Registered Charlty No. 1190632 THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS BENEVOLENT FUND REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND CONTENTS OFTHE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Ito2 Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Note to the Financial Statement 6tolO
THE soaEfY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DEMBER 2023 ATI THE CIIAR AT DEmBE Registered Office: Unit 5, Prospect House. 7 Ocean Way Southamptcm. S014 3TJ Teleptre: 02380 016494. e-mail:ceo@scmshq.o Bankers: Natwest Bank southampt gh Street Branth 68 Above Bar St Southamptim S014 7DS al Stru The Society of Consultirg Marine Engineers and Ships Surveyors - Benevolent Fund is Charitable Incorporated Or8anisation uler number I19(32. The governing snstrument is the Foundati Constitutlon. anisati The governing body of The Society of Consultin8 Marine Engineers and Ship Surveyors- Benevolent fund ICIOI are The Trustees. The Trustees shall manage the affairs of the CIO and may for that purpose exercise all the powers of the CIO. It is the duty of each Trustee.. - to exercise his or her powers and to perform his OT her fijnctions in his or her capacity as a trustee of the CIO in the way he or she decides in good faith would be most like[¥ to further the purposes of the CIO: and - to exercise, in the perfomiance of those functtons, such care and skill as is reasonable in the c1rcumstan5 having regard in particularto".{al any special knowtedge or experience that he or she has or holds himself or herself out as havin& and {bl if he or she acts as 3 Trustee of the CIO in the course of a business or profession. to any sp@cial knowledge or experience that it is reasonable to expect of a person acting in the course of that kind of business or profession. ho served thri the Peter Grindey RerjansOn Nicholas Gladwell Patrick Dolb Approved by order of the Councll of the BeneIent Fund on Ilseptember 2024 and signed on its behalf by: Trustee Page I P.(. OoLfjI
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisiS of Accounting and Reporting by tharites- Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U K and Republic of Ireland IFRS 1021 leffertive l January 20151. OBJ ECTIVES AND ACtIVlTIES Objectives and aims The objects of the CIO are to promote for the benefit of the public: the relief of poverty amon8St members of the Society and their partners, suNving partners, Immediate families and dependants, including those who may be in need by reason of youth, age, ill-health, disability, financial or other disadvantage- the advancement of the education of the public in the maritime industry, including but not exclusively, through the provision of grants. which may include grants, scholarships. and bursaries for the development or study of maritime-related educational courses; and such other charitable purposes as the Trustees may determine at their discretion from time to timel. which may include particular those which 80 to promote the maritime industryl. Slgnificant Activities The Charity has continued during the year to give assistance to anyone who has been member of the Society or their dependants in the event that they were experiencing serious financial hardship. Its current and recent activities include provision of regular financial assistance to elderly men and women. and the prowsion of mobility equipment to those whose afflirtions have left them physically impaired. There also been a support to other charities in the marine field and the payment has been made to Catzero charity During the year 2021 charity was transformed to ao. The name was kept the same and the charity number is 1190632 FINANCIAL REVIEW Investment pdicy and d>jectives The monies for the time being belonging to the Benevolent fund may be invested bythe Trustees in or upon one or more of the stack. shares or securities following that is to say public stocks or funds. or Government securities of the United Kingdom, or upon freehold or chattel, real securities in England and Wales. or the bond5, debentures, or debenture stock, or guaranteed stocl or preference or ordinary shares, or stock of any corporation, company or public body or authority, municipal. l(xal. commercial. Page 2
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examinefs Rep¢>rt Report to the trustee¥l membérs of THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS - BENEVOLENT FUND On accounts for the year ended 31 December 20 Charity no Irf any) 1190632 Set out on pages 10 I rert to the Irustees cn my examination of the accounts of the aix)ve charity llhe Trusfi for the year ended 3111212023. Ro¥ponsibilitie8 and As Ihe Charity trustees of the Tnt. you are respMsIble for the preparation basis of report ol the attounts in acc vJith the requirements of the Charib'es Act 20111.the AGr). l port in respect of my examination of the Trusfs accounts carried out under section 145 of the 2011 Act and in ¢orrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 14515Mbl of the Ad. I have completed my examination. I nfi that no rnaterial matters have .cofne to my attenlion {othei than that disdosed below") in connectK)n with the exAminatM)n which gives me cause to believe that in, any materi81 respect: accounting records vRre not kept in accordance with sects.on 130 of theAd( Ihe a(xxJunts do n¢X wrth the accvunting records Independent èxaminer's statement I have no nCernS and have come across no other matters in connedion with the examinabon to Ythich attention should be drawn in order lo enable a proper understa ding of the accounts lo be reached. . Pleas delet ords in the bfftkets if Ihey do not apply. Signed." 1010912024 Name: Krem neva Relevant professional qualification<s) or body {•f any): FMAAT Address: Be 4 One Accounting Limited Langstone Gale, Solent Road, Havant P09 1TR IER October 2018
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND Statement of Financial Activities for the Year Ended 31 Decemb r 2 3111212023 3111212022 Total funds Total funds Notes Unrestricted fund Income and End(hvments from Donation Bank Compensation Investment Income Total 160 90 160 90 EXPENDITURE ON Governance costs Accountancy fees Adverti5inB fees Insurance costs Consultancy Fees IT & Consumables 385 401 96 1069 220 3810 96 372 Charitable Actlvltles Financial Assistance 8200 13117 Total 10151 17615 Net gains/(lossesl on Imie5tments 38711 -31959 NET INCOME/(EXPENDrruRE) 28720 -49484 RECONCILIATION OF FUNDS Total funds brixght forward 323048 372532 TOTAL FUNDS CARRIED FORWARD 351768 323048 Page 4
THE soaETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND BalarKe Sheet At 31 December 2023 2023 2022 Notes Fixed A55et Investments 342528 313817 Current A55ets Cash at Bank Debtors 9170 70 9231 Current Uabllities Creditors Net Currert Assets 9240 9231 Total A55ets less Current Liabllltles 351768 323048 NET ASSETS 351768 323048 FUND5 Unrestrirted funds 351768 323048 TOTAL FUNDS 351768 323048 The financial statements were approved bythe Counal of the BeneNx)lent fund on 12 September 2024 arKI were signed on its behalf by Trustee Trustee P ¥ r)tb4 Page S
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 I. ACCOUNTING POLiaES Basls of preparfn8 the flnanclal statements The financial statement of the charity, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charitie5 SORP IFRS 1021 Accounting and Reporting by Charities- Statement of Recommended practice applicable to charities preparing their account5 in accordance with the Financial RertIng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20151, Financial Reporting Standard 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. the financial statements have been prepared under the historical c05t convention with the exception of the investments are included at the market value, as modified by the revaluation of the certain assets. Income All Income is recognised in the Statement of Financial Activities once the Benevolent fund has entitlement to funds. it is probable that the income will be received and the amount can be MeaSud reliably. Expen(fiture Liabilities are recognised as expenditure as soon as there is a legal or instructive obligation committing the Benevolent F und to that expenditure , it is probable that a transfer of economic benefits will be required in settlement and the amount of the obli8ation 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 resource5. The Benevolent Fund has not received any G rants or Public Funding. Taxatiijn The charity is exempt from tax on its charitable activitie5. 2. INVESTMENT INCOME 2023 2022 Deposit account interest Pa8e 6
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 3. COMPARATIVES FOR STATEMENT OF FINANaAL AcnvrriES Unrestritted fund INCOME AND ENDOWMENTS FROM Donations and legacies Investment Income Bank Compensation Total 160 160 EXPENDITURE ON Governance costs Accountancy fees Advertising fees Insurance costs Consultancy Fees IT & Consumables 385 401 96 1069 Charitable artivities Financial assistance 82¢XJ Total 10151 Net 8alns/llosses} Investments 38,711 NET INCOME 28720 RECONaLIATION OF FUNDS Total funds br(wht fmvard 323048 TOTAL FUNDS CARRIED FORWARD 351768 Page 7
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSET INVESTMENTS Listed investment5 MARKET VALUE At l January 2023 Additions Disposals Revaluations 313,817 10,0 38,711 At 31 December 2023 342.528 NET BOOK VALUE At 31 December 2023 342,528 At 31 December 2022 313,817 Historical cost at 31 December 2023 - £53,846 {2022 - £57,194) 2023 2022 Investment assets in the UK Investment assets outside the UK 342,528 313,817 342,528 313,817 Investment exceeding 5% by value of the portfolio: 2023 2022 COIF Charities Investment Fund - Accumulation Units 342,528 313,817 There have not been any market valuation adjustment since the investment has been purchased. The first revaluation incomelloss) is accounted during the Year ended 31 December 2017 Page 8
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Accrued expenses paid by the kniety MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 323048 28720 351768 TOTAL FUNDS 323048 28720 351768 Net movement in funds, included in the atM)ve are as follows: Incoming Resources resources expended Gains and Movement in losses funds Unrestrirted funds General fund 160 10151 38711 28720 TOTAL FUNDS 160 10151 38711 28720 Page 9
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Comparatives for movement in fwrf Net movement5 in funds At 31.12.22 At 1.1.22 Unrestricted Funds General fund 324050 48482 372532 TOTAL FUNDS 324050 48482 372532 Comparative net movement in funds. included in the above are a follows: Incoming Resources resource5 expended Gains and Movement in losses funds Unrestrfrted funds General fund 17615 -31959 -49484 TOTAL FUNDS 17615 -31959 -49484 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2023 Page 10