MERSEYSIDE ADVENTURE SAILING TRUST ANNUAL REPORT & FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2024 Company Number: 07078584 Charity Number: 1140905
MERSEYSIDE ADVENTURE SAILING TRUST CONTENTS Pagg Trustees, Annual Report Statement of Trustees, Responsibilities Independent's Examiners Report Statement of Financial Activities 8a18nce Sheet Notes to the Financial Statements
MERSEYSIDE ADVENTURE SAILING TRUST TRUSTEES'ANNUAL REPORT FOR YEAR ENDED 30TH NOVEMBER 2024 The trustees are ploased to present their annual report for the year ended 30th November 2024. The financial statements have been prepared in accordan with the charity's trust deed. the Charities Act 2011 and Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published IFRS 1021 effective 1st January 2019. OBJECTIVES AND ACTIVITIES The aims of Merseyside Adventure Sailing Trust IMASTI are- _ To promote by all exclusively charitable m6ans the menlal, spiritual, moral and physical development and improvement of young people and to provide opportunities for them to develop their full capabilities and enable them to become responsible members of society so that their conditions of life may be improved. To advanc8 the education and training of young people up lo the age of 25 years, who are particularly but not exclusively from Merseyside (the "beneficiaries") in lal the skills associated with the building and operation of seagoing vessels, {b) seamanship and navigation. Icl marilime history. We use sailing and th8 instruction of young people in all matters relating lo sailing as a means for improving the m8ntal and physical development of those young people. ACHIEVEMENTS AND PERFORMANCE Lady Dodd has conlinu8d as our President and makes a significant donation lo support MAST with continuing lo provide lifetime experiences for young people. Lady Dodd's support goes beyond simply financial, and she is actively involved in promotional activity and Awards ceMony. MAST ¢onlinues to expand its relationships with local organisationslbusinesses, schools, colleges, soci81 groups, academies. from the UK and Ireland In particular, we hav8 maintained our close supportive partnership with Sail Training Ireland. Managed and delivered 'The Sir Ken and Lady Dodd Tall Ship Experience, 136 trainees11610 30 years) from different organisalions.. education providers, emergency services, social services. 'The Sir Ken and Lady Dodd Tall Ship Experience, 2023 involved Young people from.. 1. Princess Trust 2. A&P Holdings 3. Cammel Lairds 4. Peel ports 5. Sellafield 6. Vibe Conlinue¢J the development of a new website and social media strategy to gain maximum impact on the wider community.
MERSEYSIDE ADVENTURE SAILING TRUST TRUSTEES'ANNUAL REPORT FOR YEAR ENDED 30TH NOVEMBER 2024 Having ¢&iVed £10,000 from National Lottery Awards for All the previous year we worked wilh Brian Rodg8rs of Vibe to create a Youth Council to bring the vi6ws of young people into the ongoing debate of the future directior¢ of MAST Awards Celebration event at The Liner Hotel Appointment of 3 new Trustees to broaden the experience of the Board FINANCIAL REVIEW Total income for the year was £83.048 12023.. £84,719) of which £2.500 (2023: £13,063), related to funding for projects upon which restrictions are placed. Total expenditure for the year was £53,948 (2023: £77,253), leaving a surplus for the ye8r of £29,10012023.' surplus £7,466) At 30th November 2024 the charilable company's reserves stood at £50,52612023.' £21,426) of which £4,204 {2023.. £10,563) represented restricted funds. RISK MANAGEMENT The mairn risks, to which the charitable company is exposed, as identified by the Trustees, have been considered and systems established to mitigate those risks. MAST are very conscious of the need to manage our financial resources with care and prudence. In order lo achieve that governance 851 our projects are linancially planned before the activity commences and are regularly reviewed by the Trustees. From 2020 MAST a, in additlon to this, financial planning to establish a contingency fund from which expenditure has lo be approved by the Trustees. The Charitable Company has limited fixed cost liabilities, for example website. and no employees or assets th81 require regular expendilure. The financial risk lo the Charity is thereforo easily managed and not regarded by the Trustee5 as significanL RESERVES POLICY It is the policy of the charity lo maintain unreslricled funds, which are free reserves at a level to allow the charity to continue its activities for three months should no further funding be received. As at the er¢d of the financial year the unreslricled funds totalled £46,322. The charity requlres £11,272 for Ihr8e months, running costs. The development of new mission relevant commercial products is enabling MAST to access new markets. We are now particularty focused on buildin9 commercial relationships with corporate, educational and charitable partners alon9side our long4stablished activities with th8 g8neral public. Reserves are currently under what the organization requires, the Iruslees plan to build up the unrestricted reserves by increasing the amount of funding. PLANS FOR THE FUTURE Developing maritime educational and research programrnes Continue to expand the Tall Ship Experien¢e Establish a long term infra-slwclure for the Charity Promote the Youth Council- invite two members lo join the Iruslees. Launch an integrated Soci81 Media Strategy
MERSEYSIDE ADVENTURE SAILING TRUST TRUSTEES'ANNUAL REPORT FOR YEAR ENDED 30TH NOVEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The organisation Is a charitable company limited by guarontee. incorporated on 17th November 2009 {Company number 070785841 and registered as a charity on 291h March 2011 (Charity number 1140905). The Goveming Instruments under which the charit8ble company operates comprise the Memorandum and Articles of Association dated 17th November 2010. REFERENCE AND ADMINISTRATIVE DETAILS Merseyside Adventur8 Sailing Trust 07078584 NAME COMPANY NUMBER CHARITY NUMBER REGISTERED OFFICE 1140905 11 Stralhallan Close Wirral. England CH60 6SU TRUSTEES Peter Elson James Graves Shulah Jones Claire McKay Trevor Mawhinney Kevin Rodgers James Graves (Resigned 281h June 2025) (Appointed 1 Sl January 20251 (Appointed 161 January 20251 SECRETARY INDEPENDENT EXAMINER (Resigned 28th June 20251 Ying Huang FCCA clo LCVS, 151 Dale Street, Liverpool. L2 2AH BANKERS HSBC 99-101 Lord Street Liverpool L2 6PG Signed on behalf of the Board of Trustees T Mawhln Director
MERSEYSIDE ADVENTURE SAILING TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES Company law requires the Ttuslees (who ar8 also the d1ClOrS for the purposes of company lawl, to prepare financial slalements for each financial year which give a true and fair view of the state of affairs of the charitable company as al the balan sheet date and of ils incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Tnjstees should follow best practice and.. select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going Goncern basis unless it is inappropriate to assume Ihal the company will continue on that basis The Trustees a responsible for maintaining proper accountlng records which disclose with reasonable auuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements Comply with the Companies Act 2006. They are also responsible for Safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregu18rities. The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordance with the Financial R8POrting Standard applicable in the UK and Republic of Ireland published IFRS 1021 effective 1 January 2019. By the Order of the board, T Mawhlnney Trustee 11 Strathallan Close Wirral. England CH60 6SU Date:...
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MERSEYSIDE ADVENTURE SAILING TRUST I report on the accounts of the charity for the year ended 30th Nov6mb8r 2024 which a set out on pages 7 to 15. The charity's trustees 8re responsible for the prep8r8tion of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 Ilhe Chari118s Act) and Ihal an independent examination is needed. It Is my responsibility to: examine the accounts under sectlon 145 of the Charities Act, lo follow the procedu8 laid down in the general Directions given by the Charity Commission (under section 145(5llb) of the Charities Act, and lo slate whether particular matters have come to my attention. My examination was carried out in accordan with general directions given by the Charity Commission. An examination indudes a review of the 8¢¢ounting records kopt by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees corsceming any such matters. The ProdureS undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts prgs8nt a 'true and fair, view and the report 18 limited lo thos6 m8tters sel out in the statement below. In connection with my examination, no matter has come to my att9ntion'. 111 which gives me reasonable cause to believe that in any material respect the requirements-. to keep accounting records in accordance with section 130 of the Charities Act- Res ective res onsibiliti&s of trustees and examiner B8sis of In endent X8miners st temgnl Inde endent exa statement to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been mel., or (2) to which, in my opinion, attention should be drawn in order lo enable a proper understanding of the accounts to be reached. Name: Ylng Huang Relevant professional qualification or body. FCCA Address: c/0 LCVS 151 Dale Strget. L2 2AH Dated..
MERSEYSIDE ADVENTURE SAILING TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & ExpeNDITURE ACCOUNTI FOR THE YEAR ENOED 30TH NOVEMBER 2024 Notes Unrestricted Rgstri¢tsd Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Income and endowmonls from: Donations and legacies Charitable activities 3a 3b 68.598 11,950 68,598 14,450 38,154 46.565 2.500 Total Income 80,548 2,500 83,048 84,719 Expendlture on: Charitable activities 45,089 8,859 53.948 77,253 Total expgndlture 45,089 8.859 53,948 77,253 Net Income. net movement In funds 35.459 16,3591 29,100 7,466 Funds balances brought forward 9,10 10,863 10,563 21,426 13.960 Funds balan¢•s carrfed forward 8-10 46,322 4,204 50,526 21,426 The notes on pages 9 to 15 form part of these accounts. All the above amounts relato lo continuing activities of the charitable company.
MERSEYSIDE ADVENTURE SAILING TRUST BALANCE SHEET AS AT 30TH NOVEMBER 2024 Company Number.. 07078584 Notes 30th November 2024 30th N0vomr 2023 Flxed assets Tanglble flxed assets 168 248 Current assets Debtors Cash al bank and in hand 12,500 38,673 850 21,114 51.173 21,964 Current liabilities Creditors.. amounts falling due within one year {815) 1786) Net cuwrent assels 50.358 21,178 Total assets 1088 current Ilabllltles 50,526 21.426 Funds: Unrestricted funds Restricled funds 46.322 4,204 10,863 10.563 8,10 50,526 21,426 These financial slatements have been prepared in accordance with the Financial Reporting St8nd8rd applicable in the UK and Republic of Ireland {FRS1021. These accounts have been prepared in accordance with the provlsions 8pplicable lo small companies subject to the sm811 companies, regirne and in accordance with FRS102 SORP. For the period covered by thesè accounts the Company was entitled to exemption under section 477 of the Companies Act 2006 relating lo small companies. No membars have required the company to obtain an audit of its accounts for the year In question in accordance with seclion 476 of the Companies Act 2006. The tnjstees, who a the directors of the company, acknowledge their responsibility for complying with the requirements of the Act wilh SpeCt lo accounting records and the preparation of financial stalemenls. Approved by th• Board on ............ and signod on thelr behaff by.. T Mawhinnoy Dlrector
MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2024 1. Llmlted Liability The charity is a company limited by guarantee. Each member's liability is limited to £1. 2. Accounting Policles The accounts have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise slated in the relevant notels} lo these accounts. The financial slalements have been prepared in accordance With the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland published IFRS 1021 effective ISI January 2019. The ac¢ounl8 are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The Charitable Company has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. Going concern At the time of approving the accounts, Iha trustees have a reasonable expectation that the charity has adequate serveS lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem ba8is of accounting In preparing the accounts. Fund accounting Unrestricted funds are the Charitable Company's free reserves available for the trustees to apply in accordance with the charitable company's charitable objectives. Restricted funds are subject to specific restrictive conditions imposed by the donor. All restricted funds are accounted for as restricted Incorne and expenditure for the purposes is charged to the fund. Incomo rocognitlon All income is recognised once the charity has entitlement lo the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and tho amount of income receivable can be measured reliably. Donations and legacies compris8 of donations and general grants which are recognised in the accounts when received, with the exception of known legacies which are accounted for when their receipt is certain. Income from charltsble activities is recognised on an accrual's basis except for grants receivable. which are recognised on the date on whith their unconditional payment is conf1md by the donor. Exp6ndlture recognltlon Liabilities ar8 CogniSed as soon as there is a legal or constructive obligation committing the charitable Company lo that 8xpenditure, il is probable that settlement will b8 required, and the amount of the obligalion Gan be measured reliably.
MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2024 All expenditure is accounted for on an accrual basis. All expenses, includlng support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and governance costs are applied lo unrestricted funds unless specifically included in the restrictions, as specified by the donor. Expenditure on charitable activities relate lo the operation of the charity comprising of direct charitable expenditure to meet the objectives of the charitable company. Support and governance costs relate to the management and operation of the organisation and also compliance with constitutional and slalutory requirements in producing the annual report. These are dealt with in the Statement of Flnancial Activities when payment has been approved by the charitable company. Fixed Assets Capital expenditure is stated in the balance sheet at cost less accumulat8d depreciation. Depreciation is provided to write off the cost of each asset over ils expected useful life as below Computer Equipment Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with b8nks, other short- term liquid investments with original maturities of thfr months or less, and bank overdrafts. Flnanclal Instruments The charily has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issuos. of FRS 102 to all of ils flnancial instruments. 20 /0 per annum straight-line basls Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial ststemenls, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a net basi$ or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assels, which include debtors and cash and bank balances, are initially measured 81 transaction price including transaction costs and are subsequentty carried at amortised cost using the effgctive interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the futu ¢eipts discounted al a market rate of interest. Financial assets classified as Ceivable within one year are not amortised. Baslc flnancial liabilities Basic financial liabilities, in¢lvding creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured al the present V81ue of the future receipts discounted at a market rate of interest. Financi81 liabilities classified as payable within one year 8re not amorlised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. -10-
MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCJAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2024 De recognilion of finan¢lal liabllltles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Crltlcal accountlng estlmatgs and Judgemenls In the application of the charity's accounting policies, the trustees are reqUId lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumplions are based on historical experience and other factors that are Gonsidered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is ffjvised where tha revision affects only that period, or in the period of tho revision and future periods where the revision affecls both current and future periods. Taxatlon Income and gains are exempt from taxation as they a received and applied for Gharilable purposes only. The charitable company benefit from various exemptions from tsxalion afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. 3. Income and endowments from Unrestricted Restri¢ted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 a. Donatlons and Legacles Donations Gift Aid 56.098 12,500 56,098 12.500 38,154 68.598 68.598 38,154 Income from donations and legacies in 2023 related wholly to unreslricted funds b. Charltable activili8S Community Foundation National Lottery Awards for All Participants, contribution Skellon Charity 2,500 2,500 2,500 10,000 33,502 563 11.950 11,950 11.950 2,500 14,450 46.565 Income from charitable activities in 2023 relaled lo £33.502 unrestricted funds and £13,063 restricted funds. -11-
MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2024 4. Expendlture on Charltable Actlvltles DirgGt Support & Charltable GovernanGe Expendlture Costs Total 2024 Totsl 2023 To promote. educate and train young people thè skill associated with the building and operation of seagoing vessels. 51,063 2,886 $3,949 77,253 a} Analysed as follows.. 2024 2023 Direct charitable expenditu.. Award5 dinner Voyage fees Mentors, fees Project manager fees Activities Rent Room hire and refreshments 4,088 34.071 5,050 5,802 31,797 3.600 12,900 13,917 3.000 256 6.906 850 98 51,063 71,272 Support & Govem8nc8 Costs.. Office costs Intemel and website Insurance Travel expenses Training Ballk and ¢redit card fees Professional fees DBS fees Accountancy Depr6ciation 308 984 2,632 237 81 122 90 174 1,753 32 780 80 239 165 300 809 80 2,886 5,981 Total expenditure on charilable aGtlvities 53,949 77,253 £8.859 {2023'. £5,676) of the above expenditure relates to restricted funding. bl Staff.. There were no employees. (2023.. nil). -12-
MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2024 The Trustees, being also the directors of the company. are not remuneiated for their services and are therefore not counted as employees. 5. Tonglble flxed assets Computer Equipment Totsl Cost Balance al 1st December 2023 Addillons during the year 402 402 Balance al 31st November 2024 402 402 Accumulated Depreciation Balance al 1 sl December 2023 Charge for the year 154 80 154 80 Balance al 31st November 2024 234 234 Net Book Value at 318t Novombor 2024 168 168 Net Book Value at 31st November 2023 248 248 There were no capital commitm8nts at the yeai end. (2023.. Nil) 6. Debtors 2024 2023 Debtors Prepayments 12,500 850 12,500 850 7. Credltors: amounts falllng due wlthln one year 2024 2023 Accruals 815 786 -13-
MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30Th NOVEMBER 2024 8. Analysls of Net Assets between Funds Tangible Net Current Fixgd Assets Assets Total 2024 Unrestri¢tgd Funds General Fund 168 46,154 46,322 RestrlGtèd Funds National Lottery Awards for All 4,204 4,204 168 50,358 50.526 Tangible Net Current Fixed Assets Ass•t$ Total 2023 Unrestricted Fund$ General Fund 248 10,615 10,863 Restrlcted Funds National Lottery Awards for AJI Skelton Charity 10,000 563 10.000 583 248 21.178 21,426 9. Unrostricted Funds Movements In the Year Income Expondituro Roserves at Beglnning of year Reserves at End of year 2024 General Fund 10.863 80.548 145,089) 46.322 overnents In the Year Income Expendlture Reserves at Beginnlng of year Reserves at End of yoar 2023 General Fund 10,784 71,656 171,577) 10,863 -14-
MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2024 The General Fund is used lo finance the charitable company's general aclivilies as outlined in th8 Trustees, Report. Restrlcted Movements in the Year InGome Expenditure Resgrv05 at Beglnnlng of year Reserves at End of year 2024 Community Foundation Nation81 Lottery Awards for All Skelton Charity 2,5000 {2,5001 {5,796) {5631 10,000 563 4,204 10.563 2.500 8,859 4,204 Movements In the Year Income Expendlture Reserves at Beginning of year Reserves at End of year 2023 Community Foundation National Lottery Awards for All Skelton Charity 2,500 10,000 563 (2,5001 (3,176) 3.176 10,000 563 3,176 13,063 5,676 10,563 These are monies given to the Chartt8ble company to be spent at the discretion of the Board of Trustees for specific charitable purposes. Communlty Foundatlon- Contribution towards MAST operation. National Lottery Awards for All- Contribution towards MAST operation. Skelton Charity- Contribution towards IT equipm8nt 10. Operatlng Lease Commitments There were no Lease Commitments 11. Related Party Transactlons There were no related party transactions. 12. Guarantees As 8130th November 2024, 6 members Ikad given a guarantee of £1 oach in the event of the company winding-up. Total: £6 (2023.. 4 members £4). -15-