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← The Ahoy Centre

2024-12-31-accounts

Company no. 04045198 Charity no. 1084122

The AHOY Centre Report and Unaudited Financial Statements

31 December 2024

The AHOY Centre

Reference and administrative details

For theyear ended 31 December 2024
Company number 04045198
Charity number 1084122
Registered office and The AHOY Centre
operational address Borthwick St
London
SE8 3JY
Trustees Trustees, who are also directors under company law, who served during the
year and up to the date of this report were as follows:
Lucy Butler appointed 17 June 2024
Ella Daley appointed 17 June 2024
John Goodey
Rachel Hedley (Chair of the Board)
Rachel Lawton
Ashley McLucas (Treasurer and Chair of Finance Sub Committee)
Giovanna Pomilio (Chair of the Board) resigned 29 April 2024
David Reader resigned 16 April 2024
Carl Richardson
Mark Smith
Key management Andy Palmer (Chief Executive Officer until 31 May 2024)
personnel David Reader (Chief Executive Officer from 10 June 2024)
Principal Bankers The Co-operative Bank
PO Box 101
1 Balloon Street
Manchester
M60 4 EP
Independent Godfrey Wilson Limited
examiners Chartered Accountants and Statutory Auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

The AHOY Centre

Report of the Chair and Chief Executive Officer

For the year ended 31 December 2024

Chair's Report

The Board – changes in 2024

I became chair of The AHOY Centre half-way through the 2024 year, following the seven year tenure as chair of the board of Giovanna Pomilio. In opening, I would like to express my thanks to Giovanna for leading the charity through some challenging times, including the Covid pandemic, with its consequent impact both on the charity’s service delivery and fundraising model.

We welcomed two new trustees – Ella Daley and Lucy Butler – to the Board in June. Ella brings longstanding experience of the AHOY Centre, having been a Shipmate in her teens. She also brings professional expertise as an architect. Lucy has a long association with the AHOY as the parent of one of our former Shipmates but brings wide professional experience of community engagement and fundraising to the Board.

I am grateful to the entire board for bringing their skills and expertise to discussions and decisionmaking at Board meetings, alongside support for events and the charity’s overall development.

Leadership of the AHOY

In mid 2024, we said goodbye to Andy Palmer as CEO of The AHOY Centre. Andy stood down following a successful recruitment process to appoint a permanent CEO. I would like to thank Andy for all he did in his time leading the charity, to ready The AHOY Centre for challenges to come.

We welcomed David Reader as our new CEO in June 2024. David brings a depth of experience working within the sports provision sector, with personal experience of sports teaching and coaching. In his first six months he has presented to the board a strategic review and vision for the future of the AHOY, with a focus on developing our volunteering support and ensuring the charity’s core programmes maximise their impact and efficiency. The Board was pleased to endorse and support David’s strategy at its meeting in September.

Impact in 2024 – goals for 2025

I am pleased to report that the charity increased its impact from its four main programmes compared to the previous year, reaching 76% more beneficiaries; and enabling more people to gain qualifications (see CEO’s report for more details). This proves the effectiveness of The AHOY Centre, despite working within a challenging fundraising and recruitment environment. The charity held a successful supporters day in November 2024. It was clear that The AHOY Centre is held in high regard by long-standing funders and representatives of the local community and we hope that those relationships will be deepened and made even more secure in the coming year.

We are proud of the AHOY’s achievements and grateful to all those who contributed funding to AHOY in 2024 and have worked alongside staff to ensure that funding is used to provide the greatest impact to young people and those with disabilities.

Thank you to fellow Trustees, our dedicated staff, volunteers, our Partnership Groups and particularly our beneficiaries for continuing to make AHOY such a stimulating and highly impactful charity.

To learn more about AHOY please visit our website www.ahoy.org.uk or telephone 020 8691 7502.

Rachel Hedley Chair of Trustees

2

The AHOY Centre

Report of the Chair and Chief Executive Officer

For the year ended 31 December 2024

Chief Executive Officer Report

We use sailing, rowing and powerboating to improve the lives of local people, facilitating them to gain new skills, build relationships and open up new avenues. Our target audience is consistently those who wouldn’t normally have the opportunity, whether through circumstance or financial means, to access The Thames. I’m glad to report in 2024 we were still able to do that, reaching a large number of Greenwich, Lewisham and Tower Hamlets residents.

We principally continued to deliver our four main programmes – Sailing for All, Sailability, Boats Afloat and Shipmates. Overall, our programmes increased the number of people engaged in them by 76% compared to 2023. Most notably, our largest programme Sailing for All, which works with local Key Stage two pupils, saw us increase the number of beneficiaries by 62% based on the previous year. In 2024 we reached 262 local young people through this programme.

Through our programmes and activities, we also enabled 362 local people to achieve new qualifications, and this is an increase of 117 compared to 2023. We have also hosted two new apprentices in conjunction with Coach Core and they remain a key part of our delivery team.

We rely on a good number of volunteers to deliver our activities, and we are extremely fortunate that they devote their time, skills and energy to help us to support our beneficiaries. Next year we are going to place greater focus on how we recruit and retain more volunteers.

We sit on a great site on the banks of The River Thames in Deptford and in 2024 we utilised our assets considerably more than the previous year. We tripled the number of days we hired out our venue and this brings in vital revenue for us.

Over many years a key feature in our year has been the hosting of Rowing Challenges. These are days where individuals and companies form teams of rowers to compete against each other as they row down The Thames. This is all done to help us fund the centre, while at the same time give the participants a memorable day. In 2024, they continued to deliver valuable funding for us, but we need to reflect on the impact of these in 2025 as they are not at the level they were pre-pandemic.

In addition to this, we also are hugely grateful to the following trusts, foundations, companies and individuals who donate vital funds that help us deliver our activities throughout the year: 26 May 1961 Charitable Trust, Anton Jurgens Charitable Trust, Authur M Black Family Foundation, Baltic Exchange, British Rowing, Bruce Wake Trust, Candlelight Trust, Charterhouse Capital LLP, CMF Charitable Trust, Frazer Trust, Greenwich Healthier Communities Fund, Hilton Canary Wharf, Homelands Charitable Trust, Hyne Trust, Inveso Cares, Jessica Mathers Trust, JAC, JLL, King Charles III Charitable Fund, Legal & General, London Community Foundation, Mace, Maximus Local Impact Fund, MSN, Portal Trust, Port of London Authority (Active Thames) Princess Anne Charities, Royal Yachting Association, Sir William Boremans Foundation, Sport England, Swire Charitable Trust, TFK Foundation, Weinstock Foundation, Whirlwind Trust, Worshipful Company of Girdlers, Worshipful Company of Grocers, Worshipful Company of Tallow Chandlers and all the other Trusts and Foundations, Corporates and Individuals who support us, some of whom wish to remain anonymous.

While we had some great successes in 2024, like many charities we also continued to battle financial headwinds. We are finding the fundraising environment challenging and, in many ways, even though we continue to make further steps to recover from the pandemic period, we are still not back to our pre Covid operating environment.

3

The AHOY Centre

Report of the Chair and Chief Executive Officer

For the year ended 31 December 2024

Midway through the year I became CEO and in that time I have endeavoured to provide stability and leadership to our participants, staff, volunteers and all our partners who support us. In 2025, I shall be continuing to reshape the charity so that we have greater impact, while at same time exploring a sustainable funding model.

David Reader Chief Executive Officer

4

The AHOY Centre

Report of the trustees

For the year ended 31 December 2024

The trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the independently examined financial statements of The AHOY Centre (‘the charity’) for the year ended 31 December 2024. The trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities, applicable to charities preparing their accounts in accordance with Financial Reporting Standard FRS 102, the Charities Act 2011 and the Companies Act 2006.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charity is constituted under a Memorandum of Association dated 2 August 2000, as amended on 6 August 2020, and is registered charity number 1084122.

Trustee Board

The Board comprised of between six and eight trustees throughout 2024 after four additions in the year. Two trustees resigned earlier in the year. Trustees bring expertise in specific areas and operate as a full board and via Finance and Remuneration sub-committees.

Method of appointment or election of trustees

The Trustee Board identifies and appoints new potential trustees whose appointment is ratified at the next Annual General Meeting under the terms of the Memorandum and Articles of Association.

Induction and training of trustees

New trustees when appointed attend and complete an induction programme to gain a comprehensive understanding of how activities are designed to achieve the charity’s aims and objectives and of key policies. The Chair and CEO are jointly committed to enabling trustees to best use their skills and expertise. Portfolio roles have been allocated to each trustee to lead on dialogue and continuous improvement in liaison with the staff team.

Finance Sub Committee (FSC)

The FSC consists of three trustees and senior management and meets four times per annum on behalf of the Board to consider all matters concerning income, expenditure and risk management. The Terms of Reference, updated in 2023, include arrangements for determining pay and remuneration of key management personnel, approve any mid-year increases proposed by the leadership team and authorise salaries for new employees. Salaries are determined with reference to annual inflation and comparative benchmark data where available and take account of performance and responsibilities. Any recommendations from the FSC are considered by the Board.

Compliance with taxation

The Charity is committed to conducting its business with integrity, transparency and fairness, and in compliance with all relevant rules, regulations and legislation. It values its reputation for ethical behaviour, financial probity and, as a charity, it disapproves of tax evasion in whatever form. The Charity will not knowingly engage with any individual or business that does not share its commitment to the prevention of tax evasion. The Charity requires all trustees and staff to demonstrate the highest standards of honesty at all times.

5

The AHOY Centre

Report of the trustees

For the year ended 31 December 2024

Organisational structure and decision making

Trustees are accountable for setting the strategic direction of the Charity, providing governance and oversight, ensuring the highest levels of health and safety and safeguarding principles are met and identifying and managing risks. The Board of Trustees fulfilled this obligation at the beginning of 2022 by agreeing a new five-year strategy for The AHOY Centre.

Risk management

The trustees regularly assess the major risks to which the charity is exposed. Risks identified related to safety, health, safeguarding, data protection, operations, regulatory requirements and the finances of the charity, and the trustees are satisfied that systems and procedures are in place to mitigate the charity’s exposure to the major risks.

Indemnity insurance

The Charity’s insurance policies indemnify the trustees and officers against liability when acting for the Charity providing their actions are not reckless or fraudulent.

Public Benefit Statement

The trustees confirm they have had due regard to the Charity Commission guidance on public benefit and are satisfied that its activities as described in this report meet the public benefit requirement.

Safeguarding

The trustees are aware of their responsibilities in ensuring that all beneficiaries, especially those who are children, young people or adults at risk that access services through the Charity can do so in a safe way. AHOY is focused on proactively ensuring everyone has an opportunity to achieve their full potential. A Trustee Champion is in place to monitor safeguarding activities in liaison with the Chief Executive, who is the staff lead for safeguarding at AHOY.

Fundraising Regulator

To support the Charity’s values and ethics, it is registered with the Fundraising Regulator and lives out the principles of the Code of Fundraising Practice. As well as deploying its own safeguarding procedures, the Charity’s fundraising accords with the Charity Commission’s guidance. This includes the provision of training for the staff involved in fundraising. In reflecting on the large donations and grants received, the Charity was satisfied that donors and funders were of good character and supported the Charity’s aims and objectives.

OBJECTIVES AND ACTIVITIES

What we do

AHOY aims to use the medium of sailing, rowing, power boat driving and other water-based activities to break down social barriers and provide the opportunity - primarily to disadvantaged and young people at risk - to develop essential life skills, self-confidence and pride. There is a major focus on teamwork and personal development and through our existing and planned future activities we look to provide the opportunity to build self-esteem, confidence and offer training vital to finding employment and building a successful life.

We also offer opportunities for disabled people to participate in activities and courses on an equal level. We bring together people from many walks of life to work together as a community, helping others. All our activities and programmes are focussed on teaching transferable and employable skills.

6

The AHOY Centre

Report of the trustees

For the year ended 31 December 2024

The AHOY Centre promotes a healthy lifestyle and the opportunity to participate in water-based activities not usually accessible in this area of London, by using London’s greatest natural resource, the River Thames. We are an established and fully licensed training Centre for: RYA (Royal Yachting Association); RYA Sailability Sailing; BR (British Rowing); Apprenticeships (Satellite Centre); Open Awards Certified Centre.

OUR PROGRAMMES

AHOY’s primary focus is on the delivery of water sports and related activities, with the provision of training, instruction and mentoring, leading to nationally recognised qualifications. Our child and youth beneficiaries are generally referred to AHOY by local schools in the Royal London Borough Greenwich, London Borough of Lewisham, and London Borough Southwark. Referrals are negotiated by our Outreach and Relationships Manager through effective relationship with Head teachers and PE teachers. Our delivery programme of activities is prepared a year in advance by our Watersports Manager to enable schools to plan ahead to include within their curriculum.

In 2024 we delivered the following programmes:

Shipmates

Shipmates aims to support under-resourced young people and is open to anyone from the ages of 8 to 18. The programme is committed to getting young people from Lewisham, Greenwich and Southwark, teaching them how to sail, row and powerboat on the River Thames. We believe that being on open water has immense mental health and physical well-being benefits for all young people.

We specifically target under-resourced young people from the local area offering opportunities they would not otherwise be able to access.

Sailability

Our Sailability programme is for people with a range of disabilities, including those with special educational needs (SEND). Participants are young adults who attend for one day a week. They learn how to sail, row and operate a power boat as well as learning independent living skills such as food preparation, cooking, cleaning and basic DIY skills. They gain nationally recognised RYA qualifications and through determination and increased self-confidence, they are able to develop new aspirations and achieve them.

Apprenticeship programme

Our Apprenticeship Programme in partnership with Coach Core, is a unique fifteen-month apprenticeship scheme for 16-24-year-olds where we take 2-4 apprentices introducing water-based activities such as rowing, sailing and power boating to build their skills to a level where they increase their employability chances and can re-engage with work and educational pathways.

Sailing For All

The 'Sailing For All' project focuses on delivering sailing training to over 350 disadvantaged young people from approximately 12 local schools, enabling them to attain their 'RYA Stage 1 Sailing' qualification. This is based on sessions of 16 children with approximately 20 weeks of delivery.

7

The AHOY Centre

Report of the trustees

For the year ended 31 December 2024

Sailing for All offers children and young people from disadvantaged backgrounds new opportunities through practical hands-on learning giving them the support to really succeed in life. Through this programme, we work with hundreds of young people each year producing tangible positive outcomes, changing behaviours and attitudes.

Boats Afloat

Boats Afloat offers a suite of activities that help young people who are at risk of exclusion and on the cusp of offending/antisocial or criminal behaviour, to make better positive life choices.

Delivered over a 12-month period, we intensively engage 12 young people aged 11 - 16 (identified as those most at risk of exclusion) to regular mid-week sessions during the school term. Offering around 70 sessions per annum, participants are guided through a tried and tested syllabus of enriching and engaging alternative education activity involving on water and land-based learning.

ACHIEVEMENTS AND PERFORMANCE

  1. We have increased the number of beneficiaries by 76% compared to 2023.

  2. Increase in the number of qualifications awarded compared to 2023.

RYA Stage 1 266
RYA Level 1 7
RYA First Aid 12
RYA Powerboat Level 1 9
RYA Powerboat Level 2 36
British Rowing- Session Instructor 8
Safety Boat Officer 9
British Rowing- Level 2- Club Coach 16
Dinghy Instructor 2
Assistant Instructor 4
TOTAL 369

8

The AHOY Centre

Report of the trustees

For the year ended 31 December 2024

  1. Continued financial support from over 40 organisations and individuals.

We continued to be supported by a large number of organisations and individuals, which includes: 26 May 1961 Charitable Trust, Anton Jurgens Charitable Trust, Authur M Black Family Foundation, Baltic Exchange, British Rowing, Bruce Wake Trust, Candlelight Trust, Charterhouse Capital LLP, CMF Charitable Trust, Frazer Trust, Greenwich Healthier Communities Fund, Hilton Canary Wharf, Homelands Charitable Trust, Hyne Trust, Inveso Cares, Jessica Mathers Trust, JAC, JLL, King Charles III Charitable Fund, Legal & General, London Community Foundation, Mace, Maximus Local Impact Fund, MSN, Portal Trust, Port of London Authority (Active Thames) Princess Anne Charities, Royal Yachting Association, Sir William Boremans Foundation, Sport England, Swire Charitable Trust, TFK Foundation, Weinstock Foundation, Whirlwind Trust, Worshipful Company of Girdlers, Worshipful Company of Grocers, Worshipful Company of Tallow Chandlers and all the other Trusts and Foundations, Corporates and Individuals who support us, some of whom wish to remain anonymous.

FINANCIAL REVIEW

Income and expenditure

Total income for the year was £491,501 (2023: £610,499) and total expenditure of £621,284 (2023: £632,143). This resulted in a net income / expenditure deficit of £129,783. Although expenditure was lower than in 2023, our income from fundraising was lower than expected.

Reserves policy

As at 31 December 2024, the total Charity Funds were £905,228 (2023: £1,035,011) which is made up of £88,794 (2023: £175,391) of restricted funds, £412,031 (2023: £544,751) of designated funds and £404,403 (2023: £314,869) of unrestricted funds.

The free reserves of the charity are the unrestricted net current assets of the charity (i.e. total unrestricted funds excluding designated funds and the net book value of any unrestricted tangible fixed assets). The main reason the charity holds reserves is to provide cover in the event of fluctuations in timing of income or shortfalls, or should we fail to meet the fundraising targets in the budget. The trustees aim to hold sufficient reserves to cover approximately 3 months of staff and running costs, approx. £180,000. As at 31 December 2024, the free reserves of the charity were above the target level at £318,011 (2023: £221,792).

Principal financial risks and uncertainties

Continuity and security of funding is an ongoing area of risk given the charity’s reliance on donations and legacies. Our income from rowing events continues to be still below the pre-pandemic levels and the lower levels of unrestricted income mean that there are more constraints on expenditure. We strive to develop a more balanced fundraising portfolio with a focus on new partnerships, venue hire and regular giving.

Going concern

The trustees consider that the charity will have sufficient funds to meet liabilities as they fall due and therefore the accounts have been prepared on the ‘going concern’ basis. This assessment is based on the following factors:

9

The AHOY Centre

Report of the trustees

For the year ended 31 December 2024

STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

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

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 28 April 2025 and signed on their behalf by

Rachel Anne Hedley - Chair of trustees

10

Independent examiner's report

To the trustees of

The AHOY Centre

I report to the trustees on my examination of the accounts of The AHOY Centre (the charitable company) for the year ended 31 December 2024, which are set out on pages 13 to 28.

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 accounts 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 as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

Godfrey Wilson Limited also provides bookkeeping services to the charitable company. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.

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

11

Independent examiner's report

To the trustees of

The AHOY Centre

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.

Date: 28 April 2025 Alison Godfrey FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

12

The AHOY Centre

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

Restricted
Note
£
Income from:
Donations and legacies
3
197,302
Charitable activities
4
4,000
Other trading activities
5
-
Other
6
-
Investment interest
-
Total income
201,302
Expenditure on:
Raising funds
-
Charitable activities
287,899
Total expenditure
8
287,899
Net expenditure
(86,597)
Transfers between funds
-
Net movement in funds
9
(86,597)
Reconciliation of funds:
Total funds brought forward
175,391
Total funds carried forward
88,794		 Unrestricted
£
194,721
40,864
47,952
850
5,812
290,199
76,467
256,918
333,385
(43,186)
-
(43,186)
859,620
816,434		 2024
Total
£
392,023
44,864
47,952
850
5,812
491,501
76,467
544,817
621,284
(129,783)
-
(129,783)
1,035,011
905,228		 2023
Total
£
518,528
32,849
41,967
15,190
1,965
610,499
86,894
545,249
632,143
(21,644)
-
(21,644)
1,056,655
1,035,011

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 17 to the accounts.

13

Company no. 04045198

The AHOY Centre

Balance sheet

As at 31 December 2024

Note
Fixed assets
Tangible assets
12		 £ 2024
£
363,547		 2023
£
403,788
Current assets
Debtors
13
Cash at bank and in hand		 8,326
573,132		 9,290
641,282
Liabilities
Creditors: amounts falling due within 1 year
14		 581,458
(39,777)		 650,572
(19,349)
Net current assets 541,681 631,223
Net assets
16		 905,228 1,035,011
Funds
17
Restricted funds
Unrestricted funds:
Designated funds
General funds		 88,794
412,031
404,403		 175,391
544,751
314,869
Total charity funds 905,228 1,035,011

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for:

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 28 April 2025 and signed on their behalf by

Rachel Anne Hedley - Chair of trustees

14

The AHOY Centre

Statement of cash flows

For the year ended 31 December 2024

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Bank interest receivable
Profit on the sale of fixed assets
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash (used by) / provided by operating activities
Cash flows from investing activities:
Interest income
Proceeds from the sale of property, plant and equipment
Purchase of tangible fixed assets
Net cash used in investing activities
Decrease in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
(129,783)
74,077
(5,812)
(850)
964
20,428
(40,976)
5,812
850
(33,836)
(27,174)
(68,150)
641,282
573,132		 2023
£
(21,644)
101,830
(1,965)
(15,190)
(2,944)
(33,866)
26,221
1,965
17,410
(60,890)
(41,515)
(15,294)
656,576
641,282

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

15

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies

a) Basis of preparation and general information

The AHOY Centre is a charitable company limited by guarantee registered in England and Wales. The registered office address is The AHOY Centre, Borthwick St, London, SE8 3JY.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The AHOY Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of provision of sailing sessions and room hire is deferred until criteria for income recognition are met.

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

e) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

16

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the basis of resources used:

2024 2023
Raising funds 5.0% 5.0%
Charitable activities 95.0% 95.0%

h) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. No depreciation is charged in the year of purchase. The depreciation rates in use are as follows:

Freehold property 20 years straight line basis
Boats and equipment 4 years straight line basis
Motor vehicles 4 years straight line basis
Fixtures and fittings 4 years straight line basis

Items of equipment are capitalised where the purchase price exceeds £500.

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

k) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

17

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

l) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

m) Pension costs

The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

n) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note 1 (h) above.

18

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2024

2. Prior period comparatives: statement of financial activities

Income from:
Donations and legacies
Charitable activities
Other trading activities
Other
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds
Income from donations
Donations
Grants
Total income from donations
Prior period comparative:
Donations
Grants
Total income from donations		 Restricted
£
£
283,804
234,724
-
32,849
-
41,967
-
15,190
-
1,965
283,804
326,695
-
86,894
245,959
299,290
245,959
386,184
37,845
(59,489)
(31,490)
31,490
6,355
(27,999)
Restricted
£
£
2,000
90,496
195,302
104,225
197,302
194,721
Restricted
£
£
10,000
150,716
273,804
84,008
283,804
234,724
Unrestricted
Unrestricted
Unrestricted		 2023
Total
£
518,528
32,849
41,967
15,190
1,965
610,499
86,894
545,249
632,143
(21,644)
-
(21,644)
2024
Total
£
92,496
299,527
392,023
2023
Total
£
160,716
357,812
518,528

3. Income from donations

*Included in donations in the current year are gifts in kind of £2,500 related to donated vessels (2023: £22,500)

19

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2024

4.
Income from charitable activities
Restricted
£
£
Sailing and training fees
4,000
40,864
All income from charitable activities in the prior period was unrestricted.
Unrestricted		 2024
Total
£
44,864		 2023
Total
£
32,849
5. Income from other trading activities
Boat and venue hire		 2024
2023
Total
Total
£
£
47,952
41,967
6. All income from other trading activities in the current and prior period was unrestricted.
Other income
2024
2023
Total
Total
£
£
850
15,190
Profit on sale of fixed assets
All other income in the current and prior period was unrestricted.

7. Government grants

The charitable company received no government grants in the current year. In the prior year, the charitable company received government grants, defined as funding from Royal Borough of Greenwich to fund charitable activities. The total value of such grants in the year ending 31 December 2023 was £6,250. There are no unfulfilled conditions or contingencies attaching to these grants in the current or prior year.

20

Raising funds
Charitable
activities
Support and
governance
costs
2024 Total
£
£
£
£
43,774
231,009
54,480
329,263
16,528
52,498
1,780
70,806
8,220
-
-
8,220
-
19,784
-
19,784
-
4,352
-
4,352
-
12,149
-
12,149
-
74,077
-
74,077
-
-
12,520
12,520
-
-
40,284
40,284
-
-
45,929
45,929
-
-
3,900
3,900		 68,522
393,869
158,893
621,284
7,945
150,948
(158,893)
-		 76,467
544,817
-
621,284
8.
Total expenditure
Staff costs (note 10)
Subcontractor costs
Fundraising, events and advertising
Boat running costs and repairs
Other activities
Professional fees, licenses and insurance
Depreciation
Staff training and recruitment
Office costs
Premises costs
Governance costs		 Sub-total
Allocation of support and governance costs		 Total expenditure
8.
Total expenditure (continued)
Prior period comparative
Raising funds
Charitable
activities
Support and
governance
costs
2023 Total
£
£
£
£
Staff costs (note 10)
59,145
171,995
119,373
350,513
Subcontractor costs
1,794
17,876
10,110
29,780
Fundraising, events and advertising
14,800
-
-
14,800
Boat running costs and repairs
-
18,193
-
18,193
Other activities
-
2,262
-
2,262
Professional fees, licenses and insurance
-
21,139
-
21,139
Depreciation
-
101,830
-
101,830
Staff training and recruitment
-
-
17,165
17,165
Office costs
-
-
48,247
48,247
Premises costs
-
-
24,494
24,494
Governance costs
-
-
3,720
3,720
Sub-total
75,739
333,295
223,109
632,143
Allocation of support and governance costs
11,155
211,954
(223,109)
-
Total expenditure
86,894
545,249
-
632,143		 632,143
-		 632,143

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2024

9. Net movement in funds

This is stated after charging:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Independent examiners' remuneration (excluding VAT):
Independent examination
Other services		 2024
£
74,077
Nil
Nil
3,250
18,418		 2023
£
101,830
Nil
Nil
3,100
19,449

10. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2024
£
302,637
20,898
5,728
329,263		 2023
£
321,640
22,276
6,597
350,513

No employees received total employee benefits (excluding employer pension costs) of more than £60,000 during the year (2023: Nil).

The key management personnel of the charitable company comprise the Trustees and Directors of Operations. The total employee benefits of the key management personnel were £62,351 (2023: £62,744).

Average head count 2024
No.
12		 2023
No.
14

11. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

23

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2024

12. Tangible fixed assets

Cost
At 1 January 2024
Additions in year
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 £
1,236,814
-
1,236,814
935,063
31,060
966,123
270,691
301,751
Freehold
property		 £
527,717
33,836
561,553
431,050
41,517
472,567
88,986
96,667
Boats and
equipment		 £
£
5,990
10,036
-
-
5,990
10,036
620
10,036
1,500
-
2,120
10,036
3,870
-
5,370
-
Fixtures and
fittings
Motor
vehicles		 Total
£
1,780,557
33,836
1,814,393
1,376,769
74,077
1,450,846
363,547
403,788

In line with prior years, the value of the freehold land held by AHOY has not been included in the accounts. The land was donated to AHOY in the early 2000's and it has not been possible to establish a reliable estimate of the market value at the time of the gift.

Included within boats and equipment is a restricted vessel with a net book value of £6,464 (2023: £8,960).

13. Debtors

Debtors
Trade debtors
Other debtors
Prepayments		 2024
£
5,592
1,841
893
8,326		 2023
£
9,290
-
-
9,290

14. Creditors : amounts due within 1 year

Trade creditors
Accruals
Deferred income (see note 15)
Other creditors		 2024
£
11,079
5,107
17,290
6,301
39,777		 2023
£
8,771
7,518
3,060
-
19,349

24

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2024

15. Deferred income

Deferred income
At 1 January 2024
Deferred during the year
Released during the year
At 31 December 2024		 2024
£
3,060
17,290
(3,060)
17,290		 2023
£
1,680
3,060
(1,680)
3,060

Deferred income relates to venue hire for the next financial year that has been invoiced in advance.

16. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 December 2024
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 December 2023		 £
6,464
82,330
-
88,794
£
8,960
166,431
-
175,391
Restricted
funds
Restricted
funds		 £
270,691
141,340
-
412,031
£
301,751
243,000
-
544,751
Designated
funds
Designated
funds		 General
funds
£
86,392
357,788
(39,777)
404,403
General
funds
£
93,077
241,141
(19,349)
314,869		 Total
funds
£
363,547
581,458
(39,777)
905,228
Total
funds
£
403,788
650,572
(19,349)
1,035,011

25

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2024

17. Movements in funds

At 1
January
2024
£
Restricted funds
Apprentice programme
38,598
Boats afloat
3,273
Community Dingy Instructor Courses
7,301
Sailability
20,270
Sailing for all
27,034
Shared costs
11,287
Shipmates
40,146
Donated vessel
8,960
Other charitable activities
18,522
Total restricted funds
175,391
Designated funds:
New boats and building maintenance
243,000
Buildings
301,751
Total designated funds
544,751
General funds
314,869
Total unrestricted funds
859,620
Total funds
1,035,011
Unrestricted funds		 Income
£
11,833
18,000
14,434
37,293
54,023
19,073
42,646
-
4,000
201,302
-
-
-
290,199
290,199
491,501		 £
(27,651)
(21,273)
(5,915)
(47,092)
(81,057)
(24,010)
(62,352)
(2,496)
(16,053)
(287,899)
-
(31,060)
(31,060)
(302,325)
(333,385)
(621,284)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
(101,660)
-
(101,660)
101,660
-
-
Transfers
between
funds		 £
22,780
-
15,820
10,471
-
6,350
20,440
6,464
6,469
88,794
141,340
270,691
412,031
404,403
816,434
905,228
At 31
December
2024

Purposes of restricted funds

Core programmes: Shipmates, Sailing for All, Sailability, Curiosity, Apprentice programme, Boats Afloat, Short Breaks

These programmes receive funding from a number of different funders whose donations are restricted to either one specific programme or to more than one programme. Whilst the restricted donations are grouped above by AHOY’s programmes, each funder’s donations are accounted for individually according to the separate programmes they fund.

26

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2024

17. Movements in funds (continued) Purposes of restricted funds (continued)

Shared costs

This fund includes donations received towards shared management and operating costs.

Community Dingy Instructor Courses

This fund is to support the development of skills and qualifications to allow young people to advance their careers and volunteering opportunities.

Donated Vessels

This fund represents the net book value of a donated vessel with restrictions.

Other charitable activities

Funding provided for capital equipment purchases.

Purposes of designated funds

New boats and building maintenance

The designated funds have been set aside by the trustees out of unrestricted funds to provide for essential repairs and refurbishment to premises and the periodic replacement of AHOY’s boats and related equipment. It is expected that the funds will be spent over the next 2-3 years.

Buildings

The designated fund represents the net book value of buildings owned by Ahoy.

Transfers between funds

Transfers between designated and unrestricted funds represent adjustments to reflect revised amounts necessary to be held for new boats and building maintenance. In the prior year there were also transfers between restricted and unrestricted funds, which represented purchases of fixed assets including boats and a vehicle from restricted funds.

27

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2024

17. Movements in funds (continued)

Prior period comparative
At 1
January
2023
£
Restricted funds
Apprentice programme
34,782
Boats afloat
10,577
Community Dingy Instructor Courses
-
Sailability
20,706
Sailing for all
20,655
Shared costs
500
Shipmates
35,816
Donated vessel
-
Other charitable activities
46,000
Total restricted funds
169,036
Designated funds:
New boats and building maintenance
234,407
Buildings
363,623
Total designated funds
598,030
General funds
289,589
Total unrestricted funds
887,619
Total funds
1,056,655
Unrestricted funds		 Income
£
61,400
13,750
22,400
39,300
45,467
25,167
36,400
10,000
29,920
283,804
-
-
-
326,695
326,695
610,499		 £
(57,584)
(21,054)
(15,099)
(39,736)
(39,088)
(13,880)
(32,070)
(1,040)
(26,408)
(245,959)
-
(61,872)
(61,872)
(324,312)
(386,184)
(632,143)
Expenditure		 £
-
-
-
-
-
(500)
-
-
(30,990)
(31,490)
8,593
-
8,593
22,897
31,490
-
Transfers
between
funds		 £
38,598
3,273
7,301
20,270
27,034
11,287
40,146
8,960
18,522
175,391
243,000
301,751
544,751
314,869
859,620
1,035,011
At 31
December
2023

18. Related party transactions

There were no related party transactions in the current or prior period.

28