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## Annual Report and Accounts 2024 

## ee 

## Ss 

www.mst.org.uk 



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## **Letter from the Chair** 

We continue to pursue our objective of establishing long term sustainability to our operations. This includes the way we organise ourselves to deliver our charitable aims, which we do through the vehicle of sail training. Since 2022 we have been implementing a recovery programme to return to an annual surplus and rebuild our reserves. In 2023 there was a modest deficit, but in 2024 we returned a surplus of £25,041. This was achieved by early release of our programme resulting in increased sales. 2024 was the first year when we had three boats in service for the whole season and the increased capacity has paid off. 

There is potential to grow the number of people we take to sea during 2025 as we are not yet at full capacity. In 2024 supporter’s loans of £48,566 were reduced to £31,830. We are grateful to those whose confidence in the future of the trust consolidated loans into gift aided donations. 

Maintenance of our fleet is crucial to our operations and sustainability. When we moved from Chatham in 2020 one of our losses was a dedicated team of local people who maintained our vessels. Late in 2023 we appointed Stewart Scott as Volunteer Vessel Maintenance Manager. He has worked hard this year to build a team of dedicated volunteers in the Havant area who undertake minor repairs and work that does not require professional input. He has identified various contractors with whom we can work with the more sophisticated regular maintenance. As any sailor knows, no matter how well you do your maintenance things still break and wear out. Two big items this year were the replacement of cookers on Bright Star of Revelation and Eastern Star of Revelation. 

We are now very much looking towards the future of the Morning Star Trust. We have proven that the concept of using multiple boats is a better business model than running one big boat. 

We are working on reaching out beyond the geographical area of the Solent and seeking to be a provider in the North-East and South-West of England. We have a particular focus on deprived areas of the country. To this end in both areas we have formed teams of supporters to develop our contacts with programs that work with homeless, addiction recovery, youth and mental health. 

We continue to work on our vision for the complete renewal of our fleet by purchasing four identical vessels which will give us greater flexibility in our programme and enable us to diversify our markets. Given the age of our present vessels, this is vital for our sustainability. We have been developing our structures and processes to support the new fleet and excited to be launching our fund-raising programme in 2025. 

Verity Thomas, a Naval Architect and sailing volunteer, joined the Trustees in 2024. She brings expertise in vessel design and construction to the board which is vital as we pursue the renewal of our fleet. She lives in the South-West and forms an important part of that team as we seek to develop our provision in that location. We welcome her and her insights. 

2024 has been encouraging and it is down to the hard work of our 50+ dedicated volunteers, our salaried staff and the oversight of my fellow trustees all of whom I would like to thank for their enormous contribution. I express my deep gratitude to 



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the many individuals and charitable trusts who have contributed grants, one off gifts and regular giving to enable the ongoing work of the Morning Star Trust. 

## **397 Days at Sea** 

**Anthony Ingall Chair of Trustees.** 

## **In 2024 MST delivered 72 Voyages** 

## **taking part in** 

## **3 Races** 


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## **For** 

## **363 Participants** 

## **and** 



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## **Our Mission** 

Our charity's objectives are: 

- 1) The proclamation of the gospel of Christ together with the advancement of Christianity, in accordance with the Statement of Faith (the Apostles' Creed). 

- 2) The education of young people in the development of their physical mental and spiritual capacities, so that they may grow to full maturity as individuals and members of society, and the provision for them of facilities for recreation and other leisure time occupation in the interests of social welfare. 

. 

## What we do 

Our principal objective is to share the Christian Faith. We aim to transform young people’s lives, with God’s love, through sail training. We are a values-based organisation which means our staff lead by example.  Our faith is not to be imposed but to be shared. Our distinct Christian identity means we deliver our voyages and training unconditionally to those of all faiths and none. Our maxim is taken from St Francis who said, ‘go and preach the Gospel and if necessary, use words.’ Our approach to sharing our faith is a gentle one. 

2024 saw the Morning Star Trust delivering an exciting, expanded program of residential voyages primarily designed for the needs of young people under 25. Our three boats worked hard providing Duke of Edinburgh Gold Expeditions (10-day voyages) Gold Residentials (5-day voyages) and Silver Expeditions (8 Day voyages.) We visited Northern France and the Channel Islands on several occasions. We provided weekends for youth groups, adults and a Women on the Water voyage with all female crew. We continued to deliver a range of RYA Practical and Theory Courses. 

The Morning Star Trust entered the ASTO Guernsey to Poole Passage Race to commemorate 200 years of the RNLI. ASTO received a visit from their patron Her Royal Highness the Duchess of Edinburgh. The Morning Star Trust was privileged to take a full part in welcoming the Duchess. Rebecca Newall was asked to speak to the Duchess in front of 200 ASTO crew about her experience of sail training and the Morning Star Trust. We felt honoured that she was invited to speak on behalf of so many. 

Our strategic aim is to operate four vessels to maximize the number of young people we take to sea in a sustainable way. Each year we get closer to this aim as we develop a sustainable model of operation. We are supported by the beneficial giving of their time by our volunteer sea staff helping to make this possible at the minimum of cost. 

Towards the end of 2024 we saw a surge in bursary gifts, one off donations and grants towards our rolling refit. Our bursary fund enables us to subsidise a significant number of young people enabling their inclusion and participation. Grant funding enables us to maintain our vessels to the highest standards. We remain grateful to all who facilitate our mission. 



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## **Spiritual Stories from our voyages** 

## **The Personal Bilge Alarm** 

Five young people, strangers, came together for a Youth Sailing Adventure / Duke of Edinburgh Gold Residential. 

At 23.00 hours lights out was called. The Sea Staff retired to their cabins. The Skipper was drifting off into sleep when he heard the crew 

chatting about the Bible and Jesus, whether they attended church or not. He lay there wondering ‘shall I get up and go and join in?’  After prayer he decided to let them have their space, confident that God was at work. At 02.30, his personal ‘bilge alarm’ woke him. The heads were calling! The crew were still chatting quietly amongst themselves and hadn’t slept. He stayed up with them. The questions rolled and stories were shared. The Skipper finally returned to his bunk at 03.30. In the morning one of the girls asked for ‘Cornerstone’ to be played on the music box, as she knew the words. 

## **My Lighthouse** 

On a Church weekend voyage after a rough time in the Solent with four of the five crew being sick, and very despondent, the initial plan was abandoned, and they headed for Chichester. All were encouraged to look up at the horizon. West Pole was our “lighthouse”. Calm waters were promised once over the bar. 

All were smiling faces after a good clean up and lunch. Next day the breakfast chat turned to a reflection on the stormy weather of life, storms that we really might not enjoy but how we have Jesus as our lighthouse pointing towards the safe calm water of God’s arms. The young lad who’d been sick the most was clearly moved and rushed to get “My Lighthouse” playing with them all singing along. Until that day “My Lighthouse” might just have been an encouraging song. Suddenly it had become a real-life experience. 



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## **Feedback from our voyages** 

‘We just wanted to express our enormous thanks to all the staff and wonderful participants that made the February half term DofE residential voyage so brilliant!’ Our son had a truly amazing experience. “Bonded in terror!” I think was the phrase used, after the challenging weather conditions and sickness on the second day! It was wonderful to hear how they all worked together as a team so well, having never met before or had any previous experience of sailing. 

**From a Foster Carer** 

We were extremely grateful for the opportunity to take this group of refugees and asylum seekers sailing - it was a wonderful experience overall and everyone thoroughly enjoyed the day, including those who felt a bit sea-sick. 

## **From Refugee Group** 

I have sailed with MST once before and really enjoyed it. I have additional needs and Morning Star Trust have been happy to allow me to take part in their sailing holidays despite my learning disability. 

## **From a Participant** 

My daughter came home last week after 10 days sailing with the Morning Star Trust and had a great experience. She now has DofE gold expedition and competent crew RYA certification under her belt. For a girl that can barely take public transport or walk to the shops it is an impressive achievement. _**This summer was transformative for her**_ . My other two children now want to follow her adventures. 

## **From a Facebook post** 

‘Having just come back from our voyage, we all miss life on the boat dearly. This week has been one of the most exhilarating weeks of our lives, one we will remember forever. We learnt invaluable sailing skills, obtaining our competent crew, and exploring the Solent, we’ve formed lifelong friendships. The Sea Staff were the best - so supportive, kind and fun! We wholeheartedly recommend this sailing experience to anyone; it’s a really fun opportunity to explore something completely different and meet new people whilst doing an exciting activity! Thank you, MST! 

**From the crew of a Youth Sailing Adventure** 



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## **Voyage** 

## **Impacts** 

The Morning Star Trust was able to provide a total of 1591 Berth Days for 254 under 25s and 109 adult participants with over 397 days at sea. 181 participants gained their RYA Competent Crew. We delivered 29 Duke of Edinburgh voyages ranging from 8-day Silver Expeditions, through 5-day Gold Residentials to the ultimate experience of 10-day Gold Expeditions. These took place in the Solent, and along the South Coast, across to the Channel Islands and France. 15 people gained their RYA Day Skipper and 2 gained their RYA Yachtmaster offshore. 

We entered Eastern Star of Revelation and Guiding Star of Revelation in the ASTO Guernsey to Poole Passage Race to Commemorate 200 years of the RNLI. Guiding Star of Revelation came first after 38 hours of difficult light wind sailing. Bright Star of Revelation entered the Sail Training Category of the Fowey Regatta Passage Race from Fowey to Falmouth (leg 1) and Falmouth to Fowey (leg 2) coming first in both legs. All three vessels entered the ASTO Cowes Small Ships Race around the cans with 12 young carers and 5 Cowes Sea Cadets taking part. Sadly, our entry in the Round the Island Race had to retire due to dangerous weather conditions. 

Our weekend sailing has been good with a Women on the Water weekend in which 14 women took part. This was a new venture in 2024 and will be repeated for a group in Sunderland and another group in the Solent during 2025. 29 adults and 25 under 25s with their leaders took part in Church Weekend Voyages. We provided one voyage for 5 people for Deaf Sailing UK. 

This shows a growth in every area of our operations. Participants come from all over the UK demonstrating our national reach. 

The Morning Star Trust is actively seeking to improve our diversity, equity and inclusion. A strategy for this is in the making as we seek to make Sail Training in the unique environment of small yachts possible for a much wider spectrum of our nation’s diverse population. 



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## **Bursaries** 

Bursary funding is essential to enable people who would not otherwise be able to afford to sail with us to go to sea and is foundational to the work of the Morning Star Trust. Our maxim is that ‘no person under **25** is excluded from voyaging with us because of finance’. We enable participants to access our programmes from the widest possible range of backgrounds. The Morning Star Trust has supported Young Carers, vulnerable, at-risk people, refugees, those from low-income families and students through our bursary scheme. 

In 2024, bursaries worth **£6,118** were awarded, enabling 12 young people to sail with the Morning Star Trust who would otherwise have struggled to participate. We also supported participants to apply for funding from additional sources and granted reduced price and free places to under 25s at our Annual Conference. This is significantly less than in 2023 when we had additional funding for the Small Rural Churches Youth Project. The bursaries we can grant are limited by the funding available. 

## **Volunteers** 

In the 2024 sailing season, we grew our volunteer force to **49** volunteers, **16** serve as Skippers, 33 as Mates, and of the 49, **14** also serve as volunteers on our Maintenance Team. At the end of the 2024 we had 33 prospective new volunteers in the pipeline. 43% first sailed as youth crew with the Morning Star Trust. 

To maintain their competency our volunteers put in considerable additional time at home completing courses in safeguarding, first aid, navigation, radar, GDPR, and attending our mandatory training weekends to complete their familiarisation with our vessels and ethos. 

## **Safeguarding** 

The Morning Star Trust has a very strong commitment to safeguarding and review our already robust Safeguarding Policy annually. 

## **Public Benefit** 

The Trustees have paid regard to the Charity Commission’s Public Benefit guidance to ensure that all the activities of the Morning Star Trust continue to focus on delivering the charitable objectives of the charity. We have maintained our focus on the less advantaged by providing funding for our activities through our bursary scheme. 

**41%** 

Of our income comes from donations and grants 

**£169** 

True cost per participant per day 

**95 p** in every £ is spent on our charitable purpose 



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## **Financial Review** 

## **Overview** 

In 2024 the Trust’s total income was **£294,955** _(2023:_ £237,486). This was primarily income from charitable activities, specifically the delivery of residential youth work programmes onboard offshore sailing vessels. A total of **£122,242** was raised through donations, gifts, and funding. This was a rise of **£36,907** from the preceding year _(2023: £85,335)._ 

Our voyage programme provided a **£164,144** (2023: £145,506) contribution to funding our operations and charitable purposes. This represents an increase of **£18,638** brought about by increased activity. 

Total expenditure was **£269,914** (2023: £270,364) a reduction of £451 achieved by tighter cost controls, which produced a net surplus of **£25,041** ( _2023_ _**: £32,878**_ **deficit** ). 

## **Accounting Policy** 

These accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts. They 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 statutory audit. 

## **Reserves Policy** 

The Trust’s reserves (its unrestricted undesignated liquid assets) were a deficit of **£35,569** (2023: £60,844 deficit) at 31st December 2024. Loans totalling **£31,830** are included in current liabilities, as they could be called at any time, but most are unlikely to be called within 1 year. 

The Trust’s Reserves should normally be between 3 and 6 months of budgeted Operating Expenditure (not including the Voyage Costs that the Trust would not incur in the unlikely event that it had to temporarily stop providing voyages). In times of unplanned financial disruption, it may be appropriate for the total to fall below this range for a period, after which the Trust would work to build up its reserves again. 

The Trustees receive monthly financial reports which enable them to assess whether the total value of Trust’s available liquid assets falls within the range that this policy aims for. As they do not currently fall within this range, plans have been made to restore the Reserves as soon as is reasonably possible. 

The Reserve Policy is reviewed on an annual basis (at the same time as approving the budgets for the year ahead) as well as whenever a change is made to the Trust’s Risk Register. If reserves need to fall below 5% of the Trust’s annual operating expenditure, the Trustees are informed immediately. 



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## **Structure and Governance** 

## **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** 

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

## **Governance** 

The Trustees of the Morning Star Trust: 

- Exercise overall control of the charity by regular review of operation, activities and results of the charity and have responsibility for longer term strategic planning. 

- Delegate the operational responsibility for safety management to the Chief Executive but remain accountable in law for all safety aspects of the charity. 

- Have a management responsibility for ensuring the charity is undertaking its activities safely. 

- Have a robust Safeguarding Policy the application of which is monitored closely. 

- Review trust policies annually. 

- Maintain a risk register and monitor risk management 

Day to day control is exercised by the Chief Executive in accordance with the Schedule of Delegated Responsibilities. 

## **Recruitment of Trustees** 

Trustees are appointed according to their skills and experience and are appointed by the existing Trustees on that basis. 

An induction programme is agreed individually with each new Trustee on their appointment. It 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. 

## **Reporting to the Independent Examiner** 

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. 

08 July 2025 A Ingall Date Chair of Trustees 



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## **ACKNOWLEDGEMENTS** 

The Trustees are indebted to all the charity’s staff and volunteers for their tireless contribution to the success and effectiveness of our work. 

They also wish to thank our members for their generous and regular giving and the numerous supporters’ who made our work possible this year, including 

## **Morning Star Trust** 

**Charity Registration No: 323820 Company Registration No: 02412804 A Company limited by guarantee.** 

_Registered Office: 43 Woodridge Close, Enfield, Middlesex, EN2 8HJ_ 

- The Angela Gallagher Memorial Fund 

- The Annie Tranmer Charitable Trust 

- The Association of Sail Training Organisations 

- The Boulton Trusts 

- The Britland Charitable Trust 

- The Doris Field Charitable Trust 

- The Garfield Weston Foundation 

_Operating Base: Northney Marina Northney Road Hayling Island Hampshire PO11 0NH_ 

_Telephone: 01243 908026 Website: www.mst.org.uk Email: info@mst.org.uk_ 

- Goodnews Evangelical Mission 

- Green Hills Christian Trust 

- The Haramead Trust 

- Joan Ainslie Charitable Trust 

- The Sir James Roll Charitable Trust 

- Lockett Trust 

- The SMB Trust 

- The Souter Charitable Trust 

- Sport England 

- Trinity House Maritime Charity 

- The Truemark Trust 

- The Tufton Charitable Trust 

Trustees (who are also directors): 

- P Adams 

- P Adlington Resigned 17 March 2025 

- A Ingall (Chair) 

- N Ratcliffe 

- D Shepherd (Secretary) Resigned 3 November 2024 

- V Thomas (Secretary) Appointed 3 November 2024) 

- I Varey 

- R Walters 

## **What was good about the voyage?** 

_‘Being part of small team. Learning different skills. Independence in plotting courses. Using the VHF radio. Enjoying sitting on deck looking at the stars. The quality of the ship. Generous food and drink. The instructors. Excellent skipper. Good price._ 

**Voyage Participants** 



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## **MORNING STAR TRUST** 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)** 

|**Note**<br>**INCOME AND ENDOWMENTS FROM:**<br>Donations and legacies<br>**1**<br>Investments<br>**2**<br>Charitable activities<br>**3**<br>Other trading activities<br>**4**<br>Other income<br>**5**<br>**Total**<br>**EXPENDITURE ON:**<br>Raising funds<br>**6**<br>Charitable activities<br>**7**<br>**Total**<br>**Net Income/(expenditure)**<br>**Transfers between funds**<br>**19**<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>**Total funds brought forward**<br>**18, 19**<br>**Total funds carried forward**<br>**18, 19**|**Unrestricted**<br>**Funds**<br>**£**<br>90,545<br>62<br>170,069<br>280<br>2,302<br>263,258<br>12,515<br>237,768<br>250,283<br>12,975<br>2,570<br>15,545<br>28,272<br>43,817|**Restricted**<br>**Funds**<br>**£**<br>31,697<br>-<br>-<br>-<br>-<br>31,697<br>-<br>19,631<br>19,631<br>12,066<br>(2,570)<br>9,496<br>2,570<br>12,066|**2024**<br>**Total**<br>**Funds**<br>**£**<br>122,242<br>62<br>170,069<br>280<br>2,302<br>294,955<br>12,515<br>257,399<br>269,914<br>25,041<br>-<br>25,041<br>30,842<br>55,883|**2023**<br>**Total**<br>**Funds**<br>**£**<br>85,335<br>88<br>150,606<br>457<br>1,000|
|---|---|---|---|---|
|||||237,486|
|||||17,495<br>252,869|
|||||270,364|
|||||(32,878)<br>-|
|||||(32,878)<br>63,720|
|||||30,842|



The statement of financial activities includes all gains and losses recognised during the year. All of the above results are derived from continuing activities. 

**Page 11** 



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## **MORNING STAR TRUST** 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## **BALANCE SHEET AS AT 31 DECEMBER 2024** 

|||**2024**||**2023**||
|---|---|---|---|---|---|
||**Note**|**£**|**£**|**£**|**£**|
|**FIXED ASSETS**||||||
|Tangible assets|**14**|79,386||89,116||
||||79,386||89,116|
|**CURRENT ASSETS**||||||
|Stocks|**15**|500||500||
|Debtors|**16**|37,443||37,592||
|Cash at hand and in bank||12,750||3,992||
|**Total current assets**||50,693||42,084||
|**CURRENT LIABILITIES**||||||
|Creditors: amounts falling due within one year|**17**|74,196||100,358||
|**Net current assets/(liabilities)**|||(23,503)||(58,274)|
|**Net assets/(liabilities)**|||55,883||30,842|
|**THE FUNDS OF THE CHARITY**||||||
|**Restricted funds**|**18, 19**||12,066||2,570|
|General Funds|||43,817||28,272|
|**Unrestricted funds**|**18, 19**||43,817||28,272|
|||||||
|**Total charity funds**|||55,883||30,842|



For the year ended 31 December 2024 the charity was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. 

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of accounts. 

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. 

The financial statements on pages 11 to 20 were approved and authorised for issue by the trustees on08 July 2025and signed on their behalf by: 

Authony lngall 

…………………………………………. 

A Ingall Chair of directors 

Morning Star Trust Registered Charity Number 328320 Registered Company Number 02412804 

**Page 12** 



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## **MORNING STAR TRUST** 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## **ACCOUNTING POLICIES** 

## **General information, scope and basis of the financial statements** 

Morning Star Trust is an incorporated charity, limited by guarantee, incorporated in England with the company number 02412804. 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 are outlined 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. 

The charity applies the exemptions from the inclusion of a statement of cash flows under the Charities Statement of Recommended Practice. 

## **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. 

The trustees are content the charity was at all times a going concern and was at all times able to meet its financial obligations and debts as and when they fell due. This remains the case today, but additional measures have been taken to prevent or reduce the risk of unexpected voyage cancellation owing to mechanical or other failure and thus to avoid the high costs of such incidents occurring. These measures include tighter control of the maintenance and repair programme, closer scrutiny of voyage costs both direct and indirect, and a structured programme of marketing and promotion leveraging the Trust's long reputation for provision of high-quality training voyages. All of these measures have secured the financial sustainability of the organisation in 2024 and going forward. 

## **Fund accounting** 

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. 

Restricted Funds are funds which are to be used in accordance with specific instructions imposed by donors or which have been raised by the charity for particular purposes. 

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

Further details of each fund are disclosed in Notes 19 and 20. 

## **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. 

**Page 13** 



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## **MORNING STAR TRUST** 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## **ACCOUNTING POLICIES** 

## **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. 

## **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: 

Vessels and equipment 10%, 15% & 20% straight line 

## **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). 

## **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. 

## **Debtors and creditors receivable / payable within one year** 

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. 

## **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. 

## **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. 

## **Critical accounting estimates and judgements** 

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. 

**Page 14** 



Docusign Envelope ID: 5682756D-0047-42E2-A02F-8EE7104B8A6D 

## **MORNING STAR TRUST** 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **1. Donations and legacies** 

|Donations and grants<br>Gift aid<br>**2. Income from investments**<br>Interest receivable<br>**3. Income from charitable activities**<br>Fee, grant and bursary income<br>Annual conference income<br>**4. Other trading activities**<br>Equipment sales<br>Shop income<br>**5. Other income**<br>Insurance claim|**Unrestricted**<br>**Funds**<br>**£**<br>74,355<br>16,190<br>90,545<br>**Unrestricted**<br>**Funds**<br>**£**<br>62<br>62<br>**Unrestricted**<br>**Funds**<br>**£**<br>164,144<br>5,925<br>170,069<br>**Unrestricted**<br>**Funds**<br>**£**<br>-<br>280<br>280<br>**Unrestricted**<br>**Funds**<br>**£**<br>2,302<br>2,302|**Restricted**<br>**Funds**<br>**£**<br>31,697<br>-<br>31,697<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-|**2024**<br>**Total**<br>**Funds**<br>**£**<br>106,052<br>16,190<br>122,242<br>**2024**<br>**Total**<br>**Funds**<br>**£**<br>62<br>62<br>**2024**<br>**Total**<br>**Funds**<br>**£**<br>164,144<br>5,925<br>170,069<br>**2024**<br>**Total**<br>**Funds**<br>**£**<br>-<br>280<br>280<br>**2024**<br>**Total**<br>**Funds**<br>**£**<br>2,302<br>2,302|**Unrestricted**<br>**Funds**<br>**£**<br>54,040<br>9,350<br>63,390<br>**Unrestricted**<br>**Funds**<br>**£**<br>88<br>88<br>**Unrestricted**<br>**Funds**<br>**£**<br>145,506<br>5,100<br>150,606<br>**Unrestricted**<br>**Funds**<br>**£**<br>-<br>457<br>457<br>**Unrestricted**<br>**Funds**<br>**£**<br>1,000<br>1,000|**Restricted**<br>**Funds**<br>**£**<br>21,945<br>-<br>21,945<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>**Restricted**<br>**Funds**<br>**£**<br>-<br>-|**2023**<br>**Total**<br>**Funds**<br>**£**<br>75,985<br>9,350|
|---|---|---|---|---|---|---|
|||||||85,335|
|||||||**2023**<br>**Total**<br>**Funds**<br>**£**<br>88|
|||||||88|
|||||||**2023**<br>**Total**<br>**Funds**<br>**£**<br>145,506<br>5,100|
|||||||150,606|
|||||||**2023**<br>**Total**<br>**Funds**<br>**£**<br>-<br>457|
|||||||457|
|||||||**2023**<br>**Total**<br>**Funds**<br>**£**<br>1,000|
|||||||1,000|



**Page 15** 



Docusign Envelope ID: 5682756D-0047-42E2-A02F-8EE7104B8A6D 

## **MORNING STAR TRUST** 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **6. Raising funds costs** 

|Fundraising activity<br>Other fundraising costs<br>Costs of goods sold|**Unrestricted**<br>**Funds**<br>**£**<br>8,528<br>3,987<br>12,515<br>-<br>12,515|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-|**2024**<br>**Total**<br>**Funds**<br>**£**<br>8,528<br>3,987<br>12,515<br>-<br>12,515|**Unrestricted**<br>**Funds**<br>**£**<br>9,377<br>8,118<br>17,495<br>-<br>17,495|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-|**2023**<br>**Total**<br>**Funds**<br>**£**<br>9,377<br>8,118|
|---|---|---|---|---|---|---|
|||||||17,495<br>-|
|||||||17,495|



## **7. Charitable activities** 

|Staff costs<br>Depreciation<br>Vessel operating costs<br>Bursaries awarded<br>Support costs (see note 8.)<br>Governance costs (see note 9.)|**Unrestricted**<br>**Funds**<br>**£**<br>102,833<br>10,778<br>79,650<br>193,261<br>1,478<br>40,273<br>2,756<br>237,768|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>14,991<br>14,991<br>4,640<br>-<br>-<br>19,631|**2024**<br>**Total**<br>**Funds**<br>**£**<br>102,833<br>10,778<br>94,641<br>208,252<br>6,118<br>40,273<br>2,756<br>257,399|**Unrestricted**<br>**Funds**<br>**£**<br>98,221<br>10,779<br>68,593<br>177,593<br>255<br>43,770<br>2,050<br>223,668|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>5,500<br>5,500<br>23,701<br>-<br>-<br>29,201|**2023**<br>**Total**<br>**Funds**<br>**£**<br>98,221<br>10,779<br>74,093|
|---|---|---|---|---|---|---|
|||||||183,093<br>23,956<br>43,770<br>2,050|
|||||||252,869|



## **8. Support costs** 

|Training courses<br>Insurance<br>Printing, postage and stationery<br>Telephone and internet, IT costs<br>Storage costs<br>Subscriptions, licences and conference<br>Other administrative  expenses|**Unrestricted**<br>**Funds**<br>**£**<br>6,802<br>8,234<br>50<br>1,733<br>2,363<br>8,677<br>12,413<br>40,272|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**2024**<br>**Total**<br>**Funds**<br>**£**<br>6,802<br>8,234<br>50<br>1,733<br>2,363<br>8,677<br>12,413<br>40,272|**Unrestricted**<br>**Funds**<br>**£**<br>5,526<br>16,695<br>125<br>1,336<br>1,690<br>8,811<br>9,587<br>43,770|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**2023**<br>**Total**<br>**Funds**<br>**£**<br>5,526<br>16,695<br>125<br>1,336<br>1,690<br>8,811<br>9,587|
|---|---|---|---|---|---|---|
|||||||43,770|



## **9. Governance costs** 

|Trustee meeting costs<br>Independent examiner's fees|**Unrestricted**<br>**Funds**<br>**£**<br>631<br>2,125<br>2,756|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-|**2024**<br>**Total**<br>**Funds**<br>**£**<br>631<br>2,125<br>2,756|**Unrestricted**<br>**Funds**<br>**£**<br>-<br>2,050<br>2,050|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-|**2023**<br>**Total**<br>**Funds**<br>**£**<br>-<br>2,050|
|---|---|---|---|---|---|---|
|||||||2,050|



**Page 16** 



Docusign Envelope ID: 5682756D-0047-42E2-A02F-8EE7104B8A6D 

## **MORNING STAR TRUST** 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **10. Independent examiner's fees** 

||||**2024**|||**2023**|
|---|---|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Examination|2,125|-|2,125|2,050|-|2,050|



## **11. Wages and salary cost** 

|Gross wages<br>Employer's national insurance costs (net of employment allowance)<br>Employer's pension contributions|**2024**<br>**Total**<br>**Funds**<br>**£**<br>87,499<br>3,345<br>3,445<br>94,289|**2023**<br>**Total**<br>**Funds**<br>**£**<br>87,246<br>3,435<br>3,311|
|---|---|---|
|||93,992|



There were no employees with emoluments (excluding employer pension costs) above £60,000 in this or the preceding year 

|The average number of employees during the year was:|**2024**<br>3<br>3|**2023**<br>3|
|---|---|---|
|||3|



The four shore-based employees are a mixture of full-time and part-time staff representing three full-time equivalent staff positions. 

## **12. Pension scheme** 

The charity operates defined contribution pension scheme for its employees. The total payable for the year under review was £3,445 (2023: £3,311). 

## **13. Related party transactions** 

None of the trustees (or any persons connected with them - other than any disclosures made in Note 11) received any remuneration during the year. Expenses, in respect of their services as trustees, were paid in accordance with general policy for all volunteers, totalling £Nil (2023: £Nil). The number of trustees reimbursed such expenses during the year was Nil (2023: Nil) 

Where trustees act as sea staff 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 

A trustee participated in a loan scheme in 2020 to fund acquisition of the 'Eastern Star' vessel advancing £10,000 to the trust of which £4,000 remains. The same trustee provided a ‘top up’ to the loan of £4,000 in 2024 leaving a total outstanding of £10,000 

Another trustee provided a loan in 2024 to assist with cash flow, advancing £500 to the trust and this remains outstanding 

**Page 17** 



Docusign Envelope ID: 5682756D-0047-42E2-A02F-8EE7104B8A6D 

## **MORNING STAR TRUST** 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## **NOTES TO THE FINANCIAL STATEMENTS** 

|**14. Tangible fixed assets**<br>_Cost_<br>At 1 January 2024<br>Additions<br>On disposals<br>At 31 December 2024<br>_Depreciation_<br>Accumulated at 1 January 2024<br>Charge for the year<br>On disposals<br>At 31 December 2024<br>Net book value at 31 December 2024<br>Net book value at 31 December 2023<br>**15. Stocks**<br>Goods for resale<br>**16. Debtors**<br>Trade debtors<br>Other debtors<br>**17. Creditors: amounts falling due within one year**<br>Trade creditors<br>Deferred income<br>Accruals<br>Vessel acquisition loan scheme<br>Other short term loans<br>Other creditors<br>Deferred income relates to invoices raised for voyages booked in 2024 and for sailing activities in 2025.|**Vessels &**<br>**Equipment**<br>**£**<br>130,706<br>3,275<br>(5,311)<br>128,670<br>41,590<br>10,777<br>(3,083)<br>49,284<br>79,386<br>89,116<br>**2024**<br>**Total**<br>**Funds**<br>**£**<br>500<br>500<br>**2024**<br>**Total**<br>**Funds**<br>**£**<br>29,456<br>7,987<br>-<br>37,443<br>**2024**<br>**Total**<br>**Funds**<br>**£**<br>1,546<br>33,091<br>2,125<br>10,000<br>21,830<br>5,604<br>74,196|**Total**<br>**£**<br>130,706<br>3,275<br>(5,311)|
|---|---|---|
|||128,670|
|||41,590<br>10,777<br>(3,083)|
|||49,284|
|||79,386|
|||89,116|
|||**2023**<br>**Total**<br>**Funds**<br>**£**<br>500|
|||500|
|||**2023**<br>**Total**<br>**Funds**<br>**£**<br>37,592<br>-<br>-|
|||37,592|
|||**2023**<br>**Total**<br>**Funds**<br>**£**<br>3,336<br>44,806<br>2,050<br>28,500<br>20,066<br>1,600|
|||100,358|
||||



**Page 18** 



Docusign Envelope ID: 5682756D-0047-42E2-A02F-8EE7104B8A6D 

## **MORNING STAR TRUST** 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **18. Analysis of net assets between funds** 

|Tangible fixed assets<br>Current assets<br>Current liabilities|**Unrestricted**<br>**Funds**<br>**£**<br>79,386<br>38,627<br>(74,196)<br>43,817|**Restricted**<br>**Funds**<br>**£**<br>-<br>12,066<br>-<br>12,066|**2024**<br>**Total**<br>**Funds**<br>**£**<br>79,386<br>50,693<br>(74,196)<br>55,883|**Unrestricted**<br>**Funds**<br>**£**<br>89,116<br>39,514<br>(100,358)<br>28,272|**Restricted**<br>**Funds**<br>**£**<br>-<br>2,570<br>-<br>2,570|**2023**<br>**Total**<br>**Funds**<br>**£**<br>89,116<br>42,084<br>(100,358)|
|---|---|---|---|---|---|---|
|||||||30,842|



## **19. Analysis of net movement in funds** 

|**19. Analysis of net movement in funds**||||||
|---|---|---|---|---|---|
|_Restricted funds_<br>Bursary funds<br>Asset replacement<br>Vessel refit costs<br>Vessel Skipper Project<br>Vessels Loan Repayment<br>Emergency Engine Repair<br>_Total restricted funds_<br>_Unrestricted funds_<br>General Fund<br>_Total unrestricted funds_<br>Total funds||**Year ended 31 December 2024**||||
||**Total funds**<br>**brought**<br>**forward**<br>**£**<br>-<br>-<br>-<br>-<br>1,500<br>1,070<br>2,570<br>28,272<br>28,272<br>30,842|**Total**<br>**incoming**<br>**resources**<br>**£**<br>4,660<br>-<br>27,037<br>-<br>-<br>-<br>31,697<br>263,258<br>263,258<br>294,955|**Total**<br>**resources**<br>**expended**<br>**£**<br>(4,640)<br>-<br>(14,991)<br>-<br>-<br>-<br>(19,631)<br>(250,283)<br>(250,283)<br>(269,914)|**Transfers**<br>**between**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-<br>(1,500)<br>(1,070)<br>(2,570)<br>2,570<br>2,570<br>-|**Total funds**<br>**carried**<br>**forward**<br>**£**<br>20<br>-<br>12,046<br>-<br>-<br>-|
||||||12,066|
||||||43,817|
||||||43,817|
||||||55,883|



The transfer between funds represents the emergency engine repair and loan repayments that have been paid during the year from the bank. 

|_Restricted funds_<br>Bursary funds<br>Asset replacement<br>Vessel refit costs<br>Vessel Skipper Project<br>Vessels Loan Repayment<br>Emergency Engine Repair<br>_Total restricted funds_<br>_Unrestricted funds_<br>General Fund<br>_Total unrestricted funds_<br>Total funds||**Year ended 31 December 2023**|**Year ended 31 December 2023**|**Year ended 31 December 2023**||
|---|---|---|---|---|---|
||**Total funds**<br>**brought**<br>**forward**<br>**£**<br>8,326<br>-<br>-<br>-<br>1,500<br>-<br>9,826<br>53,894<br>53,894<br>63,720|**Total**<br>**incoming**<br>**resources**<br>**£**<br>15,375<br>-<br>5,500<br>-<br>-<br>1,070<br>21,945<br>215,541<br>215,541<br>237,486|**Total**<br>**resources**<br>**expended**<br>**£**<br>(23,701)<br>-<br>(5,500)<br>-<br>-<br>-<br>(29,201)<br>(241,163)<br>(241,163)<br>(270,364)|**Transfers**<br>**between**<br>**funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Total funds**<br>**carried**<br>**forward**<br>**£**<br>-<br>-<br>-<br>-<br>1,500<br>1,070|
||||||2,570|
||||||28,272|
||||||28,272|
||||||30,842|



**Page 19** 



Docusign Envelope ID: 5682756D-0047-42E2-A02F-8EE7104B8A6D 

## **MORNING STAR TRUST** 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

## **NOTES TO THE FINANCIAL STATEMENTS** 

|**20. Description of funds**||
|---|---|
|Bursary funds|Funds received from various sources to support those less able to afford training voyages.|
|Asset replacement|Funds received from various sources to support the cost of eventual replacement of existing vessels|
||with newer ones.|
|Vessel refit costs|Funds received from various sources in support of the costs of annual refit of all sailing vessels|
||used by the Trust.|
|Vessel Skipper Project|Funding received from a charitable trust to meet the costs of employing a paid skipper on training|
||voyages.|
|Vessels Loan Repayment|Funds received from various sources to facilitate the eventual (discretionary) repayment of funds|
||advanced to assist the purchase of a new vessel.|
|Sport England Grant|Grant provided by a specific donor for a range of designated activities within the scope of the donor|
||scheme rules.|
|Emergency Engine Repair Fund|Funds received from various resouces to repair engine in emergency.|



## **21. Comparative statement of financial activities** 

|**Note**<br>**INCOME AND ENDOWMENTS FROM:**<br>Donations and legacies<br>**1**<br>Investments<br>**2**<br>Charitable activities<br>**3**<br>Other trading activities<br>**4**<br>Other income<br>**5**<br>**Total**<br>**EXPENDITURE ON:**<br>Raising funds<br>**6**<br>Charitable activities<br>**7**<br>**Total**<br>**Net Income/(expenditure)**<br>**Transfers between funds**<br>**19**<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>**Total funds brought forward**<br>**18, 19**<br>**Total funds carried forward**<br>**18, 19**|**Unrestricted**<br>**Funds**<br>**£**<br>63,390<br>88<br>150,606<br>457<br>1,000<br>215,541<br>17,495<br>223,668<br>241,163<br>(25,622)<br>-<br>(25,622)<br>53,894<br>28,272|**Restricted**<br>**Funds**<br>**£**<br>21,945<br>-<br>-<br>-<br>-<br>21,945<br>-<br>29,201<br>29,201<br>(7,256)<br>-<br>(7,256)<br>9,826<br>2,570|**2023**<br>**Total**<br>**Funds**<br>**£**<br>85,335<br>88<br>150,606<br>457<br>1,000|
|---|---|---|---|
||||237,486|
||||17,495<br>252,869|
||||270,364|
||||(32,878)<br>-|
||||(32,878)<br>63,720|
||||30,842|



**Page 20** 



Docusign Envelope ID: 5682756D-0047-42E2-A02F-8EE7104B8A6D 

## **Independent Examiner's Report to the Trustees of Morning Star Trust** 

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2024. 

## **Responsibilities and basis of report** 

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). 

In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner’s statement** 

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 

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

- accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 

- the accounts do not accord with those records; or 

- the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 

- the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 

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

Geoffrey Frost BSc(Hons) FCA 

Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY 

Date: