Docusign Envelope ID". 82D96E3C-E6A9-885F407&108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST ANNUAL REPORT & FINANCIAL STATEMENTS FOR YEAR TH ENDED 30 NOVEMBER 2025 Company Number: 07078584 Charity Number: 1140905
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST CONTENTS Page Trustees, Annual Report Statement of Trustees, Responsibilities Independent's Examiners Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST TRUSTEES'ANNUAL REPORT FOR YEAR ENDED 30TH NOVEMBER 2025 The trustees are pleased to present their annual report for the year ended 30th November 2025. The financial statements 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 to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland published (FRS 102} effective 1st January 2019. OBJECTIVES AND ACTIVITIES The aims of Merseyside Adventure Sailing Trust (MAST) are.. - To promote by all exclusively charitable means the mental, 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 advance the education and training of young people up to the age of 25 years, who are particularly but not exclusively from Merseyside (the "beneficiaries") in (a) the skills associated with the building and operation of seagoing vessels, (b) seamanship and navigation, (c) maritime history. We use sailing and the instruction of young people in all matters relating to sailing as a means for improving the mental and physical development of those young people. ACHIEVEMENTS AND PERFORMANCE Lady Dodd has continued as our President and makes a significant donation to support MAST with continuing to provide lifetime experiences for young people. Lady Dodd's support goes beyond simply financial and she is actively involved in promotional activity and Awards Ceremony. MAST continues to expand its relationships with local organisationslbusinesses, schools, colleges, social groups, academies. from the UK and Ireland In particular, we have maintained our close supportive partnership with Sail Training Ireland. Managed and delivered 'The Sir Ken and Lady Dodd Tall Ship Experience, (36 trainees (16 to 30 years) from different organisations., education providers, emergency services, social services. 'The Sir Ken and Lady Dodd Tall Ship Experience 2023 involved Young people from 1. A&P Holdings 2. Cammel Lairds 3. Peel ports 4. Sellafield 5. Vibe Completed the new website and social media strategy to gain maximum impact on the wider community.
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST TRUSTEES'ANNUAL REPORT FOR YEAR ENDED 30TH NOVEMBER 2025 Having previously received £10,000 from National Lottery we continued ourwork with Brian Rodgers of Vibe to create a Youth Council to bring the views of young people into the ongoing debate of the future direction of MAST Awards Celebration event at The Liner Hotel Appointment of 3 new Trustees to broaden the experience of the Board Developed plans for a major relaunch of MAST in 2026 FINANCIAL REVIEW Total income for the year was £92,300 (2024: £83,048) of which £2,500 (2024: £2,500), related to funding for projects upon which restrictions are placed. Total expenditure for the year was £72,361 (2024.. £53,948), leaving a surplus for the year of £19,939 (2024.. surplus £29,100} At 30th November 2025 the charitable company's reserves stood at £70,465 (2024.. £50,526) of which £0 {2024: £4,204) represented restricted funds. RISK MANAGEMENT The main 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. To achieve that governan all our projects are financially planned before the activity commences and are regularly reviewed by the Trustees. From 2020 MAST are. in addition to this, financial planning to establish a contingency fund from which expenditure has to be approved by the Trustees. The Charitable Company has limited fixed cost liabilities, for example website, and no employees or assets that require regular expenditure. The financial risk to the Charity is therefore easily managed and not regarded by the Trustees as significant. RESERVES POLICY It is the policy of the charity to maintain unrestricted funds, which are free reserves at a level to allow the charity to continue its activities for three months should no further funding be reived. As at the end of the financial year the unrestricted funds totalled £70,465. The charity requires £16,414 for three months, running costs. The development of new mission relevant commercial products is enabling MAST to access new markets. We are now particularly focused on building commercial relationships with corporate, educational and charitable partners alongside our long-established activities with the public. Reserves are currently under what the organization requires. the trustees plan to build up the unrestricted reserves by increasing the amount of funding.
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST TRUSTEES'ANNUAL REPORT FOR YEAR ENDED 30TH NOVEMBER 2025 PLANS FOR THE FUTURE Developing maritime educational and research programmes Continue to expand the Tall Ship Experience Establish a long-term infra-structure for the Charity Promote the Youth Council - invite two members to join the trustees. Launch an integrated Social Media Strategy STRUCTURE, GOVERNANCE AND MANAGEMENT The organisation is a charitable company limited by guarantee, incorporated on 17th November 2009 (Company number 07078584) and registered as a charity on 29th March 2011 (Charity number 1140905). The Governing Instruments under which the charitable company operates comprise the Memorandum and Articles of Association dated 17th November 2010. REFERENCE AND ADMINISTRATIVE DETAILS NAME Merseyside Adventure Sailing Trust 07078584 COMPANY NUMBER CHARITY NUMBER 1140905 REGISTERED OFFICE 11 Strathallan Close Wirral, England CH60 6SU TRUSTEES Peter Elson James Graves Shulah Jones Claire McKay Trevor Mawhinney Kevin Rodgers Brett Metcalf James Graves (Resigned 28th June 2025) (Appointed 1st January 2025} (Appointed 151 January 2025} (Resigned 1st October 2025) (Resigned 28th June 2025) SECRETARY INDEPENDENT EXAMINER 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 S*fi•d by.. 20 May 2026 T Mawhinney Director Date
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES Company law requires the Trustees (who are also the directors for the purposes of company law), to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Trustees 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 stalements on the going concern basis unless it is inappropriate to assume that the company will continue on that basis The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy 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 Ihe prevention and detection of fraud and other irregularities. The financial statements 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 to charities preparing their accounts in accordance with the Finar)cial Reporting Standard applicable in the UK and Republic of Ireland published (FRS 1021 effective 1st January 2019. y the Order of the board, 6FABCD65ET8841A T Mawhinney Trustee 11 Strathallan Close Wirral, England CH60 6SU Date.. 20 May 2026
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 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 November 2025 which are set out on pages 7 to 15. The charity's trustees are responsible for the preparation 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 (the Charities Act) and that an independent examination is needed. It is my responsibility to.. examine the accounts under section 145 of the Charities Act. Res eGtive res onsibilities of trustees and examiner to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145151(b) of the Charities Act, and to state whether particular matters have come to my attention. My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept 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 conceming any such matters. The procedures 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 present a 'true and fair, view and the report is limited to those matters set out in the statement below. Basis of inde endent examiner's statement In connection with my examination. no matter has come to my attention- Inde endent exan7iner's statement (1) 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. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met., or (2) to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. S*n•d by.. Name: Ying Huang Relevant professional qua Icatioii or%ody.' FCCA Address.. c/0 LCVS 151 Dale Street, L2 2AH 29 May 2026 E92EB04
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30TH NOVEMBER 2025 Notes Unrestricted Restricted Funds Funds 2025 2025 Total Funds 2025 Total Funds 2024 Income and endowments from: Donations and legacies Charitable activities 3a 3b 67,468 22,332 67,468 24,832 68,598 14,450 2.500 Total income 89,800 2,500 92,300 83,048 Expenditure on: Charitable activities 65,657 6,704 72,361 53,948 Total expenditure 65,657 6,704 72,361 53,948 Net income, net movement in funds 24,143 {4,204) 19,939 29,100 Funds balances brought foNard 9,10 46,322 4,204 50,526 21,426 Funds balances carried forward 8-10 70,465 70,465 50,526 The notes on pages 9 to 15 form part of these accounts. All the above amounts relate to continuing activities of the charitable company.
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST BALANCE SHEET AS AT 30TH NOVEMBER 2025 Company Number.. 07078584 Notes 30th November 2025 30th November 2024 Fixed assets Tangible fixed assets 88 168 Current assets Debtors Cash at bank and in hand 12,659 59,385 12,500 38,673 72,044 51,173 Current liabilities Creditors- amounts falling due within one year (1,667) (815) Net current assets 70,377 50,358 Total assets less current 70,465 50,526 Funds: Unrestricted funds Restricted funds 70,465 46,322 4,204 8,10 70,465 50,526 These financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies, regime and in accordance with FRS102 SORP. For the period covered by these accounts the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The trustees, who are the directors of the company. acknowledge their responsibility for complying wilh the requirements of the Act with respect to accounting records and the preparation of financial statements. 20 May 2026 Approved by the Board on............................. andsigned on theirbehalf by.. Sn*dOy.' T Mawhinney Director
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2025 Limited Liability The charity is a company limited by guarantee. Each member's liability is limited to £1. 2. Accounting Policies The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published (FRS 102) effective 1st January 2019. The accounts are prepared in sterling, which is the functional currency ofthe charity. Monetary amounts in these financial statements are rounded to the nearest £. The Charitable Company has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Going concern At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate reserves to continue in operational existence for the foreseeable future. Thus, the truslees continue to adopt the going concern basis 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 income and expenditure for the purposes is charged to the fund. Income recognition All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received. and the amount of income receivable can be measured reliably. Donations and legacies comprise 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 charitable activities is recognised on an accrual's basis except for grants receivable, which are recognised on the date on which their unconditional payment is confirmed by the donor. Expenditure recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the charitable company to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2025 All expenditure is accounted for on an accrual basis. All expenses. including support costs and governan costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and governance cosls are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Expenditure on charitable activilies relate to 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 compliance with constitutional and statutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charitable company. Fixed Assets Capital expenditure is stated in the balance sheet at cost less accumulated depreciation. Depreciation is provided to write off the cost of each asset over its expected useful life as below Computer Equipment Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank overdrafts. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. 20 % per annum straight-line basis Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in Ihe financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable wilhin one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. -10-
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2025 De recognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Taxation Income and gains are exempt from taxation as they are received and applied for charitable purposes only. The charitable company benefit from various exemptions from taxation 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 Restricted Funds Funds 2025 2025 Total Funds 2025 Total Funds 2024 a. Donations and Legacies Donations Gift Aid 54,085 13,383 54,085 13,383 56,098 12,500 67,468 67,468 68,598 Income from donations and legacies in 2024 related wholly to unrestricted funds b. Charitsble activities Community Foundation Participants, contribution 2,500 2,500 22,332 2,500 11,950 22,332 22.332 2,500 24,832 14,450 Income from charitable activities in 2024 related to £11.950 unrestricted funds and £2,500 restricted funds.
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2025 4. Expenditure on Charitable Activities Direct Support & Charitable Governance Expenditure Costs Total 2025 Total 2024 To promote, educate and train young people the skill associated with the building and operation of seagoing vessels. 67,071 5.290 72,361 53,949 a) Analysed as follows- 2025 2024 Direct charitable expenditure." Awards dinner Voyage fees Mentors, fees Activities Rent Room hire and refreshments 4,088 34,071 5,050 6,906 850 98 52,838 14,233 67,071 51,063 Support & Govemance costs." Office costs Internet and website Insurance Travel expenses Bank and credit card fees Professional fees Accountancy Depreciation 85 3,800 144 20 69 234 858 80 308 984 239 165 300 809 80 5,290 2,886 Total expenditure on charitable activities 72,361 53,949 £6.704 {2024'. £8,859) of the above expenditure relates to restricted funding. b) Staff.. There were no employees. (2024.. nil). The Trustees, being also the directors of the company. are not remunerated for their services and are therefore not counted as employees. -12-
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2025 5. Tangible fixed assets Computer Equipment Total Cost Balance at 1st December 2024 Additions during the year 402 402 Balance at 30th November 2025 402 402 Accumulated Depreciation Balance at 1st December 2024 Charge for the year 234 80 234 80 Balance at 30th November 2025 314 314 Net Book Value at 30th November 2025 88 88 Net Book Value at 30th November 2024 168 168 There were no capital commitments at the year end. (2024- Nil) 6. Debtors 2025 2024 Debtors Prepayments 12,500 159 12,500 12,659 12,500 7. Creditors: amounts falling due within one year 2025 2024 Accruals 1,667 815 -13-
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2025 8. Analysis of Net Assets between Funds Tangible Net Current Fixed Assets Assets Total 2025 Unrestricted Funds General Fund 88 70,377 70,465 88 70.377 70,465 Tangible Net Current Fixed Assets Assets Total 2024 Unrestricted Funds General Fund 168 46,154 46,322 Restricted Funds National Lottery Awards for All 4,204 4,204 168 50,358 50,526 9. Unrestricted Funds Movements in the Year Reserves at Beginning of year Income Expenditure Reserves at End of year 2025 General Fund 46,322 89,800 (65,657) 70,465 Movements in the Year Reserves at Beginning of year Income Expenditure Reserves at End of year 2024 General Fund 10,863 80,548 (45,089) 46,322 The General Fund is used to finance the charitable company's general activities as outlined in the Trustees, Report. -14-
Docusign Envelope ID". 82D96E3C-E6A9-885F4075-108E86A676A7 MERSEYSIDE ADVENTURE SAILING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30TH NOVEMBER 2025 Restricted Movements in the Year Income Expenditure Reserves at Beginning of year Reserves at End of year 2025 Community Foundation National Lottery Awards for All 2,500 2,500 4,204 4,204 4,204 2,500 6,704 Movements in the Year Income Expenditure Reserves at Beginning of year Reserves at End of year 2024 Community Foundation National Lottery Awards for All Skelton Charity 2,5000 (2,500) (5,7961 (563) 10,000 563 4.204 10,563 2,500 8.859 4,204 These are monies given to the Charitable company to be spent at the discretion of the Board of Trustees for specific charitable purposes. Community Foundation- Contribution towards MAST operation. National Lottery Awards for All - Contribution towards MAST operation. Skelton Charity- Contribution towards IT equipment 10. Operating Lease Commitments There were no Lease Commitments 11. Related Party Transactions There were no relaled party transactions. 12. Guarantees As at 30th November 2025. 7 members had given a guarantee of £1 each in the event of the company winding-up. Total.. £7 (2024.. 6 members £6). -15-