C*)C￿￿n Envfjb)p8 ID: 2C5A62W08D45F24161)4B157DE37021 1851 Marine Trust Annual Report and Financial Statsrnents Year Ended 31 December 2024 Charity tegistration nurnber. 1158670 DoM&n ID: 2CSA62D￿BtWP2-B164￿BI37r￿j7o2l 1851 Marine Trust Charity Infonnation Royal Patron HRH The Princ￿ oflValBs Patron Sir Ben Ainslwj CBE Reference and Admlnistratlve Detaik Campbel Flemlng (Chatr) Lady Georgina ￿r￿lI8 (Dgputy C￿1[) {rwned 30 2025) Roy Bedlow JLFanng GrirKlby (Aso *ing CEO) Tara Gllespl? {appclnled 5 2024) Jeremy Boadle {reslgr*d 18 Awtl 2024) Day￿ Graham (app￿nted 27 March 21Y25> Reglstered Offfce Thé 1851 Trust Unlt4. Number One Thé Paradé Cow8s Isle of Wight P0317QJ Charfty Reghtraoon Numbèr 1158670 Bankers HSEC 89 Fdl Mall London SW1 Y 5Pf Independent Examlner Dallelie GritKn FCA MC￿ (South) LLP Suite 3, SecryKI Fh)or Friary Court 1>21 High Street Guibjford Surrey GU1 3DG Doutsign Eftvelope JD: 2CsA82￿FOBrMsF241oO-38jS7oES7o21 Contents Charty Infomalion TNste* RewL incl￿fi￿J ]ntrodudion from lh8 Char 1-15 Independent Fxarninefs Report 16 Statem￿t of Financ4alAclMtles 17 Balance Sh￿t 18 Notes to the Ftnanci81 Sl&tements 19-30 Erbikn1Tr. 2C6M2DB4OBN5F2411&4B107DE37¢)21 1851 Marlne Trust Trustees. Report for the y￿r ended 31 December 2024 Introducti4Jn from thé Chalr SWI￿sP￿•d L¢amlng- Crnatlng Next Generatlon of Innovatord 2024 has been anoth8r ￿'g y* fDr 1851 Trust define(I by further growlh, innovabon. and impacL Guidgd by r)ur Miss1￿ through Sport4nSplr￿ learnlng, we have anpchvered rnore young people than ever before to 8xploT8 th*r prthntia as Inn¢￿al￿s. prot4em-soW& and that¥Je makers usiig 8POrt to inspire ttrKir effort OLrw¢Yk is bultt (w) three str*gE plll¥s and drivwÈ by owtharilable 0tr4eGtives: I￿rude- by w0￿￿1ng freq hIgh44￿ty res(x1r￿ that en$￿e ajl yo)JrKJ pewe can ￿gage, Ll]e55 of ba*griKmd EdLKate- by delN¥ing conltsxt4>ased leaming that brings sfEM and cfimate èaucatp)n to life using high tethndogy SFQrt as exarnpks EmFw- usirYJ1he &xolEmEllt of ¥F(xt￿d in4xratiw of elite athletes to fuel ambitlon end self-befief pro￿1￿ rooted in the sport of sailing, we use unirye comLxnabon tjf tearnW￿ technology. aThl environmental avtareness as a launch￿ to open young minds to wodd of STEM, maritime innovalsoT4 and green Thls apwoath wiknues to prov8 ￿lW@r￿]I in eing. rnslffieneè. ￿ s4f- cOnfid￿c￿e1n1Orc%1g the belefthatSu¢x￿ In STEM also t•ilres ￿￿t10rd Iltey and sef.beElef. Our dirnatslgaming ￿nda new glthl harKl*on environmeTtsI ethcalion at 8ailGP 6v•nis In seven Gountsles. to You1￿￿d action the Butterfie]d Bank ClrTw* Gra 8nd tyjr cdlaborab'on Open Pl￿erS.￿Se Yourvoiix, challenge. These initia1ives shim howyoung p&ople can become a(ti¥e in a mc*8 Sustainable The Trust also had a strw wes8nc8 at maltt SWtiTrJ moment4 I￿￿udIng 37th America'3 Cup and global s￿1GP @vents, ￿er6stUdents eryajed direcUywf(h ro]e SLNth as Hannah Md15 WKI Sir Ben Airnslie, These moffEnt9 brouglrt ow pl￿ to W4howing hchv wortd of hlglF perfomiano $p>rt ignite ambitfrjn and tsnsfomi lif8 th8nce& Digrtal erI￿gement soared, ￿ a 300% In¢xease in media Irrtèra¢Xions aTrJ nattonal ￿rnpaIgn9 reac*irvJ huntknjs of thcusands of teachers. Behind the sc8n8s. ￿ made siJnffirArrt strIde￿niT￿j our thgilal infraslrncilre. tsunchiNJ n6y fjJndraisirE tools, and laying the ILiundatiMs f(xa Iffand refregh ltstwll L￿lfy and amrffy our message, Our for 2025 remalns clw. Deepen ￿r Im• measurernwt to trdd( real cha￿& strength￿ GUrri￿lUM algnmentfor m￿MuM r8lev8nGe ow refrthed brand to communieale our Pxffpose darity Ccfjsolidate our ￿tf￿9 to ensure ease of acyess for edwtors and Par Page 1 tyowsign EllI￿pa ID.. 2C5A62WQBLWF24161M81S7DE370Z1 1851 Marine Trust Trustses. Report for the year ended 31 December 2024 Introduction from the Chalr (cont'¢L) Through strateglc pthrslaps. largeted fLftdrasin& aKI ￿n0VatIVe pffogramrn8 dafvery. we wlll continue to bre* down batrters to opp(¥tunity. insFAre future Jeaders. 8nd o)rthibute meaningfitlly to ?ale. educatiory and thlts goals. None of llis b8 possiblè vAthoth the exl(ao• de6ication of patron. trustees. partn8r4 educat0￿, funders. our passionate team. Together. ate proving that when sport saence. and A huge Iharjk YDU from the trustees to all those Involved from our palrpn. GEO and te￿ll aswell as Ihe young people wl]o have ewaged so enlhusiasticaty in ovr effort& r. CampbEII Flemin9 Chatr ofTFUStees Dated: ior28r2025 Pag5 2 Docu*n En¥8*p• ID: 2CYXdDW045F2-B1eJ>3B15TDE37V21 1851 Marine Trust Trustees. Report for the year ended 31 De￿rnber 2024 (¢onYd.} The TtLtstees WIKJ we atso dtrerAors c¢the 1851 Marhe Trust lorthe pryses ol ¢Y￿ty law, {￿ferred to In this report as the Trust or 1851 Trust) are r8sponsib18 preparlry trte Trustees, ReFXrt and financÈal statements In accordan￿ wtth applI￿ble law regulatK)ns. Objectives and Aettvrlies- 1851 TNst S￿rt4n$P1rPd Learning- Creatlng the Next Generation of Innovator¥ Th¢ 1851 Trust tre realth Context of elite sport-•iwlaty sailin*and the l*rafjon of warkkgass 2thletes b Ignlte cUri￿ty and the educational praying field. OLff￿n is to (leate the n8xt geneBtion of Innovato￿ prowem4oly•￿ and ¢hang0 makers across the STEM, mariti ar￿ envtronmentsl 5eGtDr& Founded by Str Ben AknslI• Fwudty 8upport&Y by HRH The Princes5 of Wales as Royal Patron, the 1851 Trust offeAs a ￿lStincti¥e, hlgh4mpactapproach to educatlon. 1Ole deliverlre4 currieulum- aligned t￿hIng resour¢es and knteractlve events for &-16-year4d& ry￿atsd experts ftryn the worlds of sporL £denc*. ethJpAlon, and suslainability. Atth8 heart ofeYerythiTrJ (*) 18 ow slrat&3ic (aJMIRment to". Educate- Ihwgh eontext4ased STEII cjlmato leamlng that links dassrc*)rn Ccmtent to reapwortd QFWbJnib8S Indude - by 0tsSng all PTogranm8s frne of char￿. removlng barrlers to rarud￿On 8nd ensuAng reach undwserved comrnunitiés Empower - by hame5sng th8 Insplratlon of sport and athl•to rolo modelg to build 95pirabon. c£1nfKlen￿, 8nd ambiucn 1851 > CREATING THE p£Yr I%PlEKATION OF bYNQYATQRS iT-11 CP=W S7EY cpr LfyE DoEu8ign Env&opg1(I.2CSA6ZDWQBD45F241M4Bf57DE370ZI 1851 Marine Trust Trustees. Report for the year ended 31 December 2024 (cont'd.) Our Core Objectfves Inspire and edu￿te young people through the excatem8nt and sclertt of sport partiujlarfy saithng. using [fja4￿ storfes and elite alhleks to make STEM end environmental leaming rel8v&nL &x L20y Gec(glna Alr￿lIe (Deputy Chair) (résigned 30 Wil 2025) Roy BetJ]ow ererny Boadle {wlgned 18 Wl 2if24) Joanne Grindley Tara Gil]espie (appointed S June 2024) Dthl Gr&wn lappLYrted 27 Math 2025) staff Team A small team Supp￿ts the TNSVS Chièf Execxrtfve Officer. Achlev8ments and PertomMn¢e In 2024 devewd our ojmmthent to: Eng4e m¢xe girL8 in STEM subjects. Cknse the STEM and Green Skill leamlng gap. Give every person ar£ess to a wotld dass edU￿tIOn platfrjffl): Support ytxmg F￿￿te 4nd scho01$ take p¢)sttNe rfmate athon: Broadenir¥J horiiort and open G¥8er paths. Recognising that inspiring YOU￿ pwJple li STEM is (Jill￿1 to thievirvj our c4male goa]& STEM Cr•w 2D24 reach of stemcrew.OTg- our dlgltal IM￿-uS8 aducatlon resource ￿llIOn￿. 3.167 L*1 new user resource th￿loadS 475,050 yourKJ petwk hwe been tsught a STEM Crew lesson in 2024. Envelopeltr. 2¢sA62DB￿oBD45F2￿16o48157DE3702l 1851 Marine Trust Trustees. Report for the year ended 31 December 2024 (cont'd.) Educatton Rasou The Trust de￿Oped 4 new free Edu￿ron Res0W￿ th 21r24. availaN8 to teachers on STEM Crthw. 1. Hydrogen Chase Boat KS3 &K84 Chemisty and Physlcs Lesson DesuTpIicffi". Discover how the 8(rtlsh America's Cup learn ts usiYJ Hydrogen to pNier ihelr boat. ellmlnaing hannlul emlssions and driving inrK)valion in the mwine irK1usty to de&gn and devdop Hydfogen as a dean enwgy source for D￿usty. sUPF￿ by INEOS Communty Grart Outcom8 dat& The Hydr¢Jgen Chase Boal resou￿￿? generated a totalof 91 viewsfftxn 78 acthveusers In 2024. An emwl r￿paIgTr promollng the ￿oUrCe to leath￿¥ in sePt￿be￿ 2024 achieved 3 14.110 uniqu8 open rata fr(¥n 5&356 reciwls. resulury In 86 tot81 dicksto Ihe resou￿. 2. InvestlgalTng Ferees KS3 8 KS4 PhysTh & DT Lesson Descrtpllon: students explore the gas partide model fl￿d dyrHmics IlY￿h the lens ofAmerfca's Cup sail design. They wkvestigate hcMN gases behave over curved surfac4 track the evolution Df sail shapes for speed and effi(iency. and app]yM theory and awady￿mIcsto ￿￿1[awn hlgh-p8rfo￿ncQ wl& i Key Tparhing Poilts: li Fluid dynamkx over￿￿ed swfac iv_ Evol￿10￿ and 4Wtimlsatlon of sal deskJn v. LEft tl*ory 8nd aerityiamiGS Appllcallon ofthstcs In swl and pthm Sup{￿rted by C0bh￿.U1tra Oulcornè data: The Inveslig81irwJ For￿ resour￿ re￿IVed H total of 250views from 181 aclive users in 21y24. An emwl campaign in Octob¥ 21f24. promoting ihe new resourc8. was senito 56.817 reclplenls and achigved a 14.88% unlque open rate. leafing to 425 total (SL*A lo the resour￿. P4g• 6 DocJAon Envefvy1Tr. 2¢5MZDWD4YF2416W157DE37021 1851 Marfne Trust Tn￿tees. Report for the year en(led 31 December 2024 (confd.) 3. Renewth Eneryy KSI KS3 and KS4 Physi￿ and CPemisty Lesson Descriptron: Uslng the higfFIth of sal￿P. sbJdwts explfxe renwbte energy sour￿$ and ir reakwjrtd apFlicalion$. Thrcugh a case Study of the Emirates GBR SailGP team's Low Carbon b88e. they evaluats dean energy solutK*ns design their ow stsllaltc￿￿ for ghjbal locatlorts. Kèy Teachlry Polnts: Types and ev31￿10n ofrenvwablo wy S￿r¢e8 Reawd appli￿lKIn ofdean tethrK*Jgies o Case &udy anatysis of a swrts team base HannirKJ ar•1 deslgnlng rerwable Installalons ts different en¥irorments Supported by Lthv Carbon The rerwmbles resource receNed 1132 vrews fffjm 1,263 &live uws In 2024. There w8ra 425 downltsgds of the resourt%. means an eslimaled 63,900 yoLkTrg people wwe tsuglt thi5 mateTial in 2024. A fow send emafi ￿PaIgn promollng ￿ resour￿ to te￿her8 re5￿ted in a tolal of 88,344 defivered em&ls and an trlerall 2.68% d1th-ttrOr￿ rate. emAll tsmpai9n specnlcalty for prtmary teaCh￿S re￿Ved a 3.Q9% ur4que open ratè from 45.271 ddNered emails. Tha 8matl ￿MpaIgn for senJrKlay teachers had a 3.04% LMwiue open tate from 18.436 delivered emails. 4. The P0￿r ofMov•mwt KS3 & KS4 PSHE The Power of master(4as8 Sertes CDmbtnes the strengm of Spo￿ ￿ the ewes¥ion of dar￿ to explore how movement suFyits mental reSI￿enCe and peak pwfornJanc8. Fethring Ihe Atl Blth and djoreographer Shwrfe SIW, slLKlents18am Itkntion41 mtwement btsjsts bjth ph￿"Cal and merrtalwellLw' Key Teachlng Ponta: Link betsveen rnovement. menta rasllerte. and perfomiance R(le of physKd actwty in y￿be1 Instghts ffum efÉe athlet88 Ferforniers Fuslon ofspJrt and dar￿ as too18 for 8elfwression end s￿9th ppjrted INEOS HygieniGs as part of the INEOS Go Huma￿ Academy tkcusyn Enyelapg ID: 2C5A620￿08D4sF24]￿SBI570E3702fl 1851 Marine Trust Trustees. Report for the year ended 31 December 2024 (convd.) Outcome data: The Power ol Movement resour￿ had a lotsl of 510 vlews from 283 adive users in 2024. Ilon H Blodlvornlty Ass8mbty The 1851 Tnjst wofted wfth Swanboume C of E Schod in Mlton Keynes to deiiver 8n engagiNJ and memorable as8embty for the whole primary school. thcator was lolned by Nick Hutton from the EM￿ateS Team GBR SaTEGP team to explore ￿ Importance of blodlversity ￿ inspire sludents through the context olehie swl The session provided a valuable opwrtunity for puplls to engage dl• w4fh adivfties from the Trust's BIod￿ersty teathlng reSc￿r￿ and leawn al)out renevrknb energy and PDsibve ¢Kmate action - indLthg how athletes from EmiratesTeam GBR are leathng by example tlwh theirworkwRh 1851.8 Thts ass8mbty was ryeated as a complanentary teachtng aid to the Bio(Iver*ty resource and is available for teacher8 as an'assèmbty-reaty resource sulabk for use In pr(mary school Fox Covert Solar Parkwislj SbJdents from 6Wanboume C of E Pfimary SthoDI visRed L￿¥ Carborfs Fox Covert Slts P* to explore [en￿￿e energy in aclton. The visil I￿luded a site toui. conv￿￿On8 th iThi Carbon experts. and hands-on STEM adivrties l&1 ty Ihe 1851 TrLJsVs edu¢ator- bumding bee hotelsand seed bofftbs. Linked to Ihe Trusfs BiorfNersty teathir¥J resourcq th8 expeTience broughtsuslalnalxltyi to life and Inspired sludents io takn posibve C[￿ale adiorL ButterfJeld Bankx Prol8¢t Our Futura Cllmate A¢tlon Grant Thi8 yeai. the Butterfield Bart x Pmlect Our Future Climate Grant empowered youw people in BeMuda lo ILM dwnate ambition intom8aThtvJtul acaiorL ￿￿thseVensdKJo1s applying and two selecled for fundkng. the ￿lIlaINe deMo￿trated Ihe wowKig mornenlun for youlh*d enwronmental thange on the island. The gr￿t avwded $10.(KJO a(¥oss the Iw) winning proied5. erobfiTrJ students to lÈad impaclful In11￿t￿ fiX￿sed OTh 8iodivw3ity and nature restorat#)n 14nirnal prO1￿JOn aThJ vRJfare Ocean health arKt sustairAbilty ReducarfjJ environmenlal impacts. ￿d￿ling travel By supportÈng stsxl8nl-]ed oction and community engagemenL the progwnThe fostered re*woild leaffling and empow8red the next generall￿ ol environmental leaders to ryeate a more Slthinable Bemiuda En￿￿pe ID: 2CW2DWO8D45F2418¢N38157fÉ37021 1851 Marlne Trust T￿￿te88. Report for the year ended 31 December 2024 (conV(L) Ingpirfn9 Cllmata Acllon ats￿lGp Events As part of S&lGP Season 4. the Tnmt vA)rked TAfjth aducators to Prd8L* Ow Futwg dimate education yKJrk8hops in 7 of the SailGP venues ar0￿1 the glo Mora than 1.7yJ young people from ￿OUnd theworkl took partin these dynamic. inyrson workshop* E¥h s8SSton 8xpk)red: Lo¢xl C￿Mate c*ary d]al*es The UN Suslain8tl8 Goals Prac1v￿r ￿ey$ tts takè dm8tÈ aclicm In thelr U1￿ ￿mmunItIeS The Tru* al￿ dE*EI(yed wts*ive d￿rtents suth as the Btits rf Ljes.. a c*mate *Jucation allenge thathdped parldpanls bL￿coMmon dimate My￿. YoLry people w8rethen invlt8d to make personal dirnaie action ￿e￿9< whith they 5PJnEd on a Pkdge Wall - a p￿Wful visual statement ofyouth Commitri￿lt to a rnore S￿inal￿e firtu Thls Irlilathe demonstrates the sport and Slien￿ *vrking together to eAucat4 inspire, and a¢tiV8te the r*t generaticqj ofdirn* leaders. Len21e Academy Wlns Global Wse Yourvolerf Cllmate Challenge In 2024 ts 1851 Trus¥s dirrth education prcgramme pathered gl¢)bal film Ibrary Open Ranet to deliver the 'Use Your Voice. olallenge, insF4rfng yourvJ peopte to be(a)me climate 8torytellers and chang&makers. The cA)mpdition ¥touraged to create tsr£-minute films using OP￿ Planet footsgq $howGasin9 tho &tions taking in their (x)mmunities. L8nzt8 kad8my in East DuriKrtonthir4 Sc£thnd. wnwged as the wirmer. impressww athlet&iudges and educators wlth powerlul short films txeated by S2 wpl& Their winning enty the sthoc4 a £1.000 w]ze. Mll furKlthecteation of an orKampus apiwy, Stre￿9then1ng blodTveTsty and h￿0S- on en￿￿￿ments1 learning. The thalienge On￿ iwilt stuthnts, Gommunication Sklt L8 bui also gw them a Womi to infiU￿re th¢tr ar￿ C￿mUn￿eS Ilyough dimate action. Backed ty sportbng Iccms indudlng lQpchoge. ChemmyAW Hussain Airez4 at¥J Hannah Millg. the prLkJraFnme re)le¢Xs the 1851 TrusY6 mission to empower ywng peo* through swJrt-InsF¥red dimats and STEM edLK*icfi. Wth more Ihan of your•J people WLYried aboLrt thè planevs flthre. Us& Your Vaic6 conlinues to we tr￿M the tools, caffiden￿ and lead C￿nge. STEM Education H" Cobharn4Jltra Roatshows: The madshtm used the red-wcffkl cthtext 8nd Bispirat￿ of the Athena Patlfv￿ Programma, whi SUPTXlrts the British Wunen's and Youlh AmerK8'$ Cw teems, alwg$ide fem* eryineer8 frorn the tsam's PriT￿ sporffjw, Cobham UIA to i￿0ad￿ horEons arKI charoe p￿￿tsn8 arou￿￿ STENI 4 Road5hThs W￿2 held 4 UK lOratKj￿ Y￿￿ Oxfud Southamrton & Lonthn OutCOm85 achSeved: Engaged t)ver 500 ￿ng peO￿e aged 11-14 ar*oss the UK 98% of sbAenls suwal were more inteTrsted in purnuryj a cereer in STBI after the event Paga 9 twn Envekjpg Tr. 2CsA62D￿J8LHSF2-B]eo4B15Y0E37021 1851 Marine Trust Trustees. Report for tha year ended 31 December 2024 (convd.) Teacher Feedb* ItissDln¥vtanttoproWde8 r881-WOrtdcontext to STEM, andusingsport isgreatandsoinspnlionalforyoung chhdr8n. IfsTh&9 to com8 tyrf￿the todayand expth am these amathg acbvknes thatJDvhavewow"deir Student Feedback"li op8n8dup myvl8kvsÈo a lotofdTr78rent caieefs 8ndl &speu"ally eryoyed Ihe coding seth. n8ver dLV)e STEM before today. and l rfftln? really know what I wa8 goffng lo do. ttopens up alotof(%mlorlhefirture8ndlwouldbSketo dgsorne1hlnginc￿}pUNng PHSE Educatlon HI hll hts GD Humans Academy Go Humans Academy is a conecknn of engaging video mastercjasw rnent￿ and physical h8alth insigms fromworld.dass athleles. exp￿ts. andcrealves. These resources 8red8signed to equip young people ￿ the toojs kn thrive in and o￿lde ofthe dassroom. 2024 Highlights include: Four email camp￿$ womoliry Go H￿18Th$ rescwcx w￿e deliv6ted to a totsl of 85.768 recipi8nts. These campalgr¥s had a t¢)tsl open rate of 14,&26 and re$￿ed in 903 t(knl dicks to Ihe resour￿. Lèwh Hamllton helmet deslgn competitlon In 2024. wa partnered Vdith the INEOS Go Humans Academy and 8Èr Lewis HamÈlton to launch an F1 hslmet desiw chalknge. The 1th811enge Invited UK stsKferts aged 11-18 to creaie orwJin4 dwns thal celebrate ￿K1 w3B157DE57021 1851 Marine Trust Trustees. Report for the year ended 31 December 2024 (GonV(L) Grdnt HI hll hi¥ FIDELITY GRATrir In61ght Dashboard. Fac￿ On>￿ and data cleanse Impa¢t Reportiry: As part of the year oflhe Fiddity Grdnt Fundi￿. deltvered a Tethr Focus GroLV In W24 to explora reathcns and attitudes tINRrd the STEM Crew and Protect Our Futu￿ resour￿. Th grant was used to mea8ure the TnL8Ya impa¢ 8 c￿￿181 area for grovth. Pa￿apants in the for￿3 group inCt￿led both rximary and see￿￿ary scFx)ol ieac*J8S. Ir￿￿Ing a H&7d of &i￿re. SL￿rnary of Key Flr¥Jing$'. lthattea¢hers arn looking lor. Tethrs seek new, and ￿gaging teswrces that are easy to us< save tlme. link to ttE cwricajlurn. They atso vaiue rets￿r￿ blat rg)nnect stierte lo reaklffe app1lcgb￿ arKI potential caTrer paths, which help ￿gage sbxlgnts. Promotlon of resources: The most pow￿￿ fl￿ tl endorsement for teac*@￿ is re¢iXnMendatio￿ from the¥ oJleague& Tho fo￿￿$ STWP wested promoting resources through netwths nke STEM Learning. 6peca8list newslettsrs. arKJ ty.plggybat￿1n￿ on hi prollle sports and exlsting scthoc4 evwrt tke Nab'onal Science Week Feedback on STEM Crevr. Teac*ws praised the STEM CrewwebsTle ￿ tts high-quafty. eye- catchlrKJ Images. ￿[d{ design. and ease of use. They c¢)nsidered 1he resoLffces vajuable. relevanl. and fl•xibk for￿%£ acrass crrtrorèntsubiects arxl sludent abl￿ties. However, they rM)ted some issues wth the registrabon process and Suggested Trprovernen￿ fike providing a ojn1￿1Urn map and a'dowmload air buttorL Feedback on Prolect Our Futurè: While PTmary teathers f￿r￿j th8 POF erYJaging and good stimtlus for lessons, secortthry sthoot teathers feli ihe website graphics were law quafty cornpared lo STEM Cr￿. The Protec*Our Futur8 resourr*swere m(Ye fikdy ¢0 b8 s88n aB supplementary mthtals for evarts fike Brtiish SC18r￿ Week ratt￿ Ihan as core teathing fesouTC8& We also took tre brwe step of daansing our databasè of regstsred teachers on stemcrew.¢)rg. This meant taking off inactNe user4 thus re£kKang the Nmber of rg3i51ered t*thers trom lir￿ 12K to 8K Once the data was cleansed wewere able to y￿rk wibl a SlJF)pllerto cre* an Irwt dashtoard-thls gave us the abffty to profile ts textrRrs and schools that use ow resour￿ In the UK We were exlremety plea8ed to firtd. ￿en 8ftw the deartse. ijst under 40% of senior 5c*Jcols in UK use our teachiivJ resoiwce, mOreu4￿ 49% of Ac2demy Tnjsts (MATS) use our reS(￿rceS. Trus gNes us a strong. dat&batsJ understandlng ot our rèach and impact across the UK'G ￿uCation system. It deM￿ls1rates that a ggnific8nt FQTbon of Senior￿h0￿8 and IMTS are u¥ing our resources, vthth FQWtTrip indirkn orc￿r inlluence presence in the educalion se(*or. c0nvnunlcatl￿S H By leveraging the tnwer of htgh p#knnanc* sport the Tft￿t cxealed sta)(knut moments that InspIr￿& pathipatK>n, indudirg the Lewkg Hamittrm Helmet Desiw CompditKJn. whith attrth 1,664 antsve¥ 8rvJ r￿l￿d mcye Ihan 100.000 wplg ￿ s(K3al metha. athlate corrt*tt ￿gnIficanty boosted digital Fwbmiance, espeCIa￿ align￿ vAlh FIgh•rofi￿ SP￿0ng ￿￿onS such as tr Amwk¥s Cup and SalGP. These 8v&nts provided hig1￿lm￿ cpportunibes to conneL* sfEM l&ryming wth role m¢)dels Mce Harnah Mllls •d Sir Ben Anslio. Pap11 DI*￿81g￿ EAvelope Tr 2cSM2D￿0B04SF24q6O￿BIS7DE37O21 1851 Marlne Trust Trustees. Report for th8 year ended 31 December 2024 (cont'd.) Digital communica1K￿S aThJ oulfeath conlknued to sca18 in 2024. ￿lti 23 direLt eniail campatgns reathing 390.379 teackne￿ and driving over 100.fjjo open4 that saw a average open rate. 30 htgher than industry averages. Soctal medTa saw a 3t)YA wise in content tnteTadion4 thrflh 90% c follower8 based in the UK and a near-even gender spltL We invested in slrengywing ditsl Irfras￿re and strategic foundatlons to support rtrtuts gr￿h. A comprehensive data deanse enhanced STEM wbsuft)er perfOnnan￿ and em￿1 defv8rabi￿ty, while the website was UFdated essential legal cc#npThants do(xrnenls. Indudin9 GDPR, saleguarding. tenns and G(¥Klilion& privacy. and fLiokies Fdisies. A new dorratson mechanlsm was Introdusxd to the 1851 TnBtsite. ￿on￿[dO the launch of a dedtcated blog sthin fvt STEM Crew to share stories. re30ureu. and creat8 Opp￿In108S to Lilk akxxrt ujrrent educalional new5 and trend$. SIT81e9ic pknning began to create a cohesive brdnd Identity across the 1851 Trust. STEM Crew. arKI Pmtect Ow Futtte. posifjoning 1851 Tnjst es the lead brand across atl communications. a ￿tfied font ath)pted to ensure conslstency atxosg al ¢5[￿tal oulpuls Brand development began to c*mentth8 1851 Trust as the prlmary Identity. alongside the unification ofSTEM Crewano Protecl OurFutureas onecentral educatN)n platfonn and brar*J. Ihat cmnects knio th8Trusfs Vi8ual and messaglng frarnework Once launched EE Mryll delver a (thesive bt8nd arKI m8ssaging approach. poBitionlng ts Trust for greater reach and impacl in Ihe year ahead Dlversity and InGluslon The Twst desi￿ all ils wogr8Jnmes to appeal to YOU￿ people frnm th4erse ixckgrowthls and wilh a vride range of skls. Interesls arKI leamtr￿ Sty￿8. As part of the Lthvis Hamffton Oesi9n a Helmet TeachiNJ Resoure£. Lewts talks about the racism he and his lamfy faced as one of the only Black diiveffs ￿ the drujlt and is pas8irA7ate about iepresentation and irdusion. The judging panel were looling for desybs Ihat met Ihe ufteria of inclusioTh In addRion the asKriated P(ANer of mo￿￿￿1 Teaching Re￿u￿ Inthded conlenl on Diversity artd Indusic￿. lfftlarKJ to the PHSE CUr￿ulUm￿ On8 ofthe a￿$0[ the Cobham.Ultra Roadsh¢Jvs wa5to address the IssuethatThe UK Ta￿ afflas8Tve shortage of8TEM educated graduat84 inthrfing a large deficit in undwr¥resénted groups within the workfor￿. The roadshows used the re&v￿rI￿ contexl and InspiratK￿ of tha Alh8na Pathiyay P￿rarnme. wldch supE￿Its the Br￿Sh Women's and Y(xrth America's Cup teams, alongside fem818 enginee￿ from the team's ￿ndpa1 sponsor. Cobhan Ultra. to lJrO￿en hoTÉzons change pprcepl1￿$ around STEM ￿eer path& As such the prc4ect was task8d to kI￿lty state schools wlth 8 high pupil premiL4n to engage Ihose from urthrrewesented groups and ykn &lucalM)nal barrfer& The Go Hum8rn8 Atsdemy resour￿ threcty address key aspects of personal development such as idenffiy, belortsjing and sdf.8sleem. th8 aim of eWip￿ng yOLmg people with the tods io ihTive irislde and outslde of the dassroom. By using a variety offoffliats, [r￿u(ring shortfflms wlh dlscussion points and aclivibes, the resources apr￿1 to (rtlferent I￿r￿[wa stylesand are ffexitle enoughlo be Ltsed in tutor lime or as part ora PHSE cufflculuThL Th8 lesson Tr thall8rwJ8 th Identiif. f¢x example, feaiures Jordan Stephens from R Yzzle I(￿kS and (firecty addresxs hthv identity can impac* menlal k*allh. fosteting self-awareness wtd offering stratew for ycw peopte to navig* their perSonalpUrn￿ of se]f4liscovery. Pagg12 Do¢uslun En￿lOp• tD'. 2C5A620WO8ts45F241M157DE37021 1851 Marine Trust Trustefjs. Report for the year ended 31 Decembgr 2024 (cont'd.) Plans for 2025 E(kicatlon R¢wur¢es Our Edurati[￿ f￿￿S for 2025 has been to map the STEM ojrricthim to id&ttrfy ga￿ and align vAth potential ￿rtNer￿ 5treii gth￿ing Ihe ￿n￿ct of our r￿rrtenL We have explued opputunities wlthln the em*ging dimat8 curriaJlLvn 2nd revEwed ￿ls￿rg STEM Crew reso(r(xsto identifyirnFmvemerts thai b0051 quality arKI eftgagemenl We added a wvErful set ofvA)rkshops on DE & I to our suitè of PHSE Impact Education fo￿5 for2025 ha8 bwjto mapthé STEM currthkm to identify gap5 a￿1 align F￿ntial partnets, Strangth￿Ing irnpxt of our GODtenL We have explor&1 opp￿JnItle8 Within the emergiT¥J cHmate Lwrriujlum r&*leW￿ existing STEM Crvw resources to IdenlJty improvemwrts that boost quality and engagement Wè added a F￿rfLI sot of WDtshy on DE & I to suite of PHSE randing By the end of 2025. we V*ll have completed a retm)d ofthe 1851 Trust and STEM Crew. with the aim of o-eating a refresh￿3 and urllfiwj identity that r8fiects èvolthg mi5Ston arKI firtLwe ambition& This 11 In¢lLMJ8 the production of a Brand Ov8rvi@w v￿th comFKthensive Bwjd GuideSnes lo ensure dear. on618￿t messagir¥J ￿¥05S al Flatft*ms arml CO1M)uni￿ CornmEmlcatlon8 s￿la1 channe]s are streamlln8d wth one ttjannel ￿ the 1851 Trnst central 8p&e forthe Tntst to yak auoss 811 pktromis. 1851STEklCrthv alu￿n9 a In Ine wtth olw ￿an5 for W25, have LTDught logev￿r ow ￿lS1]ng p1atbm1￿STE￿ CrvN 8nd Protect Our FutLrl￿lnto one LrJrPod a3gital home at stemueN.or& This streamlined site hwses all of our fre&tLHCCeSS t8¥hiny resources acr055 STEM, cknats. and PSHE. maktng it simpt8r and fasler for teathers to find eVer￿ning in c￿e AkMgside Ihis inbJration, we will enhan￿ the user experience with an improved interface. Lknernavigab'¢xL, and refrethd v[Suai￿erArIng the platform is as engaglng and 8ccessitrAe as Ihe content it delivws. Fundrdisit Th8 fo[X￿ for 2025 is to take a mgre tsrgeted to fl￿d￿￿In9-we have strategi￿￿ twget¢d trusts wd fvnds to help in areas of core costs, and kn pwson events vthere Ive loithv Str￿j in tsmK ofimpacl We ¥4ill also réF(*E sq)ar*dy on fundrwsing ¢￿$t& ProgramTD¢$ A parinerghip with Goo(W has been established", c#>ueatrg 2 x educational thallenges around rer￿￿bIe￿ loo￿ng kn reach 5 million useTS Wty1th￿de a￿1 aiming for 140K to en9age in the thallenges, impxt data will be rnlted ojt aRer the laU[￿h of bath thalleng￿ the end of the year. A fvrther B p￿tnerSh￿l the lQngs Founda15on 15 beir¥J explryed to b￿k1 a Teth thk at Trlnty 8￿Y Vdharf in East LorK]on a6 a permanent homa forthe 1851 TrustTeth d P4e 13 [lou￿19n Envelope ID.-2C5A62DB40BtH5F2-8l6￿Dl3YDE37￿2I 1851 Marine Trust Trusteas. Report for the year ended 31 December 2024 (ry)nYd.) In￿me and M8ior FurHling Slre8mg Durfng thts reportlng p8riod. Ihe T￿￿V6 aclivilies were funded by th)nations from Indiv￿u81s. corporaltons. and charit8bl8 trusls. RespLThibibTr/ forlhe day.tO-day management offunds donated and receTved was wifh the Board ol Trnstees. Flnancial Poslllon Atthe end of2024. Ihe TnFt had generated Bn over811 surplus of£57.857 (2023- deficit£44.604). Tha TNst finished 2024 vhlh reserves equNaknt to at least slx montt￿ of cx)re th8fftab￿ cos14 which is in rne wfth ft8 re86NaS p)ty. RtseNes Poucy and App￿cation The Truste￿. Intentton Is to b￿ld and matnlan unre5tiicted reseryes eqtwalent to at 168st 6 rnonths expendfture on core tharitable acliMty on a rolling ba51& The Trustees recognlso that as the Ttust continues to grow and invest in eX￿nth￿j its charitabIg act￿. lis re$￿ve posrtlon rn8y fall beluw thls 1gveS fr(Kn time to tim& In considering Ihe Trusfs reser¥es posii#)n againsttha 6 monlhs largei tt* Trt￿tees take into account the pipeKne of(¥mMMtted and irKom8 and the levels of fix￿ and Ydriable costs assoc4aled with defwefing the thanlabie adimty. Trusfs 10t￿ Fesenes at 31 December 2(f24 tolalled £243.810 {21Y23- £185.953) compYlth9', Unrestrlcted lunds at31 December 2024 of £107A3412023-£109.7W. as d6tailed in Noie 16 to Ihe accounts: and ReSt￿ted funds at 31 D￿ffiber 2024 of £13&476 (2023 - £7Q154). which rawesented unspent monies on speufic projeds. ejso as detaled in Note 16 of the aCU)U￿ In preparing these accounts it was noted Ihat an adJvstment to thg alloGalion ofcosts betr￿ wwts was Inc4xreci in 2023. aThJ therefore a prior period a(fjustrnent was male to refieGt the adiustmw&t. There was no ctwwelo the ovual defKit or net asset positi'orL The unreslricted free Teserv8s {Ur￿$trId8d reser￿ less those tied up In r￿ed assets) were £101.418 12023- £111923). Th8 Trustees are ccmfortable that the levet of reserves is approprth given th& T￿￿t'S ability to proactively manage its variable costs ￿ ￿ne ￿￿th Income recdved as the T￿￿traM seekto achieve its growth targe1& The Trusfs reserve pOslUc￿ Is reviev&Ed by ts Truskes al Boad meefing5 on a quartefty b￿"S and by Ihe G0veman￿. AudÉt and Risk Cornmittee at its furthw ftiur anNal meekngs to ensure thal Ihe Tw6t matntains appftJpTÉate re5eNe& Risk Management The TN8tees consld6r8d the strategc. business and (yer41ional risks faced by the cha￿S 8r*vilies. Th8 Board has estabftshed prccesses to consld6r and rnanage those risks. Key polictes are reV[eY￿{ annually. The Governarrt Autht and Risk Cornmittee m8&s at least four limes a year bet¥Ren Board m88llrKJs and h&s re8ponsbBity for provid￿9 SUPPOTL ￿sUranCe ano reCoM￿￿]da￿"on5 tolhe Board In telaticn to." Page 14 Dornmign Enwlop• ID. ZC&4F2DWBt545F2416W1570E37021 1851 Marlne Trust Trusts￿. Report for the year ended 31 December 2024 (confd.) Best pradicé in charRy and apprrpriate goyemanix arraryements fortha 1851 TrLrt The effectiveness of the Trusys intem81 control and fisk niarwent framevJ)rk. incl￿11￿ key FYc¢edLTe¥ Th•TrusYs annual report and a(r￿nts, trithdlng the F*rfrncé ofthe axtemal a(xthJntaty arKI The day-ti>day finarKBI operations and controls irxauding rnonttOTing inwme and eXp￿ditiJre ag￿nat the annu81 trAtdgei stAtom•nt of Tntst88s' Responsibilities The trustees ara responstlle for preparlng th& TnJste8< Annual Rqjorl th• fingnra818tat6ments in acLordaEKe the United lfjrydorn Acc(yJntiry Standartls (United lfjngdom Genaralty A(xountiThJ Practice) al￿ applic¥ble law and regut8tions. The law awllcgble to thanks requires the Irustees to prepare f￿An￿al statqnents for exh finanoial ye8r. gve a true and falr of the state of affatrs ol the thartty and ofthe in¢omhg reSou￿S and appEr*llcm of re&wrrM ol the charity ts that peric¥l In wewiTrJ th8S8 finanraal statements. th8 trustees are requiieil to: Sele(# suit*e acowntYwJ po]tci&s and apply thèm ¢xsnsist￿. Observe tha methcé$ and prirKapies In the Charities SORP. Make judgerno)ts arvy estmates thal are reason8ble prud State whether appltabte ¥£tsJLmting st￿￿3rd$ have been frdlowaj, subjecl tr* any mthal dapaibJr8s ￿￿￿o88d and wplaned in the firgnoal sta￿ents,. and PreparÈ the fm8n¢ial staiernents on the g¢irwJ C￿)ncern basis unless k is ir%apFryriate to presume thatthe tharfthle c(*nprdry wlll Gonlinue in twsiness. The tr￿teeS are re5pon5ible frx loeiyrffJ prtper xiy)unbry recixds that disthse wth reasonable accurw at any tirne Ihe firtwai pc£Tticn of the ctsrity and enable them to ￿SUre tTr*t the finantjal statements o)rnply wtth the Charlues 2011. Ihe ¥F41¢2b]& Ch*its8s (Accnunts Reports) Regulations, the wovwns of the Consb￿￿On. The trustees are also resp￿&￿1 e for safeguarding tha assets ofthe thanty 8TrY her￿ fortaking r￿onats1e steps forthe Exeyenlion and deteclion of fraLtd and other irregularlties. Thè annual r6POrtWdS apN￿j by tntstees ofth8 Charfty and *ned (m its behalf W. Carnpbell Fkmlng Chair of Trustees Daled: 1W28r2025 Pw15 En*e ll. 2C5A820WOBr￿2-B46o481S1DE37r￿1 1851 Marine Trust Independent Examlnerfs Report to the Trustees I rèwt lo the chaTIty trustees on my examination ot the ￿x￿nts of Ihe ¢harily for the yw ended 31 De￿mber 2024Ythich are set out on pages 17 lo 311 Respottslbllltles and basis of report As th6 charity tr￿tee5 YDU are respon8flJle for Ihe prepa2tson of thè att￿nIS in accordance ￿rfth the r•Julrements oflhe CPtarfties Acl 2011 (Ihe Acfl. I feporf In res￿ of my exanlnatlon of the aco)unts caNied (Krt unrkr section 145 of the AGt and in ¢arry(n9 Out tny examlnation I have folithyed all Ihe spplitatle D￿lionS given by Ihe Charity Cornml&sion under seclion 145(6)Ib) of Ihe kl. lrtd4p•ttdgrit￿mjnovS sfat8m•nt Srnce Ihe charity's gfoss If￿￿e exceeds £250.000 yi)ur examiner must ￿ a member of a bc#ly listed in Sec*ion 145 of the A￿ l o]nfimi that l am qualMJed to Und￿take lh8 examination becau* l am a member Oft￿ ICAEW. I have completed my examinattorL I confinn thai no matalal maiters haye ccxne to my altention i connectlon ththe examlnallon glvlng me ¢ause to beliwe thai in any material Tespect accounlkng recordswere not keNin tespeGI ofihe clwity as rwmred by seL*ion 130 ofthe AG( or Z ihe aC￿￿nIS do not ￿ ￿th Ihose retjxds; or fhe 8cmJnts do nol viifh th8 applirAb18 raquinpnts tho forni and content ol accounts set in the Charities {PLcounts and Reports) RegU]￿lonS 2008 ottw than any requirernent that the ac¢wits give a Irue arKI falrf VI￿ whith i¥ not a matter con5w]ered as paT( ol an independent examinalion. I havenoconcems arKI havecome acnBs no olher mattels in o)nn8cllonwilh the examination towhi attenlion should bedrawn in this report ITr OTderto enable a proper ￿nd￿sIan<￿￿ ofth8 accounts to be reached. Danteile GrÈffin FCA For and on behalf ol Mcore (South) LLP Chartered Acrxjuntants Suite 3. Second Flo Friary Cowt 13-21 Hlgh Str*1 Guil¢Jford trey GUI 3DG Dated. 2q OcblEr 202 Page 16 En¥thpe1Tr. 2C5hfj2DB408LH5F241e(h381m)E3rn1 1851 Marine Trust Statement of Flnanclal Athities For the year ended 31 December 2024 (Includlng Income and Expendlture A¢count) Tatal TDtal UnTestrf¢led Rastrteled 31 Dècember 31 December Funds Fundt 2023 Incorrhi and EndowThents from: D￿atiOnS arKI le￿¢3 Other actsvthes and 181.flJS 39.842 221.450 2TI,450 185,136 7,033 Total irThme I81.￿8 317.2>2 192,169 Expendlture on: Raslng funds 4.552 4.$52 27,390 Charttable activRieB 184,302 252.189 436.491 209.383 Totsl expendth 188.854 251189 441,043 238,773 Net Incomd(expenditLre) (7.246) 65.103 (44.604) Tr8rffjfers of 4.781 (4,781) Net movement in funds {2,465) 80,322 (44,604) Reconclllallon of funds Total fiJnd3 bmught fo 109,799 76,154 185.953 230,557 Totai funds carrièj foNMrd 15 107.334 136.476 243,810 185,953 All of ch￿￿$ acbvits fr(￿ uJntinuing operths durtng the above wlods. Page 17 Do￿￿j￿ EnY*o ID: 21XAfftDMIBtH5FI.B161MB1570E37021 1851 Marine Trust Balance Sheet For the year ended 31 December 2024 31 Decernber 31 Deeember 2024 2023 Note As restated Flxed assets Tangible a5S8ts Inve5knents 10 11 4.916 l.olyj 5.916 1.495 CU￿ent assets l)ebtors Cash at bank and in haTrl 12 430 198.111 11.757 179.039 250.541 190.P Creditors= Amounts fa]Ilng du& wilhin one year 13 (12.647) (6.338) Net current as$gts TJ7,894 184.458 To12103$ets less cuffent Ilabilhiès 243.810 185.953 Net assets 241810 185,953 Funds of the Charrty: Restric￿￿ incomè funds Unrtstrtded incorne tunds 136,476 107.334 76.154 109.799 Total funds 16 243,810 185,953 The financial ststements cm pages 17 to 30 w&8 apWoV￿l by thè trustees Sgned on Ihelr behall JD Grindl8y Ttustee Dated: Page 18 DorJJslJn En*AIopg ID: 2C5NE2DB40BfA5F2418￿8I57rE37O2l 1851 Marlne Trnst Notes to the Financial Statsments For the year ended 31 December 2024 1 Accountlng polleles 1.1 Summary ot sIg￿￿tant aeeounlkng polldes and legal fomi The princi￿ atCOLnting pdtoes applied In the prq)aralion of these fjnanaal 8tstements are set out below. Tlwe pcAiw have been cons1• applied lo all the years presenled, wless othwise ststed. Chartty is a CharfIa￿E ￿OrpOrat8d Organlsatlon regIstW￿ the Cha1ty CommL8slon of ErvJlaThd Wales wilh the ttArity nLvnber 1158670. 1.2 Statement of coryjlrdncg The financlal statements have Pryjared in accc*dano wfth AKxx)unting arKJ Reporbng by Chaiities: Stalement of ￿￿ornmended Practlce 8pplicable to charitles r*eparing theÈr atsjxmts In accordance with the FinanriaS Reporting Standard appli12ble in the UK and ReputAic of Irel￿d (FRS 11T2) (effective 1 January 2019) - {Chartbes SORP (FRS 102)), the FinarKial Reporting Star¥Jard appli(xble in the UKand RepuW]G oflrEland {FRS 102). T1￿ finanaal statemerts pr¥¢r8d in sterfng which is the fvncftonal ￿rrencY of thé charity 8r+d rourxled to the newest £ 1.3 Ba$ls of preparatlon 1851 Matne Tnjst meets the thfinibon of a Wb1￿ b6￿fft entity uNler FRS 101 Assets and ￿¥bilIta5 e Inftlaliy recogrosed at hIstC￿l37 cost or traT￿a¢a[0fi Va[￿ unless ¥tsled ￿ the rElevant ounting policy nctss. The a(Jxunts reltect the acaivities ol the Trust and its wPJolty ownèd. but cwrrentty noTh4adirvJ subsidiary rnmpany is not i>)nsolidabJ Tn th&Ee accs)unts. 1.4 Golng ¢onc8m TheTrusiees have (kyelopeil a busine55 Ptwj whith mairftain5 ¢L￿e a￿1V[ty and reserves atappropriats levds. Consequently. there are no mEteTF8t uncertainties abjut the Charitys 8bilty to cl￿1.￿ue as 8 going concem nLY ary significant are88 of untertainty affect thè carr￿r￿j v81ue of assets held by th8 chthty. 1.5 Income AI IKomthg resoLrn are In th8 Statement ol FlrHidal Athts3 {SoFA) the d)arty L% legally to the income aft￿ ary pthrn1an￿ cC￿￿tIOnS have be8n mel the amryjnt can b8 ea¥ured reliaw and itls wobat4e that Ihe In￿Me V•ill be reC￿ed. For &)riations grants indu(IrEg govemment grants to be recogni5￿1 1he tharity WEII have re￿iVed the funds Of been notifial OF ts all￿n{S and the settlernent date in writing. If there are ￿nd1￿{)n¥ attached to the donation and thts r¢ry1r￿ a lovol of porformance beftxe ￿tiller[)6rrt can be Dbtair•d income is defwred until conditions are fiAty met orthe fulfiknènt of Ihose C￿d￿lon& Is w￿h1n the c￿trU[ ofthe chaity aryd it is probable Ihat Ihey wtll be futfjiw. Irthme from tralitu acaNihes irK4ude5 inoJme received from tUTxIrai5￿g and 5pDftsDrship Inwme is r¥ETv￿1 in ex¢*trthe ruhtkn spofisoFthe Gharty inGluding Ixanding. 8nd Is recognis8d 1.6 DowAtlons of gifts. gervlces and fa¢llMles Grfts In whlch h8ve be￿ recwved ty Ihe charity Telation to the provtsion of8ervic85 and offica space are recognised w] the accounts as a danalJt)n i*sed on an ayr eed 8mount the donor. Pap 19 Do¢2*lgn ErNebpè1Tr. 2C&WLwQBD45F2￿l6O4B157DE3702l 851 Marine Tru8t Notes to the Ftnancial Ststemants (cont'd.} For the year ended 31 December 2024 1.7 Expenditure 0Xpe￿51tUre ts recogni￿1 On￿ there Is a18g81 or cortstThth c￿lga￿On to that expen(rrture, it is pmbat4e settlement ts required and the amount can be measured reiiatty. All co¥ls are aic¢aled to the Sp￿[Cable exp8n(rrturè he￿rIng that aggregate similar costs to Ihat category. Wher8 f)%ts cannot be directy attributed to p￿tic￿ar headings they have been allocated on a iBsis consistentwth th8 Use of resources. ￿ ￿ntral staff o)8ts a[1￿￿j on the of Ilme spat arKI deprecration charges 8llocated (H) the porbon of the assevs ulo. Olher sutwt costs are all1￿ated bas8d on thé SFfead of staff cos Ralslng funds * cl￿￿ tr#JJrred in attre￿Ing Yoljnlary and thots irK[l￿ed in tradng a(*ivili that raise funds. Charitable expenaIJ))4a1S1DE3ThJ2l 1851 Marine Trust Notes to the Flnanclal Statsments (convd.) For the year ended 31 December 2024 1.12 Deblorn Debtors are amounts duè frtsm custcmers for M￿￿8n￿lSe 93rd or servi￿S F*ovide(L Grarrt5 recetvabl8 reff*the amounts for cxmffimied grants (lomrs. Debtors a￿ recognised inthlty at th8 trartsacbon Ydlue. A ￿y0VIsIon for the Impalrniert of d8btors established when there is obJedve evIden￿ IhatttE VAI rKIt be able to thllect 811 amounts due actixding to the orvjinat tems oflhe Ye￿1vable& 1.13 Cash and ¢￿h equ5valents Cash and cash eqiuvalents c(rnpTi5e ￿sh on hand and r211 depo&Ys. and other shor¥t)¥m highly liquid investn￿nts that are re• Djrtrvertible to a kne#m amount of cash and 8re suty* to an insiwificant risk of than98 In va]ue. 1.14 C￿d[lO CredItc￿S are ob1w￿$t0 pay forgoods or serKes have b@en in the orthnary ￿u[se of knunts rAyable ¥e das8rThed as Caj￿￿￿ li8biSties rf the Charity (k)e5 not have an uncL¥￿Illonal rvJhl at the end of the rpporting pml, to (*fer gettlement of the c¥odtor fvr at least twelve months •fter the rewbrvd date. IftrEre is an utxondttsonal right to defer settlernent fr)r at least e nv)nths after the rewtng date. they are wesented as nonkcmnt ffabllitie% Creditcn are rerAJgni8ed atthe fran￿tion p 1.15 Fore1￿ exchango TransacliDns in foreign Cuffencies are tecorded at Ihe rate ot exdTrnge at the dats of the tra￿a£*on. Monetary assets and liatilittes demminated in foreign currewes al￿ ba[an￿ sheetdate a￿ reporte(I at the rates of exchange prevwling at that kny movem￿$ In year are Induded in the profft and ss accoLmL 1.16 Fund gtruthro Unrestrlc*ed Income fvnds are general funts that are wailable for use at ts trustee's In fvrtheran(E of the (knjectNes ofth8 Charity. Restrtded income fvrids we those donaw tr use in a parbodar area or ftjr purwse4 the use ofwhich is restiicied to Ihat am or pu.Trose. 1.17 Operntlng Lea5e5 Rentats payable under o￿Ta￿.r￿j leas8s, induding any tease [rKon￿$ recefved, charged as an expense on a straghÈ fne basis over the term oflhe Telavant 1.18 Judgements and key sources of estimation uncèrialnty In the applThtion of Ihe d￿lta￿e oimpany's ￿untIng Fdicae4 the trustees we required to make judgwnent4 estiTnates and assumption5 the ¢aff￿r￿a arne￿ ofassds and Il*'lities that are not readity apparent from oifwsoLrces. The 8slmates and asscfjated assumpuons are based on hlslor]c 6xpefienc8 and other factc￿ that are ￿nsIdered tr) bo relv4anL Aclual r￿ll$ may from these 68timatss. The estimatss and undetying 4SStJmptions are rwtthved on an cfflgotng basis. Rewsions to 8ccountino estimates are recwi8ed in the period the estimate is revised bthere the reylsion affects cfity that period, or in the periLyJ of the revisirjn and fubJtP Fer1￿ whefe the rLwisicn aFtects currart aTr future wlods. Page 21 Envthpo ID: 2c5A62D&FwWF2418￿Bl$YDESFo21 1851 Marine Trust Notes to the FinanGial Statements (confd.) For the year ended 31 December 2024 1.18 Judgements and key soureas of •stimallon uncertatnty (conVd.> Gifts in Kind In asse88ing the iTrSLL8ion of sepJtC8s provided to thè Chwlty as gilts in kind in Ihese financi ststements, the truslees have assessed Ihe valuation 1hr￿gh the r8VtEw of the costs of such services ba￿d on cost tha Charlty V*wld be wlluvJ io pay forthe serviiL Thesejudgements 8r8 made in the light ofthe being urbyertaken based on management assessments. 2 Comparallve Statement of Fjnancial Activfties Total Unregtrlcted Restilcted 31 December Fundg Funds 2023 As restated As restated As restated Income and Endovanents from: Donations and legacies Olher tradln9 athilies and 1Z3.136 62,000 2500 185.136 T4)tal income 127.669 64.$00 1g2.169 Expendtturo on= R3ising funds Charlable aclivkies 134 Totsl expenthiwe Net IncfAnel(expenditurp) 42 Ttansfer3 offunds Net movement in funds 134.425) (10.179) (44.804) Reconcjllatlon of funds Tot8] funds brought fonvard .333 Totsl funds Ca￿ted forvArd 16 1(8.799 76.154 185.953 P4fr22 l)orAMhJn En¥ekipe ID: ac5AÉ2t)B￿3fHSV￿41604Bl570£97o21 1851 Marina T￿￿t Notss to the Flnanclal Statements (confd.) For the year ended 31 December 2024 3 Income fA)m donalions and legoGies Funds Fund¥ 2023 Twsts and FoUrKlatI￿ Cryrate donaih)ns In(fivitSLRI [*￿a￿.￿n$ Other (bnationg Gift Aid In l4w41f￿￿137EE37021 1851 Marine Twst Notes to the Flnancial Statements (confd.) For the year ended 31 December 2024 D4lllng the year, the ChaJity entered Irrto the fdltrwlrwj rd*d paty tranSt£t￿n& Into the Blue JD Grindley is a tru5ts8 ofthè 1851 Ma]ne Trnst directorand ￿Al0r1ty sharehL4der of Inlolhe Blu8. Dufflg the p8ri(xJ, th￿eS of£34.522 P023-£12,813) were Incxj￿6d ty th8Trust for nwkdir@. d￿gfft and (￿munI￿tiOnS 5UFPCrft provided by Into the ￿Ue, indutlrvJ dtstrgn w(xk for new 8Jucation prO￿arnme$ and rescu￿ for STEM Cw. Atthe b￿n￿ sheetdate, the amount ￿et0 Into the BIL was £5.647 {2023- £NID. In Aurl 2024 the charfty ent8red Into a {￿tI8ct wlth Intotha Blue to prowde office swace arKI seMce5, to betreat&Y as a don*"cn In the ￿)￿rt& Gifts in kind ha¥8 been Inc[￿ed off35,390 (2023-£NiD. BA T8chnologlo8 Umlted BA T8thnologias is COMe¢*d thn)ugh Laty Georgina Ain$￿0. During the year sec£nded staff time for ac£ounfÈng seThi￿s rf£2,456 P023- £7.21J)) was provided to the Trust ty BA TechrKslogie5 Limited. No balan￿ was due atthe year (20Y3- £NIl. The a0>￿￿ting arrangementwas tenninaw duriThJ the year. Athena Racing Limited In A[￿1 2024 the chartty entered Into a ¢￿tra￿ ￿ryth Athena Racing Limiw to pro￿de accounlng servi￿& to be trest8d 8s a donation in the acojunts. Gifts in kind have been ind￿ed in the ac(x)unts of £7,200 (2￿3- £NVI . 9 Staff costs 2024 2023 Staff c03ts durlng the year Wages and s*rfes Sodal Se￿rfty costs Pension c05b 37,119 Totsl Slaif o)sts 37.672 Th• avvaga n(m)bw of pwsons Onchjclng 8onkK managem&tttsam) employed by tha Charfty during the year was 2121Y23- Nir). TPE tot71 employee berths ofthe key management Fersonnd (Chlef ExeculNe Officer) of ￿ d)arity were £Nil12023- £NK). The Chief Ex￿tiVe Officer rc48 was CWTted out by Jo GrtrKlley. a truslee, F no. Th Charity rwnk%ed as 2 dorlatlgn £26,640 (2if23 - £NiD for these 8eTViGO5 which ar¢ not indudad in Ihe above totaL Tlve were no employees annual r￿urEra¥0tj was £60.orA or above in either year. Page 25 Docw&n Envfky ID-2¢5￿D￿oBD45F￿l￿￿BI$7DE37o2l 1851 Marine Trust Not83 to the Financial Statements (cort'd.) For the year ended 31 Decèmber 2024 10 Tangible f￿ed assats Offico Equlpment ost Ai 1 January 2024 AddiU0￿8 14.732 At311)ecember 2024 14.782 Depreclatlon At 1 JaNary 2024 Charge for the year DepKe4i*ion eSmin*ed on (r￿p(l¥¥I 14237 1.477 (S.848) At311)ecember 2024 Net book valuo At31 December 2024 4.916 At31 Decem￿ 2023 11 Investments Jnv•8lmont In Stem Crow Ltd Unllstsd Inveslments 2024 2023 Cost Al 1 January 2¢Y24 and 31 December 2024 1.000 Net bookvalug At 1 January 2￿, and 31 D￿mber20￿3 1.IXIO 1.0)0 The Inveslment represenls Ihe entire or(fjnary share caplta of Stem Crew Lld. Ythlth acts as a tradlng Subsi￿lary to the charity and shares a registered office and tradng address wth the TnJsL Paga 26 DO￿l￿n Envek)p&1Tr. 2CW2oB4￿tH5F241er￿2815IDE37ozl 1851 Marine Trust Notes to the Flnanclal Ststsments (corfd.) For the year ended 31 Decernber 2023 11 lTrve9tn*nts (conVd.I 2024 ExyenditLr• (105) {153) Net profft {loss) (105) (153) Net a*sats at 31 DKfjmbqr P58) (1531 F￿ the tsvo years ￿dIr& 31 December 2024, the e¢ynpffj Was rnr*arfing. 12 Debtors 2024 2023 Grarts receivable kncunts TecoveratrAe fr¢)m trafing company Prepayments VAT SJ3 7,527 350 3,880 1.283 52.430 11.757 13 CreditOT5= amounts falling due withln oneyear 20 2023 Credittys Othér taxation ot1￿ creditors Acewals deferred irwne 8,167 968> 12,647 6.338 P•38 27 Llyx¥pn El)￿10p￿ ID. 2c5A820￿0B￿sF2￿l6￿B1s7DE37o21 1851 Marine Tru8t Notes Éo the Financial Statements (convd.) For the year ended 31 December 2024 14 Flnanclal InstrThnts 2024 2023 FLrtanei81 assets at afflorused o)5t 2q984 186.916 F}rtan￿al liabililies at anortis￿l cost {1184n (6.338) Netfin£ncJal assets 231.317 1￿.578 15 PensloThs The Charity opwat8S 8 defin￿ confnffjutb)n pensh)ft scheme for quafifyÈrw ernploye8s. The ass9ts of the 8d￿me are held ¥epaW from Iho¥e of the company ￿ an independenty admintslered tund. At 31 December 2cr24 £28) (2023. £￿[} was induded in 16 Funds Balance at a Jan￿ry 2V24 Balance at 3f DecErnbttr 2024 I￿orne Exp¢ndlture Transfer As Testatod Unre5trlGted Funds 109.799 181.608 (188.854) 4,781 107.334 R68tricted Funds INEOS Go Humafb5 Academy INEOS Cl￿mUn￿ F￿d stem Crew Roadshows Gothll 31 132.189) P5,361) {51.910> 243.51Kl (142.838} 39.842 109 1.761 51.1 756 (5.898) 94.764 39.951 T(Aal reslthd funds 76.154 317.292 (252.189) 4.781 136.476 Tt)tsi FuThJs 185.9&3 498.SOD (441.043) 243.810 Induded in the Roadshows tost of f￿ed asse( thi(* does not have restrtcted use and was transferred to unrestricied fundg. Protect our future Prir*piriro ]essons in STEM subj&ts to yolry people. Th• Go¢xlvrall Prnjoct i8 a glob8J youlh-impa(* soc481 that teamed up ￿th The 1851 M*ine TNst lo18urth Poww Up Cnaleng& The aim is to reach and in5Ptr8 young people lo eryjage in renew8trAe energy WHI deaTh tecthology ed￿bon. 2023 Comparnttve Balance at 1 Jan￿ry Balance at 31 December 2023 Income Expenditure Trdnsfer A• restatad Unrnstrleted Funts 144.224 127,669 (162.094) 109,799 Restrfcted Funds Protect Our Fulure SNEOS Go Hurnans INEOS Communty Fund Stsrn Crèw 27.633 23,0(Xi 2,SJO 25,IX)Q 37.000 P7.633) {25,5(A) 25,5QO 51,154 35,700 (21.546> Tclat restrfcted ,333 64.500 174.679) 78.154 Totsl FurKIs 230,557 192.169 (236.773) 185.953 17 Arwtyslg of net assets l)etween funds TDta] funds LknTestrlc￿l Restrtcted 31 December Funds Funds 2L124 Tangible f￿e￿ assets Investrnents Currenl assets Curr*tt Irabllities 4,916 1,0 114,0&5 {12,64n 4,916 136.476 250,541 (12.PAn 107,334 136,476 243,810 Pag• 29 1851 Marlne Trust Notes to the Financial Statements (cont'd.} For the year ended 31 December 2024 17 Anatysis of nèt axsats bet%veen funds {cont'd.) Comparatlve Infonnation: Tolal funds Unrestrlcted Restrlcled 31 Dgcember Funds Funds 2023 As r8stated As restated Tangiblè r￿ed assets lnV￿trnents Current assets Current Ilabllltles 495 1.000 114.642 (8.338) 76.154 190.798 (6.338} 109.799 7&154 18%.gS3 18 Prlor pertod adjuslrnnt AdJv8lment In respect of TestrlGtad funds ExpendibJe In the prtOF period TKas w￿red to be feaUcK*d bekneen prciect8, 8nd this invo]vad a change tn th8 allocation from unrestrlcted to restriGted fvrxls, in relallon to Proiect Our Fuknxe. INEOS Cornmunity Fund ar￿ Stem Crew. The effect the financial statements was as foll*)WS: Reconelllailon of changes in PTofft and equty forthe prevlous fiThaneial period Unreslricted Resfrlcted 2023 2023 T¢)tsl 2023 In￿e&￿e1(￿E£re85e} in incyJme (Increaseydevease in expen¢Jiiure 4.619 Tot￿ a(bustmerts (4.619) 4.819 Deficit as wevioudy reF4Yted Deficit as adjusted {34.425) (10.179) (44.Wl) Equfty as previou* rewted 11 Equity as adjusted 109.799 76.1SI 185.953 There Vawe no cMgnges lo thetotal ass8ts or liaknlrties of Ihe chality in resp￿101 the pwior Exiiod adjustment. Page