EST 1843 QUEEN VICTORIA SEAMEN'S REST THE SEAMEN'S MISSION OF THE METHODIST CHURCH Annual Report and Financial Statements . QJEENMcv$EljIEN,s1Esf 111111111111 ! 11 For the year ending 31" December 2023
EST 1843 ov QVSR (a charitable company limited by guarantee) Aggregated with the Queen Victoria Seamen's Rest Charity Registration No. 1106126 Company Registration No. 5218014 Incorporating QVSR SEAFARERS CENTRES QVSR Seafarers Centres (a charitable company limited by guarantee) Charity Registration No. 1198656 Company Registration No. 13903109 QVSR Trustees, Report 2023
Coiiteiils Trustees, Report Financial Trends Report of the Independent Auditors Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 18 19 23 24 26 27 QVSR IA company limited by guarantee) Board of Directors Terence Simco M8E (Choir) . Revd Jennifer Impey . Sir Alasteir Norris Theodora Ogwezi . lan Paltison Geraldine Pearce . Philip Sheppard Mathilda Small-Byam . Jean Thomas . Anjolaoluwa Enabor Michael Ledden Peter Moriarty Chlef Executive & Company Secretary Alexander Campbell OBE JP MNM Msc BA Cmgr FCMI Auditors Moore Kingston Smith LLP, 6 Floor, 9 Appold Street, London, EC2A 2AP Solicitors Charles Russell Speechlys LLP, 5 Fleet Place. London, EC4M 7RD Bankers QVSR- HSBC UK Bank plc, The Peak. 333 Vauxhall Bridge Road, Victoria. London, SW1N OHJ CAF Bank Ltd, 25 Kings Hill Avenue. Kings Hill. West Malling, Kent, ME19 4JQ Investment Advisors Centr81 Finance Board of the Methodist Church, 9 Bonhill Street. London, EC2A 4PE Employment Law Service and Health & Saféty Consultants Croner House. Wheatfield Way. Hinckley, Leicestershire, LE10 1YG Registered Office 121-131 East India Dock Road. Poplar, London, E14 6DF Registered Charlty Number QVSR.. 1106126 Company Number QVSR.. 5218014 QVSR Trustees, Report 2023
Our aims and objectives Objects
QVSR'S charitable objects. as declared in the Memorandum of Association, are to work as an expression of Chri5ti8n compassion as part of the Methodist Church. OVSR will provide accommodation for seafarers, both active and retired, ex-5ervicemen and other member5 of our local comrnLJnity that are in need. We will strive to do this within 8 caring environment where individuals will be helped and encouraged physically, mentally and spiritually- to meet their full potential regardless of their ethnicity, cultural or religious background. We do this via our operation at East India Dock Road (which includes over170 rooms of accommodation) and our seafarers, centres on the River Thames which provide support ènd recreational facilities for active seafarers. Vision Our vision is that everyone will have a quality permanent home that will meet their needs., until that time QVSR is committed to providing accommodation and support lo vulnerable individuals within our community. Our company logo 'Shelter, Support and Hope. underlines our commitment to meeting the holistic needs of those we servo. We also see OLJr provision of seafarers, cenlres based al the Port of TilbLJry, DP World London Gateway and in the Ports of Bristol, Felixslowe and Immingham as 8 way of welcoming all seafarers visiting these ports located around the UK. Values Having initially started as a project entitled 'Residents First, to demonstrate the charity's commitmont to provide the bost services and facilitie5 for residents, in 2023 this evolved to encompass the review and relaunch of QVSR'S core values, based on the 8cronym 'SERVE'. The core values are Ljnderpinned by putting Residents and Seafarers first in the services we offer. Our strap line WOLild be for accomniodation. Residents First" and for Seafarers, centres.. "Seafarers First" Solidarity. By fostering an atmosphere of understanding and compassion, together we strive to assist individuals in their journey towards healing and personal growth. Excellence: Our goal is lo surpass expectation5, Optimise potential, and 5howcclSe significant abilities and achievements. We will be guided by a commitment to excellence in 811 our operation5 and services. Reassuring: Our mission is lo inspire and empower residents, seafarers, staff, and volunteers., creating a culture of responsibility and confidence in the positive impact we can make. We encourage a can-do attitude and provide exceptional service to instill hope and potential in everyone we encounter. Vlsionary: We aim to be a progressive organisalion that molivales and supports residents, seafarers, staff, volunteers, and everyone we engage with. We éspire to be im1¢ ginative, inventive, and always seeking new opportunities. Enduring: Our services are available to support residents, seafarers, staff, dnd volunteeis,. ensuring we are there for them whenevei they need us. QVSR Trustees, Report 2023
Charitable aims Our key priority is to provide accommodation and support to vulnerable 8du115. We give priority to seafarers and ex-servicemen both active and retired.
Our work via our seafarers. centres located at the Port of Tilbury, DP World London Gateway undeilines our commitment to active seafarers alongside those who are retired and supported vi8 our accommodation at East India Dock Road. Public Benefit We review our aims, objectives and aclivilies annually,. in doing this we evaluate and assess the benefit of our oulpuls on the lives of the vulnerable adults who access our services. We collsider how we can further develop our objectives lo meet future need and ensure that our work continues to deliver OLJr charitable aims and have a ieal impact on the corntnunity we serve. QVSR'S TrusleeslDirectors confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Fundraislng OVSR has adopted the Fundraising Regulator Code of Practice and during 2023 no complaints were received in terms of fundraising. The QVSR Finance Committee monitors QVSR'S fundraising activities. QVSR does not cold call or send any individua1 fundraising material without thÈir prior consent and work5 within GDPR guidance. Measurements, activities and performances for 2023 and targets for 2024 It hos beeKp u ye(Fr of celebrolion os we morked 180 yeors of service, but not jUSt o colebrolion of the post, an excitement obout the future os we looked lo esloblish ondgrow our newly adopted sooforers centres. We hove been so encouraged our work by the awording ofgronls lo help us estoblish this new work ond modernise the focilities. QVSR hos become o key pluyer in tho UK Morilime Ch(7rily Sector ond some would see us as the moin provider ofseafarers cenlres in the UK, with our welfare focililies being situoled in the largest ports in the country. We have olso looked to nLJrlure ond grow o(Ir occommodolion service on Eosl Indio Dock Road, we continue lo invest time ond money into making this one of the best services looking after homeless men (seofarers, veterons ond others) in London ond the surrounding oreo. We continue lo explore move-on opportunities for our residents, it is vital Ihol they huve ombilion ond hope for the future. The Trustees continue lo develop their skills and knowledge in order to effectively serve the chority. Huving recently undergone on internol ond externol governonce review the Board ore looking lo the future needs of our work ond lorgeling strategies th(yl will serve us for the next 780 yeors. This includes lookirjg at the skill base needed on the Boord to drive us forward. We are very conscio(Is of the growth within the chorily ond we ore looking ot our slrLJclures and operolions with a view to creating the correct culture for contiiiued growth a17d greoler uworeness of whot the charity is and whot it does. We neod lo get our story out there and encourogo others lo engage with our work. Tho new Seoforers Cenlres hove ollowed lis to foster support within the local communily ond widen our impact os a chorily. Some of the n?Gin octivities undertoken this yeor ore ligled bolow, here's to the next 780 yeors of QVSR. 180 Anniversary Celebr8tion To mark 180 years of seNing seafarers. veterans of the armed forces 8nd others in need. we he5d an cinniversaiy event which marked our achievements, and recognised the contribution of those within the organisalion, we were able to present a number of long service certificates and give QVSR Trustees, Report 2023
thanks to our external partners for their support over the yoars. We had Special guests make the occasion very speci81', Lord Michael Cashman was our Master of Ceremony and Actress Su Pollard entertained the attendees. The Long Service Certificates were signed by our Patron Prince55 Alexandra Updated Business Plan for 2023-2028 With the introduction of QVSR Seafarers Centres, we reviewed and updated the QVSR Business Plan for 2023 to 2028, this is very much a live document that we will continue lo review al Board Away Days.. •• Relaunch of QVSR Website In light of the potential expansion ol our management of other seafarers, centre the QVSR website was reviewed and revised. We recognise that as our work grows there is a need for our reputation to grow and it is hoped that this in turn will grow our funding base. Alexonder Compbell OBE JP MNM Chief Executive. QVSR & QVSR Seaforers Centres QVSR'S achievements for the year in meeting our objectives are set out below: AIMA For QVSR to provide a caring environment where individuals are helped physically, mentally and splrltually to meet thelr full potentlal regardless ol thelr èthnl¢ity or religious background. Ob'ective A1 What were the outputs? Practical. emotion¢11, and spirilual welfare support tailored to meet Ihe needs ol each individual resident was provided by Welfcire staff. Residents were assisted daily witli their benefit applicalions, health matters cind housing issues. Regular informal one to one sessions were facilitated with residents to enable discussion of specific issues, challenge5. opportunities. ic nd ideas. An open forum was provided where residenls could give feedback on QVSR'S operation. raise any area5 of concern. ancj highlight how seryice changes might affect them. Residents were k@pl informed and updatèd on current issues. e.g. change5 in welfare benefits, changes to the QVSR building and services. Residents wère encouraged lo speak opènly with slafl about any concèrns they might have. Resident5 were able lo report maintenance and service issues on the Helpdesk sy51em at reception. We laced the ongoing cost-of-living cri51s. assistin9 our resideiits to Ir cce55 government support thal was made available. we also woiked with nèw and existing organisations who distribute food and clothing donations. What were the outcomes7 QVSR was able to provide 212 homeless men with ciccommod8tion and acce55 to welfare support in 2023. ThroLJgli niontl)1y residents, meetii)gs residents felt they had ic voice and ali opportunity to commenl on our services and liighlighl any concerns. Through tlie Helpdesk system al Reception. residents were assured of a quality of seNice with regards to the repair jod maintenance of their accommodation. Tlirougli regular coiiimuniccilions delivered lo roon15. placed on noticebo8rds and on the ieception TV, fesidents continued to feel informed and supported through thè ongoing pandemic, underslanding that any changes of operalion were intended to safegu<ird their wellcire. Residents fell supported in hciviiig to deal with the oiigoing cost of living rises. We were able lo provide addilional support to our ex-sewice residents tliiougli a Volunteer Veteran's Welfare Officer. QVSR Trustees, Report 2023
Did you succeed in thi5 objective? Yes, we treat each residenl as an individual and understand the impact they have on our day-lo-day operations. We encourage our resident populalion to feel that they can contribute to the development ol our services to meet their evei-changing needs. The Board took the decision to run a deficit budget for 2023 so that the increased costs were nol passed on to the residents. Ob'ectlve A2 To improve thè hÈalth ènd wellbeing of residents by supportlng them to achieve lifestyle and person81 development goals whether this is slmple companionship, the development of leisure interests. training and employment opportunitie5 or a move to more Independent Ilvlng or supported houslng. What were the outputs? Our Welfare staff continued to look after the needs of residents and offer guidance and support, Our Aftercare Pilot Project Ilunded by the National Lottery Community Fund) continued to provide ongoing welfare assistance to those who move-on lo help thern maintain their new tenancy. The aim Is to identify any ongoing needs and how to address these needs in order to minimise the risk of the individual returning to homèle5snes5. Through signposling and working with external agencies we have started to provide beneficial services lor our residents bolh in QVSR and outside to assi51 them with the move back in to independent living. Donations to SLJppoII resident welfare came in the form of Tesco vouchers. Iftar meals and winter coats. We have partnered with Poplar HARCA. Crisis. Honieless Link, the Hive, Ioccil community centres such as St Pauls Way, Providence Row Iresetl, Counsellors. Hackney Jar. The Felix Project. New City College and many others to assist our residents wilh practical and emotional support whether they are staying or moving on inlo independènt living. Our resident gym provide5 a space for physical well-being. promoting heallh 8nd fitness as part of our all- roLJnd supporl for residents. Our dedicated volunteers organise weekly and monthly activities, including sport5 sessions and resident days out. encouraging community engagement and prormoting well-being. What were the out¢ome$7 Staff and volunleers conlinued to monitor the health and wellbèing of residen15 during 2023 engaging in more clctivities and time spent wilh residents to ease Iheir sense of isolation. QVSR'S Chaplain provided 5pirilual support to all n)embers ol the QVSR community,. Ihis spiritual support IS given lo all irrespectivè of religion. culture or ethnicity. Our Muslim residenls were supplied with daily deliverie5 Of Iftor meals during Ramaclan through our partnership wilh Ihe 'Women's Inclusive Team" Through our partnership with the Felix project, we received weekly donations ol food lor our residents. Over 150 resident5 had access lo essenlial winter clothing through oui parlneiship with 'Hands on London, and their "Wrap up London" Campaign. In 2023. our Aftercare Projecl wa5 able to assist 9 ie5idenls to move on to independenl living and 9 to higher SLJPPOIt Ishelleied hoiising or care homel. The project Was also able lo follow up on 21 ex-residents who hcive moved lo private rented accommodcilion since the beginning ol the programme in 2020, to see how they were managing their new tènancies. The majority were mir n8ging we15, others required sonie practical assistance with setting up L)tilities and accessing affordable furniture lor their new home. 2023 w3s due to be the fincil year of the 3-year pilot project., however due lo delays caused by the pandemic and stalling issues the projecl ha5 been extended to the end ol December 2024. The resideiit gym saw increased usage throughoul the year, promoting improved pliysiccil health and niental we11-being. Wèekly participation in fitness aclivities helped residents reduce stress and impiove their overall fitness levels. Dld you succeed In thls oblÈ¢tlve7 Despite the ongoing challenges of the c05t-ol-living crisis we succeeded in our aims ancj objectives for the year by adapting and changing with thè circumstances. The aftercare project has succeeded in lielping people niove QVSR Trustees, Report 2023
back into independent living and is currently working with 85 residents lo achieve this goal. with 18 alrèady successful in nioving on in 2023. The NCLF grant enabled us lo have someone in a permanenl role signposting and assisling residents Wlth all the requirements needed to move back into independent living. A portfolio of oulside agencies has been bLiiII up by the Aftercare Manager lo make the transition as easy and streamlined as possible, Using sale5force. a CRM system designed to collate stat15tics ol iesidents we are working with and how we have assisled them lo move on or prepare to niove on, we are able to see how we have rnel our goals and objectives. AIMB For QVSR to provide the hlghest quallty a¢¢ommodation and facilities for ils service users. What were the output$7 Front Facia Project Roof repairs on roofs at back of building Replacement of windows longoingl Conversion of Rigden Street Manse Garage into a Guest Flat Revièw of QVSR'S Welfare Service What were the outcomes7 QVSR ha5 invesled around £8 million to modernise our accommodation and now all 175 rooms are of a hotel standard. In 2023, our attention locussed on the exterior of the building where renovalion was needed and to make these improvements by our 180th anniversary. We transformed the rather foreboding exterior by rendering it in a bright wliile finish, this nol only modernised the building and madè t mole welcoming but a150 increased our efforts towarcls energy conservation as it provides a thermal coatino, as well a5 sound proofing from the bLJSy main road IA131. Repairs to the roof above rooms 2301- 2309 were carried out to ensure the roof areas are watertight and prevent aiiy potential damaged from water ingress. The replacement ol windows is being done on a cyclical ba515 due to the high nuniber of windows in the building. The new windows will be more energy efficient. Repairs are also needed to 50mè of the windowsills which arè crumbling and present a poteiiti<il danger ol falling masonry. The conversion ol the Manse garage allowed us lo have a room permanently available for active seafarers visiting London loi plèasure, training events. ship transfers or recuperhlion after illness or operation. QVSR contracted Homele5slink to undertake an external and independent review ol our welfare ancl housing support to furthèr develop and strengthen the service provided to residents. Did you Succeed in thi5 objective? Being able to create cind additional en suite bedroom on Ihe ground floor further increased our maximLim occupancy to 175. and our ongoing mainleiiance prograniming ensuies that thè building is being kept in good condition. We make continu31 improvement5 lo our facilities and services lo ensure we are alwciys providing the very best welfare we can for our residents, and OVSR is a secure, welcoming and pleasant environment. Aimc For QVSR & QVSR Seafarers Centres to be seen as a key partner woiking wlthln the marltlme community. For QVSR & QVSR Seafarers Centres to play an actlve part in M8Tltime Ministry in the Ports of London. Tilbury. Felixstowe, Immingham and Biistol reaching out to seafarers and strlvSng to meet their needs. For QVSR & QVSR Seafarers Centres to work collaboratively wlth other maritime mSsslons and organisations in order to maximise the benefit to seafarers visiting the Ports of London. Tilbury, Felixstowe, Immingham and Bristol. What were the outputs7 QVSR SC provided welfare service5 to over 50,000 seaf8rers cicross all ol the porls in which we operclte. Managenienl of the day-to-day operation of the five Centres to provide the following seNices to seafarers.. ship visiting,. QVSR Trustees, Report 2023
o free acce55 to wi-fi., sale ol mobile phone top-ups and sim cards., o foreign exchange., access to comfortable lounges", access to TV anc5 refreshments., sale of clolhing and other essential items as well as souvenirs., access 10 3 2417 facility al Tilbury., access to an ouldoor area with sports facilities al Tilbury", With grant funding received from the TK Foundation and Department of Transport via the MNWB, the refurbishrnent ol the OVSR Immingham Seafarer5 Centre was completed and now provides for the ability to oller a 24 hour service. Fibre-optic broacSb8nd was in51alled at QVSR Bristol Seafarers Centre. Work began lo create a "Ciew Lounge" at the Cruise Termin61 al Tilbvty. At OVSR London Gateway, the seafarers, Centre, which had been shut down due to COVID restriclions, wa5 re-established in a new port facility 51tuated closer to the docks. The introduction of private communication pods in the centres which are designed to look like telephone boxes, QVSR SC continued to maintain strong strategic relationships wilh the Merchant Navy Welfare Board IMNWBI. The Seafarers Charity, Trinily Housè, and Port Authorities, with these organisalions provicjing funds and grants to support various projects in the Centres lor the bènelil olsealafers. A OVSR Chaplain was introduced at Brislob and tooethei with our QVSR Chaplain in the Port of London, Ihey conlinued to work collaboratively alongside our mission partners, GSM, Slella Maris, Mission to Seafarers and Sailors, Society, as part of an ecumenical team to maximle efficiency and effectivèness whilè avoiding duplication of Chaplaincy opercltions. QVSR maintains a close working relationship with the GSM with the longs16nding role of the Jolnt QVSRIGSM Port Chaplain and close comniunicalioii with the Senior executive team located in Bremerhaven. OVSR actively engages with the International Christièn Maritime Association IICMAI as part ol the global maritime family, standing ready to serve whenever and wherever needed. OVSR SC continues to be part ol the Maritime Charily Group IMCGI Equalily. Diversily ancj Inclusion working party which supporls maiitime wellaie charities in deepening their work ciiound EDI. QVSR SC is pait ol thè Seafarers, Welfare Crisis Working Group organized by Ihe MNW8. What were the outcomes? Our new OVSR Seafarers Cenlres in Felixstowe, Immingham and 8r15tol can provide a consislent seroice to seafarers as they now benèfit from having a single point ol governance and operational supporl. QVSR Seafarers Centres continued lo support seafarers wilh communicalion wilh their families and loved ones, in addition to practical support with shopping, transportation, pastoral care ciiid general advice. The refurbishment of the QVSR Imminghani Seafarers, Centre has provided a modern and more welcoming and comfortable space in which seafarers can rèlax. The ciddition ol a Cotllmunication Pod allows for greater privacy when seaf8rers are contacting their f<lmily and loved onès back home. Thè nèw facility provided al OP World London Gatevvay c105e to the docks has improved seafarers, accessibility lo 8 recreational Spclce. The addition of a QVSR Chaplain at Bristol lias enhanced OVSR'S collaborative approach ol working with our ecumenical partners and provides further evidence ol how this can be emulated cil our other cenlres. Our Centie Managèrs n)ainlain close working relationships wilh the Port Chaplaincy Teams to provide an excellent and consislenl seivice to sealaiers. QVSR continue(S to engagè with the senior management teams at tlie Ports ol London IPLAI, Tilbury, DP World London Galeway, Imniinghtim, Bristol, and Felix5towe to foster the best possible working relationships. Our QVSR Se<ifarers Cenlres distribuled over 4,000 Christrr8s parcels to seafarers duriiig tlie Clirislm85 leslive season. The Christmic s presenls are a means of showing seafarer5 how valued they are and are given as a token ol Qui appreciation. OVSR'S work with Gernicin 5eameii's Mission IGSMI cind our paftnership with GSM Bremeihaven has continued, with best piactice being shared across both organiscilions. Dld you su¢¢eed in this objective? Yes, throughout Dur first complete year ol managing our five seafarers. Centres we have been able to continue to provide essenticil services to seafarers. QVSR'S Chaplains and Centrè stall. working with our ècumenical QVSR Trustees, Report 2023
chaplains and ship visitors, have endeavored to meèt our objectives as a chaiily lo support the welfare needs of seafarers visiting the ports. QVSR'S standing within the rnaritime induslry remains high a5 a result of our continued support and management of the Cenlres, and QVSR conliibutes immensely to the provision ol faith based welfare seivices for the benefit ol seafarers and other stakeholders who often share the tranquillily they experience when visiting the centres. Other welfare support rendered lo seafarèrs such as Shopping, pastoral care. and hospital visitation ha5 continued to make thè Cenlres relevant. The Christmas parcels distributed 10 5ealarers during the leslive season are giver) as a token ol our appreciation and demonslrate to them how much they are valued. AIMD Ob'ective D1 To ensure that QVSR'S pay, and benefits are fair and just and show that employees are valued. What were the Outputs? In 2023 we continued to monitor the pension scheme to ensure eligible staff were offere(S thè opportunity to join the company pension scheme and continued to offer a health care cash back scheme. The benefits package continued lo impact positively on our staff ensuiing they are tnolivated. The death in sewice benefit was again reviewed and benchmarked wtli other market providers and was IoLJnd it corntinued lo provide good markel value in terms ol the benefit offered (which is currently three times an employee's basic salary). In 2023 the volunteer piogramme continued to operate, allowing 5 volunteers to work at OVSR in one-year placements on a fulllinie Cic pacity. Various training needs were identified lor volunteers including Basic Food Hygiene. Volunteers <lre Ireated as pail ol the OVSR staff leani. Disclosure and Bcirring Service IDBSI Checks for QVSR Trustees, Senior Managemenl Team members. and volunteers were reviewed in 2023. What were the Out¢ornes? The diversity of the stall at OVSR is greatly valued. The Senior Management Team ISMTI are always keen to challenge practices and trends in order that our approach remains fresh and innovalive and Ihat the slaifing structure in place ensures we cire operating ellectively as a charily. Regular SMT Meeliiigs, CEO slall briefings, manager led functional team meeting and shift handovers assi51 with morale and ensure effective communicalion throughoul the organisalion. Volunteers a150 received regular supervision meetings to provide an opportunity to check-in and ensure they were oetting the most out ol their lime at QVSR. Did you succeed In thls obJe¢tive? Yes, employee benefits were reviewed in line wilh currenl best practicès and employment legislation and will conlinue to be reviewed and developed. This objective has impcicled positively on Olir employees as they feel valued by tlie orgciliiscilion. The volunteer programme has had a positive impact on Ihe QVSR communily through their engagement with residents via activilies cind events. Ob ectlve D2 To encourage Continuing Professional Developnient I'CPD") amongst all avsR staff niembers and volunteers. What were the Output$7 During 2023 annual appraisals took place and as a result of the cippraisals, specific training needs were identified lor bolli all staff and bespoke individual training. iHasco is utilized by staff ic nd volunleers acioss the orgBni5alion and is relied upon as a lool to supporl continuou5 developnient and kiiowledge sharing. Additions to the mcindcltory training list to be agreed following the expansion of the business and chcinges to legisl6lion. QVSR Trustees, Report 2023 io
The Employee Handbook and Statement of Employmènt was reviewed by the HR Manager. The legal terminology ol the policie5 Bnd procedures has been simplified to meet staff requirernents. Thère were luilher updales to both documents in October 2023 to ensure compliance with employment law and legislalion. What were the Outcomes? Additional specific training needs were identified and were actioned throughout the year. Having their own self-contained accommodation allows the volunteers to retain their independence ancl to develop their social skills with regards to learning about other countries and cultures as well as working as part of a team. The Health Shield cash health plan continues to be offered to all staff. Did you succeed in your objective7 Thi5 objective was paftly mèt in that the development and training needs have been identified and the SMT Ljtilised the iHasco training suite. Ob'ective D3 For HR lo look at creating initiatives in response to the Investors in People feedback What were the Outputs? To identify representatives from each department to creclte a group olstalf who would meèt regularly to share concerns and feedback business updatès diiettly to their colleagues. To revive the stall new51eller to improve communication and transparency. Did you succeed In your obSective? A staff forum was sel up which included representatives from each department, this Wcls to improve communication and transparency throughout the business. A QVSR staff newsletler was created using input from the staff forum. This included useful businèss updales and news of staffing changes. QVSR'S Remuneration Poli OVSR is cc>mmitted to ensuring thal we pay our staff fairly and in a way which ensures we allract and retain the righl skills to have the greatest impact in developing our charitable objectives. In accordance with the SORP (Statement ol Recommended Practice) IFR51021 OVSR.. discloses all payments madè to Trustees INB no Trustees receive a 'salary'l', disclosès the numbei of staff in receipt ol remuneration of more than £60.000 lin bands of £10,000). discloses the policy lor pensions and other staff benefits. QVSR has a Finance Coiiimittee comprising of Ihe QVSR Cliair, Chair and Vice Chair ol Ihe Finaiice Cominittee arid two other Trustee5. The conimittee nieets quarterly and reviews the iemiinercltion for (ill slrifl. The CEO and Fin3nce M3nager attend the meetings (leaving dLiring discussions iegarding staff remuneration). The main responsibililies of the Commitlee are to.. review the QVSR salary structure against an agreed independent mcirket benchmark tool and make amendments rls appropriate to ensure that OVSR salaries remain competitive". determinè thè remuneiatioii package of the CEO", QVSR Trustees, Report 2023 li
approve the annual percentage Icosl of living) increase in payroll lor all staff (which can be zero) taking inlo accounl the most recent inflation figures., determine pension arrangements., In 2018. the Board decided to introduce the Loiidon Weigliting Allowance lo help with the cost ol living for people who work anc5 commute in and oul London. Full time staff continued to receive an exlr8 £3000 Ipro-rota for part-tirne staff) in their annual incorne. QVSR is proucs to offer the London Living Wage. In response lo the new increased rate of the London Living Wage QVSR will ensure that our pay rates will be in line with this increasè. Delivery of QVSR'S charitable vision and objeclives is prim<lrily dependent on our staff which is Ihe largest single element ol expenditure. In July 2023 OVSR awarded all staff a 6% uplift in salary. Targets for 2024 QVSR Targets: Cinema Room Conveision of the Burnham Lounge inlo a purposely fitted cinema room. including cinema chairs. widescreen TV & movie memorabilia posters. This will enhance Movie Night experiences and allow residènts to enjoy sports on a larger screen. Wi-Fi Acce55 Wireless access throughout Ihe building including every in every resident room. This will significantly improve the lives of our residents allowing theni access to online services. This will be a Significant project due to the finaiicial cosls involved & the level of cabling work necessary. Upgradè of room facilities Improvement ol batliroom facilities in some resident rooms from the first phases of our m6joi refurbishmenl which began in 2009. This upgrade is Scheduled to commence in Aulumn 2024, with an anticipaled conip1etion date of Summer 2025. George Green Almshouses Collaboration Proposal OVSR to become the manaoing agent for the GGA helping homeless women from poor backgrounds in East London. This wi11 be a paid seNice as QVSR will take responsibilily for Ihe facilities, FRA & Health & Safety compliances for tlie ch31ity This will include managing resident WMC. Links with Poplar HARCA Working in partnership with Poplar HARCA, we will requesl stock of piopeitie5 that QVSR can use to assist in residents moving into privale accommodation. Initially this will start with a lew properties as a pilol scheme however the hope 15 Qnce we build a stronger working relationship, there can be an increase in properties we have access lo. Creation of new HR office Creating cin extension in a courtyard at thè back of the building. Thi5 will allow the HR Manager to work in Privacy when dèaling with confidential staffing issues. 11 also allows more space for both the HR Managei & the CEO'S PA who currently share the same office space. Aftercare Project We to extend the Aftefcaro Project to the end of Decernber 2024, with a focus on resolving current stalling issues to enhance service delivery. An end-ol-project evaluation will be submitted. witli the aim to apply for further funding to continue the project to assist residents with transilioning into private accommodation. Remodelltng of building layout and introduction of hotel references for wings of accommodalion Icarried over from 2023 Targetsl This project will look al putting in place a system whereby each wing ol accommodation is named lor ease ol refereace. Thi5 target was delayed due to the rebrandino project. Iln 2022 OVSR refreshed its corporclte identity by changing its logo to reflect cl more modern feel. The secilic rers, ceiitres and the accommodation services now have Ihe same logo and brand.) Follow-up of recommendation5 from the Welfare Service Review QVSR will follow up on the exteinal, indepei)dei)I review of oui welfare and housing support to further develop and strengthen Ihe service provided to residenls. QVSR Tru5tees' Report 2023 12
Development of links with homeless selvices longoingl QVSR will work to develop links with homeless seNices across London to strengthen our ties with other organisalions, understand best practice within the homeless sector and deliver services that add to or complement those already in existence. é• HR Sharepoint longoingl Thi5 will be a central knowledge point for all slalf, and will include exlensive information on learning, talent acquisition, benefits, engagement, and wellbeing. SharePoint will support oui commitment to continuous professional development Ihrough technology, knowledge sharing, and transpaiency on our people and culture iniliatives. Staff Handbook Rollout of updated Staff Handbook to all staff. Staff Away Day Arrange a day out for 51all lo build morale and strengthen relations between stsff. QVSR Seafarers Centres Targets: To further establish robust financial controls and standardise the accounting procedures acr055 all centres. • To hold a re-launch event lor QVSR Imfflingham in January 2024. To conlinue the centre refurbishment programme at Felixstowe and Bristol. To offer a zero alcohol bar èt Bristol Seafarers Centre. To offer 24hr centre access where possible. • To develop and enhance the services at Tilbury with improved internel connection for seafarers. To complete the 'Crew Lounge" at the London Cruisè Teiminal and hold an opening event in April 2024. To colllinue our review of operational procedures and fully align administrative processes across all centres. S To further OLJr engagement with local community groups and maintain our strategic relationship5 With port aulhoiities. To contribute to the provision of faith based welfare Services in the Ports lor Ihe benelit of seafarers and other stakeholders who ollen share the tranquility they experience when visiting the Centre. rformanc Detailed below are QVSR'S KPIS and by whal means the charily undertakes to demonstrate how they are met and their impact. TrusleeslDireclors monitor a number of slrategic aims with particular allenlion given to.. Charitable expenditure- Plonned, strotegic. (Fnd $sOn leod Occupancy- den?onslroting need, fincjncial viability cFnd impoct meosiirement Partnership working and networking - recogrj1sftg limitotions ofoiir owi? skills oncl obililies ond the obilily to hove greoter ilFipact through working with others to ensure efficiency ond cost effectiveness Move-on of residents- retention of residents, working with residents to develop their skills. looking ot oppropriote solulioiis and move-on opportunities ond working in partnerShp with otliers to ITchive these goals Resident feedbatk - quolity of our accoinn70dotion ond focilities, effectiveness of our welfare support packogos. resident development and opportunity for move-on, coMmunity vulues which encoLiruge fflutuol respect ond togetherne5S. cial Revie The results for tlie year ended 31, December 2023 are given in the Stl¢ tement of Financial Activitie5 on page 23. The assets and liabilities as o131%1 December 2023 are given in Ihe consolidated Bcilance Sheet on page 24.. the Charity 8cilance Sheet on page 25." and the Statenienl ol Cash Flow appears on Pcige 26. The Financial Statemenl should be read in conjunclion wilh their ielated noles, wliich appear on pages 27 10 39 and have been prepared in accordance witli relevanl13ws and the Chcirilies SORP IFRS1021. The Trustees are pleased to report that the Charity has recorded net income of £601,670 during the year reported and tl)ese funds will be used mciinly towards the improvenienl ol the ch¢lfity's progiamme. QVSR QVSR Tru5tees' Report 2023 13
generated £4.43 million from its various streams of income. of which £891,985 was Restricted Funds consisling of grants received towards the costs ol the onooing redevelopnient programme.
QVSR recorded an increase in revenue income for 2023 of 3.6% cornpared to 2022. This reflec15 the increase of the trading activities wilhin the group which is now inclusive ol the four Se8laieis Centres. During the same period QVSR expended £3.912 million to provide a high standard ol SeiCe to residents along with Seafaiers. and the local community. The cash position of £1.695,935 as at the end 012023 increased from what was held in 2022 due to the increase in capacity and thè impact of the new additional cenlres. The group's income streams. with Housing 8enefil being the primary source, conlinuecl to remain steady, allowing OVSR to meet its financial obligations as they ar05e and ensure QVSR rernoined a going concern into the future-. Finally, OVSR has conlinued to utilise ils surplus earnings lowards the iedevelopwent programme in order to modernise the quality of accommodation and improve the wellbeing ol its residents and seafarers. Risk and Internal As reouired by the Charities SORP IFRS1021. the Trustees confirm they have.. reviewed the major risks facing QVSR., put in place procedures to mitigate these risks. Specifically, a 36 point Risk Managèment Register is maintained. This registei is reviewed by Ihe Trustees and OVSR management. Existing procedures are considered to be satisfactory to acldres5 the risks identifiecs. The Trustees consider the following lo be the key risks facing the organisalion.. QVSR is highly dependent on government funding via Ihe benefits system in order to finance its operation and is subject to the economic environment and Ihe impact this could havè on its work. The current impact of public spending reductions is closely monitorèd to ensure Ihat prioiities are recissessed as necessary in a lasl-changing environmenl. Trustee Directors are kept up lo date via Board Meetings. QVSR needs lo recruit and retain the staff and vo1unteer5 who can delivei services ol the highest quality lor it5 residents. This is central to our slrategic plan, and we aim lo ensure staff and volunteers ale piovided witli the support and training Ihey need to deliver the strategy. QVSR recognises the importance ol safeguarding its residents in all areas of our work. The charity has a safeguarding policy which applies to all staff, and volunteers who have iegulai contcicl with residents. This policy is suppoiled by relevant Iraining and the D8S Ioisclosure and Barring Service) checking of all staff. voluiiteers and Trustees. QVSR group's main activity continue5 to remain heavily reliant on statutory funcjing (providing over 69% of general income streams) arid operates alongside the concluding phase ol a complete internal upgracling of accomnio(5ation and attendant lacililies. QVSR'S Finance Comniiltee, acling on behalf of Trustees. maintains the Charity's ReseNes Policy in line with the Charities SORP IFRS1021. G&neral Reserves are required to sustain the Charity's aclivities in the event ol reductions in the ievenue income streams, primarily ol stlc tutory funding. in oriSer to ensure thclt sullicienl working capital resources are ic vailable al all times to enable obligcltions to be mel as tliey become due. The Trustees hève agreed Ihat the target free General Re5erve5 should be set at six months, norma1 reveniie expei)ditLJie, which ciiirently eoucltes lo £1.79 million. As of 31" December 2023, thè Chaflty held aggregated total funds of £14,133.878 of which £1,546.890 wa5 General Resetves,. £11,660,261 was Designated Resewe Funds.. and £926.727 represented Restricted Fiinds. Designaled Reserve Funds are wholly lied up in Tangible Fixed Ik55et5. consisting mainly ol freehold properties. Tliere is cl mortgage secured on the main Iieehold property and the lotal outstanding at tlie year-end stood at £612.040. which represents a gearing 014.34%. QVSR Trustees, Report 2023 14
Total flee General ReseNes held on 31 December 2023 amounted to £1,546,890 which is below the reserves targel of £1.79 million. It equates to just over five monll)s' normal revenue expenditurè. The Board agreed to conlinue this lemporary measure into 2024 to enable completion of the property redevelopment programrlle, pending receipt of agreed or anticipated grants. Whèn this programme is compleled, the Trustees intend to create a specific Designaled Reserrfe Fund to provide lor signilicanl future improvements and repairs to the group's properlie5 3nd it is proposed lo fund th15 by an annual transfer from the operating surplus. Overall, the group continue5 to be in a strong financial posilion and through thè Finance Committee, the Trustees are committed to revièwing this Reserves Policy as necessary but not les5 than annually. Investments Part ol Ihe Charity's reservès are held in managed investmènts with the Central Finance Board ICF81 of the Methodist Church. Funds are split equally between the Mcinclged Mixed Fund and the Epwoith Stewardship Fund and were valued at the end 012023 al £236.815. As Part of the acquisition ol the seafarers, centres in 2022. the OVSR took over management of a £291,701 investment wilh CAF Bank. Due lo closure of Ihe CAF Bank funds, Ihis money was transferred inlo a deposit account held with HSBC. In addition, the Charity maintains signilicanl funds on immediate access deposit account with the CFB, valued at £562.S79 at the end 012023. Cor ora QVSR'S Board governs Ihe QVSR and QVSR Seafarers Centres charilies ancl has a tllaximum ol twelve Trustee Directors. These Trustee Oirectors (Trustees) are appointed by QVSR'S Board. Trustees are appointed by unanimous vole of the QVSR Board. Appointments are for a three-year peiiod.
Under tlie current Charity Scheme dated 11 April 2023 of Queen Victoria Seamen's Rest, Trustees are appointed for a three-yèar period and can be re-elected twice. A Truslee who has been in p05t lor three periods must resign on completing tlie last three-year period, i.e. allei nine years. The Tiustee will be eligible lor re-appointment after a further year. The Board looks annually at the skills and abililies ol Trustees and measures these against aCtVIlle% and targets. Training activities are arranged for Trustees according to individual and organisational needs and are reviewed annually. New Trustees are 50ughl to fill vacanciès. A procedure is in placè thal describes the process lor fincsing and evaluating potential Truslees. This procedure seeks to ensure thic t a variely of Trustees skills is available to the BoarcJ.- QVSR sends new Trustees on required and relevant training courses. The Chief Executive introduces new Tru51ee5 to the staff team, to give them an insight into the day-to-day operation ol QVSR. Professional consullants are used to advise the Board on specialist areas such as Housing Benefil, employmenl law and pension provision. The Trustees provide leadership and direction lor the charity, sellin9 thè visic>n, mission and strategy. which are delivered by the Chief Executive and his team. The Truslees are legally responsible for ensuring thal resources are used prudently and only in 5UPPQrt of QVSR'5 objects. lor slewardship ol OVSR'S assets, cind for ensuring that the charity complies wilh all relevant legislation and regulation. QVSR's Boafd meets four linies a year and is supported by the.. Finance Committee, which nieels four times a year cind oversees all linallcial related matlers of the charity., Governance Committee which meets at least Iwice a year lo oversee legal and financial structure and adherence to good practice regarding charity governance.. Secifarer5' Cenlres Committee which meets al least Iwice a year lo oversee activity al the seafarers, centres., o Ad-hoc work by Trustees from time to time to deal with specific areas such a5 restrucluring or strategy. The Cornmitte@s are chaired hy Trustees ancl attended by staff. Miniiles of each Committee meeting are ciiculaled to the Bocird, incliidiiig aiiy recomniendations for Board cipproval. The day to dciy runniiig of QVSR and the exercise ol executive ièspon51bility ale delegated to the Chief Executive. During 2023 Mrs Nadine Wilkinson resigned from QVSR'S Bocird. New Trustees appointed to the board in 2024 are Anjolaoluwa Enabof, Michae1 Ledden and Peter Moriarty QVSR Trustees, Report 2023 15
Internal and exterfial Governance Review Following the internal Governriiice Review held in 2021. a numbèr of changes to OVSR'S articles of association. governance structures, policies and piocedures were implemented in 2022 and in 2023. An external, independenl Governance Review look place in 2023, and its findings and recommendations have been acted on. The Governance Committee continues to monitor cornpliance with the Charity Governance Code and with relevant good piactice. Introduction of OnBoard - QVSR'S Intranet site for staff and trustee use QVSR's intranet system conlinues to be in regular use allowing good communication and access to policies and procedures. Trustees use On8oard lor secure access to policies, procedures, Board and Commitlee agendas and papers, and other key governance documentation. Volun QVSR'S volunteer programme consists of a befriending service in which volunteers engage wilh residents by organising recrealional activities thus creating a community spirit. The programme helps to creclte a supportive and empowering environment for residents as well as volunleers. The programme of clctivities creates a more welcoming and homely atmosphere Iherefore enabling the charity to identify the needs of our residents a5 well as alleviating isolation, boredom and enhancè the lives ol our residents. For 2023 the volunteer programme initially had 4 volunteers at OVSR Ihough our partnership organisations, Action Reconciliation Service for Peace and Time for God. In the later part of 2023 OVSR welcorned 5 new voluiiteers which enabled ug to conlinue crealing 8 sense of communily through aclivitie5 such as bingo, quizzes. and various sporting competitions, whilst adhering to the ongoing changes wilh regards to the Pi¢ ndemic restrictions. The volunteer programme continues to evolve and have a positive impact at QVSR lor our residents and for the 5eafareis visiting our cenlres. <lS well a5 enriching the life experiences of our volunteers. The Trustees cind Cliief Executive acknowledge tl)al the input of our volunleeis greatly enhances our activitie5 programme. and their skills and dedication are invaluable to the chaiity. Statement of Trustees, Res onsibilities The Trustees (who ale also tl)e direclors of QVSR and QVSR Seafarers Centres for the purposes ol company lawl ale responsible lor preparing the Trustees. Anniial Report and Ihe financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepled Accounting Practicel. Company law requires the Trustees to prepare the financial statemenls for each financia1 year whicli give a true and lair view of the state ol allaiFS of the group ch¢iritable company and ol the surplus or delicil of the charitable company lor that period. In preparing these financial statement5. the Truslees (ire required to.. selèct suitable accounting policies and then apply them conslstenlly; observe the niethods and principles in the Charities SORP; make judgements and eslimcltes Iliat (ire reasonable and PlLidenl", state whether applicable UK Accounting Standards have been followed, subject lo any material departures d15closed and explained in Ihe financial statèments., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will contiiiue in bu5iiie5S. The Trustees are responsible lor keeping proper accounting records that disclose with reasonable c1ccuracy at any tinie the financial position ol the charitable company and enable them to ensure that the lintincial statenienls comply wilh tlie CorMpanie5 Act 2006. Tliey are also respoiisible loi salegucirding the assets ol the cl)aritable compclliy and thè group aiid hence lor taking ieasonable sleps loi Ihe prevention and detectioii of fraud and othèr iiregularities. QVSR Trustees, Report 2023 16
ln so far as the Trustees are aware.. Ihere is no relevant audit information of which the charitable company's auditor is unaware., and the Trustees have taken all sleps Ihat Ihey ought to havè taken to niake themselves aware ol any relevant audit inlormcltion and to estsblish that the audit is aware ol that information. The Trustees are iesponsible for the mainlenance and Integrily ol tl)e corporate and financi31 information included on the company's website. Legislation in the United Kingdom governing the prèparation and dissemination of financial Statements may differ from legislation in other juiisdictions. Board of TrusteeslDirectors Mr Terènce J Simco, MBE FIWIAccl MNM Ichairl Revd Jennifer Impey Sir Alastair Norris Mrs Theodora Ogwezi Mr lan Pattisorn Ms Geraldine Pearce Mr Philip Sheppard Mrs Mathilda Sm811-By3m Miss Jean Thomas Mrs Nadine Wilkinson (resigned December 20231 Mrs Anjolaoluwa Enabor l Appointed 19 June 20241 Mr Michael Ledden (Appointed 11 Septembei 20241 Mr Peter Moriarty (Appoinled 11 September 20241 CEO I Company Secretary MrAlexander Campbell OBE JP MNM Msc BA Cmgr FCMI Auditors Moore Kingston Smith LLP has indicated its willingness to continue in office. Uniting Direction The accouiits ol OVSR have been aggregated with Queen Victoria Seamen's Resl under a Uniling Direction on 22, April 2005. Small Company Rules These financial stalements have beèn prepared in accordance with the provisions applicable to companies subject lo the sn)all companies, regime within Part 15 of the Companies Act 2006. By order of the Board Miss Jean Thomas QVSR Trustee Dote.. QVSR Trustees, Report 2023 17
QVSR Aggregated Statement of Financial Activities For the year ended 31st December 2023 QVSR Financial Trends Net Surplus Trend S.000,OOD 41.500.000 4,000,000 3,500,000 3,000.000 2,500.000 2,000,000 1,500,000 1.000,000 500.000 li Toial Incorne Total Expenditwe Nei Income 2023 • 2022 • 2021 Income Legacies received, 17,500 Other Income. 66.385 Appeals Income. 125,056 Investment income, 40,479 Restaurant and Shop, 443,428 454,321.. rants received, 804,981 Rent rÈcÈived, 8,652 Hostel, 2,471, Occupancy Trend5 -12 months Occupancy Chart 200 180 160 14D 120 loo 80 60 40 20 Otcupancy WT. Roorns •% Page18
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QVSR Opinion We have audited the financial statements of QVSR for the year ended 31 December 2023 which comprise the Slalement of Financi81 Activities, the Balance Sheet, the Cashflow Slalemenl 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 appIlble law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic ol Ireland, (United Kingdom Generally Accepled Accounling Praclicel. In our opinion the financial slalemenls.. give a Iiue and fair view of the slate ol the company's affairs as al 31 December 2023 and of ils Incoming resources and application of resources, including ils income 8nd expenditure. for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlernalion21 Slancsards on Auditing IUKI IISASIUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial slalemenls section of our report We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit ol the financi21 slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiiemenls. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going Concern In auditing the financial slalemenls. we have eoncluded that the Iruslees, use ol the going concern basis ol accounting in the preparation ol the financial slalemenls is appropriate. Based on the work we have pertormed, we have not Idenlilied any malenal uncerlainlies relating lo events or conditions that, individually or collectively, may cast significant doubl on the company's abilily lo continue as a going concern for a period ol al least twelve monlhs from when the financial slalemenls are aulhorised for issiip Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sections ol this report other information The other information comprises the information included in the annual ret)orl, olhei than the financial slalemenls and our auditor's report Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except lo the exlenl otherwise explicitly staled in oui report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of Ihe financial slalemenls, our responsibility is lo lead the other inlormalion and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the audit or otherwise appears to be materially misslaled. 11 we idenlify such material inconsislencies or apparent material misstalemenls. we are required lo determine whether there is a material misslalemenl in the financi21 slalemenls or a material misslalemenl ol the other Information. If, based on the woik we have performed, we conclude that there is a material misslalemenl of this other information. we are required lo report that lacl. We have nothing lo report in this regard. Page 19
Opinions on other matters prescribed by the Companiès Aet 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the IILJslees' report for the financial year for which the financial slalemenls are prepared is consislenl with the financial slalemenls, and the truslees, ieport has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the comp2ny and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the Iruslees, report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us lo report to you if. in our opinion.. adequate accounting records have not been kepl, or returns adequate for our audit have not been received from branches not visited by us". or the financial slalemenls are not in agreement wilh the accounting records and returns., or ertain disclosures of trustees, remuneration specified by law are not made, we have not received all the information and explanations we require for our audit., or the Iruslees were not enlilled lo prepare the financial slalemenls in accordance with the small companies regime and lake advantage of the small companies, exemption in preparing the Iruslees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement sel out on page 16, the trustees are responsible for the preparation ol the Iin2ncial slalemenls and lor being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial slatemerlts that are free from material misslalemenl, whether due lo fraud or errol. In preparing the financial slalemenls. the tru51ees are responsible lor assessing the company's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Iruslees either Intend lo liquidate the company or lo cease operations, or have no realistic allernalive bul lo do so. Auditor's respon5ibililies for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl. whether due lo fraud or error, and lo issue an auditor's report th21 includes our opinion. Reasonable assuran is a high level ol assurance, bul is not a guarantee that an audit conducted in accordance wilh ISAS IUKI will always delecl a material misslalemenl when il exists Misstalemenls can arise from fraud or error and are considered material il, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ol these financial slalemenls. Irregularilies, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl rnalerial misslalèmenls in respect of irregularities, including Iraucs. The exlenl to which our procedures are capable ol delecling Irregularities, includinq fraud is detailed below. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud The objectives ol our audit in respect of fraud, are,. to idenlify and assess the risks of material misslalemenl of the financial statements due lo fraud,. lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalemenl due lo fraud, through designing and implementing appropriale responses to those assessed risks,. and lo respond appropri21ely lo instances Page 20
Auditor's responslbllitles for the audit of the financial statements of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevenlion and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows.. We obtained an understanding of the legal and regulatory reouiremenls applicable to the company and considered that the most significant is the Companies Act 2006. We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstalemenl of the financial slalemenls, including the risk ol material misslalemenl (Jue lo fraud and how il might occur, by holding discussions with management and those charged wilh govèrnance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures lo identify instances ol non- compliance with laws and regulalions. This included making enquiries of managemenl and those charged with governance and obtaining additional corroborative evidence as required. As part ol an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional sceplicism throughout Ihe audit. We also.. Identify and assess the risks of material misslalement of the financk21 slalemenls, whelhei due lo fraud or error, design and perform audit procedures responsive lo those risks. and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. Thè risk ol not delecling a material misslalèmenl resullino from fraud is higher than lor one resulting from error, as fraud may involve co15usion, forgery. intentional omissions, misrepresentations. or the override of intern81 control. Obtain an understanding of internal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances, bul not for the purposes of expressing an opiriion on the effeclivenÈss of the company's internal control. Evaluate the appropriateness of accounting FK)licies used and the fftasonableness of accounting eslimales and related disclosures made by the Iruslees. Conclude on the appropriateness ol the Iruslees, use ol the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainly exists related lo events or condilions that may cast significant doubl on the company's ability lo continue as a going concern. 11 we conclude that a material uncertainly exists, we are required lo draw allenlion in our auditor's ieport lo the related disclosures in the financial statements or, il such disclosures are inadequate, lo modify Dur opinion Our Conclusions arè based on the audit evidence obtained up lo the dale ol our auditor's repoil. However, lulure events or conditions may cause the company lo cease lo continue as a going concern. Evaluate Ihe overall presentation, structure and conlenl of the financ1 stalemenls, including the disclosures, and whether the financi21 slalemenls represent the undeilying transactions and events in a manner that achieves lair presentation. We cornmunicale with those charged with governance regarding, among other mallers, the planned scope and liming of the audit and significant audit findings. Including any signilicanl deficiencies in internal control that we identify duiing our audit. P8ge 21
Use of our report This report is made solely lo the company's members. as a body, in accordance with Chapter 3 of Parl 16 01 the Companies Act 2006. Oiir audit work has been undeilaken for no purpose other than lo draw lo the allenlion of the company s members those mallers which we are requiied lo include in an auditor's ieporl addressed lo them. To the lullesl exlenl permilled by law. we do not accept or assume responsibility lo any party other than the company and company s members as a body, lor our work. lor this rèport, or lor the opinions we have formed. Li;,?skn (Lf IDalel301h October 2024 Luke Holl (Senior Slalulory Audilorl for and on behalf of Moore Kingston Smith LLP, Slalulory Auditor Page 22
QVSR Consolidated Statement of Financial Activities For the year ended 31st December 2023 General Funds Designated Funds Restricted Endowtnent Funds Fund$ Funds 2023 Funds 2022 Nole INCOME AND EXPENDITURE Income Income from donations and legacies.. Legacies receivable Appeals Income Income from Investment Invesltnent income Activities in furtherance of the chaiity's objedives.. Restaurant 8nd Shop Hostel Rental Income Grants Income Sezfaier Cenlre Other income 17,500 32,052 17,500 125,056 11.008 794.843 93,004 40.479 40.479 14,222 449.428 2,471,502 8,652 12,000 454.321 66,385 449,428 2,471,502 8,652 798,981 454,321 66,385 612,887 2.222,466 6,500 359,442 205,429 51,644 786.981 Total Income 3,552,319 879.985 4,432,304 4.278,441 Expenditures Charitable activities. Restaurant and Shop Hostel Seafaier Centre Property Samaritan work 795,287 1,754,033 730,873 11,911 252,828 795,287 1,939.967 912.377 720.049 1,915.332 617,129 20.978 179.233 1,500 184,434 181,504 252,828 Total Expenditurès 3,544,933 1,500 365.938 3,912.371 3,452,719 Net Incomel Expenditure for the year 7,386 11,5001 514,047 519,933 815,772 Transfer Between Funds 10&11 202,750 210,136 202,750 311.297 11.5001 519.933 815,723 Gain on fixed asset investments 11,572 11,572 11,8101 Net Movements in Fund5 Olher recogftpisecl gains. Other Gainl Ilossesl Net Movements in Funds 221,708 11,5001 311.297 531.505 813,913 70,165 291,873 70,165 601,670 11,5001 311,297 813.913 Opening Funds 811st January 2023 1.255.017 11.661,761 615.430 13,522,206 12,718,295 Closing Fund Balances 1.546.890 11.660,261 926,727 14,123,878 13,532,208 Coiresponding year figures Inole 171 are on page 39. l amounts relate to continuing aclivilies. There have been no recognised gains or losses, other than the results lor the finanaal year, and a15 surpluses or deficits have been aocounted for on an hi5toiical cost b3515. The notes on paoe 27 to 39 from part of these financial slalemenls. Page". 23
QVSR Consolidated Balancesheet A$ At 31 December 2023 Note 2023 2023 2022 2022 Fixed Assets Tangible Fixed Assets 12,977,639 12,729,525 Investments- CFB Managed Mixed Fund EP Climate Stèward Fund CAF Fixed Interest Fund CAF UK Equity Fund 111 186 125,628 106,024 116,683 94,333 197,216 13,243,781 13,214,454 Current Assets Stocks Debtors CFB Deposit accounts Cash al bank and in hand 35,812 247,270 562,579 1,093,356 1,939,017 27,982 325,178 528,495 555,312 1,436,967 Current Liabilities Creditors. due within one year 406,553 399,271 Nel Current Assets 1,532,464 1,037,697 Creditors.. due after more than one year Total Net Assets 613,040 14,133,878 749,270 13,532,208 Funds Employed Equity General Funds Designated Funds Reslricled Funds Endowments Funds 10 10 11 12 1,546,890 11,660,261 926,727 1,255.017 11,661,761 615,430 14,133,878 13.532,208 The notes on page 27 10 39 form part of these financial slatemenls. These financial slalemenls have been prepared in accordance with provisions applicable lo companies The financial slalemenls were approved and aulhorised for issue by the Board of Truslees on 30th October 2024 and signed on ils behalf by. Authorised Signatory Jean Thomas Company Number.. 5218014 Page 24
QVSR Parent Balance Sheet At 31st December 2023 Note 2023 2023 2022 2022 Fixed Assets Tangible Fixed Assets 12,628,889 12,607,192 Investments. CFB Managed Mixed Fund EP Climate Steward Fund 111,186 125,628 12,865,704 106,024 116,683 12,829,899 Curr&nl Assets Stocks Debtors CFB Deposit accounts Cash al bank and in hand 7,364 271,175 562,579 208,826 1,049,944 4.002 261,498 528,495 187,970 981,965 Current Liabilities Creditors.. due within one year 318,459 338,542 N61 cur1 Assets 731,485 643,424 Creditors.. due after more than one year Total Net Assets 613,040 12,984,149 749,270 12.724.053 Funds Employed Equity General Funds Designated Funds Reslricled Funds Endowments Funds io 10 1,113,025 11,660,261 210,863 901,429 11,661,761 160,863 12 12,984,149 12,724,053 The notes on page 27 10 39 form part of these financial slalemenls. These financial slalemenls have been prepared in accordance with provisions applicable lo companies subject lo the small companies iegime within Part 15 of the Companies Acl 2006 The financial slalemenls weie approved and aulhorised lor issue by the Board of Trustees on 30th October 2024 and signed on ils behalf by.. J_T Authorised Signatory Jgan Thomas Company Number.. 5218014 Page." 25
QVSR Consolidated Cash Flow Statement For the year ended 31st Decembèr 2023 2023 2022 Cash Inflow from operatlng activities Nel ¢ash provided by operaling activities 848.360 718,121 Cash flows from Investlng activitie5 Investment income and interest received Inleresl paid Sale of investments Payments lo acquire tangible fixed assets 40.479 143,3161 218,849 356,014 140.D02 14,222 132,2621 148,510 1166,550 Cash flow from financlng activities Loan repayment Related party-subsisary 1136,2311 1136,2311 60,0001 196,231 136,231 Nel decrease in cash and Cash Èquivalen15 Cash and cash equivalents al beginning of year 572,128 1,003,807 153,032 850,775 Cash and cash equivalents al end of year 1,575,935 1,003,807 Re¢on¢ilialion of nel income lo nel cash flow from operating activities 2023 2022 Nel income including endowments 601,670 813,913 Adjuslmenl for Depreciation Charges Investmenl income Gain on Investment Interest paid Decrease Illn¢rease l in slock Other Gainl Ilossesl Decrease deblois increase in Creditors Nel cash provided by opeialing sclivilies 107,900 140.4791 111,5721 43,316 17,8301 70,165 17,908 7.282 848,360 95,947 114,2221 11.810 32.262 123,2781 186.8661 1111,445 718.122 Analysis Al 0110112023 Cash Flows At 3111212023 Analysis ol changes in nel debts Cash Cash equivalents 475.312 528.496 1,003,808 618.044 34.083 652,127 1.093,356 562,579 1,655,935 Loans falling due within one year Loans falling due alter more than one year 1136,2301 749,2701 118,308 1136,2301 1613,040 906.665 136,230 788,357 Page 26
QVSR Notes to the Financial Statements For the year ended 31st December 2023 At¢ountinq Policies Basi5 01 preparation The financial slalem8nls h8ve been prepaod under the historical cost convention with items recognised al ¢osl or ifansaclion v21ue ijnless olhÈrwsÈ slated in the relevant nolelsl lo Ihese finantial sial8menls. The financial statemen15 have been prepared in accordance with th& Accounting and Reporting by Charities. S181Èmenl ol Recommended Practic8 applicable lo Charities preparing their accounts ifi accordan with Ihe Financial Reportln9 Standard appli¢able In UK and Republic of Ireland IFRS1021 IntludiD9 Update Bulletin 2. Ichaiilies SORP IFRS 1Q21. the Financial Reportlng Standard app1i¢abl& In the UK an¢J Republic of Ireland IFRS 1021 and the Compani88Act 2008 These finan¢ial slalemenls consolidate the results of Ihe charity and 118 wholly owned subsidi8ry QVSR Se8lar8rs Cenlres Lirniled on a line by line basis.The period of ¢onsolidalion is the1sl January lo 31 De¢ernber 2023 Summ8rised details of the subsidary entity are sel out In Note 17. A separate Stslem8nl ol Financial AclivilES, or income expenditure a¢¢ounl. 1$ not pSented foi the charity itself following the exemptions afforded by section 408 of Part 15 of the Cofflpanves Acl 2006 relalifi9 to small companies. The partular accounting polick?s adopted are described below. All a¢countin9 policies are consislenl wilh prior yeais. Accounting Convention The fin8ncial slalements are ppad under the hisloric81 cost convenlKin as m(KSified by th& revaluation of investments lo m?rkel value, and in accoidance with applicable attounling standards The finan¢ial sialemeni 8re prep8red in sleiling . which is the funclional curren¢y of the charitable company. Mon8tsry amounts in these financial stalemenls are rounded lo the nearest pound. Fund Accountinq The Group mailllains various lypes of funds 2$ follows RpslTiGled Funds Re51ricled fvnds represent grants, donations and legacies received which ao alk)caled by the donor for sp8cific purpos&s. Purchases of fixed as8ets wilh reslri¢led funds are deemed lo be satisfied once the purchase has 18ken pla and therefo these reslricled fund balances are feleased lo unreslricled general funds unless the reslriclion is deerlled lo be on & permanent ba515. Endowm8nl Funds These were es18blished by endowments r&ceived In the past The Trustees have adopted a policy of utilising the interest earned on the Invested funds. Unreslricled Fiinds Designèled funds are aTnoufjls which have been pul aside ovl ol unreslri¢led funds al the di$cr&Ift of the Trus1885. In particular these Include.. Ihe Building and Developm&nl Fund, which was eslablishÈd by the Trustee5 to sel 35ide rnonies in Ihe event that the Group may noed to ¢8rry out signifi¢anl ffia1n1enan, refurbishment and r&newal works on its fre&hold buildifig5 The fund 15 a150 being accumulated towards a continued pha88d red&velopmenl ol the Mission Genera1 unrestricted funds represent income which is expendable al the dis¢relion ol the Truse$ In the furth&r8nce of the objects of Ihe Croup. Such funds may be held In order lo finantt both woiking capital and capital development Within the unresiri¢tÈd funds. the Trustees have identified certain amounts as Designated. specilieally 1 Fixed Asset fund, fepresenlirtg the value of the land ènd buildings occupied by the Group. 2 Queell Victori? Seamen's Re51, repfesent Ihe reserves held by th8 old ch8rily that have been aggreg8led with QVSR undei an Uniling Direction. Income All income is recognised In the Statement of Finanaal Activities when the conditions for receipt have been tllel afid there Is re8sonable prob2bilily of CeIpt Where a claitn for repayment of income lax h88 or will be made. such income 15 grossed up lor Ihe la¥ recoverable. The followin9 accounling policies are applied lo Intome-. Grants Receiv£bl8 Grants are fecogfjised in the Sialem8nt of Financial Activities when the condilions lor 1p1 have been complied vhlh Gifts iii Kiipd and Doiia18d Goods Assets ieceived by the GroLJP for distribution are recognised as income in Ihe year they are d151ribuled Whère such und151fibuled 2ssels exist al tho ye2r end, they are not in¢luded in Ihe accovnls but a note is provided ol their estimated valve A55els given lor use by the Chafily are iecognised as incomifig resources al their eslimalèd markel valu8 when receivable If they form part of Ihe fixed assets al the year end. they are Included in the balanTr sheei ai Ihe value al %¥hich the gift w8s Included In incoming re$ources Assets oiven in kind for tonvÈfsion Into c28h and subseouenl applicalion by the Group 8re recognis8d a5 income in the 8ccounling pefiod when re1Vable. All eslitnèles of value of such gills are made by the Trustees. Page 27
QVSR Notes to the Financial Statements For the year ended 31 st December 2023 (continued) l Accountlng Pollcles Icontinuedl Ineome Icontinuedl Donalions andApp8als Income Donations and all olhei receipts from lundra15ing are reported gross of the relaled fundraising costs. All associated costs are disclosed separately in the Statement ol Financial Activities. Investment Income Investment income is accounted foi on an accrual basis. Rental Income Rental Income is accounled for when receivable. Golng Concern The trustees have assessed whether the use ol the going concern basis is appropriate 8nd have considered possible events or conditions that tnight cast significant doubl on the ability of the Group lo continue a5 a goin9 concern. The Iruslees have made this assessment foi a period ol al least one year from the date of approval ol the financial slalement5 Ill particular the trustees have considere(S the Group's foreSt$ and projections and have taken account ol pSsUreS on Income. After making enquiries. the Iruslees have concluded that there are no rn81etial uncertainties and th81 the Group has 8dequate resources to continue In operabon81 existences lor the lofeseezble lulure. The Group Iheiefore Continues to adopt the going concern basis in preparing ils financial statements. Expendlture and Basls of Allocation of Costs Expendilure is Included when Incurred Wherever possible costs ale allocated direcuy to 8clivities Staff costs a gllocaled according to the cost of staff working directly in the relevant departments Where costs cannot be directly attiibut8ble to any department they h2ve been apportioned according lo the proportion ol stall working In each department. Dlrect Charitsble Expenditure Direct charitable expendituie Includes all expenditure directly related to Ihg objects of the Group and comprises the following.. Restaiirant and Shop Restaurant and shop expendiluie comprises the cost of piovisiorTr ol these lacilib'es. Hostel Hostel expellditure comprises the cost ol provision of this facility Samarildn Work Expenditure on Samaritan work comprises the costs ol the care piograrnmes undertaken by the Group and is accounted lor when payable Seafarer CentS Sealarer Cenlres comprise the cost ol providin9 welfaie and support services for seafarers at the ports ol Tilbury Felixstowe. Bristol,Immingham and DP World London G3leway Tangible Fixed Assets Assets with a c05t of greatei Ih8n £1,000 are capilalised and are held al cost IT expenditure is written off when purchased. Depreciation Is not provided for in the year ol purchase Of year ol disposal No provision lor depreciation is made In respect of freehold land and buildings. extspt lor the boiler and elevator. The Trustees consider il unnecessary to depreciate the buildin9s as the ellecl would be Immaterial due to the market value of the land and buildings to be greater than cost. Constant iepaiis and renewals work is carried out on the buildings lo ensure that the value does not diminish. In accordan with FRS 102, an impairment review carried out on an annual basis. Foi other fixed 85se15. deprecialion is provided over the estimated useful lives ol the assets at the following rates.. Freehold Improvement 10/, 20Vo on cost Fixtures & Fittings 10% on cost Hostel equipment 25WTr on written down value Other equipment 15Q/ts on writlen down value Motor vehicles 25/ts on cost Page 28
QVSR Note$ to the Financial Statements For the year ended 31st December 2023 (continued) 1 Accountlng Pollcles Icontlnuedl Depreclatlon The Iruslees have considered the coni51lion and Value of Ihe Ireehold premises al 1211131 East India Dock Roaol and have formed the view laal any depfeaabon chargeable PUFsuanl lo requirements ol Ac¢ouTrlin9 Standards and Compy Lawwould reduce Ihe value ol the premises lo lowei Ihan Ihe residual value ¢onsequeniiy they are satisfied that there is no need an 8djusim8nl 10 the openlNJ reserves and book values of Ihe pioperty In respecl ol pa81 depieciaiion. Nor is il considered Ihal any depreciation. calculable by referen lo current ur¢umsi8n¢Ès. bÈariw In mind Ihe li110n of the propetiy and ils probable residual valuation. is wairanled in these financial slalemenls. Stoc% Stock Is valued 91 the lowei of cosl and nel rea115able vglue. Opfyrallng Lease$ rentals pa on op&r81ing leases ale ch8rged 10 expefidilure on a slraighl line basis overltE term of Ihe lease. Ponslon Costs The Group operaieg a defined coniribulioTr pension scheffle The pension Gosl ch8rge 01£121.51312022.. £151.2291 fepreseTrls cofilribulions payable by the Group under the tules of the scheffle The fvnds are held by Trustees and manaoed by profassion81 pension consullanl5. Taxatlon There is no la¥ charge for the ye8r since the Mission has chari18ble slalus and is Iherefore exempl frLth income and corporalv)n lax. Critlcal accounting Q$lirnat93 and areas of ludggingnts In preparing Ihe financial slalernen15 il is necessary lo Make certain iudgemenls. eslimaies and 8ssumplions Ih81 arrects the amoulll recognised in the finanoal slalemenls. In the View ol the Iruslees, the iJdgemènis, esiimaits and assumptions that had the most svJnificanl errecls Induded legacy Income recognition, depre¢i8iion and bad debt provisions a$ pÈr th8 aoullI1ng policies previously disclosed Cash and Cash èqulvalenls Cash and cash equivalents include5 cash in hal, deposil held al call Vyilh banks. other short lerm liquid nvesknenls and original ffl3IuTilie5 01 three tnonlhs or less Flnanclal Instruments Basic financial insiriimenis are me8sured ai arnortised cost Other than inv&simÈn15 whith Bre measued Èi market v8lut 8131st December 2D23. 2 Grants 2023 2022 Restricted Grants 33.750 8.832 61.582 Sl Paul's German Evengeli¢al Reformed Church Naiionsl Loiiery Albert Huni Trust The Pemberton- Barnès Ttysl Foreland Shipping Ltd The Cofporalion ol Trinily House Se31arer ProjeGI Giants The Seafafers. Charity Shipwrecked Mariners. SocEIy The Velerans. Foundation DP Worfd MNW8 8,832 56,935 5,000 10.OOD 2.500 10.OOD 40.000 30.000 45.000 510 270 10.000 10.000 $6.0 204.777 184,434 Seafarei Project Grant w8s funded equ811y by Mission for Sea18rers. S8ilors so@1Y 2nd siella M8ri8. Sealar&rC&niiè Re$trlcled Grants Port of LDndon Authority The Seafarers. Charity 38.000 3.000 46,000 55.000 DP World Wellcome Church The Pemberton Barnes Trust The Coiporalion ol Trinity House Essex CommuThily Foundalion ICMA TKIOrange County Commvnily IFound81ion MNWB Port of Tilbury Total 19.000 2,500 10,000 10,000 5,051 339 99,665 126,460 432,587 12,000 614,547 12,500 2S5,055 Page. 29
QVSR Notes to the Flnanclal Statements For the year ended 31st December 2023 Icontlnuedl 2A Donatlons and appeals incorne Prlor Year Included in donations Is the transfer of net assets on acquisition 013 seafarers Cerilres Centres which were acquifed on the 30th June 2022. and included within QVSR Se8farers Cenlres a 100°kownèd tharitable subsidiary of QVSR Transfer ol Seafarers Centres nel assets On the 30th June 2022 the charity acquired the net assets of the following enlilies, analysed as follows Tangible fixed a$8ets nvestments Net Oebtois I Cash Creditors Total Port of Brlstol Seafarers Centre Charity No. 286078 17,403 156.414 608 174,425 Felixstowe and Have Ch3111y No. 272077 98.028 291,701 78,169 16, 102 484,000 Humber Seafarers SE 25.482 Chaiily No. 1159953 Cornpany No. 08432595 79,210 1941 104,600 763.025 Page 30
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QVSR Notes to the Financial Statements For the year ended 31st December 2023 (continued) 4 Staff Costs and Numbers 2023 2022 Wages and Salaiies Temporary Stall Employerfs N I Conlfibution Pension Conlributions 1.975.947 55,708 168,861 121,513 1.358.474 68,091 121.891 89.378 2,322,029 1,637,834 During the year. there were Redundancy cost tolalling The numbei of employees whose emoluments amounted lo over £60.(K)O In the year was as follows". 2023 2022 £6{00 £89.999 £70,01)0- £79.999 £130,000- £139,999 £150,(KK) - £159.999 The Ihiee employees in the above salary range partipated in the pension scheme and contnbulions made lor them amounted to £44,38212022'. £27,5651. One Trustee ceiVed a pension or £10.224 12022." £9.6971 earned durirrfJ his past employment al QVSR Inol for their Iruslee iolel and one Tiuslee reiVed reimbursed expense for Iiavel of £794 12022 £1,552). The Charity incurred c051s of £53512022 £4651 in relation to Trustees Indemnity Insurance. The key management personnel ol the charity consists ol the trustee5 Iwhoare not remunerated, other than the trustee receiving a pension as abovel,the Chief Execulive, Operation Manager and Group Finan M8nager. Totsl key management remuneration amounted lo £346.54712022'. £235,299) The aveiage nutnber of employees, on a lull time basis analysed by function, was.. 2023 No. 2022 No. Shop and restaurant Seafarer Centre Hostel 27 30 21 30 58 The average number of employees on è hesd coiinl basis was 79 12022. 75) S Tangible Fixed A3$ets Freehold Land and BLtilding Furnlture & Fixtures Equipment Vehicles Total Cost or deemed cost Cost brought foryvard Additions As 31st Oecembei 2023 13,326, 168 346,201 13.672,369 653.920 9,813 663,733 311.936 197,293 14,489.317 356.014 14,845,331 311.936 197.293 Depreclatlon Depreciation brought loward Charge for the year As al Oecembei 2023 906,257 42,504 948,761 480,822 26.456 507,278 256.980 9.589 266.569 115,733 29,350 145,083 1.759,792 107,900 1.867,692 Ket Book Value At 31st December 2023 12.723.608 156,455 45,367 52,210 12.977.639 At 31st December 2022 12.419.911 173,098 54,956 81,560 12.729,525 Page." 33
QVSR Notes to the Financial Statements For the year ended 31st December 2023 {continued 6 al Investments 2023 2022 Market Value 1 sl January Transfer of 30 June 30 Acquisitions al Cost Disposals Nel unrealised gains 514,257 252,125 291,701 1289.7141 12,272 236,815 29.5691 514,257 Value al cost 31 December 236.815 514,527 6 bl Geographlcal breakdown 2023 2022 In the UK 236,815 514,257 cl Investments that are material in terms of the investment portfolio l i.e over 50/01 are disclosed below Portfolio Market Value CFB Managed Mixed FLJnd Epworth Climate Stewardship 47.0 53.0 111,186 125,628 236,815 7 Debtors Group 2023 Charity 2023 Group 2022 Charity 2022 Trade deblors Bad debt provis10n Other taxes and social secuiily costs Other debtors Prepayments and accrLJed income 201,006 18,9561 19,284 19,924 16,012 194.241 18.9561 19,284 56.614 9.992 171.849 111,8501 80,117 40.712 64,351 171,849 111.8501 60,117 31,464 9.919 247,270 271.175 325,178 261.498 8 Creditors- Amounts falling due within one year Group 2023 Charity 2023 Group 2022 Charity 2022 Trade creditors Other creditors Tax and social security Ac¢ru8ls Deferred Income Loan Isee note 91 68,706 53,910 69,296 67,161 11,250 136,230 406.553 39,428 52,484 59,367 19,700 11,250 136,230 318,459 62,205 49,206 64,939 76,691 10,000 136,230 399,271 56.995 43.888 57,909 43,520 136,230 338,S42 Page." 34
QVSR Notes to the Financial Statements For the year ended 31 st December 2023 (continued) 9 Creditors: Amounts falllng due after more than one year Group 2023 Charity 2023 Group 2022 Charity 2022 L08n due within 1 Loan due within 2 10 5 years Loan due within more than 5 years 136,230 408,690 68,120 613,040 136,230 408,690 68,120 613,040 136.230 408,690 204,350 749,270 136,230 408,690 204,350 749,270 The bank loan provided by Melhodisl Chapel Aid Is secured over the Freehold propety and the balance is repayable by 2029 and bears current market interest al a variable ralè currènlly 5.65Yo per annum. 10 Unrestricted Funds - Group Gain on Fulld Balance at Investment Transfers 31 .12 .2023 Balance at 1 .1 .2023 Income Expenditure Designated Funds Fixed Asset Fund Queen Victoria Seamen's Rest 11,308,378 353,383 11,661,761 11,5001 11,306,878 353,383 11,5001 11,660,261 General Funds QVSR 1,255,017 3,552,319 13,544,933) 81.737 202,750 1,546,890 12,916,778 3,552,319 3,544,933 81,737 201.250 13,207,151 Balance at 1 .1 .2022 Income Expenditure Gain on Fund Balance at Investment Transfers 31 .12 .2022 Designated Funds Fixed Asset Fund 11,358,378 353,383 11,711,761 150,0001 11.308,378 353,383 150,0001 11,661,761 Queen Victoria Seamen's Rest General Funds QVSR 838,327 3,220,009 12,798,854) 111,8101 7,344 1,255,017 12,S50,088 3,220,009 2,798,854 11,8101 142,6561 12,916,778 Fixed Asset Fund - this fund together with the aggregated aueen Victoria Searnen's Rest general and restricted funds represents Ihe value ol the fixed assets. The Queen Victoria Seamen's Rest general fund represents the reserves held by the old charity that have been 3ggregaled with QVSR under an Uniting Direction. Page.. 35
QVSR Notes to the Financial Statements For the year ended 31st December 2023 (continued) 11 Restricted Fiinds Gain o Expetsditure Iiive5tinent Fund Balance at Revaluation IraS[¢r8 31 .12 .2023 Balance at Intome 1 .1 .2023 Fixe(S Asset Fund Buildin9 & Development Seafarer Cenlres 139,463 139.463 184,434 695.551 1184.4341 181,5041 475.967 202.750 787.264 615.430 879.985 1365,9381 70.165 1202,750 926.727 Restricted Fiinds- Group Gain on Expenditure Investment Flind BalancÈ at Revaluation transfers 31 .12.2022 Balance at Intome 1 .1 .2022 Fixed As8è1 Fund Building & Development 139,463 139,463 204.777 2Q4,777 Se3farer Cenlres Fund QVSR Seafarers Cenires Orange Counly Comtnunily Founderalion The Seafarer Chafily- Humber The Seafarer Charily- Bristol FeliXSIOwe8 Haven Ports S¢?lare's SerViC Humber Se3f3rers Service Limited 21,400 100.390 100,390 21,400 .665 30,000 25,000 484.000 104,600 99.665 30,000 25.000 139.098 104,600 344.902 160,863 1.048.432 603,865 605430 Fixed assel fund - Lh has been received lor tho purpose ol purchasing fixed a55els This fund Is hèld by the Queen Victoria Seafflen's Rest and has been aggreg31ed wilh QVSR under 8n Uniting Direction Building & Development Fund repfes&nls granis fec&ived lowafds the current building projecl The Improvemenl lo the buildin9 is recognised wilhin the designated Fixed Ass&1 Fund. Seafarer Centre Fiinds iepreseDls funds received towards Ihe operaiions of all our four cenlres. located in Tilbury, Felixslowe, 8nslol and lfflmingham The funds ale provided lo support the cenlr&s in Ih8s8 Main areas- 1. To support the ¢orÈ operaiiona1 costs of QVSR Seafaies Cenlies 2 To provide support and services lo seaf8rÉrs visiting all Ihe cenlres within the group. 3. To help lo relufbished Ihe cenlres lo a s1818 of Ihe Arl cenlf& and provide modern equipnenl needed lor smooth operation5 4 To provided new Vvili and olher needed lelecomrnincalion f3cililies for the Sealareis Ihalvisil the cenlres Transfer between Funds The transfer bet4veen funds represents the proporalion of the grants 1Ve upon which ihe grani ¢ondilion h8$ been fulfilled during Ihe ye8r. Unrestricted funds have be&n used to support grant funding atlivilies. Which have been reimbursed lo the correct fund 12 Analysis of Net Assets BetW88n Funds and Charit¢es Fixed Assets Group Ciirrent Assets Total 2023 Investment QVSR Designated Funds Fixed Assets Fund Reslriclecl FLinds GÈnÈral Funds 12.477.449 11.019 5931 11.457,856 898.674 898.674 1,040,343 1,277.158 1.939.017 11.019 5931 13.633,688 236.815 236.815 12 477.449 ueen Victoria Seainen's Rest Desi9n3led FLinds RÈSlricied Fiinds Endownienl Funds 360.727 139.463 360.727 139.463 500,190 500,190 12.977.639 236.815 1.939.017 11.019.593) 14.133.878 PÉg&' 36
QVSR Notes to the Financial Statements For the year ended 31st December 2023 (continued) 12 Analysis of Net Assets Beeen Funds and CharSties . Group Fixed A55et8 Cuirent Assets Total 2022 Invèstment Llabilities VSR Designated Funds FiKed Assets Fun R8slriol6d Funds G6neral Funds 12,229.335 11,037,464) 11,191.871 291,819 414.668 1101,0771 605,430 222,708 1.002,279 1.225,017 514,527 1,416,947 11,138,541) 13,022,318 12,229,335 ueen Victoria Seamen's Rest Designated Funds Restricled Fiinds Endowment Funds 360,727 139,463 360,727 139,463 500,190 500,190 12,729,525 514,257 1,416,967 1,138,541 13,522,508 13 au8on Vlctorla Seamen's Rest . Movements in funds for the year The accounts ol the Queen Victoria Seamen's Rest have been aggregaled with QVSR under a Uniting Direction. Balanc9 at 1.1.2023 Expènditure Investment Revaluation Funds Transfer Balance at 31.12.2023 General funds Restricted Funds Endowment Funds 360,727 139,463 360,727 139.463 500,190 500,190 There were no movements in the funds staled above in 2023 such that Ihe balances as al 1 January 2023 were 8$ above. 14 Futur8 Financlal Commitments al Operating leases At 31 December 2023 the Group had payments falling due undèr operabng leases as follows.. Equipment 2023 Equipment 2022 Less than one year within 2- 5 years Over 5 years Total 3,406 1,703 3,406 5.109 5,109 8,515 bl Capital Commhtments Al 31 sl Decernbei 2023. no capital commitments had approved by the Board12022 ". Nil) 15 Liability of Members Al 31st Deceniber 2023, QVSR had 72 (2022.. 12) Ineiilbers. Tlie liabilily oleach nigmbfjr lo ctrntribule to the assets ofiiie conipany is IiiF7ilerl lo £10 Page 37
QVSR Notes to the Financial Statements For the year ended 31st December 2023 Icontinu•d 16 QVSR Seafarers Centres QVSR Seafarers Cenlres is a wholly owned charitable subsidiary of QVSR, incorporated in England and Wales, company registration number 1390109. 11 was inGorporaled on the 9th February 2022 and commen¢ed trading on the 151 July 2022. Ils sole activity 15 to run the 4 seafaiers cenlres al Bristol. Felix51owe, Immingham and Tilbury. 11 shares staff and resources with ils parent company- QVSR A summary of QVSR Seafarers Cenlres Results are shown below- 2023 2022 statement ol Financial Activites Income 1,195,621 1,180.374 Expenditure 912,377 399.827 Net incorne Ilexpendilure} 283,244 780,547 Gainl (Losses) 68.330 16.607 Nel Income 351,574 798.154 Balance Sheet Fixed Assets 348,750 431.882 Cuirenl Assets 929,072 452.424 Current Liabilities 128,094 68,152 1. 149,728 798,154 Page 38
QVSR Notes to the Financial Statements For the year ended 31st December 2023 Icontinuedl 17 Corresponding year figures General Note Funds Deslgnated Restricted Endowment Funds Fund5 Funds Funds 2022 INCOME AND EXPEPIOITURE INCOME Incoffle frotn genèrated funds-. Leg8cies reTrived Appeals Income Investment income Activities in further8n* ol the charity'$ objedive$' Restaurant and Shop Hos181 Rent rec8wed Grants received Seafarer Centre Other ill¢omes 11.008 206.243 14.222 11.008 794.843 14.222 588,600 612.887 2,222.466 6,500 612,887 2.222,466 6,500 359,442 205.429 51.644 359.442 110.390 95,039 51,644 Total Income 3,220,009 469.832 4,278.441 Exp&ndlture8 Reslauranl and Shop Hostel Seaf3rer Cenire Rents expenditure Ssmarilan work 522,602 1,660,555 4fj5.488 20.976 179,233 197,447 204,777 201,641 720,(M9 1.915,332 617.129 20,976 179.233 50.tM)O Total Expendltures 2.798.854 603,865 3,452.719 Nel Incomel Expenditure foi the ye81 421.156 150,0001 454.567 825,723 TTansfer Between Fun(Is F,344 428.500 7.344 17,3441 150,0001 454.567 825.723 Other facognised gains. Gains on fixed asset Investments 11.810 11,810 Nel Movemenis In Funds 416,690 150.0001 454,567 17,3441 813.913 Opening Funds al 1st January 2022 838,327 11,411.761 160,863 7.344 12.718.295 Closing Fund Bal4nce5 1,255,017 11,361.761 615,430 13,532,208 18 Net income Net Income Is sialed after charging 2023 2022 Auditors Remuneration -audi1 lexduding VAT and overl undef accurals) 16.750 16,750 19 Related Party Transaclions ThÈie weiÈ no related party IraDsaclion5 in thè year that require disdosures- 2023.. none 12022- none). The Group has tsken advantage of the ex8mplion provided in FRS 102,paragraph 33 1 A, nol lo disclose Iransaclion5 with other gioup companies. Page 39
QVSR Detailed income and expenditure Account For the year ended 31 st December 2023 2023 Income 2023 Expenditure 2023 Net 2022 2022 Nel Mission Activities Restaurant and shop Hostel Seafarei Centre 449,428 2,471,502 454,321 1795,2871 11,939,967) 1912,377 1345,8591 531,535 458,056 1107,1621 307,134 267,035 Surplus from Mission Activities 3,375.251 3,647,631 272,380 67,063 Other Mission Income Interest Other Grants received 40,479 66,385 798,981 14,222 51,644 204,777 905,845 3,259 270,643 114,4761 Rents received Inel of oulgoingsl 902.586 256,167 902,586 256,167 Appeals Income Oonalions 125,056 794,843 125,056 794,843 Appeals Expenditure Net Income from Appeals 125,056 794,843 Samaritan Work Food, shelter, relief and comfort to seamen 252,8281 179,233 774,813 871,777 Add.. Legacies received 17,500 11,008 792,313 882,785 792,313 882,785 Net income for the year before unrealised investment gains and transfers 519,933 815,722