## **ANNUAL REPORT AND FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 30 SEPTEMBER 2025** 

**Charity No. 208727** 



**The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **CONTENTS:** 

||Page|
|---|---|
|**REPORT OF THE TRUSTEES FOR THE YEAR ENDED**<br>**30 SEPTEMBER 2025**|2|
|**TRUSTEES’ RESPONSIBILITES IN RELATION TO THE FINANCIAL**<br>**STATEMENTS**|10|
|**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE**|11|
|**GUILD OF BENEVOLENCE OF THE IMarEST**||
|**STATEMENT OF FINANCIAL ACTIVITIES**|12|
|**BALANCE SHEET**|13|
|**NOTES TO THE FINANCIAL STATEMENTS**|14 – 19|



1 



## **The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025** 

The Trustees present their annual report and financial statements of the charity for the year ended 30th September 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102. 

## **Organisation and Trustees** 

The governing body of the Guild of Benevolence is the Board of Trustees, which is elected by the members of the charity. Members of the Board are the Trustees of the charity. The Board of Trustees meets a minimum of four times per year. The Board forms a sub-Committee or working parties from within its own membership to carry out specific managerial and organisational tasks. There are currently four sub-Committees. 

The Guild Trustees who served during the year and the dates of their election to or retirement from the Board were as follows: 

|Prof M J C Crabbe CMarScI FIMarEST|Past Council Member of<br>IMarEST|**Chairman**|
|---|---|---|
|N Darby BA FCA||**Honorary**<br>**Treasurer**|
|C Goldsworthy CEng CMarEng FIMarEST|Chief Executive of IMarEST|**Honorary**<br>**Secretary**|
|Capt. H B Andrews AFNI|||
|N D Atkinson MNM BSc(Hons) Dip Sys MGT (Open)|||
|P J Blacklock CEng CMarEng FIMarEST|Past Council Member of<br>IMarEST|From 26/03/25|
|Debbie Brown - Veteran’s Aid||From 26/03/25|
|A Campbell OBE JP MNM MSc BA FCMI|||
|JG Hindmarch CEng CMarEng FIMarEST|||
|Dr S Hussain CEng CMarEng<br>FIMarEST|Council Member of IMarEST,<br>Trustee of IMarEST|Until 26/03/25|
|Aidan Kirby – SIMarEST - Deck Cadet Officer||From 26/03/25|
|R Keuning CEng CMarEng FIMarEST||Until 26/03/25|
|M Murphy CEng CMarEng FIMarEST|Hon Treasurer and Trustee of<br>IMarEST|Until 26/03/25|
|Eur Ing Gary McKenzie CEng CMarEng FIMarEST|Honorary Treasurer and<br>Trustee of IMarEST|From 26/03/25|
|Eur Ing P S Rickaby CEng CMarEng       HonFIMarEST<br>FCMI|Past President of IMarEST,<br>Past Trustee of IMarEST|Until 26/03/25|
|Joanna SawhMSC PGDip HR Mngt PGDip Ship Mngt||From 26/03/25|
|Eur Ing E D Wilson CEng MIMarEST|Council Member of IMarEST,<br>Past Trustee of IMarEST|Until 26/03/25|



There were no members co-opted to the Committee during the year. Co-opted members offer their time to help with meeting potential and existing beneficiaries, assisting with branch events, and bringing financial expertise to the committee. 

2 



## **The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)** 

## **Objectives and activities for the public benefit** 

The charitable purpose of the Guild of Benevolence aims to assist generally in the relief of hardship for eligible applicants by making either regular grants to supplement very low incomes or by making one-off grants to assist in the purchase of items essential for the recipient’s wellbeing, essential home repairs, and cost of respite care and with debt relief. In addition, the Guild also makes educational grants available to those studying for the Certificate of Competency Management Level III/2 Engineering Knowledge. This grant is intended for anyone who might be affected by a loss of earnings, as a result of any unpaid leave from active service that is necessary to study for the certificate. 

The Guild of Benevolence also provides guidance over the phone, and where necessary arranging individual visits to claimants offering them help and guidance to solutions related to their individual problems. 

The Guild of Benevolence is a constituent charity of the Merchant Navy Welfare Board (MNWB), and frequently marine engineers and their dependents, who are in need of help, are referred to the Guild from other maritime charities associated with the MNWB.  Potential beneficiaries are also referred to the Guild by the Royal British Legion; The Soldiers, Sailors, Airmen and Families Association – Forces Help (SSAFA Forces Help); The Officers’ Association; Occupational Benevolent Funds Association and local social services departments. Recommendations are also received from IMarEST members who, in the course of their professional or social lives, become aware of hardship cases.  The Guild also advertises its services via the IMarEST and directly through the medium of maritime journals and charity directories. 

## Objects Clause 

The Guild of Benevolence exists to provide benevolent services and grant relief to necessitous and deserving persons who are specified under its Rules, namely: 

- past and present Members of the Institute and past and present Members of the Guild; 

- marine engineers who possess or have possessed STCW Convention equivalent Management (M) or Operational (O) level Certificates of Competency issued by an IMO White List - recognised national maritime authority; 

- any individual professionally engaged, now or in the past, in the marine sector as an engineer, scientist or technologist at a level eligible for IMarEST membership as a Fellow, Member or Associate; 

- the wives, husbands, widows, widowers, partners, children and/or dependants of any of the persons referred to in the preceding. 

In accordance with the Rules, the Board of Trustees is given sole discretion to decide who are proper subjects for relief and its decision shall be final and binding whether such subjects are covered or not by the descriptions in the Rules and its subrules. 

The Guild operates for the public benefit under two charitable purposes as defined in the Charities Act 2011, namely: ‘The Prevention and Relief of Poverty’ and ‘The Relief of those in need by reason of youth, age, illhealth, financial hardship or other disadvantage’ by granting assistance to necessitous serving and retired Marine Engineers and Electrical Officers, past and present members and employees of the Institute of Marine Engineering, Science and Technology, the Guild of Benevolence and their dependents by making regular grants to supplement very low income; lump sum grants to assist with the purchase of costly items essential for the recipient’s’ wellbeing and also assist with the costs of essential home repairs, respite care, essential and reasonable funeral expenses in excess of any state contribution and debt relief in accordance with its governing document “The 2024 Rules”. 

The Charity was originally set up by the Institute of Marine Engineers and the Daily Chronicle Newspaper for the widows and orphans of the Engineering Staff of the Titanic, all of whom perished when the ship sank on 15[th] April 1912. The objectives and performance the Charity undertakes are as valid now as they were when it was first established and are clearly set out in this report.  Trustees confirm that they have complied with the requirements of Part 2 Section 17(5) of the Charities Act 2011, having due regard to the public benefit guidance published by the Charity Commission. 

3 



## **The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)** 

## **Fund Raising Policy** 

Fundraising is coordinated by the Guild Development sub-committee and managed by the Guild’s Committee of Management without recourse to professional fundraisers or third-party commercial entities.  Individuals can become members of the Guild of Benevolence and pay an annual or Life donation. Donations are also received from IMarEST members, IMarEST branch functions throughout the world, companies associated with the marine industry and individuals’ response to the Guild’s advertisements in selected marine publications. The Guild also sustains a regular income through a diversified investment portfolio and is occasionally the beneficiary of a legacy in remembrance of a loved one. Fundraising is presented in the accounts under Income and Endowments.  The Trustees are aware of the UK Fundraising Regulator’s Guidance, and are confident in their ability to comply and have received no complaints. 

## **Achievements and Grants paid** 

The Guild received notice of 2 new legacies during the year and the Trustees wish to express their gratitude to their relatives for these kind and thoughtful donations. The total value of legacies reflected in 2024/25 was £600,478 as compared to £52,000 in 2023/24. Legacies are only reflected when probate has been granted on an Estate and there is sufficient information to value them and confirm the entitlement.  Donations increased, with £13,006 received from members and branches, as compared to £9,516 in the previous year. In addition, the Trustees greatly appreciate the efforts made by members of the Guild and Institute to raise funds on behalf of the Guild at their social functions and other events held throughout the year. 

In line with its charitable purpose, the Guild is currently focused on 3 key initiatives; 

##  Hardship Grants; 

The Trustees continue to take full advantage of the scheme set up by the Merchant Navy Welfare Board (MNWB) under which a trained caseworker from the Soldiers, Sailors and Airmen’s Families Association (SSAFA Forces Help) will, on request, carry out a home visit on behalf of the Guild. This may be either to help with the assessment of a new applicant, or to review the current circumstances of a regular beneficiary. This is an effective way of ensuring that all regular beneficiaries receive a home visit every three years from either a Guild representative, or a SSAFA caseworker. These home visits have identified several instances where the Guild has been able to provide much needed additional support. The Guild also uses Nautilus Caseworkers to visit new beneficiaries and to help with the annual beneficiary assessments. 

By the end of the financial year, a total of 48 cases were considered. These included 19 new enquiries. The remainder were existing beneficiaries who receive regular grants as well as several  who received a further grant to cover additional requests for help. It should be noted that the Guild Administrator also responds to a wide range of general enquiries and requests for guidance. A review of regular beneficiaries is also carried out annually, with one third being assessed every four months to spread the workload. 

The value of grants paid out during the year was £89,843 while the corresponding figure for 2023/24 was £72,261.  23 beneficiaries received a regular grant at the end of 2024/25 and the figure was 24 at the end of 2023/24 financial year. All regular beneficiaries received a Christmas bonus of £125 to brighten the festive season.  The cost of this benefit totalling £2,875 was funded from the existing funds of the Guild. 

##  Educational Grants; 

The provision of educational grants aimed at helping individuals to advance their professional qualifications in maritime engineering and ensuring that financial hardship does not obstruct their progress. This scheme which provides equitable and meaningful support through one-off educational grants of £750 (raised to £1,000 from November 2025) is aimed at aiding those pursuing the MCA Certificate of Competency Management Level III/2 in Engineering Knowledge. It also prioritises those applicants demonstrating genuine financial need due to a loss of earnings incurred during unpaid study leave from active service. In total 7 grants were paid during the year amounting to £5,250 (2023/24 £750). This represents a tangible commitment to helping individuals advance their professional qualifications in maritime engineering, ensuring that financial hardship does not obstruct their progress. 

In addition, the Guild funded £2,500 to help a Marine Engineer from Mauritius to complete her Management Level course at South Shields as she works toward becoming a 2nd Marine Engineer. A further £2,500 was also arranged through the Ray McGrath Memorial Trust to fully support her needs. This combined funding supports the final stage of her professional training, helping her advance to a senior engineering role at sea and become the first woman from Mauritius to become a Marine Engineer. 

4 



**The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)** 

## **Achievements and Grants paid (continued)** 

The Guild also recommended and collaborated with the Ray McGrath Memorial Trust who provided funding of £14,200 to a student aged 18 to support his training to qualify as a Professional Superyacht Engineer at Falmouth Marine School. This support enables him to complete the specialist education and practical skills required to enter the superyacht engineering profession. The grant plays a crucial role in helping him progress through the demanding certification process. With this assistance, he is now well-positioned to begin building a successful career in the maritime industry. 

- Mental Health initiatives focused primarily on serving Seafarers 

The Guild together with the IMarEST have published “Transforming Mental Health at Sea: A Vision for Wellbeing”. This is a practical guide designed to help ship-managers support the mental health of their crews. The published guide provides clear steps for building effective wellbeing policies, reducing stigma, and creating safer, more supportive working environments onboard. 

In addition, in order to address the mental health issues faced by seafarers and to raise awareness about the need for better support in this sector, the Guild hosted two evening events during the year. In November 2024, an event on seafarer mental health and the lived experience of men and women at sea featured seafarers sharing personal experiences of workplace assault and aims to improve the sector's record. In July 2025 a further event "Unrest at Sea" held panel discussions aimed to tackle the challenges of abuse at sea and featured first-hand testimonies from crew members and discussions to explore solutions. Both events were led by Nusrat Ghani, deputy speaker of the House of Commons and advocate for maritime mental health and closely involved IMarEST in order to demonstrate the continued need to ensure the safety and wellbeing of seafarers and the wider marine community. 

## **Financial Review** 

The Statement of Financial Activities (SOFA) on page 12 shows how the Charity obtains its funds and how those funds are used. An analysis of the incoming and outgoing resources of the Guild is disclosed in the Notes to the Financial Statements on Page 16. The SOFA shows that during the year there was a net increase in the Charity’s funds of £618,019 as compared to a £389,108 increase in the previous year. 

During the year the Guild’s incoming resources were derived from the following main sources:- 

- Donations & gifts received from Members of the Guild, plus members and branches of the Institute. 

- Legacies 

- Interest and income generated by the Guild’s investment portfolio including the rebate of investment manager fees. 

All of the items listed above gave a total of Incoming Resources for the year of £722,865 as compared to £173,249 for the previous year. 

Total Support and Administration Costs increased from £111,706 in 2023/24 to £136,348.  Details of all costs incurred during the year appear in Accounting Note 4. The Trustees are very conscious of the significant proportion of these costs in relation to the total funds available for charitable purposes and are making every effort to address this issue. Whilst the principal aim of the charity is to disburse funds to those in need, much good work is also done to provide guidance and assist clients in difficulty. Therefore, it is worthy of note that the results of work done by the Guild should not be measured purely in terms of the financial assistance provided. 

Net gain on Investments was £121,092 compared to a £404,672 increase in the previous year. 

As at 30th September 2025 the market value of the listed investments was £3,765,127 whereas at the end of September 2024 the portfolio was valued at £3,639,140. The total income and realised and unrealised gains on the investment portfolio for the year appear on the Statement of Financial Activities on page 12. 

The costs shown in the financial statements do not include the value of the voluntary services provided by Trustees and Guild representatives in the day-to-day work of the Guild. A value for this service is not included as the people who provide it do so at no cost to the Guild. However, if the Charity had to employ additional staff to carry out this work then support costs would increase significantly. 

5 



**The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)** 

## **Financial Review (continued)** 

The Trustees are still satisfied that the underlying financial strength of the Guild remains sufficient to maintain both the levels of regular support they currently award and the additional relief payments made in cases of severe hardship. Nevertheless, they realise that some restraint in the value of total grants paid each year may be necessary to avoid an unsustainable drain on resources and take great care to ensure that the limited resources are properly disbursed by providing a sensible balance between the needs of current and future beneficiaries. 

The Trustees wish to express their gratitude to all those who contributed to the Guild, especially Members of the Guild and Members of the Institute throughout the world. The committees of several branches of the Institute also supported the Guild with donations from funds raised at their social events. Companies and members of the public also made donations to further the work of the Guild. 

## **Investment Policy** 

The Trustees of the Guild of Benevolence have appointed Sarasin and Partners LLP (Sarasin) to independently manage the Guild’s investment portfolio.  Sarasin act on a discretionary basis within guidelines agreed with the Honorary Treasurer and the other Trustees in furtherance of the objectives of the Guild. In essence, the investment managers are expected to achieve the best return on the portfolio, subject to acceptable risk. As the Charity awards grants, both regular and one off, to beneficiaries, there is  a constant need for external income to minimize the amount of investment income drawn from investments to ensure adequate grant funds are available whilst maintaining a healthy investment capital into the future. 

The principal investment vehicle for our funds is the Sarasin Endowments Fund Class A INC which is a Charity Authorised Investment Fund and has the benefits of being overseen by the Charity Commission. It also has the tax benefits of being a registered charity and the ability to have an independent advisory committee representing unitholders. Additionally, the CAIF structure includes improved regulatory oversight from the FCA and an exemption from VAT on fund management fees. 

During 2024, in conjunction with the Finance and Investment Committee of IMarEST,  the Trustees conducted a benchmarking exercise of Sarasin together with 3 other charity discretionary investment managers operating multi-asset funds, to determine whether the best performance is being achieved and whether this is in alignment with the Guild’s objectives. Following this extensive review, it was recommended that the Guild continue to use Sarasin and Partners LLP as its investment manager for the next five years, when a further review would take place. 

## **Investment performance** 

In the period under report the market has been buoyant although still both challenging and volatile. Regular income generated from the Endowments Fund has been £108,059 as compared to £110,398 in 2023/24 and has continued to provide sufficient funds to enable the Guild to maintain its level of grant making. The value of the investment portfolio has grown at the end of financial period at £3,765,127 as compared to £3,639,140 in 2023/24, an increase of £125,987 (3.5%). 

During the year, our investment managers have increased the exposure to equities and alternatives whilst reducing exposure in bonds, keeping cash and property and alternatives broadly unchanged as follows; 

|**Asset Class**|**Benchmark**|**Last**|**This**|**Change**|**Comment**|**Return**|
|---|---|---|---|---|---|---|
|||**year**|**year**||||
|Fixed Income|15%|11%|8%|-3%|Reduced in favour of equities|-1%|
|Equities|70%|74%|75%|+1%|Increased|+7%|
|Property|5%|4%|4%|-|Broadly unchanged|+3%|
|Alternatives|10%|9%|11%|+2%|Increased|+20%|
|Cash|0%|2%|2%|-|Broadly unchanged|+4%|



6 



## **The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)** 

## **Investment performance (continued)** 

Sarasin’s remain positive that their balanced portfolio is well positioned in global leaders. Over the 12-month period to 30th September, this equates to a total return of 6.5% (2023/24 16.5%). Whilst this is a positive absolute return, they have not kept pace in recent months with the broader market returns and have lagged longer-term inflation targets, given UK inflation persisting at close to 4%. The companies held within the portfolio have in aggregate delivered significantly stronger corporate fundamentals, reporting superior sales and earnings growth compared to the global market, but critically they have not enjoyed the same uplift in valuation in the short-term. Sarasin do not believe this trend will persist as the operational performance of businesses tends to be the ultimate driver of shareholder returns over 10 years or more, and remain confident that the equity allocation is well placed to grow from here. The exposure to gold has remained high at around 5% of the portfolio and has contributed to strong returns from the alternative assets in the portfolio. 

Bearing in mind the volatile global economic situation, the Trustees remain concerned with the level of income generated and in the value of the investment portfolio. However, they continue to have confidence in the investment managers and their response to the economic situation. 

## **Risk management** 

The principal risks faced by the Guild lie in the performance of investments and operational risks from ineffective grant making and the capacity of the Guild to make effective grants. 

The trustees consider variability of returns on its Investments to constitute the charity’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. 

The risk of effectively making both one-off and annual grants is mitigated by a process involving an initial review performed by the Relief sub-committee as well as an annual review process. Both of which are then reviewed by the full Board of Trustees every quarter.  A full-time member of staff is also employed to assist in this matter. 

## **Reserves policy** 

There are two fundamental objectives which the Guild’s reserves should aim to achieve: 

- a) Firstly, there is the ongoing aim to continue to pay regular grants for the foreseeable future 

- b) Secondly, there is the need for funds to support the current work of the Guild in assisting new applicants and ensure that this work will continue in the long term. 

At 30th September 2025 the free reserves available for this work stood at £4,271,750 an increase of £618,019 when compared to the £3,653,731 as at the end of the previous financial year. 

For many years the Guild’s expenditure has significantly exceeded income. This is only acceptable when, over a reasonable period, the investment portfolio achieves a balancing capital growth to be realised to provide additional income. To this end every effort continues to be made to minimise non-essential administration costs. 

7 



**The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)** 

## **Plans for the Future** 

The Trustees consider it their primary duty to deliver true public benefit in the long term and maintain a proper balance between the needs of current beneficiaries and the needs of future beneficiaries. 

The Trustees are also fully aware of 

- the effects of the Cost-of-Living Crisis on both young and old 

- an increasing aging population 

- continued adverse changes in Welfare Benefits 

- the continued uncertainty in the world’s economies and 

- new beneficiaries being restricted because of ignorance about the existence of the Guild or their reluctance to seek help from charitable institutions. 

With the above in mind, during 2024 the Trustees appointed a new Guild Development Manager whose objective is to widen the Guild’s profile, increase its funding as well as seek future beneficiaries. Initial focus to-date has included the following 

- re-engage and renew the relationships and partnerships of the Guild 

- the provision of educational grants aimed at helping individuals to advance their professional qualifications in maritime engineering, ensuring that financial hardship does not obstruct their progress. 

- a number of Mental Health initiatives focused primarily on serving Seafarers 

So far the Trustees consider this strategy to have been a success and intend to extend these initiatives. The Trustees also continue to encourage the recruitment of new trustees to ensure that the Charity remains relevant to the present and future needs of beneficiaries. In this respect, they believe they have been successful with a number of new trustees recruited again in the year under review. 

## **Structure, governance and management** 

The Guild of Benevolence of The Institute of Marine Engineering, Science and Technology is a charity registered under number 208727 and was created by a Declaration of Trust. The governing instrument is the current set of the Rules of the Guild of Benevolence. 

The Charity, which was registered as a Charity on 26 June 1969 is governed by a set of Rules, which were originally written in May 1958. Since then, the Rules have been updated and the most recent set are contained in a booklet called “The 2024 Rules”, which were approved by the members of the Guild in general meeting on 12 March 2024. Copies of the Rules are available from the Hon. Secretary at the address on page 10. 

The Charity is managed by the full Board of Trustees, which comprises all the Trustees. The Board normally meets every quarter. The Relief sub-committee of seven trustees has delegated powers to grant relief in cases of emergency between board meetings. Other sub-committees that report to the full Board of Trustees are the Finance, Guild Development and the Governance and Audit sub-committees. None of the Trustees receive any remuneration for their services. Both full-time members of staff employed by the Charity attend and assist the full Board of Trustees and its sub committees. The remuneration of these full-time members of staff is reviewed and approved annually by the Chairman and Honorary Treasurer who ensure that these are affordable and fair, and designed to motivate and reward performance in the interest of the Guild. Some assistance is also rendered by officers of the IMarEST for which the Charity pays a fee. 

Trustees for the Charity are drawn from the membership of the Guild of Benevolence usually by word of mouth, but also from the publicity that the Charity receives via IMarEST. The Secretary and Honorary Treasurer of the IMarEST are ex-officio Trustees of the Guild.  Trustees are elected by the members of the Guild in general meeting for a period of three years after which they are eligible for re-election for a further period of three years.  Retiring trustees are then obliged to stand down for one year. The Honorary Treasurer is elected to an initial term of three years, after which he is eligible for re-election to a second term of three years.  Following this, he can be re-elected on an annual basis to a maximum of twelve years’ total service as Honorary Treasurer. 

8 



## **The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued) Structure, governance and management (continued)** 

To be effective in office, Trustees of the Guild need a good understanding of the role and responsibilities of a charity trustee and must be aware of the legal rules on eligibility that govern such an office.  All new trustees have their duties and legal, financial and managerial responsibilities and liabilities explained to them.  They are informed about the Guild, its vision and values, its aims, programmes, sources of income, and the context in which it operates.  They are also provided with a copy of the Guild’s governing document.  All this is adequately covered in the ‘Reference Handbook for Trustees,’ a copy of which is held by each trustee. 

The Handbook is designed to provide trustees with sufficient information to enable them to take an active part in the work of the Guild and to contribute to discussions at meetings of the Board of Trustees.  However, it is important for trustees to keep abreast of developments within the charities sector, and in particular, changes to legislation.  Trustees are, therefore, required to attend relevant training conferences and seminars, particularly those conducted by the Merchant Navy Welfare Board.  This is supplemented by in-house training should the need arise. 

## **Voluntary services received from the Trustees** 

None of the Trustees received any remuneration during the period although some may have borne a measurable and quantifiable cost because of the time they donated to the Charity. Expenses only are paid to the trustees when they are claimed and, during the year under review in this report, expenses amounting to £384 were reimbursed (2024: £446). All Trustee meetings are online virtual meetings. 

The costs shown in the Financial Statements do not include the value of the voluntary services provided by Trustees and Guild representatives in the day-to-day work of the Guild. A value for this service is not included as the people who provide it do so at no cost to the Guild. However, if the Charity had to employ additional staff to carry out this work, the cost would be very significant. 

Trustees also give their time to visit Branches and beneficiaries of the Guild wherever they can to assist in the generation of funds for the Guild or offer help and guidance to claimants, respectively. 

## **Relationship with the IMarEST (“the Institute”) and other charities** 

The Guild of Benevolence has a close working relationship with the Institute, which is an independent Charity. The Guild has certain charged services provided to it by the Institute. The charges made by the Institute during the year under review are included as part of Support Costs and Administration Costs in Note 4 to the Financial Statements on page 16. Whilst two of the Trustees are members of the Guild’s Board of Trustees by virtue of the offices they hold with IMarEST, the Institute has no overall control of the Guild.  In pursuance of its Objects, the Guild of Benevolence has working relationships with other charities, in particular the Merchant Navy Welfare Board (MNWB) and their constituted charities and through them to the Soldiers, Sailors and Airmen’s Families Association (SSAFA), and the Seafarers’ Advice and Information Line (SAIL). 

## **Independent Examiner** 

Trevor James FCA DChA FCIE was reappointed as independent examiner at the Annual General Meeting held on 26 March 2025 to hold office until the conclusion of the next Annual General Meeting. A resolution to reappoint Trevor James as the Guild’s Independent Examiner will be proposed at the forthcoming Annual General Meeting. The Trustees confirm that they have reviewed the independent examiner’s performance during the year and are satisfied that the independent examiner remains independent, objective, and suitably qualified to continue in office. 

9 



**The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)** 

## **Reference and administrative information** 

- **Registered Office and Address** 1 Birdcage Walk, London SW1H 9JJ.  Telephone: +44 (0)20 7382 2644. Email: guild@imarest.org 

- **Legal Structure and charity number** 

The Guild of Benevolence of The Institute of Marine Engineering, Science and Technology is a charity registered under number 208727 and was created by a Declaration of Trust. The governing instrument is the current set of the Rules of the Guild of Benevolence. 

- **Bankers** 

Barclays Commercial Bank, Level 27, 1 Churchill Place, London, E14 5HP 

- **Investment Managers** Sarasins & Partners LLP, Juxon House, 100 St Pauls Churchyard, London, EC4M 8BU 

- **Independent Examiner** 

Trevor James, Dormer Cottage, Old Broyle Road, Chichester, West Sussex, PO19 3PR 

## **Trustees’ responsibilities in relation to the financial statements** 

The Trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the applicable Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. 

This report has been approved by the Trustees on 23 December 2025 and signed on their behalf by: 

James Crabbe Chairman Dated:  23 December 2025 

Neil Darby Honorary Treasurer 

10 



## **The Guild of Benevolence of the** 

## **Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **Independent examiner’s report to the trustees of the Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 September 2025. 

## **Responsibilities and basis of report** 

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am both a member of the Institute of Chartered Accountants in England and Wales and a fellow of the Association of Charity Independent Examiners both of which are listed bodies. 

As the Trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act, and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner’s statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with my examination giving me cause to believe that in any material respect: 

- accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

- The accounts do not accord with those records; or 

- the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. 

- I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

Signed: 


Trevor James FCA DChA FCIE Date **:** 

11 



## **The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **STATEMENT OF FINANCIAL ACTIVITIES for the year ending 30 September 2025** 

|**STATEMENT OF FINANCIAL ACTIVITIES**<br>**for the year ending 30 September 2025**|||
|---|---|---|
|**Notes**<br>**INCOME AND ENDOWMENTS**<br>Donations, Membership & Legacies<br>**2**<br>Investment Income<br>**3**<br>**TOTAL INCOME**<br>**EXPENDITURE**<br>Raising Funds<br>**4**<br>Charitable activities<br>Grants paid to beneficiaries<br>**4**<br>Cost of providing the charitable activities<br>**4**<br>**TOTAL EXPENDITURE**<br>**Net income available for charitable purposes**<br>Movement in liability for regular grants<br>**10**<br>Net Gain on Investments<br>**Net income / expenditure**<br>**RECONCILIATION OF FUNDS**<br>**Fund balances at 1 October 2024**<br>**FUND BALANCE at 30 September 2025**|**Total Funds**<br>**30 Sep 2025**<br>Unrestricted<br>**£**<br>614,806<br>108,059<br>**722,865**<br>3,043<br>89,843<br>133,305<br>**226,191**<br>**496,674**<br>253<br>121,092<br>618,019<br>**3,653,731**<br>**4,271,750**|**Total Funds**<br>**30 Sep 2024**<br>Unrestricted|
|||£<br>62,851<br>110,398|
|||**173,249**|
|||1,924<br>72,261<br>109,782|
|||**183,967**|
|||**(10,718)**<br>(4,846)<br>404,672|
|||389,108|
|||**3,264,623**<br>**3,653,731**|



All incoming resources and resources expended derive from continuing activities. The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 14 to 19 form part of these financial statements. 

12 



**The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **BALANCE SHEET As at 30 September 2025** 

|**Notes**<br>**Fixed assets**<br>Investments<br>**6**<br>**Total fixed assets**<br>**Current assets**<br>Debtors<br>**7**<br>Cash at bank<br>**Total current assets**<br>**Liabilities**<br>Creditors: Amounts falling due within one year<br>**8**<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Provision for liabilities and charges**<br>Grants payable<br>**10**<br>**Net assets**<br>**The funds of the charity**<br>**Unrestricted income funds**<br>General funds<br>**Total charity funds**|**Total Funds**<br>**30 Sep 2025**<br>Unrestricted<br>**£**<br>3,765,127|**Total Funds**<br>**30 Sep 2024**<br>Unrestricted<br>£<br>3,639,140|
|---|---|---|
||**3,765,127**<br>557,991<br>14,278<br>**572,270**<br>11,826<br>**560,443**<br>**4,325,570**<br>53,820<br>**4,271,750**<br>4,271,750<br>**4,271,750**|**3,639,140**|
|||60,485<br>26,346|
|||**86,831**|
|||18,167|
|||**68,664**|
||||
|||**3,707,804**|
|||54,073|
|||**3,653,731**|
|||3,653,731<br>**3,653,731**|



The financial statements were approved by the undersigned on behalf of the committee on the dates shown. The notes on pages 14 to 19 form part of these financial statements. 


James Crabbe Chairman 

Neil Darby 

Honorary Treasurer 

Date: 23 December 2025 

13 



**The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **1.  Statement of Accounting Policies** 

## **i. Basis of Accounts Preparation** 

The Financial Statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) issued in Sept 2015, applicable Financial Reporting Standards in the United Kingdom (FRS 102) and the Charities Act 2011.  The Trustees have taken advantage of the disclosure exemption within update bulletin 1 not to produce a cash flow statement. The statements have been prepared under the historic cost convention, with the exception that investments are included at market value. 

The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. 

## **ii. Incoming resources** 

All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value can be measured with sufficient reliability. 

- Donations are recognised as soon as there is entitlement, and the amount is measurable, and the receipt is probable. Monies include Gift Aid based on the amount recoverable at the accounting date. 

- Pecuniary Legacies are recognised when probate is in place or when a cash payment has been received. 

- Residuary legacies are recognised when probate is granted, a copy of the will has been received to confirm the Guild's entitlement, and there is sufficient information to value them. 

- Reversionary interests involving a life tenant and contentious legacies are not recognised. 

- Income from investments is accounted for when received. 

Income from donations and grants is restricted in the following cases: 

- when donors impose conditions, which have to be fulfilled before the charity becomes entitled to use such income; the income is deferred and not included in incoming resources until the preconditions for use have been met. 

## **iii. Resources expended** 

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. 

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. 

## **iv. Accounting Estimates and judgements – Grant Provision** 

In preparing the accounts, the Trustees are required to make estimates and judgements for any uncertainties that could impact the amounts reported.  In doing so the Trustees have made assumptions as to the amount of provision that needs to be made for grant payments to beneficiaries. This provision is based on the actual quarterly grants paid in September, annualised for the year ahead. All cases are reviewed annually. 

## **v. Irrecoverable VAT** 

The Guild is not registered for VAT and all VAT incurred on expenditure is charged against the category of resources expended for which it was incurred. 

14 



**The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **NOTES TO THE FINANCIAL STATEMENTS** (continued) 

## **vi. Allocation of overhead and support costs** 

Overheads and other costs that are not directly attributable to functional activity categories are apportioned over the relevant categories based on management estimates of the amount attributable to that activity in the year. The allocation of overhead and support costs is analysed in Note 4. 

## **vii. Governance costs** 

Governance costs comprise the costs of running the charity, including strategic planning for its future development, also independent examination costs, and any legal advice for the Board. All the costs of complying with constitutional and statutory requirements, such as the costs of the Trustees’ meetings, and of preparing statutory accounts and satisfying public accountability, are also included. 

## **xiii. Investments** 

Investments in stocks and shares are stated at bid-market price at the balance sheet date. Realised and unrealised gains on investments during the year are taken to the fund in which the investments are held. 

## **ix. Realised gains and losses** 

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year-end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities. 

## **x. Debtors, cash, and creditors** 

Debtors – 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. 

Cash at bank and in hand – 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. 

Creditors and provisions – Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.  Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

15 



## **The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **NOTES TO THE FINANCIAL STATEMENTS** (continued) 

## **2.  Donation & membership income** 

|Donations<br>Membership<br>Legacies<br>Total Donation & membership income|**2025**<br>**Total**<br>**£**<br>**2024**<br>**Total**<br>**£**<br>13,006<br>9,516<br>1,322<br>1,335<br>600,478<br>52,000|
|---|---|
||614,806<br>62,851|



## **3.  Investment income** 

|Dividends from Listed investments<br>Interest on cash deposits<br>Investment Managers' fees (see Note 6)<br>Total investment income|**2025**<br>**Total**<br>**£**<br>**2024**<br>**Total**<br>**£**<br>97,217<br>97,842<br>1,803<br>4,206<br>9,039<br>8,350|
|---|---|
||108,059<br>110,398|



|**4.  Resources expended**<br>**Grants paid to beneficiaries**<br>Beneficiaries in the period<br>**Support costs**<br>Establishment costs (occupancy of offices)<br>Direct staff costs<br>Other Staff costs<br>Insurance<br>Trustees’ costs & meeting expenses<br>Postages & telephones<br>Printing & stationery<br>Subscriptions/Advertisements<br>Events and travel<br>Sundry expenses<br>Impairment of Investment Property<br>Independent Examiners fee<br>Bank charges<br>**Total Support costs**<br>**Total Resources Expended**|**Investment**<br>**Management**<br>**Grant**<br>**making**<br>**2025**<br>**Total**<br>**2024**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>89,843<br>89,843<br>72,261<br>1,800<br>34,200<br>36,000<br>28,000<br>-             92,141<br>92,141<br>76,415<br>-<br>374<br>374<br>576<br>23<br>423<br>446<br>469<br>-<br>384<br>384<br>446<br>-<br>226<br>226<br>288<br>-<br>360<br>360<br>1,074<br>-<br>237<br>237<br>1,937<br>-<br>3,578<br>3,578<br>-<br>23<br>92<br>115<br>723<br>875<br>-<br>875<br>-<br>200<br>800<br>1,000<br>1,200<br>122<br>490<br>612<br>578|
|---|---|
||**3,043**<br>**133,305**<br>**136,348**<br>**111,706**|
||**3,043**<br>**223,148**<br>**226,191**<br>**183,967**|



All grants are made either direct to individuals, or via charitable agencies, to those who are deemed by the trustees to be necessitous and deserving persons in accordance with the objectives of the charity. 

The majority of governance costs have been allocated to grant making, as this is where they spend most of their time. 

16 



## **The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **NOTES TO THE FINANCIAL STATEMENTS** (continued) 

## **4.  Resources expended (continued)** 

Support and administration costs are allocated to the relevant activity based on management estimates of the amounts attributable. 

The charity does not have any lease commitments as it uses space at the office of The Institute of Marine Engineering, Science and Technology. 

During the period under review the Guild of Benevolence was managed on a day-to-day basis by the Chairman of the Guild, the Honorary Treasurer, and other Trustees. None of these Trustees received any remuneration during the period and they were not required to bear a measurable and quantifiable cost because of the time they donated to the charity. However, legitimate expenses are paid to the Trustees when they are claimed and in the period under review. In 2025, 2 Trustees claimed expenses (2024: 2). 

||**2025**|**2024**|
|---|---|---|
|Trustees’ expenses|£384|£446|



Clerical assistance to complement the voluntary and unpaid work done by the Trustees is provided by a full time Administrator. In addition, the Institute provides financial and other administrative support services. 

## **Volunteer contributions** 

During the year the charity received no small donations from its Trustees (2024: Nil) 

## **5. Staff costs** 

|Wages and salaries<br>Social security costs<br>Pension costs<br>HMRC Employment allowance credit<br>Holiday pay difference on accrual<br>Direct staff costs as per note 4 above|**2025**<br>**2024**<br>**£**<br>**£**<br>84,979<br>64,546<br>10,240<br>6,815<br>8,949<br>6,127|
|---|---|
||**104,168**<br>**77,488**<br>(11,537)<br>-<br>(490)<br>(1,073)<br>**92,141**<br>**76,415**|



The average number of employers during the year was 2 (2024: 1.7). 

The number of staff whose total emoluments (excluding employer’s pension contribution and employer’s national insurance) for the year was over £60,000 is 0 (2024: 0). 

As the trustees of the Guild of Benevolence are the key management personnel and none of the Trustees receive any remuneration, there is no key management remuneration and benefits. 

Since the Guild is a charity, it has benefited from the Employment Allowance which allows eligible employers to reduce their annual National Insurance liability by up to £10,500. The amount claimed of £11,537 in 2025 includes some amounts claimed from prior years. 

17 



## **The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **NOTES TO THE FINANCIAL STATEMENTS** (continued) 

|**6.  Investments**<br>As at 1 October 2024<br>Additions to investments at cost<br>Disposals at cost<br>Impairment<br>Unrealised gains<br>**As at 30 September 2025**|**Investment**<br>**property**<br>**£**<br>875<br>-<br>(875)<br>-<br>**-**|**Listed**<br>**investments**<br>**£**<br>3,565,455<br>2,158<br>-<br>-<br>121,092<br>**3,688,705**|**Cash held**<br>**within the**<br>**investment**<br>**portfolio**<br>**£**<br>72,810<br>187,903<br>(184,291)<br>-<br>-<br>**76,422**|**2025**<br>**Total**<br>**£**<br>3,639,140<br>190,061<br>(184,291)<br>(875)<br>121,092|
|---|---|---|---|---|
|||||**3,765,127**|



The following investments are considered material in the context of the investment portfolio at 30 September 2025: 

|Name of holding<br>Sarasin Endowments Fund Class A INC|Market value<br>£3,688,705|Percentage<br>97.97%|
|---|---|---|



The Guild operates a Liquidity Account with Sarasin during the year to maximise its cash return. At 30 September 2025, the balance was £76,422 (2024:£72,810). 

The Sarasin Endowments Fund continued to receive rebates for its management fees, total of £9,039 for the period ending 30 September 2025, (2024: £8,350). 

The Guild holds Investment property valued at £875 at Higher Croft Hole, Spotland, Rochdale which appears to have no value and has been fully impaired during the year. 

|**7.  Debtors and prepayments**<br>Debtors<br>Prepayments<br>Legacies receivable<br>All debtors are due within one year.<br>**8.  Creditors due within one year**<br>Creditors<br>Accruals|**2025**<br>**Total**<br>**£**<br>1,346<br>1,645<br>555,000<br>**557,991**<br>**2025**<br>**Total**<br>**£**<br>10,645<br>1,181<br>**11,826**|**2024**<br>**Total**<br>**£**<br>125<br>360<br>60,000|
|---|---|---|
|||**60,485**|
|||**2024**<br>**Total**<br>**£**<br>16,433<br>1,734<br>**18,167**|



18 



**The Guild of Benevolence of the Institute of Marine Engineering, Science and Technology** 

Annual Report and Financial Statements for the year ended 30 September 2025 

__________________________________________________________________ 

## **NOTES TO THE FINANCIAL STATEMENTS** (continued) 

## **9. Related Party** 

The Institute of Marine Engineering, Science and Technology have charged £36,000 to the Guild of Benevolence during the year (2024: £28,000). This charge relates to the provision of administrative support and office space by the Institute. 

## **10.  Liability for Future Regular Grants** 

All regular grants are reviewed individually every twelve months and any new or continuation of existing grants is based on the annual review and made at the sole discretion of the Trustees. Although there is no legal requirement to continue any grant, the Trustees recognise that to accommodate any expectation in the minds of the beneficiaries and to accommodate a notice of termination of a regular grant, have therefore determined the potential liability for regular recipients to be £53,820 (2024: £54,073). 

19