cl￿rIty reglstration number 1175001 (England and Wales) THE LONDON NAUTICAL SCHOOL FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE LONDON NAb'TICAL S=HOCL FUND LEGALAND ADMINISTRATIVE INFORMATION Tru8toes A Smith J Qureshi M Schofield Charlty numbor {England and Wales) 1175001 Indopndent oxamlnor Louise Ha115WQrth FCA Affinla " (effective 1 January 2019). Objectlves and actlvltles The Charity r8ceives donati(Ms from parents and some mari1￿￿8 irKJusty the funds are distributed to SUPFth for éxamrAe. but not limited to the teathing of Nautical Slud￿$ I sailing", provision of IT equipment and support for other sp)rting and extra￿rrI￿jIar xtivtties for the students of London Nauii&g1, A cty of London Acad8my (LNS). LNS is a stste funded academy schcd r¥)w pwt of the City of London Academy Trust and based in Inner London. The charity relates to a nonwbiic fuThJ acownl whth is used to provide exikqs for ￿ students as ab)ve, which are not covered within the sthool publidy fijnd￿j l)u&Jel. For the year 202412025 the Tnjstees have directed al ¢knnations to the school for désignated acb%fjties to the Charitable Fund. Public benefft The trustees have pahd due regard io guidancè isswl by Ihe Charity Commissi(ffi in dwiding what actimties Ihe tharity sh¢)uld undertake. Achievwnents and porfom7anc• Significant adivfties and achievements against otyectives Significanl ikms of income for the year were the donations from the w0visi￿* of storage of materials arKI affolding Fdaced on school land to the value of £21.361. Smaller donations sub £1000 were receNed for the provk8k)n of laptops and a Pfoe Givlng avMr(l. Urifomi 84es acxounbj for a further£5.399. Expenditure supported items suth as suppyt kn Nauti(￿ staffiro. sp￿Ing kit ts students. access to the docks and trips - the fund is aso u*J to Pufchase (then result b s￿dents) revi￿¢￿ guides arKI unifiym itgns. Support ￿ the Slelios Phdanthropc FwndaiKm (reskncted funds) for £5.0￿ of bJ[li￿ fxjsts for siudenL Flnanclal revlew The Charlty received donations of £68.047 for the year ended 31 st Maff*t 2025 of whith £29.798 was restricted. Totsl expendrture for the same period was £94,629 leaviTr3 a fijnd balance of £63.894 as al 3181 March 2025 (down from £90,476 at the same wnt in 2024). The schod rec£ived £101)X) frwi MSI arml £19,798 in support of Tam ships voyage for our ￿dents. Reserves It is the pdicy of the charity that unr&stricted funts strKx￿d ￿ maintained at a level equivaent to between three aTh six month's expenditure. The trustees ¢(￿SId6( that reserves at this level wim ensure that. in thè event of a gnfficant drop in fiJrKling. they ￿111 be able to conttrn￿ the charitls ￿rrent athilies while constderation is given b ways In which addilional funds may be raised. This level of reseTv6s has been Maintain￿ throughout the year. Structure, governance and management The Gharity is a trust govemed by a trust deed dated 16 January 2017. trustees vtho served during the year and up to the date of sgnalure ol the financlal slatwftents were. A Smith J Qures M Schor￿Id THE LONDON NAUTICAL SCHOOL FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Recrultment and appontmgnt of tmstees The fund is managed by the finan￿ slaff of LorKton Nauticxl ScMol and its arxounts are audiled yearty. The trustees are chosen on the basis of their indivldual skdls to assist the obi8ctive6 an¢J from a cross secli)n of interested parties for example staff and parents. Th8r8 are currenlly three Trustees. Trustees deGlaratlon The Trustees confirm Ihat. during the re[￿ing per¥)d, the charrty has been administered in a¢¢ordan¢e wlth its goveming document. the ChaiitiesAct 2011 and ￿ other relevant UK legisla￿n and regulatory requirements. The Trustees have taken am rea8(￿able steps to ensure that: . the charivs resources have been applied sc4ely in furthararKe of its tharilable ot4ects,' proper and adequate accountlng records have t)een maint2ined." . effectsve financtal c£thls and risk-rnanagement arrangements have been Fn pla(￿. . the tharity has complied ¥￿th its stalutory dut￿ in respect of wblic benefi( safeguarding. data t￿teCtiOn, and the management of ftJtNJs hekl on behalf of b￿fiCIane$. The Trustees fvrther confirm that they have collectively fulfilled thesr legal duties of Ca￿, prudence and compliance, have acted in the best inlerests of the chaiity at all times, and have not r￿1Ved any personal benefit from the charity durÈng the pernd. other Ihan alowable and propth recuded trust* expenses where applicable. The trustees, report vrds approved by the Board of Trustees. Schoffdd Trustse THE LONDON NAUTICAL SCHOOI FLIND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LONDON NAUTICAL SCHOOL FUND I rewrt to the trustees C￿ my examination of the financl81 statemerts of The London Nautlcal Schocl Furnl (the d)arity} for ihe year ended 31 Marth 2025. Responsibilities and basts of r• As the trustees of the charity you are resp￿sible for tKeparation of the financaal statements in awrdance wrth the requirements of the ChafitTres Act 2011. I report In respect of my examination of the charity's finarKial statements ¢8fTied ¢Jrt under section 145 of ihe Charities Act 2011. In carying out my examinalÉon I have f(￿oWed Ihe DireCb￿S given by the Charity Commission urmler soction 14515Mb) of the Charitses A(X 2011. Indapermlent axaminerfs statement Your attention is drawm lo the fact that the charity has prepared the financaal statements in accordance with the rdgvant version of the Statement of Recommended Practk% aprlicable to chafit16s prep￿Ing th8ir financial statements in accordancè with the Financial Reporting Standard aprAicat48 in the UK and ReputrAic of Ireland (FRS 102) in preferen￿ to the Accounting and Reporting by Charthes". Statement of Re(xJmmended Practice issued on 1 April 2005 whth is referred to in the exiant reg￿atiOnS t￿tt has rv)w been wtthdrathn. l understsnd that this has been done in order for Ihe finaThial statements to provhje a true and fair wi ac(%ydance with UK Generaly Accepted Accwnting Practice. I have coM￿eted my examinaiion. I confimi that m matters have come to my attention in connection with the examinatlon givlng me ￿uSe to beh'eve thal in any material re5ped'. accounting ro¢ords vRre not k8Pt in respact ol the charity as r8quired by seraion 130 of the Chariti8sAct 2011. the finanaal ststements do nol a(tord vthh those rec(Kts' or financia statements do not cOmk￿Y the awicable requirwnents cOnC￿nIng the fonn aThJ o)ntent of financial staiements set t)ut in the Chaiiknes (A(xx)unts and Reports) Regulations 2008 other than any quiremenl that the financial statements give a true arxl fair view. whith LS not a matter considered as part of an independent examination. I have no conc8ms and have come aixoss no other matters in Connect￿ with the examinats'cffl to whiGh attents'on should be drawn in this report in order to enable a proper understaThJing of the financial ststements to be reached. Louls• Hallsworth FCA Affinia (Orpington) Charte￿d Accountants Lynwood House. Crofton Road Orpington BR6 8QE Dale: ........... THE LONDON NAUTICAL SCHOOL FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Curr•nt financlal year Total Total nds 2025 funds 2025 2025 2024 Notss Incorrn froffl.. Donations and lega(ies Charitable aclivitses Other trading actNittes Investments 23,841 2.041 12,357 10 23,841 31.839 12,357 10 60.541 57,093 17.614 11 29.798 Total Income 38,249 29.798 68,047 135,259 Expandlturn on: Charitable actiNitiès 64.259 30.370 94.629 124.588 Tolal expendlture 30.370 94,629 124,588 Net Incomel(expendlture) and moveffle￿ In lunds (26,010) (572) (26.5821 10.671 Recondliallon ol funds: Fund balancgs at 1 April 2024 72.183 18293 90.476 79.805 Fund balance5 at 31 March 2025 46.173 17.721 63,894 90,476 The statement of financial acttvities indudes all gains ar¥J losses r￿n1￿ in the year. All income and expenrfrture derive from continuir*J activities. THE LONDOh' NAUTICAL SCHOOL CUND STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YaR E.YDCD ?4 .¥ARPkil 2n25 Prlor flnanclal year unr￿trIcted Restrictsd funds nd8 2024 2024 Tolal 2024 Inconx frorn: DonatioTrs and lega Charitable activities Other trading activitses Investments 60.541 5.553 17.614 11 60,541 57.093 17,614 11 51,540 Total income 83,719 51,540 135,259 Exp•nditurè on: Charttabla activib'es 68.459 56,129 124.588 Totsl oxpendlture 68.459 56.129 124.588 Net Inc￿n01(eXPendilUre) and movoment in funds 15.260 (4.589) 10.671 Reconclllatlon of fund5". Fund balanc4s at 1 April 2023 56.923 22.882 79.805 Fund balan¢•s at 31 March 2024 72,183 18,293 ),476 THE LONDON NAUTICAL SCHOOL FUND BALANCE SHEEr ASAT31 MARCH 2025 2025 2024 Notes Current assets Cash at bank and in hand 66.394 98.856 Crnditors= amounts falling due wtthin on• year 13 {2.5CM)) (8.380) Net current assets J.476 The funds of thè charity Restricted ineom8 fufKIs Unrestrtcted lunds 14 15 17,721 46.173 18.293 72.183 90.478 The financia statements wer8 approved by Ihe trustees on ......................... M Schofield Trustse THE LONDON NAUTICAL SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounllng pollcles Charity infomiatlon The London Nautr'cal Sclwl Fund ts a INSERT CONSTITUTIONAL DETAIL. 1.1 Aecounting convention The finan(xal statements ha￿ been wppared in accord￿1 7*lth the dwiitys bust deed, the Charities kt 2011, FRS 102 Yhe FinanGial Reporting Stsndard apFlicable in the UK and Reputlic of Ireland- l°FRS 102.1 and Charittes SORP "Acctyjnting and R8tMMiry by Charities: Stalement of Recofflmen￿d Practi applicable to charitias pr8paring their accounts in aC(￿rdanCe with the Financial Reporting Standard 8pplic4ble in the UK and Repubhc of Ireland (FRS 102). (effective 1 January 2019). The charity is a Public Benefit Enbty as defined by FRS 102. The charity has tsken advanta98 of the PfOViSK)ns in the SORP for dwities not to prepa￿ a Statwnent of Cash FI0￿s. The financial statements have departed from the char￿eS (Acxounts ￿￿1 ReFKKtsI Regulatlons 2008 or￿Y to the extent r￿UIred to provide a true and fair view. This departl1￿ has invrAved ftAlowing the Ststement of RecoMMer￿ed Practice for charities applyiry FRS 102 rather than the version of Ihe Statement of Recommended Practice whith is refwred to in the Reg￿atiOnS but whith has since been withdrawn. The finanual statements are wepared in stedirvJ. whith 15 the func*onal r#Jrrency of the charity. Monetary arTKHJnts in these financial StateM￿ts are founded to the nearest £. Ttp finanoal statements have b88n tX8parwJ under the historical c))sl convention, [modified to indude the revaluatton of freehokj woperbes and to Indude investn*rf aThl (xrtain fv)ancial instrnmants at fair vduel. The principal accounknng wli(yes adopted are sel out below. 1.2 Going concern At the time of approving Ihe financial ststements, the trust￿ have a re&sonable expeGtstion that the tharity has adequate rw3ources to ¢￿ts'nue in Opera1Th￿ existeno f(K th8 foreseeable futu￿. Thus Ihe trustees continue lo adopt the going cxmrn basis of ac£ounting in preparing the financial statements. 1.3 Charftsbla funds Unrestricled fijnds are availatle for use al discretion of Ihe truste8s in lurtherance of their charitatrAe Restricted fvnds are subject to SP8ufic condit%)ns by don¢N5 Of grantors as to how they may be used. The purposes and uses of the rgstri¢ted funds are set out in ts notes to the finanual statements. 1.4 Income Income is recognised wthen the charity is legaly entilled to it after any performan¢e c(mditions have been met, the anb)unts can be measur&1 reliatAy. and it is probable that inc(xne wll be received. Cash donations are recognised on receipt. Other donatvjns are rec¢gntsed once Ihe thanty has b8en notified of the donation, unless perfornance CondIt￿n$ require deferral of the amwnt. Income tax recoverable in relatK)n to donat￿nS r￿&ved under Gift Aid or deeds of o)venant is recognlsed al the tlme of the donatlon. L￿)eS are recg)gnised on recew or otherwise rf the charity has been notified of an impendiThJ distrityjtion. the amourt is knthvn. and receipt is exFecied. 11 the amoLmt is nol known, the legacy ks treated as a cnntingent assel. THE LONDON NAUTICAL SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounling poli¢i•s (Continut￿l 1.5 Ex￿ndlIU10 Expenditufe is recognised (Yts there is a legal or constrwAive obtigation to transfer e¢(￿Orni¢ trknefit to a thlrd party, it is probable that a transfer of e¢ornml¢ benefits wll be required in settlement, and the amount of the oblig8tK4n can be measured reliatdy. Exp￿l￿Fr9 is dassnled by adivity. The costs of e￿h adivity are made up of the lolal of direGt costs and shared s>)sls, induding suppcrt costs invc4ved in und8rtakiThJ each a(XiMty. Direct costs atlrTbutable to a sin&48 a¢tNity are allocated directly to that activty. Shared costs which contribute to more than ong actwity and support costs whtch are ￿t attributable to a swe athty are aprthroned between those a¢Uvllies on a basis conststent with th6 use of rescMJrces. C8ntr81 staff ￿sts are allocated on the basrs of tlme spent, and d8preoatron charges a￿ alocated on the portion of the asset's use. 1.6 Cash and cash equlvaknts Cash and cash equivalents indude cash in harn4. deposits held at call ￿ryth banks, other short-terni liquid investments with or¥Jinal maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within bJrro•vings in tsjrrent liabilities. Baslc Ilnanclalassets Bas￿ financial awts. vthith indude debth cash and bank balar￿, are initially measured at transaction price induding transaction Costs are subsequently carried at am￿lsed cost using the effects've Interest method unless the arrangement o)ftstitutes a financing transaction. where th8 transactron is méasured at Ihe present value of Ihe future receipts discounted at a m8Tkel rate of interest. Financial assets classiw as T@￿1¥able ¥￿thIn one year are affKNtised. 8asl¢ flnan¢lal liablllues Bas￿ finaniial liabililies. inc4uding creditrrt aTrJ bank I￿ ar8 Init￿lY r8(wnised at transaction prir* th8 arrang8ment constitutes a finarKing transaction. whern t￿ debt instrument is meaSU￿d at Ihe FKeseftt value of the future pay7r￿nts dTrscounted at a market rate of interesL Finanoal14ats'llbts classtfied as payable within on8 year are not al￿)llIsed. Debt instruments are subsequenty carried at anKJrtise(I cnst. usirvJ thp 8ffeGtive intwest rate method. Trade cr8ditors are obligations to pay for gcM)ds or servic8s thal have b88n acquir•Y in the ordinary cours6 of Operat￿nS from sup￿1&1￿. Amounts payable aro dassIf￿ as current ITabiliti8s rf pa￿lent is due within one year or less. If no( they are presented as norpcurrent liabltlies. Trade ￿edIt￿ are reCOgn￿ed inltially al transaction price and subwuenljy measured at alr￿ttsed cost using the effective ￿terest metI￿XI. D•rocognlbon of Ilnanclal Ilabllhles Finan(xa liabilities are derecognised %then the d￿rit￿S o)ntractsl obligations e￿￿re cr are discharged or cancdled. 1.7 Employea bgnefft• The C4)St of any unused holiday eniitlement i8 r8ccMJnised in the peri(Kl in which the employae's s8rvus are re￿￿￿. Termination benefits are recc•3nTrsed immediatdy as an expense when the charty is demonstrdbly ojmmilted to tenninate the empk)yment of an employee or to tYovid8 terniination benefits. THE LONDON NAUTICAL SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Crltlcal aGcounllng estlmatrs and Judgements In the 3pFlication of the cl￿rity'S accounting Fdicxes, the trustees are required to make judgemènts, ostimatss and assumpti￿$ about the tarrying amwnt of assets arKI liablities that are not readily apparènt from olher sources. The estimates and asscciated assumpliorts are based on historical exwiwK* and other factors that are consKlered to be relevanL Actual results may dÉffei from these e51imates. estimates and underlying assumpb.ons are revie￿&d on an ongoing basis. Revisions to accounting estimates are reccgnised in the period in which tha estimats is revised wthere the revisi￿ affects only that period, or in the period of the ￿VIsIon and periods Whe￿ the revision affects ￿th ￿rrent ￿re periods. Income from donations and le9acles Unrestricted Unrestricted funds funds 2025 2024 DonatM)ns ar￿1 gifts 23.841 60,541 Income Irorn charltable activitles Unr•Jtrfcted Restrlct•d funds 2025 Total UnMtrlcted R•strlcted funds funds 2024 2024 Total 2025 2024 Charitabl• Income 2.041 29.798 31.839 5.553 51.540 57.093 Inc¢>mo from other trading actlvlties Unrestricted Unrestrlctad funds funds 2025 2024 Other in¢on 12,357 17.614 Unrestrlcted UnrestrlGted funds futKIs 2025 2024 Interest rec8ivable 10 11 THE LONDON NAUTICAL SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expendltur• on charltabh activities Charftable Charltable expenditure expendlture 2025 2024 Dirnct costs Dired 89,370 112,234 Share of support ￿K1 governance costs {6ee nota 8) Supwrt Govemance 3.759 1,500 11.354 1.0(Ki 94,629 124,588 Analysls by fvnd Unrestricted fijnds ReSt￿ted fuThJs 64,259 30,370 68.459 56,129 94,629 124,588 Support costs allocatod to actlvlues 2025 2024 Other supplies and services Governan￿ costs 3.759 1,500 11.354 5,259 12.354 Anatysod between: Charflal￿e expendlture 5.259 12.354 Net movement In funds 2025 2024 The net movem8nt in funds is sta￿￿ after chargIr￿((¥editir￿J1 Fees payable for the i￿lependent examinatK)n of ts chantys financial statements 1,500 1,OCK) 10 Tn￿1•¢# None of the trustees (or any petsc￿s C(￿nected wlh them) re￿Ved any remunerab'on or bervèfits from charity during the year. 10- THE LONDON NAUTICAL SCHOOL FLIND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Employ•es The av8rage monthly number of em*•yees the year was: 2025 Number 2024 MuM￿r Total There We￿ no emFW88S whose annual remurernlion was more Ih8n £60,(￿0. Remuneratlon of key managwment personnel The remuneration of key managoneni pwsonrEI was as follows: 12 Taxalion The charliy is exempt from taxatkn on Its actvlknes because ai its incotY* is aprth'ed tharitable purposes. 13 Creditors: amounts fallkng due vthin one year 2025 2024 Olher credrt ¢wals and deferred incx)me 7.380 1.000 2.500 2,500 8.380 14 Restrl¢ted funds The restrided funds of the Gharity cc*nprise the balances of donati￿5 8nd grants held on trust subject to s￿Ofi¢ condrtM)ns by diMors as to h)w they may be used. At 1 Aprll IrKomlng 2024 resources Resources At 31 March expendod 2025 Gen8ral funds 18293 29,798 (30,370) 17.721 P¥evlous year: At l Apnl Incoming Rasources At 31 March expended 2024 General funds 22,882 51.540 {56.129) 18293 11 THE LONDON NAUTICAL SCHOOL FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Unreslrlcted funds The unrestrided funds of the tharity cmiprise the unexpended balances of d￿atiOnS and grants which are nol subject to specific {￿dItionS by don￿$ and grantors as lo how they may be used. These indude designated funds which have been set aside oul of unrestricted fuThJs by Ihe trustees for specific purpose At 1 Apfll In￿ning R•sourGes At 31 March 2024 rosources expended 2025 Ganeral funds 72.183 38.249 {64,259) 46.173 Previous y￿. At1Ap Incoming Resources At 31 March 2023 resources expended 2024 Gerwa funds 56.923 83.719 (68,4591 72.183 16 Analysls of net assets between funds UnrBstrlctsd Restrfcted funds funds 2025 2025 Total 2025 At 31 March 2025: Current assets/(liabih'ties) 46.173 17.721 63,894 46,173 17.721 63.894 Unrestricted Restrlcted fund& funds 2024 2024 Tolal 2024 At 31 March 2024: Cuwrent assetsl(liabililies) 72.183 18,293 ,476 72,183 18,293 ,476 17 Relatad party tran8adton3 The London Naubcal sc￿#￿ is a related party of The Lond￿ Nautical s￿￿ Fund charity Inumbor 1175001) by virtue of the charitrfs trustees are also &)vemoTr of the SCI￿. In 2024r2025 the tharity donated to the school of £59.995 (202312024 £159,537). There were no outstsnding an￿Unts at the year end. 12-