**Charity Registration No. 1091598**
**Company Registration No. 4365550 (England and Wales)**
**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**
## **THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|R Hodgkinson||
|---|---|---|
||B Sainsbury||
||J Douglas-Hughes OBE DL||
||C Anderson||
||D Lee||
||R Ward||
||Ms S Courtauld||
||J Weil||
||Dr M.C. Jackson||
||J Hare||
||W Bulgin|(Appointed 16 October 2020)|
||J Berney|(Appointed 16 October 2020)|
|**Secretary**|R Ward||
|**Charity number**|1091598||
|**Company number**|4365550||
|**Registered office**|Bradwell Marina||
||Waterside||
||Bradwell on Sea||
||CM0 7RB||
|**Independent examiner**|Rachel Skells BA FCA||
||Whittle & Partners LLP||
||The Old Exchange||
||64 West Stockwell Street||
||Colchester||
||Essex||
||CO1 1HE||
|**Bankers**|Barclays Bank plc||
||60 High Street||
||Maldon||
||Essex||
||CM9 5PR||
|**Solicitors**|Gepp & Sons||
||58 New London Road||
||Chelmsford||
||Essex||
||CM2 0PA||
## **THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 15|
**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The trustees present their report and financial statements for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's Memorandum and Articles of Association dated 31 January 2002 , the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
## **Objectives and activities**
The Cirdan Sailing Trust, amongst the largest such organisations in Britain, was founded by the Rev. Bill Broad over thirty years ago. During this time we have successfully brought the challenge of sea going adventure to over 34,000 young people aboard our fleet of sailing vessels. The main focus of our work is with young socially, mentally and physically disadvantaged groups, with the aim of improving their lives by developing social skills, team building, self-confidence, self-esteem and a broader understanding of themselves and others. Although most of our work is with such groups, we also provide the same opportunities to others such as in main stream schools, young offenders and vulnerable adults.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. All our charitable activities focus on the self development of disadvantaged young people and are undertaken to further our charitable purpose for the public benefit.
We cannot stress enough the importance of working in partnership with youth leaders, social workers, teachers and local authorities amongst others to help them achieve their aims of integrating young people into the community. As the benefits lie in providing the individuals with an experience away from their sedentary or negative environments it is important that the new skills, confidence and aspirations developed at sea are built upon on their return to dry land. The challenging experience is intensified not only by the passion of our crew but by the commitment of the youth workers.
In terms of who benefits from our service, we cover a wide and diverse range of the population in creed, ethnicity and attainment from all social backgrounds and localities. Our client groups are finding it increasingly challenging to source the funding for the adventurous activity of sailing. However the Trust has developed significant expertise in sourcing support and ideas for fund raising which we pass on to the groups. We also provide financial support through our own Voyage of Discovery Fund scheme. Despite the claims of Central Government that funds are available for youth development, these are complicated to access and not generally available for non-statutory activities so the skills we can bring to accessing alternative sources of funding are of enormous value to the groups.
We work hard to minimise restriction:
- geographically, while based in Essex, we deploy our fleet around the UK during the sailing season
- we do not restrict ourselves to personal characteristics; while our focus remains disadvantaged young people, we also provide voyages suitable for other individuals e.g. those undertaking sections of the Duke of Edinburgh Awards and adults who are homeless or have special needs
- our membership is open to all
Evidence and feedback from our client groups about the benefits accrued by young people from a sailing experience is validated by comprehensive academic research. A study by the University of Edinburgh found measurable improvements in social confidence and the ability to work with others. The University of Otago in New Zealand reported that “Sharing the pleasure, hardships and camaraderie that develop out of life at sea has a profound impact on strengthening character, fortitude and confidence. The importance of mutual respect, perseverance, responsibility and teamwork towards others and nature present a great sense of existence, self discovery and accomplishment.”
- 1 -
**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Achievements and performance**
Like all industries and businesses, 2020 presented us with some difficult days. Our season started much as expected and we were delighted to welcome many of the crew from our previous season. They commenced the season preparing the vessels for the work ahead and our bookings and financial position, looked reasonably robust. With the vessels in the water however we were confronted with the pandemic. Initially we were exposed with a situation no amount of planning could have prepared us for. However the situation required some rapid response and I am delighted to report that our lean management structure was able to respond to all that Covid presented with minimum fuss.
For wooden boats, the vessels were in the best place, afloat. However it became apparent that we needed to position them at the least cost. Fortunately , this was possible while Queen Galadriel remained at her winter berth; Faramir took advantage of our arrangement with the Royal Harwich YC and Duet was kindly accommodated free of charge by Marconi SC in the River Blackwater. A skeleton team remained throughout the season maintaining the vessels afloat, checking berthing and mooring lines and checking the bilges on a regular basis. The lack of guidance from the Government as to how we could open to business meant that we had to remain on the beach for the year with the boats returning to their winter cradles at the end of it .
The sadness was that we were not able to take to sea with the young disadvantaged but the joy was that we ended the season in a reasonably robust fiscal situation to tackle 2021.
## **Financial review**
We are mindful of the need for tight fiscal controls.
During the year we were very fortunate to have received generous support from most of our historic funders who have put us in a position to be able to carry on our activities into 2021. The trustees are grateful to these backers for their uncompromising financial confidence which has given us a strong balance sheet at 31 December 2020. It would be churlish to name them individually but a very genuine thank you to them all.
We benefitted from the well managed Courtauld fund, a legacy primarily for the upkeep of Duet and taking young people to sea. The Owners were happy to provide additional support for Cirdan through the Essex Community Foundation which produced better than expected results in such a difficult year. We took advantage of the Government’s furlough scheme and the crew loyally stuck with us in the hope that some of the season could be recovered. Our customers too were happy to defer their voyage to later in the season or postpone to 2021 altogether.
Duet is under permanent loan from the owners in accordance with an agreement with the Rev Christopher Courtauld and has benefitted from a legacy which was established by the Rev Christopher Courtauld just prior to his death in 2014 and is administered by the Essex Community Foundation. Restricted proceeds of this fund are utilised by the Trust to cover much of her work within sail training, and particularly in this year with the major refit to her keel together with associated administration costs.
The Trustees policy is to maintain sufficient reserves to meet the anticipated day to day expenditure.
The trustees have a written Risk Register which assesses the risks to our business and sets out how these risks are minimised and is regularly reviewed. There have been no additional risks identified in the year.
- 2 -
## **THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Plans for the future**
We have been frustrated by the changes in dates for leaving the curtailments of lockdown and our ability to restart our programme of voyages, but we believe that we should manage to provide nearly 3 months of sailing adventure carried over for the 2021 season.
We are confident that 2022 will see us back to our customary operations and again to all those that have supported us our genuine thanks.
## **Structure, governance and management**
The Trust is a company limited by guarantee governed by its Memorandum and Articles dated 31 January 2002.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
R Hodgkinson Mrs A J King (Resigned 16 October 2020) B Sainsbury J Douglas-Hughes OBE DL C Anderson D Cole (Resigned 8 January 2021) D Lee R Ward Ms S Courtauld J Weil Dr M.C. Jackson Gillian Wraw (Resigned 20 March 2021) J Hare W Bulgin (Appointed 16 October 2020) J Berney (Appointed 16 October 2020)
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Board of Trustees (the directors) is responsible for setting the strategic direction of the charity and for establishing policy. A Chief Executive Officer (CEO) Mrs Leonie Back, is appointed by the trustees to manage the day to day operation of the charity. To facilitate effective operation, the CEO has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and sailing related activities.
Trustees are provided with copies of all systems and procedures operated by the Trust including copies of the Memorandum and Articles of the company. In addition, they receive such training as they and the other Trustees deem necessary.
- 3 -
## **THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Statement of trustees responsibilities**
The trustees, who are also the directors of The Cirdan Sailing Trust (Incorporating the Faramir Trust) Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees r eport was approved by the Board of Trustees.
C Anderson R Ward **Trustee Trustee** Dated: 17 September 2021
- 4 -
## **THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
I report to the trustees on my examination of the financial statements of The Cirdan Sailing Trust (Incorporating the Faramir Trust) Limited (the Trust) for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the trustees of the Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no 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 Trust as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Rachel Skells BA FCA
Chartered Accountant Whittle & Partners LLP The Old Exchange 64 West Stockwell Street Colchester Essex CO1 1HE
Dated: 17 September 2021
- 5 -
**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2020**
**2020**
**Notes**
**£**
**£**
**Income from:**
Donations
**3**
299,291
41,630
Char ter income
**4**
(678)
-
**Total income**
298,613
41,630
**Expenditure on:**
Raising funds
**5**
19,014
-
Charitable activities
**6**
289,723
31,630
**Total resources**
**expended**
308,737
31,630
**Net (expenditure)/income for**
**the year/**
**Net movement in funds**
(10,124)
10,000
Fund balances at 1
January 2020
844,353
-
**Fund balances at 31**
**December 2020**
834,229
10,000|**Total**Unrestricted
Restricted
funds
funds
**2020**
2019
2019
**£**
**£**
**£**
340,921
214,980
55,508
(678)
208,608
-
340,243
423,588
55,508
19,014
28,323
-
321,353
390,295
55,508
340,367
418,618
55,508
(124)
4,970
-
844,353
839,383
-
844,229
844,353
-|Total
2019
**£**
270,488
208,608|
|---|---|---|
|||479,096|
|||28,323|
|||445,803|
|||474,126|
|||4,970
839,383|
|||844,353|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 6 -
## **THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2020**_
|**2020**
**Notes**
**£**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Stocks
**11**
2,353
Debtors
**12**
3,051
Cash at bank and in hand
202,956
208,360
**Creditors: amounts falling due within**
**one year**
**13**
(129,132)
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**16**
Unrestricted funds|**£**
765,001
79,228
844,229
10,000
834,229
844,229|**2019**
**£**
2,353
19,168
115,072
136,593
(59,371)|**£**
767,131
77,222
844,353
-
844,353
844,353|
|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The accounts were approved by the Trustees on 17 September 2021
C Anderson R Ward **Trustee Trustee**
## **Company Registration No. 4365550**
- 7 -
**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **Company information**
The Cirdan Sailing Trust (Incorporating the Faramir Trust) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Bradwell Marina, Waterside, Bradwell on Sea, CM0 7RB.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the Trust's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the Trust. Monetary a mounts in these financial statements are rounded to the nearest £.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Incoming resources**
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, unless t hey are incapable of financial measurement.
- 8 -
**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Resources expended**
Expenditure is included on an accruals basis.
Management and administration costs comprise the costs of running the charity itself as an organisation.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Van
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
The trust's vessels are not depreciated and are stated at valuation.
Reinstatement costs are written off as expenditure in the period in which they are incurred.
## **1.7 Impairment of fixed assets**
At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss if any.
## **1.8 Stocks**
Stocks are stated at the lower of cost and estimated net realisable value.
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
- 9 -
**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **2 Critical accounting estimates and judgements**
In the application of the Trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**£**
**£**
Donations
80,311
-
Coronavirus Job Retention Scheme Grant
51,791
-
Charter fees donated as bursaries
167,189
41,630
299,291
41,630
**For the year ended 31 December 2019**
214,980
55,508
**Char ter income**
**Charter fees**
**Souvenir**
**income**
**RYA**
**income**
**£**
**£**
**£**
Sales within charitable activities
-
(1,094)
352
Other income
-
64
-
-
(1,030)
352|**Total**
**2020**
**£**
80,311
51,791
208,819
340,921
**Total**
**£**
(742)
64
(678)|**Total**
**2019**
**£**
71,860
-
198,628|
|---|---|---|
|||270,488|
|||270,488|
|||**Total**
**2019**
**£**
208,608
-|
|||208,608|
## **4 Char ter income**
- 10 -
**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **5 Raising funds**
|Fundraising and publicity
Share of support costs (see note 7)
**Charitable activities**
**Vessel**
**running**
**costs**
**Marketing and**
**administration**
**costs**
**£**
**£**
Wages, salaries, travel and subsistence
117,666
-
Vessel running costs
28,868
-
Vessel insurance/survey
24,342
-
Vessel repairs
67
-
Vessel reinstatement
74,352
-
245,295
-
Share of support costs (see note 7)
-
76,058
245,295
76,058
**Analysis by fund**
Unrestricted funds - general
213,665
76,058
Restricted funds
31,630
-
245,295
76,058
**For the year ended 31 December 2019**
Unrestricted funds - general
277,000
113,295
Restricted funds
55,508
-
332,508
113,295||**2020**
**£**
19,014
19,014
**Total**
**£**
117,666
28,868
24,342
67
74,352
245,295
76,058
321,353
289,723
31,630
321,353|**2019**
**£**
28,323|
|---|---|---|---|
||||28,323|
||||**Total**
**2019**
**£**
164,159
57,096
29,281
14,143
67,829|
||||332,508
113,295|
||||445,803|
||||390,295
55,508|
||||445,803|
## **6 Charitable activities**
- 11 -
**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**7**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Staff costs
60,037
-
Depreciation
2,130
-
Office and general expenses
12,878
-
Motor and travel expenses
2,693
-
Interest received
(47)
-
Fundraising costs
14,467
-
Bank charges
1,217
-
Interest paid
-
-
Legal and professional
1,697
-
95,072
-
Analysed between
Fundraising
19,014
-
Charitable activities
76,058
-
95,072
-|**2020**
**£**
60,037
2,130
12,878
2,693
(47)
14,467
1,217
-
1,697
95,072
19,014
76,058
95,072|**2019**
**£**
91,504
2,331
14,591
3,000
(131)
27,468
1,248
23
1,584
141,618
28,323
113,295
141,618|
|---|---|---|
Support costs are allocated 80% to charitable activities and 20% to fundraising.
Legal and professional fees includes a fee for the Independent Examination of £ 745 (201 9 : £ 710 ).
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration during the year, but indemnity insurance costing £1,400 (201 9 : £1,400) was incurred for the trustees.
- 12 -
**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **9 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
||**2020**|**2019**|
|---|---|---|
||**Number**|**Number**|
||8|9|
|**Employment costs**|**2020**|**2019**|
||**£**|**£**|
|Wages and salaries|161,823|222,389|
|Social security costs|8,865|16,316|
|Other pension costs|3,010|4,036|
|Travel, subsistence and other staff costs|4,005|12,922|
||177,703|255,663|
There were no employees whose annual remuneration was £60,000 or more.
## **10 Tangible fixed assets**
|**Cost**
At 1 January 2020
At 31 December 2020
**Depreciation and impairment**
At 1 January 2020
Depreciation charged in the year
At 31 December 2020
**Carrying amount**
At 31 December 2020
At 31 December 2019|**Sailing**
**vessels**
**£**
765,000
765,000
-
-
-
765,000
765,000|**Van**
**£**
11,155
11,155
9,024
2,130
11,154
1
2,131|**Total**
**£**
776,155|
|---|---|---|---|
||||776,155|
||||9,024
2,130|
||||11,154|
||||765,001|
||||767,131|
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**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **10 Tangible fixed assets**
## **(Continued)**
The vessels were valued by the Trustees as at 31 December 2007 after consultation with their Marine Surveyor on the existing use basis. The Trustees are of the opinion that the value at 31 December 20 20 is similar to that at 31 December 2007. The historical cost of these vessels is £380,446.
|**11**
**Stocks**
Sundry stocks
**12**
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income
**13**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Deferred income
**14**
Trade creditors
Other creditors
Accruals
**14**
**Deferred income**
Arising from Bursary income not yet due to
be allocated|**2020**
**£**
2,353
**2020**
**£**
3,051
-
3,051
**2020**
**£**
2,526
75,532
4,355
45,065
1,654
129,132
**2020**
**£**
75,532|**2019**
**£**
2,353|
|---|---|---|
|||**2019**
**£**
3,185
15,983|
|||19,168|
|||**2019**
**£**
2,545
28,550
18,742
7,693
1,841|
|||59,371|
|||**2019**
**£**
28,550|
- 14 -
**THE CIRDAN SAILING TRUST (INCORPORATING THE FARAMIR TRUST) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **15 Retirement benefit schemes**
## **Defined contribution schemes**
The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £3,010 (2019 - £4,036).
## **16 Restricted funds**
Donors have provided funds during this and previous years for a number of restricted purposes. The Rev Christopher Courtauld, just before his death, established a legacy to be used for the maintenance of Duet and other associated administration costs. The fund is administered by the Essex Community Foundation.
||**Movement in**|**funds**||
|---|---|---|---|
||**Income Expenditure**||**Balance at**|
||||**31 December**|
||||**2020**|
||**£**|**£**|**£**|
|Duet maintenance and associated administration|41,630|(31,630)|
10,000|
## **17 Related party transactions**
During the year N Back MBE (the retired Chief Executive Officer), the husband of the Chief Executive Officer , invoiced the Trust fees of £ 13,342 (201 9 : £2 4 , 243 ) for fundraising services. At the balance sheet date £ 525 was outstanding (201 9 : £nil).
- 15 -