Dtscusign Envelope ID.. 11CF2B87-72FD4tD3-8A62.5CF912A038Ee 1851 Marine Trust Annual Report and Financlal Statements Year Ended 31 December 2023 Charity registration number.. 1158670
DO$Ln Envelope ID.. IICF2B87-72FD41D&8A62.5CF912A038EB 1851 Marine Trust Charlty Information Royal Patron HRH The Princess of Wales Patron Sir Ben Ainslie CBE Roference and Adrnlnlstrative Detalls Tru$tgeS Campbell Fleming {Chair ffom Oct 2023) Lady Georgina Ainslie {Acting Chair until Oet 2023) Roy Bedlow Joanrte Grindley (Also acting CEO) Reglstered Officè The 1851 Trust Unil 4, Number One The Parade Cowes Isle of Wight P031 7QJ Charity Rogistrailon Number 1158670 Bankers HSBC 69 Pall Mall London SW1Y SEY Indapendent Examlner LNJre (South) LLP 9 St Johns Pla Newport Isle of Wight P030 1LH Contents Chartty Infomialion Trustees. Report, including Introduction from the Chair Independent Examin.$ Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements above 11 12 13 14-24
DoryJsvJn Enveknpe10'. 11CF2B87_72FfN410&8w2-5CF91ZA038E8 1851 Marine Trust Trusteès Report- Introduction from the Chalr- Inclusion. Education, and Awareness l am honored to have taken on the role of Chair in October 2023. and I would like to Personally thank our outgoing Chair, Lady Georgie Ainslie, for her oulslanding leadership of the 1851 Marine Trust. GeOrg'S dedication and guidan have steered the Trust through challenging times. and we are nmensely grateful for the strong foundation she hglped buikj. Over the past year, the Trustees have thoroughly reviewed the Trust's activities to ensure they remain alNJned wlh our Charitsble Objectives. We reaifimed our commitment lo promoting inclusron {including diversity). advancing skiNs, research, training, and education in maritime. sports. and scien. Additionally, we agreed lo continue raising public awareness of enwronmenlal 8uslainabilily, particularly iegarding the proteclion of marine ecosystems. Our efforts Ihis year have focused on three key areas.. inclusK)n. educalton. and environmental awareness. primartly delNered through sports, especially sailing and other marine-relaled initiatives. We aim lo lsure that everything we do - globally and virtually - wo$ to Include. Educate. and Inform. In 2023, our priorities were inclusion. research. and education. We expanded our digital STEMCrew {Scien¢e, Technology, Engineering, and Mathemati¢s} platfom with more climate education resources via the Protect Our Future inilialive. This work, aligned with several of our core objectives, was made possible by our dedicated team, sponsor8. and partners. all of whom share our wsion and values. We believe that in a rapidly evolving worfd, inclusion, educalion, and environmental awaieness are crili¢al. To help address global challenges, including meeting nel-zero latgels essential for marine ecosystems. we have focused on empowering the next gèneralv)n of STEM-educated youth. Through our STEM and Climate Action platfom)s. we are well-posilioned to offer lop-tier resources lo inspire educators and students. expanding their krthvledge and career horizons while encouraging them to take p)sitive climate alOn. Our inclusive educational programs foster creatwily. Critical thinking, arKI collaboration, paving the way for careers in maritime, STEM, and environmental fiekls. all central to the Trust's mission. The Trust continues to operate èfficiently, maintaining a lean staffing model wilh a small core team working alongside a trusted network of contractors. Many of our partners and team members offer their seNices pro bono oral reduced rates. ensuring we deliver maximum impact wlh minimal costs. Thanks to our incredible CEO. Jo Grindley, and the team's hard work. we generated nearly £200,000 despite tough market conditions. We hope to further increase our income in the coming year while managing costs effectively. I'm eaSed lo report that our STEMCrew and Protect Our Fre platforms have grown, with our educational network now reaching over 12,000 educators. Currently. of UK secondary schools use ourteaching reSoUrs, with users spanning 40 countries, signilicantly amplrfying our reach and impact. Some program highlights include the INEOS Go Humans Academy. supported by INEOS Hygenics. which featured online leaching resources. school assemblies. and 24 engaging video masterclasses. These resources received outstanding feedback fmm both teachers and sluder)Is. including direct responses frn young participants. such as. It helped me manage my anxiety and Calm down when I felt oVehekned.- Our environfflenlal partnership with Reckitt and Hull City Council underthe Oh Yesl Netzero campaign engaged 120 stLwJenls in handSn climate education, increasing their confklen¢e and enthusiasm for discussing critical climate issues. Page 1
DD¢u$pJn Erwelope ITr. 11CF2B87-72FD4103W2-5CF912A038E8 1851 Marine Trust Introdu¢tlon from the Chair {continued Another highlight was the launch of the Use Your Voice challenge and leaching resources at COP28 in Dubai. In collaboration with Open Planet, this initiative inspired students to create impacttul fitms using Open Planet's footage. both devèloping their skills and raising enmronmenlal awareness. We also partnered with EmlratesT•amG8R lo deliver our Protectour Future lessons al SailGP events across thè globe, educating 850 young people on thè importance of climate action within their own communities. Our commitment to inclusion ensures Ihal our programs reach diverse young people from al backgrounds. foslering a sense of betonging and emrK)wemienl in sailing. other sports, and beyond. Throughout the year, the Trustees have undertaken a comprehenswe review of governance and policies, ensuring the Trust is wellTrosilioned lo expand ils aclwities on solid foundations. I woukl like to extend my heartfeli thanks to OUT CEO, team, athsers. HRH The PrinSS ofwales, and Sir Ben and Lady Ainslie for their ongoing support as Royal Patron and Trustees. Our Twslees and team remain dedicated to operating in the best interests of the Charity, and as we look ahead to 2024. wg are excited to expand our inf(iatives. including new educational masterclasses, roadshows, and enhance(l online resources for gr&*er public awssibilily. The followng report ouuines our achievements and the impact of ourwork, highlighting ourcommitment lo inspiring the next generation of leaders and champions of change. The Trust is now well paced to accelerate these effort5. Campbell Flemlng Chair of Tnjstees 9 September 2024 Page 2
DocuÈlgn Envelope10_. 11CF2B87-72F041D34A82-5CF912A038E8 1851 Marine Trust Trustees. Report for the year ended 31 December 2023 (cont'd.) The Trustees, who are also direclorg of the 1851 Marine Trust for the purposes of chality law. {referred to in this report as the Trust or 1851 Trust) are responsible for pieparing the Trustees, Report and financial sL2tements in accordance with applicable law and regulations. Charltsble objectives Introductlon The 1851 Trust uses the real-lrfe context of sport and inspiration of athletes (especially sailing) lo help lovel the education playing field for all. fUsIng on inclusion educational and environmental programmes lo ignite the curiosity of all young people lo beme the problem solveis and innovators of the future for sporting, maritime and environmentsl fiekls. Founded by Sir Ben Ainslie, with the support of HRH The Princess of Wales as Royal Patron. the 1851 Trust offers a different approach for educatofs. Oelivering free leaching ¥esources and events for 8-16- year-okls that link directly lo the curticulum developed in collaboialion with experts frL¥n sports, scien¢8 and education. Objectlves and actlvltles The core sims of the Trust are lo work with young people from a wide demographic. to engage them in the science of sport. improve education and skills whilst raising awareness of the importance of environmental, especially marine sustainability. We hope to encourage partrcipanls to be active and inspired. Tho Trust achieves these aims by creating and delivering programmes that- Includa- Enable 811 young people to expeTience sport. in particular sailing. Educate - Inspire young people lo take up both eilucalional and career opportunities in Science, Technol(xJy. Engineering and Malhs {STEMI. Inforni - Engage young people to consmjer the environment and act suslain8bty. Objectives of the Charlty As delailed in our Cor)slilulion. the objects of the Trust are.. Advancing thfr amateur sport of sailing for the public benefit by delivering and supporting projects which provide opportunities for participation in sailing, with particularfocus on creating opportunth'es for young people lo participate and engaging participants from a wtde social demographic in the sport-. Adwancing education for the public benefit by supporting projexts which provide relevant skills and training opportunities. including in maritime, sporting and lenti[(C f*lds' Advancing science lor the public benefit by supporting regearch and developm9nt projects thin maritim&ba$ed fields, the useful results of which are to bg publicly disseminated,. Advancing environmental improvement for the Publ benef¢t by supporting projects which include safeguarding the marine enmronment and raising awareness of the need for sustainable oceans and vrdterways. Constitution The 1851 Marine Trust is a Charitable Incorporated Organisalion registered wlh Ihe Chafity Commission of England and Wales, with the charity number 1158670. The Charjty was established by s Constitution dated 25 September 2014 and updatefj 14 Juty 2016. Public boneflt In sotting the Trust's pr(¥Jramme of activities. the Truste8s have regard to the Charity Commission's guidance on publ benefrt. Paga 3
Doj$*n Enveiop8 ID.. 11CF2B87.72Ffk4103-8AV2-5CF912A038E8 1851 Marine Trust Trustees, Report for the year ended 31 December 2023 lcont'd.) Organisatlonal Structure, Governance and Management The 1851 Trust is controlled by a Board of Trustees With day-to-day management ddeg81ed lothe Chief Executive Officer, who is supported by a small team. The Board meets quarteily lo review Ihe Trust's activities. including income and expenditure, charitable actNity. forthcoming plans. staffing matters, and lo ensure good corwrate governance. Th8 Trust has a wholly owned trading company. Stem Crew Ltd. DirectoJ3 of Stem Crew Ltd are Ttustees oremployees of the 1851 Trust. In 2023 Stem Crew Ltd was dormant and therefore the charity has opted not lo produce Group accounts. Patrons The Trust is exceptionally fortunate lo have kn high profile and committed Palrons. The TTusI'$ Royal Patron is Her Royal Highness The Princess of Wales. and the Palron is Sir Ben Ainslie CBE. Trustees Trustees are appointed by wrtue of their demonstrating abilities of value lo the Tmsl and by invitation of the current Board of Trustees. The Trustees who served during the financial year were'.- Campbell Fleming {appointed 5 October 2023. Chair) Lady Georgina Ainslie {ading Chair until O¢tober 20231 Roy Bedlow Jeremy Boadle Rodney Carr CBE Joanne Grindley (resigned 18 April 2024) (resigned 5 Odober 2023) Staff Team A small team supports the Trust's Chief Exewtive Officer. Achievements and Perfomiancg In 2023 we focused on broadening our STEMCrew offering lo more climate education fesources on the Protect Our Future Platfcffm. In orderto meet global nel zerotargels, it is critical to have enough STEM educated young people- wslh our targeted offering of STEM and Climate action pFaffom)s we are well placed lo provide the best teaching resources to inspire educators and young people alike. In a rapidly changing world, the challenges of tomorrow qUIre the innovators of today. Our programmes foster creativity. critKal thinking and wllaboration to Create pathways for success in marttime. STEM. and green skills careers. Page 4
Docusion Envelore ID.. 11CF2B87-72F04103-8A62-5CF912A038E8 1851 Marine Trust Trustees. Report for the year ended 31 December 2023 (cont'd.) We rècognise that inspiring young people in STEM is critical to achieving our climale goals. In 2023 we developed our commrfmenl to: Engage more girfs in STEM subjects., Close the STEM and Green Skill leaming gap., Give every young person access to a world class edu¢alion plalfom". Support young people and schools take positive climate adion,. Broadening horizons and open career paths. Overall. across the STEMCrew and Protect Our Future digital platfom)s eonlinued to grow. The network comprised of just over 12.000 educators - 50% of UK secondary schools use our teaching iesources and our users includes educators frc¥n across 40 countries. STEM Crew INEOS Go Humans Academy INEOS Go Humans Academy is fomied of a series ol v*leo masterclasses featuring mental and physical health insights from workl<las8 alhleles. experts. and creatives. The 1851 Twst. partnered with INEOS Hygenics to deliver a suite of digital teaming resources and series of roadshows at 17 schools across the UK. reaching 8.413 students. Highlights include= We delivered 24 short videos and 6 tutortime resources to supporl the use of the video mastefclasses- We delivered 400 registrations against a target of 600. We delivered 1,500 hub page views against a larget of 3,988., We delivered 1,432 resource downloads and Mdeo Mews. Received very positive teacher feedback, induding the followng: 'The resources I have reviewed are excellent. The 'Power of.... videos are particularly strong resources that we look foThvard to using Through the delivery of 17 School Roadshows 8,413 Sludents were supported al 17 Schools with excellent teacher feedback., "A superb workshop, very engagin9" °Best we've seen" ° best external speakels we've had into school°'resources looked absolutely amazin9"" Some highlights from the student feedback included.. "It helped when I'm anxious or stressed out over something. So l used box breathing. It wa5 really helpful lor me when I'm struggling." I learned box breathing and realise people have many of the same challenges as me, thank you" It helped me with my anxiety and depression. It calms me down when I feel like l am going lo scream." was nice that someone understands how we feel and cared about us" Pag• S
ODGusn Erwelope ID.. 11CF2B87-72FD41D3-8A62.5CF912A038E8 1851 Marine Trust Trustees. Report for the year ended 31 December 2023 Icont'd.) Protect Our Future: Oh Yesl Net Zero Partnering wrth Reckitt and Hull City Council as part of their Oh Yesl Net Zero campaign, we worked wilh 13 secondaryschools todiiv8 climate awareness arKI local aclion on an 18-month programme with the followng aims.. Inspiration and volce.. Sustainability. climate change and positive action sessions deltvered to all sch¢)ols. Young people are equipped to take positiv8 adion to improve suslainabilty arKI climate chango. Science knowladge and skills boosted- Youw people equipped to take posilwe action to improve sustainability and climate change. Confidenca and wellbeing: Schwl leadership teams feel more corrfidenl in intsgraling sustainability and climate change. Our outPLrts againsl these aims included.. 120 students engaged in hands-on l&arning about climate change. Scien communicalk)n and what il means lo be a Climate Chsngemaker. 4 Climate resources co-crealed wrth young people. 70 students explored sloryielling and suslainabilrty careers al'A dayworkshop held at The University of Hull.. 120 people attended the Changemaker Celebration event lo reeognise students, achievement8. The impact ofthese programmes was that". 930kn of students are now more enth¥Jsgd lo Suggest changes their school could make to help to protect and repair our planet., 81tsA of students are now more likety to encourage friends and family to do things that protect and repair our planet.. 740h of students are now more ujnfident talking about climate change. 1{LI0 of teacheTS feel more confident in their ability lo cover and discuss climate related topics in lesson. °I've been 18aming about recycling and how we can reduce the amount of C02 we put into the atmosphere. Mote people need to realise the Consequen of our actions." stlent, Mallet Lambert School, Hull. Sail GP Protgd Our Future Lessons Using the influence of athletes to inspire young people lo take climate aclM)n- 850 young people from local schools, youth groups and sailing clubs across the globe participated in Protect Our Fulure Lessons in Chicago. San Francisco. Sydney. Cadvz and Dubai,. Young people made pledges aboul how they would prolecl their emronment and wiite this on a Protect Our Future pledge board. Page 6
DouJ*orn Envelope10.. 11CF2887-72FD41D>8A82-5CF912A038E8 1851 Marine Trust Trusteos. Report for the year ended 31 December 2023 {cont'd.) SailGP COP28 Youth & Education Dayp Dubai On COP28 Youth & Education Day on December 8th, Hannah Mills OBE and Trustee ofthe 1851 Trust. Roy Bedlow. launched Use Your Voice- Protect Our Future's collabo¥alion with Open Planet at The UK Pavilion.. The Use Your Voice challengg, and acwmpanying tead)ing resour use the influence of alhleles and sport to inspire young people to take climate action and share their stories using Open Planet footage-, The wnning school receives a climate action grant of £1,000.. Sky Sports News Presenter David Garrido hosted the event that was live streamed on UK government's YouTube', COP28 was the venue foi the premier of the Use Your Voice film featuring four Olympic athletes sharing what climate action they have taken., All alhleles shafed on their social channels w4th a combined reach of 2.6million' Use your voice vldeo.. 52.9K total impressions, 170 total engagements, 51.2K total reach- Use your voice alhleles quotes content: 671 K total impressions, 47 total engagements, 473k total reach.. The Use your voice leaching resources used as the basis fof the SailGP Protect Our Future lessons in Sydney and Dubai. Dlverslty and Inclusion The Trust designs all ils programmes to appeal to young people from diverse backgrounds and with a wide range of skills. interests and leaming styles. Our Protect Our Future Lesson5 were delivered lo young peopie were from diverse groups, including; The Prince's Trust, a boxing gym on a gang boundary, a church group for Ukrainian refugees and schools which serve ecorKMnically disadvantaged and culturalty diverse student populations. Lessons in Sydney were adapt for 12 students with disabilities. Page 7
[br$Jn Envelope ID.. 11CF2887_72FtH103-8AS2-SCF912A038E8 1851 Marine Trust Trustees, Report for the year ended 31 December 2023 (cont'd.) Plans for 2024 STEM Crew Ineos Go Humans Academy Looking lo 2024, we will continue to add lo the sertes ofvideo master¢lasses which will focus on using alhleles to brirg PSHE and STEM to lrfe ir) the classroom with the support of elrte athletes and world-cLqss industry experts. The first three maslerclasses introduce the conp1 of mental fftness, unpick setf-care and prompt discussions around meaningful wellbeing. These resources will focus on insights ff(¥n world renowned sports teams such as the All-Bla¢ks Rugby Te. STEM Roadshows: In 2024 we aim lo use additional fijnding to run roadshows across the UK th the aim lo.. Increase participation. contribution and confidence in STEM subjects at school.. Enhance understanding and awareness of STEM jobs and careers.. Empower young people (men in particularl to make informed choices about their career paths. Sail GP Protect Our Futurg Lessons: We wll continue to en9age young peopl8 internationally by continuing to provide Protect Our Futyre Lessons across the Sail GP CiTcuII in 2024 where young people from local schrxjls, youth groups and sailing clubs across the globe will partipate in these lessons. Webslte: In 2024 we will be focusing on Streamlining our website lo improve sile wsibilty and clarity. whilst ensuring the Protect Our Futule & STEM Crew brand identity remains and a more fluid approach to online resource accesslbilty. Flnanclal Revlew Income and Major Fundlng Streams During this reporting period, the Trust's actiwties were funded by donations frcffi individuals, corporations. and eharilable trusts. Responsibilityforthe day-to-day management offunds donated and receNed was with the Board of Trustees. Financial Position At the end of 2023. the Trust had generated an overall deficit of £(44.604) (2022- defirAI £1268,261}1. The Trust finished 2023 wtth resetves equtvalenl to al least six months of core charitable costs, which is in line with its Tesetves policy. RoseNes Pollcy and Application The Trustees, intention is lo build and maintain unreslitted reserves equivalent lo al least 6 months exper1(18 on core charitable aclivtty on a rolling basis. The Trustee5 recognise that as the Trust continues lo grow and invest in exp8rwJing its charilable actiwly.. its reserve position may fall below this level from lime to time. Page 8
tbcusyn Envelope ID.. 11CF2B87-72F041D3-8W2-5CF912A038E8 1851 Marine Trust Trustees, Report for the year ended 31 December 2023 l¢ont'd.) In considering the Tnjsl's reserves p)sition against the 6 months taigel. the Trustees take into account the pipeline of committed and anlicipaled income and the levels of fixed and variable costs associated with delivering the charitabl8 aclivily. Th& Trust's total reserves at 31 December 2023 tolalled £185,953 (2023 - £230.557) comprising.. Unrestiicted funds al 31 December 2023 of £114.418 {2022- £144.2241. as delaibj in Note 16 lo the accounts.. and Restricted funds at 31 December2023 of £71,53512022- £86.333}, which represented unspent monies on splf1¢ projects. also as detailed in Note 15 of the acUnt$. In preparing these accounts it was noted that an 8djuslment to the allocation of costs btheen prosects was incotrect in 2022. and therefore a prior period adjustment was made to reflect the adjustment. There was no change lo the overall def([ or nel asset posf(ion. The unrestricted free reserves (unrestricted reserves less those lied up in [e assets) were £112.923 (2022 - £142,923). The Trustees are comlortable that the level of reserves is appropriate given the Trust's ability to proactively manage its variable costs in line wi(h InMe reIVed as the Trust team seek lo achieve its growlh targets. The Trust's reserve )31tiOn is reviewed by the Trustees at Board meelings on a quartety basis and by the Govemance. Audit and Risk Committee at its further four annual meetings to ensure that the Trust maintains appropriate reservas. Rlsk Management The Trustees considerod th& strategic, business and i)peratwJnal risks laced by the charills activit. The Board has established processes to consider and manage those risks. Key policies are remewed annually. Thfj Governance, Audit and "sk Commrtiee meets al least foul limes a year between Board meetings and has responsibility for providing support. assurance and recommendth.ons to the Board in relation to= Best pwlice in charity govemance and apprLwriate governance arrangements the 1851 Trust.. The effectiveness of the Trust's internal control and risk management freWork, induding key policie5 and proceduros,. The Trust's annual report and accounts, inclu(ling the performance of the external accounlanls-, and The day-to-day fancIal operatK)ns and conliols includiThJ monitoring income and expendilure against the annual budget. Page 9
OojJsn Envelope ID.. 11CF2B87_72FD41D&8W2-5CF912A038E8 1851 Marine Trust Trustees, Report for the year ended 31 December 2023 (cont'd. Statement of Trustees. Responslbllltles Th8 Iruslees are responsible for preparing the Truslees, Annual Report and the financial slalemenls in accordance with the Unbted Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice) and applieable law and regulalKins. Èaw applicable to charities requires the trustees to prepare financial statements for each financial year. whKh give a true and fail view of tho state of affairs of the chariiy and of the incoming resources and application of resources of the chariiy for that period. In preparing these financial statements. the trustees are required to: Select Suitab accounting poltcies and apply them COrlstentI. Observe the methods and principles in the CharilEs SORP.. Makejudgements and eslimales that are reasonable and prudent., Slate whether applicable accounting slarKlards have been followed, subject to any material departures disclosed and expLgined in the financial slalements,. and Prepare the financial stalemerbts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper acclnting records that disclose with reasonable accuracy at any lime the financial position of the charty and enable them to ensure that the financial slalements compfy with the Charities Act 2011, the applicable Charities (Accounts arKI Reports) Regulatiorks, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the chartty and hence for laking reasonable slep5 for the prevention and detection of fraud and other irregularities. The annual report was apwoved by the trustees of the Charity and signed on ils behalf by.. camp11 Fleming Chr of Trustees . •ber 2024 Page 10
Docuswn Envdope ID.. IfjCF2B87_72FN1D34A62.SCF912A036E8 1851 Marine Trust Independent Examiner's Report to the Trustees I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 Decomber 2023 which are set out on pages 12 10 24. R4spoMlbllltl•s and ba815 of report As thtt charity Iruslees you are responsible for the preparali)n of the accounts in accordance with the requirements of the Charities Act 2011 {'the Acl'l- I report in resped of my examinat of Ihg charitls accounts carried OLrt under section 145 of the Act and in carrying out my examination I have followed all Ihg applicable Directions gThren by the Charily Commission under seclicfi 14515)Ib) of the Act. Independent examlnevs statèm•nt I have completed my 0xaminatn. I confirm that no material matters have come to my attention in connection with the examinat giving me cause to believe that in any material respect-. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accoTd wrth those records,. or the accounts do not compty with the applicable requirements concerning the Iofm and content of aceounls sel out in the Charities {A¢¢ounls and Reports) Regulations 2008 olhei than any Fequirement that the a¢counts give a 'true and fail view which is not a matter ¢on5idered as part of an independent examination. I have no concorns and have come across no other matters in connection with the examinalK)n towhich attention should be drawn in thi8 report in order lo enable a proper understsnding of the accourtls to be reached. Kevin R Cooper BA FCA DChA For and on behalf of Moore (South) LLP Chartered Accountants Isle ofwight Dated: 9 September 224 Page 11
DocusvJn En¥lope ID.. 11CF2B87.72FD4103-8A62-5CF912A038E8 1851 Marlne Trust Statement of Financial Activities For the year ended 31 December 2023 (Including Income and Expenditure Account) Total Total Unrestricted Restrlcted 31 December 31 December Funds Funds 2023 2022 Not8 Incomo and Endowments from: Donations and legacieg Other trading aclivilies and events 123,136 62,000 185,136 323,1)44 Total income 127,669 64,500 192,169 324.164 Expendlture on: Raising furlds 36,517 36.517 64,005 Charitable actwilies 120958 200 256 528 420 Total expenijilure 157 475 29 236 773 Net Incomel{expendlture) Transfeis of funds Net movem&nl in lunds (29,806) (14,798} {44.604) (268,261) Reconeiliation of funds Tolal funds brought forward Total funds carried fonvard 15 114.418 71,535 185,953 230.557 All of the Charity's activities derive Irom continuing operal)ns during the above peric*Js. Page 12
Dowsign EnvQpe ID.. 11CF2B87-nFD41D3.8A82-5CF912A038EB 1851 Marine Trust Balance Sheet For the year ended 31 December 2023 31 Decembor 310ecember 2023 2022 Note As restated Fixed assets Tangible assets Investments 10 11 495 1.116 1,495 2.116 Current assets Debtors Cash at bank and in hand 12 11.757 179 039 72,021 178 154 190.796 250,175 Credltors: Amounts falllng duo wlthln one year 13 Net current assets 228 441 Total assets le$$ current Ilabllltles 185,953 230,557 Nèt atS 185,953 230,557 Funds of the Charlty: Reslricled income funds Unrestricted income funds 71.535 114418 86,333 Total funds 16 185.953 230,557 The financial slalemenls on pages 12 to 24 were approved by the trusle&s and svJnod on their behall by.. .14F.14TW.E654FB_ Campbell Fleming Chair of Trustees Dated.. 9 September 2024 Page 13
Doujslgn Envekye ID.. 11CF2B87-72FD41D3.&462-5CF912A038E8 1851 Marine Trust Notes to the Financlal Statements For the year ended 31 December 2023 1 Accounting policies 1.1 Summary of signrfieant accounting policies and legal fom) The principal accounting policies applied in the preparation of these financial slalemenls are set out below. These poIre$ have been consistently applied lo all thè years presented, unless otherwise slated. The Charity is a Charitable Incorporated organisat)n registered wilh the Charbty Commission of England and Wa$ with the charity number 1158670. 1.2 Statement of compliance The financkil statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice aPpIable to charitses preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS 102) (effeclNe 1 January 20191 (Charities SORP IFRS 1021), the Financial Reporting Standard applicable in the UK and Republi¢ of IreFand {FRS 102). The financial statements are prepared in sterling which 15 the functional currency of the charity and rounded lo the nearest £. 1.3 Basis of praparatlon 1851 Marine Trust meets the definition of a public benefit enlty under FRS 102. Assets and liabilities are inf(ially recognised at historical cost or transa¢lton value unless otherwise staled in the relevant accounting policy notes. The accounts reflect the aclivilies of the Trust and its wholly owned, bul currently dom7anl trading subsidiary company is not consolidated in these accounts. 1.4 Golng concem The Trustees have developed a business plan which maintains re aciivity and reserve5 al appropriale levels. Consequently. there are no material uncertainties about the CharitWs ability lo continue as a going COncn nor any sIgn1c8nI areas of uncertainty that affect the carrying value of assets held by the charity. 1.5 Income All incoming resources are included in the Slalemenl ol Financial Activilies (SOFA) when the charity is legally entitled to the income after any perfomiance conditions have been mel, the amount can be measured reliably and it is pr(l)able that the income will be received. For donatnS and grants including government grants to be recoJnised the charity will have recewed the funds or been notifted of the amounts and the settlement dale in writing. If there are conditions attached to the (lonalion and this requires a level of performance before enlitlGment can be obtained thon in¢ome is deferred until those conditions are fully met or tho fulfilment of those condiiions is within the control of the chanty and it is probable that they will be fulfilled. Income from trading adNities includes income reived from fundraising and sponsorship income. Income is received in exchange for the fight to sponsor Ihe charity including branding, and is recognised when entitlement has cccutred. P&Je 14
Dowstgn Enope ID: 11CF2B87-72FD41D34A62-5CF9124038E8 1851 Marine Trust Notes to the Financial Statements (cont'd.) For the year ended 31 December 2023 1.6 Expenditure All expenditure is recognised once there is a legal or constructive oblvJalion to that expenditure, it 15 prd)able settlement is requiied and the amount can be measured reliably. All ¢osls are allocated to Ihg applicable expenditure heading that aggregate similar $1S to that Galegory. Where costs cannot be directly attributed lo particulai headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent. and depreciation charges alocaled on the portion of the asset's use. Olher support costs are allocated based on the spread of staff costs. Raislng funds are costs incurred in attracting voluntary income. the mawement of investments and those incurred in trading activities that raise funds. Chwitable expenditure comprises those costs iUrred by the Charily in the delivery of its a¢livilies and services for its beneficiaries. 11 includes both costs that can be 81locat directly to such actrvities and those costs of an indirect nature neSsary to support them. Governan costs include the costs attributable to the ChaTIIYs compliance with constilulional and statutory requirements. incILing audit, strategic management and Trustees, meetings and reimburs1 expenses. Irrecoverable VAT charged against the category of resources expended forwhich il was incurr&S. 1.7 TaXatn The Charily is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable entity for UK cOrporatn lax purposes. Accordingly, the Charity is polenli8lly exempl from taxation in respect of income or capi(al gains received within categoties covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to chartsble Purposes. 1.8 Penslon costs Staff and pension costs are recognised as incurred with all assrlated wsls. The retirement benefits for the specrfic employees of the Trust are provvjed by a money purchase scheme wth Royal London. The Trusvs obligation is restricted lo their contributions. 1.9 Flnancial instruments The Irijst only has financial assets and financral liabilitS of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subs8quently measured al their seltlemenl value. 1.10 Tangible fixed assets Individual fixed assets costing £500 or more are inrtially rewrded al cost, less any subsequènt accumulated depreciation and subsequent accumulated impaimient losses. Costs in respect of the rebranding project are not capitalised but treated as proje¢t expenditure in the year. Depreciation is provided on tangible fixed assets so as to write off the cost or Wdluatton, less any estimateil residual value. over their expected useful econom life as follows: Asset class Depreciation method and rate off equipment 3 yeafs straight line 1851 Marine Trust Pago 16
OotusvJn Eweknpe ID: 11CF2B87-72F041D34A82-5CF912NIJ38E8 Notes to the Flnancial Statements Icont'd. For the year ended 31 December 2023 1.11 Debtors Debtors are amounts tlue from customers for merchandise sold or seNices provided. Grants receivable reflect the amounts due for confimied grants from donors. Debtors are recognised initially al the transaction value. A provision for the impairment of debtors is established when there is objective ev¢denGe that the Charity will not be able lo collect all amounts due according lo the original lemis of the re1vable$. 1.12 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and olher short-lemi highly liquid investments that ale ieadity Converlible to a known amount of cash and are subject to an inSJnifI¢8nt risk of change in value. 1.13 Cr8ditor8 Creditors are obligations lo pay for goods or 8ervice8 that have been acquired in the ordinary course of activities. AnIS payable are classrfied as current liabilities if the Charily does nol have an unconditional right, al the end of the reporting pertod, lo defer settlement of the credtior for at least elve months after the reporting dale. If there is an unwnditional right lo defer settlement lor at least elve months after the reporting date, they are presented as non-current liabilrties. Creditors are recognised al the transaction piKe. 1.14 Forelgn exchange Trar)sactions in foreyn currencies are recorded al the rate of exchange at the date ol the transaction. Monetary assets and liabilities denominated in fOren currencies at the balan¢& sheet date are reported at the rates of exchange prevailing al that dale. 1.15 Fund structure Unreslricted income funds are general funds that are avaitable for use at the trustee's discretion in furtheran of the objectNes of the Charity. Restricled inwme funds are those donated for use in a particular afea orfor sP1C purposes, the use of which is reslrKtgd to that aroa or purpose. 1.16 Operatin9 Leases Rentals payable under operating lease5. Including any lease incentives receiv. are charged as an expense on a straight line basis over the temi of the relevant lease. 1.17 Judgements and key sources of estlmatlon uncertainty In the application of the charitable company's accounting polictes. the trustees are rgquired to make judgements, eslimales and assumptions about the carrwng amount of assets and liabiliiies that are not readily apparent from other sources. The estimates anif associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these eslimales. The eslinates arKI underlying assumptR)ns are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised where the rewsion affects only that period. Of in the period of the revision and future peri(Kls whete the revision affects both current and future perK)ds. Pb39 16
DV$an Envelope ID.. 11CF2B87-72FD41o&8A62Fgl2Ao38E8 1851 Marine Trust Notes to the Financlal Statements (cont'd.) For the year ended 31 December 2023 2 Comparativ¢ Ststement of Financial Activities Total Unrestrlcted Restrlcted 31 Dtrcember Funds Fund5 2022 Note As restatèd As restated Income and Endowments frorn: Donations and legacies Other trading acb'vities and events 91.644 231.400 323,044 Total Income 92.764 231.400 324.164 Expenditure on: Rai8ing funds 164,005) {64,005) Charitable actNilies 528 420 TotJ expenditure 25 358 592 425 Net Incomel(expendlture) 103667 268 261 N81 movement in funds {164.594) {103,667) {268.261) Reconciliation of funds Total funds brought forwdrd 190000 498818 funds carried forward 16 144.224 86,333 230.557 3 Income from donatlons and legacles Unrestricted Restrict8d Fund$ Funds Total 2023 Total 2022 Trusls and Foundabons Corporate donations Indimdual donations 1,000 112.640 37.000 25.000 38.000 137.640 58,400 258.218 123,136 62.OL)O 185,136 323.044 Pag8 17
Oowlwdn Etwelope10.. 11CF2B87-72FD41D3-8W.5CF912A038E8 1851 Marine Trust Notes to the Financial Statements {cont'd.) For the year ended 31 December 2023 4 Other trading actfvities and 8v•nts Unrestrlcted Restricted Funds Funds 2023 2022 Total Funds Total Fund$ Sponsorship income Royalies 2.500 2,500 4.533 2.500 7.033 1,120 S Expendlture on charitable activities Unrestricted Restrlcted Funds Funds 2023 2022 Total Funds Totsl Funds Project dlrect costs.. Roadshow programme Rebels Crew sailing programme STEM Crew and STEM and the Sea Sail GP HYgienS INEOS and development Programme marketing lo schcx)Isltea¢hers The FA Connected Cowes Protect our ftrture 5,652 4.885 46.861 8.249 18,024 7,830 7,830 44.261 32.667 44,261 1,418 31,249 81.906 11,512 67.294 13,129 13,129 Staff costs (see note 9) Support costs 194.711 102 369 120,958 79,298 200.2 528,420 Support costs are made up as follows: Staff training, recruitment and clothing Travel subsistence and accommodation Office and IT Insurance Finance costs Contractor wsts Govemance costs {see note 61 Finance support Irrecoverable VAT Oeprecialion and loss on disposal 3,325 913 6.940 6.146 464 41,472 5,914 11,9 9.214 229 3.121 4,045 291 22.151 64,711 7.200 102,369 89.326 Page 18
Dowstqn En¥ek)pe It*. 11CF2B87-72FD41D3.8A62-5¢F912A038E8 1851 Marine Trust Notes to the Financial Statements (cont'd.} For the year ended 31 December 2023 6 Governance costs 2023 2022 Independent examineffs fee Under accrual Taxation advice Governan malters ind. legal fees 4.000 1,740 180 3,925 64,711 5,914 7 Net Incomlng resources Nel incoming resources for the year Is staled after.. 2023 2022 Depreciation of fixed assets including loss on disposal 621 3,038 8 Trustees remuneratlon. expens8s and r8lated party tsansactlons trustees. nor any peisons connected with them. have received any remuneralion from the charity during the year. No truslees have received any other benefits from the Charity during the year. No expenses were paid lo a Trusteg in the year12022 - nil). and no balances were due at the year end (2022 - nill. Trustee indemnity insurance is included within the main insurance policy, see note S in the accounts. During the year. the Charity entered into the followin9 related party transactions.. Into the Blue Jo Grindley is a Iruslee of the 1851 Marine Trust and director and majorty sharehokler of Into the Blue. Ouring the period, charges of £12,813 (2022 - £9.810) were incurred by the Trust for marketing, design and communications support provided by Into the Blue. including desi9n work for new education pr(¥Jrammes and resource5 for STEM Crew. Al the balan sheet date, the amountduo lo Into the Blu8 was £Nil (2022- £Nill. In addition, Into Ihe Blue provided Offi Spa to the Trust wilhoul charge. and no value has been attributed to this gift in kind. Jo Grindley also acted as temporary CEO during part of the year, al no cost to the 1851 Marine Trust. BA Tochno5ogles Llmlted BA Technologies is connected through Lady Georgina Ainslie. During the year seconded staff lime for accounting services of £7,20012022 - £11,900) was provKled to the Trust by BA Technologies Limited. No balance was due al Ihe year end (2022 - £nil)- The accounting arrangement was temiinaled subsequent lo the year end. 9 Staff costs 2023 2022 Staff costs during the yoar were: Wages and salaries Social security cJ)sts Pension costs Total Staff costs 169,531 20,410 194,711 Page 19
Docusign Envebpe ID.. 1 ICF2887-72FtH1D3-8A62-SCF912A038E8 1851 Marine Trust Notes to the Flnancial Statements Icont'd.) For the year ended 31 December 2023 9 Stsff costs (contlnuedl The monthty average number of persons (including senior management team) employed by the Chaiily during the year was nil12022- 31- There were no employee costs In the period. The lolal employee benefits of the key management personnel {Chief Execulive Officer) of the charity were nil12022- £82.288). The number of employees whose annual remuneralK)n was £60,000 or above were.. 2023 2022 £80.OL)0-£90,000 10 Tanglble flxed assots Office Equipment 2023 2022 Cost At 1 January 2022 Additions Dispos818 14,732 21.930 198 At 31 December 2023 Depreciation At l January 2023 Charge for Ihe year Depreciation eliminated on disposal 13.616 621 17.484 2,847 At 31 December 2023 14.237 13.616 Net book value At 31 December 2023 495 1,116 At 31 December 2022 1.116 4.446 Page 20
Dusjn Envelope ID." 11CF2B87.72FD41D34A62.SCF912A038E8 1851 Marine Trust Notes to the Financial Statements (cont'd.) For the year ended 31 December 2023 11 Investments Invgstment in Stem Crew Ltd Unlisted Investments 2023 2022 Cost At l January 2023 and 31 December 2023 1,000 1.000 Net book value At l January 2022, and 310ecember 2022 1,000 1,000 The investment represents the entire ordinary share capital ol Stem Crew Ltd. which acts as a trading subsidiary to the charity and shares a registered office and trading address with the Trust. The trading subsidiary was dormant in the pasl two years.. 2023 2022 Income Expenditure 153 Net profit {lossl 153 Net ass8t$ at 31 December 1153} For the iwo yeats ending 31 December 2023 th& company was domianl. 12 Debtors 2023 2022 Grants receivable Amounts recoverable fTrJn trading cc*mpany Prepayments 7.527 350 69.135 11,757 72.021 13 Credltors: amoun18 falllng due wlthln one year 2023 2022 CreditcKs Other tsxath)n Accruals and deferred Income 5,306 (2.968) 16.034 6.338 21,734 Page 21
Do¢Illn Ellvek)pe ID.. 11CF2B87-72FLk41D&8A62-SCF912A038E8 1851 Marine Trust Notes to the Financial Ststements (cont'd. For the year ended 31 December 2023 14 Flnanclal Instruments 2023 2022 Financial assets al amortised cost 186,916 247.289 Financial liabilities al amortised cost Net financial assets 180,578 225,555 15 Funds Balance at 1 January 2023 Balancg at 31 December 2023 Income Expendlture Transfer As reslated Unre5trlcted Funds 144,224 127.669 (157.475) 114,418 Restrlcted Funds Protect Our Future INEOS Go Humèns Academy INEOS Communty FurKI Stem Crew 27,633 23,000 {13,129) {25.500) {16.243) 14.504 2,500 25.000 8,757 Total reslri¢t8d funds 298 Total Funds 230,557 192,169 1236,773) 185.953 Protect our future Piotect Our Future Hull commen¢ed as an 1&month pibt project. working with tha cit$ secondary schools lo equip young people lo become climate ¢ommuni¢alors, and inspire them to take climate action locally as the city races to become nel zero. and the project continues. INEOS Go Humans Academy and Communlty Fund 18 a partnership with INEOS Hygienics Limited lo deliver education resources via STEM Crew. The programme cenlres around video maslerdasses led by workl-class athletes. experts and creatives to help students explore mental and physiologal fitness. neuiobiok)gy and emotional heatth innovations. STEM Crew is the Trust's flagship dvJital education plarfomi whh provides leacherswith the resources lo deliver sports-inspiring lessons in STEM subjects to young people. Rèbels Crew is a sailing programmo, which provides sailrng experiences for disadvantaggd young Feople in partnership wlh sailing cenlres and schools in deprived areas of the UK. The FA Proloct is a STEM educatK)n programme created with England's Wcfflen's Football team to sh¢xvcase the application of science and technology, challenging perceptions and developing essential life skills for young people. P8g8 22
Dow8 Envelope ID.. 11CF2B87-nF041034A63-5CF912A038E8 1851 Marine Trust Notes to the Financial Statements {¢ont'd.) For the year ended 31 December 2023 15 Funds {continued} 2022 Comparatlvo Balance at 1 January 2022 Balance at 31 December 2022 Income Expenditure A$ restated As restated Unrestrleted Funds Restricted Funds Protect Our Fuiure INEOS Go Humans Academy Stem Crew Rebels Crew The FA prr4ect 308,818 92.764 1257.3581 144,224 60,000 120,000 51.400 {32,367) {97.Crf)O) {135,7001 {10,0001 27,633 23.000 35,700 120.000 10,O¢YJ Tolal restricted funds 231400 Total Funds 498,818 324,164 {592,425) 230.557 16 Analysis of net assets between funds Total funds 31 December 2023 Unrestricted Restricted Funds Funds Tangible fixed assets Investments Current assets Currenl liabilities 495 1,LKIO 119,261 495 71.535 190.7 114,418 71.535 185.953 Total funds Unrestrlcted Rg$tricted 31 December Funds Funds 2022 Comparatlv& Infom)atlon: As reslated As restat8d As restated Tangible fixed assets Investments CLtrrenl assets Current liabili(ies 1.116 1.000 163,842 1.116 86.333 250,175 144,224 86.333 230,557 Pag6 23
tX7fAJStqn Envelope ID: 11CF2887-72FD41O34Ae2-F9l2Ao38E8 1851 Marine Trust Notes to the Financial Statements (cont'd.) For the year ended 31 December 2023 16 Prfor period adjustmont Adjustment In respect of restricted funds Expendtiure in the prior periThl was required to be re811(Kated between projects, and this involved a charbge in the allccalion from unreslricled lo restricted funds, in relatk?n to the INEOS Go Humans Academy project. The effect on the finarKial statements was as follows.. Reconciliation of changes In profit and equlty for the prevlous flnancial porlod Unrostiicted Rgstrlctsd 2022 2022 Total 2022 IncreasdldecTeasel in income {Increase)Ide¢rease in expenditure Total &juStmentS 60,000 160,000) Surplusl{deficit) as prevmjusly reported 268 261 Surplusl{deficit) as adiust8d 1164.594) {103,667) 1268,261) Equty as previously reported Equty as adjusted 144,224 86,333 230,557 There wefe r¥) changes to tha total assets or liabilities of the chaiity in respect of the prior period adjustment. Page 24