2024-12-31-accounts - Baltic Exchange Charitable Foundation

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REGISTERED COMPANY NUMBER: CE014359 (England and Wales)
REGISTERED CHARITY NUMBER: 1178830

`REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024`

`FOR`

`BALTIC EXCHANGE CHARITABLE FOUNDATION`

Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

BALTIC EXCHANGE CHARITABLE FOUNDATION

`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024`

	`Page`	`Page`	`Page`
`Report of the Trustees`	`1`	`to`	`5`
`Report of the Independent Auditors`	`6`	`to`	`8`
`Statement of Financial Activities`		`9`
`Balance Sheet`	`10`	`to`	`11`
`Notes to the Financial Statements`	`12`	`to`	`18`
`Detailed Statement of Financial Activities`		`19`

BALTIC EXCHANGE CHARITABLE FOUNDATION

`REPORT OF THE TRUSTEES`

`FOR THE YEAR ENDED 31ST DECEMBER 2024`

ThetrusteeswhoarealsodirectorsoftheCharityforthepurposesofCompaniesAct2006,present their
reportwiththefinancialstatementsoftheCharityfortheyearended31stDecember2024.The trustees
haveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

The objectives of the Charity, as set out in its constitution, are:

-Such purposes and objects being charitable according to the law of England and Wales
-Relief of persons in need, within the definition of potential beneficiaries

ThepotentialbeneficiariesarethelifemembersoftheformerBalticExchangeCharitable Society;
individualsengagedorformerlyengagedinmaritimeactivities;thespouses,civilpartners, widows,
widowers,issueorotherdependantsoftheforegoing;andtheemployeesandformeremployeesof the
Baltic Exchange.

The Charity was formed to take over the activities of the following charitable trusts:

The Baltic Exchange Charitable Society
The London Shipowners' and Shipbrokers' Benevolent Society
The Baltic Charitable Fund
The Bonno Krull Fund

Thetransferofactivitiesoccurredon31March2021andtheCharitynowcarriesontheactivitiesof the
trusts transferred, namely:

The provision of support of individuals in need
The awarding of grants to institutions connected with the maritime industry

`Significant activities Grants`

Intheyear,theCharitycontinuedtosupportseven(2023-eight)individualsreceivingannualgrants and
also paid special grants to a further five (2023 - five) individuals.

TheCharityhaseight(2023-six)securedloanstoindividuals;thiswasanincreaseof£75,000from last
year.

Duringtheyear,theCharityawardedthirteen(2023-nine)grantstovariousinstitutionslinkedto the
maritimeindustryandcontinuedtopaytwo(2023-two)grantspreviouslyawarded.The significant
grants awarded in the year were:

Ahoywereawardedtheirthirdpaymentof£10,000fromtheoriginalthreeyeargrantof £30,000
awardedin2022.ThiswastosupportAhoy'sworkinprovidingwaterskillstrainingtoyoungstersliving in
the Thames estuary region.

MissiontoSeafarerswereawardedagrantof£15,000intheyear.Theyarearegularbeneficiaryof BECF
for their pastoral work with seafarers around the globe.

NationalCoastwatchInstitutionwereawardedagrantof£20,000towardstheproductionofrevised and
updated station manuals.

SailorsSocietywereawardedagrantof£10,000fortheircontinuedsupportfortheirpastoralwork with
seafarers around the globe.

`Public benefit`

TheTrusteeshavehadregardtotheCharityCommission'sguidanceonpublicbenefitandwill consider
that guidance in their future activities.

Page 1

BALTIC EXCHANGE CHARITABLE FOUNDATION

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024`

`OBJECTIVES AND ACTIVITIES`

`Grant making`

`Supporting individuals in need`

The Charity supports individuals by the award of financial grants and the provision of interest free loans.

Thefinancialgrantsareawardedasannualgrantstohelptowardsthepaymentofday-to-day expenses
orasspecialgrantstocoverunexpectedorunaffordableoneoffexpensesincurredbythe beneficiaries.
Theannualgrantsarepaidquarterlyandreviewedonanannualbasis,orasnecessary,whereas special
grants are paid on an ad hoc basis as required.

`Grants to individuals`

TheCharityhelpsbeneficiarieswithannualgrants,whicharepaidinquarterlyinstalments.All such
grantsarebasedonarecipient'sfinancialcircumstanceswhicharereviewedatyearend.Emergency or
one-offspecialgrantsareawardedasdeemednecessarybytheTrustees.Thoseclaimingassistance are
requiredtoprovidefulldetailsofincomeandexpenditure,andfinancialneedmustbeestablished before
anyhelpcanbeoffered.TheTrusteesarealwaysmindfulofthe"need"qualificationinthe Charity's
objects.AllgrantsareawardedafterfullconsultationamongsttheTrusteesand beneficiaries
circumstances are routinely monitored as necessary.

`Grants to institutions`

TheCharityprincipallysupportsinstitutionsfocusedinthemaritimesector.Theseinstitutionsinthe main
covereducation,pastoralsupporttoseafarersandtheirfamiliesandotherrelatedcharitable works.
Thesegrantsinthemainareofaone-offnaturebutcanextendonarepeatbasisoverafixedperiod of
time. All grants are awarded after full consultation amongst the Trustees.

`ACHIEVEMENT AND PERFORMANCE`

`Investment performance`

InvestmentpolicyandstrategyarereviewedbyaFinanceCommitteethatmeetsthe Charity's
investmentmanagersregularlyduringeachyear,andperformanceismeasuredagainsttargetsset. A
medium level of risk approach was confirmed.

`FINANCIAL REVIEW`

`Financial position`

TheStatementofFinancialactivitiessetsouttheincomeandexpenditureoftheCharityforthe year
ended 31 December 2024.

Grantcommitmentsawardedin2024werepaidon1stJanuary2025.Approvalforpaymentof 2025
grantswasagreedatthetrusteesmeetinginOctober2024.Anyamendmentstothesepayments were
adjusted retrospectively.

Arevaluationsurplusof£435,574(2023-£166,394)aroseontheinvestments,contributingtowards an
increaseinthereservesovertheyear.TheCharity'sclosingbalancesheetpositionisrobust, with
significant reserves of £9,797,475 (2023 - £9,357,399) and cash in hand of £62,022 (2023 - £80,110).

`Investment policy and performance`

Thetrusteesconsiderthattheinvestmentsareheldforthelongtermandthereforetypicallyconsider the
investment performance over a rolling multi-year period.

Theinvestmentportfoliosarestructuredinawaythatcanwithstandadversemarketconditionsand are
consideredbythetrusteestobewellplacedtoprotectthefund'svalueandalsotoproducethe income
requiredfortheSociety'scharitableactivities.Theincometargetagreedwiththeadviserswas again
comfortablyreached,andthereturnfortheyearwassatisfactoryfortheSociety'sneeds.The fund
consistsofaspreadofgilts,corporatebonds,equitiesandcash,theallocationtoeachsector being
continually under review.

The value of the portfolios at the end of 2024 stood at £9,391,180 (£9,090,125 in 2023).

Page 2

BALTIC EXCHANGE CHARITABLE FOUNDATION

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024`

`FINANCIAL REVIEW`

`Reserves policy`

The reserves comprise:

`Bonno Krull Endowment Fund`

ThisisapermanentendowmentfundwhichwascreatedbythewillofBonnoJuliusLeopoldKrull. The
incomefromthefundistobeusedtomaintainthegraveofMrKrullandhiswife,withanysurplusto be
used for charitable purposes connected to shipbroking and shipping.

`Restricted Funds`

TherestrictedfundscomprisethereservesoftheformerBalticExchangeCharitableSocietyand the
formerLondonShipowners'andShipbrokers'BenevolentSociety.TheBalticExchangeCharitable Society
reservesaretobeusedtosupporttheformermembersoftheSocietyandtheirdependents.The London
Shipowners'andShipbrokers'BenevolentSocietyreservesaretobeusedtosupportthosewho have
beeninvolvedinshipowningandshipbrokingbusinessesandtheirdependants.Atthe trustees'
discretion, any surpluses can be used for charitable purposes connected to shipbroking and shipping.

`Unrestricted Funds`

Theunrestrictedfundscomprisethefundsfromtheotherpredecessorcharityandtheunexpended Bonno
Krull income.

TheCharity'sfreereservescomprisecashheldinoperatingbankaccountsandsundrydebtors, less
currentcreditors.TheTrusteesaimtodrawdowncashfrominvestmentsasneeded,maximising the
funds available to invest and resulting in minimal cash held in operating bank accounts.

`FUTURE PLANS`

TheTrusteesexpecttocontinuetheactivitiesoftheCharityasdescribedaboveforthe foreseeable
future.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

TheCharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimited company,
limited by guarantee, as defined by the Companies Act 2006.

TheCharityisacharitableincorporatedorganisationwhichwasincorporatedon18June2018. The
governing document is the Constitution.

`Recruitment and appointment of new trustees`

`Appointment of trustees`

Under the Rules of the Charity, the trustees comprise:

- The Chief Financial Officer of the Baltic Exchange Limited;

One individual appointed by the Baltic Exchange Council; and

- Up to ten individuals appointed by the Charity's trustees.

`Trustee recruitment`

TheBoardmaintainsaconstantwatchforsuitablecandidatestoreplaceretiringTrusteesfromtime to
time.

`Trustee training`

NewlyappointedTrusteesareprovidedwithacopyoftheConstitutiontogetherwiththe Charity
Commission'sGuidanceforTrustees.AllTrusteesareinformedofupdatedcharityinvestment guidance
provided by fund managers as well as being encouraged to take up training seminars and workshops.

`Organisational structure`

The Charity has no staff and is managed by its Trustees. The Trustees are assisted by the secretary.

TheCharitycontinuestoshareitssecretarialserviceswiththeCornExchangeBenevolent Society
(Charity No. 207733).

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Registered Company number`

CE014359 (England and Wales)

Page 3

BALTIC EXCHANGE CHARITABLE FOUNDATION

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024`

`Registered Charity number`

`Registered office`

Southgate Chambers
37-39 Southgate Street
Winchester
SO23 9EH

`Trustees`

W M Robson Chairman
Ms K A Marsh
D A Petropoulos
R T Reed
M A Read
L C Varnavides
C J Nolan
F W A Crouch (resigned 24.7.25)
M R Jackson
S Trowell (appointed 24.7.25)
Lord J Mountevans (appointed 22.10.24)

`Auditors`

Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

`Advisers`

Cazenove Capital, 1 London Wall Place, London, EC2Y 5AU
Quilter Cheviot Limited, Senator House, 85 Queen Victoria Street, London, EC4V 4AB

`STATEMENT OF TRUSTEES' RESPONSIBILITIES`

Thetrustees(whoarealsothedirectorsofBalticExchangeCharitableFoundationforthepurposes of
companylaw)areresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatements in
accordancewithapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
Accepted Accounting Practice).

Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgive a
trueandfairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresources and
applicationofresources,includingtheincomeandexpenditure,ofthecharitablecompanyforthat period.
In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable
accuracyatanytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensure that
thefinancialstatementscomplywiththeCompaniesAct2006.Theyarealsoresponsiblefor safeguarding
theassetsofthecharitablecompanyandhencefortakingreasonablestepsfortheprevention and
detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Page 4

BALTIC EXCHANGE CHARITABLE FOUNDATION

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024`

`STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued`

ThetrusteesareresponsibleforpreparingtheAnnualReportandthefinancialstatementsin accordance
with applicable law and regulations.

ThelawapplicabletocharitiesinEngland&Walesrequiresthetrusteestopreparefinancial statements
foreachfinancialyearinaccordancewithUnitedKingdomGenerallyAcceptedAccountingPractice (United
KingdomAccountingStandardsandapplicablelaw).Thetrusteesmustnotapprovethe financial
statementsunlesstheyaresatisfiedthattheygiveatrueandfairviewofthestateofaffairsof the
charityandoftheincomingresourcesandapplicationofresources,includingtheincomeand expenditure
for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the charity will continue in operation.

Thetrusteesareresponsibleforkeepingsufficientaccountingrecordsthatdisclosewith reasonable
accuracyatanytimethefinancialpositionofthecharityandenablethemtoensurethatthe financial
statementscomplywiththeCharitiesAct2011,theCharity(AccountsandReports)Regulations2008 and
theprovisionsofthetrustdeed.Theyarealsoresponsibleforsafeguardingtheassetsofthecharity, and
for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Thetrusteesconfirmthatsofarastheyareaware,thereisnorelevantauditinformationofwhich the
charity'sauditorisunaware.Theyhavetakenallstepsthattheyoughttohavetakenastrusteesin order
tomakethemselvesawareofanyrelevantauditinformationandtoestablishthattheauditorisaware of
that

`AUDITORS`

Theauditors,CresswellsAccountants(UK)Limited,willbeproposedforre-appointmentat the
forthcoming Trustee Board meeting.

Approved by order of the board of trustees on 12th September 2025 and signed on its behalf by:

W M Robson - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
BALTIC EXCHANGE CHARITABLE FOUNDATION

`Opinion`

WehaveauditedthefinancialstatementsofBalticExchangeCharitableFoundation(the 'charitable
company')fortheyearended31stDecember2024whichcomprisetheStatementofFinancial Activities,
theBalanceSheetandnotestothefinancialstatements,includingasummaryofsignificant accounting
policies.Thefinancialreportingframeworkthathasbeenappliedintheirpreparationisapplicable law
and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31st December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

`Basis for opinion`

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and
applicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe Auditors'
responsibilitiesfortheauditofthefinancialstatementssectionofourreport.Weareindependentof the
charitablecompanyinaccordancewiththeethicalrequirementsthatarerelevanttoourauditof the
financialstatementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledour other
ethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.

`Conclusions relating to going concern`

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcern basis
of accounting in the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelating to
eventsorconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthe charitable
company'sabilitytocontinueasagoingconcernforaperiodofatleasttwelvemonthsfromwhen the
financial statements are authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribed in
the relevant sections of this report.

`Other information`

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information
includedintheAnnualReport,otherthanthefinancialstatementsandourReportofthe Independent
Auditors thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheother information
and,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial
statementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If we
identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine
whetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,based on
theworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisother information,
we are required to report that fact.  We have nothing to report in this regard.

`Matters on which we are required to report by exception`

WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(Accountsand Reports)
Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
the charitable company has not kept adequate accounting records; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
BALTIC EXCHANGE CHARITABLE FOUNDATION

`Responsibilities of trustees`

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealso the
directorsofthecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthe preparation
ofthefinancialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andfor such
internalcontrolasthetrusteesdetermineisnecessarytoenablethepreparationoffinancial statements
that are free from material misstatement, whether due to fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitable company's
abilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcern and
usingthegoingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethe charitable
company or to cease operations, or have no realistic alternative but to do so.

`Our responsibilities for the audit of the financial statements`

WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreport in
accordance with the Act and relevant regulations made or having effect thereunder.

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are
freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueaReportofthe Independent
Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnot a
guaranteethatanauditconductedinaccordancewithISAs(UK)willalwaysdetecta material
misstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisions of
users taken on the basis of these financial statements.

Theextenttowhichourproceduresarecapableofdetectingirregularities,includingfraudis detailed
below:

Inidentifyingandassessingrisksofmaterialmisstatementinrespectofirregularities,includingfraud and
non-compliance with laws and regulations, our procedures include the following:

we obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We determined the following laws and regulations were most significant: The Companies Act 2006, FRS 102 and Health and Safety Act;
we obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management;
we assessed the susceptibility of the company's financial statements to material misstatement including how fraud might occur. Audit procedures performed by the audit team included:
identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
understanding how those charged with governance considered and addressed the potential of override of controls or other inappropriate influence over the financial reporting process;
challenging assumptions and judgements made by management in its significant accounting estimates;
identifying and testing journal entries;
assessing the extent of compliance with the relevant laws and regulations.

Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the
FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescription forms
part of our Report of the Independent Auditors.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
BALTIC EXCHANGE CHARITABLE FOUNDATION

`Use of our report`

Thisreportismadesolelytothecharitablecompany'strustees,asabody,inaccordancewithPart4 of
theCharities(AccountsandReports)Regulations2008.Ourauditworkhasbeenundertakensothat we
mightstatetothecharitablecompany'strusteesthosematterswearerequiredtostatetothemin an
auditors'reportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotaccept or
assumeresponsibilitytoanyoneotherthanthecharitablecompanyandthecharitable company's
trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

12th September 2025

Page 8

BALTIC EXCHANGE CHARITABLE FOUNDATION

`STATEMENT OF FINANCIAL ACTIVITIES`

`FOR THE YEAR ENDED 31ST DECEMBER 2024`

`Unrestricted` `funds` `Notes` `£` `INCOME AND` `ENDOWMENTS FROM` `Donations and legacies` `2` `31,181` `EXPENDITURE ON` `Raising funds` `3` `-` `Charitable activities` `General` `53,820` `Total` `53,820` `Net gains/(losses) on` `investments` `(436,988)` `NET` `INCOME/(EXPENDITURE)` `(459,627)` `Transfers between funds` `10` `608,695` `Net movement in funds` `149,068` `RECONCILIATION OF` `FUNDS` `Total funds brought forward` `2,212,740` `TOTAL FUNDS CARRIED` `FORWARD` `2,361,808`	`Restricted` `funds` `£` `310,359` `39,976` `243,242` `283,218` `973,460` `1,000,601` `(808,446)` `192,155` `6,208,796` `6,400,951`	`Endowment` `funds` `£` `-` `-` `-` `-` `(100,898)` `(100,898)` `199,751` `98,853` `935,863` `1,034,716`	`2024` `Total` `funds` `£` `341,540` `39,976` `297,062` `337,038` `435,574` `440,076` `-` `440,076` `9,357,399` `9,797,475`	`2023` `Total` `funds` `£` `289,669`
				`52,392` `232,449`
				`284,841`
				`166,394`
				`171,222` `-`
				`171,222` `9,186,177`
				`9,357,399`

The notes form part of these financial statements

Page 9

BALTIC EXCHANGE CHARITABLE FOUNDATION

`BALANCE SHEET 31ST DECEMBER 2024`

`Unrestricted` `Restricted` `funds` `funds` `Notes` `£` `£` `FIXED ASSETS` `Investments` `6` `2,364,191` `5,992,273` `CURRENT ASSETS` `Debtors` `7` `-` `391,874` `Cash at bank` `3,617` `58,405` `3,617` `450,279` `CREDITORS` `Amounts falling due within` `one year` `8` `(6,000)` `(25,601)` `NET CURRENT ASSETS` `(2,383)` `424,678` `TOTAL ASSETS LESS` `CURRENT LIABILITIES` `2,361,808` `6,416,951` `CREDITORS` `Amounts falling due after` `more than one year` `9` `-` `(16,000)` `NET ASSETS` `2,361,808` `6,400,951` `FUNDS` `10` `Unrestricted funds` `Restricted funds` `Endowment funds` `TOTAL FUNDS`	`2024` `Endowment` `Total` `funds` `funds` `£` `£` `1,034,716` `9,391,180` `-` `391,874` `-` `62,022` `-` `453,896` `-` `(31,601)` `-` `422,295` `1,034,716` `9,813,475` `-` `(16,000)` `1,034,716` `9,797,475` `2,361,808` `6,400,951` `1,034,716` `9,797,475`	`2023` `Total` `funds` `£` `9,090,125` `326,619` `80,110` `406,729` `(129,855)` `276,874` `9,366,999` `(9,600)` `9,357,399` `2,212,740` `6,208,796` `935,863` `9,357,399`

ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006
for the year ended 31st December 2024.

Themembershavenotdepositednotice,pursuanttoSection476oftheCompaniesAct2006requiring an
audit of these financial statements.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

ThesefinancialstatementshavebeenauditedundertherequirementsofSection145oftheCharities Act
2011.

The notes form part of these financial statements

continued...

Page 10

BALTIC EXCHANGE CHARITABLE FOUNDATION

`BALANCE SHEET - continued`

`31ST DECEMBER 2024`

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
12th September 2025 and were signed on its behalf by:

W M Robson - Trustee

The notes form part of these financial statements

Page 11

BALTIC EXCHANGE CHARITABLE FOUNDATION

`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024`

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'Accountingand Reporting
byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheir accounts
inaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial
statementshavebeenpreparedunderthehistoricalcostconvention,withtheexception of
investments which are included at market value, as modified by the revaluation of certain assets.

`Income`

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.

Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.

`Taxation`

The charity is exempt from corporation tax on its charitable activities.

`Fund accounting`

Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

`Investments`

Investmentsareaformofbasicfinancialinstrumentsandareinitiallyrecognisedat their
transactioncostandsubsequentlyremeasuredatfairvalueatthebalancesheetdateusing the
closingquotedmarketprice.Thestatementoffinancialactivitiesincludesthenetgainsand losses
on revaluation and disposals throughout the year.

`Realised gains and losses`

AllgainsandlossesaretakentotheStatementofFinancialActivitiesastheyarise.Realised gains
andlossesoninvestmentsarecalculatedasthedifferencebetweenthesalesproceedsand their
openingcarryingvalueortheirpurchasevalueifacquiredsubsequenttothefirstdayof the
financialperiod.Unrealisedgainsandlossesarecalculatedasthedifferencesbetweenthe fair
valueattheperiodendandtheircarryingvalue.Realisedandunrealisedinvestmentgains and
losses are combined in the Statement of Financial Activities.

`Foreign Currencies`

Assetsandliabilitiesinforeigncurrenciesaretranslatedintosterlingattheratesof exchange
rulingattheStatementofFinancialPositiondate.Transactionsinforeigncurrenciesare translated
intosterlingattherateofexchangerulingatthedateoftransaction.Exchangedifferences are
taken into account in arriving at the operating result.

continued...

Page 12

BALTIC EXCHANGE CHARITABLE FOUNDATION

`NOTES TO THE FINANCIAL STATEMENTS - continued`

`FOR THE YEAR ENDED 31ST DECEMBER 2024`

`1. ACCOUNTING POLICIES - continued`

`Judgements and estimates`

Thepreparationoffinancialstatementsinconformitywithgenerallyacceptedaccounting practice
requiresmanagementtomakejudgementsandestimatesinapplyingthecompany's accounting
policies that may have a significant impact on the amounts recognised in the financial statements.

Theonlymaterialjudgementrelatestotherecognitionofconstructiveobligationstothe recipients
ofgrants,asdetailedinthecreditorsnote.Therearenomaterialestimatesaffectingthe carrying
values of the assets as at the year end.

`Going Concern`

ThetrusteesareconfidentthattheCharityisagoingconcern.Theinvestmentsheldare expected
toyieldpositivereturnsandcashgeneratedfrominvestmentsisforecasttobeadequate to
supportgrantcommitmentsandadministrativecostsforatleast12monthsfromthedateof this
annual report.

`Financial Instruments`

Financialassetsandfinancialliabilitiesarerecognisedinthebalancesheetwhenagroup becomes
party to the contractual provisions of the instrument.

Investmentsinlistedsharesandbondsareclassifiedasbasicfinancialinstrumentsand accounted
for as set out above.

Loanstobeneficiariesareclassifiedaspublicbenefitconcessionaryloansarerecognisedinitially at
the transaction value and subsequent at impaired cost.

Tradeandotherdebtorsalongwithcreditorsareclassifiedasbasicfinancialinstruments and
measuredatinitialrecognitionattransactionprice.Debtorsandcreditorsare subsequently
measuredatamortisedcostusingtheeffectiveinterestratemethod.Aprovisionis established
when there is objective evidence that the group will not collect all amounts due.

Cashandcashequivalentsareclassifiedasbasicfinancialinstrumentsandcompromisecash in
handandatbankandshort-termdepositswithoriginalmaturityofthreemonthsorless.Cash and
cash equivalents includes cash held by investment managers.

`2. DONATIONS AND LEGACIES`

`Investment income` `Donations` `Other income` `Exchange rate variance`	`2024` `£` `310,885` `41,275` `-` `(10,620)` `341,540`	`2023` `£` `272,250` `1,831` `2,704` `12,884`
		`289,669`

continued...

Page 13

BALTIC EXCHANGE CHARITABLE FOUNDATION

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024`

`3. RAISING FUNDS`

`Investment management costs`

`Investment management costs`
	`2024`	`2023`
	`£`	`£`
`Portfolio management`	`39,976`	`52,392`

`4. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31stDecember 2024
nor for the year ended 31st December 2023.

`Trustees' expenses`

`Trustees' expenses` `5.` `COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES` `Unrestricted` `Restricted` `funds` `funds` `£` `£` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `31,274` `258,395` `EXPENDITURE ON` `Raising funds` `-` `52,392` `Charitable activities` `General` `143,002` `89,447` `Total` `143,002` `141,839` `Net gains on investments` `-` `166,394` `NET INCOME/(EXPENDITURE)` `(111,728)` `282,950` `Transfers between funds` `11,824` `(119,075)` `Net movement in funds` `(99,904)` `163,875` `RECONCILIATION OF FUNDS` `Total funds brought forward` `2,312,644` `6,044,921` `TOTAL FUNDS CARRIED FORWARD` `2,212,740` `6,208,796`	`2024` `£` `840` `Endowment` `funds` `£` `-` `-` `-` `-` `-` `-` `107,251` `107,251` `828,612` `935,863`	`2023` `£` `723` `Total` `funds` `£` `289,669`
		`52,392` `232,449`
		`284,841`
		`166,394`
		`171,222` `-`
		`171,222` `9,186,177`
		`9,357,399`

continued...

Page 14

BALTIC EXCHANGE CHARITABLE FOUNDATION

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024`

`6. FIXED ASSET INVESTMENTS`

`MARKET VALUE` `At 1st January 2024` `Additions` `Disposals` `Transfers/re-allocations` `Realised gains` `At 31st December 2024` `NET BOOK VALUE` `At 31st December 2024` `At 31st December 2023`	`Listed` `investment` `£` `9,090,125` `9,539,697` `(8,383,662)` `(1,290,554)` `435,574` `9,391,180` `9,391,180` `9,090,125`

All investments were held within the Charity's investment portfolios.

`7. DEBTORS`

`DEBTORS`
`Amounts falling due within one year:` `Accrued dividends` `Amounts falling due after more than one year:` `Other debtors` `Loans to beneficiaries` `Aggregate amounts`	`2024` `£` `1,235` `75,000` `315,639` `391,874`	`2023` `£` `10,980`
		`-` `315,639`
		`326,619`

Eachloantoabeneficiaryissecuredonthebeneficiary'sproperty,isinterestfreeandrepayable at
theoptionofthebeneficiaryorintheeventofthebeneficiary'sdeath,amaterialchangein the
beneficiary'scircumstances,thesaleoftheproperty,orthepropertynolongerbeing the
beneficiary's (or their spouse's) principle residence.

As at the year end, there were no extant loan offers (2023 - None).

`8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

`Trade creditors` `Donations payable` `Accrued expenses`	`2024` `£` `-` `25,600` `6,001` `31,601`	`2023` `£` `14,400` `28,744` `86,711`
		`129,855`

continued...

Page 15

BALTIC EXCHANGE CHARITABLE FOUNDATION

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024`

`9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR`

`Donations payable` `10.` `MOVEMENT IN FUNDS` `Net` `movement` `At 1.1.24` `in funds` `£` `£` `Unrestricted funds` `General fund` `2,212,740` `(459,627)` `Restricted funds` `BECS Restricted Fund` `5,192,652` `335,827` `LSSBS Restricted Fund` `957,005` `724,054` `BCF & BK Combined` `59,139` `(59,280)` `6,208,796` `1,000,601` `Endowment funds` `Bonno Krull Endowment Fund` `1,073` `-` `BK Endowment Fund` `934,790` `(100,898)` `935,863` `(100,898)` `TOTAL FUNDS` `9,357,399` `440,076` `Net movement in funds, included in the above are as follows:` `Incoming` `Resources` `resources` `expended` `£` `£` `Unrestricted funds` `General fund` `31,181` `(53,820)` `Restricted funds` `BECS Restricted Fund` `152,039` `(73,740)` `LSSBS Restricted Fund` `33,362` `(25,240)` `BCF & BK Combined` `124,958` `(184,238)` `310,359` `(283,218)` `Endowment funds` `BK Endowment Fund` `-` `-` `TOTAL FUNDS` `341,540` `(337,038)`		`2024` `£` `16,000` `Transfers` `between` `funds` `£` `608,695` `(88,061)` `(679,907)` `(40,478)` `(808,446)` `(1,073)` `200,824` `199,751` `-` `Gains and` `losses` `£` `(436,988)` `257,528` `715,932` `-` `973,460` `(100,898)` `435,574`	`2023` `£` `9,600` `At` `31.12.24` `£` `2,361,808` `5,440,418` `1,001,152` `(40,619)` `6,400,951` `-` `1,034,716` `1,034,716` `9,797,475` `Movement` `in funds` `£` `(459,627)` `335,827` `724,054` `(59,280)` `1,000,601` `(100,898)` `440,076`

continued...

Page 16

BALTIC EXCHANGE CHARITABLE FOUNDATION

`NOTES TO THE FINANCIAL STATEMENTS - continued`

`FOR THE YEAR ENDED 31ST DECEMBER 2024`

`10. MOVEMENT IN FUNDS - continued`

`Comparatives for movement in funds`

`Unrestricted funds` `General fund` `Restricted funds` `BECS Restricted Fund` `LSSBS Restricted Fund` `BCF & BK Combined` `Endowment funds` `Bonno Krull Endowment Fund` `BK Endowment Fund` `TOTAL FUNDS`	`At 1.1.23` `£` `2,312,644` `5,199,157` `845,764` `-` `6,044,921` `828,612` `-` `828,612` `9,186,177`	`Net` `movement` `in funds` `£` `(111,728)` `121,547` `11,173` `150,230` `282,950` `-` `-` `-` `171,222`	`Transfers` `between` `funds` `£` `11,824` `(128,052)` `100,068` `(91,091)` `(119,075)` `(827,539)` `934,790` `107,251` `-`	`At` `31.12.23` `£` `2,212,740` `5,192,652` `957,005` `59,139`
				`6,208,796` `1,073` `934,790`
				`935,863`
				`9,357,399`

Comparative net movement in funds, included in the above are as follows:

`Unrestricted funds` `General fund` `Restricted funds` `BECS Restricted Fund` `LSSBS Restricted Fund` `BCF & BK Combined` `TOTAL FUNDS`	`Incoming` `resources` `£` `31,274` `115,066` `23,048` `120,281` `258,395` `289,669`	`Resources` `expended` `£` `(143,002)` `(92,043)` `(33,731)` `(16,065)` `(141,839)` `(284,841)`	`Gains and` `losses` `£` `-` `98,524` `21,856` `46,014` `166,394` `166,394`	`Movement` `in funds` `£` `(111,728)` `121,547` `11,173` `150,230` `282,950` `171,222`

continued...

Page 17

BALTIC EXCHANGE CHARITABLE FOUNDATION

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024`

`10. MOVEMENT IN FUNDS - continued`

A current year 12 months and prior year 12 months combined position is as follows:

`Unrestricted funds` `General fund` `Restricted funds` `BECS Restricted Fund` `LSSBS Restricted Fund` `BCF & BK Combined` `Endowment funds` `Bonno Krull Endowment Fund` `BK Endowment Fund` `TOTAL FUNDS`	`At 1.1.23` `£` `2,312,644` `5,199,157` `845,764` `-` `6,044,921` `828,612` `-` `828,612` `9,186,177`	`Net` `movement` `in funds` `£` `(571,355)` `457,374` `735,227` `90,950` `1,283,551` `-` `(100,898)` `(100,898)` `611,298`	`Transfers` `between` `funds` `£` `620,519` `(216,113)` `(579,839)` `(131,569)` `(927,521)` `(828,612)` `1,135,614` `307,002` `-`	`At` `31.12.24` `£` `2,361,808` `5,440,418` `1,001,152` `(40,619)` `6,400,951` `-` `1,034,716` `1,034,716` `9,797,475`

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:

`Unrestricted funds` `General fund` `Restricted funds` `BECS Restricted Fund` `LSSBS Restricted Fund` `BCF & BK Combined` `Endowment funds` `BK Endowment Fund` `TOTAL FUNDS`	`Incoming` `resources` `£` `62,455` `267,105` `56,410` `245,239` `568,754` `-` `631,209`	`Resources` `Gains and` `Movement` `expended` `losses` `in funds` `£` `£` `£` `(196,822)` `(436,988)` `(571,355)` `(165,783)` `356,052` `457,374` `(58,971)` `737,788` `735,227` `(200,303)` `46,014` `90,950` `(425,057)` `1,139,854` `1,283,551` `-` `(100,898)` `(100,898)` `(621,879)` `601,968` `611,298`

`11. RELATED PARTY DISCLOSURES`

There were no related party transactions for the year ended 31st December 2024.

Page 18

BALTIC EXCHANGE CHARITABLE FOUNDATION

`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024`

`INCOME AND ENDOWMENTS` `Donations and legacies` `Investment income` `Donations` `Other income` `Exchange rate variance` `Total incoming resources` `EXPENDITURE` `Investment management costs` `Portfolio management` `Charitable activities` `Grants to institutions` `Grants to individuals` `Support costs` `Management` `Trustees' expenses` `Support services & fees` `Telecoms` `IT & website` `Storage & office expenses` `Insurance` `Bank charges` `Governance costs` `Grave maintenance` `Accountancy and legal fees` `Total resources expended` `Net income before gains and losses` `Realised recognised gains and losses` `Realised gains/(losses) on fixed asset` `investments` `Net income`	`2024` `£` `310,885` `41,275` `-` `(10,620)` `341,540` `341,540` `39,976` `153,301` `76,583` `229,884` `840` `40,250` `648` `1,963` `9,903` `702` `359` `54,665` `1,019` `11,494` `12,513` `337,038` `4,502` `435,574` `440,076`	`2023` `£` `272,250` `1,831` `2,704` `12,884`
		`289,669`
		`289,669` `52,392` `58,645` `77,447`
		`136,092` `723` `29,475` `504` `1,944` `5,744` `26` `412`
		`38,828` `285` `57,244`
		`57,529`
		`284,841`
		`4,828` `166,394`
		`171,222`

This page does not form part of the statutory financial statements

Page 19