Registered Number 04449095 Registered Charity Number 1139902 The World Ship Society Limited (A Company Litniled by Guarantee) DiiTclor8' and Ti'usteeg, Report &nd FinAiielal Statements For the year ended 31 December 2024 The W(trrld Ship Society Liinited Contents Page Diyectors, and Trustees, Report Indepeiident Examlnei s Report StAtement of Financial Activity Balance Sheet 10-11 Notes to the Financial Slalements 12-17 For members, Information only: Detalled Income and Expenditure Actount Analys18 of Rese￿¢8 Tlie World Ship Society Limited DRrectoi8' amd Ti'u8tee5' Report Foi. tlie year ended 31 Deeember 2024 Tlie Woi"Id Sliip Society Limited is a company limited by Gu￿￿ntee, Regislered Nuinber 04449095 aiid Registered Charity Niiinbei. 1139902. Dlreetor& The following dii'ectors, who are also trustees served during the year: K. J. Atkinson R. S. Feiitoii M. Kaeliler (Germany) D. Maccoy W, J. Mayes l. D. Mccall J. H. Mori)out (Ncthei'lands) J. A. Poole D. J. Walker J. M. Williains Seei'etAry J. A. Poole, Registered Office Mayes House, Vansittart Estate, Arthiir Road. Wiiidsor, Berf(shir¢, SL4 1 SE Pi'lntipal Ballkers HSBC Bank plc, 32 Fore Street, Kingsbridge, Devon, TQI I PB Reporting Accountants TWP Accoiinting LLP. Cliartered Accountsnts Tl)e Old Rectoiy, Church Street, Weybridg¢, Surrey, KTI 3 8DE Tlie Trustees pirsent their combiijed Annual Directors, ai)d Trustees, Report together with the Financial Stateinents of The Woi'ld Ship Society Limited for the Year l Jaiiuary 2024 to 31 Deceinber 2024. Tjie Truste¢s confirm that the Annual Report and Fii)ancial Statements of the company comply with the Cunrnt statutory requircmcJ)ts, the requirements of the coinpaiiy's goveriiiiig docum¢nt ai)d the pi'ovisioiis of tlie Statemeiit of Recomincnded Practice (SORP), applicable to Chai'ities prcpai'in8 tlieiy Accounts iii ac¢oi'dance with tlie Fiiiancial Rcportiiig Standard applicabl¢ in tlie UK and R¢public of Ireland (FRS 102) {effective l January 2019). Since the company qiialifi¢s as Small under Section 383, th¢ Strategic Report requiiEd of medium and large coinpanies under the Companies Act 2006 (Strategic Report and Dirrftors, Report) Regulatioi)s 2013 is not i'eqiiired. SÉriictui'e and governance The Woi'ld Ship Society was fornied iii 1947 and iiicorporatcd iii 2002. It became a I'egistered charity on 19 Janiiaiy 2011. The Society's atyairs are conducted by a Council, wliose members are generally Trustees of the Society. The vayious activities of the Society ar¢ supervised by committees, wliich are geiieially chaired by in¢mbers of th¢ Council. The Society's goveyning document is its Memoraiidum aiid Aiticles of Association, whicli were submitted to Compallies House on 28 May 2002. Ti'ustees are members of the Couiicil, who are nominated by members of the Society, and elected at aiinual g¢neixl nieetings in acco￿la]iCe with tlie Society's Articles of Association, Page I The World Sliip Society Liniited Slatement of Financial Activities For the yeai. ended 31 Decenibei. 2024 Fiiiancial i'eview The Society maintaiiis reserves at a level deemed appropriate to eiiable it to cai'ry out its day-to-day fiiiictioiis and to acqiiii'e itenjs or collections of significant Inaritime imporlaiice as ￿]d wl)¢ii thes¢ become available. The interest eariied on reserves is an iniportant soui'ce of income at times of I'easonable interest rates. Tliere is no specific i'eserves policy, and tho Inislees regard all of tlie funds as iinrestricted. Public benefit statement The Ti'ustees ar¢ confident that The World Sliip Society Limlted coinplies witli its obligatioii to pi-ovidc public beiiefit as evidei)ced by its pi'oinotion of the undei'staiiding of sliips. shippiiig aiid rclaled mattel's. and tlieii. rich hcrilage by coinpiling, publishing aiid preseiving records and illustrative Inaterial coiicei'niiig ships aiid their part in Inercanlile and naval aclivity, and to proinole and advaiice public education in current and historical iiautical affairs lli accordance with item 3 iii the Soci¢ty's Memorandiim of Association. ObJe¢tives and Actlvlties Tlie World Sliip Society Limited's objectives are set out in it¢in 3 of its Memoranduin of Associatioii, aiid in line with tliese objectives, the Society has contiiiued with its main activities of advanciiig and supporting interest in, Iinderslanding of, study of. ai)d iEsearch into ships, sliipping ai)d irlated Inatters, tIIA'oii8hout 2024. Tli¢ liiik between ilie Society's objectives aiid its activities (see beloiv) iii the fiiifilinent of these objectives is sliowii by relating them to spe¢ifJc parts of ilein 3 ill the Meinoraiidum of Associatioij. Ileiii (3B) To pi'ovide opporluniliesfor ihe ipilei"change of slvdy of and i'esearch inlo ship&, s17ipping aild p'elaled inallers, The Society encourages its members to undertake research into sliips and sliippiiig, and during 2024 work coiiliniicd on publications coveriiig A Mariliine Review of 2022, A Mariliiiie revieiv of 2023, Couri LI￿e, and Strick Llne. A number of typesci'ipts fi'om botli members ￿)d iioii-Inemb¢rs wej revi¢wed dui'iiig the year and are being coi)sider¢d for publication. Tlie Society holds a large and growing collection of photograpliic negatives, slides and priiits, The cataloguiiig woi'k aiid conseivation work of tlie Photograpliic Libraiy teain enables these to be made available for iise by inertnbers and otliets. During 2024 the Society received further di8ltal images aiid colour slides, whicl) liave beeii catalogued for preseivatioii and future iise in publications. During 2024, tlje Society responded positively to requests for photographs f1￿M non-meinbers and tlie Society's pliotograpliic collection coiitinues to be ali important researcli lool for membeis and non- membei"s alik¢. Ileiii (3C) To publish and disseiiiinale inJop'nialion concerning Jhips, shipping and related iiiallei's in Ihe Society s jow*als, and 117 iheforiii of books, paniphlels Und bulletins, or any otherforiil of i'ecord whlch wouldproliiole ihe objeclive.s of the Society. Page 2 The World Shii) Society Liniited Directoi's. Repoi't and Report to the Charity Commissionei"s (continued) For tlie year ended 31 December 2024 Infoiinatioi) oil current and historical shippiiig matters is published in the Society's iiionthly joui'iial Mai'ine Nejvs aiid lli Mai'ine NL)Ivs Siippleiiienl - four of the inontbly Mai'iiie Neivs Suppleinenls were dedicatcd to tlie journal Wnrships. Information has also been provided to members and others in response to specific enqiiiyies. The Society's Small Crnft Group coiitiiiued its work of trackkiig, publicising aiid diss¢iiiinclting infonnatioii about the many PiEserved sjnall Ci'aft foi'inerly operated by the Bi'itish ai'ined sei'vlces. This material is now published in the quartei'ly Waiships suppleineiit to Mai'ii?e News. Woi'k oli the digitisation of the Society's arcl)ive material and back i)umbers of Mai'ine News to make it Inore easily available to members and iion-lneinbers has Continued. The fu)Ids raised fi'oin the sales of tliis material will be used to further the Society's aims and objectives, and tliis work will continue ij) future. Jieiii (3D) To publi3h and disseininale records aiid repoi'ls oJpYoceedings of ihe Society, or associated Ilvilies. Braiich activities (sec 3H bolow) ¢ontinue to be ai)nounced aiid reported in Marine Nevi.s, as well as 011 tli¢ w¢bsite. The 2024 Annual Naval Meetiiig was held at the Royal Mai'itiii)e Cliib in Portsinouth on 12 October and preparations for the 2025 meetlng are well advanced. Attendance at tl)ese meetii)gs is open to inembers and non-m¢inbers. Iiein (3E) lo hold, proinole oi. suppoi'l confei'ences. seiiiiiiars. Ineelings, syiiiposia and lecliires concei'ning ships and i'elaled inallers, which ore open lo all. Meetings continue to be l)eld, usually monthly, by most of11)e Society's Branches (se¢ 3FI below for more information). The 2024 Aiu)ual General Meetin8 of the Society took place in Chatham during May> providii)g opportunity for members to meet and visit sites ofmaritune interest. Itein (3F) To aequire by pw'chase, lease or oiherwise preniises lo ILry out. and inalnlaiii ihe sanie and bi¢ild oi. oiheiwise piovide a librapy and ai'chivc and oihei. usual facililies in coNiieclioii wilh pp'eserviiig i'ecords ofships and sliipping. and iofui'nish. iiiodify and niaiiilain il, and to pei'iiiil il lo be used by ineiiibeis, Iheii'ft'iends aild nieinbei s ofihepublic eiihei. graluilously orfoi'payvienl. Tlie Society's library aiid archive situated in th¢ Chatl)am Historic Dockyard has traditionally beeii open duriiig Éhe dockyard's open season from Fcbruary to Novcmb¢r, offeriii8 a libi'ary service iiicILiding answers to qucrics froin members and the public, ai)d cui'ating the Society's collection of records doiiated by members. Subject to availability of volunteers it is intended to open on Tuesdays aiid Thursdays duriiig 2025. Ilein (3H) To foi'iii secfioiis oi. bl'anches of ihe Society whei'ever praclicable ihroughoui ihe woi'ld io fvyilier (he objects of the Sociely. During 2024 The Society had 22 active Branches in thc Unitcd Kingdoin and a further I l overseas. Attendance at Branch meetings is also op¢n to members of tl)e public and these me¢tlligs PA'ovide opportunitics for the ¢xchan8e of iiiforination, news and opinions about ships, shippillg ai)d related matters. The Society supports lh¢ activities of Brancbes by providing slide shows and Powci'Point pIEsentations for use at meetings. Fiiiancial supwrt for Branclics and their mectin8s was provided in tlie form of a £4 rebate to each Branch for every Society member who renews their membership tlirough tliat Branch. Page 3 Tlie World Shii) Society Liinited Dii'ectors, Repoi't aiid Report to the Charily Commi&siollei'8 (conlinued) For tlie yeai. en(led 31 Deeembei. 2024 Several Uiiited Kinbidom and Overscas Branches produce Inonthly newsletters or e-joiii'nals addressing sliippiiig matt¢t's of local interest foi- distribulioj) to tl)eii' local ineiiibers. otlier Incjnbers of the Society and other iiiterested parties. Solne Braiiches have also establislied tlieir own websites to adveitise tlieir activities as well as providing a foriim foi. discussioi) of their local shipping sceiie. The Society encourages braiiches to set lip their owii websttes. Iieiii (31) To co-opei'ale ii>ith any oi¥ani,salions, socielies, coiiipaiiies oi. pei'.goiis (Ivhcjiliei. nali07ial. intei'nalioFial oi. local) wliose objecls, in ilie opinioii of ilie Coiincil of ihe Society, al'e oi. include the advanceinent ofihe objecls of ihe Society. Co-operatioii with organisations having s(milar aiins has genej'ally iiicluded exteiiding¥ jiivitations to members of such groiips to attend events sucl) as the Society's Aiiiiual Naval Meeting, .sp¢cial eveiits, aiid to participate iii Braiich ineetiIigs. Siiice 2012 Tlie Society has loaned a substaiilial iiumber of book.s abolit warsliips to tlic Explosion Museiim iii Gospoit, Flainpshire. tliei'eby establisliiiig a basic I'esellrch library in this Inuseum. lieiii (3K) To sell, iiioi'igage. dispose of oi. lurn lo accouni oll oi. any of ihe propei'ty or assels of ihe Society as may be expedieiit iviih a view lo ihepivinolioii of ils objecls. Sales of donated secoiid-hand books and photographs have traditionally coiitributed towards meeting the costs of tlie building itt the Chatliam Historic Dockyai'd wliich house5 tl)e Society's arcl)ive and libraiy. Duriiig 2024 the Society donated about 100 books to the Eastchurcl) Aviation Museuin and about SO to the Chatham Model Railways Society, to ihe value of approxiinately £700. The World Ship Society Liinited l)as iio paid staff and is entirely dependeJ)t upon voluntee1¥ di'awn froin the ranks of its inembers. Witliout tliese voliiiiteeis the Society would be unable to uiideitake any of tlie a¢iivities underpiiining its objectives oi. provide any services to Ineinbers or the public. Opeiiiiig of oui. Chatliain libraiy aiid arcl)ive is dependeiit on availability of volui)teers prepared to give up on¢ or inore days every week to work on tlie archives aiid assist Ineinbers ftiid non-1iieAnbers visiting the fAcility. Braiich olyicers typically spend many hours each moiitl) working on behalf of tlieii. Braiicli, wliile those providing a rang¢ of other Society seivices give substantially more tiine for tlieir roles. Tlie Society's aiitlioi's, editors and proof-readers, working on the Society's publicatioii programin¢ contiiiue to givc theii. tiine to ensure that these income-geiieratiiig projects coine to fruition. Similarly, those running the Society's image archive give many hours of work catalogiiing aftd conserving tlie collection as well as Jnakii)g pi¢tur¢s available for sale to Inembers aIid non-ineinbers. Tlie editorial teani compiling the Society's monthly journal Marine Nemis and the editors of the i'egiilar Mai'ine News Suppleiiienl and the journal Waisliips also coinmit many houis of effoit to tliese publi¢atioiis, significantly expanding the breadth of topics covered. Page 4 Tbe World Ship Society Limited Directors, Report and Report to the Charity Cominissioners (colltinved) Foi. tlie year ended 31 December 2024 Aebievenients aud performance Duriiig 2024 tlie Society coiitiiiued to provide the services described in its aims and objectives as detailed iii tlie Objectives and Activities scction (above). 111 2018, the Society iiiitiated travel bu￿arleS each worth £1 00 to siipport PIID studcnts delivering oi'al oi. postei. pi'esentations at researcl) Ineetings. Duriiig 2024 five bui'saries were awai-ded to students atteiiding the New Reseai'chers Conference, organised by the Britisl) Coininission for Maritime History Along witli similai. orgaiiisatioiis, the Society ljas seen a gradual declii)e in Inembeiship ovei. I'eceiit ye&i's, almost cei'tainly due to a perceived lack of interest in shipping especially iii Ihe UK where ships are niuch less visible tliaii hitherto, aiid wlierc the appeal of seafaring as a careei. lias declined. Awai'e of tl)is decline, the Society continues to review its activities and pron)ote these whei'ever possible. Plans for future periods The Society ceased roiitine production of the paper moiithly journal Marine Ne)vs, in 2013 and I'eplaced it willi ali electroiiic copy. Tliis resulted in a sigiiificant reduction ii) the meinbe1511ip fee, aijd allowed the Society to recapitalise. Those members tl)at require a papei. copy pay the full cost of that copy (including postage) iii addition to the membership fee. The reduced printing costs elimiiiated previous losses, and the Society's target remains to break even. The Diirctoi's operate a policy of not increasiiig the ai)nual membership fee for as loiig as is pi'acticable to eiicourage tlie retentioii of existiA)8 Inembers aiid the recruilment of new meinbcrs. The digital foi'mat of Mai'iiie News should also appeal to youngei. poteiitial Inembers, while also allowing the Society to exploit a raiige of digital media in future. The savings generated by going digital have allowed the Society to Inaintain ils activities in line with the objectives set out iii tlie Meinoraiiduni of Association. Page 5 Tlie Woi'ld Ship SociL.ty Limited Directors, Report alld Report to the Cbai'ity Con)missioners (continiied) ri oi, tlie year ended 31 Deceniber 2024 The Society and Éts Brai)ches will reinforce alld improve links to other organisatioiis, iiiiiseums aJ)d locHI societies to assist in tlie developinent of botl) oiii. and tlieir aiiiis in tli¢ ficld of sljippiiig reseairli, pi'eservation of ai'cliive matei'ial and pliotograpliic images. Tl)e Society plaiis to contiijue publicatioi) of A Mariliinc> Review of the year, and fiii'thei. titles and fleet histoi'Èes. The Society will seek to increase tl)¢ awareiiess of its objectives ai)d a¢tivili¢s tliix>ugliout 2025 aiid beyond witli an increase ii) marketiiig aiid advertising, and througli fuitl)ei' collaboration witli like- Iniiidcd orgaijisations aiid charities. Trustees, responslbilities slatement Tlie tt'ustees (who are also Directors of Tlie World Ship Society Limited for ihe piii'poses of company law) are respoiisible for prepariiig tlie Trustees, Annual Report aiid the financial siateineiits in accoi'dance with applicable law aiid United Kingdoin Accountiiig Stai)dards (United Kii)gdom Geiiei'ally Accepted Accoiinting Practice). Coinpany law requires the tnistees to prepare financial slatemeiits for eacli financial year, whicli give a true and fail. view of the state of affairs of the cliaritable compaiiy aiid of the ii)coining I'esources and application of resources, includiiig the income and expenditure, of the cliarilable coinpany for tliat period. In preparing il)ese financial statements, the trustees are required to: select suitable accounling policies and then apply thctn coiisistently. obseiv¢ the Jnetliods aiid principles in the Charities SORP 2019 {FRS 102); Inake judgemeiits aiid estimates that are reasonable aiid prudent; state whetlier applicable UK Accounting Standards have been follow¢d, subject to any material depaituiEs disclosed and explained in tlie finaiicial statemei)ts' prepare tlie fiiiancial stateinents oli tl)e going coiicern basis unless it 1$ ijiappi'opriate to presume that tli¢ charitable ¢oinpany will coi)tiiiue iii opei'ation. Pag¢ 6 Tlie Wurld Sliip Society Limited Directors, Report and Report to the Charity CommissioneiB (CODtinued) Foi. tlie yeai. ended 31 Deeember 2024 The trustees are responsible for keeping adequate accounting recoi'ds Ihat disclose with i'easonable acciiracy at any time the finaiicial positioii of tlie charilable coi)]pany aiid enable them to ensui'c tliat tlie financial statements coinply witli the Compaiiies Act 2006. Tl)ey are also respoiisible fol. safeguardiiig tli¢ assels of the charitable company ￿}d hence for taking reasoiiable steps foi. the preventioii aiid detection of fi'aiid alid other irregularities. Tliis i'epoit was approved by tlie Board on 17LL and signed on its belialf by J. A. Poole Secretaiy Pag¢ 7 Tlie Woi'ld Sliip Society Liniited In(lependent Ei xamiller's Repoi't to the Truslees of The World Ship Society Limited Foi. tlie year ended 31 De¢eniber 2024 I report oil tlje accouiits of The World Sliip Society Liinited for the ycar ended 31 Deceinbej. 2024, set out on pagcs 9 to 17. Respective Yesponsibilitie8 of triistees and examiller As the cl)ai'ity li'ustces (and also its dii'ectors for the purposes of coinpaiiy law) you ait respoiisible for tlie pi'eparation of tlie accoiints in accoi'dance witl) the requii'enieiits of tl)e Compaiii¢s Act 2006 (tlie 2006 Act). Having satisfied iiiyself that tlie accouiits of the coinpany are not reqiiired lo be audited uiider part 16 of ihe 2006 Act and al-e eligible for indepeiidei)t examination, I repoi't li) respect of iny exaininatioii of youi. coiiipany's accouiits as carried out uiider section 145 of tlie Chai'ities Act (the 201 l Act). In cai'rying out my exainiiiation I have followed thc Dir¢ctions given by th¢ Charity Coinmissioi) ui)der sectioii 145{5)(b) of tlie 201 l Act. Iiidependent examiner's stAtement I IIRve coinpleted my exaiiiinatioii. I confirm tljat no matt¢is liave coine to iny att¢ntioi) in coiinectioii with th¢ exam iiiation giving Ine cause to believe that ii) any Inaterial respect: aecountiiig recoi'dg were not kept ii) respect of tlie compaiiy as reqiiired by section 3 86 of tlie Companies Act 2006; or 2. the accounts do iiot accottl with those records: or 3. tlie a¢couiits do iiot coinply with the accoiinting irquiitineiits of seclion 396 of the 2006 Aci otl)er tliaii aiiy requirement that the accounts give a 'true Rl)d fail. view, whicli is iiot a Inatter eonsidei'ed as part of ali independeiit examination. or 4. the accounts have not been prepaird iii accordailce with tl)e methods aiid priiiciples of th¢ Statement of Re¢oniinended Practice for accountiiig and reporting by cljarilies (applicable to charities preparin8 tlieir accoui)ts iii accoi'daiice witli ihe Fiiiaiicial R¢poitiiig Standard applicable in tlie UK aiid Republic of Ireland (FRS 102)). I liave no coiicerns aiid have come across no other matte13 in connection witli the exaininatioii to wliich att¢iitioii should be drawn in this report in ord¢r to enable a proper understandiiig of th¢ accouiits to be reached. P. Munk FCA FCCA TWP Accountiiig LLP Chai'tei'ed Accountants and Statutory Aiiditors Tlie Old Rectory Cliurch Street Weybridge Sui'rey KT13 8DE Date: Page 8 Tlie Worl(1 Sliip Society Limited Statement of fi inaneial Activities ineorpora(ing Ittcome And xpellditui'e For the yeai. ended 31 December 2024 Unrestricted & Total Funds Notes 2024 2023 Ijiconie and Eniloiymenls from: Donatioiis aiid legacies Other tradii)g activities Iiicome froin investments 1,874 50,286 7.037 1,247 53,782 4,741 Total Iiicome aiid Endowmell18 59.197 59,770 Expenclilure on: ExpeiidituiE on raising funds 35.947 36,955 Expeiiditure on charitable activities Othei. r¢sources ¢xpended 24,718 24,945 12 Total Expenditure 60,665 61,900 Net Inovemcnt in funds (1,468) (2,130) Total funds brought forward 309.363 311,493 Total fuiids carried forward 307,895 309,363 Tliere are no recogiiised gaiiis or losses other than tlie surplus or deficit for the above finaiicial yeai.. All ii)coming resoui'ces and resources expended derive from continuing activities. The notes on pages 12 to 17 forni an integral part of these financial stateinents. Page 9 I'he Woi'ld Sliip Society Limited - Registered Number 04449095 ljal&)Jee Sheet As at 31 Deceinbei. 2024 Notes 2024 2023 Fixed Assets Tangible assets 30,027 30,304 Cui'i'ent Assets Stocks Debtoi's Casli at bank aiid in hand Iiivestmeiits 965 3,945 151,323 150,000 1,033 5.103 153,491 150,000 306,233 309,627 CrÈditoi%: amouiits falling due Ivithiii onc year 28.365 29,414 Net Current Assets 277,868 280,213 TotAI Assels leys Curi'ent Liabilitie8 307,895 310,517 Credltoi's . amounts fallillg due after more than one year 10 (1,154) Net Assets 307,895 309,363 Chai'ity Funds Unrestricted Funds 307,895 309,363 The notes OA pages l2 to 17 forn] an integral part of thas¢ fllwicial statemejits. Page 10 The Woi'ld Shii) Society Liniited Balance Sheet (contlnued) As a131 Deeember 2024 For the yeai. eliding 31 December 2024 tlie coi))pany was eiititl¢d to ¢x¢mption fi'om audit under Section 477 of the Companies Act 2006 relating to Slnall Coinpanies. DirectoiT' Responsibilities: The members have not required the coinpany to obtain an audit of its accouiils for the yeai. ii) questioii in accordaiice will) Sectioii 476. The directoi's ackIiowledge their responsibilities for complyllig with the irquireinents of tl)e Act witli respect to accounting records and the preparatioji ofaccounts. Th¢ fiiiancial statem¢nts Iiav¢ beeii prepared in accordance with tlie provisions applicable to conipanies subject lo the Small Compaiiics. Rcgime of the Compaiiies Act 2006 and in accoi'dRnce with tlic pi'ovisioiis of FRS 102, The Fiiiancial Reporting Standai'd applicabl¢ in tli¢ Uiiited Kiiigdom and tli¢ Republic of Ireland. The financial statemeiits were approved by the Board on 7MY and siglled oli its belialf by D. Maccoy Diiretoi. The notes on pages 12 to 17 fonn an integral part of tliese financial statejnents. Pagell Tlie Woi'ld Ship Society Liniited Iyotes to tlie FiiiAiieial Statements Foi. tlie year ended 31 Deeenibei. 2024 Accountlng Polieies Basis of preparalion of finaneiAI statemellts Tlie financial stateinents I￿ve been p￿pared in accordai)ce ivitl) Accounting ai)d Reporting by Cliai'iti¢s: Stateineiit of Recommended Practice applicable to chai'ities pi'epariiig thell. accounts in accordance witli tl)e Fii)aiicial Reporting Standard applicable iii the UK and Republic of IL'elaiid (FRS 102) (effective l Jaiiijai'y 2019) - {Cl)ai'ftties SORP (FRS 102)), tlie Financial Reporting Staiidard applicable in the UK and Republic of Irelaiid {FRS 102) and tlie Coiiipanies Act 2006. Tlie fiiiancial statemeiits liave been prcpared to give a 'true and fail view ai)d have depai'ted fi'oIii tlie CIIArities (Accouiits aiid Reports) Rcgulalions 2008 oiily to the extciil I'equired to provide a 'triie aiid fair, view, This departure l)as iJ)volved following tl)e Cliarities SOllP (t4RS 102) issued iii October 2019 ratli¢i' th811 the Accouiiting aiid Repoiling by Cliarities: Stateineiit of Recommended Practice effective from l Api'KI 2005 whicli has since been witlidrawi). The Woi'ld Sliip Society Limited Ineets the definition of a piiblic beiiefit eiitity iiiider FRS 102. Assets aiid liabilities are iiiitially recowlised at liistorical cost or tiaiisaclioii valiie uiiless othenvise stated in tlie relevant oc¢ounting policy. The finaiicial stateinei)ts are presented in sterling which is tlie fiinctioiial ciii'reiicy of tlie Cl)arity and i'oiiiided to nearest £. The significant accounting policies applied in tli¢ preparation of these finaiicial stateiiieiits al'e set out below. These policies have beei) consistei)tly applied to all years prese11t￿ uiiless otlierwise stated. Cash tlow The ¢oiiipany lias taken advantage of the disclosure exemplion of 'Update Bulletin I, in pi'epai'iiig th¥se finanlial staleinents as perinitled by FRS 102 "Tlie Finai)cial Repoiting Standai'd applicable in tlie UK and Republ ic of Ireland" Company status Tlie World Ship Society Limited (04449095) is iii¢orporated and a Registei'ed Cliai'ity (1139902) in Eiiglaiid aiid Walcs. The ¢oinpany is a coinpany limited by guarat]tee ai)d has no share capital. The meinbers of the coinpany are the Tnislees named on page l. Ii) Ihe eveiit of tlie coinpany beli)8 woiind up, the liability in respect of tl)e guarantee is limited to £1 per member of the compaiiyj includiiig up to oiie year after ceasing to be a meinber. The address of tlie registered office is giveii on pag¢ l. Going concern The financial statcments have been prepared on a going conceni basis as the trustees believe that no material uncertainties exist. The truste¢s have consid¢ird tli¢ level of funds held and the expected level of income and expendittti'e for 12 moiiths from aiithoi'isiiig these fjiiancial statements. The budgeted income aiid expcnditure is sufficicnt witli the levcl of reserves for tlie cliarity to be ablc to continue as a going concern. Page 12 Tlie Woi'lil Sliip Society Limiled Notes to the Finallcial Statements (contiiiu¢d) Foi. the year ended 31 December 2024 Income All incom¢ is recognised once the company has eiititleiiieiit to the income, it is pi'obable thal the income will be received and tlic amoiint of iiicome i'cceivable can be n)easiired ￿liablY. liicoine i'epresents Ihe total value. of goods sold (excludiiig VAT) during the year, meinbership siibscriptions aiid doiiatioiis. Membership subscriptioiis are accoui)ted for on an aecrlials basis and doiiatioiis are recogi)ised ii) full when they are pix)bable. liiconie tax recovei7ble in relation to doiifttioiis received Iiiider Gift Aid or decds of cov¢naiit is recogiiis¢d at the tim¢ of the donalioi). Expencliture Exp¢nditiii'e is recognised once there is a legal or consts'uctive obligation to traiisfer economic benefit to a third paity. it is probable ihftt a transfer of economic benefits will be i'equired iii settlement and the ainount of the obligation can bo ineasiir¢d reliably. Expenditure is classified by activity. The costs of each activity made up of tl)e total of direct costs ai)d sliared costs, iiicluding support costs involved in undertakiiig each activity. Direct costs alli'ibutable to a single activity are allocated directly to iliat activity. Sliared costs which contribiite to mol'e than one activity and suppx)rt costs whicl) are Iiot atti'ibutable to a si)Igle activity are apportioned between those activities on a basis consistei)t ivith the use of resources. Depreciation charges are allocal¢d on the poition of the asset's use. Support costs are tliose costs incuiT¢d directly in support of expenditure on the objects of the company and include project management cari'ied out at Headqiiart¢rs. Governance costs are those incurred ii) conneetioii with administi'atioii of tl)e Colnp￿)Y aiid coiiipliance with constitutional and statutory reqiiireinents. Charitable activities and Governaiice costs are costs incurred on the company's educational operatioiis, including support costs aiid costs relating to the governance of the company apportioned to Gharitable activities. All expenditure is ¢xGliisive of VAT. Volunteer and other donAled ¥eiwice$ Tlie value of services provided by volunteers is not incorporated into tliese financial statements. Foreign currcncy Foreign currency transactions are initially r￿QgniSed by applying to the foi'eigii curi'ency aiiiount the spot exchange rate betW￿n the funclional cUr￿ncY aiid tlie foirign curiEncy at tl)e date of the transaction. Monetary assets ￿ld liabilities denominated in a foreign currency at tlie balance slieet date are traiislated using the closiiig rate. Tangible fixed assets and depreeiation A review for impairnent of a fixed asset is cari'ied out if evcnts or cliaiiges in circumstai)ces iiJdicat¢ tl)at the carrying value of any r￿ed asset may not be recoverable. Shortfalls between the canying value of r￿ed assets and their recoverable amouiits are recogiiised as impainn¢nts. linpairm¢nt losses are recognised tn tlie Statement of Fiiiancial Activities Incorporating Income and Expenditure Account. Page 13 Tlie World Sli1[) Siociety Liinited Notes to the Finaiicial Statements (conÉinue