An Important Announcement From The Jubilee Sailing Trust.
As you are aware, the Jubilee Sailing Trust launched a COVID Recovery Campaign in April 2022 due to the significant reduction of income over the past two years, coupled with rising costs and increased pressure from our bank, resulting in our organisation being at risk of closure.
Reaching the campaign’s initial target of £500k allowed us to recommence our sailing programme and continue delivering our mission. Thank you. We are now £836,782 toward our overall £1.2M target.
During this time we have been welcoming and investigating many alternative operating models, structures, and new avenues of income in recognition that the JST cannot survive without change.
The JST is currently undergoing a substantial internal restructure which, due to it’s sensitive nature, has thus far been confidential. This reduces the shore-side team to 4 full time and 4 part time staff (although this number will change). We also have one Trusts and Foundations fundraiser on maternity leave until April 2023. More recruitment is planned, but not currently possible until our future is more secure.
Key responsibilities will now be shared between the ship’s Masters, our Operations Director, our Senior Customer Services Manager, and our Head of Fundraising, reporting to the Board of Trustees for the foreseeable future. We ask for your continued patience as we adjust.
We are also looking at our legal structure. The Jubilee Sailing Trust, as registered charity no. 277810, operates through its two subsidiary charities, ‘Jubilee Sailing Trust Ltd’, and ‘Jubilee Sailing Trust (Tenacious) Ltd’. ‘Jubilee Sailing Trust Ltd’ focussed on the operation of Lord Nelson until she was decommissioned in 2019, whereas operating Tenacious is principally delivered via ‘Jubilee Sailing Trust (Tenacious) Ltd’.
The sale of Lord Nelson is crucial to our survival. This would not only reduce our trade creditor debt and greatly improve our financial position, but also enable us to simplify our structure through the dissolution of ‘Jubilee Sailing Trust Ltd’. Unfortunately several parties interested in purchasing her have been unable to progress due to the sharp rise in costs which they would incur to re-fit her for service. We are doing all we can to progress discussions with alternative purchasers, but her immediate sale will be vital to support the JST at this time.
In terms of financial restructure, we continue to investigate new means to develop a viable business model, with a key priority being to reduce expenditure, and to increase predictable income either through fundraising or commercial methods. We know we can never be in this position again.
We want Tenacious to continue to be accessible for as many people as possible but, sadly, we must soon increase our voyage pricing. We have strived for years to maintain a heavily subsidised cost to all, but these levels are no longer sustainable. Bursary funding will always be given to those who need it to enable them to sail.
New approaches include asking organisations to sponsor an onboard ‘Watch’ to match the existing voyage subsidy, as well as funding particular items or crew.
We must reach a full cost recovery model for future stability, and welcome all suggestions to do so.
We are so grateful for your continued support, but our ability to re-shape the JST is entirely reliant on the success of our Covid Recovery Campaign. Please help us to do this by sharing our story with your networks, and donating here.
Any enquiries or suggestions are welcome, please email: info@jst.org.uk
