THE MARITIME EDUCATIONAL FOUNDATION Reglstered Charlty Number 1100125 Reglstered Company Numbar 4251334 YEAR ENDED 31 DECEMBER 2024
THE MARITIME EDUCATIONAL FOUNDATION REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 CONTENT8 LEGALANDADMINISTRATIVE INFORMATION....................................................,.................................... REPORTOFTHETRUSTEES..........................-................. STATEMENT OF TAUSTEES, RESPONSI8ILITIES................... . ................ . ... INDEPENDENT AUDITOR'S REPORTfoThE MEMBERS ...................................................................,............... STATEMENT OF FINANCIALACTIVITIE5 INCLUDING INCOME AND EXPENDITURE ACCOUNT........................ 12 BAIANCESHEET.........................-.-.......................................................... .13 STATEMENT OF CASH FLOWS................... .14 NOTESTOTHEACCOUNTS.......................................................... .15
THE MARITIME EDUCATIONAL FOUNDATION LEGAL AND ADMINISTFIATIVE INFORMATION FOR IHE Y&4R ENDED 31 DECEMBER 2024 CONSTITUTION The Maritime Educ2lK)nal Foundatvjn I'the Foundation'l was incorporated on 12 July 2001, and memorandurn and articles were amended by special resolubon on 18 September 2003. It is limlled by guarantee. The Foundation was registered 8$ a chartty on 17 October 2003. TRUSTEES The DlrectOTS, who are the Charlly's Tru8lee$ that served during the year and up lo th• date of signlng Ihls report were: D Appleton M Carden K Dawson M Gray S Konstanx IResSgned 13 $8ptember 20241 D Pi(Kier C Robètts T WEise REGISTERED COMPANY NUMBER 4251334 REGISTERED CHARITY NUMBER 11D0125 REGISTERED OFFICE The Mariilme Educational Foundation 30 Park Slieel London SE1 9EQ PROFESSIONAL ADVISERS.. Audltor DJH AdE1 Limited Nexus Housè 2 Cray Rtsad Sidctsp Kent DA14 SDA Bankgrs N8lK)n81 W6Stminsler B8nk PLC Bishopsgate London EC2P 2AP Inve$lm¢nt Pllanagers Julius Baer 1 St Martin's Le Grand London ECIA 4AS
THE MARITIME EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2024 The Trusteès, who are direolois for the purpose ol company law, ar8 pleased lo present their annual report together with the financial statements of the ch8rily lor Ihe year ended 31 December 2024 whh are also PTepared lo meet the requirements for a dir8Ctors' report aTrd accounts lor Companies Act purp03e3. The financial statements compty wth the Charilles Act 2011, the Companies Acl 20LK. the requ1MantS of the charlty's Irugl deed. and Accounting and Reportlng by Charllles.. Statsment of Recommended Practiee applicable to charities preparing tholr accounts in accordance with tha Financial R9pOrng Standard appllcable lft the UK and Rèpubllc of Irend {FRS 1021, second edition published OCtor 2019. STRUCTLIRE. GOVERNANCE AND MANAGEIIIEKr The Maritime Edueatlonal Foundation (the Foundation), is 8 chaTilable company limlted by guarantee, controlled by the same board ol TFUStees as The Maritim6 Training Trust (Mrri. MTh's purpose is to collect nv)ney remitt8d lo il by shipping companles registered under the tonnage lax regirne which have not met their core training CommitnI and pay these to the Foundation. These funds are Ihen used lo prornole education and training in maritlm8 skllls for the British Shipplno Industy. The FoundatK)n receNed its first Contribullon of £150.000 from the MTT in December 2003. The Foundation continues lo recgive contribufjons from the WT. There 8r8 normally eight Truste&s, four nominated by the Chamber of Shlpping, tsvo nominaled by Nautilus International and two by RMT, although casu81 vecanrAes wcur from tim& to h"me. The Trusle8S 8re by their profession associat8d with the key aims of Ihe Foundation and are therefore able to make inf0md judgements on the approprlateness of 9r8nt or Other awerd8 in line with the charitabla aims of the Foundation. Trustees are appolnted by the full Board to enstjre the Board is balanced and equlpped to 8UPPQrt Ihe oryanisalion. Each new Irusioo is gsven relevant Inductlon as requlred and all Iruslee8 are gwen the opportunlty of additlonal training where necessary. Thé Foundalv)n does not have any employees. However, tha Ch8mber of Shipping Limited provides administrative support servic8s to the Foundafjon and delegated responsibilities w)er6 ¢onsld8ted appropriate. AIMS AND OBJECTNES The Foundalic>n's dritable objects are.. The adv8ncemènl of education and training In maritime slill8 and in pursuance of such Oblect but not further or otherwlse io lacililale and proTrte the education and training of seafarers in mar1tlme skllls forthe benefit of the general public", and The advancement of Èducation and training 96n61ally concerning maritime Induslrles and Industries related to maritime acOvilie$. FOF the purpose of the above, 'seafarers' means persons employed or engaged, in marttimts Sndu5tries or who otheie earn their Siving at sea or in industries related to maritime a¢lwilies Or who are undergoing a coursè of approved training for service in surth illduslries or in industries raLated to maritime activities land whh i8 a course approved by the MNTBI. Th8 Foundation meets Ihese alms and objectives as explained In the following narrative.
THE MARITIME EDUCATIONAL FOUNDATION REPORTOF THE TRUSTEES (ConnUed) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMEKfs AND PERFORMANCE 2024 has been another busy and su¢ce88ful year lor the Maritim6 Educational Foundation IMEn. The Truste8S have maintained their unwaveiing focus on recruiting, educating. and retaining the next gener81ion of marS1im8 professional8. Funding continued lo be provlded through spon8orship8 far the training ol MEF cadets acr058 the decK engineering, and eleclro-lechnic81 disclplines. This sUPPOrt ensuws eAdet8 are equipped with th& nec855ary skills and opportunllies to embark on sur$[U1 rnaritime careers. Further details regarding cadets and financial allocallons are 8vailab in the &¢0Mpanyll linanclal report. In addition tD Cadet Ir2ining, the Trustees appro the continuatitrn of funding initiatives dgsigngd to assist unernpknyed seafarers In enhallclng thair skin sets. By linan¢lng largeled training courses, MEF aim¥ lo Improve the employability of these individuals. Furthermore. th8 bursary offered lo shipowners lo encourage the training of ratings was in¢reas8d. This measure is intended lo alleviate the financial buiden as80¢1ated wllh training UK ratings tr> full qualffication, whi188lso encouoging shipowners to either eommen¢e or expand their rallng tiaining piogiams. Th18 y88r. the Trustees placed incTea5ed emphasis on promoting diversilywilhin the maritime industry and br08dening access to maritime ¢ar8er$. In a unique collaboration with the Wotnen's Inlemational Shipping and Trading Assodallon IWISTA), the Trustees ale hoping rfpos8ible tofund thetralnlng olsom9 WISTAeadels, showcasing the range ol opportunities available lo women in the 88Ctor. The Trugteès also approvgd a grantto supportthe NationalAwar8n$ss Campai9n, an inthative designed to rai88 public awareness ol the martlime industrys vilal Importance tothe United .gdOm. Sincethe campavJn'5 Launch in Oclob8r 2024, Ih8r8 has been a 18maikable 1,650% increase in traffic to the Careers at Sea webpag6 and over 19 millDn ewS of the campaign'¥ Social media advertisements. The Trustèas ar8 oplimistb that Ihese eflorts will translate into a 8ignificanl increase in cadet intske by S&ptember 2025. Further investment was made Io enhance promotional materials for rnaritirne careers, ineludlng funding 8 40- minute documentary prodUd in collaboration wh Solent Cfealives. a $ludenl-bd company ained 8t providing students with commord&l industry 8xpprience. The documentary ¥3 scheduled for launch on 18 May 2026. The Foundation also Continues ils fi'nancial support ol the JW Slater Fund, whlch provid8s grants to Merchant Navy Ratings, E¢tro-TechNiCal officers, and Yacht Crew seeking to progre88 to Offir-I21 qualiflcations. Each year, the Trusletss undert8ke a mprehenSive review ol the strat8gic plan to ensure MEF'$ r88ources are managod efficr?nUy and thatfunds are allocatEd appropriately. Thi5 approach ensure8 man)uM posltive inpact on c4del tralnlno and educatlon, while remaining Ilrmly allgned with thg Foundation's charita8 0tr4eGtiV8S. PUBLIC BENEFIT The Trustees confirm that they have tsken due regard of the CharNy Ci)mmls6ion's gener81 guldan¢8 on public benefil. RISK MANAGEMENT Th8 Trustees con8kler the maior risks ladng the Foundation on an ongoing basls and 18kés stèps to miti981 these ri5k$ as they ari$8. Th¢ main financial rlsk identified was potential lulure income volatility reflecting either any fiJtUTe changes to the current UK Tonnag8 Tax regime which suppSies the entirety of the Charity's in¢om8 orthe amount of tralning und8rtakÉn Ihemselvgs by th£ shlpping ¢ompani&5 enrolled in Ihal scheme. Other than environmental scanning and moniltsriftg theie is limited mitlgation possible. Other rlsks were flnancBI one5 arrsing as a result of vol8litY in the market valu8 and in¢om8 from fixed asset investments. Miligation lor th888 risks ha$ included Telaining substanlk81 cash balanrAs. a baLanced and dIVersrfd porttolio 8s6et alloc81ion, the
THE MARITIME EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES IContlfiu6dl FOR THEYEAR ENDED 31 DEGEMBER2024 appointmènt of piofe$sioTral Inveslment man8g815 and th6 iegular reportlng and monitoring of Investment performanc&. The Tvuslees engaged a consultancy to work with them on updallng th8ir investment strat89y. However Ihis wtsrk has $1811ed due lo restructure in the organis&lioM to which th18 consultancy is linked. Th9 Trusteos are in the process Of considèring alt&rnatpie arrdngements. FINANCIAL REVIEW A summary of the resutts for the Found8tiort for the yèar kq gwen on page 12 of the financial slatements. A grant of £5.55 mlllion was awarded by the M&rftim& Training Trust to the Foundation for the year to 31 Decemb8r2024 {2023.' £5.83 million). Part of th15snI was paid over during 2024, while the balance is included wilhin dgblors at 31 D8cembar 2024 Is&9 note 81- In 2024 Ih8r8 is a nel charge of £924k In iespect of CtydE SP8ciIEC contracts. The Foundation lnilla1 awarded 20 new cadet 4aS to Clyde In 2024, however only 18 individuals could be recruited by year end. The ¢ommrfmenl to Clyde carri8d al 31 Dècember 2024 for active ¢onlra¢lswas £877k. In 2024 there is a nBtvhaige of£20k in respect of active contracts wth Ship Safe Tralnlng Group ISSTGI. The Found8tiori 8wardÈd 10 new cadet places lo SSTG lor 2024. howev8r only 1 individual could be recruited by year end. The commitment to SSTG Carried at 31 DeCnber 2024 was £196k. ITh 2024 Ihere18 a net charge of £28k in respect ol contracts w5th Anglo Eastern Shipping (Anglo). Nts new Cadet places wer8 award to Anglo for 2024. The cornmitrnent to Angb eaTried al 31 De¢omber 2024 was £81k. Outslandlng transactions with V8hip8 UK Limited were s&ttl8d during lh8 y8arwilh no further owards bein9 m8de. OutW8rd Bound acltvilie8 for cadets incurred expenditure ol £68k. The Found81ion donated £400k to the JW SlatBr Memorial Fund in 2024 12023.. £400kl. Th8 Trvstees were )lified that th18 Fund isto be administered by Marine Society and Sea Cadelsgoing forward asexplainedfuxlher in Note 12. Othèr grants awarded in 2024 totalled £515k This ineluded £300k for the Natsonal Awar8nes8 Campaign which the Trustees agreed to cotnmil to foll(ywing the consideration ol Infom)atlon surrounding UK Chamber of Shipping's and MNTB'S involv8menl in promoting this prO1t and the pre$ènlatlc>n from Open Agency ragards IhElr proposed work on the project which MEF'S funding wlll contiibut8 to. £72k wa¥ expended on Bridge W8tchkeeping ¢ourses at 8lacKooDI and Fylde Colge and sonI UnNersity. A number of rating bursarres were awarded totalling £13Sk of which Z72k is Carried forward at yaar end as a commilmenl lor the respectiv8 indlvidual's complètlon stage. £24k of granis ow8rded in pritsr years was wrilten baek due to the fallure of an organS$alK)n lo claim within Ihe agreed contractual tim6 p9rrJ. The Foundation h8 cash b81ances of £4.8 million at 31 [)ember 202412023.. £3.4 million). MEF r8c8ived £860k in ailv&nco of the 2024 gr8nt awarded by Maritime TraSnlng Trust. Thè Trustees made a deo151on In 2024 to invest £2 million in 2 fixed int8r6St Treasury Reserve accounts lin the balance sheet as Curienl Ass8t Inv8slmenls} with Natwest. ThesB invesltnenl8 (including the inleresl aruing) were reinvestod on maturity duTing the year. During 2024 the Trustees continued lo invest sut4lantk?I funds with JulSus Bae¥ in line with the Invesfment policy nol84 below. The market value ol invèslm8nts hèld with Julius Baer was £3.64 million at 31 Dec8mb@r 2D2412023'. £3.53 million). Total grant and award ccmrnilrnenls being carried at 31 D8cember 2024 W8r8 £1.39 mlI0n12023.' £1.06 million). ol which £841k IB due to be paid by 31 December 2025 and £549k Iherealtsr. the maln ¢ommilmeTrtthei8in b&ing in re8pecl of Clyde training wntracls.
THE MARITIME EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES Icontlnuedl FOR THE YEAR ENDED 31 OECEMBER 2024 GOING CONCERN The financial statèments arg prgpared oll a golng concern basis. The Trustees have considered Ihe continued approp¥ialeness of the golng COnM basi8 for these financial stat8m8nts. The charity has an Improved net ass818 Posltlon and a strong nel Current assets position and therefore has no n88d to draw down any funds from the inveslmenl portfolio. Durina 2024, net assets hav8 grown due to the size&ble cash balance8 which have been generated, 80rn8 ol whlch has continued tts be pul into Tre8sury Deposits to eam int•resL en awarding grants and new training commitments the Trustees are providedwith tha latest Cash FA)Sitbn as well 8$ la18St management accounts to enable them to ensure thai CommMntsarB ntstenled into that exeeed the charity's ability lo fund. Regarding funding commitments entered into at the balance sheet date, the full future amount ol all futUTe commltments is includèd in the finanoal staternents 50 there are no additional d8bts thal r8quirÈ settling befor8 the award ol any new commrtmonls in 2025. Finally, ihelovel 91 administrative ccisls and fi%8d ovarheads oulsid? the fundlng Of charitable ccrfnmilments low, representing le than 4% 01 total trxpendilure and repr8senting 1.2% of tn¢ome in 2024 soservi¢ing thesE Costs when they f811 due is not material lo the wld6r going concern Considerallons. Accordingly. the Trustees believe that a material uncertainty does not exist and hence the going Con basis remain8 appropriate. RESERVES POUCY In light of Ihe main financial iisks Set out In the 'Risk managemenl. $8¢Uon of this r6POrt and the irnportanctr ol the UK 8n$uring continuty olsufficignl marillm? iraining under any reasonably for858eable sat ol C4rm818Ces (both in lem18 of new candklotes and Ihg flnanclng of unforeseen funding varlalion8 lorex151inu candidates}, The Trustees agreed that th8 tev81 of linancial re8eTves L8 apwopriate. At 31 December 2024, after allowing for the balance ol total commthents of £1.4 mllllon, tho Foundation had £13.9 mlllion of unreslri¢tsd funds as reseTves. The grant funding receivable from The Maritime TTaining Trnst for the year to 31 December 2024 was £5.55 million12023.. £S.83 milllonl. The Trustèes ctsntlnu8 to con5idgri15 pool of polentlal beneficiarfes in orderto utili56 its freè reserves effectively. Tha Tiuslees a18 currently working on a ievised strategy in conjunction with Ih8ir inveslm8nt strategy plans (which werp temporarlly halted due to clrGum818ncos beyond their control as noled above) and will make further awards accordingly. INVESTMENT POLICY Durlng 2024, Julius 8aer malntained th8 Portfolio a5 agreed by Trustees, withln sta18d assatallocalion guidelines for Fixed Income Bonds, Equities and Cash. Quarterly reports are r8C8iV8(S, and as 812108cember 2024. thè inve81m8nt portfolio had an open market value of £3.64 millTon12023'. £3.53 milllonl. The Trustees reillvested the Treasury Deposits when they matured in the year 8s noted above. After year Ènd, further 8ub8t8ntial sums have been investad in Similar short-teim deposlt arrangements at Natwesl pending consideration of what sl@ps to take next given the Con8ulting film apwin¢ed to develop the new investrnent strategy h88 been unable to progress their rev a5 noted above. GRANT MAKING POLICY The M8rltimè Educ&tion&l Foundational only awards grants to other organi58tions for proposed projects that are conslstenl wilh its objedives and principle alms. Grant applications are reviewed by the Trustees as an 8genda itsm on I1r board meetings. Ag the approval proc8SS IS delegated to management the trustees have not felt Ihe need to establish a formal polley as there are no awards approved on Ihelr behaw.
THE MARITIME EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES IContinu8dl FOR THE YEAR ENDED 31 DECEMBER 2024 PLANS FOR FUTURE PERIODS The Tiusteeswlll continue lo revi8w and monitor th8 range of funding offer8d and projects supported throughout the yeai. With the further improvement in reserves and Ihe need to increase tho required numbèr ol c8det8 Irained annually, the MEF wlll continue lo ulilis8 more ol its financld resources to raise the awaren885 of c8reer$ at sea and lo support 8nd influence the recruSlment and retention of new talent into the Maritime industry. FUNDRAISING Section 182a of the Charities Act 2011 requires Charities to make a statetnellt regarding fundraising acbvilps. As sel out earfk?r In thi5 report and in note 2 to thesè financial statements, th6 only source ol donations for the Foundation is a grnTrtfrom the Maritime Tralnlng Trust. AcCding the Foundation does not utili5e any other professional fundraisers, ¢ommeicial parlicipalors or third partles. The Foundation does not conskler it nec&s$ary to comply wilh any volunt8ry wde of practice, ha5 rfceived no complaints in r&Lqlion to fundraising 8Ctiville$, nordoes Trt consider il necessary to des5gn specmc pru¥ to monltor 8uoh aouvitS. AUDITOR The auditor, DJH Au¢Jil Limited have indicated their willingness to oJnt5nu? in offic& and a resolution proposlng Ihelr reappointm8nl will be prow5ed at the AGM. Th8 Trustees (who are also the Diieclorsl who held offEee al th8 date of approval of th8 Trustees. Report confirrn that, so faras they a¥È aw8re, there is no releva1 audit informalion of which the FoundalB)n's auditor is unaware, and each Trustee has taken all Ihe steps that he or she ought lo have taken as a Tiustee and Dir8Ctor to m8k8 himself or h8rself aware of any relevant 8udit information and lo establish that the Found8titsn'5 8udilor is awar8 of that informalK)n. TheTrusl6es' Report has b8en prepared In aecordance with the speci81 provisions relating to companies subject to the small compantes regime wilhin Part 15 of the Companies Act 2006. Approved and authorfsed fc* Issue by Trustees on bsha¢f by 15M 2025 8nd signed on their Clifft)r erts, Truste avid Appleton. Trustee
THE MARITIME EDUCATIONAL FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE Y ENDED 31 DECEMBER 2024 TRUSTEES, RESPONSIBILITIES The Trusleesare responsiblÈ forpreparing the trustees annual reportand the linan¢i81 statements in sccordanc8 with applicable law and reguL8tv)ns. Company law TequiTe3 the Trustees 10 prèpai& financial 5tatemen18 for each financial year in ac¢ordarbce wth United Kingdom GenerallyAccepledAccounting practi Iuniled Kingdom Accounllng Standards and applicable lawl. Under ¢omp&ny law th8 TrustPES musl not 8ppiove Ihe finanoal statements unless they are satisfi8d that they give a true and fair view of the state tsf affair8 of the charity and of thè Incoming resources and app1ic3tion of re8our¢8s, Inctudlng the income and exp8nditufft, of the charlty for that year. In prep8rfng the6e financial slalemgnts, thè Trustees are required lo.. Sdect sullabl& accounting pdlcies and then apply them consls*enfjy', Make judgem8nts and accounting estimaies that 8r8 r8a50nable and prudent.. stale whether 8ppli¢able UK Account%ig Standards hav8 been followed, subj1 to any maleiial departures disclosed and explained in the finanaal statementg., Prepare the financial slalements on the going concern ba$ls unless il is inappropriat8 to presum8 that the charity will contlnue in business. The Trustees are responsible for keeplng adequala accounling rewrds that are suffirient to show and explain the charity'8 transactions and discloge wilh rea8on8ble a¢curacy at any the financkal positn of the chadty and enable them to en8Ute that the financial stalem8n15 Gomply wrth the Compani¢5 Act 2006. They arg 8L80 rosponsbi le for safeguarding the assets of the cfrarity 8nd henee for taking r&asonable steps lor th8 PreVentn and detection of fraLtd and olhgr irr8gularilie8.
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE MARITIME EDUCATIONAL FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 Opinlon on the flnanclal $tatgmonts We have audited the flnancial statements of The Maritsme EducatM)nal Foundation (the 'charilable company'l for the year ended 31 Dember 2024which comprise the 51at8menlof financKg1 aclivlues Induding income and expenditur8 account, the balanc& sheet, the slaternent of cash fl¢>ws and note5 to the financial s(al¢ments, induding a summary of slgniflcant accounting policies. The linan¢lal reporttng framework that has been applled in their preparation is applicable law and United Fcingdom Accounting Standard8, including Financlal Reporting standard 102 Th& Finènelal Roporting slandard6ppltslO in the UK and Rapublic c>f lfv18nd Iuniled Kingdorn Generalty Accepted Accounting Practice). In our opinn, the ffnancial statements: gpie a true and fair view ol the slate of the ¢haTitable company's affairs as a131 Decernber 2024 and ol it8 incoming reSoUS and applic81ion ol resource5, includillg ils income and expendlture, for the y9ar then ended., have been properfy prepared In aWOrdan wlth United Kingdom Genoralty Accepted Accountlng Practice,. and have been prepared in acrdanCe with the rgquirements of the Companies Act 2006. Ba6is for opinion We conducted our audit in accordancewith International Standards Auditing IUKI IISAS IUKII and applleabl6 law. Our responslblllllgs underlhose st8ndards arefurtherde8cribed in the Audilorfs re8ponsibilities for the audit of the Iinancial statements séction ol Dur rsporL W8 are ind&pendenl ol the charitable ¢ompany in accordan with the $lhical requirements that ar8 revant to our audit of the financial slalements in the UK, Including the FRC'S Ethical Standard, and we hav6 fulfilled our other ethic81 responsibilities in accordancè with thesè requiTements. We b$ll¢vp that the audit eviden(* we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Concluslon$ related to golng coneèrn In audiling the financial stalements. we have concluded that the Iruslees. u8e of the 9tsing concem ba31$ of accounting In the pr8paralMJn of the flnancig18latemenls is appropiiala. Based Dn the work we have performèd, we hav6 not identified any material uncetrdinttes relating lo event8 or condlllonsthal, individually orcolleclévely, may cast Signilicant doubl on the entity's ability to continue as a going conrn for a pèriod ol al least fv4elve months from when the financlal ststgm8nts are aulhorised for Issue. Our respon5ibilit$ and the responsibilib'es ol the trustees with respect to going Concern are described In the relevant sèetion8 of this report.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MARITIME EDUCATIONAL FOUNDATION FOR Tr5E YEAR ENDED 31 DECEMBER 2024 Icontlnugdl other informatlon The otherinlormation wmprlses the Snformallon Induded in annual report otherthan the finnci21 slalem&nls ad our auditor's report thereon. The Iiustees are respontslble for the other Infomiatlon contained within the annual report. Our opinion on the financial statements does not oover the other Informaon and, except to the extent otherwSs6 èxpllcltly stated in our r¢porL we do not èxpress any loim of assurdnce ¢oncluslon thereon. Our responsibilily is lo read the other information and, in doing so, conslder whethgr the other illformation is malerLally inconsislenl wth th6 finanoal statements or our knowledge obtained ift the cour3e of the audit or olhetwise appears to be materially misslaled, If we identify Such mater¢al inconslstencies or apparent material mlsslatements. we are required to determin6 whether this gives rise tD a matèrial mi8Statemenl in the finanaal statements themselves. If, based on IhE work we have performed, we condude that there is a material misstatement of this other infom8lbn, we are requlrod lo port that fgcL We have nothing lo report in thNs regard. other Companiès Act 2006 roPQrtlng In our oplnion. based on lh$ work undertaken in the course C&f the aud the Information given in the trustees. report, which includes th8 diroclor5' report prepared lor company purposes, lor the finanaal year f¢x which the financial statements are prepared is consistent with the fillanal stèments', and the dlreclois. report Included within the trustees, r&port has boen prepared in accordancg wh applicable legal requirements. mllatters on which we ar• required to report by exceptlon In the light ol the knowledge and undèrstanding of th& ¢haritab comp8ny and Ils environment obtsinèd in the course of the audit, we have not identifi&J material mlsstalements in Ihe trusl8es' report We have nolhinyto in respect of the following matters In relation towhl¢h the CompaAltsAct 2006 requlres us to rewt to you if, in our opinion- adequate accounting records have riot been kept, or r8turn5 adequate for our audll have not been received from branches not visited by us., or the financial statements are not in agreement wblh the accounting rrdS and reluins., or certaln dlsclosures of trusteo$' remuneratson specified by law are not made.. or we have not ieceived all Ihe information and explanal¥)n5 we requile for our audiL or the trustees, wer8 not entitled lo prepare the financial statsments in accordance wllh Ihe small companie8 reglme and take advantage of the small companies, exemptions in pieparing thè trustees. r8POrt and from the requirernent to prepare a strategic reporL Responslbllltles of TrustO85 As exp18ined more fully in the tNslees' responsibllltf6S Staternenl, the trustees Iwho are also the dlrèctOTS ollhe charitsblè company for the purposes ol company lawl 8Te responsible for the preparation ol the fin8ncial statements and for bèino satisfied that thèy gSve a true and fair view. and foi such internal control as the trustees determine is necessary to enable the preparation of flnanclal st5MentS that ara free from matsrial misslaternent, whether due to tr8ULI or error. In preparing the flnancial statements. the trustees are responsible for assessing the charitsble compary's abllity lo conunue 88 a golng concern, disclosing, as applicable, matters related to going ¢ollrn and using the going concern basls ol accounling unless the Irusleey ellher intend to liquidate the charitsb company or lo (ease operallons. or have no réalistlc alternative but lo do so.
INDEPENDENT AUDITOR'S REPORT TO THE hlEMBERS OF THE MARITIME EDUCATIONAL FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024 Icontlnuod) Auditor'$ re8ponsibllltles for the audlt of the finaneial statements Our objectives are to obtain reasonable assurance about whslhèr the financial slatsments as a whole are Ire8 Irom maleiial misslalerrEnl, whether due to fraud or ettur. and lo issue an auditof s report that Includes our opinion. Reasonable a55urance is a high level of assuranca, bul is not a guarantee that an audit ¢ondvcled In accordance with ISAS IUKI wll always delect a Materal misstatement when it axists. Mlsst81ements oan 8rlse frorn fraud or error and ale CDn¥idered material il. individually or in the aggregale. they could reasonably be expected to inlluence the econttmie d8ci81un$ of users taken on the basis of these *nancial stalemenls. Irregularities, including fraud, are instanw of non-compllanc6wilh lawsand regUlatnS. W& design procedures in line with our r6sponsibS1ilies, tsulined above, lo delect malerkil misstatements in respect of irregUlar'es. Including fraud. The extent to which our procedures are Capable of detects'ng irregularilk?s, including fraud is d8lalled b810w'. Discussions were held with, and enquiries made of, management and those Charg wrth governance with a view lo identifying th05E laws and regulations that could be expected to have a materlal impact on Ihe Ilnanci slalements. During the engagement team brleling, the outcornes ol these discussions and enquiries were shar8d th8 Irn. as well as consideratlon as lo wh6r6 and how fraud may (xLur In the entity. The followlng laws and regulallons wtsre idenllfied as belng of signifKancé lo the entity.. those laws atKI regulallons considered to have a dlre¢l effect on tho financi81 statements include UK financlal rèporting standards, Cornpany Law and Tax legislation. is considered that there are no Ws and regulations for which nonoompllance may be fundamenlal to the operating aspects of the busine$8. Audit proceduras undortaken response lo the potenllal risks relating to Irregularftles Iwhlch Include fraud and llon-compliance with l&ws and wulallonsl comprised ol.. inquiries of management and those charged with govÉmance 88 lo whether the entity complies wth such and reguLqllons'. enquiTies with the same concerning any actual or potential litigation or clalms,, inspeetioft ol rglevant legal correspond&n¢&', reVW ol board minutes.. testing the appropriateness ol entries in the nominal ledger, including joumal enthe5,' reiiewlng transactions around the end of the reporting period.. and the Performan ol analytlcal prdureS to identify unexpe¢ted movements in account balances whlch may bè indlcative ol fraud. No InStanS of material non-cornplian were idenlifled. However, the likelihood of detecdng irregularities, including fraud. is 1Smlted by tha Inherent difficulty in ¢Jelecting Irregularities, the effeciweness of the entity's ¢onlrols, and the nature. b'ming and extantof the audit procedures performed. Irregularitie5 Ihal resullfrom fraud mlghl be inhertrnuy rTh)re difficult lo detecl than Irregularitles that result from èrior. As explainéd above, there 1$ an L¢navoidable rlsk Ihat material misslalernents may not be detected, even though the audit has been planned and performed in accordan wlth ISAS IUK). A further descrfplion of our responsibilities for the audrt ol the financial statements Is located on the Fin8nDlal Reporttng Council's wabsile al.. htl s".lJwww.frc.o .uklaudilorsres . Thls des¢riplion foms part ofour audilorfs report. 10
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE MARITIME EDUCATIONAL FOUNDATION FOR THE YEAR ENDED 31 DECEAIBER 2024 IContinuad} U58 ofour report This report is rnade solely tts the charitable company's mÈmbers. as a borly, in accordanWith Chapter 3 of Part 16 of the Companies Act 2006. Our audll work ha5 b88n undert8ken so that w¢ mlghl stale to the charitable company's member3 those mallers we are required lo state lo Ihem in an 8uditorfs report and for no other purpose. To the fullest extent permilt8d by law. we do nol accept or assum@ responsibility lo anyone other than th$ charitable Company and the ¢haritable company's mernbers as a body, for our audil work, fr)r this report, tsr for the opinions we have formed. Andrew Warren (Sonior Sktutory Auditor} For and on beha ol DJH Audll Llmited, Statuttsry Audilor Nexus House Cray Road Sidcup Kent DA14 5DA
THE MARITIME EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLLSDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Note 2024 2023 INCOME Donation8 receivable 5.554,088 5.827,041 67,880 Inlerest raceSv8b 185.683 116,438 5,856,209 IrNestment inco 83,860 5.978,781 EXPENDITURE Cost of ral¥lng fund8 Investtmèrrt management costs 122,9141 121,5711 Charltablo axpenditure Dotlatkins payabl6 h ftrtherdre of th6 charTI y's objg¢ts 1400,000) 1400,QOO} Other a¢tlvlt*s in lurtheran¢e of the charity's objects {1,607,0301 1674,116> TOTAL RESOURCES EXPENDED 12.029,944 11,095,0871 NS[ INCOME FOR THE YEAR 3.826,265 4.883,094 N•t gains on Investments 20,881 141,925 NET MoVEMEr IN FUNDS 3,847,146 5,025,019 UNRESTRICTED FUNDS BROUGHT FORWARD AT I JANUARY 2024 10,024.291 4.999,272 UNRESTRICTED FUNDS BROUGHT FORWARD AT 31 DECEMBER 2024 13.871,437 10,024,291 All amounts relate lo continuing operalK)ns. The charity has no galns or losses not included in the Stalement of Fln8n¢ial Actbvitieg. The notes on pages 15 to 19 form part of thase fin8n¢lal stalemenis 12
THE MARITIME EDUCATIONAL FOUNDATION BALANCE SHEET Reglstergd Company Numb$r 4251334 AS Af 31 DECEMBER 2024 Note 2024 2023 FIXED ASSErs ITwe8lments 3.641,606 3,527,201 CURRENT ASSETS CurT8nt asset inveslrrEnts-Treasury Deposits Cash al bank and in hand Debtors TOTAL CURRENT ASSETS 2,101,607 4,836,075 4,693,965 11,631.647 2,000,000 3,427,878 2,142,734 7,570,612 CuRRETr LIABILITIES Creditors.. Amounts fallwig due withln or year NET CURRENT ASSETS 1852,531} 10,779,116 (639.4741 6,931.138 TOTAL ASSETS LESS CURRENT ASSETS 14.420,722 10,458.339 Credilors.. Arno1$ fallirvJ due aftet one year NET AssErs 1549.2851 13,871.437 1434,0481 10,024,291 THE FUNDS OF THE CHARITY UnreStrted funds 13,871,437 10,024,291 These accounts are prepared in accordance with the special provlsions of Parl 15 of the Companies Act relallng to small companies and constslute ihe annual accounts required by IhÈ Companles Acl 2006 and are for clrculalion to members ol the company. Thefinancial stat8mentswere approved and aulhor($8d for issue by the Trusteès on and signed on behalf of the board by.. 15M 2025 erts, Truslee David Appleton. Tru81ge The notes on pages 15 to 19 form part oflhese linanaal ststements 13
THE MARITIME EDUCATIONAL FOUNDATION STATEMENT OF CASH FLOWS Reglstered Company Number 4251334 FOR THE YEAR ENDED 31 DEQEMBER 2024 2024 2023 NET MOVEMENT IN FUNDS 3.847,146 5,025,019 Irease in ojrrent asset inveslmentS-Tre8$ury D&posils (In¢aSl/Decrease in dthrs DecreasèllSn¢reasel Sn creditor$ lrton from fixed asset investments Gdns ffxgd asset Invtsslrnent Inv&stNnt fees paK£ 1101,6071 12.551,2311 328,294 1116,4381 120,8811 22.914 12.000,000) 660,513 <419,651> 183.8601 (141.9251 21,571 NET CASH USED IN OPERATING ACTMTIES 1,408,197 3.061,667 NET MOvEP4jE IN CASH DURING THE YEAR 1,408,197 3,061,667 CASH AT HAND AND IN BANK BROUGPIT FORWARD 3.427,878 366,211 CASH AT HAND AND IN BANK CARRIED FORWARD 4,836,075 3,427.678 No récon¢iliallon of nel funds has been prepared as the Foundation holds only cash and cash equNalents The notes on pages 15 to 19 fom part of these tinanclol stslements 14
THE MARITIME EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECENiBER 2024 1 ACCOUNTING POLICIES Tho following accounting pollcigs have been used in the preparation ol the financial slalem9nls ol the Maritime Educational Fc>undation'. lal Basls of preparallon and assessment of going eoncern The accounts Ifinancial statements) have been prepared underthe hi$tr>rtcal cost convenllon wllh Item5 recognised atcostof tr&nsathon value unless othetwse stated in tha relevant nolelsl lothese accounts. The financial slalem&nts have been prtrpared in accordan¢e with the Charities SORP IFRS 1021 Sècond Edition, applicable accounting standards and the Companies Aet 200$. Thè Foundalitsn eonstitules a publ¥¢ benefit entlty as defined by FRS 102. Th¢ financial statemènts are prepaied on a going concErn basls. The Trustees have considered the continued appropriaieness of the going concern basis for these financial statements. The charity has an Improved nel assets position and 8 strong nel current a856ts position atEd therefore has no noed to draw down any funds from Ihe investment portfolio. Durfng 2024, nèt assets have grown due lo the sizeable cash balan¢8s which have b2en generated, some ol whlch have continu8d to be put into Treasury Dèposits to earn intorast. Ifithen awarding grants and new training ¢Dmmitment8 the Trustees are provK18d with the latest cash posSUon as well as latssl management accounts to enable them to ensttre that commitments are not èntered intty that exceed the Charity's abillty lo fvnd. Regardirsg funding commllment5 entered Into al th8 balance sheet dale, the lull fvture amount ol all future commitments is included in the financial StementS so there arè no additional debts Ihal require settling before the a%vard of any new commitments IN 2025. Finally, the level of adminlstrative costs and fixed overheads outskle the fundlng ol charitabl6 cornmilmonts Ss low, repre$8nting les5 than 4% of total èxpenditure and reprasentlng 1,2% ol income In 2024 so seNicing thesè costs when they fall due15 not material to the wkjer going eoncern consid8T8tions. Accordingly, the Trustees b&lieve that a materlal unrtaInty does not $t and hence the going concein basis remains appropriate. Ib} Income r¢¢ognltlon Donalions are r8wgnised when the Foundallon hgs been notlned in wrfting of 3 commitment lo make the donalitrn. Interest on funds held on deposlt Is included when recelvable and thè amounl can be measured reliably by the charity,. this Is normally upon notifi'cation of the interest paid or payable ty the bank. DNi¢Jends are recognlsed once the divldend has b88n declared notilicallon has been received of the dividend du?. This ig normalty upon notif1111 by OUT inv8stm6nt advisor of the dividend yield af the investment rtfolio. Icl Expendttur• rneognltlon Resources expended are recogniseiJ In the year in whlch they ara incurred 2nd include attributable VAT which carinol be recovered. Expenditure ON Iraining contracis is re¢ognised when the Foundation has entered inio a legal or construcbv8 obligalDn with a training provide as these are un¢ondltional awards with no requlred interim reporting Tequiretnents. The Foundation only commits expenditures agalnst donations notified 15
THE fvIARITIME EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 IContinu•dl 1 ACCOuNG POLICIES Icontinuedl Idl Fund accountlng Unrestricted funds are those that are freely available for use in pursuance of the genefal objects ol the charity. All Maiilime EduCad0n Fund funds are unrestrlcted. Flxed asset Investments Investrnenls are initialty recogni5ed at thsr Iransa¢tion value and subsequently measured at Ihelr market value as al the balanco she81 date using the closlng quoted m8rkel price, The stalernenl of financial acllvilies Includes the net galns and105ses arising on revaluation and disposals Ihroughout the year. Tho Foundation dces nut acqulre or use putoptions. derivativ¥s orolhw ¢omplex financial inslruments. IQ Realised galns and Ioss•5 All galns and Iossos are taken lo the staternenl of financial actTrithes as they arise. Realised gains and losses on investments a caleulaled as the difference between salè5 proceed8 and their openlng carrying valuè or their PUTchas8 value il acquiied subsequent to ihe first day of the financLql yeaT. Unr&21ised gains and losses are ¢alculaled as the difference betwgen the fairvalue al the yearend and their carrying value. Realised ond unreallsèd investment gains and los are combinéd in the Slgternenl ol Finanoial Aclvllies. Igl Tha Marltlrng Educatlonol Foundatlon The Maritime Edu¢ab"onal Foundation is a private comp8ny, limited by guarantee, domiclled In England and W8les, Cornpany RE9istralion Number 4251334. Registergd Company Nurpber 1100125. The registered address is 30 Park Street, London, SE1 9EQ. 2 DONATIONS AND GRANTS RECEIVABLE 2023 Grant awarded by The Marttime Traing Tru41 5,554,088 5,827,041 3 INVESTMENT INCOME 2024 2023 Ifwestmerrt Inwme on funds invested In lir whh the trority's investnEnt rM)rY 1 t6,438 83,860 16
THE MARITIME EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Icontlnuodl 4 CHARITABLE EXPENDITURE IN FURTHERANCE OF THE CHARITY'S OBJECTIVES 2024 2023 Edu¢atlon and tralnlng of cadets Donatlons J W Slaler MerrN)rial Fund-. Supporting Ratlro lo Officer conversion- see Not& 12 400,000 400,000 Tra5nlng contracts and othor edu¢ational actIV¢S Training contract supportlng uThJergraduates on approved Marillme Degree Courses MrirB - Careers arKI TrainirrfJ Manager services other edwa1[1 grants aNI activitvès Ouiward tx)und eveni Allo(aled goverTran & sw)port Costs IrK)le 51 976,277 460,130 74,342 146.6181 64.833 121,629 674.116 491,fj78 67,898 71,fj77 1,607,030 GOVERNANCE & SUPPORT COSTCOSTS 2024 2023 Adrnini%trallon Expenses (gross of irrecoverable VA Audttors, RernurEratlon (gross of irrecoverable VAT) Auditois, RemurErallon {gross of irrecoverable VATI - prlor year 63,781 7,440 {441 71.177 114.371 7,100 158 121,629 6 STAFF COSTS The were no Èmployees durlng the yeai. None ol the Trustses received any emoluments or expenses In raspect of s8tvices lo the charity. 17
THE MARITIME EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER2024 (Continuedl 7 FIXED ASSET INVESTMENTS 2024 2023 Movement In Fixed Asset Invèstmonts Market Value at 1 January 2024 Add.. AdditnS to In51rrents at cost Lts$8'. Disposals at carrying val Add.. Net Ibsses)Igains on revaIlIn Add.. Change in accrued interest on fixed irrteresl securities Market Value at 31 Dg¢gmber 2024 3,309,749 702.723 (688,3091 51,432 246 3,375,841 3,045,522 917,119 (828,3511 174,126 1,333 3,309.749 Investmènt at falr valuo Equities and poobd 4ulty fund8 Fed Interest SeouritEs Falr value of fisteil securities & equilEs Cash hèpj within the investment portfdm) Total Flxed Assat Investm•nts 1.391.370 1,984,471 3,375,841 265,765 3,641,606 1,352,798 1,956,951 3,309,749 217,4S2 3,527.201 8 DEBTORS 2¢f23 Amounts fallin9 duè wthin one year: A¢c¥ued In¢ome- interest on Treasury Deposits OJ)or debtots 29.919 4.670 4.659,376 4,693.965 37,448 Grant recoivab from Marlt(nE Trning Trust 2,105.288 2,142,734 9 CREDITORS 2024 2023 Amounts falllng due wlthln on8 year.. Train4ig contracts and career related aGtniitks other creijitors- payable to MMfB Accr1$ 778,935 51,474 12,061 840,470 585,117 42,012 12,345 639.474 Amounts falling du8 after onè year. Tr&lning contracts and caTeer related 8CtMlies otr creditor8 - payable to MWf8 549.285 398.208 35.840 434.048 549.285
THE MARSTIME EDUCATIONAL FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024IContlnuedl 10 FUTURE COMMITMENTS There are no oth¢r fvture commitment$ otherthan thosè shown in note g. 11 ANALYSIS OF NET DEBT Asal ljanuary 2024 Cash flows A5at 31 December 2024 Cash 3.427.878 1,408,197 4.836.075 12 RELATED PARTY TRANSACTIONS Maritimè Tralning Trust Thè board of Trusiees ol the Maritime Educational Foundatton ourrentty has the same nEmb8rship as that of the Maritime Training Trust. The Foundatton's purpose is lo provide education and training in m81ititne skills for the Brillsh Shlpping Industry which are linanc¢d by PILOT p8yrn8nts whlch are collected and then transferred lo The Maritime EducAtk)ns1 Foundation by the Maritime Training Tiusl. In 2024 th& Maritime Training Trust uncondtthnally agreed lo award a grant of £5,554.088 (2023". £5,827,041) to the Marttsme Educational Foundation lo promote the charity in Its prlmary charhable objectives. Th? Chamber of Shlpplng Llmlled The Chamb8r of Shipping Limlled Is pOnsib for nominating 50% of thè Maritimè Educational Foundauon's Trustees. The Chamber of Shipplng Limlted supp11a8 project managèment and administration SeNiS to the Chartty. Fees charged in respect ol these services in the year ttstalled £46,200, Sncluslve of Irrecoverable VAT12023 fees.. £44,400). In acsdition, the MEF agreed £61,000 in 2021 payable lo the Mèrehanl Navy Training Board IMNTBI, an arm of the Chamber of Shipping Limil& lor the 5ervtces ol a Caer$ and Training Manager over a 2 year period. The arrangement whSch was due lo conclude on 5 December 2023 was extended lo 31 December 2025 at an exp8cled cost of £74,342 including irrecoverable VAT. J W Slat•r Memorial Fund The J W Slat8r Memorial Fund I'lhe Fund'} admlnlstralion has been transferred over lo the Marme Socpty & Strè Cadets (MSSCI. A Memorandum ofAgreemenl has been put in place which provided the Trustees of the Fund and N8Utilus Internalionsl with assurance that MSSC wlll continue with the original objecis of Ihe d)arity. A Management Cofftmittee has been $el up with 3 Nauti5usFund Trusioes in place lo meet bi- annualty. The Maritime Educational Foundation made donations lo the Fund in the year lolalling £400,00012023'. £400,000). D Appleton. a Trustee of the Marilirn6 EduCatnal Foundatton, is the Secretary of Fund. 19