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2021-04-30-accounts

Charity No. 1110022

Ocean Stars Trust

Report and Unaudited Financial Statements

30 April 2021

Ocean Stars Trust

Reference and administrative details

For the year ended 30 April 2021

Charity number 1110022
Registered office 2 Netherhouse Moor
Church Crookham
Fleet
GU51 5TY
Trustees The trustees are who served during the year and up to the date of this
report were as follows:
Joanna Barton (secretary)
John Bunter (treasurer)
Jennie Gilbert
Rev Daniel Haylett
Maureen Johnston (chair)
Aidan Lynch
Bankers Lloyds TSB
174 Fleet Road
Fleet
Hampshire
GU51 4DD
Independent examiners Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Ocean Stars Trust

Report of the trustees

For the year ended 30 April 2021

The trustees present their report and the unaudited financial statements for the year ended 30 April 2021.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management

Governing document

The organisation is a registered charity, registered on 15 June 2005, and constituted under a trust deed dated 21 April 2005.

Method of appointment or election of trustees

There must be a minimum of three trustees. New trustees are appointed on the basis of their skills, knowledge and experience in related charitable work. Any new trustee of Ocean Stars Trust is appointed for a term of one year by resolution of the current trustees.

Before taking up their appointment, new trustees are given details of the Charity Commission website in order to familiarise themselves with the responsibilities of being a trustee. Once appointed, the trustees are provided with copies of minutes and accounts of previous meetings and undergo an induction covering current projects of the trust by the founding trustee.

Organisational structure

The charity is managed by a small team of voluntary trustees under the direction of the Chair. The trustees meet on a bi-monthly basis and decisions are based on majority with the Chair having the casting vote.

All trustees are passionate in their desire to help rebuild the lives of individuals in Sri Lanka who have been victims of natural and other disasters. Project follow through and regular feedback to our donors through bi-annual newsletters have been key to its continued success.

Projects are only undertaken where they meet our charitable objectives and via individuals and groups with whom the charity trustees have met or have been personally recommended by trusted and known individuals. The charity trustees make regular visits to Sri Lanka each year to ensure that funds are being expended in accordance with their objectives.

Reference is made to OSL (“Ocean Stars Lanka”) below in the Chair’s report. This is a group funded absolutely by the trust in Eastern Sri Lanka (Batticaloa) to administer projects under OST guidance in that area.

Risk assessment

Trustees meet every two months. Risks affecting the delivery of projects are discussed, evaluated and actions required minuted. This includes setting aside contingency funds to continue projects should income at any time be radically reduced.

Objectives

Ocean Stars Trust exists to enable the relief of financial need and suffering among victims of natural and other kinds of disaster in the form of money (or other means deemed suitable) for persons, bodies or organisations in Sri Lanka.

2

Ocean Stars Trust

Report of the trustees

For the year ended 30 April 2021

Activities

The trustees confirm that they have charitable purposes for the public benefit because:

viii) Any private benefits (e.g. personal, moral, etc. development) that might accrue are incidental.

Achievements and performance

Over the past year, Ocean Stars Trust (OST) has continued its mission in Sri Lanka ‘to identify and overcome barriers’ and move towards its goal of a community ‘where every child has equal opportunity’. It has been a challenging time for OST as it has been for many charities and businesses. The ongoing and at times devastating impact of the Coronavirus pandemic, has continued to bring many challenges and affected the planned development of our projects.

However, throughout the year and despite the restrictions brought to our work by the difficult coronavirus circumstances, OST trustees have remained committed to furthering the development of its work, wherever and whenever possible. The safety and security of our staff in Sri Lanka and within the communities we work with, has been our other main priority during these uncertain times.

Trustee Board meetings have continued on a bi-monthly basis, via zoom. In addition, a number of extra meetings have taken place. Their purpose was twofold – firstly, to enable trustees to respond to the constantly changing pandemic circumstances and, secondly, to agree actions to improve the governance and financial stability of OST. The latter was one of the key objectives set up at our annual Away Day in October 2020.

3

Ocean Stars Trust

Report of the trustees

For the year ended 30 April 2021

Membership of the trustee board has remained unchanged and is as follows:

Chair – Maureen Johnston Secretary – Joanna Barton Treasurer – John Bunter Trustees – Jennie Gilbert, Rev Dan Haylett and Aidan Lynch Co-opted Trustees – Amali Bunter, Tim Ruepke and Sasi Rasanayagam

The following summaries both review and note developments in key aspects of our work in this past year.

Preschools

The provision of education for children living in impoverished parts of the country remains the primary focus of OST’s work. Across Sri Lanka, OST presently runs 26 preschools in 4 of the 9 provinces and provides education for 831 children. We continue to aim to sustainably expand our work by working closer with schools that need greater financial support, whilst widening the number of schools to whom we offer visits, teaching resources and training.

Due to the pandemic, schools have been closed for a large part of the year and naturally, the absence of schooling has hindered the education of our children. Consequently, OST has introduced a remote learning programme which is delivered on a weekly basis, via a messaging link, to our teachers. Wherever possible, the teachers then inform the children and their parents of the week’s learning activities. This initiative has enabled some continued education for the children and allowed teachers to check on the well being of the children and their families.

Community projects, Mahadeva and sponsorship programme

OST has continued to support and grow community projects which aim to provide local people with opportunities to develop business and employment skills. Whenever opening has been possible, computer and sewing classes have taken place in Ampalanthurai (Hope House 1), in Karaveddy (Hope House 2) and sewing and business skills continue to be taught at a centre in Yatiyanthota. Also, our support for Mahadeva Home in Kilinochchi, which currently houses 245 orphaned, internally displaced or unsupported children continues.

Another important strand of our work and especially so in these pandemic days, is our sponsorship programme. The programme enables 150 particularly disadvantaged children to access education until they reach the age of 18. Thanks to our faithful supporters and their regular financial support, this programme is ongoing.

Link Schools Programme

Due to pandemic restrictions, it has not been possible this year to visit with our link schools. However, regular communication has been maintained with our 13 link schools and preschools in the UK and Sweden. Newsletters, pictures, photos and videos have been shared.

Partnerships

Partnerships with other charities, or groups who share our values and support our mission, have continued to provide OST with essential financial support. Throughout this past year, we have continued to work with Fonthill Foundation, SunnySid3Up and Teach Sri Lanka. Their input has allowed us to strengthen our existing programmes and processes. We thank them for them for joining with us and helping enable the continued development of our work. The main areas of development are outlined below:

4

Ocean Stars Trust

Report of the trustees

For the year ended 30 April 2021

The effective and beneficial partnership which OST first established with Fonthill Foundation in 2019 has enabled development of our Child Development Programme in important ways. During 2020, OST spent funds provided by Fonthill Foundation to provide a tablet with internet connectivity for each OST preschool. The purpose of providing schools with tablets was to:

Fonthill funding also allowed OST to organise and deliver two tablet training sessions for our preschool teachers. These sessions were organised under strict covid restrictions and delivered to small groups of teachers over a weekend.

The introduction of tablets to our teachers and our education programme has been of huge importance and significance to us. Particularly in this past year, the connectivity provided by the tablets has enabled OST to identify and reach those most in need. Also, in terms of our strategy and mission statement, their introduction has strengthened our focus on providing quality preschool education to some of the poorest communities in Sri Lanka.

For the past 3 years, OST has also linked with Tony Feeney and SunnySid3Up , a charity based in Glasgow. Their commitment and investment has been of great value. It has enabled:

The partnership ended on 31 March 2021 but SunnySid3Up continue to bring support to Kancharikudah preschool. We thank them for all they have contributed to OST’s work and helped us achieve.

We also continue to partner with ‘Teach Sri Lanka’ , a small London based charity, whose sole purpose is to ‘promote and enable the education of all Sri Lankan children’. Their support has helped fund the maintenance and running of our preschool programme.

OSL – Ocean Stars Lanka

Due to the unique challenges of the pandemic and covid restrictions in Sri Lanka, this past year has been difficult for our OSL team. As our sister organisation, they play an important role for OST. Their function is to oversee the smooth running of OST operations in Batticaloa as well as ensuring the successful implementation of OST projects across Sri Lanka.

There have been several changes to the team in this past year. The following personnel are presently fulfilling important roles for us:

Arunasalam Sutharshan – OSL Director Shalini Pathmarajah – Finance and Project Manager Dishanthini Impanayagam – Preschool and Sponsorship Supervisor Jegani Jeganathan – Sponsorship Manager and Preschool Assistant Dilukshi Vijayakumar – Monitoring and Evaluations Officer Chitra Gnanapragasam – Office Manager

5

Ocean Stars Trust

Report of the trustees

For the year ended 30 April 2021

Throughout the pandemic, the team have worked tirelessly in difficult and sometimes even dangerous situations. Despite the challenges they have continued to manage OST projects well, sorting problems and ensuring support reaches those most in need. We are very grateful for the passion and commitment they bring to OSL and to OST.

Covid response

The Covid pandemic has brought havoc to so many families across Sri Lanka but especially to those living in remote and already deprived communities. OST has been inundated with requests for food parcels and hygiene bags as the curfews and lockdown in SL mean that families have no income.

In the UK, OST responded by organising a covid appeal, in an attempt to raise additional funds. Thankfully, many supporters have donated generously and to date, OSL has distributed 180 food parcels. As the pandemic continues, more have been ordered and we remain ready to respond to with further support. Also, following a request from the management, OST has donated medicines for Covid 19 patients, to Batticaloa Teaching hospital.

As the pandemic is ongoing, problems and difficulties remain for so many but we continue to monitor situations in our communities and will address needs as best we can.

Governance and finance

A major area of focus for the trustee board this past year has been governance and finance. At our meeting in November 2020, it was agreed that a finance team (FT) would be established to review OST governance and financial processes. The aim of this review was to strengthen our governance and to enhance accountability and transparency in all our financial transactions.

John Bunter (Treasurer), Aidan Lynch (Trustee) and Colin Johnston (External), as members of the FT, have completed a very thorough appraisal of our systems and have reported to the Trustee Board. Recommendations have been made and are being implemented. As the scope of work and projects grows, trustees are committed to ensuring that our systems and processes are efficiently managed.

In looking back across this pandemic year, reviewing our response to the global ‘crisis’ as well as our strategic performance, I am encouraged that OST has managed its responsibilities well. It has not been easy. Due to the unpredictable and at times devastating impact of coronavirus, we have had to frequently reassess our priorities but ensuring support for the many vulnerable families in our communities has become a primary focus.

However, in conclusion, it is really pleasing to note that despite all the difficulties, the impact of OST’s work is growing and consequently, OST continues to move towards its goal of a Sri Lanka with ‘equal opportunity for all’.

Financial review

OST has continued its great work in the past year. With income of £91,043 (2020: £110,484), the Trust is in good health, and continues to be served by a hard-working committee and excellent officers.

6

Ocean Stars Trust

Report of the trustees

For the year ended 30 April 2021

Reserves policy

The trustees of the charity agree that a reasonable level of reserves is required by the charity to finance working capital needs (such as the timing delays between payments and receipts), to absorb short term income set backs and to ensure that well deserving projects can go ahead until regular funders are sought. The trustees’ policy in this regard is to hold three months’ worth of advance payments to cover such circumstances (see also “Risk Assessment” notes), which is calculated to be £14,000. These are disclosed as “designated funds” and "general funds" within the unrestricted reserves in line with SORP guidance.

During the year the trustees took a cautious, prudent approach to expenditure on projects. This was primarily because it was clear that several usual fundraising avenues would be closing up, and did indeed close, during the pandemic and consequent periods of lockdown. Equally the trustees felt that additional funds should be made available in the following year to provide emergency relief due to Covid-19 outbreaks amongst our Sri Lankan communities. Further, it was felt that fundraising even in the coming year would still be difficult because of continued Covid-19 restrictions, so extra reserves would be extremely useful in the case of projects requested that trustees may find too pressing to refuse support for.

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees are to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The trustees 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees have no beneficial interest in the charity.

7

Ocean Stars Trust

Report of the trustees

For the year ended 30 April 2021

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 16 September 2021 and signed on their behalf by

Maureen Johnston

Maureen Johnston - Chair

8

Independent examiner's report

To the trustees of

Ocean Stars Trust

I report to the trustees on my examination of the accounts of Ocean Stars Trust (the Trust) for the year ended 30 April 2021, which are set out on pages 10 to 21.

Responsibilities and basis of report

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

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

Independent examiner’s statement

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

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

Date: 16 September 2021

Rob Wilson FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

9

Ocean Stars Trust

Statement of financial activities

For the year ended 30 April 2021

Note
Income from:
Donations
3
Charitable activities
4
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
5
7
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income / (expenditure)		 Restricted Unrestricted
£
£
-
53,675
37,350
-
-
18
37,350
53,693
-
216
40,140
31,189
40,140
31,405
(2,790)
22,288
2,600
(2,600)
(190)
19,688
4,862
14,904
4,672
34,592		 2021
Total
£
53,675
37,350
18
91,043
216
71,329
71,545
19,498
-
19,498
19,766
39,264		 2020
Total
£
77,932
32,472
80
110,484
3,852
107,379
111,231
(747)
-
(747)
20,513
19,766

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the accounts.

10

Ocean Stars Trust

Balance sheet

As at 30 April 2021

Note
Fixed assets
Tangible assets
10
Investment in subsidiary
11
Current assets
Cash at bank and in hand
Creditors: amounts due within 1 year
12
Net current assets
Net assets
13
Funds
14
Restricted funds
Unrestricted funds:
Designated funds
General funds
Total funds		 £
41,408
41,408
(2,145)		 2021
£
-
1
1
39,263
39,264
4,672
14,000
20,592
39,264		 2020
£
192
1
193
20,413
20,413
(840)
19,573
19,766
4,862
10,000
4,904
19,766

Approved by the trustees on 16 September 2021 and signed on their behalf by:

John Bunter

John Bunter - Treasurer

11

Ocean Stars Trust

Notes to the financial statements

For the year ended 30 April 2021

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Ocean Stars Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

e) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure on grants is recorded once the charity has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is earlier.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

12

Ocean Stars Trust

Notes to the financial statements

For the year ended 30 April 2021

1. Accounting policies (continued)

g) Allocation of support and governance costs

Support and governance costs are those functions that assist the work of the charity but do not directly undertake charitable activities. 100% of these costs have been allocated to charitable activities, on the basis that most of the charity's activities are charitable.

h) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment

3 year straight line

i) Investments in subsidiaries

The charity has one wholly owned subsidiary, JAYDD Limited (registered company number 10346019). The subsidiary is used for non-primary purpose trading activities. The charity has opted not to produce consolidated accounts as total consolidated income was less than £1 million during the year. The investment is held at cost in the charity's accounts.

j) Debtors

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

k) Cash at bank and in hand

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

l) Creditors

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

m) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

13

Ocean Stars Trust

Notes to the financial statements

For the year ended 30 April 2021

1. Accounting policies (continued)

n) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Depreciation

As described in note 1(h) to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

2. Statement of financial activities - prior period comparative

Income from:
Donations
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds		 Restricted Unrestricted
£
£
-
77,932
32,472
-
-
80
32,472
78,012
-
3,852
19,626
87,753
19,626
91,605
12,846
(13,593)
(13,762)
13,762
(916)
169		 2020
Total
£
77,932
32,472
80
110,484
3,852
107,379
111,231
(747)
-
(747)

14

Ocean Stars Trust

Notes to the financial statements

For the year ended 30 April 2021

3. Income from donations

Income from donations
Donations
Gift aid
Fundraising income
Other
Total income from donations		 Restricted
£
£
-
33,055
-
7,031
-
11,440
-
2,149
-
53,675
Unrestricted		 2021
Total
£
33,055
7,031
11,440
2,149
53,675		 2020
Total
£
48,857
6,089
22,986
-
77,932

All income from donations in the prior period was unrestricted.

4. Income from charitable activities

Teachers wages
Child sponsorship
Batti Project
Total income from charitable activities		 Restricted
£
£
3,535
-
20,328
-
13,487
-
37,350
-
Unrestricted		 2021
Total
£
3,535
20,328
13,487
37,350		 2020
Total
£
3,880
22,071
6,521
32,472

All income from charitable activities in the prior year was restricted.

15

Ocean Stars Trust

Notes to the financial statements

For the year ended 30 April 2021

5. Total expenditure

Total expenditure
Project expenditure (note 6)
Fundraising costs
Core costs
Newsletter costs
Website development
Bank charges
Postage, telephone and stationery
Accountancy and professional fees
Depreciation
Sub-total
Allocation of support costs
Total expenditure
Governance costs were £864.
Prior period comparative
Project expenditure (note 6)
Fundraising costs
Core costs
Newsletter costs
Travel and subsistence
Website development
Bank charges
Postage, telephone and stationery
Accountancy and professional fees
Depreciation
Miscellaneous costs
Sub-total
Allocation of support costs
Total expenditure		 Raising
funds
£
-
216
-
-
-
-
-
-
-
216
-
216
Raising
funds
£
-
3,852
-
-
-
-
-
-
-
-
-
3,852
-
3,852		 Charitable
activities
£
68,270
-
-
158
979
225
416
-
-
70,048
1,281
71,329
Charitable
activities
£
89,752
-
-
235
11,732
1,041
285
2,650
-
-
28
105,723
1,656
107,379		 Support and
governance
costs
£
-
-
225
-
-
-
-
864
192
1,281
(1,281)
-
Support and
governance
costs
£
-
-
623
-
-
-
-
-
840
193
-
1,656
(1,656)
-		 2021 Total
£
68,270
216
225
158
979
225
416
864
192
71,545
-
71,545
2020 Total
£
89,752
3,852
623
235
11,732
1,041
285
2,650
840
193
28
111,231
-
111,231

Governance costs were £966.

16

Ocean Stars Trust

Notes to the financial statements

For the year ended 30 April 2021

6. Project expenditure

Child sponsorship projects
Partner projects
OSL project
Batti projects
Yatiyanthota project
Sundry projects
Prior period comparative
Child sponsorship projects
Partner projects
OSL project
Batti project
Yatiyanthota project
Sundry projects		 Restricted Unrestricted
£
£
20,850
-
-
5,642
6,135
19,707
13,155
-
-
540
-
2,241
40,140
28,130
Restricted Unrestricted
£
£
5,378
38
2,518
3,290
413
56,572
2,910
-
-
320
8,407
9,906
19,626
70,126		 2021
£
20,850
5,642
25,842
13,155
540
2,241
68,270
2020
£
5,416
5,808
56,985
2,910
320
18,313
89,752

7. Net movement in funds

This is stated after charging:

Depreciation
Independent examiners' remuneration:
Accounts preparation and independent examination
Trustee's reimbursed expenses
Trustees' remuneration		 2021
£
192
122
Nil
864		 2020
£
193
1,216
Nil
840

Trustees' reimbursed expenses represents the reimbursement of postage, travel and subsistence costs relating to attendance at trustees' meetings, conferences and visits to Sri Lanka. In the current period, the number of trustees who received reimbursed expenses was one (2020: three).

8. Staff costs and numbers

The charity did not employ any staff during the current or prior year. The key management staff of the charity comprise the trustees, who did not receive any remuneration in the current or prior year.

17

Ocean Stars Trust

Notes to the financial statements

For the year ended 30 April 2021

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10. Tangible fixed assets

Cost
At 1 May 2020
Disposals
At 30 April 2021
Depreciation
At 1 May 2020
Charge for the year
Disposals
At 30 April 2021
Net book value
At 30 April 2021
At 30 April 2020
Computer		 £
1,312
(515)
equipment
797
1,120
192
(515)
797
-
192

11. Investment in subsidiary

The charity owns the whole of the issued share capital (1 ordinary £1 share) of JAYDD Limited, a company registered in England and Wales. The subsidiary is used for non-primary purpose trading activities. Available profits are gift aided to the charity. The company's sole director is Dilanee Bunter who is connected to John Bunter a trustee of Ocean Stars Trust.

JAYDD Limited made a loss for the period ended 30 April 2021 of £1,494 and as at 30 April 2021 had net liabilities of £10,326. The related party transactions note has details of the transactions between the charity and the company.

Investment in subsidiary 2021
£
1		 2020
£
1

18

Ocean Stars Trust

Notes to the financial statements

For the year ended 30 April 2021

12. Creditors : amounts due within 1 year

Creditors : amounts due within 1 year
Grants payable
Accruals		 2021
£
1,280
865
2,145		 2020
£
-
840
840

13. Analysis of net assets between funds

Analysis of net assets between funds
Investments
Current assets
Current liabilities
Net assets at 30 April 2021		 £
-
5,952
(1,280)
4,672
Restricted
funds		 £
£
-
1
14,000
21,456
-
(865)
14,000
20,592
Unrestricted
funds
Designated
funds		 Total
funds
£
1
41,408
(2,145)
39,264
Analysis of net assets between funds - prior period comparative
£
£
£
Tangible fixed assets
-
-
192
Investments
-
-
1
Current assets
4,862
10,000
5,551
Current liabilities
-
-
(840)
Net assets at 30 April 2020
4,862
10,000
4,904
Restricted
funds
Designated
funds
Unrestricted
funds		 Total
funds
£
192
1
20,413
(840)
19,766

19

Ocean Stars Trust

Notes to the financial statements

For the year ended 30 April 2021

14. Movements in funds

Restricted funds
Batti project
Unrestricted funds
Designated funds:
Total designated funds
General funds
Total funds
Working capital and
operational contingency
Child sponsorship
Teachers wages
Total restricted funds
Total unrestricted funds		 At 1 May
2020
£
4,862
-
-
4,862
10,000
10,000
4,904
14,904
19,766		 £
£
20,328
(20,850)
3,535
(6,135)
13,487
(13,155)
37,350
(40,140)
-
-
-
-
53,693
(31,405)
53,693
(31,405)
91,043
(71,545)
Income
Expenditure		 £
-
2,600
-
2,600
4,000
4,000
(6,600)
(2,600)
-
Transfers
between
funds		 £
4,340
-
332
At 30 April
2021
4,672
14,000
14,000
20,592
34,592
39,264

Purpose of restricted funds

Child sponsorship

To provide direct funding for individual children to help them through their education. A proportion of the sponsorship money is put into savings for when the child reaches 18 years of age.

Teachers wages

To fund teachers salaries and to provide financial support for individual teachers as many teachers within the pre-school community in Sri Lanka work without pay.

Batti project

The Batti project encapsulates a range of financial and other support for the communities of Batticaloa, Eastern Sri Lanka, and includes teacher training, uniforms for teachers and preschool children, staff and teacher salaries, and capital (building) projects.

Purpose of designated funds

Working capital and operational contingency

In order to provide sufficient working capital to the Trust, the trustees have decided that an amount equivalent to three months of regular payments to Sri Lanka should be maintained as a designated reserve.

20

Ocean Stars Trust

Notes to the financial statements

For the year ended 30 April 2021

14. Movements in funds (continued) - prior period comparative

Restricted funds
Batti project
Unrestricted funds
Designated funds:
Total designated funds
General funds
Total funds
Child sponsorship
Teachers wages
Total restricted funds
Working capital and
operational contingency
Total unrestricted funds		 At 1 May
2019
£
5,778
-
-
5,778
10,000
10,000
4,735
14,735
20,513		 £
£
22,071
(12,987)
3,880
(3,729)
6,521
(2,910)
32,472
(19,626)
-
-
-
-
78,012
(91,605)
78,012
(91,605)
110,484
(111,231)
Income Expenditure		 £
(10,000)
(151)
(3,611)
(13,762)
-
-
13,762
13,762
-
Transfers
between
funds		 £
4,862
-
-
At 30 April
2020
4,862
10,000
10,000
4,904
14,904
19,766

15. Related party transactions

Donations from trustees during the year amounted to £Nil (2020: £285 from two trustees).

John Bunter, trustee, received reimbursed expenses relating to his work during the year of £Nil (2020: £1,090).

Dilanee Bunter, Operations Manager, and wife of John Bunter, trustee, received reimbursed expenses relating to her work during the year of £943 (2020: £13,919).

Dilanee is also the sole director of JAYDD Limited, a wholly-owned subsidiary of Ocean Stars Trust. Ocean Stars Trust received reimbursements from (2020: made payments to) JAYDD Limited during the year for fundraising services and the recharged travel expenses of Ocean Star Trust trustees. These amounted to reimbursements of £2,149 (2020: payments of £5,130). No amounts were owing as of 30 April 2021 (30 April 2020: £nil).

Dilanee Bunter is also an employee of JAYDD Limited, during the year she was paid £7,022 (2020: £11,925) by JAYDD Limited.

Zeddy Kibet, daughter-in-law of John Bunter (trustee) received an allowance totalling £1,200 (2020: £Nil) for work completed in Sri Lanka relating to Child Development.

21