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2024-12-31-accounts

Annual Report and Financial Statements

For the year ended 31[st] December 2024 QVSR Seafarers Centres

( a charitable company limited by guarantee)

Charity Registration No. 1198656 Company Registration No. 13903109

QVSR Seafarers Centres Trustees’ Report 2024

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Contents

3 Trustees’ Report 13 Report of the Independent Auditors

19 Statement of Cash Flows 20 Notes to the Financial Statements

QVSR Seafarers Centres

(A company limited by guarantee)

Board of Directors

Terence Simco MBE (Chair - retired as chair November 2024) • Sir Alastair Norris (appointed Chair November 2024) • Revd Jennifer Impey • Theodora Ogwezi (resigned March 2024) • Ian Pattison • Geraldine Pearce • Philip Sheppard • Mathilda Small-Byam (resigned June 2024) • Jean Thomas • Anjolaoluwa Enabor (appointed June 2024) • Michael Ledden (appointed September 2024) • Peter Moriarty (appointed September 2024)

Chief Executive & Company Secretary

Alexander Campbell OBE JP MNM

Auditors

Moore Kingston Smith LLP, 6[th] Floor, 9 Appold Street, London, EC2A 2AP

Solicitors

Charles Russell Speechlys LLP, 5 Fleet Place, London, EC4M 7RD

Bankers

HSBC Bank plc, 107 High Street, Banstead, Surrey, SM7 2NR

Investment Advisors

Central Finance Board of the Methodist Church, 9 Bonhill Street, London, EC2A 4PE

Employment Law Service and Health & Safety Consultants

Croner, Croner House, Wheatfield Way, Hinckley, Leicestershire, LE10 1YG

Registered Office

121-131 East India Dock Road, Poplar, London, E14 6DF

Registered Charity Number

13903109

Company Number

1198656

QVSR Seafarers Centres Trustees’ Report 2024

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Our aims and objectives

Objectives:

Vision

Values - Both QVSR & QVSR Seafarers Centres share the following values

With the launch of QVSR Seafarers Centres in 2022, our values were reviewed and relaunched in 2023. Based on the acronym “SERVE”, they underpin our aim to put “Residents First” and “Seafarers First” in the services we offer and the ambition is that all of our QVSR Team will be able to outline these values but more importantly our desire is that they live out these values in their day-to-day interaction with seafarers, residents, visitors, customers.

Solidarity

By fostering an atmosphere of understanding and compassion, together we strive to assist individuals in their journey towards healing and personal growth.

Excellence

Our goal is to surpass expectations, optimise potential, and showcase significant abilities and achievements. We will be guided by a commitment to excellence in all our operations and services.

Reassuring

Our mission is to inspire and empower residents, seafarers, staff and volunteers; creating a culture of responsibility and confidence in the positive impact we can make. We encourage a can-do attitude and provide exceptional service to instil hope and potential in everyone we encounter.

Visionary

We aim to be a progressive organisation that motivates and supports residents, seafarers, staff, volunteers and everyone we engage with. We aspire to be imaginative, inventive, and always seeking new opportunities.

Enduring

Our services are available to support residents, seafarers, staff and volunteers ensuring we are there for them whenever they need us.

QVSR Seafarers Centres Trustees’ Report 2024

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Charitable aim:

Public Benefit

Fundraising

Measurements, activities and performances for 2024 and targets for 2025

_________

__

The past year has been one of steady progress as we have bedded in the new QVSR Seafarers Centres into our day-to-day operations. We were excited to continue with the refurbishment programmes at the Seafarers Centres, these works were funded by the DfT (Department for Transport) as part of their investment in the maritime sector, with the aim of enhancing the welfare services offered. During the reporting period we were able to officially launch the QVSR Immingham Seafarers Centre; we were delighted that the relaunch featured on the local ITV news. We were also able to officially relaunch Bristol and Felixstowe, following completion of the refurbishment works undertaken at these centres. We were also delighted to launch QVSR’s innovative Cruise Crew Lounge at the London International Cruise Terminal Tilbury, this was one of the highlights of the year, the lounge will offer thousands of visiting cruise crew seafarers and opportunity to relax during their very short break time during the passenger changes. The Seafarers side of our operation continues to develop with the establishment of our 24-hour operations and the introduction of standard procedures and practices across this new part of our operation; this will align them with the parent charity.

We have also been imaginative and creative in enhancing our work at East India Dock Road, where we provide accommodation for 180+ men. The introduction of a Cinema Room has proven very popular with our residents and is great for viewing major sports events and movies. We have also created new office space for our HR function; this new facility has allowed us to ensure that staff have comfortable workspaces that enhance their wellbeing. Our priority at East India Dock Road is to put our residents first and we have continued to upgrade rooms and ensure that they are the best they can be. We have scheduled in £300k of improvements to commence later this

QVSR Seafarers Centres Trustees’ Report 2024

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year, this will see the creation of a number of new rooms and also upgrading of 8 existing rooms. There is a need to constantly stay on top of maintenance and keep the standard of our accommodation and facilities first class.

Partnerships are vital to QVSR, and we have continued to work with a local housing provider George Green’s Almshouses to provide management and welfare support for their 11 female residents. This partnership is working well and the team supporting this project are doing great work. We have also partnered with a local Housing Association, Poplar HARCA, to set up QVSR’s Next Step Project, this allows us to offer move-on options for residents who are ready to take this next step, we have started with 2 flats, but we hope to grow this project as we move forward. The Next Step Project is very much seen as part of QVSR’s aftercare given to our residents who move out from QVSR. There are many other areas that I could mention such as the upgrading of our WiFi offering to our residents and seafarers, our remodelling of our Welfare Team and Volunteer Programme. Life at QVSR never stands still (as stated on our website) we are looking forward to new opportunities and activities that will add value to the lives of our residents and our seafarers.

The major activities on the horizon are:

QVSR continues to put – ‘Seafarers First’ – ‘Residents First’.

Alexander Campbell OBE JP MNM Chief Executive, QVSR & QVSR Seafarers Centres

_______________

_____

QVSR Seafarers Centres achievements for the year in meeting our objectives are set out below:

Activities:

QVSR Seafarers Centres Trustees’ Report 2024

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Achievements and Performance:

Throughout our second year of managing our Seafarers’ Centres we have been able to continue to provide essential services to seafarers. QVSR’s Chaplains and centre staff, working with our ecumenical chaplains and ship visitors, have endeavored to meet our objectives as a charity to support the welfare needs of seafarers visiting the ports.

QVSR’s standing within the maritime industry remains high as a result of our continued support and management of the centres, and QVSR contributes immensely to the provision of faith-based welfare services for the benefit of seafarers and other stakeholders who often share the tranquillity they experience when visiting the centres.

Other welfare support rendered to seafarers such as shopping, pastoral care, and hospital visitation has continued to make the centres relevant. The Christmas parcels distributed to

QVSR Seafarers Centres Trustees’ Report 2024

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seafarers during the festive season are given as a token of our appreciation and demonstrate to them how much they are valued.

Targets for 2025

QVSR Seafarers Centres’ Remuneration Policy

QVSR Seafarers Centres is committed to ensuring that we pay our staff fairly and in a way which ensures we attract and retain the right skills to have the greatest impact in developing our charitable objectives.

In accordance with the SORP (Statement of Recommended Practice) (FRS102) QVSR:

QVSR has a Finance Committee comprising of the QVSR Chair, Chair and Vice Chair of the Finance Committee and two other Trustees. The committee meets quarterly and reviews the remuneration for all staff. The CEO and Finance Manager attend the meetings (leaving during discussions regarding staff remuneration). The Committee is also responsible for overseeing QVSR Seafarers Centres.

The main responsibilities of the Committee are to:

QVSR Seafarers Centres Trustees’ Report 2024

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Delivery of QVSR Seafarers Centres’ charitable vision and objectives is primarily dependent on our staff which is the largest single element of expenditure.

Key Performance Indicators

Detailed below are QVSR Seafarers Centres’ KPIs and by what means the charity undertakes to demonstrate how they are met and their impact.

Our key priorities in terms of KPIs are:

Financial Review

The results for the year ended 31[st] December 2024 are given in the Statement of Financial Activities on page 16. The assets and liabilities as at 31[st] December 2024 are given in the Balance Sheet on page 17; the Statement of Cash Flows appears on page 18. The Financial Statement should be read in conjunction with their related notes, which appear on pages 19 to 32 and have been prepared in accordance with relevant laws and the Charities SORP (FRS102).

QVSR Seafarers Centres Trustees’ Report 2024

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Risk and Internal Control

As required by the Charities SORP (FRS102), the Trustees confirm they have:

Specifically, a 36 point Risk Management Register is maintained. This register is reviewed by the Trustees and QVSR management. Existing procedures are considered to be satisfactory to address the risks identified.

The Trustees consider the following to be the key risks facing the organisation:

Reserves

The charity’s main activity continues to remain heavily reliant on shop and bar sales (providing over 74% of general income streams) and operates alongside the concluding phase of a complete internal upgrading of facilities. QVSR’s Finance Committee (Parent body), acting on behalf of Trustees, will continue to oversee and maintain the Charity’s Reserves Policy in line with the Charities SORP (FRS102).

General Reserves are required to sustain the Charity’s activities in the event of reductions in the revenue income streams, primarily of statutory funding, in order to ensure that sufficient working capital resources are available at all times to enable obligations to be met as they become due. From the foregoing, the Trustees have agreed that the target free General Reserves should be set at six months normal revenue expenditure, which currently equates to £120K.

As at 31[st] December 2024, the Charity held aggregated total funds of £884,824 of which £688,247 was Unrestricted Reserves, and £196,577 represented Restricted Funds. The Restricted Funds are wholly tied up in the Fixed Assets of the charity.

Overall, the Charity continues to be in a stable financial position and through the Finance Committee, the Trustees are committed to reviewing this Reserves Policy as necessary but not less than annually.

Investments

In 2024 the two funds representing the Charity’s managed investments – CAF Fixed Interest Fund and CAF UK Equity Fund – were closed by CAF Bank. The trustees transferred the invested amount of £400,000 to a deposit account with HSBC Bank and CFB Deposit Fund of £200k each.

QVSR Seafarers Centres Trustees’ Report 2024

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Corporate Governance

QVSR’s Board governs the QVSR and QVSR Seafarers Centres charities and has a maximum of twelve Trustee Directors. These Trustee Directors (Trustees) are appointed by QVSR’s Board.

Trustees are appointed by unanimous vote of the QVSR Board. Appointments are for a three-year period.

Internal and external Governance Review

Following the internal Governance Review held in 2021, a number of changes to QVSR’s articles of association, governance structures, policies and procedures were implemented in 2022 and in 2023. An external, independent Governance Review took place in 2023, and its findings and recommendations have been acted on. The Governance Committee continues to monitor compliance with the Charity Governance Code and with relevant good practice.

QVSR Seafarers Centres Trustees’ Report 2024

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Volunteers

Volunteers are a vital part of our operation and QVSR Seafarers Centres is fully committed to inducting and training volunteers and supporting them in their roles.

QVSR Seafarers Centres has a range of volunteer roles which include ship visiting and supporting the seafarers’ centre operation. Each volunteer role is risk assessed and a robust recruitment process is in place.

Statement of Trustees’ Responsibilities

The Trustees/Directors (who are also the directors of QVSR and QVSR Seafarers Centres for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Board of Trustees/Directors & Members

QVSR Seafarers Centres Trustees’ Report 2024

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CEO / Company Secretary

QVSR Seafarers Centres Committee

Auditors

Moore Kingston Smith LLP has indicated its willingness to continue in office.

Small Company Rules

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.

By order of the Board

Jean Thomas

Trustee

Date: 31/10/2025

QVSR Seafarers Centres Trustees’ Report 2024

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF QVSR SEAFARERS CENTRES

Opinion

We have audited the financial statements of QVSR (‘the company’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the Corporation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF QVSR SEAFARERS CENTRES

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF QVSR SEAFARERS CENTRES

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF QVSR SEAFARERS CENTRES

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6[th] Floor 9 Appold Street London EC2A 2AP

Date: 31/10/2025

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QVSR Seafarers Centre

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

For theyear ended 31 December 2024
Note
Income from:
2
3
3
3
4
Seafarer Centres
5
5
6
Reconciliation of funds:
Charitable activities
Donations and grants
Seafarer Centres
Levies
Total expenditure
Net income / (expenditure) before net
gains / (losses) on investments
Charitable activities
Shops and bars
Commission
Investments
Total income
Expenditure on:
Total funds brought forward
Net gains / (losses) on investments
Net income / (expenditure) for the year
Total funds carried forward
Transfers between funds
Net income / (expenditure) before other
recognised gains and losses
Other gains / (losses)
Net movement in funds		 Unrestricted
£
44,275
363,715
76,798
21,999
23,999		 Restricted
£
183,988
-
-
-
-		 2024
Total
£
228,263
363,715
76,798
21,999
23,999
714,774
445,741
564,490
1,010,230
-
(295,456)
-
(295,456)
30,552
(264,904)
1,149,728
884,824
(295,456)		 Unrestricted
£
35,150
333,571
77,481
43,269
10,599		 Restricted
£
695,551
-
-
-
-		 Total
£
730,701
333,571
77,481
43,269
10,599
2023
530,786 183,988 500,070 695,551 1,195,621
185,839
325,041		 259,902
239,449		 266,476
504,397		 141,504
-		 407,980
504,397
510,879 499,351 770,873 141,504 912,377
-
19,907		 -
(315,363)		 (1,835)
(270,803)		 -
554,047		 (1,835)
283,244
19,907
203,924		 (315,363)
(203,924)		 (272,638)
282,750		 554,047
(282,750)		 281,409
-
223,831
30,552		 (519,287)
-		 10,112
70,165		 271,297
-		 281,409
70,165
254,383
433,864		 (519,287)
715,864		 80,277
353,587		 271,297
444,567		 351,574
798,154
688,247 196,577 433,864 715,864 1,149,728

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17a to the financial statements.

17

QVSR Seafarers Centre

Balance sheet

Balance sheet Balance sheet
As at 31 December 2024 Company no. 13903109
Note
£
Fixed assets:
11
12
Current assets:
13
25,432
14
27,170
484,476
537,078
Liabilities:
15
(271,059)
Net current assets / (liabilities)
17a
704,497
Total unrestricted funds
General funds
Total charity funds
Investments
Cash at bank and in hand
Tangible assets
Stock
Debtors
Restricted income funds
Unrestricted income funds:
The funds of the charity:
Creditors: amounts falling due within one year
Total net assets / (liabilities)		 2024
£
618,805
-		 £
28,447
16,095
884,530		 £
348,750
-
2023
618,805
266,019		 348,750
800,978
537,078
(271,059)		 929,072
(128,094)
704,497 433,864
884,824 1,149,728
180,327
704,497		 715,864
433,864
884,824 1,149,728

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the trustees on 31 October 2025 and signed on their behalf by

Jean Thomas Trustee

18

QVSR Seafarers Centre

Statement of cash flows

For the year ended 31 December 2024

For the year ended 31 December 2024
Note
Cash flows from operating activities
Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
(Gains)/losses on investments
Forex gains losses
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by / (used in) operating activities
a
Analysis of cash and cash equivalents and of net debt
Cash at bank and in hand
Total cash and cash equivalents
Cash and cash equivalents at the beginning of the
year
Net cash provided by / (used in) investing activities
Cash flows from investing activities:
Assets on acquisition of Seafarers Centres -
Tangible fixed assets
Assets on acquisition of Seafarers Centres -
Investments
Purchase of fixed assets
Proceeds from sale of investments
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year		 £
£
(295,456)
48,340
-
30,552
3,015
(11,075)
142,965
(81,659)
-
-
(318,395)
-
(318,395)
(400,054)
884,530
484,476
At 1
January
2024
Cash flows
£
£
884,530
(400,054)
884,530
(400,054)
2024		 £
£
281,409
23,832
1,835
70,165
(4,465)
65,008
59,939
497,723
-
-
(250,249)
289,714
39,465
537,188
347,342
884,530
Other non-
cash
changes
At 31
December
2024
£
£
-
484,476
-
484,476
2023
(81,659)
(318,395)		 497,723
39,465
At 1
January
2024
£
884,530		 Other non-
cash
changes
£
-
(400,054)
884,530		 537,188
347,342
484,476 884,530
Cash flows
£
(400,054)		 At 31
December
2024
£
484,476
884,530 (400,054) - 484,476

19

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

The charity is a public benefit entity and a private company limited by guarantee, and is registered in England and Wales. The address of the registered office is 121-131 East India, Dock Road, Poplar, London, E14 6DF.

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The accounts are presented in GBP rounded to £1, which is the functional currency of the charity. The charity was incorporated on the 9th February 2022 and commenced trade on the 1st July 2022. The charity meets the definition of a public benefit entity under FRS 102.

Restricted funds represent grants, donations and legacies received which are allocated by the donor for specific purposes. Purchases of fixed assets with restricted funds are deemed to be satisfied once the purchase has taken place and therefore these restricted fund balances are released to unrestricted general funds unless the restriction is deemed to be on a permanent basis.

General unrestricted funds represent income which is expendable at the discretion of the Trustees in the furtherance of the objects of the Charity. Such funds may be held in order to finance both working capital and capital development.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the Charity's forecasts and projections and have taken account of pressures on income.

After making enquiries, the trustees have concluded that there are no material uncertainties and that the Charity has adequate resources to continue in operational existences for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements

All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is reasonable probability of receipt. Where a claim for repayment of income tax has or will be made, such income is grossed up for the tax recoverable. The following accounting policies are applied to income:

Grants receivable

Grants are recognised in the Statement of Financial Activities when the conditions for receipt have been complied with.

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 classified under the following activity headings:

Irrecoverable VAT is not charged as a cost against the activity for which the expenditure was incurred but identified separately as a cost itself.

20

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

50% 50%

Direct Charitable Expenditure

Direct charitable expenditure includes all expenditure directly related to the objects of the Charity and comprises the following:

Seafarer Centre Seafarer Centre comprises the cost of providing welfare and support services for seafarers at the centres in Felixtowe, Humberside, Tilbury and Bristol.

Restaurant and Shop

Restaurant and shop expenditure comprises the cost of provision of these facilities.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

21

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

p) Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepared contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payment or a cash refund.

In the application of the company’s accounting policies, the charity is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no estimates and assumptions that are considered to have a significant risk of causing a material adjustment to the financial statements in a future period.

22

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

Donations and grants
Grants
The Seafarers Charity
Merchant Navy Welfare
Port of Tilbury
Welcome Church
Mint Methodist
Transfer of Seafarer
Centres net assets
Orange County
Community Foundation
Port of London		 Unrestricted
£
4,550
39,725		 £
-
-
93,466
4,999
46,000
38,250
-
-
1,273
Restricted		 2024
Total
£
4,550
39,725
93,466
4,999
46,000
38,250
-
-
1,273		 Unrestricted
£
-
35,150
-
-
-
-
-
-		 £
93,004
-
126,460
432,587
38,000
-
2,500
3,000
Restricted		 Total
£
93,004
35,150
126,460
432,587
38,000
-
2,500
3,000
2023
44,275 183,988 228,263 35,150 695,551 730,701

Transfer of Seafarer Centres net assets

On the 1 January 2023 the charity acquired the net assets of the Tilbury Seafarers Centre (bank balances totalling £93,004) for £nil consideration. The £4,550 represents the Tilbury cash balance that was omitted in error in 2023.

3 Income from charitable activities

2024 2023
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Shops and bars 363,715 - 363,715 333,571 - 333,571
Levies 76,798 - 76,798 77,481 - 77,481
Commissions 21,999 - 21,999 43,269 - 43,269
Total income from
charitable activities 462,512 - 462,512 454,321 - 454,321

4 Income from investments

Interest received
Dividend income
Room hire		 Unrestricted
£
21,286
2,713
-		 £
-
-
Restricted		 2024
Total
£
21,286
2,713
-		 Unrestricted
£
3,104
1,968
5,527		 £
-
-
-
Restricted		 Total
£
3,104
1,968
5,527
2023
23,999 - 23,999 10,599 - 10,599

23

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

5a Analysis of expenditure (current year)

Staff costs (Note 7)
Food, drink and perishables
Events
Telephone & phone cards
Light, heat & water
Rates
Insurance
Repairs and renewals
Cleaning
Travelling & motor expenses
Computer expenses
Television and video
Printing, postage & stationery
Signage
Sundry expenses
Vat Recovery
Bank charges
Legal and professional fees
Depreciation
Accountancy fees
Audit fees
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Seafarer
Centres
£
244,873
-
7,224
-
-
-
-
57,016
1,297
12,681
-
-
-
-
-
-
-
-
-
-
-		 Shops and
bars
£
156,558
232,434
-
52,847
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,684
16,449		 Support
costs
£
-
-
-
-
49,751
4,951
13,007
-
-
-
7,294
2,223
3,072
1,157
3,533
74,562
1,381
3,896
48,340
-
-		 2024 Total
£
401,431
232,434
7,224
52,847
49,751
4,951
13,007
57,016
1,297
12,681
7,294
2,223
3,072
1,157
3,533
74,562
1,381
3,896
48,340
15,684
16,449		 2023
Total
£
413,651
187,361
7,239
75,727
49,987
3,824
18,266
40,444
2,660
21,363
4,602
5,537
2,080
17,765
7,257
(10,136)
2,077
20,942
23,832
12,559
5,340
323,091
106,584
16,066		 441,839
106,584
16,067		 32,133
-
(32,133)		 213,167
(213,167)
-		 1,010,230
-
-		 912,377
-
-
445,741 564,490 - - 1,010,230 912,377
407,980 504,397 - -

24

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

5b Analysis of expenditure (prior year)

Staff costs (Note 7)
Food, drink and perishables
Events
Telephone & phone cards
Light, heat & water
Rates
Insurance
Repairs and renewals
Cleaning
Travelling & motor expenses
Computer expenses
Television and video
Printing, postage & stationery
Signage
Sundry expenses
VAT Recovery
Bank charges
Legal and professional fees
Depreciation
Accountancy fees
Audit fees
Support costs
Governance costs
Total expenditure 2023		 Seafarer
Centres
£
252,327
-
7,239
-
-
-
-
40,444
2,660
18,159
-
-
-
-
-
-
-
-
-
-		 Shops and
bars
£
161,324
187,361
-
68,560
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,559
5,340		 Support
costs
£
-
-
-
7,167
49,987
3,824
18,266
-
-
3,204
4,602
5,537
2,080
17,765
7,257
(10,136)
2,077
20,942
23,832
-
-		 2023 Total
£
413,651
187,361
7,239
75,727
49,987
3,824
18,266
40,444
2,660
21,363
4,602
5,537
2,080
17,765
7,257
(10,136)
2,077
20,942
23,832
12,559
5,340
320,829
78,202
8,949		 417,245
78,202
8,950		 17,899
-
(17,899)		 156,404
(156,404)
-		 912,377
-
-
407,980 504,397 - - 912,377

25

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

This is stated after charging / (crediting):

2024 2023
£ £
Depreciation 48,340 23,832
Loss or profit on disposal of fixed assets - 1,835
Auditor's remuneration (excluding VAT):
Audit 10,000 5,340
Other services - -
Recruitment costs
Employer’s contribution to defined contribution pension schemes
Social security costs
Salaries and wages		 2024
2023
£
£
348,211
380,523
19,354
17,400
6,684
11,138
27,182
4,590
401,431
413,651

No employee earned more than £60,000 during the year (2023: nil).

The Trustees are considered to be the key management personnel of the Charity.

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

During the period, no trustee expenses were incurred (2023 £nil).

26

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 23 (2023: 27).

Seafarer Centres
Governance and support
Staff are split across the activities of the charity as follows (full time equivalent
basis):
Shops and bars		 2024
2023
No.
No.
7.0
8.0
13.0
16.0
3.0
3.0
23.0
27.0

9 Related party transactions

There are no related party transactions to disclose for 2024 (2023: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

10 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

27

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

11 Tangible fixed assets

Tangible fixed assets
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
Net book value
At the end of the year
Cost or valuation
At the start of the year
Additions in year
At the start of the year
Disposals in year
Depreciation
At the end of the year		 Buildings
£
978,212
273,591
-		 Fixtures &
Fittings
Motor
vehicles
Total
£
£
£
200,226
91,399
1,269,837
44,804
-
318,395
-
-
-
1,251,803 245,030
91,399
1,588,232
668,217
19,665
-		 188,467
64,403
921,087
17,181
11,494
48,340
-
-
-
687,882 205,648
75,897
969,427
563,921 39,382
15,502
618,805
309,995 11,759
26,996
348,750

Building additions relates to ongoing renovation works which will be depreciated from the date that the renovations have been completed.

All of the above assets are used for charitable purposes.

12 Listed investments

Fair value at the end of the year
Transfer at 30 June 2022
Cash held by investment broker pending reinvestment
Fair value at the start of the year
Net gain / (loss) on change in fair value
Disposal proceeds		 2024
2023
£
£
-
291,549
-
-
-
(289,714)
-
(1,835)
-
-
-
-
-
-

28

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

For the year ended 31 December 2024
13
14
Stock
Debtors
Provisions and phone cards
Trade debtors
Other debtors
Prepayments		 2024
2023
£
£
25,432
28,447
25,432
28,447
2024
2023
£
£
10,484
6,765
15,870
3,310
816
6,020
27,170
16,095

15 Creditors: amounts falling due within one year

Accruals
Other creditors
Taxation and social security
Trade creditors
Amount owed to parent		 2024
2023
£
£
12,153
29,278
6,453
9,929
3,964
1,426
223,410
40,000
25,079
47,461
271,059
128,094

29

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

16a Analysis of net assets between funds (current year)

16b
Tangible fixed assets
Net current assets
Net assets at 31 December 2023
Net assets at 31 December 2024
Analysis of net assets between funds (prior year)
Tangible fixed assets
Net current assets		 General
£
618,805
69,443		 Designated
Restricted
Total funds
£
£
£
-
-
618,805
-
196,577
266,020
688,248 -
196,577
884,825
General
£
348,751
85,113		 Designated
Restricted
Total funds
£
£
£
-
-
348,751
-
715,864
800,977
433,864 -
715,864
1,149,728

30

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

17a Movements in funds (current year)

Movements in funds (current year)
Total restricted funds
General funds
Merchant Navy Welfare
Port of London
Port of Tilbury
Total funds
Total unrestricted funds
Restricted funds:
Orange Country Community
Felixtowe & Haven Ports Seafarers'
Mint Methodist
Unrestricted funds:		 At 1
January
2024
£
166,436
204,526
-
344,902
-		 Income &
gains
£
93,466
4,999
46,000
38,250
1,273		 Expenditure
& gains
Transfers
At 31
December
2024
£
£
£
(259,902)
-
(209,525)
-
-
(17,300)
(28,700)
-
(11,351)
(26,899)
-
(164,575)
180,327
(1,273)
-
-
715,864 183,988 (499,351)
(220,174)
180,327
433,864 530,787 (480,328)
220,174
704,497
433,864 530,787 (480,328)
220,174
704,497
1,149,728 714,775 (979,679)
-
884,824

The narrative to explain the purpose of each fund is given at the foot of the note below.

31

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

17b Movements in funds (prior year)

e year ended 31 December 2024
Movements in funds (prior year)
Total restricted funds
General funds
Total funds
Orange Country Community
Unrestricted funds:
Restricted funds:
Merchant Navy Welfare
Port of London
Felixtowe & Haven Ports Seafarers'
Total unrestricted funds
Tilbury Seafarers Centre
Seafarers UK
Welcome Church		 At 1
January
2023
£
99,665
-
-
344,902
-
-
-		 Income &
gains
£
126,460
432,587
38,000
-
2,500
3,000
93,004		 Expenditure
& losses
Transfers
At 31
December
2023
£
£
£
-
(59,689)
166,436
(5,000)
(223,061)
204,526
(38,000)
-
-
-
-
344,902
(2,500)
-
-
(3,000)
-
-
(93,004)
-
-
444,567 695,551 (141,504)
(282,750)
715,864
353,587 500,070 (702,543)
282,750
433,864
353,587 500,070 (702,543)
282,750
433,864
798,154 1,195,621 (844,047)
-
1,149,728

Purposes of restricted funds

Orange Country Community Foundation

This is to support the core operational costs of the QVSR Seafarers Centres.

Merchant Navy Welfare

Grants towards the refurbishment of Bristol, Felixstowe, London Tilbury and Humber Seafarers' Centres.

Port of London

This is to support the running costs Tilbury Seafarers Centre.

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 30/06/2022. Per the transfer agreement, this is restricted geographically for the use of Felixtowe and Haven.

Tilbury Seafarers' Service

This represents the balance of the fair value of the net assets acquired as a result of the transfer on the 31/12/2022.

32

QVSR Seafarers Centre

Notes to the financial statements

For the year ended 31 December 2024

Purposes of restricted funds (continued)

Welfare Church

Grant for Christmas presents

Seafarers UK

Grant towards reburbishing cruise terminal.

Transfer between funds

The transfer between funds represents the proporation of the grant received upon which the grant condition has been fulfilled during the year. Unrestricted funds have been used to support grant funded activities, which have been reimbursed to the correct fund.

18 Capital commitments

There were no capital commitments not provided for in the financial statements.

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

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 which consolidated financial statements including, QVSR Seafarers Centre is prepared.

Copies of group financial statements are available from the registered office at 121-151 East India Dock Road, Poplar, London, E14 6DF

33