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2024-04-01-accounts

Charity Registration Number: 1193944

North Sea Conservation (Whitby Lobster Hatchery) Financial Statements For the Year Ending 31 March 2024

JANE ASCROFT ACCOUNTANCY LIMITED

Chartered accountants Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP

North Sea Conservation (Whitby Lobster Hatchery)

Financial Statements

Year Ended 31 March 2024

Page
Trustees' Annual Report 1
Independent Examiner's Report to the Trustees 6
Statement of Financial Activities 7
Statement of Financial Position 8
Notes to the Financial Statements 9
The Following Pages Do Not Form Part of the Financial Statements
Detailed Statement of Financial Activities 22

North Sea Conservation (Whitby Lobster Hatchery)

Trustees' Annual Report

Year Ended 31 March 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.

Objectives

The objects of the charity are:

The advancement of education for the public benefit in: (a) the conservation, protection and improvement of the marine environment of the north east coast by: - the operation of a public marine species education facility in Whitby; - promoting and supporting research into the marine environment, including fisheries science and fisheries stocks, and the European and other varieties of lobster. (b) the marine and fisheries heritage of Whitby.

Public Benefit

All trustees have regard to the public benefit guidance as issued by the charity commission. During this reporting period the trustee board received external trustee training.

Activities

Conservation

Throughout 2023-2024 the charity has continued to progress with the development of the lobster hatchery. The final installation of the lobster hatchery equipment concluded in 2022, setting the scene for 2023 to be the first full season using the new installation. Overall the season was successful in the production of juvenile lobsters achieving just short of our target. However, it was a great year of developing our understanding and experience. There were some teething and staffing issues which were rectified towards the end of the season. By September the charity had secured a grant to support the recruitment of new staff members who had a sole focus on the hatchery operation and output, a vital step in the charity's growth. With additional hands-on support in the hatchery, time was freed up for our general manager who could focus more on the strategic elements and management of the charity.

J Redfern General Manager Fixed Term 1 Year, now extended 1st June 23 R Lightowler Aquaculturist Fixed Term 2 Years - 16th July 23, since left Aug. 24 and replaced

Education

Education is a vital part of our charities work. Over the 2023-24 period we were able to engage with many events, shows and talks connecting with over 1000 people in our area.

Additionally in collaboration with the Whitby Marine Discovery CIC - the visitors centre opened in October 2023. During the remaining time in this reporting period circa 10,000 people visited the facility. Visitors were taught about the work of our charity and had a chance to view the operation through the viewing windows.

The interest of school groups, public visits and other groups grew and we hosted 12 groups between October 23 and March 2024 comprising over 300 people.

1

North Sea Conservation (Whitby Lobster Hatchery)

Trustees' Annual Report (continued)

Year Ended 31 March 2024

Research

Our charity is experiencing some inertia in regards to research, taking a little longer to get the ball rolling than hoped. We have also experienced how difficult it is to get research grants, with various projects with research partners being turned down. However, we are continuing to build connections and working on the proposals and believe we will have more success in the future.

Once again, we hosted two marine biology undergrads for a 2 week placement in 2024. The students gained insights and information on our maritime heritage, fisheries and marine biology.

Furthermore we were fortunate to host a PhD PIPS placement student for 3 months between July - September 2023. The student gained valuable experience at our facility, remaining in touch and volunteering when he can.

Contribution made by volunteers

Once again this reporting period, our charity is extremely grateful for our volunteers and we were fortunate enough to attract multiple volunteers between 2023-24 plus has a high rate of retention for volunteers. Roughly 12 volunteers contributed to the charity's aims and objectives, conducting various tasks including hatchery operation, maintenance, social media, public outreach and more.

We are pleased to host volunteers for many years, some from day one of the formation of our charity.

At NSC we are committed to providing a mutually beneficial relationship with our volunteers, we invest to ensure they learn and grow their skills while enjoying themselves. We are extremely grateful for the generosity of our volunteer team.

Achievements

Together with the adjoining Marine Discovery Centre CIC the charity connected with over 10,000 people. Education and inspiration were provided with more people learning about our charity. We also had national press interest which further increased our reach and allowed us to highlight the environmental issues faced by the lobsters and marine life in the North Sea.

Our lobster hatchery facility was ready for the 2023-24 season. Despite some teething issues we were able to release thousands of juvenile lobsters. During this reporting period significant learning and development was made by the charity and staff. We were pleased to fall just short of our target for lobster releases.

Over this period we were pleased to work with universities to provide an opportunity for future marine scientists to gain valuable experience and knowledge.

2

North Sea Conservation (Whitby Lobster Hatchery)

Trustees' Annual Report (continued)

Year Ended 31 March 2024

Achievements against objects set

Conservation

In our first year of fully operating the lobster hatchery equipment, we had not set strict objectives against the output of the system. An aim was established which we just fell short of, primarily due to unforeseen teething issues in the hatchery operation. Now rectified, the charity is generally pleased with the project and achievements made this reporting period.

Education

Various outreach days, inhouse talks, school visits and talks with members of the public via the adjoining marine discovery centre all helped us achieve our educational aims for this reporting period.

Research

More work to be done on securing research grants and building relationships with research partners and funders. We have had some progressive talks with relevant parties and don't see this being of major concern to the charity's success.

Performance of fundraising activities against objectives set

Still in our infancy during the 2023/24 reporting period the charity had not set funding objectives. This package of work will be picked up by the board of trustees in the next reporting period.

Financial Review

Total income for the year ending 31st March 2024 was £141,313 (2023 - £86,767) of which £118,422 was restricted grants (2023 - £7,250). Total expenditure for the year was £98,220 (2023 - £75,443) of which £28,128 was restricted expenditure (2023 - £7,250).

There was an overall surplus for the year of £43,093 (2023 - £11,324) which comprised a surplus of restricted funds of £90,294 (which will be carried forward to be spent in the 2024/25 financial year) and a deficit on unrestricted funds of £47,201. This deficit on unrestricted funds is after depreciation of £19,809.

Compliance with accounting standards

The Trustees, on examination of prior accounts, became aware that the submitted accounts for prior years were not compliant with charity accounting regulations (Charities SORP (FRS 102) and the Charities Act 2011). This has caused a delay to the submission of the 2023/24 accounts to ensure that the charity is conforming fully to the charity accounting regulations. We have moved accountants to a charity specialist and are now confident that we are reporting correctly.

Reserves Policy

NSC has produced and reviewed a reserves policy which is held in storage along with other policies. NSC is working towards reserves of £40,000 which will ensure the hatchery has a strong financial position. At 31st March 2024 actual reserves were £25,501.

3

North Sea Conservation (Whitby Lobster Hatchery)

Trustees' Annual Report (continued)

Year Ended 31 March 2024

Going Concern

The Trustees have reviewed the financial position of the charity with a view to assessing whether it is a going concern. They are aware that there is a substantial long term liability owed to Ocean On Land Technology (OOLT) however they have received written assurance that the loan may be repaid gradually over time with OOLT having no concerns over the timeline. For this reason the Trustees believe that the charity is a going concern.

The charity's principal sources of funds

The principal risks facing the charity

  1. The lack of a reserve.

  2. The OOLT debt repayments.

  3. The lack of certainty in the unrestricted income stream.

  4. Conflicts of interest.

Structure, Governance and Management

The charity is a Charitable Incorporated Organisation (CIO) set up under the Foundation model and is governed by its constitution. It was registered as a charity on 26th March 2021 with charity number 1193944.

Trustee Recruitment and Training

Trustees are recruited by local advertisement or invitation to join the Trustee board. All Trustees have been given access to the Constitution, most recent accounts, Trustee resources via the Gov.uk website plus additional required information. During the 2023/24 reporting period the Trustee board attended a Trustee training workshop.

The charity's organisational structure and any wider network with which the charity works The charity is managed by the Board of Trustees who oversee the general manager role and other staff members. Currently, the charity is not connected with other networks but has a relationship with the Whitby Marine Discovery CIC (see below).

Relationship with any related parties

The Whitby Marine Discovery CIC (the "CIC") started trading in October 2023. The CIC entered into a deed relating to making annual payments to the charity on 31st March 2023 (the "deed"). The Deed confirms that the CIC will donate a proportion of the CIC's annual net profit to the charity. The Parties are aware of the Charity Commission's guidance on charities connected with non-charities.

The relationship with the CIC will provide an income stream to the charity and help the charity meet its educational objectives. The charity ensures that all activities and resources are directed towards advancing its charitable purposes, such as marine conservation and education, thereby maintaining compliance with legal obligations and safeguarding its charitable status.

4

North Sea Conservation (Whitby Lobster Hatchery)

Trustees' Annual Report (continued)

Year Ended 31 March 2024

Reference and Administrative Details
Registered charity name North Sea Conservation (Whitby Lobster Hatchery)
Charity registration number 1193944
Principal office 9 Pier Road
Whitby
North Yorkshire
YO21 3PU
The Trustees
Linda Wild (Chair)
Stuart Roe (Appointed 1 November 2023)
Neil Pickard (Treasurer)
Gail Mackle
James Cole
Terry Pearson
Alice Ackroyd
Andrew Brown (Appointed 1 November 2023)
Richard Brewer (Appointed 1 November 2023)
Mike Russel
Richard Pashby (Resigned 4 July 2023)
Hero Sumner (Resigned 13 April 2023)
Independent Examiner Jane Ascroft FCA MA (Cantab)
Enterprise House
Harmire Enterprise Park
Barnard Castle
County Durham
DL12 8XP

The trustees' annual report was approved on 5th April 2025 and signed on behalf of the board of trustees by:

Linda Wild (Chair) Trustee

5

North Sea Conservation (Whitby Lobster Hatchery)

Independent Examiner's Report to the Trustees of North Sea Conservation (Whitby Lobster Hatchery)

Year Ended 31 March 2024

I report to the trustees on my examination of the financial statements of North Sea Conservation (Whitby Lobster Hatchery) ('the charity') for the year ended 31 March 2024.

Responsibilities and Basis of Report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Jane Ascroft FCA MA (Cantab) Independent Examiner

Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP

6

North Sea Conservation (Whitby Lobster Hatchery)

Statement of Financial Activities

Year Ended 31 March 2024

2024 2023
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 4 13,083 118,422 131,505 83,827
Charitable activities 5 9,808 – 9,808 2,940
──────── ───────── ───────── ────────
Total income 22,891 118,422 141,313 86,767
════════ ═════════ ═════════ ════════
Expenditure
Expenditure on charitable activities 6,7 70,092 28,128 98,220 75,443
──────── ───────── ───────── ────────
Total expenditure 70,092 28,128 98,220 75,443
════════ ═════════ ═════════ ════════
──────── ───────── ───────── ────────
Net income and net movement in funds (47,201) 90,294 43,093 11,324
════════ ═════════ ═════════ ════════
Reconciliation of funds
Total funds brought forward 72,702 – 72,702 61,378
──────── ───────── ───────── ────────
Total funds carried forward 25,501 90,294 115,795 72,702
════════ ═════════ ═════════ ════════

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

The notes on pages 9 to 20 form part of these financial statements.

7

North Sea Conservation (Whitby Lobster Hatchery)

Statement of Financial Position

31 March 2024

2024 2023
Note £ £
Fixed Assets
Intangible assets 12 6,980 9,307
Tangible fixed assets 13 176,000 193,643
───────── ─────────
182,980 202,950
Current Assets
Debtors 14 32,722 32,591
Cash at bank and in hand 90,498 14,209
───────── ────────
123,220 46,800
Creditors: amounts falling due within one year 15 116,331 177,048
───────── ─────────
Net Current Assets 6,889 (130,248)
───────── ─────────
Total Assets Less Current Liabilities 189,869 72,702
Creditors: amounts falling due after more than one year 16 74,074 –
───────── ────────
Net Assets 115,795 72,702
═════════ ════════
Funds of the Charity
Restricted funds 90,294 –
Unrestricted funds 25,501 72,702
───────── ────────
Total charity funds 18 115,795 72,702
═════════ ════════

These financial statements were approved by the board of trustees and authorised for issue on 5th April 2025 and are signed on behalf of the board by:

Neil Pickard (Treasurer) Trustee

The notes on pages 9 to 20 form part of these financial statements.

8

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements

Year Ended 31 March 2024

1. General Information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 9 Pier Road, Whitby, North Yorkshire, YO21 3PU.

2. Statement of Compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

The trustees consider that the charity is a going concern and have explained their conclusion in the Financial Review of the Trustees' Annual Report.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees consider that there are no significant estimates or judgements affecting these financial statements.

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

9

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements (continued)

Year Ended 31 March 2024

3. Accounting Policies (continued)

Income

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Intangible Assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

10

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements (continued)

Year Ended 31 March 2024

3. Accounting Policies (continued)

Intangible Assets (continued)

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Website - 25% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 10% reducing balance
Fixtures and fittings - 10% reducing balance
Office Equipment - 25% reducing balance

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

11

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements (continued)

Year Ended 31 March 2024

3. Accounting Policies (continued)

Defined Contribution Plans (continued)

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

12

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements (continued)

Year Ended 31 March 2024

4. Donations and Legacies

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Donations
Donations 12,083 – 12,083
Grants
Fishmongers Company – 20,000 20,000
Woodsmith Foundation – 61,165 61,165
UK Shared Prosperity Fund (UKSPF) 1,000 24,648 25,648
Marine Management Organisation (MMO) – 12,609 12,609
──────── ───────── ─────────
13,083 118,422 131,505
════════ ═════════ ═════════
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Donations
Donations 20,187 – 20,187
Sofia Offshore Windfarm 12,500 – 12,500
Dogger Bank 3 12,500 – 12,500
Whitby Seafoods Ltd 12,000 – 12,000
York Potash (Anglo American) 7,512 – 7,512
Popcorn Group Ltd 7,878 – 7,878
Grants
Fishmongers Company – 7,250 7,250
Scarborough Council 4,000 – 4,000
──────── ─────── ────────
76,577 7,250 83,827
════════ ═══════ ════════
5. Charitable Activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Income from charitable activities 9,808 9,808 2,940 2,940
═══════ ═══════ ═══════ ═══════

13

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements (continued)

Year Ended 31 March 2024

6. Expenditure on Charitable Activities by Fund Type

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Costs of charitable activities 67,496 28,128 95,624
Support costs 2,596 – 2,596
──────── ──────── ────────
70,092 28,128 98,220
════════ ════════ ════════
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Costs of charitable activities 67,502 7,250 74,752
Support costs 691 – 691
──────── ─────── ────────
68,193 7,250 75,443
════════ ═══════ ════════

7. Expenditure on Charitable Activities by Activity Type

Activities
undertaken Total funds Total fund
directly Support costs 2024 2023
£ £ £ £
Costs of charitable activities 95,624 – 95,624 74,752
Governance costs – 2,596 2,596 691
──────── ─────── ──────── ────────
95,624 2,596 98,220 75,443
════════ ═══════ ════════ ════════
8. Net Income
Net income is stated after charging/(crediting):
2024 2023
£ £
Amortisation of intangible assets 2,327 3,103
Depreciation of tangible fixed assets 19,809 18,810
════════ ════════
9. Independent Examination Fees
2024 2023
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 1,740 60
Other financial services 473 –
─────── ────
2,213 60
═══════ ════

14

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements (continued)

Year Ended 31 March 2024

10. Staff Costs

The total staff costs and employee benefits for the reporting period are analysed as The total staff costs and employee benefits for the reporting period are analysed as follows:
2024 2023
£ £
Wages and salaries 32,917 –
Employer contributions to pension plans 722 –
──────── ────
33,639 –
════════ ════

The average head count of employees during the year was 2 (2023: Nil). The average number of full-time equivalent employees during the year is analysed as follows:

2024 2023
No. No.
Number of management staff 1 –
Number of other staff 1 –
──── ────
2 –
════ ════

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £17,750 (2023:£–).

15

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements (continued)

Year Ended 31 March 2024

11. Trustee Remuneration and Expenses

No trustees have received expenses or remuneration in the current period or previous period.

A previous trustee, Joe Redfern, has been employed by the charity as general manager since June 2023. Prior to that he was paid as consultant in a self employed capacity. He was a trustee from the charity's registration in March 2021 until November 2021 and the trustees now realise that the payments made to him during this time infringe the charity’s constitution.

The trustees intend to report this oversight to the Charity Commission and ask for retrospective approval of the payments.

12. Intangible Assets

Website
£
Cost
At 1 April 2023 and 31 March 2024 12,410
════════
Amortisation
At 1 April 2023 3,103
Charge for the year 2,327
────────
At 31 March 2024 5,430
════════
Carrying amount
At 31 March 2024 6,980
════════
At 31 March 2023 9,307
════════

16

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements (continued)

Year Ended 31 March 2024

13. Tangible Fixed Assets

Plant and Fixtures and Office
machinery fittings Equipment Total
£ £ £ £
Cost
At 1 April 2023 171,961 40,094 417 212,472
Additions 2,682 – 1,184 3,866
Disposals (1,730) – – (1,730)
───────── ──────── ─────── ─────────
At 31 March 2024 172,913 40,094 1,601 214,608
═════════ ════════ ═══════ ═════════
Depreciation
At 1 April 2023 16,587 2,181 61 18,829
Charge for the year 15,633 3,791 385 19,809
Disposals (30) – – (30)
───────── ──────── ─────── ─────────
At 31 March 2024 32,190 5,972 446 38,608
═════════ ════════ ═══════ ═════════
Carrying amount
At 31 March 2024 140,723 34,122 1,155 176,000
═════════ ════════ ═══════ ═════════
At 31 March 2023 155,374 37,913 356 193,643
═════════ ════════ ═══════ ═════════
14. Debtors
2024 2023
£ £
Trade debtors – 200
Prepayments and accrued income 1,380 –
Other debtors 31,342 32,391
──────── ────────
32,722 32,591
════════ ════════
15. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts – 280
Trade creditors 109,303 364
Accruals and deferred income 3,000 460
Social security and other taxes 607 –
Owed to Ocean on Land Tech – 175,944
Pension creditor 203 –
Other creditors 3,218 –
───────── ─────────
116,331 177,048
═════════ ═════════

17

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements (continued)

Year Ended 31 March 2024

16. Creditors: amounts falling due after more than one year

2024 2023
£ £
Ocean on Land Technology 71,494 –
Rent owed to Lobstore 2,580 –
──────── ────
74,074 –
════════ ════

17. Pensions and Other Post Retirement Benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £722 (2023: £Nil).

18. Analysis of Charitable Funds

Unrestricted funds

Unrestricted funds
At At 31 March
1 April 2023 Income Expenditure 2024
£ £ £ £
General funds 72,702 22,891 (70,092) 25,501
════════ ════════ ════════ ════════
At At 31 March
1 April 2022 Income Expenditure 2023
£ £ £ £
General funds 61,378 79,517 (68,193) 72,702
════════ ════════ ════════ ════════

18

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements (continued)

Year Ended 31 March 2024

18. Analysis of Charitable Funds (continued)

Restricted funds

Restricted funds
At At 31 March
1 April 2023 Income Expenditure 2024
£ £ £ £
Fishmongers Company – 20,000 – 20,000
Woodsmith Foundation – 61,165 (28,128)
33,037
UK Shared Prosperty Fund – 24,648 – 24,648
Marine Management Organisation
–		 12,609 – 12,609
──── ───────── ────────
────────
– 118,422 (28,128)
90,294
════ ═════════ ════════
════════
At At 31 March
1 April 2022 Income Expenditure 2023
£ £ £ £
Fishmongers Company – 7,250 (7,250)
–
──── ─────── ───────
────
– 7,250 (7,250)
–
════ ═══════ ═══════
════
Analysis of Net Assets Between Funds
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Intangible assets 6,980 – 6,980
Tangible fixed assets 176,000 – 176,000
Current assets 32,926 90,294 123,220
Creditors less than 1 year (116,331) – (116,331)
Creditors greater than 1 year (74,074) – (74,074)
───────── ────────
─────────
Net assets 25,501 90,294 115,795
═════════ ════════
═════════
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Intangible assets 9,307 – 9,307
Tangible fixed assets 193,643 – 193,643
Current assets 46,800 – 46,800
Creditors less than 1 year (177,048) – (177,048)
───────── ────
─────────
Net assets 72,702 – 72,702
═════════ ════
═════════

19. Analysis of Net Assets Between Funds

19

North Sea Conservation (Whitby Lobster Hatchery)

Notes to the Financial Statements (continued)

Year Ended 31 March 2024

20. Related Parties

The charity pays rent to the Marine Discovery Centre Whitby CIC (MDC) for the area it occupies within the Visitor Centre. Terry Pearson, a trustee of the charity and Joe Redfern, general manager of the charity are directors and shareholders of MDC. The rent for this space is £410 per month from October 2023. £2,460 is due for the year to 31st March 2024 and all of this is owing to MDC at the year end.

The charity also pays rent to Lobstore Ltd for the space used by the aux tanks and the charity’s office. Terry Pearson is a director and shareholder of Lobstore Ltd and he is also a Trustee of the charity. The rent for this space is £215 per month from March 2023. £2,580 is due for the year to 31st March 2024 and this is classed as a long term liability as at 31st March 2024. It has been agreed that the debt will be paid once the charity has managed to reach its goal of holding reserves of £40,000.

Finally, the charity is charging MDC for part use of the charity’s office. This is charged at £115 per month from March 2023. £1,380 is shown in income for the year to 31st March 2024 and the same amount is also shown in accrued income.

20

North Sea Conservation (Whitby Lobster Hatchery)

Management Information

Year Ended 31 March 2024

The Following Pages Do Not Form Part of the Financial Statements.

21

North Sea Conservation (Whitby Lobster Hatchery)

Detailed Statement of Financial Activities

Year Ended 31 March 2024

2024 2023
£ £
Income and endowments
Donations and legacies
Donations 12,083 20,187
Sofia Offshore Windfarm – 12,500
Dogger Bank 3 – 12,500
Whitby Seafoods Ltd – 12,000
York Potash (Anglo American) – 7,512
Popcorn Group Ltd – 7,878
Fishmongers Company 20,000 7,250
Scarborough Council – 4,000
Woodsmith Foundation 61,165 –
UK Shared Prosperity Fund (UKSPF) 25,648 –
Marine Management Organisation (MMO) 12,609 –
───────── ────────
131,505 83,827
───────── ────────
Charitable activities
Income from charitable activities 9,808 2,940
─────── ───────
───────── ────────
Total income 141,313 86,767
═════════ ════════
Expenditure
Activities undertaken directly
Merchandise and cost of sales 7,058 3,948
Wages 32,917 –
Pension costs 722 –
Rent and site hire 7,858 2,015
Repairs & maintenance 9,737 5,217
Insurance 562 380
Planning & development 357 8,248
Motor expenses and travel 811 634
Professional fees 4,065 –
Office costs 1,313 1,078
Amortisation 2,327 3,103
Depreciation 19,809 18,810
Profit on disposal of equipment (399) –
Consultancy 5,598 29,279
Other costs 2,889 2,040
──────── ────────
95,624 74,752
──────── ────────
Governance costs
Accountancy fees 2,213 60
Legal fees – 500
Bank charges 383 131
─────── ────
2,596 691
─────── ────
──────── ────────
Total expenditure 98,220 75,443
════════ ════════
──────── ────────
Net income 43,093 11,324
════════ ════════

22