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 $8ptember 20241
D Pi(Kier
C Robètts
T WEise
REGISTERED COMPANY NUMBER
4251334
REGISTERED CHARITY NUMBER
11D0125
REGISTERED OFFICE
The Mariilme Educational Foundation
30 Park Slieel
London SE1 9EQ
PROFESSIONAL ADVISERS..
Audltor
DJH A￿dE1 Limited
Nexus Housè
2 Cray Rtsad
Sidctsp
Kent
DA14 SDA
Bankgrs
N8lK)n81 W6Stminsler B8nk PLC
Bishopsgate
London EC2P 2AP
Inve$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 wh￿h 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 requ1￿MantS 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 R9pOr￿ng Standard appllcable
lft the UK and Rèpubllc of Ire￿nd {FRS 1021, second edition published OCto￿r 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 Commit￿nI 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 inf0m￿d 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 d￿ritable 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 proTr￿te 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
othe￿i￿e 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 wh￿h 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 (Con￿nUed)
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 prodU￿d in collaboration w￿h Solent Cfealives. a $ludenl-bd company ained 8t providing
students with commord&l industry 8xpprience. The documentary ¥3 scheduled for launch on 18 May 2026.
The Foundation also Continues ils fi'nancial support ol the JW Slater Fund, whlch provid8s grants to Merchant
Navy Ratings, E￿¢tro-TechNiCal officers, and Yacht Crew seeking to progre88 to Offi￿r-I￿21 qualiflcations.
Each year, the Trusletss undert8ke a ￿mprehenSive review ol the strat8gic plan to ensure MEF'$ r88ources are
managod efficr?nUy and thatfunds are allocatEd appropriately. Thi5 approach ensure8 ma￿n)uM posltive inpact
on c4del tralnlno and educatlon, while remaining Ilrmly allgned with thg Foundation's charita￿8 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$8. Th¢ main financial rlsk identified was potential lulure income volatility reflecting either
any fiJtUTe changes to the current UK Tonnag8 Tax regime which suppSies the entirety of the Charity's in¢om8
orthe amount of tralning und8rtakÉn Ihemselvgs by th£ shlpping ¢ompani&5 enrolled in Ihal scheme. Other than
environmental scanning and moniltsriftg theie is limited mitlgation possible. Other rlsks were flnancBI one5
arrsing as a result of vol8￿litY in the market valu8 and in¢om8 from fixed asset investments. Miligation lor th888
risks ha$ included Telaining substanlk81 cash balanrAs. a baLanced and dIVersrf￿d 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 th15s￿nI 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 ￿4a￿S 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 DeC￿nber 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 prO1￿t 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 Col￿ge and so￿nI 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 p9r￿rJ.
The Foundation h8￿ cash b81ances of £4.8 million at 31 [)e￿mber 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 a￿ruing) 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 m￿lI0n12023.' £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 COn￿M 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 Comm￿M￿ntsarB ntstenle￿d 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 C4r￿m818￿Ces
(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 I￿1r 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. AcC￿ding￿ 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 pr￿￿u￿¥ to monltor 8uoh aouvit￿S.
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 releva￿1 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, subj￿1 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 posit￿n 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 PreVent￿n
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 De￿mber 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 slandard6ppl￿tslO in the UK and Rapublic c>f lfv18nd Iuniled Kingdorn
Generalty Accepted Accounting Practice).
In our opin￿n, 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 reSoU￿S 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 ac￿rdanCe 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 $lhical requirements that ar8 re￿vant to our audit of the financial slalements in the UK, Including the
FRC'S Ethical Standard, and we hav6 fulfilled our other ethic81 responsibilities in accordancè with thesè
requiTements. We b$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
con￿rn 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 fin*nci21 slalem&nls
a￿d 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 Informa￿on 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 fillan￿al st*èments', and
the dlreclois. report Included within the trustees, r&port has boen prepared in accordancg w￿h
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 r￿rdS 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 st5￿MentS 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 ¢oll￿rn 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 Mater￿al 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 regUlat￿nS. 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 I￿rn. 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$8.
Audit proceduras undortaken response lo the potenllal risks relating to Irregularftles Iwhlch Include fraud and
llon-compliance with l&ws and wulallonsl comprised ol.. inquiries of management and those charged with
govÉmance 88 lo whether the entity complies wth such and reguLqllons'. enquiTies with the same
concerning any actual or potential litigation or clalms,, inspeetioft ol rglevant legal correspond&n¢&', reV￿W ol
board minutes.. testing the appropriateness ol entries in the nominal ledger, including joumal enthe5,' reiiewlng
transactions around the end of the reporting period.. and the Performan￿ ol analytlcal pr￿dureS to identify
unexpe¢ted movements in account balances whlch may bè indlcative ol fraud.
No InStan￿S of material non-cornplian￿ were idenlifled. However, the likelihood of detecdng irregularities,
including fraud. is 1Smlted by tha Inherent difficulty in ¢Jelecting Irregularities, the effeciweness of the entity's
¢onlrols, and the nature. b'ming and extantof the audit procedures performed. Irregularitie5 Ihal resullfrom fraud
mlghl be inhertrnuy rTh)re difficult lo detecl than Irregularitles that result from èrior. As explainéd above, there 1$
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 accordan￿With 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 ftrtherdr￿e 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 MoVEME￿r 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$r 4251334
AS Af 31 DECEMBER 2024
Note
2024
2023
FIXED ASSErs
ITwe8lments
3.641,606
3,527,201
CURRENT ASSETS
CurT8nt asset inveslrrEnts-Treasury Deposits
Cash al bank and in hand
Debtors
TOTAL CURRENT ASSETS
2,101,607
4,836,075
4,693,965
11,631.647
2,000,000
3,427,878
2,142,734
7,570,612
CuRRETr￿ LIABILITIES
Creditors.. Amounts fallwig due withln or
year
NET CURRENT ASSETS
1852,531}
10,779,116
(639.4741
6,931.138
TOTAL ASSETS LESS CURRENT ASSETS
14.420,722
10,458.339
Credilors.. Arno￿1$ fallirvJ due aftet one year
NET AssErs
1549.2851
13,871.437
1434,0481
10,024,291
THE FUNDS OF THE CHARITY
UnreStr￿ted 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
I￿rease in ojrrent asset inveslmentS-Tre8$ury D&posils
(In¢￿aS￿l/Decrease in dthrs
DecreasèllSn¢reasel Sn creditor$
lrton* from fixed asset investments
Gdns ffxgd asset Invtsslrnent
Inv&stN*nt 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
S￿tementS 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$8nting les5 than 4% of total èxpenditure and reprasentlng 1,2%
ol income In 2024 so seNicing thesè costs when they fall due15 not material to the wkjer going eoncern
consid8T8tions. Accordingly, the Trustees b&lieve that a materlal un￿rtaInty does not ￿$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 notif￿1111￿ 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 ACCOu￿￿NG 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 Tra￿ing 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)r￿Y
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.. Addit￿nS to In￿51rrents at cost
Lts$8'. Disposals at carrying val
Add.. Net Ibsses)Igains on revaI￿lI￿n
Add.. Change in accrued interest on fixed irrteresl securities
Market Value at 31 Dg¢gmber 2024
3,309,749
702.723
(688,3091
51,432
246
3,375,841
3,045,522
917,119
(828,3511
174,126
1,333
3,309.749
Investmènt at falr valuo
Equities and poobd 4ulty fund8
F￿ed Interest SeouritEs
Falr value of fisteil securities & equilEs
Cash hèpj within the investment portfdm)
Total Flxed Assat Investm•nts
1.391.370
1,984,471
3,375,841
265,765
3,641,606
1,352,798
1,956,951
3,309,749
217,4S2
3,527.201
8 DEBTORS
2¢f23
Amounts fallin9 duè wthin one year:
A¢c¥ued In¢ome- interest on Treasury Deposits
OJ)or debtots
29.919
4.670
4.659,376
4,693.965
37,448
Grant recoivab￿ from Marlt(nE Tr￿ning Trust
2,105.288
2,142,734
9 CREDITORS
2024
2023
Amounts falllng due wlthln on8 year..
Train4ig contracts and career related aGtniitks
other creijitors- payable to MMfB
Accr￿1$
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
ot￿r 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 SeNi￿S 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 Ca￿er$ 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 EduCat￿nal Foundatton, is the Secretary of Fund.
19