**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: - Continuing support for local organisations and initiatives within the Ocean Recovery Network (ORN). - Establishing new partnerships to expand our educational outreach. - Securing funding to ensure the continuation and success of marine programmes. ## _Public benefit_ The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. - 1 - ## **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: - In 2023, we successfully completed the second round of delayed grant payments to five key organisations that had received initial funding in the previous year. This phase of funding was vital in ensuring that these organisations could continue their important work in ocean conservation and resilience-building despite the delays caused by our internal leadership transition. The recipients of these payments included a diverse range of initiatives that are making significant contributions to marine protection and climate resilience. The organisations funded were as follows: - **Whale Rise:** A project dedicated to the protection and preservation of whale populations and their critical role in ocean ecosystems. Their work focuses on habitat protection, sustainable tourism, and research into the ecological impacts of whales. - **Ocean Risk & Resilience Action Alliance:** This global alliance is tackling the impacts of ocean risk on vulnerable coastal communities. Their work involves developing innovative finance solutions and resiliencebuilding strategies to mitigate the effects of rising sea levels and extreme weather patterns. - **The Oceancy MTU:** An initiative focused on marine technology and research, The Oceancy MTU is using cutting-edge technology to monitor ocean health and provide vital data to inform conservation strategies. Their work is essential in understanding the long-term effects of climate change on marine biodiversity. - **Saildrone Inc:** Saildrone uses autonomous ocean vehicles to collect data from the world’s oceans, offering new insights into global climate dynamics, fish populations, and marine ecosystems. Their innovation supports crucial research efforts and policy-making for sustainable oceans. - **Coalition Clean Baltic:** A grassroots network focused on the health of the Baltic Sea, Coalition Clean Baltic works to reduce pollution and improve water quality through advocacy, education, and on-the-ground conservation projects. 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. - Initiated a three-year partnership with **Oceanographic Magazine** to fund an educational programme titled _Storyteller in Residence_ . This programme aims to amplify ocean conservation stories to a global audience. In 2023 we kicked off the first year-long Storyteller in Residence: Henley Spiers. Henley is a highly acclaimed wildlife photographer, writer and expedition leader. His passion for the underwater world was developed as a dive instructor, after which he transitioned into full-time photojournalism. In his year as SiR, he shared stories of community-led Marine Protected Areas in Scotland; showcased the plight of sea lions in Baja California; and documented research efforts to track humpback whale movements in Mexico. His stories bring the underwater world to life, highlighting its wonders and the vital need to protect it. To explore Henley’s incredible work and the stories he has produced during this year, visit Oceanographic - Magazine Henley Spiers Storyteller in Residence - 2 - ## **10% FOR THE OCEAN** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ - In 2023, 10% for the Ocean took a major step forward by solidifying a collaboration with **Oceans Ten Media** on the development and promotion of the highly anticipated **Oceans Film** and the associated **Oceans Impact Campaign** . This initiative is designed to raise awareness about marine conservation by supporting the creation and launch of community-led **Marine Protected Areas (MPAs)** worldwide. The Oceans Film, featuring Sir David Attenborough, will serve as a powerful tool to engage global audiences and inspire action for ocean recovery. In support of this, 10% for the Ocean has committed to aligning its objectives with the Oceans Impact Campaign, focusing specifically on the sustainable development of MPAs and expanding financial support for the wider ocean conservation community. Furthermore, the agreement includes the right for 10% for the Ocean to incorporate promotional content from the Oceans Film and the campaign into our outreach platforms, further increasing visibility and advocacy for ocean protection. This collaboration underscores our organisation’s commitment to leveraging media and storytelling as a means to drive large-scale, impactful ocean conservation efforts. - Began a collaboration with the **Sean Connery Foundation** , culminating in a major donation secured in 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. - 3 - ## **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 - 4 - ## **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** - 5 - 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 st*emenls 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 ¢onnec*ion 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 c4Jns*Jered 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. - 7 - ## **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**|||| - 8 - ## **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| |---|---|---|---|---| - 9 - **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 - ## **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. - 11 - ## **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| - 12 - ## **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** - 13 - ## **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| - 14 - ## **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| |---|---|---| - 15 - ## **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. - 16 - ## **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. - 17 - ## **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** - 18 - ## **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)| |---|---|---| - 19 - ## **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| - 20 -