REGISTERED CIIARITY NUMBER: l 1Si323
Report of the Trustees and
Financial Statements for the Year Ended 31st Augusi 2024
for
Royal Merchant Navy Education
Foundation
Sh¢¢n Stickiand
Chartered Accounlants
Statutory Auditors
7 East P￿lant
Chichester
Wesi Sussex
P019 ITR

Royal Merehant Navy Edueation
Foundation
Contents of the Financial Statements
for the Year Ended 31st August ?024
Page
Report of the Trustees
Report of the Indtpendent Auditors
Statement of Financial A¢tivit*s
io
B*l*nce Sheet
Cash Flow Statement
12
Notes to the Cash Flow Statement
13
Notes to the Financial St2tements
14 to 2?
Detailed Ststement of Financial Activitie$

Royal Merchant N2vy EdU￿tion
Foundation
Report of the Trustees
for the Year Ended 31st Augus¢ 2024
The trustee$ present their report with the financia] stalemenis of the charity for the year ended 3 1st Auoust 2024. The
trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Reeornmended Pra¢ti¢e
applicable to charities preparing their accounts in accordance with ihe Financial ReFXlrting Stsndard applicable in the
UK and Republic of Ireland (FRS I￿) (effective l January ?019).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
15J32)
Principal address
l a Charnham Lane
Hun(v¢rford
Berkshire
RG17 OEY
Trustees
Ms Linda Cotton (appointed 31.1?.23) (￿$1￿¢d 31.1.24)
Mr Peter Hulse {resigned l8.7.24)
Dr Rodney Owen-Jone5
Ms Lesley Robinson Chainnan
Cdre Michael Cochrane OBE
Mrs Emma McKendri¢k BA
Judge Simon Cooper DL
Ms Claire Sneddon BA (resigned l? 10.23)
Cdre William Walworth CBE (appointed 95.4.?4)
Chief ExÈcutlve Officer (CEO)
Ms Linda Cotton
Other Officers
Mrs Diana Pearson (Part-tirne)
Miss Louise Docherty (Part-time)
Honorary Viee-Presidents
lJieutenant-Commander Jeremy D Devitt RN (Ret'd)
Mr John Adey MA (Oxon)
Auditors
Sheen Stickland
Chartered AccounLqnts
Statutory Auditors
7 Easi Pallant
Chichester
West Sussex
P019 ITR
Bankers
Handelsbanken Newbury
St Anthony's HoLEse
Oxford Square
9_? l Oxford Street
Newbury
Berkshire
RG14 IJQ
Page I

Roy21 Merchant N2Try EducatAon
Foundation
Report of the Trustees
for the Year Ended 31st Auuust 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Solicitors
Batrs Wells Braithwaite LLP
10 Queen Street P]a¢e
London
EC4R IBE
Blake Morgan LLP
6 New Street Square
London
EC4A JDJ
Investment Advisors
Meridiem Investhient Management LLP
Riverside House
?a Southwark Bridge Road
London
SEI 9HA
Insurers
NFU Mutual
Dunn House
Chamham Lane
Hungerford
RG17 OEY
OBJEcrtVES AND AcfiviTIES
Aims and objectives
The object of the Foundation is to afford charitsble benefil and relief io Foundatiofters by providing for or toMords iheir
maintenance and education in accordance with the principles of Chrisiian religion and rnornlity and by assisting ihem in
training for and taking up employment.
Provided that:
"Foundationers" means the children and young pwple WI￿ are in need and are the natyral or adopted Children or other
legal dependents of a person who has served or is servinu at sea in the Merchant Navy or Fishing Fleer or Ehe Royal
National Lifeboat Enstilu¢ion (RNLI) provid¢d that priority may bc given to Foundalion¢rs who are Briiish or have at
least on¢ Britith parent.
A person "servin% at sea in the Merchant Navy" M￿n$ any seafarer workints in any capacity aboard a merchant
vessel whiGh in¢ludes but is not limited to passenger liners, ferries, container ships. tanke￿, bulk carriers, break bulk
and refrigerated cargo ship4 Royal Fleet Auxiliaries (or their equivalent). c4)aster% specialist ships {e.g. RNLI lifeboats.
deep sea rigs. salvage vessels. oil support vessel& lighthouse lenders etc.I luxury privale charler yachts.
A person "serving at sea in the Fishing Fleet" means any seafarer working in any capacity onboard inshore or
deep-sea flshing vessels.
A person "servinu at sea in the Royal National LIfel￿at Institution" means any crew member of a lifeboat operated
by this Institution.,
Page 2

Royal Merchant Navy Edutation
Foundation
Report of the Trustees
for the Year Ended 31st Autmst 2024
OBJECTIVES AND ACTIVITIES
Objectives, strategies and artivitiès
The Foundation's property assets comprise th¢ unenctmbeTed freehold of some 262 acres of the Grade J1* Bearwood
Estate of which=
c. 202 acres is leased until ?l?I to BeaTw￿d Lakes Golf Club" and
c. 60 acres of woodland called Link Wood is leased lo Reddam House (Berkshire) until ?7th March 2031.
In addition, the Foundation retains a portfolio of quoted investrnents.
Public benefit
The following activities are undertaken to further public benefit".
Providing support and funding to existing Found&ioners to enable them to m￿lMise and Achieve their po￿ntIal.
Identifying new Foundationers who qualify for support and would benefit from access to the Foundation's
fijnding during their forniative years.
Developing mark.eting activities to identify new Foundation¢rs.
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act ?01 I to have due
regard to the public benefit guidance published by the CharÉry Commi&sion for England and Wales.
Equality, Diversity and Inelusivity
l. Governance Approach
Blind to Individualities= The Foundation takes a neutral and unbiwd approach ioward its beneficiaries. treating each as
an individual with unique needs and circumstance&
Diverse Board Cornposition- The Board demonstrales diversity in professional backgrounds and expertise. includino
legal, financial, educational, maritime, heakhcare. and judicial fields. This vartety ensurcs a well-rounded perspective in
decision-mak'ing.
. Support for Beneficiaries
Focus on Need.. Th¢ Foundation prioritise5 bcnefjciaries identified as "needy," emphasizing their unique challenges and
aspirations.
Education and Career Training: It Unders￿r¢S education and training as tools for empowernient, enabling
disadvantaged young individuals to access opportunities thal can lead to fulfilling and productive lives.
3. Commitment to Inclusivity
The Foundation's prdclices align with inclusive principles ensuring that FKJth governance and kneficiary support refle
broad perspectives and equitable treatmenl.
This approach supports the Foundation's mission of fostering opportunity and addressing inequality effectively.
ACHJEVEMENT AND PERFORMANCE
Charitable activitie$
Having agreed the widening of the bencficiary-¢lass crircri4 on 5th July 20?? the Charity Commission gave tts formal
consent under s ?26(?)(a) of the Charities Act ?0 I I to amend the Foundation's objects lo read:
Page i

Royal Merchant Education
Foundation
Report of the Trustees
for the Year Ended 31st August 2024
ACHIEVEMEKf AND PERFORMANCE
Charitable activities
The objects of the Foundatiorl are in order of priority:
to afford charitable benefit and relief to Foundationers by providing for or towards their maintenance and
education in accordance with the principles of Christian religion and morality and by assisting them in training
for and taking up ernploymenL and
to support the charitable objects of organisations that opernle predominantly in Great Britain and that have
activities whi¢h could include contnbuting towards the maintenance training or education of Foundationers.
Provided that: "Foundationers. means the children and young people who are in need 2nd are the natural or
adopted children or other legal dependents of a person who ha5 served or is s¢Ning at sea in the Merchant Navy
or Fishing Fleet, or the Royal National Lifeboat Inststution provided in either c&se that priority Enay be oiven to
FoLtndatRoners who are British or have at least one British parenL A person "serving at sea in the Merchant Navy"
means any seafarer working in any ¢apacitv aboard a merehant vessel which in¢lud¢s bul is noi limited to
passenger liners, ferries, container ship& tanker8 bulk carriers. break bulk and refriger&ed cargo ships, Royal
Fleet Auxiliarie5 (or their equivalent). coaster4 specialist ships {e.g. RNI.I lifeboats. deep sea tugs, salvage
ve55¢1s. oil support vessels. lighthouse tenders etc). luxury or ehartcr yachts. A person serving ai sea in the
"Fishints Fleet" means any seafarer working in any capacity al)oard inshore or deep-sea fishintv vessels. A person
"serving at sea in the Royal National Lifei#)at Institution" means any crewmember of a lifeboat operated by this
tnstitution.
The Foundation's Members approvcd this chan8e ai their meeling on 10th October 2022.
The T￿SleeS had three purposes for this application lo the Charity Commission:
to enable the Foundation to make re-payment grants to othercharities: and
to enable the Foundation to mak"¢ grants to charitie& and
to be able to deploy the Foundation's significant resources more widely.
In the year. the Trustees have:
Seen a slighi increase in the number of beneficiaries to 107 (?093: 103).
M8intsined the monthly grants to undergraduates @ £600 pm for those living away from home and £400 pm who
remain at home their studies. These payments continue to be made monthly in artears and a￿ ¢onditional upon
ea¢h recipient self-certifying their continued attendance monthly at their place of education and providing an
attendance fomi signed and stamped quarterly.
Approved grants of up to £?00 pa towards the costs of beneficiaries, school unifornis and £500 pa iowards their
costs of living.
All beneficiaries meet the Found&tion's eli8ibility criteri&
Closer collaboration with the Sailors, Children'5 Society and the Royal Liverpool Seamen's Orphan Institulion have
bolstered support for ¢dU￿tional advan¢ement4 particularly in FuTther Education. leading to an iTJ¢rease in in
beneficiaries.
We have supported the United Kingdom Sailing Academy (UKSA) reflecting a commitment to maritime education and
care¢r training, empowerirLg young individuals to e.xplorc opportunities in the maritime industry. They inspire and
support young people w broaden their horizons through eduration and trdining for careers at sea and their ambition És to
work with young Feople who need our help mo& to build positive futures and pathways inw maritime employment.
We would Itke to take this opportunity to celebrate those who have graduated from univetsities across the UK with
outstanding result% highlighting the Foundation's appftciation of academic dedication and effort. Not all of our students
follow the same educational path. Vootional trainino apprenti¢¢ships. creative endeavour4 and entrepreneurship are
supported, reflecting the Foundation's holistic and inclusive philosophy toward individual growth.
Collaboration with like-minded organisations has fosteTed meaningful Partnershi￿ enhancing resource sharing and
support mechanisms. This multifaceted approach emphasizes inclusivity. adaptability. and em￿wern]e n¢ celebrating
and supporting the diverse and unique paths of all its beneficiaries.
Fundraisino aetivities
As in previous years, no fundtaising has been undertaken.
Page 4

Royal Merchant Navy Education
Foundation
Report of the Trustees
for the Year Ended 31st August 2024
FINANCIAL REVIEW
Policy on reserves
Funds shown on the Charity's balanee sheet totslled L?1.559,385 (?093: £20,168 ?54) of which £95.)49 {?0?":
£17,461) is restricfrd, because the capital or income is not available for the general purpose of the ChaDity. The
Charity's tangible fixed assets are held for use by the Charity. The slaled value of the fixed asset4 including
investlnents. is £22.156597 (2023: £20,897,723) Working capitsl is adequate in the short tem to meet needs and the
Foundation has neither overdraft facilities nor any charge on assets.
The Bearwood Estste
In l919, the Foundation was given the freehold of the 493a BearwLX)d Estate by Sir Thomas Lane Devitt Bt and Sir Eric
Yarrow Bt. Benveen 2012 and ?015. the T￿￿te¢S disposed of 23 la of this Estate while relaining the fteehold of the
With ihe disposal of the ?3 la of the Estate, the Foundation continues to have a high level of reserves as a safety net to
cover the costs of educating beneficiarie&
Investrnent policy 2nd objeetives
The Trustees, investment policy tak'es account of ihe Tntstees, desire io maintain and 8row over tirne Ihe real value of
the capital and income and to reflect their ambiiions to maximise the educational supp)rt available to beneficiaries.
FUTURE PLANS
The Trustees continue to evolve plans for the Foundatiort's fvtt]re. but this dei'elopmenL is being constrained by national
and inEernational uncertainty. Given that aboui 47 % of ihe Bearwc(Jd Estate has been sold and the reiained remainder
leased, the Trustees continue to move the charity forward with due diligence.
ROYAL MERCHANT NAVY SCHOOL FOUNDATION (309047)
The Royal Merchant Navy khool Foundation, a regisle￿d charity (number 309047) which is controlled solely by the
Foundation's Trustee4 continues even thouJts it reeeived no income nor incurred any ¢xp¢nditure in the year under
report.
The Chartty Commission has authorised Trustees to ￿ a totsl return approach to investments.
ACKNOwLEDGEME￿s
The Trustees acknowledge the generosity of all our many supporters and extend our thanks for their help towards tl)e
disadvantaged children of Se8fa￿rs. The Trusrees also with to record their appreciation of the hard work of all the
Foundation's stsff.
grRUCTURE. GOVERNANCE AND MANAGEMENT
Governino document
Royal Merehant Navy Education Foundation:
wa5 founded in 1827.
was registered as a Charitable Incorp)rated Organisation in ￿ 13.
is governed by..
its Constitution dated ?4th July ?013 which wds approved by ihe Charity Commtssioners on 9th August
2013.
the Board of Trustees &% listed above.

Royal Merchant Navy Education
Foundation
Rèport of the Trustees
for the Year Ended 31st August 2024
STRUCTURE, GOVERNANCE AND MANACEMENT
Recruitment and 2ppointment of new trustees
Trnstees are appointed at a meeting of the Main Board of Trusiees on nominations received from seTving Trustees or
employees.
Organisational structure
The Board is legally responsible for the overdll rnan4rvement and control of the Foundation and meets at least three
times each year. The whole Board is directly involved in all mafrers of the Foundatioj). The day-to-day management of
the Foundation is delegated to the CEO.
Induetion and traininu of new trustees
The induction pro¢¢ss includes the opportunity. prior to election, to meet executive staff and to access past A¢¢ounts
and Minutes. and Trustees are directed to the advice on their duties and responsibilities available both on the Charity
Commission website and others. TTUStees are also invited to participate in seminars relevant io their duties.
Key managemènt rernuneration
Trustees are responsible for Staff remuneration the review of which fonns part of the budgetary approval process in
October ¢￿h year.
Rfisk management
The Trustees are responsible for the management of risks faced by the Foundation. Throughout Ihe year. new risks are
identified and assessed, and controls established. A fomial review of all identified risks is undertaken each year.. in
particular, a review of the Investment Manageffs perforniance is carried out annually. Controls in place to manage the
risks include maintaining:
Clear terms of reference and agenda frjr Trustee Board and ad hsx Sub£ommittees.
Strategic planning, budgeting, management accounting and financial controls.
A cU￿ent Investment ManaThement Agreement.
Leases or similar legal agTecments with all tenants of the Foundation's propety devolving, where possible,
liabilities to the tenants.
Insurance where appropriate.
Serious Ineidents
No serious incidents occurred in the year under reporL
Page 6

Royal Merchant Navy Educatio
Foundation
Report of the Trustees
for the Year Ended 31st August 2024
srATEMENT OF TRUSTEES, RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Tn￿teeS and the financial statements in accordance with
applicabLe law and United Kingdom Accounting Standards (United Kingdom Generdlly Accepted Accountinu Practice}.
The law applicable to charities in England and Wales. the Charities Act ?011, Charity (Accounts and Reports)
Regulations ?008 and the provisions of the trust deed ￿quireS the truslees 10 prepare fInancia] statements for e2¢h
financial year which give a true and fair view of the state of affairs of the ehaTity and of the incoming resources and
application of resource8 including the income and exyenditUAE, of the charity for that period. In p￿parIng those
financial staternent4 tbe tTUStees are ￿qUired to
select suitable accountino
> policies and then applv them consistendy.
observe the methods and principles in the Charity SORP.
make judgements and estimates ihat are reasonable l￿d prudenl
state whether applicable accounting standards have been followed. subject to any material departures dis¢losed and
explained in the financial statements.
prepare the financial statements on the goints concem basis unless it Is inappropriate to presume that the charity will
continue in business.
The trusl¢es are responsible for kttping proper accounting records which disclose wirh reasonable accura¢y at any lime
the financial position of the charity and to enable them to ensure thai ihe financial statements comply with the Charities
Act 201 I, The Charity (Accounts and Reports) Regulations 2008 and the provisions of the trusl deed. They are also
responsible for safeguarding ihe assets of the charity and hence for taking reasonable steps for the P￿VentIon and
detection of fraud and other irretsularities.
Approved by order of the tM)ard of trustees on
d signed on its behalf by..
Ms Lesley Robinson - T
Page 7

Report of the Independent Auditors to the Trustees of
Royal Merchant Navy Education
Foundation
Opinion
We have audited the financial statements of Royal Merchant Na￿ EdU￿tiOn Foundation (the 'charity') for the year
ended 31st August 20?4 which comprÈse the Statement of Financi21 A¢tivitie4 the Balance Sheet, the Cash Flow
Statement and notes to the financial statements. including a summary of significant accounti￿ policies. The financial
reporting framewoL* that has been applied in their preparation is applicable law and United Kinodom Accounting
Standards (United Kingdom Generally Accepted Accouniing Practice).
In our opinion the fmancial statements=
glve a true and fatr view of the state of the charity's affairs as at 3 1st August 7024 and of its incoming resources and
application of resources, for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pwtice; and
have been prepared in accordance with the requirements of the Charities Aci ?01 l.
Basis for opinion
We conducted our audit in accordance with Iniemational Sw)dards on Auditing (UK) (ISAS (UK)) and applicable law.
Our responsibilities under those standards are firther described in the Audirors, responsibilities for the audit of the
financial statements section of our ttport. We are independent of ihe charity in accordance with the ethical
requirements that are ￿levan1 to our audit of the fmancial statements in the UK. including the FRC'S Ethical Standar
and we have fulfilled our other ethical responsibililies in accordance with these requirements. We believe that the
audit ¢vid¢nc¢ we have obtained is suifKieni and appropriate lo provide a basis for our opinion.
Conclusion5 relating to going concern
In auditing the financial ststements, we have concluded that the tr￿stee$, use ofthe going concern basrs of accounting in
Ihe prepakztion of the financial statements is appropriale.
Based on the work we have perfornied, we have not Adenti fied any material uncemainties ]Elaling to events or conditions
that, individually or collectively. may ¢asr significant doubt on ihe charity's abil ity 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 responsibili(ies of the trustees wirh resp￿ to going concern are described in th¢ r¢l¢vanr
sections of this rep)rt.
Other inforniation
The trustees are responsible for the other inforniation. The other inforn]alton comprises the inforniation included in the
Annual Report, ocher than the financial statements and our Report of ihe Independent Auditors thereon.
Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise
explicitly stated in our repo¢ we do not ¢xpre&s any ftimi of ¥ssurnn¢¢ ¢on¢lusion th¢r¢on.
In connection with our audit of the financial sLitemcnt4 our responsibility is to read the other infonnation and. in doing
so, Consider whcther th¢ other infomiation is materially inconsistent with th¢ financial statements or our knowledge
obtained in the audit or otheNqse appears to be materially misstated. Jf we identify such material inconsistencies or
apparent material misstatementl we are required to delennine whether this gives rise to a material misstalement in the
financial statements themselves. If, b&sed on the work we have ￿rforn]ed, we conclude that there is a material
misstaternent of this other inforn]ation. we are required io report that fact. We have nothing to report in Iliis regard.
Matters on which we are required to report by except)OD
We have nothing to report in respect of the following matters wheTe the Charities (Accounts and Reports) Regulations
2008 ￿qUIreS us to report to you if, in our opinion-
the inforniation given in the Report of the Trustees is inconsistent in any material respect with the financial
statements. or
5uffiGient accountiJ]g ￿COrdS have not been ￿￿￿- or
the finan¢ial ststements are not in agreement with the accounting records and returns. or
we have not received all the infomiation and explanations we require for our audiL
Page 8

Report of the Independent Auditors to the Tnlstees of
Royal Merchant Navy EducatlOD
Foundation
Responsibilities of trustees
As explained more fully in the Statement of TTUStees' Responsibilities. the trustees a￿ responsible for the preparation of
the finan¢Tal statements which give a tnje and fair view. and for such internal control as the trustees detetTnine is
necessary to enable the preparation of financia] statements that are f￿ from maertal misstatemenl whether due to
fraud or error.
In preparing the fman¢ial statement& the truslees Teswnsible for assessing the ¢harity's ability to continue as a
going concern, dis¢losTn& as applicable, matters related to going concern and using the going concern basis of
accounting unless the trustees either intend to liquidaie the charity or to cease operations. or have no realistic altemative
butto do so.
Our responsibilities for the audit of the financial ststements
We havc been appointed as auditors under Section 144 ofihe Chart(ies A¢t ?01 l and report in accordance wilh the Act
and relevant reoulations made or having effect thereunder.
Our obje¢tives are to obtain reasonable assurdn¢e about whether the fiJ)ancial statements as a whole are free from
material misststemenL whether du¢ io fraud or error. and to issue a Report of the Independent Audirors that includes
our opinion. Reasonable assurance is a high level of assurdnK but is not a guarnntee thai an audit conducted in
accordance with ISAS IUK) will always deie¢l a material misslatement when it exists. Misststements arise from
fraud or error and are ¢onsidercd material if, individually or in ihe aggregate. they Could reasonably be expected to
influence the econotnic decisions of users taken on ihe basis of these finaticial stslemenls.
The extent lo which our procedures are capable of detecting irregularities. including frdud is detsiled below:
enquiry of man&gemenL those charged with governance and the entity's soliciiors around actual and potential
litigation and elaims-
enquiry of enlity's staff to identify any instan￿$ of non<¢)mpliance with laws and regulations;
reviewing minutes of meetings of ihose charged wilh oovernance.
reviewing financial statement disclosu￿S and testing to supw)rting documentation to ￿$¢55 complianee wilh
applicable laws and regulations- and
auditing ihe risk of management Ove￿Ide of controls including through testing journal entries and other
2djustTnents for appropriaienes4 and evaluating rhe business rdtionale of significant Irdnsaclions outside the
nomal course of business.
A further description of our responsibilities for the audit of the financiil ststements is loeated on the Financial
Reporting Council's websit¢ at www.frc.org.ukJauditorsresp)nsibilities. This description fornis part of our R¢port of the
Independent Auditors.
Use of our report
This rep)rt is made solely to the charity's trust¢e& as a body, in accordance with Part 4 of the Charities (Accounts and
Reports) Regulations 2008. Our audit work h&$ been UT]dertaken so that we mitsht state io the charity's truslees those
matters we are required ¢0 state to them in an audilOTS' report and for no other pU￿oSe. To the fullest extent permitted
by law. we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body,
for our audit work, for this report, or for the opinion5 we have fornied.
Sheen Stickland
Chartered Accountants
Statutory Auditors
7 East Pallant
Chichester
West Sussex
P019 ITR
Date: .2.l'.i
Page 9

Royal M¢rehant P4avy Edueatioll
Foundation
Statement of Finantial Activities
for the Year Ended 31st A￿￿ust 2024
?0?3
Total
fijnds
Unrestricted
fund
Restricted
fijnds
Total
funds
Notes
INCOME AND ENDOWMENfs FROM
Donations and legacies
?94
20,000
10.073
Investment income
Other income
540.101
540.101
549,787
1.017
Totsl
543,J95
56J.395
560.877
LXPENDITURE ON
Raising ￿ndS
181,68?
181.68?
183,038
Charitable activities
Grants to Foundationers
559.658
12.11?
571.770
416,48?
Totsl
741.340
12.112
75j 45?
599 5?0
Net gains on investtnents
1.581.188
1.581 188
?6,9?5
NET INCOMEI(EXPENDITUKE)
1.383.243
7,888
1,391,131
(11,718)
RECONCILIATION OF FUNDS
Total funds brought forward
?0,150,793
17,461
20,168.?54
20,179,97?
TOTAL FUNDS CARRIED FORWARD
21,5i4.Oi6
?1,559,385
?0.168 ?54
The notes forni part of these financial statements
Page 10

Royal Merchant Navy Education
Foundation
Balanee Sheet
31st August 2024
?0?4
Total
nds
?023
Total
nds
Utvestricted
fund
Restricted
funds
Notes
FIXED ASSETS
Tangible assets
Investments
Investments
Investment property
io
1,964
,964
11,611
li
17,954,63i
4.?00.000
17.954.63J
4 ?00.000
16,686,11?
4.?00,000
.156,597
?2,156.597
?0,897.7?3
CURRENT ASSETS
Debtors
Cash al bank and in hand
13
850
70.051
850
95.400
716
?5.349
70,901
?5,349
96.250
CREDITORS
Amounts falling due within ¢)ne year
14
(377,947)
(377.9471
(407,0311
NET CURRENT ASSETS
1307.046)
?5.349
(281.697)
(394.?35)
TOTAL ASSETS LESS CURRENT
LIABILITIES
?1,849,551
25.349
?1,874,900
20,503.488
CREDITORS
Amounts failing due after more than one year
15
(315,515)
(315,515)
(3i5,?34)
NET ASSETS
215i4,036
25.349
91,559.385
?0,,168.?54
FUNDS
Unrestricted funds
Restricted funds
17
21.534.036
?5.349
?0.150.79)
17.461
TOTAL FUNDS
?1.559.385
20.168 ?54
The fi
ncial statements were approved by the Board of Trustees and authorised for issue on
were signed on its beha]f by:
Ms Lesley Robinson - T
stee
The notes fonn part of these financial statements

Royal Merchant Nawy Edue8ti0
Foundatio
Cash Flow Statement
for the Year Ended 31st August 2024
2024
?0?3
Notes
Cash flows from operating adivities
Cash generated from operations
{767.795
(74l.684)
Net cash used in operatiTrg activities
767.795)
741.684)
Cash flows from investing activities
Purchase of tangible fixed assets
Puwhase of fixed asset investmenis
Sale of tanoibl¢ fixed assets
Sale of fixed asset investments
Dividends received
Rental income received
{1,65))
(8.376,953)
11,399)
{4,976,500)
11,500
5,1?1,018
367,488
18? 799
8.689.620
357.80?
Net cash provided by investing activities
851 115
704.406
Change in cash and eash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reportinu period
83.320
(i7,?78)
12.080
C*$h 2nd cash equlvalents gt the end of
the reporting period
95,400
The notes fom part of these financial statements
Page 12

Royal Merchant Navy Education
Foundation
Notes to the Cash Flow Statement
for the Year Ended 31st August 2024
RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NEf CASH FLOW FROM
OPERATING ACTIVITIES
?0?4
?0?3
Net IDcome/(expendithre) for the reporting ￿rIod (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation Charges
GaTn on investhients
Lossl(profIt) on disposal of fixed assets
Dividends received
Rental income received
OncreaseydeLrcasc in debtors
Decreas¢ in creditors
1.391.131
(11.718)
7,?90
(?6,9?5)
(1,017)
(367,4881
(182,299)
680
160.?07)
(1,581.188)
(i57.80?)
(182.299)
(134)
(48.803
Net cash used in operations
(767.795)
1741,684)
AJYALYSIS OF CHANGES IN NET FUNDS
Ai 1.9.2i
Cash flow
At 31.8.24
Net elsh
Cash at bank and in hand
1 ?,080
83.3?0
95,400
83.3?0
95.400
Totsl
83.3?0
95.400
The notes form tArt of these financial statements

Royal Merch2nt Navy Education
Foundation
Notes to the FiDaDrial Statements
for the Year Ended 31st August 2024
AccouKfiNG POLICIES
B2sis of preparing the financial statements
The financial statements of the charity, w,hich is a public benefit entity under FRS 10? have been prepared in
accordance with the Charities SORP (FRS 10?) 'Accountino and Rew)rting by Charities: Statement of
Recommended Practice applicable to charities preparing their accounts in accordance wilh ihe Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 10?) (effective l January ?019)',
Financial Reporting Standard 102 'The FitwKial Reporting Standard applicable in the UK 2nd Republic of
Ireland, and the Chartties Aci ?01 l. The financial statemenls FLave been prepared under ihe historical Cost
convention, with the exception of inveslments which are included at market valu< as modified by the
reva]uation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it
is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal OT constructive obligation committing the
charity to that expenditure, it is probable that a trdnsfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has
been classified under headings lh￿ aggregate all cost related to the ￿tegOry. Where costs cannot be directly
attributed to particular headings they have been allocated to activities on a bLsis consistent wilh the use of
Tesourees.
Grants offered subject to conditions which have not bttn met al the year end dale are noted as a Commitment but
not a¢¢rued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rdtes in order to write off each ass￿ over its estimated useful
life.
Computer equipment
33°A on cost
Individual fixed &ssets ¢ostAng more than £?50 are capitalised and included at cosi.
Investment property
Investment property is shown at most ￿¢￿1 valuation. Any aggregate SUTpIu5 or deficit arising from ¢hanges in
falr value is recognised in the Slalement of Financial Activities.
Taxation
The ¢haTity is exempt from t&x on its charitable activities.
Fund aecounting
Unrestricted funds can be used in a￿ordance with the ¢harttable obj￿lIveS at the discretion of the trustees.
Restricted funds can only be used for particular restricted puryjoses within the objects of the charity.
Restrietions aris¢ when specified by the donor or when fvnds a￿ rnised for particular restricted putposes.
Further explarkation ofthe nature and purpose of each fund is included in the notes lo the financial ststements.
Pension costs and other post-retirement benefits
The Gharity operdtes a defined contribution pension ￿herne. Contributions payable to the charity's pension
scheme a￿ charged to the Statement of FiThancial Activitie5 in the period to which they relatr.
Page 14
continued...

Royal Merth2nt Navy Education
Foundation
Notes to the Fin2Drial Statements - eontinued
for the Year Ended 31st Aufjust 2024
DONATIONS AND LEGACIES
?0?4
?0?3
Donations
?94
10,073
INVE￿ME1￿ INCOME
20?4
?0?3
Rents received
Interest and dividend income
18??99
367.488
357,80?
540.101
549.787
RAISING FUNDS
Investment management costs
20?4
?023
Portfolio manauement
Mainknance charges
Rates
Legal & professional
Insurance
Custodian Trustee ftes
149,675
7,068
,457
14,491
3,798
546
23,519
4,51?
1.785
181,682
183,038
CHARITABLE ACTIVITIES COSTS
fvnding of
activities
(see note
Support
¢osts (see
note 7)
6)
Toials
Grants to Foundationers
3?1,867
249.903
571,770
GRANTS PAYABLE
20?4
Grants to Foundation￿3
321,867
162,768
Page 15
continued...

Royal Merchant Navy Edue2tion
Foundation
Notes to the Finaneial Statements - tontinued
for the Year Ended 31st August 2024
SUPPORT COSTS
Governance
¢osts
Management
Finance
Totals
Grants to FoundationeTS
2J6,483
4,396
9.0?4
?49.90J
Support costs. included in th¢ above. are as follows:
?0?4
Granls to
Foundahoners
?0?3
Total
activities
Wages
Social security
Pensions
Light. heat and waler
Telephone
Postage and ststionery
Sundries
Head Office Rent
Travel & subsistence
Subscriptions
Computer costs
Website design
Depreciation of tangible and heritage &qsets
Bank Gharges
Loss on sale of tangible fixed assets
Auditors, rcmunerntion
173.119
14,??8
3.630
?.075
?,531
656
3.506
16.800
3,960
547
4.599
i.300
179,?50
9,448
195
2,673
?,051
3,944
16,800
1.671
7.?90
593
6?8
3,768
9.0?4
12.576
249,903
?53.714
TRUSTEES, REMUNERATION AND BENEFITS
There were no trusr¢¢s' r¢munerntion or other benefits for the year ended 3 1st August ?024 nor for th¢ year
ended 31 st August ?0?3.
Trust¢e$' expenses
During the year, two (2023: four) trustees were reimbursed for travel expenses iotslling £546 (?O?J: £1.785).
rAFF COSTS
2024
2023
Wages and salaries
Social security costs
Other pension cO￿S
17J,119
179,250
9,448
195
3,630
190.977
188.893
¢ontinued...

Royal Merchant Navy Education
Foundation
Notes to the Financial Ststements - Continued
for the Year Ellded 31st August 2024
srAFF COSTS - continued
The average Jnonthly number of employees during the year was as follows..
?024
20?3
Management and administrdtion
Fundraising and welfare
No employees received emoluments in ex¢ess of £60,000.
The total employee benefits of the key management personnel of the charity were £96,968 (?0?-
): £1?5,189).
TANGIBLE FIXED ASSETS
io.
Computer
equipment
COST
At I st September ?J?3
Additions
Disposals
30,149
,653
119,i80)
At 31 st August 2024
DEPRECIATION
At I st September 2023
Charge for year
Eliminaied on disposal
16,538
1561?)
At 31 st August ?024
10,458
NET BOOK VALUE
At 3 1st August ?0?4
1.964
At 3 1st August ?0?3
11.611
Page 17
ontinued...

Royal Merchant Navy Educatio
Foundatio
Notes to the Financial Statements - tontinued
for the Ye2r Ended 31st Au¢yust 2024
ii.
FIXED ASSET INVESTMENTS
Cash and
serflements
pending
Listed
investh]ents
Totals
MARKET VALUE
At 1st September ?023
Additions
Disposals
Revaluations
16.?91.469
394.64J
16,686,11?
).800,?11
4,576,74?
8,J76,953
(4,?83,082) (4.485,574) (8,768.656)
.660.??4
1,660 ??4
At 31 st August ?0?4
17.468.8?2
485811
17.954.633
NET BOOK VALUE
At 31 sc August ?024
17.468.822
485.811
17.954.633
At 3 1st August ?0?3
16.?91.469
394.643
16686.11?
Lnv¢stments totalling £l1,662.747 are based outside the UK (?0?3: £11,359.978).
Cosz or valuation at 31rt August 2024 15 represented by:
Cash and
settlements
pending
Listed
Inves￿eftts
Totsls
Valuation in 2024
17.468 8??
485.811
17.954.6)3
12.
INVESTMENT PROPERTY
FAIR VALUE
At I sl September ?023
and i I st August 2024
4.?00,000
NET BOOK VALUE
At 31 st August 2024
4,?00.000
At i 1st August ?023
4,?00,000
Bemvood Estate was valued in the year ended 31 Au.￿t 20?] by Strutt and Parker, the fair vaiue was
esttmated at £4,?00,000.
Fair value at 31 st August ?0?4 is represented by-
Valuation in 20?4
4,200.000
Pag¢ 18
continued...

Royal Merchant Navy Edueation
Foundation
P4otes to the Finaneial Statements- continued
for the Year Ended 31st August 21Tr14
13.
DEBTORS= AMOUNTS FALLINC DUE wrrHIN ONE YEAR
?0?4
Prepayments and accrued incorne
850
716
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
?024
?0?3
Trade creditors
Social security and other taxes
Grants payable
Deposits received
Accruals and defe￿d income
17
4,388
j?3.J41
900
49,301
?,585
351.930
900
48,16i
i77 947
407.031
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
?024
20?3
Grant5 payable
315,515
J35 ?34
?024
20?3
Brought forward
Net new grant Commitments in the year
Paid in the year
687,164
305.709
354.017)
853.378
178.366
344,580)
Carried fonvard
6i8,856
Due:
Yearended J l Auoust ?024
Yearended 31 Au¢Fu5t ?OJ?
Year ended 31 August ?0￿7
Year ended 31 August 20?7
Year ended 31 August ?0?8
Year ended 31 August ?029
351.930
940.943
77,291
11,600
5,400
3?3,341
167.876
75,856
59.056
638,856
687 164
Page 19
continued...

Roy21 Merchant Navy Education
Foundation
Notes to the Finanei41 Statements - tontinlled
for the Year Ended 31st August 2024
16.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operdting leases fall due as follows".
?024
Within one year
Between one and five years
16,800
16,800
18.900
18.900
35.700
17.
MOVEMENT IN FUNDS
Net
movement
in funds
At
At 1.9.23
Unrestricted funds
General fund
90.150,793
I,j8j.?43
?1,534,036
Restri¢¢ed funds
Underhill
Watson
Capital Flats
Tree Fund
The Mission to Seafarers
904
1?,96?
904
3.?84
7.888
7.888
7.888
TOTAL FUNDS
20.168.254
1391.lil
?1,559 385
Net movement in fijnds. included in the above are as follows:
Incoming
sources
Resources
expended
Gains and
losses
Mov¢menl
in funds
Unrestricted funds
General fund
543.395
(741.340)
1.581,188
.383,?43
Restricted funds
The Mission fo Seafarers
20.000
(1? 112)
7,888
TOTAL FUNDS
563J95
753.452)
1581,188
1.)91.131
Page ?0
continued...

Royal Merchant Navy Education
Foundation
Notes to the Finaneial Statements - continued
for the Year Ended 31st Au¢WUSt 2024
17.
MOVEMENT IN FUNDS- continucd
Comparatives for movement in tsuds
Net
movement
in funds
At
Unrestrieted funds
Gencral fund
20.16?511
(11,718)
?0.150.793
Restricted funds
Underhill
Watson
Capital Flats
Tree Fund
311
904
311
904
17.461
17.461
TOTAL FUNDS
?0,179.97?
(11.718)
?0.168,954
Compardlive net movement in funds. included in the above are as follows:
IncomTng
resources
Resources
expended
Gains and
losses
Movement
in funds
Unrestrieted funds
Gen¢rdl fund
560.877
(599,520)
26.9?5
(11.718)
TOTAL FUNDS
560.877
599.5?0)
?6.9?5
(11.718)
A current year12 months and prior year 12 months combined position is as follows:
Net
movement
in funds
At
At 1.9.2?
Unrestricted funds
Genern] fund
?0.16?511
l.J71.5?5
21,534,036
Restricted funds
Underhill
Watson
Capital Fiats
Tree Fund
The Mission to Seafarers
311
904
12,96?
904
12.96?
3,284
7.888
7,888
17.461
7.888
?5,349
TOTAL FUNDS
?0.179,97?
1.)79.41)
?1.559.)85
P2ge?I
continued...

Royal Merchant Navy Education
Foundation
Notes to the Financial Statements - eontinued
for the Year Ended 31st August 2024
17.
MOVEMENT IN FUNDS - tontinued
A current year l? months and prior year 12 months combined net movement ITJ fijnds, included in the above are
as follows:
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Unrestricted fuDds
General fund
1,104,2
(1,340,860)
1.608,113
1.371.5?5
Restricted funds
The Mission to Seafarers
?0.000
(i? I i?)
7,888
TOTAL FUNDS
112427?
I l.i52,972)
1.608.113
1.379.41)
The Underhill. Watson and Capiral Flats funds represtnt funds which have been donated in memoriam for the
mainrenance of the Esrate.
The Tree Fund represents fim¢ls whtch have been specifically donated for trees to be planted in the Estste in
memoriam.
The Mission to Seafar¢rs fur￿ represents a ornnt to be used for the education of two named foundationtr's.
RELATED PARTY DISCLOSURES
18.
There were no related paty transactions for the year ended 3 1st August 20?4.

Royal Merchant ￿2￿ Education
Foundation
Detsiled Statemtttt of Financial Artivi¢ies
for tbe Year Ended 31st Auoust 2024
?024
?0?3
INCOME AND ENDOWMENTS
Donations and legacies
Donations
?3.?94
10.073
Investment ineome
Rents received
Int¢￿st and dividend income
l8? ?99
357.80?
367.488
540.101
549.787
Other income
Gain on sale of tangible fixed assets
1,017
To¢91 Ineoming resourc&s
56i.395
560,877
EXPENDITURE
Knvestment managernent cost$
Portfolio management
Maintenance charges
Rates
Legal & professional
Insuranc¢
Custodian Tru￿ee f¢¢s
154,322
7,068
1.457
14,491
3,798
546
149,675
,361
?3,519
4,51?
181,68?
183,038
Charitable activities
Grants to individuo]s
321,867
162,768
Support costs
Manag¢ment
Wages
Social security
Pensions
Light, heat and water
Telephone
Postage and stationery
Sundries
Head oiflce Rent
Trav¢1 & subsistence
Subscriptions
Computer costs
Website desitrn
Depreciation of computeT equipment
173,119
14.??8
3,630
?.075
?.53 I
656
3.506
16.800
3.960
547
4.599
i,300
7.53?
179,?50
9,448
195
16,800
2,856
,671
236.48J
?40,545
This page does not fomi patt of the statutory financial statements
Page ?J

Royal MerchaJAt Navy Edutation
Foundation
Detailed Statement of Financial A¢tivitie$
for the Year Ended 31st August 2024
?0?4
Man20èment
Finance
Bank Gharoes
Loss on sale of tangible fixed assets
6?8
593
4.i96
Governance costs
Auditors, remuneration
9,0?4
Total resources expended
75 J.45?
599,5?0
Net expenditure before gains 2nd losses
(190,0571
(38.643)
Realised recognA$ed gains and losses
Realised gainsl(losses) on r￿ed asset investments
79,036)
(279.5?1)
Net expenditure
269,093)
(318.164}
This page does not fomj part ofthe statutory financial statements
Page ?4