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2020-12-31-accounts

Charity Registration No. 328320

Company Registration No. 02412804 (England and Wales)

MORNING STAR TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Morning Star Trust

Trustees’ Report 2020

Letter from the Chair and Chief Executive

2020 has been a year of great change and challenge for Morning Star Trust. In January, a new Chief Executive was appointed, and arrangements were finalised to relocate the charity from Chatham to Chichester, vacating our offices and workshops in the Historic Dockyard.

Morning Star was formally decommissioned in December 2019, marking the end of forty-two years of continuous use by the Trust (and its predecessors) as the oldest purpose-build sail training vessel in the UK. In early 2020 both Morning Star and Dayspring were sold into private ownership and Bright Star was moved to Northney Marina in Hampshire.

In March 2020, the rapid spread of Covid-19 forced us to suspend all voyages indefinitely. This loss of income remains a real danger to the continued to viability of the Trust, and we must thank those who continued to the support our work throughout this time. We are also grateful to those groups and participants who allowed us to move their bookings rather than asking for refunds.

Significant grant funding during the year was received from Sport England, the National Lottery, and the Association of Sail Training Organisations. Without these grants it is unlikely that the charity would still be here now and for this we are grateful.

Bright Star remained laid up for most of 2020 with weekly ship-keeping inspections by staff based locally. She was able to be used for training by a small number of sea staff in their family bubbles during the period when restrictions were eased, and we were able to complete one youth voyage in October working with a group from a boarding school bubble.

Bright Star was in excellent condition following her refit in 2019/20 and received sufficient use to prevent any decline in material condition through the year, meaning she will require very little maintenance expenditure during the winter of 2020/21.

Despite the challenges, 2020 provided the Trust’s management an opportunity to focus on our long-term strategic plan following the major organisational and staffing changes in late 2019. Time was spent with stakeholders to develop a Theory of Change document, and to envision the future shape of the organisation. After much consideration and prayer, a major capital appeal was launched in September 2020 to fundraise to purchase and refit a second eleven-metre yacht to work alongside Bright Star .

Response to this appeal has been extraordinary and in around three weeks, sufficient funding was raised to purchase a Sigma 38, now named Eastern Star of Revelation. The vessel spent around two months in a boatyard for a hull and rig refit before moving home to Northney Marina in December 2020. Internal fitout and commissioning work is ongoing, but we are confident that the vessel will be ready to operate in early 2021.

Joly La Trobe Bateman, Chairman & Toby Humphreys, Chief Executive

The Trustees, who are also the Company Directors, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2020.

Objectives and Activities

The charity's objects are:

In 2020 the charity aimed to fulfil these objectives by the provision of residential voyages to young people (under 25 years old) onboard sail training vessel Bright Star of Revelation (ON 923847). Voyages are also provided in partnership with selected groups of vulnerable adults. Where appropriate excess capacity, particularly in term time, is used for voyages and training courses by paying adults.

Our aim is always to offer the maximum number of places to young people, many of whom were from disadvantaged backgrounds, on sail training activities at the lowest achievable cost. For this we are reliant on funding which subsidises these costs, as well as providing for additional bursaries. The Trustees record their grateful thanks for this support without which subsidised places could not be offered.

Volunteers

A great contribution to the work of the Trust is provided by volunteers, both ashore and at sea, to enable us to continue. In 2020, the Trust employed one member of seagoing staff, and all other roles onboard both boats were filled by volunteers.

We were fortunate to have a full-time volunteer Staff Mate and Staff Bosun at the beginning of 2020, with Chris taking over as Bosun in September 2019, and Rebecca staying in the role of Mate for a second year. Rebecca and Chris gave 90 volunteer days in maintenance during the spring of 2020. Both Rebecca and Chris stopped volunteering in March with the onset of the first Covid-19 lockdown.

The Trust also benefited from a number of shorebased volunteers who gave twenty-five days of volunteering to assist with maintenance when restrictions permitted them access to the boat.

Despite the ongoing challenges posed by Covid-19, the Trust was able to complete one voyage with young people in October 2020, which was staffed exclusively by volunteers. The Trustees are grateful for the ongoing support of the wider MST supporter network who assisted in myriad ways with the continued success of the organisation during a year

Public Benefit

In planning activities for the year, the Trustees confirm that they have had due regard to the Charity Commissioner's Public Benefit guidance in ensuring that:

Achievements and Performance

Due to the lockdown, Bright Star remained alongside in Northney for most of the year. She completed 1 youth voyage, spending 7 days at sea.

28 voyages (178 days) were cancelled due to the Covid-19 pandemic.

Bright Star operated at 80% capacity and she served 4 young people.

We sailed with 4 individual beneficiaries who were either young people or vulnerable adults. (163 in 2019, 154 in 2018).

Outcomes

In 2019 we begun using a new framework for measuring voyage outcomes that was jointly developed with ASTO and the Universities of Newcastle and Edinburgh. Participants were asked to agree or disagree with a series of qualitative statements about themselves before and after the voyage. As we were unable to record outcomes data in 2020, we have continued to use 2019 data for information.

Participants on MST voyages improved dramatically across the board, but we saw especial improvement in the following areas:

At the end of their voyages, 100% of participants felt that they could “find ways to solve problems” and could “achieve things if I put my mind to it”.

Participants also completed an activity survey at the end of the voyage, and key outcomes were that 100% of participants agreed that they “ did things even though they were difficult”, “learned a new skill”, and that their team “worked well together” . All participants also felt that they “ trusted the sea staff and they trusted me”.

Feedback from Voyage Crew in 2019:

“It is an incredible experience and I got to know so many new people who I wouldn’t met otherwise.”

“It’s an experience of a lifetime, I would advise anybody especially those with low self-esteem/confidence to go on.”

“A fantastic experience, a great staff team. Thoroughly enjoyable time and a great opportunity that I would thoroughly recommend”

“Highly recommend. Challenging but enjoyable and fun with friendly and supportive staff. Very rewarding.

“You should do it, as you experience so many more things than you get in ordinary life.”

“The onboard crew were very helpful in discussion, responsibilities and instruction and made me feel safe, thank you very much.”

“Go and challenge yourself, get out of your comfort zone, meet new people, enjoy it to the full”

“It’s a worthwhile activity. The staff encourage you and give you responsibilities. The more you put in the more you get.”

Feedback from Group Leaders in 2019:

“Great opportunity and really changed lives of those who were with us. We all had great fun and grew together.”

“The Sea Staff were excellent teachers and great fun. they made us feel very welcome and were able to make every part of the syllabus enjoy-able, with time-trialled tacking and gybing and knot tying competitions. They were also great company in the evenings and we're extremely willing and able to answer all of our numerous questions.”

“I have personally sailed with MST a few times and it has always been a positive experience, a lovely team to deal with, both in the office and on board! I also knew that MST had experience of dealing with vulnerable adults and people dealing with addictions so it would be appropriate to take the group we had on board Morning Star. It has been a very positive experience for everyone who took part and a good team building exercise. The comments on the bus journey home was testament to the sense of achievement everyone felt after completing this particular trip! A BIG thank you to everyone involved, you are all amazing and your hard work, skills and kindness is truly appreciated.”

Financial Review

In 2020 the Trust’s total income was £214,832 (2019: £266,250) and was primarily sourced through “donations, gifts, and funding from charitable sources”.

A total of £189,468 was raised in donations, gifts, and funding. This was an increase of £2,626 from the preceding year (2019: 186,842).

Voyage income was extremely badly affected by Covid-19 restrictions, and the Trust only received £4,727 from voyage income. This represents a drop in income of £70,467 against the preceding year (2019: £75,194).

Total expenditure was £180,554, which produced a net surplus of £34,278. In 2019, total expenditure was £279,280, which produced a net deficit of £13,030.

This surplus is primarily made up of restricted funds, which are linked to the ongoing “ Eastern Star ” capital appeal project. The majority of this project’s funding was received in 2020, but spending is ongoing into 2021.

The Trustees recognise the extraordinary circumstances of the accounting period 2020. That charitable sources income increased during the year is testament to the extraordinary generosity and faithfulness of the Trust’s members and supporters.

Reserves Policy

The Trust’s Reserves were £26,764 on 31st December 2020. This is in line with the Trustees Policy that the Trust’s Reserves must be between 5% and 50% of its Annual Operating Expenditure (excluding “one off” projects). The Trustees believe that 5% is the correct minimum level of reserves to protect the charity, and those who benefit from it, from the effects of the most likely financial risks.

The Trustees have reached this conclusion because the charity currently has fixed assets of £69,089 as of 31st December 2020, which could be liquidated within the time window that this level of unrestricted liquid assets would make possible. The Trustees believe that 50% is the correct maximum level of reserves, because if more were held, this would unnecessarily tie up donors’ money in an unproductive way.

The Trustees monitor the level of the Trust’s Reserves on a quarterly basis. The Trustees review the Trust’s Reserve Policy on an annual basis (at the same time as assessing the Financial Plan for the year ahead) and whenever a change is made to the Trust’s Risk Register. If the Reserves needed to fall below 5% of the Trust’s Annual Operating Expenditure, all the Trustees would be informed immediately by the Trust’s Finance Administrator.

Accounting Policy

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum & Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 insofar as it is applicable to a charity which is not subject to a statutory audit.

Going Concern

The trustees are satisfied that the trust's financial resources are such that there is no current financial uncertainty about the trust continuing as a going concern.

Structure, Governance and Management

Structure:

The charity is a company limited by guarantee, governed by its Memorandum & Articles of Association.

Governance:

The trustees of MST:

Recruitment of Trustees:

Trustees are appointed according to their skills and experience and are appointed by the existing Trustees on that basis. Each Trustee has confirmed that there is no information of which they are aware which is relevant to the accounts, but of which the Independent Examiner is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the Independent Examiner is aware of such information.

An induction programme is agreed individually with new Trustees on appointment which is tailored to their needs and experience. As a minimum Trustees are required to read the Charity Commission Guidance on Public Benefit and associated documentation, and to allow their decisions to be informed by this guidance.

Reference and Administrative Details

Charity Name: Morning Star Trust

Charity Registration Number: 328320

Company Registration Number: 02412804

Principal Address: PO Box 817, Chichester, West Sussex, PO19 9WP Registered Office: 43 Woodridge Close, Enfield, Middlesex, EN2 8HJ Trustees:

Signed AFJ La Trobe-Bateman

MORNING STAR TRUST (Company Registration Number: 02412804)

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees A F J La Trobe-Bateman
P Adams
R Brewer
H Crothers
A Ingall
D Miller
D Shepherd
Secretary D Shepherd
Charity number 328320
Company number 2412804
Principal address PO Box 817
Chichester
PO19 9WP
Registered office 43 Woodridge Close
Enfield
England
EN2 8HJ
Independent examiner Blue Spire Limited
Cawley Priory
South Pallant
Chichester PO19 1SY
Bankers Lloyds Bank plc
142-146 High Street
Chatham
Kent
ME4 4DQ

MORNING STAR TRUST (Company Registration Number: 02412804)

CHARITY REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Income and endowments from;
Donations, gifts and funding from other charitable
sources
3
Income from sail training and experience
operations
4
Other ancillary income
5
Interest receivable
6
Material other income
7
Other income
8
Total Income
Expenditure on;
Raising funds
9
Charitable Activities
10
Total expendediture
Net income/(expenditure) for the year/ Net
movement in funds
Release of restricted funds to unrestricted
Fund balances at 1 January 2020
Fund balances at 31 December 2020		 Unrestricted
Funds
£
70,786
4,727
19
19
20,599
-
96,150
10,894
102,879
113,773
(17,623)
-
44,387
26,764		 Restricted
Funds
£
118,682
-
-
-
-
-
118,682
-
66,781
66,781
51,901
-
24,745
76,646		 Total 2020
£
189,468
4,727
19
19
20,599
-		 Total 2019
£
186,842
75,194
122
16
3,876
200
214,832 266,250
10,894
169,660		 12,930
266,350
180,554 279,280
34,278
-
69,132		 (13,030)
-
82,162
103,410 69,132

The statement of financial activities includes all gains and losses recognised in the year

All income and expenditure derives from continuing activities

The statement of financial activities also complies with the requirement for an income and expenditure account under the Companies Act 2006

MORNING STAR TRUST (Company Registration Number: 02412804)

BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Fixed Assets
Tangible Assets
17
Current Assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors; amounts falling due within one year
20
Net current assets
Net Assets/(Liabilities)
Charity Funds
23
Bursary Funds
Restricted Funds
Asset replacement
Other restricted funds
Unrestricted funds
Total Charity Funds		 £
850
8,662
70,374
79,886
45,565
14,144
53,875
8,627
20		 £
69,089
34,321
103,410
76,646
26,764
103,410
20		 £
750
8,555
31,512
20		 £
57,042
12,090
19
40,817
28,727
8,848
1,027
14,870
69,132
24,745
44,387
69,132

AFJ La Trobe- Bateman

Signed

MORNING STAR TRUST (Company Registration Number: 02412804)

NOTES TO THE FINANCIAL ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

1.1 Accounting convention

Morning Star Trust is an incorporated charity, limited by gurantee, in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information page of these financial statements. The nature of the charity’s operations and principal activities is given in the trustees' report. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. There are restricted funds which are used to provide Bursaries to enable young people to participate in sail training activities. Interest is credited to the fund on the balance, which is maintained in a separate bank account. Bursaries paid are charged against the fund. Separate funds represent: a) bursary funds to allow those not in employment or education to benefit from the activities run by the charity b) gifts towards the purchase of fixed assets; c) gifts to assist in the financing of future fixed assets; and d) gifts received towards winter refit of the vessels operated.

Donations towards fixed assets are recognised in the Statement of Financial Activities at the same rate as the underlying asset is depreciated.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

1.5 Resources expended

Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to make payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the charity's sole charitable activity. Where applicable expenditure is stated inclusive of non-recoverable VAT.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery etc. 10%, 20% & 33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

MORNING STAR TRUST (Company Registration Number: 02412804)

NOTES TO THE FINANCIAL ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises purchase costs only. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in disposal.

1.9 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. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Debtors

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

1.11 Liabilities and provisions

Liabilities are recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

2 Critical accounting estimates and judgments

In the application of the charity's accounting policies, the trustees are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations, gifts, and funding from other charitable sources

Donations and Gifts
Donated Services
Gift Aid
For the year ended 31 December 2019
Fee, grant, and bursary income
4 Income from sail training and experience operations		 Unrestricted
funds
£
63,315
-
7,471
70,786
32,719		 Restricted
funds
£
96,156
16,990
5,536
118,682
154,123		 Total 2020
£
159,471
16,990
13,007		 Total 2019
£
186,842
189,468
2020
£
4,727		 186,842
2019
£
75,194

MORNING STAR TRUST (Company Registration Number: 02412804)

NOTES TO THE FINANCIAL ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Shop income
Interest receivable
Profit on sale of tangible fixed asset
7 Material other income
5 Other ancillary income
6 Interest receivable
Includes the net proceeds of sale of 'Dayspring' vessel		 Unrestricted
funds
£
20,599		 Restricted
funds
£
-		 2020
£
19		 2019
£
122
2020
£
19		 2019
£
16
2020
£
20,599		 2019
£
3,876

MORNING STAR TRUST (Company Registration Number: 02412804)

NOTES TO THE FINANCIAL ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Sundry other income
9 Raising funds
Advertising and promotion
Fundraising activities
Other fundraising costs
Staff costs
Advertising and promotion
Other trading activities
On board shop
For the year ended 31 December 2019
Advertising and Promotion
Other trading activities
8 Other income		 Unrestricted
funds
£
10,122
772
-
10,894
-
10,894
10,628
-
10,628		 Restricted
funds
£
-
-
-
-
-
2,302
-
2,303		 2020
£
-		 2019
£
200
Total 2020
£
10,122
772
-		 Total 2019
£
6,682
4,910
1,338
10,894 12,930
-
10,894 12,930
12,930
-
12,930

MORNING STAR TRUST (Company Registration Number: 02412804)

NOTES TO THE FINANCIAL ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

10 Charitable activities
Vessel operating costs
Staff Costs
Depreciation and impairment
Vessel operating costs
Loss on Sale of Fixed Asset
Grant funding of activities (see note 12)
Share of support costs (see note 13)
Share of governance costs (see note 13)
Analysis by funds
Unrestricted funds
Restricted funds		 Unrestricted
funds
£
8,026
3,149
45,468
21,298
77,941
-
23,688
1,250
102,879
2020
102,879
66,781
169,660		 Restricted
funds
£
35,381
-
20,415
-
55,796
1,786
9,199
-
66,781
2019
124,674
141,676
266,350		 Total 2020
£
43,407
3,149
65,883
21,298		 Total 2019
£
95,997
7,220
113,138
-
133,737
1,786
32,887
1,250		 216,355
7,903
40,568
1,524
169,660 266,350

11 Description of charitable activities

Vessel operating costs

Activities undertaken directly comprise the operation of sail training and experience voyages aboard sea-going vessels

Direct relief comprises amounts donated to provide relief to individuals in particular circumstances

MORNING STAR TRUST (Company Registration Number: 02412804)

NOTES TO THE FINANCIAL ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

12 Grants payable

The bursaries comprise grants to qualifying individuals towards the cost of sail training activities operated by the Trust

Vessel operating costs

Grants are made available to young people (who meet the detailed qualifications for the Bursary scheme) to enable them to participate in activities arranged by the Trust at a reduced cost

13 Support costs

Office, administration, and other similar costs
Committee costs
Independent examination
Analysed between charitable activities		 Support costs
£
32,887
-
-
32,887
30,681		 Governance
costs
£
-
-
1,250
1,250
1,250		 2020
£
32,887
-
1,250
34,137
31,931		 2019
Basis of
allocation
£
40,568
All relates to
the main
charitable
activity
134
Governance
1,390
Governance
42,092
42,092

Fees paid to the independent examiner charged in these accounts amount to £1,250 (2019 - £1,390) excluding VAT. The independent examiner provides no other services to the charity

14 Trustees

None of the trustees (or any persons connected with them - other than any disclosures made in Note 14) received any remuneration during the year. Expenses, in respect of their services as trustees, were paid totalling £ Nil (2019 £ Nil). The number of trustees reimbursed such expenses during the year was Nil (2019; Nil)

Where trustees act as skippers on sail training activities they are offered expenses to cover the cost of either leaving or joining the vessel at ports other than the home port. The amount so reimbursed each year cannot be readily ascertained but is restricted to the reasonable costs actually incurred

MORNING STAR TRUST (Company Registration Number: 02412804)

NOTES TO THE FINANCIAL ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

15 Employees

Number of employees

The average monthly number of employees during the year was

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2020
Number
1		 2019
Number
3
2020
£
21,774
5,621
2,207		 2019
£
50,135
10,398
4,018
29,602 64,551

The trustees estimate that the full time equivalent of staff employed is 1 (2019; 3) excluding volunteers

There were no employees whose annual remuneration was £60,000 or more

16 Taxation

The company is exempt from liability to UK Corporation Tax on its charitable activities. The trustees are of the opinion that all activities carried on in the year are charitable

MORNING STAR TRUST (Company Registration Number: 02412804)

NOTES TO THE FINANCIAL ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

17 Tangible fixed assets
Cost
At 1 January 2020
Additions
Less Disposals
At 31 December 2020
Depreciation and impairment
At 1 January 2020
Depreciation charged in the year
Less Disposals
At 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019
18 Stocks
Finished goods and goods for resale
19 Debtors
Amounts falling due within one year
Trade debtors
Prepayments and accrued income
Gift Aid accrued income		 Plant and
2020
£
850		 machinery etc
£
137,407
49,495
(95,512)
91,390
80,365
3,149
(61,213)
22,301
69,089
57,042
2019
£
750
2020
£
-
4,410
4,252		 2019
£
997
4,920
2,638
8,662 8,555

MORNING STAR TRUST (Company Registration Number: 02412804)

NOTES TO THE FINANCIAL ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

20 Creditors; amounts falling due within one year

20 Creditors; amounts falling due within one year
MS Leopold Funding Loan
Other taxation and social security
Eastern Star Acquisition Loan Scheme
Trade creditors
Other creditors
Accruals and deferred income		 2020
£
-
-
20,000
6,347
2,272
16,946		 2019
£
22,500
1,148
-
609
1,390
3,080
45,565 28,727

21 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held seperately from those of the charity in an independently administererd fund.

The cost recognised in the year in respect of defined contribution schemes was £ 2,207 (2019 - £ 4,018)

22 Share capital

The charity does not have share capital. The company is limited by the guarantee of the members to a maximum of £1 each.

23 Fund Recognition

The income funds of the charity include restrictd funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Bursary funds
Asset replacement
Vessel refit costs
Staff and volunteer costs
Training costs
Skipper Salary
Eastern Star Loan Repayment
Unrestricted Funds		 Balance at 1
January 2020
£
8,848
1,027
11,203
1,554
2,113
-
-
24,745
Balance at 1
January 2020
44,387		 Income
£
6,084
51,767
10,293
40,614
1,297
8,500
127
118,682
Income
96,170
M		 Bursaries
awarded
£
(788)
-
-
-
(998)
-
-
(1,786)
Bursaries
awarded
-
ovement in fund		 Designated
expenditure
£
-
-
(20,415)
(42,168)
(2,412)
-
-
s		 Balance at 31
December
2020
£
14,144
52,794
1,081
-
-
8,500
127
(64,995) 76,646
Designated
expenditure
113,843		 Balance at 31
December
2020
26,714

MORNING STAR TRUST (Company Registration Number: 02412804)

NOTES TO THE FINANCIAL ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

24 Analysis of assets between funds

24 Analysis of assets between funds
Fund balances at 31 December 2020 are represented by;
Tangible assets
Current assets/(liabilities)		 Unrestricted
funds
£
15,165
11,549
26,714		 Restricted
funds
£
53,875
22,771		 Total
£
69,040
34,320
76,646 103,360

25 Related party transactions

A trustee participated in a loan scheme to fund acquisition of the 'Eastern Star' vessel advancing £10,000 to the trust (2019 - none)