The Trustees Honourable Company of Master Mariners and Howard Leopold Davis Charity No. 1 The Rubicon 51 Norman Road London SE10 9QB Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD Dear Sirs ## **Honourable Company of Master Mariners and Howard Leopold Davis Charity Financial Statements at 31 December 2023** We confirm, to the best of our knowledge and belief, and having made appropriate enquiries to other Officers of the Charity, the following representations given to you in connection with your audit of the Charity for the year ended 31 December 2023. ## **Confirmation of Responsibilities** 1. We have fulfilled our responsibilities as trustees under the Charities Act 2011 for preparing financial statements which give a true and fair view in accordance with the financial reporting framework (FRS 102 and the Charities SORP). 2. We confirm that all accounting records have been made available to you for the purpose of your audit, in accordance with your terms of engagement, and that all the transactions undertaken by the Charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and Trustees’ meetings, have been made available to you. We have given you unrestricted access to persons within the Charity in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit. 3. We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that: - so far as each Trustee is aware, there is no relevant audit information of which you as auditors are unaware; and - each Trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that you are aware of that information. ## **Estimates and Judgements** 4. We confirm that the methods, significant assumptions and source data used by us in making accounting estimates, and their disclosure in the financial statements, are appropriate and in compliance with the recognition, measurement and disclosure requirements of FRS 102. 5. We confirm that all known actual or possible litigation and claims, the implication of which should be considered when preparing the financial statements, have been disclosed to you and have been accounted for and disclosed in accordance with FRS102 and the Act. ## **Post Balance Sheet Events and Commitments** 6. We confirm that there have been no events since the balance sheet date which necessitate revision of the figures in the financial statements, or inclusion of a note thereto, other than those matters which have already been disclosed or included in the financial statements. 7. We confirm that the Charity has not contracted for any capital expenditure other than as disclosed in the financial statements. 8. We confirm that we have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements. ## **Related Parties** 9. We confirm that we are aware of the definition of a related party as set out in FRS102 and the Charities SORP. 10. We confirm that we have disclosed to you all related parties and related party transactions relevant to the Charity and that we are not aware of further related party transactions other than those already disclosed in the financial statements in accordance with the requirements of FRS102 and the Act. 11. We confirm that the Charity has not had, at any time during the year, an arrangement, transaction or agreement to provide credit facilities for trustees, nor to provide guarantees of any kind on behalf of the trustees, except as disclosed in the financial statements. ## **Laws, Regulations and Contractual Agreements** 12. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the Charity conducts its operations, non-compliance with which could affect the financial statements. 13. The Charity has complied with all aspects of contractual and other agreements that could have a material effect on the financial statements in the event of non-compliance. ## **Internal Control and Fraud** 14. We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud and we confirm that we have assessed the risk that the financial statements may be materially misstated as a result of fraud and that we have made this assessment available to you. We also confirm that, to the best of our knowledge and belief, there have been no significant deficiencies in internal control during the year. 15. We confirm that we have disclosed to you our knowledge of any actual or suspected instances of fraud involving management, employees with a significant role in internal control, and others where the fraud could have a material effect on the financial statements. We also confirm that we have disclosed to you our knowledge of any allegations of fraud or suspected fraud, affecting the financial statements, which have been communicated by employees, former employees, regulators or others. ## **Going Concern** 16. We confirm that, having considered financial projections which reflect the Charity’s expectations and intentions for a period of at least twelve months from the date on which the financial statements are expected to be approved, in our opinion, the Charity’s financial statements should be prepared on the going concern basis. ## **Corrected and Uncorrected Misstatements** 17. We confirm our approval of the audit adjustments as set out in the Appendix to the Audit Findings Report. 18. We confirm that, in our opinion, the effects of any uncorrected misstatements which have been set out in the Audit Findings Report, are immaterial, both individually and in aggregate, to the financial statements as a whole. ## **Other Matters** 19. All grants, donations and other incoming resources, receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms and conditions in the application of such incoming resources. 20. We confirm that we have informed you of the details of all correspondence with the Charity’s regulators during the year and subsequently, in particular, the details concerning noncompliance with financial and regulatory matters. Date 11 / 01 / 2025 THE HONOURABLE COMPANY OF MASTER MARINERS AND HOWARD LEOPOLD DAVIS CHARITY (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Reglstered No: 117ZZ34 The Honowable Com ofma rmar rs And Howard Leo Id Davls Charlt Trustees, Re ort for the Year Ended 31st De¢ember 2023 Referente and Admlnlstrotlon Detalls TYu5tee5 Captaln D Chadburn (Chairman) Captaln H J Conybeare (Retlred 30 October 2024 Mr M Burrow {Ex￿ffici0) Commander L Chapman (Ex-offlclol Captain l K Mooney IEK-officio to 26 July 20231 Captain N RodriBues IAlmonerl IRetired 26 Aprll 20241 Commander P Aylott Captain R Barnes (Retired 26 Aprll 20241 Captaln RFA Batt IEx-officio to 28 April 20231 C3Ptain C Brewer (Appointed l May 2023, Retired 26 July 20231 Captain G English (Ex-offielo to 26 Aprll 20241 Captain P McArthur IEx-officlo from l May 2023, Retlred 25 October 20231 Captaln A Scales IAppolnted 26 July 20231 Ms N Good IAppointed 7 February 20241 Lieutenant Commander J Brown IAppolnted 7 February 20241 Mr A Gosden (Ex-officlo from 26 Aprll 20241 Mr l Rodger (Appointed 26 April 20241 Ms M Kohls (Appointed 30 Ortober 20241 Reglstered Charlty Number 1172234 Admln15trator Honourable Company of Master Mèrlners No. l The Rublcon 51 Norman Road London SEIO 9QB Prln¢lpal offke Addre55 Honourable Company of Master Marlners No. l The Rublcon 51 Norman Road London SEIO 9QB Audltoys Knox Cropper LLP 65 Leadenhall Streel London EC3A 2AD Bankers C Hoare & Co. 37 Fleet Street London EC4P 4DQ CAF Bank Ltd 25 Kings Hill Avenue West Mallin8 Kent ME19 4JQ Investment Mana8ers Evelyn Partners 45 Gresham Street London EC2V 7BG Pa8el I The Honourable Com an of Master Marlners And Howard Leo old Davls Charlt Trustees, Re ort for the Year Ended 31st December 2023 The Trustees present their report and the flnancial statements of the Charlty forthe year ended 31st December 2023. The flnancial statements have been prepared In accordance with the accountlng pollcles set out in Note l and comply wilh the Chariivs Constttution, the Charities Act 2011, and the requlrements of the Statement of Recommended Practlce 'Accounting and Aeportlng by Charitie5' 155ued by the Charity Commlsslon. structure, Governante and Management Governlng Document The Honourable Company Df Master Marlners and Howard Leopold Davis Charlty Is a Charitable Incorporated Organlsatlon established under a constltutlon dated 24th March 2017. On 31st March 2017, the predecessor unincorporated charity (Charity no. 11272131 transferred its assets and Ilabllltles to the CIO. The Charlty represents the present fom) of the amalgam3tlon of four historic charitle5, belng the Benevolent Fund (Charlty No 2070941, Educatlon Fund Icharity No 3133821, The Howard Leopold Davis Fund Icharity No 2070951 and London Marltlme Instltutlon (Charlty No 2070871 whlch were merged In 2010. Trustees In accordance with the Charity's Constitution, thefollowing offlte holders of the Honourable Company of Master Mariners for the tlme belng are ex-officlo trustees of the Charlty,. Master, Senlor Warden, Chalmian of the Educatlon and Tralnlng Committee, and chalm)an of the Flnance and Blsk Commlttee. The appointment of new Trustees is vested in the Court of the Honourable Company of Master Mariners IHCMMI. The Trustees recelve no rernuneratlon and no clalms for ￿1MbUr$eMent of expenses were made durlng the year. Risk Manogement The Trustees have mnsidered the major strateglc, business and operational risks which the charlty faces and confirm that Systems have been establlshed to enable regular reports to be produced 50 that the ne￿￿ary steps can be taken tD lessen these risks. Trustees, Responsibillties Charity law requires the Trustees to prepare ftnancial statements for each fi'nanclal period, whlch 8ive a true and fair view of the Trust's flnancial artivltles durlng the ye3r and of Its income and expendlture for that period. In preparlng these flnancial statements, the Trustees are requlred to.. Select sultable accountlng pollcie5 and ther) appw them conslstentlyi Makejudgement5 and estimates that are reasonable and prudent,. State whether applleable a¢countlr8 standards and statements of recommended practlce have been followed subject to any departures disdosed and explalned in the financial statements,. and Prepare the flrbancial statements on the Bolng concern basls unle55 Itls Inapproprlate to presume that the charity will contlnue iri bu5ifbes5. The Tru51ees are responsible for keeping proper accounting records whlch disclose with reasonable accuracy at any time the financial posltlon of the charlty and to enable them to ensure that the flnanclal statements comply with the Charitles Act 2011. They are also responslble for safeguardlng the assets of the charlty and hence for taklng reasonable step5 for the preventlon and detection of fraud and other ir￿gUIaritleS. Page12 The Honourable of Master MaYlner5 And Ho Id Dav15 Char Trustees, Re ort for the Yèar Ended 31st December Z023 Organlsatlon The Charlty has no premlses OT employee5. The administratlon and record keeplng of the Charlty are carrled out by HCMM for whlch servlces an agreed annual se￿1￿ charge Is made. ObJertlveg and Act￿ltIeS The Benevolent purposes are to relleve: Master Marlners and marltlme Navigatln8 Officer5 of the Merchant Navyi and, their farnilie5 and dependants, who are In need throu8h flnanciil hardshlp, slckness, dlsability'or the effects of old age. The Educational purpose5 are to edu¢ate and traln.. person5 Se￿ing or Intendlng to serve In the MÈrchant Navy. and, persons with an Interest In seamanship or sailing, Achlevements and Perforniance Includln8 How The Charlty Has Dellv•red Publlc Beneflt The Trustees have had regard for the Charity Comm1551on's guldance on publlc benefli. The Chayty awarded É153,45012022', £220,067) In benevolent and educational Srants in the year to quallfied Individuals and to organisations durlng the year. The Charl￿5 educational grant5 Sncluding it5 continulng sponsorshlp of cadets completlng courses with Chlltern Marltlme as well as supportlng educatlon and outreach work carrled out by the Honourable Company of Master Mariners. Flnan¢lal Revlew The Trustees have reviewed the investment policy and consider the Investments to be prudently mana8ed with reasonable diverswFlcation, 50 as to provide a sultable balance between Income and capital 4ppredation, The period resulted In net Income of £413,611, Includlng 8aln5 on investments of £520,669 resulting in fund5 of the Charlty increa51ng to £4,890,091 of which £1,420,305 Is restrltted for educatlonal purposes, The funds are represented by investments of £4,742,740 and net current assets of £147.351. Reserves Policy It 15 the pollcy of the Tru5tee5 to malntaln unrestricted funds Ipredomlnantly in inve5tmentsl, which are the free reserves of the charlty, at a level considered approprlate to generate an annual income for grants etc. It also provides 5ufflcient funds to cover management and admlnlslralion and support costs and to respond to emergency applicatlons for 8rants whlch arlse from tlme to tlme. Reserves at the year-end amounted to £3,469,786. Page | 3 nourable Com an ol Master Marln An Howard Leo old Davl Trustees, Re ort for the Year Ended 31st December 20Z3 Fulut• Plani The Charity plans to conllnue to provlde benevolenl and edu¢atlr)n81 grants, Thè C&tatlty's èdtsc•tloMI y8n wlll Ir7clude con11n￿Tr8 the sponsorshlp of cadets C(JmplefinB tour5es wlth Chlltem Mafftlme 05 well a5 supportlr6 educallon and 0￿rea¢h workthih¥l 112,1151 Ass•ts Lwstwr**t Il•bWtI•x 4,￿0,09]. 4,476 é80 £4,89),ty31 U.47 Uknf•S¥rtrt￿ Fu*rt$ 3.469,14 3,Iso,14a IA20,3￿% 1,315331 (4p14)In LIC*¥fvN-Tivst,¢e Pa8e19 The an Of Master MarinersAnd Howard Leo old Davls Charit ststement Of Cash Flows ar Ended 31st December 2023 Notes Z023 2022 Cash Flows from Operatlng Actlvltles Net C05h provlded by lused Inl Opèrat1￿ Actlvltle5 1193,0001 1275,6461 Cash Flows from Investln8 A¢tlvllles Dividend5 and Interest Proceeds from Sale of Investments Purchase of Investments Investment Management Fees Movement In Cash at Investment Managers Net Cash provlded by Iu5ed Inl Investlng Actlvltles 74.953 661,068 1810.1321 120,0671 169,131 74,953 64,593 944,844 1441,1371 121,9101 1181,7961 364,594 change In Cash and Cash Equlvaltnts In the Reportln8 Perlod 1118,0471 88,948 Cash and Cash Equlvalant at the beglnnlng of the Reportln Perlod 261,877 172.929 Cash and Cash Equlvalent at end of the Reportln8 Perlod £143,830 £261,877 A. Re¢onclllatSon of Net IncomellExpendlturel to net cash flow from Op¢ratln8 Actl¥ltles Net IncomellExpendlturel for the Reporting Perlod IGalnsllL05ses on Investments Decreaselllncreasel in Debtors IDecrea5elllncrea5e in Creditors Dlvidends and Interest Investment Management Fees 413,611 520,6691 19,1901 112,276 184,819 20,343 11,084,361> 861,373 16,5951 5,402 172,2411 20,776 Net Cash provlded by IUse(I In) Operatlng ActIv￿leS £1193,￿0 £1275,646 B. Analysls of ¢hanges In net funds At OII0112023 Cash flow$ At 3111212023 Cash at bank and in hand 261,877 1118,0471 143.830 Pa8e | io The Honourable Com an Of Master Marlners And Howard Leo old Davls Chatlt Notes To The Flnanclal Statement5 FDrThÈ Year Ended 31st December 2023 ArGountlng PollGles lal Structure The Charity 15 a Charitable Incorporated Or8anisation. reglstered with the Char5ty Commlssion Ireglstratlon number 11722341. The prlncipal offlce address is Honourable Comp8ny of Master Marlners, No, l The Rublcon, 51 Norman Road, London SEIO 9QB. A descrlption of the char5tVs operatlons and prlnclpal actlvitle5 can be found in the Report of theTrustees. Ibl Basls of Preparatlon and assessment of 8olng ¢on¢ern. The accounts have been prepared under the hlstorical cost convention with items recognlsed at cost or transaction value unle55 Othenvlse stated In the relevant notes to these accounts. They hav@ been prepared In accordance wlth the Statement of Recommended Practlce Accr)untlng and Reportlng by Charlties preparlng thelr accounts In accordance wlth the Flnanclal Reporting Standards appllcable in the UK and Republlc of Ireland IFRS 1021 Second Editlon Issued in October 2019 and the Flnanclel Reportlng Standard applScable in the United Kingdom and Republic of Ireland IFRS 102 March 20181 and the Charities Aci 2011. The presentation currency of the financlal statements Is the Pound Sterllng 1£). The Charlty constitutes a public benefit enttty as defined by FRS 102. The accounts have been prepared to Bive a 'true and falr view and have departed from the Charltles IAccounts and Reports) Regulatlon5 2008 only to the extent requlred to provide a 'true and fair vIe￿. Thls departure Involved following AccountinE and ReportSn8 by Charltles preparlng their accounts In accordance with the Flnanclal Reporting Standard appllcable in the UK and Republlc of Ireland IFRS102 Second Edltion Issued in October 2019 ratherthanthe Accountlng and BeportSn8 by tharltles Statement of Recommended Practlce effectlve from l Aprll 2005 which has slnce been withdrawn. The Trustees conslder that thère are no uncertalntles about the Charity's ablllty to continue a5 a 8oin8 concern. {cl Fund5 Structure Unrestrlcted Funds comprlse those funds which the Trustees are free to use for any purpose in furtheran￿ of the charitable objects. Restrlrted funds are funds whlch are to be used in atcordance wlth speclfic restrlctlons imposed by the donor. There is a slnBle restrlcted fund, the Education Fund, restritted to provide grants for Educational Purpose5. Idl Income Recognltlon All income is reco8ni5ed once the charlty has entltlement to the Income, It is probable that the income wlll be recelved and the amount of income recelvable can be Me￿ured reliably. Income from Investments Is recogn15ed orb the date on wh1ch the divldend Is payable, or the Interest accrue5. Income from donations is normally recognlsed on recelpt, unless tem)s or condltions limit recognition until a later date. Page | 11 The Henourable Com Of Master Marlner Le old Davls Charl Nots5 To The Flnanclal Statements For The Year Ended 31st December 2023 lel Expendlture Re¢o8nltlon Liabilitles are reco8nlsed as expendlture as soon as there is a legal or constructlve obllgatlon commlttln8 the Charlty to that expenditure, Itls probable that Settlement wlll be requlre(J and the amount of the obligation can be measured reliably. All expenditurels accounted for on an accrua15 basls. Costs of Raislng Funds The costs of ralslng funds comprlse 5nvestment management costs. Costs Incurred In respect of acqui51tlons and dlsposals of Investments are added to the c05t of and dedutted from the prO￿ed$ of those investments. Charltable Expendlture Cost of Charltablè Actlvlties includes grants pald, and support costs Includlng Governance costs. Grants payable are payments to indlviduals In the furtherance of the charitable objects of the charlty, The Charltvi In some instances, provlde5 an unsecured loan to a beneflciary In furtherance of its educatlonal objects. These are recognlsed as expendlture in the year that they are awarded. Governance Costs Governance costs comprlse all cost5 Involved with compll8nce wlth regulation and good practlce. If) VAT The Charlty 15 not reBi5tered for Value Added Tax. Expenditure shown in the flnandal statements 15 Incluslve of VAT. Igl Investmènts The Charitvs investments con515t only of quoted securities. Inltlally they are reeognlsed at thelr transattion value and subsequently measured at thelr falr value as al the balance sheet date using the closlng quoted market prlce. The statement of financial activities includes the net 8alns and losses arlslng on the revaluations and dlsp05a15 throughout the year. Reallsed gains and losses on investments are calculated as the difference betrleen 5ale5 proteeds and their openln8 carrying value or ihelr purchase value If acquired Subsequent to the flrst day of the financial year. Unrealised gain5 and losse5 are calculated as the dlflerence between the falrvalue at ihe year end and their carrying value. Investments are allocated to Re5trlcted and Unrestrlcted Funds at a set percentsge. Ihl Debtors and Crodltor$ Debtors ar)d creditors are recognised where, at the balance sheet date, an entitlement to re￿1ve or an obliBatlon to transfer economic benefit exlsts and receSpt or setilement Is rKobable and can be measured reliably. Debtors are measured at the expected recoverable amount and creditors at the expected settlement amount, dlscounted for the tlme value Of money If materlal. Pa8e112 The Honourable Com an Of Master MarlnersAnd Howard Leo old Davls Notes To The Financial Statements For The Year Ended 31st December 2023 Investment Income 2023 Totsl 2022 Total Dlvldends Unlt Trust Interest Bank Interest 73,310 5,699 5,810 f 84,819 72,114 127 £72,241 Analy515 of Charltable Actlvlties 2023 Re5tYicted Fund$ Unrestricted Funds Total Dlrert Costs Grants 8nd Awards Grant5 to Individuals Grants to Organlsations INote 101 HCMM journal 24,982 17,640 48,851 so,0 73,833 67,640 42,622 110,828 153,450 Support Costs (Note 3.al £62,199 £JIO,828 £173,027 2022 Restrfcted Funds Unrestrl¢ted Funds Totsl Dlrect Costs Grants and Awards Grants to Indlviduals Grants to Organisatlons (Noie 101 HCMM journal 34,900 52,700 35,614 88,215 70.514 140,915 87,600 132,467 220,067 Llbrary Works 38,604 38,604 Support Costs (Note 3.al £104.520 £171071 £275 591 Support Costs 2023 20Z2 Management Fees- HCMM Other Governance Costs 12,C 2,927 12,0 280 £19,577 £16,920 Governan￿ Costs- Represent External Audit Fee5 amounting to £4,65012022: £4,640) Incluslve of VAT. Pa8e113 The Honourable Com an Of Master Marlners And Howard Leo old Davls Charlt Notes To The Flnanclal Statemenls For The Year Ended 31st December 2023 Flxed Asset Investment5 2023 2022 Market Value At 1st January Acquisition5 and accumulated Income Disposals Gains/lLossesl on investments At 31st December 3,980,703 817,841 1617,7761 477 377 £4 658 145 5,340,849 446,071 11,105,806) 700 411 £3 980 703 Investments at Market Value Cash with Investment Managers 4,658,145 3,980,703 253 726 £4 234 429 £4 742 740 Hi5torlc cosl of Investments E3,500,686 £3,218.423 All investments are Ilsted securltles or open-ended investment companles. Included within Flxed Asset Investments Is £4,658,14512022'. £3,980,703) measured at falr value through income and expenditure. During the year, the Charity sold Investments wlth a net book value of £617,776 for net proceeds of £661,068, generating realised galns on sale of E43,292. Debtor5 2023 2022 Due from HCMM Sundry Debtors 14.825 8,918 £23,743 8,802 3,594 £12.396 Credltors: Amounts Falllng Due Wlthln On• Year 2023 2022 Grants Payable Trade Creditor5 Other Creditors Accruals and Deferred Income 1,776 5,640 17,430 1,272 13,520 £32,222 12,806 £20,222 Page114 The Honourable Com an 01 Master Marlners And Howard Leo old Davls Charlt Notes To The Flnan¢ial Statements Restrleted Funds 2023 2022 Balance at 1st january Income Expendlture Galns on Investment Assets Balance at 31st December 1.326,332 29,687 1117,9481 182,234 £1,420,305 1,780,871 25,284 1178,3431 301,4801 £1,326,332 Restrlcted funds represent funds specified for educational purposes. These funds are represented by inve5trnent and other assets. The funds are not represented by Specific investments, and Investment income, management fees and realised and unrealised movements are allocated on an aBreed percentage. Related Party Transartltsns Underthe Chariivs constltutlon, certain office holders of HCMM are ex.officiotrustees Df the Charlty and th)wer to nomlnatetrustees to thècharliy is vesied in HCMM. The admlnlstratltsn of the Charlty Is performed by HCMM whlch charges a management fee to the Charity. Durlng the period the charge, incluslve of VAT, wa5 £12,000 12022.. £12,000). The Charity provlded grants of £11,97712022- £8,638) during the year towards the cost of the journal produced by HCMM and £32,00012022.. £60,000) in support of ihe educatlon and outreach work carrled out by HCMM. The balance due from HCMM at 31st December 2023 was £14,82512022.. £8.8021. No trustee re￿IVed any remuneratlon for thelr role as a trustee or any relmbursement of expenses during the year. Net Assets By Fund Unrestrlrted Fund Restrlrted Fund 20Z3 Total Investments Net Current As5et5llLlabllltiesl 3,082,781 387,005 £3,469,736 1,659,959 1239,6541 £1,420,305 4,742,740 147,351 £4,890,091 UnrE5trlcted Fund Re5trlcted Fund 2022 Total Investments Net Current AssetsllLiabilltle51 2,752,379 397,769 £3,150,148 1,482,OSO 1155,7181 £1,326,332 4,234,429 242,051 £4,476,480 Pa8e | 15 The Honourable Com an r Mariners And Howard Leo old Davls Charl Notes To The Flnanclal Statements ForThe Year Ended er 2023 10. Grants To Organlsatlons 2023 2022 Honourable Company of Master Marlners London NautS¢al sc￿07 Royal Alfred Seafarers, Society Ocean Youth Salllng Trust George Green's School Marltlme Futures Royal Llverpool Seaman's Orphan Institutlon Sea Cadets Aberdeen Sea Cadets Hull Sea Cadets Newport SÈ3 Cadets Sefton Sea Cadet5 Whitley Bay Sea Cadeis York Thames Traditional Rowlng A550ciatlon 32,000 60.000 10.200 50,000 6,000 15,000 6,000 6,000 7.500 2,700 1,000 1,000 1,000 1,000 1,000 2,640 1,500 1,500 1,500 1,500 14851 £140.915 £67,640 11. Unre¢ogn15ed Fundln8 Commltments The Charlty has a8reed to provlde gr3nts to cover the costs of cidet attending marltlme college over three-year periods. These comrnitments are sublect to regular revlew of the cadets, progress an(1 are to be funded from Income generated by the Investment portfolio. Page116