Charity number. 209776 THE ROYAL ALFRED SEAFARERS. SOCIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE ROYAL ALFRED SEAFARERS, SOCIETY CONTENTS Page Reference and admlnl8tratlvo detalls of Iho ¢harSty. lis trustees and advlsws Trtt$f￿$, annual r•ptyt Indopgndent audltors. rnport 8-10 Stat•mènt of flnanelal aetl¥ltl•s 11 Balancg shoot 12 Cash flow 8tat•mènt 13 Not¢s to th• Ilnan¢lal 6tatomMIs 14-28 THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE D￿AlLs OF THE CHARtrY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 310ECEMBER 2024 Trust••s C P Wake OBE RD" FNI. Chairman S Clinch A Lev4l>Smith S Lochner JP DL A Mccourt A Park8r R Reubin D Ros8-Tomlin Watstsn FCA Charlty rgglstered numb•r (England & Wales) 209776 Prlnclpal office Head Office, Wèston Acres. Woodmansteme Lan8, Bansieay. SM7 3HB Key ManagW￿nI Personn Capl D J D Dfynlny MA rcds RN. Ch￿f Ex￿ Officer Allce Mltroi, Home Manager Kaon Goddard. Buslne58 Manager Bank•r8 Natwest Bank, Commercial Banklng, PO Box 1. 2nd Flo(￿. 2 Cathwjral Hill. GuildfNd. Surrey, GU13ZR Inv•stm•nt Manyrs Rathbones. 8 Finsbury Circus. Lon(h)n. EC2M 7AZ Audltor HaysMa¢ LLP. 10 Queen Street Pb%, Lon(h)n. EC4R 1AG Solldtors Wedlake Bell LLP. 52 BwJfor(l Row. LorKlon. WCIR 4LR THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Welcome to the 159th Annual Report and FinarKial Stalem8nts of Th8 Royal Alfred seaf￿rS. Society for tho y&ar ￿ded 31 Decemb8r 2024. Thls Annual Report pr888nts the Soc4ety's audited FIna￿l StsIBrnents fr)r 2024 and summarises Its 8cUvltias during that year. 11 is laid out in aCG0rdaw￿ with the Charities stat￿￿t of ReGommerKled Prdctice ISORP 20191 guld81inès. Besides advising subscrfbers and donors how their benefactions hav8 baan put to Use, il dexribes. for the informalion of all those concemed wlth the we￿ar8 of seafarers, the establishment administ8fèd by thé Socigty forthe benefit Df rellred seafarers and theirdèp8ndants. Al the 1Srne of signrng th08e accounts and this repcrt thr88 months after the end of the Finanaal Year 2024, Royal Alfred Is well into thè process of re51oring 0￿Upan￿ tts maximise the banefit lo 888farers of the essential modemisalion of B8fv8dere House. Tha kèy Chall￿geS remain occupancy and managomenl of Change. Work requlred to InuEase visibility of Royal fred to b8n&flciarf8s and lo seek supmfrom Grant Maker5 and donat￿nS ts bridge the gap bèbwè8n local authority fvnding and the a¢tual cost of ¢ar8 ft>r seafarers in need. con￿n￿￿. The Testoration of ￿p￿cY has damandad 8 8ubslanllal recovery of prodwtivity from both care and support staff. and thè stsff have skepped up to the ¢halleng?. 2024 prov8d to ba another (*allengiThJ but reward1￿j year as the reviews of higher level govemance, oporating model and strategy w&r8 conductad while the staff continued to delNer hvJh qualty nu￿ng and dernen￿a e2rè 8longside our sheltered housing. This work C￿￿ted the time and conditions to redu￿ the operaling deficAt and Dver time rèstora a $8nsible level of reserves and re8ilience loTrlhe Society. The oibcal p8th is to r88t¢)re occupancy. This wll maximise the b8neficiaries Bupported in the mcKlemised Belvede￿ House that provides thè facilitiès for high standard resident Centred-¢a￿ with dedicated living with dem8nfj8 SUPPOrt for seafarers. veterdns and their dewthnts forth8 next 25 years. Averagè Or￿panCY has in￿eased from 37 at the and of 2023 to 55 at the end of 2024. We will continue to work towards ￿5t￿ing Bèlv8dèrè House to averag9 annual occupancy of ￿ to 64 at a reali* PBCe. The statam8nl of going concem made later In this report ts thu8 Str￿￿glY reinforced. Royal Alfred rightly COTllmitted our reserves as nacessary lo Énsure that Belvedere House 15 fft for purFwe fvr the nexi 25 years. We now have the critical InfraslrnJ¢tur& lomoel tsurRoyal CharterobI￿￿yeS and tr) (￿linUe to suptK)rt dderseafarers, vèt8rans arKI their dependanls. Limlted quandties of prewous Annual Reports are avai18bb upon r8qtwt. The most re￿rrt Reports (xn al80 be vlewed and downloadad 8t w￿.rO alalfr6xlseafarBr5.co.uk Managgmont and Objectives of th• Soclety Tha Royal Afred Seafarers. Society is a wIsi￿1 d￿rity 1Th>)￿ted under Royal Charter. As ststed in tri8 Royal Charter. the obj6Cts oftha S(tiety are.. a) to provlde. carry on or maintain a H(¥ne or Hc*nes or HcAJdng for th8 care of aged. Inllmi or dlsabled seafarers or their %￿doW$ or d8pèndants. bl to act as trust66 or 81moner forgranting rel￿f to seafarws as defined atxjve or lo the widows or d£pèndants of any such seafareJB. ThK% function ha8 been in abeyan￿ dnce 1996. The Soctety Is govtsmed by a Board of Managemert consisting of not less than 8 nor m￿e than 18. wts)so m8mb8rs are Trustees. AJI powèrs ofth8 Society are vested In and eXe￿A58d bylhe Trustees, eX￿pt in so far as by the Charterorthe By laws Ih2y ar& èxprè&8ty réquired to be exerdsed by the Swiety in General Me8tiw. Poten￿al Trust88s arè rgcruiled laroely by Ivord of rnouth. and intrcKluced lo tha Sod&ty by an incumbent. Every candidate for mèmb8rshlp of th8 Board shall be a l and proper person" nominated by at least on8 mèmbèr of Ihe ScYAety, elected at an AGM ond may Serve for up to 3 years and further terms of 3 years if so elected. Any cOnfi￿t of Int￿S1 should be properfy deCk￿d as appropriate. Once elected, ach tnJst8è is inducted on ste al Care Home, madg fulty aware of all operallonal aspects and duties, givon the NVCO °Good Trustee Guide. or Dther ￿MilaT publication for gU￿anCelreIerenCe. bookèd on any training course con5trdored nec&%sary al the best OPPDrtunlty. All matters dealt ￿th by the Board org doaded by a &mF4e majorlty of Ihosè mernber5 present. unless the Charter or Byè- laws olherwlse provide, eath momber hawng one vote 8XCaPtlro th8 Chairman of Board meetings who has a sècond or casting vote. Th& Board 1$ responsible for ap￿inti￿￿ a Chief Exècutivè, who runs the Soaety on its behalf and is the nominated Responsibl8 Indivtdual underthg Care Act2014 foithg Carg Telvedere House and may appoint any other officers and employees to cary on the busness of the Sod&ty. Some eleTllents of the So￿ety's affairs aw 6llh6r ou180urced or draw ￿ the exporbsg of retsined (x￿S￿lI￿naes. e.g. payffAI. HR. H&S. govemance ad￿6 and monitoring. THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Belvedsra Hou88 Is subiÉeted to regular in8pgGbon from the Care Qualtty Comrnission. Th8 most recant results of the 'audits' of our e8tsblishmentfound ug to be GOOD ovwall. How the Soclety 1$ meetlng Its curmrt obje￿¥•9 The Sw1aty, then known as The BelVed￿e Instituti￿. had 8s lis orvJinal objeciNes In 1865the maintenantta ofestrablishments forthe care of aged aThJ inffirrll Merchanlseamen and thÈ pmmgon ofgranl assislan￿ lo those livlng ir thè widercommunity and in need of help. The granl-making ftjnction has been in abeydnce 1996, Wh￿ our remalning benefflciaNès were passed to the ShipWr￿d Madners. S(x>ety. AlthoWthe (2r8 ofS8afarer5 and their¢Jependants is at ourcore, th& present Royal Charter gNe5 much widar latitude as to vtho may be almitied to our Hom8s and Housing. A8 our ralson d'étre thus remwns. of cours8. the care of seafore¥s and IheiT ¢Jependanl8, il is incumbenl upon the BO8￿ of Management to ensure that our Homes and H￿￿ng are availab￿ to 811 such pgrsons, irro¥>ecbve of theirffinan¢lal situation, fft the current necessary ￿terIa. Our Royal Charter defines Seafarers kn also Include employe8s ofshipping companies. 8hip repairérs, dock areas and port authorfues, workers in Connection Mlh offsfK)re platfr>mis of all do￿rip￿0nS. and such other persons who, in the opinion of the Swety have had ¢onrtttion8 thg Sea or tho shipping Induty during Ihèlr worklng lives." Seafar8rs' and their loved ones are prforitised and support of grarht making charitses Is sought to bddg8 the gap In funding for seafarers on L(￿1 Autlwty fiJ{Kli￿ that thgs not u)v8rthe a￿al cost of care. In 2024 the Soclety eared lor 52 seatsrers in Belvedere hous8 and a further 23 in our sheltered housing. Tho assurnd delivery of h5gh dependency nursiro and I￿r￿j ?￿h demenua care r8quires ratention of suff citrnl ¢8re staff, to enable the continued availabilTty of care IL) seafarern. Our R¢)yg1 Chartsr states tmat 'any vwnL7e8 may from time lo fjme exist al any Hcmne carried by the Society, the Society shall b8 empowered io admit thereto such pers￿n5 as thg Society shall at its absoluts dlscrelion thlnk fit noiwithstsnditYJ that they may rx)t b8 sgafarers...this power shall not be exer¢ls8d by the Society untd 8 vacancy has a￿￿t*d and been unfilled by seafar&Ys for a period of 8t leaslthrèè months." FollovAng th8 reduced occupation associgted with the mdemisalon are 8 numb8T of long tèm) unfilled room& The Socioty is in the of reinworating ts engagèmenL Tha￿etir￿J and signposL'ng the maritime community to maximi5e the O¢CLJpancy by seafar8ts and th￿r loved ones. In thè re￿Very wiod long tsrm unDKut¥ed capacity, that can't yel be filled by seafarors, has begn prioriti'8ed to othgr vèterans. In 2024 the Society Gared for 13 Vètsrnns in Belvederè Hous8. Vacanci￿ are prÈswed at all Umes for seafarBrs. The S(xiety's atrairs contlnue to be gulded by wular utKlated StratbJic, Busness and Financial Plan8. In 2024 the govamance and guidanc6 to werp revlew8d lo enhance th8 Tftjstegs ab111ty to) monttor perfonrance against thelr diroction and 3￿re th8msdves that the S(vety is meetin9 its objects. This enables strong Tru518É overslghl to gnsurè that the Soaety is being well lo lakes maximum advantage of the rnodem facilities, that comply with the Carè Quality Commissons ￿quiT6ments, and ènable the delivery of hKJh quallty c8r& lo seafarers through the rÉtanNon of capable stsff. Statement of Publ1¢ Benefft The Trustses crmfirm that they ha¥e complied wilh the duty in Sec11L￿ 17 of the Charities Act 2011, in having due regard lo tho Charity Commission's General Guidart8 on Publ￿ Benefft alxl are r8p0￿.￿g thls hers as they ar8 required to do under the same directive. W8 review our aims, obiBcbves and activitses continually. This review looks at ￿at we have achièved and thè ouicomes oflhe wDtk. then assesses the level of success of eath ￿tsVity and the b8nefiis th8y havfl broughtto those peoplg forwhom are responsiblè for assisbThJ under our Royal Charter. Th& Charity Commi&gon's General GuvJ9n￿ on Public 8enofft Imentioned abova) is v8ry much usod to help us ensur& that our aims, objathe8 and activrfes rem￿￿ fL￿se)verlo average occuparw of 63 in 2027. The Finanria Plan for 2025 to 2027 has been revised lo refl8cl this. The rede51gn8d and enlarged rr>oms wth ensuite wet rTr)ms have rxoveEI wpul8rwth residents and fomlll8s. Thè redesigned layout including medical stores and nursing slab'ons combSn8d wlh the installation of a modem nurse call systèm has Imprtsvèd Staff response dmes and help￿1 mainlain our prowsion of I￿gh qualty care as restdgnt numbers havo incrga8ed. We have maintained our focus on development of liviThJ wth d8mèntia (*rB. A Sensory Room has been d8veloped and op8n8d wth grdnt support from thè Vetsrdns Foundab'on. A motrthty ￿e[￿ry Café has been establIs￿d In partnership ￿th the Surrey Heardands Integra￿ Carè ParineT5hip and Bansiead Primary Care Netwo￿. A granl from the Small Cornmunrty ProlÉ¢tS, 8UPPOrted by our c￿j￿ty C￿￿1110[￿, enabled the purchase of an inlerac1ive XTeen that wll support our rosidants Ilving with dementla and the broadorc(Ynrnunity at our monthly Memry Café. The Society wll continue lo rdy on the generosity of fellow marilime tharities rfwe are to fill the gap In Income associated wllh Caring for Seafa￿r$ who are unable to meet Ihe actual cost of their carg despite help from local authority fundlry, which In itselfis short oflhe mark. This wll rem8in the case in the neart&m as lh8 historicalty inpc¥tsnl in¢ome fmm ourinvestrnenl portFolio will remain much reduced from the 2019 high of £373,984 to approximately £20.000 to £30.000. The S()C49ty has forover ￿ years, sk)￿ fourothernational charibes. 0￿￿1 afifth of share in some 84acr&gof grgenbelt, agricultural land In Wadingham. Sumy. In February 2024 ￿ Tandridgo District Coun￿1 L(￿al Plan vlas found to be unsound by thè examining Inspector. This oombined with the updated National PL3nning Policy Framework INPFFI have pr8sentsd an opporfunity which reSU￿ed In the preparation of a new F4anning ap￿]cation. a public consultatton and agieemenl by the neighbouring and partnering 18nd own8r. Welbeckn exerused trEJr extenson fee to promote thg land and subrnitted the planning ap￿IcatIon. The SLYAety's focus for 2025 to 2027 is lo revert to wr tradiltonal po8tur8 of brea￿ng even at the end of Ihts financlal year, ith the added requirement of dBlivering a mcKlest gjrplus in ordertr> gradualty restore our reserves. This will negd lo be done care, avoiding the temptation to increase resdent fees and tenarrt rBnts kn much so ￿1 we become uncompob'tive. To deliver against thè focus on r&storing sufficient reserves. the Fundrai&ng su￿0MMIttee IFSCI of thé t￿yard will continua to work to dDierslfy oui SUPFY)rt. To conclude, 2024 has bèÉn a year dominated by the challorw of restoring occupancy and management of change. The restor0t1￿ of has demanded a substsnb.al recovery of productivity from both care and suptx)rt staff. and the stafl havg stepped up to the ¢h8llenge. The Scthty has rnaitrtained Its Services and &nèrgas Inln th8 next financial year as a conUnu1￿ goifjg Goncem. R•s•rv•È The Board of ManaJemellt Tewews the Reserves Pdicy annually. The Scoety holds reserves In orfer l() en8ur8 as far as possible that ils charltable objgctivos may be met and a goiThJ eon¢wn matntained. Total free reserves al present stand al £1.8m lincluding cashl and 8r8 required for the follo￿n9 Putposes.. To provSd& Inveslmtsnl inccrfne, Blongslde exiemal grants income. to asstslfilling th8 g8p In tha annual budget caused by the necessary sub8idising of actual nutsÈng ¢ogisfDrthose Seafa￿rS need11￿ ourhelp and vthoulthefull finandal means to pay for IL To maintain up to 6 m(wrths expenditure in reserve so as to ensure that our servkes are not WmPfDmised In the short temi. In tha wr und8r re*iew Ihis arrK)unts to £2.5m. To provide funds to meet any shortfrdll in the closed Staff Pensi￿ FuThJ. THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The arnounl of free reserves is currently Gonsidergd inadequate. The policy is to restore thern over lirne, increase the sum held lo Gover six months and then to coverthe nexifive years to increase the 5urn held lo cover8 greater period of expenditure such as twelve months and giv8 flexibility for unplanned bul ne￿Ss￿ry capital spending. statèment of Trusts•s' Responslbilitiès The law applicable to charities in England and Wales requires the Trustees to prepar8 financial statements for each financi81 year which give a true and fair view of the charity's financial activities during the year, and of its position at the end ol the year. In preparing financial statements givillg a true and fair view, the Trustees should follow best practice and.. Select suitsble accounting policies and then apply them consistently Observe the methods and principles of the most recent Charities SORP Mak8 judgments and estimates that are reasonable and prudent State whether applicable accounting standards and staternents ol recommend8d pracli¢e have been followed, subject to any departures disclosed and explained in the financial slatemenls, and Prepare the finanGial statemenls on the going concem basis unless il is inappropriale lo presum8 that the charity wll ¢ontinve in operation. The Trustees ar8 responsible for safeguarding the assets of tre charity and h8noe for taking reasonable steps for the prevention or detection of fraud and other irregularib"es. Approved by Ihg Truslegs on 27 March 2025 and signed on their behalf, by.. Ltcdr P. Wake OBE RD. Msc FNI RNR Chairman Capt D J D Domlny MA rcds RN Chièf Executive THE ROYAL ALFRED SEAFARERS, SOCIETY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ROYAL ALFRED SEAFARERS, SOCIETY Oplnlon We havo audltod the financlal statomellts of The RoyalAifr8d SeafareTS' Sodetyforth8 year ended 310Écember2024 which comprise of the Statement of FlnanrAal Activities, Ihe Charity Balan￿ Sheec the Cash Flow Statement and notes to tha rinanda ststemenls, including a ￿mM￿ry of ￿gnIficant acwinl'rwJ wAia2s. Th8 ffnarKtal reporting framework that has been applied In thèir preparation is applHxble law and Kingdom Accounting Standards, includlng Flnancial Repoiting Stsndard 102 7he Financlal Repi¥liry Standanl applt&gbl8 in the UK and Repi4bliG ol I￿land Iunked lQngdom GeneTrlly A¢¢epled Ac¢x)unting Pradcel. In our oplnion, thg finandal slatements: give a true and fair view of the state of Ihe Charitys affairs as at 31 D￿ember 2024 and of the Charitys nat movement In funds for the year then èndèd., have baen properly prepared in a¢o)rd8nc8 with Unlted Kingdom GerErally Accaptèd AC￿￿ntIr￿ Practi¢e', and have baèn prepared in acC￿danCe the tequir8m8nts of the Chaiibes kt2011. Basls for oplnlon We hava been appointed as auditor und8r section 144 of Iho Charfties Act 2011 and r8POrt in accordan￿ with the Act and relevant regulatlons made or havlng effEct thereunder. Wè corNkJcknJ our audii in ￿)rdaNCe wlh Intemauonal Stsndards on Auditiro IUKI IISAS IUK)) and applicable law. Our tsswnstbilibes under those standards are further de8cribed in the Audilof$ respons￿IlIties for the audlt of tho statem8ntS 88clion of our rewt. We are indspendent of the Charfty In accordance with the ethical requir&mants that a￿ resevant tD OtTrr audit of the financial statements In the UK, irTrduding the FRC'S Ethlcal Stsnd8rd, and we have fUlfil￿d our other ethKal responsibilities in 3ttordan¢e with Ihese i¢quirgments. We believe that thè 8udil e￿den￿ we have obtained is sufildènl ar￿ appropriate to a basis for our oplnion. Conclusions rglatlng to golrtg cone•m In auditing the financial statements. we hav8 conduded that the Tru8tees' use of thè golng concem basls ofa¢counling in the preparadon Dfthe finandal stBtements is appropriaie. Based on the work w8 have perfomied, we have rKJl identifi6d any rnaleriaj uncertainties relating lo events or conditi￿S that, individually or GollectNely,. may cast ￿gnIficant doubt on the Charivs ability to conUnu8 as a go]r￿ cOr￿ern for a ptsriod of at least rnonth8 from when lh8 fin8nLaal 3tatements auttrv)rised for issu8. Our responsibS11ti8s and the respon$biltbes of Ihe Truste85%54th respectto goiryd concom ar&describ&l in tha r818vants8c￿c￿s of thls ￿port. oth8r Inft)rmatlon Th& Tnjstèès are responsible for the other infomialion. The other infomiation comprises the Inforn7ati￿ indu¢Jed in th6 Trustees, annual report. Our opinion on the financkal stat8mgnls does nolcoverthB Other information aNI. èxceptto the extent olherwise explic4tty stated in our rép￿1, we do not expross any foffli of a&%uran¢* condusion thereon. In connection wlth our audit of the finarrial statements, our resIx￿SIblIIty is to read the other Information and, in dolng so, considar whether the other information is malerialty in¢x)nystent wth the fingnryal statements or our knowl8dg& obtainèd in the 8udlt or otheThwse appear5 to be materially mi>aled. If we Id￿tify such material incondst8ncltrs or apparent malgd81 rnisstalements. we required lo detem1inewhe￿rthe￿ is a maleri* fflis5talgmentin th&fina￿tal Slalements or a material misststement of the othèr infomial'on. If: based on the work ￿ have perfomed, we corTrdude that there Is a malorial misslalernenl of this Dther infomiation. ￿ ar¢ required lo re￿rt that ￿t. We have nothlng to TBPOrt in this ward. Matters on which are requlred to rèport by exception W& have nothing to Teport in respest of Ihe followng matt&rs in rdation lo ￿1¢h th8 Charibes (Accounts Reports) Regulafjons 2008 requi￿ us lo rwjrt to you rf, in our opinion.. dequalg accounting record5 have not been kgpt by the Charity. or sufvent accounting records have r￿t been kept., or the Charity finanoal statements are not in aareement wilh the accounurtg ￿ordS and retums., or we have not re￿iVed all thè inft>rmalion antl explanations we require for our audit. THE ROYAL ALFRED SEAFARERS, SOCIETY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE ROYAL ALFRED SEAFARERS, SOCIETY Rosponslbllltles of truslees for the financlal ststemènts As 8xplaln6d more the Trustees. res￿SIbil￿e$ statemerrt set out on pago 8, the Trustees arg ￿sPonsIble for the preparation of the financial statsments and for beSng satisffed thatthey gfve a true fairview, and for such Intémal control Ihe trustees deternwne is n8¢e8s8ry to the preparation of finarKlal statements that are fr8e from matsrial misstslem&nL whether due to fraud or 8rror. In Prepa￿n9 th6 financAal statements, the Tru¥lee8 are responsible forassossitvJ th8 Charity's ablllty to continue a8 8 golng concem. disclosing. as applicable, matters related to golrKJ concem and using thg going concem basis of accounbng unl888 the Iruslees either Intend to Ih]uidale th& Charity or to eease operdlsons. or have rN) real&slc altemative but to do 80. Audllor'8 rèsponslbllltl•s forthe audlt of the financi41 statemenis OUT objeclv8s 8ra to obtain reasonab￿ assurancg abtsut whether the fmanThal 8tst8monts as 8 whde are free from matsdal misslal8mgnt, whelherdue to fraud or gTror, and to issu& an audilorfs rem that Includ￿ ouropinlon. Rea50nabl8 a$8uran( is a high level of assurajxe, but is not a guarantè& th8t an aLMltt conducted in awL)rdan¢e ISAS IUKI will ahN8yS del8cI mat9rfal misslalement ￿en It exlsts. Misstatern8nts can arise from fraud or error and ar8 (x>nsid8red material if, individually or In the aggregala, thèy coukl reasonably be expected to Influen￿ the decisions of usors taken on thg ba&s of these fjn8n¢lal stat8mènts. Irregu(ariUe8, incjudwig fraud. are Instar￿S of non-Cr￿DI18nc￿ I￿1h laws and regulatior￿. We deshJn procedures in line with our responsibilities, ouUln8d atK&ve, to detect Materi￿ misststemerts in respect of irregularitiés, Induding hzud. The extent to which our pr(wlurGS arè (apable of detecting irr8gulartbes. indudThig fraud is detailed below.. Based on our under3t8ndHy of Ihe Chartiy and the enwrorhmènt In whlrj) it opwales, we kJ8ntTfied that the prfnclpBI rfsks of nonthcompliance with laws and regUla￿onS rdated to the Car& Stsnd8rd$ Act 2CX)O and the Care Quallty Commission ICQCI {RegIstra￿n) R￿ulalJ0n5 2009. and we conydered the extwrt lo whit* non-compliance mvJht havè a material effect on the financlal statements. W8 al￿ con&dered those lawB al￿ regulab￿S that have a diwt wnpa¢t on the preparation of the finBnclal slatements such as thfy Charilies Act 2011. We evaluated management's inten￿VeS and opportunities for fraudulent wnanipulation of the finan¢ial stat8ments, induding the risk of oveThide of wntrols. Audit prc￿dUreS performed by the engagement team induded.. Dlscusdons wth managemenlincluding corhwderallon ofknown orsuswl8d Instances ofrK)n-complianGe wrfch laws and regulations and fraud., Roviewng the ¢ontrols and proCedU￿S of Ihe Charity to en￿re these were in ￿ace throughout the year, includirtg during r8mOt8 working; Evaluating managemenys ¢x)ntrols deslgned to prevent #nd detO¢t irregularibes.. Rgviewing and tesb'ng joumal 9ntries m*le In the year. particularly tho% made as part of the yèar-end fln8ncial reporting process., Challgnging assumptlons and jvdgements rnade by managgnent in th￿r cribcal &tounlng estimates including the valuation of thè donated land held wthin inveslments- Reviewing minutes of maètings.. Rewewlng the assumptions and ju¢*Nnants use(J by the ￿￿0f￿Onal actuary In relation to the Soclety's pon8ion as$&l. Because of the inherenl limitations of an audiL there is a risk that we wll not detect all irTegularfU6s. induding th058 leading to a material misststernent in the fflnanrAal statements or n(*pcom￿lan¢e regulation. This risk Incr8as&s the more that mplianc9 With a law or regulatlon Is ramoved from the events and transactlons reffected in tho financial statements, as wg will be less lli (ety to be¢oma awar8 of instances of non￿Mpliance. The risk Is also greater r8g•Tding irregularities occurring due to fraud ratherthan error, as fraud involves intentional wnc8almènL forgery, collusion, omission Dr rni5representation. A furthar description of our responsibilths for the audtt of the fin8nL?al statements is kncated on th8 Fhn8nclal R8portlng Council's w¢bsite at.. www.frc.o .uklaudtior5r@S bilities. This description foms part of our auditorfs r8porL THE ROYAL ALFRED SEAFARERS, SOCIETY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE ROYAL ALFRED SEAFARERS, SOCIETY Use of our report This report Is made Solely to the charty's trustees, as a bcty, in accordarth with 144 of th8 Ch8rfd88 Aet 20118nd ragulauons made under secl'on 154 of that Act Our aU￿t work has been und8rt8ken 80 th8t we rnight stsle lo the Charity's trustees those matters we are required lo stste to thern in an Auditorfs rBport and for no other puw0￿. To the fullest extent permitted by law, we do not accept orassurne responS￿l￿ty to anyone otherthan th8 charity's trustees ag a body forour aLKIIt work. for this ￿port. orforthe opinions we have formed. Hy'- HaysMaG LLP Stslutory Audltors 3 April 2025 H8y8Mac LLP Is elKJible to act as an audrtor In tem)s 0f￿tion 1212 of the CoTnpanies Act 2006. 10 Qu8en Stmat Pi8¢e Lond EG4R 1AG 10 THE ROYAL ALFRED SEAFARERS, SOCIETY STATEME￿[ OF FINANCIAL ACTIWTIES FOR THE YEAR ENDED 31 DECEMBER2024 Unrnsthctèd funds Restrlcted funds Totsl 2024 Total 2023 In￿m0 from: Donations and legaci&s Charftable actNities Investrnen18 571,539 4.408,231 28.104 7,766 579.305 4,408231 28.104 347,149 2,703,907 106.319 Total Income 5.007,874 7.766 5,015.640 3,157,375 Expenditur• on: Rai81ng lund& Voluntary income Inv8stmenl mana3erfs fees Charitable actirf￿es 2.S25 92,625 6.68e 5,298,823 65,024 14,205 4,599.815 5.293.968 Totsl expendlture 5.393.279 4.855 5,398,134 4,679,044 Not incomel lexpendlturel {385.405) 2,911 1382,4941 (1,521,669) Galns l {lossesl on invesbnents 42,429 42.429 175,643 Net movèment in funds Tiansfers (342.9761 2.911 {340,065) {1,346,026) TOTAL FUNDS AT 1 January 2023 13.931. 1,348 13,933,308 15,279,334 TOTAL FUNDS AT 31Decem￿r 2024 14 13.588.984 4.259 13,593,243 13,933,308 All ￿tIvitIes rolate to continulng 0pwati(￿. The notes on pages 14 to 28 fom part ofthw financi81 *tements. Full cornparative ftgures for the year ended 31 Decembèr 2023 are shovm in nots 18. THE ROYAL ALFRED SEAFARERS, SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note FIXED ASSETS Tangible assets Investments 11,848,664 1.436,584 12.162,127 1.629,683 13,285,228 73,791,810 CURRENT ASSETS Debtors 313,989 387.583 170,851 273,289 Cash at bank and in hand 701,572 444,140 CREDITORS.. Amounts falling dug Wlthin one year 1393,5571 1302,6421 NET CURRENT ASSETSIILIABILITIESI 308,015 141,498 TOTAL ASSETS LESS CURRENT LIABILITIES 13,593,243 13,933.308 Defined benefit P9nsion scheme asset NET ASSETS INCLUDING PENSION SCHEME LIABILITIES 13,593,243 13,933,308 HARITY FUNDS Restrlcted funds 14 4,259 1,348 Dèsignated Funds Fixed asset fund 11,848.664 5,367 12.162,127 6,272 Othèr 11,854,031 12,168,399 Gèn•ral funds 1,734,953 1,763,561 TOTAL FUNDS 13,593,243 13,933,308 The financial statements were approved by the Trust605 on 27 March 2025 and signed on th9ir behalf, by.. C P Wak8 OBE RD. FNI Chaiman Capt D J D Dominy MA rcds RN Chief Executive The notes on pages 14 to 28 fom part of these financial statements. 12 THE ROYAL ALFRED SEAFARERS, SOCIETY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Not ¢a$h provlded byl{usod In} op8raVng athti le 153,4971 11,430,346> Cash flows from Inwstlng actlvlle8: Interèst frorn investmants Purchas& of Invosbnents Pro￿0d8 from sole Df Investments Purchase8 oftsnglble flxed assets 28,104 {286.4221 501,970 195,8611 106,319 192,1031 4,265,635 12.905,0581 Ntrt cash provlded by In¥￿tIng act5vltles 167.791 1,374,793 Change in cash aTKI LX8h equlvs1￿ts in the year 114,294 155,5531 Cash cash equivalents broughtfoThRrd 273,289 328,842 Cash and cash equlvalents ￿T￿¥d fo￿ard 387,563 273.289 A Analysls of changes In net cash funds At l January 2024 At 31 Decembor 2024 Cashflows Cash at bank and In h8nd 273,289 114,294 387.583 Total c8sh and cash equivalents 273 289 13 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES l¢ontlnu•dl ACCOUNTING POLICIES The Roy81 Alfred Saalar8rs' So¢i8ty is a ¢harity eytsbligh￿ by Roy81 Chartgr al￿ règistgrgd with Tho Charity Cgmmisson in England and W81gs. registergd numb8r209776. The registered offic8 18 shown on pa98 1. 1.1 Statsmwt of compli•nce The finan¢ial staloments have bean prepa￿ und9rthe historical wst convention th Items wcognl$&d 81 CO81 or transact￿n value Ullle￿ otherwise stated in the relevant notes lo th8se accounts. The finan￿al 8tatsm8nts have been prepared in a￿x)rdanCe ￿th Accountuig and Reporting by Charilies.. Statement of Recomrnended Pra¢li¢e appl￿ble to (*arrlies preparing th￿r acLuJnts in aCCordar￿e with the Financial Reporting Standard applic8bl6 in tha UK and Rewbft of Ir$18nd {FRS 1021 {Chaiiti'es SORP} effective 1 January 2019 and the Chariti88 Act 2011. The Royal Afred SeafareTS' S￿iety ￿nstItU￿ a public ben8fft entity as defi￿d by FRS 102. 1.2 Golng Con¢•rn The Society's affairs continug to guNJed by regLAarty updated Slrdtegic. Busness and Financial Plans. In 2024 tho Guidance forTruslee8 and the Ex8<￿tive Team was reviewed to provKle the hvJh8r level frarnework to guidg thè good govamancè ofth8 s￿l￿ty 8rtd the day to day operations10 rn8et ourch8ritsbl8 objeetryies. Key policies Ihal were revised included.. The Risk ManagenEnt Poltw,. Finan￿ Poliuy., Finanaal Responsibilities, Controls and Piocodures within We8ton ALYe8.' Investmenl Policy.. Ethos and Operational Values Policy. The High Level Operating Model was c(Klified and a new immediate stralegy"Survwe lo Thrivg" was adopted lo create Ihg tim9 tr) restorè ra￿l￿n¢9 ￿10￿[￿ the completion of the essential fflodemisation of Belvedere HOU￿ in 2023. It airns to estsblish thé tonditions to rnove to the fotbw on strategy Thrive a Passage to 2035" This rew5ed direction and strategy will enhance the Trustees ability to mnitor perfomiance ￿1n81 their direction and assure themsofves that the Sooety is beiTrJ well Tun so that it takes Ma￿muM advant￿8 of the modem f￿slitieS, that comply the Care Quality Commisson's requirements. aThJ enable the delNery of hvJh quallty care lo seafarers through the retenlion of capable staff. In 2024 the so￿ety created the time and condibons to reducE the operatiro deficrt and over the medium temi restore a sonsilrfe level of reserves and resI￿n<% to the S(riety. In temis of movirvd towards the next phase of the strategy "Thrfve a Passage to 2035. we a￿ close to meetiNd the Conditi¢￿5 requlred tr) tran&tion in 2025. We will continue to work tovrdrds restorlng Belvedere House trj average amual occupancy of 60 to 64 at a realistc pace. Positwe perfomiance in 2024 saw an Incr6as6 In average occupancy In Befvederè House from 37 in 2023 to 55 al the end of the year. Tr Soaety ddiv8red 490.680 hours of Ca￿ compared to 324,120 Sn 2023. The average occupaw in our shdtered aeeomftK%latson irthasad to 20 compar8d to 15 In 2023. A key lesson learned In 2024 is that Ghanges in market that tesult in shortor stsys and higher chum have Tngant that restoradon to occupancy of 64 is more d)allerying than previousty predicted. The￿fOre lh8 Swiety ha8 rèvlsÉd Its amb￿lOn r8garding n8t gain lo 8 more realistic targeL In line with the revised 0￿rat[ng Mode5 this ft￿ns 8imlng to rg¢ovér to ¥veragg 0(tupancy belween 60-64 wth 213 Full Fee Paying and 113 fund8d by the Local Authority. The aver8ge (Lcupaww target for 2025 is 59 with an amlxlion lo recover lo average 0￿upanCY of 63 in 2027. The Budget and Financial Plan for 2025 to 2027 have been revised to reflect this. This rewsed approach corn￿ned wth a finn contrd over expenditure ensu￿ that thè Society remalns ffinanclally sound and well positioned to meet any operdtional ChaI￿ngeS in 2025. The Society is considered by the Board of Management to be a going concem forthe forthwning year and the foreseeable future. 14 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AccouKfiNG POLICIES {¢On￿nu0d) 1.3 Fund •¢¢ountlng General funds are Unres1￿ thjnds which a￿ avaIlal￿9 foruse at th8 dlscretlon ofth8 Trustees in furtherance of the g￿8r81 obj8CtNes ofthe charity and have not be￿ designaknl for other txjrposes. D8signated furK1s compris6 unrnstiicted fvnds that have been sel aside by the Truste8s for partlcular purpDs8S. The alm and use ofeach d6sKJnated fund 18 Set out in the notes to the financlal statements. Reslricled funds a￿ funds whlth are lo be used in accordanc8 with 6peGfiG restrlctiong Imposed by donors or whlch have been raised by the d)8rfty tor parbGular purposes. The costs of raisi￿ and admlnistering such funds ar8 charyJed against the spectfic fund. The aim a￿1 use of e8¢h reslrKtsd fijnd is set out in the note5 to th& flnBncial statements. 1.4 Income I Income 18 recognlsed once tha charity has ￿ent to the income, it hs wobable that the Income will b& re¢aved and th8 amount of irKome r￿e1Vable eAn be Me&su￿ reliably. For legX￿s, enthlèment taken as the eaTI￿r of the date on whith 8ither.' the chartty ￿ aware that probate ha8 i￿9n granted. the estste has beon finalised and ￿lifiCatiOn has t*en made by tt)e executorfs) to the Trust that 8 distribution will be made, or Wh￿ a distributi{￿ is received from the estate. Rècèipt of a legacy. In whole or In part, is onty consder￿ probable Ythen the amount can be measured ￿lialty 8tKI the charity has been notified of th8 ¥xecutorfs intèntion ID make a distiibution. Where legacies hav8 been not5￿￿ lo the charity, or the charity Is aware of the granD"ng ol probate, the criteria ft>r incorne recognition have not been mel then the legacy is treated as a contingent assol and dtsdosed rf material. IncL￿O tsx recoveral￿ In relation to inves1menl in¢omo is rewJni*l at the tim the Investmthtt Income18 receivable. Incomè from nursing home lees arKI I•￿nt rentals 15 recognised In the perfod to whth the income related and any arnounts received in advance for future ￿riOdS is canl8d forwards as deferred income. Income from donations and grants Is re￿JnI￿1 vthen the thartty has en￿￿&meTrttO the fvnds, any porfomiance conditions attached to the grants have b8èn met, f( is pYob3ble Ihat the ￿)cOme wlll be r8c8wed and the amount Gan be measurèd reliably and is notdeferfyd. Govemment grant inccffle paid under the Cor￿￿ruS Job Rotention Schem8 ICJRSI has been recognisad In tha Statement of Nnancial Activities in the peri￿ to which underfyirKJ fvrfoughed siaff o08ts relate trj. Interest on funds h&kl on deposyt is induded when r￿￿able and thè amount can measuréd r811ably by the charity. thls is normal￿ upon r￿ti￿G￿￿on of Ihe interest pald or p8yaNe by the bank. Dividends recognised once thè diwdend has been declar8d and notification has been reG￿￿ed of the divldend due. This is nonnalty upon r￿)￿fiCatIOn by our investment athsor of the dI￿deftd yleld of Ihe invesbnent portfolio. Donated1andlassets are recognised at the falrvalue at ihe (late received. Where there is no reliabl8 e8Umate of the falr valu&. donated larKYassets w￿11 b8 rwnised onty orte this valu8 has beon establlshed. 15 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES {eontlnuedl 1.5 Expondllu Expèndttuffj is reCogni￿d once there is a or constr￿tI¥& obtsg8tion to transfer economlc benèfft to a third Party, It Is prob8bl8 that a trdnsfer of ￿noMiC beneffts will be required in settlernent and the amount of tha obligation Can b8 measured reliably. Expendlture is classfied by actiwty. The costs of each activity ar6 mada up of the totsl of direct cx)sts and shar&1 costs. Induding 8llPPOrt costs inVo￿ed In undertakSn9 each 8¢tivlty. Dlro¢t Costs 8ttribulable lo a single actiwty a￿ Bll(Kat8d dlrècty to that actmty. sha￿ costs which contrlbule lo mor than one activty and support costs ￿lch are not attribulable tl) a sirty aclivity are apportioned between thos acdvltlÉs on 8 basis consistent wth the use of resources. Central *aff costs are allocated on the basls of thnè s￿nt, 8nd depreciab'on charges all(￿ted on the portion of the &sseVs use. Fundrai8ing costs are those in se8knryJ voluntary conlributions and do not Indude the wsts of dlssèmlnating infomiation in support of Ihe tharitsble a¢b￿98. SUP￿ costs are those costs Incurred dire¢lly in support of expenditure on the obJe¢ts of Ihe tharity. Gov8marKe o)sts are Ihose incurred In connÉeli(>n with admlnlstration of the charity Bnd compl[ar￿ valh (x)nststu1i￿al and statutory requirements. Cost$ of generating funds are costs inwrrgd in atbw4irwJ volurrt8ry income. and those Incurrèd In managing Investments Ch8rit8ble actNilies and Govemancè costs costs incurrell on the chaNty's operabons, including support costs costs relat'ng lo th& govemarth of thè charity 8pfxMtioned lo chaTitable aclwlies. Al expendrturo is Inelusivé of irrecoverable VAT. .6 Tanglblo fixed assets and (knpr•clatl¢)n All assets wsting more than £7."5tKJ are ¢2iNtalk4d and dèptsciatgd. Improvements which enhar￿ the luture 8¢onomic kEneffts ofthe propety or extend (werall useid life a￿ caprtalised and arè fuuy vnitl8n off over the axpÉet8d useful life of the woperty. Tangible fixed assets are carried at cosl n8t of and any prOM￿On for Impalmient. Dep￿￿tIon Is provided at rdtes calculated to Yrtite ¢)ff tho ¢y)8t of fixed assets, kss thelr esllmated residual value, over thelr 8xpecled useful lives on Ihe followrvJ bases". Computer and IT Fumiture Equlpmènt Motor vehides Freehold Buildirws Freehdd Land 33.3% per annum 20 /0 per annum 50°A per annum estimated useful Ilf8 of ass8ts- g8nèr81ty ￿ years none 1.7 Investsm•nts Flxed asset Investrnents are a form of finan￿al inslnjment and arè Inltially recognised at their transactlon cost and subsequen￿Y measured at fairvalue atthe Baiant%shè8td8t8. unl88s fairvalue cannot be rneasured reliably n whlch ease it is ￿EaSUred at cosl less impairrnfjnL Inveslrnenl gaIr￿ and losses, whether reallsed or nreallsod. ara ts)mbined and shtyml In the hea(ling'Gainsllk)$59sI on inve8tmerrts' in the Statement of fin8nclal tivi11gS. The valuafr'on of freehold la￿1 was carried out by 8 Charte￿ ￿r¥eY0r and t5 valued Bt Its Exi8tiry Use Value IEUVI based ￿ agricultural values. The land was last revalued in 2019 when ilwBS racognlsed as an investment prop8rty. The Truste&s do not con&derthattho value has materially changed since this date. No dèpr8ciats.on is provided in respect of Ihls land. 16 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (conUnuod} 1.8 Intwe$t rncelvabl? Interest on funds hdd on de￿￿tt is Indudod vthen rei*ha￿e arKI the aTnount can bg m8asur8d rgliabty by thè charity,. this Is nomalty fK)tifM2tion of the interest pakl or payable by the ban 1.9 Flrtanclal Instruments Th8 chartty onty ha3 fina￿la1 a￿ts and finanoal 1kibil￿&S of a ￿nd that qualify as basic financlal instruments. Basic fina[￿al instnJmw)ts are inHlally r￿nISed al tr8nsaction value and $ubsequenly m8asur¢d at thalr 8etUement valu8 the exception of bank loans arg wbswutrndy meaSU￿d al amortised cost uslng th8 effe¢tlve intsrest metlKKI. D•btor8 TT8d¢ and othardebtors ate recognh8od at the sowementamount after any trade discount offered. Prepayments are Valu￿ al the amount pr&paHI net of any tr￿6 dlxounts due. Cash at Bank and In hand Ca8h at bank and in hand includes cash and short lemi hwJNy IiquKI investrnenls a short maturty of three months or less from the datè of acqui5ibon oropènirYJ ofthe dèpogt or gmilar account. Llabilitl•s and provlslons Liaknlities are reLowised wh¢n there 1$ 8n obligation at Ihe Balance shaèt date as a result of a past evènt. il is probable that g transfer ofewnomic benefitwH bè required in setuement, gnd the amunt of the setUem8nt can be estimated reliably. Llabilthes are r8cognised at tho anThJunt that the charity anbcipates it wll pay to S8tt19 tha debt or the amount il has recewed as athanced Wdyrwts for the goods or servKes it musl provlde. Provisions are rne8sured at thè best estimale of the arrK)unts requlred io selve the obllgation. Where thÈ Éffect of the tlme value of money is material, pmwsion is based on the present value of those amounts, disoounted * the pre-tax discount rate reflects the risks swrfic to fv liabilty. The urwndlng of thè discount is recogni8ed ithln intsrèst payable and ￿milar chaw. 1.10 P•nslons Tho ¢ost of pr(wlding pensions for èmpkJyee5 is charged *Jainst lh& Statement ol Financial ACtiV￿e8 over th average womng lives of TY￿berS in &cotdanc8 with the reGommerKlation oftt* p8nwon s¢heme aotuary. The pension scheme is a definÉd benefit %heme thè 8ssets of vknlch are held Ind9p8ndenUy from the assèis of the The SoGiety alw ¢ontritrKrtes lo the employees, grDUP pension thme. The contnl)utknns are held in fvnds held independenty of thè Soc49ty'8 asseis. The Society has fvlty imt)krnented the requirwnentof FRS102 rdalng to 8mpbyee bengfts. The s¢h8me surplus is not recognised on the Societys baLince sh8eL THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES {contlnuedl 1.11 Crltlcal acrountlng estimaie8 and ar•as of Judgèm¢nt Estlma188 and judgements are continu8lly evalu8bJ and are based on historf￿1 8Xpèt1efj￿ and other factors, includlng &xpo¢tstions offvture events that arv be￿￿¥￿j to be reasonable under th8 clrcumstancas. Crtbcal ac(x)untir4J estimaies and 8ssumptiM8: Th8 eharity makes esumates and assumptions concemirvJ the fviura. Th8 resutttng Èc¢ounling estimates and assumptions will, bydefinrtion, selth)m ¢qual Ihe reLgted ￿tUal resuts. The estimates and 8S8umptions that hav& a s￿￿1￿cant risk of causing a matarfal adjustment to the caThwng amounts of assets and liabilthes wthin the next fin8wKial year are discuSs￿j b81ow. In thè (yinion of the Trustees Ihe main 95b.mate and assumption that may h8v8 a dgnificant risk of causlng a rnalerial adjustment to the carrwThJ amounts of assets and liabilthes wlthin tha next finanoal year are in relatlon lo Ihe u8eful life of fixed ass8Ls. 4r8 written off in ￿rdan￿ wrth the depre¢l8lon poli￿e$ sel ￿J1 in not8 The valuation of the pensSon gKhetng a55ets and liabilities iscanl&l by thé ￿herne aduary based on varfou$ assumptiijns and estimates. D8t8ils are gwen in Note 12. Tho valuation of donated l￿d Is caryietd out by 8 thartered suNeyor based on vari¢X￿ assumptions and 8stim8tè8. The amounts recogniwl in these ac(x)unts hav8 been estimated bosad on currtnt agricuKural values and future plans of the Chartty. Futher details are gwen in Nole 1.7 abov&. 1.12 Employee beneffts A liabilty is ￿OgnIsed for any DverlTme hours earned duriTrJ the yèar which 1$ 8¢¢rued at the Balance Sheet dale and carried forward to PBriots. This is Measu￿ at the hourfy rat8 of thè overtime worked. 18 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM DONATIONS, GRA￿ts AND LEGACIES Unresirfctgd Rostrfcted funds fund$ 2024 2024 Total nds 2024 Total funds 2023 DonatJon8 Donations 15.5(￿) 7,766 23,266 58,794 Leg#¢h$ Other 26,546 26.$48 26,442 Grants Greanwch Hospllal The Corw)ratlon of Trinty H¢)u The ITF Seafare￿, Trust Sear8￿rs UK RN&RM Charity Association of Royal Nayy officers {ARNO) The Hollourable Company of Master arinors Women'8 Royal Naval SeT¥N% Bene¥olBnt Trust The Vetsr8ns Fund Merchant Nawy Wdfare BoaT(I IMNWBI Queen Marfs Roehampion TrtTrst Hampshire Care Asswadon Oth&r Total 223.899 109,320 75.0 223,899 109,320 75,OOD 50,000 I[￿,240 65,000 22,002 23,136 23,136 15,000 19286 14,131 13. 19,286 14,131 13,096 13271 27,4(J) 10,000 3,000 1,625 571.539 1,625 579 305 7.766 347.149 PRIOR YEAR INCOPAE FROM DONATIONS, GRA￿rS AND LEGACIES (2023) Unr•strlcted Restrlcted fundi funds 2023 2023 fvnd$ 2023 Donatlon8 Donations 51,782 7.012 58.794 L•gacbo6 Othèr 26,442 26,442 Grants The CDrpof8tknn of Trinity House RN&RM Chartty Mer¢hant Navy Wdfare Board (MNWBI Asso¢iation of Royal Navy Officers IARNOI The Honourabla Company of Master Mariners Women's R(>yal Naval Servi¢* Benevoler Trust Quèen Mary's Roehampton T￿￿1 Hampshire Care Association Totsl 106.240 106,240 65,1)00 27,400 22,002 27.4 15.OLM) 15,000 13,271 10,CKK) 13,271 10,IX)O 3,Tr)0 347.149 340.137 7.012 19 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM CHARITABLE ACTMnES Total funds 2024 Total funds 2023 Befvedore House ca￿ Home Weston AcrBs Housing 4,219.223 2,521,951 4,408,231 2,703 907 INVESTMENT INCOME Total fund8 2024 Total funds 2023 Dividends Bank Interest RaC8￿able 23,519 4,585 101,448 4,871 106,319 CHARITABLE EXPENDITURE Belvedere Woston House Support Costs Total 2024 Total 2023 Houslng Computer. Phone & IT Legal & Pmf8ssonal Other Office Costs Rent & Ratès Light & Heal R8palrs & Maintenancè Insurance Motor and Tr8V pps Agency Costs Claaning other Staff Costs Food & Kltchén staff ensts Bad debts Audit & accounts fees Depreclatlon A¢tiwt￿S and amenity fvnd expenditure 16212 75,305 75.644 9.012 108. 147,983 39,269 6.107 21.8A)1 120.409 58.587 55.092 182.473 3.335.230 4.081 4,784 1,353 2,534 23.554 21,646 82,623 99,236 17,530 166,044 176.029 56.098 8,032 22,214 120,409 66,640 193,767 182.473 3,645,265 28.552 92,795 81,554 16,368 191,795 239.284 75,927 13,505 22,212 81,322 58,832 172,151 140,671 3,105,229 641 32,706 237,770 8,501 4,599875 8.517 57,225 22.624 8.415 5,417 8,415 1,925 413 8,039 14 138,675 98,394 211.641 26,840 26,640 409,325 405.435 451 4.657030 3.521 4.404 425.355 215.638 5 298,823 20 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 PRIOR YEAR CHARITABLE EXPENDITURE {2023) B•l¥¢dère Hous• Weston Ac Care Houslng Support Total 2023 Computer, PM)ne & IT Legal & Professional Other Offiop Costs Ront & Ratss l￿hl & Heat Repairs & M￿nten￿Ce Insurance Motor and Travel PFS Agency Costs Cleaning Other Staff Costs Food & Kitchen staff ￿sts Bad debts Audit & accounts fees Depreciation Aclivitigs and amenty ftjnd eyperKlltura 19,516 73.535 71.049 7.327 127,476 208,993 53,149 8.078 18,507 81,322 51.043 87,530 140.671 2.793,977 641 4,595 5.119 78 9.041 64.319 19,542 11.389 4,441 14.141 10,427 28.652 92,795 81,554 16,368 191,795 239.284 75,927 13,505 22.212 81,322 58,832 172,151 140,671 3,105,229 641 32,706 237,770 10,749 11,389 5,427 3.674 31 5.784 2.005 84.621 lo1,￿2 209,960 32.7 12,883 8.106 410529 222.OY2 395 3￿5.231 4 599.875 NET INCOME This is stated afterchaygiro.. 2024 2023 0epr8aat￿n of tangible fjxed assèts: . ¢)￿￿d by the char5ty 409,325 237,770 AtKJitOTS' remunerab"on.' audit offinanual stsI￿nts Auditors. r8muneTrtlon'. othw fees 21,000 5,640 20,00 3,6DO 21 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF COSTS Staff costs wern a$fo￿OwS.. 2024 2023 Wages and salaries Soclal security costs Qlher pènslon ￿sts 3.153.396 300.413 191,456 3,645.265 2,697,348 244,758 163,123 3,105,229 Thg average numbgr of ptsrnons empbyed by the c*arity durfng Ihe year vms as follows.. 2024 No. 2023 No. Care Staff Ggneral Staff Management and Administralron 51 28 85 92 Thg numt*r of higher paid employe8SWdS.' 2024 No. 2Q23 No. £60,[￿l- £70,000 £70,(X)1 - £80,000 £80,001- £￿,000 Total eM￿￿yerS penslon rx)ntiibu￿nS of £18,258(2023'. £17.S20) wore paid for the pmvigt¢)n of defined ¢ontrfbullon scheme8 rolatlng ID h*Jh8r P8KI staff. No Trustaès re￿Ned remurwdlion forth61rservKes12023.' NIII. Twslges were reimtrAJrsèd for trdvef and me8bng during the year £40412023.. £551 R8munerab'on for key rnan￿nt personnel was £275.124 {2023.. £2612591. 22 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TANGIBLE HXED ASSETS Frfj¢hold Fr￿hold Flxturos and Flttlngs Motor Vohlcle8 Total Cost At 1 January 2024 40.000 14.843232 1227,800 123,58e 16,234.618 Additions 95,861 Al 31 December 2024 40,000 14 939.093 123586 16330479 D•prnclatlon At 1 January 2024 3.073,152 888,488 110,851 4,072,491 Chargè for the year 359,501 37.088 12,735 409,324 Al 31 D8cember 2024 3.432,653 925.576 4,481815 Net book valu At 31 De¢en*er 2024 11.506,440 302,224 11,848.664 At 31 Decembgr 2023 339,312 12.735 12 ie2.127 All fixed assets are eitherfor direct charit8ble use, or for wJiwU8s in the lurthernnce of ¢harlty's objectiV8S. FIXED Ass￿ INVESTMEPITS Freèhold Land Totsl Market value At 1 January 2024 Additsons Disposals R8valualons 1,317,268 266,422 1501,9701 42.429 312.415 1,629,683 266,422 1501,9701 42,429 At 31 DeceThber 2024 1.124.149 312,415 143e,564 Hlstorlcal cost 868.245 312,415 1,180,660 23 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. DEBTORS 2024 2t)23 Rgs1dènt and 18nant debtor5 Olher debtors and accrued income Prepayment8 148.744 138.947 26.298 84,020 45,378 170851 11. CREDITORS: Amounts falllng d￿￿[thIn one year 2024 2023 Trade u8dltoYs Other taxation and social sécurity Funds held on behalf of re&denls othef c*Bdltors AccnMIs Defe￿d income &3,￿1 73,061 7,824 31,787 192,484 111,442 69.194 5.797 23.735 92.474 393.557 302,642 2024 2023 DafèrrÈd income D8￿rr8d irKorne al 1 January 2024 RosoufGeS def8rred duriro the year Atnounls released from previous years Deferrad Incom8 8131 December 2024 4.440 4.440 Dgf8Tred incoTh is made up of payments rocfftd in adyarvx from ￿￿dentS fortho rtsxt ftnanclal yaar. 12. CAPITAL COMMITMEI At the 31 DgGemb8r2024 the c*arity hal (*pital Ix)mmitsnents in ￿ation to the renovation prolect tolalling £172,679. 24 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. PENSIONS AND OTHER POST REllREMENT BENEFITS The Society Dperdtss a defined benefft Pension Schème. The ass8ts of Ihe Schema are hekl by thg Trustees of the Stheme, $aparalety from thos8 of the Society. a￿1 arp invest8d wth Aviva In a with-profils pension policy. When a member reliras. the TTUSte8s secure ts memb￿$ pension and, where rdevanL the conb"ngent Spouse's ponskjn an imm&diale annuity FK)Ilcy with Aviva on tho b￿$ of thè guaranteed annuity rats5 under th& policy. The Society's ¢onlribulions to the st￿Me a￿ GlCULa￿ so as to sprèad the cost of purd)a%ng p8nslons ovpr the pgricxl u? to the date when mèmbers rglire or de¢id& to take thelr bengfiis in a￿)rdance with the rules. The conlrfbution8 requlred 8rg reviewed by a qualif18d independent 8¢tuary every three years. On 30 March 2007, thts Scheme closed trj future servYA. breaking the Ilnk to membeTS' fijture salories. B8n8fits are b#s8d on serv￿& arKI 3818ry at the dat8 of dOsu￿ or le8￿n9 seTvice. Penyons in paym8nt are in¢reased annually in accordance bwth the Rules of Ihe Sch8me. The &Klaty now pays conlrftr￿rt1OnS to the empws. group p8rson81 pen￿On. The dI￿oS￿re8 below relat8 onty to tho d8fined Lwfft Penthn Scheme. The latest full trgnnlal acluari81 valuation of the S¢heme was Carried LWI at 1 March 2020. The valua￿On exduded the valu8 of the Scheme's InYn8diate annuity pdicies. The valuei)f the FurKI'sassets and liabilibes atthatdate, which rèlated only to thè deferred ￿nsioners. was £205.IX)O and £208.C(KJ ￿Sp￿tivelY. thus di5dtrsing a Small deficit of £3,000. Th8 Society had mad& oorxl this defictt by 31 (ktober 2022 but has o)ntinued io pay c0nln.bub￿S of £100 p&r month 8ince that dato. t)urtng thè yoar, the Soclety took the ¢JeLysK)n to win¢J-up Ihe Scheme arHI to seGVm members. benaffts wlth Avwa by assigning individual Insurance KK)licies to Ihe existiru annuitants. The Stheme cotTImen￿d winding-up on 26 March 2024. The annuitie$ were ass¥Jned to mémbers on 9 August 2024 at a wgt 01£3,379.0￿. Thé annuitios thus ceased to be a liatmfty ofthe Scheme that date. As part ofthe w1ndi￿￿p exercLse, addib'tsnal lump sums weTe paid to certaln member5 who werè ontitled to addrfional ￿nefftS knth9re Ihese could not ￿ paid as an 8nnuity. The Society Is vK)rtung wSth the Trusw ofthe Scheme to 0)M￿le the wndwup exerclse. Tho mark9t valua ofthe Aviva vth-proffts insurance poliry as at 31 Decembgr 2024 w88 £3,000 (2023.. £78,000). The acttjary has provided the followng infoTrn8tion about the finar￿81 position of the Scheme as 8t 31 Oecember 2024 as raquired by Financial Reportiro Stsndard FRS 102. Balance Sheet 2024 2023 Fair v￿ue of s¢heme as88ts Present value of liatrxllties SuTpIus The Scheme gjrplus Trvealed by ￿se ￿1￿lationS 1$ not re(wnised in th8 SOC￿￿8 balance sheet. f3,0(K) £3,561.000 {£3.520,000} £41,OOD £3.OLK) Ineome st8ten)enl 2024 2023 Servlce cc)8t Past service cost S8tt1ements Nel interest Lx)st on net DB Ilability Total £37.OlXI 1£3.379.otMII {£68,0001 {£3.447.0001 1£4,0001 £37.OOD 25 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 State￿￿nI of Cornprehenstve Income 2024 2023 Actual retum on scheme assats Le88 amount alreBdy recognisad In °Net interest on nel DB liabilitie6" Actuarial galns Ilo&wl on ￿herne assets Actuarial gains Ilossesl on 9Lheffle lia￿.1￿tieS Net scheme asset not shown as 8888t on BIS Total £284.000 {£137,0001 (£41,000) 1£22.(K)01 1£3.0001 1£66.LK)01 I£151.(￿0} £133,000 1£149,(KJO} 1£41,(KJO) 1£57.(X)01 ovemenl in assets durirvJ the year 2024 2023 Assets at beglnnlng ofy6ar Interest Income (expense) Employer contributions Benefits paid Actuarial g8kns I108sesl on g*erne assets Settlements Assets at end of year £3,561,ly)O £137.0(MJ 1£44,OLK)) 1£231,0001 1£41,0001 1£3,379,0(X)I £3,0(X) £3,585,(XX) £151,000 £1,tK)O 1£309.0001 £133.DOO £3.561.0(K) Movement In IlablÉbg8 during the year 2024 2023 Llabllities at be9lnnlng of year Current servlce cost Interest cost Beneffts pald Actuarial Igainsl lo&sas on &heme liatillues settl￿ents Liablllues at end of year £3,520,LKN) £3.496.0(X) £37,000 £147,000 (£209.000} £149,000 1£231.000) £22,000 I£3,379,0￿) £3.520.000 The principal long-tern finawal assumptions LKsed in the FRS 102 valuation were: 2024 2023 Discount raté Retail Pii¢o Inflation CDnsumer Price Inflation Rale of increase in pensM)ns in paYM￿t Ratè of increase in delerred pensitins 4.4% 3.5% nla 3.5% nla 4.0% 3.4% nla 3.4% nla Thg mortality assumpts(￿S ar& subiectto rogular revTew. the mortaty tabl& in the valuation as al 31 December2024 was S2PMAJS2PFA CMI Modd 202311.25%112023.' CMI Mojel 202211.25WoJl which givesthe followiro life expectsncies at age fjo.. 2024 2023 Male Female 25.6 28.0 25.6 26 THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. STATEME￿ OF FUNOS 2023 8rought Forward 2024 Carrled Forward (Lossesy Galns Income Expendlturo Transfers DeBlgnated furtds North Field Projed Th8 Veterans Fund Isènsory Room) MNWB {N&w Websil8} Fixed assetfund 6.272 15.150) 1,122 14.131 10,OLK) (14.1311 (5.7551 409.324 434.360 4,245 11.848,664 11,854 031 12,1ff2,127 12,168 399 95,861 24.131 Gen•ral fund$ G8nerdl Funds 1,763.561 4 958,919 42.429 Total Unresiricted funds 13.931.960 5.1)07.874 S.393.279 42,429 13588984 R￿rIcted funds Amanty Fund Totsl of funds Designatéd fvnds have been set asKl¢ by th$ Tnjsiees largety for Ihe purpose of supwrting the m(Kl8m$sat￿n of Belvedere H(yJ89 Thè restricted Arnenity Fund repre￿ts mOnN￿ ￿7￿lIy9￿en to pThide adthtional affl￿￿98 for th8 residonts and staff ofthe homes wn by the eharity. 7,766 7.766 4,855 2022 Brought F