorgd Govemment guidance and revleweeT. Tfuslees WoU￿j lik8 lo draw attention to 8 number of areas: The Ir￿se in donaticns and leg8U8S to £306.73012019.. £186.4071 wenl a l)ng way towar(Is making up thè 1811 kn IncoTh* Charitab￿ aca1¥[￿ lo £14.07812019.. £195.4851. 11. Total expenditufe fell to £341.71512019: £410.7351. This indud8d substantial rgductions In vessel maintenance, victuaLs, freelancg f￿. bjel. h8rtwr fee$ and charts due lo running no voyages. There were fèwer saviThJ5 on the support gde.. we saved money ¢)n rent. rates and power. but spenl morè on computer equipment for remote working. AddttKJnalty, travel and subsislence cosls are Ihls year ind￿18￿ under supp￿ Costs rolher thar) ChBritsble Acliviti8s as they las¢ yegr. 111. Th8 n•1 expenditure f•3ure for th8 year was £18,941. Whilsi thè Trust woukl prefer rKst to make kJ$s. under the unique cir¢umslances of the ￿n￿eMiC aThJ the complete cessadon of income- generaling acts'vities, we regard this as 8 sotisfact￿ outcome and a tribute to all thoge helped lo reduce expendrtvre or increase in¢omo. The powt￿n is much better than Trustees feared when wo fiTrt consvjered th8 likaty finoncl81 Impllcations ol the pand•mic. Our pfevk)us vessel John Laing was fuly d8wedated down to rnsidual Va￿8, I￿•re88 the curyenl vessel Pnpltfic is b8ir¥J depreciatèd over of b8tsveen &20 years, dependent c asset type on the vgssel, arKI thig gwes rlse to a depredath)n charyg in year of £41,72412019'. £42,115). whKh will be ongoiw. This ￿ induded ￿ the net frxpgnditurg figurg for the ygar of £18,941. Stafflng Th8 charty furfoughed staff for 66% of thtrir nomial w0￿rVa timo between Apn'l w)d October. The Trust made the decision frorn the beginning to cx)nllnue pawThJ stsff their lull salary when fijrfoughed. We were ab lo dalm 68% of slaffs fvAough pay under the cOrc￿#v1￿$ Job Retention Scheme ICJRSI. This is 18ss than the 80% hea 1168.410) Net cu￿8nt aS8018 594.309 569.954 Total as••t• l•ss ¢urr•nt Ilabilttl•• 1,172.468 1,191.409 Incom• lund• Restrided funds Unre8thded fund6- deskJn8ted Unrestridod funds - general 18 19 484,098 458.349 230,021 525,822 458,349 207.238 1,172.468 1,191,409 The ch8rty is •nbtbd lo the ex8rnptl￿ from the audit requwerrwrt cont8lnod In section 477 of lh• Compan1è8 Ad 2006. for th8 year ended 31 October 2020. The dlre¢tThry athow18dge their r¢sponsibilthg for ensurirvj that the (*arlty keeps aCC￿nting records whlch comply with sgctKJn 386 of the Act and preparing financial slatements which give a Iwe and fair view of the stale of affair5 of the company as at the erKI ol the financkgl year and ol its inC￿ning f•souTce8 and appllc8Jon ol r&sources, includlng its incomè and 8xperKlituro, for the financial year lft accordanc8 wth thg r8qulr8menls of sections 394 and 395 and whth otherwise compty vlth requiromgnts of the Companlos AGt 2006 re￿ling lo financial siatemen15. so far as 8p￿1¢8b1e to th8 c(ynpany. Th8 members have not roquiTed the v)nyany to obtsirt an audlt of its financial slat8m9nts for the year In quest￿￿ in accordanc• with section 476. These fln8ncYal Stat￿rents have been pr•pgred li wilh the prw8lon$ appl￿b￿ to c*)mp8ruoS subject lo the sm811 ¢￿PanIeS regime. The fln8rrial stslements were approved by Trusl•es on .. Eamonn Feen Chairni•n Company Reglstratlon No. 3898084 10- OCEAN YOUTH TRUST SOUTH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2020 2020 2019 Cash flows from operatltyg a¢tMII•¥ Cash genwated from OFeTations 74.739 37.9 Investing acllvltl•s Purchase of tanglble fixed 8ssets Procoeds ￿ disposal of taftgi￿e fixed assets Investment Income rEcelv8d 125,148) 1.268 N•1 ¢ash gen•rat•d fromllus•d In) invmtlng actlvlti 2.046 {23.8801 N•t ush u••d In fin•n¢ing actlvhl•• N•t In¢roa8• In and ¢a•h •qulval•nts 76,785 14,116 Cash ond cash equivalents at beglnniry of yoar 637.954 823.838 CA$h and cash •quival•nts at •nd ol ymr 714.739 637,954 11 OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 A¢¢ounting poli¢i•s Charlty Irrfomiatton Ocean Youth Trust Swth 18 a private eomp8ny IAmit8d by warantee ￿c￿la￿d in Enuqand arrtl Wal8s. The registered off￿8 is 8 North M&•Jow. Weevil Lar*. Gosport. Hampshire. P012 1BP, United Kingdom. 1.1 Accountlny ¢onv•ntlon The financiql statements have been pr8pared In ￿¢￿dance with thts charitys goveming docum8nt, the Companlgs Act 20Cfj and 'Accwntin9 aThJ Reporting by Ch￿be$. Statement of R8eommended Pradce app￿.cable to charilies weparing their ¥¢CJwnts in accordance wrth the Fin8nd81 Reporting Stsnd8rd applcable in the UK and Republic of Ireland IFRS 102)- (as ary*nded for accounlng pericds commencing from 1 January 20101. The charity is a Public Benafil Entty as defined by FRS 102. The finondal stalernents are prepared In sterling. which ts the fiJncYono1 currenw of lh8 tharity. V￿n8tary amounts in these finan(4al statements are rounded to th• nearesl £. The fin8nclal statements have been pre￿red undèr tho hlstfknl cost t4)n￿nI￿n. modlfied to Indude the r8valuallon of Ireehukl prcoerties and to inclu(Je Inveslm9nt properb.es and ￿rtain finan¢io1 instruments ot falr vaKw. The principal accounkng Oiclgs adopt•J are 8el out beknw. 1.2 Golng ¢onc•m Al the time of approvlng the fln8nc181 ststsments 8nd after having mc*Joll8d and conskler8d varfous possible levels of imp8cI of Covi¢J-19, tho trLthg have a ffimi expectat￿n Ihat tre charty has adequate r8sourcts lo c))nlinue in cpefational 8￿$tence for the f(weseeable future. Thus ihe trustees continue tt> adopt the sr)ing concem basis ol aCC¢￿n￿n9 In preparing the finarnlal stalgments. 1.3 Ch•rftabl• fund• Unrestrlctod fund5 are •v8ilèble for use al the dl9cretK￿ of th• tru¥te•8 in fUrI￿￿nee of thefjr charltab ¢)biKti¥es. Reslric*ed funds ore subA8ct to 5poth cry￿￿0￿$ by donw4 a5 to how th•y may ￿ u80d. The purpos88 and uses of the rg5tricted fund$ are set (Mjt in th8 not•s to the fn8nrAg1 $t*ement8. Endowment fund8 are subjeth b speafic coTrJitlong ty that the capltsl musl be maintained by Ihg tharity. 1.4 In¢omlng re•oure•• Income is recognised when thè charity 1$ legalty enlittetl to 11 after any perfomanc* conditN?ns have been met, the 8mounts can ￿ measured relvabty, and it ￿ probabk8 that income will bo roceived. Cash donalions are recogn19eiJ on receipt. Other donats.ons are recconised once the chBrty h8s b8en notified of the (lonatbn. un*ss perfoftnanc8 ￿)nd￿'OnS require deferral of the amount. Incorne tax re￿Verable In relation to donations rKeiv8d under Grft Aid (T dg8ds of ojvenant is re(y)Jnlsed al the Ume of the donation. Leg8aes are recognised on recolpl or otlvwse tl the d￿rity ha5 been rK)tified of an impending dislribulion, th8 amount is known. and re(*ipt ts expected. Wthe 8munl is r￿1 known. the legacy is trealed as a ojntlngent assel. fy)vemment gr8nts for Ihe QIRS are TecognLsed in Ihe F¢riod to wthich they relate. Deferred income relates to swlry f98s for Ihe folk>w"r•J year only. vthith is invoiced in advan(*J and th gffwjunts deferred are released in ffijll in that folknM"ng y8ar when the event booked h8s laken place. 12- OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 Accountlng polkhs (Continu•d) 1.5 R￿Qure•S •xp•nd•d Li8bilrt18s arg r8cognlsed as ag there18 81ogal or Constr￿ obligation u)mmTIUng Iha charfty lo the exp￿dit￿ra. All expendrture is accounted lor on an acc¥uals basis and has been dassif￿d under headings ihal aggrepale all cx)sls ￿lated lo Ihe category. Cost5 of generating fvnds are tha costs assc¢Aat8d ￿1th attrw*iro vduntary incoTh. CharitatAe exp8ndituro c>)mprf8e9 those o)sts incjjrred by the charity in thg dellvery of ￿S activltl85 and seMces for Its bgneflclar￿s. It Includ85 t>)th costs that can b8 alk￿èted diredy to $u¢h activities and thoso rnsts of an indirect nature necessary to suppNI them. Support costs include central functSons and have been allcKaled lo cost calegorles on a basls cOn￿Stent wth the Use of resources. lor exarnp￿, dloc8ting prop8ty costs by ffloor areas, or per capita, staff costs by lime ynt and olh8r costs by their u58ge. Govfjmgnce c06t6 InclL•Je costs 01 th• kKeparation arm1 ex8m¥Wion of tha statutory aclyjunts, th8 cost of trusteé meets.ngs and the Gc41 of any *al 8dvlo* to trusle88 ￿ ￿¥￿manO¥j or con8titulbon81 matters. 1.6 Tanglbl• ftx•d a¥•ots Tonglble fixed assets are initialty m8asured at g)gt and 8uWuenUy m018￿ed at ¢x)sl (x valuatlon, net of depreoation and any impaim)8nt losses. Oepreclailon Ss recognised so as to writ• Lrff tho cost or va￿&110n of assets 188$ their rgs¢dual values ovar Ihelr usefLtI Ilves on the Idlowing bases.. Plant and equlpm•nt Computers Sailing vess•ls Wrltten to fespaual val 15-33%% strawJht line &20% strgight hne Thg gain or loss adsing on the di8pxal of an asset Is tletemiinod ￿ th8 dffigrgn¢e beknn the sale pr(Keeds aNI Ihe c8rryir#J value ofthe asseL recognisad in net incg)m&(e¥pendlturel for the year. 1.7 Flnanclal In•trum•nts The charity has elo¢led lo appty the prowsions of seCt￿n 11 'Basic Financ4at Instrum&nts' and Section 12 'other Financial Instruments Issues, of FRS 102 lo all of its financKg1 instruments. Financial Inslnjments are rgcogniged in the chanvs ba￿nce sh#•l whèn the tharity be￿Me8 paty to the contraciual prowsions ol Ihe in51rumonl. Financlal 8ss•ts ￿ li8￿1}tieS are offse( wllh th8 net arrwnts presenthd Sn th8 finana81 statsm8nts, when Ihere is a legalty enlcrteabie right to sel off the recognised amounts and there is an in18n1￿n to settle on a net basis or to reahse the asset and settle the liabilrty simuttaneousty. BaslG Ilnanclal assets Basic fin8nclal assets. which induth debtors arxl cash ond bank balances, are wiilkilly measured al transaction price including IrJnsactth ¢y)sts and are subsequenty ¢affied at amorbsed cost using Ihe effective interest method un￿sS Ihe arrarrfJemenl conslltutes 8 finar￿1n9 Iransacuor), where th8 transaction s measured at the present value of the future receipts discounled at a market rale of intgrgsL Financial 8ssets cla6wf￿ as receivable wlthin (Th year a￿ T￿t 8m¢ytis•d. 13- OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 OCTOBER 2020 A¢¢ounting pollcks (Conlinued) 8aslc Iln8n¢lal Ilathllde5 Ba$1¢ financial h'abilit￿$. Induding c¥edIt￿$ and bank loans aro initialty rwini5ed at transttdi￿ wce unkss the arT8nggmenl constitutes a financing trarwclion. where the debt instrtjmenl is measured at thè present valu• of the fijture payments discounted at 8 Ma￿et rats of interesl. Finanrjal liabl￿￿8$ C￿$6￿￿ as PaYa￿e wlthbn one year are not amorused. Dg1)t instnjments ¥ro subsgquontty c&rritrJ al amortis￿ t*)st. usiTrJ the effeth.ve Inleresl rate method. Trade creditor8 8re c*JlKJation5 to Pay for gwls or sefvitss thai have been 8f4uired in the ordinwy c￿Jr36 of ope{a￿on9 from suppliers. AM￿nts payable 8rè claSsrf￿d a5 curnent liabilitkgs if payment Is due wlthln ong year or less. W r￿t, they are presented as nc¥Kufrent liabilitses. Trade creditors are reccgnised inib'ally * transaction price 8nd subsequently Th*a$ured al amortisod cost usiry the effectivo inter&st method. D•rncognlllon of flnancl•l li•bllltles Fin8ncial liabilities are derecconised %then th8 charitys c￿traCts￿ oblig8tbons exp￿ or arè dlsthwJ8d or cancelled. 1.J Retlrqm•nl b•n•frts P8ym•nts to deflned c¥Jntrfbutk)n rnllr8menl benefft sthomB8 are charyd as an expense as they fall du•. Crltlcal 8¢¢ountlng Mtlmat•• and ludg•ments In tho appllcalon of th6 d)arity's •¢w￿l￿g polldes. the tru8te68 we ioqulr•J to mako ludgomonts. e8timat8S and assumptions about the carrylng Amount of assets and li8bilitbes Ih8t af• not r•adily 8pparenl from other souroes. The esbmales and associated aSsuMpt￿n5 arv based on hlstorthl experierKe aTrJ other factOT5 that arg con*dered to be ffjlevant. Actual rnsuhs may differ trom th08• eslimatss. The e8limats8 and undorf￿n9 assumpu￿8 aro re¥￿%￿d [￿ an ongokng ba8ts. R•vi8lons lo atLtsunting estimatss are recognised In the p￿(*j in whith the estsmate 13 revised vkn8re the T￿s1On affects onfy that pervjd. or in the Fefiod of the revtsion gnd fviure F¢riods where the revisK?n aff￿ts ix)th i)Jrrent and futurg rlods. Donatlon• •nd Unr••trld•d R•strict•d lunds funds general 2020 Total UnTrstricted Reslricted lunds fijnds gengral 2019 Total 2020 2020 2019 2019 Donations and gtfts ovid-19 related govgmment grants 173.284 74.101 247,385 44.482 121.925 166.407 10.( 49.345 59,345 183,284 123,446 306,730 44,482 121,925 166,407 14- OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 Charitable actlvltl95 Boat 2019 2020 S819$ withln charitabl8 8GbMties 14.078 195.485 Inv•$tm•nts Unr•stricted Unrestricted funds Jnds g•n•ral general 2020 2019 Interest receivab 1,346 1,288 Other Incom• UnrMtrlct•d Unre5tr1cted funds funds g•n•r•l gener81 2020 2019 Net goin on disFosal of tangible fMd assoll Other inco 700 {801 2,922 620 2,922 R•islng fund• Unr•strfctod Restricted fvnd• fund¥ g•Treral 2020 Total Unr•slTiCted funds goneral 2019 2020 zozo Fundraisin and ubli Stsff costs 23.953 3.049 27,002 26.219 23.953 3.049 27.002 28.219 1s- OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 Charllable actlvltlo8 Boat 2020 Boat 2019 staff costs Depreciatlon and Imp8imwnl PublI￿ty costs Free18nc8 boat f895 Vessel malnlenanco Trainlng Vlctuals Fuèl, harbour fees and c*art8 Travel and 8ub&sl8nc• Llcen8es ond insurance 92,236 43,687 1,132 7,813 67,812 2,243 16,765 16.226 2.698 17,306 43.296 810 37,659 4,278 3,271 14.856 201.876 267.918 Shar• of support i>Jsts {$90 note 91 Share o19ovemance costs {sfje note 9) 106,922 5,915 110,182 4,830 314.713 382,930 Anaty81s by fund Unreslricled funds- gener Rastrlcled funds 192,993 121,720 218,889 164,041 314,713 382.930 Support costs Support Goveman costs 2020 Support Gov8manGe 2019 Staff c0818 operdb.ng leasg charge5 Finance costs Administration ￿$ts 79.640 6.557 1.1 19,535 79,640 6.557 1.1 19.535 83.172 7.403 2.471 17.136 83,172 7,403 2,471 17.136 Audit f88s Accountancy 5.915 5.915 4.080 750 4,080 T50 106,922 5.915 112.837 110.182 4.830 115,012 Anatysed between Charitable activities I￿.¥22 5.915 112,837 110,182 4,830 115,012 -16- OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 10 Tru8ts•8 None of the Irusiegs (or any pa￿onS connected wAh them) received any remuneration or bonefts from the charity during the year. 11 Employees Num￿1 of •mploye•* The averwJ8 monlhty numbgr ofemF4oyees durw¥J the yew wa5: 2020 Mumb•r 2019 Numb•r Shore based Sailing Employm•nt ¢￿ts 2020 2019 Wages and salaries Social security eosls Other p8n5ion c4Jsts 186.826 .12,547 3,913 182,001 16,238 3.388 203.286 201.627 The lotsl employee btrntsfrts of tho key management tmonnel. Ihal being the CEO & Busintrss Marwer, of the charity were £79.46412019- £77.5261. The ffve ghore-b8setl employees or? a mixtyre of fijll and time staff rgpregenfjng thg four fvH tlme equivatent staff posrtions in 2019. Ther& were ￿ employ88s whos• anN81 rem￿￿ratiOn was £60.IY]O or rTh)re. 12 Oth•r •xpendltur• Total Unrestricted funds nerol 2019 2020 Net I￿ on dtsposol of tsngibie fixed assets 1,586 1,586 13 Taxatbon The chanty is a register&J ctsrity and is tFEreftye exempt from taxation. 17- OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 14 Tanglblo fSxed assets PlantarHI Compulernswlity t￿￿ell •qulpm•nt Tol•l Cost At 1 November 2019 Disposals 25.397 1700) 16.401 726,611 768,409 17001 Al 31 Oclot*r 2020 24.697 16.401 726.611 767,709 O•proclatlon •nd ImpaSmw Al 1 November 2019 Depr8claUon thafged in the year Ellmlnated In resptrcl ol dIspry￿15 24.897 13.782 1,572 108.275 41,724 148.954 43,296 {700) 1700> Al 31 Othber 2020 24.197 15,354 149,999 189,550 Carrylng amount At 31 October 2020 1,047 576,612 578,159 Al 31 October 2019 2,619 618,336 621,455 15 ￿blerS 2020 2019 Amounts f•lllng du• wlthln on• y••r. Trad8 doblo Other debtors Pr8paymenls and accruod Inc 7,394 4,497 15,025 92,471 5,952 1,987 26,916 100,410 18 Credltorn: amountj fallSng du• w5th1n on4 y••r 2020 2019 Other t￿1￿ and social ge(xJrity Deferrgd incorne Trade creditors Olher creditc Acuuals and deferred incom• 19.144 59,963 60,822 740 6.677 19.242 138.063 5.157 147.346 168,410 Defened inc#)me relates to sailir•J fees for 2019120. deferred unb'l 2020121 due to kjss of sailng season in rTent year bKause of CoYKI-19. 18- OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 17 Rellremont hn•fll s¢h•m¢* D•fin•d contrlbirtlon seh•m•s The charity oper81es a dgflned contribulK)n p8rtsion 8d￿ne a4 walty'ng employees. The assets of the h8m8 are held separatety from Ihose of the charity In an irKJependentty administered fvnd. The charge to profft ￿ k)ss in reSp￿t oldofined conlribUtic￿ s￿￿m•S was £3.91312019- £3,388). Ccntribulions totalling £1,20212019- £1.137} whith were p8yabl8 to the scheme at the 8rd of the ye8r are in¢lud8d in credilors. 18 R••trl¢t•d funds The income funds of the charity Miclude r8Stricled fvn¢Js fmprisir¥J Ihe follovAng unexpend8d balancos of th)nallons and grants hgkj on trust for speofic purFKWS.' Movem•ftt In fvnds Tr*n¥l•r• l No¥•mb•r 2019 •Np•n¢•d 31 O*ib•r2020 Prolific fijnd Sailing lees lund R81it and MaInte￿nCe lund Salary fund Other furKIs 525.822 {41.724) 484,098 40,401 140,401) Is,KJo) ITO,411) IB.734) 70,411 6.734 525.822 123,446 1124.769) {40.4011 The Prolffie fur￿ repre8•nts fund8 received to enabbg th9 th￿ty to have purth060d Prdffjic 8$ a roplacem8nl for John LalThJ. This indud8s the additw)nal work required lo contsnue to enhance Prolific'y operating capodty based on lessons leamod once the charty slarl&J using her for voyage8 for young peopl8. The S8illng fo•s fund reFXe￿ts lund3 receNed lo pay for 8aillng fees aSK￿lI10d with futurè voy8ge8. The Refft and maintenance fvnd represents fvnds Tecefved to maintaln Prolill¢ In 8 8eaworthy stsle. The Sa18ry ftjnd repr¢sants fvnds received to pay f￿ empknyment C0918. The amounl of £40.401 12019 - £nill has i*pn transferred from Reslri¢tad funds to Unrestricted ftjnds - general as agrged with donor5 10 aitl tha charitsbk comp8ny in surviviThJ ihrough the CO￿d-19 outbreak. -19- OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 19 Unr•5tr1thd fund* . d￿Ignated These are unreslrict8d lund5 whieh are material lo thè d)8ritys actlvltl85 made up as folbws". Mo¥em•rtl Mov•mgnt In lund8 In fvnds B•1w￿* •t In¢￿1￿4 8•knc• at Incornlng 6aknc• •t I ND¥•mb•r rw¥ur¢# l Novwnb•r r•mUrC￿ 31 odob•r 2018 2019 2020 Boat condngenry fund Boat refit fund 30,(￿0 428,349 30,000 428,349 428.349 458.349 458.349 458.349 The Boat g)ntlng8n￿ fund ex￿ to cover unplannwj mainten8￿8 arKI repoir costs durlng the next Sailing. Tho Boat refil fund exists to ￿Ver major malnl8nance and refurbishment work whith will need lo be c8rri•d out 81 regular Intervals. These %KJrks indude replacing the folhmng; maln magt, erylnes. wlndles. windloss. firo systems, sails. standing rigging and electrKs. 20 Art•lysl• of n•1 a•s•l• bth••n fvnd• Unr•strlct•d Unr•*trlcted R••trl¢t•d lund¥. lund*- funds gener•1 d•slgn*•d 2020 2020 Total 2020 2020 2019 Fund baL8nces 8t 31 October 2020 8re represented by: 112,428 117,594 485,731 18.366 578.159 594.309 821.455 569.954 Current ossetsllllatsl￿'e$) 458.349 ZaO.IY22 458,349 484,097 1.172.468 1,191.409 21 Charlty statUB The charty is a company limited by guarant￿ and con$equenUy ¢Joes not have $h8re caplt31. Ead) ol the tNslees is liat48 lo contribute an amount nol exceeding £1 towards thg assets of the char'ty in the gvent of liquldatKJn. OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 22 Op•rating100$0 ¢ommltm•nts Al the reporting erKI date the L*8rlty h￿1 outstsndln9 ￿￿mitM￿ts for future minimum lea8e P8yment5 under nondeancellable operating ￿a$￿s. vthi¢h fall due a5 folknvs.. 2020 2019 Withh (Th year 5.005 23 R•l•t•d party transactlo Tran•actlon• wlth r•latsd parth• Durtng th9 year the charity entered into the ￿l￿￿ng transacli(ms vAth rel8ted parties.. S•rvlc•¥ provlded 2020 2019 Enliliés (x)ntroll•d by trustees of the corrpany 173 During the year the charitable company incuNed expenses of £173 12019: £nill for stsff first aid training froTn Kry Yach15, a business run by Yvonne Tayky who was a trustee of ihe ¢h8Titsble ￿MpanY during th8 ye8r. The outsl8ndirvJ balance at the year end is £nil12019'. £nil). 24 Ctsh g•n•rated trom op•r•tlon• 2020 2019 Dgficit lor ye8r {18,9411 (44,6531 Adjuslments for.. Invastmenl income recognised in 5ts1ement of finanryal acll¥ili8s IGainyloss on dlsposal of tsngib18 fixed assets De[￿￿1￿)n Im￿1rm0nt ol targible [￿ed assets 11.3461 17001 43,296 11,2681 1,586 43,887 Movaments in Wo￿n9 capitsl.. Decreasg in debtors Increaselldecreasel in crnditors IDscreaSeyinc￿ase in defer￿ inc£*ne 73.494 S7.036 178,1C(JI 15.997 11,0461 23,693 Cash ge￿￿rated from opernlions 74.739 37,996 25 Analy¥ls of ehangos in nrt fundg The charity had no debt duri1￿ the year. 21