## **MARITIME LONDON OFFICER CADET SCHOLARSHIP**
**Financial Statements**
**31 August 2020**
**Maritime London Officer Cadet Scholarship**
Charity No. 1013834
## **PATRONS**
Lord Ambrose Greenway George Greenwood Jonathan Jones
## **TRUSTEES**
Anthony Vlasto (Chairman) Bernard Devereese (to 23 September 2019) Peter Ahlas Richard Alliston-Greiner (Honorary Treasurer) Nicholas Shaw (to 13 May 2020) Graham Hensman Philip Parry Richard Close-Smith Iain Henstridge Nicholas Austin James Standerwick Louise Hall (from 23 September 2019) Timothy Howse (from 23 September 2019)
## **ACCOUNTANTS**
BDO LLP 55 Baker Street London W1U 7EU
## **AUDITORS**
Mazars LLP 6 Sutton Plaza, Sutton Court Road Sutton Surrey SM1 4FS
## **BANKERS**
The Royal Bank of Scotland plc Waterside Court, Chatham Maritime Chatham Kent ME4 4RT
## **SOLICITORS**
Reed Smith LLP Broadgate Tower 20 Primrose Street London EC2A 2RS
## **TRAINING MANAGERS**
Chiltern Maritime Limited Viking House, Beechwood Business Park Menzies Road Dover Kent CT16 2FG
## **PRINCIPAL OFFICE**
Broadgate Tower 20 Primrose Street London EC2A 2RS
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**Maritime London Officer Cadet Scholarship**
## **TRUSTEES’ REPORT**
The Trustees are pleased to present their report on the activities of the charity and the financial statements for the year ended 31 August 2020, which have been prepared in accordance with the Charities Act 2011, Charities SORP (FRS 102) and the Trust Deed.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Maritime London Officer Cadet Scholarship (formerly The Lloyd’s Officer Cadet Scholarship) is a charity created by deed on 11 August 1992 and currently governed by an Amended Trust Deed dated 17 January 2018.
The charity is managed by a small body of Trustees. Appointment of Trustees is made by a resolution of the existing Trustees at a general meeting. Trustees are entitled to hold office for up to three years. Retirement of trustees is timed where possible to ensure that there is a degree of continuity. Induction and training of Trustees is undertaken by existing Trustees to ensure a full and appropriate level of understanding of the charity by all trusted with governance.
The Trustees have put in place formalised procedures for allocating grants to cadets to ensure that sufficiently stringent requirements are met.
The major risks to which the charity are exposed, as identified by the Trustees, are reviewed regularly and systems and procedures have been designed and established specifically to manage these risks.
## **OBJECTIVES AND ACTIVITIES**
The objectives of the charity are to provide for the advancement for the public benefit of the education and sea training of suitable young persons seeking a career at sea as deck or engineer officers in the Merchant Navy. For many years there had been a steady decline in the number of cadets training for careers in the Merchant Navy, and in the number of qualified officers potentially available for the many subsequent shore based appointments which require maritime skills and knowledge. The scholarship scheme was started by marine underwriters at Lloyd’s in recognition of this problem and to encourage young people to embark on a career in the Merchant Navy by funding their training at British Nautical Colleges and Universities. As this fund is independent, the cadets have complete freedom of choice to pursue their career in whichever sector of the Merchant Navy they choose at the end of their training. In an effort to extend support for this scholarship the Trustees decided during 2002, that for the future the scholarship would be renamed the Maritime London Officer Cadet Scholarship and continue under the aegis of Maritime London, a promotional body set up to further the London and UK Maritime Services Sector. On leaving the Merchant Navy many continue their career within the City applying the skills and knowledge acquired at sea in providing advice on nautical matters in areas such as law, insurance, marine engineering, surveying and naval architecture, so it is appropriate that support should be sought from all those who play a part in the City of London.
The charity therefore seeks and continues to achieve its objectives through:
- The payment of tuition and examination fees for cadets at Universities or Colleges offering courses in nautical science which have the approval of the Trustees and which courses lead to the examinations for the Maritime and Coastguard Agency Officer of the Watch First Certificate of Competency necessary for following a career at sea as a Merchant Navy Officer.
- The award of scholarships or bursaries to cadets in such amounts and tenable for such periods and on such terms as the Trustees think fit in order for the cadets to attain the Certificate of Competency.
- The provision of practical and financial assistance to cadets in obtaining suitable sea training opportunities as Merchant Navy officer cadets.
-
- The provision of assistance to cadets in all such other ways as the Trustees shall think fit.
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**Maritime London Officer Cadet Scholarship**
## **TRUSTEES’ REPORT (CONTINUED)**
## **ACHIEVEMENTS AND PERFORMANCE**
An overview of the number of cadets under training is presented below:
||**Year ended**|**Year ended**|
|---|---|---|
||**31 August 2020**|**31 August 2019**|
|At start of year|5|5|
|Cadets commenced training|2|3|
|Cadets completed training|(2)|(2)|
|Cadets ceased training|-
|(1)|
|At end of year|5
|5|
All new cadets are affiliated to an individual sponsor over the three year period of cadetship. This enables each cadet to identify with and report progress to the sponsor and enables the sponsor to provide a mentoring role towards the cadet. The support of an individual cadet during their three year training has been popular, particularly as it strengthens the ties between the cadet and the sponsor. Efforts to raise further support this way continue, and at year end we had 5 (2019: 5) sponsors who support 5 (2019: 5) individual cadets.
The majority of our cadets undertake Higher National Diploma (HND) or Foundation Degree (FD) courses. For the year ended 31 August 2020, the total cost of training a new cadet over the period of these courses ranges from approximately £62,000 to £76,000, if at a college in England and £55,000, if at a college in Scotland, dependent on the academic qualifications and type of course they wish to pursue. The Government provides grants which reduce the annual cost to the charity for a single new cadet to approximately £13,300 to £15,500, if at a college in England and £11,000, if at a college in Scotland, depending on academic qualifications and whether they are training as an Engineer or Deck Officer. One of our cadets is supported in following a university degree programme in Navigation and Maritime Science. The annual cost of training through this programme, after deducting Government grants, amounts to approximately £6,000, for the year ended 31 August 2020.
## **FINANCIAL REVIEW**
## **Reserves Policy**
The Trustees have a duty to see that sufficient funds will be available to ensure that all our cadets are able to complete their training. When a new cadet has been recruited and commenced training, the obligation to pay the training costs of the cadet, over the three to four year period of their training contract less the related Government grant receivable, is accounted for in full as a training commitment. Apart from the Government grants receivable, the income of the charity, comprising funds received from sponsors and donors, are mostly received and accounted for on an annual basis. As a consequence of the mismatch between the income and the training costs commitment on each new cadet recruited, the charity typically experiences a structural deficit. At 31 August 2020 there was a deficit of £9,700 (2019: £5,590) after accounting for our estimated training commitments. Accordingly, the primary focus of the Trustees is to ensure that there are sufficient new funds raised on an ongoing basis such that all cadet training cost obligations can be met as and when they fall due for payment.
## **Going concern**
The charity had a deficiency of funds at the balance sheet date. Typically, the charity experiences a structural deficit as a consequence of the mismatch between the income and the training costs commitment, net of the related Government grant, on each new cadet recruited. Donations are accounted for on a receipts basis. New cadets are recruited only where there is a long-term donor matching the commitment to training a cadet. Subsequent to the balance sheet date, support from 1 new long-term donor has been secured, 1 new cadet recruited and £70,005 has been received from sponsors and donors.
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**Maritime London Officer Cadet Scholarship**
## **TRUSTEES’ REPORT (CONTINUED)**
## **FINANCIAL REVIEW (Continued)**
## **Going concern (Continued)**
In March 2020, the World Health Organisation declared the outbreak of a novel coronavirus (“COVID-19”) as a “Public Health Emergency of International Concern”. COVID-19 continues to be prevalent throughout the world and has adversely affected global commercial activity and contributed to significant volatility in financial markets. The duration of the outbreak and its impact on the global and domestic economy cannot be accurately determined as at the current reporting date. COVID-19 may affect the trust in various ways such as to potentially increase the credit risk of the long-term donors, increase the absolute duration of existing training contracts and hence increase the total costs of training and delay the timing of receipt of the Government grant due at the completion of training.
The Trustees consider that if the effect on the global and domestic economy and the absolute duration of training contracts proves prolonged and extreme, this may have a direct bearing on the trust’s ability to generate sufficient cash flows for working capital purposes. The inability to gauge the length of such disruption further adds to this uncertainty. For these reasons, the generation of sufficient operating cash flows remain at heightened risk. These events or conditions indicate that a material uncertainty exists which may cast significant doubt on the trust’s ability to continue as a going concern and therefore its ability to settle its debts and realise its assets in the normal course of activities.
The Trustees acknowledge that the full extent and duration of the impact of COVID-19 is currently unknown, and depends on future developments that are uncertain and unpredictable, including the duration and spread of the pandemic and have considered this in performing their going concern assessment. The Trustees have stress tested the income and expenditure assumptions under various different scenarios included in the trust’s cash flow projections for a period of at least 12 months from the date of approval of these financial statements. Notwithstanding the uncertainty described above, in light of the forecasts prepared and based on the current expectation of absolute course duration, the collection of future income from existing long-term donors and the prudent approach adopted for new cadet recruitment, the Trustees consider that the trust will generate sufficient operating cash flows to realise its assets and discharge its liabilities in the normal course of activities.
Accordingly, the financial statements have been prepared on a going concern basis and do not include any adjustments that would be required should the trust no longer be a going concern.
## **Donors**
The Trustees would like to take this opportunity to thank the charity’s many supporters, including: the shipping companies for providing training berths, Chiltern Maritime Limited (part of Viking Maritime Group Limited) for carrying out the cadet selection and looking after them during their training and the nautical colleges who offer such excellent training. On the administrative side, we would like to thank our solicitors Reed Smith LLP, our accountants BDO LLP and our bankers The Royal Bank of Scotland plc who all donate their valuable services completely free of charge. In addition, the charity has an arrangement with Maritime London Limited for the provision by Maritime London of a range of administrative support in managing the cadet scholarship programme. There is no charge to the charity by Maritime London for the provision of these administrative services. The charity had a service agreement with the Institute of Chartered Shipbrokers (”ICS”) for the provision by ICS of a range of administrative support in managing the cadet scholarship programme. This agreement ceased during the year. There was no charge to the charity by ICS for the provision of these administrative services. Finally, we thank those who make this very worthwhile project possible by making very generous donations each year.
## **FUTURE PLANS**
The Trustees do not plan to change the objectives of the charity in the future and will continue to seek to meet those objectives by following an approach consistent with prior years.
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**Maritime London Officer Cadet Scholarship**
## **TRUSTEES’ REPORT (CONTINUED)**
## **CHARITY’S PUBLIC BENEFIT**
The Trustees have ensured that all activities throughout the year have been in the interest of public benefit. This is evidenced by the payments made for charitable activities as detailed on page 10 totalling £87,011 (2019: £79,855). The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have regard to the Charity Commission’s general guidance on public benefit.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS**
The charity’s Trust Deed requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the financial affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to function; and
- comply with applicable accounting standards.
- The Trustees confirm that the financial statements comply with the above requirements.
The Trustees are responsible for keeping sufficient accounting records in accordance with the Trust Deed, which disclose the financial transactions and the assets and liabilities with reasonable accuracy. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the Trustees
Anthony Vlasto Chairman 21 June 2021
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**Maritime London Officer Cadet Scholarship**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF MARITIME LONDON OFFICER CADET SCHOLARSHIP**
## **Opinion**
We have audited the financial statements of Maritime London Officer Cadet Scholarship (the ‘charity’) for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 August 2020 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Material uncertainty related to going concern**
We draw attention to note 1(a) in the financial statements, which sets out the Trustees’ view on the impacts of the COVID-19 coronavirus on the sector in which the charity operates and on the charity itself. As stated in note 1(a), these events or conditions, along with the other matters as set forth in note 1(a), indicate that a material uncertainty exists that may cast significant doubt on the charity’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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**Maritime London Officer Cadet Scholarship**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF MARITIME LONDON OFFICER CADET SCHOLARSHIP (CONTINUED)**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Statement of Trustees’ Responsibilities in Respect of the Financial Statements set out on page 5, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of the audit report**
This report is made solely to the charity’s Trustees as a body. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body for our audit work, for this report, or for the opinions we have formed.
Mazars LLP Chartered Accountants and Statutory Auditor 6 Sutton Plaza, Sutton Court Road Sutton Surrey SM1 4FS
28 June 2021
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**Maritime London Officer Cadet Scholarship**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2020**
|**Note**
**INCOME**
Income from:
Donations
1(c)
Grants receivable
1(d)
**TOTAL INCOME**
**EXPENDITURE**
1 (f)
Charitable activities:
1(d)
College fees
Recruitment expenses
Student scholarships
Student scholarship expenses
Cadet training manager
Irrecoverable VAT
1 (g)
Governance costs:
Audit fees
3
Irrecoverable VAT
1 (g)
Other expenditure:
Sundry expenses
Irrecoverable VAT
1(g)
**TOTAL EXPENDITURE**
**NET EXPENDITURE**
Unrestricted funds on 1 September 2019
**UNRESTRICTED FUNDS ON 31 AUGUST 2020**|**2020**
78,141
58,421
136,562
36,633
237
73,085
5,968
13,197
2,760
131,880
6,530
1,306
7,836
891
65
956
140,672
(4,110)
(5,590)
£ (9,700)
|**2019**
39,690
77,252
116,942
48,290
372
58,872
15,336
15,251
3,561
141,682
6,585
1,317
7,902
591
5
596
150,180
(33,238)
27,648
£ (5,590)
|
|---|---|---|
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**Maritime London Officer Cadet Scholarship**
## **BALANCE SHEET at 31 August 2020**
|**Note**
**CURRENT ASSETS**
Bank current account
Training manager advance
Accrued grant income
**CREDITORS; AMOUNTS FALLING DUE**
**WITHIN ONE YEAR**
Sundry creditors and accrued expenses
Accrued training commitments
4
**NET CURRENT ASSETS**
**CREDITORS; AMOUNTS FALLING DUE**
**AFTER MORE THAN ONE YEAR**
Accrued training commitments
4
**ACCUMULATED (DEFICIT)/ SURPLUS**
Unrestricted funds
1(h)||
|---|---|
|||
|||
Approved by the Trustees on 21 June 2021
Anthony Vlasto ) ) Trustees ) Philip Parry )
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**Maritime London Officer Cadet Scholarship**
## **STATEMENT OF CASH FLOWS for the year ended 31 August 2020**
|**CASH FLOW FROM OPERATING ACTIVITIES**
Donations received
Grants received
Training costs paid
Governance and sundry costs paid
**NET CASH PROVIDED BY OPERATING**
**ACTIVITIES**
**NET CASH FLOWS FROM INVESTING ACTIVITIES**
**NET CASH FLOWS FROM FINANCING ACTIVITIES**
**CHANGE IN CASH AND CASH EQUIVALENTS FOR**
**THE YEAR**
**CASH AND CASH EQUIVALENTS AT THE BEGINNING**
**OF THE YEAR**
**CASH AND CASH EQUIVALENTS AT THE END OF**
**THE YEAR**
£|**2020**
78,141
46,085
(87,011)
(8,576)
28,639
-
-
28,639
41,535
70,174
£
|**2019**
39,690
77,199
(79,855)
(5,797)
31,237
-
-
31,237
10,298
41,535
|
|---|---|---|
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**Maritime London Officer Cadet Scholarship**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2020**
## **1. ACCOUNTING POLICIES**
## _**(a) Basis of preparation**_
The financial statements are prepared under the historical cost convention and in accordance with Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (“FRS 102”), Accounting and Reporting by Charities: Statement of Recommended Practice (“SORP”) applicable to charities preparing their accounts in accordance with FRS 102 (effective 1 January 2015) (Charities SORP (FRS102)) and the Charities Act 2011.
## _**Going concern**_
The charity had a deficiency of funds at the balance sheet date. Typically, the charity experiences a structural deficit as a consequence of the mismatch between the income and the training costs commitment, net of the related Government grant, on each new cadet recruited. Donations are accounted for on a receipts basis. New cadets are recruited only where there is a long-term donor matching the commitment to training a cadet. Subsequent to the balance sheet date, support from 1 new long-term donor has been secured, 1 new cadet recruited and £70,005 has been received from sponsors and donors.
In March 2020, the World Health Organisation declared the outbreak of a novel coronavirus (“COVID-19”) as a “Public Health Emergency of International Concern”. COVID-19 continues to be prevalent throughout the world and has adversely affected global commercial activity and contributed to significant volatility in financial markets. The duration of the outbreak and its impact on the global and domestic economy cannot be accurately determined as at the current reporting date. COVID19 may affect the trust in various ways such as to potentially increase the credit risk of the long-term donors, increase the absolute duration of existing training contracts and hence increase the total costs of training and delay the timing of receipt of the Government grant due at the completion of training.
The Trustees consider that if the effect on the global and domestic economy and the absolute duration of training contracts proves prolonged and extreme, this may have a direct bearing on the trust’s ability to generate sufficient cash flows for working capital purposes. The inability to gauge the length of such disruption further adds to this uncertainty. For these reasons, the generation of sufficient operating cash flows remain at heightened risk. These events or conditions indicate that a material uncertainty exists which may cast significant doubt on the trust’s ability to continue as a going concern and therefore its ability to settle its debts and realise its assets in the normal course of activities.
The Trustees acknowledge that the full extent and duration of the impact of COVID-19 is currently unknown, and depends on future developments that are uncertain and unpredictable, including the duration and spread of the pandemic and have considered this in performing their going concern assessment. The Trustees have stress tested the income and expenditure assumptions under various different scenarios included in the trust’s cash flow projections for a period of at least 12 months from the date of approval of these financial statements. Notwithstanding the uncertainty described above, in light of the forecasts prepared and based on the current expectation of absolute course duration, the collection of future income from existing long-term donors and the prudent approach adopted for new cadet recruitment, the Trustees consider that the trust will generate sufficient operating cash flows to realise its assets and discharge its liabilities in the normal course of activities.
Accordingly, the financial statements have been prepared on a going concern basis and do not include any adjustments that would be required should the trust no longer be a going concern.
## _**(b) Charity status**_
The charity is a public benefit entity.
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**Maritime London Officer Cadet Scholarship**
**NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2020**
## **1. ACCOUNTING POLICIES (continued)**
## _**(c) Voluntary income**_
Voluntary income comprises all income from donations and grants. Grants are recognised on a receivable basis. Donations are credited when received.
## _**(d) Training commitments**_
Estimated training commitments are recognised when the Trustees have entered into a legal or constructive obligation, net of related grants receivable.
## _**(e) Investment income**_
Investment income comprises interest receivable on bank balances and is recognised on an accruals basis.
## _**(f) Expenditure**_
All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay. Governance costs relate to the general running of the charity as a legal entity and are not connected with generating income or charitable expenditure. Support costs relating to a single activity are allocated directly to that activity.
## _**(g) VAT**_
All expenses are shown net of VAT. Irrecoverable VAT is written off when the expenditure to which it relates is recorded.
## _**(h) Unrestricted funds**_
All funds within the charity are unrestricted and relate to donations and other income receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
## **2. TRUSTEES**
None of the Trustees received any remuneration during the year (2019: Nil). Travelling and other expenses of the Trustees are not reimbursed by the charity.
## **3. EXPENDITURE**
|Expenditure includes: Auditors’ remuneration
Current year
Under-provision in respect of previous year
Total
|**2020**
**2019**
6,530
6,500
-
85
£ 6,530
£ 6,585
|
|---|---|
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**Maritime London Officer Cadet Scholarship**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **For the year ended 31 August 2020**
## **4. ACCRUED TRAINING COMMITMENTS**
|**2020**
**At**
**1 September**
**2019**
**Receivable /**
**(Payable) in**
**year**
**Statement of**
**Financial**
**Activities**
**At**
Grants receivable
(75,744)
49,238
(58,421)
College fees
58,820
(33,045)
36,633
Student scholarships
47,739
(40,049)
73,085
Student scholarship expenses
9,105
(3,254)
5,968
Cadet training manager
11,471
(9,400)
13,197
Charitable activities – VAT
2,379
(1,993)
2,760
129,514
(87,741)
131,643
Net commitment
£ 53,770
£ (38,503)
£ 73,222
Due within one year
Due after more than one year|**31 August**
**2020**
(84,927)
62,408
80,775
11,819
15,268
3,146
173,416
£ 88,489
50,453
38,036
£ 88,489
|
|---|---|
|**2019**
**1**
Grants receivable
College fees
Student scholarships
Student scholarship expenses
Cadet training manager
Charitable activities – VAT
Net commitment
Due within one year
Due after more than one year|**At**
**September**
**2018**
**Receivable /**
**(Payable) in**
**year**
**Statement of**
**Financial**
**Activities**
**At**
(52,323)
53,831
(77,252)
29,973
(19,443)
48,290
24,327
(35,460)
58,872
4,640
(10,871)
15,336
5,845
(9,625)
15,251
1,212
(2,394)
3,561
65,997
(77,793)
141,310
£ 13,674
£ (23,962)
£ 64,058|**31 August**
**2019**
(75,744)
58,820
47,739
9,105
11,471
2,379
129,514
£ 53,770
27,260
26,510
£ 53,770
|
|---|---|---|
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**Maritime London Officer Cadet Scholarship**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 August 2020**
## **4. ACCRUED TRAINING COMMITMENTS (continued)**
|**Reconciliation to Statement of Financial Activities:**
Net training commitment movement
Donations
Recruitment expenses
Audit fees
Governance costs – irrecoverable VAT
Sundry expenses including irrecoverable VAT
Net expenditure for the year|**2020**
73,222
(78,141)
237
6,530
1,306
956
£ 4,110|**2019**
64,058
(39,690)
372
6,585
1,317
596
£ 33,238
|
|---|---|---|
## **5. DONORS**
The organisations listed below have made donations to the charity during the year or the prior year.
## **Sponsors for Cadet Scholarships**
- Clearwater Marine Investments
- Gard (UK)
- Thomas Miller
- Wallem Ship Management
- International Underwriting Association
## **Donors for Cadet Scholarships**
- Holman Fenwick Willan
- Maritime London
- Mr Gregg Newman
- The Shipowners’ Protection
- The Worshipful Company of Insurers
- Mr Anthony Vlasto
- Seafarers UK
## **Donations of Professional Services**
- BDO LLP
- Institute of Chartered Shipbrokers Maritime London Limited
- Reed Smith LLP
- The Royal Bank of Scotland plc
The charity has an arrangement with Maritime London Limited for the provision by Maritime London of a range of administrative support in managing the cadet scholarship programme. There is no charge to the charity by Maritime London for the provision of these administrative services.
The charity had a service agreement with the Institute of Chartered Shipbrokers (“ICS”) for the provision by ICS of a range of administrative support in managing the cadet scholarship programme. This agreement ceased during the year. There was no charge to the charity by ICS for the provision of these administrative services.
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