Trustees’ Annual Report
The Nautical Institute Annual Report – 2022
FNI John Lloyd Chief Executive and Company Secretary on behalf of the Executive Board
he Nautical Institute profile in 2022 was dominated by 50th Anniversary engagement on a global scale. The lifting of Covid Trestrictions enabled physical meetings to take place almost unimpeded by previous restrictions. In all 16 events were held (see map below), and the regional nature of the engagement allowed matters of local importance to be addressed in a global context.
The leading highlight for the year was the Annual General Meeting event hosted in Plymouth. With Royal patronage and an exciting programme the event drew attention worldwide and helped confirm The Nautical Institute as a world-class organisation committed to leading the professional debate.
Objectives and activities
This report provides an insight into the activities of the NI during 2022 and provides a key operational and performance review.
The work of the Institute is not only a service to members but also a public benefit 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.
MEMBERSHIP & BRANCHES
Total membership at the end of 2022 stood at 8,321 – up from 7,230 the previous year. Key factors behind this growth were the introduction of free student membership in late 2022 and the continuing success of the DPO conversion programme. It is believed the introduction of new member benefits has also contributed.
24 | Seaways | June 2023
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Trustees’ Annual Report
Free student membership
In October 2022, the NI introduced free digital-only membership for those in initial maritime training or education. Following completion of their studies, students have a grace period of up to a year in which to establish their career. Towards the end of this period they are actively encouraged to upgrade to full membership of the NI, initially at half price. Uptake has been brisk, with 674 student members at the end of 2022, compared with approximately 200 immediately before the launch of the scheme.
Learn@Sea courses from MSSC
In mid 2022 The Nautical Institute partnered with leading seafarer charity MSSC, with the generous support of the International Foundation for Aids to Navigation (IFAN), to offer NI members free access to a range of practical online courses. Topics covered range from core English to leadership skills, meteorology and environmental protection. So far over 100 NI members have taken advantage of this new membership benefit.
New app for members
A new app introduced in July last year has provided members with a handy way of accessing a range of useful content. Members can use the app to catch up on the Institute’s latest news, view upcoming events, read MARS reports, watch NI webinars, record their CPD and read Seaways and The Navigator .
NI Branches
NI branches around the world played a leading role in helping The Nautical Institute mark its 50th anniversary. Highlights included the attendance of HRH the Princess Royal at the afternoon session of the Institute’s 50th anniversary event in Plymouth, a two-day conference in British Columbia bringing together an array of experts to discuss the challenges and opportunities of the Maritime Arctic and a truly global gathering in Singapore with an audience of close to 200.
The majority of branches continued member engagement activities, including technical and social events. A new branch was launched in Germany, the Malta Branch was given HQ support for ‘re-establishing’ an annual conference in Valletta, and additional effort was placed on developing new or re-developing dormant branches in the Netherlands, Turkey, Georgia, the Baltic region, Indonesia and others.
Regular contact with branches via telephone and video calls was prioritised in 2022 to re-engage members post-Covid, and to encourage more engagement and reporting from branches.
Younger Members’ Council (YMC)
New members were appointed to the YMC in February 2022 as some founding members stood down due to age or other commitments.
Much of the year was spent re-establishing priorities and working arrangements following the Covid hiatus. The group otherwise focussed on technical outputs in the form of Seaways articles, social media content and support for branch activities, with many engaged in independent outreach to schools and colleges and through other maritime associations. Over the year, every single member of the group contributed tangibly to its aims.
The group re-established a quarterly meeting schedule and revived its WhatsApp group.
INFORMATION and PUBLICATIONS
The Information and Publications area underwent quite some change during 2022 with a new Head of area introducing ideas for a revised organisational structure and arrangements for the development of publications. One key milestone was the release of our celebratory publication. The 50th Anniversary book reflected on half-a-century of development in the NI; a publication widely welcomed by our members.
Other books did not progress in the way we had hoped, with titles under development now deferred until 2023. An organisational review has been undertaken for this area to enable us to build for the future. New arrangements will include a dedicated sales executive and a revision of the book development process.
The other significant launch in 2022 was The Guidelines for the Maritime Expert Witness publication brought to the community in March 2022.
Development work on other key publications has progressed and will result in three significant book launches in the first half of 2023.
Seaways
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Trustees’ Annual Report
Seaways continues to cover a wide range of topics, reflecting both new and long-standing concerns of our members, from the emerging risks of lithiumion battery carriage to the training implications of new technologies. A particular highlight in 2022 was the chance to showcase the technical and social highlights of the Golden Anniversary events.
In 2022, for the first time, we have begun regularly sharing selected articles from Seaways online to help the industry at large benefit from NI technical expertise and promote the work of the Institute. Work is ongoing to improve the online search facility and make the archive fully accessible.
RESEARCH AND RELATIONSHIPS
The Navigator Magazine
The Navigator magazine continues to inspire professionalism in marine navigators. Its impact is evident from testimonials illustrating changes of behaviour, improved teamwork and a focus on mentoring.
With generous funding from IFAN, Ocean Technologies Group, Excelerate and Skuld P&I Club, we were able to deliver thousands of paper copies of The Navigator and many thousands more copies through the app and free downloads. Users particularly appreciate that the app is fully searchable across all issues.
During this year we were able to catch up on the gap in mass paper distribution caused by Covid (NI Members continued to get their copies with Seaways ). In a very special edition we bundled six issues together (issues 25-30) to meet the demand for paper copies internationally without overwhelming distributors with individual copies. Topics covered in 2022 included:
l Pilots and pilot safety; l Fatigue and fatigue management; l Ship/shore collaboration.
Virtual Reality and Shiphandling
During 2022 the NI concluded a collaboration with Lloyds Register SafetyTech Accelerator (STA) programme on the use of Virtual Reality to provide low cost easily accessible training in shiphandling.
The proof of concept showed huge potential but also some weaknesses and limitations. Bearing in mind the costs of building and using full mission simulators in maritime training, tetherless VR will be a very affordable and credible gap filler pitched between 2D digital training packages and the ultimate full mission simulators – and increasingly available both at home and on board ship.
A report in May 2022 Seaways concluded that this particular project showed huge potential but that the hydrodynamic model needed more development to be credible. The NI will keep an active watch on the potential for VR and its role in the use of simulation for maritime training and education.
OCEAN Project
The NI became partners in an EC funded project for Operator-Centred Enhancement of Awareness in
Navigation (OCEAN). The OCEAN project is focused on enhancing operator awareness in navigation to:
- l Reduce the frequency of severe accidents like collision and grounding;
l Mitigate ship-strike risks to marine mammals;
- l Mitigate the risk presented by floating obstacles to ships.
This will be a three year project working with leading maritime partners coordinated by the Western Norway University of Applied Sciences. The funding from this project will allow the NI to focus on defining good navigation practices and offering practical feedback into the design of new navigation technology for improving decision making.
ATAG
The Autonomous Technology Advisory Group (ATAG) is a group of NI members who are familiar with evolving technology as developers and users, and who wish to share that knowledge and experience.
In 2022 this group met many times and produced a range of CPD materials, including articles in Seaways, a Round Table discussion in July at the AGM and a webinar in October (the latter two events are recorded on the NI website). Further learning material is planned for 2023.
Industry engagement/IMO
The NI continues its involvement with the IMO as a non-governmental organisation (NGO), attending a broad spectrum of meetings to address the wide range of our Members’ interests. 2022 saw a return to physical meetings at the IMO in London returning to an increased capacity for meeting content. For at least a year these meetings will be available in hybrid format while the IMO assesses the value of this way of operating. For the NI, the hybrid format has increased ability to participate and network while retaining the option of engaging remote members with specialist technical knowledge.
We attended the meetings of 10 different IMO Committees in 2022. Issues of priority were safety of navigation, the human element, marine autonomous surface ships (MASS), greenhouse gas emissions, training, fatigue, and of course the welfare of seafarers. These issues and meeting notes have been regularly reported in Seaways . The Executive Board particularly thanks our IMO Committee Chair Capt Robert McCabe, FNI for his commitment to this work.
The Board also thanks our Immediate Past President Jillian Carson-Jackson, FNI for her commitment to IALA, in particular on the subjects of eNavigation and VTS. The NI continues to engage with many other international organisations with staff and volunteers, operating remotely and in person.
Webinars
During 2022, NIHQ webinars attracted over 10,000 registrants and many thousands more took advantage of the recordings. The most popular subjects were pilot ladder safety, mooring safety and Augmented Reality (AR).
26 | Seaways | June 2023
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Trustees’ Annual Report
QUALIFICATIONS
Dynamic Positioning (DP) Accreditation
Since travel restrictions eased in the second quarter of 2022, the NI accreditation audit team has resumed onsite audits. The team completed 36 audits, including nine online audits where travel was restricted. We approved 12 new DP instructors in 2022, bringing the total number to 174 worldwide. All new instructors were interviewed before issuing the approval to ensure the maintenance of high-quality DP training. Regional Training Providers and Dynamic Positioning Training Executive Group (DPTEG) meetings were conducted online without disruption.
The NI introduced temporary measures to deliver a ‘blended’ induction course during the global Covid pandemic. A number of training centres requested that the blended solution should remain available when Covid restrictions were lifted. Following working group meetings with our stakeholders, provision for this course is available in the 2022 standards with DPTEG approval.
The Nautical Institute hosted its second face-to-face global regional training providers’ meeting in Rio de Janeiro, Brazil. The two-day conference discussed safe DP operations, improvements in training standards and the NI’s mandatory CPD Scheme.
A total of 5,942 DPO applications were processed, including new applications, upgrades and renewals.
The DP Vessel Maintainer Training and Certificate Scheme (Engineers), introduced in 2021, progressed very well in 2022. 1450
DPVM logbooks have been issued since the launch of the scheme, demonstrating its popularity in the industry.
The NI works closely with the Marine Autonomous Systems Regulatory Working Group (MASRWG). A qualification for remote DP station-keeping operations was developed and published in our training and certification standards 2022.
The Nautical Institute’s Ballast Control Operator (BCO) Scheme is stable, and we have issued 38 BCO certificates this year.
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Trustees’ Annual Report
Recognition and accreditation
The NI provides recognition and accreditation for courses by third party providers delivering maritime professional development programmes in our areas of expertise. In 2022 we:
l Approved 11 new recognised courses;
l Renewed recognition for 59 existing courses;
l Renewed recognition for 2 existing services.
Oil Spill Response
The Oil Spill Response training accreditation scheme continues its growth with three new companies added in 2022. The NI is the only company providing this service internationally and is recognised by the IMO.
Some 5000 certificates were issued in 2022 by NI accredited providers.
2022 saw a return to site visits as Covid restrictions came to an end. Attendance at the 2022 international oil spill conference provided an opportunity to meet with many accredited providers.
The delivery of the NI’s Oil Spill Response Organisation services was successfully audited by the MCA in November 2022
Three oil spill responder companies were re-accredited in 2022 to the MCA Standards. This scheme provides an opportunity for growth into 2023 and beyond.
Location of NI accredited Oil Spill Response training companies
EDUCATION AND TRAINING
The short courses developed and delivered by The Nautical Institute continue to be offered under the ‘NI Academy’ logo and branding.
During the year, the course subjects and the number of course dates continued to grow. This has had a positive effect in terms of income generation. Popularity of the courses is such that it remains a challenge to meet demand with capacity. All courses continue to be delivered virtually and student feedback across the year has confirmed that this is the preferred mode of delivery. Continuous review and development cycles are in place to ensure the NI Academy remains responsive to industry and student needs.
We now deliver the following courses:
l Navigation Assessor Part A & B;
l Onboard Competency Assessment;
l Marine Incident Investigation;
l Blockchain for Maritime Professionals – The Fundamentals;
l Introduction to Shipping;
l Behavioural Competency Assessor;
l Casualty Management Course;
l ISM Lead Auditor;
l ISM Lead Auditor Fishing;
l Marine Insurance;
- l Marine Salvage;
l Criminalisation of the Mariner.
Additionally, the following courses are scheduled to reach market by the end of Q2/23:
l DPA;
l DPA (Fish).
To reinforce the credentials of the NI Academy, an application was made to become an accredited Institute of Leadership and Management (ILM) Training Centre. The aim is to gain Level 7 accreditation for the Command and Harbourmaster Schemes, with further rollout to the ‘career orientated’ courses such as ISM Lead Auditor and DPA. Final approval from the ILM is due in March 23. The development of the Academy will be further enhanced with the creation of post-graduate academic courses, in partnership with an appropriate Higher Education organisation (to be confirmed).
Another key objective for the year was to improve the experience from enrolment to delivery, streamlining the process for students. Maintaining a holistic approach remains key in championing learning and ensuring the NI Academy maintains its high-quality output. Considerable efforts continue to be made in ensuring customer feedback is closely monitored and improvements made where necessary.
These developments included workshop-style interactions, videos and quizzes to complement traditional delivery and the implementation of on-line assessments and exams.
The Self-Study Command Scheme:
The Command Diploma Scheme saw a 24% increase in student numbers in 2022. Significant work has been undertaken in 2022 to accredit the Command Diploma Scheme with an ILM Level 7 – Leadership and Management Qualification. The NI Academy aims to ‘re-launch’ The Command Diploma Scheme with the ILM Accreditation in March 2023.
FINANCE AND STAFFING
In early 2022, the NI re-located its headquarters to an adjacent property at 200B Lambeth Road, while remaining tenants of the Marine Society and Sea Cadets. The physical move was undertaken without incident although the migration of technology, specifically effective internet connections delayed routine occupation until the middle of the year.
Blended working arrangements were introduced to reflect common working principles and while largely successful are being kept under close watch with some adjustments planned from 2023.
The Executive Board maintained its pattern of regular meetings providing close oversight to operational and financial matters as well as progress with the Strategic Plan.
Revenue for 2022 was above budget as activity levels post-Covid remained strong. This was made possible through the diverse range of activities undertaken by the NI and by the huge support given by event sponsors to support our 50th Anniversary engagement. This sponsorship was sometimes in kind, technical and very often financial. The NI is extremely grateful for the confidence key industry leaders have shown in this regard and we look forward to continuing these strong relationships.
The management of the investment portfolio was kept under regular review in what was generally a good market for growth after some uncertainty in the early part of the year. The balanced low-medium risk portfolio invested through Rathbones performed well against market comparators. The solid financial performance enabled a further investment to be made in savings. Careful consideration was given to the investment profile, mindful that the NI has strong cash flow and an ongoing healthy bank balance.
The surplus of £366,375 is a reflection of these circumstances,
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Trustees’ Annual Report
though it is expected that a return to physical meetings will result in greatly increased travel costs during 2023 and beyond.
The Reserves policy has proved to be effective and ensures the NI has adequate cover as a going concern.
The Capital Reserve Fund value at year end was £2,868,059, reflecting a total return of –£206,530 for the financial year. During the financial year an additional £500,000 was invested.
The ISO 9002:2015 QM certification audit was held on site. The auditor was impressed by the new premises and the smooth transfer of operations. He noted the ambitious profile of events planned for 2022 and wished the NI every success for the 50th anniversary. No nonconformances were identified, and the auditor was highly appreciative of the running of the quality management processes during the pandemic.
THE NAUTICAL INSTITUTE FOUNDATION
The Nautical Institute Foundation is independent of The Nautical Institute. It is governed by five trustees, three of whom are independent trustees and two who are officials of The Nautical Institute [CEO and the Hon Treasurer]. The Foundation CEO is the only employee currently.
The Foundation’s role is to be supportive of Nautical Institute programmes and ethos but plays a unique role in being able to support educational needs for the wider maritime community, not just the needs of NI members. It aims to raise funds from industry participants and other maritime NGOs to develop and deliver its programmes. It has no recourse to permanent funding from the NI itself.
The NI Foundation seeks to engage with industry leaders/partners to identify educational needs and develop learning solutions to meet these needs. Of particular interest at this time is a programme of activities designed to understand and provide visibility of the challenges of leadership today, both at sea and in the office.
The NI Foundation aims to conduct a large cross-industry research study this year to understand the challenges more clearly and on the back of that data develop tools to prepare the industry to thrive once again. The work will lead to improved work styles and reduce the stress being levied on senior leaders, including Masters and Chief Engineers,
energising them for this new world of disruption and change, and helping to address employee attrition in the industry.
The industry survey will throw up many other opportunities for the NIF and NI to develop tools for the shipping community. Working with the wider community is the only way to understand the challenges and opportunities that lie ahead.
Understanding the values of the Foundation is important and readers should read last year’s report to remind themselves of those values.
LOOKING AHEAD
The Nautical Institute has developed an exciting and challenging Strategic Plan for the period 2021 to 2026.
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:
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 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 Ms Deirdre Lane FNI
Capt Nicholas Nash FNI
All financial results are provisional pending final approval of the accounts.
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Read Seaways online at www.nautinst.org/seaways
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'I'IIL N'AUTICAI, IIN'S'i'I-ru i'c RLI'ORT 01." T'III,: I'(IUS'I'Er.s roR THF. YEAII kNDfi D 31 S'l- l)I.-C.I.-M BI.:R 2022 Co. No. 2570030 Auditors 'riic aii(litors, Appleby & WoDd11.oiidoii) l.iniite(l are iyilling lo coDtinLie ID 0jC¢ ai)d resoliitioiis concei'niiig ilic ai)pointJneiit olAiiditors will bc 511binilled to tlio annual genual Ineeting. Lliaiige5 11) tl)r ¢oinpa[iS fixed as5els duriii&T Ihe year arc 5howii on balance sheet. Tru51et.¥ Tlie Trustee5 of tl)e Chai'itable Compaiiy arc stated oji page l. 'I'his reiioj'l has becii PTepaied in accoi'dance iyiih Siaieineiit of Recoii]]iiended PrdCtice- Accounting and Reportiiig b)1 Chai'itics An(1 in accoi'ilance willi specicil provisioDS of part 15 of the Compani¢s Act 2006. As11)I'oved by tlie trustees and 5igT)ed on their behalf by.. C.'ai)Iiiiii V J Lluyd Secrot¥Lry 2 ?.fuL¥-zc)ryI
THE NAUTICAL JNSTITUTE FINANCIAL gfATF.Mfb NTS f4OR TIIE YEAR ENDED 3 Isr DECEMBER 2022 TRUSTEES, RFSPONSIBILITILS SIHlemcnt of Trusteu, Responsibilities Coinpany law i'eqiiiTes thc ti'ustees to prepare financial statwnents for each fJn&ncial year wliich give a true and fair view of the slatc of pffairs of the company and of the surplus or defi¢it of lh¢ coinpany foi. that period. In prepariiig those financial stalemenls. the trustee5 are requir¢d io: Select suitable ae¢ounting polici&s and ihen apply them consistently- Make judgements and estimates thet are reasonable 8nd prudenL State whether applicable acwunting standard5 have been followed subject to any material departiires disc105¢d and exp12ined ITh ilke financial statements. PIEpare th¢ financial stat¢inents on the going concern basi$ unless it is inappropriate to presume thit the Company will continue in busAtis. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at &ny liine the financial position of lh¢ Ix)mpany and enable ihein to ensure that the financial Statements comply with the Companies Act 2006. Th¢y are also responsible for saftguarding the assets of the tornpany and hence for taking reasonable steps for pr¢v¢nlion and deteelion of fraud and other irregularities. Mr P B Hincl)liffe Cliair Caplain D M Telfer Treasurer Dat¢: J v Pagc4
TIIE INIlll'l'lCAI, ili¥fiTIITE en(Icrtl Au(litor's Ile hEfS or'rhe liautical Tiistitiitt Oiiinion WL hi1ve aiidiied ilic liiiHiicial siatciiienls ol-Ibc Nauiical Insi111£ Ill 'charilabl¢ company,) foT (he ye&i' ended 115t Dcceiiiber 2022 ivhi¢h compi'i¥c ihc SuinmAry Incoyn¢ and ExpendiluTe Accoiiiil, Slaiemeiii of 5.inaneial Aciivilies, tlie FlalaiiLe Shcei, (he Casli Floiy Sialem¢nl atjd leS 10 ihc financial sL¢Jent$, ill¢luding a Su1M81Y of sigJ)ifitaiit aLLoiiii¢iii8 policies. 'tbe finaiiLial rcportine rramCwrk ihai h05 applicd Fli Iheir prtparalion is applic8ble laiv and Ui)iicd KiiiLdoin Aecouiiliiig $111 nd£lrds, including Finan¢ial ReTting SiJiMlard 102 IIK FinRn¢ial RttK>I'liiie StaiidatKI applicAblc in IIIL UK and Ilci)Iihlic vfire1Id (Uniied kingdom GerallY Actrp(ed AccouDling PracLice}. Iii oui. i)pinion, the financial 51altmenl5= Eive 4 Irue Rn(I fair viciv of th¢ slatc of ihe charitablc Co1>.$ atfair5 as ai 31si Dccember 2022 lId of ils Incornlllg IEwur¢es and application ofresource4 includiiig >ls in¢we atKI ekwidiiiirq for Ihc ycar ihcn Cndtd.. liavc been properly preparcd in acc4)rd&e ivith Uniied Kingdoni Gencrnlly Aceewed Accoiinting Pr3LLice' and hdve bccn prepared iij a¢¢onlancc wilh the rc4uiremcDts of the Companies Ad 26. Asls for aiiiiilon We ¢Dndiietcd oiii. au(lit in accordance th'ith InleTTralionil Signdllrds on AudilinE (UK) IISAS (UKI} and appli¢able laiv. Oui. re5pviisibilitl¢8 iind¢i th05c sl0ndal$ are fiirfheT dcSCril in lh¢ AliOr'S rcsponsibiliil foT the audii of Ilie rinancial 51aieinen15 section ofoui. report. We are irYJ¢pendeni oftht c1¥118b1¢ coiijpany li) accotKlaticc iviu) Ilie dhical i'equiieinciils (hal are relevant tD oi¥r au(lit of the fiNI)ciol .%ialciMcnt% in ihe IJK, 7cl{lding tlic FRC'S F.Ihical Slandai'd, &iid wc1112ve fLilfilled otir other dhical r&sponsibili15&8 trn ac¢ordanc¢ ivith Ih&se Y(wuirements. Ivc believt tlial lh¢ audit evidence ive havc OainEd 1$ M)Icient and appropriHt¢ io providc a basis fw oui opinion. CoiLeliislon5 relafing lo going coiittnh Iii au(lilinF. Ihc fsiidiicial sl8icmcnlS. we have concliided thai li Tnlets, ofthe goiiiB corK¢rn I1$ ofaccouniing in the pi'ep&rdllOli of (he finan¢i&l statcmeiits is approwiaie. aged 01) ¢h¥ ii'ork liavL' rFOrMed, i¥¢ have nol idet)tified any miiierial unLrTtaintie5 rclaiing to evenls or eoiidilions Iliai, individiially or cull¢ctivcly. Inay cast 5ipNificani doiibt on Ihe enlily's abilil). 10 (X>lltinyc as a going coiiceyn foi. a p¢¥iod of ai least twclve tnondis from ivhc¢i the fiiian¢ial thiemcnisare auihoriscd for issue. Oiir rcspon8ibilitie8 ajid the r¢snSibIli11&1 of IIK Trustees %Yith re4YXt going wncetn 4rc des¢ribcd iii ite relev4nt section8 of tliis repurl. Other iiif¢bi'mulioii Tlie li'Li%iees oye responsible foy Ih¢ other Iiifonn1 Lion. oihcr infomialion compi'is¥ ilic infoniiaiion in¢litdcd iii thc K¢port of ilie-fyustees oihei" t1]1 Ilie financial sialcnients 3nd oiir aimiitor's Tepor( Ihc]ttbn. Oiii. opinion on the fiikryncial slatLinenls does not cover Ihe other infoTnialion L?iid. exccpi ro the exlciil oihcnyise expliciily yAled our IEwrt, i¥¢ do riot expi'e%s any forji) of JSSUIMIKE Conclusion I1On. In connrciion iviih our audil of I1 financial 8lal¢in-nls. our rcspoii8ibilily IS 10 Tead Ilic niher infoTinalson aiid, iii Ik)iDg so, considcr 14'heiher tIK oiher iTriformaiion is matcrially incon5isieiit Ivi(li Ihe fiDI( llCILiI 514i1cten15 or our knowledge obtdind in IIK aiidil oi. oiheiivise apar5 lo be Inalerio11> Inisslatcd. If ii'c ideiiiify 511clI Nialcrial iiicopsislencics or apparent matrrial misslaleiii¢nlS. tve are Itquircd to cl¢lermine 11,IiciliLI' Ihertt is a mli terial Jiii551aicinenl in the fil1al stat¢mcJiis or a maicrial misslaicincni of11 ollr inf017naiioii. 11. ba8Ld on Ihc %York iYe114ve i¥c conclude iIthL the is a niaieTial mi551emeiit of ihis oilier inloriniqlion, arc reqiiired 10 rcporl that faLt. We liave Iioihilig repoi1 in ihis rd. I'agc 5
'IIV NAUTICAL INI sri-ru'rE
ort 0 ihr mtmbers of Tho l%lltital Inslitutt
¢orttiniied
Opiiiions oil olliei. rnallti's prestribed by the Cothparjies Aci 2006
Iii Dur opinio, bic %ed on the woik iind¢rtdken in Ihe cobtscofiiie aiLdiL'
Ilie infoiiiicl1ioIi giv¢n in IIJC ItUslee5' for Ihe financial )raT for whith fiiianciJl slaleiiietjis air
Ilie Ifiisiees. report ha5 bceji prepared in #ccordance iviih aApIlble ItEal Jrquir¢Jnethis.
latter5 Dii iyliith Ivo are rtquij'ed to J'eport by exctijlion
In Ilic liglil of thc kiioivledeti aiid und£¥siatidiJig of IIJL tliariiable wmpaiiv atKI lis eiiviN)Thtll¢nl oblne iii (he
COLli%C ofilje aLidii. ive h3vc not idenlilied J)aaluial missialem7is iii dic tru51tts'
We liave noihin8 lo rtt>rt in resptri of Ik following ijiaiier5 ]rlaiioi] lo whith Ihe Compahics 2006 reqiirrG5
dequille ¢toniing r¢coTds have kw, Dr Teturrn% adeqijalc for0uralI IL)ve noi beeft T¢¢eivcd froni
biiiiclies iiol vi¥it¢d by u5., or
lh¢ tini< nL2al slalciiieiils arc nDI in agrecfflenl iviih Ihe accouiiling rdS and lun. or
CL'IIRiii Ili¥cltssures of In151ccs' reiiiunerdlioii sJKcif)ed by liw are not ithadc.. or
we liav¢ Ml ¢¢Ived 811 the iiifonn4lion aiml explanaiioiJ5 Ive requi forourauthi.
1
'riiE NAU'I'ICAI. IINS-I'I'I'IITE
endenl Auditoi s Ile
ioi't to thc membe ofThe Nxulieal liistitute
I'lie ¢haritablE coinpany operatcs iiilcrnliioiially aijd is significantly impacieil by interiiaiional lai¥ aiiil
regulatioiis. Taxation law and IE¥ulalion apply lo tli¢ djarilablc coinpaiiy t1 the charitsbl¢ cconipany is no(
iIEvolved iii aiiy complex iiiatiers ihat increas¢ t7 risk of Jian eompliance.
Wc Lll)(lersiood how t1 thariiable Com11Y is complyiiig M'iih ih05e fraiiiewvrks throgh discussions with ilie
Iiiistces aiiil r¢vicw of Ihc trustee5' Iniiiu¢es alid Ilie charitabl¢ compan5 dDCiInnI¢d polic5es and Procedures.
We c1ssesscd (lie 4us¢¢plibilily of the rharilable compAny's financial 51Atemenls io n)&lerial inissiatejiicnt,
inGludii)g liow fraiid tnighi occiir by considcTkng Ihe kcy risks imphciijig thc finaiici81 staleiiicnts.
EJas¥(l oil Iliis nde¥standIng ive dc5Lgned oiir aitdii procedures to identify tK)ii-coniplianee with siich lai¥s and
regiil)tIOllg. Our PToce
I'HE N*lllTIC.'AI. INSI-I-I'LIT Slll%llI 4ARI' I.NCOIIFx ilIND Tr'XI'LIDJ'I'I,'Ilb. ACC'UIIKI. FOII T . YPAR ENI) -. IS'I. DEC.'b.NlU Tt 2022 2022 2021 4,INTr.016 250,897 1 3.705.760 203.158 3.9D8,918 GrDs5 IllfO]IK iji ¥¢poriin¥ wiod L Ipeiidiiure 3.418.744) 1 3.(N)5.426 1 Ntl incomo b¢fvi't tA¥ for Iht rcpoyling period TK¥ l)ayablc J66.375 3,492 I ct jREOmt fTrr Ilit finanri4tl ycar 3M.375 903,492 All iiicoli is ujirisirided funds. A detailed aii?lJsis of iiiwniE and PeIll1¢ by5our i5proYidtd in the Slal&w411 ofFinwJcial A¢tiYilics Il
I'Hf. NAU'I'ICAI. INgfiTUTE .SI'ATI..'Ij.. NT or i.'INANI.'IAL ACTIVITII,- I.'OR'I'JII,: YF.AH I.:NDLD 31ST I)LCLMlllI R 2022 Il*reslricl¢d Dcsi%nated Tvt41 liiin(Is 2021 Nole 2022 IncuIii¢ aiiil eii(loii'meTEls IE'IIIn: DunaliOJiS an(1 l.eg¢lCjC> Cliarilable aclivilies 138580 3.420.568 481.158 3.804 138,580 3.420,568 481,158 65,710 102,325 2.953,666 612,206 46,049 1.537 3,715.783 Iiivcsti)Icnt ii)coJnc Oilier Totul 61,906 4.044,110 61,906 4,106.016 422.404 3,048,801 422,404 3.048,801 17,.$39 3.488,744 406,676 2,594,908 13,865 3,015,449 ChAritable Activitics Otlier Total 17,539 17.539 3.471,205 Net gcllll l {loss) on iiiyeslincnls Nct income 250.897 ) ( 572,905 ( 206,530 ) 250,897 ) 203,1.58 366,375 903,492 'ri'#iisfei'5 bctiyccii fuiiils Moveiiienl on ¢(lu¢atioii fiithil Nct Jiiovenient iii funds 501.510 ) 501,510 1,867) ( 29J.113 1.867 } ( 364,508 71.395 902,381 Ilceonciliiltion of fiiiiils: I'otal fiiii(Is broiighl foiward 1,075.644 2.$80,602 3.656,246 2,7.%3,865 'Dtal fuiiils clli'ricd forw%i'(11131st Deceniber 2022 18 1.147,039 2,873.715 4,020,754 3.656.246 MovciM¢nl8 iii fiiiids Ilro disc105cd in hlote 18 to ihc financial slal¢iiienls. All aiiiDLinls above I'elatc to UllL'e51ricted fvnds. "riic Iiote$ 011 pages 12 10 16 foijm pail of these fiiiancial sta1eJil5.
THK NAUTJCAL JNsfiTUTE BALANCK SHEET AS AT jisr DECEMBER 2022 Com an No. 25700311 Total funds 2022 Tol41 fiinds 2021 Note Fixe(l assets Tangible assets Investments Total fjxcd assets 13 14 104.390 2.868.058 2,972.448 105.595 2,574,588 2.680,183 Curreiit Assets Stocks Debtors Cash at bank and in hand Total ciii'rent %ssets 15 16 52.302 404.025 .182.196 1.638.523 39.941 206,420 1.195.852 1.442,213 LIAbllities: Creditors: alontS falling du¢ within one year 17 590217 ) 466,150) Net eurrent Assets 1.048,3( 976.063 TolAI ¢1 assets or Ilabilili¢s 4.020.754 3.656,246 The fuDds of tlie elihrity: unre5trlcd fi]nds: Designated funds General funds 18 2.873.715 1.147.039 2.580,602 1,075.644 TotRI charity fiinds 4.020.754 3,656.246 The%¢ financial statements have Ixen pr¢par¢d in Accordance with the special PfOViSiUL% for sinall companies under Part 15 of the Companies Act 2006. Approved by the board of trustees on 24 Zo75 and signed on their t¢half by.. Mi. P B Hinehliffe Clixir C#ptaiD D M T¢lfer Treasui'ei. The notes on pages 12 to 16 foTm part of th financial statemen1&
IirAYI r ob CFKSII fLOIV FOR I'FITr: YEAR FJNI DED 31ST DTr.CfMUEII 2 22 2022 2021 Jvel ciish i?rovlrfe(IbJ' fiisediiij operntiiiK fidikyties 550.665 919.985 Divi&iids. inieresi reiiis from inveslments Procetds rtoni the le of piopert)., pltsml *id ¢quip]wL Plireliqse ofpiopcrtr)., plaNI ¥nd eqilipTlll Pioce¢ds froiji sdle 0finv¢sliits
i1rd1 e ofili11els Nipi LYJSIJ yrovi(le(I bj, (iiseiliii) ljiiwsiiijg iirtivikns .H5h Iloivs fi'oilh fillanein¥ iielivilie5'. IlepEly)iienis of bOrrVIng sli inlloiv froin boiwiving 65.710 46,049 85,664 1 439.874 694.3611 I 274.440 1 114.6681 207.301 ( 1.192,062 1 1,057,380) Nel¢iis11 providrd by{t15erflJi)[iftiwiteiii¥ fjdii¥lies Cliiiiii¢ lil e47slt iinrfeiisli euitlvrtleiiislii lh¢ rejjomiigperithl 276225 1.297.158 137.395 1 1.434553 iii C41sII ip ijd casl) eqiiiYAl¢nls e lo excl)ittRe rale iiiDTrtnitnts 1.573.383 1.297.158 diliirc to ii¢i Cash nom. frnm o xttivlties Nei iiicoiiiffJ(e.IpEiiilliiire)Aor ihEreporriNi period (4r5per IIIE 51nlEipieiiloJfiiiftiiciul llciiiyliesj 366.375 903,492 86,868 1.8671 250.197 65.7101 80.665 Moven*ni oil cdiicaiioti fiind IGains)11.oss¢5 oli invcsliiwtt DivI<lcis, Inieie51 ieni fr(K)i invcsliixN5 Losg1{profill on Ihe salc orrix¢d a$5els IIM¢rea&eydc¢N8se in stocks {Incr¢a5¢llikcr¢ase in dcbkn)Js Iiicreasclldccreasel in ctediiors Nei c1131ipr(pvidLryI bj, (iis+il lit) operfjliiig ffrtiiYtiÉS 203.1581 46,0491 12J61 1 197.605 1 1?.4.068 550.665 ,312 63502 12I,lJ2 919,985 Total 1.182.196 J91,187 101,306 Overdraft facility repayable d¢lon .573.381 1,297,158 Pagc 11
'I"IIL NI AUTIC.'Al, 151 S"I'l-I'L'fF. '0'1'..8 TO-J'FII,: I,'IYAliCIAI..s'fA'I'I,'hlF:NTS FIOII I-l{b' Yl'ilR Tr.Y: i)r.D 31S'I' J)I.:(-Tr.I: IBI,-R 2022 al Basis ofa¢¢ountin The fJiianci£11 slaiemcnts liave been prepared iii accoaNCe with Ihe Cojnpanies A¢1 2006 aiid folloiy ¢lic IrcoJ)Jtnen(latEon5 of the A¢¢ouiitJiig and Reporting by ChATilies.' Stalcincnl of Ilecoi))nicJidcd l)r8ciict applicable 10 chaTiIic5 preparing ilieir aceouiiis iji accordaiicc willi tli¢ Financial Reporting Slaiidard appli¢able in thc UK Republic of Ireland11."RS 102). Tecialion of fjxed asscts Fui'niliirc aiid office eqiiipEneJhl is deprecialed oij the sliaight line basi5 ai cost tsver lis e5tiinad useful life <71 tIEe rale of IOY• per annuni. Compuicr cquipniejit is depreciated at a rxle of 33 1130kn pcr ajinum 011 Cost. c) kcvaliiaiion of invtsl¢nent I'he invcsliiienl ASSCIS hRve been shown at illarkel vdliie for tlie ending 31st De¢embtr 2022 iyiili the ¢ompaiitivts for Ilie )'ear ending 31st D¢ceMber 2021 also shown at IheiT markcl valiie. The revaliiation siirplus ha5 becji sho> on Ihe statWTMt of financial a¢liviii¢s a5 nel realiscd and Iinreali5cd gain on iiivcsliiicnt assets. d} acor Thc company has takeij advani8gc of th¢ lax excrnption allowcd due lo its charitable status. e) Allolalion of exPe IO¢/o ofsalaTies and 50¥• of trayelling ld nicelikg expens¢5 havc been allorated 10 manageincnl and ddiiisni5(IMtion of Ihe Insiittite. which ietle¢t5 Ihe protx>rtioll Inciled iii this aclii'jly. This has t 5¢t up lo creale a Confingency Resttve and a Pn)jec15 R¢sw¢. The Contingcncy Resci've is lo eiisure Ihal Ihe lllstilute's seri'ice5 iITe not coillpromised in (h¢ 51K>rt tcrjn. 'lThc largel level of Contingency Rescrvc is ¢al¢ulad based 011 33% of aiinual ()peratiiig biidget. Thc l)IM)jcc(s KeserYL is lo enable ihe lJisliliil¢ 10 fund spccific proje¢is widi tlie appn)val of Ilic FAe¢utiN¢ Boaiyl of Tru51ccs. -Ili¢ targrl Icvel of Projects Resersr is calcvlaled based on 50Yo of the Coiitijigcncy Rescive tai'gct. The Icvcl of Capiial RESErYe fund 15 re&iewrd on a regular b&sis. Tlie stock lield ts Ihe 51ock of books. both hi51orical aiid currejil, and a valucd kl Ilic lower ofcosl or iiei rcli5ablc valuc. I'lie stOLk OrkS is reviem'ed pctiodiclly foi the professioiial coiiiciit Hiid curreiil relcvance and A bad debt provision is ultiilaied on this basi5. Page l!
TIII,: NAI.'TIC.'Al. IN¥fiTIJIT. NOI'14 S '1'0'riiTr: I,-l.XAN'CIAL S I'A'I'I,:hlF.N-(S riOR TIIfr'. YFAR DED 3151- DkCEMIIV.R 2022 lJnr¢s<ri¢ted Designid ted Fujid -rotxl 2022 Total 2021 c'tE%i'ilable Aetivifie5 SeiniiiarslConfei-ciic¢s & JouTna15 Enii-liiiLc fees, ti?iisfcr fees aiid subscriptions Trttiniiig Arid ¢oiirses Accrcditalioii and Cerlificalion 337.962 766,071 362,051 1.9.$4,482 3,420.568 337,962 766.073 362.0.51 1.954.482 3,420.568 128,030 744,307 210.036 1,851,29J 2,953,666 SetiiitJar51CDiiference5 & Joiirnkls Seminai'l Corifei'ence5 .Sc.rywAys JoJrtt8ls 2022 2021 Income foiiferenccs aiid seminHr5 S¢divays income {subscr(bcrs & Affiliates) Scaways advei"li_%ing iii¢ome 178.701 178.701 124.865 34,396 5,250 101,670 124,865 14.396 178.701 159,261 337,962 128.030 Li xpenditiire (-onfeiEJiceslstininars Seaways publications MaTS Se4iways advertlS1118 C05t 142,685 142.685 169.720 6,000 7.4?.1 20,989 224,114 6,000 S.D76 169,720 6.000 7.421 153.141 142,685 325.826 256,179 Siirpliisl{deficil} on SeminaTsIConference5 & Joiimals 36,016 23,8¥0 } 12.136 ( 128.149) Oth¢J' ti'xiling netivities Books Service5 2022 2021 Sales 471.485 9.673 485,158 612,206 C05(s of sales Opeiiing stocks Purchases -37.077 358.289 395.366 49.5YI ) ( 2,864 39,1)41 371,407 411.748 52,1021 ( 41,2.53 363,097 IS,982 17121( LES5.' Glosiiig siocks 39.941 1 Costs of sales 345.776 13,270 359,046 364.409 125.709 ( 3.597 ) 122.112 247,797 Investnieiits income Geiiei'AI Funil Desi%nale(I 2022 2021 Ilank interest Dividends 7.254 54.652 61,906 11,0.58 54.652 65,710 6,23.3 3,80 46,049 Page 13
'I'IItr. NAIII'ICAL INSTITU'I'E iyi'I.s'i"o-riic i,-INAIClIlL.S"I'AI'FlI IFliTS r()ii i'llk I'l.:AR E.NDEfJ 31S I- I)tr."C.'F.'NIIIF-II 2 Unre5tricl¢il Trynd Dtsixnated Total 2021 2022 RAi$iiiK f12nd5 Cost ofgcn¢iaiiiig fuiids 359.046 63.358 422.404 359,046 63,358 4?.?.,40--1 J6.1.409 42.2C)7 406,C)70 C051014?cliYjlj£s in flirt1arKe ofthe InS1iiiilbS obje¢li¥es 325.V.6 652.014 495,228 389,368 121.67) 145.480 919,213 3.048.801 325,826 652,014 495.228 389,368 121.673 145,480 Y19,213 3.048.801 2S6.179 56fj,587 571,520 281,?_21 67,657 69.87 773,870 2,594,908 A(Iiiiiiii$lIal¢okll & Governa c051S riaining & Cours¢s Meiiiknhip Accre(liiaiion and CeMifirali( Supi)oi'l cosf5 2022 2021 tjrniicli bubvrnlion5 & chartershipcosls StstTc051s -riTvelliiig and tlleclings 21.808 612,8(19 17.397 652.014 25.750 537.50) 565,587 AdiniJi¥li'alion & CFov¢rnMiict costs 2022 202] lJoslagG atyl l¥lep1 511,287 5,551 58.082 S.YJO 50,541 29,573 9.238 52.?.78 8,437 $1,338 Loiiiwier ¢XnseS Aiidilors rees Credit Card & IlaJk Charge5 Relit, ratcs atKi g¥rYicc chwEts 48,626 176,710 7,165 31.197 0,418 In$uraJJce- Mcillbus Beri1 oiricc ¢qiJipiii¢ni ieni&l Gn¢Tal expeii 'I'rav¢lliiig, rneeling5 aTrd AGM ¢xpense5 Ovcrhead Rcwvery Legi21 & PN)fekioiial fees Training C0$15 5.765 22,914 17JYI 2,335 18.0001 38.834 10,427 40.557 786 86,808 32.165 495.228 80,665 ojrite iiioye 573,520 Jo Ncl niov¢EMtnt fund5 for Ilit )'tAr 2022 2021 -rhi5 is Siald after chATging= t)IprLciaiioii orri.Ktd a5xels Aixlilors ni1111cr81lIxI {adI¢ setvice5) 80.868 80,665 5,8QO Page 14
i'iir, liklllTICAI. IiYS'fiTirrF. NOTEI S I'o'fiiE b'l.NIlN IAI. S-I"A'ILMENTS ()11 I'14C VI.:AR F.NDLI) 3 ST DF.cfM¥ITr.R 2022 I I SIAff e051s 2022 2021 SalHri¢5 & iva2es SociLtI srcurity co5 Pciision rolct15147JJcos1 iiieliiilijjx kJJefii$ ILs.4'. All(Kalcd io cosl cet)Irc5 1.505.384 101.787 108.523 1,775,694 .098,881 1 676.813 .J39.943 144,954 119,578 1.604,475 ( I,007,2501 597,225 Si¢iffros15 iiieliiiledii'liliin oAwrdeo&i. NID. ofcmploy¢es eaming £60,(K)O io no.( lio. af ciiis)loy% eaming £70,00110 £80.(MN No. ofciMplo>re5 ¢Riniiig £80,001 lo £90.IKJO No. oftimplo}Its tsniiiig £90.00110 £100,I)I)O Nu. ofeinploy¢es eaming £IOO.000 + Ai'er3g¢ iiiitnberafeinplD)tts 34 34 -1.1 cliill¢ThRli and ITU4tts did 1 ¥ettive an}. Ttrnfitraiion durillE tljc JtaT. 12 The charilLible company isex¢Twl rmtTrfffjT81IQn iaxoll its clwriiablL aciivilie oirice furttitrtr & 13 Conii)lltttrs Tolal Cost Al l%1 Janiiary ?.022 79.768 107.1.18 ¥5.664 886,906 85,664 Disposal% At 3 Isl Ikcernber 2022 79.769 891802 972,570 AocLimuIAled depreeiatio Ai Isi JLiJiuary 2022 Charge lor Ilic ytar 65.293 5,417 716,018 81.452 78lJll 86,869 At 31st Dccernki2022 70.710 797,470 868,180 IKS al 31st Dttember 2022 9.059 14.476 95J32 91,119 104.390 105,595 14 Inveslmenls 2022 2021 larkel Vali nt l Junuary 2022 AtQLIISlliort ai co SalLs pro(%cd5 ¥t iiiarkLI Yaluc 2.471.282 694.360 439.874 1 250.8971 2,476,871 .281.363 ,192.062 203.301) 203.158 2.473,282 MJrkLiI I'AIIIC lil 3 I IkcenilKr2022 Cgs11 391.187 IAI'liel vnlite al 31 Dcttinber 2022 2068.0.58 2.$74,588 2.574,588 .339,384
Tllk N'&lllTlC,kl. INs'ri'i'ii-I b. o'rkS'f() TIIL Fi1((..1A1. FOII'I'IITr. YlélTI E.YDb.r) JIST DFC.'fr:hlllF.R 2022 2022 2021 IS Slock BrkS M¢iiibtr ÉerviLY5 419.590 2.712 37.077 S2J02 39.911 rJ¢l>l• Trad¢ d¢bithrs IW.665 85.d.f6 102.556 16,355 04.025 42,079 42.649 95,306 26,J86 2Q6,4?.0 Oilitr d¢biois VAT Trade credi Accnial¥ PAYf. L. &hcr ¢rYdilot5 DcferI£d iii¢om¢ 19).630 108,031 76.290 ?.062(rf> 590,217 63,609 228.454 95,090 78,337 4(rf>.150 N'eiv IksiwiBlcd Uliliscdl RliSed Jlal8Lice 31.12.2022 01.01.2WL2 "Itai¥f¢ned 18 De.signxied fDiids Capiial Rewye Fund LdurulioiiBI filmd 2.S73.079 7.523 44J67 1 250.8971 501510 1,867) 2.868,059 5.656 2.580.602 44.367 { 250.897 4YJ,643 2.873,715 tiera1 Fund Balwice Uiilis¢dl 01.01.2022 RuliKd Ttsfri[¢d 31.12.2022 Bri% 1 yai>sftt in y SiirpliLS fvryeAr ,075.614 1.075.04d 572.905 5n.905 572.905 ,147.039 1.075,644 No rc¢eiYed Biiy rL'IIIIIIIIX•lioJt for s¢rYitts as & Tn1$¢. -fhc aiiu>u4t of £2,944 12021.- £N'ill li*s rl'jiiibursed lo Trustees to wv¢i li5¢xlIlIcthls (la ¢XPE415e5 in connEcli(Hi iyiih theirroles as fri1ceS. Tri15tees &iid eouii¢il n1¢[nb USE the Ill1[lS 5¢r%'i¥es on ihe sa¢ terin¥ as Ot1 Imeiiibers. ]leCase ol the Jl8iure of Ilie Iil5(iliiics Irndc5 11 15 iiot praaical lo qiianiify tti¢ toial Ofirni1s imih Ihese IKcinbcrs duriig Il)e }'e8r. Ilthwcwer, oiJl} iiiinor baiantes I[¢ to w¢1 fJwiJ Ihest iJ>¢iliiS ¥$ 3151 Drt¢]i)btr 20?.?. &iid 47ny 1¢ Plt Id LQ Ilies¢ iii¢mbcrs ai¢ 5cparaLcly in il% Re1111¢ Account. Tluiiees aixlC¢)ullcil iiieiubers aretequircil i r)Il¥ ID ijaliire ofiiie IiisiiliiTe'gityk. a Illllltbcr of11 TnLgieei Èiid c'117¢11 arr IlsodirLYiorsfiJ41$1cckl¢insiloyL ioial ofiraiiS1¢1ioMs iii Ihe pcrtod. Pa8L 16