Trustees’ Annual Report ## The Nautical Institute Annual Report – 2020 FNI **John Lloyd** Chief Executive and Company Secretary on behalf of the Executive Board fter a very positive start to 2020, The Nautical Institute experienced a signifi cant reduction in activity associated with the ACovid-19 pandemic. A global re-adjustment in priorities was refl ected across all areas, especially in accreditation and delivery of the professional development courses. Signifi cant interventions were made to ensure the safety and security of staff and the day-to-day operations of the offi ce. Previous exercises addressing business continuity ensured a smooth transition to partial home working. In consideration of potential diffi culties in the ability of our DPOs to send documentation and in courier operations, The Nautical Institute extended the validity of all DPO certifi cates by a period of six months. This action aimed to provide confi dence and reassurance to the market and appears to have been warmly welcomed by the whole sector. The NI moved its key meetings online and increased the frequency of management meetings (initially to three times per week). The level of oversight from the Finance and Audit Committee and Executive Board was increased by introducing monthly meetings; these were later reduced to every two months. The Annual General Meeting was, for the fi rst time ever, held online. The AGM saw the transition of the Presidency from Captain Nick Nash to Jillian CarsonJackson, the Institute’s fi rst female President. Jillian delivered an inauguration speech focusing on equality and diversity. Since taking offi ce she has been particularly active engaging with Vice-Presidents and online meetings of branches. Events planned to take place in Plymouth in tandem with the AGM were postponed due to travel restrictions. It is hoped the technical and other events can be rescheduled for another date, perhaps to coincide with rearranged Mayfl ower 400 celebrations. _The Navigator_ was once again one of the world’s leading free journals to the maritime sector thanks to the longstanding and generous support of International Foundation for Aids to Navigation (IFAN) (£100,000) and other donors including Ocean Technologies Group, Rightship, the UK P&I Club and the PTC Group. **Outgoing President Cdre Nick Nash FNI** **Jillian Carson-Jackson FNI, President, The Nautical Institute** ## **Objectives and activities** The aim of this report is to provide a resumé of the work of the Institute during the year. The Trustees are grateful to the many members and the staff whose dedication and professionalism continue to contribute to an effective and well-respected organisation. The work of the Institute is not only a service to members but also a public benefi t to maritime professionals, the industry and society in general worldwide, by improving safety and the protection of the marine environment through the sharing of knowledge in nautical science and the raising of professional standards. The ISO 9001:2015 quality management standard was successfully maintained. The audit in February 2020 resulted in constructive feedback and ongoing approval from the certifying body. ## The Trustees meet on a regular basis. Mindful of the particularly challenging conditions and the enhanced risk to operations and fi nances, meetings this year were held more frequently than has hitherto been felt necessary. The additional meetings of the Executive Board and the Finance and Audit Committee ensured the correct level of governance and oversight was provided throughput the year. The impact of Covid-19 resulted in a signifi cant drop in revenue-generating activities in some areas, most notably accreditation services and short course delivery. Extensive mitigation strategies were put in place, including the use of government-supported funding for job retention schemes. Nevertheless, some staffi ng adjustments were necessary, and three posts were identifi ed as no longer required by the organisation. Individual members of staff were not very adversely affected as one member of staff was re-deployed internally and a further two secured employment with new employers. Recruitment to existing vacancies was deferred indefi nitely. The management of the investment portfolio was kept under regular review in what was a very unpredictable market. The balanced low-medium risk portfolio invested through Rathbones performed rather better than had been expected. The Institute continued to carry a healthy bank balance throughout the year. The extensive operational savings made during the year more than offset the reduction in revenue and a surplus of £289,250 was recorded for the year. July 2021 | **Seaways | 5** Read _Seaways_ online at www.nautinst.org/seaways Trustees’ Annual Report The Reserve policy was reviewed towards the end of the year and it was agreed to invest further in the capital reserve fund to take advantage of the potential for growth in stock markets globally. As part of this review, the Reserves policy has now been brought into line with charity-sector averages, holding the equivalent of four months operational expenditure in contingency reserve. An amount equivalent to 50% of this figure should also be held as an operational reserve to support projects and other activities should the need arise. The Capital Reserve Fund value at year end was £1,339,384, reflecting a total return of –0.6% (–£8,000) in unprecedented conditions. ## **PUBLICATIONS** The pandemic inevitably had an effect on publications. Some authors were unable to provide planned contributions, others were very busy organising work around the new circumstances and others had health issues. We are very grateful to all our volunteer authors and peer reviewers for the support and dedication they show to the task. The efforts they put in last year were second to none. We did manage to launch some books as planned. _A Guide to Bulk Carrier Operations_ , a new publication aimed at STCW certificate-holders on bulk carriers, was a big success. The launch webinar attracted some 800 participants. Thanks to the support of those in the industry – notably Intercargo – the book is gaining fleet sales and will help to support safer operations on those vessels. In further support of the bulk carrier fleet a major review of the second edition of the industry standard work _Bulk Carrier Practice_ is now underway. A new edition of _Stowaways by Sea_ included an enlarged section on migrant rescue to help those facing these challenges. There was certainly no let-up in migrant activity in 2020 and the book has been well received. An Arabic translation of _ECDIS and Positioning_ was launched in Egypt. Translations of other books are being developed. A major advance was the development of ebooks for some titles and more are being added all the time. Demand for ebooks is slow but we want to make sure they are available. There will be more developments in the coming months as we get more sophisticated in our offering. Another major project was the development of a trial taskbook for IMEC (International Maritime Employers Council) members. This is aimed at recording and validating training above minimum regulations and is set to be reviewed this year. There are still some 16 projects in various states of completion, and more are being added when proposals are considered worthwhile. A completely revised and updated edition of _Bridge Watchkeeping_ is ready, aimed at those who are taking on this task for the first time. Now, attention turns to the bridge team. An editorial board is working to see what support can be given to this cohort, which is so often criticised in casualty reports. Last year proved to be a good one for book sales despite the pandemic. We maintained good relations with resellers. These make up most of the market and many have undergone some strategic changes during the year with ownership and emphasis changing for some. The NI is holding book prices for 2021 as we know people will be facing a tough year. It is hoped this will help people to continue to benefit from the advice we give on best practice at a difficult time. ## _**Seaways**_ In the President’s Questionnaire of 2020, _Seaways_ was once again considered to be the top membership benefit of the NI. Over the years, _Seaways_ has reflected the lives and concerns of our members, and is closely integrated with the wider concerns of the Institute. In 2020, this has inevitably meant a focus on what it is like working in a world affected by the pandemic, and how the industry has adapted to deal with this, both at sea and on shore. In addition, we have shared and amplified the voices of those campaigning for an end to the unjust treatment of seafarers prevented from travelling home. The magazine continues to be a forum for discussion, debate and the development of new ideas, as well as the reinforcement of current best practice. Technical concerns have included increasing digitalisation and the need for increasing co-ordination between ship and port; the emerging shape of maritime training, the development of Colregs and the perennial issue of mooring safety. At the end of 2020, we carried out a major update of the online archive. All copies of _Seaways_ back to June 2006 are now available for members to view online, with each copy individually searchable. This represents the entire digital archive. ## **MEMBERSHIP** The pandemic posed a key challenge for the Institute in maintaining services to members. With careful planning and a flexible approach, however, all membership processes were successfully transitioned to remote management. The appointment of a new mailing house has helped to streamline membership administration, including the implementation of a much improved new member welcome pack. Total membership of the Institute stood at 6,869 at 31 December 2020, slightly down on last year (6,947). While this is disappointing, it is set against a period in which many members lost employment and during which funding for 193 South African student members came to an end. **Geographical distribution and branch update** **6** | **Seaways** | July 2021 Read _Seaways_ online at www.nautinst.org/seaways Trustees’ Annual Report **----- Start of picture text -----**
Africa 235 (236)
Asia 1,377 (1,382)
Europe 3,700 (3,713)
Latin America 251 (252)
Middle East 136 (137)
North America 595 (597)
Oceania 575 (577)
Membership in 2020 (2019)
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## **President’s Questionnaire** Every five years a President’s Questionnaire is issued to canvass the views of members and ensure the Institute’s goals remain in line with what members want. This, in turn, helps shape the Institute’s next Strategic Plan. A record 34% of members responded to the 2020 NI Questionnaire in which questions ranged from exploring how recipients felt about membership benefits to much broader themes such as the areas of the industry that they believed the Institute should be placing most emphasis on. Emerging as a dominant theme was the desire for the Institute to focus on seamanship. This has duly been included as a central element within the Institute’s Strategic Plan for 2021-2026. ## **First Sapphire Affiliate** Leading global learning company Ocean Technologies Group become The Nautical Institute’s first Sapphire Affiliate partner. Affiliate partners are dedicated supporters who undertake to donate a certain sum to the NI every year, providing much needed support for the Institute’s Mariners’ Alerting and Reporting Scheme (MARS) as well as its free magazine _The Navigator_ , which this year celebrated its 25th edition. Raal Harris, Creative Director of the Ocean Technologies’ Group, said: “We have enjoyed a great working relationship with The Nautical Institute over many years using its members’ expertise and knowledge to help us design and develop our training solutions. We passionately believe in the professional development of seafarers and so it was a natural progression for us to help support the Institute’s work by becoming the first Sapphire Affiliate member.” ## **Member benefits** Members continue to appreciate being able to take one free online Videotel course every 12 months. Over 381 courses were taken in 2020. The Institute’s partnership with the CV & Interview Advisors is also proving popular. In 2020 members had the opportunity to attend four free webinars focused on helping them to polish their CV, improve their online profile and hone their interview skills. ## **Certificates of Appreciation** Our Institute’s global network of branches play a vital role in promoting the message of professionalism, best practice and safety and in providing constructive input to decision-makers. In 2020 many branches participated in a programme of awarding Certificates of Appreciation **The Nautical Institute would like to thank all the Nautical Affiliates and sponsors who support our work** **Nautical Institute members present Certificates of Appreciation to serving seafarers** in recognition of the sacrifices made by seafarers during the pandemic. The initiative was started by Walter Vervloesem FNI, Chairman of the NI Belgian branch, but grew to involve the rest of The Nautical Institute’s global branch network. Foremost among these was the Institute’s South West India Branch which held no less than 12 online Certificate of Appreciation events, subsequently celebrated in a special souvenir brochure. To paraphrase the words of one recipient… _All Masters were very very grateful to receive this certificate and it means a lot for the entire crew for such a kind and noble gesture. It’s a way to tap the shoulders of all seafarers to say ‘many thanks for doing such a wonderful and great job for all citizens of this world’._ ## **Branch meetings move online** The Institute’s branches have proved hugely adaptable in the face of the pandemic with many holding online meetings, both social and technical. While members have missed the interaction that comes with physical meetings, many have welcomed the opportunity to participate online, especially those who, for reasons of geography or work commitments, might not otherwise have been able to engage with fellow members in their region. The Iberia, London, Hellenic, South West India, Ireland and Singapore branches are just some of those leading the way in using online meeting technology to bring together members from their respective regions and beyond. ## **Younger Members’ Council** In seeking to encourage younger seafarers to become members of The Nautical Institute, the Younger Members’ Council launched an NI Instagram account in late 2020. The account already has more than 600 followers and is serving to highlight the breadth of the Institute’s activities to a section of the maritime community that may previously have been unfamiliar with the work of The Nautical Institute. ## **RESOURCES AND COMMUNICATIONS** ## **Targeted Coronavirus resource** The pandemic threw up many challenges for the maritime community, not least the difficulty in accessing reliable and accurate information. The vital work undertaken by seafarers lies at the heart of the world’s battle to beat the Coronavirus, so it is important they are able to stay abreast of how best to meet the specific challenges posed by Covid-19 to the maritime community. To help address this need The Nautical Institute established a dedicated welfare and support page on its website, featuring a range of valuable resources. This includes updates and guidance from organisations such as the IMO, International Chamber of Shipping, Steamship Mutual, the World Health Organization and the European Commission. ## _**Navigating the future**_ The Nautical Institute joined forces with ITN Productions to produce _Navigating the Future_ , a film that aims to raise awareness and understanding of the July 2021 | **Seaways | 7** Read _Seaways_ online at www.nautinst.org/seaways Trustees’ Annual Report vital role played by the maritime sector. Launched at the CrewConnect Global virtual conference by Nautical Institute CEO Captain John Lloyd, the film begins with an overview of the ways that technology is transforming the industry – particularly by making shipping greener. As the industry undergoes rapid change, the Institute is there to provide support through its publications, global network of maritime experts and its CPD programme, Captain Lloyd explains. ## **PROJECTS** ## _**The Navigator**_ **magazine** _The Navigator_ magazine continues to inspire professionalism in marine navigators. Its impact is evident from the hundreds of testimonials sent in throughout the year (mostly through Facebook). With generous funding from IFAN and Ocean Technologies Group, the UK P&I Club, Rightship, and the PTC Group, we were able to deliver thousands of paper copies of _The Navigator_ and many thousands more copies by the app and free downloads. Although some of the paper copies have been delayed around the world as a result of flight restrictions being imposed in many countries, the electronic copies have come into their own. Users particularly appreciate that the app is fully searchable across all issues. We do recognise the value of the paper copies, and please be assured that all back copies are in the system and will be delivered eventually. Issue 23, issued in February 2020, focused on the vital issue of Situational Awareness. Issue 24 looked forward into the future to outline some evolving technologies and their likely impact on the professional navigators who will need to use them. Issue 25 summarises the vast range of issues raised since 2012 – all of which we were pleased to note are still every bit as current now as they were then! Issue 25 also gave us a chance to thank all the sponsors and authors over the years as well as the wonderful volunteers who have distributed 2.5 million copies on a global basis to aid the professional development of navigators. ## **Mentoring Project – Learning the Ropes** When the pandemic started significantly disrupting seafarers’ lives due to crew change restrictions and increased isolation aboard ships, Capt LeGoubin, an NI Vice President and active maritime STS Pilot, observed how vulnerable seafarers could become and how an encouraging word, through the process of mentoring, could improve the welfare of the individual and crew as a whole. Given the need to act fast, Capt LeGoubin spearheaded a project to address this issue immediately. The TK Foundation offered to sponsor a dedicated campaign to promote mentoring on board. With global restrictions limiting traditional options, the NI approached multi-media company LUMA to create a project using online video technology and the power of social media. With the support of volunteer NI members, five short videos were produced using an innovative approach to mixing real interviews with animation. These videos were then promoted over Facebook, Twitter, Instagram, LinkedIn and YouTube, attracting thousands of interactions from around the world and further supported by webinars attracting over 1,000 participants. Our thanks to the TK Foundation for their quick reaction and dedication to supporting seafarers. The video campaign continues and can be accessed through the Institute’s YouTube channel and website. ## **Short courses** The year started on a positive note, but in March 2020 we were forced to take the decision to cancel all our classroom courses for the safety of students and instructors. Demand for the courses in another form remained, particularly as clients were concerned that safety standards would fall in the absence of a training programme. The challenge for the NI was to deliver courses online to meet this need. The immediate focus was on selecting a suitable platform for training, converting our course presentations, notes, materials and certificates to be effective and suitable for online delivery. We retrained our instructors to ensure we maintained training effectiveness, measured by retention and engagement. An online training standard was developed, specifying a maximum of eight students per group to maintain instructor-student engagement time. To combat screen fatigue, online teaching was restricted to a maximum of three hours per day, with a comfort break once an hour. We were able to make a smooth transition from classroom to synchronous online training thanks to the co-operation of our corporate customers in carrying out online pilot courses. This also allowed us to experiment with having two specialist instructors delivering the same course to two diverse groups (navigators and engineers) simultaneously, improving the students’ engagement and learning. We now deliver the following courses online using the ZOOM training platform: - l Navigation Assessor (3 hours × 4 days) - l Onboard Competency Assessment (3 hours × - 4 days) - l Add-on course – Onboard Assessment (3 hours × 2 days) - l Rethinking Investigations and Audits modules (3 hours × 3 sessions) - l Reducing Risk Through the Human Element (3 hours × 4 days) - l Blockchain for Maritime Professionals – The Fundamentals (3 hours × 3 days) - l Introduction to Shipping (3 hours × 2 days) - l Human Element modules (each module is 3 hours × 1 day) - l Bespoke Onboard Competency Assessment course for shipping companies (3 hours × 5 days). The transition from classroom to online training - was successful. Feedback from students and corporate clients again confirmed that expectations were met **8** | **Seaways** | July 2021 Read _Seaways_ online at www.nautinst.org/seaways Trustees’ Annual Report and the quality of our instructors is very good. We have trained more instructors and will continue to do so in areas where demand is growing. In the current restricted environment, marketing options were limited to webinars, e-newsletter, social media and online meetings with shipping companies. In addition to converting the existing portfolio for online delivery and maintaining course quality, we have carried out surveys to identify skill gaps and demand for future training. Looking ahead, blended learning is here to stay. Developing and delivering training programmes by adapting new and developing technology is the future. ## **Industry engagement** The NI continues its involvement with the IMO as a non-governmental organisation, attending a broad spectrum of meetings to address the full range of our Members’ interests. From January to March 2020 the NI delegation physically attended IMO meetings of the committees on Navigation, Communications and Search and Rescue (NCSR7), Ship Design and Construction (SDC7), Pollution Prevention and Response (PPR7) and Ship Systems and Equipment (SSE7) in London. Issues discussed included navigation and communications; damage stability and non-SOLAS ships operating in polar waters; pollution; life-saving appliances and fire protection. From April, IMO meetings were disrupted by Covid and were resumed online only later in the year. From September, the NI attended virtual meetings including the Facilitations Committee (FAL44), Maritime Safety Committee (MSC 102), Marine Environment Protection Committee (MEPC75) and Legal Committee (LEG107). The NI made prepared interventions on the fair treatment of seafarers and provided operational input into the impact of shaftpower limitations for greenhouse gas (GHG) reduction. Although the adoption of virtual IMO meetings is limiting to some extent, it does offer the NI greater opportunities for engaging disparate members at these meetings. ## **Webinars** The Nautical Institute produced a series of webinars on technical issues. These webinars were actually introduced many years ago as ‘virtual branch meetings’, but became more popular during the challenging times of Covid. The live webinars were open to all, but recordings are available only to NI Members. Most webinars ran for about an hour and comprised a presentation followed by Q&A. The wide range of topics reflects our members’ interests, including Hatch Cover Inspections, Blockchain, Mindfulness in Shipping and Modern Weather Forecasting just as examples. Members were encouraged to use the webinars as part of their continuous professional development (CPD), with certificates provided to those who attend the live events. During 2020, the NI webinars attracted over 15,000 registrants and 10,000 attendees and many thousands more took advantage of the recordings. ## **Recognition Scheme** The Recognition Scheme did not grow as expected in 2020, as the majority of training institutes were shut down or delivered training at reduced capacity in response to the pandemic. By year end, 43 courses had been granted the NI Approved for CPD logo and five specialist courses recognised for CPD in the offshore sector. Recognition is defined by The Nautical Institute as the process of evaluating and endorsing a maritime training product or service that aligns with the constitutional aim of The Nautical Institute of raising professional standards and supporting professional development. Normally, recognition is valid for a period of not more than one year. Understanding the difficult times faced by training providers, renewal fees for 2021 were reduced by 20% on the forecasted 2021 rates. **----- Start of picture text -----**
2020 2021
Recognition: £475.00 £500.00
Renewal: £475.00 £400.00
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## **Accreditation and certification** ## **Dynamic Positioning (DP) Scheme** Operationally, Accreditation and Certification Services remain in good condition. The forecast activity in the Accreditation area developed as expected, though there was a reduction of some 7% in the number of approved centres, as a number of centres found trading conditions too difficult. A similar number of centres are expected to be lost in the coming year, with a corresponding reduction in revenue. Accreditation requirements in 2021 will require a fresh approach to inspecting facilities, probably by remote means. The number of potential audits in 2021 will be around 50 centres because of the backlog accrued from lack of activity in 2020. Sales of the _DP Offshore Logbook_ dipped in consequence of fewer courses being run in 2020 due to Covid-19, but sales of the _Revalidation Logbook_ have remained steady. Processing time has mostly hovered between one and two weeks, with three weeks being the longest time taken this year for compliant applications. This is usually associated with staff leave periods. ## Certification Numbers - The Nautical Insitute **----- Start of picture text -----**
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3500
3000
2500
2000
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1000
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0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Initial Certification Revalidation
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July 2021 | **Seaways | 9** Read _Seaways_ online at www.nautinst.org/seaways Trustees’ Annual Report During 2020, a substantial amount of work was undertaken in collaboration with IMCA on the development of a CPD app designed to support DPOs. The developed programme will be realised in the first quarter of 2021. As of 1 January 2020 the total number of certificates in date and ready for use was 24,423. The Nautical Institute continued to process large volumes of applications for both initial certification and revalidation, totalling 4,499 for the year. ## **Accreditation updates 2020** The accreditation team completed one physical audit in Nigeria and one relocation audit in the Netherlands just before the lockdown in March 2020. Since then, all accreditation/reaccreditation audits for 2020 have been postponed because of the pandemic. Those training centres that are currently due for audit by the NI accreditation team were given an extension to 30 April 2021. All other training centres have been granted a three-month extension to their current accreditation certification. The NI Accreditation team has provided full support to all our training providers throughout the year to keep the DP training running. The Accreditation team has held regional training provider (RTPs) and Dynamic Positioning Training Executive Group (DPTEG) meetings remotely in line with the yearly schedule and improved the accreditation standards for 2021. Three training centres have opted out from the scheme this year. However, one training centre in India has requested reinstatement of its accreditation. We received 14 new enquiries for DP accreditation. ## **Status: 1 January 2020 to 31 December 2020** - l Current number of centres 84 (Americas 19, Asia and Australasia 30, Europe and Africa 35) - l Training centres opted out from the scheme: 3 - l Total audit schedule for 2020: 26 - l Total audits completed: 2 - l Centres accredited for STR Course: 28 - l Revalidation Course: 48 - l Shuttle Tanker Course: 7 - l DP Technical Knowledge Part A Recognition Course: 16 - l DP Technical Knowledge Part B Recognition Course: 4 - l DP Emergency Ship Handling Recognition Course: 5 - l Refresher Course: 9 ## **DP instructor status** l New instructors approved in 2020: 14 l Total approved instructors: 194 Of the 84 approved training centres, 47 applied and were approved to deliver the online induction course. As the pandemic continued, the NI Accreditation team established parameters with simulator manufacturers, enabling us to approve remote simulator training induction courses. These were scrutinised and approved by the DPTEG steering committee. ## **DP Vessel Maintainer Training and Certificate Scheme (Engineers)** A DP Engineering Scheme has been developed in consultation with the industry working group and NI-approved training providers, with further approval from the DPTEG steering committee. The scheme was published in the NI 2021 Accreditation Standards and it will be effective from March 2021. The potential numbers if the scheme is successful could be close to those of the DP Offshore Scheme. ## **Training Scheme for DP Station Keeping Systems for Remote Operation** The Nautical Institute Accreditation team has worked with the Marine Autonomous Surface ship Regulatory Working Group (MASWRG) to establish a DP training scheme for remote operating vessels. The scheme has received preliminary approval from DPTEG. Work to finalise the parameters with the extended industry working group is in progress. **Ballast Control Operator Accreditation Scheme** The Nautical Institute’s Ballast Control Operator (BCO) Accreditation Standard, developed in association with the International Association of Drilling Contractors (IADC), has received approval from several flag states. The NI Accreditation team audited and accredited the first training establishment to request approval to offer the BCO stability courses in Gdynia, Poland, in February 2020. ## **The Nautical Institute Vessel Traffic Services (VTS) Accreditation Scheme (IALA R0103)** A training provider in Finland has submitted an application for accreditation and approval to provide training under this scheme. The documentation is currently under review and we are in consultation with the training provider to undertake a remote audit. A physical audit will be carried out when possible. ## **TestReach online exam activity during the year** - l Induction Course online exam taken: 665; paper exam: 9 - l Simulator Course Online exam taken: 447; paper exam: 18 - l DP Knowledge for Tech Staff: 91 - l Revalidation Course: 42; paper exam: 3 - l Total TestReach online exams during 2020: 1,245 ## **Online DP Induction Course delivery support** The Nautical Institute established temporary measures to approve an online induction course (theory only) for an initial period of three months from March 2020. This was subsequently extended until 31 March 2021, subject to review. **10** | **Seaways** | July 2021 Read _Seaways_ online at www.nautinst.org/seaways Trustees’ Annual Report ## **Accredited DP training centres worldwide** ## **Ice Navigation Scheme** The Ice Navigation Scheme has continued to demonstrate global appeal, with the NI having certificated 188 competent navigators of ships in a range of ice conditions at sea hailing from over 20 nations. As before, all applicants to the scheme applied via the ‘grandfather’ route, using a mixture of sea time and simulator training to qualify. We are committed to improving awareness of the scheme, and to promoting the value of this certificate in a world where ice navigation is likely to increase. The nationality distribution of ice navigators is shown below. **Oil Spill Response** The provision of oil spill training by blended learning techniques expanded considerably, the catalyst being the introduction of travel restrictions due to the global pandemic. The NI worked with UK regulators to authorise blended learning packages that would meet UK regulatory requirements. Providers had to submit revised packages for approval to the NI before endorsements to current certificates could be issued. The strategy was extended to international scheme members. As the year developed, applications for the use of blended learning techniques were authorised free of charge on a temporary basis. ## **Accredited OSR training centres worldwide** ## **The Nautical Institute Foundation** During 2020, The Nautical Institute Foundation was formally established and began engagement with the maritime community. The plans for the Foundation are now included in the NI’s Strategic Plan. A key focus will be safety and environmental matters that will complement the activities of The Nautical Institute. The Institute warmly acknowledges the work of Captain Jonathan Stoneley in establishing the Foundation, helping to establish the Founding Board Members and starting active discussions with P&I clubs and other stakeholders. Sadly, Jonathan passed away in November 2020 after a sustained illness. His contribution as the Founding Chief Executive will underpin the future of the organisation. ## **Looking ahead** The Nautical Institute has developed an exciting and challenging Strategic Plan for the period 2021 to 2025. One key milestone will be the celebration of 50 years since the founding of the Institute. Development of membership and increasing our technical contributions to the industry will remain central to our activities and we look forward to the ongoing support and engagement from our community. ## **List of Trustees** Capt Ian Mathison FNI Mr Allen Brink FNI Mr George Lang FNI Mr Moin Ahmed FNI Capt Karl Austin FNI Capt Ivor Goveas MNI Capt Duke Snider FNI Mr Peter Hinchliffe FNI (Chair) Capt Duncan Telfer FNI (Hon Treasurer) Capt Graham Cowling FNI Mr Frank Coles FNI Capt Zillur Bhuiyan FNI Capt John Menezes FNI Capt Kuba Szymanski FNI New accreditation and re-accreditation visits were not possible; however, the 2020 audit plan was delivered by the use of virtual meetings and video surveillance. The growth in interest in blended learning offers an opportunity to add courses of this nature to providers’ portfolios regardless of any Covid temporary measures. There is considerable interest in this possibility, which is likely to provide dividends in 2021. During the latter part of 2020 the opportunity was taken to update standards, documentation and audit protocols to reflect the blended learning requirements that the NI has developed over the year. July 2021 | **Seaways | 11** Read _Seaways_ online at www.nautinst.org/seaways -riiF. Nil[l-I-ICAI. INS-1"I'fiiTF. IA C.'ompaiJi' l.imitecl bi. GiiHrathite) CompanTr lo. 2$70030 315-1. Dfr.CF.IIB Tr-R 2020 Re%i51ered C.hgrit)' %0- 1002462 'IIF. NI Al,'I'IC.Al. INS'I-I'ri,'TTr- 31S'I- DF.C.'F.IIB 2020 PAge l£gal and Adininislration Infonnaiion Repon of Ihe'l njsices Responsibiliiy of Trusices Report ofihe Audiiors Siitnrnary In¢om¢ and F.xp¢rtditure A¢¢ouni Siatenient of l.'inancial Arlivili¢s tlalancc Shccl N'otes forniing pari of the l.'inancial Sialenienls 91013 Cash floiv Staicmcnt 14 TllTr-. NIllll'lC.-AI. I%STITL TTr- Tr-INIlNC.-IIll. STplTF.IITr-.NTS FOR TIITr-. I'F.AIi Tr-.N'DLD 31.5'r DTr'c-F.)IllTr'R 2020 -C-AlJ plIND,IDIII.Nl%l"RplTION INTr"()IiIIA'rio SIAtus I'IIL, Nduiical InsliiulL 1% d chdriiablL LU)mpttTri lifflilLd ￿ 8Uarnnl￿". itKottK)rdied on 20ih Decem￿r 199). I hL' LUIiiP(in)' ii"a5 L'slablishLYI un(k'r d MLniordndum ol" AS*>Clttlioth ii"hicli Lsiablishcd Ihc obJLaS and Ix)i%'¢rs ol Ihc Iliciriliibli Lumpaii). aiicl is gOiLrnid iiiidir ils ArticlLs of As￿￿1111￿1. Uiider Ihosc Anicl¢& Ihe Iruslees arL' elL'LILd h%- CoLIIiLII 10 servi a PLriixl ol. up 10 3 )'ears atxl iiiai. ￿ re-elecied for a furthLr 3 )rars. 'I'rustees 'I'hL trustLL'S ol'thL cumpani al IhL fitthncial li'ar end ii-erL'- Chair I'rL&SUTL'r Mr G I￿￿0 Capiaiii I Ilaihiw Capiain J ITr Mciic7¢5 Capiaiii l) Snidir Capiain J P $7.!Thanski Capiain l) M-l Lllir Mr Muiii Ahmid L'apiain K l) Aii%lin Mr A Ilritik Mr l-. Colis Capi￿111 CJ Coi%linB Capiaiti I CIO%'LYS SterttAry Mr. l) J l.lo)'d Regi%tpre(l ()ffice 202 nhcih Ri¥d $1-'171.Q A￿￿ltorS 4lll-l-hL l.(Kk- 13uildiDg 72 1 ligh 8irLxi .15 2Ql4 BAnkcrs Thi Ro)tl of SLwIIIL nd 62-63 '1'hi Thri￿n￿¢￿Il SirLXI IATrndon I.'C2R 81.A RaihlK>n¥8 lffjndoii Rk:PC)R-I- C)F -1 111-. l Rl'%l'Tr.'Tr.'S ( ts. I47￿1￿31j Thc tru5tecs prL'SClli iheir rcwrt Biid ihc audired fin3ncial slate1￿1￿￿ for tlK' srar en(￿d 3lsi I)ecc￿lber202o. 'IhL In4lllillL 1% fLglSlerLd Bs B CoMiw}' limi￿d b). guaranttt io prthwe and inain¢&in ￿d￿l￿al edK*ion 'Ilic InisieLS iollfirin ihai tlie). hab'e C￿lpl￿d iiiih duij. in %ectiOll 4 of i1￿ Conip811ies 21X>6 10 haic dw 1<8ard iii IITrL Cliariij Coiiiiiiissioil's general gilida￿￿ pllblic knefit and t118l thi aciiliiiL% caified oui h) the charii!. diirinE Ilic !'Lar iicrc all uiidL'rtak"cii In order io furtlK'r Ihe chariiy s aims for ihc ofihe Charitj s Ither￿lar￿5. A ￿al￿d ¢lplanafi￿ 15 5hoiin iindcr ObjLiiises and Acti%it1<* On tk. I'rustecs pUblis￿.d in i1￿ li la)" i￿￿0fthe lilstil￿@s￿rnaI. Seai%a)s Siiit of atrAirg l)u%intss reTrieil -l-Ii¥ ii?Inpan)- niadL- an LI￿ralIn￿ siirpliis IhL (xtKral Fund of£289.250 row cutTcDi !¢or12019.- £243.9451 AnLr tsk'ine 111111 ¢vi)uill inTr¢blDi¢nl ailivjljts. d¢siJv furKts iivr¢iiliKd 5111p1￿ lh¢ w￿￿1)- ¥ siirplii% of£279.347121119. I'he Iriistecs k'eep the RcserSLS Polic) reglllar rL.Vic￿.'l￿e I￿siNute holds Teser4fS in Ord￿￿ ensllrc as far as w>5sibl¢ lh￿ 115 Ohieits iiia!. k I￿e1 in fiitiire I'ot81 In%L%tid reser%es at stand ai 11.339.384 12019. £1.347.2871 iiliicli is c(HMpf15ed of ihc C￿lI117geni￿ Rcsifi'L E663.000 12019." £626.th)O} calculated as sho￿￿ nn page 9 and the rcmaiRdcr aaiiig a5 3 Proiecis Re5cr%i. 'Ihc IriisieLS CCbnsidLr tliat this Bill￿1￿1 of free reser¥cs is &&qua* io cftsurc thai ihe Inslltutes scr%'ice5 arc IK* oNllpronii5cd In Ilic shon tL¥in I he in1.t￿till(lil ￿AlC). of ihc Instiiutc ts to n￿xi1￿lSe ihc totsl rauni (roni capiial 8Md inc￿le combiiied iihi IIIIE Iiiiainiiig a Illi￿l￿ni I￿,c1 of risk-. Managcnicnt of the is del¢*ed to e￿iLYn￿ I￿￿es￿lIenl ￿lanagerS on a dlscrcli￿iary- b￿15 lid Ihc inisiLYS f' lid SLI Iii% rLilliiiietatK)n for i￿. fwtk'omitsg A Nin-¢thtrihulOrt" pension ini£Sin￿nI thfw/•of salaTh. is niadc ￿ staff ￿rsOnal pen%ii)n sihLni¢s. 'IIIL Iii¥liliil< ¥rL#II) i¥lii¢s lh¢ ¢i)niiibulim of its Irv51ws ana I￿rnI￿.￿ im ihe MINk i)f i1￿ eh2yi¢) ￿lligh raiigL% fi01￿ ilieir Ioles iii tlk. giiieriVdnLL %trllelulL ts) represeillali(Jn 5Th￿1 10 IFK. niak'#14 trMNlies and lirili￿g r(Jr tlie Journal aiid ￿her PlibliL#lions. l)UL lu IhL dii'ctsil) ofih¢sL conrrilwlits￿ layge *thnber of m¢1m￿[s irtiYA%id [￿li1e 140 iii central go¥tliinnL¢ ri)lisl il 1% nix 1¢•4ible w) ih¢ i'¥lii¢ ifj i¢nDs of11￿ (x ibl(Ine!-. -.lllditors Thc auditors. Appleb). & Wo(Ml are Mjlljng ￿ continue in oifKe and concLYTring ihe ap￿I￿lI￿¢ of A ￿￿110[5 iijll bc subniiitcd io t￿. 8iinLwI gellLYal Jlleciing. ('han-iS 111 the compans s fii£d a55ds I1￿}￿are 51Kmll ￿ rhcbal*¢L sI*LY -rruslef5 The TriIStL￿.S of ik. Charitable CompaR% Bre sts*d on p8ge I This [(￿￿ has been prepared in accordanA' Mjth SthteTrk￿l 0fRecLNn￿Kth p￿Clic¢- Aco)uniing and Rc￿￿ill- bN'Charilic5 4iKI in accordance %iiih S￿la1 provisionsof p3rt 15 Comp3nKs Aci 21M>6. Appmi'id b% thc i1￿1CL% and sigrn'd on i￿1r ￿haI(bI.: D•lr- Joii 'IIF. NAI,'"I'ICAI. I.NS'I-I-I'II-I-Tr- 'Rl.'Sl'b.Tr-.S' Rb'.SP()N4IIIII.11-IF.S St#ttmtiJt of'i'riLStees' Resi)onsibililies (."oJiipany lai¥ requircs the tTllStees to prcparc fill4￿¢18[ st&en￿nIS foi each fiiiancial year ivhich give a true aiid rair vieiy of ilie staic of affairs of Ihc conipany and of iht SUTplus or deficii of ihc company for 1113t pcrii)d. Iii prcparing those finaticial slaiements, thc iriistec5 are reqUI￿d to= Sclccl siiilable accoiinling polirirs and ihen apply ihem coiisisienily., Make judgcmciils and cstimate5 that are weasonable and prndeiii: Siaie wlicihcr applicable accounting slandaids have be¢n folloived subjccl to any nialeTial dcpariiirc5 disc105cd 11 nd cxploiiied in (he finat]cial slaicmcnis.. Prepare the rjnancial statement5 on lh¢ going eonccm basis ujiless il is inappropriaie io prc5um¢ thai the company ivill conlijiiie in bu5incs& -I'hc Iriislees are responsible for kccping pioper aceouniing records ivhich disclose iviih ￿8$onable acciirac>' al any iiine thc finaiicial posiiioii of ihe cotnpany 8t￿ enable them io ens￿re ihai Ihc fiiiaiicial 51alcinciilS taii)ply willi Ilie C"onipanies Aci 2006. They arc also re5ponsbble for 5af¢giiardiiig ihe asseis of ihc coJiipaiiJ' and hciiLL' for iakTn¥ ri'asoIiable steps for prevcniioii and delcction of fraud and oihcr iTrtgulariiies. C'Aptaiii D )1 .1 elfer .1 reH5urer Chair DAte'. I'IIF. NI AlJl-IC".AI. INS-I'I'I'11'1-fr' 1.i.iii.rF.D Inilei)eiJilenl Aii(litor'5 Hei)ort to the niembers of l-lie Naulical Institute 141111iled IYL. lidvc aiidil¢d the financial 51al¢menls of -I'he X1aiilical Instilitle l.imilcd Iihe '¢liarilal)le cthnii)aiiy'l for Ihc ycar ciidcd I I sl l)ccciiiber 2020 ii'liicli comprise ihc Sialcnicni of l.itiat)cial Aciii'ilics and Ilic Ilalaiicc Shccl Hiid iii)ie% 10 Ilie finaiicial slalcincnls. including a suii)iiiary of significani at¢C)Illlling policics. -l-lic fiiiancial rcporting fianici4.ork Ilial has bcen applied iti their preparation is applicable 1aM. #Trd Unii¢d Kiiigdojii Accoiiiiiiiig Siandards. iiicliiding 'iiiaiicial Re￿)rtIng Sic1ndard 102 Tlje Financial Reporting Stsndaid applicable iii die IJK and Rcpiiblic of Ircland ILJniied Kingd()tn CJencT311)' Acrrpted A¢Lx)uiiling Pracliccl. In oiir optiiion, the financial staicJncnts-. givc & triie and fair vicw of thc 51alc of Ihc tharilable coinpany'5 affairs as ai 31st t)¢¢¢mber 2020 and of its incoining rcsourc¢5 and applicalion of rc5011rce5, including its iTrcoDie and cxpendilure, for the jear Ilieti hav¢ b¢cn propcrly prcpaTrd in accoTdanrc iviih tiniled Kingdown Gencrally A¢vtpi¢d A¢eollniitig PrdCliCC: and liavc bccii prepared in accordance wilh ilic rcquiremet)ts of thc Conipaijies Act 2006. Ilasis foi. 01)inion e coiidiiLied our aiidil in ac¢ordan¢e wilh It*i¢rnaiional Siawlaids on Auditing {UKI IISAS {UKII and applicablc law.. Our r¢5ponsibililic5 uadcr th05C standards arc furthcr descril￿d in the Audit(ir 5 r¢sPOll5ibililies for Ihe audii of Ihc fiiiancial stalenient5 5cclioii of oiir rcport. Ive are indcpcndcni ofilie charitable coiiipany iii accor(laiic¢ wilh Ihe eiliical rcqiiirctnents thai ftre rclcvaiii lo our audii ofihc finaneial siaicinciils in Ihe UK, including ihc l.'KC's l-'Il)ical Staiidard, aiid lye have fiilfillcd our othcr cihical resrM)tJsibiliiics iii aecordaiicc iiitli Ihcse rcqiiirciiicnis. Ive bclicve Iliai tlic c111dii eviden¢e iv¢ hav¢ obiained is suffi¢ieni and appropriaie io prol'ide a b￿lS for our opiiiioii. C'oiitlusions rclating lo goi]Jg con¢trD 11 c liai'e iic)thin¥ 10 r¥port In rLSPLel ofiht followtng mailers in relaiion io ￿11th the ISAS IUKI reqiiire us lo rcport Ihe iru51ees' usc of Ilie aoitio coiicern basis of accouiiting in the preparation of Ilie finaiicial 51al¢inciiis is iiot appropriaic., or thc Irusiecs havc noi disclosed in Ilic fiiiancial statcinen15 ali). idcnlificd nialcrial uncerfaiiilies (liai Ina). ¢asi siEiiiIILaiit doubt akniii Ilie coiiipaiiy's abiliiy 10 contiiillc (o adopt ihc goitig concem basis ofaccouiiliiin ihcrcoii. Our opinion on tlic rinaiicial Slc11emenis does not cover ihc othtr infonnaiion and, exccpt 10 ihc exitni oilJern4'isc expliciils, sialcd iii oiir report, w¢ do not cxprc5s an). fotrn of as5UTanrc conclusioTr theieon. In ¢onneaioD with our audil of ilie fitiaiicial slalenien15. Oltr rcspoiisibilily is to rcad Ihc oihcr infonnatioii and. in doing 50, COI)5idcT ivlieiher Ilie ()Ih¢r iiiforinaiioti is niaieriall), inconsisieni i%'iih Ihe fitjaneial siaicincjiis or our kiioi¥lcdgc obtaincd iii thc audit or oilicrwise applars io be n)aieriall)' misstated. Ir li'e idejiiif), such niaicri81 iiicojisisitjicics or apparciil Inatcrial miss11c tcniciils, arc reqiiircd to dctCTmille whcthcr Ihcre is a mai¢Ttal tnissiatenicnl iii Ilic financial siaiciiients or a malcrial niissiaicnicnt of ihc othcr infonnaiion. If, based on Ilie hai'c pcrfonncd. we conclude that Iliere is a maicrial iiiissiatenieni ofiliis oihcr infomiaiion, li'e are rcquired io report ihat faci. Ve have nothing 10 report in this regaid. ()I)jlLIOtI.4 tsth¢r mll¢i¢r% i)r¢i¢rib¢il l)i' Ihe Ctsmib#rtitS pKet 2006 Iii oiir opiiiioii, bascd oli Ilie iyork undenakcii in ihc coursc ofihe audil= the iiifomiaiion gii'en In the inis¢ees' ieport foi Ihe fiiiaticial )'ear for whi¢h Ihe fiii8Jicial slalciiicnt5 arc prcpared is c0115151ent iviih ihc financial statements- and Ilie trustecs, rcyori lias bccn yrcpared iji accordanec ii'iLI) applicable legal rcquireiiienis. IAtlers oti which gre require(I to reiTrorl bi. t.xceplio ID ilic light of Ihc k-nowlcdgc and iiiidcTSlanding of Ihe cliaiilable ronipany aiid ils enYiroiiit)¢ni obtaiiied in Ilic coiirsc ol-llic audit, lic hai'e Jioi idLniiftcd ni8ierial iiiissiatetiiciiis iii ihc ITU51eLs' rcpon. I'IIF. N,11."I'll.'Ill. INSTITii'l-tr. l.11111-Tr:D Indepenilenl Audilor'5 Reiiort lo fht nieiiibers of 'l'he Naulicxl Inslitutr l.imiled Ic•niiiiuedl IVL lia%'L 11()IhiiiE 10 fLPUrt in rL.%pcrt uf Ihi folloiiing mailers in relation io i%thieh ilie Coinpaiiics Acl 2006 rvquirLS US io dLouaiL acLouniiiig rLcords ha%c iioi kLrA. or a(Itquaie lor our aii¢Jil hai"i Mi ￿L'll fixell'ed Iroiii brdnLIIL IIIL lin£lllLial siaiL1n¢nl￿ drL iiol in ￿8[LillI￿nI 11-iih IhL accouniing riLX)rds tL•iums' or Cil'lf Lyjmpaiii, 1£1II-1 ari ￿￿￿)nSibIL for Ihc pri￿?￿lI0n Of IliL financial siaiciiii'iils iiiid for bLing ￿lI1￿riC￿ Ihai ih<) gi%L a Iruc and lair i'5¢1i-. for such inlLrnal cimlrvl as Ilie IruslLLS delL'niiinc is IiecLs￿tj, 10 cnablL IhL priP￿￿ra1Ion uf linancial 51alLmcni5 Ibal aTC frec from malLTial mis51alcmLYii. ii-lIL'IIILr duL ia fraud or crior. In prLparin8 thL linancilil sldicmLnis. the Iruslcl￿ ar¢ tLwnsible fibT assessing ihe chariiablc Ly)nipaii)" s abiliii. io conlinuc a5 goiiis c()iicLrii. di￿105)n$ as Hpplicabll. niaiiers tL'I&iLd 10 going concLrn and usi¢)g Ihc going concLni basis of aLcoiinling 11111L%% IIIL IfiisiLifi Liiliir iniind io liciiiidilli Ihe chiL ri12i blL Co[n￿En￿ or 10 re￿ 0￿r￿lI￿n% or hai'l no rialislic alii'rrtaiivL' bill Auditor'% i'esponsibiliti¢s for (lit audÈt of the financial st#femenls ()Iir IibjLLIii'LS arL' i() ubiilili fLa%on￿bIl 42551)ranci atx)iii iihLihil Ihe Iitwnci&l siaieinLnlS as a i4-holL arl fri'L' fmin iiialcrial IMi%%ldlLinLiii. iihi*ihLr dtie 10 froiiid or ern)r. and 10 issu¢ an audktor % re￿rt Iliai iDcludL% our opiniuii. R¢ast>iiablc a&sunnLC IS a high IL%'LI uf i1Ssiirnnce. but is noi a guaraniLL Ihai an audii CODduclid iii accoTdaNL i%-iih ISAS IIIKI li ill ali%?%'s dLhliCI a Inilllriol Mi%￿li11ClI1￿Trt i%-hLli il Lxi51k MissithicmcDls can arisL from fraud or i'tror aiid arc coThsidcr¢d malLrial if. indiiidiiig11)' oi. iii IhL 1¢. Ihe). could r¢a50Trabl}' ￿ ¢K￿Lled 10 iiilluence Ilic ecoiKKnii decisions ofus¢rs EakLli oli IhL basis ol'iliu5L 'rhis ri￿rt is madi solcl). lo IhL charitsblL' Coiiipan). s inciiikr& a5 a i￿1!.. in atLordanc¢ iiiih C-haptLr 3 of Part 16 tsf Ilic CoiiipaniL% Aci 2006. C)ur aiidli 14ork hiis bL'Ln undLrtakLii so Ihal lit mighl slalc 10 Ihc cknriiable compaii!. s mLinbL'rs ilio rnallLf£ i%L ari fLquiTLd 10 siaie ID IhL'm in an audil()r s re5K)rt and for no oihir purpos¢. 'fo IhL fiill¢%l Lilklil l)eriiiilltd b!. lnsibilii!' 10 an)one Oiher than IhL chatilablL coiiipgn!. and Ihe chaiiiablc coiiii)an) s Inciiibtrs s a bod).. lor our audii %4"OTK. fur Iliis rl ur for lh¢ opinions lic hait formed. A lurtliLr clLsLripiion uf oiir rLSP(>nsibiliiics for ihi aiidii of thi fbnancial sl&lLinen15 1% Ioc2i on ihL FinaiiciiL I RLwrtin8 C(iunLiI's l%ibs'11¢ at-. hiipi'.Kli%TrYii-.frc.org.IiLlaUditorirL%￿$1b]IIll¢S.-l his discriNiOTr fcimJ> part of(x]r aiidiinr s I'ipori. l-vr aiid oli hili£ill'ol' Appl¢bN- & wo￿. l)alL IIC4 2)11 20211 2019 3.-%68.67_1 9().643 3.66S.316 CiaitVIIDssl on iTr%'L'sliwiis Ciro*s incomic I￿ tL'W)rtitig ￿rIOd 3.081.711 ( 2.802.361 1 1 3.294,079 1 I'tl iiicollic before lax f¢br Ihc ￿portin￿ ptyl￿d 279,-147 371.237 ¢1 income fortht finantiAI itar 279.347 dLIaili￿ gnal)'sis or1￿COll* wJde¥j￿lldI1lltt b) Sour￿ is pro%'id¢d in Il* Stst£[t￿n1tsfFInw7￿d1 Aciikilics I'llfr. NI AU'I'ICAI. INS J-J-i-ii'rTr' F'OR"J"IITr" I Tr",IIi Tr"NDb"J) J 1.5 I W)I.CL.IIB Tr.R 2020 [1nr¢stri¢ted Designaled und 'und Total Trtinds 2020 2019 Inrome iin¢J enllowmenls Irom: 92.297 2.411.084 575.819 1.405 92.297 2.411.084 575.819 33.322 156.200 2.6?5.446 746.029 40.998 Jl.917 Oihir 3.080.605 31.917 3.112.522 3.568.C)73 Fxpethditure on= 410.556 2.380.799 410.556 2.391.808 450.546 2.8.11.789 I'oial 2.791.355 2.802.364 3.294.079 Nil gciin I Ilossl on invts1￿'nls Nei inconie 96.643 289.250 1 9.903 1 279..I47 371.237 'I'i'a115fer5 between funds Nei moTremeni in furtd5 289.250 9.903 1 279..347 371.237 .356.411 2.474.518 2.103.281 Total fun(Is carried forwxrd Ai Jlsi Detember 2020 18 1.407.357 1.346.508 2.753.865 Moietneni% in funds 3re disclo￿d ifj Noic 18 10 financial siaieftknt& All ainvunis abui'L TLliltL lo untLsITicILd fund "I"IIL noiLS oli pages 8 10 13 lonii of11￿* financial SlalLnL'nl ani 2)70030 otal fund5 2020 otal fulld$ 2019 13 71.592 101.187 l.J47.287 1.448.()74 Tot¥1 filed I55c15 -410.976 .urrent H55tlS Si￿ks l)chlors 16 269.922 l.J76.5i2 -687.707 941.491 1.352.485 C'.r¢ilitTrr.s= atnoiinls fallit)g iyiihin 0￿. Itar 344.818 1 i26.641 ti curreni a4$ctS l.i42.889 1.02.1.844 2.7i3.865 2.474.518 DLsignUtL￿ luiids -346.508 1.407.J57 olxl ¢h%rili' futid5 2.75i.865 2.474.518 'I'hi%i liikiiici?I siaiLmenlS hail LKet) in accord2￿C iiiih Ihe 5￿cial t￿01"1S1ons for %nall compaiiiLs uiider l?art 15 (if Ilic Luiiipaiiik￿ ALI ?006. Appro¥L￿ bi. IhL knard of IriLSILXS on 2u2 1 aTKI signed I1￿1[ ￿knIf ￿.: .Ilr P 11 Ilinrhlifte I'r¢asurer I'hL noics on pa￿￿￿ 8 10 13 fonn of ihLSC fI￿an¢￿al siai¢m¢nts. ()-1"Tr-.5-1'0-I"IIF. ,IC.'C.'OI'..N'I'S -()11-I'IIF. I'F.klll F.NDI.-I) 31 S-l- l)F'C.'b')IIIF.R 2020 AccountiikR i)olitie.s al Basis of accottniin 'I'lic fiiiancial slaicnicnls havc betn p]rpared in a¢widance iviih th¢ Conipanics Act 2006 aiid follow ihc recominciidaiioiis of ihe Accouiiiing a￿d Reporting by ChaTilies". Sial¢nicni of Rtconitiictided Practice applicable lo ¢harili¢s picpariiig ihcir aceouiils iii accordaiicc iviili Ilic Financial Rcwjrting Standard applicable in ihe UK aiid Rcpublic ofircland11.-RS 1021. rcciation of fExed a5SCtS 'Iirtiiiiire atid otTice equipincni is d¢pir¢ial¢d Ihc 51raiglit liTre basis al c051 ovcr 115 esiiTnai¢d us¢fiil life ai the rale of IO/o pcr arhnuin. Compuicr cquhpiiiciil is dcprccialcd at a rate of .1.3 1130/0 p¢r annum on c05t. cl Rcvaluation of invcsljnenis l-hc iiivesinicnt asscts liavc been sho￿￿ ai ii)ark-ei value for ihe )tar endin¥ 31st Dcccnib¢r 2020 with the coinparniiv¢s foi Iht ye?T tDding .1151 1)eceniber 2019 also shown al their mark'ei vallle. I'he revalvaiion SVTpIu5 ha5 shoivn on Ihc slalemcnl of finaiicial aclii'ilics a5 nei rralisrd and unieali5ed gain on invesltnent assets. Tation lax Thc coiiipany has taken advaniaB¢ ofihe i&¥ exeinption allomrd du¢ lo 115 charitable 51alus. cl Allocatioti of cx IOO/o of salaries ￿ld 50Vo of irai'elling knd ii)eeiiiig expertses have b¢¢n allocalc(l io Jllatiagctiieni aiid adminisirdiion ofihe Insiilul¢. iiliich reflc¢is Ihc prow)riion incurred in this iial reserve fllnd l-his has been set up to crcaic a Coniijigeticy Rcscrvc and a Projects Rcserve. l-h¢ Coniingeney Reserve should b¢ bascd on .3 wnon¢h5 51arr¢osts. 6 ￿Trih5 rciit and 5eTh'ices aiid the avera¥e irade ¢TL'dtiOts. I'he Piojec15 Rescrvc 15 to enable ihc Inslilulc (o fund Specific Projects w'iih the aPPToval of thc I:xccuiive Board of "l-ruslces. 'Ihis l.und would be rei'le￿.cd Stock The stock held is the sto¢k of IxK)ks. both historical and ¢utrent. and arc valiicd at e51iiiialed 5ellin¥ pricc Ic55 C0515 to coniplclc and scll.-I'hc siock of books is rcvicm'cd pcriodicalli, for the profc5sioiial conlcnl and ciirreni relei'anee and a bad dcbi provision Is tsl¢ulaied 011 this basis. FOR'I'IITr' I'Tr-IlK Tr.11)fr"1) 3151" 1)Tr'C.'tr'.IIIITr.R 2020 I,'nrestritted DesiRnal¢d 2020 2019 C.'hAril#ble Atlivities Charilablc activities Fiiirancc fccs, Iraiisfcr fccs and subseripiioiis I'rainiiig artd coursts Accrediiaiiori C.ertificaiion and irdining 152.618 671.236 201.224 1.386.006 152.618 671,236 201,224 1,386,006 2_33,17_3 C)92,774 2.411,084 2.411084 2,625.446 .SeminArs & C.onferen¢es SeminAr/ C.tsnfertntes Seawkys Journals 2020 2019 C'oiifcrcnccs and scininars Seaiyays iiicoine Isiibscribcrs & A￿lIlates) Seaways advtrtising in¢ome 21.5 21,500 103,700 27.418 10.3.700 27.418 119.58.1 29,623 21.500 152,618 233,173 Expeiidilure Coiifcrcnceslscniinars Scaways piiblicaiions Mars Scaivay5 adverlising c051 19.005 19.005 215,814 6.000 6.068 246,887 215.814 6.000 6.068 2?7.882 210.921 6,000 6,343 306.687 19.005 siiip11151ldefiritl on Seaivays &. ¢onf¢ren¢es 2,49.$ 96.764 94,269 Othcr trading activitics Books ServicL 2020 575,819 2019 460.842 Sales 574.685 Costs of 5a1¢5 Openiiig stock5 Piirchascs 47.454 370.611 418,065 -35,540 11 3,629 2,972 6,601 5.713 1 { 51,083 373.58.3 424,666 41,25.3 11 73,365 -394.734 468,099 51.083 1 .ess'. closing stocks Cosis of sales 382.525 888 -383.41.1 417,016 Siirp1115 on other trading aclivilie5 192,160 246 192,406 329.013 Inveslment$ intome C*entr#l Desi2nAted Funil 2020 2019 ank interes¢ Dividends 1.405 7.108 26,214 33.322 2.2.32 38,766 40,()C)8 ?6,214 1.405 TIITr. N..11.'TIC,11. INSI'I'I'I I-&- ()TF.%'I'()'I"IlTr'. AC-C-oc'.N'rs "()R-I"AITr" I'Tr-AK tr."NI)Tr"1) 315.1" I)F.I'Tr'NIBfr'R 2020 lJnresfrict¢ +und 1)¢51g￿RICd 2020 2019 R14 ising r￿n(l5 (.D%l ofgLIILratiiig fund 383.413 27.143 410.556 417.016 33.5.30 450.546 27.143 410.556 246.887 612.218 523.829 377.371 2.1().XX7 612.218 532.838 377.371 306.687 723.759 603.466 28Y.570 138.696 769.611 Supwrt Costs Adiiiinislriiiion & Clo￿￿anCl. C05t5 9.009 Accrid11aiion aiid Cirtifjcaiion Pri/.¢s And 5cholarship5 620.49J 620.494 2.000 2.380.799 2.831.789 SupiTrort ¢0515 2020 2019 13ranch subYLniiotts Siaft-LOSIS 10.984 590.525 10.709 612.218 22.096 652.259 49.404 723.7.59 AdmithisirAtion & Go%'ernan¢e tosts 2020 2019 Postage and *l¢plK>ll¢ lTrrinling and IionL'Q' Coinpuler LIPL'tiSL'S A￿dilOrS lits Cridil Card & IlaDk Charges Reiii. rcAr 2020 2019 This is siaiLd aftcr charging.. Ik'precialion orri¥¢d &k*ls Aiiditor5 rLmuncnlion laudil RrYirLTI 72.383 87.4.39 5.¥ I-IIF. NAII'I'IC.-AI. INS'I'I'I-II'I-E ()'I'Tr'.%-I'()'I'iib' ,ii.'(.-i)i'N-I-s TrOR-I-IIF.- F'.Nl)F'I) JIS'I. IIF'C.'I.-.IIIIF.R 2020 Staff costs 2020 2019 Salarics & %va¥¢s Social SCCLtrity costs 1 ?08.892 134,249 19.452 1,462,59.1 806,4.54 1 6.$6,1.39 .306,781 136,485 loliil sl(4ffcuJ'l iiicliidiFig hgijvfil. l.ess'. allocated io cost cenlrc5 Icxcluding memb¢rship} Siafl'cas1,s ipKlii(leilii'iÉhiJV ciierhek-s ML'ni￿r %erYitL 35.540 5.713 47.454 3_629 41.253 51.083 lrndc dLbiors 109.831 81.264 146.096 91.750 IIJO.977 21.081¢ 359.911 Oiher dLbiors VA-I. 3.316 269.9?2 I•iabilities'. C-reditors.. *lmouDts falling Ilue within one )eAr: 'I'rndL crLdiiors Accruals l)A Yl.. & oih¢r cr¢dilor5 78.323 210.842 55.65.3 344.818 260.641 IlalRnce Nei Uiilisedl 01.01.2020 1)c%ignat¢d RcaliKd 'l"ranRferrcd 31.12.2020 18 l)esigni1 le(1 fuDd$ (.'apilClttlioth ii"hicli Lsiablishcd Ihc obJLaS and Ix)i%'¢rs ol Ihc Iliciriliibli Lumpaii). aiicl is gOiLrnid iiiidir ils ArticlLs of As￿￿1111￿1. Uiider Ihosc Anicl¢& Ihe Iruslees arL' elL'LILd h%- CoLIIiLII 10 servi a PLriixl ol. up 10 3 )'ears atxl iiiai. ￿ re-elecied for a furthLr 3 )rars. 'I'rustees 'I'hL trustLL'S ol'thL cumpani al IhL fitthncial li'ar end ii-erL'- Chair I'rL&SUTL'r Mr G I￿￿0 Capiaiii I Ilaihiw Capiain J ITr Mciic7¢5 Capiaiii l) Snidir Capiain J P $7.!Thanski Capiain l) M-l Lllir Mr Muiii Ahmid L'apiain K l) Aii%lin Mr A Ilritik Mr l-. Colis Capi￿111 CJ Coi%linB Capiaiti I CIO%'LYS SterttAry Mr. l) J l.lo)'d Regi%tpre(l ()ffice 202 nhcih Ri¥d $1-'171.Q A￿￿ltorS 4lll-l-hL l.(Kk- 13uildiDg 72 1 ligh 8irLxi .15 2Ql4 BAnkcrs Thi Ro)tl of SLwIIIL nd 62-63 '1'hi Thri￿n￿¢￿Il SirLXI IATrndon I.'C2R 81.A RaihlK>n¥8 lffjndoii Rk:PC)R-I- C)F -1 111-. l Rl'%l'Tr.'Tr.'S ( ts. I47￿1￿31j Thc tru5tecs prL'SClli iheir rcwrt Biid ihc audired fin3ncial slate1￿1￿￿ for tlK' srar en(￿d 3lsi I)ecc￿lber202o. 'IhL In4lllillL 1% fLglSlerLd Bs B CoMiw}' limi￿d b). guaranttt io prthwe and inain¢&in ￿d￿l￿al edK*ion 'Ilic InisieLS iollfirin ihai tlie). hab'e C￿lpl￿d iiiih duij. in %ectiOll 4 of i1￿ Conip811ies 21X>6 10 haic dw 1<8ard iii IITrL Cliariij Coiiiiiiissioil's general gilida￿￿ pllblic knefit and t118l thi aciiliiiL% caified oui h) the charii!. diirinE Ilic !'Lar iicrc all uiidL'rtak"cii In order io furtlK'r Ihe chariiy s aims for ihc ofihe Charitj s Ither￿lar￿5. A ￿al￿d ¢lplanafi￿ 15 5hoiin iindcr ObjLiiises and Acti%it1<* On tk. I'rustecs pUblis￿.d in i1￿ li la)" i￿￿0fthe lilstil￿@s￿rnaI. Seai%a)s Siiit of atrAirg l)u%intss reTrieil -l-Ii¥ ii?Inpan)- niadL- an LI￿ralIn￿ siirpliis IhL (xtKral Fund of£289.250 row cutTcDi !¢or12019.- £243.9451 AnLr tsk'ine 111111 ¢vi)uill inTr¢blDi¢nl ailivjljts. d¢siJv furKts iivr¢iiliKd 5111p1￿ lh¢ w￿￿1)- ¥ siirplii% of£279.347121119. I'he Iriistecs k'eep the RcserSLS Polic) reglllar rL.Vic￿.'l￿e I￿siNute holds Teser4fS in Ord￿￿ ensllrc as far as w>5sibl¢ lh￿ 115 Ohieits iiia!. k I￿e1 in fiitiire I'ot81 In%L%tid reser%es at stand ai 11.339.384 12019. £1.347.2871 iiliicli is c(HMpf15ed of ihc C￿lI117geni￿ Rcsifi'L E663.000 12019." £626.th)O} calculated as sho￿￿ nn page 9 and the rcmaiRdcr aaiiig a5 3 Proiecis Re5cr%i. 'Ihc IriisieLS CCbnsidLr tliat this Bill￿1￿1 of free reser¥cs is &&qua* io cftsurc thai ihe Inslltutes scr%'ice5 arc IK* oNllpronii5cd In Ilic shon tL¥in I he in1.t￿till(lil ￿AlC). of ihc Instiiutc ts to n￿xi1￿lSe ihc totsl rauni (roni capiial 8Md inc￿le combiiied iihi IIIIE Iiiiainiiig a Illi￿l￿ni I￿,c1 of risk-. Managcnicnt of the is del¢*ed to e￿iLYn￿ I￿￿es￿lIenl ￿lanagerS on a dlscrcli￿iary- b￿15 lid Ihc inisiLYS f' lid SLI Iii% rLilliiiietatK)n for i￿. fwtk'omitsg A Nin-¢thtrihulOrt" pension ini£Sin￿nI thfw/•of salaTh. is niadc ￿ staff ￿rsOnal pen%ii)n sihLni¢s. 'IIIL Iii¥liliil< ¥rL#II) i¥lii¢s lh¢ ¢i)niiibulim of its Irv51ws ana I￿rnI￿.￿ im ihe MINk i)f i1￿ eh2yi¢) ￿lligh raiigL% fi01￿ ilieir Ioles iii tlk. giiieriVdnLL %trllelulL ts) represeillali(Jn 5Th￿1 10 IFK. niak'#14 trMNlies and lirili￿g r(Jr tlie Journal aiid ￿her PlibliL#lions. l)UL lu IhL dii'ctsil) ofih¢sL conrrilwlits￿ layge *thnber of m¢1m￿[s irtiYA%id [￿li1e 140 iii central go¥tliinnL¢ ri)lisl il 1% nix 1¢•4ible w) ih¢ i'¥lii¢ ifj i¢nDs of11￿ (x ibl(Ine!-. -.lllditors Thc auditors. Appleb). & Wo(Ml are Mjlljng ￿ continue in oifKe and concLYTring ihe ap￿I￿lI￿¢ of A ￿￿110[5 iijll bc subniiitcd io t￿. 8iinLwI gellLYal Jlleciing. ('han-iS 111 the compans s fii£d a55ds I1￿}￿are 51Kmll ￿ rhcbal*¢L sI*LY -rruslef5 The TriIStL￿.S of ik. Charitable CompaR% Bre sts*d on p8ge I This [(￿￿ has been prepared in accordanA' Mjth SthteTrk￿l 0fRecLNn￿Kth p￿Clic¢- Aco)uniing and Rc￿￿ill- bN'Charilic5 4iKI in accordance %iiih S￿la1 provisionsof p3rt 15 Comp3nKs Aci 21M>6. Appmi'id b% thc i1￿1CL% and sigrn'd on i￿1r ￿haI(bI.: D•lr- Joii 'IIF. NAI,'"I'ICAI. I.NS'I-I-I'II-I-Tr- 'Rl.'Sl'b.Tr-.S' Rb'.SP()N4IIIII.11-IF.S St#ttmtiJt of'i'riLStees' Resi)onsibililies (."oJiipany lai¥ requircs the tTllStees to prcparc fill4￿¢18[ st&en￿nIS foi each fiiiancial year ivhich give a true aiid rair vieiy of ilie staic of affairs of Ihc conipany and of iht SUTplus or deficii of ihc company for 1113t pcrii)d. Iii prcparing those finaticial slaiements, thc iriistec5 are reqUI￿d to= Sclccl siiilable accoiinling polirirs and ihen apply ihem coiisisienily., Make judgcmciils and cstimate5 that are weasonable and prndeiii: Siaie wlicihcr applicable accounting slandaids have be¢n folloived subjccl to any nialeTial dcpariiirc5 disc105cd 11 nd cxploiiied in (he finat]cial slaicmcnis.. Prepare the rjnancial statement5 on lh¢ going eonccm basis ujiless il is inappropriaie io prc5um¢ thai the company ivill conlijiiie in bu5incs& -I'hc Iriislees are responsible for kccping pioper aceouniing records ivhich disclose iviih ￿8$onable acciirac>' al any iiine thc finaiicial posiiioii of ihe cotnpany 8t￿ enable them io ens￿re ihai Ihc fiiiaiicial 51alcinciilS taii)ply willi Ilie C"onipanies Aci 2006. They arc also re5ponsbble for 5af¢giiardiiig ihe asseis of ihc coJiipaiiJ' and hciiLL' for iakTn¥ ri'asoIiable steps for prevcniioii and delcction of fraud and oihcr iTrtgulariiies. C'Aptaiii D )1 .1 elfer .1 reH5urer Chair DAte'. I'IIF. NI AlJl-IC".AI. INS-I'I'I'11'1-fr' 1.i.iii.rF.D Inilei)eiJilenl Aii(litor'5 Hei)ort to the niembers of l-lie Naulical Institute 141111iled IYL. lidvc aiidil¢d the financial 51al¢menls of -I'he X1aiilical Instilitle l.imilcd Iihe '¢liarilal)le cthnii)aiiy'l for Ihc ycar ciidcd I I sl l)ccciiiber 2020 ii'liicli comprise ihc Sialcnicni of l.itiat)cial Aciii'ilics and Ilic Ilalaiicc Shccl Hiid iii)ie% 10 Ilie finaiicial slalcincnls. including a suii)iiiary of significani at¢C)Illlling policics. -l-lic fiiiancial rcporting fianici4.ork Ilial has bcen applied iti their preparation is applicable 1aM. #Trd Unii¢d Kiiigdojii Accoiiiiiiiig Siandards. iiicliiding 'iiiaiicial Re￿)rtIng Sic1ndard 102 Tlje Financial Reporting Stsndaid applicable iii die IJK and Rcpiiblic of Ircland ILJniied Kingd()tn CJencT311)' Acrrpted A¢Lx)uiiling Pracliccl. In oiir optiiion, the financial staicJncnts-. givc & triie and fair vicw of thc 51alc of Ihc tharilable coinpany'5 affairs as ai 31st t)¢¢¢mber 2020 and of its incoining rcsourc¢5 and applicalion of rc5011rce5, including its iTrcoDie and cxpendilure, for the jear Ilieti hav¢ b¢cn propcrly prcpaTrd in accoTdanrc iviih tiniled Kingdown Gencrally A¢vtpi¢d A¢eollniitig PrdCliCC: and liavc bccii prepared in accordance wilh ilic rcquiremet)ts of thc Conipaijies Act 2006. Ilasis foi. 01)inion e coiidiiLied our aiidil in ac¢ordan¢e wilh It*i¢rnaiional Siawlaids on Auditing {UKI IISAS {UKII and applicablc law.. Our r¢5ponsibililic5 uadcr th05C standards arc furthcr descril￿d in the Audit(ir 5 r¢sPOll5ibililies for Ihe audii of Ihc fiiiancial stalenient5 5cclioii of oiir rcport. Ive are indcpcndcni ofilie charitable coiiipany iii accor(laiic¢ wilh Ihe eiliical rcqiiirctnents thai ftre rclcvaiii lo our audii ofihc finaneial siaicinciils in Ihe UK, including ihc l.'KC's l-'Il)ical Staiidard, aiid lye have fiilfillcd our othcr cihical resrM)tJsibiliiics iii aecordaiicc iiitli Ihcse rcqiiirciiicnis. Ive bclicve Iliai tlic c111dii eviden¢e iv¢ hav¢ obiained is suffi¢ieni and appropriaie io prol'ide a b￿lS for our opiiiioii. C'oiitlusions rclating lo goi]Jg con¢trD 11 c liai'e iic)thin¥ 10 r¥port In rLSPLel ofiht followtng mailers in relaiion io ￿11th the ISAS IUKI reqiiire us lo rcport Ihe iru51ees' usc of Ilie aoitio coiicern basis of accouiiting in the preparation of Ilie finaiicial 51al¢inciiis is iiot appropriaic., or thc Irusiecs havc noi disclosed in Ilic fiiiancial statcinen15 ali). idcnlificd nialcrial uncerfaiiilies (liai Ina). ¢asi siEiiiIILaiit doubt akniii Ilie coiiipaiiy's abiliiy 10 contiiillc (o adopt ihc goitig concem basis ofaccouiiliiin ihcrcoii. Our opinion on tlic rinaiicial Slc11emenis does not cover ihc othtr infonnaiion and, exccpt 10 ihc exitni oilJern4'isc expliciils, sialcd iii oiir report, w¢ do not cxprc5s an). fotrn of as5UTanrc conclusioTr theieon. In ¢onneaioD with our audil of ilie fitiaiicial slalenien15. Oltr rcspoiisibilily is to rcad Ihc oihcr infonnatioii and. in doing 50, COI)5idcT ivlieiher Ilie ()Ih¢r iiiforinaiioti is niaieriall), inconsisieni i%'iih Ihe fitjaneial siaicincjiis or our kiioi¥lcdgc obtaincd iii thc audit or oilicrwise applars io be n)aieriall)' misstated. Ir li'e idejiiif), such niaicri81 iiicojisisitjicics or apparciil Inatcrial miss11c tcniciils, arc reqiiircd to dctCTmille whcthcr Ihcre is a mai¢Ttal tnissiatenicnl iii Ilic financial siaiciiients or a malcrial niissiaicnicnt of ihc othcr infonnaiion. If, based on Ilie hai'c pcrfonncd. we conclude that Iliere is a maicrial iiiissiatenieni ofiliis oihcr infomiaiion, li'e are rcquired io report ihat faci. Ve have nothing 10 report in this regaid. ()I)jlLIOtI.4 tsth¢r mll¢i¢r% i)r¢i¢rib¢il l)i' Ihe Ctsmib#rtitS pKet 2006 Iii oiir opiiiioii, bascd oli Ilie iyork undenakcii in ihc coursc ofihe audil= the iiifomiaiion gii'en In the inis¢ees' ieport foi Ihe fiiiaticial )'ear for whi¢h Ihe fiii8Jicial slalciiicnt5 arc prcpared is c0115151ent iviih ihc financial statements- and Ilie trustecs, rcyori lias bccn yrcpared iji accordanec ii'iLI) applicable legal rcquireiiienis. IAtlers oti which gre require(I to reiTrorl bi. t.xceplio ID ilic light of Ihc k-nowlcdgc and iiiidcTSlanding of Ihe cliaiilable ronipany aiid ils enYiroiiit)¢ni obtaiiied in Ilic coiirsc ol-llic audit, lic hai'e Jioi idLniiftcd ni8ierial iiiissiatetiiciiis iii ihc ITU51eLs' rcpon. I'IIF. N,11."I'll.'Ill. INSTITii'l-tr. l.11111-Tr:D Indepenilenl Audilor'5 Reiiort lo fht nieiiibers of 'l'he Naulicxl Inslitutr l.imiled Ic•niiiiuedl IVL lia%'L 11()IhiiiE 10 fLPUrt in rL.%pcrt uf Ihi folloiiing mailers in relation io i%thieh ilie Coinpaiiics Acl 2006 rvquirLS US io dLouaiL acLouniiiig rLcords ha%c iioi kLrA. or a(Itquaie lor our aii¢Jil hai"i Mi ￿L'll fixell'ed Iroiii brdnLIIL IIIL lin£lllLial siaiL1n¢nl￿ drL iiol in ￿8[LillI￿nI 11-iih IhL accouniing riLX)rds tL•iums' or Cil'lf Lyjmpaiii, 1£1II-1 ari ￿￿￿)nSibIL for Ihc pri￿?￿lI0n Of IliL financial siaiciiii'iils iiiid for bLing ￿lI1￿riC￿ Ihai ih<) gi%L a Iruc and lair i'5¢1i-. for such inlLrnal cimlrvl as Ilie IruslLLS delL'niiinc is IiecLs￿tj, 10 cnablL IhL priP￿￿ra1Ion uf linancial 51alLmcni5 Ibal aTC frec from malLTial mis51alcmLYii. ii-lIL'IIILr duL ia fraud or crior. In prLparin8 thL linancilil sldicmLnis. the Iruslcl￿ ar¢ tLwnsible fibT assessing ihe chariiablc Ly)nipaii)" s abiliii. io conlinuc a5 goiiis c()iicLrii. di￿105)n$ as Hpplicabll. niaiiers tL'I&iLd 10 going concLrn and usi¢)g Ihc going concLni basis of aLcoiinling 11111L%% IIIL IfiisiLifi Liiliir iniind io liciiiidilli Ihe chiL ri12i blL Co[n￿En￿ or 10 re￿ 0￿r￿lI￿n% or hai'l no rialislic alii'rrtaiivL' bill Auditor'% i'esponsibiliti¢s for (lit audÈt of the financial st#femenls ()Iir IibjLLIii'LS arL' i() ubiilili fLa%on￿bIl 42551)ranci atx)iii iihLihil Ihe Iitwnci&l siaieinLnlS as a i4-holL arl fri'L' fmin iiialcrial IMi%%ldlLinLiii. iihi*ihLr dtie 10 froiiid or ern)r. and 10 issu¢ an audktor % re￿rt Iliai iDcludL% our opiniuii. R¢ast>iiablc a&sunnLC IS a high IL%'LI uf i1Ssiirnnce. but is noi a guaraniLL Ihai an audii CODduclid iii accoTdaNL i%-iih ISAS IIIKI li ill ali%?%'s dLhliCI a Inilllriol Mi%￿li11ClI1￿Trt i%-hLli il Lxi51k MissithicmcDls can arisL from fraud or i'tror aiid arc coThsidcr¢d malLrial if. indiiidiiig11)' oi. iii IhL 1¢. Ihe). could r¢a50Trabl}' ￿ ¢K￿Lled 10 iiilluence Ilic ecoiKKnii decisions ofus¢rs EakLli oli IhL basis ol'iliu5L 'rhis ri￿rt is madi solcl). lo IhL charitsblL' Coiiipan). s inciiikr& a5 a i￿1!.. in atLordanc¢ iiiih C-haptLr 3 of Part 16 tsf Ilic CoiiipaniL% Aci 2006. C)ur aiidli 14ork hiis bL'Ln undLrtakLii so Ihal lit mighl slalc 10 Ihc cknriiable compaii!. s mLinbL'rs ilio rnallLf£ i%L ari fLquiTLd 10 siaie ID IhL'm in an audil()r s re5K)rt and for no oihir purpos¢. 'fo IhL fiill¢%l Lilklil l)eriiiilltd b!. lnsibilii!' 10 an)one Oiher than IhL chatilablL coiiipgn!. and Ihe chaiiiablc coiiii)an) s Inciiibtrs s a bod).. lor our audii %4"OTK. fur Iliis rl ur for lh¢ opinions lic hait formed. A lurtliLr clLsLripiion uf oiir rLSP(>nsibiliiics for ihi aiidii of thi fbnancial sl&lLinen15 1% Ioc2i on ihL FinaiiciiL I RLwrtin8 C(iunLiI's l%ibs'11¢ at-. hiipi'.Kli%TrYii-.frc.org.IiLlaUditorirL%￿$1b]IIll¢S.-l his discriNiOTr fcimJ> part of(x]r aiidiinr s I'ipori. l-vr aiid oli hili£ill'ol' Appl¢bN- & wo￿. l)alL IIC4 2)11 20211 2019 3.-%68.67_1 9().643 3.66S.316 CiaitVIIDssl on iTr%'L'sliwiis Ciro*s incomic I￿ tL'W)rtitig ￿rIOd 3.081.711 ( 2.802.361 1 1 3.294,079 1 I'tl iiicollic before lax f¢br Ihc ￿portin￿ ptyl￿d 279,-147 371.237 ¢1 income fortht finantiAI itar 279.347 dLIaili￿ gnal)'sis or1￿COll* wJde¥j￿lldI1lltt b) Sour￿ is pro%'id¢d in Il* Stst£[t￿n1tsfFInw7￿d1 Aciikilics I'llfr. NI AU'I'ICAI. INS J-J-i-ii'rTr' F'OR"J"IITr" I Tr",IIi Tr"NDb"J) J 1.5 I W)I.CL.IIB Tr.R 2020 [1nr¢stri¢ted Designaled und 'und Total Trtinds 2020 2019 Inrome iin¢J enllowmenls Irom: 92.297 2.411.084 575.819 1.405 92.297 2.411.084 575.819 33.322 156.200 2.6?5.446 746.029 40.998 Jl.917 Oihir 3.080.605 31.917 3.112.522 3.568.C)73 Fxpethditure on= 410.556 2.380.799 410.556 2.391.808 450.546 2.8.11.789 I'oial 2.791.355 2.802.364 3.294.079 Nil gciin I Ilossl on invts1￿'nls Nei inconie 96.643 289.250 1 9.903 1 279..I47 371.237 'I'i'a115fer5 between funds Nei moTremeni in furtd5 289.250 9.903 1 279..347 371.237 .356.411 2.474.518 2.103.281 Total fun(Is carried forwxrd Ai Jlsi Detember 2020 18 1.407.357 1.346.508 2.753.865 Moietneni% in funds 3re disclo￿d ifj Noic 18 10 financial siaieftknt& All ainvunis abui'L TLliltL lo untLsITicILd fund "I"IIL noiLS oli pages 8 10 13 lonii of11￿* financial SlalLnL'nl ani 2)70030 otal fund5 2020 otal fulld$ 2019 13 71.592 101.187 l.J47.287 1.448.()74 Tot¥1 filed I55c15 -410.976 .urrent H55tlS Si￿ks l)chlors 16 269.922 l.J76.5i2 -687.707 941.491 1.352.485 C'.r¢ilitTrr.s= atnoiinls fallit)g iyiihin 0￿. Itar 344.818 1 i26.641 ti curreni a4$ctS l.i42.889 1.02.1.844 2.7i3.865 2.474.518 DLsignUtL￿ luiids -346.508 1.407.J57 olxl ¢h%rili' futid5 2.75i.865 2.474.518 'I'hi%i liikiiici?I siaiLmenlS hail LKet) in accord2￿C iiiih Ihe 5￿cial t￿01"1S1ons for %nall compaiiiLs uiider l?art 15 (if Ilic Luiiipaiiik￿ ALI ?006. Appro¥L￿ bi. IhL knard of IriLSILXS on 2u2 1 aTKI signed I1￿1[ ￿knIf ￿.: .Ilr P 11 Ilinrhlifte I'r¢asurer I'hL noics on pa￿￿￿ 8 10 13 fonn of ihLSC fI￿an¢￿al siai¢m¢nts. ()-1"Tr-.5-1'0-I"IIF. ,IC.'C.'OI'..N'I'S -()11-I'IIF. I'F.klll F.NDI.-I) 31 S-l- l)F'C.'b')IIIF.R 2020 AccountiikR i)olitie.s al Basis of accottniin 'I'lic fiiiancial slaicnicnls havc betn p]rpared in a¢widance iviih th¢ Conipanics Act 2006 aiid follow ihc recominciidaiioiis of ihe Accouiiiing a￿d Reporting by ChaTilies". Sial¢nicni of Rtconitiictided Practice applicable lo ¢harili¢s picpariiig ihcir aceouiils iii accordaiicc iviili Ilic Financial Rcwjrting Standard applicable in ihe UK aiid Rcpublic ofircland11.-RS 1021. rcciation of fExed a5SCtS 'Iirtiiiiire atid otTice equipincni is d¢pir¢ial¢d Ihc 51raiglit liTre basis al c051 ovcr 115 esiiTnai¢d us¢fiil life ai the rale of IO/o pcr arhnuin. Compuicr cquhpiiiciil is dcprccialcd at a rate of .1.3 1130/0 p¢r annum on c05t. cl Rcvaluation of invcsljnenis l-hc iiivesinicnt asscts liavc been sho￿￿ ai ii)ark-ei value for ihe )tar endin¥ 31st Dcccnib¢r 2020 with the coinparniiv¢s foi Iht ye?T tDding .1151 1)eceniber 2019 also shown al their mark'ei vallle. I'he revalvaiion SVTpIu5 ha5 shoivn on Ihc slalemcnl of finaiicial aclii'ilics a5 nei rralisrd and unieali5ed gain on invesltnent assets. Tation lax Thc coiiipany has taken advaniaB¢ ofihe i&¥ exeinption allomrd du¢ lo 115 charitable 51alus. cl Allocatioti of cx IOO/o of salaries ￿ld 50Vo of irai'elling knd ii)eeiiiig expertses have b¢¢n allocalc(l io Jllatiagctiieni aiid adminisirdiion ofihe Insiilul¢. iiliich reflc¢is Ihc prow)riion incurred in this iial reserve fllnd l-his has been set up to crcaic a Coniijigeticy Rcscrvc and a Projects Rcserve. l-h¢ Coniingeney Reserve should b¢ bascd on .3 wnon¢h5 51arr¢osts. 6 ￿Trih5 rciit and 5eTh'ices aiid the avera¥e irade ¢TL'dtiOts. I'he Piojec15 Rescrvc 15 to enable ihc Inslilulc (o fund Specific Projects w'iih the aPPToval of thc I:xccuiive Board of "l-ruslces. 'Ihis l.und would be rei'le￿.cd Stock The stock held is the sto¢k of IxK)ks. both historical and ¢utrent. and arc valiicd at e51iiiialed 5ellin¥ pricc Ic55 C0515 to coniplclc and scll.-I'hc siock of books is rcvicm'cd pcriodicalli, for the profc5sioiial conlcnl and ciirreni relei'anee and a bad dcbi provision Is tsl¢ulaied 011 this basis. FOR'I'IITr' I'Tr-IlK Tr.11)fr"1) 3151" 1)Tr'C.'tr'.IIIITr.R 2020 I,'nrestritted DesiRnal¢d 2020 2019 C.'hAril#ble Atlivities Charilablc activities Fiiirancc fccs, Iraiisfcr fccs and subseripiioiis I'rainiiig artd coursts Accrediiaiiori C.ertificaiion and irdining 152.618 671.236 201.224 1.386.006 152.618 671,236 201,224 1,386,006 2_33,17_3 C)92,774 2.411,084 2.411084 2,625.446 .SeminArs & C.onferen¢es SeminAr/ C.tsnfertntes Seawkys Journals 2020 2019 C'oiifcrcnccs and scininars Seaiyays iiicoine Isiibscribcrs & A￿lIlates) Seaways advtrtising in¢ome 21.5 21,500 103,700 27.418 10.3.700 27.418 119.58.1 29,623 21.500 152,618 233,173 Expeiidilure Coiifcrcnceslscniinars Scaways piiblicaiions Mars Scaivay5 adverlising c051 19.005 19.005 215,814 6.000 6.068 246,887 215.814 6.000 6.068 2?7.882 210.921 6,000 6,343 306.687 19.005 siiip11151ldefiritl on Seaivays &. ¢onf¢ren¢es 2,49.$ 96.764 94,269 Othcr trading activitics Books ServicL 2020 575,819 2019 460.842 Sales 574.685 Costs of 5a1¢5 Openiiig stock5 Piirchascs 47.454 370.611 418,065 -35,540 11 3,629 2,972 6,601 5.713 1 { 51,083 373.58.3 424,666 41,25.3 11 73,365 -394.734 468,099 51.083 1 .ess'. closing stocks Cosis of sales 382.525 888 -383.41.1 417,016 Siirp1115 on other trading aclivilie5 192,160 246 192,406 329.013 Inveslment$ intome C*entr#l Desi2nAted Funil 2020 2019 ank interes¢ Dividends 1.405 7.108 26,214 33.322 2.2.32 38,766 40,()C)8 ?6,214 1.405 TIITr. N..11.'TIC,11. INSI'I'I'I I-&- ()TF.%'I'()'I"IlTr'. AC-C-oc'.N'rs "()R-I"AITr" I'Tr-AK tr."NI)Tr"1) 315.1" I)F.I'Tr'NIBfr'R 2020 lJnresfrict¢ +und 1)¢51g￿RICd 2020 2019 R14 ising r￿n(l5 (.D%l ofgLIILratiiig fund 383.413 27.143 410.556 417.016 33.5.30 450.546 27.143 410.556 246.887 612.218 523.829 377.371 2.1().XX7 612.218 532.838 377.371 306.687 723.759 603.466 28Y.570 138.696 769.611 Supwrt Costs Adiiiinislriiiion & Clo￿￿anCl. C05t5 9.009 Accrid11aiion aiid Cirtifjcaiion Pri/.¢s And 5cholarship5 620.49J 620.494 2.000 2.380.799 2.831.789 SupiTrort ¢0515 2020 2019 13ranch subYLniiotts Siaft-LOSIS 10.984 590.525 10.709 612.218 22.096 652.259 49.404 723.7.59 AdmithisirAtion & Go%'ernan¢e tosts 2020 2019 Postage and *l¢plK>ll¢ lTrrinling and IionL'Q' Coinpuler LIPL'tiSL'S A￿dilOrS lits Cridil Card & IlaDk Charges Reiii. rcAr 2020 2019 This is siaiLd aftcr charging.. Ik'precialion orri¥¢d &k*ls Aiiditor5 rLmuncnlion laudil RrYirLTI 72.383 87.4.39 5.¥ I-IIF. NAII'I'IC.-AI. INS'I'I'I-II'I-E ()'I'Tr'.%-I'()'I'iib' ,ii.'(.-i)i'N-I-s TrOR-I-IIF.- F'.Nl)F'I) JIS'I. IIF'C.'I.-.IIIIF.R 2020 Staff costs 2020 2019 Salarics & %va¥¢s Social SCCLtrity costs 1 ?08.892 134,249 19.452 1,462,59.1 806,4.54 1 6.$6,1.39 .306,781 136,485 loliil sl(4ffcuJ'l iiicliidiFig hgijvfil. l.ess'. allocated io cost cenlrc5 Icxcluding memb¢rship} Siafl'cas1,s ipKlii(leilii'iÉhiJV ciierhek-s ML'ni￿r %erYitL 35.540 5.713 47.454 3_629 41.253 51.083 lrndc dLbiors 109.831 81.264 146.096 91.750 IIJO.977 21.081¢ 359.911 Oiher dLbiors VA-I. 3.316 269.9?2 I•iabilities'. C-reditors.. *lmouDts falling Ilue within one )eAr: 'I'rndL crLdiiors Accruals l)A Yl.. & oih¢r cr¢dilor5 78.323 210.842 55.65.3 344.818 260.641 IlalRnce Nei Uiilisedl 01.01.2020 1)c%ignat¢d RcaliKd 'l"ranRferrcd 31.12.2020 18 l)esigni1 le(1 fuDd$ (.'apil