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← Royal Benevolent And Educational Fund For Watermen And Lightermen

2025-06-30-accounts

Registered Charity No: 1086890

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Royal Benevolent and Educational Fund for Watermen and Lightermen of the River Thames

Trustee's report and financial statements

30 June 2025

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Chartered EDMUND CARR LLP Accountants & Registered Auditors 146 New London Road Cheimsford Essex CM2 0AW

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

' FOR THE YEAR ENDED 30 JUNE 2025

CONTENTS

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|||||| |---|---|---|---|---| |Trustees,|advisors|and principal|staff|1| |Trustee's report|2-6| |Independent auditor’s report|7-10| |Statement of financial|activities|11| |Balance sheet|12| |Cash flow statement|13| |Notes to the|financial|statements|14-26|

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

TRUSTEES, ADVISORS AND PRINCIPAL STAFF

FOR THE YEAR ENDED 30 JUNE 2025 A

The Trustee

The Court of The Company of Watermen and Lightermen of the River Thames acting through the Almshouses and Charities Committee

The Almshouses and Charities Committee of The Company of Watermen and Lightermen of the River Thames during the year and up to the date of the Trustees’ Report

Trustee Members

David Wootton President Graham Barnard (Appointed 23 July 2025) Sean Collins (Appointed 23 July 2025) Andrew Fenemore Jones (Appointed 23 July 2025) Edward Gradosielski (Resigned 23 July 2025) Robert Manning (Resigned 23 July 2025) Richard Springford (Resigned 23 July 2025) Derek Mann (Resigned 23 July 2025) Jeremy R Randall (Resigned 23 July 2025)

Ordinary members Nicky Sinallbone Robert Crouch Richard D Turk John Potter Richard G Turk Lambros Varnavides David Beard Martin Thacker Mark Telfer Mark Blandford-Baker Jonathan Lynn Eric Reynold

Registered address Watermen’s Hall 16-18 St Mary at Hill London, EC3R 8EF

Registered Charity No: 1086890

Advisors and principal staff Principal Staff Bankers Julie Lithgow HSBC Clerk to the Trustee 20 Eastcheap, London, EC3M IED Auditors Investment Managers Edmund Carr LLP Rathbones - Incorporating Investec 146 New London Road 30 Gresham Street Chelmsford London Essex, CM2 0AW EC2V 7QN

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

TRUSTEE'S REPORT

FOR THE YEAR ENDED 30 JUNE 2025 Re

Governing Document

As from 1 July 2011 and in accordance with the Charity Commission scheme dated 31 March 2011 the charities of the Company of Watermen and Lightermen — Royal Cottage Home for Watermen and Lightermen, the Benevolent Fund of the Company of Watermen and Lightermen of the River Thames are known as Royal Benevolent and Educational Fund for Watermen and Lightermen and together with the Watermen’s Hall Preservation Trust are jointly known as the Watermen and Lightermen Charities. The number ofthe new charity is the registration formerly used for the Royal Cottage Homes for Watermen (1086890).

The assets and liabilities of the Philip Henman Foundation (1049085) were transferred into the new charity as from 1 July 2011.

The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom Practice.and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting

Trustees

The Court of The Company ofWatermen and Lightermen of the River Thames is the Charitable Trustee ofthe Charity. The Company also acts as charitable trustee for The Poors Fund. The Court acts through the Almshouses and Charities Committee, the members of which are listed on page 1. The Court has appointed named Trustees to act on its behalf. These appointments are elected annually. The Court of the Company of Watermen and Lightermen of the River Thames is comprised of Craft Owning Freemen who have been elected to the Court. The Trustee Members are kept informed ofany changes to charity legislation and are given the opportunity to undertake any further training that they might wish to do. All new Trustee Members are briefed as to their legal obligations under charity law.

Organisation The Almshouses and Charities Committee is elected annually by the Court. The President and Chairman of the Committee is appointed for a three-year term of office, renewable for a further three years. The Company's Clerk acts as Secretary to the Committee. The Committee meets quarterly, with one annual meeting to approve the Trustee's annual report.

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Staff

The day-to-day management of the Charity is delegated to Julie Lithgow as Clerk to the Trustee. A staff theof fiveCharity peopleas isand employed when required. by The Company of Watermen and Lightermen and they provide services to

Additionally, four staff are employed directly by the Charity and provide oversight and maintenance of the Charity’s Almshouses in Hastings.

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

TRUSTEE'S REPORT (continued)

FOR THE YEAR ENDED 30 JUNE 2025 em

Objects of the Charity The objects of the Charity are:

Objectives and activities for public benefit

The principal beneficiaries of the Charity are the Freemen of the Company of Watermen and Lightermen and their widows, widowers, children or other dependants, The Charity provides accommodation for needy Freemen who have reached retirement age and who find themselves in reduced circumstances by way of bungalows at its site in Hastings. The bungalows are to a high standard to provide affordable accommodation in pleasant and safe surroundings. Properties that are surplus to immediate requirements are let on short-hold tenancies, which assist with providing the additional funds necessary for the overall maintenance and upgrading of the properties. The Charity provides a community centre at Hastings, which the residents as well as visitors within the local community use for social functions and other activities,

The Charity is available to provide a benefit to the local community by being able to offer some accommodation on short hold tenancies. The Charity tries to benefit as many relevant people as possible according to its objectives and activities.

The Charity assists with the training and education for its apprentices and other interested parties wishing to learn the skills associated with the use of inland and estuarial waterways and in the history and traditions of the Company.

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The Charity has an obligation to preserve for the benefit of the public Watermen’s Hall (the building) and to encourage reasonable public access to view its historic and architectural features, works of art, furniture and artefacts and records (the collection). During the year guided hall tours were arranged for interested parties.

The Trustee has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing its aims and objectives and in planning future activities. In particular, the Trustee will consider how planned activities will contribute to the aims and objectives set.

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

TRUSTEE'S REPORT (continued)

FOR THE YEAR ENDED 30 JUNE 2025 er

Achievements and Performance

Site Management Strutt and Parker have been appointed since September 2008 to manage at Ditchling, and it is fully let to commercial tenants.

During the year the Trustee and members of staff made regular visits to Hastings to meet the residents.

During the year several of the properties at both sites have undergone a full refurbishment to improve them and to ensure that they comply with current legislation. This programme is being continued as and when a property becomes vacant. The Trustees sought professional advice as to the best methods to improve the housing stock,

Future activities

The Trustee intends to keep all the properties at both sites in a good state of repair and has during the year upgraded the kitchens and bathrooms in several properties as they have become vacant.

The Trustee intends to continue to facilitate training and education for those interested in a career on the Thames and associated waterways. During the year new apprentices continued to be bound to the Company of Watermen and Lightermen of the River Thames and are eligible to participate in ongoing training.

Financial Review

The income derived from maintenance charges paid by Watermen and rents from private tenants covers the cost of maintenance including a reserve for future expenditure. This is divided into routine annual maintenance and an extraordinary repair fund. The latter is under the management ofM&G Securities as agents for the National Association of Almshouses.

The Charity's investments are managed by investment managers Rathbones and M & G Securities.

The Trustee’s investment powers are contained in Charity Commission Schemes for the Charity and statutes. Rathbones provide quarterly reports to the Trustee in addition to attending at least one meeting a year to discuss the performance and investment policy.

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The attached financial statements show the current state of the finances, which the Committee considers to be sound. These statements comply with current statutory requirements. The Charity is able to meet its financial obligations. As the financial statements show, the total funds for future use as at 30 June 2025 were £4,855, 133 (2024: £4,653,634).

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TRUSTEE'S REPORT (continued)

FOR THE YEAR ENDED 30 JUNE 2025 a

Reserves

The Trustee wishes to keep sufficient reserves to maintain the Almshouses to a high standard of repair and provide an acceptable level of care for its residents, The Trustee is satisfied with the adequacy of the reserves at this time but given the age and condition of the properties at Ditchling and Hastings some concern could arise in the future. The Trustee has reviewed the amounts invested in the Extra Ordinary Repair Fund each year.

Amount of restricted funds held at the year-end - £1,029,018 (2024: £1,043,902). Amount of free reserves available - £3,826,115 (2024: £3,609,732).

Investment policy

During the year the portfolio achieved a return of 2.4% (2024: 2.9%) before an upward revaluation of 5.2% (2024: 10.4%). The policy set by the Trustee Members seeks to maintain the value of the fund in real terms by investing in a combination of income and capital growth investments. The Trustee reviewed its investment policy in 2012 and the guidelines given to Rathbonesc set an objective of mainly capital growth but with a reasonable expectation of dividend generation. The Trustee undertook a review in 2017 and intend to review again in the near future.

Ethical Investment Policy

The Trustee covers any ethical issues when reviewing the performance of its portfolio with Rathbones and is satisfied with the ethical approach to investing adopted by that company.

Risk Management

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The Trustee has considered the major risks faced by the Charity and has taken appropriate action to manage them. This policy is reviewed regularly to identify any new risks the Charity may face. The Trustee has implemented procedures designed to minimise any potential risks should they materialise,

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

TRUSTEE'S REPORT (continued)

FOR THE YEAR ENDED 30 JUNE 2025 —_—eweeesao

Statement of Trustee's responsibilities

The Trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Law applicable to charities in England and Wales requires the Trustee to prepare accounts for each financial year, which give a true and fair view of the state of affairs of the Charity and its incoming resources and application of resources for that period. In the preparation of these accounts the Trustee is required to:

The Trustee is responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charities Act 2011, Charities (Accounts Reports) Regulations 2008 and the trust deed. The Trustee is also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustee and signed on its behalf by:

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J Lithgow The Clerk to the Trustee Date: Oza€ 4[ qo"?] 708 rf

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

FOR THE YEAR ENDED 30 JUNE 2025 a

Opinion

We have audited the financial statements of the Royal Benevolent and Educational Fund for Watermen and Lightermen of the River Thames (the ‘charity’) for the year ended 30 June 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flow and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice),

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability toare conau t horisedinue as a going concernfor issue. for a period of at least twelve months from when the financial statements

Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustee’s Report, other than the financial statements and our auditor’s report thereon. The trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES (continued)

FOR THE YEAR ENDED 30 JUNE 2025 I

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves, If, based on the work we have toperformed,report that wefact. conclude that there is a material misstatement of this other information, we are required

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: * the information given in the trustees! report is inconsistent in any material respect with the financial statements; or

Responsibilities of the trustee

As explained more fully in the trustee’s responsibilities statement, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES (continued)

FOR THE YEAR ENDED 30 JUNE 2025 a Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks ofmaterial misstatement in respect of irregularities, includingfraud and non-compliance with laws and regulations, was asfollows; * The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We assessed the susceptibility ofthe charity’s financial statements to material misstatement, including obtaining an understanding ofhowfraud might occur by;

*To address the risk offraud through management bias and override ofcontrols, we; * Performed analytical procedures to identify any unusual or unexpected relationships Tested journal entries to identify unusual transactions

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Because ofthe inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES (continued) FOR THE YEAR ENDED 30 JUNE 2025 Ceeee

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit, We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity’s trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustee as a body, for our audit work, for this report, or for the opinions we have formed.

CQmend Gur cep

Edmund Carr LLP Chartered Accountants & Statutory Auditors 146 New London Road Chelmsford CM2 0AW Date: 92/12/2025

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 JUNE 2025

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|||||||| |---|---|---|---|---|---|---| |ee| |Notes|Unrestrictedfunds|Restrictedfunds|Total2025|Total2024| |Income|from:|£|£|£|£| |Donation and legacies|2|21,156|9,948|31,104|10,445| |Charitable|activities|3|39,607|8,387|47,994|40,459| |Other trading activities|3|577,402|-|577,402|532,092| |Investments|3|24,708|43,639|68,347|74,797| |Fundraising activities|3|-|1,794|1,794|6,575| |Total income|14|662,873|63,768|726,641|664,368| |Expenditure|on:| |Raising funds|5|-|6,761|6,761|4,841| |Charitable activities|5|244,243|144,189|388,432|495,679| |OtherGrants trading|activities|94|310,221-|--|310,221-|267,164-| |Total expenditure|14|554,464|150,950|705,414|767,684| |Net income|/ (expenditure)|108,409|(87,182)|21,227|(103,316)| |Gains / (losses) on investment|assets| |Realised|(7,144)|(12,777)|(19,921)|28,852| |Unrealised|11|115,118|85,075|200,193|363,954| |Net movement|in funds|216,383|(14,884)|201,499|289,490| |Fund balances brought forward|14|3,609,732|1,043,902|4,653,634|4,364,144| |Fund balances|carried forward|14|3,826,115|1,029,018|4,855,133|4,653,634| |SSS OSS|=|

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All of the Charity's activities are continuing.

The notes on pages 14 to 26 form part of these financial statements.

ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

BALANCE SHEET

AS AT 30 JUNE 2025

AS AT 30 JUNE 2025 AS AT 30 JUNE 2025 AS AT 30 JUNE 2025 AS AT 30 JUNE 2025 AS AT 30 JUNE 2025 AS AT 30 JUNE 2025
hams
Notes Unrestricted
funds		 Restricted
funds		 Total
2025		 Total
2024
Fixed assets £ £ £ £
Tangible assets
Listed investments
Otherinvestments		 10
11
11		 $49,939
2,074,229
1,012,360		 59,549
889,378
-		 609,488
2,963,607
1,012,360		 643,868
2,908,173
944,806
3,636,528 948,927 4,585,455 4,496,847
Current assets
Debtors
Cash atbankand inhand		 12 148,100
106,817		 2,183
77,908		 150,283
184,725		 115,313
125,260
254,917 80,091 335,008 240,573
Creditors: Amounts fallingduewithin
one year		 13 (65,330) - (65,330) (83,786)
Netcurrent assets 189,587 80,09] 269,678 156,787
Total assets less liabilities 3,826,115 1,029,018 4,855,133 4,653,634
Fund balances
Unrestricted funds:
General fund
Designated funds
Total unrestricted funds		 14 2,813,755
1,012,360
3,826,115		 -
-
-		 2,813,755
1,012,360
3,826,115		 2,664,926
944.806
3,609,732
Restrictedfunds 14 - 1,029,018 1,029,018 1,043,902
Totalfunds 14 3,826,115 1,029,018 4,855,133 4,653,634

Thekel)financial statements 2025 andon pages signed11 onto its 26 were behalf approved by: and authorised for issue by the Trustee on \oagdD. eas A. (N?| | WOOTTON LITHGOW The President The Clerk to the Trustee The notes on pages 14 to 26 form part of these financial statements.

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2025

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||||||| |---|---|---|---|---|---| |Notes|2025|2024| |£|£| |Cash|flows|from|operating|activities| |Net movement in funds|201,499|289,490| |Adjustmenis|for:| |Revaluation|'| |Profit|of|investments|at|(200,193)|(363,954)| |on sale of invesments|19,921|(28,852)| |Depreciation|10|$8,313|$7,735| |Changes|in:| |Trade and other debtors|(34,970)|11,785| |Trade and other creditors|(18,456)|13,461| |Cash used|in operations|26,114|(20,335)| |Investment income receivable|3|(67,634)|(73,342)| |Bank interest receivable|3|(713)|(1,455)| |Net cash used in operating activities|(42,233)|(95,132)| |Cash|flows from|investing|activities| |Purchase of fixed assets|10|(23,933)|(17,396)| |Purchase of|investments|11|(332,731)|(524,048)| |Proceeds from|sale of investments|390,015|576,919| |Investment income receivable|67,634|73,342| |Bank|interest receivable|713|1,455| |Net cash from investing activities|101,698|110,272| |Net (decrease)/increase|in|cash and cash equivalents|59,465|15,140| |Cash and cash equivalents at beginning of|the year|125,260|110,120| |Cash and cash equivalents|at end of the year|184,725|125,260|

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The notes on pages 14 to 26 form part of these financial statements.

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

TT J) Accounting policies

a) Basis of accounting

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the Charity and rounded to the nearest £.

b) Assessment of going concern

The Trustee is of the opinion that the Charity has sufficient resources to continue operating for the next 12 months from the date of signing these financial statements,

c) Income

Income from rental and maintenance

Income from rental and maintenance is taken to the statement of financial activities as it arises,

Income from investments

Income from investments includes the net incoming resources of M&G Securities and Investec investment portfolios; such income is recorded as received.

Donations, grants and legacies Incomes from donations, grants and legacies are accounted for as soon as receipt is probable, and the amount can be reliably estimated.

d) Expenditure

Grants

Grants to individuals are only payable provided the individuals meet the relevant criteria and provided the Charity has sufficient funds. However, grants are recognised in their totality as soon as these are offered to the recipient, on the grounds that the recipients have reasonable expectations that they will receive the grants in full. Where grants have not been taken up, and the recipient has breached the terms of the grant, they are written back,

The Trustee considers grant applications for funding from the Committees of the Company of Watermen and Lightermen for charitable activities and the Board of Watermens Hall! Limited.

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i ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025 os eee 1) Accounting policies (continued)

Depreciation Depreciationtheir is provided ona straight-line basis so as to write off the cost of tangible fixed assets over asset expectedare as follows: useful economic lives. The annual depreciation rates used for each catergory of fixed

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Freehold property 1% straight-line Freehold property improvements 10% straight-line Motor vehicies 20% straight-line Fixtures and fittings 10% straight-line Company barge 4% straight-line Artefacts of the Charity are not depreciated.

Other expenditure

Other expenditure is recognised on an accruals basis. Management costs are charged to the Charity by The Company of Watermen and Lightermen of the River Thames and administration costs are recharged to the charities from Watermens Hall Limited. These represent the costs of managing the Charity including maintaining its records.

Irrecoverable VAT

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The Charity is not registered for VAT so cannot recover the VAT on any expenditure incurred. This irrecoverable VAT is included in the relevant costs shown in the Statement of Financial Activities.

e) Tangible fixed assets

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Tangible fixed assets are stated at cost less accumulated depreciation. Only capital expenditure over £1,000 is capitalised; items costing below this amount are written off immediately.

Housing properties

Housing properties are stated at their original cost, plus the cost of capitalised improvements. Donated properties are included at a £nil valuation as a reliable estimate of their value as at the date of gift is not obtainable because of the nature of the properties and the purpose to which they are used by the Charity.

Impairment

Any tangible fixed assets, including housing properties, which are impaired, are written down to their estimated economic value to the Charity. As at the year-end no assets were impaired in value or use.

f) Investments Investments are shown at market value. The change in investment market values during the year includes gains and losses on investments sold as well as unrealised gains and losses in the value of investments held as at the year-end.

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2025

reer 1) Accounting policies (continued)

g) Debtors

Debtors are recognised initially at the transaction price. A provision for the impairment of debtors is established when there is evidence that the Charity will not be able to collect all amounts due.

h) Creditors

Creditors are recognised where the Charity had a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due can be measured reliably. Creditors are normally recognised at their settlement amount.

i) Fund accounting

Funds held by the Charity are either:

Unrestricted generalfunds — these are funds that can be used in accordance with the charitable objectives at the discretion of the Trustee.

Designatedfunds — these are funds included within the unrestricted funds and represent sums that are set aside by the Trustee for specific future purposes or projects.

Restrictedfunds — these are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

j) Financial instruments

Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument.

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs).

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2025

2) Income from donations and legacies

ReliefofPoverty
&Other		 Training&
Education		 Preservation Total
2025		 Total
2024
Donations £
21,156		 £
-		 £
9,948		 £
31,104		 £
10,445
21,156 - 9,948 31,104 10,445
Unrestrictedfunds
Restrictedfunds		 21,156
-
21,156		 -
-
-		 -
9,948
9,948		 21,156
9,948
31,104		 9,670
775
10,445
Incomeearned from otheractivities activities
ReliefofPoverty
&Other		 Training&
Education		 Preservation Total
2025		 Total
2024
Charitable activities £ £ £ £ £
Provisionofsocialhousing
Othercharitable activities		 36,072
3,535
39,607		 -
8,387
8,387		 -
-
.		 36,072
11,922
47,994		 35,808
4,651
40,459
Othertrading activities
Marketrentals 577,402
577,402		 -
-		 -
-		 577,402
577,402		 532,092
532,092
Investment income
Investmentincome
Bankinterest		 49,150
454
49,604		 18,484
259
18,743		 -
:
-		 67,634
713
68,347		 73,342
1,455
74,797
Fundraising - - 1,794 1,794 6,575
- - 1,794 1,794 6,575
666,613 27,130 1,794 695,537 653,923
Unrestrictedfunds
Restricted funds		 641,717
24,896
666,613		 -
27,130
27,130		 -
1,794
1,794		 641,717
53,820
695,537		 597,594
$6,329
653,923

3) Income earned from other activities

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2025

,

4) Employee and administration costs

Currentyear: Housing Service Total Total
Management Costs 2025 2024
Salaries
Social security costs
Pensioncontributions		 £
5,419
429
146		 £
62,314
4,928
1,674		 £
67,733
5,357
1,820		 £
66,754
4,490
1,402
5,994 68,916 74,910 72,646
Administrationexpenses
Strutt&Parkermanagementfees		 18,815
-		 216,376
24,929		 235,191
24,929		 195,418
20,544
24,809 310,221 335,030 288,608
Prioryear: Housing
Management		 Service
Costs		 Total
2024		 Total
2023
Salaries
Social security costs
Pensioncontributions		 £
5,340
359
112		 £
61,414
4,131
1,290		 £
66,754
4,490
1,402		 £
50,366
3,280
335
5,811 66,835 72,646 53,981
Administrationexpenses
Strutt&Parkermanagement fees		 15,633
-		 179,785
20,544		 195,418
20,544		 ‘180,436
18,363
21,444 267,164 288,608 252,780

The Charity has five employees (2024: five) representing a full time equivalent of four employees (2024: four). No employee received remuneration of more than £60,000 during the year. Neither the Trustee nor connected persons received either fees or emoluments for their services or have had expenses reimbursed to them in the year (2024: £nil),

The Administration expenses have been allocated on a percentage basis of total income from market rentals and provision of social housing.

Included within the administration expenses are a portion of the management and accommodation costs from note 7.

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2025

FOR THE YEARTHE YEARYEAR ENDED 30 JUNEJUNE 2025 FOR THE YEARTHE YEARYEAR ENDED 30 JUNEJUNE 2025 FOR THE YEARTHE YEARYEAR ENDED 30 JUNEJUNE 2025 FOR THE YEARTHE YEARYEAR ENDED 30 JUNEJUNE 2025 FOR THE YEARTHE YEARYEAR ENDED 30 JUNEJUNE 2025 FOR THE YEARTHE YEARYEAR ENDED 30 JUNEJUNE 2025 FOR THE YEARTHE YEARYEAR ENDED 30 JUNEJUNE 2025
a
5) Expenditureoncharitable activitiesand andfundraising
Reliefof
Poverty Training& Tota] Total
&Other Education Preservation 2025 2024
£ £ £ £ £
Fundraising - ~ 6,761 6,761 4,841
- - 6,761 6,761 4,841
Charitable activities
Apprentices&trainingofficers
Apprentices&training costs
Management&accommodation
Support costs:		 7
7		 -
-
-		 7,992
62,213
14,431		 -
-
-		 7,992
62,213
14,431		 29,652
55,774
10,535
Repairsandmaintenance
Otherexpenditureonproperty
Rates
Insurance
Depreciation
Sundry costs
Housingmanagementsupport
Governancecosts		 4
8		 132,522
42,767
1,718
34,488
-
31,699
24,809
17,253		 -
-
-
3,427
1,962
1,782
-
11,369		 -
-
-
-
-
-
-
-		 132,522
42,767
1,718
37,915
1,962
33,481
24,809
28,622		 215,816
63,342
2,097
36,761
1,723
25,914
21,444
32,621
285,256 103,176 - 388,432 495,679
285,256 103,176 6,761 395,193 500,520
Unrestricted funds
Restrictedfunds		 244,243
41,013		 -
103,176		 -
6,761		 244,243
150,950		 340,096
160,424
285,256 103,176 6,761 395,193 500,520

6) Taxation The Charity is exempt from Corporation Tax on its income and gains to the extent that these are applied for charitable purposes.

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: ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

NOTES TO THE FINANCIAL STATEMENTS (continued)

FORTHEYEARENDED 30JUNE 2025 FORTHEYEARENDED 30JUNE 2025
OT
7) Recharges fromWatermens Hall Limited
Reliefof
Poverty Training& Total Total
&Other Education Preservation 2025 2024
£ £ £ £ £
IncludedinHousingManagement
andService Costs
Managementfees
Accommodationcosts		 4
4		 91,929
74,031		 -
-		 -
~		 91,929
74,031		 67,54]
53,616
Included insupportcosts
Managementfees
Accommodation costs		 5
5		 -
-		 7,994
6,437		 -
-		 7,994
6,437		 5,873
4,662
Salariesandrelatedcosts 5 ~ 7,992 - 7,992 29,652
165,960 22,423 - 188,383 161,344
8) Governance costs
Total Total
2025 2024
£ £
Auditfee
Investmentmanagement fees		 10,896
17,726		 12,630
19,99]
28,622 32,621
Unrestricted
Restricted		 17,253
11,369		 19,799
12,822
28,622 32,621
9) Grantspayable Total Total
2025 2024
Grantsmade duringtheyear: £ £
Library Committee 7
-
Unrestricted
Restricted		 -
-		 -
-

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2025

eer

10) Tangible fixed assets

Frechold Frechold Fixtures, Company
housing property fittings barge Total
propertics improvements &plant & boats Artefacts 2025
£ £ £ £ £ £
Cost orvaluation
At I July2024
Additions
Disposals		 394,243
-
-		 165,810
-
-		 436,424
-
(78,141)		 43,074
23,933
-		 6,542
-
-		 1,046,093
23,933
(78,141)
At30June2025 394,243 165,810 358,283 67,007 6,542 991,885
Depreciation
At 1 July2024
Chargefortheyear
Disposals		 98,575
3,943
-		 40,436
16,581
-		 251,176
35,827
(78,141)		 12,038
1,962
-		 -
-
-		 402,225
58,313
(78,141)
At30June2025 102,518 37,017 208,862 14,000 - 382,397
Caryingamount
At30June2025		 291,725 108,793 149,421 53,007 6,542 609,488
At 30June2024 295,668 125,374 185,248 31,036 6,542 643,868

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2025

eee

11) Investments

Listedinvestments Total Total
2025 2024
Cost or valuation £ £
At 1 July2024
Additions
Disposalsatcostorbroughtforwardvaluation
Revaluation		 2,908,173
332,731
(409,936)
132,639		 2,665,845
$24,048
(548,067)
266,347
At30June2025 2,963,607 2,908,173
Net book value
At30June2025 2,963,607 2,908,173
At 1 July2024 2,908,173 2,665,845
Unrestricted
Restricted		 2,074,229
889,378		 1,964,845
943,328
2,963,607
2,908,173
Oe
Atthebalancesheetdate, thehistorical costoftheinvestmentswas£2,174,238 (2024; £2,201,227).
OtherInvestments—ExtraOrdinary-Repairfund-Designated Total
2025
£		 Total
2024
Cost or valuation
At 1 July2024
Revaluation		 944,806
67,554		 847,199
97,607
At30June2025 1,012,360 944,806
Netbookvalue
At 30June2025		 1,012,360 944,806
At1July2024 944,806 847,199

At the balance sheet date, the historical cost of the investments was £2, 174,238 (2024; £2,201,227).

At 30 June 2025: 7,967 (2024: 7,967) accumulation shares were held in the Association of Almshouses Common Investment Fund. Their cost at 30 June 2025 was £253,076 (2024: £253,076). The income from the fund is designated for the repairs and maintenance of the Almshouses,

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2025

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |a| |12)|Debtors| |2025|2024| |Trade|debtors|£|£| |Amounts|-|1,012| |due from related parties (Note|15)|146,084|112,516| |Prepayments and accrued income|4,199|1,785| |150,283|115,313| |13)|Creditors:|amounts|falling due within one year| |2025|2024| |Trade|£|£| |creditors|29,145|4,937| |Amounts due to related|parties (Note|15)|-|45,690| |Taxation and social security|1,106|1,301| |AccrualsOther|and deferred income|34,937|31,858| |creditors|142|-| |65,330|83,786| |Deferred|income| |2025|2024| |Deferred|£|£| |income|at|1|July 2023|16,988|8,809| |Resources deferred|in the period|19,222|16,988| |Amounts released from previous periods|(16,988)|(8,809)| |Deferred income at 30 June 2024|19,222|16,988|

----- End of picture text -----

The deferred income carried forward relates to rental income received in advance at the year end.

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2025

FOR THETHE YEAR ENDED 30 JUNE 2025 FOR THETHE YEAR ENDED 30 JUNE 2025 FOR THETHE YEAR ENDED 30 JUNE 2025 FOR THETHE YEAR ENDED 30 JUNE 2025 FOR THETHE YEAR ENDED 30 JUNE 2025 FOR THETHE YEAR ENDED 30 JUNE 2025
eee
14) Funds
Currentyear: Total Othergains / Total
2024 Income Expenditure — (losses) 2025
£ £ £ £ £
Restrictedfunds:
a) Tour ofEastLondon 3,254 769 (2,925) 874 1,972
b)DrHenman initial investment 2,079 492 (1,869) 558 1,260
¢) PhilipHenmanFoundation - 27,781 6,568 (24,979) 7,458 16,828
Other donations
d)MrsMHoltlegacy 81,639 19,302 (73,403) 21,916 49,454
e)JohnDudinBrownTrust 851,744 24,896 (41,013) 41,491 877,118
f) Watermen 'sHall Preservation Trust 77,405 11,742 (6,761) - 82,386
Total restricted funds 1,043,902 63,769 (150,950) 72,297 1,029,018
Unrestricted funds 3,609,732 662,872 (554,464) 107,975 3,826,115
Totalfunds 4,653,634 726,641 (705,414) 180,272 4,855,133

a) Tour of East London —funding for training for apprentices living in the East London Boroughs.

b) The Philip Henman Foundation was founded by deed in 1961 with a gift from Dr Henman of shares of the Transport Development Group worth £10,000. The income is used to promote and encourage post school education and training for persons engaged in the port transport industry.

c) The donations from the Philip Henman Foundation included the assets and liabilities transferred to the new Charity at 1 July 2011. Funds specifically received throughout the year for training and education of apprentices and others interested in a career on the River.

d) Legacy — The Late Mrs Minnie Holt left £188,000 to the Philip Henman Foundation for training and education of apprentices which was received during the year to 30 June 2013. The funds left by the late Mrs Minnie Holt are charged with a percentage of the cost of training and education calculated on the split of total income received for training and education.

e) John Dudin Brown Trust — A deed of gift from the late Mr John Dudin Brown for funding repairs and maintenance of the Charity’s Almshouses.

f) Watermen’s Hall Preservation Trust - The Trust was formed in 2002 to:

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2025

14) Funds (continued)

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Prior year:|Total|Other gains/|— Total| |2023|Income|Expenditure|(losses)|2024| |£|.|£|£|£|£| |Restrictedfunds:| |a) Tour of East London|3,576|643|(3,253)|2,288|3,254| |b) Dr Henman|initial|investment|2,285|411|(2,079)|1,462|2,079| |c)|Philip Henman|Foundation|-|30,533|5,492|(27,776)|19,532|27,781| |Other|donations| |d) Mrs M Holt|legacy|89,724|16,138|(81,620)|57,397|$1,639| |e)|John Dudin Brown|Trust|756,940|26,997|(40,855)|108,662|851,744| |f)|Watermen|'s|Hall|Preservation|Trust|74,823|7,423|(4,841)|-|77,405| |Total|restricted|funds|957,881|57,104|(160,424)|189,341|1,043,902| |Unrestricted funds|3,406,263|607,264|(607,260)|203,465|3,609,732| |Total funds|4,364,144|664,368|(767,684)|392,806|4,653,634|

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15) Related party transactions

The related parties are as follows:

The Company of Watermen and Lightermen of the River Thames

Watermens Hall Limited

The Company's Poors Fund

The connection between these related parties is that the Court of The Company of Watermen and Lightermen of the River Thames control them.

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |At the year-end the|following balances|were|outstanding:|2025|2024| |£|£| |Due|from|/ (to)|the Company|of Watermen|and Lightermen|11,442|(43,816)| |Due|from Watermens|Hall Limited|134,642|112,516| |Due|(to) The Company’s Poors Fund|-|(1,874)| |During the|year the|material|transactions with these|related|parties|were:|2025|2024| |£|£| |Management|costs|recharged from|The Company|of Watermen|99,923|73,414| |and Lightermen| |Rowing|Officer,|Training Officer and others|7,992|29,652| |Accommodation|costs|recharged|from Watermens|Hall Limited|80,468|58,278|

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ROYAL BENEVOLENT AND EDUCATIONAL FUND FOR WATERMEN AND LIGHTERMEN OF THE RIVER THAMES

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2025

16) Ultimate controlling party

The Trustee considers the ultimate controlling party to be the Court of The Company of Watermen and Lightermen of the River Thames.

17) Donated assets

The land and buildings at Ditchling were donated to The Royal Cottage Homes, Ditchling in 1888. These financial statements have not disclosed the current value of the assets at the date these were received because a reliable estimate is not available.