QVSR SEAFARERS CENTRES Annual Report and Financial Statements j j'ij ji ji Iiiiii li 11 ,11 ll'u u li ui lliBI'iI lli li 111 11 11 Iji 111 FT .111! 111 11 For the year ending 31st December 2023 QVSR Seafarers Centres (a charitable company Ilmited by guarantee) Charity Registration No. fl98656 Company Registration No.13903109
TrLislces' Rcpoil Report ol Ilie Iiiilo.poiidoiTrl f4udi1015 Sl¢ilonieiit ol Fiiiaiicicil Aclivilio5 Bcil¢iliCQ SlioÉil Si¢iloiiionl ol C¢ish Flows Notes lo Ilie Financicil Siiiloiiieiits OVSR Seafarers Centres (A company Ilmlted by guarantee) Boord ol Dlreth?rs Terence Simco MBE (Chairl . Revd Jennifer Impey . Sir Alastair Norris • Theodora Ogwezi. lan Pallison . Geraldine Pearce . Philip Sheppaid . Mathilda Small-Byam . Jean Thomas . Mrs Nadine Wilkinson {resigned December 2023) Chlef Executive & Company Secretary Alexander Campbell OBE JP MNM Audhors Moore Kingston Smith LLP. 61h Floor, 9 Appold StreeL London, EC2A 2AP Sollcftors Charles Russell Speechly5 LLP, 5 Fleet Place. London. EC4M 7RD Bankers HSBC Bank plc. 107 High Slreet, Banslead. Surrey. SM7 2NR Investment Advlsors Central Finance Board of the Methodist Church. 9 Bonhill Street, London, EC2A 4PE Employment Law Servlce and Health & Safety Consultants Croner. Croner House. Wheatfield Way, Hinckley, Lelcestershire. LE10 1YG Reglstefed Offic• 121-131 East India Dock Road, Poplar, London, E14 6DF Registered Charlty Number 13903109 Company Number 1198656 QVSR Seafarers Centres Trustees, Report 2023
Our alms and oblectlves
For QVSR Seafarers Centres to be seen as a key partner working within the maritime community. For QVSR Seafarers Centres to play an active part in Maritime Ministry in the Ports ol London. Tilbury. Felixstowe, Immingham and Bristol reaching out to seafarers and striving to meet their needs. FOT QVSR Seafar@r5 Centres lo work collaboratively with other marillme missions and organisations in older to maximise the benefil to seafarers vlslting the Ports of London. Tilbury, Felixslowe, Immingham and Bristol. Vl•lon QVSR Seafarers Centres, sees its provisM)n of seafarers, centies based at the Port ol Tllbury, DP World London Gateway, the London Cruise Terminal and in the Ports of Bristol, Felixstowe and Imfflingham as a way of welcomlng all seafarers visiting these ports located around the UK. Valu•s. Both QVSR & OVSR S•afarèrs Centres share fall¢wlng valu•s With the launch of QVSR Seafarers Centre5 in 2022, we reviewod our values and they were relaunched in 2023. Based on the acronym "SERVE., they underpin our aim lo put-Residents First" and "Seafarers First" In the services we offer and the ambltion Is Ihal all of our QVSR Team will be able to outline these values but more imt)ortantly our desire is that they live out these values In their day-lo-day inieraclion with seafarers. residents. visrtors, customers. By fostering an atmosphere of understanding and compassion, togelhef we strive to ossisl Irbdividuals in their journey towards healing and personal growlh. li Our goal is to surpass expectations, optimSse potential, and s140wcase signrficanl 8bilitie5 and achievements. We will be guided by a cominitment to exceuence in èll our opeialions and services. Our rnisslon Is lo inspire and èmpower residents. seafarers. stsff and volunteers: creating culture of responslbility and confidence in the pos1Ve impact we can make. We encourage a can-do attitude and provide exceplional service to instll hope and potential in everyone we encounter. We aim to be a progressNe oigonlsation that motTvates and SLlPPOrts resident5, seafare, staff. volunteers and everyone we engage with. We aspire to be imaginative, inventive, and always seeking new opportunilles. Okjr service5 are available to support iesidenls. seafarers, staff and volunleefs erbsuring we are there for them whenever thèy need us. Charftable alm.. 0r woik via our 5eafarers' centfes located at the Port of Tilbury. DP World London Gateway. Felixstowe, Imn)ingham and Bristol underlines our cornmilmenl to active seafarers alongside those who are retired and supported via our accommodation al East India Dock Road. QVSR Seafarers Ccntres Tru51ees' Report 2023
Publlc 8enefft' We review our aims, objectives and activities annually,. in dOg this we Évaluate and assess the benefrt of our outputs on the lives of Ilie vulnerable adults who access our service5. We consider how we can lurther develop our objectives to meet future need and ensure that our work continues lo deliver our charltable alms and have a real impact on the community we serve.
QVSR Seafarers Centres. TrusleeslDireclois confirm that they have complied wlth the duty in Section 17 of the Charities Act 2011 to have due regard to public benefft guidance published by the Chaiity Commission. Fundrahlng QVSR Seafare15 Centres has adopted the Fundraising Regulator Code of Practice and during 2022 no complalnts were received in teims of fundraising. The QVSR Finance Committee & QVSR Seafarers Centres Committee monitors QVSR Se8fareis Cenlres. fijndraising activil¢e5. 5> QVSR Seafarers Cenlres does not cold call or send any Individual fundraising material wllhout thèir prlor consent and works within GDPR guidance. Measurements, actmtles, and perforniances for 2023 and tsrgets for 2024 It hos been o yeorof celebrotion as we m(7rked 180yeors of servke. but notjUSt o celebrotion of the past. on excitement obout the future as we looked to establlsh andgrow ournewly odopted seofoKers' centres. We hove been so encouruged in our work bythe owording of grants to help us esloblish this new work ond modemi5e the locililies. QVSR has becon?e o key ployer in the UK Moritime Chority Sector ond some would see us os the muin provider of seofarers, centres in the UK. with our welfare facilities belng siluoted in the Irjrgestports m the country. We hove 0150 looked to nurture ond grow our accommodotion Serv1 on E05t Indio Dock Rood. we continue to invest lime and money into inoklng this one of ¢he best seThices boking ofter homeless men (5eaforers, veter(yns ond othersj in London and the surrounding orea. We continue lo explore move-on opportunities for our residents, it is vlial thot Iheyhove ambition ond hope for the future. The Trustees continue lo develop Iheir skllls and knowledge in order to eflectivelyseno the chority. Hoving recently undergone on inlernol and exlernol governoncereview the Boord ore looking to the future needs ofour work ond targeting strolegies thot will sewe us for the next 180 ye0. This Includes looking ol the sklll b05e needed on the Boord to drive us foThvord. We ore very consclous of the growth within the chorily. and we ore looking ot ourslructures ond operutlons with o view to crèoting Ibe coTrect culture lor continued 9rowlh ond greoter awareness ol whol the charity is ond whot it does. We need lo gel our story out there ond encouroge olhers to engage with our work. The new se0f0r5 Centres hove allowedus to foster suppoit within the local community ond widen our Impocl os o charity. Some of the moin octiwties undertoken this yeor ore listed bek)w. hele& to the next 180yeors of QVSR. 180thAnniversory Celebration To murk 180 yeors ofserving seofarers, veterans of the ormed fte$ and others in need. we held on onniversary event whicli marked our ochievements. (7nd CogniSed the contribution of those within the orgonisotion. we were oble lo present o number of long sewice certilic(yles ond give thonks to our externolportners for their support over the ye0. We hodspecial guests lo moke the occusion very speci131,' Lord Michoel Cashmon wos our Master of Ceremony ond Actress Sue QVSR Sealarers Ceiitres Trustees, Report 2023
Pollord entertained the altendees. The Long SeThlce Certificotes were signed by our Polron Princes5 Alexondrio. * Updcjted Business Plan for 2023-2028 With the introduction of QVSR Seafarers Centres. we reviewed ondupdoted the QVSR business plan for 2023 to 2028, this is very much o live document Ihot we will conlinue to reviewot Boord A woyDoys. <• Reluunch of QVSR Webslte In light of the potentiol exponsion of our monogemenl of otherseoforers. centres the QVSR website was reviewed and revised. We recognise thot os our work grow5 there is o need for our reputation to grow ond it is hoped thot this in turn will grow our funding bose. Alexander Compbell OBE JP MNM Chief Executive, QVSR & QVSR Seoftirers Centres QVSR seafars Centres achlevements for the year In meetlng our objectlves arE, set out below. Adlvltl•&' QVSR SC piovided welfare setvlces to over 50.000 seafarers across all ofthe ports in which we operate. Management of the dby-to-day operalion of the live cenlres to provide the following selvlces to seafarers.. ship visiting.. free access lo wi-fi- sale of mobile phone lop-ups and sim cards. foreign exchange., o access lo comfortable lounges- o access lo TV and rèfreshments; o sale of clothing and other essential items as well as souvenir5,' o access to a 2417 facllily at Tilbury- acce5S to an outdoor area with sports facilities at Tilbury; With orant funding received from the TK Foundation and Department of Trallsport via the MNWB, the refurbishment of the QVSR Immlngham Seafareis Centre was completed and riow provides for the ability to offer a 24 hour service. Fibre-optic broadband was installed at QVSR Bristol Seafarers Centre. Work began to treale a 'Crew Lounge- at the Cruise Teiminal at Tilbury. At QVSR London Gateway. the seafarers. centfe, which had been shut down due to COVID reslriclions. was re-established in a new port facility situated closer to the docks. The Introduction of private communication pod5 in the centres which are designed lo look like telephone boxes. QVSR SC continued to maintain stron9 Strategic relationships with the Merchant Navy Welfare Board IMNWBI, The Seafarers Charity. Trlnily House, and PortAulhorities. with these organisations providing funds and grants lo support various wojects in the centres for the benefit of seafarers. A avsR Chaplain was introduced at Brlstol and together with our QVSR Chaplain in the Port of London, they continued to work collaboralivety alongside our mission partners, GSM. Stella Maris, Mission to Seafarer5 and Sailors, Society, as parl of an ecumenical team to maximise efficiency and effectiveness while avoiding duplication of Chaplaincy operations. QVSA Sealarers Centres Trustees, Report 2023
QVSR maintains a close working rolètionship with the GSM wilh the longst8ndlng role of the Joint QVSRIGSM Port Chaplain and close communication wlh the Senior executive team located in Bremerhaven. QVSR actively engages with the Internatlonèl Christian Marillme Association IICMAI as part of the global maritime family. standSng Teady to serve whenevq and wherever needed. QVSR SC continues lo be part of the Maritime Charity GrouplMCGI Equality, Diveisity and Inclusion working party which supports maritime welfare chaiities in deepening their work around EDI. QVSR SC 15 part of the seafarS. Welfaie Crisis Working Group organized by the MNWB. Achlev•ments 8nd P•rfomiancw, Our new QVSR Seafarers Centres in Felixslowe, Immingham hnd Bristol carn provide a consistency of service to sÈafarer5 85 they now benefit ffom havlng a single polnt of governance and operational supwrt. QVSR Seafarers Cenlres continued to support seafarers withcommunication with their families and loved ones. in additlon to Practical support with shopping, transportation, pastoral care and general advice. The refurbishrnent of the QVSR Immingham Seafarers. Cenlrè has provlded a modern and more welcoming and comfortable space in whlch seafarers can relax. The addition of a Communlcation Pod allows for greater pyivacy when seafarefS are contscting their family and loved ones back home. The new facility provided at DP World London Gateway close to the docks has improveil seafarers. accessibility to a recreational space. The addK(ion of a QVSR Chaplain at Bristol has enhanced QVSR'S collaborative approach of working wlth our ecumenical partners and provides further e¥idence of how Ihis can be emulated at our other centres. Our Centre Mar>agers maintain close workino relatlonships vth the Port Chaplaincy Teams lo provide an excellent and consistent seNce lo sealareis. QVSR continued to engage with tlie senior manègerrkent teams at the Ports of London IPLAI. Tilbury, DP World London Gateway, Immlngham. Bristol, and Felbxstowe to fosleT the best Possible working ¥elalionships. Our QVSR Seafarers CentTes distributed over 4,000 Christmas parcels to seafarers durlng the Christmas festive season. The Christmas presents are a means of showing seafarers how valued Ihey are and are given as a token of our appreciation. OVSR'S work with Germon Seamen's Mlssion IGSMI and our partnership wilh GSM Bremerhaven has continued. with best praclice being shared across both organisalions. Throughout our lirst complete year of managing our five 5eafarers' centres we have been able to continue to provide essential services to seafarers. QVSR'S ChaF&i ns and centre staff, working with our ecumenical chaplains and ship vlsltors, have endeavoied lo meet our objectives as a charity lo support the welfare needs of seafarers vlsiting the ports. QVSR'S standing within the maritime Industry remains high as a resull of our continued support and management of the cenlres, and QVSR contrilxjtes immensely to the provision of faith based welfare services for the ber)efit of 5ealarers and other stakeholders who often share the Iranquillity they experience when visiting the centres. Other welfare 5UPPOrt rendered to seafaier5 such as shopping, pastDral care. and hospital visitation has continued to make the cenlres relevant. The Christma5 parcels dislfibuled lo seataie15 during the festive season are given as a token of our appreciation and demonstrate lo therTS how much they are valued. QVSR Sealarers Cenires Trustees, Report 2023
Targets for 2024 •> To further establlsh robust flnancial controls and slandardisethe accounting procedures across all centres. * To hold a re-launch event for QVSR Immlngham In January 2024. To coniinue the centre refurbishment programme at Felixstowe and Bristol. <. To offer a zero alcohol bai at Bristol Seafarers Cenlre. •% To offer 24hr cenlre access where possible. To develop and enhance the services al Tilbury with improved internet connection for seafarers. "¢ To complete Ihe'crew Lounge" 81 the London Cruise Terminal and hold an opening evenl in April 2024. To continue our revfjew of operational piocedures and fully dlgn administrative processes across all cenlres. * To further our engagement with local community groups and maintain our strategic relationships with port authorities. + To contribute to the provision of faith based welfare services in the Ports for the benefit of sèafarers and other stskeholders who often share the IranqiHlity they experience when visiting the centre. QVSR Seafarers Centres Is committed to ensufing that we pay our 51aff fairly and in a way which ensures we attract and retain the right skills to have the greatest impacl in develDping our charitable objectives. In accordance with the SORP ISt81emenl of Recommended Practice) IFRS1021 QVSR.. dlscloses all payments made to T¥iistees IN8 no Trustees receive a 'salary'Tr. discloses the number of staff receipt ol remuneration ol more than £60.000 {In bands of £10.0001. discloses the policy for pensions and other staff benefits. QVSR has a Finance Committee comprising of the QVSR Chair. Chalr and Vice Chair of the Finance Comrnillee an(J two other Trustee5. The committee meets quarterly and reviews the remuneration for all staff. The CEO and Finai)ce Manager attend the meetings (leaving during discussions regarding staff remuneralionl. The main responsibilities of the Committee are to= review the QVSR salary structure against an agreed independent rnaiket benchmark tool and make amendments as appropriate to ensure that QVSR salaries remaln competitive; determine the remuneration package of the CEO: * approve the annual percenlage Icosl of living) increase In payroll for all staff (which can be Zeral taking into account the most iecenl inflation figures. etermine pension arrangements,. Dellvery of QVSR'S cha¥ilable vision and objectives 15 primarily dependent on our staff which is the largest single element of expenditure. Detailed below are QVSR Seafarers Centre5' KPIS and by whal fflear the charity undertakes to demonstrate how they are mel and their impacl. Our key priorities in temis of KPIS are.. Charitable expendlturÈ- Plonned, strotegic. and mission leod QVSR Seafarers Centres Trustees, Report 2023
Partnershlp working and networking - recognising limilatlons of oui own skills ond obilities and the obilily lo have greot@r impoct through working wtl? others lo ensure efficiency ond Cost effectiveness The results for the yeai ended 31 December 2023 are given In the Statement of Financial Activities on page 16. The assets liabilities as at 31" December 2023 are given in the Balance Sheet on page 17,. the Statement of Cash Flow appears on page 18. The Financial Statement should be read in conjunction with their related notes. which appear on pages 19 to 30 and have been piepared in eccordance wilh relevant laws and the Charities SORP IFRS1021. The Trustees are pleased to report that the Ch8rity has recorded net income aftei othei Gains ai)d LD55es of £351,574 during the year reported and these funds will be used mainly towards the improvement of the charlty's programme of upgrading the buildlngs and Welfare of the Seafarers. QVSR generated £1.195 million from its various streams of incorlle, of which £695,551 was Restricted Funds conslsting of Grants ieceived and Donatlons. After excludlng Reslricled Funds grants, the charity recorded incorne ef £500.700 for 2023FY. This reflects an encouraging level of trading activities after the complete takeover of the Seafarers Centres. Although during the same period QVSR expended £770,873 in unreslricled fndS to provide a high standard ol service lo Seaf8rers and the local cominunities . The cash position of £884.530 as at the end of 2023 shows that the charity is liquid enough lo meet its obligations as they fall due. The Charity'5 income streams, with Shop and bars being the primary source, continue lo remain sleady. allowing the Seafarers Centres to meet their financial obligati()ns as they arose and ensure the entity remained a going concein into the future-. Finally, the charity has continued lo utilise its su¥plus earnings towards the redevelopment prograrnme in order to moderni5e the qkjality of services provlded alld improve Ihe wellbeing ol seafarers. As required by the Chaiitie5 SORP IFRS1021. Ihe Trustees confirm they have.. reviewed the major risks facing QVSR Sèafarers Centres., pul in place procedures to mitigate these risks. Specificalty, a 36 point Rlsk Management Register is maintained. This iegisler 15 reviewed by the Trustees and QVSR management. Existing procedures ale considered lo be salisfaclory to address the risks identified. The Trustees consider the following lo be the key risks lacing the organisalion= QVSR is highly dependent on centre income, Port Levy. gran15 and other fundraising in older to linance its operation and is subject to the economic environment and the irnpacl this could have on its work. QVSR need5 lo recruit and retain the staff and volunteers who can deliver services of the highest quality lor its residents. This is central to our strategic plan and we aim to ensure staff and volunteers are provided with the support and training they need to deliver the strategy. QVSR recognises the Importance of safeguaiding ils residents in all areas of our work. The charity has a safegLAèiding policy which applies lo all staff and volunteers who have regular contact with seafarers. This policy is supported by relevant training and the DBS {Disclosure and Bariing SeNicel checkrng of all staff. volunteers ancj Trustees where required. QVSR Sealare15 Cenlre5 TIu5tees' Report 2023
The charity'5 maln activity continues to remain heavity reliant on shop and bar sales (providing over 66.7% of general income streams) and operates alongslde the concluding phase of a complete internal upgrading of facilities. QVSR'5 Flnance Committee (Parent body), acting on behalf of Trustees, will continue to oveisee and maintain the Charity's Reserves Policy in line with the Chaiitles SORP IFRS1021. General Reserve5 are requlred to sustain the Charity's aclivltles in the event of reductions in the revenue income streams. prirnarily of statutory funding. in order to ensure that Sufficient working capital resources are avallable al all times lo enable obligations lo be met as they become due. From the foregoing, the Truslees have agreed that the target free General Reserves should be sel at slx months fjormal revenuo expenditure. whlch currently equates to £120K. As al 31" December 2023, the Charity held aggregated total funds of £1.149,728 of which £433.864 was Unrestricted Resevves, and £715.864 reprèsented Restricted Funds. The Restricled Fund5 are wholly lied up in Fixed Assels of Ihe charity. Overall. the Chartty conlinues to be in a strong financial position ond through the Finance Cornmittee, the Trustees are committed to reviewing this Reserves Pollcy as necessary but not less than annually. Investments In 2023 the two funds representing the Charity's maiiaged invesLments- CAF Fixed Interest Fund and CAF UK Equity Fund - were closed by CAF 8ank. The trustees transferred the invested amount of £400.000 to a deposit accoLint with HSBC Bank and CFB Deposit Fund of £200k each. QVSR'S Boaid governs the QVSR and QVSR Seafarers Centres charilles and has a maximLFm of twelve Trustee Directo. These Trustee Directors ffrustees) are appointed by QVSR'S Board. Trustee5 are appointed by unanlmous vote of the QVSR Board. Appolntmenls are for a thiee-year period. Under the current Charily Schème dated 11 April 2023 of Queen Victoria Seamen's Rest, Trustees are appointed for a three-year period and can be r&elected twice. A Trustee who has been in post for throe periods musl fesign on completing the last Ihree-year period, i.e. after nine years. The Trustee will be eligible for re-appointment after b further ye3r. The Board looks annually al the skills and abilities of Trustees and rneasure5 these against èctivities and targets. Training activities are airanged for Trustees according lo individu81 and organisational need5 ènd are reviewed annually. New Trustees are sought to fill vacancies. A procedure is in place that describes the process for rinding and evaluating polential Trustees. This prOcedre seeks to ensure that a variety of Trustees skills is available to the Board. QVSR sends new TtU5tees on required and relevanl trainlng coutses. The Chief Executive introduces new Trustee5 lo the staff team. lo give thein an insight into the day-t(bday operallon of QVSR. Professional consultants are used to advise the Board on specialist areas such as Housing Benefit. employment law and pension provision. ¥ The Trustees provide leadership and direction for the charity. selling the vision. mission and strategy. which are deliveied by Ihe Chief Executive and his teani. The Trustees are legally responsible for ensuring that resources are used prudently and only in support of QVSR'S QV5R Seafarers Centyes Tru5tees' Report 2023
objects. for Stewardship of QVSR'S assets. and lor ensuring Ihal the charity complies wilh all ielevanl legislation and regulation. QVSR'S Board meels four limes a year and is supported by the- Flnance Committee. which meets four limes a year and oversees all financial related matters of the charity.. o Governance Committee which meets at least twice a year lo oversee legal and financial structure and adherence to good practice regarding chaiity govemance.. Seafarers. Centres Committee which meets at least twice a year to oversee aciivily at the seafarers. centres., o Ad-hoc work by Trustees from time to time to deal with specific areas such as restruclu¥ing or strategy. The Committees are chalred by Trustees and attended by staff. Minutes of each Committee meetlng are clrculated lo the Board, including any recommen(Jations for Board approval. The day lo day running of QVSR and the exercise of executive responsibility are delegated to the Chief Executive. During 2023 Mrs Nadine Wilklnson reslgned from QVSR'S Board. Internal and exlemal Govemance Review Following the internal Governance Review held in 2021. a number of chawes to QVSR'S articles of association. gove¥nance structures, policies and procedures were irnplemenled in 2022 and in 2023. An external, independent Governance Review took place in 2023. &nd rts findings and recommendations have been acted on. The Governance Committee continues to monitor compliance with Ihe Charity Governance Code and with relevanl good practice. Introduclion of OnBoard - QVSR'S Intranet slie for staff and trustee use QVSR'5 intranet system contlnue5 to be in regular use allowing good comrnunication and access to policie5 and procedures. Trustees use OnBoard foi secure access to policies. procedures, Board and Committee agendas and papers, and olher key governance documentation. Voltjnteers are a vital part of our operatlon and QVSR Seafarers Centres is fully committed to inducting and training volunteeis and sUPPOrting them in their roles. QVSR Seafarers Cenlres has a r8nge of volunleer roles which Include ship vlsiling and supporting the 5eaf8rers' centre operation. Each volunteer role is risk assessed and a robust recruitment process is in place. The TrusteeslDlrectois (who are also the directors of QVSR and QVSR Seafarors Centres for the purpose5 of company lawl are responsible for preparing the Trustees, Annual Repoil and the financlal statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. Company law requires the trustees to prepare Ihe financSal statemenls for each financial year whlch give a true and fair view of the state of afl8irs of the charitable company and of the surplus or deficit of the charitable company for Ihat period. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP, make judgements and estimates that are re850nable and prudent., state whether applicable UK Accounling Stadards have been followed. subject to any material departures ¢Jisclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it Is inappropriate lo presume Ihat the company will continue in business. QVSR Seafarers Centre5 Trustees, Report 2023
The trustees are responslble for keeping pioper accounting record5 that disclose with reasonable accuracy al any time the financial position of the charitable company and enable Ihem to ensure that the financlal statetnents comply with the Companies Act 2006. They are also responsible foi safeguarding the assets of the charilable company and the group and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. In so far as the trustee5 afe aware: there Is no relevant audit information of whlch the charitable company's auditor is unaware., and the trustees have t8ken all steps that they ought to have taken to wnake theMseeS aware of any relevant audSt information and to establish that the audit is aware of that information. The trLfStees are responsible for the malntenance an(J Integrity of the corporate 8nd financi81 information included on the company's webslte. Legislation in the Uniled Kingdom goveining the preparation and dissemination of linancial statements may diffei Irom legislation in other jurisdictions Board of TrusteéslDITQCtors & Members MI Terence J Simco, MBE FIWIAccl MNM Ichalrl Revd Jennifer Impey Slr Alastalr Norris Mrs Theodoia Ogwezl Mr lan Paltison Ms Geraldine Pearce Mr Philip Sheppard Mrs Mathilda Small-Byam Miss Jean Thomas Mrs Nadine Wilkinson Iresigned December 20231 CEO I Compary Secretsry Mr Alexander Campbell OBE JP MNM Msc BA Cmgr FCMI QVSR Seafarws Centres Commltt•e Sir Alastair Norris- Commitlee Chalr Mr Philip SheppaTd- Tiustee Ms Geraldine Pearce - Tfuslee Revd Jenr)y Impey- Trustee Mr Alexandei Campbell- QVSR CEO Audiiors Mooie Kingston Smith LLP has indicated Its willlngness to Continue in office. Small Company Rules These financial slalements have been prepaied in accordance wlih the provision5 applicable to companies subject lo the small companies. regime within Part 15 of the Companies Act 2006. By order of the Board .]. TL l0c Miss Jean Thomas QVSR Trustee Dote.. 30Aor2024 QVSR Se3f3rer5 Centres Trustees, Report 2023
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF QVSR SEAFARERS CENTRES Oplnlon We have audlted the flnanclal statements of QVSR I'the company'l for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the BalarKe Sheet. the Cash Flow Statement and notes lo the financial statements, including a summary of signrficanl a¢¢ounting policies. The financial reporting framework that has been applied in the prepardlion is applicable law and United Kingdom Accounb'ng Standards, including FRS 102 'The Financial Reporting Standard AppliCae in the UK and Ireland. {Uniled Kingdom Generally Accepted Accounbw Practice). In our opinion th8 financial slalements.. give a true and fair view of the slate of the charitable company's affalrs as at 31 December 2023 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 Kinglom Generally A(wted A¢Gounting Practice., and have been prepared in accordance with the requlremenls of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAs(UKI) and applicable law. Our responsibilitS under those standards are further described in tho Auditorfs Responsibilf(ies for the audtl of financial statements seCtn of our report. We are independent of the Corporation in accordance with the ethical requirements Ihal are relevanl to our audit of the financial statements in the UK, Including the FRC'S Ethical Stand8rd. and we have fulfilled our other ethical responsibilili8s in accordance these requirements. We believe that the audit evidenoe we have obtalned is sufficient and appropriate to provide a basis lor our opinlon. Concluslons relating to golng Conrn In auditing the financial statement5, we have concluded that the trustees. use of the going conrn basis of accounting in the preparats'on of the financi81 statements is appropriate. Based on the work we have performed, we have not idenlrfied any material uncertainties relating to events OT condlllons that. indlvidually or collectively, may cast significant doubt on the company's ability to contlnue as a gotng concern for a period of at least twelve months from when the financial slatem8nls are wthorlsed for L8sue. Our responsibilities and the responslbilllles of the dlreclors vith SpeCt to gOIj concern are described in the relevant sectiorts of this report. Othor Inforn)allon The other informgtion comprises the information included in the annual report, other than the financial statements and our audttorfs report thereon. The trustees are responsible forthe other information. Our opinion on the financial statements does not cover the other information and, eXpt to the extent otherwise explicitly stated in our report. we do not express any form of as5uran¢e wnclusion thereon. In connection wth our audit of Ihefinancial statements, our responsibility 1510 read the other information and, in doing 50, consideT whether the other information is materially Inconsistent vthh the financial statements or our knowledge obtained in the audit or otherwise appears lo be mal8rially misstated. Ir we enlrfY Such material inconsistencies or apparent material misslatemenls. we are required lo delemiine whether ther& is a material misstatement in the financial statements or a material mi88tatemenl of the other information. If. based on the work we have performed. we conclLth thal Ihere Is 3 materfjal misstatement of this other informab'on, we are reqvred to report that fact. We have nothlng to repcrt in this regard. 12
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF QVSR SEAFARERS CENTRES Oplnlons on other matter8 prescrlbed by the Companies Act 2006 In our opinion. based on the work undertaken in the ¢ourse of the audil: the infomiaton given in the truste85' annual report for the financial year for which the financial statements are prepared is consislenl with the financial ststements,. and the trustees, annual report have been prepared in accordance with applble legal requirements. Matterg on which wo aro roquirod to report by exceptlon In the light of the knowledge and understanding gf the company and it5 environment obtained in the course of the audit, we have not identified material mi5Statements in the trustees, annual report. We have nothing to report in res[1 of the following matters where Ihe compan Act 2006 requires us to report to you if, in our opinion= adequate a¢¢ounling record5 have not been kepl, or retums adequate for our audit have not be8n received from branches nol visited by vs- or the financial statements are rKSt in agreement with the accounting records and relums: or certain disclosures of trustees, remunerats'on specified by law are not made., or we have not received all the information and explanations we require for our audh,. ¢y th8 trustees wer8 not entitled lo prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees, Annual Report and from preparing a Strategic Report. Responslbiliti•s of tfusteès As explained more fulty in the trustees, responsibilities statement set out on page 10, th8 trustees (who are also th8 directors of Ihe charitable company for the wrposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees detem)ine Is necessary to enable the preparation of financial statem8nls that are free from material mi55tatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the ¢harilable company's ability to continue as a going concem, disclosing. as applble. matters related to going ¢oncem and using the going concern basis of accounting unths the trustees either intend to liquidate the charitable ojmpany or to cease operations, or have no realistic alternative but to do so. Audlior's ro8ponsibilities for the audit of the financial statements CT objectNes are to obtain reasonable assurance about whether the financial statements as a whole are free frorn material rrisstalement, whether due to fraud or error, and to issue an auditorfs rewrt that includes our opinion. Reasonable 8SSUTance is a high level of assurance, but is not a guarantee thal an audti conducted in accordance with ISAS IUKI will always detect a material misstalemenl when il exi$l$. Misstalemenls can arise from fraud or error and are ¢onshdered material rf, individualty or in aggregate, they could reasonably be expected to influence the economic decision8 of users L8ken on the basis of these financial slatemenls. As part of an audtt In accordan with ISAS IUKI we ex8rci%e 8S510nal judgement and maintain professional scepticism throughout the audit. We also= Idenlrfy and asse55 the risks of material misstatement of the financial slatemenls, whethw due to fraud or error. desvJn and perform audit procedures responsive lo those risks, and obtain audit evidence that is ¥LrffKient and appropTiale lo provide a basis for our opinion. The risk of not detecting a material misslatemenl resulting from fraud is higher than f(ff one resultiTrJ from error, as fraud may involve collusK)n, forgery, intentional omissions, misrepresentations, or the override of internal control. 13
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF QVSR SEAFARERS CENTRES Obtain an understanding of internal ntrol relevant lo the audit in order to design audit procedures that are appropriate in Ihe ¢ir¢umslances, but not for the purposes of expr85sing an opinion on the effectiveness of the charitable company's intemal control. Evaluote the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounb'ng and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or Conditions that may cast significant doubt on the charitable company's ability lo ¢onlinue as a going concern. If we conclude that a material uncertainty exists, we are required b draw attention in our auditorfs report lo the related disclosures in the financlal statements or, rf suGh disclosure5 are inadequate, to modify our opinion. Our conclusions are based on the audit eviden obtsined up lo the date of our auditorfs report. However. future evenis or conditions May uSe the charitable company lo cease to conlinue as a going concern. Evaluate the overall presenlallon. structure and contem of the flnan¢lal statements, Includlng Ihe disclosure5, and whether the financial stal8ments represent the undertying transactions and events in a manner that achieves fair presentation. We ¢ommuni¢ate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significanl audil findings. induding any slgnffjn1 deficiencies in Internal Gonlrol that we identify during our audit. ExplanatSon as to what •xt•nt th• audit was considor•d Gapable of detecting I8gUIaritI8s, In¢luding fraud Irr8gularities, includlng fraud. are instances of nonw¢ompliance with laws and regulations. We design procedures in line wrf(h our responsibilities, outlined above. to detect material misstatements in respect of irregularilies. including fraud. The extent to whth our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are.. to idenlfy and assess the Tisks of maleri misstalement of the financial slalem8nts due to fraud.. to obtain SLrfficlent appropriate audit evidenc regarding the assessed risks of material misslatgment due to fraud. through designing and implementing appropriate responses to those assessed risks., and to respond appropriately to instance5 of fraud or suspected fraud identrfi6d during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with govemance of the charitsble company. Our approach was as follows- We obtained an understsnding of the legal and regulatory requirements applicable lo the company and wnsidgred that the mosl signrfunl are the Companies Acl 2006, Ihe Charitie5 Act 2011, UK financlal reporting $tand?rd5 as issued by the Financial Reporting Council and UK taxation legislation. We obtalned an ¢Jnderslanding of how the charitable company complies with these requirements by disuJs$ion$ with management and Ihose Gharged with governance. We assessed the risk of material misslatemenl of the financial statements, including the risk of material mi5Stalemenl due lo fraud and how it might occur. by holding discussions with management and those charged wllh governance. We inquired of management and those charged with governanLE as lo any known instances of non-compliance or suspected non-compliance wth laws regulations. 14
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF QVSR SEAFARERS CENTRES Based on this understanding, we designed specrfic appropriate audil procedures to identify instances of nonrycompliance with laws and regulalions. This included making enquiries of management and thos8 charged with governance and obtaining addltional corroborative evidence as required. There a inherent limitations in the audll predureS d8scribed above. We we less likely to become aware of instances of non-c0mp1lan wlth laws and regulations that are not closely related to events and transactions reflected In the financlal statements. Also, the risk of not detecting a m8terlal misstatement due to fraud is higher than the risk of not deteclSng one resultiThJ from error, as fraud may involve d81ib8rale concealment by, for example. forgery or Intentional misrepresentations. or through collusion. Use of our report This report is made solely lo the charitable company's members, as a body. In accordarsce with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thal we might stale lo the company's members those matters we are required to state to them in an auditor'5 reF)Ort and for no other purpjse. To the fullesl extent permFtted by law. we (io not accept or assume responsibility lo any paty other than the charitsble company an(J charitable company's members as a body, for our audit work, fcf this report. or for the opinions we have formed. Luke Holt (Senior Statutory Audltor) for and on behalf of Moore Kingslon Smlth LLP, Slatutcry Auditor 6th Floor 9 Appold Slreel London EC2A 2AP Dale: 30 October 2024 15
Statement of flnanclal a¢tIeS Ilncorporating an Income and expendlture accounts For the 31 Dember 2023 to Dec 2022 Total Unre5trirted Restricted Totsl Unrestricted Restricted Note Income from.. Donatlons anil 9rant5 Charirable activitie5 Sealarer Centres Levie5 CornmS$sion Investments 931571 J33.571 77.481 43.269 10.599 212.054 11.087 13.028 4ffi34 743,2fj5 1,180J74 77.4B Total Income S1)OlJ70 695.551 4a7.109 Expendlture on.. Charitable activities Se8farer Centre$ Shops and bars Total expendlture ..164A 235.406 504,397 111 7ZO.871 141.$04 912.J77 101,129 298.693 J99.¢7 Net Income I lexpendlturel bEfore net ns l {105sesl on In¥estmÈnts Net galn5 1 Ilossesl on investments Net Income I lexpenditurf) for the year Transfers beeen funds Nei Incorne l {expendlturè) bÈfm vther recognId gains and1955es Other gains i {lossesl Net mobment In frtdS 802n. i 2712y. I, 151.574 Reconclllatlon of funds: Total funds brought forward Toral funds carrled forward ol the above res11$ afe dwi¥dfrom ¢onriThilTrg actfvllles. There otht rtognlsod or lo55es otherthm $tateda[v. trjvtments In fund5 are dlxlosed In Not 17a to the flnafftci stattmettts. 16
QVSR Seafarers Centre Balance sheet at 31 Deceffl 023 rio to Dec 2022 2023 Nore Flxed a55et5: Tangible a55ets Investments -348,750 413.882 Current asseis: Stock Debtors Cash at bank and in hand 929.072 452.424 Llabllltle5: Creditors.. amounts falling due withln one year Net current assets l (liabilltles) Total net assets i <llabllltles) The funds of ihe charlty: Restricted Income funds Unrestrlcted Income funds.. General funds 17a Total unres1cted funds Total charlty fund5 These flnancial statements have been prepared In accordance with the provisions applicable to companles subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the trustees on 30 October 2024 and slgned on thelr behalf by LokbLCLt Jean Thoma5 Trustee
qVSR Seafarnrs Centre Statement of cash flows For the r ended l Decernber 2023 Note 2023 Perfod to 31 Dec 2022 Cash flows from operating activities Net income l (expenditure) for the reporting period (as per the statement of financial activities) Depreciation charges IGains)Ilosses on investments Forex gains losses Ilncrease)Idecrease In stocks (Increase)Idecrease In debtors Increasel(decrease) In creditors 23.832 1.835 70.165 14,465) 65,008 59.939 Net cash provlded by l (used in) operatlng activitle5 Cash flow5 frorn Investlng artivitles: Assets on acquisition of Seafarers Centres Tangible fixed assets Assets on acqulsltlon of Seafarers Centres Investment5 Purchase of flxed assets Proceeds from sale of investments 497.723 780,298 1140,985) (291.7011 (270) (250.249) 289,714 Net cash provided by l (used in) Investlng actlvltles t432;Y561 Change In cash and cash equlvalents in the year Cash and cash equivalents at the beginnlng of the Cash and cash equivalents at the end of the year 537.188 347,3421 884.5.30 147,342:. Analysls of cash and cash equlvalents and of net debt Other norni, .At 31, January cash December 2023 Cash fl•Ms lll changes 20231 Cash at bank and in hand 347,342 537,188 Total cash and cash equivalents 347,342 537.188 884.5301
Not¢s to the flnanclal statement5 l Accouniiry lIleS a) Compathy Information The charity is a publlc benefii entity and a pVate company Ilmited by guarantee, and 15 registered in England and Wales. The address of the tegi5tered office 15 12T-131 East India, C)ck Road. Poplar. Lorthn, E74 6DF. bl A(cO11ng con%ntlon The financial 5tatement5 have been prepared in aCCordae wlth Accounuttg and Reporting Charities- Statement of Recommended Practlce appllcable io charltie5 preparirrfJ t1r aicouTrts in accordance with the Flnanclal Reportlrwj Standard applicable in the UK and Republlc of Ireland IFRS 1021- ICharllle5 SORP FRS 1021. ThÈ FInant4 Rerrtjrting Standard applicalt sn ihe UK and Republlc of Ireland IFRS 1021 arKI the Companie5 kt 2006. The flnanclal statements have béen prèpared on the hIstori cost basis, as modlfled by the revaluaiknt) of certaln financlal assets and liabilitie5 and investment prOrtIeS measured at fair value ihrough Income or expendlture. The accounis are presented In CBP rounded to £1, whlch Is the funciienal ¢urren£y of charity. The Chty was Incorporated on the 9th February 2022 and commenced irade on ihe Istluly 2022. The comparative figures cover the perfod from 9th February 2022 to 31 December 2022. The charlty meÈts the dÈftnltion of a publlc benefli entfjty under FRS 102. Fund a¢couNing Restricted funds represent grarts, donatlons and leg¥ie5 received whirh are allocated by the donor for sp2clfic purrx)ses. Purchases of fixed assets with restricted funds are deemed to be 5atlsfted once ihe hse has taken place and therefore these restrlcied fuNI balan¢es are ieleased to unre5trirted general fuhd5 unle55 the resiriction is deemed to be on a pefmat)ent basls. General unrestwitted fund5 represent Inrorne whi£h Is expendable ar the dlscretlon of the Trustees In the furtherance of ihe objects of the Chariry. Such fund5 may be held in erder to finance both worklng capltal and capital development. Designated fu5 are urbrestritted fund5 earrnarktd by the trustees for partlcular purposes. dl Colng concem The twstee5 have assessed whether the use of the golng concem basis15 appropriate and have considered ptsssible everbts or condltSons that mlght cast $19nifficant doubt on the ability of the Charity to continue as a gtiing coniern. The rru5tees have Thade thls assessment for a perlod of at least one year fr(Jm thE date of approv of thÈ financlal Statements. In particular the irustees ha% considered the Charlty's fo&51S and prolertlOll5 and have taken account of pressures on Income. After maklg etyjulrfes, the tru5tee5 have concluded ihai ihere are rK materlal uncertalntbes and that the Charity has adequate resources to £ontlnue In opÈratlohèl existences for the foreseeable futu. The Charfty therefore continues to adopt the gDing concern ba515 in preparin9 It5 finanr sementS e) Income All Income Is recognlsed in ihe Statement of Financial Activities byhen ihe condltlons for recelpt ha% been met and lhe is reasonable probalIty of recelpt. Where a clalm for repayrnent of Income tax has or wlll be made. such income is grossed up for the tsx rtto¥er•bk. The following accourtin9 policies are applied to irKDme.' Grants recelvable Granis ave recognlsed in the Statement of Flnanclal AttltIeS when Ihe iorwJltlon5 for recelpt have been complled wlth. t) ExPerltUre and IrTrco¥eAble VAT ExpetKliture is recognised on£t there Is a legal or ton5truCtTr oblr9ation to make a payment to a third party. it Is probable that settlement wlll be required and the amotsnt of the obllg*ion can be MeTed rellabty- EXperlture 15 Ila551ned under the following activlty headlngs.. Expenditure on charftable actlvltles Includes the £0S15 of delivering related servlces undertaken to Other expEndlture represents those Items not fallitvj Into any other heaiNJ Irrecoverable VAT is not charged a5 a cost a9alnsi ihe actlvlty for whkh ihe eXndItUte was Incurred but [denried Separate a5 a co5r k5elf.
Notes to the firn(la1 swemeftts l knunn9 pollcle5 Icontlnuedl 91 All(Katlon of supp)rt cosis Exnd1rure is irKluded when IUrred. Wherever p05$1ble costs are allocated dlrecity to artlvltle5. siaff cost5 are allted ac£ordlng io the cost of staff worklng dlrectly In the relevani departments Where costs tantt be dire(tly attriburable ro any department they have been apportloned accordlng to the proportion of stsff workirvj in each department. Where information alN)ut the aims. objertive5 and project5 of the charity Is prowded to potentlal beneficlarles. the costs associated wlth th55 publlclty are allocaied to charltable expendSture. Where such Informatlon about the M5, obJeitlve5 ar prolecis of the charlty Is also prOded to potentlal donors. attivlty Costs are apportkirted between fyndrai5ing and charitable attiviiies on the basis of area of Ilteraiure occupied by each a(tivity. Seafarer Centre Shops and bars Olrect Charltsbl¢ Expendlw Dlrect charltable expenditure Includès all expendlture dlrecily related io the objects of the Charity and comprlsts the following". Seafarer Centre Seafarer Centre comprise5 the cost of proyldlng wèlfare and support seNlces for Seafarers at the centre5 In Fellxtowe. Humberside. Tllbury and Brlstol. es¢aurant and Shop Restaurant #nd shop experKllture comprlses the cost of provlsSon of these f¥ilities. Governance cost5 are the costs assoclated wlth ihe governan£È arrangÈmÈttts of the ¢harty. These cost5 are a550ciated bylth constitutional aDd statutory rtqulrements and Include atw £trSt5 a$50clated with the strategi rnanagernent of the charity's activltles. h) TaFwlble flxed assets Items of egulprnenf are caplia115ed where ihe purchase wlce exceeds 1500. Depreclatlon costs are allocated to artIvit$ on the basls of the use of the related asseis ID those actlvltles. Asseis are rewfjewed for Impalrmenl if £lTtum5tances indicaie their caThyirvJ value may exceed their r1 reallsable value and value I use. Where flxed assets have been r*d. exre55 between the Valued amount and the hlstorlc cost of the asset wlll be shown as a revaluatlon reserve in the balarKe 5httt. Depreciation is prowded at rates ((lated to wrlte down the ¢0st of each asset to its e51irnated residual value over Its e¥ted usefvl life. The deprEciation rates in use aTe as follows= BulldlThJs Fixture5 6 fitting5 Motor ¥ehliles 30 years 20% siraSghi Ilne 20% 51ralght Ilne 20
NeS to ihe flnmclal statements l Acmuntlng pollcle5 IcontJnuÈd) 11 Usted Investments Investments are a form of baslc financlal Instrumert and are Inltlalty rÈcogni5ed at their transaction value subsequently measured at thelr falr valuE a5 at the balancE sheet date u5in9 the closlng 4UOted market prke. Any Ihawe In falr value wlll be recognlsed In the Statement of financi acriwities. In¥estmÈnt gnS and losses. wheiher realised or unrealSsed. are comblned amd shtJwfi in the heading 'Net gainsl(1055e51 on investments. in the statemeni of f(nanclal aciivltles. The charity tk)es not arquire put optlons, derlvatlves or oiher complex financial Irtstruments. Stotks Siock5 are measured at the lowèr of Cost and estimated selling price le5S costs io complete and sell. Cost irncludes all costs of purchase, c05t5 of ionver5ion and other incurred in brlnglng the stock to Its piesent location and condltlon. DeOr5 Tvade and other éebtors are recoytsised at the settlernent amount due after any rrade dlscouni offered. Prepayments are valLd ai the amouni prepald net of any trade d15counts due. 11 short te deposlls Short term deposlts Includes rash balance5 that are In¥ested In ac£ounis wlth a maturlty date of bett¥een 3 and 12 months. ml Cash at bank and In hand h at bank and cash in hat)d IKludes cash and short terrn highly liquid inve51ments with a short maturity Df three mDnths or les5 from the date of acqulsltlon or openlng of the deposlt Qr $lmllar account. Cash balances exclude any fvnds hekl on behalf of seNSce users. n) CredOrS and prov151on5 Credltors and provlsSons are recoghlsed whtre the rharity ha5 a present obligation resulting from a pasi event that will probably result In the transfer of funds to a third party and the arTTrt due to settle the obllgaiion ran be measured or estlmated reliably. CreditQTS and provlslon5 are normalty reco9nised at thelr settlement amount aftev allmng forany trade dlscounts due. 0> FInancI Insvumerfs The charlty only has flnatKSal assets and financlal liablllties of a klnd that quallfy as baslc flTranclal Instruments. 8a51c ftnanclal Instruments are Inltlally retognlsed at tran5artion value and Subsequent measured at their Settlement value. p) Defined contrfbutton plans contbUt105 to defined contrlbLrtlon plans are re¢ogni5ed as an expEnse irb the period in which the related servSce Is provided. Ptepared comrfbutioos are recogThlsed as an asset to ihe extent that the prepayment will lead io a reductlon future payment or a cash refund. q) Crltlcal accouNing ¢SMItt$ and afeas of Judgement5 In the application of the compaw's accounting polirie5, the chariw15 requlreil io make jJgeMents. e5tlmale5 and assumptions about the cartwng amount of assets and Ilabilities that are not readity apparent from other sources.The esilmaies and ass¢xSated a55umption5 are based on historical experience and Other fa(tors that are considered to be relevanL Aciual results may dSffer from these ¢5tlmate5. The estlmates and ulldedying a55UmPtions are revlewed on an on-golng basls. Re$lon$ io ac<tyJntlng e511mare5 are recognlsed It) ihe perlod In whiih the estimate15 revised, if the revision affects only that rlod. or in the period of the remsion and future perlods If thÈ rewlsion affect5 t#)th current ar•J future pEwiad5. There are no estimates and assumptions that are coTrsldered to ha¥ a $1gt)ifkart rlsk of <ausifi9 4 malerial adjusrmeni to the nnanclal staiements In 4 furure period. 21
Notes to the flnanclal jtatemeb 2 In¢ome from donations and grants Period to 3 l)et 2022,. Tot 2023 Totsl Vnrestricted Unrestricted Restricted Restrlrtod Transfer of Seafarer Cem$ net assets tknTratlons 93.004 93,004 35.150 174,425 21.881 588,600 1 763.02 21.88 35.150 11 Grants Orange County Comrnunity Foundation 126,460 126.460 99.665 99.66 Merchant Navy Welfare 432,587 432,587, Port of London 38,000 38.lJOO,' 2,500 3,(H)O The Seafarers Charlty 55.000 55.0(41 JS,150 69ISSI [.- TaW¥PJ 1916 939.5711 Transfer of S¢af4Yer Centre5 nEt asxrs On the l January 2023 the charlty a£qUId tht net assets of the Tilbury Seafarer5 Centre (bank balances totallln9 £93,004> for £nll consideratlon. On the 30 lune 2022 the charlty ac4itite4 ihe net 455ets of the followin9 entities for £nll Tangible flxed asseis Invesrments NetoeOr5 Cash Icreditors Total Port of Bristol Seafarers Centre- Charity NL4mber 286078 Ilxtowe and Haven PDrt5 5eafarer5' Serwre - Charfty No 272077 HuMr Seafarers. Setvlce Umlted - Charity No 115553 & Company 17,403 156.414 608 174,42 98,028 291,701 78.169 16.102 484.00 25,482 79.210 1941 104.60 3 Income Irom tharltsble attmdes P¢rlod to al tlec 2Q22 2023 Total Llnre5trfcred LIDreSErlcted ReS1Cted Restrlcied Shops and bars LevSes Commlsslons 333,571 77,4BI 43,269 212,054 11,087 13,028 212.OS4 11,087 13,02•. 77.481 43.2 Total Income from chayiiable artivitie5 4 IrKome from Ihbwrmerts Peviod to 31
rf 2022 . Total 2023 Total Unrestricted Unrestrfrted Restricted Resrrfcted lrter*st reteived Room hlre Dividend IKome 3,104 1,968 5.527 J,104 1.968 5.527 4.634 4,634 ro.s99 I599 "' 4,634 4.634 22
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QVSR Seafarnts Centre Notes to the flnancial 5tatement5 rthe ar ended Docem r20 Net Income l (expendlture) for the year This is stated after charglng i Icrediting)- Period to 31 Dec 2022 2023 Depreciation L0$5 or profit on disposal of fixed a55ets Auditor's remuneration lexcluding VAn- Audit Other Services 23,832 1,835 18.922 5,340 12.410 Analysls of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows: Period to J1 Dec 2021 Salarles and wages Social security costs Employer's contribution to defined contributlon pension schernes 385,113 17,400 11.138 76,510 9,778 1 ,582 r 413,651 737,870 No employee earned more than £60,000 durlng the year12022- nil). The Trustees are consldered to be the key management personnel of the Charlty. The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022.. £nll>. No charity trustee received payment for professlonal or other 5eTvices supplied to the charity12022: £nill. During rhe perlod. no trustee expenses were incurred (2022 £nil). 25
Notes to the financlal statements the ed 31 December 2023 Staff numbers The average number of employees (head count based on number of staff employed) during the year wa5 27 (2022: 21). Staff are split across the activities of the charity as follows lfvll time equivalent basis).. Perfod to 31 Dec 2022 No. 2023 No. Seafarer Centres Shops and bar5 Governance and sUPPOrt 16.0 27.0 21.0 Related party transacrlons There are no related party transactions to disc105e for 2023 12022- none). There are no donatlons from related parties which are outside the normal course of business and no restricted donations from related parties. l O Taxatlon The charity is exempt from corporatlon tax as all its income is charitable and Is applled for charltable purposes. 26
Note5 to the financlal statements or the ar end d 31 December 2023 I l Tangible flxed assets Computer 8ulldings equlpment Motor vehicles Total Cost or valuation At the start of the year Additions in year Disposals in year 727.963 250.249 200,226 91,399 1,019.588 250.249 At the end of the year 978,212 200.226 91,399 1.269.837 Depreciation At the start of the year Charge for the year Eliminated on disposal 660.197 8,020 184.149 4.318 52.909 1 1.494 897.255 23.832 At the end of the year Net book value At the end of the year 668.217 188.467 64,403 921.087 348.750 At the start of the year Bulldlng addltions relates to ongoing renowation work5 which will be depreciated from the date that the renovations have been completed. All of the above assets are used for charitable purposes. 27
IlhSR Seafarer5 Centre Notes to the financlal statements •nded 31 Decom f 2023 12 Listed investments Perlod to 31 Oec 2022 2023 Fair value at the start of the year Transfer at 30 June 2022 Disposal proceeds Net galn l (loss) on change in fair value 291,549 291,397 (289.714) (1.835) 152 Cash held by investment broker pending reinvestment Falr value at the end of the year Investment5 comprise: Perlod to 31 Dec 2022 2023 Shares listed on the London Stock Exchange 291.549 291,549 Investments representing over 5% by value of the portfolS0 comprise.. Period to 31 Dec 2022 2023 CAF Fixed Interest Fund CAF UK Equlty Fund 94,333 197,216 28
Notes to the flnanclal statements ar ended 31 December 2023 13 Stock Period to 31 Dec 2022 2023 Provisions and phone card5 28.447 23.979 28.447 Wl 23,979 14 Debtor5 Period to 31 Dec 2022 2023 Trade debtor5 6.765 Other debtors Prepayments 3,310 6.020 26.671 54,432 15 Credltor5'. amounts falling due within one year Perlod to 31 Dec 2022 2023 Trade creditors Taxation and soclal security Other creditors Amount owed to parent Accfua15 29.278 9,929 1.426 40.000 47,461 5.210 7.030 5.318 17.423 33,171 i 128,094 68.15Z 29
UVSR Seafarers Centr• Notes to the financlal statements rthe ended 3 Z3 16a Analy515 of net assets between fund5 (current year) General Designated Restricted l Tolal fund% Tangible fixed asset5 Net current assets 348,751 85.113 348,751 800.977 715.864 Net assets at 31 December 2023 433.864 715,864 1.149.728 16b Analysls of net assets between funds (prlor year) General Designated Restricted ' Totsi fundl- Tangible flxod assets 122.333 122.3351 Investmenrs Net current asset5 291.549 (60.2951 291.549 384,2n 444,567 Net a55ets at 31 Decefflber 2022 353.587 4,567 Wl 798,154 30
QV5R Seafarers Centre Note5 to the flnanclal statements endod mber 20 17a Movements in funds {current year) At I,, January 2023 At37 December -. 2023 Income & Expendlture gains & gains Transfer5 Restrlcted funds: Orange Country Communlty Merchant Navy Welfare Port of London Felixtowe & Haven Ports Seafarers, Welcome Church Seafarers UK Tilbury Seafarer Centre 126.460 432,587 38.000 (59,689) (5.000) (223,061) (38,000) IK436 204,526 344.90 344..903. 2,500 3.000 93.004 12.500) 13.000) (93,004) Total restrlcted funds 444,567 695.551 (141504) (282,750) WI 715.86A. Unrestricted funds: General funds 500,070 (702,543) 282,750,, WI 433,86J Total unrestrlcted funds funds The narrative to explain the purpose of each fund is given ai the foot of the note below. 31
IIVSR Seafarer5 Centre Notes to the flnanclal statement5 rthe ar ended 1 December 2023 17b Movements In funds (prlor year) At31 December 2022 January 2022 Income & Expenditure gains & losses Transfers Restrlrted funds: Orange Country Community The Seafarers Charity- Humber The Seafarer5 Charity - Bristol Felixtowe & Haven Port5 Seafarers, 99.665 30.000 25,000 484,000 130.000) (2 5.000) 1139.098) 344.902 Humber Seafarers. Service Lmited 104,600 1104.600) Total re5trlrted funds 743,265 (298.698) 44{567 Unre5trlrted funds: General fund5 454.716 {101,1291 353.587 Total unre51rlcted funds Total fund5 Purpose5 of restrlrted funds Orange Country Community Foundatio This is to 5UPPOrt the core operational costs of the QVSR Seafarers Centres. The Seafarer5 Charity - Humber This is to provide support and servlces to seafarers visiting the port of Immingham who have Suffered loss of income due to Covid-19. The Seafarers Charity - Bristol This is to provide support and services to seafarers Vlsiting the ports of Portbury and Avonmouth who have suffered loss of income due to Covid-19. Felixtowe & Haven Ports Seafarers. Service This represents the balance of the fair value of the net assets acquired as a result of the transfer on the 3010612022. Per the transfer agreement. this Ss restricted geographically for the use of Felixiowe and Haven. Humber Seafarers, 5eNice Lrnited transfer on the 3010612022. Per the transfer agreement, this is restricted geographically for the use of Humber. Tilbury Seafarers, SeNice This represents the balance of the fair value of the net assets acquired as a result of the transfer on the 3111212022. 32
SR Seafarers Centre Notes to the flnanclal statements rthe ended 31 December 20Z3 Purp05e5 of restrlrted funds (continued) Merchant Navy Welfare Grant5 towards the refurbishment of Brlstol, Felixstowe, London Tilbury and Humber Seafarers, Centres. Port of London This is to 5UPPOrt the running costs Tilbury Seafarers Centre. Welfare Church Grant for Christmas present5 Seafarers UK Grant towards reburbishing cruise terminal. Transfer beeen funds The transfer beeen funds represents the proporation of the grant received upon which the grant condition has been fulfilled during the year. Unresrricted funds have been used to support grant funded activities, which have been reimbursed to the correct fund. 18 Capital cornmitrnents There were no capital commitments not provided for in the financial statements. 19 Legal statlls of the charlty The charity is a company Simited by guarantee and has no Share capiral. The liability of each member in the event of winding up is limited to £ l. 20 Control The company is controlled by QVSR, a charitable company and the ultimate and immediate parent company. This is the only group relationship for whith consolidated financial statements including, QVSR Seafarer5 Centre is prepared. Copies of group financial statements are available from the registered office at 121-151 East India Dock Road. Poplar. London. El 4 6DF 33