**The Nautical Institute Foundation Trustees Annual Report and Unaudited Financial Statements Year ended 31 December 2024**
Charity registration - 1190343
**The Nautical Institute Foundation** Annual report and financial statements
**Year ended 31 December 2024**
## **Contents**
|**Contents**||
|---|---|
|Legal and administrative information|3|
|Trustees annual report|4|
|Objectives and activities|4|
|Achievements and performance|5|
|Financial review|5|
|Structure, governance & management|5|
|Statement of Board of Trustees’ responsibilities|5|
|Independent examiner’s report|7|
|Statement of fnancial activities|9|
|Balance sheet|10|
|Notes to the fnancial statements|11|
Charity number 1190343
2
**Year ended 31 December 2024**
**The Nautical Institute Foundation** Annual report and financial statements
## **Legal and administrative information**
Charity name
The Nautical Institute Foundation
Charity registration no.
1190343
Company registration no.
## CE022478
Registered office and contact details
c/o The Nautical Institute 200B Lambeth Road London SE1 7JY
Trustees
Captain Duncan McCorquodale Telfer Chair Christopher Barry Adams Stephen Bond Peter John Lloyd Howard Nathan Wheeler
Bank
To be appointed
Independent examiner
Enaid Accountancy Ltd Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU
Charity number 1190343
3
**The Nautical Institute Foundation** Annual report and financial statements
**Year ended 31 December 2024**
## **Trustees annual report**
The Board of Trustees submit their annual report and the financial statements of The Nautical Institute Foundation for the year ended 31 December 2024.
The Board of Trustees confirm that the annual report and financial statements of the Charity comply with current statutory requirements, including the Charity Act 2011, as well as the requirements of the Charity’s governing document and the provisions of the ‘Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019)’, and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## Objectives and activities
The objects of the charity are:
**•** for the public benefit in any part of the world, to advance education in maritime safety, marine environmental protection and related subjects in order to improve standards in those areas.
## Vision
Our vision is that no loss or injury to people or the environment need happen worldwide for the want of adequate access to awareness and training in the maritime community.
## Mission
Working globally with maritime communities to identify, address, research and develop effective educational solutions for industry challenges, delivered in the most effective and cost-effective manner for all.
## Values
- Resilience – Providing tools to build resilience to tackle the growing needs of maritime actors today,
- and empowering them to be the best they can.
**•** Partnership – An integral part of the maritime community, looked upon as dependable partners with a shared vision of need.
**•** Integrity – working to high personal and professional standards, delivering effective programmes and content that meets end user expectations within time and cost considerations.
**•** Evolution and Innovation - understanding that every assignment is different, and that stakeholder needs, and values change, along with changing public awareness. Utilising the most effective methods and latest neuroscience to ensure learning is robust and embedded effectively for long term value. **•** Excellence – always open to being Challenged by the maritime community and committed to being the partner of choice in developing meaningful training material.
**•** Person Centric – Recognising that people are the core of everything we do – both within and outside the Foundation. Helping people to thrive despite apparent adversity.
- Equity – Delivering educational solutions to those who need it most, without fear or favour.
## Public beneft
Throughout the process of determining the activities outlined in this report, the Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity.
Charity number 1190343
4
**Year ended 31 December 2024**
**The Nautical Institute Foundation** Annual report and financial statements
## Achievements and performance
During the year the staffing of The Nautical Institute Foundation remained at one part-time position, that of the Chief Executive.
Activities are ongoing with the engagement of a number of shipping companies on surveys with crews and retention issues. The Foundation is working closely with a company called DOMAD on this project.
While the technical engagement is positive, there remains some way to go before a financial return is likely to be made.
Expenditure was minimised during the year with the only outgoings being the salary and on-costs of the Chief Executive of the Foundation.
While the data captured has enabled the companies involved to identify areas in which they can address recruitment and retention issues, there has been no material income associated with these activities.
Meetings have also been held with the International Maritime Employers Council, IMEC, who appreciated the work done to guide companies in this important area but they too were unable to influence or identify potential revenue streams.
As the year progressed a related article for inclusion in Seaways was being drafted and the need for a wider-ranging review of activities agreed, though this work did not commence in the reported year.
The Trustees of the Foundation met as expected and continued to offer oversight of the Foundation activities while noting their concern about the lack of broader activities and the paucity of income. The Trustees shared the view that having a comprehensive review of objectives and intentions was an important step to take and one that should be undertaken during 2025.
## Financial review
The Charity incurred a deficit of £48,286 (2023: deficit of £86,823) in the year resulting in a liability at the year-end of £208,028 (2023: liability of £159,742). The trustees are confident that the charity can still be considered a going concern as there is a written guarantee agreement with The Nautical Institute (registered charity number 1002462) who have agreed to guarantee any deficit up to the value of £250,000. Currently all income and expenditure is run through the Nautical Institute as well, as the charity is still in the process of opening a bank account.
## Reserves policy
The Charity is currently in the process of preparing a formal reserves policy.
## Structure, governance & management
The Nautical Institute Foundation is a charitable incorporated organisation and registered as a charity on 10 July 2020. The Charity was established under a Consitution that sets out the objects and powers of the charity. In the event of the company being wound up, the trustees have no liability.
## Recruitment and appointment of Trustees
The constitution requires a minimum of three and a maximum number of 12 trustees.
Trustees are subject to re-election on a rolling three year basis at the Annual General Meeting, with a maximum of two consecutive terms. The Chief Executive Officer and the Honorary Treasurer of the Nautical Institute (registered charity number 1002462) are automatically trustees of the charity, and The Nautical Institute may appoint up to six of the trustees.
## Statement of Board of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
Charity number 1190343
5
**The Nautical Institute Foundation** Annual report and financial statements
**Year ended 31 December 2024**
Charity law requires the Trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a ‘true and fair’ view of the state of affairs of the Charity and of the excess of expenditure over income for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material
- departures disclosed and explained in the financial statements; and,
- prepare the financial statements on the going concern basis unless it is inappropriate to presume
- that the Charity will continue its activities.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Charity and to prevent and detect fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website.
Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In addition, the Trustees confirm that they are happy that the content of the Annual Review in pages 4-6 of this document as well as the legal and administrative information on page 3, meet the requirements of the Trustees’ Annual Report under charity law.
They also confirm that the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011, the ‘Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019)’, and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
This report was approved and authorised for issue by the Board of Trustees on 30 October 2025 and signed on its behalf by:
## **CAPTAIN DUNCAN MCCORQUODALE TELFER CMMAR FNI**
**CHAIR**
Charity number 1190343
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**Year ended 31 December 2024**
**The Nautical Institute Foundation** Annual report and financial statements
## **Independent examiner’s report**
I report to the trustees on my examination of the accounts of The Nautical Institute Foundation (charity number 1190343) for the year ended 31 December 2024 set out on pages 9 to 16.
## Respective responsibilities of trustees and examiner
The CIO’s trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Charities Act). The CIO’s trustees consider that an audit is not required for this year under section 144 of the Charities Act and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under
- section 145(5)(b) of the Charities Act; and,
- to state whether particular matters have come to my attention.
This report, including my statement, has been prepared for and only for the CIO’s trustees as a body. My work has been undertaken so that I might state to the CIO’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the CIO and the CIO’s trustees as a body for my examination work, for this report, or for the statements I have made.
## Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the CIO and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters.
The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
- the accounts do not accord with those records; or
**•** the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
Charity number 1190343
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**The Nautical Institute Foundation** Annual report and financial statements
**Year ended 31 December 2024**
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached, other than highlighting the following aspect of the accounts.
As independent examiner I would like to draw attention to the narrative around going concern which forms part of the accounting policy note (note 1) of the statutory accounts (page 11) and the additional note around the guarantee (note 10 on page 16) which explains why the trustees have prepared on the going concern basis. Following additional assurances from the trustees we are willing to agree with their conclusion that the charity can be considered a going concern.
## **ANDREW PHILIP NASH FCA**
## **MEMBER OF THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES – 2461833**
## **DATED: 30 OCTOBER 2025**
Enaid Accountancy Ltd Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU
Charity number 1190343
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**Year ended 31 December 2024**
**The Nautical Institute Foundation** Annual report and financial statements
## **Statement of financial activities**
For the year ended 31 December 2024
|**Notes**
**Income from**
Charitable activities
3
**Total income**
**Expenditure on**
Charitable activities
4
**Total expenditure**
**Net income/(expenditure)**
**Reconciliation of funds**
Funds brought forward
6 & 7
Funds carried forward
6 & 7|**Unrestricted**
**Restricted**
**Total**
Total
**Funds**
**Funds**
**Funds**
Funds
**Year ended**
**Year ended**
**Year ended**
Year ended
**31-Dec-24**
**31-Dec-24**
**31-Dec-24**
31-Dec-23
**£**
**£**
**£**
£
280
-
**280**
2,870|
|---|---|
||**280**
**-**
**280**
2,870|
||48,566
-
**48,566**
89,693|
||**48,566**
**-**
**48,566**
89,693|
||**(48,286)**
**-**
**(48,286)**
(86,823)
(159,742)
-
**(159,742)**
(72,919)|
||**(208,028)**
**-**
**(208,028)**
(159,742)|
The notes on pages 11 to 16 form part of the financial statements.
Charity number 1190343
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**The Nautical Institute Foundation** Annual report and financial statements
**Year ended 31 December 2024**
## **Balance sheet**
As at 31 December 2024
|**Notes**
**Current assets**
Cash at bank
**Creditors**
Amounts falling due within
one year
5
**Net current assets/**
**(liabilities)**
**Net assets/(liabilities)**
**Funds of the charity**
Unrestricted funds
6 & 7
**Total funds**|**£**
-|**Total**
**Funds**
**31-Dec-24**
**£**
**(208,028)**|£
-|Total
Funds
31-Dec-23
£
(159,742)|
|---|---|---|---|---|
||**-**
(208,028)||-
(159,742)||
||||||
|||**(208,028)**||(159,742)|
|||**(208,028)**||(159,742)|
|||**(208,028)**||(159,742)|
The notes on pages 11 to 16 form part of the financial statements.
These financial statements were approved and authorised for issue by the Board of Trustees on 30 October 2025 and signed on their behalf by:
**CAPTAIN DUNCAN MCCORQUODALE TELFER CMMAR FNI CHAIR**
Charity number 1190343
10
**Year ended 31 December 2024**
**The Nautical Institute Foundation** Annual report and financial statements
## **Notes to the financial statements**
## 1. Accounting policies
Basis of preparation of the financial statements
The financial statements have been prepared in accordance with ‘Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019)’, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including Update Bulletin 1, the Charities Act 2011.
The effect of any event relating to the year ended 31 December 2024, which occurred before the date of approval of the financial statements by the Board of Trustees has been included in the financial statements to the extent required to show a true and fair view of the state of affairs at 31 December 2024 and the results for the year ended on that date.
Using the exemption available to smaller charities, the Board of Trustees has chosen not to include a Statement of Cash Flows within the financial statements.
The functional currency of the Charity is sterling and amounts in the financial statements are rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## Going concern
The financial statements have been prepared on the going concern basis as the Board of Trustees is confident that future reserves and future income is more than sufficient to meet current commitments. The Charity incurred a deficit of £48,286 (2023: deficit of £86,823) in the year resulting in a liability at the year-end of £208,028 (2023: liability of £159,742). The trustees are confident that the charity is still concerned a going concern as there is a written guarantee agreement with The Nautical Institute (registered charity number 1002462) who have agreed to guarantee any deficit up to the value of £250,000. Currently all income and expenditure is run through the Nautical Institute as well, as the charity continues to be unsuccessful in being able to open a bank account.
## Legal status
The Nautical Institute Foundation is a charitable incorporated organisation registered in England & Wales and meets the definition of a public benefit entity as defined by FRS 102. The registered office is c/o The Nautical Institute, 202 Lambeth Road, London, SE1 7LQ.
## Fund Accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or that have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. There are currently no restricted funds held by the Charity.
## Income
Income is recognised when the charity has entitlement to the funds, any performance indicators attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
Donations are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy. Gift aid receivable is included when claimable.
Charity number 1190343
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**The Nautical Institute Foundation** Annual report and financial statements
**Year ended 31 December 2024**
## 1. Accounting policies (continued from previous page)
Income (continued from previous page)
Income from charitable activities, including course and other fees, is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless it relates to a specific future period or event, in which case it is deferred.
## Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities, those costs of an indirect nature necessary to support them and an allocation of governance costs.
Support costs are allocated between governance costs and other support costs. Governance costs comprise those costs involving the public accountability of the charity and its compliance with regulations and good practice. Other support costs relate to the administrative costs of running the charity and are allocated to charitable activities accordingly.
Irrecoverable VAT is charged against the category of expenditure for which it is incurred.
## Tangible fixed assets and depreciation
All assets costing more than £500 are capitalised. There are no assets held over this amount currently.
## Cash at bank and in hand
Cash at bank and in hand includes cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values, but are not held for investment purposes.
## Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount is applied. Prepayments are valued at the amount prepaid net of any trade discounts due.
## Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably.
## Critical estimates and judgements
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
## Financial instruments
Basic financial instruments are measured at amortised cost other than investments which are measured at fair value.
Charity number 1190343
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**Year ended 31 December 2024**
**The Nautical Institute Foundation** Annual report and financial statements
## 2. Comparative statement of fnancial activities
|3. Income from charitable activities
**Notes**
Income from
Charitable activities
3
Total income
Expenditure on
Charitable activities
4
Total expenditure
Net income/(expenditure)
Reconciliation of funds
Funds brought forward
6 & 7
Funds carried forward
6 & 7
Course and other fees
Course and other fees|Unrestricted
Restricted
Total
Funds
Funds
Funds
Year ended
Year ended
Year ended
31-Dec-23
31-Dec-23
31-Dec-23
£
£
£
2,870
-
2,870|
|---|---|
||2,870
-
2,870|
||89,693
-
89,693|
||89,693
-
89,693|
||(86,823)
-
(86,823)
(72,919)
-
(72,919)|
||(159,742)
-
(159,742)|
||**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**Year ended**
**Year ended**
**Year ended**
**31-Dec-24**
**31-Dec-24**
**31-Dec-24**
**£**
**£**
**£**
280
-
**280**|
||**280**
**-**
**280**|
||Unrestricted
Restricted
Total
Funds
Funds
Funds
Year ended
Year ended
Year ended
31-Dec-23
31-Dec-23
31-Dec-23
£
£
£
2,870
-
2,870|
||2,870
-
2,870|
3. Income from charitable activities
Charity number 1190343
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**The Nautical Institute Foundation** Annual report and financial statements
**Year ended 31 December 2024**
## 4. Expenditure on charitable activities
||**Unrestricted**||**Restricted**|**Total**|
|---|---|---|---|---|
||**Funds**||**Funds**|**Funds**|
||**Year ended**||**Year ended**|**Year ended**|
||**31-Dec-24**||**31-Dec-24**|**31-Dec-24**|
||**£**||**£**|**£**|
|Staff and consultants|47,816||-|**47,816**|
|Governance|750||-|**750**|
||**48,566**||**-**|**48,566**|
||Unrestricted||Restricted|Total|
||Funds||Funds|Funds|
||Year ended||Year ended|Year ended|
||31-Dec-23||31-Dec-23|31-Dec-23|
||£||£|£|
|Staff and consultants|88,531||-|88,531|
|Governance|1,162||-|1,162|
||89,693||-|89,693|
|aff and consultants includes costs related to a member|of staff of The||Nautical Institute (registered||
|arity number 1002462) who is employed by them to run the Nautical Institute Foundation. Whilst not|||||
|ployed by the Foundation, they are considered a member of key management personnel and the total|||||
|charged cost to the Foundation in the year was £47,816 (2023: £47,815)|||||
|vernance costs consists of:|||||
||||**Total**|Total|
||||**Funds**|Funds|
||||**Year ended**|Year ended|
||||**31-Dec-24**|31-Dec-23|
||||**£**|£|
|Independent examination|||**750**|750|
|Trustee expenses|||**-**|412|
||||**750**|1,162|
Staff and consultants includes costs related to a member of staff of The Nautical Institute (registered charity number 1002462) who is employed by them to run the Nautical Institute Foundation. Whilst not employed by the Foundation, they are considered a member of key management personnel and the total recharged cost to the Foundation in the year was £47,816 (2023: £47,815)
Governance costs consists of:
Charity number 1190343
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**Year ended 31 December 2024**
**The Nautical Institute Foundation** Annual report and financial statements
5. Creditors
|Accruals - amount owed to The Nautical Institute
Other|**Total**
Total
**Funds**
Funds
**31-Dec-24**
31-Dec-23
**£**
£
**207,278**
158,992
**750**
750|
|---|---|
||**208,028**
159,742|
## 6. Analysis of charity funds
|General funds
General funds|**Balance**
**Income**
**Expenditure**
**Transfers**
**Balance**
**brought**
**for the**
**in the**
**between**
**carried**
**forward**
**period**
**period**
**funds**
**forward**
**Year ended**
**Year ended**
**Year ended**
**Year ended**
**Year ended**
**31-Dec-24**
**31-Dec-24**
**31-Dec-24**
**31-Dec-24**
**31-Dec-24**
**£**
**£**
**£**
**£**
**£**
(159,742)
280
(48,566)
-
**(208,028)**|
|---|---|
||**(159,742)**
**280**
**(48,566)**
**-**
**(208,028)**|
||Balance
Income
Expenditure
Transfers
Balance
brought
for the
in the
between
carried
forward
period
period
funds
forward
Year ended
Year ended
Year ended
Year ended
Year ended
31-Dec-23
31-Dec-23
31-Dec-23
31-Dec-23
31-Dec-23
£
£
£
£
£
(72,919)
2,870
(89,693)
-
(159,742)|
||(72,919)
2,870
(89,693)
-
(159,742)|
Charity number 1190343
15
**The Nautical Institute Foundation** Annual report and financial statements
**Year ended 31 December 2024**
## 7. Analysis of net assets
|Current liabilities
Current liabilities|**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**Year ended**
**Year ended**
**Year ended**
**31-Dec-24**
**31-Dec-24**
**31-Dec-24**
**£**
**£**
**£**
(208,028)
-
**(208,028)**|
|---|---|
||**(208,028)**
**-**
**(208,028)**|
||Unrestricted
Restricted
Total
Funds
Funds
Funds
Year ended
Year ended
Year ended
31-Dec-23
31-Dec-23
31-Dec-23
£
£
£
(159,742)
-
(159,742)|
||(159,742)
-
(159,742)|
## 8. Trustee remuneration
During the year, no trustee received any remuneration (2023: Nil).
No member sof the Board of Trustees received reimbursement of travel and subsistence expenses for board meetings in the year (2023: One member totalling £412).
## 9. Related party transactions
During the year there were no transactions carried out with related parties other than the guarantee noted below (2023: Nil).
Total unrestricted donations from Trustees in the period amounted to £Nil (2023: £Nil).
## 10. Guarantee from The Nautical Institute
As noted within the accounting policy and trustees annual report the charity has a financial guarantee agreement in place with The Nautical Institute (registered charity number 1002462). This enables the Trustees to request immediate payment of a sum of up to £250,000 should further deficits be incurred at any point up to the 31 December 2025.
It should also be noted that the two charities share one board member - Captain D Telfer is chair of The Nautical Institute Foundation and also treasurer of The Nautical Institute. In addition, John Lloyd is both a trustee of The Nautical Institute Foundation and CEO of The Nautical Institute.
Charity number 1190343
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