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 ne￿ork, 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 Ne￿ork 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 othe￿ise 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•pl4￿￿er 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 be￿een
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 Ma￿h
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 Ne￿Ork (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