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2025-12-31-accounts

Company no. 04045198 Charity no. 1084122

The AHOY Centre Report and Unaudited Financial Statements

31 December 2025

The AHOY Centre

Reference and administrative details

For the year ended 31 December 2025 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 resigned 21 November 2025 Ella Daley Dave Dayes appointed 3 November 2025 John Goodey Rachel Hedley (Chair of the Board) Rachel Lawton Ashley McLucas (Treasurer and Chair of Finance Sub Committee) Carl Richardson resigned 3 November 2025 Mark Smith Key management David Reader (Chief Executive Officer) personnel Principal Bankers The Co-operative Bank 1 Balloon Street Manchester M4 4BE 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 2025

Chair's Report

This, my first full year as Chair, was a year of change and consolidation as we work to put The AHOY Centre on a stable keel. Despite a challenging external environment, which has put immense pressure on charity funding and finances, we saw a greatly improved outcome for The AHOY Centre by the year end, thanks to the diligence and commitment of the leadership team.

Board members

We saw the departures of Lucy Butler and Carl Richardson as Trustees, who we thank for their contributions to the governance and leadership of the charity. We welcomed new board member Dave Dayes at the end of the year, who brings experience in school governance and community building projects. Dave’s focus on the board will be on the newly formed Premises sub committee, along with Ella Daley.

Leadership of the AHOY

This year was also the first full year for David Reader as CEO of The AHOY Centre. David set out a strategy in September 2024 to improve impact, outcomes and efficiency. With a deficit in the accounts at the end of 2024, the task for trustees and senior leadership was also to stabilise the financial position of the charity. David has successfully led the team to give a lower deficit in 2025 and budgeted surplus in 2026, with plans in place to continue this upward trajectory through 2026. This has been delivered thanks to improved insight and financial management, combined with strong leadership of fundraising across the team.

Impact in 2025 – goals for 2026

We have seen an improvement in the number of young people accessing activities at The AHOY Centre, with new initiatives such as the holiday activity programme and the River Awareness Course. The AHOY Centre has reached more people who benefit from the transformative experience of being on the River Thames.

Some of our long-standing programmes have been scrutinised, to establish their effectiveness, leading to some modifications to our activities. Alongside this, new programmes, such as the River Awareness Course, have been tested and funding sought to ensure long-term viability.

Goals for 2026

We are now in a position to set a strategic vision for the future of the charity for the next 5 years. We will seek to improve outcomes and impact from existing programmes and explore new initiatives, while maintaining financial stability.

My thanks go to former and existing Board members collaborating closely with the staff team and volunteers for enabling The AHOY Centre to thrive.

Rachel Hedley Chair of Trustees

2

The AHOY Centre

Report of the Chair and Chief Executive Officer

For the year ended 31 December 2025

CEO 2025 Review

We are a distinctive organisation committed to providing watersports opportunities to local residents, regardless of their financial situation. We believe that accessing the River Thames can be a transformative experience. By engaging in sailing, rowing, or powerboating for the first time, individuals can acquire new skills, build confidence, and expand their perspectives.

To sustain this mission, we engage in year-round fundraising, which has become increasingly challenging in today’s competitive charity landscape. In 2025, we focused on reducing costs while simultaneously increasing our income. We made significant progress towards achieving a sustainable model, though we recognize that there is still work ahead.

Over the past year, we served 357 individuals, marking a 3.6% increase, and awarded over 250 new qualifications. Our participants primarily come from the London Boroughs of Greenwich, Lewisham, and Tower Hamlets. We operated four main charitable programs, with our most popular being Sailing for All, a two-day course designed for young people aged 8 to 14.

In 2025, we advanced our commercial income streams, aiming for a more balanced revenue portfolio. We expanded our commercial courses and successfully attracted venue hire clients, with plans to further develop these initiatives in 2026.

We welcomed talented new staff members throughout 2025 and witnessed some notable individuals transition to new roles within the maritime industry. This reflects the strength of our mission and the skills gained during their time with us.

David Reader Chief Executive Officer

3

The AHOY Centre

Report of the trustees

For the year ended 31 December 2025

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the Independent Examination financial statements of The AHOY Centre (‘the charity’) for the year ended 31 December 2025. 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 is comprised of seven trustees following two resignations and one recruitment 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 four 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.

4

The AHOY Centre

Report of the trustees

For the year ended 31 December 2025

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.

Risk management

The Trustees regularly assess the major risks to which the charity is exposed those related to safety, health, safeguarding, data protection, operations, regulatory requirements and the finances of the charity, and 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, powerboat driving and other water-based activities to break down social barriers and provide the opportunity to primarily 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.

5

The AHOY Centre

Report of the trustees

For the year ended 31 December 2025

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 youth beneficiaries are generally referred to AHOY by local schools in the Royal London Borough Greenwich, London Borough of Lewisham, and additionally from the London Boroughs of Tower Hamlets and Southwark.

In 2025 we developed a new programme entitled River Awareness and Water Safety. This half day course works with local children to ensure they have a better understanding of The River Thames. It equips them with greater knowledge so that they live and play safely and confidently around the river. It has been developed in response to the all too familiar fatalities that continue to occur on The River Thames.

In 2025 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, powerboat on the river. 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.

6

The AHOY Centre

Report of the trustees

For the year ended 31 December 2025

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 C70 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

Following on from our large increase in beneficiaries in 2024, in 2025 we managed to consolidate this and to achieve a small increase in the number of people we delivered to. In total 357 people went through our programmes, which is an increase of 3.6%.

The vast majority of these individuals received the activity at zero cost to them or at very low cost. We believe that without this opportunity, many of these individuals would not have had the opportunity to take part in watersports or gain the valuable new skills, learning and experience.

In addition to this we also awarded 250 new qualifications in 2025, which is similar to the amount awarded in 2024.

The vast majority of the beneficiaries live in the London Boroughs of Greenwich and Lewisham.

We piloted a new course in 2025. In response to local events, we have developed a new River Awareness and Water Safety Course which we hope to scale up in 2026.

We can only do this by continued hard work to fundraise and with the support of all our partners and funders. Our supporters for 2025 were:

29th May 1961 Charitable Trust; The Baily Thomas Charitable Fund; The Baltic Exchange Charitable Foundation; Boost Charitable Trust; Chesterhill Charitable Trust; CMF Charitable Trust; Deptford Challenge Trust; Frazer Trust; Girdlers Company; Gosling Foundation; Grange Farm Centre Trust; Greenwich Peninsula Community Fund; Greenwich Healthier Communities; Greenwich Healthier Communities Fund; Groundwork; Hargreaves Foundation; Hedley Foundation; Hilton Global Foundation; Homelands Charitable Trust; Jessica Mathers Trust; King Charles III Charitable Fund; London Community Foundation; London Marathon Foundation; Maiden Factor; Middlesex Sports Foundation; Mrs Smith and Mount Trust; MSN Fund; National Lottery Awards for All England; The Pantheon Charitable Trust; Pelican Fund; Port of London Authority; Seacon; Swire Foundation; Texel Foundation; The TK Foundation; Trinity House; The Whirlwind Charitable Trust; Worshipful Company of Launderers; Worshipful Company of Tallow Chandlers; Veolia Environmental Trust; and all the other Trusts and Foundations, Corporates and Individuals who support us, some of whom wish to remain anonymous.

7

The AHOY Centre

Report of the trustees

For the year ended 31 December 2025

In 2025 we held an Open Day, which was the first one in over a decade. As well as inviting the local community to visit us, it also allowed us to develop new connections and partnerships. In November we organised a special fundraising and celebration event at The Girdler’s Hall in the City of London. This was provided with the generous support from the Girdlers Company.

In 2025, we continued to repair and maintain our site, as well as our boats. We also attracted new support to conduct some major repairs to our hall which will be implemented in 2026.

FINANCIAL REVIEW

Income and expenditure

In 2025 we made a concerted effort to reduce our operating costs, while at the same time increasing our revenue. Total income for the year was £549,399, up from £491,501 in 2024. Total expenditure including depreciation was £617,068 down from £621,284 in 2024. This resulted in a deficit of £67,669, which was considerably lower than the 2024 deficit of £129,783.

At a time when we still managed to deliver strong beneficiary numbers based on the previous year, this was good progress towards our target of a balanced set of accounts.

On 31 December 2025, total Charity Funds were £837,559 (vs £905,228 prior year).

Reserves policy

Reserves are defined as unrestricted cash funds, not including designated funds or funds represented by fixed assets (so the “General Funds” listed above are the AHOY reserves). 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. Actual reserves on 1 January 2026 were above target at £234,740. This compares to £318,011 on 1 January 2025, equivalent to ~4 months of staff and running costs.

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 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:

8

The AHOY Centre

Report of the trustees

For the year ended 31 December 2025

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 11 May 2026 and signed on their behalf by

Rachel Hedley - Chair of trustees

9

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 2025, which are set out on pages 12 to 27.

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 2024, 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:

10

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.

Dougal Howard

Date: 11 May 2026 Dougal Howard ACA Member of the ICAEW Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

11

The AHOY Centre

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

For the year ended 31 December 2025

Restricted
Note
£
Income from:
Donations and legacies
3
204,327
Charitable activities
4
-
Other trading activities
5
-
Investments
-
Other
6
-
Total income
204,327
Expenditure on:
Raising funds
-
Charitable activities
271,971
Total expenditure
8
271,971
9
(67,644)
Reconciliation of funds:
Total funds brought forward
88,794
Total funds carried forward
21,150
Net
expenditure
and
net
movement in funds		 Unrestricted
£
236,792
50,885
46,248
9,415
1,732
345,072
57,477
287,620
345,097
(25)
816,434
816,409		 2025
Total
£
441,119
50,885
46,248
9,415
1,732
549,399
57,477
559,591
617,068
(67,669)
905,228
837,559		 Restated
2024
Total
£
392,023
44,864
47,952
5,812
850
491,501
92,068
529,216
621,284
(129,783)
1,035,011
905,228

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.

12

Company no. 04045198

The AHOY Centre

Balance sheet

As at 31 December 2025

----- Start of picture text -----
2025 2024
Note £ £ £
Fixed assets
Tangible assets 12 291,293 363,547
Current assets
Debtors 13 20,959 8,326
Cash at bank and in hand 567,438 573,132
588,397 581,458
Liabilities
Creditors: amounts falling due within 1 year 14 (42,131) (39,777)
Net current assets 546,266 541,681
Net assets 16 837,559 905,228
Funds 17
Restricted funds 21,150 88,794
Unrestricted funds:
Designated funds 535,576 412,031
General funds 280,833 404,403
Total charity funds 837,559 905,228
----- End of picture text -----

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 11 May 2026 and signed on their behalf by

Rachel Hedley - Chair of trustees

13

The AHOY Centre

Statement of cash flows

For the year ended 31 December 2025

Cash flows from operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Bank interest receivable
Profit on the sale of fixed assets
(Increase) / decrease in debtors
Increase in creditors
Net cash used in 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 provided by / (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		 2025
£
(67,669)
68,864
(9,415)
(1,732)
(12,633)
2,354
(20,231)
9,415
6,400
(1,278)
14,537
(5,694)
573,132
567,438		 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

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

14

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

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.

15

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

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:

Restated
2025 2024
Raising funds 9.3% 14.8%
Charitable activities 90.7% 85.2%

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.

16

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

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.

17

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

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 expenditure and net movement in funds
3.
Income from donations
Donations
Grants
Total income from donations
Prior period comparative:
Donations
Grants
Total income from donations		 Restricted
£
£
197,302
194,721
4,000
40,864
-
47,952
-
850
-
5,812
201,302
290,199
-
92,068
287,899
241,317
287,899
333,385
(86,597)
(43,186)
Restricted
£
£
2,000
196,920
202,327
39,872
204,327
236,792
Restricted
£
£
2,000
90,496
195,302
104,225
197,302
194,721
Unrestricted
Unrestricted
Unrestricted		 Restated
2024
Total
£
392,023
44,864
47,952
850
5,812
491,501
92,068
529,216
621,284
(129,783)
2025
Total
£
198,920
242,199
441,119
2024
Total
£
92,496
299,527
392,023

*Included in donations in the prior year were gifts in kind of £2,500 (2025: £Nil) related to donated vessels.

18

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

4. Income from charitable activities

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |Total|Total| |£|£| |Sailing and training fees|50,885|44,864|

----- End of picture text -----

All income from charitable activities in the current period was unrestricted, in the prior period £4,000 was restricted.

5. Income from other trading activities

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |Total|Total| |£|£| |Boat and venue hire|46,248|47,952|

----- End of picture text -----

All income from other trading activities in the current and prior period was unrestricted.

6. Other income

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |Total|Total| |£|£| |Profit on sale of fixed assets|1,732|850|

----- End of picture text -----

All other income in the current and prior period was unrestricted.

7. Government grants

The charitable company received no government grants in the current or prior year.

19

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

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		 Raising funds
£
17,287
15,320
8,831
-
-
-
-
-
-
-
-
41,438
16,039
57,477		 Charitable
activities
£
264,783
38,202
-
18,434
-
13,150
68,864
-
-
-
-
403,433
156,158
559,591		 Support and
governance
costs
£
74,895
9,392
-
-
-
-
-
7,849
38,345
37,636
4,080
172,197
(172,197)
-		 2025 Total
£
356,965
62,914
8,831
18,434
-
13,150
68,864
7,849
38,345
37,636
4,080
617,068
-
617,068

Total governance costs were £4,080 (2024: £3,900).

20

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

8.
Total expenditure (continued)
Prior period comparative
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		 Raising funds
£
43,774
16,528
8,220
-
-
-
-
-
-
-
-
68,522
23,546
92,068		 Charitable
activities
£
231,009
52,498
-
19,784
4,352
12,149
74,077
-
-
-
-
393,869
135,347
529,216		 Support and
governance
costs
£
54,480
1,780
-
-
-
-
-
12,520
40,284
45,929
3,900
158,893
(158,893)
-		 Restated 2024
Total
£
329,263
70,806
8,220
19,784
4,352
12,149
74,077
12,520
40,284
45,929
3,900
621,284
-
621,284

The prior period allocation of support costs has been reclassified to be on a comparable basis with the current year. The restatements are purely reclassifications of expenditure and do not affect total expenditure.

21

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

9. Net movement in funds

This is stated after charging:

----- Start of picture text -----
||||| |---|---|---|---| |2025|2024| |£|£| |Depreciation|68,864|74,077| |Trustees' remuneration|Nil|Nil| |Trustees' reimbursed expenses|Nil|Nil| |Independent examiners' remuneration (excluding VAT):| ||Independent examination|3,400|3,250| ||Other services|15,699|18,418|

----- End of picture text -----

In common with other charities of our size and nature we use our examiners to assist with the preparation of the financial statements and to prepare and submit returns to the tax authorities. Our examiners have also provided bookkeeping services to the charity during the year.

10. Staff costs and numbers

Staff costs were as follows:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Salaries and wages|326,702|302,637| |Social security costs|23,469|20,898| |Pension costs|6,794|5,728| |356,965|329,263|

----- End of picture text -----

One employee received total employee benefits (excluding employer pension costs) of £60,000 - £70,000 (2024: 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 £71,710 (2024: £62,351).

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |No.|No.| |Average head count|11|12|

----- End of picture text -----

11. Taxation

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

22

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

12. Tangible fixed assets

Cost
At 1 January 2025
Additions in year
Disposals
At 31 December 2025
Depreciation
At 1 January 2025
Charge for the year
On disposals
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 £
1,236,814
-
-
1,236,814
966,123
29,455
-
995,578
241,236
270,691
Freehold
property		 £
561,553
1,278
(74,488)
488,343
472,567
37,911
(69,820)
440,658
47,685
88,986
Boats and
equipment		 £
£
5,990
10,036
-
-
-
-
5,990
10,036
2,120
10,036
1,498
-
-
-
3,618
10,036
2,372
-
3,870
-
Fixtures and
fittings
Motor
vehicles		 Total
£
1,814,393
1,278
(74,488)
1,741,183
1,450,846
68,864
(69,820)
1,449,890
291,293
363,547

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 £3,964 (2024: £6,464).

13. Debtors

Trade debtors
Other debtors
Prepayments		 2025
£
19,445
598
916
20,959		 2024
£
5,592
1,841
893
8,326

23

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

14. Creditors : amounts due within 1 year

Trade creditors
Accruals
Social security and other taxation
Deferred income (see note 15)
Other creditors
Deferred income
At 1 January 2025
Deferred during the year
Released during the year
At 31 December 2025		 2025
£
10,413
6,228
5,947
18,410
1,133
42,131
2025
£
17,290
18,410
(17,290)
18,410		 2024
£
11,079
5,107
6,183
17,290
118
39,777
2024
£
3,060
17,290
(3,060)
17,290

15. Deferred income

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

16. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 December 2025
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 December 2024		 £
3,964
17,186
-
21,150
£
6,464
82,330
-
88,794
Restricted
funds
Restricted
funds		 £
241,236
294,340
-
535,576
£
270,691
141,340
-
412,031
Designated
funds
Designated
funds		 General
funds
£
46,093
276,871
(42,131)
280,833
General
funds
£
86,392
357,788
(39,777)
404,403		 Total
funds
£
291,293
588,397
(42,131)
837,559
Total funds
£
363,547
581,458
(39,777)
905,228

24

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

17. Movements in funds

At 1
January
2025
£
Restricted funds
Apprentice programme
22,780
Boats afloat
-
Community Dingy Instructor Courses
15,820
Sailability
10,471
Sailing for all
-
Shared costs
6,350
Shipmates
20,440
Donated vessel
6,464
Premises Maintenance
-
Other charitable activities
6,469
Total restricted funds
88,794
Designated funds:
Programme Support
-
Business Support
-
Site Maintenance
141,340
Liquid designated funds
141,340
Buildings
270,691
Total designated funds
412,031
General funds
404,403
Total unrestricted funds
816,434
Total funds
905,228
Unrestricted funds		 Income
£
5,500
40,738
-
20,000
25,000
44,076
50,872
-
16,141
2,000
204,327
-
-
-
-
-
-
345,072
345,072
549,399		 £
(28,280)
(40,738)
(11,775)
(30,471)
(25,000)
(50,426)
(71,312)
(2,500)
(5,000)
(6,469)
(271,971)
-
-
-
-
-
-
(345,097)
(345,097)
(617,068)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
35,000
5,000
113,000
153,000
(29,455)
123,545
(123,545)
-
-
Transfers
between
funds		 £
-
-
4,045
-
-
-
-
3,964
11,141
2,000
21,150
35,000
5,000
254,340
294,340
241,236
535,576
280,833
816,409
837,559
At 31
December
2025

Purposes of restricted funds

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

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.

25

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

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.

Premises maintenance

This fund is to support hall refurbishment, utility and services infrastructure improvements.

Other charitable activities

Funding provided for capital equipment purchases.

Purposes of designated funds

Programme Support

This liquid designated fund is to provide for expected programme and activity support in line with our identified delivery programme over the next three years.

Business Support

This liquid designated fund is to provide for expected business support infrastructure over the next three years.

Site Maintenance

This liquid designated fund is to provide for expected site maintenance and capital expense in line with site review proposals over the next three years.

Buildings

This 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 purchase of new boats, more expensive buoy replacement, and increased cost of building maintenance. In the prior year the only transfer was for the depreciation of freehold buildings.

26

The AHOY Centre

Notes to the financial statements

For the year ended 31 December 2025

17. Movements in funds (continued)

Prior period comparative
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:
Site 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

18. Related party transactions

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

27