OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

Charity registration number 1186488 (England and Wales)

10% FOR THE OCEAN

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 - 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 19

10% FOR THE OCEAN

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

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, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".

Objectives and activities

In 2024, 10% for the Ocean continued its mission to raise and support ocean conservation. 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.

Achievements and performance

Significant activities and achievements against objectives

2024 was a busy year for 10% for the Ocean, with the following being achieved.

· Rosemary Mann

10% FOR THE OCEAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

· Mario Passoni

Over the years, Mario worked in rescue centres' in Italy and Thailand for endangered animals (such as sun bears, Siberian tigers, gibbons, red pandas, etc.). He spent more than 7 years in the field in the world of scientific research, tourism, and habitat restoration. He therefore worked in the Maldives, Mexico, Seychelles, Egypt, Mozambique, Madagascar, and Italy, contributing to census projects of whale sharks, manta rays, sea turtles, coral, and seagrass restoration.

In the following years, he devoted himself to sustainable tourism and the organization of ecotourism trips, which led to the first ultrasound scan of a pregnant manta ray, in Socorro, Mexico. Finally, he landed at the World Sustainability Organization (WSO), where he initially managed the technical and scientific department of Friend of the Sea, in the area of sustainable fisheries and aquaculture, and later began running the non-profit arm of WSO, the World Sustainability Foundation (WSF), whose aim is to protect terrestrial and marine biodiversity through conservation and awareness projects on endangered species and threatened ecosystems and support local communities.

Marina Psaros is a sustainability expert and has led climate action programs across public, private, and nonprofit organizations for over a decade. She is one of the creators of The King Tides Project, an international community science and education initiative. An amateur cartographer and ocean advocate, she lives in the San Francisco Bay Area. Christina Conklin is an artist, writer, and researcher whose work investigates the intersection of natural systems and belief systems, often using the ocean as both site and metaphor. Her essays, exhibitions, and installations consider our cultural responses to the intersecting ecological and social crises of our time. She holds an MFA from California College of the Arts and has exhibited internationally. She is currently working with thought leaders and activists around the world to help communities create regenerative cultural systems. She lives with her husband and two children in Half Moon Bay, California.

With 25 years of professional experience across a variety of environmental conservation and social justice initiatives, Elizabeth’s career has involved developing strong relationships with people at all levels and across multiple demographics, from business executives as a representative for NYSERDA, to single teen mothers experiencing homelessness and domestic violence as a social worker. On issues as diverse as civil rights, gender justice, climate resilience, and coral conservation, she is deeply committed to and adept at ensuring that the considerations of all voices – not just the dominant members – of a collaborative effort are heard and taken into account, that all participants understand shared agreements, and that outcomes reflect a high degree of equity. Elizabeth is a member of Katalyst Consulting’s Mastermind Community, consistently building partnerships across siloes and identifying opportunities for synergy and collaboration. Prior to launching her own business, Elizabeth’s success in policy advocacy includes leading stakeholder engagement around ocean conservation policy with Environmental Defense Fund, where she launched Everyone’s Gulf, a unique ocean equity-focused project; liaising with elected officials and state agency leads to develop coastal conservation strategy with the Sarasota Bay Estuary Program; and leading an alliance of conservation groups on fisheries policy with the Pew Charitable Trusts.

· Enock Ole Kiminta

Enock is a talented water resource specialist with 15+ years of experience in the water conservation and management sector. He has implemented a successful watershed-based program through a Multi Stakeholder partnership approach that resulted in collaboration and partnership in sustainable management of water resources in Kenya. Proven track record of developing sustainable solutions to maximize water resources conservation, protection & management while minimizing operational costs.

10% FOR THE OCEAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

· Oscar Vosshage

Oscar combines his passion for creating sustainable business solutions and reducing barriers to conservation efforts through his multidisciplinary background in techno-economics, social impact, and innovation. He has experience working at the cutting edge of technology and business model innovation specifically focused on blue ecosystems. Additionally, He has worked closely with diverse stakeholders to understand true challenges and approaches needed to create tangible change.

Unrepentant humanist, bridge builder and leader. Celine has 20 years of experience across the full spectrum of social change, venture philanthropy and international cooperation – with extensive field experience. She thrives in value-driven contexts with ambitious environmental, social and governance impact ambitions. She possesses strategic planning, partnership development, leadership, management, entrepreneurship and creativity. She is inspired by people with vision and courage; nature and biodiversity. Currently she is diving further into social and creative entrepreneurship, exploring hybrid finance, and honing her leadership style. With a successful track record at the Swiss Foreign Ministry, at a global non-governmental organisation and at a corporate foundation, she is particularly well placed to work as bridge builder and build productive multi-stakeholder partnerships.

Sidney’s work mostly entails youth-led environmental conservation, landscape and nature restoration, marine protection, climate-smart farming systems, environmental policy, and environmental journalism. He also has a deep interest in working with youth at the grassroots level, youth-inclusive governance and policies, environmental storytelling, and climate action. He is a climate advocate and an environmental defender, working to champion meaningful youth engagement for Climate action with a background in Environmental Studies and Community Development. He has experience in community organizing, climate communication, environmental conservation and protection, and community resource mobilization. Currently, he is a Co_founder and Projects Officer at Train My Generation CBO (TMG) and his work involves planning and managing impact projects at the organization. At TMG, we believe that sharing images will enable the world to understand why and how they will need to conserve the environment and make sustainable decisions while going about their daily lives. We share stories that enable relevant sharing of knowledge on everything nature and wildlife. We create awareness of conservation and climate change issues through photography. He has previously worked as a Volunteer at Kenya Environmental Action Network (KEAN) where he has been involved in global campaigns on environmental storytelling. He was able to lead campaigns using storytelling to communicate about environmental issues and how all stakeholders can participate in achieving the goals of environmental sustainability.

10% FOR THE OCEAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

· Mina Kim

Mina is an experienced PhD economist with policy interests in climate, economic development, technology, and inequality. She brings a deep understanding of what is needed to use data effectively. She has been intimately involved in all aspects from collecting data used to provide insights, to creating indicators that measure the health of our economy, to analyzing data to answer policy questions, to presenting data to provide evidence for actionable recommendations, to teaching and mentoring others on how to create powerful stories using data. She is Adjunct Professor at the American University School of International Service and she is an Economist for the US Department of State.

10% FOR THE OCEAN

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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.

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).

For the majority of 2024, 10% for the Ocean was under the leadership or Carlotta Chialastri. With her extensive experience in conservation and philanthropy, she was instrumental in driving forward our initiatives and achieving the successes outlined above. At the end of October, Carlotta departed for organisation for a new challenge abroad. Jasper Smith, founder and trustee, has temporarily taken over the stewardship of the charity until a new CEO is appointed.

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 2024

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

Jasper Smith Trustee 30 October 2025

R Rohan Trustee Mohamed Asker Fawmy Trustee

10% FOR THE OCEAN

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Donations and legacies 3 45,280 92,841
Charitable activities 4 100,698 318,000
Total income 145,978 410,841
Expenditure on:
Raising funds 5 (3,320) 5,375
Charitable activities 6 216,401 288,246
Total expenditure 213,081 293,621
Net income/(expenditure) and movement in funds (67,103) 117,220
Reconciliation of funds:
Fund balances at 1 January 2024 172,084 54,864
Fund balances at 31 December 2024 104,981 172,084

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 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 13 5,911 11,824
Current assets
Debtors 14 333,705 185,790
Cash at bank and in hand 37,286 112,308
370,991 298,098
Creditors: amounts falling due within 16
one year (267,712) (128,616)
Net current assets 103,279 169,482
Total assets less current liabilities 109,190 181,306
Creditors: amounts falling due after
more than one year 17 (4,209) (9,222)
Net assets excluding pension liability 104,981 172,084
Net assets 104,981 172,084
The funds of the charity
Unrestricted funds 104,981 172,084
104,981 172,084
The financial statements were approved by the trustees on 30 October 2025
Jasper Smith R Rohan Mohamed Asker Famy
Trustee Trustee Trustee

10% FOR THE OCEAN

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
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 (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
-
(4,586)		 £
(70,436)
-
(4,586)
(75,022)
112,308
37,286		 2023
£
(1,560)
(5,325)		 £
117,561
(1,560)
(5,325)
110,676
1,632
112,308

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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" 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)". 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 2024

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 2024

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
2024 2023
£ £
Donations and gifts 45,280 92,841

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Income from charitable activities

Rent
Sale of goods
Expenditure on raising funds
Fundraising and publicity
Advertising
Expenditure on charitable activities
Education
Grant
making
2024
2024
£
£
Direct costs
Staff costs
70,592
-
Grant funding of activities
(see note 7)
-
275
Share of support and governance costs (see note 8)
Support
127,691
-
Governance
17,843
-
216,126
275
Analysis by fund
Unrestricted funds
216,126
275
Grants payable
Grants to institutions:
Other		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
100,698
318,000
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
(3,320)
5,375
Total
Education
Grant
making
Total
2024
2023
2023
2023
£
£
£
£
70,592
42,470
-
42,470
275
-
250
250
127,691
233,368
-
233,368
17,843
12,158
-
12,158
216,401
287,996
250
288,246
216,401
287,996
250
288,246
Grant
making
Grant
making
2024
2023
£
£
275
250

5 Expenditure on raising funds

6 Expenditure on charitable activities

7 Grants payable

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Grants payable

(Continued)

8 Support costs allocated to activities

8
Support costs allocated to activities
Depreciation
Rent
IT software and consumables
Insurance
Travel
Subscription
Telephone and internet
General expenses
Bank fees
Governance costs
Analysed between:
Education
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets		 2024
£
5,913
107,444
492
725
2,365
1,711
4,103
4,021
916
17,844
145,534
145,534
2024
£
2,000
5,913		 2023
£
5,913
188,035
1,395
-
1,455
1,588
2,708
7,394
24,880
12,158
245,526
245,526
2023
£
2,000
5,913

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:

2024 2023
Number Number
1 2

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

11
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2024
2023
£
£
65,225
38,879
3,716
3,295
1,651
296
70,592
42,470		 (Continued)
2024
2023
£
£
65,225
38,879
3,716
3,295
1,651
296
70,592
42,470
42,470

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.

13 Tangible fixed assets

Fixtures and
fittings
£
Cost
At 1 January 2024
16,587
At 31 December 2024
16,587
Depreciation and impairment
At 1 January 2024
8,927
Depreciation charged in the year
4,147
At 31 December 2024
13,074
Carrying amount
At 31 December 2024
3,513
At 31 December 2023
7,660
14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 Computers
£
7,064
7,064
2,900
1,766
4,666
2,398
4,164
2024
£
60,985
205,876
66,844
333,705		 Total
£
23,651
23,651
11,827
5,913
17,740
5,911
11,824
2023
£
64,161
97,724
23,905
185,790

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

15
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
The long-term loan is unsecured and the interest rate is at 2.5% per annum.
16
Creditors: amounts falling due within one year
Notes
Bank loans
15
Other taxation and social security
Trade 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		 2024
£
9,533
5,324
4,209
2024
£
5,324
6,485
249,373
6,530
267,712
2024
£
4,209
2024
£
1,651		 2023
£
14,119
4,897
9,222
2023
£
4,897
23,268
97,022
3,429
128,616
2023
£
9,222
2023
£
296

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.

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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
2024
Incoming
resources
Resources
expended
At 31
December
2024
£
£
£
£
172,084
145,978
(213,081)
104,981
January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
54,864
410,841
(293,621)
172,084

20 Related party transactions

During the year, the charity purchased services at £6,503 (2023: £22,632) from Rohan Solicitors LLP with whom one of the trustee R. Rohan, is a designated member, At the year end, the charity owed £10,244 (2023: £8,612) to Rohan Solicitors LLP in relation to their purchases.

During the year, the charity provided services totalling £12,450 (2023: £nil) to VALA Capital Limited where A Fawmy is a director. At the year end, the charity owed £nil (2023: £nil) to VALA Capital Limited in relation to their purchases. The charity was due £38,695 from VALA Capital Limited (2023: £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 (2023: £nil) In addition to this the charity also purchased services from Canverse Games Ltd totalling £nil (2023: £nil) and provided services totalling £nil (2023: £nil). At the year end, the charity owed £142 (2023: £142) to Canverse Games Ltd in relation to their purchases. The charity was due £nil from Canverse Games Ltd (2023: £nil) in relation to the rental income.

During the year, the charity received donations from Ocean Ten Media Limited of which trustee J Smith is a director, totalling £57,200 (2023: £318,000) At the year end, the chanty owed £nil (2023: £nil) to Ocean Ten Media Limited.

During the year, charity received a donation of £30,000 from J Smith.

10% FOR THE OCEAN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21 Cash (absorbed by)/generated from operations 2024 2023
£ £
(Deficit)/surplus for the year (67,103) 117,220
Adjustments for:
Depreciation and impairment of tangible fixed assets 5,913 5,913
Movements in working capital:
(Increase)/decrease in debtors (147,915) 10,340
Increase/(decrease) in creditors 138,669 (15,912)
Cash (absorbed by)/generated from operations (70,436) 117,561
22 Analysis of changes in net funds
At 1 January Cash flows At 31 December
2024 2024
£ £ £
Cash at bank and in hand 112,308 (75,022) 37,286
Loans falling due within one year (4,897) (427) (5,324)
Loans falling due after more than one year (9,222) 5,013 (4,209)
98,189 (70,436) 27,753