2016 ANNUAL REPORT

Published
July 2017

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 2016 ANNUAL REPORT

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 Contents

1. Chairmans Foreword Page 6

2. Member Trustees and Directors Page 8

3. The Year in Review Page 9

4. On the Water Page 9

5. Off the Water Page 14

6. Executive Directors Report Page 16

7. Media Coverage Page 17

8. Financials Page 18

9. Supporters Page 27

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 Vision
To be the best youth development maritime organisation in the world.

Mission
To offer young people of all abilities and backgrounds from Northern
Ireland, and the Republic of Ireland, life-changing youth development
opportunities on a purpose built tall ship.

Tall Ship Phoenix on Carlingford Lough

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 1 Chairmans Foreword

I agreed to take on this new role with enthusiasm because I have

seen at first hand the life changing intervention a short time
at sea can have on young people regardless of race, religion,
nationality, ability, or gender. It never ceases to amaze me how
the alien environment of the sea can be harnessed to allow
young people to forge new friendships across well-known
barriers of belief and socio-economic background and also help
them develop self-confidence and their true personal potential.
To work towards the ultimate goal of the Atlantic Youth Trust
is, and will, be a pleasure.

Neil OHagan, Lord Mayor of Belfast Brian Kingston, Peter Cooke,

Enda OCoineen, and Lord Glentoran

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 In 2014 I received an email from Neil OHagan. Little did I know at the time that a
simple coffee in the centre of Belfast would lead to me first joining the board and
subsequently being asked to take up the position of Chairman.
Since that initial meeting Neil and I, often accompanied by other Trustees and
supporters, have found ourselves in some extraordinary situations. We have pitched
to the entire Permanent Secretary Group in Northern Ireland, escorted Lords,
Ladies, Ministers, and Councillors on tours of the incredible Tall Ships Festival in
Belfast, and we have tirelessly met the Taoiseach, Ministers, senior officials North
and South and countless others in our endeavours. In these quarters we have won
strong support and respect for our project. As a result we were delighted to be
included as an all island project worthy of governmental support in the Program
for Government in the Republic, and and in the A Fresh Start Stormont Agreement.
In August 2016 we marked Lord Glentorans input to the Trust as the founding
Chairman during a spectacular event on the new Sea Cadets Tall Ship Royalist in
Belfast. Following in Lord Glentorans footsteps is no easy task but one I take to with
great enthusiasm. I thank him sincerely for his significant role in the formation of
Atlantic Youth Trust.
One of our core strengths is the breadth and depth of our advisory panels and this
was evident at the inaugural Conference in Galway last March. Delegates gathered
from every corner of the island to discuss and debate elements of the plans from
mobile phone use on board to important decisions we face in terms of designing
the best educational tall ship possible. Inputs from young people who have already
sailed with Atlantic Youth Trust was particularly welcome.
Looking ahead, we face troubled waters and yet with them comes great opportunity.
Never before has this island so greatly needed a positive flagship project that will
embrace everyone irrespective of background or ability across this island, at a time
when the ever stronger links between both jurisdictions will be stretched by major
change. The pride and positivity delivered by a purpose built, state of the art tall ship
crewed by teenagers from all walks of life across this island will have an impact far
beyond these shores. We trust others will continue to see the value and will work
with us to advance our vision and mission in the year ahead.

Peter Cooke, Chairman

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 2 Member Trustees & Directors
All Directors and Trustees contribute their time, skills, and expertise to the Trust.
We would like to acknowledge their commitment and generosity throughout the
past year.

1. Chairman Peter Cooke Northern Irish businessman with extensive experience in maritime
affairs.
2. President Enda OCoineen Adventurer, entrepreneur, and philanthropist. Enda brings incredi-
ble vision and drive to the project.
3. Secretary Neil OHagan As Executive Director and Secretary Neil is central to all day-to-day
activities and driving the organisation forward.
4. Dr Gerard OHare CBE Former Tall Ships Belfast Chairman and current board member of Bel-
fast Harbour, Invest Northern Ireland, Princes Trust Council, amongst other interests.
5. Roger Courtney Roger brings vast experience from the public, private, and volunteering sector.
6. David Beattie One of Irelands leading legal advisors with the added benefit of 40 years sailing
experience.
7. Jerry Dowling Sailor, businessman, and an advocate for developing young people on the ocean.
8. Sean Lemass Sailor and businessman with extensive event management experience.

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 The Year in Review 3

Attendance at major events, youth voyages, and steady political progress contributed
to the Trust edging ever closer to achieving its mission.

On the Water 4

Between voyages, events, festivals, and even a solo round the world challenge;
the Atlantic Youth Trust flag has been flying high.
2016 saw 68 teenagers given opportunities to experience the thrills and spills of sailing, working, and
living together in close quarters. This increases the total number of opportunities created by the Trust
to 138 over two active seasons.

Spirit of Oysterhaven Youth Development Voyages | Summer 2016

The Spirit of Oysterhaven was used for six voyages, these were four 5-day trips, a 2-day sail, and one
day sail. All with teenage crews from the Republic of Ireland and Northern Ireland. These voyages
were made possible thanks to organisations such as Kilwaughter Minerals, The Loughs Agency, Dun
Laoghaire Harbour Company, Belfast Harbour, and the Department of Foreign Affairs Reconciliation
Fund.

A young cross border crew setting out on a 5-day voyage from Carrickfergus
thanks to K-Rend

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 Seafest | July 2016
As part of Seafest, the maritime festival held in Galway, the Trust partnered with Tall Ship Phoenix and
the Marine Institute to offer the general public the chance to tour the ship. Eight lucky teenagers from
across the island then sailed non-stop from Galway to Warrenpoint in Northern Ireland over four
days. This was the first Atlantic Youth Trust voyage on a true tall ship and the feedback was incredible.

A young cross border crew hard at work in the galley

Tall Ship Phoenix entering Warrenpoint Harbour after a 4-day sail from Seafest in
Galway. Atlantic Youth Trusts Seed Funder Arklow Shippings vessel Arklow Raider in
the background.

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 New York | April 2016
The Irish Consulate General in New York invited the Atlantic Youth Trust to take part in an event to
celebrate all the cultures on the island of Ireland. We partnered with local tall ship operator South
Street Seaport Museum to offer young guests the chance to tour the ship and learn about the Atlantic
Youth Trust. Derry-Londonderry-Doire Clippper Race Skipper Sean McCarter kindly joined for this
promotional trip and shared his tales of racing around the planet with young guests.

Beautiful sunny day educating young guests on a tall ship in Manhattan

Sea Cadets Tall Ship Royalist Event | August 2016

To mark Lord Glentoran stepping down as Chairman and to update supporters of recent developments
an event was held on the deck of the recently launched ship.

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 Emma Little-Pengelly MP, Eva Grosman, and David Gavaghan

Neil OHagan, Lord Mayor of Belfast Brian Kingston, and Lord Glentoran

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 Vendee Globe | November 2016 January 2017
Enda OCoineen, considered the founder of the Atlantic Youth Trust, is a man who does not lack
ambition. In November 2016 he set out on the ultimate sailing challenge, to sail non-stop, alone,
around the planet in the Vendee Globe Race. Central to the campaign was the promotion of the
Atlantic Youth Trust and this resulted in national and global coverage.

Kilcullen Voyager promoting the Atlantic Youth Trust during the Vendee Globe

Founders Club
Raglan Capital led the launch of the Founders Club that supported the Atlantic Youth Trust alongside
the Vendee Globe entry.

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 5 6[OL>H[LY
Sail Training International Conference | January 2016
Neil OHagan travelled to Canada to attend the annual conference. Much time was invested with
leading youth development organisations based in Canada, the US and around the world. Extensive
discussions took place on the Atlantic Youth Trusts plans and approach.

A stop was made in New York where meetings took place with The Ireland Funds, the British Consulate,
The New York Irish Centre, amongst others.

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 Inaugural Atlantic Youth Trust
Conference | March 2016
A public meeting of stakeholders ranging
from former tall ship captains, youth workers,
members of the Garda Soichana, volunteers,
and naval architects gathered in Galway for
the inaugural Atlantic Youth Trust Conference
and Dinner.

Primary Schools Programme | November 2016 February 2017

The privileged link with the first Irish entry into the hardest solo sailing race in the world was uti-
lized through an innovative educational programme designed for primary school students. MSL Mer-
cedes-Benz joined as the headline sponsor for the initiative and they were complimented by partners
such as P&O Maritime, Commissioners of Irish Lights, EPIC Ireland, and the Marine Institute.
235,000 A1 race tracking maps with 7 lesson plans attached were distributed to schools and readers of
the Sunday Independent. Regular updates helped grow the audience and encourage engagement with
this quirky educational initiative led by the Atlantic Youth Trust.

Lecture Series | On-going

For the second year running Joe Ryan continues to provide exceptional maritime history lectures in
aid of the Atlantic Youth Trust. These lectures not only raise vital funds for the Trust but also help meet
the Maritime Education objective.

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 6 Executive Directors Report

Our vision to create the best youth development tall ship organisation possible
brings us into contact with some incredible people and organisations and the
past year has been no different.
Two of the most memorable events were held on the Sea Cadets new Tall Ship Roy-
alist in Belfast and also on South Street Seaport Museums ship Lettie G Howard
in Manhattan. Both very different organisations but ultimately working towards a
common goal of offering exciting and challenging personal development opportu-
nities to young people.
We also further refined our own pilot voyages and facilitated the first Atlantic Youth
Trust voyage on a true tall ship, the stunning Phoenix, as part of Seafest in Gal-
way. A lot of effort focussed on documenting these voyages and the results speak
for themselves. Not only have we created new cross border friendships and broken
down barriers, two past trainees have now taken the decision to pursue professional
careers in the maritime industry. Something that is a natural by-product of the core
youth development objective.
Tremendous progress has been made with both governments. Patience, persistence,
and respect is now required to enable the political landscape to stabalise. In turn,
allowing for prior commitments to the Atlantic Youth Trust as written in the Pro-
gramme for Government and A Fresh Start Agreement to be delivered.

Neil OHagan

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 7 Media Coverage

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 8 Financials
Atlantic Youth Trust Limited
(A company limited by guarantee, without a share capital)

Directors Report and Financial Statements

for the year ended 31 July 2016

Directors And Other Information

Directors Enda OCoineen

Roger Courtney
Jerome Dowling
Company Secretary Neil OHagan
Company Number 533507
Registered Office and Irish Lights
Business Address Harbour Road
Dun Laoghaire
Co Dublin
Ireland
Auditors Ecovis DCA Ltd
Chartered Accountants and Registered Auditors
D1 The Steelworks
Foley Street
Dublin 1
Bankers Allied Irish Bank
Georges Street
Dun Laoghaire
Co. Dublin
Solicitors Matheson
70 Sir John Rogerson Quay
Dublin 2

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 Directors Report
The directors present their report and the audited financial statements for the year ended 31 July 2016.

PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS

The principal activity of the company is the provision of charitable services in relation to education
and development of youth and those of all ages, from the island of Ireland and elsewhere, through
exposure to the maritime and through the medium of sail training.
The Company is limited by guarantee not having a share capital. The Companys Charity Reference
Number is CHY 21079. There has been no significant change in these activities during the year end-
ed 31 July 2016.

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the company are
- availability of donations in a challenging environment
- availability of grants
The directors continue to monitor these principal risks and uncertainties on a continual basis.
Following a review at the year end the directors are of the opinion that the company has the neces-
sary systems in place to mitigate the possible effects of the principal risks and uncertainties.

Financial Results
The deficit for the year after providing for depreciation amounted to (16,246) (2015 - (36,283)).
At the end of the year the company has assets of 32,710 (2015 - 17,645) and liabilities of 43,671
(2015 - 12,360). The net assets of the company have decreased by (16,246).

Directors and Secretary

The directors who served throughout the year, except as noted, were as follows:
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The secretary who served throughout the year was Neil OHagan
There were no changes in shareholdings between 31 July 2016 and the date of signing the financial
statements. In accordance with the Articles of Association, the directors retire by rotation and, being
eligible, offer themselves for re-election.

Future Developments
The company plans to continue its present activities and raise funding to build a tall ship over the
next number of years to be completed by 2018. Upon completion, the tall ship will be utilised in line
with the principal activity of the company.

Auditors
The auditors, Ecovis DCA Ltd, (Chartered Accountants) have indicated their willingness to continue
in office in accordance with the provisions of Section 383(2) of the Companies Act, 2014.

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 Income And Expenditure Account
for the year ended 31 July 2016
2016 2015
Notes
Income 7 58,066 55,669
Expenditure (74,312) (91,952)
Total Comprehensive Income 11 (16,246) (36,283)

Balance Sheet
as at 31 July 2016
2016 2015
Notes

Fixed Assets
Tangible assets 10 1,032 1,238

Current Assets
Debtors 11 25,805 11,750
Cash and cash equivalents 5,873 4,657
31,678 16,407

Creditors:
Amounts falling due within one year 12 (43,671) (12,360)
Net Current (Liabilities)/Assets (11,993) 4,047
Total Assets less Current Liabilities (10,961) 5,285

Reserves
Income and expenditure account (10,961) 5,285
Equity attributable to owners of the company (10,961) 5,285

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 Cashflow Statement
for the year ended 31 July 2016
2016 2015

Cash flows from operating activities

Deficit for the year (16,246) (36,283)

Adjustments for:
Depreciation 206 206
(16,040) (36,077)

Movements in working capital:

Movement in debtors (14,055) 32,455

Movement in creditors 29,311 1,350

Cash used in operations (784) (2,272)

Cash flows from financing activities
Advances from subsidiaries/group companies 2,000

Net increase/(decrease) in cash and cash equivalents 1,216 (2,272)

Cash and cash equivalents at beginning of financial year 4,657 6,929

Cash and cash equivalents at end of financial year 5,873 4,657

Notes To The Financial Statements

for the year ended 31 July 2016

1. GENERAL INFORMATION

Atlantic Youth Trust Company Limited by Guarantee is a company limited by guarantee incorporated
in the Republic of Ireland. Irish Lights, Harbour Road, Dun Laoghaire, Co Dublin, Ireland is the reg-
istered office, which is also the principal place of business of the company. The nature of the companys
operations and its principal activities are set out in the Directors Report. The financial statements
have been presented in Euro () which is also the functional currency of the company.

2. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are con-
sidered material in relation to the companys financial statements.

Statement of compliance
The financial statements of the company for the year ended 31 July 2016 have been prepared on the
going concern basis and in accordance with FRS 102 The Financial Reporting Standard applicable in
the UK and Republic of Ireland (FRS 102). These are the companys first set of financial statements
prepared in accordance with FRS 102. There have been no transitional adjustments made.

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 Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the
historical cost convention except for certain properties and financial instruments that are measured at
revalued amounts or fair values, as explained in the accounting policies below. Historical cost is gen-
erally based on the fair value of the consideration given in exchange for assets. The financial reporting
framework that has been applied in their preparation is the Companies Act 2014 and FRS 102 The
Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial
Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland.

Income
Income comprises the value of donations and services in kind pledged to the company during the
period.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to
depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their
estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment - 12.5% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events
or changes in circumstances indicate the carrying value may not be recoverable.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost
using the effective interest method less impairment losses for bad and doubtful debts except where the
effect of discounting would be immaterial. In such cases the receivables are stated at cost less impair-
ment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost
using the effective interest rate method, unless the effect of discounting would be immaterial, in which
case they are stated at cost.

Taxation
The company has been granted Charitable Tax Exemption under Section 207, Taxes Consolidation
Act, 1997.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of ex-
change ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical
cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction.
Non-monetary items that are measured at fair value in a foreign currency are translated using the
exchange rates at the date when the fair value was determined. The resulting exchange differences are
dealt with in the Income and Expenditure Account.

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 3. ADOPTION OF FRS 102

This is the first set of financial statements prepared by Atlantic Youth Trust Company Limited by
Guarantee in accordance with accounting standards issued by the Financial Reporting Council, in-
cluding FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102). The company transitioned from previously extant Irish and UK GAAP to FRS 102 as at
1 August 2014.

4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

There have been no accounting judgements or estimates made by the directors in the current financial
statements.

5. DEPARTURE FROM COMPANIES ACT 2014 PRESENTATION

The directors have elected to present an Income and Expenditure Account instead of a Profit and Loss
Account in these financial statements as this company is a not-for-profit entity.

6. GOING CONCERN

The directors have adequately assessed the companys financial position and its cash requirements for
the twelve months from the date of signing these accounts and are confident of raising sufficient addi-
tional funding towards addressing the current insolvent position in the company.

7. INCOME

The whole of the companys income is attributable to its market in the Republic of Ireland and is de-
rived from the principal activity of the provision of charitable services in relation to education and
development through exposure to the maritime and through the medium of sail training. Income
consists of donations receivable and services in kind.

8. OPERATING (DEFICIT)
2016 2015

Operating deficit is stated after charging/(crediting):
Depreciation of tangible fixed assets 206 206
Government grants received - (15,000)

9. EMPLOYEES AND REMUNERATION

2016 2015
The staff costs comprise:
Wages and salaries 35,000 35,000
Social welfare costs 3,762 3,762
38,762 38,762

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 10. TANGIBLE FIXED ASSETS Fixtures, fittings Total
and equipment

Cost
At 31 July 2016 1,650 1,650
Depreciation
At 1 August 2015 412 412
Charge for the year 206 206
At 31 July 2016 618 618
Net book value
At 31 July 2016 1,032 1,032

At 31 July 2015 1,238 1,238

10.1. TANGIBLE FIXED ASSETS PRIOR YEAR Fixtures, fittings Total

and equipment
Cost
At 31 July 2015 1,650 1,650
Depreciation
At 1 August 2014 206 206
Charge for the year 206 206
At 31 July 2015 412 412
Net book value
At 31 July 2015 1,238 1,238

At 31 July 2014 1,444 1,444

11. DEBTORS 2016 2015

Trade debtors 8,800 -
Other debtors 134 -
Prepayments and accrued income 16,871 11,750

25,805 11,750

Accrued income refers to donations pledged on or before 31st July 2016 but not received at that date.

12. CREDITORS 2015 2014

Amounts falling due within one year

Trade creditors 16,368 6,385
Amounts owed to connected parties (Note 16) 2,000 -
Taxation (Note 13) 5,520 1,783
Directors current accounts 12,673 -
Other creditors - 2,839
Accruals 7,110 1,353

43,671 12,360

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 13. TAXATION 2016 2015

Creditors: PAYE 5,520 1,783

14. STATUS

The liability of the members is limited.

Every member of the company undertakes to contribute to the assets of the company in the event of
its being wound up while they are members or within one year thereafter for the payment of the debts
and liabilities of the company contracted before they ceased to be members and the costs, charges and
expenses of winding up and for the adjustment of the rights of the contributors among themselves
such amount as may be required, not exceeding 1.

15. CAPITAL COMMITMENTS

The company had no material capital commitments at the year-ended 31 July 2016.

16. RELATED PARTY TRANSACTIONS 2016 2015

The following amounts are due to other connected parties:

Sean Lemass 2,000 -

17. POST-BALANCE SHEET EVENTS

There have been no significant events affecting the company since the year-end.

18. CASH AND CASH EQUIVALENTS 2016 2015

Cash and bank balances 5,873 4,657

19. APPROVAL OF FINANCIAL STATEMENTS

The financial statements were approved and authorised for issue by the board of directors

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 Supplementary information relating to the financial statements

TRADING STATEMENT for the year ended 31 July 2016

2016 2015
Schedule
Income 58,066 40,669

Overhead expenses 1 (74,312) (91,952)

(16,246) (51,283)

Miscellaneous income 2 - 15,000

Net (deficit) (16,246) (36,283)

Supplementary information relating to the financial statements

Schedule 1 : Overhead Expenses

for the year ended 31 July 2016 2016 2015

Administration Expenses
Administration Expenses
Wages and salaries 35,000 35,000
Social welfare costs 3,762 3,762
Repairs and maintenance - 279
Printing, postage and stationery 2,212 3,540
Marketing 520 369
Telephone 1,266 616
Computer costs 1,136 315
Travel and entertainment 9,509 5,919
Legal and professional - 74
Consultancy fees 450 11,888
Voyages and events 19,723 27,500
Accountancy (984) 1,507
Bank charges 73 164
General expenses (1) 63
Subscriptions 200 -
Depreciation of tangible fixed assets 206 206
Charitable donations 1,240 750

74,312 91,952

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 9 Some of our Supporters
1. Aquabroker
2. Arklow Shipping
3. ATA Group
4. Belfast City Council
5. Belfast Harbour
6. Bioline
7. Carson McDowell
8. Centre for Democracy and
Peace Building
9. CES (Centre of English
Studies)
10. Co-operation Ireland
11. Commissioners of Irish
Lights
12. Creagh Concrete
13. Cronus Logistics
14. Daffodil Care Services
15. DCA Accountants and
Business Advisors
16. Denis OBrien
17. Department of Foreign
Affairs
18. Dermot Desmond
19. Dr John Joyce
20. Dublin City Council
21. Duke of Edinburghs Award
22. Dun Laoghaire Harbour
Company
23. Epic Ireland
24. EY
25. Fingleton White
26. Flynn ODriscoll
27. Gaisce The Presidents
Award
AYT-Anual Report 2016.indd 27
28. Galway Boatbuilding
29. Galway City Council
30. Galway Harbour Company
31. Galway Independent
32. Galway University
Foundation
33. Great Lighthouses of Ireland
34. Grid Finance
35. IMERC
36. Independent News and
Media
37. Irish Consulate New York
38. Irish Maritime Development
Office
39. Irish Youth Sailing Club
40. Joe & Margaret Ryan
41. John Bohan - Crossroads
42. Kilcullen Kapital Partners
43. Kilcullen Voyager Team
Ireland
44. Loughs Agency
45. Mainport Shipping
46. Marine Institute
47. Maritime Management
48. Martek
49. Mash Direct
50. Matheson
51. MDL (Motor Distributors
Ltd)
52. MSL Motor Group
53. National Maritime College
of Ireland
54. OFlaherty Holdings
55. P&O Maritime
56. Paddywagon
57. Paul Jervis Photography
58. PeacePlayers International
Northern Ireland
59. Raglan Capital
60. Richard Cullen & family
61. Royal Irish Yacht Club
62. Royal North of Ireland Yacht
Club
63. Sail Training Ireland
64. SDL Exhibitions
65. Sea Cadets
66. Seafest
67. Seatruck
68. Spirit of Adventure Trust
69. Spirit of Oysterhaven
70. Supermacs
71. Tall Ship Phoenix
72. Tall Ships Belfast
73. Techrete
74. The CHQ Building
75. The Downtown Boathouse
Manhattan
76. The Ireland Funds
77. The Princes Trust
78. Ulster University
79. Voxpro
80. Warrenpoint Port
81. West Sails
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 Atlantic Youth Trust Atlantic Youth Trust
Commissioners of Irish Lights Belfast Harbour Marina Office
Harbour Road Queens Quay
Dun Laoghaire Belfast
Co Dublin Co Antrim

Company Registration Number 533507

CHY 21079

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