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2021-03-31-accounts

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE

(A COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS

31ST MARCH 2021

Registered Company Number: 00428236

Registered Charity Number: 207500

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS 31ST MARCH 2021

Contents Page
Reference and administrative information 1-2
Chief Executive’s report 3
Trustees’ report 4 - 8
Report of the auditor 9 - 11
Statement of financial activities 12
Balance sheet 13
Cash flow statement 14
Notes to the financial statements 15 - 27

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE INFORMATION

The Merchant Seaman’s War Memorial Society (Incorporated) Trading as Care Ashore was formed in 1947 as a company limited by guarantee. It is a charity, with the registered number 00428236.

Trustees

Mr J Walsh, Chair (appointed 30 April 2020) Mr V Bick Mrs K Parker (appointed 30 April 2020) Mrs C Rankin

Mr K Usher (appointed 23 October 2020)

Mr R Walker, Treasurer (appointed 11 December 2020)

Mr S Todd Esq. National Secretary RMT, former Chairman (resigned 6 July 2020)

Mr A J Allenby (resigned 6 July 2020)

Mr G Bennett (resigned 6 July 2020) Mr A Campbell Esq. MSc BA CMgr FCMI M.N. M JP (resigned 11 June 2020) Ms S Coveney (resigned 9 July 2020)

Mr P Manley (resigned 6 July 2020) Mr T Simco Esq. M.B.E M.N. M (resigned 15 June 2020) Mr L Barnett (appointed 23 October 2020 and resigned 20 October 2021) Mrs W Eley (appointed 23 November 2020 and resigned 25 August 2021) Mr S Bradley (appointed 24 November 2020 and resigned 20 October 2021)

Company Registered Number

00428236

Charity Registered Number

207500

Company secretary

Mr R Walker

Registered Office

"Springbok-Radcliffe" Springbok Farm Estate Alfold nr Cranleigh Surrey GU6 8EX

Chief executive officer

Ms T Keane (Acting CEO from 18 September 2019 to 30 September 2020) Ms C Stamper (CEO from 16 November 2020)

Page 1

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE INFORMATION (CONTINUED)

Independent auditors

Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW

Bankers

NatWest PLC Stocklund Square Cranleigh Surrey GUS BRH

Solicitors

Penningtons Manche LLP Beaufort House 31 Chertsey Street Guildford Surrey GU1 4HD

Page 2

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

John Walsh, Trustee

Despite the lingering challenges of COVID that has impacted and frustrated everyone’s lives, it has been an excellent year for Care Ashore. Our CEO, Cath Stamper has nearly completed her first full year which has created the bedrock necessary to provide stability for the residents and to effect a turnaround in the charity finances, with the enormous support of our treasurer, Richard Walker.

There has been widespread change on the board of Trustees which has injected renewed enthusiasm, together with a plethora of genuine talent and experience.

We are delighted to have re-energised our long-standing affiliation with the RMT, who have provided support at all levels throughout the financial year and are proudly represented on the board by Ken Usher.

We have also made the significant appointment of Lee Barnett, as Business Development Manager. Lee will focus on raising revenue from the magnificent estate that is Springbok. This will enable the long-term stability of Springbok and provide the necessary funds to ensure the beneficiaries and staff at Care Ashore see continuous enhancement of their lives and environment.

Our links with the community have strengthened under Cath’s management, and we are thrilled to have Lindon House, a well-respected local charity providing support to young people with autism being able to use the gardens at Springbok to bring extra colour to their lives.

The joint development with Thakeham homes continues through the planning process and we have great hopes that, through this development, we can realise the capital funds necessary to deliver widespread improvement to the housing stock and thereby provide comfortable homes and support for many generations of seafarers to come.

History of the Society

Owing to the urgent need to look after the interests and health of seamen of the Mercantile Marine, the idea of the charity was conceived by the founder of the National Sailors' and Fireman's Union, Mr J. Havelock Wilson C.B.E MP, approached a prominent ship owner in 1917 who entered the scheme subsequently offered the building that was to become the first convalescent home in Limpsfield, Surrey. The union transformed the building into a properly equipped convalescent home and it was opened by His Royal Highness Prince Albert, Duke of York, K.G., in 1920. This home provided nursing care for seamen injured or who fell ill whilst at sea. The home remained operational until 1963, when its services were transferred to its other establishment in Alfold, Surrey.

During WWII it became obvious to the Executive Officers of both the charity and the Union, that more would have to be done for the men who by their service, were in increasing numbers, being permanently incapacitated from following the sea as a means of livelihood. The Union purchased and converted their war time Headquarters, Sachel Court Estate, Alfold, Surrey into a permanent Rehabilitation and Training Centre as a memorial to those seamen who had lost their lives, and in gratitude to those who survived but sacrificed their health by serving their country. At this time the people of the Union of South Africa in their appreciation, through a Navy Week Campaign raised funds which were contributed to the scheme. From 1947 through to 1993 the training scheme re-trained seamen into either agriculture or horticulture, who then went on to successfully gain employment away from the sea.

Since being established the charity has gone through much development, plus change, and after numerous reviews the organisation now focuses on providing sheltered housing with support as its main service to seafarers, with the provision of holidays for those who do not require long term accommodation but would benefit from a break in the tranquil setting of the estate.

Page 3

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

The Trustees are pleased to present their annual report (including the directors' report as required by company law) together with the audited financial statements of the charitable company for the year ended 31 March 2021. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The Vision Statement

"Care Ashore's vision for its future is to strengthen its position as a leader in the provision of high quality residential, welfare support and holiday opportunities for seafarers in need. The nature, quality and quantity of that support would be achieved by having a sound financial base and being an integral part of the provision of the welfare support available within the seafaring charitable sector".

We aim to achieve this by promoting awareness of the activities provided and further developing, plus marketing of the income generating opportunities that its resources provide. The desire to be a more integrated element of the seafaring charitable sector will require the support and assistance of those charitable organisations that have a role and influence across a wide range of charities in the seafaring sector.

The Objectives and Values of Care Ashore

Objectives

Values

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THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

STATEMENT OF PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011, in having due regard to the Charity Commission's General Guidance on Public Benefit in setting objectives and planning for activities and are reporting this here as they are required to do under the same directive.

Main activities undertaken to further the charity's purposes for the public benefit

The high level of service delivered to the beneficiaries ensures that poverty, homelessness and isolation are reduced. Assisting beneficiaries to maintain good health and fitness has also resulted in improved quality of life that allows them to live independently rather than having to go into care. The Trustees review the charity's aims and objectives each year to ensure the activities and services provided are in keeping with the core values of the charity. They consider what has been achieved and the outcomes met over the past twelve months, then assess the level of success throughout that helps them measure the success of each activity and the benefits they have brought to those individuals to whom our services are focused on.

STATEMENT OF FUNDRAISING PRACTICES

Care Ashore benefits from many people's generosity and we are extremely grateful for their continued support through donations, legacies and fundraising events. Due to the limited nature of the fundraising activities currently undertaken, the charity does not formally monitor compliance with the Code of Fundraising Practice. The charity does not consider that any of its fundraising activities constitute unreasonable intrusion on a person's privacy, unreasonably persistent approaches or undue pressure to give and has not received any complaints in respect of this during the year. The charity does not work with any commercial participators or professional fundraisers.

ACHIEVEMENTS & PERFORMANCE

Achievements for 2020-2021

Volunteers

Due to Covid restrictions, and to ensure the safety of our residents, all visits from volunteers ceased during this period.

Investment policy and performance

The charity has over the years invested in properties that are let to raise income in support of its objectives. The return from these investments have been maximised with rent values measured against market valuations in the local area and all of the commercial units were let out at the year end.

FINANCIAL REVIEW

Principal funding

The main source of income is secured through the accommodation and business units. Our annexe in the main house which provides a third of our income and accommodates some of our more vulnerable residents who benefit greatly from the facilities provided. These include having direct access to staff, social room, library and most importantly our dining facilities which provide an essential social experience for our residents. There are times when external influences

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THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

have an impact on everyday operations, such as statutory payments being delayed that must be managed with consideration and care.

We are most grateful to the estate of the late Robert Spinks which has meant a legacy of over £300,000. This gift will be marked with a lasting memorial.

Reserves Policy

The trustee’s policy is to maintain reserves at a level sufficient to support both Capital Projects and a renovation programme, plus to build reserves such that there are sufficient funds available to enable continued operations for a period of six months.

Total funds at 31 March 2021 were £6,938,867 (2020: 5,803,638) of which £9,569 (2020: £10,744) were restricted funds. Of the unrestricted funds held, £7,011,749 (2020: £6,206,072) were tied up as tangible fixed assets and investment property which does not currently leave any free reserves.

As discussed later, in the Plans for Future Periods, the trustees will continue to work on the visions outlined in the Business Plan with the aim to increase income whilst delivering its services in an efficient manner in order to build up the free reserves of the charity.

Risk Management

The trustees have a risk management strategy that comprises:

The Trustees have assessed the major risks to which the charitable company is exposed, in particular those related to the operations and finances of the charitable company and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

This work has identified a few minor risks but has resulted in a more efficient procedure and contingency plans and has given impetus for better planning. Particular attention has been focused on non-financial risk arising from fire, health & safety of residents, staff and visitors and food hygiene. A key element of the management of financial risk is the setting of a reserves policy and its regular review by trustees.

The major financial risk has been availability of cash to fund operations. This has been mitigated by regular information, drawdown of loan income and the appointment of a dedicated fundraiser.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. This conclusion takes into account the impact of Covid-19 on the organisation. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Merchant Seamen’s War Memorial Society trading as Care Ashore is a charitable company limited by guarantee governed by its Articles of Association adopted on 2 June 2021. It is registered as a charity with the Charity Commission as charity number 207500.

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THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

The principal objects of the charitable company are to provide accommodation, financial support and a rest home for seafarers and their dependants.

Appointment of Trustees

The directors of the charitable company (the Charity) are its Trustees for the purpose of the charity law and throughout this report are collectively referred to as the Trustees.

Members of the Board shall be appointed by the Board and selected for appointment primarily on the basis of the skills and experience required by the Board in order to carry out their responsibilities effectively in the best interest of the Charity

The Board when complete consists of at least 6 and not more than 13 persons, being individuals who are over the age of 18, all of whom must support the Objects. If a member of the Board is a corporate body it must act through a named representative whose contact details are notified to the Board. The Chairman will be appointed as laid down in the Articles.

Trustee Induction and Training

New trustees undergo a period of orientation to brief them on their legal obligations under the charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process, the business plan and updated on the recent financial performance of the charity. During the induction period they will meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. It is intended that the four recently recruited Trustees will receive training in the next financial year

Organisational structure and decision making

The board of trustees, which can have up to 12 members, administers the charity. The board meets bi-monthly and the sub-committee meet more regularly to cover the development, membership, finance and audit. The Chief Executive is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within the terms of their delegation approved by the trustees, for operational matters including finance, employment, and management of the complete operations of the organisation. Ok

Pay policy for senior staff

The charity’s senior staff pay, and benefits are set by reference to the annual surveys of information from Incomes Data Services, local information or other relevant bodies and are consistent within the support and housing sector. The charity always aims to offer terms equivalent to or exceeding the market rate subject to its financial capability. Ok

Salaries are controlled and monitored by:

a) Measurement

Annual review of salaries and benefits through appropriate comparisons with other relevant data.

b) Reference:

Incomes Data Services, local information or other relevant bodies and shall be consistent within the support and housing sector.

c) Audit:

Comparison and calculation criteria held by CEO.

PLANS FOR FUTURE PERIODS

The trustees are focusing on the future sustainability of the charity by generating income from the estate. This will ensure the service provided to the beneficiaries is of a high standard. There may be a need to review criteria for acceptance in recognitions of the widening type of seafarers. This may include offering accommodation to those working at sea maintaining oil rigs and wind farms.

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THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (CONTINUED)

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees’ 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 financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITORS

The trustees who held office at the date of approval of this Trustees’ Report confirm that, so far as they are individually aware, there is no relevant audit information of which Care Ashore’s auditors are unaware, and each trustee has taken all reasonable steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the Society’s auditors are aware of the information.

AUDITORS

A resolution will be proposed at the Annual General Meeting that Jacob Cavenagh & Skeet are to be appointed as auditors to the charity for the ensuing year.

This report was prepared in accordance with the special provisions available to small companies, approved by order of the members of the board of Trustees and signed on its behalf by:

Mr J Walsh (Chair of Trustees)

Date: 20 December 2021

Page 8

REPORT OF THE INDEPENDENT AUDITOR

TO THE MEMBERS OF

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

Opinion

We have audited the financial statements of The Merchant Seaman’s War Memorial Society (Incorporated) Trading as Care Ashore (the ‘charity’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of 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 the financial statements section of our report. We are independent of the charitable company 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 Charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees 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, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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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REPORT OF THE INDEPENDENT AUDITOR

TO THE MEMBERS OF

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which 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, 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 charity’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 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to taxation, employment and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011.

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REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE MERCHANT SEAMEN'S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE IA COMPANY LIMITED BY GUARANTEE) We assessed the susceptibility of the company's financial statements lo material misslalement. including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the irilernal controls in place and discussion amongst the engagement team. We determined that the principal risks were related lo.. Valuation of investment properly Idenlilicalion of restricted expenditure Presenlalion of separately disclosed items Changes in finance personnel Management override ol controls In response lo the risks identified we designed procedures which included, bul were not limited to". agreeing financial slalemenl disclosures lo underlying supporting documentation reviewing Trustees meeting minutes evalu2ting the charity's internal controls challenging the eslimaled valuation of investment piopety There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely il is that we would become aware of non-compliance. Material misslalemenls that arise due lo fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion A further description of our responsibilities for the audit of the financial statement5 Is located on the Financial Reporting Council's website al." hll 'llwww.frc.org.uklaudilorsresponsibililies. This description forms part ol our auditor's report. Use ofour report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 01 Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might slate lo the charitable company's membèrs those mallers we are required lo stale lo them in an auditors. report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members as a body. for our audit work, for this report, or for the opinions we have formed. Paul Newton FCA Isenior Statutory Auditor) for and on behalf of Jacob Cavenagh & Skeet Statutory Auditor Chartered Accountants 5 Robin Hood Lane Sullon Surrey SM1 2SW Date.. 20 December 2021 Page11

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2021

Unrestricted Restricted
Funds
Funds
Note
£
£
INCOME FROM
Donations and legacies
3
358,604
124,164
Charitable activities
4
520,545
-
Other trading activities
5
19,754
-
Investments
6
239,366
-
Other income
723,186
-
Total income
1,161,455
124,164
EXPENDITURE ON:
Charitable activities:
Raising funds
8
91,625
-
Charitable activities
11
806,526
74,526
Total expenditure
898,151
74,526
Gain on investments
16,17 822,287
-
Net income/(expenditure)
1,085,591
49,638

Transfers
50,813
(50,813)
Net movement in funds
1,136,404
( 1,175)
Reconciliation of funds
Funds balances brought forward
5,792,894
10,744
Funds balances carried forward 6,929,298
9,569
Total Unrestricted Restricted Total
2021
Funds
Funds
2020
£
£
£
£
482,768
9,593
22,168
31,761
520,545
474,517
-
474,517
19,754
37,716
-
37,716
239,366
194,030
-
194,030
23,186
50,199
-
50,199
1,285,619
766,055
22,168
788,223
91,625
81,444
-
81,444
881,052
827,641
25,844
853,485
972,677
909,085
25,844
934,929
822,287
-
-
-
1,135,229
(143,030)
( 3,676) (146,706)
-
21,190
(21,190)
-
1,135,229
(121,840)
(24,866) (146,706)
5,803,638 5,914,734
35,610 5,950,344
6,938,867 5,792,894
10,744 5,803,638

There were no discontinued or acquired activities during the current year.

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THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
15
Investments
17
Investment property
16
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due
within one year
20

Net current assets
Total assets less current liabilities
Creditors: Amounts falling due
after more than one year
21
Net assets
Funds
Restricted funds
22
Unrestricted funds
22
Total funds		 2021
£
£
956,962
42,702
6,054,787
7,054,451
16,642
359,537
162,301
538,480
(201,188)
337,292
7,391,743
(452,876)
6,938,867
9,569
6,929,298
6,938,867		 2020
£
£
946,285
15,415
5,259,787
6,221,487
16,642
19,200
94,753
130,595
(95,223)
35,372
6,256,859
(453,221)
5,803,638
10,744
5,792,894
5,803,638

The financial statements were prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved on 20 December 2021 and signed by:

Mr J Walsh Chair of Trustees

Mr R Walker Treasurer and Trustee

Company Number: 00428236

Page 13

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

2021 2021 2021 2020
£ £ £ £
Cash used in
operating activities (see below) (168,700) (272,937)
Cash flows from investing activities
Dividends, interest and rents from investments 239,366 194,030
Payments to acquire tangible fixed assets (49,865) (1,175)
Cash provided by investing activities 189,501 192,855
Cash flows from financing activities
Repayments of borrowing ( 3,253) (15,793)
Drawdown of borrowings 50,000 -
Cash provided by/(used in) financing activities 46,747 (15,793)
Net cash inflow/(outflow) 67,548 (95,875)
Cash and cash equivalents brought forward 94,753 190,628
Cash and cash equivalents carried forward 162,301 94,753
Cash flows from operating activities
2021 2020
£ £
Net income/(expenditure) 1,135,229 (146,706)
Depreciation 39,188 40,000
Dividends, interests and rents from investments ( 239,366) (194,030)
(Gain)/loss on revaluation of fixed asset investments ( 822,287) -
Loss on the sale of fixed assets - 301
(Increase)/decrease in debtors ( 340,337) 41,753
(Decrease)/increase in creditors 58,873 (14,255)
Cash used in operating activities ( 168,700) (272,937)
Analysis of changes in net debt
At 1 April
Cash		 Other non- At 31 March
2020 flows cash changes 2021
£ £ £ £
Cash at bank in hand 94,753 67,548 - 162,301
Debt due within 1 year ( 22,986)
(27,014)		 (20,078) ( 70,078)
Debt due after 1 year (453,221) (19,733) 20,078 (452,876)
(381,454) 20,801 - (360,653)

Page 14

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

1 ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102)- Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Merchant Seamen’s War Memorial Society (incorporated) trading as Care Ashore meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling, which is the functional currency of the charity, and have been rounded to the nearest £1.

1.2 Company status

The charitable company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. The company is incorporated in England with registered office of Springbok Farm Estate, Alford, Cranleigh, Surrey, GU6 8EX.

1.3 Going concern

The trustees consider that there are no material uncertainties regarding the charity’s ability to continue as a going concern. In reaching that conclusion the trustees have considered the ongoing impact of COVID -19 on activities and cash flows for a period of at least one year from the date of approval of the financial statements.

The trustees have considered a number of scenarios that could occur over that period. It remains uncertain when the charity will be able to fully resume normal operations and until it can do so it may generate negative cashflows through predicted loss of room hire, catering operations and reduced investment income, offset by some cost savings. The trustees are confident that the strength of the charity’s balance sheet - specifically the level of its unrestricted funds - and the various economies it has put in place will ensure its ability to continue as a going concern for a period in excess of 12 months from the reporting date. Changes to the charity’s service delivery model have also been required to ensure it continues to provide for the most vulnerable.

1.4 Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charitable company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charitable company, can be reliably measured.

Page 15

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

1 ACCOUNTING POLICIES (continued)

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources being the basis of staff time spent.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charitable company. Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements.

Costs of raising voluntary income are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the charitable company's operations, including support costs and costs relating to the governance of the charitable company apportioned to charitable activities.

Grants payable are charged in the year when the offer is made. No conditional grant offers are made.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cast model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. AII costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the charitable company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 16

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

1 ACCOUNTING POLICIES (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following bases:

Freehold property 2% on a reducing balance basis Motor vehicles 25% on a reducing balance basis Equipment 25% on a reducing balance basis

1.8 Financial instruments

The charitable company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value can not be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Investment property is carried at fair value determined annually by the Trustees, derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities.

1.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

1.11 Debtors

Trade and other debtors are recognised at the settlement amount.

1.12 Cash at bank and in hand

Cash at bank and 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.

1.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probably that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the mount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

Page 17

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

1 ACCOUNTING POLICIES (continued)

1.14 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight-line basis over the lease term.

1.15 Pensions

The charitable company operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year.

1.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENTS

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Page 18

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

3 INCOME FROM DONATIONS AND LEGACIES

Unrestricted
Restricted
Funds
Funds
£
£
Donations
13,639
-
Legacies
310,991
-
Grants
20,263
124,164
CJRS Grant
13,711
-
358,604
124,164
4
INCOME FROM CHARITABLE ACTIVITIES
Beneficiary accommodation and welfare
Rent and services
Bar and social club
5
INCOME FROM TRADING ACTIVITIES
Other fundraising activities
Camping, clay shooting and fishing
Solar panel income
ATM surcharge
6
INVESTMENT INCOME
UK Investment properties
UK listed and unlisted investments
UK Cash
7
OTHER INCOME
Profit on disposal of fixed assets
Development option agreement
Insurance claims		 Total
2021
£
13,639
310,991
144,427
13,711
482,768
2021
£
453,696
66,849
520,545
2021
£
3,563
14,166
1,789
236
19,754
2021
£
239,084
256
26
239,366
2021
£
-
20,000
3,186
23,186		 Total
2020
£
9,093
500
22,168
-
31,761
2020
£
382,590
91,927
474,517
2020
£
13,431
21,508
2,682
95
37,716
2020
£
193,634
255
141
194,030
2020
£
199
50,000
-
50,199

Page 19

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

8 EXPENDITURE ON RAISING FUNDS

Allocated centrally incurred
and governance costs
Fund raising trading expenses
Trading expenses

9
GRANTS
Grants to 10 (2020: 14) individuals		 2021
£
82,730
6,458
2,437
91,625
2021
£
3,963		 2020
£
69,731
8,410
3,303
81,444
2020
£
10,641

10 ANALYSIS OF EXPENDITURE BY ACTIVITIES

Activities
Grant
undertaken
funding of

directly
activities
2021
2021
£
£
Accommodation and welfare for beneficiaries 77,657
3,963
Gym classes
3,287
-
80,944
3,963
Activities
Grant
undertaken
funding of

directly
activities
2020
2020
£
£
Accommodation and support for beneficiaries 99,832
10,641
Gym classes
7,606
-
107,438
10,641		 Support
costs
2021
£
887,770
-
887,770
Support
costs
2020
£
735,406
-
735,406		 Total
funds
2021
£
969,390
3,287
972,677
Total
funds
2020
£
845,879
7,606
853,485

Page 20

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

11 ANALYSIS OF EXPENDITURE

Raising
Charitable
funds
activities
2021
2021
£
£
Catering
369
3,728
Social club and bar cost of sales
6,620
66,940
Property Expenses
14,245
144,032
Vehicle hire and expenses
2,715
27,448
Office administration
8,266
83,576
Legal and professional
5,695
57,584
Bank charges
328
3,319
Interest payable
1,600
16,178
Wages and salaries
35,960
363,599
National Insurance
2,650
26,796
Pension cost
755
7,629
Depreciation
3,527
35,661
Direct costs
8,895
8,149
Health and wellbeing
-
3,287
Grants to beneficiaries
-
3,963
Governance costs
-
29,163
91,625
881,052		 Total
funds
2021
£
4,097
73,560
158,277
30,163
91,842
63,279
3,647
17,778
399,559
29,446
8,384
39,188
17,044
3,287
3,963
29,163
972,677		 Total
funds
2020
£
48,683
45,192
229,589
27,031
23,008
69,893
3,276
18,301
327,127
27,339
9,222
40,000
23,701
7,606
10,641
24,320
934,929

12 AUDITORS’ REMUNERATION

Governance costs in 2021 include current auditors' remuneration of £7,000 and £2,000 for accountancy services. Governance costs in 2020 include fees payable to the previous auditors of £10,669 for audit services, £2,000 accountancy fees and VAT advisory fees of £6,198.

13
STAFF COSTS

Salaries and wages
Social security costs
Contribution to defined contribution pension schemes
The average number of employees during the year
was made up as follows:
Average number of employees		 2021

£
399,559
29,446
8,384
437,389
2021
No.
16		 2020
£
327,127
27,339
9,222
363,688
2020
No.
15

No employee received remuneration amounting to more than £60,000 in either year. Termination benefits of £36,125 are included above.

Page 21

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

13 STAFF COSTS (continued)

Key management personnel compensation

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly. The Trustees, the chief executive officer and the deputy chief executive officer are considered to be the key management personnel of the charity.

Compensation includes all employee benefits, including salaries, pension and benefits in lieu of their work as well as employer's national insurance contributions. The amount of compensation payable during the year in respect of key management amounted to £62,136 (2020: £70,273).

During the year, interim CEO services were also provided through a limited company totalling £NIL (2020: £29,460)

14 TRUSTEES’ REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2020- £NIL).

During the year ended 31 March 2021, expenses totalling £nil were reimbursed or paid directly to 7 Trustees (2020 - £1,896 to 10 Trustees). All meetings were held virtually due to Covid restrictions and taking into consideration the vulnerability of our beneficiaries.

15 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Cost
At 1st April 2020
Additions
Transfers/ (disposals)
At 31st March 2021
Depreciation
At 1st April 2020
Transfers/ (disposals)
Provided for the year
At 31st March 2021
Net book value
At 31st March 2020
At 31st March 2021		 Freehold
Motor
property
vehicles Equipment
£
£
£
1,392,789
6,000 371,712
43,217
- 6,648
-
- -
1,436,006
6,000 378,360
492,260
- 331,956
-
-
-
25,147
2,625 11,416
517,407
2,625 343,372
918,599
3,375
34,988
900,529
6,000
39,756		 Total
£
1,770,501
49,865
-
1,820,366
824,216
-
39,188
863,404
956,962
946,285





Page 22

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

16 INVESTMENT PROPERTY
INVESTMENT PROPERTY Freehold
investment
property
£
At 1 April 2020 5,259,787
Revaluation 795,000
At 31 March 2021 6,054,787

The investment properties were valued by the trustees at the balance sheet date.

The investment properties have been reviewed by the Trustees at the balance sheet date. The trustees are aware that no formal valuation has been performed since 2015 and they intend to commission one early in 2022. Trustees are however satisfied given refurbishments and levels of rental income that there is no impairment to this value.

The revaluation noted in the year represents two properties that were transferred from tangible fixed assets to investment properties during the year as their use changed. There was no attributable net book value to transfer out of tangible fixed assets.

Two properties (4 and 5 Springbok Cottages) are pledged as security for the bank loan.

17 FIXED ASSET INVESTMENTS

Market Value
At 1 April 2020
Revaluation
At 31 March 2021
18
Stocks
Finished goods and goods for resale

19
DEBTORS
Trade debtors
Other debtors
Prepayments
20
CREDITORS: Amounts falling due within one year
Bank loans
Trade creditors
Other taxes and social security
Other creditors
Accruals and deferred income		 Listed
investments
£
15,415
27,287
42,702
2021
2020
£
£
16,642
16,642
16,642
16,642
2021
2020
£
£
32,087
7,768
321,941
2,522
5,509
8,910
359,537
19,200
2021
2020
£
£
70,078
22,986
49,219
39,540
16,125
13,805
16,706
4,616
49,060
14,276
201,188
95,223

Page 23

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

21
CREDITORS: Amounts falling due after more than one year
Bank Loans
Bank loans fall due as follows.
1 – 2 years
2 – 5 years
> 5 years		 2021
£
452,876
2021
£
24,568
79,402
348,906
452,876		 2020
£
453,221
2020
£
24,190
72,571
356,460
453,221

The bank loan bears interest at 3.77% and is repayable by monthly instalments over 15 years. The loan is secured by a charge over some of the charity’s investment and freehold properties.

Page 24

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

22 STATEMENT OF FUNDS

Balance at
1 April 2020
Unrestricted funds
£
General funds
5,792,894
Restricted
Gym classes
5,726
Workshop
1,615
Holiday fund
3,403
Safeguarding
-
Roof repairs
-
Refurbishment
-
PPE
-
Covid
-
Electrical work
-
Mobility scooter training
-
10,744
Total of funds
5,803,638		 Gains on
Balance at
Income
Expenditure
Transfers
investments
31 March 21
£
£
£
£
£
1,161,455
(898,151)
50,813
822,287
6,929,298
-
( 3,287)
-
-
2,439
-
( 1,615)
-
-
-
-
( 3,403)
-
-
-
2,186
( 2,186)
-
-
-
7,450
( 7,450)
-
-
-
20,000
(11,257)
( 1,613)
-
7,130
2,480
( 2,480)
-
-
-
50,000
(40,800)
( 9,200)
-
-
40,000
-
(40,000)
-
-
2,048
(2,048)
-
-
-
124,164
(74,526)
(50,813)
-
9,569
1,285,619
(972,677)
-
822,287
6,938,867

The restricted funds relate to grants that have been provided for the purposes listed in the descriptions. All grants have been or will be spent as per agreements with the donors of the funds.

The funds group themselves round two broad sources

a. To fund activities that support residents' wishes thus gym classes, workshop, and holiday funds.

b. To fund particular property issues thus roof repairs, refurbishment, and electrical work

c. Other vital uses e.g., Covid

£50,000 received from ITF

£40,000 received from MNWB

Page 25

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE)

22 STATEMENT OF FUNDS (continued)

Balance at
1 April 2019
Unrestricted funds
£
General funds
5,914,734
Restricted
Gym classes
12,832
Workshop
1,615
Kitchen refurbishment
17,760
Holiday fund
3,403
Safeguarding
-
CCTV
-
35,610
Total of funds
5,950,344		 Gains on
Balance at
Income
Expenditure
Transfers
investments
31 March 20
£
£
£
£
£
766,055
(909,085)
21,190
-
5,792,894
500
( 7,606)
-
-
5,726
-
-
-
-
1,615
-
-
(17,760)
-
-
3,430
-
( 3,430)
-
3,403
10,000
( 10,000)
-
-
-
8,238
(8,238)
-
-
-
22,168
( 25,844)
(21,190)
-
10,744
788,223
(934,929)
-
-
5,803,638

Page 26

THE MERCHANT SEAMEN’S WAR MEMORIAL SOCIETY (INCORPORATED) TRADING AS CARE ASHORE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

23 ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2021

Restricted Unrestricted
£
£
Tangible fixed assets
-
956,962
Fixed asset investments
-
42,702
Investment property
-
6,054,787
Current assets
9,569
528,911
Creditors due within
one year
-
(201,188)
Creditors due in more
than one year
-
(452,876)
9,569
6,929,298
ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2020
Tangible fixed assets
-
946,285
Fixed asset investments
-
15,415
Investment property
-
5,259,787
Current assets
10,744
119,851
Creditors due within
one year
-
( 95,223)
Creditors due in more
than one year
-
(453,221)
10,744
5,792,894		 Total
£
956,962
42,702
6,054,787
538,480
(201,188)
(452,876)
6,938,867
946,285
15,415
5,259,787
130,595
( 95,223)
(453,221)
5,803,638

24 COMMITMENTS UNDER OPERATING LEASES

The total future minimum payments under non-cancellable operating leases are as follows:

Within one year
Between two and five years		 2021
£
11,614
13,588		 2020
£
15,583
15,196

25 RELATED PARTY TRANSACTIONS

There are no related party transactions requiring disclosure.

26 PENSION COMMITMENTS

The charitable company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable by the charitable company to the fund and amounted to £8,384 (2020: £9,222). Contributions totalling £1,537 (2020: £nil) were payable to the fund at the balance sheet date.

Page 27