COMPANY REGISTRATION NUMBER 758795
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS 30 SEPTEMBER 2020
Charity Number 526577
EDMUND CARR LLP
Chartered Accountants 146 New London Road Chelmsford Essex CM2 0AW
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2020
| CONTENTS | PAGE |
|---|---|
| Trustees' Annual Report | 1 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities (incorporating the | 7 |
| income and expenditure account) | |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 30 SEPTEMBER 2020
The Trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ended 30 September 2020 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name The Conway Merchant Navy Trust Charity registration number 526577 Company registration number 758795 Registered office 1 The Rubicon, 51 Norman Rd, London SE10 9QB
THE TRUSTEES
The Trustees who served the charity during the period were as follows:
M B Burrow (Chairman) M W Bloy Dr S Bonsall R S Clench N D Dowden L J Hesketh A W Hines Captain D J Houghton (resigned 1 May 2020) B Kelly (appointed 6 April 2020) G Jackson D M Long R C Matthew Captain M M Reeves Captain A J Speed M D Trew Captain A J R Tyrrell (deceased 20 February 2020) D J Weight M E Winter P G Wright
Independent Examiner
Investment Managers
R Crace FCA Edmund Carr LLP Chartered Accountants 146 New London Road Chelmsford Essex CM2 0AW Quilter Cheviot One Kingsway London WC2B 6AN
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 30 SEPTEMBER 2020
OBJECTIVES AND ACTIVITIES
The main objects for which the company is established are:
-
The stimulation of education and training for seafarers.
-
To encourage persons seeking to follow a career in the Merchant Navy, Civil Air Service and Armed Forces.
-
To sponsor Merchant Navy Deck and Engineer Cadets.
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To perpetuate the name and ideals of training and education formerly enshrined in the HMS Conway Cadet School.
Individuals selected for grant assistance must be qualified for the courses they will undertake and qualified for entry to the Merchant Navy.
In carrying out the Trust’s activities, Trustees have followed Charity Commission guidance to ensure that it pays due attention to the principles of Public Benefit. Conway sponsorship is open to all in the UK, subject to satisfying both university entrance requirements and Government standards for entry to the Merchant Navy.
RISK STATEMENT
The Trustees review the Trust's exposure to risk each year. In particular they review the arrangements for the amelioration of financial risk and fraud at its Investment Managers, its Accountants and Trinity/Chiltern Maritime Ltd, its Training Managers. The Trust is content that the present arrangements are working well. The Trust is satisfied with the various procedures and protections in place, including insurance cover.
RESTRICTION ON THE CHARITY'S OPERATIONS
The income and property shall be applied solely towards the promotion of its objects as set out in its Memorandum of Association.
ACHIEVEMENTS AND PERFORMANCE
REVIEW OF ACTIVITIES
The Trust has continued to recruit, train and support individuals who meet the entry standards for Merchant Navy Deck and Engineer Officers and the relevant academic standards for degree level education at Liverpool John Moores’s University (LJMU) and the Fleetwood Nautical Campus. Captain L Hesketh (Trustee) is the Trust’s Training Manager. This role includes recruiting and selecting candidates as well as mentoring them throughout their training. Recruitment and training management as well as costs are shared with Trinity House, also a training sponsor.
During the COVID-19 pandemic all trainees have been contacting the Training Manager weekly. Since March, all have kept safe and well. Lectures at Liverpool John Moores University are continuing as a combination of on-line tuition and face to face learning in compliance with Government guidelines.
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 30 SEPTEMBER 2020
The 2017 intake of 4 Trainees are this year in the final part of their training. They have completed their shipboard experience and MNTB training record books. All are making satisfactory progress and have gained valuable experience on a variety of ships. The 3 students at LJMU have all passed the STCW Navigation Aids, Equipment and Simulation NAEST(O) training and are completing written examinations for the Foundation degree before sitting MCA Oral examinations. Our Engineer cadet at the Fleetwood Campus has completed his written examinations and obtained a distinction in his Foundation Degree. He passed his Oral examination for OOW(E) in October and is considering obtaining sea experience as an engineer officer, before returning to Fleetwood.
The 2018 entry of 3 trainees, now in phase 4, are completing their ship-based training. All are making satisfactory progress. There has been some delay in obtaining ships for sea training due to the COVID19 pandemic. The September 2019 entry of 2 trainees have started phase 3 of their training at Fleetwood after satisfactorily completing their initial sea voyages. Both are making satisfactory progress. In September 2020, the Trust engaged one deck and one engineer trainee. Both have settled in well and have commenced lectures in line with government guidelines.
During the year, Captain L. Hesketh has liaised with the various organisations concerned with the cadets training and welfare, including colleges, training providers and the Merchant Navy Training Board. Due to COVID-19 this has mostly been via e-mail.
FINANCIAL REVIEW
Expenditure in the year (apart from administrative expenditure) has been applied solely to the objects of the Charity. During the year there was a deficit of £114,973 (2019: surplus of £26,563) after net realised and unrealised losses on investments of £126,734 (2019 gain of £32,617). Investments have been included at market value in order to comply with the Statement of Recommended Practice for Charities.
RESERVES POLICY
It is the Trust's intention to continue to hold investments for the foreseeable future and to use the income from these to further its objectives. Charity Commission guidance defines free reserves as ‘income which becomes available to the charity and is to be expended at the trustees' discretion in furtherance of the charity's objects, but is not yet spent, committed or designated'. At the balance sheet date the charity's free reserves amounted to £145,847 (see note 16) after deducting fixed asset investments, which the Trustees regard as satisfactory in order to avoid any undue disruption to the anticipated level of sponsorship.
INVESTMENT POLICY
The Trustees use Quilter Cheviot, (see Risk Statement, p.2), as investment managers. There has been no significant change in the Trust's investment policy during the year and the Trust has remained fully invested except for the retention in cash of a small amount of capital to make up any shortfall of income over charitable expenditure. The Trust continues to endeavour to finance its education and training activities from income and from Government grants, whilst over the longer term aiming to maintain the real value of its investments.
PLANS FOR FUTURE PERIODS
The Trust plans to continue the objectives and activities that are currently set out on pages 2 & 3. As agreed last year officer trainees’ costs are shared equally between the Trust and Trinity House. As detailed in note 21 to the financial statements, the charity currently has commitments for funding trainees up to 2023/24.
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 30 SEPTEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
LEGAL STATUS
The Conway Merchant Navy Trust is a company limited by guarantee. It was incorporated on 25 April 1963 and is registered as a charity. The company's registration number is 758795 and its registered charity number is 526577. It is governed by the Memorandum and Articles of Association of the Company.
TRUSTEES
The "Committee of Management" is responsible for the management of the charity. The Trustees are appointed by the Committee of Management. The person appointed may be, but need not be, a member of the Committee of Management. Currently, each Trustee is a member of the Committee of Management. Each Trustee is also a member and Director of the Company.
Any Trustee can nominate a new Trustee. This nomination is examined by the Trust as a whole and the appointment is by a majority vote at a general meeting. There is no specific organisational structure and individual Trustees carry out particular functions voluntarily as and when required.
The day to day running of the charity is controlled by Mr M B Burrow (Chairman) and Mr D J Weight (Trustee). Captain Leslie Hesketh (Trustee) mentors the trainees and liaises with Liverpool John Moore’s University, Fleetwood Nautical Campus, Trinity House and the Training Managers.
RESPONSIBILITIES OF THE TRUSTEES
The trustees (who are also directors of The Conway Merchant Navy Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year.
In preparing these financial statements, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the Charities SORP (FRS102);
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 30 SEPTEMBER 2020
INDEPENDENT EXAMINER
A resolution to appoint Raymond Crace FCA as Independent Examiner for the ensuing year will be proposed at the Annual General Meeting.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (effective 1 January 2019) (Charities SORP FRS 102) and the Companies Act 2006.
Approved by the board of directors on 13 January 2021 and signed on their behalf by;
Registered office:
1 The Rubicon, Norman Rd London SE10 9QB
Matthew Burrow
……………………. M B Burrow Chairman
Michael Reeves
…………………… M M Reeves Director
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CONWAY MERCHANT NAVY TRUST
YEAR ENDED 30 SEPTEMBER 2020
I report on the accounts of the company for the year ended 30 September 2020, which are set out on pages 7 to 15.
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
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
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the accounts do not accord with those records; or
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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.
Raymond Crace
………………………. Raymond Crace FCA 146 New London Road Chelmsford Essex CM2 0AW
1 February 2021
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 30 SEPTEMBER 2020
| Unrestricted | Unrestricted | Restricted | Endowment | Total Funds | Total Funds | |
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2020 | 2019 | ||
| Note | £ | £ | £ | £ | £ | |
| INCOME from: | ||||||
| Charitable Activities | 2 | 46,721 | - | - | 46,721 | 30,032 |
| Investment income | 3 | 64,118 | 1,430 | - | 65,548 | 72,205 |
| Legacies | - | - | - | - | - | |
| ------------------------------- | ------------------------- | --------------- | ------------------------------- | ------------------------------- | ||
| TOTAL INCOME | 110,839 | 1,430 | - | 112,269 | 102,237 | |
| ------------------------------- | ------------------------- | --------------- | ------------------------------- | ------------------------------- | ||
| EXPENDITURE on: | ||||||
| Charitable activities | 4 | (89,419) | - | - | (89,419) | (102,029) |
| Investment Management | 6 | (11,449) | - | - | (11,449) | (6,262) |
| ------------------------------- | ------------------------- | --------------- | ------------------------------- | ------------------------------- | ||
| TOTAL EXPENDITURE | (100,868) | - | - | (100,868) | (108,291) | |
| ------------------------------- | ------------------------- | --------------- | ------------------------------- | ------------------------------- | ||
| Realised (losses)/gains on | ||||||
| investments | (18,412) | (214) | (201) | (18,827) |
68,498 | |
| Unrealised losses on investments | (105,177) | (1,223) | (1,147) | (107,547) |
(35,881) | |
| ----------------------------------- | ------------------------- | ------------------------- | ----------------------------------- | ------------------------------------ | ||
| NET INCOME/ NET | ||||||
| MOVEMENT IN FUNDS | (113,618) | (7) | (1,348) | (114,973) |
26,563 | |
| RECONCILIATION OF | ||||||
| FUNDS | ||||||
| Total funds brought forward | 2,127,535 | 23,817 | 22,337 | 2,173,689 | 2,147,126 | |
| ---------------------------------------------- | ------------------------------ | ------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| TOTAL FUNDS CARRIED | ||||||
| FORWARD | 2,013,917 | 23,810 | 20,989 | 2,058,716 | 2,173,689 | |
| ============================================== | ============================== | =============================== | ============================================== | ============================================== |
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities.
The notes on pages 9 to 15 form part of these financial statements.
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 9 | 1,912,869 | 2,092,600 | ||
| CURRENT ASSETS | |||||
| Debtors | 10 | 12,428 | 11,688 | ||
| Cash | 155,630 | 98,000 | |||
| ------------------------------------ | ----------------------------- | ||||
| 168,058 | 109,688 | ||||
| CREDITORS: Amounts falling due | |||||
| within one year | 11 | (22,211) | (28,599) | ||
| ------------------------------------ | ------------------------------- | ||||
| NET CURRENT ASSETS | 145,847 | 81,089 | |||
| ---------------------------------------------- | ---------------------------------------------- | ||||
| NET ASSETS | 2,058,716 | 2,173,689 | |||
| ============================================== | ============================================== | ||||
| FUNDS OF THE CHARITY | |||||
| Endowment funds | 12 | 20,989 | 22,337 | ||
| Restricted income funds | 13 | 23,810 | 23,817 | ||
| Unrestricted income funds | 15 | 2,013,917 | 2,127,535 | ||
| --------------------------------------------- | ---------------------------------------------- | ||||
| TOTAL CHARITY FUNDS | 2,058,716 | 2,173,689 | |||
| ============================================== | ============================================== |
For the year ended 30 September 2020 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees' responsibilities:
-
The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.
These financial statements were approved by the members of the committee and authorised for issue on 13 January 2021 and are signed on their behalf by:
Matthew Burrow
Michael Reeves
……………………………. …………………………… M B Burrow (Chairman) M M Reeves
Company Registration Number: 758795
The notes on pages 9 to 15 part of these financial statements.
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2020
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), 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 (effective 1 January 2019) (Charities SORP FRS 102) and the Companies Act 2006.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Legal Status
The Conway Merchant Navy Trust Company Limited is a charitable company limited by guarantee and consequently does not have share capital. It is incorporated in England and Wales and its registered office is 1 The Rubicon, 51 Norman Road, London SE10 9QB. The company is a public benefit entity.
Incoming resources
All income is accounted for on a receivable basis. Investment income is earned through holding assets for investment purposes and includes dividends and interest.
Resources Expended
Expenditure, including irrecoverable VAT as the charity is not registered for VAT, is attributed directly to the activities for which the cost is incurred.
Sponsorship is normally awarded for three or four year training periods but is conditional upon the trainee complying with obligations as set out in the sponsorship agreement. It is accounted for when paid.
Governance costs are associated with the governance arrangements of the charity.
Investments
Investments are stated at market value. Realised gains and losses on disposals and unrealised gains or losses when the investments are revalued at the year end are reflected in the Statement of Financial Activities. Dividend income and gains/losses on investments are allocated to the appropriate fund based on the percentage of opening fixed investment.
Cash
Cash comprises cash held within the charity’s bank account and by the investment manager for reinvestment. Cash is classified as a basic financial instrument and is measured at face value.
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2020
Fund accounting
Funds held by the charity are either:
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity.
Endowment fund - represents assets which must be held permanently by the charity. Income arising on the endowment fund can be used within the objects of the charity and is included as restricted income. Any capital gains or losses arising on the investment form part of the fund.
Tax status
The company is a registered charity and is not subject to corporation tax on its charitable activities.
2. CHARITABLE ACTIVITIES
| Unrestricted | Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|---|
| Funds | Funds | 2020 | 2019 | ||
| £ | £ | £ | £ | ||
| Grants receivable | |||||
| Smart | 46,721 | - | 46,721 | 30,032 | |
| ------------------------------- | ----------------------------- | ----------------------------- | ------------------------------- | ||
| 46,721 | - | 46,721 | 30,032 | ||
| =============================== | =========================== | =============================== | =============================== | ||
| 2019 | 30,032 | - |
30,032 |
3. INVESTMENT INCOME
| Unrestricted | Unrestricted | Restricted | Total Funds | Total Funds |
|---|---|---|---|---|
| Funds | Funds | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Income from UK listed investments | 63,430 | 1,430 | 64,860 | 71,806 |
| Interest receivable | 688 | - | 688 | 399 |
| ------------------------------- | ------------------------- | ------------------------------- | ------------------------------- | |
| 64,118 | 1,430 | 65,548 | 72,505 | |
| =============================== | ========================= | =============================== | =============================== | |
| 2019 | 70,698 | 1,507 | 72,505 |
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2020
4. COSTS OF CHARITABLE ACTIVITIES
| Unrestricted | Total Funds | Total Funds | |
|---|---|---|---|
| Funds | 2020 | 2019 | |
| £ | £ | £ | |
| Sponsorship/training | |||
| Cadet and trainee costs | 71,425 | 71,425 | 86,671 |
| Training admin charges | 8,580 | 8,580 | 4,914 |
| 80,005 | 80,005 | 91,585 | |
| Support costs | |||
| Travel and meeting expenses | 3,058 | 3,058 | 3,922 |
| Bank Charges | 60 | 60 | 60 |
| Insurance | 403 | 403 | 397 |
| Website and advertising expenses | - | - | 480 |
| Office and sundry expenses | 253 | 253 | 160 |
| Recruitment | 480 | 480 | - |
| Bookkeeping | 3,000 | 3,000 | 3,000 |
| Exchange rate variance | - | - | 340 |
| Governance Costs(note 5) | 2,160 | 2,160 | 2,085 |
| ------------------------------- | ------------------------------ | ------------------------------ | |
| 9,414 | 9,414 | 10,444 | |
| ------------------------------- | ------------------------------- | ------------------------------- | |
| 89,419 | 89,419 | 102,029 | |
| =============================== | =============================== | =============================== |
5. GOVERNANCE COSTS
| Unrestricted | Total Funds | Total Funds | ||
|---|---|---|---|---|
| Funds | 2020 | 2019 | ||
| £ | £ | £ | ||
| Independent examiner’s fees | 2,160 | 2,160 | 2,085 | |
| ========================== | ========================== | ========================== | ||
| 6. | INVESTMENT MANAGEMENT FEES | |||
| Unrestricted | Total Funds | Total Funds | ||
| Funds | 2020 | 2019 | ||
| £ | £ | £ | ||
| Investment Management Fees | 11,449 | 11,449 | 6,262 | |
| ========================== | ========================== | ========================== |
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2020
7. NET INCOME / (EXPENDITURE) FOR THE YEAR
| This is stated after charging: | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Independent Examiner’s remuneration: | ||
| Preparation and examination of the financial statements | 2,160 | 2,085 |
| =============================== | =============================== |
8. STAFF COSTS AND EMOLUMENTS
The Charity has no employees.
9. INVESTMENTS
Movement in market value
| Movement in market value | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Market value at 1 October | 2,092,600 | 2,064,036 |
| Acquisitions at cost | 221,624 | 261,299 |
| Disposals at opening book value | (293,808) | (196,854) |
| Net losses on revaluations at 30 September | (107,547) | (35,881) |
| ---------------------------------------------- | ---------------------------------------------- | |
| Market value at 30 September | 1,912,869 | 2,092,600 |
| ============================================== | ============================================== | |
| Historical cost at 30 September | 1,493,471 | 1,564,767 |
| ============================================== | ============================================== |
Included within cash balances is cash held by the broker for reinvestment at 30 September 2020 of £143,201 (2019: £80,745).
All investments held are UK listed securities.
No individual holding exceeds 5% of the total portfolio value.
| 10. | DEBTORS | ||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Trade debtors | 12,227 | 11,486 | |
| Prepayments | 201 | 202 | |
| --------------------------------- | --------------------------------- | ||
| 12,428 | 11,688 | ||
| ================================= | ================================= |
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2020
11. CREDITORS: Amounts falling due within one year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors | 17,036 | 23,514 | |
| Accruals | 5,175 | 5,085 | |
| ------------------------------- | ------------------------------- | ||
| 22,211 | 28,599 | ||
| =============================== | =============================== | ||
| ENDOWMENT FUNDS | |||
| Balance at | |||
| Balance at | Net movement |
30 September | |
| 1 October 2019 | in funds |
2020 | |
| £ | £ | £ | |
| Permanent endowments | |||
| Conway Education Endowment Fund | 22,337 | (1,348) |
20,989 |
| =============================== | =============== | =============================== | |
| RESTRICTED FUNDS | |||
| Balance at | |||
| Balance at | Net movement |
30 September | |
| 1 October 2019 | in funds |
2020 | |
| £ | £ | £ | |
| Claude Walder Prize Fund | 314 | (9) |
305 |
| Conway Education (income) Fund | 23,503 | 2 |
23,505 |
| ----------------------- | --------------- | ------------------------- | |
| 23,817 | (7) |
23,810 | |
| ========================= | =============== | ========================== | |
| Prior year | Balance at | ||
| Balance at | Net movement |
30 September | |
| 1 October 2018 | in funds |
2019 | |
| £ | £ | £ | |
| Claude Walder Prize Fund | 299 | 15 |
314 |
| Conway Education (income) Fund | 21,665 | 1,838 |
23,503 |
| ----------------------- | --------------- | ---------------------- | |
| 21,964 | 1,853 |
23,817 | |
| ========================= | =============== | ========================== |
12. ENDOWMENT FUNDS
13. RESTRICTED FUNDS
14. FUNDS
Permanent Endowment Fund
Conway Education Endowment Fund - This arose from the merger of the Conway Education Charity with the Trust.
Restricted Funds
The Claude Walder Prize Fund arose from a donation in the will of a former trustee during 1998. This fund is used to award prizes to cadets.
The interest on the Conway Education Endowment Fund is used to award prizes to trainees on completion of their training.
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2020
15. UNRESTRICTED INCOME FUNDS
| Balance at | Net movement | Balance at | |
|---|---|---|---|
| 1 Oct 2019 | in funds | 30 Sep 2020 | |
| £ | £ | £ | |
| General Funds | 2,127,535 | (113,618) | 2,013,917 |
| ============================================== | =============================== | ============================================== |
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Net current | |||
|---|---|---|---|
| Investments | assets | Total | |
| £ | £ | £ | |
| Restricted Income Funds: | |||
| Claude Walder Prize Fund | 305 | - |
305 |
| Conway Education (income) Fund | 23,505 | - |
23,505 |
| Endowment Funds: | |||
| Conway Education Endowment Fund | 20,989 | - |
20,989 |
| Unrestricted Income Funds | 1,868,070 | 145,847 |
2,013,917 |
| ---------------------------------------------- | ------------------------------------ | ---------------------------------------------- | |
| Total Funds | 1,912,869 | 145,847 |
2,058,716 |
| ============================================== | ==================================== | ============================================== | |
| Prior Year | Net current | ||
| Investments | assets | Total | |
| £ | £ | £ | |
| Restricted Income Funds: | |||
| Claude Walder Prize Fund | 314 | - | 314 |
| Conway Education (income) Fund | 23,503 | - | 23,503 |
| Endowment Funds: | |||
| Conway Education Endowment Fund | 22,337 | - | 22,377 |
| Unrestricted Income Funds | 2,046,446 | 81,089 | 2,127,535 |
| ---------------------------------------------- | ------------------------------------ | ---------------------------------------------- | |
| Total Funds | 2,092,600 | 81,089 | 2,173,689 |
| ============================================== | ==================================== | ============================================== |
17. TRANSACTIONS WITH THE TRUSTEES
Five trustees incurred expenses of £1,696 in respect of subsistence and travelling expenses arising from the management of the Trust (2019: Five trustees incurred expenses of £2,577). No trustee is entitled to or has received any fee or salary in the current or preceding year.
18. RELATED PARTY TRANSACTIONS
There were no related party transactions during the year.
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2020
19. COMPANY LIMITED BY GUARANTEE
Every member of the company undertakes to contribute to the assets of the Company in the event of the same being wound up during the time he/she is a member, or within one year afterwards, for the payments of the debts and liabilities of the company contracted before the time at which he/she ceases to be a member and of the costs, charges and expenses of winding up the same, and for the adjustments of the rights of the contributors among themselves such amount as may be required not exceeding one pound.
20. CONTROL
The Company is controlled by its members.
21. COMMITMENTS
The level of sponsorship is set at the beginning of each year. At current levels the Trust is committed, subject to conditions as noted in the accounting policy on trainees’ sponsorship, to make total payments of £130,730 of which £67,155 is payable by the end of May 2021. In addition, the Trust also has a commitment for the associated charges relating to trainee sponsorship.
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