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2020-03-31-accounts

Jubilee Sailing Trust Annual Report

For the year ending 31st March 2020 Registered charity #277810

Contents

Contents
Message from the Chair 1
Message from the Chief Executive 2
Mission, vision and objectives 4
Our impact 6
Highlights and plans for the future 8
Voyages 10
Ship operations 14
Branches and volunteers 18
Partnerships 22
Fundraising and donations 26
Profle and reputation 30
People 34
Financial review and governance 36
Financial review 38
Governance and management 40
Statement of Trustees’ responsibilities 42
Financial Statements 44
Independent auditors report 46
Consolidated statement of fnancial activities 49
Consolidated and Trust balance sheets 50
Consolidated cash fow statement 51
Notes to the fnancial statements 52

Message from the Chair

What strange times we are living in. This year has been one where courage, resilience and agility have been key not only to our survival but also to our end of year position, which saw us more determined than ever to continue our work.

We have had to make some tough decisions: losing some of our valued team members; the enormously hard decision to decommission STS Lord Nelson; and continued pressure on our finances generally. Fundraising became increasingly difficult - first given the ever present economic uncertainty, and latterly the impact of Covid-19. Nothing was straightforward and I pay tribute to both our ship and shore teams, and our wonderful volunteers and branches. I also extend my most heartfelt gratitude to our donors for their steadfast resolve during these times.

Never has the need for the Jubilee Sailing Trust been greater. “An inclusive world where we can all contribute and feel valued” - what could matter more and be more relevant in our world today?

This report helps us to reflect on the difficulties we have encountered and the changes that had to be made. Notwithstanding these significant obstacles, as you read through the pages, you will see documented so clearly, both in pictures and in words, the personal triumphs those who sail with us have achieved by overcoming difficulties, challenging themselves, sometimes simply hanging on.

This is the story of the people of the JST – its founders, its volunteers, its branches, its crew and its dedicated team. It is a remarkable testament to the generosity of spirit of so many people in so many places. That has been the story of the JST throughout its entire history and certainly through my period as a Trustee and latterly as the Chair. This Annual Report is a record of our strong community. It is what makes it all so worthwhile.

This is the last annual report I will contribute to as Chair as I am signing off from my time as a Trustee at the end of 2020. I have totally enjoyed my time and have been truly inspired by the many wonderful people I have had the honour of interacting with over the past years. I shall most certainly not be looking back except with the fondest of memories and a few wry smiles. I invite you to join me in looking forward with anticipation and excitement. It has been a testing time for us, but we are in good shape and ready for whatever the future brings. Many thanks.

James Crill

Chairman of Trustees

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Message from the Chief Executive

It was with great pleasure that I started my role as CEO of the Jubilee Sailing Trust on January 1, 2020.

Having known the Trust for many years during my time as a journalist and newspaper editor in both Bournemouth and Southampton, I witnessed the extraordinary work that has been delivered over more than four decades.

In taking over after such a turbulent year in our history, my immediate duty was to continue the hard work of the trustees and the executive during 2019 and to establish a sustainable future for the Trust. The short term progress made is illustrated in the figures which show an improvement on the previous year.

Looking back on my visit to SV Tenacious in early 2020 it was impossible to comprehend the sudden and devastating impact Covid-19 would have on us all. Any review of 2019-20 will ultimately be coloured by the impact of the pandemic. The immediate blow to us was the unavoidable and painful decision to abandon the planned Spring and Summer voyage programme in the Mediterranean and to bring Tenacious back to UK waters.

We experienced an immediate loss of revenue, had to furlough our permanent crew and some office-based staff and to secure the safety of Tenacious in dock at South Wales. Fortunately all on board arrived home fit and well.

The planned voyages to the Mediterranean were also intended to make a positive financial contribution to fund the costly Special Survey for Tenacious to take place in late Summer and Autumn of 2020.

Fortunately and thanks to the generous support of our donors and volunteers, Government support through the furlough scheme and grant support from the Association of Sail Training Organisations (ASTO) we have been able to proceed with the Special Survey and to continue to look to the future with confidence.

During the last quarter of the year we set in motion an important new relationship with the Royal Navy to facilitate sail training opportunities for RN personnel on board Tenacious. We are hopeful that this innovative pilot partnership will lead to similar future initiatives.

The partnership underlines the spirit of innovation and collaboration that we possess and which we seek to build on across all areas of our work during 2020 and beyond. We are deeply committed to our mission and want to broaden our activities and our offer, to maintain our loyal followers but to also attract new audiences.

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But for all the dramatic change we’ve experienced, it’s important that I reflect on a reassuring seam of consistency, loyalty and continuity: continued generosity of our philanthropic supporters and corporate friends and partners, and the remarkable resilience and creativity of our permanent crew and the entire JST team in rising to meet these challenges with skill, agility and commitment.

We are grateful for their passion and professionalism, which we hope shines through in these pages.

To grow and develop we are committed to working ever more closely with our loyal branches across the country and our fellow sail training organisations.

I believe that society will undergo huge future challenges in a post pandemic world, and the mission and experiences we offer to fight all forms of isolation will be needed so much more.

To achieve this, the support of donors is so vital for an organisation that receives no regular public funding and is reliant on its own fundraising efforts.

We recognise that there is still a great deal to do for the Trust to achieve long-term financial sustainability so our aim must be to increase our philanthropic income substantially, and the results achieved this year represent encouraging progress that we will look to build on.

In closing, it is important to recognise the fantastic contribution our chair James Crill has made during his long service. He, together with the Trustees, have fought long and hard to ensure that the Trust can look forward with confidence to the future.

Patrick Fleming

Chief Executive

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Mission, vision and objectives

Who we are

We are the Jubilee Sailing Trust, a charity that changes lives through adventure and exploration onboard our tall ship, SV Tenacious. Our voyages are for people of all ages, backgrounds and abilities, giving everyone the opportunity to explore their potential through inclusive adventures at sea. Our tall ship, Tenacious, is the only sea-going tall ship in the world designed, built and sailed by a mixed-ability crew, following the pioneering lead of STS Lord Nelson which was decommissioned in 2019 after changing lives at sea since 1986.

Our Vision

An inclusive world where we can all contribute and feel valued.

Our Mission

To give people of mixed abilities and circumstances the freedom to explore their ability, potential and place in the world through inclusive adventures at sea.

Discover

Each year our tall ship, Tenacious, sails to destinations around the globe including the UK, Europe, the Caribbean and further afield.

Experience

Our pioneering voyages are for those with a sense of adventure. Voyage crew become immersed in an unforgettable sailing experience whether they are a novice or an experienced sailor.

Belong

Join us. Become part of a community and help us continue our vital work, both onboard and ashore.

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JST’s strategic pillars

We are a community that brings together ship and shore teams, permanent, volunteer and voyage crew, charities and corporate organisations, donors, suppliers and people from so many different backgrounds and life-experiences to share adventures that enrich all of our lives. To achieve our mission is a big undertaking: our seven JST strategic pillars, as this Annual Report shows, provide us with the structure to support everything we do.

Voyages Organising our voyages to ensure the safety, comfort and positive experience for all

Ship operations Keeping the ship in brilliant condition, and supporting our permanent crew

Branches and volunteers Drawing on the experience and commitment of our supporters

Fundraising Raising funds to ensure we can fulfil our mission

Partnerships Working with others to extend our reach and deepen our impact

People

Supporting our paid and volunteer ship and shore teams

Ensuring people know what we do and why we do it

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Our Impact

In our most recent full year of sailing between April 2019 and March 2020

----- Start of picture text -----
sailed
with
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----- Start of picture text -----
over
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1,600

voyage crew including

653

disabled people

this included

107 wheelchair users

32 with a learning disability

81 visually impaired 80 hearing impaired 112 with a mental health condition

54 people with diabetes

30 people with epilepsy

97[%] now feel more certain of their ability to tackle challenges

worked with 325

ship volunteers

this included

167 watch leaders 112 bosun’s mates

46 cook’s assistants

98[%] feel

about working with people of different abilities and backgrounds

delivered 12 partner collaborations

97[%] have

enhanced their belief in their own skills

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trained 87p of every 40 £1 watch leaders donated reaches

59 94[%] total now able to voyages achieve things they previously did not think possible 49 Average age of voyage crew

98[%]

are now more aware of the ability and potential of others

98[%]

feel valued as part of a team

21

ports visited Aalborg Greenock Portsmouth Akureyri Las Palmas Reykjavik Antigua Lisbon Rouen Bergen Liverpool Scheveningen Cardiff London Weymouth Cork Oban Edinburgh Poole Frederiksted Portland

Gender Split

956 684 male female

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Highlights and plans for the future

SECTION 1

Highlights and plans for the future

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Highlights and plans for the future

Voyages

Overview

Our voyages are for people of all ages, backgrounds and abilities with a quest for new experiences. Everyone who joins a voyage becomes part of our voyage crew and is given real responsibilities onboard as part of their experience.

We offer voyages that are open to the public as well as partnership voyages for particular organisations or groups. Voyages range from day sails, short coastal trips to longer offshore experiences and passages at sea.

Before each trip, we help our voyage crew prepare by providing a comprehensive guide to their trip and ensuring they have undertaken, where appropriate, a detailed medical screening. We aim to assign everyone a buddy onboard, because we know that people benefit so much from helping each other - as Jen and Julie’s story on page 13 demonstrates.

This year our voyage programme was reduced due to the decommissioning of Lord Nelson in October 2019. However, we were still able to provide a range of voyages, build our partnerships offer and extend our mission with a strong UK presence as well as voyages to the Caribbean and Las Palmas.

I can honestly say going on the ship changed my life. I saw others on board deal with huge challenges – being in that environment made me think for myself and realise my priorities”.

- Michael, sailed August 2019

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Highlights

Plans for the future

In light of the Covid-19 pandemic some of our plans may need to change. However, we remain determined to offer everyone a programme which continues to build a sense of camaraderie, challenge what is possible and provide the experience of a lifetime. Our plans include:

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Highlights and plans for the futureCase Study

On board our voyages, we operate a ‘buddy system’, where crew are paired up. This might be in disabled and non-disabled pairs, or first-timers might be matched with someone with more sailing experience. It’s a balance that’s important to get right, especially as some disabilities are hidden.

What’s more, it’s a two-way process which has been in place since our first voyage and epitomises our ethos.

Jen and Julie were paired as buddies, meeting on day one of their voyage. Jen is from California and was on her first JST adventure, ticking off an item on her bucket list. Julie is from Scotland, has Cerebral Palsy and has sailed with us a total of eight times.

Here they share their buddy experience.

Jen:

I had never experienced sailing a large ship of any kind prior to my JST adventure, but a tall ship voyage had been earmarked on my bucket list of life experiences for almost 20 years.

Almost 18 years ago, I saw an advert in a magazine and knew that it was something I would do one day. Although I consider myself fairly comfortable with people of a variety of physical challenges, my husband had no experience himself. But we are both adventure-seekers by nature, were keen on supporting the JST and wanted to learn a new skill.

I had no idea that most of that ‘learning’ would come from the woman I was assigned to ‘buddy’ – Julie.

Paired on day one, I was delighted to find how engaging and enthusiastic she was. With eight previous JST voyages to her credit, plus a slew of graduate level

educational credentials and public speaking roles, her Cerebral Palsy and hearing impairment hardly seemed to slow this woman down.

We had a similar sense of humour, and I learned quickly that she was highly skilled at lip reading. I asked how I could help her and was surprised that she only needed a bit of balance assist if the ship was really rocking. And oh, a nudge if any alarms went off while sleeping. She then proceeded to teach me ‘the ropes’ of being a voyage crew member on a tall ship.

In terms of being a buddy? Just come with an open heart and a willingness to engage your buddy in a kind and interested manner. You will have a more meaningful experience and you just might make a new friend.

Julie:

We were a hit from the start – so well matched as buddies. It was the start of something special for eight days. Fellow voyage crew even thought we were sisters!

While my impairments were not hugely affected, my Cerebral Palsy affects my balance and hearing so making sure I was on my feet and could hear orders were the main things for Jen to be aware of. But beyond this, we understood each other from the start, shared similar outlook and interests.

Why did it work so successfully for Jen and I? I think because we saw what we could both do for each other.

For us, our unique buddying experience was forged through partnership.

Jen and I cherished eight days of spontaneous moments, endless chats and laughter. We shared the learning experience of the ship routine, doing watches, happy hours, setting sails and hauling in the sails. It was a partnership of teamwork alongside our fellow voyage crew.

For Julie and Jen’s full story visit: jst.org.uk/story/ julie-and-jens-story

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Highlights and plans for the future

Ship operations

Overview

This aspect of the Trust’s work covers a wide range of activities and is man-

aged by a shore-based team of three, nine permanent crew and a number of dedicated volunteers - many of whom have specialist engineering or marine skills.

The year has been a particularly busy one. We saw the decommissioning of Lord Nelson, a significant maintenance schedule for Tenacious, an adventurous ocean-going winter programme including the Canary Islands and the Caribbean, and finally a complex and swift logistical exercise to divert Tenacious and her crew from a transatlantic voyage back to the UK, in response to the Covid-19 pandemic.

Our Ship Operations team is responsible for ensuring that everyone who comes on board has the experience of a lifetime, responding to their needs, whilst being safe and secure on a well-maintained, fit for purpose tall ship. This includes:

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Highlights

Plans for the future

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Highlights and plans for the futureCase Study

Neil’s Story

Neil Tigwell from Oxfordshire has been a maintenance volunteer on our ships for four years

I’ll highlight one of the sessions last year in Portland which was fairly typical.

There was a lot to do during this particular maintenance period particularly on the engineering side: a new air-conditioning system was installed (important with the upcoming Caribbean voyages); lots of electrical jobs; and an overhaul of the main engines which are of course essential for getting into and out of port and for when the winds are light or in the wrong direction.

One of the biggest tasks on deck was to remove two of the roller furling yards with a massive crane and to overhaul them on the quayside – this required both rigging and seamanship skills.

But it is not just practical tasks that are needed to make everything work for the voyages. In contrast there was a new system being installed to keep track of the medical purser’s stores and equipment.

All the oil skins that had arrived from Lord Nelson were being cleaned and checked. Rust chipping and painting was under way as it always is (that really is a never-ending task). The deck team were involved with rope work, rigging and woodworking. When stores arrived, it was all hands to help get them on board, and there is often washing up to do which everyone, including the captain helps with. And of course cleaning!

What comes across strongly is the Permanent Crew’s passionate belief in what they are helping to achieve. Being a part of that team working towards a common goal is the sort of situation most workplaces can only dream of.

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Highlights and plans for the future

Branches and Volunteers

Overview

Branches and volunteers play a crucial role for the Jubilee Sailing Trust, and mean we can extend the JST community ashore, beyond our voyages.

Onboard, volunteers take significant roles as watch leaders (such as Anna on page 21), bosun’s mates and cook’s assistants. Ashore, our volunteers provide maintenance assistance, and raise funds and awareness up and down the country.

We also have a network of branches who are the face of the JST in local communities. Whether it’s through running events, creating fundraising challenges or helping us raise awareness of our work in their area, the Trust would not exist without their support.

Our branches bring together like-minded people and create a network of support that we know so many find essential. They’re a crucial part of the JST family, which is why we’re keen to work more closely with our branches as we move forwards.

Highlights

“Volunteers, both onboard and ashore, do a tremendous amount for the ship and the Trust as a whole - indeed without them, we’d be unable to operate. The branches need our support to enable them to support us – it’s a team game and that means we absolutely must contribute fully to the team effort.”

- Captain Simon

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Plans for the future

“We need to redress the balance with Branches, the smaller ones as well as our larger groups, to truly work with them. They are our grassroots supporters, but they are also a key resource for us understanding what is needed, seeing new opportunities and bringing fresh ideas to our voyages.”

- Fliss Green, First Mate

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Anna’s Story

Anna, 48 from Launceston in Cornwall, carried out her first voyage as watch leader in December 2019 - one of our ship volunteer roles. She was a crucial part of the crew (despite having only sailed for the first time two years ago) and saw disabilities become invisible as everyone worked together onboard.

Taking my first tentative steps on to Tenacious as a first-time watch leader, I felt privileged to be part of this amazing charity.

From the outset I was made to feel comfortable (although I admit I was a little nervous) and we got straight to work. The Jubilee Sailing Trust embraces our abilities and makes what you think is unachievable, achievable no matter what.

As a watch leader my role was to take care of six crew. We had watch duties, mess duties and various other things we had to do whilst on the voyage. Any disability becomes invisible as we all work together pulling ropes, and scrubbing decks and heads.

You don’t have to know lots about sailing either. I first stepped on a tall ship just two years ago – I didn’t have a clue what rope was what and had never heard of bracing. But with the leadership of the permanent crew you soon learn.

One of the watches is from 12am to 4am and as watch leaders we have to make sure our watch is in the right place at the right time. After grabbing a muchneeded coffee, I’d assign a helmsman, two look outs and fill in an hourly log – it’s busy so you soon become a team. One of the benefits of the midnight watch is the beautiful stars.

The JST provides opportunities for all. Everyone has their own reasons for being on board, and you meet some incredible people. The voyage crew is made up of all walks of life, and on our voyage this included an ex-serviceman suffering from PTSD. To see him embrace the ethos of the Trust was just amazing – he learnt to believe in himself again.

I also met two brothers on their first voyage, one of whom was a wheelchair user. With pure determination and help of the amazing crew, he got out of his wheelchair and climbed the mast. That moment will stay with me forever – all of us watching, cheering and holding our breaths with every step.

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Highlights and plans for the future

Partnerships

Overview

We work with partners from charities, companies and educational organisations, delivering a wide range of voyages as part of our programme. These partnerships enable the Jubilee Sailing Trust to welcome a more diverse range of people onboard and reach a larger group of beneficiaries.

Over the last three years we have extended our partnership work with a diverse range of organisations and this year we continued that progress, albeit on a smaller scale due to the very changed post-Brexit economic circumstances affecting our partners as well as ourselves.

Highlights

”Disability should not act as a barrier to those seeking the adventure of life at sea with all its potential for exciting selfimprovement. I am very pleased to be working with the JST so that as many as possible can share in the rewards that these experiences can bring to beneficiaries from our supported causes in the UK, Greece and Cyprus.”

- Sir Stelios Haji-Ioannou, Chairman of The Stelios Philanthropic Foundation and Commodore of The Gustavia Yacht Club.

Partners during 2019–2020:

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Plans for the future

Partnership with Royal Navy

The Royal Navy offers various adventurous opportunities to trainees prior to going to Front Line Command but there is currently no scope for using larger tall ships. Maritime Sail Training with JST has been identified as a pilot programme to provide a more agile, engaging and beneficial professional training pipeline.

Working as part of a watch, trainees will participate in all aspects of crewing Tenacious - from setting sails to washing dishes, from helming the ship to keeping watch at night.

As with all JST voyages, the experience is designed to further enhance life-skills, including confidence and resilience building, as well as teamwork. The objective is to build a positive shared experience between the participants.

Over a four month period they will sail on voyages, learning new skills, pushing themselves out of their comfort zone and experiencing the joys of Tall Ship sailing.

“We’re excited to be working with the Jubilee Sailing Trust. The voyages will provide a fantastic opportunity for our people as they move from initial to specialised training. The opportunity provides them with further experience at sea - and from an organisation that has proven it delivers impact for those who sail with them”. Colonel Ade Morley RM MC from the Royal Navy.

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British Exploring Society

We were thrilled to work alongside British Exploring Society (BES) as part of a multi-year partnership. Together we delivered a pioneering and ambitious youth development programme that provides land and sea adventure experiences to some of the most disadvantaged and disabled young adults in the country.

With shared beliefs and areas of expertise as organisations, we were able to put in place strong foundations for the venture. Like the BES, we are passionate about providing young people with rich and stimulating adventure that means they can find the best version of themselves. We believe that through these experiences, people can discover things about themselves and those around them that they never realised before. And ultimately we believe these experiences can positively alter people’s perceptions of themselves and the world around them.

Our experience of working together in both 2018 and 2019 show that we’re having a significant impact on those we’re here for; both young and disabled people. In August 2019 we took 38 young people to Iceland. People like Roesie, who said of the experience: “I feel like a different person. Before I had a bad summer, I was in on myself, anxious, panicky. I’ve come back a different person.”

For more information about our partnerships visit: jst.org.uk/partner

Image credit: British Exploring Society

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Highlights and plans for the future

Fundraising and Donations

Overview

As a registered charity, we rely upon the generosity of loyal supporters, both existing and new, to deliver our life-changing work.

70% of the income we need to stay afloat comes from a broad range of fundraising activity and a swathe of far reaching support that is the lifeblood of the organisation.

These funds ensure we can meet the costs of running and maintaining our tall ship, as well as enabling us to subsidise voyage places so that we can benefit as many people as possible to join our voyage crew and undertake a unique adventure.

We know these are difficult times. No matter the size, every donation is greatly appreciated. We abide by the Fundraising Regulator’s Codes of Practice and are committed to ensuring every gift is used in the best possible way.

We fundraise through:

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Highlights

We received a total income from all forms of fundraising and donations of £2.21m in the financial year 19/20 (FY19/20) compared to £2.61m in the financial year 18/19 (FY18/19) - a breakdown of this is detailed in the following points.

Future Plans

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Maggie’s Story

Maggie discovered the JST in 2005 and has sailed with us on almost 50 voyages. Here she talks about her experience and why it’s motivated her to support our work.

JST has been part of my life for over 15 years, having sailed somewhere between 40 and 50 times now, as voyage crew, watch leader and cook’s assistant.

I’ve been an active member of the charity’s Jersey branch since my first voyage. We work hard to raise money to sponsor local people to sail and to raise awareness in the community. Times are harder right now but Tenacious’ special survey and refit will enable many more people to take part in the extraordinary JST experience.

What inspires me to support the charity? The experience encourages everyone to test their mental and physical skills. Things you thought you just couldn’t do are all suddenly within reach.

My own life and attitudes have changed as a result of JST but I’ve also had the privilege of watching others take on a different view of themselves and the world around them. And of course lasting friendships are made based on enormous mutual respect for your shipmates.

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Highlights and plans for the future

Profile and reputation

Overview

Continuing to build our reputation amongst those who know us and ensuring new audiences and markets hear about the work of the Jubilee Sailing Trust is a hugely important aspect of our work.

We are lucky to have a loyal and strong community of those who either sail with us or support us in other ways, whether through volunteering on board, shaking a bucket for us or donating regularly. It’s crucial we nurture these groups - communicating with them regularly, updating them on news from ship and shore teams and involving them as we move forward as an organisation.

This year we’ve taken more strides to grow our profile with new audiences, because we know the positive impact our work has for so many people and that the appetite is there for the experience we offer.

The approach we take here is multi-faceted. We work with partner organisations such as charities to reach new beneficiary groups; we collaborate with corporates to add value to their inclusion agenda; and we work with stakeholders across the travel, disability, education and other sectors so that we can raise our profile and have an impact in the fields we know we are relevant.

Highlights

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Plans for the future

“I learnt a lot about myself on this trip. It’s not a boat ride, it’s a working holiday. I realised how much I enjoy and need to feel part of a team”.

Kate - sailed December 2019

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Why every young person should go on a JST voyage

Laura Fuller from Norfolk was 20 when she sailed with us in Summer 2019, with her sister Susie. She talks about the mental resilience, teamwork, determination and endurance skills that she picked up during her experience onboard and why she believes every young person should sail with the JST.

1. The chance to travel and explore different places

Before even embarking the boat, I felt like an explorer. Bergen was the meeting point for the ship, a beautiful city on Norway’s southwestern coast. When onboard we had three stops: firstly the Shetland Islands in the Northern Isles of Scotland, the Faroe Islands, a self-governing archipelago, which is part of Denmark and finally the Vestmannaeyjar, just off Iceland’s south coast.

2. Meeting amazing people

I wasn’t used to socialising with people much older than me but meeting all sorts of different people who had so much life experience and incredible stories was amazing. I was also startled to find that the majority of people who I would consider ‘elderly’ were a lot fitter and stronger than I was.

3. It’ll push you out of your comfort zone

Going on the JST voyage was so far out of my comfort zone I almost thought I couldn’t go through with it, but it turned out to be one of the greatest achievements of my life. I overcame fears that I didn’t even know I had. On the first day when the opportunity came to climb the rigging I discovered I had a fear of heights, but with the support of everyone else I made it to the crow’s nest and even to the very top of the mast which was an experience I will never forget.

4. Skills development

The skills you develop and the lessons you learn from sailing with the JST are endless. For me it was mainly mental resilience. Before the voyage I would have said I was mentally tough, however this voyage proved that I was not as tough as I thought I was and my time with JST helped me realise this. As a consequence of sailing with the charity I believe I have more stamina and determination, skills which are essential to everyday life. I am pleased I learnt these skills at such a young age.

For Laura’s full story visit: jst.org.uk/why-every-young-person-should-go-on-a-jst-voyage

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Highlights and plans for the future

People

Overview

Our organisation is made up of ship and shore-based teams, as well as an incredible network of volunteers. The working environment is not a typical one, with our permanent crew sailing around the globe and our shore-based colleagues working remotely.

But what unites the team is a shared passion for what we do and how we help others. Delivering our work starts with the strength and effectiveness of our own team, supported by our volunteers.

It is paramount that we support all of our team - whether paid staff or volunteers - with reliable, consistent and easily accessed information, that enables them to do their jobs effectively, and that we recognise the fantastic work they do.

Highlights

gaining alternative employment or further education within two months.

Plans for the future

compliance. We will also review our policies to support greater diversity and inclusion.

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Highlights and plans for the futureCase Study

Watch Leaders

Our watch leaders are crucial ship volunteers for the JST, playing an integral role in the daily routine of the ship. It’s imperative we select the right people, and train and support them in the best way, which is where our watch leader course comes in.

With four watch leaders on every JST voyage, it’s important we have the right people ready to volunteer with us. They provide us with the essential link between the permanent crew and the voyage crew, leading their mixed-ability watch and keeping everyone motivated.

It’s not about teaching sailing skills; their role is to guide their watch, ensuring voyage crew get the most out of their experience. They need to be plugged into what’s happening onboard, daily routine and bring their watch together as a team.

That’s why we run regular watch leader courses, so that we can continually build our expertise in this area. The course covers what we expect of a JST watch leader, our policies and how to work with a mixed-ability crew. We make sure watch leaders are familiar onboard the ship. The course also includes the Royal Yachting Association (RYA) Sailability Disability Awareness Course, and participants will receive an RYA certificate on completion.

Peter Herington has been sailing with the JST since 2015.

He says: “It’s a privilege to volunteer as a watch leader for the JST. The training I received left me feeling prepared and motivated for the voyages ahead, and I really enjoyed my experience as watch leader.”

“It was brilliant to work with such a diverse group of people and it’s always inspiring seeing voyage crew come together as a watch, getting so much from the experience.”

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Financial review and governance

SECTION 2 Financial review and governance

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Page 37 Jubilee Sailing Trust- Annual Report

Financial review and governance

Financial review

The financial year April 2019 – March 2020 (FY19/20) was demanding on both people and resources. We met with high running and maintenance costs for the ships whilst our revenue from general fundraising and from voyages was significantly down. We were only able to keep going during the summer of 2019 due to an Emergency Appeal to our generous supporters who raised over £1m in one week, a phenomenal achievement that we are continually grateful for.

Despite this, it was clear that we needed to take significant steps to reduce costs and stimulate income which resulted in a number of redundancies in both the ship and shore teams, and the decommissioning of one of our tall ships, Lord Nelson. These steps have achieved their objective and placed the JST in a better position financially but at the great cost of losing so many valued staff and our founding ship.

We have recognised that it is vital to our future to increase the strength of our fundraising team, through the appointment of an overall head of fundraising, to secure consistent income for the JST during what are the most challenging economic times. Whilst income raised from voyage fees will continue to be important, we are keen to promote our mission through fundraising to reach many more people.

The detailed report of our financial performance for FY19/20 is provided in the financial statements (from page 46) but in summary:

Total Income - £3,124,412 (compared to £4,072,862 in FY18/19)

Donations and Gifts - £2,062,158 (compared to £2,359,970 in FY18/19)

Voyage Fees - £987,663 (compared to £1,672,925 in FY18/19)

Ship Appearance Fees - £56,277

Merchandising - £17,039 (compared to £27,588 in FY18/19)

Other income - £1,275 (compared to £12,267 in FY18/19)

Total Expenditure - £3,562,175 (compared to £4,344,196 in FY18/19)

Ship Operations - £3,127,932 (compared to £3,818,482 in FY18/19)

Costs of Fundraising - £372,753 (compared to £451,403 in FY18/19)

Interest - £61,490 (compared to £74,311 in FY18/19)

£437,763 (compared to £271,334 in FY18/19)

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Fundraising regulations

All fundraising is subject to strict regulations set out by the Charity Commission. All our accounts, both income and expenditure, are subject to Independent Audit and are submitted to the Charity Commission on an annual basis.

We employ a team of fundraisers who are paid a salary, as well as our hardworking and valued volunteer fundraisers. No commission is paid to our fundraising team or our volunteers. We fully subscribe to the Code of Fundraising Practice of the Fundraising Regulator and are registered by them. The JST provides full details of the Fundraising Regulator on our website including contact points for any donors or potentials to raise concerns over any intrusion into their privacy, unreasonable pressure or persistence to donate, or any issues over the allocation and distribution of funds. No complaints concerning the Fundraising Policy or Practice of the JST or of any of its Fundraising Staff or Volunteers have been raised during the period covered by this Annual Report.

Principal risks and uncertainties

The Trustees of the JST have established a risk assessment framework, reviewed throughout the year, to consider the impact and probability of risks in various areas, as part of its general governance of the Trust and directly in response to the impact of Covid-19.

The principal current financial and operational risks are considered to be:

• Significant deterioration in the condition of the ships leading to high unpredictable capital/major repair costs.

Investments

Currently the JST does not have any significant investments or reserves. However, our objective is to build an operating cash reserve of £1m to enable the Trust to withstand short-term operating difficulties or economic pressures and thereby build its resilience.

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Financial review and governance

Governance and management

The Jubilee Sailing Trust was established under a trust deed dated 6 October 1978, and after subsequent amendments a consolidated deed was adopted on 19 October 2006.

The charity, through its two subsidiary charities, Jubilee Sailing Trust Ltd and Jubilee Sailing Trust (Tenacious) Ltd, owns and operates two tall ships, Lord Nelson and Tenacious. During this reporting period Lord Nelson was decommissioned in October 2019 leaving the Jubilee Sailing Trust with one tall ship to fulfil its mission and achieve its objectives.

In addition, the JST has two affiliated organisations in Australia and New Zealand.

Key Management

The key management of the Jubilee Sailing Trust is the legal responsibility of the Senior Management staff and eight Trustees, chaired by James Crill. In line with Fundraising Regulator guidelines, members of staff receive a salary and travel and subsistence allowances when directly involved in work for the Trust. They do not receive any bonuses, commission or other incentives. Details of staff remuneration will be found in notes 6, 7 and 8 of the financial statements.

Trustees are not paid and during this financial year no expenses were claimed by them.

Decision making

The Board of Trustees meets quarterly to review progress against strategic objectives, operational reports, fundraising activity, people management and financial position of the Trust.

Four sub-committees also meet regularly to provide oversight, monitor progress, assess risk, ensure controls are in place, and support the ongoing management of the Trust. These four sub-committees cover Finance and Audit, Fundraising, Medical Advisory and Ship Management.

In addition, during the period covered in this report, Trustees met to provide specific management decisions on the following:

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Methods for recruitment and induction of Trustees

The Jubilee Sailing Trust is committed to the recruitment and appointment of Trustees from all sectors of society. Currently the Trust is seeking a new Chair.

Vacancies are advertised widely on our website, our social media channels, our networks and within the Sail Training Community. Our HR service provider is responsible for oversight of the process in line with our policies on fair recruitment, diversity and inclusion.

Once appointed, trustees are assigned a mentor from the existing group of trustees. A full induction programme is designed and implemented by our HR Service Provider and all newly appointed trustees visit the Ship to meet the team, as far as this is possible. The Chair of the Trustees will meet with new Trustees and is responsible for approving their induction programme and reviewing implementation.

“When people step on board and become part of the team needed to sail the ship, disabilities and disadvantages don’t play a part... it’s all about what we can do together”

Tracey - long term supporter of the JST.

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Financial review and governance

Statement of Trustees’ responsibilities

The Trustees 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).

The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

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

The Trustees at the time this report is approved are aware that to the best of their belief and knowledge:

The Trustees have given due consideration to Charity Commission published Guidance on the operation of the Public Benefit requirement.

This report was approved on 7 December 2020.

James Crill

Chairman of Trustees

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Reference and administrative details

President: Jacquetta Cator (retired October 2019)
Chairman of Trustees: James Crill
Vice-Chairman: Martyn Cuf
Trustees: Kevin Curran
Tom Stewart
Niall Tarrell
Mark Rawson
Ashley Head
Emma Lawton
Chief Executives: Duncan Souster (until December 2019)
Patrick Fleming (from 1st January 2020)
Principal Address: 12 Hazel Road Southampton SO19 7GA
Bankers: National Westminster Bank PLC
15 Bishopsgate London EC2P 2AP
Solicitors: Hill Dickinson LLP
Irongate House Dukes Place London EC3A 7HX
Independent Auditors: Fiander Tovell Limited
Stag Gates House 63/64 The Avenue
Southampton SO17 1XS
Charity Number: 277810

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Financial Statements

SECTION 3 Financial Statements

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Page 45 Jubilee Sailing Trust- Annual Report

JUBILEE SAILING TRUST

Independent Auditors Report to the Trustees of Jubilee Sailing Trus t

Opinion

We have audited the financial statements of Jubilee Sailing Trust (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 March 2020 which comprise the Group Statement of Financial Activities, the Group and the Trust Balance Sheet, Group Cashflow Statement and the related notes, 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 Financial Reporting Standard 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:

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 group and parent 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.

Conclusions relating to going concern

At the Balance Sheet Date, the Group had Net Current Liabilities of £2,120,454 (2019: £1,660,634). In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 1(b) to the financial statements concerning the group and the Trust’s ability to continue as a going concern, which is dependent on the continued support of the group’s bank, fellow members of the group, other creditors and its supporters and donors.

These conditions, along with the other matters explained in note 1(b) to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the group's and the Trust’s ability to continue in operation. The financial statements do not include the adjustments that would result if the group or the Trust was unable to continue as a going concern. In view of the significance of this matter, we consider that it should be drawn to your attention but our opinion is not qualified in this respect.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual 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.

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JUBILEE SAILING TRUST

Independent Auditors Report to the Trustees of Jubilee Sailing Trus t

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.

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 (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 42, the trustees are responsible for the preparation of financial statements which 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 group’s and parent 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 group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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.

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JUBILEE SAILING TRUST

Independent Auditors Report to the Trustees of Jubilee Sailing Trus t

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 our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Paul Meacher FCA (Senior Statutory Auditor) Fiander Tovell Limited Chartered Accountants and Registered Auditors Stag Gates House 63/64 The Avenue Southampton SO17 1XS

Date: 10 10 December 2020 December 2020

Fiander Tovell Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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JUBILEE SAILING TRUST

Consolidated statement of financial activities for the year ended 31 March 2020

Notes
Income and endowments from:
Donations and legacies:
Donations and gifts
4
Deferred income
Charitable activities:
Voyage fees
Appearance fees
Other trading activities:
Merchandising income
Other fundraising income
Investment income
5
Total incoming resources
Expenditure on:
Raising funds:
Costs of generating
voluntary income
Merchandising costs
Charitable activities:
Lord Nelson operating
costs
Lord Nelson depreciation
Tenacious operating
costs
Tenacious depreciation
Restricted income released
1(e)
Interest payable
9
Total resources expended
6(a)
Net incoming/(outgoing)
resources		 2020
Unrestricted
Funds
£
1,983,858
-
987,663
56,277
17,039
1,275
-
3,046,112
375,242
(2,489)
372,753
990,738
74,387
1,908,621
113,836
(37,900)
61,490
3,111,172
3,483,925
(437,813)		 2020
Restricted
Funds
£
227,507
(149,207)
-
-
-
-
-
78,300
-
-
-
18,477
-
21,873
-
37,900
-
78,250
78,250
50		 2020
2019
2019
2019
Total
Unrestricted Restricted
Total
Funds
Funds
£
£
£
£
2,211,365
2,035,900
575,679
2,611,579
(149,207)
-
(251,609)
(251,609)
987,663
1,672,925
-
1,672,925
56,277
-
-
-
17,039
27,588
-
27,588
1,275
12,267
-
12,267
-
112
-
112
3,124,412
3,748,792
324,070
4,072,862
375,242
417,075
-
417,075
(2,489)
34,328
-
34,328
372,753
451,403
-
451,403
1,009,215
1,385,720
51,355
1,437,075
74,387
75,338
-
75,338
1,930,494
2,139,582
50,253
2,189,835
113,836
116,234
-
116,234
-
(149,366)
149,366
-
61,490
74,311
-
74,311
3,189,422
3,641,819
250,974
3,892,793
3,562,175
4,093,222
250,974
4,344,196
(437,763)
(344,430)
73,096
(271,334)
Memo: net incoming/
(outgoing) resources
before depreciation		 (249,590) 50 (249,540)
(152,858)
73,096
(79,762)
Net movement in funds
Reconciliation of total funds:
Funds brought forward
Funds at 31 March 2020		 (437,813)
648,683
210,870		 50
547,621
547,671		 (437,763)
(344,430)
73,096
(271,334)
1,196,304
993,113
474,525
1,467,638
758,541
648,683
547,621
1,196,304

All items dealt with in arriving at the net movement in funds in 2020 and 2019 relate to continuing operations.

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JUBILEE SAILING TRUST

Consolidated and Trust Balance Sheets at 31 March 2020

Notes
Fixed Assets
Tangible assets
11
Total fixed assets
Current assets
Stocks
12
Debtors-due within one year
13
Debtors-due after more than
one year
13
Cash at bank and in hand
Creditors: amounts falling due
within one year
14
Net current (liabilities)/ assets
Total assets less current
liabilities
Creditors: amounts falling due
after one year
16
Net assets
Funds
Unrestricted
Restricted
19		 2020
2019
£
£
5,982,439
6,177,958
5,982,439
6,177,958
27,777
44,119
979,599
383,845
-
-
24,952
284,956
1,032,328
712,920
(3,152,782)
(2,373,554)
(2,120,454)
(1,660,634)
3,861,985
4,517,324
(3,103,444)
(3,321,020)
758,541
1,196,304
210,870
648,683
547,671
547,621
758,541
1,196,304
Group		 2020
2019
£
£
5,982,439
6,177,958
5,982,439
6,177,958
27,777
44,119
979,599
383,845
-
-
24,952
284,956
1,032,328
712,920
(3,152,782)
(2,373,554)
(2,120,454)
(1,660,634)
3,861,985
4,517,324
(3,103,444)
(3,321,020)
758,541
1,196,304
210,870
648,683
547,671
547,621
758,541
1,196,304
Group		 2020
2019
£
£
-
-
-
-
-
-
149,750
245,105
4,750,232
4,874,086
17,622
249,266
4,917,604
5,368,457
(1,140,836)
(976,131)
Trust
(1,660,634)
4,517,324
(3,321,020)
1,196,304
648,683
547,621
1,196,304		 3,776,768
4,392,326
3,776,768
4,392,326
(3,020,444)
(3,196,020)
756,324
1,196,306
208,653
648,685
547,671
547,621
756,324
1,196,306

The financial statements were approved by the Trustees and authorised for issue on 7 December 2020The financial statements were approved by the Trustees and authorised for issue on

James Crill Chairman

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JUBILEE SAILING TRUST

Consolidated cash flow statement for the year ended 31 March 2020

----- Start of picture text -----
2020 2019
£ £
Cash flows from operating activities:
Net cash provided by/(used in) operating activities (A) (238,004) (433,181)
Cash flows from investing activities:
Dividends, interest and rents from investments - 112
Purchase of tangible fixed assets - -
Net cash provided by/(used in) investing activities - 112
Cash flows from financing activities:
Repayment of bank loans - -
Repayment of Trustee Loans (8,000) (5,000)
Repayment of other loans - (28,750)
Cash inflows from new borrowing 20,000 560,000
Net cash provided by/(used in) financing activities 12,000 526,250
Change in cash and cash equivalents in the reporting period (226,004) 93,181
Cash and cash equivalents at the beginning of the reporting period
208,130 114,949
Cash and cash equivalents at the end of the reporting period (17,874) 208,130
(A) Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income/(expenditure) for the reporting period (437,763) (271,334)
Depreciation 195,519 195,515
Dividends, interest and rents from investments - (112)
Decrease / (Increase) in stocks 16,342 23,814
(Increase) / Decrease in debtors (595,754) 25,733
(Decrease) / Increase in creditors 583,652 (132,297)
Interest waived - -
Donations in kind of fixed assets - -
Loans waived - (274,500)
Net cash provided by/(used in) operating activities (238,004) (433,181)
(B) Analysis of cash and cash equivalents
Cash in hand 24,952 284,956
Overdraft facility (42,826) (76,826)
Total cash and cash equivalents (17,874) 208,130
----- End of picture text -----

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JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020

1 Accounting policies

Charity Information

Jubilee Sailing Trust is a charitable trust established under a Trust Deed and registered with the Charity Commission in England and Wales. The principal address is 12 Hazel Road, Woolston, Southampton, SO19 7GA. The Trust is a public benefit entity.

a) Basis of preparation

The financial statements have been prepared under the historical cost convention (subject to the revaluation of fixed assets as detailed in note 1(h)) and are in accordance with the Charities SORP “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)” (SORP2019) issued in October, the Charities Act 2011 and the applicable accounting standard, FRS 102.

The financial statements have been prepared to give a ‘true and fair’ view and 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the Trust and its subsidiary undertakings, Jubilee Sailing Trust Limited and Jubilee Sailing Trust (Tenacious) Limited as at 31 March 2020 using the acquisition method of accounting. No separate SOFA has been presented for the Trust alone as permitted by the SORP.

The parent entity has taken advantage of the reduced disclosure framework exemption in connection with its own results. This gives exemption from the following disclosures: statement of cash flows, financial instruments and key management personnel remuneration.

b) Going concern

The trustees have taken steps to improve the financial performance of the group which is shown in income levels and operational cost reduction since the balance sheet date, and projected operational cash flows, which indicate that the group is in a more positive financial position.

COVID-19 is not expected to have a significant impact on the group. The impact of COVID-19 post year end shows a reduction in ship running costs due to cancelled voyages. The group made the decision to avoid refunds and transfer payments on cancelled voyages to future bookings. The group has also taken advantage of various schemes offered by the government such as the furlough of staff and bounce back loans.

The Trust is dependent on the continued support of its supporters, donors and lenders, fellow members of the group and other creditors. The Trustees consider that they have this support, and that the Trust will continue to operate as a going concern. The financial statements have been prepared on the basis that the Trust is a going concern and do not include the adjustments that would result in the event of the lenders or principal creditors removing their continued support and current credit and working capital facilities.

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JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020

1 Accounting policies - continued

c) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.

Restricted funds are funds provided to be used for specific purposes as specified by the donor. Expenditure which meets these criteria is charged to the funds.

d) Incoming Resources

All incoming resources are recognised once the Trust has entitlement to the resources, it is reasonably certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Gifts in kind are included at valuation. No amounts are included in the financial statements for services donated by volunteers.

Legacy income is recognised when the legacy has been received, or once the Trust has confirmed its entitlement to the legacy and the value is known with sufficient reliability.

Voyage fees represent the amounts invoiced for voyages which commenced in the accounting period. Voyage deposits received in advance are deferred until the commencement of the voyage.

e) Donated voyage fees

Donations made to subsidise the cost of voyages are restricted and shown as deferred income under assisted voyage deposits. Donated voyage fees are only used for subsidising the cost of voyages as specified by donors and are released to meet the costs of the voyage when the conditions set by the donors are met.

f) Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Trust to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Support costs are those costs (including overheads) incurred in support of expenditure on the objects of the Trust. Support costs have been allocated first between charitable activity and governance. The overhead element has then been apportioned between charitable activity and governance based on staff time and turnover ratio. The allocation of overhead and support costs is analysed in note 6 (b).

g) Governance costs

Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

h) Fixed assets and depreciation

Lord Nelson and Tenacious are stated at valuation in accordance with FRS 102. Depreciation following a revaluation is provided on a straight line basis at 2.5% per annum. The cost of refits is charged against revenue as incurred.

All other fixed assets costing over £3,000 are capitalised and stated at cost or, if donated, at retail cost, less accumulated depreciation. Depreciation is calculated so as to write off the cost of fixed assets over the expected useful economic lives on a straight line basis, at annual rates varying between 10% and 25%.

Subsequent expenditure that enhances the economic benefits of the asset in excess of its previously assessed value is capitalised.

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JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020

1 Accounting policies - continued

i) Foreign currency

Foreign currency transactions are translated at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rate of exchange ruling at the balance sheet date. Any differences are taken to the Statement of Financial Activities.

j) Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis.

k) Debtors

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

l) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts.

m) Creditors and provisions

Creditors and provisions are recognised where the Trust 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The Trust 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.

o) Pension costs

The Trust participates in independent pension schemes for employees based on defined levels of contributions. The assets of the schemes are held separately from those of the Trust. Pension costs represent the contributions payable by the Trust during the period.

The Trust also participates in the Merchant Navy Officers Pension Fund (MNOPF) pension scheme for qualifying members which incorporates both defined benefit and defined contribution sections. Provision is made for the agreed contributions to the deficit under an instalment payment arrangement.

p) Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

q) Operating leases

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Jubilee Sailing Trust - Annual Report

Page 54

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020

1 Accounting policies - continued

r) Concessionary loans

Concessionary loans are initially recognised at the amount received in accordance with paragraphs PBE34.90 to PBE34.97 of FRS 102.

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 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Ship Valuations

The Trust’s tall ships are shown in the financial statements at valuation. The trustees engage professional specialist valuers to value the ships and the valuations are based on their advice. The valuation is an estimate based on various factors as shown in note 11.

MNOPF Multi-Employer Defined Benefit Scheme

Provision is made for the agreed contributions to the deficit on the MNOPF multi-employer defined benefit scheme. The deficit is an estimate based on calculations and valuations made by independent actuaries.

3 Donated goods, facilities and services

From our valued supporters around the world the Trust received £84,000 in donations in kind in the year. We are extremely grateful to our supporters for all they do in making our mission achievable from helping us with discounted or free berthing, pilotage and mooring, to parts for our ships and servicing. We also continue to receive assistance with insuring our fleet, training our staff and crew and charts to help us navigate the world.

Our volunteer branch community (nearly 1,000 strong) continues to grow and stretch further around the world following the ships where they go. We are lucky to receive invaluable support not only in helping us deliver our mission by way of Watch Leaders, Bosun’s Mates and Cook’s Assistants but to raise awareness of our work, fundraising, providing expert assistance both on and off shore in the office and with the maintenance of our ships.

Jubilee Sailing Trust - Annual Report

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JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

4
Donations and gifts
Charitable trusts, corporate donors and
other institutions
Legacies
Fundraising events
Individuals and branches		 2020
2019
£
£
314,728
1,038,746
204,634
162,798
16,908
32,090
1,675,095
1,377,945
2,211,365
2,611,579

5 Investment income

Investment income comprises bank interest receivable of £Nil (2019: £112).

6 (a) Total resources expended

Fundraising and publicity costs
Merchandising costs
Lord Nelson operating costs
Tenacious operating costs
Interest payable
Governance costs		 Staff Depreciation
Other
Total
Total
costs
direct
2020
2019
costs
£
£
£
£
£
131,578
6,492
237,172
375,242
417,075
-
-
(2,489)
(2,489)
34,328
738,861
74,387
270,354
1,083,602
1,512,413
738,862
113,836
1,191,632
2,044,330
2,306,069
-
-
61,490
61,490
74,311
41,594
804
(42,398)
-
-
1,650,895
195,519
1,715,761
3,562,175
4,344,196

Other direct costs include audit fees of £14,250 (2019: £12,040) and auditors' remuneration for non-audit services of £3,000 (2019: £1,250) included within governance costs.

Jubilee Sailing Trust - Annual Report

Page 56

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

6 Total resources expended - continued

6 (b) Allocation of support costs and overheads

The breakdown of support and overhead costs and how these were allocated between Governance and Charitable Activities (Ship operating costs) is shown in the table below. All have been allocated on a 'time spent' basis.

Cost Type
Staff costs
Office rental and costs
Communication costs
Insurance
Depreciation
Other		 Total
Allocated
£
859,796
27,520
11,594
8,974
13,788
437,588
1,359,260		 Governance
£
41,594
1,604
676
522
804
33,054
78,254		 Lord Nelson
Tenacious
£
£
409,101
409,101
12,958
12,958
5,459
5,459
4,226
4,226
6,492
6,492
202,267
202,267
640,503
640,503
Operating Costs

Support costs include exchange differences debited/(credited) of £5,750 (2019: £9,952).

7 Staff and Agency Costs and Remuneration of Key Management Personnel

Group
Wages and salaries
Social Security costs
Pension contributions
Agency staff
Pension contributions - agency staff
The average number of employees, analysed by function, was:
Administration		 2020
2019
£
£
798,449
1,013,221
84,541
111,455
35,641
63,453
707,825
845,868
24,439
30,664
1,650,895
2,064,661
No.
No.
22
30

The average number of full time staff was 19 (2019: 25) and part time staff was 3 (2019: 5). The average number of full time equivalent staff was 21 (2019: 28). The majority of the ships’ crews are supplied to the Jubilee Sailing Trust by a specialist agency which employs them and consequently they are not included in the average number of employees shown above

The agency staff costs shown above relate to staff employed by a third party but provided to Jubilee Sailing Trust Limited under a contract for the provision of staff.

Jubilee Sailing Trust - Annual Report

Page 57

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

7 Staff and Agency Costs and Remuneration of Key Management Personnel - continued

During the year, the number of employees with emoluments of over £60,000 was as follows:

2020 2019
No. No.
£60,000 - £70,000 1 -
£70,000 - £80,000 1 2
£90,000 - £100,000 - 1
2020 2019
£ £
Employment benefits of key management personnel 193,528 301,349
2020 2019
Trust £ £
Wages and salaries - -
Social Security costs - -
Pension contributions - -
- -
The average number of employees, analysed by function, was:
No. No.
Administration - -

8 Trustees' remuneration

None of the Trustees or any persons connected with them received any emoluments from the charity in either year.

No Trustees received reimbursed expenses during the year (2019: None).

Trustee indemnity insurance of £3,360 (2019: £3,360) has been paid by Jubilee Sailing Trust Limited and is included within governance costs.

Jubilee Sailing Trust - Annual Report

Page 58

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

9
Interest payable
Bank loans and overdrafts
Other loans		 2020
2019
£
£
-
2,001
61,490
72,310
61,490
74,311

10 Results of parent and subsidiaries

These accounts incorporate the results of the Trust's wholly owned subsidiaries, Jubilee Sailing Trust Limited (company number 01694447, charity number 286487) and Jubilee Sailing Trust (Tenacious) Limited (company number 04019273, charity number 1081658), for the year ended 31 March 2020. These subsidiaries share the principal objective of enabling physically disabled and able-bodied people to share the challenging and integrating experience of crewing a sailing ship at sea.

Each entity's total incoming resources for this period and their net operating surplus/deficit before any subvention of funds from the parent entity were as follows:

Incoming resources Operating surplus/(deficit) Operating surplus/(deficit)
2020 2019 2020 2019
£ £ £ £
Jubilee Sailing Trust 2,130,095 2,461,500 2,063,143 2,376,812
Jubilee Sailing Trust Limited 496,797 1,050,719 (1,121,665) (1,172,548)
Jubilee Sailing Trust (Tenacious) Limited 596,598 662,061 (1,381,460) (1,475,598)

The aggregate amount of assets, liabilities and funds in each subsidiary is as follows:

Assets Liabilities Net Assets
Jubilee Sailing Trust Limited 2,266,139 2,266,139 -
Jubilee Sailing Trust (Tenacious) Limited 4,581,258 4,581,258 -

Jubilee Sailing Trust - Annual Report

Page 59

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

11 Tangible fixed assets

Tangible fixed assets
Group
Cost or valuation
At 1 April 2019
- at original cost
- at valuation
Revaluation
Additions
Disposals
At 31 March 2020
Depreciation
At 1 April 2019
Revaluation
Charge for the year
Eliminated on disposal
At 31 March 2020
Net book value
At 31 March 2020
At 31 March 2019		 Tenacious
£
-
4,250,000
4,250,000
-
-
-
4,250,000
425,000
-
106,250
-
531,250
3,718,750		 Lord
Nelson
£
-
2,500,000
2,500,000
-
-
-
2,500,000
250,000
-
62,500
-
312,500
2,187,500		 Boats
& spare
engines
£
89,496
-
89,496
-
-
-
89,496
75,338
-
12,304
-
87,642
1,854		 Equipment
& motor
vehicles
Total
£
£
155,372
244,868
-
6,750,000
155,372
6,994,868
-
-
-
-
-
-
155,372
6,994,868
66,572
816,910
-
-
14,465
195,519
-
-
81,037
1,012,429
74,335
5,982,439
3,825,000 2,250,000 14,158 88,800
6,177,958

Tenacious and Lord Nelson are pledged as security for a number of loans, as detailed in note 16a.

The group adopts a policy of revaluation of its sailing ships in accordance with FRS 102.

A valuation was carried out in July 2015 by Graham Westbrook (independent naval architect and surveyor). He estimated the approximate value of Lord Nelson (Jubilee Sailing Trust Limited) at £2,500,000 and Tenacious (Jubilee Sailing Trust (Tenacious) Limited) at £4,250,000.

The basis for valuation and factors considered were:

  1. Ships of similar size and nature available on the open market.

  2. Comparison with as near an identical ship whose details are known.

  3. The cost to build the ship from new.

The charity itself does not hold tangible fixed assets (2019: £Nil).

Jubilee Sailing Trust - Annual Report

Page 60

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

11 Comparable historical cost for Lord Nelson and Tenacious:

Cost
At 1 April 2019 and 31 March 2020
Depreciation
At 1 April 2019
Charge for the year
At 31 March 2020
Net Book Value
At 31 March 2020
At 31 March 2019		 Tenacious
£
15,620,213
5,818,274
312,404		 Lord
Total
Nelson
£
£
2,690,205
18,310,418
1,775,535
7,593,809
53,804
366,208
6,130,678 1,829,339
7,960,017
9,489,535 860,866
10,350,401
9,801,939 914,670
10,716,609

12 Stocks These comprise promotional trading goods, fundraising materials, bar stock for resale and ship stores.

13 Debtors

Debtors
Group Trust
2020 2019 2020 2019
£ £ £ £
Other debtors 804,374 107,033 - 8,000
Prepayments and accrued income 175,225 276,812 149,750 237,105
979,599 383,845 149,750 245,105
Amounts falling due after more than
one year
Amounts due from subsidiary
companies		 - - 4,750,232 4,874,086
- - 4,750,232 4,874,086

The advances to Jubilee Sailing Trust Limited and Jubilee Sailing Trust (Tenacious) Limited from the Trust are secured on the assets of the companies. By a Deed of Subordination the Trust has agreed that its security ranks behind the security given to National Westminster Bank plc, the Secretary of State for Trade and Industry, The Corporation of Trinity House of Deptford Strond, John Marston, Harry Cator and Elisabeth Thistlethwayte as detailed in Note 16. In the absence of any breach of the terms of the security, advances are repayable out of the proceeds of sale of any assets so secured.

Jubilee Sailing Trust - Annual Report

Page 61

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

14 Creditors: amounts falling due within one year

Bank loans and overdrafts
Other loans (16a)
Voyage deposits in advance (15a)
Trade creditors
Other creditors
Other taxation and social security
Deferred income
Accruals		 2020
2019
£
£
42,826
76,826
534,306
346,730
711,066
1,037,288
514,026
535,929
69,290
73,296
181,386
132,660
950,000
-
149,882
170,825
3,152,782
2,373,554
Group		 2020
2019
£
£
-
-
534,306
346,730
494,487
562,622
-
-
600
1,031
-
-
-
-
111,443
65,748
1,140,836
976,131
Trust

The amount of secured liabilites due within one year is £517,132 (2019: £363,556). The bank overdraft is secured by an intercompany guarantee, debenture and a ship mortgage on Tenacious.

15
Voyage deposits in advance
(a) Trust:
Assisted voyage fees
Branches		 01-Apr
2019
£
548,480
14,142
562,622		 Incoming
Resources
deferred
£
187,107
-
187,107		 Release of
31-Mar
b/fwd deferred
2020
income
£
£
(254,942)
480,645
(300)
13,842
(255,242)
494,487

Donations made to subsidise the cost of voyages are received from a variety of sources to enable the Trust to operate subsidised voyages.

Group:
Assisted voyage fees
Branches
Voyage deposits		 01-Apr
2019
£
548,480
14,142
474,666
1,037,288		 Incoming
Resources
deferred
£
187,107
-
198,793
385,900		 Release of
31-Mar
b/fwd deferred
2020
income
£
£
(254,942)
480,645
(300)
13,842
(456,880)
216,579
(712,122)
711,066

Jubilee Sailing Trust - Annual Report

Page 62

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

16 Creditors: amounts falling due after more than one year

Group Trust
2020 2019 2020 2019
£ £ £ £
Other loans (a) 2,888,944 3,056,520 2,888,944 3,056,520
Loans from individuals (b) 131,500 139,500 131,500 139,500
Other creditors 83,000 125,000 - -
3,103,444
 3,321,020 3,020,444 3,196,020

The amount of secured liabilites due after more than one year is £2,868,944 (2019: £3,056,520).

(a) Other loans:

Details of the other loans provided are as follows:

Lender Capital Interest Term
Harry Cator 1,097,000 0.7% above base 15 years
Harry Cator 550,000 3% above base 15 years
Harry Cator 550,000 0.7% above base 15 years
John Marston 175,000 3% above base 15 years
Elisabeth Thistlethwayte 221,250 3% above base 15 years
Trinity House 250,000 5% above base 15 years
Anonymous 500,000 0% 5 years
John Christodoulou 60,000 0% 1 year
Chris Clarke 20,000 0% 1 year

The above loans (with the exception of the loans from Anonymous, John Christodoulou and Chris Clarke) are secured by a guarantee from Jubilee Sailing Trust (Tenacious) Limi�ted and a ship mortgage on Tenacious�. The guarantee and mortgage rank behind the guarantee to National Westminster Bank pl�c and equal�l�y with the Corporation of Trinity House of Deptford Strond and the three l�enders referred to above. The loan from Anonymous i�s secured by a guarantee from Jubilee Sailing Trus�t Limited and a hip mortgage on Lord Nelson.

Included within other loans are concessionary loans totaling £687,000 (2019: £667,000), of which £60,000 (2019: £60,000) are due for payment within one year and £627,000 (2019: £607,000) are due for payment after more than one year.

Jubilee Sailing Trust - Annual Report

Page 63

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

16 Creditors: amounts falling due after more than one year - continued

The analysis of other loans is:

Due within 1 year
Due within 1-2 years
Due within 2-5 years
Due after 5 years		 2020
2019
£
£
534,306
346,730
211,467
187,578
1,074,400
1,074,400
1,603,077
1,794,542
3,423,250
3,403,250

(b) Loans from individuals

At 31 March 2020, 8 (2019: 8) individuals including some Trustees had advanced loans to the Trust, totalling £131,500 (2019: £139,500).

At 1 April 2019
Loans advanced during the year
Repaid during the year
Reclassified
Waived during the year
At 31 March 2020		 2020
2019
£
£
139,500
167,000
-
-
(8,000)
(5,000)
-
-
(22,500)
131,500
139,500

The interest on these advances is waived with the exception of one of the advances which bears interest at 3.5%. The JST has the power to make such interest payments in accordance with the terms of the Deed of Trust.

The outstanding amount at 31 March is analysed as follows:

Due within 1 year
Due between 1 and 2 years		 2020
2019
£
£
-
-
131,500
139,500
131,500
139,500

Jubilee Sailing Trust - Annual Report

Page 64

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

17 Obligations under operating lease

At 31 March 2020 the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Land & Buildings
Within one year
In more than one year but not more than
five years
In more than five years
Lease payments recognised as an expense
during the year		 2020
2019
£
£
22,335
6,514
28,849
-
-
-
51,184
6,514
22,335
22,335

18 Related parties

The loans from the Trustees and other individuals included in Note 16 above are also related party transactions and therefore the Trust considers the following to be material transactions. Certain of the trustees took the decision to waive interest on these loans. The interest waived of £2,320 and calculated at 1.20%-1.45% per annum (2019: £1,462) has been treated as a gift in kind.

Interest paid to Trustees in the year was £Nil (2019: £1,234)

Amounts owed by the Trust to trustees and related parties at 31 March 2020:

2020 2019
£ £
Mrs J Cator 75,000 75,000
Mr R Davies 24,500 32,500
Mr T Stewart 20,000 20,000
Mr J Caulcutt 5,000 5,000
Ms A Robinson 2,500 2,500
Mr J Holloway 1,000 1,000
Mr S Taggart 2,500 2,500
Mr T Keen 1,000 1,000
Mr H Cator 2,197,000 2,197,000

During the year, amounts totalling £Nil were waived by related parties on the above loans.

Jubilee Sailing Trust - Annual Report

Page 65

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

19 Funds

Group and Trust

Restricted funds
01-Apr
Incoming
2019
Resources
£
£
Ships maintenance fund
536,621
40,400
Assisted voyage fund
-
187,107
Pension deficit fund
11,000
-
547,621
227,507
Ships maintenance fund
463,525
174,704
Assisted voyage fund
-
400,975
Pension deficit fund
11,000
-
474,525
575,679
The movement in funds for the comparative period was:		 Deferred
Income
£
-
(149,207)
-
(149,207)
-
(251,609)
-
(251,609)		 Outgoing
31-Mar
resources
2020
£
£
(40,350)
536,671
(37,900)
-
-
11,000
(78,250)
547,671
(101,608)
536,621
(149,366)
-
-
11,000
(250,974)
547,621

The ships maintenance fund represents amounts received for the continued maintenance of either of the group's two tall ships.

The bursaries received in the assisted voyage fund enable the Trust to operate subsidised voyages and youth training activities. These bursaries are only used for subsidising the cost of voyages as specified by donors and remain as deposits in advance until released as voyage income.

The pension deficit fund represents contributions received towards payment of the Trust's pension deficit liability.

20 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted Restricted Total
Funds Funds
Group £ £ £
Fixed assets 5,982,439 - 5,982,439
Current assets 484,657 547,671 1,032,328
Current liabilities (3,152,782) - (3,152,782)
Long term liabilities (3,103,444) - (3,103,444)
£210,870 £547,671 £758,541
The analysis of net assets for the comparative period was:
Unrestricted Restricted Total
Funds Funds
Group £ £ £
Fixed assets 6,177,958 - 6,177,958
Current assets 165,299 547,621 712,920
Current liabilities (2,373,554) - (2,373,554)
Long term liabilities (3,321,020) - (3,321,020)
£648,683 £547,621 £1,196,304

Jubilee Sailing Trust - Annual Report

Page 66

JUBILEE SAILING TRUST

Notes to the financial statements for the year ended 31 March 2020 - continued

21 Pension Costs and Pension Deficit Costs

The total pension costs charged to the SOFA account amounted to £35,641 (2019: £63,453).

The costs include contributions at varying rates to the Merchant Navy Officer’s Pension Fund, a pension scheme for qualifying members which incorporates both defined benefit and defined contribution sections. The defined benefit scheme is exempt from the disclosures required under Section 28 of FRS 102 as a multi employer scheme, because the Trust is unable to identify its share of the underlying assets and liabilities of the scheme on a reasonable and consistent basis.

The latest Actuarial Valuation at 31 March 2018 reported a gross deficit of £73 million, and at that date previously agreed deficit contributions to be paid over by all scheme members had a value of £64 million, resulting in an adjusted deficit of £9 million.

Jubilee Sailing Trust Limited has entered into an agreement with the MNOPF in March 2014 and is paying monthly instalments of £3,500 per month, starting in February 2014 and ending in July 2023.

As required under FRS 102, a provision has been made for the agreed contributions to the deficit and the provision at the year end amounted to £125,000 (2019: £167,000).

Jubilee Sailing Trust - Annual Report

Page 67

I'lll Iilii,:, Ip.ryJi'l IIIPP ;,41

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