Charity Registration No. 1102946 Company Registration No. 3171109 (England and Wales) ISWAN INTERNATIONAL SEAFARERS, WELFARE and ASSISTANCE NETWORK REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ISWAN INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Audltor's Report 10 Consolidated Statement of Financial Actlvitles 14 Consolidated Balance Sheet 15 Charity Balance Sheet 16 Consolldated Statement of Cash Flows 17 Notes to the Flnanclal Statements 18
15WAN INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 REPORT OF THE TRUSTEES The trustees are pleased to present their annual Iruslees, report together with the financial statements of the charity for the year ending 31 March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 st January 20191. OBJECTIVES AND ACTIVITIES Public Beneflt The Trustees have complied with the duty in Section 4 of the Charities Act 2011 to have regard to the Public Benefit guidance issued by the Charity Commission. The compliance is identified throughout this report in the description of the activities undertaken. Charlty Objects & Slgnificant Activitles Undertakèn in Relation to Objects The Objects adopted in the Articles are as follows.. 1. To promote the relief of need. hardship or distress amongst seafarers of all nationalities, races, colours and creeds and their families and dependants. 2. To promote and preserve the health and safety of all seafarers and the relief of sick, ill and disabled seafarers. 3. To promote the provision in the interests of so¢ial welfare of facililies at sea or serving intemational ports for recreation or other leisure time occupation for all seafarers who are in need by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances with the object of improving their conditions of life. The ISWAN Board of Trustees agreed new strategic objects for 2021-24. The organisalional goals are to.. 1. Improve our processes and make better use of technology lo meet the changing needs of seafarers 2. Develop iimely responses to the most prevalent issues identified through helplines, regions and our membership to educate the sector and influence change 3. Raise the profile and position of ISWAN as a respected calalyst for delivering change to improve the lives of seafarers and their families 4. Develop a truly international organisation that is financially and operationally sustainable ISWAN works broadly in ways.. Supporting Seafarers las a service provider & connector) Direct support to seafarers and their families Coordination and leverage of resources Providing crisis relief funds Developing health and wellbeing resources Working with Stakeholders (as an educator & influencer) Being a collaborative partner and coordinator Research into issues affecting seafarers Connecting sector agencies Providing intelligence on global seafarer issues Improving the delivery of welfare to seafarers Work has now begun on developing the strategy for 2025-28.
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN ACTIVITIES & ACHIEVEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Context The maritime sector has fully adapted to the posl-pandemic world and ISWAN has also found its new normal. Demand for our services ha5 subsided to more norTnal levels and thi5 has enabled us to be le5S reactive in our approach. However, seafarers are not immune from Ihe consequences of geopolitical instability that we are all seeing and often find themselves unwillingly on the frontline of events. Global supply chains rely on stability and are not designed to function in conllict zones. Seafarers are not equipped for conflict zones either, they go to sea to provide for their families and should not be expected to put their lives al risk. ISWAN has continued to do al it can to support seafarers through these hallenges. We have seen a steady increase in demand for our commissioned Services as companies begin to recognise the importance of good welfare in attracting and retaining the workforce of Ihe future. Addressing the marilime recruilmenl crisis.. Seafarer wellbeing in a changing wortd, was the theme of our very successful seminar in Helsinki. The seminar took a solulions-focused approach to exploring how the maritime sector needs to address the recruitment and retention gap, with seafarers, welfare at the heart ofall discussions. ISWAN'S commissioned services, such as our Seafarer Assistance helplines and Maritime Mental Health Awareness trainin9, provide an important source of income for the charity and will help to give us greater sustainability in the future. We have strengthened governance level with the addition of four new trustees during the course ofthe year - Jillian Carson-Jackson, who is a former seafarer and maritime education expert with a particular interest in the challenges faced by women seafarers,. Charles Boyle who is the legal adviser lo the Nautilus Union and an expert on the Maritime Labour Convention, Capt. Ashley Cooper who is Marine Direclor at Scorpio Ship Management, and Sadie Saunders who manages the ITF secretarial. We have also appointed a Deputy Chair lan existing trustee) who will take over when our Current Chair Steps down in November 2024. This will keep the board strong and well equipped for the future. ISWAN has responded positively to the demands upon all its seniices and the entire staff team ha5 worked exceedingly hard during the year. Thanks to a grant from Trinity House, we have appointed Clinical Supervisor to manage our clinical governance. This was as a result of the work carried out by the internal working group on clinical governance which recommended we have an internal resource instead of relying on an external psychologist and is an important Step forward. An initial review of our systems and processes has flagged up some important improvements we can rnake In the training and supervision of our helpline operators. It is plea5in9 to note that our work has also been recognised with an award from HRH The Duke of Edinburgh for 'our invaluable contribulion lo seafarers, welfare and helping seafarers to thrive,. SeafarerHelp SeafarerHelp is ISWAN'S core service - a free, confidential, multi-lingual helpline for seafarers and Iheir families operating 24 hours per day, 365 days per year. It has provided an invaluable and highly praised service over the past year, the main concerns of seafarers being.. Information enquires PhysicallPsychological heafth related issues Financial or Debt Problems Seeking employment Problem with unpaid wageslsalary During the period 1 April 2023 to 31 March 2024 the SeafarerHelp service dealt wrth 3.942 cases (initial contacts} involving 12,280 seafarer5 and handled 4,931 successive contacts. The totsl number of contacts made for SeafarerHelp was 8,873.
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15WAN We are extremely grateful to The Seafarers, Charity, TK Foundation and the ITF Seafarers, Trust for their generous support of the SeafarerHelp service during this year and all the other funders wilhout whom our work would not be possible. Seafarer Assi8tan¢e During the year, three further helplines for shipping companies were established under the Seafarer Assistance banner. This is an indication that the industry reGognises the importance of mental health amongst seafarers and is seeking solutions. This is also an important step forward for the charity as it looks to increase the level of commercial activity to help fund ils overall costs. Yacht Crew Help This was the third full year of operation for Yacht Crew Help, a free, confidential, multilingual helpline for yacht crew and their families operating 24171365. Despite the many financial and lifestyle benefits of working on board a superyacht, the challenges of working in such high-pressure and high-profile environments can be difficult for crew lo cope with. Awareness amongst crew of the service continues to grow and the industry stakeholders are widely 5UPPOrtive. Having three years, worth of data and insights means we can report to the industry about specific challenges facing the industry and develop collaboralive projects to address. Over the past year, the main issues raised lo Yacht Crew Help were.. PhysicallP5ychological health relaled issues Seeking employment Information enquires Problem wth unpaid wageslsalary Abuse bullying harassmenl discrimination During the period 1 April 2023 to 31 March 2024 the Yacht Crew Help service dealt with 295 Cases (initial contacts) involving 302 seafarers and handled 387 successive contacts. The totsl number of contacts made for Yachl Crew Help was 682. International activities Ourteams on the ground in India and the Philippines have been very active. We have recruited a number of'ambassadors, in countries where we do not have a presence to provide a point of contact, promote our services and provide expertise on the local context. During this period, the network of support including partnerships with welfare organisations, shipping companies, crewing agencies, unions, hospitals, and government departments has been developed and strengthened. The international team now provides practical humanitarian support to seafarers and their families facing a range of Iraumatic events, working with partners on advocacy and building various weNare initiatives. The team supported 8,692 seafarers and their families during the year with practical support including financial, counsellin9 and humanitarian 5UPPOrt. Highlights and achievements.. a. The team in India handled 138 new cases affecting 341 seafarers or their families in the reporting period, providing important emotional support as well as practical guidance lo help them deal with Iheir respective problems. The team delivered 22 presenlations at various maritime training institutes in India, Saudi Arabia and Sri Lanka throLJgh both online and in- person means. These presentations reached 2,965 cadets and ratings to raise awareness of the challenges that they can face during their first voyage at sea and ways they can build their coping mechanisms. b. The team in Philippine5 handled over 170 new cases in the reporting period reaching 5,386 seafarers or their families. The team delivered 60 presentations in Ihe Philippines through both online and in-person means during pre-departure preparation organised by shipping companies.
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN c. Our Gampaign to raise awareness offraudulent crewing agents in India led to us supporting 341 Indian seafarers affected, providing emotional support and guidance on the necessary steps lo finding a resolution. ISWAN in India Gollaborated with Guiarat Maritime University on a research project on fraudulent crewing agent issues in India. A report will be released in 2024 covering the findings and recommendations. The team also dealt with 226 seafarers who reported bein9 abandoned at sea. d. ISWAN'S International Operations team designed an outreach programme for the families of seafarers. The objective of the programme is to highlight the importance of family support in enhancing the well-being of seafarer5. acknowledging it5 Vltal role as a lifeline for Ihose enduring prolonged separations from family and home. Through this work, ISWAN aims to provide support and guidance lo families, empowering them with information and re$ource$ that will help them to support their seafarer as well as understand the complexities of the seafaring profession and how to ensure effective communication between them and the seafarer on board. A successfvl trial run of the programme was conducted in March 2023 in Manila. e. The team in the Philippines participated in 41 events across the year including the Crew Connect conference in Nov 2023, shipping companies officers, conferences and the Day of the Seafarer celebralions in June 2023. f. The Indian team participated in 93 meetings and events across the year including attending various seminars. conferences, online l offline meetings to develop new partnerships and build up on the existin9 ones. g. The team has now appointed ambassador5 and volunteers in the Sri Lanka, Kenya, Malaysia, UAE to help the charity promote its activities in the regions. h. The team was involved in a research project on the impact of decarbonisation on welfare of seafarers. The report ha5 been published in June 2024. Mental Wèllbelng The Maritime Mental Health Awareness Training is now established as a significant ISWAN service. The training consists of three modules, designed by Dr Pennie Blackburn a Consultant Clinical Psychologist. From April 2023 to end of March 2024, trainers located in the UK, the Philippines and China delivered 57 online courses. The courses are well-received, gaining excellent feedback from attendees whilst shipping and ship management companies continue to approach ISWAN to deliver to both their shore side and seagoing staff. In September 2023. the SIM Project was awarded £119.295 in further funding by project funders Trinity House to evaluate the effectiveness of the project's guidance and recommendations, broadened lo include specific insights from the cruise ship and superyacht industries, and develop to become a long- term, inclusive, and valuable educational resource for the maritime sector. Much of the 2023-24 period was used to develop the project's updated scope and methodology, establish new technology partnerships, and secure new research partners from the cruise and superyacht industries. In July 2024, the research relaunched on board the first superyacht, and as of writing, merchant vessels, cruise ship5, and one further superyacht are poised to launch by end of August. Emergency Funds ISWAN has continued to provide a number of different emergency funds for seafarers, the most significant being the Seafarers, Emergency Fund (SEF) which is available to provide irnmediate, essenlial aid to seafarers and families of seafarers, who are directly involved in sudden or unforeseen crises. The fund covers expenses such as psychological counselling, medical bills, repatriation and a number of other unexpected costs. It has provided a lifeline for seafarers who find themselves in a crisis. During the year, the fund paid out a total of $76,765 in 24 grants. A further 16 applications were tumed down mainly as they did not meet the criteria. Grants were used to pay for medical treatments, critical illnesses, renewal of seagoing documents, medications, ¢ounselling, house restoration, supporting abandoned seafarers and funeral costs.
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN No grants were made from the Maritime Piracy Humanitarian Relief Fund (MPHRF) during this year. The second phase of the Ukraine Crisis Support Fund awarded grants to more than 217 seafarers and their families to the tune of $115.372. Membership ISWAN gained 20 members during the year bringing the total to 106. A good deal of work has been carried out to recruit new members and inspire others to re-engage with ISWAN. This process has provided us with a more precise count of active members. It is a strategic goal to increase the number of member5 land thereby subscriptions) 50 there is now a major push to recruit suitable members in the coming years that will not only expand ISWAN'S neork, but also contribute to furthering awareness of its important services, helping to build on its reputalion to elevate its profile. Policy & Research We have made significant progress in improving the way that we collect, categorise and analyse data gathered through our helplines. This has enabled us to make belter use of this data to inform the development of services and engage wth our members on the welfare issues facing the Sector. Communlcatlons Our new communications stralegy has enabled clearer. more coherent external communication5 and consistent presence on social media channels. The ISWAN for Seafarers app was launched in conjunction wth The Shipowners, Club in June 2021 and has been downloaded over 1,500 times in the year. Once downloaded, the app provides a direct line to ISWAN'S helplines and allows seafarers to access ISWAN resources without further Gonnection to Ihe internet. We have been developing our new website which will be launched later in 2024. LOOKING FORWARD ISWAN is now in the Ihird year of its new three-year strategy, which has a slrong emphasis on future sustainability. SeafarerHelp has benefited from the financial stability provided by three funders (TK Foundation, The Seafarers, Charity & ITF Seafarers, Trust) who agreed to fund the service for a three-year period IFY 2023-24 to FY 2025-26). This is seen as an endorsement and a recognition of the value of the service. Moving forward, we aim to continue to grow our membership and improve membership management th dedicated software. This improvement will streamline record keeping and ensure a more precise representation of our active members. The SIM Project has demonstrated the importance of social interaction for seafarer mental health on board vessels and will now be established as a long-term initiative to promote change and educate the sector about this under-represented area of seafarer welfare. The end of our office lease in October 2024 provides the opportunity to become a fully remote organisalion and make substantial savings. We have started the planning process for decommissioning the office. It is clear that life is not going to get any easier for seafarers in the coming years and a lack of shore leave and shorter turnaround times in ports mean that traditional ways of delivering support to seafarers will have lo be adapted. With its strong IT infrastructLsre and international team, ISWAN is well placed to meet these challenges.
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15WAN FINANCIAL REVIEW Reserves Pollcy The Board of Trustees regularly reviews the levels of ISWAN'S reserves, to enable them lo comply with their legal duties, on an ongoing basis, and especially when considering financial forecas15 for the following year. The matters considered include the nature of the income and expenditure streams, the need to match variable income with fixed commitments, the likelihood of unforeseen emergencies and operating costs, and the nature of the reserves. It has been concluded that to provide financial resilience and to allow the charity to be managed effectively and provide uninterrupted services., a general reserve equivalent of up lo 6 months, operating costs should be maintained. This minimum has been reviewed taking into account Charity Commission guidance. The reserves of the SeafarerHelp activity continue to be held specifically for that activity but are taken together with the ISWAN unrestricted reserves to determine whether the policy has been mel. At 31 March 2024 the unrestricted reserve5 amounted to £548,391 and the restricted reserves were £203,725. The reserves held therefore provide adequate Cover lor budgeted 2024125 activily. Funding received for other spe¢ifi¢ purposes, including SeafarerHelp and emergency funds, are treated as restricted funds. with expenditure only incurred as funding permits, and any residue is carried forward as agreed vnth the funders. These restricted funds and their anticipated expenditure over the next year are not taken into account in determining the financial resilience of ISWAN. Brlef oveNiew of ISWAN'S Financial Position at 31 March 2024 The full financial statements for the year ended 31 March 2024 are set out on pages 14 10 29 of this report. At the end ofthe year ISWAN funds totalled £752,116. Ofthis £203,725 must be used for specific projects. Details of these projects and fund balances are shown in note 14. Unreslricted funds available to use at the discretion of the Trustees were £548,391 at the end of the year. ISWAN received £94,993 12022123- £32,798) from its members in the form of subscriptions. A total of £23,030 was deferred to next year. The increase in the level is due lo the better record keeping and a drive lo increase mernbership, cut off and unpaid subscriptions would no longer be counted as member or debtor. Grant income of £700,347 was received during the year12022123- £ 927,2241. Full details of the projects and emergency fvnds supported are shown in Note 3. Grants were received from The Seafarers Charily (a total of £182,355 across 2 grants), The TK Foundation ($167,6011£133,3451, ITF Seafarers, Trust (£127,355), the Trafi9ura Foundation (£110,000). Lloyds Register Foundation 1£9,9971, Yacht Crew help (£6,000) and Trinity House {£12,0001. A further donation was received from Trinity House Maritime Charity DFT for the SIM project {£119,2951. ISWAN was also grateful to receive sponsorship for ils events and projects. Mental health awareness training raised income of £258,951. Income of £233,930 was generated from the trading activities of Seafarers Welfare and Assistance Neork Limited. Income from royalties, material sales. donations and bank interest brought the total income to £1,374,499 {2022123 - £1,348,542). Total expenditure for the year was £1,371,432 {2022123 £1,407,074) and is analysed in note 4. This shows a decrease from last year. Investment Policy The investment policy is as follows.. The assets of ISWAN must be invested in cash or cash equivalents (no equities) within the provisions of the Trustees Act 2000. ISWAN aims to obtain the maximum yield possible commensurate wilh the level of access necessary to undertake the activity for which Ihe funds have been allocated. Direct investments in derivatives are not permitted in any circumstances. There are no ethical or geographical restrictions wth regard to investment. iv.
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN STRUCTURE, GOVERNANCE & MANAGEMENT Nature of Governing Document & Constitution ISWAN is governed by the provisions contained in its Articles of Association as approved by the Charity Commission on award of charitable status on 31 March 2004 and revised on 17 November 2023. ISWAN is also registered as a company limited by guarantee (established June 19961 with no share capitsl. Each member has undertaken to contribute to the assets ofthe company in the event ofthe same being wound up while he or she is a member, or within one year of ceasing to be a member, for payment of debts and liabilities of the company contracted before he or she ceases to be a member, and of the osts, charges and expenses of winding up, and forlhe adiustment ofthe rights of contributors amongst themselves, such amount as may be required not exceeding £10. Recrultment and Appointment of Trustees Trustees (also known as Directors) are appointed by the existing Trustees. The Chair is elected by the Trustees. Trustees serve for up lo three terms and then, except in exceptional circumstances, are not eligible for reappointment until the AGM in the year following retirement. Poll¢les & Procedures for Inductlon and Tralning of Trustees All Trustees are given a handbook about ISWAN. which includes a Copy of relevant Charity Commission publications. New Trustees are given the opportunity of visiting the ISWAN office for a full brief on the detailed operation of the charity and the role of Trustees. Organisatlonal Structure & D8cislon Making Process ISWAN can draw its membership from any organisation interested in furthering the objects of the Charity, subject to the approval ofthe Trustees The Trustees are drawn from a cross section of member organisalions or with appropriate external experience, and meet Ihree to four times per year. A meeting of the full membership occurs annually lo review overall progress of the charity. The Trustees exert full decision-making and management responsibility. endeavouring to direct the charity in accordan¢e with the objects and with members, wishes. Daily operation of ISWAN is delegated by the Trustees to the Chief Executive, who also acts as Company Secretary. ISWAN member organisations pay an annual subscription based on whether they are businesses or charities. Seafarers are not charged for any product or service provided by ISWAN. Non-members (organi5ations and members oflhe general public) have access to ISWAN products and services. which are placed in the public domain, free of copyright. Related Parties and Wider Networks ISWAN seeks to fulfil its objectives through communication, cooperation and coordination of activilies across ils membership and the wider maritime industry, including legislative bodies, trade associations and other agencies with an interest in the care of seafarers. The charity maintains a close working relationship with the maritime section of the International Labour Organisalion. One of the key functions of ISWAN is communication, as part of which, the charity maintains an extensive network of contacts, working th other umbrella organisations and other agencies. to facilitate and enhance communication throughout the seafarers, welfare sector, both within and outside the maritime industry. Rlsk Management The Trustees accept that the management of risk is their ultimate responsibility. A detailed analysis of risk is reviewed and updated regularly. The Trustees believe that continuing to raise and increase income levels in support of its charitable activilies is the principal financial risk. A key element of the management of this risk is the regular review of available liquid ftjnds and receivable grant income. Budgeted expenditure is also reviewed against actual expenditure on a regular basis. The Trustees have satisfied themselves that, in so far as it is practical, procedures are in place lo minimise financial risk and the other identified risks such as safeguarding and reputation.
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15WAN REFERENCE AND ADMINISTRATIVE DETAILS Registered Name and Numbers International Seafarers, Welfare and Assistance Network, ('ISWAN") Company Re9lStration Number 3171109 (England and Wales) Charity Registration Number 1102946 Principal & Registered Office Address Suffolk House George Street Croydon CRO 1PE United Kingdom Directofg and Trustees The following Trustees served during the accounting period, or have been appointed or resigned since.. Mr Rene Anderson Mr John Canias (resigned 7th December 2023) Mr Mike Esplago Mrs Sue Henney Mrs Karin Orsel Mr Michael Pinto (resigned 191h December 2023) Mrs Connie Roozen Mr Deepak Shetty Mr Andrew Winbow {resigned 11th October 20231 Mrs Karen Waltham Mr Jason Zuidema Mr Charles Boyle (appointed 25th April 20231 Capt. Ashley Cooper (appointed 251h April 2023} Ms Sadie Saunder5 (appointed 17th November 2023) Ms Jillian Carson-Jackson (appointed 191b September 2023) Mr Frederick Kenney (appointed 241h April 20241 Management Chief Executive and Company Secretary Mr Simon Grainge Other senlor staff Helpline Team Manager Project Manager Finance Manager Business Development Manager Communications Manager Mr Chester Quintal Ms Georgia Allen Mrs Wendy Cheung FCCA Mr Alan Croft Ms Amy Liebthal Relevant Organisations Auditors. Sturgess Hutchinson {Leicesterl Limited, 21 New Walk, Leicester, LE16TE. Banks.. Unity Trust Bank, Nine Brindley Place, Birmingham, B12HB HSBC Bank plc, The Peak, 333 Vauxhall Bridge Road, London, SW1V 1EJ Santander UK Plc, 2 Triton Square, Regent's Place. London, NW13AN
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15WA STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting practice. The Trustees are required by law to prepare financial statements for each financial year, which give true and fair view of the state of affairs of the company and of its results for that period. In preparing those financial stalemenls, the Trustees are required to.. Select suitable accounting policies and then apply them ¢onsi5tently', Observe the methods and principles in the Charities SORP., Make judgements and estimates that are reasonable and prudent; State whether applicable accounting standards have been followed, subjectto any material departures disclosed and explained in the financial statement5', Prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in business. The Board of Trustees is responsible for keeping proper accounting records which disclose wth reasonable accuracy at any time the financial position of the charitable Company and to ensure that the financial statements comply with the Companies Act 2006. It is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. Auditors The board have agreed to appoint Sturgess Hutchinson (Leicesterl Limited as auditors for the present financial year. By order of the Board of Trusteos Trustso £AQ J Ld,4Lffv41 Date. i.- lryilztr
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN Independent Auditor's Report to the members of Intornational Seafarers, Welfare and Assistance Network Oplnlon We have audited the financial statements of International Seafarers. Welfare and As515tance Network Ilhe 'parent charitable company,) and its subsidiaries (the 'group'l for the year ended 31 March 2024 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes lo the financial statements. 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 FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2024 and of the group's incoming resources and application of resources, including its 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 opinlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UKI) and applicable law. Our responsibilities under those standards are further described in Ihe Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the group and charitable parent company in accordance wilh the ethical requirements Ihal are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conclucled that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The other informalion comprise5 the information included in the annual report, other than the financial statements and our auditor'5 report thereon. The trustees are responsible for Ihe other information. Our opinion on the financial statemenls does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of a55urance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing 50, consider whether the olher information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otheise appears to be malerially misststed. If we identify such material inconsistencies or apparenl material misststements, we are required to determine whether there is a material misstalement in the financial statemenls or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 10
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, annual report for the financial year for which the financial ststements are prepared is consistent with the financial statements., and trustees, annual report have been prepared in accordance with applicable legal requirements. Matters on which we are rèquired to report by exception In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audil have not been received from branches not visited by us., or the parent charitable company's financial statements are not in agreement with the accounts'ng records and returns., or ertain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemplion in preparing the Trustees, Annual Report and from preparing a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial stalemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor'$ rogponsibilities 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 misstatement. whether due to fraud or erfor, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a gLsarantee that an audit conducted in accordance with ISAS (UK) will always detecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, Ihey 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 with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extenl to which our procedures are capable of detecting irregularrties, including fraud is detailed below.. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Oblain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concem basis of accounting and, based on the audil evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to Ihe related disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, fLJture events or conditions may cause the group or parent charitable company to cease to Continue as a going concern. Evaluate the overall presentation, structure and content of the financial stalements, including the disclosures, and whether the financial statements represenl the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding ihe financial information of the entities or business activities wthin the group lo express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audil and significant audit findings, including any significant deficiencies in inlernal conlrol that we identify during our audit. Explanation as to what extent the audit was consldered capable of detectlng Irregularltles, including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecting irregularities, including fraud is detailed below. The objectj'ves of our audit in respect of fraud, are., to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, Ihrough designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for Ihe prevention and detection of fraud rests with both managemenl and those charged with governance of the charitable company. Our approach was as follows.. We oblained an understanding of the legal and regulatory requirements applicable to the charitable company and Gonsidefed that the most significant are the Companies Act 2006, the Charilies Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation. We obtained an understanding of howthe charitable company complies with these requirements by discussions with management and those charged wth governance. We assessed the nsk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 12
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN We inquired of management and those charged with governance as to any known instance$ of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audil procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the nsk of not detecting a malerial misststemenl due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresenlations, or through collusion. 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 and, in respect of the consolidated financial statements, to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Acl 2011. Our audit work has been ursdertaken so Ihal we might stale lo Ihe charitable company's members and trustees those matters which we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company, the charitable company's members. as a body, and the charity's trustees, as a body, for our audit work, for this r port, or for the opinion we have lormed. r Jagdish Petha FCCA (Senior Statulory Audilor) for and on behalf of. Slurgess Hutchinson (Leicesterl Limited Chartered Certified Accountants Statutory Auditor 21 New Walk Leicester LE16TE Date.. 25 S•pl4er 2èzI Sturgess Hutchinson (Leicester) Limited is eligible to act as auditor in temis of Section 1212 of the Companies Act 2006. 13
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15WAN CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Incorporating a Consolidated InGome and Expenditure Account Notes Unrestricted funds SeafarerHelp Restricted funds Other Restricted fund$ Totsl 2024 Totsl 2023 INCOME FROM Donations 80,670 80,670 76,940 Charitsble activitles Membership subscriptions Grant income Mental health training 94,993 94,993 700,347 268.961 32,798 927,224 70,756 400.055 300,292 258,951 Other income 18,210 Other tradlng actlvlties Commercial trading operations 233,930 233,930 222,139 Inve8tmentg Investment Ir¢come 5,608 5.608 1,476 Totsl Income 440,222 633,985 300,292 1.374,499 1,348,642 EXPENDITURE ON Ralslng lunds Commeraal trading operations 100,116 100,116 133.397 Charft•ble actlvltles Membership support SeafarerHelp Mental Health Training Regional Activities Projects undertaken Emergency fund grants 86,273 86,273 616,670 115.986 69,828 266,972 125.587 121,701 627.654 46,404 616.670 115,986 59,828 286,972 125,587 539,217 38,701 Total expendlture 262,087 716,786 392,559 1,371,432 1.407.074 Exchange gainllloss) Transfer between funds 31.609 115,7011 3.835 78,966 36,444 163,2651 Nel Income •nd net movement in funds for the year 194,043 1155,532 38,511 158,S32 ReconcS1ialion of funds: Total Fund5 brovght forward 354,348 359,257 713,605 772,137 Totsl Funds c4rrled forw•rd 13 548,391 203.725 762.116 713,605 All of Ihe activities of the Group and the Charity are continuing. There are no other recognised gains or losses. The notes on pages 17 to 29 form part of these financial statements 14
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN CONSOLIDATED BALANCE SHEET 2024 2023 Notes Fixed assets Tangible assets 20,620 3,733 Current assets Debtors Cash at bank and in hand 10 124,658 731,003 118,167 750,940 855,661 869,107 Credltors falllng due within one year {124,165) 1159,2351 Net current as8et8 731,496 709,872 Total assets less current liabilities 752,116 713,605 Funds Unrestricted funds Restricted SeafarerHelp funds Other Restricted funds 548,391 354,348 13 13&14 203,725 359,257 Total Charity Funds 752,116 713,605 The notes on pages 17 to 29 form part of these financial slalements. The group accounts have been prepared in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011.The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies Approved and authorised for issue by the Board of Trustees on zslcKII 3 and signed on its behalf by.. Trustee COMPANY REGISTRATION NUMBER."3171109 15
SWAN INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY BALANCE SHEET 2024 2023 Notes Fixed assets Tangible assets Inveslment 20,620 3,733 18 20,621 3,734 Current assets Debtors Cash al bank and in hand 10 199,484 608,652 81,423 709,422 808,136 790,845 Credltors falling due withln one year (76,641) 180,974 Net ¢urrent assets 731,495 709,871 Total assets le$$ current Ilabllltles 752,116 713,605 Funds Unrestricted funds Restricted SeafarerHelp funds Other Restricted funds 13 548,391 345,348 13&14 203,725 359,257 Total Charity Funds 752,116 713,60S The notes on pages 17 to 29 form part of these financial statements. The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved and authorised for issue by the Board of Trustees on and signed on its behalf by. Trustee /tsILfJJ J Lo, , COMPANY REGISTRATION NUMBER".3171109 16
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN CONSOLIDATED STATEMENT OF CASH FLOWS 2024 Group 2023 Group Notes Cash generated froml(used by) operating activlties 20 1802) 6,403 Cash flows from Investlng activitles Interest income Purchase of tangible fixed assets 5,608 124,743) 1,475 12,3721 Cash provldéd by investing activities 119,135) 18971 Increase in cash and cash equivalents in the year (19,937) 5,506 Cash and cash equivalents at the beginning of the year 750,940 745,434 Totsl cash and cash equlvalents at the end of the year 731,003 750,940 Analysis of cash and cash 8qulvalènts and net debt 2024 Group 2023 Group Opening Balance at 0110412023 Cash-flows 750,940 (19,937) 745,434 5,506 Closing balance at 3110412024 731,003 750,940 17
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES Basis of Preparation The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cosl convention with the exception of investments which are included at market value. Consolidated accounts of the group have been prepared in view of the size of ISWAN and the group. Information about the subsidiary is given in note 18. As permitted by $.408 Companies Act 2006, no separate statement of financial activity is presented in respect of the parenl company. Fund Accountlng Funds held by the charitable company are.. Unrestricted funds these are funds which can be used in accordance with the charitable company's objects, at the discretion of the Board. these funds can only be used for the SeafarerHelp activities. these are funds that can be used for particular restricted purposes, wilhin the objects of the charitable company. Where funds received are earmarked for a particular project, such amounts are placed in the restricted fund immediately upon receipt. SeafarerHelp funds Restricted funds In the absence of any provision to the contrary, interest income that arises on the advanGe receipt of project funds is treated as part of the company's unrestricted funds. Income All income is included in the Statement of Financial Activities when the charitable company is legally entitled to the income and the amount can be quantified with reasonable certainty. The following specific policies apply to categories of income. Subscriptions for the current and previous years are accounted for on an accruals basis. Where grants are related to performance and specific outcomes, they are accounted for as the charitable company earns the right to consideration by its performance. Where income is received in advance of performance its recognition 15 deferred and included in creditors. Where entitlement occurs before the income is received, the income is accrued. Expenditure Expenditure is included in the statement of financial activities on an accruals basis. Direct costs are costs which are directly attributable to specific projects. Where costs cannot be directly attributed to specific activities. they have been allocated to activities on a basis consistent with the use of the resources. 18
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN Costs of raising funds are the wages and overheads incurred that match the amounts that have been recharged to the trading subsidiary (see note 18). Governance costs are the costs associated with the governance arrangements ofthe charitable company. Included within this category are costs associated wilh the strategic management of ISWAN as opposed to the day-to-day management of the organisation's charitable aclivilies. Support costs comprise costs for general management. accounting and financing. Support costs are allocated across the categories of Gharitable expenditure. The cost allocation is detailed in note 7 to the financial statements. Management and administration expenditure 15 charged to the company's general unrestricted fund and the SeafarerHelp fund in the first instance, subject to recoveries against certain restncted funds where agreements permit an administration charge to be levied against that fund. Taxation The charity is considered to be a charitable company and exempt from taxation as its income is applied exclusively to charitable purposes. Profit from the subsidiary is gifted to the Charity. Tangible fixed assets and depreciation Tangible fixed assels are included at cost. Depreciation is provided over the expected useful lives of the assets concerned on the following straighl-line basis, from year of acqui$ilion Compuler equipment Fixtures and fittings 250kn per annum 200A per annum The charitable company has a policy of capitalising all assets that are deemed to have an enduring value, except thal equipment replacements or items that C05t less than £1,000 are not capitalised and are written off as expended. Leasing and hlre purchase commitments The cosl of operating leases is written off as incurred. Forelgn currency translation Transactions in foreign currency are translated into Sterfing at the rate of exchange ruling on the transaction date. At the balance sheel date balances denominated in foreign currency are translated at the year-end exchange rate. Pension costs The company contributes to employees, defined contribution personal pension plans at above the minimum recognised rate. For information on current year costs see note 6. Crltlcal accounting estimates and areas of Judgement In preparing the financial statements il is necessary to make certain judgements, estimate5 and assumptions that affect the amount5 recognised in the financial statements. In the view of the Trustees in applying Ihe accounting policies adopted, no Judgements were required that have significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant nsk of material misstatement in the next financial year. STATUS AND MEMBERS The company is limited by guarantee and therefore does not have share capital. It is a registered charity, and has charitable status for tax purposes. Control of the company is vested in the members collectively and there is no one overall controlling paty- 19
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN 3 GRANT INCOME 2024 2023 SeafarerHelp TK Foundation The Seafarers, Charity ITF Seafarers, Trust+ Trinity House 133,345 127,35S 127,355 12,000 121,061 112,000 112,000 400,055 345,061 Projects Typhoon Rai Grant Yacht Crew help SIM Project Trafigura Ukraine Crisis Support Fund Lloyd's Register Foundation - Data Project TSC Women Safety Campaign 13,250 16,649 46,080 160,000 346,184 6,000 119,295 110,000 9,997 55,000 300,292 582,163 Emergency Funds Seafarers, Emergency fund 700,347 997,224 4 TOTAL EXPENDITURE Staff co•t• Dlr•et cost• Support cost• Tot•1 2024 Total 2023 Raislng funds: Commercial trading operations Charitable activities: Membership support Maritime Mental Health Awareness SeafarerHelp Projects undertaken Regional programme5 Other Emergency Fund grants Seafarers Emergency Ukraine Crisis MPHRF 62,500 37.616 100,116 134,623 73,352 12,921 86,273 115,986 121,701 46,404 115,986 373,963 242,707 616,670 526,428 59,828 23,415 59,828 266,972 56,185 483,032 85,381 158,176 47,814 83,489 15,716) 47,814 83,489 (5,716 38,701 595,196 399,749 376,487 1,371,432 1,407,074 For further analysis, see note 6 note 7 20
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN 5 GOVERNANCE COSTS The following governance costs are included above within support costs.. 2024 2023 Audil fees Legal and professional Trustee expenses and Boardlmember meetings 9,882 16,064 39,976 12,270 14,115 43,300 65,922 69,685 6 EMPLOYEE INFORMATION 2024 Number 2023 Number The average monthly headcount was 17 15 The average monthly full-lime equivalent number of employees during the year was.. SeafarerHelp Administration and management Projects 11 11 17 1S Employment costs Wages and salaries Social security costs Pension costs 520,S71 46,621 20,499 514,496 40,361 18,045 587,691 4,243 3,262 572,902 9,111 4,997 Staff training costs Recruitment and staff welfare 595,196 587,010 During the year, the company contributed to employees, defined contribution personal pension plans for all employees who elected lo join Ihe scheme. Contributions of £20,499 were payable during the year (2023 - £18,045) and the amount outstanding al the year-end was nil.{2023 £448). The trading subsidiary does not have employees of its own. All SeafarerHelp employees are jointly employed by the charity and the subsidiary and costs are apportioned based upon an ests'mate of work performed. No employee nof for the prior year received employee benefits (excluding pension contributions) of more than £60,000. The total employee benefits, including pension contributions, of key management personnel for the year was £70,272 (2023- £66,000). The Trustees received no remuneration during the year nor for the pnor year. Expenses reimbursed to, or paid on behalf of the Trustees are shown under note 8. 21
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN 7 SUPPORT COSTS ALLOCATION Costs, other than staff ¢ost5, incurred during the year were as follows.. 2024 2023 Establishments cosls Communications Travel and related costs AGM, Invitations, Meetings IT costs Publications and marketing Professional fees Bank and other costs Bad Debt written off Regional programmes Other projects Depreciation 34,618 17,706 22,095 4S,201 37,397 11,924 98,999 17,448 35,483 18,172 5,355 43,301 76,939 8,756 104,200 9,504 57,171 55,085 17,684 4,998 69,828 23,415 7,856 376,487 436,468 These costs have been allocated as follows.. 2024 2023 Membership support SeafarerHelp 12,921 242,707 42,9SO 205,619 Projects undertaken Regional programmes Other Cornmercial trading operations 59,828 23,415 37,616 55,085 83,491 49,323 376,487 436,468 Costs have been allocated to specific activities where appropriate or, where shared beeen activities have been allocated based on Ihe estimated time spent by staff on activities. The cost allocation includes an element of judgement. In 2015, ISWAN took over the regional programme activities of MPHRP. The regional programme costs shown above in the main relate to the costs of programme advisers in Sndia, the Philippines and Nigeria. and their related overheads. TRUSTEE EXPENSES None of the Truslees (or any persons connected with them) received any remuneration during the year. {2023.'Nil). There were no Trustees for whom retirement benefits were accruing under money purchase pension schemes.12023'.None) Three Trustees were reimbursed for expenditure on travel and subsistence in the year- Deepak Shetty £1,457, Karen Waltham £659, Jason Zuidema £473 (2023- None). 22
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN TANGIBLE FIXED ASSETS GROUP AND CHARITY Website Development Computer Equipment Total Cost or valuation At 1 April 2023 Additions Disposals 34,495 2,183 34,495 24,743 22,560 At 31 March 2024 22,560 36.678 59,237 Depreclation At 1 April 2023 Charge for year Eliminated on Disposal 30,762 2,216 30.762 7.856 5,640 At 31 March 2024 5,640 32,978 38,618 Net book value At 31 March 2023 At 31 March 2024 3,733 3,700 3,733 20,620 16,920 10 DEBTORS 2024 Group 2023 Group 2024 Charity 2023 Charity Trade debtors Prepayments and accrued income Inter-company owed 67,345 57,313 94,202 23,965 45,601 38,049 115,834 24,799 23,964 32,660 124,658 118,167 199,484 81,423 11 CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 Group 2023 Group 2024 Charity 2023 Charity Trade creditors Taxes and social security costs Accruals and other creditors Amount due to subsidiary Income and Grants received in advance 21,958 12,327 20,327 88,227 16,371 17,039 21,9S8 12,327 19,326 20,321 6,666 16,389 69,553 37,598 23,030 37.598 124,165 159,235 76,641 80,974 23
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN 12 DEFERRED INCOME A total of £69,553 (2023- £37,598) of membership and contract income was deferred to future periocl. 13 FUNDS ANO RESERVES Movements in unrestricted funds for the current year are as follows.. UnTrstrlcted SeafarerHelp funds Restricted funds Other Total funds Restricted funds At 1 April 2023 354,348 359,257 713,605 Retained for Ihe year 194.043 1155,5321 38,511 At 31 March 2024 548,391 203,725 7S2,116 Movements in unrestricted funds for the prior year are as follows.. UnrestrScted SeafarerHelp funds Restrlcted funds Other Total funds Restricted funds At 1 April 2022 507,076 (102,327) 367,388 772,137 Retained for the year {152,728) 102,327 (8,1311 (58,5321 At 31 March 2023 354,348 359,257 713,605 Restricted funds are analysed further in Note 14. 24
IPITERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN 14 OTHER RESTRICTED FUNDS The following is an analysis of the movements on Restricted Funds (other than SeafarerHelp)'. 1 April 2023 Income Expenditure Transfer between funds 31 March 2024 Unrestrlcted Funds seafarers Help Fund 639,269 1284,9211 440,221 537,704 1230,5031 1616,6441 1300,5961 363,861 548,391 354,348 977,925 1847,1471 63,265 548,391 Project Funds HIVIAid$ 3,621 3,621 International Port Welfare Partnership Yacht CTrw Help Seafarers Welfare Awards 3,573 13,573} 29,050 6,000 128,8021 623 6,871 1,981 11,9811 16231 Superyachts survey UCLIHeallh of Seafarers IITFSTI Campaign non regional project Trinity House Sim project Typhoon Rai SIRF PHILIPPINES 623 1,000 1,000 21,101 27.219 121,101) 119,295 150.0611 96,453 1,279 11,2791 118,0781 126,6161 18,078 SIRF INDIA 26,616 UkTaine Crisis Fund 88,692 183,489} 5.203 Trafigura Foundation TSC Women Safety Campaign Data Projecl 21,983 110,000 1157,3641 122,0261 25.381 55,000 32,974 9,997 18,719) 1,278 244,816 300,292 1350,4611 147,247) 147.400 EMERGENCY FUNDS Seafarers Emergency MPHRF 93,051 147,8141 110,6901 34,547 16,061 5,716 21.777 CGPCS 5,328 15.3281 114,441 5,716 147,8141 116,0181 56,325 713,605 1,283,933 11,245,422) 752,116 Restricted funds are funds that can only be used for particular restricted purposes as specified by funders, wthin the objects of the charitable company. A fuller description of the maior restricted fund projects can be found in the Trustees, report on page 2 to 5. The management team is actively seeking and tracking down the original funders to repurpose any inactive restricted funds for the coming year. 25
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN OTHER RESTRICTED FUNDS (continued) Movements in Lsnrestricted funds in the prior year are as follows.. 1 April 2022 Income Expenditure Transfer between funds 31 Mah 2023 Unrestricted Funds Sealarers Help Fund 507,076 1102,3271 287.923 477,232 1168,1061 1650,8261 12,376 639,269 1284,9211 404,749 765.155 1827,9321 12,376 354,348 Project Funds Yacht Crew Help Proiecl Manager and Communications Assistant Regional Programmes Seafarer5 Welfare Awards 30,127 17,649 118,7261 29.050 16,9551 6,955 56,185 1,981 156,1851 1,981 Superyachts suNey Training on Board Campaign non gIOnal project Mental Health Awareness 623 623 19,6541 21,101 9,654 21,101 29,516 129,5161 Trinity House Sim project Seafarers UK Covid Grant 9,937 45,080 127,7981 27,219 12801 294 280 Typhoon Rai Trinity Welfare Granl-clincial SIRF PHILIPPINES 13,250 112,2651 17,3961 1,279 7,395 18,078 18,078 26,616 SIRF INDIA 47,954 121,3381 1257,4921 1138,0171 Ukraine Crisis Fund 346,184 88,692 21,983 Trafigura Foundation 160,000 214,246 582,163 1539,2171 112.3761 244,816 EMERGENCY FUNDS Seafarers Emergency MPHRF 125,702 132,651 16,0511 93,051 22,112 16,061 CGPCS 5,328 5.328 153, 142 138,7011 114,441 367,388 582,163 1577,9181 112,3761 359,257 26
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN 15 ANALYSIS OF NET ASSETS BETWEEN FUNDS At 31 March 2024 Unrestricted SeafarerH8Ip funds Restricted funds Other Restricted funds Total funds Tangible fixed a$set$ Oebtors Cash and bank balances Creditors.. due within 1 year 20,620 97,303 527,278 1124,165) 20,620 124,658 731,003 (124.165) 27,355 203,725 521,036 27,355 203,725 752,116 Prior year.. At 31 March 2023 Unrestricted SeafarerHelp funds Restricted funds Other Restrtcted funds Total funds Tangible fixed assets Debtors Cash and bank balances Creditors.. due within 1 year 3,733 150,827 391,683 (191.8951 3,733 150,827 750,940 (191,895) 359,257 354,348 359,2S7 713,605 16 OPERATING LEASE COMMITMENTS There were future minimum operating leases payments as follows.. 2024 2023 Within 1 year Between 1 and S years 6,665 13,325 6,665 17 SHARE CAPITAL The company has no share Capital and is a charitable company limited by guarantee. The members would be required to contribute a maximum of £10 each in the event of liquidation. 27
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN 18 SEAFARERS WELFARE and ASSISTANCE NETWORK LIMITED I'SWAN LIMITED") The unlisted investment of £1 held by the Charity is the cost of the issued share capitsl of SWAN Limited. acquired on 1 Sl April 2013 as part of the merger with International Seafarers Assistance NeOrk (ISAN). SWAN Limited is a wholly owned subsidiary of ISWAN and is incorporated in England, company number 8009163. Its sole activity is to operate Helplines that are deemed to be outside of the charitable objectives of ISWAN. It shares staff and resources wth ISWAN and donates all of its profits to ISWAN by gift aid. A summary of the accounts of SWAN Limited is as follows.. 2024 2023 Statèmènt of Flnanclal A¢tlvltles Sales Shared costs 233.930 (100,116) 222,136 (133,397 Net trading profit 133,814 88,739 Exchange gainllo$s Gift aid payment to ISWAN 3,835 1137,6491 (88,739) Net increase in funds Balance Sheet Current assets Current liabilities Share Capital 163,357 1163,356) 11) 110,921 1110,920) 11) 19 RELATED PARTY TRANSACTIONS The Charity has taken advantage of the exemption provided in FRS 102, paragraph 33.1A, not to disclose transactions with olher group companies. Transactions take place during the year on an arm's length basis with one seafarer related haritylorganisation, where there are common trustees with the Board. 28
INTERNATIONAL SEAFARERS, WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ISWAN 20 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net movement in funds Add back depreciation charge Deduct interest income shown in investing activities Ilncreaselldecrease in debtors Increasel(decrease) in Creditors 38,511 7,856 158,532) 4,998 15,608) 16,491) 135,070) (1,475) 7,549 53,863 Net cash generated fromllused by) operating activities 1802 6,403 29