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2023-12-31-accounts

Charity registration number 1186488

10% FOR THE OCEAN

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10% FOR THE OCEAN

LEGAL AND ADMINISTRATIVE INFORMATION

Jasper Smith Michael Penrose R Rohan Mohamed Asker Fawmy

Trustees Jasper Smith Michael Penrose R Rohan Mohamed Asker Fawmy Charity number 1186488 Principal address 21 Poland Street London W1F 8QH Independent examiner MUS Accountants Limited 268 Bath Road, Regus Office 146 Slough SL1 4DX

10% FOR THE OCEAN

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 20

10% FOR THE OCEAN

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

In 2023, 10% for the Ocean continued its mission to raise awareness and support for ocean conservation, aligning with the UN’s Sustainable Development Goal 14: Life Below Water.

The key objectives included:

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

10% FOR THE OCEAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

Significant activities and achievements against objectives

2023 was a transitional year, marked by a temporary pause in distributing new grants through the ORN. This pause was necessary due to changes in leadership and the need to stabilise management practices. Despite this, we successfully:

The payments, which were issued in January 2023, reflect our ongoing commitment to supporting local and global efforts within the Ocean Recovery Network, reinforcing our trust-based and flexible approach to philanthropy.

To explore Henley’s incredible work and the stories he has produced during this year, visit Oceanographic - Magazine Henley Spiers Storyteller in Residence

10% FOR THE OCEAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to one month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

10% FOR THE OCEAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

The governance structure of 10% for the ocean is governed by its constitution, which serves as its governing document.

10% for the ocean is constituted as a charitable incorporated organization (CIO) registered with the Charity Commission for England and Wales (1186488).

The current trustees have been in place since the charity inception. For future trustee recruitment and appointment, the charity follows the criteria outlined in its constitution.

Vacancies for trustee positions are publicly advertised, inviting applications from individuals who demonstrate a commitment to the charity's mission and values. The recruitment process may involve interviews, reference checks, and assessments of skills and experience.

2023 saw a change in leadership, which played a crucial role in shaping the direction of 10% for the Ocean throughout the year. For the majority of 2023, the organisation was under the temporary management of John Mitchell, who ensured operational continuity during this transitional phase. John's leadership focused on maintaining our ongoing commitments, especially in relation to the delayed grant payments from the previous year, while also stabilising the organisation amid changes. His steady guidance helped us navigate this period without any major disruptions to our core activities.

In November 2023, Carlotta Chialastri officially took over as the new leader of 10% for the Ocean, marking a fresh chapter for the organisation. Carlotta brings a wealth of experience in conservation and philanthropy, and her appointment has infused the organisation with renewed enthusiasm and strategic vision. Under her leadership, we have begun to revitalise our approach, focusing on innovation, stronger partnerships, and expanding the reach of our programmes.

Carlotta’s leadership has already had a notable impact, particularly in spearheading new initiatives such as the partnership with Oceanographic Magazine for the Storyteller in Residence programme and securing the Connery Foundation donation. Her dynamic approach has also seen the introduction of the Samara Connery Internship, aimed at nurturing future leaders in ocean advocacy. Moving forward, Carlotta’s strategic vision is set to shape a more sustainable and impactful future for 10% for the Ocean, with a renewed emphasis on collaboration, growth, and long-term impact.

Reference and administrative details

10% for the Ocean remains committed to transparent governance and ethical management of all resources. The new leadership structure and advisory board will ensure continued alignment with our objectives of supporting ocean conservation through flexible and impactful philanthropy.

10% for the ocean (also 10%FTO) is registered with the Charity Commission for England and Wales (1186488).

Address: 21 Poland Street, LONDON, WlF 8QH.

Trustees: Jasper Smith, Michael Penrose, Asker Fawmy, Ruper Rohan.

The trustees who served during the year and up to the date of signature of the financial statements were: Jasper Smith Michael Penrose R Rohan Mohamed Asker Fawmy

10% FOR THE OCEAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees' report was approved by the Board of Trustees.

Jasper Smith Trustee 20 September 2024

R Rohan Trustee Mohamed Asker Fawmy Trustee

10(/l• FOR THE OCEAN INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF 10% FOR THE OCEAN I report lo the Iruslees on my exarnination of Ihe finarnxal statemwts of 10% For The Ocean Ohe ¢harfty) for the ar erbded 31 Oe¢amber2023. Rosponslbllhlos and bas1$ of report As the Iruslees of the chaiity you are Tesponsible for the preparalwm of the finan¢?al statements in acclxdance wrth the requirements oflhe CharitiesAct 2011 (the 2011 Act). I report in respert of my examination of the chafttys finanrAal statements carried out under section 145 of the 2011 Act. In carrying out my examination I have folhmed all the appl￿b]e Direclions given by the Charity Commission under secbon 14515}Ib) of Ihe 2011 A Ind•pnd•nt exafflinorfs statsmont Since Ihe chari￿$ gross income exceeded £250.CQO your examiner must be a mèmbeT of a body listed in section 145 of the 2011 Acl. l ￿nfi￿n that l am qualthed to undertake thè examination because l am a member of the Assooathon of Chartered CefbfiedAcxountsnts. which is of the listed bodies. Your attention is drawn to the fad that trje tharrty has prepa￿￿ financial stemenls in ao)Jrdan( with Aetounling and Reporting by Charittes preparing their acxounts in aW)rdan￿ with thè Financ4al Repoiting Stsndard applicablg in the UK and Republ[¢ of Ireland IFRS 102) in p￿feren￿2 lo Ihe Aco)unting and Reporting by Charities.. Statement of Reo)mmended Pr8thce isyjed on 1 Apnl 200S vthich is refeffed to in the exlanl regulations bui has now been withdrawn. l undetstand that thi$ has been done in order for fin8noal statements to prnvide a true and fair Mew in ac￿rdanC4 with GenerallyAccept8d Aoxunling Practice gff8thve for feporting periods beginning on or after 1 January 201S. I have completed my examination. l ojnfm that no matters have Lxffie to my attenlim in ¢onnecion with the examination gmng me Cause lo believe that in any material resFrfL accounting records were not kept in respect of the chaiity as required by se(knn 130 of the 2011 Ad.. or the financ4al statements do not aco)rd with those records.. or the financial stslemenls do not compty wilh the applicable reouiremenls conceming the form and conlenl of acojunts set out in the Chanlies (Acc4Junts and Reports) Regulation$ 2006 other than any requirement that tho acoJunl$ give a true and fair viewwhich is not a matter c4JnsJered as part of an indèFendenl exarTunation. I have no concems and haNE come &yoss nts other matters li connethon with tho examination to whlch attention should be d(awn in this report in orderto enable 8 proper understanding of the ffinanoal stslements to be reached. Muhammad SalarAraln FCCA Forand on bèhalf of MUS A¢counlants Limltad 268 Bath Road. Reg Office 146 Slough SL14DX D8led'. 20 September 2024

10% FOR THE OCEAN

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 92,841 422,584
Charitable activities 4 318,000 78,504
Total income 410,841 501,088
Expenditure on:
Raising funds 5 5,375 22,313
Charitable activities 6 288,246 389,383
Total expenditure 293,621 411,696
Net income and movement in funds 117,220 89,392
Reconciliation of funds:
Fund balances at 1 January 2023 54,864 (34,528)
Fund balances at 31 December 2023 172,084 54,864

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

10% FOR THE OCEAN

BALANCE SHEET

AS AT 31 DECEMBER 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 13 11,824 16,177
Current assets
Debtors 14 185,790 196,130
Cash at bank and in hand 112,308 1,632
298,098 197,762
Creditors: amounts falling due within 16
one year (128,616) (144,528)
Net current assets 169,482 53,234
Total assets less current liabilities 181,306 69,411
Creditors: amounts falling due after
more than one year 17 (9,222) (14,547)
Net assets excluding pension liability 172,084 54,864
Net assets 172,084 54,864
The funds of the charity
Unrestricted funds 172,084 54,864
172,084 54,864
The financial statements were approved by the trustees on 20 September 2024
Jasper Smith R Rohan Mohamed Asker Famy
Trustee Trustee Trustee

10% FOR THE OCEAN

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
21
Investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(1,560)
(5,325)		 £
117,561
(1,560)
(5,325)
110,676
1,632
112,308		 2022
£
(3,496)
(4,669)		 £
(11,794)
(3,496)
(4,669)
(19,959)
21,591
1,632

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10% FOR THE OCEAN

1 Accounting policies

Charity information

10% For The Ocean is a registered charity and a global initiative to shift ocean charitable funding from 0.5% to 10% by 2030. It's aim is to motivate individuals and organisations to direct 10% of their philanthropy to creating an ocean superfund that will diversify donations and grants across projects worldwide that align with1 or more of the 10 targets of the UN's Sustainable Development Goal 14 Life Below Water.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it 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 activity are made up of the total of direct costs and shared costs, 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 attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 4 years straight line Computers 4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 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. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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 the 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.

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 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 ongoing 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.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 92,841 422,584

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Rent
Rental income 318,000 78,504
Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Advertising 5,375 -
Staff costs - 22,313
5,375 22,313

5 Expenditure on raising funds

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Expenditure on charitable activities

Education
2023
£
Direct costs
Staff costs
42,470
Charitable expenditure heading 1
-
42,470
Grant funding of activities (see note 7)
-
Share of support and governance costs (see note 8)
Support
233,368
Governance
12,158
287,996
Analysis by fund
Unrestricted funds
287,996		 Grant
making
2023
£
-
-
-
250
-
-
250
250		 Total
Education
2023
2022
£
£
42,470
22,620
-
-
42,470
22,620
250
-
233,368
232,323
12,158
10,850
288,246
265,793
288,246
265,793		 Rent
2022
£
-
-
-
-
16,889
-
16,889
16,889		 Grant
making
Research
2022
2022
£
£
-
-
-
5,326
-
5,326
101,375
-
-
-
-
-
101,375
5,326
101,375
5,326		 Total
2022
£
22,620
5,326
27,946
101,375
249,212
10,850
389,383
389,383

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

7 Grants payable

Grants to institutions:
Art - 2030
ClientEarth
Coalition Clean Baltic
Coastal Crusaders Community Interest Company
Coral Reef Alliance
Fauna & Flora
Greenpeace Environmental Trust
National Oceanography Centre
Ocean Risk & Resilliance Action Alliance Inc
The Ocean MTU
Whale Rise
Other < £1,000 each
Other
-
8
Support costs allocated to activities
Depreciation
Rent
IT software and consumables
Insurance
Travel
Subscription
Telephone and internet
General expenses
Design costs
Bank fees
Advertising and marketing
Governance costs
Analysed between:
Education
Rent		 Grant
making
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
250
250
2023
£
5,913
188,035
1,395
-
1,455
1,588
2,708
7,394
-
24,880
-
12,158
245,526
245,526
-
245,526		 Grant
making
2022
£
37,842
1,000
2,000
2,000
1,000
1,000
2,000
1,000
2,000
2,000
2,000
47,533
-
101,375
2022
£
4,907
207,930
4,523
7,945
-
2,175
2,730
1,213
359
1,495
16,715
10,070
260,062
243,173
16,889
260,062

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9 Net movement in funds 2023 2022
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 2,000 -
Depreciation of owned tangible fixed assets 5,913 4,907

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
2 2
Employment costs 2023 2022
£ £
Wages and salaries 38,879 39,659
Social security costs 3,295 4,086
Other pension costs 296 1,188
42,470 44,933

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

13
Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 January 2023
16,587
Additions
-
At 31 December 2023
16,587
Depreciation and impairment
At 1 January 2023
4,780
Depreciation charged in the year
4,147
At 31 December 2023
8,927
Carrying amount
At 31 December 2023
7,660
At 31 December 2022
11,807
14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 Computers
£
5,504
1,560
7,064
1,134
1,766
2,900
4,164
4,370
2023
£
64,161
97,724
23,905
185,790
2023
£
14,119
4,897
9,222		 Total
£
22,091
1,560
23,651
5,914
5,913
11,827
11,824
16,177
2022
£
64,160
95,200
36,770
196,130
2022
£
19,444
4,897
14,547

The long-term loan is unsecured and the interest rate is at 2.5% per annum.

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

16 Creditors: amounts falling due within one year

Notes
Bank loans
15
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
17
Creditors: amounts falling due after more than one year
Notes
Bank loans
15
18
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2023
£
4,897
23,268
97,022
-
3,429
128,616
2023
£
9,222
2023
£
296		 2022
£
4,897
34,011
96,562
148
8,910
144,528
2022
£
14,547
2022
£
1,188

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds		 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
54,864
410,841
(293,621)
172,084
January
2022
Incoming
resources
Resources
expended
At 31
December
2022
£
£
£
£
(34,528)
501,088
(411,696)
54,864

20 Related party transactions

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

20 Related party transactions

(Continued)

During the year, the charity purchased services totaling £22,632 (2022: £4,706) from Rohan Solicitors LLP with whom one of the trustee. R Rohan, is a designated member, At the year end, the charity owed £8,612 (2022: £5,278) to Rohan Solicitors LLP in relation to their purchases.

During the year, the charity provided services totalling £nil (2022: £32,246) to VALA Capital Limited of which A Fawmy is a director. At the year end, the charity owed £4,500 (2022: £12,450) to VALA Capital Limited in relation to their purchases. The charity was due £38,695 from VALA Capital Limited (2022: £38,695) in relation to the rental income.

During the year, the charity purchased fixed assets from Canverse Games Ltd of which trustees A Fawmy and J Smith are directors. totalling £nil (2022: £4,774) In addition to this the charity also purchased services from Canverse Games Ltd totalling £nil (2022: £4,422) and provided services totalling £nil (2022: £18,529). At the year end, the chanty owed £142 (2022: £1,189) to Canverse Games Ltd in relation to their purchases The charity was due £nil from Canverse Games Ltd (2022: £22,289) in relation to the rental income.

During the year, the charity received donations from The Fashion Incubator Limited of which trustees R Rohan and J Smith are directors, totaling £nil (2022: £34,000). In addition to this, the charity provided services totaling £nil (2022: £27,729) to The Fashion Incubator Limited. At the year end, the charily owed £nil (2022:£nil) to The Fashion Incubator Limited.

During the year. the charity received donations from Hydda Limited of which trustees R Rohan and A Fawmy are directors, totaling £nil (2022: £34,000). At the year end, the charity owed £nil (2022: £nil) to Hydda Limited.

During the year, the charity received donations from Ocean Ten Media Limited of which trustee J Smith is a director, totaling £318,000 (2022: £294,000) At the year end, the chanty owed £nil (2022: £nil) to Ocean Ten Media Limited.

During the year, the chanty received donations from Moda Industries Limited of which trustee R Rohan is a director, totaling £nil (2022: £34,000). At the year end, the charity owed £nil (2022: £nil) to Moda Industries Limited.

During the year, the charity received donation £10,000 from J Smith.

21
Cash generated from operations
Surplus for the year
Adjustments for:
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease) in creditors
Cash generated from/(absorbed by) operations		 2023
£
117,220
5,913
10,340
(15,912)
117,561		 2022
£
89,392
4,907
(60,131)
(45,962)
(11,794)

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

22 Analysis of changes in net funds/(debt)
At 1 January Cash flows At 31 December
2023 2023
£ £ £
Cash at bank and in hand 1,632 110,676 112,308
Loans falling due within one year (4,897) - (4,897)
Loans falling due after more than one year (14,547) 5,325 (9,222)
(17,812) 116,001 98,189