Registered Charity No. 1190632 THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS BENEVOLENT FUND REPORT OF THE TRUSTEES AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND coKrEKfs OFTHE FINANaAL STATEMEKfs FOR THE YEAR ENDED 31 DEMBER 2024 Page Ito2 Report of the Trustees Independent Examiner's Report Statement of Financial Artivities Balance Sheet Note to the Financial Statement 6tolO
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DEMBER 2023 NFORMATIO ABO THE CHARITY AS AT 31 D CEM ER20 Address Registered Office: Unit 5. Prospect Fknuse, 7 Ocean Way Southampton, S014 3TJ Telephone: 02380 016494, e-mail.ceo@scmshq.org Bankers: Natwest Bank Southampton High Street Branch 68 Bar St Southampton S014 7DS I Strurture The Society of Consulting Marine Engineers and Ships Surveyors - Benevolent Fund is a Charitable Incorporated Organisation under number 1190632. The governing instrument is the Foundation Constitution. anisatic The governing body of The Society of Consulting 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 or her fijnctions in his or her capacity as a trustee of the CIO in the way he orshe decides in good faith would be most likely to further the purposes of the CIO- and - to exercise, in the performance of those functions, such care and skill as is reasonable in the circumstances having regard in particular to:la) any special knowledge or experience that he or she has or holds himself or herself out as havin& and Ib} if he or she acts as a Trustee of the CIO in the course of a business or profession, to any special knowledge or experience that it is reasonable to expect of a person acting in the course of that kind of business or profession. erved Peter G rindey Roger Janson ear Nicholas Gladwell Patrick Dolby Approved by order of the Council of the Benevolent Fund on 12th September 2025 and signed on its behalf bv: Trustee Trustee Page I
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provtsions of Accounting and Reporting by Charites.- 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 IFRS 102) {effective l January 2015). OBJEcfivES AND AcfiviTIES Obiectives and aims The objects of the CIO are to promote for the benefit of the public: the relief of poverty amongst members of the Society and their partners, survTrwng partners, immediate families and dependants. including those who may be in need by rea50n of youth. age, ill-health, disability, financial or other disadvBntage- 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 in particular those which go to promote the maritime industry]. Significant 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. There has been a sUPPOrt to other charities in the marine field and the payment has been made to Catzero charity. Educational grants, scholarships, and bursaries for the development or study of maritime-related educational courses have been made to Marchwood Yacht aub, IBTC Donation, Ordan Sail Trust. Financial support was given to employees in the marine industry due to cost of livrng Crisis. FINANaAL REVIEW lrniestmert polity aNI (kniectives The monies for the time being belonging to the BeneNDlent fund may be invested by the Trustees in or upon one or more of the stack. shares or securities followin8 - that is to say . public stocks or funds, or Government securitie5 of the United Kingdom. or upon freehold or chattel, real securities in England and Wales, or the bonds, debentures, or debenture stocK or guaranteed stock, or preference or ordinary shares. or stock of any corporation. company or public body or authority, municipal, local. commercial. Page 2
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examinerfs Report Report to the trusteesl members of THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND On accounts for the year ended 31 December 2024 Charity no {rf any} 1190632 Set out on pages io I report to the trustees on my examinalion of the accounts of the above chanty (Ihe Trusf) for the year ended 3111212024. Responslbilftles and As the charity trustees of the Trust, you are resp¢)nsible for the preparation basis of report of the accounts in accordan wf(h the requirements of the Charities Act 2011 Dhe A. I report in resped of my examination of the Trust's accounts carried out under section 145 of the 2011 Ad and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)Ib) of the Act. I have completed my exafflination. I confinn that no material matters have come to my attention (other than that disclosed below") in connection with the examination which gp me cause to believe that in. any material respect.. accountiThJ records were not kept in aCan wtth section 130 of the Act or the accourts do not accord wrth the accounting records Independent examinerfs statement I have no COnmS and have come across no other matters in connection with the examination to which attention should te drawn in order to enable a proper understa ding of the accounts to be reach&J. in the brackets rfthey do not apply. Signed." 1110912025 Name: Krem eva Relevant professional quallflcatlon(s) or body Irf any): FMAAT Address: Be 4 One Aox)unting Limited Langstone Gate. Solent Road, Havant P09 1TR IER October 2018
Soction B Disclosure Onty complete rf the examiner needs to highlight matters of concem (see CC32, Independent examination of charity accounts.. direcbons and guidance for examiners). Give here brief details of any Items that the examiner wishes to disclose. IER October 2018
THE soaETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND tatement f Financial Activities for the Year End d De ember 2024 31112/2024 31/1212023 Total funds Total funds Notes Unrestricted fund Income and EndrMments fr(xn Donation Bank Compensation Investment Income Total 260 160 260 160 EXPENDrruRE ON Governance costs Accountancy fees Advertising fees Insurance costs Consultancy Fees IT & Consumables 385 401 96 1069 401 96 Charitable Activlties Financial Assistance 176(X) 821x1 Total 18197 10151 Net gains/llosse5) m Investments 17068 38711 NET INCOME/(EXPENDITURE) 28720 RECONaLIATJON OF FUNDS Totsl funds Iwht forward 351768 323048 TOTAL FUNDS CARRIED FORWARD 3509 351768 Page 4
THE SOCIEfY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS - BENEVOLENT FUND Balan Sheet At 31 December 2024 2024 2023 Notes Fixed Asset Investments 349597 342528 Current A55ets Cash at Bank Debtors 1253 50 9170 70 Current Liabilities Creditors Net Current Assets 1303 9240 Total Assets less Current Liabilities 3509IxJ 351768 NET ASSETS 350 351768 FUNDS Unrestricted funds 35091x1 351768 TOTAL FUNDS 350900 351768 The financial statements were approved by the Council of the Benevolent fund on 12th September 2025 and were signed on its behalf by P. Dolby & N. Gladwell Trustee Trustee Page 5
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORTOFTHE TRUSTEES FOR THE YEAR ENDED 31 DEMBER 2024 I. ACCOUNTING pouaES Basis of preparir¥ the frAla1 statemerrts The financial statement of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities: Statement of Recommended practice applicable to charities preparing their accounts in accordance with the Financial ReIng Standard applicable in the UK and Republic of Ireland IFRS 102) (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 cost 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 measured reliably. Expenditure Liabilities are reco8nised as expenditure as swn as there is a legal or instructive obligation committing the Benevolent Fund to that expenditure , it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted fLY on an accruals basis and has been classified under headings that aggre8ate all cost related to the category. Where costs cannot be dirertly attributed to particular headings they have been allocated to artivities on a basis conslstent with the use of resources. The Benevolent Fund has not received any Grants or Public Funding. Taxation The charity is exempt from tax on its charitable acti%ryties. 2. INVESTMENT INCOME 2024 2023 Deposit account interest Page 6
THE SOaEfY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORTOFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 3. COMPARATIVES FOR STATEMEKf OF FINANaAL AcrivmES Unrestricted fund INCOME AND ENDOWMEKfs FROM Donations and legacies Investment Income Bank Compensation Total 260 260 EXPENDrruRE ON Governance costs Accountancy fees Advertising fees Insurance costs Consultancy Fees IT & Consumables 401 96 Charitable artivities Financial assistance 176CM) Total 18197 Net gainsl{Iosses) on Investments 17,068 NET INCOME RECONauATION OF FUNDS Total fXIS ht forward 351768 TOTAL FUNDS CARRIED FORWARD 350900 Page 7
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORTOFTHE TRUSTEES FOR THE YEAR ENDED 31 DEMBER 2024 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l January 2024 Additions Disposals Revaluations 342.528 10,000 17,068 At 31 December 2024 349.597 NET BOOK VALUE At 31 December 2024 349.597 At 31 December 2023 342,582 Historical cost at 31 December 2024- £52.297{2023 - £53.846) 2024 2023 Investment assets in the UK Investment assets outside the UK 349,597 342,528 349.597 342,528 Investment exedIng 5% by Wdlue of the portfolio: 2024 2023 COIF Charities Investment Fund - Accumulation Units 349.597 342,528 There have not been any market dIuation adjustment since the investment has been purchased. The first revaluation incomellossl is accounted during the Year ended 31 December 2017 Pa8e 8
THE SOCIETY OF CONSULTING MARINE ENGINEERS AND SHIP SURVEYORS- BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 C(xnparatives movemert in fuNIs Net movements in funds At 31.12.23 At 1.1.23 Unrestricted Fqmd5 General fund 323048 28720 351768 TOTAL FUNDS 323048 28720 351768 Comparative net m¢)vement in funds. included in the above are a follows: Incoming Resources resources expended Gains and Movement in 105ses funds Unrestrfrted fwKIs General fund 160 10151 38711 28720 TOTAL FUNDS 160 10151 38711 28720 RELATED PARTY DclosuRE5 There were no related party transactions for the year ended 31 December 2024 Pa8e 10
Page 10