Reglstered number: 10628323 Charity number: 1174759 OCEAN FAMILY FOUNDATION (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024
OCEAN FAMILY FOUNDATION IA company limitod by guarantee) CONTENTS Page Reference and administrative details of the Company> its Trustees and advise Trustees, report Independent examiner's report Statement of financial activities 10 Balance sheet Statement of cash flows 12 Notès to the financial statements 13-23
OCEAN FAMILY FOUNDATION {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR TrIE YEAR ENDED 28 FE8RUARY 2024 Trusteès DJ Till P A D Dubens JSDGetty Company registered number 10628323 Charity registered number 1174759 Registered offi¢e 3 Cadogan Gate London SW1X OAS Accountant Crowe U.K. LLP Chartered Accounlanls mWaY Bridge House 1 - 8 Fairmeadow Maidstone Kent ME14 1JP Page 1
OCEAN FAMILY FOUNDATION IA company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2024 The Trustees (who a also the directors of the charitable company for the purposes of the Companies Ad 20061 present their annual report together with the financial statements of the Ocean Family Foundation for the 1 March 2023 to 28 February 2024. The Annual report serves the purposes of both a Trustees. report and a directors, report under company law. The Trustees confim that the Annual report and financial statements of the charitable company comply with the Current slatulory requirements. the requiremen15 of the charitable companws governing document and the provisions of the Statement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appli¢abk in the UK and Republic of Ireland (FRS1021 leffective 1 January 20191. Since the company qualifies as small under sèction 382 of the Companies Act 201E, the Slralegr report required of medium and large companies under the Companies Act 2006 (strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Poll¢les and oblectlves The princip81 object of the ¢har(cable company is lo und8rtake and promot& for the benefft of the public the consetvalion, protection. improvement and ecologically sustainabk management of th& marine environment including associated land, shoreline and structures, and to advance the education of the public in the conservation. protection, improvement and ecologically sustainable management of the marine environment including associated land, shoreline and structures. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefrt, including the guidance 'Public benefit.. running a charity IPB21'. b. Strat8gles for achlevlng obJe¢tlves The Trustee board clos&ly monitor expenditure to ensure that this is managed èfficientty and meets on a regular basis to consider the charitable company's operations and objects. c. A¢tIvltles undertaken to achleve obJg¢tlves The Twslees believe thal the charitsble company is achiemng its objective5 by supporting other charities ¥Mth objects in line with ils own or by helping lo fund educational activities lo promote ils objects. This is done via grant-making lo entities which the Trustees believe are operating in line with the charitable companls objects. d. Grant-making policies The charitable company makes grants lo such entities as the Trustees consider would actively promote the charitable company's objects. These are presented to the Trustees at the regular board meetings and decisions made based upon the merits of each application. . Main activities undertaken to further the company's purposes hr th• public bonefft On Family Foundation is looking lo cOnSee and sustain the marine environments for the benefft of the public. All expenditure by the charitable company is reviewed ag8insl the Public Benefit principles and the Trustees ensure these expenses represent an appropriate use of charf(able funds. Pagè 2
OCEAN FAMILY FOUNDATION {A company Ilmlted by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2024 Achievements and perfomiancg . Main achievements of the Company The charitable company does not raise funds from the general public and was consequently able lo achieve another year of operating relying on donations alone. The charitable company was pleased lo make donations in this perioL% supporting ils charitable a¢livilies in ils chosen area of marine conservation. Where applicable, the charttable company looks lo support organisalions year on year and (( is happy to confirm that another year of payments made towards Committed grants has passed. b. Revlew of actlvltles The charitable company provides funding for various organisations which support rts objectDies. Highlights of these organisations, activities during the year include.. Final Straw Foundation organised beach cleaning with dedicated volunteers. removing hundreds of kilos of waste from the Solent shores, w((h over 90D/o being single use plastic, helped by 30 children aged 8-10, collecting cigarette butts to highlight the amount of cigarette waste on beaches and streets. The Final Straw Foundation team began the next phase of water sampling lo provide data for spatial analysis of forever Chemicals in Langstone and Chichester Harbour. a collaborative research project which is taking place wth Brighton University Its analyse micro particulates in the harbours. The charity also announced ils new project the FSF EdLtcalion Station whose aim is lo address the plastic Cli8is by collecting and recycling plastics commonly found on beach cleans to create new, sustainable items. Scollish Coastal Clean Up worked alongside the East Lolhian Ranger service to tackle the issue of the removal of a large number of creels. The team also delivered educational workshops into schools and earfy year settings throughout winter. Scottish Coastal Clean Up joined fae$ with organisalions like The Scollish Seabird centre in North BeNick, Keep Scotland beaulrful and the Berwickshire Marine Reserve lo help tackle the huge amounts of iubbish that has been washed up on the East Coast of Scotland. the team estimate that il has removed over 10 lonnes ofwashed-up creels and rope in East Lolhian alone over the winter. This year Worldrise created 184,000 m2 of new Local Marine Conservation and Education Areas in Sardinla and Sicily. recovered 300 kilos of ghost nets from the seabed, travelled over 3,000 nautical miles lo monitor the dolphins that populate the water5 of Golfo Aranci, and collected over 2,000 kg of waste with clean ups on the beach and in the city. Worldrise's team involved 1,100 children in educational activities, provided 8 scholarships for future custodians ot the Medf(erranean Sea and promoted the creation of two new smog-absorbing murals. - Africa Foundation's partnership with Ocean Without Borders saw Mnemba Coral Nursery and Reef Restoration deploy six turle and star-shaped reef constructs and transplant over 1.SIKJ coral colon$ onlo these structures. All of these coral colonies were "home-grown. by the team in the flourishing coral nursery. A further 1,600 coral colonies from this nLErsery have been transplanted lo regenerate degraded local reef section5 In this mU1- phased project. Save The Med organised the frfth 'Blue Dragonera, forum lo involve local communities in the proactive care of the Sa Dragonera Marine ReseNe in the Balearic Islands. In Spring 2023, nearly 1,000 studènts and 80 teachers joined Save the Med's Dos Manos School Programme, an initiative which explores the issue of p18slic in the marine environment and the effect this has on marine and human lrfe. The programme is offered to local schools with the aim of engaging as many students, leacheTS and parents as possible with marine consetvation. More than 300 high school students Signed up lo Save the Med Foundation's Changemakers Project which stimulates young people to devise creative ideas lo reduce the use of single-use plastics. Page 3
OCEAN FAMILY FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2024 Achievements and performance Icontlnu9dl Yachts for scien delegate Dr Ferrelti and his team attended the Whf(e Shark Global Conferen in Port Lincoln, Australia, attended by 170 delegates. Dr Ferrelli and his team presented the latest updates from the Whrte Shark Chase, an Unpredented initiative to find and track the last white sharks in the Mediterranean Sea. A Plastic Planet led a Ihoughl-provoking session 8t the annual L8bour Party Conference lo stress the importance of a plastics strategy across the UK. A Plastic Planet's partner PlasticFree attended the Global Plastics Summit in Bangkok hosted by Economist Impact where global leaders. scien115ts, policymakers, and change-makers came together lo work toward the creation of a robust UN Global Plastics Treaty. Financlal revlgw a. Going Concern After making appropriate enquiries, the Iruslees have a reasonable expectation that the charitable company has adequate resourGes to continue in operational existence for the foreseeable future. For this reason they continue lo adopt the going concem bas15 in preparing the financial slalemenls. Further details regarding the adoption of tho going concern basis can be found in the Accounting Policies. b. Reserves policy The charitable company's unrestrided reserves as at 28 February 2024 were £263.314 {2023.' £42,956). The going ¢on¢ern of thg charitable company is considered above. General funds are unrestricted or free reserves which are available for use al the discretion of the Trustees in furtheran of the general objectives of the charitable company and which have not been designated for other purposes. The Trustees have sel the t8rgel level of unreslricted re5erve5 to be a minimum of one yearfs worth of running costs. As the charitable company has no paid employees. the Trustees believe that the ongoing costs will be minimal each year. Dorsalions are made to such enlilies the Trustees believe will meet ils objects on an hoc basis when the opportunity arises and funds are available. . Compliance with the Charity Governanco Code The Trustees are aware of the requirements of the Charty Govemance Code and ensure the charrtable operations comply with this code. Page 4
OCEAN FAMILY FOUNDATION (A company limited by guaranteg) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2024 d. Principal risks and uncertalntS9s The Trustees have assèssed the major risks lo which the charitable company is exposed, in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedures are in pla to mitigate exposure to the major risks. The Trustees consider thg main risks to be as follows:. 11 The loss of the gocxj reputation of the chantable company. 21 The cessation of donations reived. All risks are considered by the Trustee board on a regular basis and efforts are made lo mitigate any risks wherever possible. e. Flnanelal Tlsk management obJectlve$ and policies The Trustees have a risk managemgnt strategy which comprises an annual review of the principal risks and uncertainties that the charitable company faces and the establishment of policies, systems and procedures to mitigate these risks. Structure. govemance and management Constitution Ocean Fami Foundation 18 registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association on 20 February 2017. The company is a registered charity. number 1174759. The charitable companls registered offits is 3 CadoJan Gate, London. SW1X OAS. The Trustees wnfirm that they have referred to the guidance contained in the Charity Commission's general guidance on publi¢ benefft when rgviewing the charitable companls aim5 and objective5 and in the planning of future activities. The principal object of the charitable company is lo undertake and promote for the benefit of the public the eonservation. protection, improvement and ecologically sustainable management of the marine environment including associated land, shoreline and structures, and lo advance the education of the public in the nseNation, protection, improvement and ecdogically sustainable management of the marine environment including associated land, shoreline and structures. b. hlethods of appointment or election of Trusteos The management of the company is the responsibility of the Trustees who are elected and Coryopled under the terms of the Memorandum of Association. Page S
OCEAN FAMILY FOUNDATION (A company limitod by guaranteel TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2024 Structure, governance and management Icontinuedl . Organisational struCre and decision-making policies The charitable company is managed by the Trustees. The Trustees meet on a regular basis to discuss issues arising and lo assess the viability of requests for grants. The Trustees, who are also directors, who served <Juring the year were.'- D J fill P A D Dubens JSDGetty C L Creasey {resigned 31 MarGh 20241 d. Policies adopted for the induction and tralnlng of Trustees The charitable company is relying upon the guidance issued by the Charity Commission in relation lo the induction and training of Trustees. e. Financial risk management The Trustees have as5e55ed the major risks lo which the company is exposed, in particular those related to the operations and fInanS of the company. and are satisfied that systems and procedures are in place to miligale exposure lo the major risks. Plans for future periods The charitable company will continue to make donations to such &nlilies as il deems fil to continue its ¢haritsble work. The Trustees will continue lo develop their strategies to increase the profile of the charitable company and will continue to review and enhan their current inilialives. Infomiatlon on fundralslng pracuces The charitable company does not actively engage in fundraising adivilies. Public bon9fit The Trustees confirm that they have coMpld wf(h the duly in Section 4 of the Charities Ad 2006 to have due gard lo the Chariiy Commission's general guidan on public benefrt. Page 6
OCEAN FAMILY FOUNDATION IA company Ilmlted by guaranteo) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2024 Statement of Trustg9$' rgsponsibilities The Trustees {who are also the directors of the company for the purposes of Company lawl are responsible for preparing the Tnjslees, report and the financial statements in accordance with applicable law and Uni(ed Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statement5 for each financial . Under company law. the Trustees must not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the stale of affairs of thè Company and ol rts incoming resources and application of resou$, including its income and expenditure, for that period. In preparing these financial slalements, the Trustees are required to.. $$le¢t suitable accounting policies and then app Ihern consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent,. state whether applicable UK Accounting Standards {FRS 1021 h8ve been followed, subject to any material departures disclosed and explained in the financial slatemenls" prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Company's transactions and disclose with reasonable accuracy al any lime the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by roft e members of the board of Trustees and signed on their behalf by.. DJTill Date.. Page 7
OCEAN FAMILY FOUNDATION {A company Ilmlted by guarantgfy) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2024 Independent Examiner's Report to the Trustees of Ocean Family Foundatlon I'the Company'l report lo the charity Trustees on my examination of the accounts of the Company for the year ended 28 February 2024. This report is made solely lo the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company's trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner's worf( has been undertaken so that I might state to the Charitable company's trustees those matters l am required to stsle lo them in an independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charitable company, the charitable companys members as a body and the charitable company's trustees as a body for my independent examiner's work, for this report, or for the opinions I have formed. Responsibilities and Basis of Report As the Trustees of the Company {and its directors for the purposes of company tawl you are responsible for the preparation of the aceounts in accordance with the requirements of the Companies Act 20061.the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I reF)Ort in respect of my examination of the Companls accounts carried out under section 145 of the Charities Act 2011 {Yhe 2011 Act'l. In carrying out my examination I have followe(J the Diredions given by the Charity Commission under section 14515}{bl of the 2011 Act. Indopgndent Examiner's Statement sin the Company's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualrfied lo undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confim) that no matters have come lo my attention in connection with the examination giving me cause to believe". accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or the accounts do not accord with those records.. or the accounts do not comply with the accounting requirements of section 3% of th8 2006 Act other than any requirement that the accounts give a 'lrue and fair. view which is not a matter considered as part of an ind8p8ndent &xaminalion', or the accounts have not be8n prepared in accDrdan¢e with the melh(xls and principles of the Statement of Recommended Practice for accounting and reporting by charrties lapplic8ble to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir8land {FRS 102}1. I have no concerns and have come across no other matter5 in connection with the examination lo which attention shoukl be drawn in this report in order lo enable a proper understanding of the a¢¢ounts lo bfy roa¢hgd. Page 8
OCEAN FAMILY FOUNDATION (A company Ilmit¢d by guarantee) INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2024 Signed.. lan Weekes Dated.. 27 November 2024 FCA Crowe U.K. LLP Chartered Accountants Medway Bridge House 1- 8 Fairmeadow Maidslone Kent ME14 1JP Paga 9
OCEAN FAMILY FOUNDATION (A company limited by guarantoel STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 28 FEBRUARY 2024 Unrestricted funds 2024 Total funds 2024 Tolal funds 2023 Note Income from: Donations and legacies 645.132 645.132 308,407 Total income 645.132 645.132 308,407 Expenditure on: Charitable activities 424,774 424,774 350,633 Total oxpgndit¥Jre 424,774 424.774 350,633 Net movement In funds 220.358 220.358 (42.226J Reconciliation of funds: Total funds brought forward Nel movement in funds 42,956 220,358 42,956 220,358 85,182 (42.226J Total funds carried forhTard 263,314 263,314 42,956 The Statement of Fillan¢ial AEtivilie5 inGludes all gains and lossps iecognised in the year. The notes on pages 13 10 23 fomi part of these finanaal statements. Page 10
OCEAN FAMILY FOUNDATION IA company Ilmited by guarantee) REGISTERED NUMBER: 10628323 BALANCE SHEEr AS AT 28 FEBRUARY 2024 2024 2023 Note Current assèts Cash al bank and in hand 333.878 113,520 333,878 113,520 Creditors.. amounts falling due within one year 170,5641 (70,564) Net current assets 263.314 42.956 Totsl assets less current liabilities 263.314 42,956 Net assets excludlng penslon asset 263.314 42,956 Total net assets 263,314 42,956 Charity funds Unrestricted funds 11 263.314 42,956 Total funds 263.314 42.956 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the ¢¢Jmpany to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees ¥knowledge their re$ponsibililies for MplyIng with the requirements of the Act wlh respect to accounting records and preparation of financial slalemenls. The financial slalements have been prepared in accordance with the provisions applicable lo entities subject lo thè small companies regime. The financial stat ments re approved and authorised for issue by the Trustees and signed on their behalf by. DJTill Date.. 9£ i£il'i014 The ftotes on pages 13 to 23 form part of these financial stalemenls. Page11
OCEAN FAMILY FOUNDATION (A company limited by guarantee} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2024 2024 2023 Note Cash flows from operating activitias Net cash used in operating aclimties 14 220,3S8 (115,838J Change in cash and cash equlvalents in the year Cash and cash equivalents al the beginning of the year 220,358 {11 5.8381 229,358 113.520 Cash and cash equivalents at the end of the year 15 333.878 113,520 The notes on pages 13 10 23 fom part of these financial statements Page 12
OCEAN FAMILY FOUNDATION IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 General Inforniation The charitable company is a company limited by guarantee within the UK. The charitable companls registered company number is 10628323 and the registered charity nurnber 15 1174759. The members of the charitable company are the Trustees named Dn page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. The registered address of the charitable company is.. 3 Cadogan Gale London SW1X OAS The principal activity of the eharilable company is to undertake and promotfy for th& benefrt of the public the Conservation, protection, improvement and ecologically sustainable management of the marine anvironment including associated land. shoreline and structures, and to advance the education of the public in the conservation, protection, improvement and ecologically sustainable management of the marine environment including associated land, shoreline and stnjclures. Accounting poll¢l¢$ 2.1 Ba$1$ of preparation of financial statements The financial statements have been prepad in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charthes.. Statement of Recommended Practice applicable lo charities preparing their account5 in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effeclive 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. Ocean Family Foundation meets the definf(ion of a public benefjl entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value untess olherwiso staled in the relevant a¢UntIng poli¢y. 2.2 Going ¢on¢ern After making appropriate enquiries, the Iruslees have a reasonable expectation that the charitable ompany has adequate resources lo continue in operational existence for the foreseeable future. For this reason they continue to adopt the going ¢on¢em basis in preparing the financial statements. 2.3 Income All income is recognised once the Company has entillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in rèlation to donations received under Grft Aid or deeds of covenant is recognised at the time of the donation. Page 13
OCEAN FAMILY FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 AGGountlng policies IcontinLEed} 2.4 Expenditure Expenditure is Tecognised once there is a legal or constructive obligation to transfer economic benef(( to a third party. il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activty 8re made up of the total of direct costs and shared ¢osls, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not 8ttribulable to a single activty are apportioned between those activities on a basis consistent with the use of resources. Central staff osls are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitsble activities is incurred on direct undertaking the activities which further the Company's objectives, as wèll as any associated support costs. Grants payable are charged in the year when th& offer is made except in those cases where the offeT IS conditional, such grants being recognised as expenditure when the conditions attaching are fulfill. Grants offered subject lo conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All 8xpendilure is inclusive of irrecoverable VAT. 2.5 Foreign currencies Monetary assets and liabilities denominated in foreign CuenCieS are translated into 5teTling al rates of exchange ruling at Ihe reporting dale. Transactions in foreign euirencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and105se5 are recognised in the Statement of financial aclivf(ies. 2.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highty liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.7 Liabilitigs and provisions Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event. il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anti¢ipales it will pay to settle the debt or the amount it has recèived as advanced payments for the goods or services it must p¥ovide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre4ax discount rale that reflects the risks specific to the liabilty. The unwinding of the discount is recognised in the Slalement of financial adivities a5 a finante cost. Page 14
OCEAN FAMILY FOUNDATION {A company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 Accounting policies {continuedl 2.8 Flnanclal Instrumgnts The Company only has financial assets and financial liabilities of a kind that qualify as basic financAal instruments. Basic financial instruments are initially recognised al transaciion value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.9 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectiv0$ of the Company and which have not been designated for other purposes. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Donations 645,132 645,132 Unrestricled funds 2023 rotal funds 2023 Donations 308,407 308,407 Analysls of grants Grants to Instltutlons 2024 Total funds 2024 Grants made 379,299 379,299 Page15
OCEAN FAMILY FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 Analysis of grants l¢ontinuedl The following grants were made during the year'.- Recipient A Plastic Fe Planet Limited The Africa Foundation Worfdrise ONLUS Boat Intemalional Media Fundacion sa The Med cadOnian EnronMental Resloralion Trust Final Straw Foundation 10/0 For the Ocean Ciltadini per L'Aria Ocean Pledge Francesco Fertti Amount 100,000 86,735 43.401 43,000 34,428 15.000 15.000 15,000 13,215 9,530 3,940 Grants to Insblulions 2023 Total funds 2023 Grants made 332,263 332,263 Tho following grants were made during the previous year'.- Recipient A Plastic Free Planet Limited The Afiica Foundation Worfdrise ONLUS Fundacion sa The Med Boat Intemalional Mèdia NSG Appard Trash Hero Worfd Unilersity of Bristol IO% For the Ocean Amount 125,000 93,773 60,364 34,477 25,000 21.771 15,008 15,000 15,000 The following grants accruals reversed during the previous year'.- Recipient The Afjica Found*ion unIr$ity of Bristol Trash Hero Wortd Amount 43.225 15,000 14.905 Page 16
OCEAN FAPIILY FOUNDATION {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 Analysis of expenditure on charitable actlvltles Summary by fund type Unrestricted funds 2024 Total 2024 Support costs Grants made 45,475 379,299 45.475 379.299 424,774 424.774 UnTrst17cled nds 2023 Tolal 2023 Support costs Grants made 18,370 332.263 18.370 332,263 350,633 350,633 Anatysis of •xpendtture by activities Grant funding of activitios 2024 Support o$ts 2024 Total funds 2024 Support costs Grants made 45,475 45,475 379,299 379.299 379,299 45,475 424,774 Pagè17
OCEAN FAMILY FOUNDATION IA company Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 Analysis of expenditure by activitigs Icontinuedl Granl fiindirRg ot activities 2023 Support costs 2023 To181 funds 2023 Support costs Grants made 18,370 18,370 332,263 332,263 332,263 18,370 350,633 Analysis of support costs Total funds 2024 Activities 2024 Accounlancy Bank chafges General expenses Insurance Legal fees Printing and stationery Marketing Subscriptions Foreign exchange 4.020 622 1,181 2,995 3.649 913 19,200 524 4,020 622 1,181 2,995 3.649 913 19,200 524 12,371 12.371 45.475 45.475 P8go 18
OCEAN FAMILY FOUNDATION IA company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 Analysls of expendlture by actlvltles lconllnuodl Analy$is of support costs Icontinu8dl Tot81 funds 2023 ActivitS 2023 AcGOUntancy Bank tharge$ Insuran Legal fees Marketing Subscriptions Fol9n exchange 3.916 623 2,698 101 3,916 623 2,698 101 17,464 472 (6.904) 17,464 472 f6, 904) 18,370 18,370 Independent 8xaminer'$ remuneration 2024 2023 Fees payable to the Companls independent examiner for the independent examination of the Companrfs annual accoun15 Fees payable to the Company's independent examiner in respect of.. All other services not included above 2,500 1,750 1.250 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NILJ. During the year ended 28 February 2024. no Trustee expenses have been incurred (2023- £NILJ. Page 19
OCEAN FAMILY FOUNDATION {A company Ilmited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 Creditors: Amounts falling due wlthin one year 2024 2023 Trade creditors other creditors Accruals and deferred income 1.864 65,000 3.700 1.864 65,000 3. 7th? 70.564 70,564 10. Flnanclal Instruments 2024 2023 Financial assets Cash and cash equivalents 333.878 113,520 2024 2023 Financial liabilities Financial liabilrties held at amortised cost 70.564 70,564 Cash and cash equwalents relate lo cash hekl. Financial liabilities heEd at amortised cost consists of trade creditors, other creditors and accruals. Page 20
OCEAN FAMILY FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 11. Statement of funds Statèmant of funds- Current year Balance at 28 February 2024 Balance at 1 March 2023 Income Expenditure Unrestricted funds General Funds- all fijnds 42,956 645.132 1424,7741 263,314 Statement of funds- prior year Balance al l M8rch 2Q22 Balance al 28 Febnjary 2023 In¢tTh7e Expenditure Unrestricted funds General Funds- all fund5 85, 182 308,407 (350,633) 42,956 12. Summary offunds Summary of funds- current year Balance at 28 Fèbruary 2024 Balance at 1 March 2023 Income Expenditure General funds 42,956 645,132 {424.7741 263.314 Summary of funds- prior year Balance at ? March 2022 Balance al 28 February 2023 Income Exp&ndilure General funds 85,182 308.407 {350,633J 42,956 Page 21
OCEAN FAMILY FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 13. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2024 Total funds 2024 Current assets Crediiors due within one year 333,878 170,564} 333,878 170,5641 Total 263,314 263,314 Analysrs of net assets between funds- prior year unstrIcted funds 2023 Total funds 2023 Current a55et5 Creditors due wthin one year 113,520 (70,564) 113,520 {70,564) Tolal 42,956 42,956 14. Reconclllatlon of net movement In funds to nat cash Ilow from opgrallng acllvltlos 2024 2023 Net incomelexpenditure for the year las per Statement of Financial Aclivitiesl 220,358 (42,226) Adjustments for: DecreaSel{inc8seI in debtors (Decreasellincrease in ciedTtots 1,721 {75,333J Net cash provided byllused In} operatlng actlvltles 220,358 (115, 838) P8ge 22
OCEAN FAMILY FOUNDATION IA company limited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 15. Analysis of cash and cash equlvalents 2024 2023 Cash in hand 333,878 113,520 Total cash and cash equivalents 333,878 173,520 16. Analysis of changes in net debt At28 February 2024 At 1 March 2023 Cash flows Cash at bank and in hand 113.520 220.358 333.878 113.520 220.358 333.8T8 17. Related party tran$adlons During the year. £189,713 (2023= £136,937) of charitable donations were received fiom Trustees or entities in which Trustees have an interest. During th@ year, a £43,000 donation was made lo Boat Inlemalional Media Limited 12023.. £25,000), a company in which a Trustee has an interest, forthe provision of an educational fe public evenl. Included within other creditors is £65,00012023'. £65,000) lent by Oakley Capital Limf(ed, a coryany In which a Trustee has an inleresl. Repayment is intended lo be made by February 2025. Page 23