THE MARITIME EDUCATIONAL FOUNDATION
Registered Charity Number 1100125
Registered Company Number 4251334
YEAR ENDED 31 DECEMBER 2025

THE MARITIME EDUCATIONAL FOUNDATION
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2025
CONTENTS
LEGALAND ADMINISTRATIVE INFORMATION....................................................................................................
REPORT OFTHE TRUSTEES.....
STATEMENT OF TRUSTEES, RESPONSIBILITIES....................................................................................................
INDEPENDENT AUDITOR'S REPORT TOTHE MEMBERS .....................................................................................
STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT....
.12
BALANCE SHEET.................................................................................................................................................13
STATEMENT OF CASH FLOWS............................................................................................................................14
NOTESTO THE ACCOUNTS.................................................................................................................................15

THE MARITIME EDUCATIONAL FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2025
CONSTITUTION
The Maritime Educational Foundation {'the Foundalion'l was incorporated on 12 July 2001. and ils
memorandum and articles were amended by special resolution on 18 September 2003. It is limited by
guarantee. The Foundation was registered as a charity on 17 October 2003.
TRUSTEES
The Directors, who are the Charity's Trustees that served during the year and up lo the date of signing this
report, were..
D Appleton
M Carden (Resigned 18 August 2025)
K Dawson
M Gray
D Procler
C Roberts
T Weise
REGISTERED COMPANY NUMBER
4251334
REGISTERED CHARITY NUMBER
1100125
REGISTERED OFFICE
The Maritime Educational Foundation
30 Park Street
London SE1 9EQ
PROFESSIONAL ADVISERS:
Auditor
DJH Audit Limited
St Georges House
56 Peter Street
Manchester
M2 3NQ
Bankers
National Westminster Bank PLC
Bishopsgate
London EC2P 2AP
Investment
Managers
Julius Baer (until April 20261
1 St Martin's Le Grand
London EC1A 4AS
Rheo (from April 20261
Suite 5, Corum 2
Corum Office Park
Warmley
Bristol
BS30 8FJ

THE MARITIME EDUCATIONAL FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees, who are directors for the purpose of Company law, are pleased to present their annual report
together with the financial statements of the charity for the year ended 31 December 2025 which are also
prepared to meet the requirements for a directors, report and a￿Ount$ for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the requirements of the
charity's trust deed, and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable
lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021, second edition published October 2019.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Maritime Educational Foundation Ithe Foundalionl, is a charitsble company limited by guarantee, controlled
by the same board of Trustees as The Maritime Training Trust IMTTI. MTT'S purpose is to collect money remitted
lo it by shipping companies registered under the tonnage lax regime which have not met their core training
commitment and pay these lo Ihe Foundation. These funds are then used to promote education and training in
maritime skills for the British Shipping industry. The Foundation received ils first contribution of £150,000 from
the Mft in December 2003. The Foundation continues lo receive contributions from the Mft.
There are normally eight Trustees, four nominated by the Chamber of Shipping, two nominated by Nautilus
International and two by RMT, although casual vacancies occur from time to time. The Trustees are by their
profession associated with the key aims of the Foundation and are therefore able lo make informed judgements
on the appropriateness of grant or other awards in line with the ¢harilable aims of the Foundation.
Trustees are appointed by the full Board to ensure the Board is balanced and equipped lo support the
organisalion. Each new trustee is given relevant induction as required and all trustees are given the opportunity
of additional training where necessary.
The Foundation does not have any employees. However, the Chamber of Shipping Limited provides
administrative support services to the Foundation and delegated responsibilities where considered appropriate.
AIMS AND OBJECTIVES
The Foundation's charitable objects are..
The advancement of education and training in maritime skills and in pursuance of such object but not
further or otherwise to facilitate and promote the education and training of seafarers in maritime skills
for the benefit of the general public,. and
The advancement of education and training generally COn￿rning maritime industries and industries
related to maritime activities.
For the purpose of the above, 'seafarers' means persons employed or engaged, in maritime industries or who
othenKise earn their living al sea or in industries related lo maritime activities or who are undergoing a course of
approved training for service in such industries or in industries related to maritime activities land which is a
course approved by the MNTBI.
The Foundation meets these aims and objectives as explained in the following narrative.

THE MARITIME EDUCATIONAL FOUNDATION
REPORT OF THE TRUSTEES {Continued}
FOR THE YEAR ENDED 31 DECEMBER 2025
ACHIEVEMENTS AND PERFORMANCE
2025 has been another productive and strategically important year for the Maritirne Educational Foundation
{MEFI. The Trustees have continued lo prioritise the recruitment, education, and retention of the next generation
of maritime professionals. Funding has once again been directed towards sponsorships for MEF cadets across
the deck, engineering, and electro-technical disciplines, ensuring they have the skills, experience, and
opportunities required to begin successful careers at sea. Further detail regarding cadet numbers and financial
allocations can be found within the accompanying financial report.
Beyond ils core cadet programmes, the Foundation has maintained its commitment lo supporting unemployed
seafarers by funding targeted training that enables them lo refresh or expand their competencies. This initiative
remains an important part of MEF'S work to enhance employability and strengthen the UK'S maritime skills base.
The Trustees also sustained their focus on encouraging shipowners lo invest in UK ratings. The bursary available
lo support the training of ratings was increased again this year, helping to reduce the financial burden of
progressing trainees to full qualification and incenlivising employers lo either begin or grow their rating training
programmes.
This year also saw further investment into the National Awareness Campaign, a project designed to raise
awareness of the importance of the Maritime industry and stimulate interest in careers at sea. Following the
campaign's initial launch in late 2024, engagement has remained exceptionally strong, with substantial increases
in traffic to the Careers at Sea website and significant reach across social media platforms. The Trustees ￿maIn
optimistic that these outcomes will contribute lo a meaningful upltft in cadet recruitment by September 2026.
To complement these outreach 8fforts. MEF invested in the development and promotion of new career-fo¢used
media content, including a 40-minule documentary prodU￿d in collaboration with Solent Creatives, a sludent-led
enterprise offering hands-on industry experience. The documentary was released May 2025 and is expected lo
play a key role in showcasing maritime career pathways lo a wider audien￿. Following ils release, the MNTB
was awarded a CertifiGale of Merit in November 2025 al The Maritime Foundation Media awards for the Most
Influential Use of Social and Immersive Media.
The Foundation also continued ils longstanding financial support of the JW Slaler Fund, which provides grants
lo Merchant Navy Ratings, Electro-Technical Officers, and Yacht Crew seeking to progress towards officer-level
qualifications.
Following the planned retirement of the MNTB'S Head of Operations and MEF Company Secretary in February
2026, a restructure of the MNTB team was implemented in Septerllber 2025 to ensure continuity and support
future operational needs. As part of this restructure, two new roles were created.
The first of these, the MNTB Administrative Co-ordinator, has already been successfully filled. Robert Buchanan
joined the team on 23 February, bringing with hirn extensive administrative expertise as well as strong experience
in IT system training and implemenlalion.
A second post, the Business Operations and Skills Manager, was also established to lake on several
responsibilities previously held by the Head of Operations. However, Susan Bell, who Currently occupies this
role, is due to begin maternity leave on 15 May. Temporary cover is now being sourced to ensure operational
continuity during her absence. The current MNTBIMEF Director announced her departure from the Chamber in
November 2025 and will complete her six months, notice period on the 7th May 2026. The recruitment process
for the role is now complete and the new MNTBIMEF D1￿clOr will commence in the role in June 2026.
Each year, the Trustees undertake a comprehensive review of MEF'S strategic plan lo ensure reSoUr￿S are
managed responsibly and that funding decisions deliver the greatest possible benefit to cadet training, education,
and professional development. This approach ensures the Foundation remains fully aligned with ils charitable
objectives while maximising ils positive impact on the maritime se¢lor.

THE MARITIME EDUCATIONAL FOUNDATION
REPORT OF THE TRUSTEES (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2025
PUBLIC BENEFIT
The Trustees confirm that they have taken due regard of the Charity Commission's general guidan￿ on public
benefit.
RISK MANAGEMENT
The Trustees consider the major risks facing the Foundation on an ongoing basis and takes steps to mitigate
these risks as they arise. The main financial risk identified was potential future income volatility reflecting either
any future changes to the current UK Tonnage Tax regime which supplies the entirely of the Charity's income
or the amount of training undertaken themselves by the shipping companies enrolled in that scheme. Other than
environmental scanning and monitoring there is limited mitigation possible.
FINANCIAL REVIEW
A summary of the resutts for the Foundation for the year is given on page 12 of the financial statements.
A grant of £6.5 million was awarded by the Maritime Training Trust IMTTI to the Foundation for the year to 31
December 202512024.. £5.55 million). Part of this grant was paid over during 2025, while the balance is included
within debtors at 31 De￿mber 2025 (see note 81.
In 2025, the Foundation awarded a ¢ontract to a new provider Watermark Group who were able to take on 11
cadets al a nel charge over the course of their training of £51 Ok. The commitment carried for Watermark Group
at 31 December 2025 was £340k. In 2025 there is a net charge of £39k in respect of Clyde specific contracts.
No new cadets were tsken on by Clyde in 2025 and there were 31 cadets still in training within the 2 remaining
contracts at year end with a commitment being carried at 31 December 2025 of £354k. In 2025 there is a nel
credit of £37k in respect of contracts with Ship Safe Training Group {SSTGI. No new cadeis were taken on by
SSTG in 2025 and there were 6 cadets still in training at year end within the remaining contracts with a
commitment of £97k being carried al 31 De￿mber 2025. In 2025 there is a net ¢harge of £10k in respe¢l of
contracts with Anglo Eastern Shipping (Anglo). No new cadet places were awarded lo Anglo for 2025 and the
commitment carried at 31 December 2025 was £25k. Outward Bound activities for cadets incurred expenditure
of £26k lower than usual and including a ¢ancelation fee due lo the low number of cadets recruited above.
The Foundation donated £400k lo the JW Slaler Memorial Fund Inow administered by Marine Society and Sea
Cadets) in 202512024.. £400kl-
In May 2025, the Trustees agreed funding up to a lolal of £1 Ook for approved nautical training establishments in
the UK providing MCA approved cadel Iraining programmes to UK OffI￿r of Watch Cerlificate of Compelency
lo enhance maritime education and skills in the UK. The funding was lo provide additional resources for
implementation Df new programmes starting in September 2025, developed by the Cadet Training and
Modemisalion programme and could include funding for hardware equipment, software, digital li￿nseS and
publications. £548k was awarded in total lo 6 Nautical Colleges. Other grants awarded in 2025 tolalled £159k
including £100k towards the National Awareness Campaign. In addition, following the positivity of the oul¢omes
noted above the Trustees agreed to contribute a further £1.2 million for the National Awareness Campaign at
£400k per annum for 3 years from 2026. This designation will be recognised as commitments in those years.
The Foundation held cash balanc8s of £1.7 Million al 31 December 202512024.. £4.8 million). In the prior year,
the Trustees made a decision to invest £2 million in fixed interest Treasury Reserve accounts lin the balance
sheet in Current Asset Investments) with Natwest. These investments were reinvested (including interest
accruing) during 2025 together with additional funds, with the policy of reinvesting at malurily continuing due lo
the investment strategic plan implementation being delayed. The total funds held in Treasury Reserve accounts
at 31 December 2025 were £10.4 million. During 2025 the Trustees continued to invest substantial funds with
Julius Baer. The market value of investments held with Julius Baer was £4 million at 31 December 202512024..
£3.64 millionl-

THE MARITIME EDUCATIONAL FOUNDATION
REPORT OF THE TRUSTEES (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2025
Total grant and award commitments being carried al 31 December 2025 were £1.02 million12024= £1.39 million),
of which £0.82 million is due to be paid by 31 December 2026 and £0.2 million thereafter.
GOING CONCERN
The financial statements are prepared on a going concem basis. The Trustees have considered the continued
appropriateness of the going Con￿rn basis for these financial statements. The charity has strong net assets and
net Current assets positions backed by mainly liquid funds.
When awarding grants, new training Commitments and other related inilialives, the Trustees are provided with
the latest cash position as well as latest management accounts to enable them to ensure that commitments are
not entered into that exceed the charity's ability to fund. Regarding funding commitments entered into at the
balance sheet dale, the full future amount of all future commitments is included in the financial slalemenls so
there are no additional debts that require settling before the award of any new commitments in 2026. Finally, the
level of administrative costs and fixed overheads outside the funding of charitable commitments is low,
representing less than 4010 of lolal expenditure and representing just over 10A of income in 2025 so servicing
these costs when they fall due is not material lo the wider going concern considerations. Accordingly, the
Trustees believe that a material Un￿rtaInty does not exist and hence the going concern basis remains
appropriate.
RESERVES POLICY
At 31 December 2025, the Foundation had £19.3 million of unrestricted funds as reserves. Whilst not a
conscious inlenlion, the Trustees recognise that reserves have built up particularly in recent years. In particular,
the Foundation has been Ljnable to increase its numbers of sponsored cadets as training providers cannot always
provide berths to accommodate the 'sea-time' element of the courses. In addition, training providers are
prioritising company cadets over charity cadets as this helps them meet their training obligations for Tonnage
Tax. The Chair and Secretary of the Foundation met with representatives of the Department for Transport and
the MCA lo discuss what else could potentially be supported. The Trustees agreed that a governance an
strategy review day should tske pla￿ which would include consideration of diversifying the use of funds within
the charitable aims and objectives of the Foundation. A governance and strategy day was held in February 2026.
Strategic proposals are being Considered which will form the basis of establishing the Foundation's reserves
policy going forward. The Trustees have already agreed one proposal (following further consultation with
Maritime Colleges and the MCAI to provide additional funding of £7.16 million to 5 UK nautical training
establishments delivering MCA approved cadet training programs leading lo the UK Officer of Watch Certificate
of Competency.
INVESTMENT POLICY
During 2025, Julius Baer maintained the portfolio as agreed by Truslees, within stated asset allocation guidelines
for Fixed Income Bonds, Equities and Cash. As at 31 December 2025, the investment portfolio had an open
market value of £4 million 12024.. £3.64 million). In addition, significant funds were invested in short term
investments at Nalwest as above. As noted in the prior year, the Trustees had engaged a consultancy lo work
with them on updating their investment strategy but this work stalled due to restructure in the organisation lo
which this consultsncy was linked. The Consultsnls in question have now established themselves as Rheo. The
Trustees have revisited the Foundation's investment strategy and agreed that the portfolio maintained by Julius
Baer should be transferred to Rheo as soon as practical having reassessed their expert experience in the Charity
and nol-for-proftt sector, their retention of their original client portfolio, detailed investment proposals and face to
face presentations. In addition, the intention is to also Iransfer significant cash sums from the Treasury Reserve
funds held las noted above) lo Rheo.

THE MARITIME EDUCATIONAL FOUNDATION
REPORT OF THE TRUSTEES Icontinuedl
FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees with Rheo are considering their risk appetite and potentially dividing funds into short term reserves
needs (within 1 yearl, reserves overfow (funds needed within 1 10 3 years) and a longer-term portfolio.
GRANT MAKING POLICY
The Maritime Educational Foundational only awards grants to other organisations for proposed projects that are
consislenl wrfch ils obje¢lives and principle aims. Grant applications are reviewed by the Trustees as an agenda
item on their board meetings. As the approval process is not delegated to management the Iruslees have not
felt the need to estsblish a formal policy as there are no awards approved on their behalf.
PLANS FOR FUTURE PERIODS
The Trustees will continue to review and monitor the range of funding offered and projects supported throughout
the year, with a view to increased use of the unrestricted reserves accrued lo include continuing lo raise
awareness of careers at sea and to support and influence the recruitment and retention of new talent into the
Maritime industry.
The Foundation's forward strategy is expected to be driven by the outcome of the recent strategy day and follow
up with key decision making at the May 2026 Board rlleeting.
FUNDRAISING
Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities.
As set out earlier in this report and in note 2 to these financial statements, the only source of donations for the
Foundation is a grant from the Maritime Training Trust. Accordingly the Foundation does not ulilise any other
professional fundraisers, corNmercial participators or third parties. The Foundation does not consider il
ne￿$sary lo comply with any voluntary wde of practice, has received no wmplaints in relation lo fundraising
activities, nor does it consider il necessary to design specific procedures to monitor such activities.
AUDITOR
The auditor, DJH Audit Limited have indicated their willingness to continue in office and a resolution proposing
their reappointment will be proposed at the AGM.
The Trustees (who are also the Direclorsl who held Offi￿ al the date of approval of the Trustees, Report confirm
thal, so far as they are aware, there is no relevanl audit information of which the FoLJndation's auditor is unaware.,
and each Trustee has taken all the steps that he or she ought lo have tsken as a Trustee and Director to make
himse￿ or herself aware of any relevant audit information and to establish that the Foundation's auditor is aware
of that information.
The Trustees, Report has been prepared in accordance with the special provisions relating to companies subject
lo the small companies regime within Part 15 of the Companies Act 2006.
Approved and aulhorised for issue by the Trustees on 7 May 2026 and signed on their behalf on 10 August
2026 by
David Appleton, Trustee
Clifford Roberts, Trustee

THE MARITIME EDUCATIONAL FOUNDATION
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the trustees annual report and the financial statements in accordance
with applicable law and regulations.
Company law requires the Trustees to prepare financial ststernents for each financial year in accordance with
United Kingdom Generally Accepted Accounting Practice Iuniled Kingdom Accounting Standards and applicable
lawl. Under wmpany law the Trustees musl not approve the financial ststements unless they are satisfied that
they give a true and fair view of the state of affairs of the charity and of the incoming resources and application
of resour￿$, including the income and expenditure, of the charity for that year.
In preparing these financial ststements, the Trustees are required to..
Select suitable a¢¢ounling policies and then apply them consislenlly.,
Make judgements and accounting eslimal8s that are reasonable and prudent.,
Slate whether applicable UK Accounting Standards have been followed, subject lo any material
departures disclosed and explained in the financial slalements.,
Prepare the financial slalemenls on the going concem basis unless it is inappropriate lo presume that
the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the charity's transactions and disclose with reasonable a￿U[8¢Y al any lime the financial position of the charity
and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the charity and hen￿ for tsking reasonable steps for the prevention
and detection of fraud and other irregularities.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE MARITIME EDUCATIONAL FOUNDATION
FOR THE YEAR ENDED 31 DECEMBER 2025
Opinion on the financial ststements
We have audited the financial stslemenls of The Maritime Educational Foundation Ilhe 'charitable company'l
for the year ended 31 December 2025 which comprise the slalemenl of financial activities including income and
expenditure account, the balance sheet, the statement of cash flows and notes lo the financial slatemenls,
including a summary of 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 Praclicel.
In our opinion, the financial slatemenls..
give a true and fair view of the stale of the charitable company's affairs as al 31 December 2025 and of
its incoming resources and application of resources, including ils income and expenditure, for the year
then ended-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Inlemalional Standards on Auditing {UKI {ISAs IUKII 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 charitable company in accordance
with the ethical requirements that are relevant to our audit of the financial stslemenls 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 obtsined is sufficient and appropriate lo provide a
basis for our opinion.
Conclusions related to going concem
In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of
accounting in the preparation of the financial slalements 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 doubl on the entity's ability lo continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the
relevant sections of this report.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE MARITIME EDUCATIONAL FOUNDATION
FOR THE YEAR ENDED 31 DECEMBER 2025 {Continuedl
Other infomation
The other information comprises the information included in the annual report other than the financial slalements
and our auditor's report Ihereon. The Iruslees are responsible for the other infomialion contained within the
annual report. Our opinion on the financial slalements does not cover the other information and, except lo the
extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon.
Our responsibility is lo read the other information and, in doing so, consider whether the other infomalion is
materially inconsislenl with the financial sialemenls or our knowledge obtained in the course of the audit or
olhenNise appears lo be materially misstsled. If we identify such material inconsistencies or apparent material
misslalements, we are required to determine whether this gives rise to a material misslatemenl in the financial
slalements themselves. If, based on the work we have perfomied, we conclude that there is a material
misslalement of this other information, we are required lo report that fact.
We have nothing lo report in this regard.
other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit..
the information given in the trustees, report, which includes the directors, report prepared for company
law purposes, for the financial year for which the financial statements are prepared is consislenl with
the financial slatemenls., and
the directors, report included within the trustees, report has been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitsble company and its environment obtained in the
course of the audit, we have not identified material misstatements in the Iruslees, report.
We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires
us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been
re￿iVed from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of Iruslees, remuneration specified by18w are not made., or
we have not received all the information and explanations we require for our 8udit', or
the trustees, were not entitled to prepare the financial statements in accordan￿ with the small
companies regime and take advantage of the small companies, exemptions in preparing the trustees,
report and from the requirement to prepare a strategio report.
Responsibilities of Trustees
As explained more fully in the trustees, responsibilities statement, the Iruslees {who are also the directors of the
charitable company for the purposes of company law) are responsible for the preparation of the financial
slalements and for being satisfied that they give a true and fair view, and for such internal control as the trustees
determine is necessary to enable the preparation of financial statements that are free from material
misslalement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability
lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going
concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease
operations, or have no realistic alternative bul to do so.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE MARITIME EDUCATIONAL FOUNDATION
FOR THE YEAR ENDED 31 DECEMBER 2025 (Continued)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misslatemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in
accordance with ISAS IUK} will always detect a material misstalemenl when it exists. Misslalements 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.
Irregularities, including fraud, are instances of non-compliance Wlth laws and regulations. We design procedures
in line with our responsibilities, outlined above, lo detect material misslatemenls in respect of irregularities,
including fraud. The extent to which our procedures ar8 capable of del8cling irr8gularilies, including Iraud is
detailed below..
Discussions were held with, and enquiries made of, management and those charged with governance with a
view to identifying those laws and regulations that could be expected to have a material impact on the financial
statements. During the engagement team briefing, the outcomes of these discussions and enquiries were
shared with the team, as well as consideration as lo where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity-
those laws and regulations Considered lo have a direct effect on the financial statements include UK
financial reporting standards, Company Law and Tax legislation.
it is considered that there are no laws and regulations for which non-compli8nce may be fundamental
to the operating aspects of th8 busin8SS.
Audit procedures undertaken in response to the potential risks relating lo irregularities Iwhich include fraud and
non-compliance with laws and regulations) comprised of.. inquiries of management and those charged with
governan￿ as to whether the entity complies with such laws and regulations., enquiries with the same
concerning any actual or potential litigation or claims., inspection of relevant legal correspondence,. review of
board minutes,. testing the appropriateness of entries in the nominal ledger, including journal entries,. reviewing
transactions around the end of the reporting period., and the performance of analytical procedures lo identify
unexpected movements in account balan￿S which may be indicative of fraud.
No instan￿$ of material non-compliance were identified. However, the likelihood of detecting irregularities,
including fraud, is limited by the inherent drfficulty in detecting irregularities, the effectiveness of the entity's
controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud
might be inherently more difficult lo delect than irregularities that result from error. As explained above, there is
an unavoidable risk that material misslatemenls may not be detected, even though the audit has been planned
and performed in accordan￿ with ISAS IUK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website al. htl s.'Ilwww.frc.or
.uklaudilorsres
onsibililies. This description forms part of our
auditor's report.
io

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE MARITIME EDUCATIONAL FOUNDATION
FOR THE YEAR ENDED 31 DECEMBER 2025 (Continued}
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable
company's members those mallers we are required lo stale lo them in an auditor's ￿port and for no other
purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than
the charitable company and the charitable company s members as a body, ftir our audit work, for this report, or
for the opinions we have formed.
Christopher Abbott ACA (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited
Accountants and Statutory Auditors
St Georges House
56 Peter Street
Manchester
M2 3NQ
Date 1810812026

THE MARITIME EDUCATIONAL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
Note
2025
2024
INCOME
DonaliorL8 receivable
6,506,646
5,554,088
Interest re￿1vable
303,610
185,683
Inveslmenl incomg
104,555
6,914,811
116,438
5,856,209
EXPENDITURE
Cost of raising funds
Investment management costs
124,2001
122,914)
Charltable expendlture
Donatior￿ payable in fLrtherance of the
charity's objects
1400,0001
1400,000)
Other activities in furtherar￿e of the
charity's objects
11,341,175)
11,607,030)
TOTAL RESOURCES EXPENDED
11,765,375)
12,029,944)
NET INCOME
FOR THE YEAR
5,149,436
3,826,265
Net gains on investments
312,250
20,881
NET MOVEMENT IN FUNDS
5,461,686
3,847,146
UNRESTRICTED FUNDS BROUGHT
FORWARD AT 1 JANUARY 2025
13,871,437
10,024,291
UNRESTRICTED FUNDS BROUGHT
FORWARD AT 31 DECEMBER 2025
19,333,123
13,871,437
Al amounts relate lo continuing operations.
The charity has no gains or losses not included in the Ststemenl of Financial Activities.
The notes on pages 15 10 19 fom) part of these financial statements
12

THE MARITIME EDUCATIONAL FOUNDATION
BALANCE SHEET
Registered Company Number4251334
AS AT 310ECEMBER 2025
Note
2025
2024
FIXED ASSETS
Investments
4.034,211
3,641,606
CURRENT ASSETS
Current asset investmentS-Treasury Deposits
Cash at bank and in hand
Debtors
TOTAL CURRENT ASs￿s
10,394,893
1,695,344
4,244,080
16,334,317
2,101,607
4,836,075
4,693,965
11,631,647
CURRENT LIABILITIES
Creditors.. Amounts fallirg due within one
year
NET CURRENT ASs￿s
1836,0871
15,498.230
{852,5311
10,779,116
TOTAL ASSETS LESS CURRENT ASSETS
19,532,441
14,420,722
Creditors.. Amounts fallirg due after one year
NET ASSETS
1199,3181
19,333,123
{549,2851
13,871,437
THE FUNDS OF THE CHARITY
ithreslricled funds
19,333,123
13,871,437
These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating
lo small companies and constitute the annual accounts required by the Companies Act 2006 and are for
circulation lo members of the company.
The financial statements were approved and aulhorised for issue by the Trustees on 7 May 2026 and
signed on behalf of the board by..
David Appleton, Trustee
Clifford Roberts, Trustee
The notes on pages 15 10 19 fomi part of these financial statements
13

THE MARITIME EDUCATIONAL FOUNDATION
STATEMENT OF CASH FLOWS
Registered Company Number 4251334
FOR THE YEAR ENDED 31 DECEMBER 2025
2025
2024
NET MOVEMENT IN FUNDS
5,461.686
3,847,146
I￿rease in current asset investments-Treasury Deposits
Decreaselllncreasel in debtors
Increase in cred(cors
Income from fixed asset investments
GairE on fixed asset investmerrt
Investment fees paid
{8,293,286}
449,885
{366,411)
1104,555}
{312,250}
24,200
{101,607}
(2,551,231)
328,294
1116,438}
120,881 }
22,914
CASH USED IN OPERATING ACTIVITIES
13,140,731 }
1,408, 197
NET MOVEMENT IN CASH DURING THE YEAR
{3,140,731 }
1,408,197
CASH AT HAND AND IN BANK BROUGHT
FORWARD
4,836.075
3,427,878
CASH AT HAND AND IN BANK CARRIED FORWARD
1,695,344
4,836,075
No reconciliation of nel funds has been prepared as the Foundation holds only cash and cash equivalents
The notes on pages 15 10 19 form part of these financial statements
14

THE MARITIME EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1 ACCOUNTING POLICIES
The following accounting policies have been used in the preparation of the financial statements of the
Maritime Educational Foundation..
(al Basis of preparation and assessment of going concern
The accounts (financial slatementsl have been prepared under the historical cost convention with items
recognised al cost of transaction value unless otherwise stated in the relevant nolelsl to these accounts.
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
Second Edition, applicable accounting standards and the Companies Act 2006.
The Foundation conslitules a public benefit entity as defined by FRS 102.
The financial statements are prepared on a going concem basis. The Trustees have considered the
continued appropriateness of the going concem basis for these financial stslemenls. The charity has
strong net assets and net current assets positions backed by mainly liquid funds.
When awarding grants, new training commitments and other related initiatives, the Trustees are
provided with the latest cash position as well as latest management 8ccounls lo enable them lo ensure
that commitments are not entered into that exceed the charity's ability to fund. Regarding funding
commitments entered into at the balance sheet date, the full future amount of all future commitments is
included in the financial statements so there are no additional debts that require settling before the
award of any new commitments in 2026. Finally, the level of administrative costs and fixed overheads
outside the funding of charitable commitments is low, representing less than 40/0 of total expenditure
and representing just over 1,/0 of income in 2025 so servicing these costs when they fall due is not
material to the wider going concem considerations. Accordingly, the Trustees believe that a material
uncertainly does not exist and hence the going concem basis remains appropriate.
Ib} Income recognition
Donations are recognised when the Foundation has been notified in writing of a commitment to make
the donation.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably
by the charity,. this is normally upon notification of the interest paid or payable by the bank. Dividends
are recognised once the dividend has been dedared and notification has been received of the dividend
due. This is normally upon nolificalion by our investment advisor of the dividend yield of the investment
portfolio.
Icl Expendlture recognltlon
Resources expended are recognised in the year in which they are incurred and include attributable VAT
which cannot be recovered. Expenditure on training contracts is recognised when the Foundation has
entered into a legal or constructive obligation with a training provide as these are unconditional awards
with no required interim reporting requirements. The Foundation only commits expenditures against
donations notified
15

THE MARITIME EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2025 {Continued)
1 ACCOUNTING POLICIES (continued)
Idl Fund accounting
Unreslricled funds are those that are freely available for use in pursuance of the general objects of the
charity. All Maritime EdLJcalional Fund funds are unreslricled.
lel Fixed asset inve$tment$
Investments are initially recognised at their tfftnsaclion value and subsequently measured at their
market value as at the balance sheet date using the closing quoted market price. The statement of
financial activities includes the net gains and losses arising on revaluation and disposals throughout the
year.
The Foundation does not acquire or use put options, derivatives or other complex financial instruments.
lfj Realised gains and losses
All gains and losses are taken to the slalemenl of financial activities as they arise. Realised gains and
losses on investments are calculated as the difference between sales proceeds and their opening
carrying value or their purchase value if acquired subsequent lo the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and
their carrying value. Realised and unrealised investment gains and losses are combined in the
Statement of Financial Activities.
Igl The Maritime Educational Foundation
The Maritime Educational Foundation is a private company, limited by guarantee, domiciled in England
and Wales, Company Registration Number 4251334, Registered Company Number 1100125. The
registered office address is 30 Park Street, London, SE19EQ.
2 DONATIONS AND GRANTS RECEIVABLE
2025
2024
Grant awarded by The Maritirne Training Trust
6,506,646
5,554,088
3 INVESTMENT INCOME
2025
2024
Investment income on fuThYs invested in line with charl(Ys
investment policy
104,554
116,438
16

THE MARITIME EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2025 {Continued)
4 CHARITABLE EXPENDITURE IN FURTHERANCE OF THE CHARITY'S OBJECTIVES
2025
2024
Education and training of cadets
Donations
J W Slater Memorial Furd.. Supporting Ratirg to Officer
conversion- see M)le 12
400,000
400,000
Training contracts and other educational activites
Training contracl supporting undergraduates on approved
Marftime Degree Courses
OrE off grant awards lo Nautical Colleges
Other edLrational grants and actimties
Outward bound event
Allocated governance & suptx)rt costs (note 5)
538,147
548,437
158,582
26,589
69,420
1,341,175
976.277
491,678
67,898
71,177
1,607,030
5 GOVERNANCE & SUPPORT COST COSTS
2025
2024
Administration Exper6es {gross of irrecoverable VAT)
ALKlilors' Remuneration (gross of irrecoverable VAT)
A￿[lor$, Remuneration {gross of irrecoverable VAT} - prior year
61,734
7.560
126
69.420
63,781
7.440
(441
71,177
6 STAFF COSTS
There were no employees during the year. None of the Trustees received any emoluments or expenses in
respect of services lo the charity.
17

THE MARITIME EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2025 {Continued)
7 FIXED ASSET INVESTMENTS
2025
2024
Movement in Fixed Asset Investments
Market val￿ at 1 January 2025
Add= Additions to investments at cost
Less.. Disposals at carrying value
Add= Net Ilossesllgains on revaluation
Add= Change in accrued interest on fixed interest securities
Market Value at 31 December 2025
3,375,841
964,019
1741,8921
237,698
8261
3,834,840
3,309,749
702,723
{688,3091
51,432
246
3,375,841
Investment at fair value
Equities arKI pooled equity furKIs
Fixed Interest Securities
Fair value of listed securities & equities
Cash held wrfchin the investment portfolio
Total Fixed Asset Investments
1,498,537
2,336,303
3,834,840
199,371
4,034,211
1,391,370
1,984,471
3,375,841
265,765
3,641,606
8 DEBTORS
2025
2024
Amounts falling due within one year:
Accrued inconE - interest on Treasury Deposits
Other debtors
Grant receivable from Maritime Training Trust
41,559
49,726
4.152,795
4.244,080
29,919
4,670
4,659,376
4,693,965
9 CREDITORS
2025
2024
Amounts falling due within one year-
TrainirvJ wntra¢ts arQ career related a¢tiwties
Other creditors - payable to MNTB
Accruals
816,666
7,286
12,135
836,087
788,996
51,474
12,061
852,531
Amounts falling due after one year-
Training ¢onlra¢ls arQ ¢ar&er related a¢liwti&s
199,318
199,318
549,285
549,285
18

THE MARITIME EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2025 (Continued)
10 FUTURE COMMITMENTS
In November 2025, the Trustees agreed to award a further £1.2 million to the National Awareness
Campaign at £400k per annum for 3 years from 2026. This multi-year grant award is not included in the
2025 commitments carried bul £1.2 million has been sel aside lo recognise this designation.
There are no other future commitments other than those shown in note 9.
11 ANALYSIS OF NET DEBT
Asal
1 January
2025
Cash flows
Asat
31 December
2025
Cash
4,836,075
13,140,731)
1,695.344
12 RELATED PARTY TRANSACTIONS
Maritime Training Trust
The board of Trustees of the Maritime Educational Foundation currently has the same membership as that
of the Maritime Training Trust. The Foundation's purpose is to provide education and training in maritime
skills for the Brwtish Shipping Industry which are financed by PILOT payments which are collected and then
transferred lo The Maritime Educational Foundation by the Maritime Training Trust.
In 2025 the Maritime Training Trust uncondfcionally agreed to award a grant of £6,506,646 12024..
£5,554,088) to the Maritime Educational Foundation to promote the charity in its primary charitable
objectives.
The Chamber of Shlpplng Llmlted
The Chamber of Shipping Limited is responsible for nominating 50Qkn of the Maritime Educational
Foundation's Trustees. The Chamber of Shipping Limited supplies project management and administration
services to the Charity. Fees charged in respect of these services in the year lotalled £47,355, inclusive of
irrecoverable VAT 12024 fees.. £46,200). In addition, the MEF agreed £61,000 in 2021 payable to the
Merchant Navy Training Board IMNTB}, an arm of the Chamber of Shipping Limited for the services of a
Careers and Training Manager over a 2 year period. The arrangement which was due to conclude on 5
December 2023 was extended lo 31 December 2025 at an expected cost of£74,342 including irrecoverable
VAT. It was necessary lo accrue an additional £878 to meet the commitment to 31 December 2025.
J W Slaler Memorial Fund
The J W Slater Memorial Fund {'the Fund'l administration was transferred over lo the Marine Society & Sea
Cadets IMSSCI in the prior year. A Memorandum of Agreement is in pla￿ which provided the Trustees of
the Fund and Nautilus International with assuran￿ that MSSC will continue with the original objects of the
charity. A Management Committee has been sel up with 3 NauliluslFund Trustees in pla￿ to meet bi-
annually. The Maritime Educational Foundation made donations lo the Fund in the year totalling £400,000
12024.. £400,000). D Appleton, a Trustee and Chair of the Maritime Educational Foundation, is the Secretary
of Fund.
19

THE MARITIME EDUCATIONAL FOUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2025 (Continued)
13 EVENTS AFTER THE REPORTING DATE
Subsequent to the balance sheet dale, the Trustees approved a grant Commitment of £7.16 million lo five
UK nautical training establishments. As this commitment was approved after the balance sheet dale and
did not represent an obligation existing at that date, it has not been recognised in the financial statements.
20