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2021-12-31-accounts

THE MISSION TO SEAFARERS

TRUSTEES’ ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

A company limited by guarantee, registered in England and Wales no. 6220240 A charity registered in England and Wales no. 1123613

St Michael Paternoster Royal, First Floor, 6 Bath Place, Rivington Street, London EC2A 3JE www.missiontoseafarers.org

@flyingangelnews

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021

CONTENTS

Page
Introduction 1
Strategic Report 3
Financial Review 12
Charity Information 18
Governance, Structure and Management 20
Statement of Trustees’ Responsibilities 24
Independent Auditor’s Report to the Members 25
of The Mission to Seafarers
Financial Statements:
Consolidated Statement of Financial Activities 28
Consolidated Balance Sheet 29
Company Balance Sheet 30
Consolidated Statement of Cash Flows 31
Notes to Financial Statements 32

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021

Introduction

The severe pandemic-related challenges faced so intensely and so suddenly by the maritime industry from early 2020 continued into 2021. The impact on The Mission to Seafarers, as a front-line maritime welfare provider, continued to be very significant. Last year I quoted the International Maritime Organization’s Secretary General Kitack Lim: “Sadly, hundreds of thousands of seafarers, who are vital to maintaining supply chains, remain stranded at sea for months beyond their contracted time. This is causing immense strain, fatigue and exhaustion and is unsustainable.” We saw some improvement in the crew change issues through 2021, largely due to the shared efforts of many in partnership across the industry (in which we have been proud to play some part). However, the problem remains - although it has fluctuated along with the ebb and flow of the virus. The “strain, fatigue and exhaustion” referred to above remained, and remain, acute. Hand in hand with the crew change issue has been the inability of large numbers of seafarers to take shore leave when they are in port, a situation which poses major challenges in the delivery of our services. Lack of shore leave enhanced the stresses. Many seafarers have not been off their ship for their entire contract length. A third major stress for seafarers in 2021 was the complexity of accessing vaccines. In addition, there were many difficulties for seafarer families, with some of the major maritime labour supplying nations very badly affected – including the Philippines and India.

The Mission to Seafarers remained unable to carry out work in normal ways throughout the year. While we invested heavily in emergency support for our hospitality centres, not least in making them COVID-safe, many of them remained largely unused, as did our buses. The focus of our activity remained on “distanced” at-thegangway ship visitation. Thankfully, the number of ports where this was possible has continued to grow, although some major ports remained largely closed to any kind of welfare activity. Personal shopping for seafarers, the delivery of MiFi units and medicines, together with emergency welfare support to individuals and crews in distress, became the focus of our activity. This work has been transformational and has been carried out with those high levels of commitment and compassion which have always characterised the work of The Mission to Seafarers, and which are inherent in our Christian purpose. Our justice work has also been very important, particularly that carried out in relation to abandoned ships and crews. Numbers of such cases have increased over the last two years. Some of these have been high profile and became familiar through media stories. Amongst other crews in distress, we were glad to be able to respond to a request to visit the Ever Given during its detention in the Suez Canal. Also of note have been the numbers of seafarers who found themselves stranded, able to leave ships after contract but unable to travel home. Some groups have required our support over long periods of time, with our teams in Busan (South Korea) and Brisbane (Australia) playing a particularly important role. In recent months, many of our teams have been very proactive in the vaccine roll-out, through advice, liaison, transport and even the use of MtS centres and buses as vaccine hubs.

Our wider programme has also further developed this year. The MtS Seafarers Happiness Index has increasingly become a recognised benchmark of seafarer well-being, informing both us and the wider shipping industry. Our WeCare suite of training programmes have been further developed. Of particular significance in 2021 have been our Family Support Networks in India and the Philippines, as well as in Myanmar. These have often responded spectacularly to the huge stresses faced by families, including through an emergency feeding programme in India during the peak of their appalling and dramatic COVID-19 crisis.

I am also able to report very positively on our funding situation, which has benefited from a high level of extremely valuable maritime corporate support, alongside that of our regular donors. 2021 has been a particularly good year for legacies and the major maritime trusts have also remained extremely generous. The quality and extent of our sustaining partnerships have grown significantly and we are extremely grateful to all concerned.

As Secretary General I can report again on an enormously challenging year but one on which I am able to look back once again with pride, and with enormous gratefulness to our teams, partners and supporters.

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021

I also wish to pay tribute to a hard-working, engaged and highly skilled Board of Trustees who have gone the extra mile in another unprecedented year to provide the very best in support, guidance and oversight.

As we look ahead to 2022, we do so, like many others, with considerable uncertainty as to the long term impact of the pandemic on the maritime industry, on seafarers and consequently on our own work. Our new strategy has been launched for 2022-26 and we were glad to complete that delayed work in 2021. However, working out strategic and operational priorities in the current context is challenging.

During the writing of this report, a further new and dramatic crisis has had a severe impact on seafarers – namely the Ukraine war. With 15% of crews made up of Ukrainians and Russians, the effect has been immediate and serious. In addition, other seafarers have been impacted, including many trapped in Ukrainian ports. In response, we are of course absolutely focused on providing the very best in pastoral and practical support to the many seafarers we encounter globally who find themselves in deep stress and distress. We have also set aside significant new budgets. The focus of this has been firstly, to give local stations the ability to fund free communication wherever necessary and to meet other emergency need that arises in ports. Secondly, working closely with local partners, we are supporting a substantial number of seafaring families within Ukraine where need has arisen. We have also provided fresh “own-language” Ukrainian and Russian mental health resources under our WeCare programme. Additionally, we have responded to wider requests, including the visitation of one ship attacked in the early stages of conflict.

Our overall focus remains our determination to serve heroic seafarers and their families in ways which are appropriate to their difficult circumstances and with the practical love and deep commitment which have always been at the heart of what we do. We are a Christian mission, closely linked with the Church of England and the Anglican Church worldwide. That mission is expressed holistically, inclusively and practically but it has a deep spiritual underpinning which continues to inform and guide all that we do. That mission continues in 2022.

Andrew Wright Secretary General

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 STRATEGIC REPORT

The Mission to Seafarers Trustees’ Annual Report (incorporating the Directors’ report as required by Company Law) for the financial year ending 31 December 2021

Our Object

The object of The Mission to Seafarers (“the Mission”), as stated in the Articles of Association, and for which we are established for the public benefit, is:

“To promote the spiritual, moral and physical wellbeing of seafarers and their families worldwide.”

Our Common Standards

The Mission has further revised and developed a range of common standards to maintain a strong sense of unity and common purpose, to sustain and protect its reputation and to promote high quality ministry. They will be applicable to all the Mission ‘Members’ including all Mission to Seafarers ‘Flying Angel’ local stations, operations and honorary chaplaincies as follows;

Our Vision

Our vision for the world’s 1.6 million seafarers of all ranks, nationalities and beliefs is to:

Our Mission

Our simple mission is to care for the shipping industry’s most important asset: its people.

Throughout a long and distinguished history, the Mission has grown to become one of the largest port-based welfare operators in the world, with a presence in almost 200 ports. We provide a service 365 days a year, across 50 countries where 118 of these ports have a Flying Angel centre. International Headquarters (IHQ) in London directly supports over 70 front-line staff in addition to an army of volunteers who visit ships, offer hospitality, drive minibuses and engage in a range of other welfare activities.

Our Ethos

Our historic and integral partnership with the Anglican Church continues to be central to our ethos. It has traditionally found particular expression in how local teams should normally be licensed, recognised or affirmed by Diocesan Bishops as appropriate. In addition, it is expressed through our commitment to the Five Marks of Mission. We seek to maintain and develop close and supportive relationships with the worldwide Anglican Communion.

We are also deeply committed to effective ecumenical co-operation locally, regionally and internationally. We actively seek to sustain the best in such working, including through our longstanding and proactive engagement within the International Christian Maritime Association (ICMA).

Our ethos is one which also stresses the importance of the widest possible partnership and collaboration to the benefit of seafarers and their families.

Our Values

Pioneering: Being open to God’s leading, we encourage innovative thinking and seek to be flexible and entrepreneurial in our ways of working.

Inclusive: We are unconditionally committed to the support of all seafarers and their families without discrimination.

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 STRATEGIC REPORT

United: We are one global, intergenerational, multicultural family united in vision and purpose, while respecting diversity of culture and context.

Collaborative: We are co-operative in our approach to our work – in relation to individuals, the church, ecumenical partners, and organisations and institutions that work for the welfare of seafarers.

Accountable: We are accountable to God as stewards of the resources entrusted to us, to each other in recognition of our mutual inter-dependence and to those charged with governance at local station, regional and international level.

Caring: In all our dealings we strive to behave with compassion, to act with integrity and to treat everyone with respect.

Our Code of Conduct

Our membership of ICMA carries an obligation to abide by the Constitution of the Association and its Code of Conduct.

In a fragmented and divided society it is ICMA’s mission to promote unity, peace and tolerance. ICMA was founded to promote and co-ordinate Christian ecumenical co-operation in maritime ministry. Chaplains and staff of all ICMA Member Societies at local, national and international level are therefore to:

Our Standards

The Mission to Seafarers aspires to the very highest quality of professional standards and is absolutely committed to effective and transparent safeguarding.

Our Common Identity

All Members share a common identity, which includes the use of the name “The Mission to Seafarers” and/or “Flying Angel Club”, followed where applicable by the name of the relevant region/country/local station, and the use of the Flying Angel logo.

As such, Members should be sensitive to the fact that the actions of one or more Member, even within their own national or regional context, may significantly affect others across the global network.

Our Ministry

We are committed to Christian mission, informed by the “Five Marks of Mission”, with a focus on a holistic, proactive, professional and engaged response to the needs of seafarers and their families.

Our port-based ministries will reflect in some measure the following services, as is appropriate within the local context. The Mission to Seafarers encourages a creative, contextual and entrepreneurial approach, providing it is in line with seafarer need and is sustainable. Areas of ministry may include:

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 STRATEGIC REPORT

Our Work 2021

The Challenges

The acute pandemic-related challenges of 2020 continued throughout 2021. This meant very significant ongoing difficulty for crew and their families, as well as for our teams around the world. We have had to work in new and creative ways. These have been extensive, and transformational for seafarers. The strategic work, put on hold in 2020, was completed in 2021 and has been launched in early 2022, giving renewed shape to our work. However, with very significant uncertainty continuing, there is caution, and restriction, around the speed at which this strategy can be rolled out.

1. Seafarers

During 2021 seafarers and their families continued to face the most acute challenges. While the situation fluctuated through the year, it is estimated that between 150,000 and 300,000 crew were working well beyond their contracts at any one time as a result of crew change issues. The industry continued to work in excellent partnership to resolve this situation. However, the ongoing failure by many countries to recognise seafarers as essential workers, combined with travel restrictions and difficulties with airline capacity meant that seafarers continue to experience the deep uncertainties that first arose in 2020. This created a situation of intense stress and distress for many seafarers. “Shore leave” was also severely compromised, through local regulation, company policy, captain’s orders or seafarer choice. This prevented or restricted access to normal leisure, shopping and welfare options. For those without access to WiFi on board, it severely impacted on communications, especially with family. Many seafarers have not gone ashore during a whole contract period. This is also a serious challenge to mental well-being. Back in seafarer homes, these stresses were also felt. Many crew were unable to start their contracts, leading to financial difficulty. In some cases, and most especially during the appalling peak of Covid-19 in India, our teams experienced tremendous distress, distress which included difficulty accessing basic supplies. Stories and reports from our teams and contacts around the world and information from our own Seafarers Happiness Index have all underlined the acute seriousness of the challenges faced by seafarers and their families.

2. Our Operations

Similarly, many of the ways in which we normally deliver our work continued to be under severe pressure. Our global network of hospitality centres have received very little seafarer footfall, for all the reasons mentioned above, despite our having put significant investment into making them Covid-safe. Our transport operations have been similarly impacted. We have continued ship visiting, wherever we have access to ports and ships. We have done so in strict accordance with the guidelines we drew up in liaison with industry. These guidelines were subsequently adopted as the basis of working for all

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 STRATEGIC REPORT

organisations within ICMA, representing the bulk of front-line maritime welfare. This meant ship visiting at the gangway only in a safe and distanced way and utilising effective PPE. This ministry has been transformational for seafarers and has included the delivery of vast amounts of the personal shopping they would normally have accessed, the provision of MiFi units to support crew who do not have WiFi on board and the delivery of urgent medicines in some cases. The dilemmas faced by stranded seafarers, sometimes in significant numbers, have been an additional feature of the year. Cases of “abandoned” ships and crew have grown in the last two years and we have been pleased to play a significant role both in emergency response and in advocacy, especially in the Gulf and Africa. Our WeCare training programmes, now on-line, have also had an important role to play in the current environment, supporting as they do seafarer well-being and resilience. Our Seafarers Happiness Index has helped both us and the maritime industry better understand the developing needs of seafarers and priorities for response. Of great import have been our Family Support Networks, who have had a major role in supporting families at home during such a very, very difficult period.

3. Finances

Despite the challenging environment, 2021 has been a very good year for fundraising. Three areas have remained of particular significance. First, the generous contributions of the major maritime welfare trusts who continued significant new funding to assist through the emergency. Second, high levels of support from the shipping corporates, as part of their commitment to help seafarers at a time of extreme difficulty. Third, we have enjoyed a particularly strong period for legacies, including one exceptional legacy in 2021. These three areas have combined with others to put us in a strong funding position – a position which has enabled us both to sustain, support and grow our work and also to designate substantial funds to undergird our new 2022-26 strategy.

Emergency strategic priorities

Radically changed conditions forced us to delay the start of the new strategy, now shifted to 2022, and to adopt a range of emergency measures. These emergency priorities, formed in 2020 were continued into 2021.

1. To sustain and adapt our regular service, ensuring that we were able to meet the need of seafarers and their families

Port-based Chaplaincy

The most visible sign of The Mission to Seafarers is our network of port chaplains and welfare teams in 200 ports across 50 countries. Our port-based services were significantly affected as a result of the Covid-19 pandemic. Rolling national lockdowns, as well as port restrictions meant that in many ports our work suffered from a stuttered, stop and start approach. We invested heavily in making our stations as Covid-secure as they could be by providing PPE, sanitising stations and updated ship visiting guidance. Despite these much-needed efforts to protect staff and volunteers, we estimate that only 50 per cent of our network was operational at any one time. In addition to local restrictions, many companies put shore leave bans on their seafarers. This resulted in very few crews being able to come ashore. As a consequence, many of our centres saw no seafarers and become administrative hubs for shopping and crew deliveries.

Outputs for our UK and Grant Funded port-based work

2021 2020
Ship visiting 21,056 meeting 126,336
seafarers at the gangway		 18,232, meeting
106,352 seafarers at
the gangway
Seafarers visiting our centres 15,412 44,999
Seafarers transported 6,434 22,198

When combined with our international network, these increased to:

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 STRATEGIC REPORT

Outputs for our UK and Grant Funded port-based work (continued)

2021 2020
Ship visiting 34,629, meeting 207,774
seafarers at the gangway		 30,576, meeting
187,140 seafarers at
the gangway
Seafarers visiting our centres 23,629 86,996
Seafarers transported 12,131 46,063
Port-based Justice/Welfare/Medical Cases 1,383 1,426

Our ship visiting teams continue to work to a strict set of protocols which include maintaining social distancing, sanitising hands and vehicles and wearing face coverings. These will remain in place regardless of whether national restrictions have been eased. In ports where we have been able to operate, teams have visited crews at the gangway and delivered Mi-Fi units as well as data cards for personal use. Care packages, often containing toiletries and our famous knitted woolly hats, have been prepared in strict hygienic conditions before being donated. Globally, our centre numbers have dropped by 94 per cent. This has exacerbated a trend which we have been monitoring closely over the last five years. In the future, we do not expect this number to go back to pre-pandemic levels and are working closely with our teams to understand what impact this will have on our ministry.

2021 2020
Total amount of volunteer knitted woolly hats
distributed to the global Mission network for onward
giving to seafarers		 630kg 810kg

Fulfilling shopping requests has grown over the past year. With seafarers unable to come ashore, many turned to the Mission to fulfil items such as communication equipment, local specialities, items of technology and treats. In addition to providing items of shopping, our teams have collected medication for seafarers and taken cash to Western Union so that it could be wired to a seafarer’s family. Because of a rise in shopping, we have been working with colleagues to devise an MtS Seafarers’ App which will allow seafarers to pre-order their items. The service will also enable our teams to be more strategic in fulfilling requests.

2021 only
Approximate amount of money received for shopping
from seafarers		 US$ 2,861,153
No of shopping trips undertaken for seafarers 19,074

Family Support – Philippines

Our Philippines Family Network has been in high demand during 2021 as families and seafarers sought our help. The Network has nine chapters (local branches) where families come together to share information, learn new skills and to support each other. The team in Manila held 823 (2020: 200) online events for family members including storytelling, Sea Sunday Services, coffee-mornings, musical activities and mental health and wellbeing advice.

Over 3,000 requests for assistance were received, either online or by visiting our walk-in centre in Manila. Severe lockdowns continued across the country throughout the year which affected crews and their families, as well as our team of four staff in a variety of ways. Much of our response this year was focused on providing practical support and advice. The difficulty of finding food for those in dormitories was not as bad as last year, and instead our work involved signposting beneficiaries to a range of professional support services.

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 STRATEGIC REPORT

Our work in the Philippines

2021 2020
Number of Covid-19 seafarer-related requests: 1,497 2,798
Made up of:
Food aid
Practical Information
Transportation		 8 parcels issued
1,487
2		 1,735 parcels issued
1,371
513
Number of Justice/Welfare/Medical cases across the
Family Network		 1,476 2,158
Made up of:
Practical assistance and pastoral support
Medical referrals
Justice cases (non-payment of wages, etc)
Financial Assistance (grants to buy food)
Accommodation provision		 1,413
2
51
8
2		 656
10
3
N/A
N/A
Number of referrals to professional support or the
Mission’s chaplaincy Network		 267 400
Online attendees to Family Network events 823 286

2. To develop new services in response to the challenges

Digital Chaplaincy

Our Chat to a Chaplain service provided a lifeline to seafarers during the early days of the pandemic. But as the situation progressed, and we all got used to living with restrictions and new ways of working, the need for this service decreased as seafarers turned to more traditional ways of engaging with our teams. The service continues to be available on our website until our contract with the provider ends in 2022.

As shipping companies got used to quarantining their crew before they could join ship, we were asked to provide access to our WeCare mental health resources. We devised a campaign in 2021 called Mental Health On Board Champions which comprised of a series of webinars and downloadable material. Working under the banner of our WeCare sub-brand, we also provided access to our e-learning courses in communication and financial literacy. In the past year, tens of thousands of seafarers have received the course to complete in their own time.

In addition to our Justice and Welfare work in the ports, seafarers can contact the Regional Engagement Department in London via our CrewHelp programme. Seafarers reach out to us with a wide range of questions from information about a local port to issues with their employment contract or on board facilities.

Digital Chaplaincy: Chat to a Chaplain

2021 2020
Meaningful interactions (consisting of at least two
responses between a chaplain and a service user)		 N/A 1,913
Requests for assistance N/A 712
No of seafarers and their families reached through
WeCare training		 8,460 N/A
No of seafarers who have access to the WeCare
training courses via their employer		 50,000 N/A
No of requests into CrewHelp 236 N/A

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 STRATEGIC REPORT

Family Support – India

Our feeding programme in Tuticorin, South India continued in 2021, especially during the ‘Delta’ wave of Covid19 which ravaged many parts of the country. Tuticorin is a city with a significant maritime population both merchant and fishers. Our seafarers’ centre became a meeting place for many families from the maritime community to register for advice and support. This work builds on our plans to open a Family Support Network in the country in 2022.

The Mission’s Feeding Programme in Tuticorin

2021 2020
Number
of
individuals
benefitting
from
the
programme		 11,903 8,153
Number of families receivingfoodparcels 1,950 1,688

3. In partnership with the wider industry, to play an effective role in global advocacy for seafarers

4. To strengthen communications, ensuring mutual support, guidance and encouragement across our organisation and the effective telling of a vital story externally

5. To respond swiftly and decisively to the financial challenges

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 STRATEGIC REPORT

severe pressure. We have also been able to designate funds for use through the coming strategic period.

2022 Objective and activities

As we move into 2022 the Mission, like seafarers, continues to be significantly impacted by the pandemic, facing considerable uncertainty. With many of our traditional services severely compromised (full ship visitation, access to hospitality centres, demand on our transport fleets) it remains unclear what the long-term impact will be on shore leave. Company policy, local regulation and changes in seafarer behaviour may have a medium/long term impact on the services that seafarers need. In this environment the speed at which we can roll out our strategy is limited and spending options challenging. We are not alone in these dilemmas. Urgent discussions are ongoing with our key stakeholders and across the Mission to clarify immediate priorities within the new overall strategic plan. It is likely that our priority focus will be on:

We will be more cautious in relation to centres and transport while we await further clarity. However, it is likely that in-port facilities are going to be important and we are considering how we might successfully invest in a programme of modern, sustainable in-port centres where these are required.

Our new Strategy (2022-26) highlights four key areas:

Programme

Ongoing modernisation of our port-based working, with relevance and sustainability a driving factor at regional and local level, to include:

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 STRATEGIC REPORT

Provision

Partnership

Effective partnership in its many forms remains a cornerstone for MtS working. We remain committed to ICMA as a key framework for ecumenical cooperation in front-line working and will:

Possibilities

We will encourage the development of an entrepreneurial culture throughout MtS as we respond creatively to changing circumstances and specifically to:

Other key areas

In addition to the strategic work the following are key priorities for 2022:

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2021 – Income and expenditure

The Consolidated Statement of Financial Activities is shown on page 28. 2021 has been another exceptional financial year for the Mission. Legacy income has increased by 295% to £4,728,000 compared to £1,197,000 in 2020 and includes one legacy from a donor who wished to remain anonymous of almost £3m. We continue to be thankful and humbled by our supporters who have remembered us in their wills. Whilst the Mission experienced a generous response to the Covid-19 pandemic from individuals, grant givers and businesses in 2020, we had assumed that such a level of support may not be sustained for a second year as the financial impact of Covid-19 was felt by our donors. Indeed general donations £1,470,000 (2020: £2,138,000) are down by 31%. Whilst grant donations £959,000 (2020: £1,015,000) are also down this year, the reduction is just 5.5% and is still much higher than the equivalent pre-pandemic figure (2019: £311,000).

In 2021, the net operating result was a gain of £3,550,000 (2020: gain £585,000) making it the second year of profit following a sustained period of operating losses. Overall total income has increased by £2,804,000 (48%) to £8,607,000 (2020: £5,803,000) and income from our branches from sales to seafarers has increased slightly to £327,000 (2020: £270,000) as centres have been very proactive in serving seafarers at the quayside.

Donations, grants and legacy income, together with investment income make up the Mission’s principal funding sources and represent 92% of total income (2020: 89%). They are a major contribution to funding the cost of the Mission’s charitable activities.

Total operating expenditure decreased by £161,000 (3%) to £5,057,000 (2020: £5,218,000, decreased by 2%). Expenditure for charitable activities decreased by 2% to £4,255,000 (2020: £4,377,000, increased slightly by 0.7%) and the costs of Raising Funds decreased by £39,000 (5%) to £802,000 (2020: £841,000, decreased by 14%) as events and activities were constrained by the ongoing Covid-19 pandemic. An analysis of expenditure is given in note 8 to the Financial Statements. The proportion of total expenditure that the Mission considers to be of a charitable nature is 84% (2020: 84%).

The Mission’s investment portfolio concluded the year with a gain of £3,383,000 (2020: £959,000). However, unrealised investment gains reflect market movements during the year and are not cash surpluses or deficits. They are not available to fund expenditure unless and until the investment is finally sold. Variations in the stock market can impact on the Mission’s reserves as can be clearly shown in early 2020 when almost £2.2million of the value of the portfolio was initially lost as the Covid-19 pandemic impacted on global stock markets and again at the start of 2022 where losses have of been as much as £2m due to the impact of the war in Ukraine.

The Mission participates in various pension schemes. Some are defined contribution schemes with no liabilities at the year end and others are multi-employer, defined benefit schemes where the Mission has an ongoing liability at the year end of £16,000 (2020: £39,000). The 2021 contributions to reduce this liability are £16,000 (2020: £38,000) which represent 0.3% (2020: 0.7%) of total expenditure.

The net loss before investment and foreign exchange gains for the Mission’s four (2020: four) subsidiaries is £20,000 (2020: loss £72,000). With their total reserves of £143,000 (2020: £165,000) the trustees confirm that none are in deficit. See notes 2 and 17.2 for further information about the subsidiaries.

Balance sheet

The Mission’s group balance sheet shows that net assets have increased by £7m to £43.9 million (2020: £36.9 million) and are made up of;

Restricted reserves £922,000 (2020: £1.1 million) (see Note 20) General reserves £26.3 million (2020: £23.1 million) Designated reserves £16.6 million (2020: £12.7 million) which are not available for general purposes. (See note 21)

In recognition of the significant increase in 2021 legacy income, the Trustees have designated a further £3m of funds which will be spent in addition to the normal operating budget. Whilst the strategic plans to 2026 cannot yet be accurately costed, the trustees have designated £2m with the anticipation that expenditure will be less in the first year as planning and research is developed. In 2021 the trustees designated £500,000 for emergency Covid-19 support across the Mission and have so far provided £93,000 in grants. Another £500,000 has also been designated to foster a global culture of health and safety and learning.

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 FINANCIAL REVIEW

Reserves

The Mission’s policy is to maintain general reserves to reflect the long-term nature of its work. As the temporary custodians of these reserves, trustees feel that it is essential that they leave The Mission to Seafarers in a state where it can continue for as long as seafarers need it and there are no signs of this need diminishing.

During 2021 the trustees reconfirmed this policy and considered how the reserves should be utilised in light of the proposed five year 2022- 2026 strategy. They continue to believe that unrestricted reserves should not fall below £15m and that there should be a continued, intentional and responsible utilisation of reserves over the strategic period, within agreed parameters. This will be achieved through a targeted reduction of deficit budgets with the aim of attaining long-term financial sustainability but allowing for intentional strategic expenditure or a response to unforeseen circumstances.

In the opinion of the trustees, a minimum of £15m reserves continues to be required to meet future working and capital requirements having taken into account the following factors:

The level of the unrestricted general reserves has provided some protection to the Mission and allows time to adjust to changing financial circumstances. This has limited the risk to service provision from operating deficits, such as the Mission has experienced in recent years, or an unexpected need for unbudgeted expenditure. Indeed, during the Covid-19 pandemic in 2020 and 2021 this has provided protection and security for the Mission from the impact of Covid-19 as a proportion of investments were sold to provide enough cashfow to ensure that the Mission remained a going concern whatever the performance of stock markets.

Again in 2022, the Mission’s reserves will allow additional unbudgeted funds to be provided to respond to the needs of seafarers and their famiilies resulting from the war in Ukraine. The reserves will also help to weather the impact of investment losses as global stock markets respond to the conflict and to any fall in income should donors be impacted by soaring costs of oil, gas and grains.

It should be noted that although the Mission has had two years of profitable operation, in the five years preceding 2020, the cumulative operating deficit was £4.8 million. It is only the performance of the Mission's investment portfolio, the sale of some property assets and, in 2021, an exceptional legacy that has contributed to the current level of reserves.

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 FINANCIAL REVIEW

Going concern

The trustees consider that it is appropriate for the Financial Statements to be prepared on a going concern basis as they believe that the current level of reserves and cash holdings at the date of signing will enable the Mission to survive the continuing impact of the Covid-19 pandemic and any impact from the war in Ukraine. They will also ensure that the Mission can continue to be able to support seafarers for the foreseeable future.

Risk Management

The Board of Trustees has overall responsibility for risk management and maintains a Risk Register. This is included in the remit of the Audit and Risk Committee and continually monitored by the Senior Management Team.

The Risk Register identifies risks which:

The Register is reviewed as needed, but as a minimum it will be looked at annually. It was reviewed by the Audit and Risk Committee in April and October and by the Board of Trustees in July to further take stock of the impact of the Covid-19 pandemic and the implications on the Mission and the wider environment. Some risks have been expanded and/or repositioned based on the score of each risk.

The principal risks that the Mission faces and the actions it takes to mitigate these risks are that:

It was feared that this risk would materialise as a result of the ongoing impact of the Pandemic. In response the Development team diversified some fundraising methodologies including on-line challenge events and launched several targeted appeals for funds to support various areas of the Mission’s Covid-19 response and on-going operations. A combination of generous contributions from the major maritime welfare trusts, shipping corporates, and strong period for legacies have yielded a good financial result for the period. Additionally, budgets and income forecasts are being updated regularly with an emphasis on reducing costs where possible and close financial monitoring is in place through forecasts, management accounts and oversight of the Audit and Risk committee.

The Mission’s main resource in delivering services is its staff and volunteers who are subject to reference checks prior to engagement and DBS checks where appropriate. Staff and volunteer handbooks provide guidance and information on behaviour with training and on-going performance reviews to ensure that staff maintain the highest of standards. A Safeguarding and Professional Conduct Policy has been devised and implemented, supported by appropriate training. A Safeguarding Working group has been established with a Safeguarding lead trustee and deputy nominated. Adoption and implementation of this policy is a condition included in MOUs for all grants provided by the Mission. There are also contingency damage limitation plans in place and an Emergency Response committee.

Investment Policy

The Mission holds investments to help meet its current and future obligations and as a reserve against future shortfalls between income and expenditure. It is intended to hold reserves for the long term as the need to provide support and care to seafarers is not diminishing and it is expected that the Mission’s activities, including long term housing commitments to retired employees and Church of England pension obligations, will continue for many years.

The overall aim of the Mission in holding investments is to produce the best financial return within an acceptable level of risk, in order to protect the long term reserves against inflation and produce regular flows of funds to support fixed costs and operating activities both in the UK and overseas.

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 FINANCIAL REVIEW

The investment reserves are divided into:

In the implementation of this policy, the trustees follow the Charity Commission guidance for the investment of charitable funds. Additionally, the Mission does not wish to profit directly from, or provide capital to, activities that are materially inconsistent with Christian values. This is ensured as the trustees also follow the guidelines of the Church of England’s Ethical Investment Advisory Group which may prohibit or limit the investment in stocks with exposure to certain sectors, such as armament and tobacco.

The trustees will select one or more professional investment management firms to manage its investments in line with this policy. Such appointments can be in the form of bespoke agreements to manage the Mission’s portfolio on a segregated basis, or via investments in pooled vehicles. The Investment Committee will from time to time make recommendations to the Board on the best approach to use, based on its assessment of the relative merits of each. The Investment Committee also performs the oversight of the Investment Managers and periodically reviews their performance, commercial terms and overall services and, if appropriate, makes recommendations to the Board for any change. This policy was reviewed in 2021.

Investment Portfolio

CCLA, which is regulated by the Financial Conduct Authority, is the investment manager for the Mission’s funds. The assets have been invested with CCLA in the Church of England Investment Fund (Investment Fund) which is a multi-asset common fund worth over £2,143 million and benefits from charitable status. Investment in the Investment Fund is based on the purchase of units that can be bought or sold at any time.

The prime objective of the Investment Fund is to protect and grow the real value of the capital invested and the income that it provides and it is managed in accordance with the policies of the Church of England’s Ethical Investment Advisory Group and therefore fits with the Mission’s investment policy.

Investment Performance

In 2021 the total return net performance for the Mission’s investments managed by CCLA was a gain of 17.46% (2020: 10.2%) and the performance of the comparator was a gain of 16.96% (2020: 3.95%). Gross dividend yield was 2.64% based on an annual dividend of 61.79p (2020: 2.93% based on an annual dividend of 59.99p).

(Comparator - composite: from 01.01.21 MSCI World 75%, MSCI UK Monthly Property 5%, iBoxx £ Gilts 15% & SONIA 5%. From 01.01.18 MSCI UK IMI 30%, MSCI World Ex UK 45%, MSCI UK Monthly Property 5%, iBoxx £ Gilt 15% & 7 Day LIBID 5%.)

Fundraising

The Development team at the London IHQ is responsible for fundraising, communications and marketing. The team has continued to build upon the previous year’s results in generating a substantial level of income for the charity whilst working around the continuing challenges that the Covid-19 pandemic has placed on fundraising activities. Our marketing and communications obligations have also continued to increase the profile of the Mission across the wider global maritime world, increasing awareness of our work and the reliance that we all have on seafarers.

Total fundraised income at IHQ for 2021 was £6,234,000 (2020: £3,663,000) an increase of £2,571,000 (70%) which is due to increased legacy income of £4,279,000 (2020: £1,197,000). We are very grateful to those supporters who made these commitments, sometimes many years ago. We also thank those who have pledged legacies during the year. This is a valuable source of income for us.

Donations are received from individuals, churches, fundraising committees, grant giving bodies, trusts and corporates, especially those in the maritime sector. Some donations are linked to specific appeals such as the regular Lent, Summer, Christmas and Sea Sunday activities or specific events and campaigns such as the 2020 Flying Angel Campaign . Some individuals and teams undertake challenge events many of which continued to be ‘virtual’ instead of physical in 2021 as the Covid-19 pandemic continued.

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 FINANCIAL REVIEW

Corporate income of £726,000 (2020: £1,086,000, which included £658,000 for the Flying Angel Campaign ) continued to produce an impressive result as companies recognised the vital importance of the Mission’s global work with seafarers. We must acknowledge fully here the role of Esben Poulsson, one of our Vice Presidents, for his tremendous influence in encouraging his network to support our Sustaining Crew Welfare Campaign. That campaign was launched in the autumn of 2020 to provide support to our centres around the world and to provide support for training and our Family Support services. The campaign continued during 2021 and has raised a further £336,000 (2020: £158,000).

Our partnership with the UKP&I Club continues into a fourth year, with support for the WeCare programmes. During 2021, the training was moved onto an e-learning platform and many maritime companies took advantage of the social communications, financial wellbeing and the mental health resources training for their seafarers. Work with HFW continues to provide vital pro bono and fundraising support, for which we are so very grateful and we deeply appreciate all the companies, trusts, foundations and individuals who have continued to support us so generously to help seafarers in so much need.

The Events programme raised £118,000 (2020: £72,000) and many events continued in a virtual format. However there was some move back to in-person events such as the successful bike ride ‘The Graig 100’ which included over one hundred riders and raised £38,000 and we were very pleased to be able to hold the annual Festival of Nine Lessons and Carols service in person at All Hallows in London. 2022 will see the launch of the Mission’s major Adventure Race Japan which is scheduled to take place in May 2023.

Community fundraising once again was impacted by the pandemic raising £94,000 (2020: £119,000). Efforts continued to ensure we maintained our profile ready for an increase in return to churches and community fundraising events for 2022.

Individual giving increased for the third year running to £493,000 (2020: £462,000) with increased responses to appeals and direct debit payments. Our Trusts and Foundations income at £523,000 fell back from 2020 levels (2020: £725,000) although it was still better compared to the 2019 pre-Covid-19 result (2019: £371,000). We also greatly assisted the global Mission family by providing trust expertise, the value of which does not appear in these accounts.

At the end of 2021 we appointed a new Communications Officer to support our Senior Digital Communications Officer, recognising the increase in workload over the past two years as our communications activity increased substantially. This will help us focus our communications into a more targeted approach using analytical skills building upon the past two years’ successes. The communications agency Blue has played an important role in supporting us and ensuring that our responses to journalist and media opportunities are targeted and focused. The Secretary General continued on the International Chamber of Shipping led industry group and played a significant role in the newly formed Seafarers International Relief Fund, which was in response to the increase in the pandemic in India.

As we enter 2022, we are improving and structuring our communications activity, to ensure the most efficient delivery of this activity to the IHQ team and the wider global Mission in line with the Global Strategy.

The Mission is a contributor to the Fundraising Regulator who regulates fundraising in England and Wales with the aim of protecting donors to charities and ensuring that fundraising is respectful, open, honest and accountable to the public. In accordance with The Charities (Protection and Social Investment) Act 2016 we confirm that;

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 FINANCIAL REVIEW

Environment, Social, Governance

The Mission to Seafarers is taking the Environment, Social, Governance (ESG) agenda and its responsibilities with great seriousness. Trustees and senior management are keeping it at the forefront of our thinking and it has already been heavily discussed, including with external input. We seek alignment with best practice. The Social and Governance aspects are well advanced in terms of current policies and operations. Environmental policies and practice are the focus of current thinking and planning. An Environmental Action Group, with global representation, has been meeting since November 2021 and will be making recommendations. It will be our aim to ensure that appropriate policies and cultures are in place globally. We are conscious that our global carbon footprint has been much reduced through the pandemic period (2020 and 2021). Severe restrictions on travel, vehicle usage, staff commuting and centre usage have all been key factors. As we emerge into more “normal” times we are seeking appropriate measurements, benchmarks and policies. Environmental responsibility is seen as a core value and is contained within the new strategy. The Mission to Seafarers plans to roll out ESG reporting annually in stages from 2023 (for the 2022 year).

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 CHARITY INFORMATION

A charity registered in England and Wales, no.1123613

A company limited by Guarantee, registered in England and Wales no. 6220240

Patron

Her Majesty The Queen

President

Her Royal Highness The Princess Royal

Vice Presidents

Esben Poulsson Grahaeme Henderson

Trustees
Thomas Boardley (Chairman) [*GN]
Rosemary Alexander [*A] [I]
The Ven Christopher Burke (Vice Chairman) [GN]
Robert Ferris OBE [A] [G]
William MacLachlan
 [GN] [R]
David Moorhouse CBE (Vice Chairman) [GN]
Neale Rodrigues MM (Vice Chairman) [R] [GN]
Timothy Smith (from January 2022)
Claire Sneddon [G] [A]
Sam Swire [*G]
The Very Revd Andrew Tremlett [*R]
Peter Cottrell [*I]
The Right Revd David Williams [G]
Company Secretary
Virginie Potbury (to November 2021)
Jayne Rose (from April 2022)
Key Management Personnel
Secretary General
The Revd Canon Andrew Wright [G] [GN]
Director of Advocacy and Regional Engagement
Ben Bailey
Director of Development
Jan Webber
Director of Finance
Eileen Reilly [I]
Director of Human Resources and Administration
Tomilayo Toluhi [G]

Committees

*Denotes the Chair of the relevant Committee

G. Grants and Programmes Committee (Formerly Grants Committee) GN. Governance and Nominations Committee

R. Remuneration Committee

Helen Averill (External) - from March 2021

I. Investment Committee

Jim Aiken (External) Paul Jeffries (External) - from July 2021

A. Audit and Risk Committee

Rachel Lawton (External) - from April 2021

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 CHARITY INFORMATION

Custodian Trustee

The Mission to Seafarers Trust Corporation Ltd acts as a custodian trustee on behalf of The Mission to Seafarers holding real estate property and investments.

Joint Corporate Trustee

The Mission to Seafarers is a joint corporate trustee of;

Registered Office

First Floor, 6 Bath Place, Rivington Street, London EC2A 3JE

External Advisers

Auditors

Price Bailey LLP, 3rd Floor, 24 Old Bond St, Mayfair, London W1S 4AP

Bankers

HSBC Plc, 20 Eastcheap, London, United Kingdom, EC3M 1ED

Investment Advisers

CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET

Solicitors

Blake Morgan LLP, New Kings Court, Tollgate, Chandler’s Ford, Eastleigh, United Kingdom, SO53 3LG

HFW, Friary Court, 65 Crutched Friars, London, EC3N 2AE

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT

The Mission to Seafarers; the charity

The Mission is a charity, constituted as a company limited by guarantee and not having share capital. The Mission is governed by a Board of Trustees (the Board) which forms the Board of Directors. Members of the Board are both trustees of the charity and directors of the company, as constituted by the Mission’s Articles of Association . The current Articles of Association are dated 28 April 2020.

The charity’s trustees and management

The Board is drawn from prominent leaders with wide experience of seafaring life, including the shipping industry and from London’s financial centre, the City of London. The Mission also invites leading members of the clergy to serve as trustees. The procedure for the election and appointment of trustees is set out in the Articles of Association of The Mission to Seafarers . Trustees and management regularly review the skills and experience of the current members of the Board to try to identify new candidates who might strengthen particular areas.

Trustees may normally serve on the Board for two terms of four years. In exceptional circumstances, this can be extended to three terms, with annual re-election during the last term. The Board requires a quorum of five trustees and normally meets four times a year. It is the governing council of the organisation. Newly appointed trustees are given an induction which provides them with information on the work of the organisation and highlights their responsibilities as a trustee. Some trustees may also undergo specific training courses as required for their roles. Trustees are also required to sign a Code of Conduct and complete a Register of Interests on appointment and annually thereafter.

The Board has five permanent sub-committees:

Each of the above committees is made up of trustees and members of the executive staff. Where appropriate, the Board may co-opt independent and professional expertise from external sources, for the benefit of a committee's work.

The day to day management of the charity is delegated to the Secretary General who reports to the Board and leads the Senior Management Team. He also directly manages the Regional Directors for Europe, East Asia, Middle East and South Asia (formerly South Asia & the Gulf) and Latin America.

The Mission to Seafarers’ International Headquarters takes a leading role in designing and rolling out processes to improve unity, protect the “brand”, deliver global projects and agree strategic objectives for the Mission to Seafarers’ global family. In addition, it provides a support function for the regions by disseminating information, conducting research, providing fundraising, brand and marketing services, and managing publications and digital media, including websites.

The Secretary General – amongst other duties – provides the spiritual leadership for the Ministry teams which support seafarers in need around the world. The Mission is entirely funded by voluntary donations and relies on the deep generosity of loyal supporters.

Delivery structure of direct Mission activities

- Regional network

The Mission to Seafarers’ regional network is made up of nine regions:

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT

The Regional Directors of four of these regions, Europe, East Asia, Middle East & South Asia and Latin America, are directly managed by the Secretary General and so are responsible to the Mission trustees. The remainin g five are made up of independent Mission charities with their own governing councils (except for the USA, where size does not justify). They work closely with the Mission and co-operate on matters of welfare provision and communications. They are responsible for their own financial affairs and statements. These regions provide a dynamic and responsive welfare service for seafarers, working in partnership with the four Mission regions. In 2021 the Mission continued to provide grant-funding to all independent regions to support regional development.

Through the regional network, the Mission was able to give support and advice at around 150 ports through the independently run Mission to Seafarers’ charities and organisations as part of the global Mission family. Parttime honorary chaplains appointed by the Mission also provided support for seafarers and were a point of contact for emergencies. The role of the honorary chaplain varies with the port and country in which the chaplain is located, but it is a key voluntary support system, which taps into local maritime knowledge and skills.

– Global network

The Mission to Seafarers welfare services to seafarers in the regions detailed above were provided through directly salaried, or grant-funded, port-based chaplaincy and/or ship visitor teams in the following areas, with ‘memoranda of understanding’ in place at all key locations:

Directly Grant Funded and Grant funded, managed
Port/Area employed by the directly managed by the by independent
Mission Mission organisations/regions
Antwerp, Belgium �
Aqaba, Jordan �
Bahrain Port �
Baltimore, USA �
Bangkok, Thailand �
Belfast, N Ireland �
Buenos Aires, Argentina �
Busan, South Korea �
Costa Rica �
Colombo, Sri Lanka �
Dubai, United Arab Emirates �
Dunkirk, France �
Felixstowe, UK �
Hong Kong, China �
Humber, UK �
Israel �
Izmir, Turkey �
JNPT, India �
Liberia �
Limassol, Cyprus �
Lyttelton, New Zealand �
Milford Haven, UK �
Mombasa, Kenya �
Nelson, New Zealand �
Panama �
Port Stanley, Falklands �
Richards Bay,SA
Rotterdam, The Netherlands �
Rouen, France �
Said & Suez ports, Egypt �
Scottish Ports, UK �
Seattle, USA �
Southampton, UK �
South Wales ports, UK �
Suape, Brazil �
Tuticorin, India �
Yokohama, Japan �

21

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT

- Branches

In addition to, and in conjunction with chaplaincy services, charitable activities were carried out by the Mission’s 14 (2020: 14) branches, the majority of which provide centre-based facilities. They were directly controlled by the Mission through local employees and the excellent and committed work of local volunteer committees, governed by Branch Constitutions. The branches employ 8 (2020: 8) staff paid from IHQ and 8 (2020: 15) staff employed locally, excluding their six chaplains who are included in the table above. Their financial results are consolidated into the Financial Statements set out on pages 28 to 31 of this report and they operate in the following locations;

Aqaba, Jordan Belfast, UK Dubai, United Arab Emirates, UK Falmouth, UK Fowey, UK Humber Ports, UK Newport, UK Panama, Latin America Port Talbot, UK South Shields, UK South Wales ports, (Welsh Council), UK Tees (North), UK Tees (South), UK Bangkok, Thailand

A branch of the Mission was also registered in the Philippines in 2021 but due to the impact of the Covid-19 pandemic, it has not yet formally commenced operations.

The Mission to Seafarers’ group includes the following companies, which are classified as subsidiaries. Their financial results are consolidated into these accounts and they are wholly controlled by the Mission;

The subsidiaries employ no staff (although a total of 4 staff were employed until November 2021 when the operations in Dunkirk ceased) (2020: 4) with none (3 until November 2021) (2020: 3) directly providing welfare and services to seafarers including centres, ship visiting and transportation. Please see Note 2 for further information about the above subsidiaries and their 2021 results.

The Regional Directors of four of these regions, Europe, East Asia, Middle East & South Asia and Latin America, are directly managed by the Secretary General and so are responsible to the Mission trustees.

The remaining five are made up of independent Mission charities with their own governing councils (except for the USA, where size does not justify). They work closely with the Mission and co-operate on matters of welfare provision and communications. They are responsible for their own financial affairs and statements. These regions provide a dynamic and responsive welfare service for seafarers, working in partnership with the four Mission regions. In 2021 the Mission continued to provide grant-funding to all independent regions to support regional development.

Through the regional network, the Mission was able to give support and advice at around 150 ports through the independently run Mission to Seafarers’ charities and organisations as part of the global Mission family. Parttime honorary chaplains appointed by the Mission also provided support for seafarers and were a point of contact for emergencies. The role of the honorary chaplain varies with the port and country in which the chaplain is located, but it is a key voluntary support system, which taps into local maritime knowledge and skills.

22

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT

- Ecumenical

Many of the global family of charities, seafarers’ centres and organisations work in partnership through local ecumenical networks, and in some cases co-owned property, via their membership of ICMA. In the UK, the Mission participates in Ecumenical centres where it is a joint trustee and directly involved in their management although plans are progressing to transfer those centres to the Queen Victoria Seaman’s Rest during 2022. Further information is provided in note 23.

Remuneration

We recognise that we are accountable to our donors, supporters and beneficiaries and we are committed to ensuring maximum value in the use of resources. We also take our duty to provide a high quality and effective service very seriously. It is dependent upon our ability to attract and retain suitably qualified employees with the right knowledge, skills and experience.

The Remuneration Committee, which consists of three trustees and one external member, has delegated responsibility from the Board to provide governance oversight on the principles and policies for setting pay and benefits within the charity. The Committee conducts an annual salary review based on forecast charity pay awards which are linked to the Retail Price Index (RPI), the Consumer Prices Index (CPI) and Average Weekly Earnings (AWE). Any inflationary awards or salary adjustments are subject to affordability.

All job descriptions are evaluated based on The Mission to Seafarers’ Job Factor Framework, which consists of seven agreed organisation-wide criteria, to establish the grade of the role based on the job size, complexity and level of responsibility. The salaries of chaplaincy staff employed from IHQ are set with reference to the Church of England National Stipend Benchmark.

Lay staff salaries within the UK are benchmarked against the Croner Charity Rewards annual survey. Locally employed chaplains and lay staff are paid a fair wage based on local levels. The Remuneration Committee has adopted a policy of paying median salaries compared to charities of a similar size and nature, to ensure competitiveness. The Committee approved a policy of paying all staff above the Real Living Wage which was implemented from 2015. The Committee is also responsible for setting the salary of the Secretary General. Accordingly, the trustees consider that the remuneration policy of the charity is fair and transparent.

Public Benefit

The activities, achievements and plans relating to the Mission’s work are detailed in pages 2 to 16 of this report and the trustees confirm that they are carried out, in line with its charitable object and objectives, for the benefit of the public. They further confirm that the impact of our work on service users is a key criterion when deciding what activities to undertake and how best to achieve our mission. The Mission to Seafarers’ trustees therefore confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

23

THE MISSION TO SEAFARERS TRUSTEES, ANNUAL REPORT AND ACCOUNTS 2021 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees Iwho a￿ also d1￿CtorS of The Mission to Seafarers for the purposes of company law} are responsible for preparing the Trustees, Annual Report including the Strategic Reportl and the financial statements in accordance wth applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accountsng Practice). Company law requires the trustees to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom A￿0lbntin9 Standards and applicable lawl. Under company law the directors must not approve the finan¢i31 statements unless they are satisfied that they give a true and fair view of the stale of affair5 of the charitable company and of the incoming resources and applscalion of resources, including the income and expenditure, of the charrtable company for that period. In preparing these financial statements, the Iruslees are required to: select suitable accounting poI￿leS and then apply them consistentty., observe the methods and principles in the Charth"es SORP FRS102120191', make judgements and accounbng esb"mes that are ￿aSonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject lo any matenal departures disclosed and explained in the finallfjial slements'. prepare the finanaal statements on the going concern basis unless it is inappropriate to presume that the chaTrtable company ￿111 continue in operatson. The trustees are respM)nsible for keeping adequate accounting re¢ortls that are sufficient to show and explain the charitable company's transactions and disclose wrth reasonable ac¢ura¢y at any time the financial position of the group and charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsib￿ for safeguarding the assets of the Chantable company and hence for taking reasonable steps for the prevention and dete¢tion of fraud and other irregularities. The trustees are responsible for the Maintenan￿ and integrity of the corporate and financial information included on the charitable company's websrte. Legislation In the United Kingdom governing the p￿paratiOn and dissemination of financial ststements may differ from legislat￿n in other jurisdKb"ons. In so far as the trustees are avore.. there is no relevant audrt information of vthich the chanlable company's auditor is unaware". and the Iruslees have tsken all steps that they ought to have taken to make themselve5 aware of any relevant audrt Infomialion and to establish that the auditor Is aware of that infomation. Approved and authoftsed for issue by the Board on 1510912022 and signed on tts behalf by.. Thomas Boardley Chaimian of the Board Director CLAIRL 5tsJ£tsDofvJ 24

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE MISSION TO SEAFARERS

Opinion

We have audited the financial statements of The Mission to Seafarers (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise of the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheet, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the group financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

25

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE MISSION TO SEAFARERS

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and report in accordance with those Acts

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Charitable Group and the sector in which it operates and considered the risk of the Charitable Group not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, and tax legislation. In relation to the operations of the Charitable Group this included compliance with the Charities Act and SORP 2019, GDPR, employment law, safeguarding and health & safety.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, enquiries of management and officers of the Charitable Group and a review of the risk management processes and procedures in place. We have also reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission.

26

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE MISSION TO SEAFARERS

Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk.

We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates, including treatment of legacies and grant income, and the valuation of investments.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-ofthe-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report..

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

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the parent charitable company’s trustees, as a body, in accordance with the act. Our audit work has been undertaken so that we might state to the parent charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body and the parent charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Helena Wilkinson BSc FCA DChA (Senior Statutory Auditor)

For and on behalf of

Price Bailey LLP

Chartered Accountants

Statutory Auditors

3rd Floor,

24 Old Bond St,

Mayfair,

London

W1S 4AP

Date: 27 September 2022

27

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT AT 31 DECEMBER 2021

Notes
Unrestricted
Funds
£’000
Restricted
Funds
£’000
Total
2021
£’000
Income:
Donations and legacies
3
6,663
585
7,248
Charitable activities
(Provision of services to
seafarers)
4
327
-
327
Other trading activities
(Commercial Trading)
5
239
-
239
Investments
6
712
-
712
Other
7
81
-
81
Total income
8,022
585
8,607
Expenditure:
Raising Funds
(commercial trading and
Fund raising activities)
802
-
802
Charitable activities
(Provision of services to
seafarers)
3,493
762
4,255
Total
Expenditure
8
4,295
762
5,057
Net income/(expenditure)
from operational activities
for the year
3,727
(177)
3,550
Net gains on investments
3,383
-
3,383
Net income for the
year
7,110
(177)
6,933
Transfers between funds
20
35
(35)
-
Other recognised
(losses)
Foreign Exchange
(losses)
(36)
-
(36)
Net Movement in Funds
7,109
(212)
6,897
Reconciliation of Funds
Total funds brought forward
35,825
1,134
36,959
Total Funds Carried
Forward
21
42,934
922
43,856		 Unrestricted
Funds
£’000
Restricted
Funds
£’000
3,042
1,434
270
-
192
-
708
-
157
-
4,369
1,434
841
-
3,494
883
4,335
883
34
551
959
-
993
551
42
(42)
(13)
-
1,022
509
34,803
625
35,825
1,134		 Total
2020
£’000
4,476
270
192
708
157
5,803
841
4,377
5,218
585
959
1,544

-

(13)

1,531

35,428

36,959

All activities are continuing except for the Dunkirk War Memorial Trust which ceased operations in France on 30 November 2021 (see Note 2.1). Notes 1 to 32 form part of these Financial Statements.

28

THE MISSION TO SEAFARERS TRUSTEES, ANNUAL REPORT AND Accoupifs 2021 CONSOLIDATED BALANCE SHEET AT 31 DECEklBER 2021 Company Nurn￿r 6220240 Notos Unrestricted Funds £'ooo Restricted Fund3 £'ooo 60 Total 2021 £'ooo 94 Total 2020 £OLK+ Intangible Fixed Assets Fixad Assets Tangible assets Investments 16 16 17 3.885 29.849 426 4,311 29.849 4, 769 23,209 Total fixed assets 33,768 486 34.2S4 27,981 Current Assets Stocks Debtors Investments- short tem) deposits Cash at bank and in hand 14 830 7,199 1.500 14 830 7.199 1.936 18 597 7,299 7,493 18 436 Totsl current assots 9,543 436 9.979 9.407 Llabilitie5 Creditors falling due wthin one year 19 361 361 390 Net curr•nt assets 9,182 436 9.618 9,017 Nèt assets excluding ￿nsIon liability Defirt￿ benefit ponsion scheme 15 42,950 922 43,872 36,998 16 16 39 Total ￿t assots 42.934 922 43,856 36.959 Charity Funds Unrestri¢led general Unrestricted designated Restn"cled income funds 21 21 20 26.339 16.595 26.339 16,S9S 922 23.082 12, 743 1, 134 922 Total Charity Funds 42,934 922 43,856 36,959 Approved and auth0ri5ed for issue by thè Board on 15 September 2022. Signed on its behalf by.. Thomas Boardl¢y Chairnian of thè Board Dlrector Notes 1 to 32 forni part of these Financk41 Statements. LAikL STrJEf)tyoNJ 29

THE MISSION TO SEAFARERS TRUSTEES, ANNUAL REPORT AND ACCOUNTS 2021 COMPANY BALANCE SHEET AT 31 DECEMBER 2021 Company Number 6220240 Notes Unrestrict8d Funds £'ooo Restricted Fund$ £'ooo 60 Total 2021 £'ooo Total 2020 £000 Intangible Fixed Assets Fixed Assets Tangible assets Investments 16 16 17 3,885 29.735 426 4.311 29.735 4.563 23.110 Total fixed assets 33.654 486 34.140 27,673 Current Assets Sto¢ks 13 13 10 Debtors Investments- short term deposrts Cash at bank and in hand 18 1,198 7,199 1,073 1,198 7.199 1,$09 901 7,299 1,300 436 Total current assets 9,483 436 9.919 9,570 Liabilities Creditors falling due wrthin one year 19 330 330 350 Net current assets 9.153 436 9.589 9.160 Net assèts excluding pension liability Defined benefit pension scheme liability 42,807 43,729 36,833 16 16 39 Total net assets 42.791 922 43.713 36.794 Charity Funds Llnreslricted general 26.339 26,339 23.082 Unrestricted designated Restricted income funds 16.452 16.452 922 12,578 1. 134 20 922 Total Charity Funds 42,791 922 43,713 36,794 Approved and 8Uthonsed for issue by the Board on 1510912022. Signed on its beharf by". Thomas Boardley Chairman of the Board Dirèctor Notes 1 to 32 form part of these Finart¢ial state￿nIs. 30

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 CONSOLIDATED STATEMENT OF CASH FLOWS AT 31 DECEMBER 2021 Company Number 6220240

Notes
Cash flows from operating activities:
Net cash used in operating activities
28
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from the sale of assets
Purchase of assets
Purchase of investments
Proceeds from sale of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting
period
Change in cash and cash equivalents due to exchange rate
movements
Cash and cash equivalents at the end of the reporting period		 2021
£’000
2,580
712
477
(133)
(3,257)
-
(2,201)
379
8,792
(36)
9,135		 2020
£’000
(41)
708
418
(114)
-
5,000
6,012
5,971
2,834
(13)
8,792

Notes 1 to 32 form part of these Financial Statements.

31

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

The Mission to Seafarers (the Mission) a company limited by guarantee (No. 6220240) and a charity (No. 1123613) both registered in England and Wales. The registered address is First Floor, 6 Bath Place, Rivington Street, London EC2A 3JE.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the Financial Statements are shown below and the presentational currency of the financial statements is Sterling.

1.1 Basis of preparation

The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) - (SORP (FRS102)) and the Companies Act 2006 .

The Mission to Seafarers meets the definition of a public benefit entity under FRS102. The Financial Statements have been prepared in sterling and rounded to the nearest thousand pounds under the historical cost convention (modified to present investments at market value) and in accordance with applicable UK accounting standards.

1.2 Going concern

At the balance sheet date the trustees consider that there are no material uncertainties about the Mission’s ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimating legacy income and pension liability. With regard to 2022, the most significant area of uncertainty for the Mission is the level of donation income which needs to be raised each and every year, especially as the impact of Covid-19 is ongoing. However, the trustees feel that the level of reserves provides resilience and that, together with the current amount of cash in hand plus plans to closely monitor and review budgets, there are no material uncertainties that the Mission can continue as a going concern.

This opinion has been reviewed post the balance sheet date as the war in Ukraine in the Spring of 2022 has impacted on global stock markets and has seen the value of the Mission’s investments decrease by around £2 million. However, the trustees feel that the level of reserves provides resilience and that, together with the current amount of cash in hand (£5 million), there are no material uncertainties that the Mission can continue as a going concern.

1.3 Group Financial Statements

The Financial Statements consolidate the results of the charity and its wholly owned subsidiaries detailed in note 2 on a line-by-line basis and by eliminating intra-group transactions. No separate Statement of Financial Activities has been presented for the Company alone, as permitted by section 408 of the Companies Act 2006 . A summary company ‘Statement of Financial Activities’ (SoFA) can be found at note 31. The Company’s Balance Sheet on page 30 includes the assets and liabilities of the branches detailed on pages 20 and 21.

1.4 Fund accounting

Unrestricted funds are available to spend on activities that further any of the charitable objectives of the Mission.

Designated funds are unrestricted funds which the trustees have decided at their discretion to set aside to use for specific purposes. The aim and purpose of each designated fund is set out in note 21.

Restricted Funds represent capital grants received together with donations for specific purposes. Restricted funds may only be used to fulfil the donor’s restriction which must also further the charitable activities of the Mission. Details of restricted funds are set out in note 20. Transfers to unrestricted funds represent the release for the year of these grants or donations. For capital grants, a transfer is made to unrestricted funds over the estimated useful lives of the assets to which they relate, matching depreciation charged to the unrestricted funds.

32

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

1.5 Income

The value of all income is recorded in the Statement of Financial Activities (SoFA) as soon as the Mission is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. Where income has related expenditure, the income and expenditure are reported gross in the SoFA.

Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the Mission is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year end are accounted for in income and accrued in debtors.

Legacies are recognised at the earlier of actual receipt or on receipt of Estate accounts which confirm the Mission’s entitlement to receive the gifts, the probability of receipt and provide an accurate measure of the legacy. If the legacy is in the form of an asset other than cash or an asset listed on a recognised stock exchange, recognition is subject to the value of the asset being able to be reliably measured and title to the asset has passed to the Mission.

The Mission maintains a legacy pipeline system which, in addition to accrued legacies, includes further estimated legacies of which the Mission is aware but which do not meet the above criteria and are therefore not included within these accounts. The estimated value of those legacies in the pipeline is £23,000 (2020: £33,000).

Event income received in advance for a future fundraising event or a grant received relating to the following year are deferred until the criteria for income recognition are met.

Interest on deposit funds and dividends on investments are recognised when the amounts can be measured reliably which is normally upon notification of the amount paid or payable by the bank or when the dividend yield has been notified by our investment advisors.

Sponsorship from events, fundraising and events registration fees are recognised in income when the event takes place.

Trading income, including primary purpose sales to seafarers, is recognised at the point of sale.

1.6 Expenditure and irrecoverable VAT

Expenditure is accounted for on an accruals basis and is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Operating lease costs are charged on a straight line basis over the lease term.

Irrecoverable VAT is charged to support costs which are then reallocated to the headings on the SoFA. See note 8 for a further analysis of expenditure.

Charitable expenditure comprises expenditure directly relating to the objects of The Mission to Seafarers. It includes:

Support costs such as irrecoverable VAT, depreciation and governance costs (including secretarial and administrative support from the Mission’s International Headquarters) are allocated to Charitable Activities and Costs of Raising Funds on the basis of head count at International Headquarters. (See note 9)

33

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

Governance costs comprise amounts related to constitutional and statutory requirements and include Staff costs, audit fees, professional fees and trustees’ expenses.

1.7 Donated services

Donated services or facilities are recognised when the Mission has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably.

1.8 Volunteers

Volunteers make a valuable contribution to the charitable activities of the charity. With approximately 200 volunteers working in centres, transporting seafarers and ship visiting, they complement and enhance the work of our chaplains and staff in serving seafarers. No financial value is included in these accounts as it is impossible to measure but their priceless contribution to the Mission is further referred to throughout in the Trustees’ Annual Report and Accounts and specifically in ‘Our Mission’ on page 2.

1.9 Fixed assets

Intangible fixed assets are non-monetary assets which will be amortised on a straight-line basis over the useful life of the asset.

Intangible and Tangible fixed assets are stated in the Balance Sheet at historical cost less amortisation/depreciation. Assets with a cost of less than £1,000 are written off in the year of purchase.

Depreciation is provided on a straight line basis over the anticipated useful life of fixed assets as follows:

The trustees have carried out and will continue to carry out annual reviews of impairment for land and property. An asset will be considered impaired if the deemed value in use or the net realisable value is lower than the carrying value. Its carrying value will be written down to the deemed impaired value. For impaired assets, evidence of increased value up to a maximum of the historic cost will be recognised in the accounts.

1.10 Revaluation of tangible fixed assets

The Mission has not adopted the revaluation model for freehold property and those assets are recognised at the lower of their historical cost or impaired value.

1.11 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the bid-market rate, as reported by the investment managers. The trustees confirm that the difference in the value of investments between their valuation policy and the closing market valuation required by SORP (FRS102) is immaterial. Net gains and losses on revaluation and disposals throughout the year are shown in the SoFA.

The Mission does not acquire put options, derivatives or other complex instruments.

All gains and losses are taken to the SoFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the 1 January. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the SoFA.

34

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

1.11 Investments continued

The main form of financial risk faced by the Mission is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors.

1.12 Stocks

Stocks are valued at the lower of cost and net realisable value.

1.13 Debtors

Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

1.14 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.15 Creditors

Creditors are recognised where the Mission has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

1.16 Concessionary loan

The Mission has taken advantage of section 34 of FRS (102) to recognise the loans to its trading subsidiaries as concessionary loans as the subsidiaries and the Mission form a public benefit entity group. The loans are recognised and measured at the amount paid. The carrying amount will be adjusted to reflect any repayments or any accrued interest and adjusted if necessary for any impairment. Note 18 details all concessionary loans.

1.17 Financial instruments

The Mission only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Fixed assets are recorded at depreciated historical cost and investments are recorded at fair value, being the closing bid price. All other assets and liabilities are recorded at cost which is their fair value. Investments are also recorded at fair value and note 17 details all unrealised gains and losses.

1.18 Pension costs

All employees are entitled to join a pension scheme. The Mission to Seafarers makes contributions to defined benefit and defined contribution ‘money purchase’ schemes. The defined benefit schemes are two Church of England multi-employer pension schemes, as described in Section 28 of FRS102, and are now only open to ordained chaplains. Although it is not possible to separately identify the assets and liabilities of the schemes attributable to the Mission a recovery plan with agreed deficit recovery payments has been put in place. Details of the Mission’s liability for both schemes of £16,000 (2020: £39,000) are given in note 15.

The money purchase plan is managed by Royal London (formerly Scottish Life) and the plan invests the contributions made by the employee and employer in an investment fund to build up over the term of the plan. The fund is then converted into a pension upon the employee’s chosen retirement age. The Mission has no liability beyond making its contributions and the deductions for the employee’s contributions.

1.18 Pension costs continued

Following the implementation of The Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010, The Mission to Seafarers commenced auto-enrolment from 1 March 2015, deferred to 1 June 2015 using NOW. However, following the April 2019 increase of the employee’s minimum contribution to 5%, this scheme was closed and staff were eligible to join the Royal London scheme.

35

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

1.19 Foreign currency translation

With the exception of investments, transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Foreign currency investment transactions are recorded at an average rate. For overseas branches and subsidiaries, income and expenditure is recorded at an average rate for the year. Monetary assets and liabilities are shown in the balance sheet at the sterling rate ruling at the balance sheet date.

Exchange gains and losses are recognised in the Statement of Financial Activities.

1.20 Taxation

The Mission to Seafarers is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Mission is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 , to the extent that such income or gains are applied exclusively to charitable purposes.

1.21 Judgements and key sources of estimation uncertainty

No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies.

The trustees make estimates and assumptions concerning the future based on their knowledge of the Mission and the environment in which it operates. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual outcome.

2. SUBSIDIARY AND CONNECTED UNDERTAKINGS

2.1 The Dunkirk War Memorial Trust Ltd Company No. 185130, Charity No. 236806

The Dunkirk War Memorial Trust Limited (DWMT) was set up in 1922 as a charity to provide premises and facilities for the use of seafarers within the port of Dunkirk, France. DWMT is effectively controlled by virtue of the directors being former trustees or are senior employees of The Mission to Seafarers. On 30 November 2021 operations in Dunkirk were closed as they were no longer economically viable.

Donations
Other trading
Investment Income
Charitable activities
Other income
Total Income
Raising funds
Charitable activities
Total Expenditure

Net expenditure
Net gain on investments
Foreign exchange gain
Net Loss Retained in Subsidiary		 2021
£’000
51
-
3
102
69
225
(3)
(246)
(249)
(24)
14
(16)
(26)		 2020
£’000
50
-
3
103
-
156
(7)
(221)
(228)
(72)
6
4
(62)

36

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

2.2 Flying Angel Marketing Enterprises Ltd (FAME) Company No. 00933115

The Mission to Seafarers owns the whole of the issued share capital of FAME. One trustee and a current director of the Mission sit on the board of FAME but receive no remuneration for doing so.

FAME is a retailer and distributor of Christmas cards and novelties and is party to any commercial agreement that is not considered a charitable activity of The Mission to Seafarers. Any taxable profit from trading is gifted to The Mission to Seafarers.

Turnover
Cost of Sales
Gross Profit
Administration
Donation to The Mission to Seafarers
Net Gain Retained in Subsidiary		 2021
£’000
2
-
2
(2)
-
-		 2020
£’000
3
-
3
(2)
(1)
-

2.3 The Flying Angel Belfast Ltd Company No. NI605252

The Flying Angel Belfast Ltd was set up to operate catering services in The Mission to Seafarers’ Belfast premises. All the shares in this company are owned by The Mission to Seafarers. Any taxable profit is gifted to The Mission to Seafarers.

Turnover
Cost of sales
Gross Profit
Administration
Donation to The Mission to Seafarers
Net Gain Retained in Subsidiary		 2021
£’000
4
(3)		 2020
£’000
5
(3)
1 2
(1)
-		 (2)
-
- -

2.4 The Mission to Seafarers Scotland Ltd Company No. SC389483, Charity No. SCO41938

The Mission to Seafarers Scotland Ltd was set up as a company limited by guarantee and a registered charity in Scotland to raise funds and deliver services to seafarers and their families in Scotland. The Mission to Seafarers is the sole member

Donations
Charitable activities
Other trading
Total Income
Raising Funds
Charitable activities
Total Expenditure
Net Gain Retained in Subsidiary		 2021
£’000
134
24
-
158
(1)
(153)
(154)
4		 2020
£’000
87
23
-
110
(4)
(106)
(110)
-

37

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

2.5 The Mission to Seafarers Trust Corporation Ltd (MTSTC) Company No. 38498

MTSTC holds real property and investments as custodian trustee on behalf of The Mission to Seafarers. It has no transactions on its own account. All the shares are owned by the Mission.

3. DONATIONS AND LEGACY INCOME

Unrestricted
Funds
£’000
Restricted
Funds
£’000
General donations
1,462
8
Legacies
4,728
-
General grants
382
577
Vote 4_(Pension note 15)_
91
-
Total
6,663
585		 Unrestricted
Funds
£’000
Restricted
Funds
£’000
General donations
1,462
8
Legacies
4,728
-
General grants
382
577
Vote 4_(Pension note 15)_
91
-
Total
6,663
585		 2021
£’000
Total
1,470
4,728
959
91
7,248		 Unrestricted
Funds
£’000
Restricted
Funds
£’000
1,719
419
1,197
-
-
1,015
126
-
3,042
1,434		 2020
£’000
Total
2,138
1,197
1,015
126
4,476
585

4. CHARITABLE ACTIVITIES INCOME

here was no restricted charitable activity income in 2021 or 2020.
. TRADING ACTIVITIES INCOME
Provision of services to seafarers
Total
Trading activities
Fundraising events
Property rental
Total		 2021
£’000
327
327
2021
£’000
105
84
50
239		 2020
£’000
270
270
2020
£’000
140
10
42
192

There was no restricted charitable activity income in 2021 or 2020.

5. TRADING ACTIVITIES INCOME

There was no restricted trading activity income in 2021 or 2020.

Rental Income represents monies received from properties held as fixed assets that are not fully occupied for The Mission to Seafarers’ own activities and are let out in furtherance of our charitable activities or because they are temporarily surplus to operational requirements.

6. INVESTMENT INCOME

Listed investments:
Dividends – equities
Bank deposit interest
Total		 2021
£’000

709
3
712		 2020
£’000
694
14
708

There was no restricted investment income in 2021 or 2020. Income from unlisted investments is shown gross, including tax reclaimable.

38

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

7. OTHER INCOME

Surplus on disposal of properties
Surplus on disposal of other assets
Other
Total		 2021
£’000
2020
£’000
63
149
17
7
1
1
81
157

There was no restricted other income in 2021 or 2020.

8. ANALYSIS OF EXPENDITURE

Raising Funds:
Appeals and events
Commercial trading; sale of
Christmas cards and catering
Promotional materials and media
Total Raising Funds
Charitable activities:
Port based welfare services
Ship visiting and ministry to
seafarers
Transport for seafarers and
ship visiting
Branch and centre operations
Grants to support ministry
around the world (see note 10)
_the Sea_publication for
seafarers
Advocacy, welfare and
emergency response
Digital welfare and support
Programmes for the wellbeing
of seafarers and their families
Total Charitable Activities
TOTAL EXPENDITURE		 Direct
Costs
£’000
494
6
59
559
1,181
182
760
972
13
289
133
112
3,642
4,201		 Support
£’000
217
1
25
243
205
27
119
175
2
39
25
21
613
856		 Total
2021
£’000
711
7
84
802
1,386
209
879
1,147
15
328
158
133
4,255
5,057		 Direct
Costs
£’000
519
12
55
586
1,405
132
771
904
24
301
82
125
3,744
4,330		 Support
£’000
231
1
23
255
247
23
118
163
4
40
15
23
633
888		 Total
2020
£’000
750
13
78
841
1,652
155
889
1,067
28
341
97
148
4,377
5,218

Analysis by department 2021:

Staff Costs (note 11)
All other costs
Total
expenditure		 Advocacy/
Ministry
£’000
Comms
£’000
Regions
£’000
Fund
Raising
£’000
Support
£’000
Total
2021
£’000
354
52
1,128
325
427
2,286
396
131
1,636
179
429
2,771
750
183
2,764
504
856
5,057

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

Analysis by department 2020:

Staff Costs (note 11)
All other costs
Total expenditure		 Advocacy/
Ministry
£’000
Comms
£’000
Regions
£’000
Fund
Raising
£’000
Support
£’000
Total
2020
£’000
346
33
1,264
304
438
2,385
517
137
1,447
282
450
2,833
863
170
2,711
586
888
5,218

9. ANALYSIS OF SUPPORT COSTS

Support costs not directly attributable to the headings on the Statement of Financial Activities are reallocated on the basis of headcount at the Mission’s International Headquarters as follows;

2021
Basis of
apportionment
Cost of
Charitable
activities
Headcount at
IHQ
Raising
funds
Headcount at
IHQ
Support costs total
2020
Basis of
apportionment
Cost of
Charitable
activities
Headcount at
IHQ
Raising
funds
Headcount at
IHQ
Support costs total		 Management
& admin
£’000
Finance
£’000
278
178
117
58
395
236
Management
& admin
£’000
Finance
£’000
235
156
98
58
333
214		 HR
£’000
46
20		 IT
£’000
Property
£’000
37
52
16
22
53
74
IT
£’000
Property
£’000
52
43
23
19
75
62		 Governance
£’000
22
10		 2021
Total
£’000
613
243
66 32 856
HR
£’000
69
30		 Governance
£’000
77
28		 2020
Total
£’000
632
256
888
99 105

Audit fees included in governance costs for the group amount to £24,600 (2020: £23,800) and there were no other fees in respect of non-audit services (2020: none).

Depreciation costs total £44,000 (2020: £104,000). Operating lease payments total £24,200 (buildings £22,100 and other £2,100), (2020: total £40,200; buildings £37,500 and other £2,700).

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

10. MINISTRY AND PROJECT GRANTS

Grant recipient Port/Country 2021 2020
£’000 £’000
The Mission to Seafarers Africa Region Africa region 92 158
Asociacion de la Iglesia Anglicana Buenos Aires, Argentina 31 26
The Australian Council of The Mission to Seafarers Australia 70 70
The Mission to Seafarers Geraldton Geraldton, Australia 11 -
The Mission to Seafarers Townsville Townsville, Australia 17 -
The Mission to Seafarers Portland Portland, Australia 5 -
The Diocese of Cyprus &The Gulf Bahrain 22 20
Ordem de Sao Patricio Belem, Brazil - 23
Province of Alexandria for the Anglican Church Egypt, Ports Said & 6 -
Suez
The Anglican Diocese of Recife Suape, Brazil 20 30
The Mission to Seafarers Canada Canada region 20 22
Church Misson Society Israel 7 -
The Mission to Seafarers Southern Ontario Ontario, Canada - 10
The Mission to Seafarers Colombo Colombo, Sri Lanka 23 20
The Episcopal Church of Costa Rica Costa Rica 2 1
The Mission to Seafarers Africa Region Liberia 2 -
The Diocese of Cyrus and The Gulf Limassol, Cyprus 37 36
Lighthouse Seamen’s Mission Falklands 3 3
Assn Rouennaise Amis Des Marins Rouen, France 6 21
Bombay Diocesan Council JNPT, India 22 22
Tuticorin Nazareth Diocesan Trust Tuticorin, India 73 57
The Mission to Seafarers Dublin Ireland - 8
The Mission to Seafarers Kobe Yokohama,Japan 45 -
The Mission to Seafarers Mombasa Mombasa, Kenya 15 5
The Mission to Seafarers Yangon Yangon, Myanmar 18 -
The Mission to Seafarers Walvis Bay Walvis Bay, Namibia 44 -
Stichting Zeemanshuis Flying Angel Rotterdam, Netherlands 15 30
Stitching Vrienden Van MtS Vlissingen Vlissingen, Netherlands - 31
The Mission to Seafarers Lagos Nigeria - 15
The Mission to Seafarers Oceania Council Oceania region 39 156
The Mission to Seafarers Oceania Council Lyttelton, NZ 27 -
The Mission to Seafarers Oceania Council Napier, NZ 34 -
The Mission to Seafarers Oceania Council Nelson, NZ 10 -
The Mission to Seafarers Oceania Council Solomon Islands 41 -
Homer Foundation Inc Philippines 37 -
The Mission to Seafarers Cape Town Cape Town, South 8 -
Africa
The Mission to Seafarers Durban Durban, South Africa 18 -
The Mission to Seafarers Africa Region Richards Bay, South 7 -
Africa
Daehan Sungkunghoe Yuji Jaeden Busan, South Korea 60 60
The Diocese in Europe Izmir, Turkey 10 10
Felixstowe and Haven Ports Seafarers Service Felixstowe, UK - 1
Humber Seafarers Service Humber, UK - 2

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

Queen Victoria Seamens Rest
London,UK
Port of Bristol Seafarers Centre
Portbury, UK
The Seaham Seafarers Centre
Seaham, UK
The Mission to Seafarers Dubai
UAE
The Mission to Seafarers Seattle
USA
North American Maritime Ministry Association
USA
Baltimore International Seafarers Centre
USA
Total		 10
-
-
9
-
4
43
3
7
36
5
5
10
10
972
904

The Mission to Seafarers makes grants to maritime organisations whose work will fulfill our charitable objectives. Grants are to support direct maritime ministry, the development of maritime ministry or seafarer welfare projects. Amounts are agreed annually and the terms and amounts will be set out in a Memorandum of Understanding (MoU). Funded organisations are required to report to The Mission to Seafarers annually to ensure that the terms of the MoU have been met.

11. STAFF COSTS

Staff costs 2021:

Staff costs 2021:
Staff costs 2020:
Wages and salaries
Social security costs
Other pension costs
Other Staff costs
Total
Average head count
Full time equivalent
Wages and salaries
Social security costs
Other pension costs
Other Staff costs
Total
Average head count
Full time equivalent		 Charitable
Activities
£’000
1,057
131
106
224
1,518
38
31
Charitable
Activities
£’000
1,049
119
84
382
1,634
46
36		 Raising
Funds
£’000
273
31
19
18
341
6
6
Raising
Funds
£’000
259
29
18
7
313
6
6		 Support
£’000
308
35
22
62
427
9
9
Support
£’000
299
33
25
81
438
9
9		 Total
2021
£’000
1,638
197
147
304
2,286
53
46
Total
2020
£’000
1,607
181
127
470
2,385
61
51

Other staff costs include recruitment, compensation for loss of office, training, welfare of overseas employees, temporary staff and travel related costs. Redundancy costs of £12,000 were made in 2021 (2020: £5,500).

Employees with remuneration (excluding benefits in kind) in excess of £60,000:

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

12. KEY MANAGEMENT PERSONNEL REMUNERATION AND BENEFITS

The 2021 Senior Management Team comprised the Secretary General, the Director of Development, the Director of Finance, the Director of Human Resources & Administration and the Director of Advocacy and Regional Engagement.

The team’s total remuneration and benefits package consisted of salary, pension contributions, health insurance and the tax thereon.

Total salary paid to Senior Management Team
Total of other benefits
Employer social security costs on salary and benefits
Total		 2021
£’000
370
43
48
461		 2020
£’000
356
44
46
446

13. TRANSACTIONS WITH TRUSTEES

No trustee (2020: none) received remuneration during the current year.

During the year £537 of expenses (2020: none) were reimbursed directly to four trustees (2020: no trustees) and £776 (2020: £1,341) was paid to third parties for subsistence to attend meetings of and on behalf of The Mission to Seafarers and for trustee training. £65 was spent on a trustee leaving gift (2020: £nil). The total amount paid was £1,378 (2020: £1,341).

14. RELATED PARTY TRANSACTIONS

During the year there was one payment to a related party (2020: 1). A £7,500 membership fee was paid to ICMA where the Secretary General Andrew Wright is a trustee (2020: a £7,500 membership fee was paid to ICMA where the Secretary General Andrew Wright was a trustee). There were no other related party transactions and no outstanding balances (2020: none) due at 31 December.

15. PENSIONS

15.1 Defined Benefit Schemes

The Mission to Seafarers participates in two of the Church of England’s Defined Benefits Schemes administered by the Church of England Pensions Board. These are;

The assets of both schemes are held separately from those of The Mission to Seafarers. The Church of England Pensions Board has stated that it is unable to identify the Mission’s share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other entities participating in the schemes.

The Mission to Seafarers has treated these schemes as multi-employer schemes as described in Section 28 of FRS102. This means that contributions are accounted for as if the Schemes were defined contribution schemes. Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends. The legal structure of the scheme is such that if another Responsible Body fails, The Mission to Seafarers could become responsible for paying a share of that Responsible Body’s pension liabilities.

The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in the year, plus any impact of deficit contributions.

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

15.2 CEFPS

A valuation of the CEFPS was carried out as at 31 December 2018 and the results revealed a shortfall of assets of £50 million with assets of £1,818m and a funding target of £1,868m.

A recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) are as set out in the table below.

% of pensionable stipends January 2021 to January 2018 to
December 2022 December 2020
Deficit repair contributions 7.1% 11.9%

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The Mission’s liability and movement in the provision with effect from 1 January 2019 are set out in the table below.

Deficit liability – CEFPS

Balance sheet liability at 1 January
Deficit contributions paid
Interest cost
Change to balance sheet liability
Balance sheet liability at 31 December
Assumptions:
Discount rate
Price Inflation
Increase to total pensionable payroll		 2021
£’000
39
(16)
-
(7)
16
0.0% pa
n/a pa
(1.5%) pa		 2020
£’000
118
(38)
1
(42)
39
0.2% pa
3.1% pa
1.6% pa

Mortality in accordance with 95% of the S3NA_VL tables, with allowance for improvements in mortality rates in line with the CMI2018 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter” of 7 and an initial addition to mortality improvements of 0.5% pa.

The liability at the year end represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the assumptions above. In general these are set by reference to the duration of the deficit recovery payments but as at 31 December 2021, under accounting rules the payments are not discounted since the remaining recovery plan is less than 12 months. No price inflation assumption is needed since pensionable stipends for the remainder of the recovery plan are already known.

9 (2020: 11) of The Mission to Seafarers’ employed chaplains are currently funded by the Archbishops’ Council under Vote 4 provisions. Employer’s contributions of £93,000, representing current contributions and the deficit repair contributions above, (2020: £126,000) were paid by the Mission to the CEFPS and are included in Staff costs (note 11). This amount was reimbursed by the Archbishops Council and is included in Donations (note 3).

15.3 CEDBS (also known as the Church Workers Pension Fund)

The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

The Defined Benefits Scheme (“DBS”) section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries.

For funding purposes, DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns. The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. They do not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

time to time, a notional premium is transferred from employers’ sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool.

The scheme is a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute DBS assets and liabilities to specific employers, since each employer, through the Life Risk Section, is exposed to actuarial risks associated with the current and former employees of other entities participating in DBS. This means that contributions are accounted for as if DBS were a defined contribution scheme.

A valuation of DBS is carried out once every three years. The most recently finalised was carried out at 31 December 2019. In this valuation, the Life Risk Section was shown to be in deficit by £7.7m and £7.7m was notionally transferred from the employers’ sub-pools to the Life Risk Section. This increased the Mission’s contributions that would otherwise have been payable. The overall deficit in DBS was £11.3m (Last valuation at 31 December 2016: £26.2m deficit). The next actuarial valuation is due at 31 December 2022.

Following the valuation, The Mission to Seafarers entered into an agreement with the Church Workers Pension Fund to pay a contribution rate of 32.7% of pensionable salary and expenses of £3,200 per year.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is set out below:

Deficit liability – CEDBS

The 31 December 2021 balance sheet liability is £nil (2020: £nil).

The legal structure of the scheme is such that if another employer fails, The Mission to Seafarers could become responsible for paying a share of that employer’s pension liabilities.

During the year The Mission to Seafarers paid pension contributions and expenses of £10,700 (2020: £11,200). The Mission currently has one (2020: 1) active member and 5 (2020: 6) deferred pensioners. Overall the scheme has 272 active members (2020: 272) and 1,669 deferred pensioners (2020:1,669).

15.4 Defined Contribution Schemes

Royal London . A scheme for staff was set up in 2008 with Royal London (formerly Scottish Life). Contributions to this scheme are funded 3% by the employee and 7% by The Mission to Seafarers. There are 26 (2020: 26) members of staff in this scheme at 31 December 2021. Employer contributions to this scheme in 2021 were £67,000 (2020: £64,000) with nothing due to be paid at the year end (2020: £nil).

16.
FIXED ASSETS
16.1 Intangible fixed assets
Cost 1 January 2021
Additions
Disposals
Net book value
31 December 2021
31 December 2020		 Group
Company
£’000
£’000
3
-
94
94
(3)
94
94
3
-		 Group
Company
£’000
£’000
3
-
94
94
(3)
94
94
3
-
94
-

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

16.2 Tangible fixed assets

Group
Property
£’000
Cost
1 January 2021
5,678
Additions
-
Disposals
(211)
Transfers
-
Exchange difference
-
31 December
2021
5,467
Depreciation
1 January 2021
1,261
Provided during the year
26
Disposals
-
31 December
2021
1,287
Net book value 31 December
2021
4,180
31 December
2020
4,417
None of the property values were found to be impaired
The
Company
Property
£’000
Cost
1 January 2021
5,678
Additions
-
Disposals
(211)
Exchange difference
-
31 December 2021
5,467
Depreciation
1 January 2021
1,261
Provided during the year
26
Disposals
-
31 December
2021
1,287
Net book value 31 December
2021
4,180
31 December
2020
4,417		 Motor
Vehicles
£’000
612
31
(368)
-
-

Fixtures &
Equipment
£’000
1,073
8
(266)
-
-
815
874
31
(109)
796
19
199
Fixtures &
Equipment
£’000
804
8
-
-
812
782
11
-
793
19
22		 Total
£’000
7,363
39
(845)
-
-
6,557
2,594
103
(451)
2,246
4,311
4,769
Total
£’000
7,028
39
(513)
-
275
459
46
(342)
163
112
153
(2020: none).
Motor
Vehicles
£’000
546
31
(302)
-
275
422
43
(302)
163
112
124
6,554
2,465
80
(302)
2,243
4,311
4,563

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THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

Property

The properties held are split between categories as follows:

Freehold
Long term leasehold
Total		 2021
£’000
2020
£’000
2,888
3,109
1,292
1,308
4,180
4,417

Freehold and leasehold property represents the book value of staff houses, pensioners’ houses, and club and office premises. Premises and club leases are long term with many at peppercorn rent. All assets are used by the charity for its charitable purposes or rented out if surplus to current operational requirements.

17. INVESTMENTS

17.1 Listed Investments

Market value 1 January
Additions
Disposals
Unrealised gain for the year
Market value 31 December
Listed investments
Total
Historical Cost at 31 December		 Group
£’000
23,209
3,257
-
3,383
29,849
29,849
21,595		 2021
Company
£’000
23,110
3,256
-
3,369
29,735
29,735
21,516		 Group
£’000
27,249
-
(5,538)
1,498
23,209
23,209
18,351		 2020
Company
£’000
27,156
-
(5,538)
1,492
23,110
23,110
18,272

The CCLA’s annual charge in relation to the CBF Church of England Investment Fund (Investment Fund) was approximately 0.55%, (2020: 0.55%) although this was not directly charged to the Mission but against the capital of the Investment Fund.

Analysis of investments

Holdings in multi asset funds
Fixed interest securities
Total		 Group
£’000
29,836
12
29,848		 2021
Company
£’000
29,723
12
29,735		 Group
£’000
23,197
12
23,209		 2020
Company
£’000
23,098
12
23,110

47

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

Analysis of investments continued

As part of a multi asset Investment Fund, significant individual holdings cannot be identified, however the significant class of holdings (over 5%) at 31 December were:

2021 2020
Overseas Equities 65% 68%
UK Equities 10% 10%
Cash and near cash 8% -
Infrastructure and Operating assets 6.5% 9%

17.2 Investments in subsidiaries

The Company controls the following principal active subsidiaries, the results of which have been consolidated.

Name of Country of % Holding/ No of shares held Net Income Net Assets
Company in- Control and value 2021 as at 31/12/21 Nature of Business
corporation £'000 £'000
12 shares; 8
The Dunkirk War
Memorial Trust
Ltd		 UK 100 held by the
Mission, 3 held
by Mission
directors, 1 held
another director		 (26) 7 Provision of
spiritual and
practical welfare
for all seafarers
£12
Flying Angel
Marketing
Enterprises Ltd		 UK 100 6 shares
£6		 - 1 Sales of
promotional
goods
The Flying Angel
Belfast Ltd		 UK 100 1 share
£1		 - - Sales of catering
services and
promotional
goods
The Mission to
Seafarers
Scotland Ltd		 UK 100 Company
limited by
guarantee, sole
member		 4 135 Provision of
spiritual and
practical welfare
for all seafarers
The Mission to
Seafarers Trust
Corporation Ltd		 UK 100 11 shares
£11		 - - Holds property as
custodian trustee
on behalf of the
Mission

48

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

18. DEBTORS

2021 2020 2021 2020
Group Group Company Company
£’000 £’000 £’000 £’000
Amounts owed by group/associated undertakings;
Flying Angel Marketing Enterprises Ltd (FAME) - - 3 3
The Flying Angel Belfast Ltd (FAB) - - 20 21
The Dunkirk War Memorial Trust Ltd (DWMT) - - 355 306
The Mission to Seafarers Scotland Ltd (MtSS) - - 1 -
Trade debtors 380 355 369 337
Prepayments and accrued income 413 187 413 185
Other debtors 37 55 37 49
Total 830 597 1,198 901

The prepayment and accrued income includes accrued legacies £208,000 (2020: £18,000).

Amounts due from FAB include a £10,000 (2020: £10,000) concessionary loan made to FAB which is secured and carries a market rate of interest and is repayable on demand.

Amounts due from DWMT include a £188,000 (2020: £188,000) concessionary loan to undertake essential repairs to the centre in Dunkirk. The loan terms state that it is repayable on the sale of property owned by DWMT ideally within a two year period and is at a zero interest rate. The DWMT trustees decided to close operations in 2021 and the property was sold in September 2021. The loan had not been repaid at 31 December but it is expected to be repaid in full in 2022.

A proportion of legacies receivable may be received after more than 1 year, but this figure cannot be determined with any accuracy due to the inherent uncertainty in the timing of legacy income receipt.

19. CURRENT LIABILITIES

19. CURRENT LIABILITIES
20. RESTRICTED FUNDS
Trade creditors
Social security and tax
Accruals and other creditors
Total
Restricted funds 2021		 2021
Group
£’000
2020
Group
£’000
2021
Company
£’000
2020
Company
£’000
103
176
99
168
70
52
43
38
188
162
188
144
361
390
330
350
Opening
Balance
£’000
Income
£’000
Expenditure
£’000
Transfer
£’000
Closing
Balance
£’000
Belfast branch building reserve fund 384
-
-
(8)
376
Cadetship project; TK Foundation 43
4
(37)
-
10
Christmas welfare for seafarers;
International Transport Workers’ Federation,
ICMA, Mission to Seafarers Rotterdam		 6
12
(17)
-
1
Coivd-19 relief funding for Oceania and
Africa regions; Seafarers’ International Relief
Fund		 -
35
(35)
-
-
Dubai,UAE Welfare worker; International
Transport Workers’ Federation		 -
43
(43)
-
-

49

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

Restricted funds 2021 continued 170 - (123) - 47
Flying Angel Campaign
i.in response to the Covid-19 pandemic;
Clearwater Foundation and many others
ii.technical Solutions; DNV GL, TK 208 - (92) - 116
Foundation, The Marine Society, Seafarers
UK, Norden Shipping,Tindall Riley, Wallem
Group, Baltic Charitable fund, Trinity House,
Ship Owners,Vickers and many others
International Labour Organization training re 4 (4) - - -
MLC 2006; International Transport Workers’
Federation (refunded)
Innovations fund; AET Tankers - 9 - - 9
Job Retention Scheme; HMRC - 12 (12) - -
Justice & Welfare support and Samaritan
Fund for the Middle East & South Asia - 46 (38) - 8
region; The Seafarers Charity
Lagos centre repairs, Nigeria; International 35 - - * 35
Transport Workers’Federation
Newport centre roof repairs; Merchant Navy *
Welfare Board - 5 (5) -
Philippines family projects; Pacific Basin - 22 (5) - 17
Shipping
Philippines family projects and We Care 32 19 (35) - 16
resources; UK P&I Club
Port costs and advocacy; The Seafarers 122 90 (122) - 90
Charity
Port Talbot building costs; Merchant Navy 30 - - (7) 23
Welfare Board; Garfield Weston
The Austin Bailey Foundation, Maurice &
Hilda Laing Charitable Trust
Seafarers App; Cargill International SA £30k; - 60 - - 60
The Seafarers Charity £30k
Seafarers Happiness Index; Standard Club - 23 (23) - -
£12.5k and Wallem Group £10.8k
Ship visitor, Richards Bay; David Pellatt - 8 (8) -
Suicide prevention training & resources; - 30 (2) - 28
Trinity House £20k, EBM £10k
Tauranga centre, New Zealand Covid-19 15 - - - 15
support; TK Foundation
Tuticorin, India seafarers and families - 47 (47) - -
emergency feeding programme, Seafarers
International Relief Fund
Vehicles for use in UK Ports; Merchant Navy 47 - - (20) 27
Welfare Board
Vehicle for Myanmar; Tritax Management - 18 (18) - -
Vehicles for Napier and Solomon Isles, New - 65 (65) -
Zealand; International Transport Workers’
Federation
Vehicle & mi-fi for Wellington, New Zealand; 2 (2) - - -
International Transport Workers’ Federation
(refunded)
Vehicle for Yokohama, Japan; International - 25 (25) - -
Transport Workers’Federation

50

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

Vehicle running costs Colombo, Singapore
and South Tees; The Baltic Exchange
Charitable Foundation		 - 15
-
-
15
Restricted funds 2021 continued
Vehicle running costs Saldanha Bay, South
Africa; Anglo Amercan Marketing Ltd		 - 3
-
-
3
We Care e-learning resource; Prime Training 10 -
(10)
-
-
Others
Total
Restricted funds 2020		 26 -
-
-
26
585
(762)
(35)
922
Income
£’000
Expenditure
£’000
Transfer
£’000
Closing
Balance
£’000
1,134
Opening
Balance
£’000
_Africa fiveprojects; SeafarersUK _ - 25
(25)
-
Belfast branch building reserve fund 393 -
-
(9)
_384 _
Cadetship project; TK Foundation 43 37
(37)
-
43
Christmas welfare for seafarers; ICMA
£18.5k; Mission to Seafarers Rotterdam
£0.5k		 19
(13)
6
Dubai,UAE Welfare worker; International
Transport Workers’ Federation		 - 43
(43)
-
Dublin vehicle; Stena Line 8
(8)
-
Flying Angel Campaign
i.in response to the Covid-19 pandemic;
Clearwater Foundation £20k and many
others		 - 335
(165)
-
170
ii.technical Solutions; DNV GL £29k, TK
Foundation £90k, The Marine Society £17k,
Seafarers UK £38k, Norden Shipping
£12.5k,Tindall Riley £3k, Wallen Group £11k,
Baltic Charitable fund £15k, Trinity House
£10k, Ship Owners £10k,Vickers £4k and
many others		 301
(93)
208
iii resilience in ports, PPE, safer centres &
vehicles and advocacy; Trinity House £10k,
The Medway Mission £5k, Seafarers UK
£40k and many others		 95
(95)
-
International Labour Organization training re
MLC 2006; International Transport Workers’
Federation		 5 (1)
-
4
Job RetentionScheme; HMRC 21
(21)
-
Lagos centre, Nigeria repairs; International
Transport Workers’ Federation		 50
(15)
35
Maritime conference New Zealand/Australia;
International Transport Workers’ Federation
TK Foundation		 25 24
(49)
-
Monrovia, Liberia vehicle; International
Transport Workers’ Federation		 31
(31)
-
Philippines family projects and We Care
resources; UK P&I Club £50k; Bengal Tiger
_Lines £2k; Tindall Riley £3k _		 - 55
(23)
-
32
Port costs and advocacy Seafarers UK 222
(100)
-
122
Port Talbot building costs; Merchant Navy
Welfare Board; Garfield Weston		 37 -
-
(7)
30

51

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

The Austin Bailey Foundation, Maurice &
Hilda Laing Charitable Trust
Rouen centre repairs; TK Foundation 15 (15)
-
-
Restricted funds 2020 continued
Saldhana Bay, S Africa vehicle; International
Transport Workers’ Federation		 27
(27)
-
Stranded seafarers aide, Covid-19 response;
ISWAN		 41
(41)
-
Tauranga centre, New Zealand Covid-19
support; TK Foundation		 15
15
Tuticorin, India seafarers and families
emergency feeding programme, Seafarers
UK		 - 36
(36)
-
-
Vehicles for use in UK Ports; Merchant Navy
Welfare Board		 73 -
-
(26)
47
Vlissingen; David Pellatt 10 (10)
-
We Care e-learning resource; Prime Training 10
10
Wellington, New Zealand vehicle and mi-fi;
International Transport Workers’ Federation		 37
(35)
2
Others
Total restricted funds		 26 -
-
26
1,434
(883)
(42)
1,134
625

Restricted funds (note 1.4) represent capital grants or donations received for specific purposes. For capital grants or donations the transfer to unrestricted funds represents the depreciation charge on fixed assets.

21. UNRESTRICTED FUNDS
Unrestricted funds 2021
Designated funds
Fixed assets
Branch and subsidiary
reserves
African Region Fund
Strategy plan 2022-2026
Covid-19 Emergency Support
Fund
Global Health & Safety &
Training Fund
Commitments to Retired
Chaplains
Total designated funds
General Funds
Total unrestricted funds		 Opening
Balance
£’000
4,311
7,171
261
-
-
-
1,000
12,743
23,082
35,825		 Income
£’000
73
2,336
-
2,000
407
500
-
5,316
6,089
11,405		 Expenditure
£’000
(103)
(942)
(57)
-
-
-
-
(1,102)
(2,832)
(3,934)		 Transfer/
Disposals
£’000
Closing
Balance
£’000
(362)
3,919
-
8,565
-
204
-
2,000
-
407
-
500
-
1,000
(362)
16,595
-
26,339
(362)
42,934

52

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

Unrestricted funds 2020
Designated funds
Fixed assets
Branch and subsidiary
reserves
African Region Fund
Commitments to Retired
Chaplains
Total designated funds
General Funds
Total unrestricted funds		 Opening
Balance
£’000
4,522
6,499
300
1,000
12,321
22,482
34,803		 Income
£’000
117
1,939
-
2,056
3,272
5,328		 Expenditure
£’000
(104)
(1,267)
(39)
-
(1,410)
(2,714)
(4,124)		 Transfer/
Disposals
£’000
(224)
-
-
-
(224)
42
(182)		 Closing
Balance
£’000
4,311
7,171
261
1,000
12,743
23,082
35,825

The Fixed Asset reserves represent the cost value, net of depreciation, of the investment in fixed assets owned by The Mission to Seafarers.

The Reserves of the branches, subsidiary companies and the African region fund are held for the purpose of delivering services in the relevant geographical locations.

Any chaplain employed prior to 1983 with a minimum service of 30 years is entitled to be provided with housing for the remainder of their life. Although there are no further properties to be purchased, the Mission has an ongoing commitment to retired chaplains’ property costs including maintenance and council tax.

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2021
Unrestricted
General
Unrestricted
Designated
Restricted
£’000
£’000
£’000
Intangible fixed assets
-
34
60
Tangible fixed assets
-
3,885
426
Investments
23,172
6,677
-
Net current assets
3,183
5,999
436
Long term liability
(16)
-
-
Total
26,339
16,595
922
2020
Intangible fixed assets
-
3
-
Tangible fixed assets
-
4,308
461
Investments
17,872
5,337
-
Net current assets
5,249
3,095
673
Long term liability
(39)
-
-
Total
23,082
12,743
1,134		 Total
£’000
94
4,311
29,849
9,618
(16)
43,856
3
4,769
23,209
9,017
(39)
36,959

53

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

23. ECUMENICAL CENTRES

Financial details of organisations in which the charity is a joint trustee and involved in the management are:

Humber Seafarers’
Service Ltd
Charity No
1159953
Proportion of controlling influence
33.3%
Proportion of net assets on dissolution:
Property
-
Other
-
Last published accounts date
31/03/21
Net Surplus/(Deficit) in £000s
83
Net Assets in £000s at 31 March 2021
189		 Felixstowe
Charity No
272077
Port of
Bristol
Charity No
286078
33.3%
33.3%
33.3%
33.3%
33.3%
33.3%
31/03/21
31/03/21
53
(9)
469
218

During 2020 The Mission to Seafarers agreed in principle, along with the other joint trustees, to transfer the three ecumenical centres to the Queen Victoria Seaman’s Rest (QVSR). Work continued during 2021 to enable and support the QVSR takeover which is expected to be completed in 2022.

24. CAPITAL COMMITMENTS

At 31 December 2021 there was no contracted capital expenditure (2020: Board had contracted to purchase a chaplain’s vehicle at a cost of £31,000).

25. FINANCIAL COMMITMENTS

At 31 December 2021 the Group and Company had no commitments under non-cancellable operating leases as set out below:

Land and Land and
Buildings Buildings
2021 2020
£’000 Restated
£’000
Not later than 1 year - 24
Later than 1 year and not later than 5 years - -

26. CONTINGENT LIABILITIES

The Mission to Seafarers supports certain ecumenical centres. Although these centres operate independently of the Mission, there would be certain obligations on The Mission to Seafarers if any of them were to run into financial difficulty. The Mission to Seafarers appoints one or more of their trustees, normally a Mission trustee or senior member of staff, to these centres and, as far as they are aware, there are currently no material matters that would give rise to a liability. During 2021 work continued to transfer those centres to the Queen Victoria Seaman’s Rest (QVSR) which is expected to be completed in 2022 See Note 23 Ecumenical Centres.

27. CONTINGENT ASSET

There are no contingent assets.

54

THE MISSION TO SEAFARERS TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2021 NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021

28. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

29. ANALYSIS OF CASH AND CASH EQUIVALENTS
30. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT
2021
£000
Net increase (decrease) in cash and cash equivalents in the year
343
Cash flow from (increase)/decrease in debt financing
-
Change in net debt resulting from cash flows
(343)
Movement in net debt in the year
Net debt at the start of the year
-
Net debt at the end of the year
-
31. SUMMARY SOFA FOR THE MISSION TO SEAFARERS COMPANY NO. 622024
2021
£’000
Net income for the reporting period_(as per the statement of financial activities)_
6,933
Adjustments for:
Depreciation charges
103
(Gains) on investments
(3,383)
Dividends and interest
(712)
Profit on sale of fixed assets
(80)
Decrease/(Increase) in stocks
4
Decrease/(Increase) in debtors
(233)
(Decrease) in creditors
(52)
Net cash provided by operating activities
2,580
2021
£’000
Cash in hand
1,936
Notice deposits (less than 3 months)
7,199
Total cash and cash equivalents
9,135
2021
£’000
Income
8,321
Gains/(loss) on investments
3,369
Expenditure
(4,751)
Net income/(expenditure)
6,939
(Loss)/gain on foreign exchange
(20)
Total funds brought forward
36,794
Total funds carried forward
43,713		 2020
£000
5,958
-
(5,958)
-
-
2020
£’000
1,544
104
(959)
(708)
(156)
14
136
(16)
(41)
2020
£’000
1,493
7,299
8,792
2020
£’000
5,649
953
(4,992)
1,610
(17)
35,201
36,794

32. NON-ADJUSTING EVENT AFTER THE END OF THE REPORTING PERIOD

On 24 February 2022 Russia invaded Ukraine and at the date of signing these accounts the war is ongoing. This has impacted on seafarers of all nationalities who have been caught up in the conflict or may have families and friends in the war zone. The Mission has initially made available a budget of $100,000 to support seafarers’ families in Ukraine and is funding free communications via our ports for affected seafarers to contact loved ones. The impact on global stock markets has contributed to a loss in the value of the Mission’s investments of £2 million.

55