2023-08-31-accounts - Royal Merchant Navy Education Foundation

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Report ofthe Trustees	1	to	7
Report ofthe Independent Auditors	8	to	9
Statement ofFinancial Activities		10
Balance Sheet
Cash Flow Statement		12
Notes to the Cash Flow Statement		13
Notes to the Financial Statements	14	to	22
Detailed Statement ofFinancial Activities	23	to	24

				2023	2022
		Unrestricted	Restricted	Total	Total
		fund	funds	funds	funds
	Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies		10,073		10,073	2,102
Investment income		549,787		549,787	478,838
Other income		1,017		1,017
Total		560,877		560,877	480,940
EXPENDITURE ON
Raising funds		183,038		183,038	174,346
Charitable activities
Grants to Foundationers		416,482		416,482	918,773
Total		599,520		599,520	1,093,119
Net gains on investments		26,925		26,925	115,015
NET INCOME/(EXPENDITURE)		(11,718)		(11,718)	(497,164)
RECOiVCILIATION OF FUNDS
Total funds brought forward		20,162,511	17,461	20,179,972	20,677,136
TOTAL FUNDS CARRIED FORWARD		20,150,793	17,461	20,168,254	20,179,972

								2023		2022
					Unrestricted	Restricted		Total		Total
					fund		funds	funds		funds
				Notes
FIXEDASSETS
Tangible assets					11,611			11,611		27,985
Investments
Investments				12	16,686,112			16,686,112		16,803,705
Investment property				13	4,200,000			4,200,000		4,200,000
					20,897,723			20,897,723		21,031,690
CURRENT ASSETS
Debtors Cash at bank and in hand				14	716 ~5,381)		17,461	716 12,080		1,396 49,358
					(4,665)		17,461	12,796		50,754
CREDITORS
Amounts falling due within		one year		15	(407,031)			(407,031)		(377,387)
NET CURRENT ASSETS					~4)),696)		)7,46)	~394,235)	~326,633)
TOTAL ASSETSLESSCURRENT
LIABILITIES					20,486,027		17,461	20,503,488		20,705,057
CREDITORS
Amounts falling due after more than one year				16	(335,234)			(335,234)		(525,085)
NET ASSETS					20,150,793		17,461	20,168,254		20,179,972
FUNDS				18
Unrestricted funds								20,150,793		20,162,511
Restricted funds								17,461		17,461
TOTAL FUNDS								20,168,254		20,179,972
The financial statements	were approved		by the	Board ofTrustees and authorised			for issue	onk~	.mt	...)i9tI)u,...
and were signed on its behalf by:

				2023	2022
			Notes
Cash flows from operating activities Cash generated from operations				~741,684)	~655,504)
Net cash used in operating	activities			~741,684)	~655,504)
Cash flows from investing	activities
Purchase oftangible fixed assets				(1,399)	(19,380)
Purchase offixed asset investments				(4,976,500)	(5,247,904)
Sale oftangible fixed assets				11,500
Sale offixed asset investments				5,121,018	5,294,248
Dividends received				367,488	301,122
Rental incoine received				182,299	177,716
Net cash provided by investing activities				704,406	505,802
Change in cash and cash	equivalents	in
the reporting period				(37,278)	(149,702)
Cash and cash equivalents	at the
beginning ofthe reporting	period			49,358	199,060
Cash and cash equivalents	at the end	of
the reporting period				12,080	49,358

RECONCILIATION	OF NET EXPENDITURE TO NET CASH	OF NET EXPENDITURE TO NET CASH	OF NET EXPENDITURE TO NET CASH	FLOW	FROM OPERATING	FROM OPERATING
ACTIVITIES
					2023	2022
Net expenditure for the reporting		period (as per the Statement	of
Financial Activities)					(11,718)	(497,164)
Adjustments for:
Depreciation charges					7,290	6, 154
Gain on investments					(26,925)	(115,015)
Profit on disposal offixed assets					(1,017)
Dividends received					(367,488)	(301,122)
Rental income received					(182,299)	(177,716)
Decrease/(increase) in (Decrease)/increase in	debtors creditors				680 ~)60,207	(417) 429,776
Net cash used in operations					~741,684)	~655,504)
ANALYSIS OF CHANGES IN NET FUNDS
			At	1.9.22	Cash flow	At 31.8.23
Net cash
Cash at bank and in hand				49,358	~37,27tt	12,080
				49,358	~37,278	12,080
Total				49,358	(37,278)	12,080

2.	DONATIONS AND	DONATIONS AND	DONATIONS AND	LEGACIES	LEGACIES
							2023	2022
	Donations						10,073	2,102
3.	INVESTMENT INCOME
							2023	2022
	Rents received						182,299	177,716
	Interest and		dividend	income			367,488	301,122
							549,787	478,838
4.	RAISING	FUNDS
	Investment		management		costs
							2023	2022
	Portfolio management						149,675	153,317
	Maintenance		charges				2,186	649
	Rates						1,361	1,331
	Legal &professional						23,519	12,922
	Insurance						4,512	3,534
	Custodian	Trustee fees					1,785	2,593
							183,038	174,346
5.	CHARITABLE ACTIVITIES COSTS
						Grant
						funding of
						activities	Support
						(see note	costs (see
						6)	note 7)	Totals
	Grants to	Foundationers				162,768	253,714	416,482
6.	GRANTS		PAYABLE
							2023	2022
							E
	Grants to	Foundationers					162,768	760,193

SUPPORT COSTS
				Governance
		Management	Finance	costs	Totals
Grants to Foundationers		240,545	593	12,576	253,714
Support costs, included	in the above, are as	follows:
				2023	2022
				Grants to	Total
				Foundationers	activities
Wages				179,250	103,741
Social security				9,448	6,040
Pensions				195	195
Light, heat and water				2,172	2,047
Telephone				2,673	3,041
Postage and stationery				2,051	795
Advertising					4,000
Sundries				3,944	5,358
Head Office Rent				16,800	16,800
Travel &subsistence				2,856	96
Subscriptions				1,671	410
Computer costs				12,195
Depreciation oftangible	and heritage assets			7,290	6,154
Bank charges				593	543
Auditors' remuneration				12,576	9,360
				253,714	158,580

		2023	2022
Wages	and salaries	179,250	103,741
Social	security costs	9,448	6,040
Other	pension costs	195	195
		188,893	109,976

The average	mon	thly number ofemployees during the yea	r was as follows:
			2023	2022
Management	and	administration	2	2
Fundraising	and	welfare	1	1

TANGIBLE FIXEDASSETS
	Motor	Computer
	vehicles	equipment	Totals
COST
At 1st September 2022	13,104	28,750	41,854
Additions		1,399	1,399
Disposals	(13,104)		L13,110044)
At 31stAugust 2023		30,149	30,149
DEPRECIATION
At 1st September 2022	2,621	11,248	13,869
Charge for year		7,290	7,290
Eliminated on disposal	~2,621)		~2,621)
At 31stAugust 2023		18,538	18,538
NET BOOK VALUE
At 31stAugust 2023		11,611	11,611
At 31stAugust 2022	10,483	17,502	27,985

FIXEDASSETINVESTMENTS
		Cash and
	Listed	settlements
	investments	pending	Totals
MARKET VALUE
At 1st September 2022	15,643,270	1,160,435	16,803,705
Additions	2,615,143	2,361,357	4,976,500
Disposals	(2,273,390)	(3,127,149)	(5,400,539)
Revaluations	306,446		306,446
At 31stAugust 2023	16,291,469	394,643	16,686,112
NET BOOK VALUE
At 31stAugust 2023	16,291,469	394,643	16,686,112
At 31stAugust 2022	15,643,270	1,160,435	16,803,705

			Cash and
		Listed	settlements
		investments	pending	Totals
	Valuation in 2023	16,291,469	394,643	16,686,112
13.	INVESTMENT PROPERTY
	FAIR VALUE
	At 1st September 2022
	and 31st August 2023			4,200,000
	NET BOOK VALUE
	At 31stAugust 2023			4,200,000
	At 31st August 2022			4,200,000

				2023	2022
	Prepayments and accrued income			716	1,396
15.	CREDITORS:	AMOUNTS	FALLING DUE WITHIN ONE YEAR
				2023	2022
	Trade creditors			2,585	974
	Social security	and other taxes		3,453	2,442
	Grants payable			351,930	328,293
	Deposits received			900	900
	Accruals and deferred income			48,163	44,778
				407,031	377,387
16.	CREDITORS:	AMOUNTS	FALLING DUE AFTER 1VIORE THAN ONE YEAR
				2023	2022
	Grants payable			335,234	525,085
				2023	2022
	Brought forward			853,378	426,095
	Net new grant commitments Paid in the year		in the year	178,366 771,572 ~344,380)~344,289)
	Carried forward			687,164	853,378
	Due:
	Year ended 31	August 2023			328,293
	Year ended 31	August 2024		351,930	211,368
	Year ended 31	August 2025		240,943	139,301
	Year ended 31	August 2026		77,291	60,616
	Year ended 31	August 2027		11,600	57,400
	Year ended 31	August 2028		5,400	56,400
				687,164	853,378

				2023	2022
Within one year				16,800	16,800
Between	one	and five years		18,900	35,700
				35,700	52,500
MOVEMENT IN FUNDS
				Net
				movement	At
			At 1.9.22	in funds	31.8.23
Unrestricted		funds
General	fund		20,162,511	(11,718)	20, 150,793
Restricted funds
Underhill			311		311
Watson			904		904
Capital Flats			12,962		12,962
Tree Fund			3,284		3,284
			17,461		17,461
TOTAL	FUNDS		20,179,972	~)1,718)	20, 168,254

			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
Unrestricted		funds
General	fund		560,877	(599,520)	26,925	(11,718)
TOTAL	FUNDS		560,877	(599,520)	26,925	/11,718)

			Net
			movement	At
		At 1.9.21	in funds	31.8.22
Unrestricted	funds
General fund		20,659,675	(497,164)	20,162,511
Restricted funds
Underhill		311		311
Watson		904		904
Capital Flats		12,962		12,962
Tree Fund		3,284		3,284
		17,461		17,461
TOTAL FUNDS		20,677,136	~497,164)	20,179,972

		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
Unrestricted	funds
General fund		480,940	(1,093,119)	115,015	(497,164)
TOTAL FUNDS		480,940	~1,093,119)	115,015	~497,164)

			Net
			movement	At
		At 1.9.21	in funds	31.8.23
Unrestricted	funds
General fund		20,659,675	(508,882)	20,150,793
Restricted funds
Underhill		311		311
Watson		904		904
Capital Flats		12,962		12,962
Tree Fund		3,284		3,284
		17,461		17,461
TOTAL FUNDS		20,677,136	~508,882)	20,168,254

		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
Unrestricted	funds
General fund		1,041,817	(1,692,639)	141,940	(508,882)
TOTAL FUNDS		1,041,817	0),692,639)	141,940	i508,882)

			2023	2022
INCOME AND ENDOWMENTS
Donations and legacies
Donations			10,073	2,102
Investment income
Rents received			182,299	177,716
Interest and dividend	income		367,488	301,122
			549,787	478,838
Other income
Gain on sale oftangible fixed assets			1,017
Total incoming resources			560,877	480,940
EXPENDITURE
Investment management		costs
Portfolio management			149,675	153,317
Maintenance charges			2,186	649
Rates			1,361	1,331
Legal &professional			23,519	12,922
Insurance			4,512	3,534
Custodian Trustee fees			1,785	2,593
			183,038	174,346
Charitable activities
Grants to individuals			162,768	760,193
Support costs
Nlanagement
Wages			179,250	103,741
Social security			9,448	6,040
Pensions			195	195
Light, heat and water			2,172	2,047
Telephone			2,673	3,041
Postage and stationery			2,051	795
Advertising				4,000
Sundries			3,944	5,358
Head Office Rent			16,800	16,800
Travel &subsistence			2,856	96
Subscriptions			1,671	410
Computer costs			12,195
Depreciation ofcomputer		equipment	7,290	6,154
			240,545	148,677

		2023	2022
Management
Finance
Bank charges		593	543
Governance costs
Auditors' remuneration		12,576	9,360
Total resources expended		599,520	1,093,119
Net expenditure before gains and losses		(38,643)	(612,179)
Realised recognised Realised gains/(losses)	gains and losses on fixed asset investments	~279,521)	552,652
Net expenditure		~318,164)	~59,527)