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← International Seafarers' Welfare And Assistance Network

2025-03-31-accounts

Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

Charity Registration No. 1102946 Company Registration No. 3171109 (England and Wales)

INTERNATIONAL SEAFARERS' WELFARE and ASSISTANCE NETWORK

REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
1 Report of the Trustees 1
2. Independent Auditor’s Report Independent Auditor’s Report
10
3. Consolidated Statement of Financial Activities Consolidated Statement of Financial Activities
14
4. Consolidated Balance Sheet 15
5. Charity Balance Sheet Charity Balance Sheet
16
6. Consolidated Statement of Cash Flows 17
7. Notes to the Financial Statements Notes to the Financial Statements
18

Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES

The trustees are pleased to present their annual trustees' report together with the financial statements of the charity for the year ending 31 March 2025 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 1st January 2019).

OBJECTIVES AND ACTIVITIES

Public Benefit

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.

Charity Objects & Significant Activities Undertaken 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 social welfare of facilities at sea or serving international 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 2025-28. The organisational goals are to ensure that:

  1. All of our work is seafarer-centred

  2. We are there for all seafarers and their families, whatever they are facing

  3. Our services and projects are high quality, impactful and solutions-focused

  4. We drive change in the maritime sector by using our platform to raise awareness of seafarers’ concerns and advocate for evidence-based solutions

  5. Our organisation is sustainable

  6. Our organisation is values driven

ISWAN works broadly in two ways: Supporting Seafarers (as a service provider & connector)

Working with Stakeholders (as an educator & influencer)

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Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

ACTIVITIES & ACHIEVEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Context

We live in an increasingly uncertain world and during the year, we have seen more examples of the challenges faced by the maritime sector. Global supply chains rely on stability and are not designed to function in conflict 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 at risk. ISWAN has continued to do what it can to support seafarers through these challenges with the provision of services, campaigns and research.

During the course of the year, we delivered three different events on important seafarer issues. In the Philippines, we held a successful event to launch our new Family Outreach Programme; the programme focuses on the support families need to cope with their seafarer being away from home for months on end. In India we held an event to launch a report on recruitment fraud that was developed in collaboration with Gujarat Maritime University. In the UK, we launched our allyship campaign focusing on the role that men seafarers can play in creating a psychologically safe environment for their women colleagues.

ISWAN’s commissioned services, such as our Seafarer Assistance helplines and Maritime Mental Health Awareness training, continue to provide an important source of income for the charity and enable us to reduce any reliance on grants and donations. This work will continue in the coming years.

Karin Orsel, our Chair stood down in November after 8 years as a trustee; we are enormously grateful to her for her support over the years. Karen is succeeded by Rene Andersen, Executive Director of Sea, Health and Welfare, the premier Danish seafarer welfare organisation. We have further strengthened governance with the addition of one new trustee during the course of the year – Fred Kenney, who is a former Director of Legal Affairs and External Relations at the International Maritime Organisation; Fred will also serve as Deputy Chair. This will keep the board strong and well equipped for the future.

ISWAN has responded positively to the demands upon all its services and the entire staff team has worked exceedingly hard during the year. We are a relatively small team with ambitious goals so there are sometimes frustrations about not being able to do everything we want to, so we are working on ways to become more financially and organisationally sustainable. We look forward to a time when all seafarers are treated as the vitally important resource they undoubtedly are and organisations like ISWAN are no longer needed but we do not anticipate that happening in the next few years.

SeafarerHelp

SeafarerHelp is ISWAN’s core service - a free, confidential, multi-lingual helpline for seafarers and their 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:

During the period 1 April 2024 to 31 March 2025 the SeafarerHelp service dealt with 2,825 cases (initial contacts) involving 4,300 seafarers and handled 4,076 successive contacts. The total number of contacts made for SeafarerHelp was 6,901.

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 without whom are work would not be possible.

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Seafarer Assistance

During the year, seven further helplines for shipping companies were established under the Seafarer Assistance banner. This is an indication that the industry recognises the importance of mental wellbeing 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 its overall costs.

Yacht Crew Help

This was the fourth full year of operation for YachtCrewHelp, a free, confidential, multilingual helpline for yacht crew and their families operating 24/7/365. 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 to cope with. Awareness amongst crew of the service continues to grow and the industry stakeholders are widely supportive. Having four years’ worth of data and insights means we can report to the industry about specific challenges facing the industry and develop collaborative projects to address.

Over the past year, the main issues raised to YachtCrewHelp were:

During the period 1 April 2024 to 31 March 2025 the YachtCrewHelp service dealt with 258 cases (initial contacts) involving 301 seafarers and handled 373 successive contacts. The total number of contacts made for Yacht Crew Help was 631.

International activities

Our teams on the ground in India and the Philippines continue to be 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 provides practical humanitarian support to seafarers and their families facing a range of traumatic events, working with partners on advocacy and building various welfare initiatives.

The team supported 10,203 seafarers and their families during the year with practical support including financial, counselling and humanitarian support to be able to cope up with their ongoing challenges or help them to prepare to deal with various challenges when they set for their first sail.

Highlights and achievements:

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Mental Wellbeing

Between July – November 2024 the SIM Project conducted live research on board six vessels from the shipping, cruise and superyacht industries using Fitbit and SeaQ technologies to collect data about the relationship between social interaction and seafarer health, safety, and wellbeing. The project research partners were PsyFyi, Fitbit, Fitabase, AIDA Bella, AIDA Luna, Döhle Yachts, MY Savannah, V.Ships, Y.CO, and a 74m private superyacht. Crew on board each vessel took part voluntarily in the research, sharing confidential data and insights with the SIM Project team about their experiences of social interaction on board, the impact of various influencers on their ability to enjoy quality social interaction time (e.g. schedules, leadership, weather, relationships, desire to socialise), and the effectiveness of applying the project’s Phase 2 guidance and recommendations in real time such as the implementation of the Social Ambassador role, active/mindful observation of onboard mood and dynamics, and scheduling crew activities which consider the cultural and personality mix of all.

Since November 2024 Dr Kate Pike, Research Lead, has been analysing the wealth of fascinating health and wellbeing data and preparing the final report, which is due to be published summer 2025. The findings continue to support the theory that the facilitation of quality social interaction and rest time for seafarers is a fundamental welfare need. They also reveal fascinating similarities and differences in culture and work environments across the three industries which support the need for tailored guidance and recommendations to ensure maximum suitability and benefit for all seafarers.

The Maritime Mental Health Awareness Training, designed by Dr Pennie Blackburn a Consultant Clinical Psychologist continued to be delivered from April 2024 to end of March 2025, using trainers located in the UK, the Philippines and China. We are now reviewing our training offer so that it remains relevant for the future.

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Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 immediate, essential 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 (1[st] April 2024 – 31[st] March 2025), the SEF paid out a total of $ 78,276.49 in 32 grants. A further 22 applications were turned down mainly as they did not meet the criteria. Grants were used to pay for medical treatments, critical illnesses, renewal of seagoing documents, medications, counselling, house restoration, supporting abandoned seafarers and funeral costs.

No grants were made from the Maritime Piracy Humanitarian Relief Fund (MPHRF) during this year.

Membership

ISWAN gained 20 members during the year bringing the total to 126. A good deal of work has been carried out to recruit new members and inspire others to reengage 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 members (and thereby subscriptions) so there is now a major push to recruit suitable members in the coming years that will not only expand ISWAN’s network, but also contribute to furthering awareness of its important services, helping to build on its reputation 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 introducing a new taxonomy for call handlers. This has enabled us to make better use of this data to inform the development of services and engage with our members on the welfare issues facing the sector.

Communications

A major milestone in ISWAN’s communications this year was the launch of our new website, which combines three former websites (ISWAN, SeafarerHelp and YachtCrewHelp) into one and brings all of ISWAN’s services and resources together in one central hub. We plan to develop our website further over the coming year with an exclusive members’ area and more features to offer the best possible support to seafarers. With the new website, we also launched a new visual identity, aligning the logos and brand colours of our two core helplines with ISWAN to highlight them as ISWAN services. Our ISWAN for Seafarers app continues to expand its user base, with over 700 downloads over the course of the year, and social media continues to be an important tool for engaging with ISWAN’s key audiences – seafarers and their families on Facebook and Instagram, and industry stakeholders on LinkedIn.

LOOKING FORWARD

ISWAN has now developed its new three-year strategy for 2025-28, which has a strong emphasis on ensuring our services and activities are seafarer-centred. We are also taking a more structured approach to implementing the strategy.

SeafarerHelp has continued to benefit from the financial stability provided by three funders (TK Foundation, The Seafarers’ Charity & ITF Seafarers’ Trust) who agreed to fund the service for a threeyear period (FY 2023-24 to FY 2025-26). This has ensured delivery of our core service and enabled us to focus more on activities than on fundraising. We will be seeking continuation of this financial support in the coming years whilst supplementing it with income gained from commissioned helplines.

Moving forward, we aim to continue to grow our membership and improve membership management using our new dedicated software. This improvement will streamline record keeping and ensure a more precise representation of our active members.

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Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

The SIM Project has demonstrated the importance of social interaction for seafarer mental health on board vessels and is now being established as a long-term initiative to promote change and educate the sector about this underrepresented area of seafarer welfare.

Seafarers are on the frontline of the struggle to maintain the world’s supply chains and face ever increasing challenges. Unfortunately, their welfare is not always a prime concern for an industry struggling to adapt to the geopolitical environment that is emerging. Organisations like ISWAN will therefore be needed for the foreseeable future; with our strong IT infrastructure, improving financial sustainability and dedicated team, ISWAN is well placed to support seafarers as they contend with these challenges.

FINANCIAL REVIEW

Reserves Policy

The Board of Trustees regularly reviews the levels of ISWAN's reserves, to enable them to comply with their legal duties, on an ongoing basis, and especially when considering financial forecasts 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 to 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 met. At 31 March 2025 the unrestricted reserves amounted to £532,362 and the restricted reserves were £125,634. The reserves held therefore provide adequate cover for budgeted 2025/26 activity.

Funding received for other specific 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 with 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.

Brief overview of ISWAN's Financial Position at 31 March 2025

The full financial statements for the year ended 31 March 2025 are set out on pages 14 to 29 of this report. At the end of the year ISWAN funds totalled £657,966. Of this £125,634 must be used for specific projects. Details of these projects and fund balances are shown in note 14. Unrestricted funds available to use at the discretion of the Trustees were £532,362, at the end of the year. ISWAN received £166,636 (2023/24- £94,993) from its members in the form of subscriptions. A total of £11,867 was deferred to next year. The increase in the level is due to the better record keeping and a drive to increase membership, cut off and unpaid subscriptions would no longer be counted as member or debtor.

Grant income of £608,221 was received during the year (2023/24 - £ 700,347). Full details of the projects and emergency funds supported are shown in Note 3. Grants were received from The Seafarers Charity (a total of £193,394 across 3 grants), The TK Foundation ($167,601), ITF Seafarers’ Trust (£138,689), the Trafigura Foundation (£56,400), and Trinity House (£15,000). A further donation was received from Trinity House Maritime Charity DFT for the SIM project (£16,900). ISWAN was also grateful to receive sponsorship for its events and projects. Mental health awareness training raised income of £150,835. lncome of £299,974 was generated from the trading activities of Seafarers Welfare and Assistance Network Limited.

lncome from royalties, material sales, donations and bank interest brought the total income to £1,294,677 (2023/24 - £1,374,499).

Total expenditure for the year was £1,348,991 (2023/24 £1,371,432) and is analysed in note 4. This shows a decrease from last year. The total exchange loss for the year was £39,806 (2023/24 gain £35,444).

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

lnvestment Policy

The investment policy is as follows:

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 1996) with no share capital. Each member has undertaken to contribute to the assets of the company in the event of the 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 costs, charges and expenses of winding up, and for the adjustment of the rights of contributors amongst themselves, such amount as may be required not exceeding £10.

Recruitment 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 to three terms and then, except in exceptional circumstances, are not eligible for reappointment until the AGM in the year following retirement.

Policies & Procedures for lnduction and Training 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 to meet with the Chief Executive to have a full brief on the detailed operation of the charity and the role of Trustees.

Organisational Structure & Decision Making Process

ISWAN can draw its membership from any organisation interested in furthering the objects of the Charity, subject to the approval of the Trustees. The Trustees are either drawn from a cross section of member organisations or recruited for their external experience, and meet four times per year. A meeting of the full membership occurs annually to review overall progress of the charity. The Trustees exert full decision-making and management responsibility, endeavouring to direct the charity in accordance 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 (organisations and members of the 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 activities across its 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 lnternational Labour Organisation. One of the key functions of ISWAN is communication, as part of which, the charity maintains an extensive network of contacts, working with other umbrella organisations and other agencies, to facilitate and enhance communication throughout the seafarers' welfare sector, both within and outside the maritime industry.

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Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Risk 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 activities is the principal financial risk. A key element of the management of this risk is the regular review of available liquid funds 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 to minimise financial risk and the other identified risks such as safeguarding and reputation.

REFERENCE AND ADMlNISTRATIVE DETAILS

Registered Name and Numbers

International Seafarers' Welfare and Assistance Network, ('ISWAN") Company Registration Number 3171109 (England and Wales) Charity Registration Number 1102946

Principal & Registered Office Address

Silverstream House 45 Fitzroy Street Fitzrovia London W1T 6EB United Kingdom

Directors and Trustees

The following Trustees served during the accounting period, or have been appointed or resigned since: Mr Rene Anderson (Chair)

Mr Mike Esplago Mrs Sue Henney Mrs Karin Orsel (resigned 8[th] November 2024) Mrs Connie Roozen Mr Deepak Shetty Mrs Karen Waltham (resigned 15[th] May 2025) Mr Jason Zuidema Mr Charles Boyle Capt. Ashley Cooper Ms Sadie Saunders Ms Jillian Carson-Jackson Mr Frederick Kenney (appointed 24[th] April 2024) (Deputy Chair) Ms Karina Huls-Abbas (appointed 15[th] May 2025)

Management

Chief Executive and Company Secretary Mr Simon Grainge

Other senior staff

Helpline Team Manager Mr Chester Quintal Project Manager Ms Georgia Allen Finance Manager Mrs Wendy Cheung FCCA Business Development Manager Mr Alan Croft Communications Manager Ms Amy Liebthal

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Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Relevant Organisations

Auditors:

Sturgess Hutchinson, 21 New Walk, Leicester, LE1 6TE.

Banks:

Unity Trust Bank, Nine Brindley Place, Birmingham, B1 2HB HSBC Bank plc, The Peak, 333Vauxhall Bridge Road, London, SW1V 1EJ Santander UK Plc, 2 Triton Square, Regent's Place, London, NW1 3AN Shawbrook Bank, Lutea House, Warley Hill Business Park, Brentwood, Essex CM13 3BE

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 a true and fair view of the state of affairs of the company and of its results for that period. ln preparing those financial statements, the Trustees are required to:

The Board of Trustees is responsible for keeping proper accounting records which disclose with 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. lt 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 as auditors for the present financial year.

By order of the Board of Trustees

[rawSigned28BFC27A1527404... lirdersowby:

Rene Andersen Trustee (Chair)

Date: 9/29/2025

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Independent Auditor’s Report to the members of International Seafarers’ Welfare and Assistance Network

Opinion

We have audited the financial statements of International Seafarers’ Welfare and Assistance Network (the ’parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the group and charitable parent company in accordance with the ethical requirements that are relevant to 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 that 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 concluded 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 group and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements 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.

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required 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 and the Charities Act 2011 require us to report to you if, in our opinion:

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 law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material 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’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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 error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, 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 detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives 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, through 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 the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 risk of not detecting a material misstatement 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 misrepresentations, 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 Act 2011. Our audit work has been undertaken so that we might state to the 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 report, or for the opinion we have formed.

[Jeg338BC035B0F447C...DocuSigned Puta by: (Senior Statutory Auditor) for and on behalf of, Sturgess Hutchinson (Leicester) Limited Statutory Auditor 21 New Walk Leicester LE1 6TE

Date: 10/1/2025

Sturgess Hutchinson (Leicester) Limited is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Incorporating a Consolidated Income and Expenditure Account

Notes Unrestricted
funds		 SeafarerHelp
Restricted
funds		 Other
Restricted
funds		 Total 2025 Total 2024
£ £ £ £ £
INCOME FROM
Donations 28,821 - - 28,821 80,670
Charitable activities
Membership subscriptions 166,636 - - 166,636 94,993
Grant income 3 424,628 183,593 608,221 700,347
Mental health training 150,835 - - 150,835 258,951
Other income 17,457 - - 17,457 -
Other trading activities
Commercial trading operations - 299,974 - 299,974 233,930
Investments
Investment income 22,733 - - 22,733 5,608
    
Total income 386,482 724,602 183,593 1,294,677 1,374,499
    
EXPENDITURE ON
Raising funds
Commercial trading operations - 133,627 - 133,627 100,116
Charitable activities
Membership support 111,425 - - 111,425 86,273
SeafarerHelp 623,132 - 623,132 616,670
Mental Health Training 78,683 - - 78,683 115,986
Regional Activities 92,558 - - 92,558 59,828
Projects undertaken - - 247,960 247,960 266,972
Emergency fund grants - - 61,606 61,606 125,587
    
Total expenditure 4 282,666 756,759 309,566 1,348,991 1,371,432
    
Exchange gain/(loss) (38,571) (1,235) - (39,806) 35,444
Transfer between funds (81,274) 33,392 47,882 - -
    
Net income and net
movement in funds for the (16,029) - (78,091) (94,120) (38,511)
year
Reconciliation of funds:
Total Funds brought forward 548,391 - 203,725 752,116 713,605
    
Total Funds carried forward 13 532,362 - 125,634 657,996 752,116
    

All of the activities of the Group and the Charity are continuing. There are no other recognised gains or losses. The notes on pages 18 to 29 form part of these financial statements

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CONSOLIDATED BALANCE SHEET
2025 2024
Notes
£ £
Fixed assets
Tangible assets 9 21,696 20,620
 
Current assets
Debtors 10 111,922 124,658
Cash at bank and in hand 814,817 731,003
 
926,739 855,661
Creditors falling due within one year 11 (290,439) (124,165)
 
Net current assets 636,300 731,496
 
Total assets less current liabilities 657,996 752,116
 
Funds
Unrestricted funds 13 532,362 548,391
Restricted SeafarerHelp funds 13 - -
Other Restricted funds 13&14 125,634 203,725
 
Total Charity Funds 657,996 752,116
 

The notes on pages 18 to 29 form part of these financial statements.

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 9/29/2025

and signed on its behalf by:

Rene Andersen [rawSigned28BFC27A1527404... lirdersowby: Trustee (Chair)

COMPANY REGISTRATION NUMBER:3171109

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CHARITY BALANCE SHEET

CHARITY BALANCE SHEET
2025 2024
Notes
£ £
Fixed assets
Tangible assets 9 20,694 20,619
Investment 18 1 1
 
21,695 20,620
Current assets
Debtors 10 58,201 199,485
Cash at bank and in hand 793,425 608,652
 
851,626 808,137
Creditors falling due within one year 11 (215,325) (76,641)
 
Net current assets 636,301 731,496
 
Total assets less current liabilities 657,996 752,116
 
Funds
Unrestricted funds 13 532,362 548,391
Restricted SeafarerHelp funds 13 - -
Other Restricted funds 13&14 125,634 203,725
 
Total Charity Funds 657,996 752,116
 

The notes on pages 18 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 9/29/2025

and signed on its behalf by:

[rawSigned28BFC27A1527404... lirdersowby: Rene Andersen Trustee (Chair)

COMPANY REGISTRATION NUMBER:3171109

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Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

CONSOLIDATED STATEMENT OF
CASH FLOWS
2025 2024
Group Group
Notes
£ £
Cash generated from/(used by) operating 20 72,724 802
activities
 
Cash flows from investing activities
Interest income 22,733 5,608
Purchase of tangible fixed assets (11,643) (24,743)
 
Cash provided by investing activities 11,090 (19,135)
 
Increase in cash and cash equivalents in the 83,814 (19,937)
year
Cash and cash equivalents at the beginning of 731,003 750,940
the year
 
Total cash and cash equivalents at the end of 814,817 731,003
the year
 
Analysis of cash and cash equivalents and
net debt
2025 2024
Group Group
Opening Balance at 01/04/2024 731,003 750,940
Cash-flows 83,814 (19,937)
 
Closing balance at 31/04/2025 814,817 731,003
 

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

a. 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 (FRS 102) '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 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 cost 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 s.408 Companies Act 2006, no separate statement of financial activity is presented in respect of the parent company.

b. Fund Accounting

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. SeafarerHelp funds - these funds can only be used for the SeafarerHelp activities. Restricted funds - these are funds that can be used for particular restricted purposes, within 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.

In the absence of any provision to the contrary, interest income that arises on the advance receipt of project funds is treated as part of the company’s unrestricted funds.

c. 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:

d. 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.

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 of the charitable company. Included within this category are costs associated with the strategic management of ISWAN as opposed to the day-to-day management of the organisation’s charitable activities. Support costs comprise costs for general management, accounting and financing. Support costs are allocated across the categories of charitable expenditure. The cost allocation is detailed in note 7 to the financial statements.

Management and administration expenditure is charged to the company’s general unrestricted fund and the SeafarerHelp fund in the first instance, subject to recoveries against certain restricted funds where agreements permit an administration charge to be levied against that fund.

e 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.

f Tangible fixed assets and depreciation

Tangible fixed assets are included at cost.

Depreciation is provided over the expected useful lives of the assets concerned on the following straight-line basis, from year of acquisition

Computer equipment 25% per annum Fixtures and fittings 20% per annum

The charitable company has a policy of capitalising all assets that are deemed to have an enduring value, except that equipment replacements or items that cost less than £1,000 are not capitalised and are written off as expended.

g. Leasing and hire purchase commitments

The cost of operating leases is written off as incurred.

h. Foreign currency translation

Transactions in foreign currency are translated into sterling at the rate of exchange ruling on the transaction date. At the balance sheet date balances denominated in foreign currency are translated at the year-end exchange rate.

i. 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.

j. Critical accounting estimates and areas of judgement

In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

In the view of the Trustees in applying the 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 risk of material misstatement in the next financial year.

2. 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 party.

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3 GRANT INCOME

3 GRANT INCOME
2025 2024
£ £
SeafarerHelp
TK Foundation 132,250 133,345
The Seafarers’ Charity 138,689 127,355
ITF Seafarers’ Trust+ 138,689 127,355
Trinity House 15,000 12,000
 
424,628 400,055
 
Projects
Yacht Crew help 32,147 6,000
WYC Project lead 24,705 -
Trinity House-SIM Project 16,900 119,295
Trafigura 56,400 110,000
Ukraine Crisis Support Fund - -
Lloyd’s Register Foundation – Data Project - 9,997
TSC Women Safety Campaign - 50,000
 
130,152 300,292
 
Emergency Funds
Seafarers’ Emergency fund 51,570 -
MPF 1,871 -
 
608,221 700,347
 

4 TOTAL EXPENDITURE

Staff costs Direct costs Support Total Total
costs 2025 2024
£ £ £ £ £
Raising funds:
Commercial trading operations 78,391 - 55,236 133,627 100,116
Charitable activities:
Membership support 80,988 - 30,437 111,425 86,273
Maritime Mental Health - 78,683 - 78,683 115,986
Awareness
SeafarerHelp 408,673 - 214,459 623,132 616,670
Projects undertaken
Regional programmes - 68,505 24,053 92,558 59,828
Other 54,709 193,251 - 247,960 266,972
Emergency Fund grants
Seafarers Emergency - 56,003 - 56,003 47,814
Ukraine Crisis - 5,603 - 5,603 83,489
MPHRF - - - - (5,716)
    
622,761 402,045 324,185 1,348,991 1,371,432
    
For further analysis, see note 6 note 7

20

Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5 GOVERNANCE COSTS

The following governance costs are included above within 2025 2024
support costs:
£ £
Audit fees 10,200 9,882
Legal and professional 3,218 16,064
Trustee expenses and Board/Member meetings 7,922 39,976
 
21,340 65,922
 

6 EMPLOYEE INFORMATION

2025 2024
Number Number
The average monthly headcount was: 17 17
 
The average monthly full-time equivalent number of employees
during the year was:
SeafarerHelp 11 11
Administration and management 4 3
Projects 2 3
 
17 17
 
£ £
Employment costs
Wages and salaries 526,185 520,571
Social security costs 52,896 46,621
Pension costs 23,623 20,499
 
602,704 587,691
Staff training costs 3,181 4,243
Recruitment and staff welfare 1,525 3,262
Redundancy 15,351 -
 
622,761 595,196
 

During the year, the company contributed to employees’ defined contribution personal pension plans for all employees who elected to join the scheme. Contributions of £23,623 were payable during the year (2024 - £20,499) and the amount outstanding at the year-end was £3,027 (2024 - £nil).

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 estimate of work performed.

No employee nor 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 £76,042 (2024- £70,272).

The Trustees received no remuneration during the year nor for the prior year. Expenses reimbursed to, or paid on behalf of the Trustees are shown under note 8.

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7 SUPPORT COSTS ALLOCATION

Costs, other than staff costs, incurred during 2025 2024
the year were as follows: £ £
Establishments costs 30,840 34,618
Communications 26,081 17,706
Travel and related costs 25,453 22,095
AGM, Invitations, Meetings - 45,201
IT costs 63,010 37,397
Publications and marketing 21,880 11,924
Professional fees 68,979 98,999
Bank and other costs 53,322 17,448
Regional programmes 24,053 59,828
Other projects - 23,415
Depreciation 10,567 7,856
 
324,185 376,487
 
These costs have been allocated as follows: 2025 2024
£ £
Membership support 30,437 12,921
SeafarerHelp 214,459 242,707
Projects undertaken
Regional programmes 24,053 59,828
Other - 23,415
Commercial trading operations 55,236 37,616
 
324,185 376,487
 

Costs have been allocated to specific activities where appropriate or, where shared between activities have been allocated based on the 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 India, the Philippines and Nigeria, and their related overheads.

8 TRUSTEE EXPENSES

None of the Trustees (or any persons connected with them) received any remuneration during the year. (2024:Nil). There were no Trustees for whom retirement benefits were accruing under money purchase pension schemes.(2024:None)

Three Trustees were reimbursed for expenditure on travel and subsistence in the year – Deepak Shetty £1,010 (2024- £1,457), Fred Kennedy £162 (2024-Nil), Jason Zuidema £673 (2024- £473), and Karen Waltham Nil (2024- £659).

22

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INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9 TANGIBLE FIXED ASSETS

GROUP AND CHARITY Website Website Computer Computer Total
Development Equipment
£ £ £
Cost or valuation
At 1 April 2024 22,560 36,677 59,237
Additions 11,643 - 11,643
Disposals - (30,793) (30,793)
  
At 31 March 2025 34,203 5,884 40,087
___ ___ ___
Depreciation
At 1 April 2024 5,640 32,978 38,618
Charge for year 8,551 2,016 10,567
Eliminated on Disposal - (30,793) (30,793)
  
At 31 March 2025 14,191 4,201 18,392
  
Net book value
At 31 March 2024 16,920 3,699 20,619
At 31 March 2025 20,012 1,683 21,695
  
10 DEBTORS 10 DEBTORS
2025 2024 2025 2024
Group Group Charity Charity
£ £ £ £
Trade debtors 77,927 67,345 45,944 45,602
Prepayments and accrued income 33,995 57,313 12,257 38,049
Inter-company owed - - - 115,834
   
111,922 124,658 58,201
199,485		 199,485
   
11 CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR 11 CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR 11 CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024 2025 2024
Group Group Charity Charity
£ £ £ £
Trade creditors 3,530 21,958 3,530 21,958
Taxes and social security costs 13,056 12,327 13,056 12,327
Accruals and other creditors 18,869 20,327 18,868 19,326
Amount due to subsidiary - - 16,918 -
Income and Grants received in
advance 254,984 69,553 162,953 23,030
   
290,439 124,165 215,325 76,641
   

23

Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12 DEFERRED INCOME

A total of £103,898 (2024-£69,533) was deferred to future period. Membership £11,867 (2024£23,030), contract income £92,031 (2024- £46,503).

13 FUNDS AND RESERVES

Movements in unrestricted funds for the current year are as follows:

Unrestricted Unrestricted
SeafarerHelp		 Other Total funds
funds Restricted Restricted
funds funds
£ £ £ £
At 1 April 2024 548,391 - 203,725 752,116
Retained for the year (16,029) - (78,091) (94,120)
   
At 31 March 2025 532,362 - 125,634 657,996
   
Movements in unrestricted funds for the prior year are as follows: Movements in unrestricted funds for the prior year are as follows: Movements in unrestricted funds for the prior year are as follows:
Unrestricted Unrestricted
SeafarerHelp		 Other Total funds
funds Restricted Restricted
funds funds
£ £ £ £
At 1 April 2023 354,348 - 359,257 713,605
Retained for the year 194,043 194,043
-		 (155,532) 38,511
   
At 31 March 2024 548,391 - 203,725 752,116
   

Movements in unrestricted funds for the prior year are as follows:

Restricted funds are analysed further in Note 14.

24

Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14 OTHER RESTRICTED FUNDS

The following is an analysis of the movements on Restricted Funds (other than SeafarerHelp):

1 April 2024 Income Expenditure Transfer 31 March
between 2025
funds
£ £ £ £ £
Unrestricted Funds 548,391 386,482 (321,237) (81,274) 532,244
Seafarers Help Fund - 589,740 (623,132) 33,392 -
    
548,391 976,222 (944,369) (47,882) 532,362
    
Project Funds
HIV/Aids 3,621 - - (3,621) -
YCH renamed as Welfare 6,871 32,147 (20,990) - 18,028
Yacht Crew
WYC Project lead - 24,705 (4,994) - 19,711
UCL/Health of Seafarers 1,000 - - (1,000) -
(ITFST)
Trinity House Sim project 96,453 16,900 (79,221) - 34,132
Ukraine Crisis Fund 5,203 - (5,603) 400 -
Trafigura grant - 56,400 (103,784) 47,384 -
TSC Women Safety 32,974 - (33,507) 533 -
Campaign
Data Project 1,278 - (5,464) 4,186 -
    
147,400 130,152 (253,563) (47,882) 71,871
    
EMERGENCY FUNDS
Seafarers Emergency Fund 34,548 51,570 (56,003) - 30,115
MPHRF 21,777 1,871 - - 23,648
CGPCS - - - - -
    
56,325 53,441 (56,003) - 53,763
    
752,116 1,159,815 (1,253,935) - 657,996
    

Restricted funds are funds that can only be used for particular restricted purposes as specified by funders, within the objects of the charitable company. A fuller description of the major restricted fund projects can be found in the Trustees’ report on page 1 to 9.

During the year, it was the Trustees’ discretion to apply the fund from the general reserve to cover the negative balances on the restricted fund brought forward. The reason being that they were not significant, the money had been genuinely spent on the restricted purposes and the unrestricted fund was enough to cover the expenditure. Mental Health Awareness is training courses run by ISWAN, it is not a restricted fund.

The management team is actively seeking and tracking down the original funders to repurpose any inactive restricted funds for the coming year.

25

Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

OTHER RESTRICTED FUNDS (continued)

Movements in unrestricted funds in the prior year are as follows:

1 April 2023 Income Expenditure Transfer 31 March
between 2024
funds
£ £ £ £ £
Unrestricted Funds 639,269 440,221 (230,503) (300,596) 548,391
Seafarers Help Fund (284,921) 537,704 (616,644) 363,861 -
    
354,348 977,925 (847,147) 63,265 548,391
    
Project Funds
Project Funds
HIV/Aids 3,621 - - - 3,621
International Port Welfare 3,573 - - (3,573) -
Partnership
Yacht Crew Help 29,050 6,000 (28,802) 623 6,871
Seafarers Welfare Awards 1,981 - - (1,981) -
Superyachts survey 623 - - (623) -
UCL/Health of Seafarers 1,000 - - - 1,000
(ITFST)
Campaign non regional 21,101 - - (21,101) -
project
Trinity House Sim project 27,219 119,295 (50,061) - 96,453
Typhoon Rai 1,279 - - (1,279) -
SIRF PHILIPPINES 18,078 - - (18,078) -
SIRF INDIA 26,616 - - (26,616) -
Ukraine Crisis Fund 88,692 - (83,489) - 5,203
Trafigura Foundation 21,983 110,000 (157,364) 25,381 -
TSC Women Safety - 55,000 (22,026) - 32,974
Campaign
Data Project - 9,997 (8,719) - 1,278
    
244,816 300,292 (350,461) (47,247) 147,400
    
EMERGENCY FUNDS
Seafarers Emergency 93,051 - (47,814) (10,690) 34,547
MPHRF 16,061 5,716 - - 21,777
CGPCS 5,328 - - (5,328) -
    
114,441 5,716 (47,814) (16,018) 56,325
    
713,605 1,278,217 (1,245,422) - 752,116
    

26

Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15 ANALYSIS OF NET ASSETS BETWEEN FUNDS

At 31 March 2025 Unrestricted SeafarerHelp Other Total
funds Restricted Restricted funds
funds funds
£ £ £ £
Tangible fixed assets 21,696 - - 21,696
Debtors 111,922 - - 111,922
Cash and bank balances 689,183 - 125,634 814,817
Creditors: due within 1 year (290,439) - -
(290,439)		 (290,439)
   
532,362 - 125,634 657,996
   
Prior year:
At 31 March 2024 Unrestricted SeafarerHelp Other Total
funds Restricted Restricted funds
funds funds
£ £ £ £
Tangible fixed assets 20,620 - - 20,620
Debtors 97,303 27,355 - 124,658
Cash and bank balances 527,278 - 203,725 731,003
Creditors: due within 1 year (124,165) - -
(124,165)		 (124,165)
   
521,036 27,355 203,725 752,116
   

16 OPERATING LEASE COMMITMENTS

There were future minimum operating leases payments as follows:

2025 2024
£ £
Within 1 year - 6,665
Between 1 and 5 years - -
 

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

Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18 SEAFARERS WELFARE and ASSISTANCE NETWORK LIMITED (“SWAN LIMITED”)

The unlisted investment of £1 held by the Charity is the cost of the issued share capital of SWAN Limited, acquired on 1[st] April 2013 as part of the merger with International Seafarers Assistance Network (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 with ISWAN and donates all of its profits to ISWAN by gift aid.

A summary of the accounts of SWAN Limited is as follows:

2025 2024
£ £
Statement of Financial Activities
Sales 299,974 233,930
Shared costs (133,627) (100,116)
 
Net trading profit 166,347 133,814
Exchange gain/loss (1,235) 3,835
Gift aid payment to ISWAN (165,112) (137,649)
 
Net increase in funds - -
 
Balance Sheet
Current assets 92,032 163,357
Current liabilities (92,031) (163,356)
Share Capital (1) (1)
 
- -
 

19 RELATED PARTY TRANSACTIONS

The Charity has taken advantage of the exemption provided in FRS 102, paragraph 33.1A, not to disclose transactions with other group companies.

Transactions take place during the year on an arm’s length basis with one seafarer related charity/organisation, where there are common trustees with the Board.

28

Docusign Envelope ID: 054E0911-C801-485D-BAAC-31E5605E105B

INTERNATIONAL SEAFARERS’ WELFARE AND ASSISTANCE NETWORK FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025 2024
£ £
Net movement in funds (94,120) 38,511
Add back depreciation charge 10,567 7,856
Deduct interest income shown in investing
activities (22,733) (5,608)
(Increase) in debtors 12,736 (6,491)
Increase/(Decrease) in creditors 166,274 (35,070)
 
Net cash generated from/(used by) operating
activities 72,724 (802)
 

29