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
re￿ived.
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..
S￿n*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-