Charity number. 209776 THE ROYAL ALFRED SEAFARERS, SOCIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE ROYAL ALFRED SEAFARERS, SOCIETY CONTENTS P8g8 Ref•r•nc• and adminlstratlve detallg of the clwrlty. rl¥ lJu#tso# and ad¥l8ern Trust•o5' annual r•port ndepgndent auditors. report 9- 11 Stat•mont of flnan¢lal aclvliles 12 Balance Sheet 13 Cash Ilow statement 14 Nots8 to thg Ilnanclol ststomènts 15-31
THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADMSERS FOR THE YEAR ENDED 31 DECEMBER 2025 Trustees C P WdkÈ OBE RD. FNI, Chainnan S Clinch A Lewis-srnith S LtsthnerJP DL A Mccourt A Parker R Reubin D Ross-Tomlin B Watson FCA Robinson CBE FCIPD13ppoinI 15 May 20251 B Smrth (appointed 15 May 20251 Charity r99iSternd numb•r {Engknd &Wales} 209776 Principal offi¢• Head Office, Ktsston Acres, L¥. Banstwl. SM7 3HB Kgy Mana9gmgmt P•rsonn•l Capt D J D Dorniny rcth RN. ChIefEXeti¥0 oifL*r Aicè Mitr, Home Manager Karen G(MYdard, Busines$ Manag Bank•rs Natwesl Bank, Crynmwaal BankwwJ, PO Box 1, 2nd Flocw, 2 Cathra1 Ftill, Guiklford. Surrey. GU1 3ZR Investmènt Manag•rn Rathbones. 8 Finsbury Circ. Lcthjon, EC2M 7AZ Auditor Haysmac LLP, 10 Queen Street PCe. Lorthn. EC4R 1AG $011¢5to WÈdl8ka Bell LLP. 52 B&4ford Rth¥, London, Ihf1R 4LR
THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Walcome to the 1eoth Annual Report and Finaroal St8tem8nts of Thè Royal Allred Seafars. Srety for the year ended 31 Dernber 2025. This Annual Report presents the Swiety's audited Financial Statèments lor 2025 and summarises its activities during that year. It Is laid out In accordan with the charlieS Statsment of Recommended Practs. ISORP 20191 guidelines. Besides advising sub%rib8rs and donors how their benefactions have been put to use, it describes. for the information ol all thosè concèinèd with the welfare of seafarers. the e5tsblishment adrninistered by the Souety for the benefit of retr. seafarers and their depend8nts. At the time of sKJning these accounts and this Teport, three rnonthg aftèr the end of the Finanual Year 2025. Royal Allred is well into the process of restoring occupancy to maximise the benefrt to seafarers and veterans of the essential modem15ation of Belvedere House Th8 key challenges remain occupancy and management ol change Work required io inciea58 th8 visibility of Royal Alfd lo beneficiaries and to seek support from Giant Makers and donations to bridge the gap beeen local authority lun9 ancl the actual CA)St ol care for seafarers in wd, conb'nug5 2025 was a year of ne¢e5sary consolidation wth restoration ol occupancy the priority Hdding our n8rv8 and tnaintaining b.ght control of dis¢0n8ry expenditur8 that did not d1CtlY contribute to $tOrIng occupancy, health and safety, $8fegu8rding or quality ol care proved effects've. The SocEty made substanb81 progr8ss In restoring financial stability and are now compliant with our rev15ed financk41 controls wth the Main Business Reser¢e now restored to maintain onè month's payroll 8nd HMRC payment in reserve aft8r pay run. Re5tonng Ihi5 Was thè priority in treating the immediate risk in reserves The total amount olfree ieserves continues to be asse&8ed as inadequat8. Thè policy Is to restore the sum hekl to cover six months of operating costs. A tschnic&l issue delayed the collection of the 15th Deoernber 2025 di debits, lotalling £302,252 68 until 2nd January 2026 This resulted in end ol year Debtors (Note 101 being much higher and the analysis of cash in hand (Note 171 being below the budgeted figure. Th8 Society also continue(5 to tigmen ourg0Vernan, evdve ourcomrnittees and deliveressentl81 adjustments to0urprocedu$, checks and controls R6Storats"on ol OCLupancy continued to be challenging in th8 first b0 thirds of 2025 but improved in the last third In the year there were 35 admissions and 29 deaths. There were also 47 weeks of respite stays Avèrage occupancy forthe year dimbed from 54 at the end of August to 57.4 at the end of Decèmber. In 2025 the &xiety delivered 502.474 hours of care compared to 490,680 in 2024. The So(xety supported eo seafar8r5 and 19 veterans (Amy and RAFI. Tha incra8sa in occupancy has asswated callenges with increases to thè cara and administrative burdens, as well as adjustments qUired to matenal aspects to ensure that Belvedere House keeps 8bre85t of changes in reqU1ments ar¥J increasing demand for demenb'a care. The fflanag8mènt team continue to explore ne$Sary enhanrn8ntS to our capabilitie5. The gradual adjusbmenls of behaviours and proSseS that support the Society delivering efficienries so as to live wthin our gans and maintain the quality of our services continues The SocEty is w811 p051tioned to move from our"Survive to Thrive. strategy to our'Thrive Slrategy- A Passag& to 2035.. The Theme lor 2026 will be to evolve with ambition The statement of goillg ¢orn¢èm made 18tèi in this report Is thus strongly reinforced Royal Afred rightly committèd our r&sÈrvès as ne$sary to ensure that Belvedere House is frt for pUose for the next 20 years. We now have the ¢rib"ral intr85tructure lo meet our Royal Charter objectives and to conts'nue to support oldar sèafatyrs, veterans and their dependants Limited quanlits'es of previous Annual Repotts are availabla upon request. The most rnt Report5 Gqn a150 be viewed and downloaded at www.r se rers.co Management and ObjgCtivg¥ of th8 Socl#ty The Royal Alfred Seafarers, Society is a registered tharity incorporatéd under Royal Charter. As staled in this Royal Charter. the objects ol the Society are". al lo provide, carry on or maintain a Home or Homas or Housing for the care ol aged. infiThn or di53bled seafarers or their wido$ or dependants. bl to act as trustee or almoner for granting relief io seafarers as d8fin9d abova or to the wdows or dependants ol any suth 5e8farers. This function has been in abeyanct Sin 1996 The Socitrty is govemed by a Board of Managen[ consisty'ng of not 5S than 8 nor more than 18, whose members are Trustees. All powèrs ol tha SocKdty arè vastad in and exercised by the Trustees. expt in so far a5 by thè Charter orthe Bye-
THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 laws they are exprwly r8quId to L exerused by Ihe Socty in General Meetirg. Potenb"al Trnstees are recrurted large by knrd of mouth. and intr(xlu(xd to th8 So(ièty by an incLmbent. Every candidate br mem[shiP of Ihè Board shall be a and proper person. nominated ty at ast one rnantr oftr Soc4"ety, ekded at an AGM and rnay 8gTVg for up to 3 yÈ8rs and fijrther tsrns of 3 yè2rs rf so decbj. Any conflict ol intwest should te prrperly d8dar8d as appropriate. on elected, each trustee is indu¢tgJ on sit8 8t th8 Care He, made fijlty aware ol a11 operational asrects and dub"6s, provided wrth a copy Oft Scoety's Higher Level GovemarKx Fokl8r that indudes Ihe Charity Commission GuidanTr forTrustees and tha Care Quakty CommissN)n R&Julatior6 for fft a1 prw [$. N&ssary Irw"ni¢vJ cL4Jrses are schedul1 at the bgst opportunity. All mattors deatt by the Board are Ile(xdgY by a 5rnpka maJ"onty of tlthe mnber$ pre5ert unless the Charter or Bye- laws otharwtsa prowde, each member haviro e vote eXpti[vj Chaimian of Boanl meetings who ha5 a secxjnd or casbng vote. The Board responsible for appoints"rrfJ a Ch'ef ExeculNe, who runs the Souety on rts tehalf and is the nominated Responsib Individual und81thè Caré Act 2014 knthe ca Home'Belvedere House", and may apptsintany other Officers and employees to carry on the business ofthe ety. Sixnè danents ofthe Society's affair5 are erther outsour¢ or draw on thè of retsined slianc3e$. e.g. payroll. HFi H&S, dintsl gov•man ad and monrtoring. Belvedere House is Subject to wular in5F"0n the Care Oualty Ccthmiwon. rnt recant rssults of theso 'audrts' ofour establistment fnd us to GOOD o¥er811. Howthe Soclety18 mootlng It¥ ¢urront obJ•etlv•s Tha Soaèty, then known asThe Bdv8Yere Insbttjbon. hwl asits or¥Jinal .8¢VeS in 1865 fv rnalnlenae ofestBblishm8nts forthe care ofagèj 8rKI infirm Merchant seam and the provisw ofgrant a&95tsnoto thi)se liwng in thewdercornmunity and in need of hdp. The grantakIng functi( has bsan in abeyan sn)ce 1W. wlEn our rernaining Lnèficraries were passed to the Shipwrecked MarirErs' S(xaety. trUghtheCao1Seafarers andtsrdependants is atwra>rè. thèpr8sèAt Royal Chartar gwes much wJer labtijde as to who May bg almitd ta our H¢M)es arKI HcJsing. The Society's affairs ccfitinw to b8 guK18d by rgJulady updaied Straiegic, Buyness and Fin8naal Plans. 2024s review of the Guidan for Trustees and the Execub Team provid1 thè hwJher lèvel framework to guide the gocd g0¥8manrs ofth8 soety and the day to day operations to meet our Charrtra obJ"eckNes. This wsed direction and strategy enhanc&Y the Trustees, 8bilty to monrtor perfomiance against their direcon and assure themselves that the Sctiety is being well run so that ittakes maxirnurn advantage of th8 rn(NJem frdL?Itbes, that cCxnY bmth tre Care Quality C¢)mmi%siorts requirements, and en8bb ddNory of high qualty care to seafarers and tarn5 thrOh thg rètents.on ol capable staff. As our raison d'étre thus ramains, Of course, care of seafarers and thwr depeFKSants. rt 15 in(yJmbent upon Board of Managernent to ensure thatour HOMÈS and HjsIng are ayailabk to all suth persS. irre¥o(va oltheir financial situatK)n, who fittha ojrrent nssary cfiteria. Our Royal Charter d8fines SeaTrdrer5 70 akn indude employees ofshipyng c(xnp8nBs, ship repairer5. dod( 8ra8S port authoriks, workers in connecbon with offshore plath)m)s of all descriptions, and such other persons who, in opinion of the have had connects.ons with sea or shipping industry during their wod(ing lives.. Seafarers. and tsir loved ones arg priortti.sèd and supwl of grant making chanbe5 is sought to brid tha gap in Tr11n9 for 5e8farS on Local Authority fvTrJir#J that does Th)t o)verthg bJal cost ofcare. In 2025 the Soclety cared for 56 seafarerd in Belv8d8rè housa and a further 24 in tyjr housiTrJ. Our Royal Chartar states that'any vacancaes May frcrfn time to tirne ?st at any Home carried by the SocEty, the SocEty shall be ernpower to 8drnrt théreto suth persons as the SccAety shall at rts atsoluie discetiOn think fit notsvrthstanding that ey may not be seafarers...thi$ pryer shall not be exer$8 by the kn.ety unb"l a VaCaY has eXted arKI been unfi15ed by seafrdrers for a peric¥J of at $t three rnonts.. Fdlwng Ihé r8du(d o(xyJpaknn assooated with mcMJemi58tion thero are a nurntrEr gflong term unfillad rooms. The Soo"ety 0)ntin the process Ofnvjorath"rVj rts engagement, marketing and signFrf)Sting wrth the maritimeoynrnuntyto maximi8e thè c£panC¥ by seafarers and their loved ones. In the t&¥Sry pèriod long t8mi unCt0Jp capacty has been priorTW to oltwveteran5. V&6$ are preseNgJ at all times forseafareT3. The assu delivery of high depeY nur5irvJ and Imng wrth care wuires retenbon of suffiixent eare st8ff, to enabl8 (x)ntinued availabilty ofcareto seafarer5. The Chanll0$ O((tsr2024 bletSu$ntiaE1y Increas workforr costs in 2025. The key impacts tts the Socty Employers, Nab'onal InsurarTr Contributions and the rise to the legal minimum wage with asswialed incr885e to lh8 Real London Liwng Wage. The wnp10nt rights bill ts alsts likely to inaSe Workfor costs. The cumulative increase in workfor(% <x)st base is ests"mated as &3.5%. The Swety was not in a position to absorti these increases. While ther8 was for Jitional finarrial $LPPOrt to the NHS1£22.6bnl a al terms increase in cnre local govemment ftjnding of around 3.2%, trre was only an alocation of £600m foi so81 carè (in the local govèmmènt SottlntI.
THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YE4R ENDED 31 DECEMBER 2025 Therefore. the s¢8 ofth8 So•'s salary increase had to t tsalaed wth maintainir4 the SoThety as 8 going thnc8m whil6 aiming to avoKI exVe fee and fent incTrases. This meant th ts w8g8 InC¢è had to b& fair and sensible. Tho altemative would ha¥E teen to pres5 on wOrkfrjr nurn, or futher draw dowi the reserve5. Both these options were assessed as hawry &gnthcant èssooated. The Socaety chose to rnaintsin ts Mmrnitmbnttts paying the London Li¥ring wage, ts 5.3% increase. as the enty 5819ry. Souèty aardj a generous,above CPI. salqry in(xease of2.5 - 2.9¥0 for stsff in salafies knva thè London Lmro W4e to demor6trate ts value that in thèm and [rd thèm for the ddivary of goc#J care. Ststsmont of Publle Bonefft The Tnjstees confimi that they haNp crynplNY with ts duty in seCtK 17 Of Chanbes Aca 2011. in having due ward to the Charty Commission's General Guhlan on Public Benefit arKI are rwb"rvJ this here as they a required to do under the samè directive. review our aims. oty'ectNes and activths continualty. èW looks atwhatwe have achieved and the outcomes of the work. Ihen a&88S the of gJcce5s ofeach acbwty aThJ the bwpfits they h8V8 brought to thos8 Ople for we are reSpOn5b for assisting urkjer our Royal Charter. Thè Charrty Commission's General on Publ lrnenl>Jned abo¥l is very used to help us ensure that our aim$, d)ltivaS aThJ actiwbes ¥emain foojsed arJ that ih)se setforthe fdlry•ViNJ yaarand tYC ac£ord with this dc¢trine also. Invesknent Pollcy Thè So¢ty,$ policy is b): M8int8in a eonsarvati¥e, ts)¥estinentapproath vith a Lknrse porttdio ofqLV)ted stocks Maintain valuè of thg Portrolio in real tem)s Maximise the totsl return from capital arKS inc3Jme I"nj Ythi maintainiry a rnediwn level of risk Delegate investment of availab ftJThYs to the In¥g5lrnent crnrttee oftrE Board who, in tum. debjats investment rnanagèmont to èxtèmal invesbnent managers a diScretiary basis. Wth a d8fitd mandate. Fundrnlslng The Royal Afred Sgafarèrs. Soaèty doas not fundratse as a matter ol poliw. the charity has not mada any fundraising appeals to the general publi¢ during the year. and is unlikety to do so in the future. There ha5 been no outsourc4d fundrausing wa professional fijndraisers or other third parbes. Cwugnlly. th8 chartty register&J with the ftjndraiqing regulator and re(xWl no lurKlraising ecynplaints in the year. Rtsk Assusment As raquired, tho Board 0fManagnI the Swety's Risk Ma[ntpolcY at wular Interva and the Risk Register at le85t annually. in P8Tti(xJlar d[r¥j upon the deep experbse and knovAwlge in Ihis subject held by some trustees. Haviro ronsidered the primary ar&as of finanaal, operats"onal, Fthysical. wulatory and repulats.onal risk, th8 B¢Ydrd is conmentthatthe appryJpriate Means OftrOl have been ad)t. Prudentmanagementpracticestogether with nStant awartrnoss of changes in the operab.ng enwronments are felt to be in fore£. As the Socpty runs a Care Horne. the 2 risks from a ccThprgh9r8 risk 1st&rW11h most seric¥Js impacl have teen delgfTnin8d as follows Iwith the management controls).. Risk. Fee income insuffio8ntthr03h, hywreserves. kyw1. vaca$ orwr¢Mg rnix ofle&pawng resKlgnts. Controls. Annu rev*woffee W and mix, monthty rep(ying. MonTtoring by Head Office, support through grants. b. Risk. Failure to retain OT rewr( key stsff. Controts. Compebknve salary and pay v$. extenstve vAI-b8ing SLiPPOrtschemes The key Managent staff 8r8 responsible lor day-to-day managernent of rk and for w¢hing, mentoring and holding to account all siaff to ertsure ¢crotant awarènass of dl types of risk and the need to aci in such a way as to minimise any adverse events.
THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Staff Pay and Benefrt• Society staff pay and benefits are set by reI lo the annual surws by professonal inctJms8 dats setvil e.g the National Care Forurn, k)cal Infom)ats)n or other levant iMX1 arttl Clstent wthin the Care InduBty. The SocEty athays aims to offertemi$ 8quivaK81)tto C exc8Jir¥J th8 market rate sutri8¢A to th& So¢?ètys finar1 capabilty. Controlled and monitored by.. 81 Measurgmert Annuat re¥Mv ofsJaTies and ténafits throLW appropriate clrfnparisons 0r relevantd8ta. bl Reference.. PrOfn81 dats sèThicss. Iko for like C£ffjForBon, Ictal infonnation or othèr rolavant bodies and shall te ojnsistent wthin the C8re Industy. cl Audit.. Ccfnpari8on 8fKJ (%knLqlw)n crt1a hekj by CEO. dl Report By CEO atannual pay AddItI)nlY. it 18 the S•'s dadaf8d in18nn that no mernter of slaff shwkl b8 P8KI than tha Naisonal Li¥Ang Wa quot8d atthe t'me and thus is a mnberOfthe LiwngWag Fjja1n. Suwuenty. the Soryety is c1xnrnittI to and ad)Ew a minimum £13.85 per hour for dl in January 2025. I1 atead of HM (>Mmment's dedar&l picY on the National Lmng Wagè and in line Ihe hIgher'Re London Wage.. The Sooty has a Group Pension Sch8rn8, run on an aLSto enroknent bast5, Opwt lo all staff whth maithes an employees contribution of4% gross annual 5a18ry an ¥MoYerS c1bUt10Tr of8%. Contrlbutlon of G•n•ral Volunt•er• The Sooety hvJhly values the contribub.on rt5 22 vc4unteers make to the smcM)th running of th8 Nutsing Care Home and Sheltered Housing - both indNidualty arKI (xA18(knety. Tasks such as 'befrienthrMJ', where a volunt88r 5p8nds titna with an in¢Jividual Sident or tenant to increase their qualty of lrfe, runnirwJ the bar for speu'al Ottasics when the rggular bar staff am absènt irt wojld dose otherwise), or awbro with activth"e5, hdp 8ncmousty. None of the hdp PrOwd by volunt88r5 has a financial implication i.e. th8y arp over and aLve provision of care aTrJ nng of the Home, bLrt add that sunificant Irtue extra. Flnancial r•¥i•w The fvll finanryal ststsments brthe Wiety forthè yeaf eThJir¥J 31st Cwwnber 2025 apwron p8gès 11 to 30 ofthis reporL Thè aim ofthis short surnmary is to hb3hlight3cffie ofthe key Fxjints and thLL8 lefy put Ihe ffigU into FEr5pec¥e. Over011 Having drawn heavi on regérves rxwJirKJ years lo delNer the essenbal mcthrnisation of Bèwèrg House, our ca home now prow¢Jes the facil'e$ requir&Y to serve the 588faring (x)mmunity for a further 20 years. The soCty,5 fccus through 2025 was on (x)nb'nuiNJ to ragtora OcCLPan and finala1 reS1kn udIr9 ts gradud restortb.on of an appropriate Ve1 ol reserves. The support ofmaritime chari)'e5 has been key in creating thè INnè lo resto 0UpanCY of Belvedere House ata $8nsibie rate while conb"nuing to make $sary investments in material capability arKI r8tsin staff. Thts combinats.on is crits'cal to preserve the qualty of rare for our rnaritirne and te[an benefiuarres. no matter their finanryal tUatiOn. support ol Trinity House, The Seafarers Charity. Greenwich HcEptsl. The Merchant Welfare Board. Tke Assouation of Royal Naval Offirs, T VIRNS 8anevont Trus( The Royal Navy BerV0t Trust RNRMC. The Queen Mary's RhaMpton Trust, Surrey County CounThl - FAnall (x)mmunity fund and The Am)ed FoTces Covenant Trust 1$ gtatetully acknLwkdged. Grants supporting third party top up fees for seafarers and th8ir loved ones are uitscal to ensure that hh quality care 15 avaiL4ble to them regardless ol their means. These grants have enabl&Y the Sety to bridgè thè gap ttsveen local authonty fvnding and the actual ust of care. Grants have also been uitKal in modemisiTrJ key capabiltbes 8nd sustaining provision of our subsSed Shemered Housing to seafarers irresp8cti¥g of their rnaa. 2025 was another busy and thaller4Jiro year that Was d(xninated by the to fctus on consolKlation to restore r85ilièncè. right control of dtscrotionary expeThjitU tttat did notdirecty contnbut8to [torig ctojpancy, health and safety, safeguarding or qu81ty of care has proved effethve. The sCty has rnaye substsnb'al progr85s (n rastoring finanaal stability. The Sociely conb.nuès to raduco the operating d8fi¢it aTrd over ts Mlurn te gradualty restore a sensible knl of reserves. is a pleasuro lo report thatthe SOcty is nowtransith)niTrJ from ts delNery ofour'surwve to Thnve Strategf to th8 next pha58 of the strategy'Thrive a P85sage to 2035° and that the Sc¢ty continues to strengthen as a going concem.
THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Our staff ntin to deliver hyh qualty nursing arnl thenlia (xre 0K1& our affordab htsusiw. The review ol our highar level governan is ncw compkte and a lor the Crynrni¢tee Structurp resuw in tha replacxm8nt ofthe Weston Acr85 Visiting Committee ¥th the SafeguardiThJ, CaTe and Wdfare Comrnittee. A review h85 (Y>mm&nrd aimed at uwjating the operatial Managwllent Stwcture to betterfft thè tharvJirKJ <)perab"ng emrormnent. Our Brand Refresh to Twnvigorate our markets"fVJ vfd5 compbied. Posth"ve perf0mlan in 2025 saw a further increase in average occupancy in Belvede Hryjse frcm 35 in 2023 to 57.4 atthe end ofthe year. Th8 Souety d81N8rl 502,574 hours of c&r8 compared to 490,680 Tn 2024. The average ocajpartry in our thlter&Y ac0mOd&ti was sustaTned at 20. The operabonal defirAt has beeri further Tlu(j from £340,C65 10 £105,608. The rnodemwd Belvedere House 15 nty providing tats"lth"es arKI eapatx"IrtEs reqUid to delNer the high quality resdent ntred nursing care aThY dementia support that seaPdrers and Vete5 d8rvè. 11 c()ntrnu6 to worf( towards restoring B8Wer6 Hou5etoaverage annual Oc(YJpan of60to 64, ata realistic p. so thatwecan M8Misethe numbgrofseatsrers and their loved cmes that we supporL There has been much discussH)n aboutfv rBed fororooiNJ t. It is w(xlh noting that ca Home OCOJpan now exc$ pre-cowd averages of87.3% and now sts at 89.3%. the aclual Frrtag& of older p8cpl8 wuiring a Ca fv)me is slowty decreasiNJ, due to the sheer scak of populab'on grryth. the ab5dute number ¢x)ntinues to [558 yèar on year. Thi$ especialty true forth(ksewth acute needs. While the dand for care has led, due tothe rlse in retirement liviro and Inbjrated Retirwnent Communitss. dnan(t forspeod¥st nutsing and espeoalty demenb'a care will remain strong. The Society. alongside olher Ca provkleT5. a)ntinues to nawgate an UnSettlj financKal landscape. lnftab.on may be slowing but salary costs are dinbing. CartoNcKj'S report frun September 2025 rep(xts that rA)sl pr8S5Ut8s wntinue to drive f88 increases acr05sthe se<#or. While the Pa olgrowth eas&J JhUY in 2025, the average nabonal fee for nursiro care perweek across Great Britsin vrds £1.6 refl8Ltr¥J a year-on-year incmse of 8.3%. This was pOrninanlly driven by staff o)sis increases of 6.3% {a combination ofthe Chan(lrfs budget aThJ salary Increases). The average perweek quoted nursing fee in London was £1.94918.2% in¢ase) and in the Scxrth East £1,84816.4% uplift). The challenge is exaeethted by mounting pSSu o)uncil budgets Ihat results in an increase in the gap tthwn the actual cost of carè waèk and thè k)¢al authority rate. The knety worked harrl to keep rts fees ¢Ythe market rate wih a 7% uplift in fee5 and rents keeping nursing fees for 2025 the market rats at £1525- 1685. Having invested for the ftrture, Royal Afvl is well $8t to play rts part in meeting dand wth our specialist on dèmanb"a care. Our safe haven nts"nues to prowde a hcme frcffi hcKne for seafarer5 and th8ir loved ones, wrth a uniqu8 m8ritirnètsmarl•rrè that SUPFX)rtsoui residents aThJ tenantsto estrLSh strong friendshipsand tA)nd overShar1 experionces. We will wntinue to partn8rwith Otherorgants.onS to sjjpwl the manti aTrJ veteran ¢)ynrnunity. The Society has 3en3ibty res• it5 ambthi rwjarding net gain to 8 more realists"c target. In line valh our revised Operating Mod81 this rosutts in aiming to r•co¥er to aver4e owjpancy ol bets¥een 61>84 over time. The average cccupancy target for 2025 was 59 wtth an 8mbitK)n tr) rÉ(x)¥erto average cwjparq ofe1 in 2027. We maintain our on developrnenl of li¥ing wlh (knnb"a care. Tr Memory Café. establish&J in partrrsh1p wth the Surrey Heardands Integratsd Care Partner5h¥) and Banstewj Primary Cara Nots[ ts)th"ThJes to be popularwth Jr residents and the loca communty. The Swiety wll wnbnue tg rgly on gan&rLtsrty offdltr maritmo charibes ifwe are b) fill the gap in incorne as80(>ated wrth caring for seaf8¥$ who are unab to rneet Ihe s(u31 (x)st of Uirore deste fElp from Ictal authority fvnding, whith in itself is short ol the mart(. This VAII remain the case in the near terrn a5 the historically irnportant income from our invesbnent portfDIio will rain much redueed frcyn 2019 01 £373,984 to approxThatety £20.(M)O to £30,CQO. The Swety h35 for over30 years. aloTrJwith four oth8r na"31 tharils, own&J a fith ola share in some 84 acres Olgenbe, agricultural land in Warfingham, Surrey. In February 2024 Ihe Tandridg8 District Counol Local Plan was found to be unsound by thè examining Inspector. This combined with updated N8Cal PlannirMJ Poky Frarnawork INPFFI havè presanted an opportunity which resurted in thè submission of a planniTrJ arplication. The Souetls frKus for 2026 to 2027 15 t0'Ev0e wth Ambth"on", fystts ocojpancy and fiscal lIn, Whi o)ntinuing to develop our seNices aThJ mcthmise th8 Managrent thls of our organisational structura. Wa will ain to revert to our traditional postur8 of bakIng even at the end of the finartial year, wth the added requirement of delNering 8 mod85t 8urplu5 in order to gradually restore reserves. w1 nJ to t* with tsre, avowJiTrJ the tplatiOn to irKrease regdent fees and tenant rents too much so thatwe become Ur0M[titrf.
THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 To condJe. iKJikliTrJ on the suctsss of, 2025 has a y&ar d(Inated by th& chaIrJe$ of restoring OCLupAncy ar¥J managernentofchange. Mhibthe Scr•dKI notfvlly rnt1hè pian in 2025. itW85 a SUw$fill y88rwith incré88éd OCCLpancy and a gradual restoration of financial 91. Soriety has (r)nditions b transrbon frcffi the'sunrive to ThrNe' strategy to our'Thrive strat-A Pa&%age to 2035.. R•seNe8 'Tha Board of Management wews the ReseNes Poly annualty. The Soiety holds refves in Order to ensure as far as possible that its charitablè ot4'èCtNèS may be mèt arvJ a goiNJ concem mainta"nod. Total frèa raserves at present stand at £1.94m (including cashl and are reqLKred for the fr)Ikng pury)0se5." To prowde invesknentincxTh, aloTrJyde exlernal grants inccffje. to assistfilliro the gap in the annual Idget¢aus& by Ihe $sary subshlisivJ ofactual nursiry cx)sts forthose seafarers neediTrJ JrhpaTrJWlthoutt fvll financial mearB to pay for rL To maIntn up to 6 monlhs experxlltij in res8rve 50 85 to Wsurp Ihat wr semces are not comprcffii8ed in the short tsmi. In the year uThYer review thi8 wnounts to £2.5m. Th8 arnount of fr88 resèrvtrs is turrenlty o)nsthred rnaduate. The Kx)Iw is to [0 Ihem b"me. increase the sum held to cover six rnonth8 and than tsvar the nèxt fvè yèars to incraase sum hdd to (Y)W 8 greater p&iod of èxpènditur9 such as tsyefve monbls and gNe fieth'lty for unanrd b4rt recesw capital 3pendw. Plans tor th• Futurn The Socw will continue t0"Ev0e %wth Arnlylk)n". HakirwJ 8 fair pay rise aThY reasonable irhye89e in rgnts and tpe8 the Souety will continue to resto ocupay at a sensible rate. cor601Klate our finaal wjsibon and maintain tight o)ntrol ofdiscreth"onary expÈndrtUtr8tdoeS Th)tdireclyconthbute to restoriTrJ cx))Jpancy, heatth and safety, safeguarding orqualty ofcare. The $iety aim5 to". Restore average ocupay to 2026 and 61 in 2027. conts.nue to te a Real LoThJon LNirrfJ Wage ern 0ye1. Gradually restore r8s8rves in th8 inv8stment counL Ernbark on a rdling projramrne ofcaptsl I chyanVtaI investrnent Seek £200k of Grant sut¥)ort to brKlge the gap beknn ts a(JJ (x)st ofrare of Seafarers who ar8 fundgj by IrKal 8uthoritEs and the Local Autrw)nty Rate. Review and improve the org8n1sati0n stru¢Xurè. Explore the ut'lity of Al in ihe ddivery of adrnini5tralion and Ixjshress prrKes3es. Redu Ihe gap betsveen feesand ts kjcal market frcrfn 20 to 15%. Stat•mènt of Tru$t¢es' Responslbllltles The law applicae to charitw in EThJland and r8quir8s thè Tru5te85 to pr8pare finanual Statements for èach financi41 year wmich give a true and fair view of the thanty's finanaal acwties durirvJ the year, and of its p05itK)n at the end ol the year. In preparirvJ finantsal ststements gNiThJ a tr( and fairview. the Truslees shtyjbj follow best practi and.. Selecl acxx)unting policies arKI tt*n apply tham (x)nsist Obserw the rnethcmjs aThJ prinpS ofthe most [nt Charibes SORP Make judgments and esb"mates that a reasonable and prudent statè WthèrS1¥)Ii(bIa accounb.ng standards aThJ statents of re0meThjed hava been fdlowad, suwact to any departures disdos&Y aThY explain&Y in the finanrAal statements. and Piepare the finanaal statements on the goiThJ cOnM ttag"s unless rt is inappropnate to presume that tt)e d)gnty will continue in orEration. The Trustees are ressy)nsle for safèjuardiro ofthe tharity aTrJ fortakirvJ reasonable steps for the pr&v6ntion or deteth.on of fralhl aThJ other irwuk7res.
THE ROYAL ALFRED SEAFARERS, SOCIETY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Approvad by thè Tnjstees on 28 March 2026 and signed on their behalf, by.. Lt Cdr P. Wake 08E RD" Msc FNI RNR Chalmian Capl D J D Dominy MA reds RN Chlef Executlve
THE ROYAL ALFRED SEAFARERS, SOCIETY
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ROYAL
ALFRED SEAFARERS, SOCIETY
Oplnlon
We have audrted thefinancjal statements ofThe ROYJ Afred Seafarers, Societyforthe yearended 31 Dewnber2025 wh
comprise ol Statement of Financ4d Acbvth"es, tre Charty Barn She6( Cash Flow Statam&nt and notes tts Iho
fina81 statements, induding 8 SA&mrnary ofsignifrAnt a(£(MJnb"ng poliuès. The fin8nu81 rew)rb"ng framèwork that has been
app]ed in their preparation is apptir2ble law and Unrtèj ngdorn Acmjntirg Standards. indudirg Financial Reporting
Standard 102 The Financial Repr@ &arnlard applcable in th& UK and R&publNc of Ireland (unts lQngdcth Generally
Accepted Accounting pra¢bl.
In our opinion. the finanaal ststernents..
give a true and fair vW ol state of the Chanty's affS as at 31 Decanber 2025 aTrJ of thè Charfty's nal
mov8ment in fund5 forthe yeaT then erKJ2d..
have been property prepar in araxjrdance vth Unit&1 n9Jorn Generally ArtspJ ACaxntiThJ Practice., and
have teen prepared in AttL¥daevrtth Ihe Tr]uirements of thè Chantses Acl 2011.
Basls for oplnton
Wè have been apwnted as aAItOr uThJ&r sedion 144 of Charrbas Act 2011 and r8port in al)ra}ca wth tha Aet and
rolev8nt regulah.ons made or having effect Ihèreunder. e0ThJuC our 8udrt in e0rdance with Intem8titsn81 Stsndard
on Audityng IUK) IISAS (UK)) and applralse law. Our restK)nsily'lths under thc6e stsndards are ftjrther deted in the
ALKlitoKs ponSIbl1rtES for trE audit ol the finanaal statEnts tion ol our reFXYt. a independent of the Charity In
accordan with the ethical requirements that artr rekvant to our audrt of the finanual statements in Ihe UK, Indudin9 the
FRC'S Ethical Standard, and wè hav8 fulfil our 0th8r eththl r88w)n5ibil1ti8s in a(xx)rdarth wth thè58 rwuir8mwts We
belEve that audit den is suffirjent and apppriate to pro% a basi8 for our cyinion.
Coneluslons rèlating to golng cone•m
In auditsng the financial stat8m&nts, w8 have lL18d thatthè Trusteos. use oltr g(Mng Lntsm basis ofa
THE ROYAL ALFRED SEAFARERS, SOCIETY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ROYAL ALFRED SEAFARERS, SOCIETY Re8POft5ibilities of trustees forthe financial statsments As explained morè lully in thè Trustees. responsibilitps stst8ment set tsut on page 8, the Trustees are responsible for the preparation of the finan(81 statements and for being satIsfd that they give a true and fair view. and for such interna1 ¢ontro1 as thè trustees deterniine is necessary to able the preparabon of finanoHI st8tements that are free from rnaterial misstatement, whetherdue to fraud or error. In preparing the fin8n¢ial 5tatomènts, the Trustees are responsibl8 for assassing thè Charity's ability to ¢(tInue as a gci contsrn, disdosing, as applicable, matters related to going eoncem 8fKJ using the going coneern basis ol accounting unless the trust8es either Intend to liquidate the Charty 01 tts cease operations. or have no realistic altamatwe but to do so. Audltorfs rospon81bllltl88 for the auillt of the flnan¢lo1 statements Our objectives are to obtain reasonable assuran about whether the financial statsmènts as a whole are free trom material rnisstatement, whether due to IraLKI orerror, and to issue an audito¢s report that includes ouropinson Reasonable assuran is a high level of assuran. but Is not a guarantee that an audit conducted in accordance with ISA5 IUKI wll aayS detect a material rnisslatement whan it 6xists. Misstatements Can arise from fraud or 8rror and are considered material if. Indivu81 or ln the aggregate. they could Igasonably be expected to Influen the economic decisions of users taken on the basis gf these finanaal statements Irregularity'es, including tr8ud. are In$tsnS of nonMplianCe with laws and regulations. We desiqn proc4dures in lin8 wrth our responsibilit*s, ouuined above, to datèct material rnisstatements in resp8Ct of iFwularities, including fraud The extent to which cxjr prOdre5 are capabb of dateets.ng Irregularitres. induding fraud is detail•J bèlow.. Based on our undetstanding of the Charity and the environment in which it owrates, we identified that the princ4pal 115ks of non-compliance with law5 and regulations rdated to Care Standards Act 2(KO and the ca Quality C(Yfimission ICQCI IRegistrationl Regulations 2009. and wè considered the extent to which non-compliance might have a material effect on the finanual statements. We also ¢onsid818d those laws and regulations that have a dir8Ct Impact on the preparabon of the financ4al staternents such as the Charities Act 2011. We evaluated management's Inntiv•S and opportunities for fraudulent manipulation ol the financ1 statements, in¢ludin9 the risk of override ofcontrols. Audit PToc8dures perfomied by the enga98ment team indudad". Discussionswith management Including consideration of known orsuspècted Instances ofnon-compliance with laws and regulations and fraud., Reviewing the controls and procedures of thg Charity to ansur6 these were in place throughout the yèar, Including during remote working, Evaluating management's controls desvJned to prevent aThY detect irregularities." Reviewing and testing joumal entries made in the year. particularly those made as part of the yèar4nd finanaal reporting prSs, Challenging a5sumpts.ons and judgements made by m8nag8rnent In their critical aoUntIng e5timat6s including the valuation of the don8t8d land held within invesbnents.. Reviewng minutes of meeb'ngs.. and Because ol the inherent limitab.ons of an audit, there is a risk that we will not dètset all IrgUIantses. induding Ihosg leading to a mattsrial misstatement in the financial ststements or non-complian with regulaty'on Th15 risk In¢aseS the more that Mpl18n( with a law or regulats.on Is removed from thè èvents and transactions reflected in the financial statements, as we will be less likely to CoMe awara ol Instan ol non-compliance. Th8 n5k Is also greater regarding irregularities occumng due to frau¢J rather than error. as fraud involves intents.onal concealment, forgery. collusion, omission or misrepresentation A further description of our rasponsibilities for the audit of thè financial ststements is located on the Financial Reporting Counal's website at.. www.frc.or .ukJ8uditors This descripts'on part of our aLKlito¢s pOrl 10
THE ROYAL ALFRED SEAFARERS, SOCIETY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ROYAL ALFRED SEAFARERS, SOCIETY e of QUT r•p¢rt This report is rnade sowy to the th8rity'5 trust&s, as a t. in &COrdan wth section 144 of ts Charities Act 2011 8rtd ragul8b.ons made uThJer secticfi 154 of thal ACL Our atKir( w(Mk has bèèn undèrtakèn so that w& might state to thechariws tnjstees those matters we a requi lo state to them in an Auditorfs rerort and for no othèr purpose. To the fullest extent pernitted by law. wedo not actspt or assume re$wtill to anyone otherthan tharity's trustees as a b(yJy forouraudit wod(, for this report, or opinK)ns have Ile(l. Haysmac LLP Ststutory Auditors Date.. 1 April 2026 H8ysMac LLP is dYJib to act as an auditor in terms 1212 oftt Ctyypanigs A( 2CTh. 10 Queen Street Pla London EC4R 1AG 11
THE ROYAL ALFRED SEAFARERS, SOCIETY STATEMENT OF FINANCIALACTMTrES FOR THE YEAR ENDED 31 DECEMBER 2025 UThrpstricted funds Restrict6d fund8 Total 2025 Total 2024 Incom? from: Donation5 and legacies Charitable activthe Inve5thents 303.746 4,934,189 24,731 303,746 4,934,189 24,731 579,305 4,408,231 28.104 Total Ine4)m• 5,262.666 5.262,666 5,015.640 Expendltur• on: Raising funds". Voluntsry ineom& Investment managerfs f Charit8iA9 8CtNth"es 61,136 8,339 5,399.W 61,136 8,339 5,399,064 92,625 6.886 5,298,823 Total •xp•ndltu 5.468.539 5,468.539 5,398.134 Not Incomol l•xp•ndlluro} 1205.8731 (205,873) 1382,4941 Gains I Ilossesl on inve8trnents 100,265 100,265 42,429 Net movement in lundj Transfers 1105.608} {105,608} 1340,0651 TOTAL FUNDS AT 1 Janary 2025 13,588.984 4.259 13.593,243 13,933,308 TOTAL FUNDS AT 31 Dgcgmbv 2025 14 13,483,376 4,259 13.487,635 13,593,243 All actNths relats to CLJnttnuiry CWatiC. The notes on pagas 14 to 30 tom part ofthase financial stalemerts. Full ccfnparative fuure5 forthe year eThYpAJ 31 Dg¢mLr 2025 ara ShCr th) note 18. 12
THE ROYAL ALFRED SEAFARERS, SOCIETY BALANCE SHEET AS AT 31 DECEMBER2025 2025 2024 FIXED ASSETS TaryJibl8 assets Investmgnts 11,507,524 1,564,325 11,848,664 1,436.564 13,071.849 13.285.228 CURRENT ASSETS Debtors Cash at bank and in hand 10 482,750 233,532 313,989 387.583 716,282 701.572 CREDITORS: Amounts falllng due wlthln one yoar 1300.4961 {393,5571 NET CURRENT ASSETSIILIABILtnES) 415,786 308.015 TOTAL ASSETS LESS CURRENT LIABIUTIES 13.487,635 13,593,243 Defin8d benefft pensi scheme asset NET ASSETS INCLUDING PENSION SCHEME LIABILITIES 13.487,635 13,593,243 CHARITY FUNDS Restricted funds 14 4,259 4259 Dèslgnated FLsnds Fixed asset fvnd 11.507.524 35,S)8 11.848,664 5,367 Other 11,543,032 11,854.031 Gèn•ral funds 1,940,344 1,734,953 TOTAL FUNDS 13,487,635 13,593 243 The )SnaThial 8tstemen18 wer8 approv&J by the Trust on 26 March 2026 and s*Jn&Y on th8ir behdf. by.. /4J3- CPWak Chaiman 08E RD. FNI Capt D J D Dominy MA rcds RN Chief Exe(xJbvè The nol8s on pag8$ 14 to 28 fonn part of these fin8n¢h41 slatemen 13
THE ROYAL ALFRED SEAFARERS, SOCIETY CASH FLOW STATEMEKr FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Net cash provided byllused in} 0ratIng activiti•s 16 {42.9691 153,4971 Cash flows from Inv•stlng actl¥ttl•s: Interest frrxn investsnents Purchase of investrnents Proceeds from sale of inveslments Purchases of tangle fixed asse 24.731 1332,4521 257,030 IfAJ,3911 28,104 195,8611 501,970 1266,422} Nst ¢a$h provld8d by Invtstlng actlvltl•s 1111,0821 167,791 Change In cash ond cash eqLbwaknts in the year 1154,0511 114,294 Cash and cash equNal8nts brought fard 387,583 273,289 Cash and cash oqulvalants carrl•d foThrnrd 233.532 387,583 A Analysls of changes In net cash funds At 1 January 2025 At 31 Decomb8r 2025 Cashflvws Cash at bank and in hand 387,583 1154,0511 233,532 Total cash and sh equivalents 387.583 14
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POUCIES {contlnuedl ACCOUNTING POUCIES The Roy81 AJfr8d Seafrdrers, scety is a canty establisw by Royal Charter 8nd wistèrwj The Charity COMMOn in EngLqnd and Wales, rg3tsterl Mber209716. The regi8tergJ office 13 shown on paga 3. 1.1 stst•m•nt of compllanc• The finanryal statements have been prara under the histoncal cost convenb'on with 15 recoanised at W8t Of transaction value unkns othewise statay in Ihe rethnt notes to a(uyJnts. The financial staterronts have been prepared in accordan vrith A0unbrlj and RepOrb by Chath"&%. Statement ol Recommend&J prath.( applKablè to Ltharibas pr8parirYJ 1r acctyjnts in a¢>Jydan with the Financial R8POtting Standard applicable in ts UK arKI Rtrwbl of Irdand IFRS 1021 {chare5 SORPI effective 1 J8nuary 2019 and Chatitses Aci 2011. The Royal AJfv8d S8aFdr5' cortstthth a bC berEfft tity a5 defi1 by FRS 102. 1.2 Golng cOnM Soaetys affair5 cti[se tts bè guid by regulaty UFxSated strateg Busnes5 arKI Finanaal Plans 20248 review of the Guidan for Trustees and th8 EX)J11¥& Team provided the higher level franpwork to guide th9 g¢x#J governan of the Swety arKI ts day to day (yrations to meet our charitae obJecb've5. The revis& High Lavèl Operating Modd and "SUN to Thrive" stratw h85 teen fDlI(wj to create the time to restotE re$ilign(. It estal$hed the condibc¥)s to move to the fdlcw on strategy Trrivè 8 Passagè to 2035.. Thls rewsed direction and strategy nhared the Truste8s' ajilrty lo monitor perfornian against their direction and assure themselves thatthe Sooety i8 being wdl run so that rttakès maximum advantage olthe mojern facilities, that COmY wrth the Care Quality Commissiorts requirements. and enabb thè dèlivery of high qUty care to tsrors and ¥gtsrdns through the retents.on Ofae staff. 21Y25 VAS a year of rceSSary o)nsolKlation restor8b.on of cxxupancy priority. fvJht control of tionary expenditufy that dKI not direcuy eontnbute to restoring ocajpancy. health 8rKJ safety, safeguarding or quality of re has proved effective. The SoLaaty has made substantial progress in restoring fin8nual stability and is now oywJliantWTth our finanryal controls wtt) ts Main BUS1r Reserve above £32(1( after pay run. The Soaety also continued to tNJhten our governan. e¥dve our cornrnrttees aThJ deliver essential adjustments to our produre8. and ¢cthLs. Tho ton Acres visr Committee has now been ropla¢xl by the Safeguardiry. Care ar Ccffimrttee. Occupanty eonb"nue(I to challeng)g lor ts first thinjs of 2025. HfNvever. there was a marf( improvement in the final third oftrte yearwith arage pan from September beiThJ above eK) This sUIted in average owupay for the year dimbing from 54 at th8 ènd ofAugust to 57.4 at year end. Thi5 is a fvrther improvèmént ov6r the average (wancy of 55 over 2024. By the end of Decernb8r, tha Sty had dolivèwd 502.474 hour¥ of cara cornparÈd to 49),680 in 2024. MLth olthis improvement is prDbably linkttha refreshed brand, marketing and new V+pbsite. In line wth th8 rèwsad 0r"ng Mcxjd aim remains to gradualty rwx)ver aver@ Lrcupancy to belween 8(k64 with 2rJ Full Fee PawThJ 113 by thè LOCA Authonty. The average oc£upancy tar98l for 2026 is 60 with an ambth.on to recover to average ¢xcJJpary 0161 in 2027. The Budget for 2026 to 2027 refiects this. The budget includes a maehanism trj gradually restore reserves to a sensible Ve] by r6itTrvasting a small pwcentsge of fees into the reserves en otsupancy is above 55 as well as investing any untsjgeted legaoes. This reved apKwoach combined with a dI1n8d c<)ntrol o¥er expendthre ensure that the Swety remains finanaalty souTrJ and well P)$"0nI to meet any orerational thalleNJes In 2026. The Sooety ended 2025 in a pos0 to mova from the "SuNNe to Thrtve strateg to our 'Thrive Strategy - A Passage to 2035°. The Therne for 2026 wll be 10 8v(th wrth ambitK)n. Tr kn.ety is (ortshJer&Y by Bo8rd of Managomont to be 8 gthng conwn forthe forthcoming year and the foresee*Jle ftJtur8. 15
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accoup¥llNG POUCIES leontlnuedl 1.3 Fund a¢¢ounting Genera fijnds are unresbicbj bjnds whith are availab tr use atthe di¥90n of tho Trust in further8n of tho gerral ObjeL ofthè charsty and have not deSnated for other PU$e$. Designated fuThds comprBe unTestrirleLI fvnts Ihat hab tren set a%d8 by the T[laS for particular purposas. The aim aThJ use of each ¢JesvJnat8J fiJTrJ is set out in the Th)tes to ts fin8nciJ st8tWllgnts. Restricted ftjnds are vthith are to US in aCdance wth specffjc restrith.ons imposed by donors or which have been faised by the charity for parb'¢xtlar purposes. The cx)sts of ra15iry and administering such funds ara chaw against thè speofic fund. The am use of each restrthd ftJTrJ set out iwr thg not8S to Ihè financial statemenls. 1.4 Income JI Inc is reccrfJnwJ On the chanty has entiknent to the incThro. it that th9 in¢un& %ill L reN8d and the amunt of irtomg l¥able can be measured rdiably. For kg$, entitiernent ss taken as the earfier ofthe date on either. d)8rity is aware that pn)bats has b8an orant&J, tha astatè has en finalised and notification has tn made by the 8xe(xJtor(sl to ts Trust that distribution wll bè made, orwhen a dtstribut is 1Ve frorn the estste. Rlpt ofa legacy, in whole or in P8r( is only (x)n5K18r8d probabk when tho amount can be measured rlaY arKY the charity has been notified ofthe executofs intenb'on to make a di5thbub"on. [8 Iw&s have been nob.fied to the charty, or the charity is aware ofthe grantiThJ ol probate, aTrY the carteria lor reccgnibon have Lwn met U)en the lega is treated as a coth"ngent asset and ¢Jisdosed if rnaterial. Incorne tsx recVerae in reLthn to ¥0$bnent wontsad at Ith& time the investment income is re1Vable. Incorng from nursing IK) f88s arKJ tènant rentals is reCognj in the perioj to which t income re18ted 8nd any amounis receNed in advamce for fvre periryls carri&J forbYard5 as dèfaffed incc¥ne. Incorno from donatrS and grants ks reo)gnised wthen the (tsity has entiyement to the fiJTth, any parformanc• ndtbon5 attach8d to thè grants have teen nrt rt is prCoa that th8 inoTh will te rj 8nd th& amount can be MeaSurj reliably and is not deleued. Interest on fvrKls held on deF¥)Srt is induded vthen recwable and the wnounl can Treasured tsliably by tha charity. this is nortnally uw>n notifiotion of thè intèrest patty or payabse by Ihe bank. Dividends are recrynised once divideTrJ has teen dedar&Y nob'ficatron h85 re(j of diwdend due. This ts nom)al upon nofficatson by our investrment advtsof ol Ihe divKlend Y of the investrnent wrtfolio. Donated landlassets are reccsniwl atthe fairvdu8 all datè reJ. lthere there is no rdiabb estimate of the fairvalue, daj ndlasseWIl be reccgni5l onty ontx Ihis valuo has Lwn &$tablish. 16
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES {conlinuedl 1 Exp8ndlturn ExFenditure is reIed orr2 ther8 is a al or constnjctive oblvJation to transfer ewnLXniC benefft to a third party, rt is probabk that a trafer of ecorK)mic tnèffts wll bè requir&g In Setment aNI ihe am(xJnt of th& obligation bè rneasured reliably. EyTendiiure is da5sffiwJ by a((vrty. The Costs of each activty are made up ol the total of directcosts and shar1 wsts. indudiTrJ gjpport (x)sts invow in und8rt8king aach activty. Direct costs attributable to a siThJle a¢tiW are alILtatl directy to that actiwty. Shared whKth eontribLrte to more than one activty and support cvsts which are not &ttn"bUtab to a single actrwty are apporbon8d b8then those activibes on a basis conststent the ol resour. Central staff eosts are allocated on the basis of timè spent, aThJ deplatiOn tharges Il(xaj on the porbon of ihe assefs use. Fur¥Jraising cc6ts are those Irrred in 3eiTrJ Yrrtary eonlryJbons arvj th) not indwle Ihe costs of disseminth.ng Infomats"c H) supm of the charitsb aV&s Support costs are those o)sis inwrr&Y dire¢Uy in support of expendiiure on the objects ofth8 chanty. GovemarKe crjsts are those incurrgd in conneets.on 8dmink%trath"on of the thaiity and CXYnFAiarTh wilh LX)nsbbJbonal and statutory requirernenb. Costs of genèratirYJ fid9 are cc6ts irKaJrred in attracrb3 vc4untsry irtLXna. and Ihose incurred in managiry investmeni8. CharrtaU8 activthes and G0veMan o)sts are on the cat1ty's cperath)ns. Iuding support costs and (x)5ts rel"rvJ to thè g0Veman ofthe tharity appjrbc1I to Charitab adiwties. Al expeThYiture is i51Ve of iTreo)verabb VAT. 1.6 Tortglb Ilx•d a880ts and deprncl All assets costiro rnore tran £7,5C¢) ar8 caimklised and deweck7t&Y. lrnprovem8nts whth enhance the future èconom benefits of the proFerty or extend its ow8ral useful lrfe are caliS and are ftjlly written off 0r the eXp£et LLful lrfe ofth& proFerty. Tarrfjible fixed assets are carrpd at nèt of ¢Jepreciation aTrd any provisiw fr)r impaiment. Depreaation ss Prowded 8t rates calculated to write off the o)8t of assets, their &stimatsd residu value. ovor thèlr expectsj useful ITV8S on tho fdlthwrKJ bases.. Ccrnputer and IT FUmrtu and Equint Motor vehide5 Freehdd BuikYing5 Freehdd LaThJ 33.3% Ferannum 20% rRr 8nnum 50% Fer amum estimabj usefijl lrfe of assets. gen8ralty 50 arS none 1.7 Invegtments Fixed a&st invethents a a fonn of finanThal instrjrnent and 8rè inrflalty reCOgned at their transaction wst and subsequendy measured at fairvalue atthe Balan sheetdate, unless fairvalueGgnnot be Measu reliably in which case rt is rneasur8Y 8t o)st 185$ impairment Investrnent gains and losses, vth8thw rèaliwj or unr8alisad, are combined and shtrn in Wing'Gainsllk)ssesl on invesbnents, in the Statement of financial Tho valuab.on of froehold laTh4 was carri&J oul by a th8rt8r¥J suNèyor and is valu&Y at its ExBting Use Vu9 IEUV) based on a3rUMUral valu&s. The Eand was last revU in 2019Wh rt was recognised as an investment propety. The Trusiees do not oJnsiilarthattr has materiamy tharyd sin thts datè. No depreaation is provmled in resl* of this land. 17
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTrNG POUCIES {contlnuedl 1A Int8r8#t r•¢•ivabl• Interest on hekl on Ilew)sit i% 7ndlK 7•kn r&Vable and the OUnt can be rneasur rgliabty by tha chanty,. this is ncxinalty upcffi nobficatr ofts interest pa or paya8 by the bank. 1.9 Flnan¢l•l Irv81ments The charity only has fina181 85sets and financial liatx"lth"es of a kind that qualify as basic finanry81 instruments. Basic fn8n(#81 instruments are initially recx)gnised at rransaction waluè and subsaqu6ndy rneasured al their settthent value with lh8 excepb.on of bar loans vknK are suwuenty measured at arnortiSl cost using t effect've intsTest Meld. D•btovs Trade and other debtorn ar8 recognLwJ atlhe set)entaMOUnl aflerany tra¢dis(x)unt ofvred. Ptèpayménts are valLEd atthe amount prepaid [1 of any tradè dists)unts duè. Ca¥h at Bank and In tAnd Cash at bank and in hand KKILMles cash and tami hlY IK4uMI in%wlrnents wth a short malurity ol thraa MthS or less th)m the date of aUl[bon or01[a oftr deposrt or MIlar acuurt Llabllrllg8 ?nd provS810ft8 Liabilities are recCgni%I Wh an c)ligabon at tha Balatrwx sheet date as a result of a past 8vent, it is probab that a transfer of eryJnomic befrt will b8 Uir1 in sètuement, and the amount of the settment can be estirnaigd llabty. Liabilths are rwni8ed at the amount that the tharity antiopatès rtwill pay to Sett the debt or the arnount it has rethNed as ajvanced payments ts the gocyJ5 or il must provHJe. Prowsions a measured at the ts5t estim8t8 of smots rg]uired to setle ts Ob1Jab ¥ere the effeL ofthe ts.me V81ue of morEy is material. ts provigon is bas9d on present value of those amounts. discounted at the pr&tax dlnt rate that rtrfiacis the risks ¥eUr to ihe liabilty. The unwindiry of th& discount is recognised thin interest payable and $wnilarcharges. 1.10 nSIons The cnst of proYhlirrfJ PWOK)ns for èmpknw is charged aJanst the Statement of Finarrial AthMb"8s ovar the average worf(ing lives of mernbw5 in axordarth wth the recommendth.on ol ble pertsion scheme ary. Tl pansion stheme ts a defined tenefit sCe Ihe assets ofwhth ar8 hald iThJeFendendy from the assets of the Soryety The Soaety also contributes to the employees. guP I0n sdwme. Thè o)ntrthth)ns are held in fvn¢ts hekj indeFendenty ol tha ScKJeWs assets. The Sooety haslty impthented ts requiranentofFRS102 lats"ng to noyee benefiLs. The sehoma $uWIK8 s not rwnised on the Scaety's s The Royal Afred Seafarers. Socw Slaff P8fton Fund IPSTR- 18LI)6254RBI was forrnally terrninated on 28 May 2025 which completed the wnding up ofthe Sth8mè. All èyknses of the Scheme have been paid and all entiV8m8nts and accrued rKJhts of the rnember5 and terficianeS of the Schame were sered before tr terniination d8ts in a[than wrth Ruk C2 01 Ihe tkfinthe DY and Rubs. HMRC ware nob'fi&J wth thg Ds*J olTamiination on 4 JurE 2025. 18
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUPMNG POLICIES leontlnued) 1.11 Crlll¢al a¢¢ounting estimates and areas of jUdg•mt Ests"mates and judgements are ¢ctinual evaluabj and are bas&Y on hthrFral exp8rntA and other f8¢tors, includiro expectstions offuturs &fits that ara be1j to be asOnab uThJer the arclrnstsr$. Cnbcal accountir@ estimaies and assurnmns.. charity makes estimatss and as$urwti conc¢miNJ the future. The resultiryJ acuDn9 estirnates 8nd assumpts'onswll. by definion. seklryn Ual the rPl9t 8(Xu31 t85uts. Thèèst"m8t&s aThJ aSsUmpn$that have swJnthont rith ofcausng a material Jjusbnent to the carrying amounts of assets and liqbilth.es wthin the next finaw81 ytrar aro dis(yJswJ ITr the opinion of the Tru5tee$ the rnain e$bmate UmPtion Ihat may have a signifunt risk ol causng a rn8t8ri81 ¥Jjusbnent to the carwng amtyjnts of assets and lthilths wiihin the next financial ygar aTe in rglation to the usefvjl life offd a5sats, whth aro Ittn off in accordarte the depreaation pdiae5 sel rAJt in Nots The valualon ofthe pens schwne assets aThJ liJihbes iscarrigs wtty the f4Yvne a(au8ry basad on vafious a¥sumpts"ons and estimaies. Lktsils a gNen in Note 12. The valuation of donated land i8 carrIj ¢xrt by a thartergl surveyor b8sad on vari(yJs assumptions and astimates. The amounts recognised in these aw)unts have been estimated on rr8nt agricultural values and future plans of the Chanty. FUrtr details are in M)te 1.7 atN)ve. 1.12 Employee benefft8 A liab'lty 1$ ro¢(yJntswJ frjr 8ny overt1 hours eamed 1rj the year %thith i8 at the Balanc* Sheet date and carned forward to futu p8ric#Js. This rs rneasur8d at tho hourfy rate ofthe overtime worked. 19
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INCOME FROIII DONATIONS. GRAp¥fs AND LEGACIES Unrnsblctod RtrIct•d fun(ts 2025 Total fvnd8 202S Total funds 2024 2025 Donatlons Donats"ons Legaeios Other Grants GreenvAch Hospital The Corporation ol Trinty House Th8 ITF Sèafar&rs' TrLL8t Seafarers UK RNBT Assooation of Royal Na Officer3 IARNOI JR Marthe & Securities Consultants Women's Royal Nav81 S8ML Bnt Trust Th& Vetsrarts Fund Merchant Navy Welfare Board IMNlhB} Queen Mary's R(hwnptQn Trust SSAFA Surry County Courril Other Total 42,656 42,6 23,266 24.988 24,988 15.138 109.440 15,138 109,440 223,899 109,320 75.000 8.446 13,626 25.868 13.626 23.136 11.7 11.7QJ 19.286 14,131 13,0 3,250 7.794 3,250 7,794 1,625 579,3)5 303.746 PRIOR YEAR INCOME FROM DONATIONS, GRAP8 AND LEGACIES12024) Unr06tr1cted R•strkted funds funds 2024 2024 Totsl fund¥ 2024 Donatlons Donatsons Legaciès Oiher Grants Grèemmch Hospital The CorFK)fatioft of Trinty Hottse The ITF Seafarer5' Tt Seafarers UK RN&RM Charrty Assoryation of Roy81 Navy Offieets (ARNO} The Honourable Company of Master marir$ Women's Royal Naval se Bene¥Ient Trust The vetera Fund Merchant Navy welfa Board IMMNBI Queen Mary s R(hampton Tnjst Hampshire Care Assw'abon Other Total 15.5(NJ 7.766 23,266 223,893 109.320 75,0(K> 50.oc 223.899 1(Y3.320 75,0(K) 23,136 23,136 19.2 14.131 13.0 19,286 14,131 13.os 1.625 571.539 1,625 579.305 20
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INCOME FROM CHARITABLE ACTtvmES Totsl fvnds 2025 Total funds 2024 Belvedere House Care H(xne Waston Acres Housng 4,723,251 210938 4.219,223 4 408 231 I14ESTE INCOME Total funds 2025 Total funds 2024 Dd$ B8nk Intergst RNabl9 20.758 23,519 24.731 28,104 CHARITABLE EXPENDITIJRE B•lvedere Houso Carg Weston Acr•s Holrnlng Support Totsl 2025 Total 2024 Computer, Phone & IT Legal & Professional Other Offi Costs Rent & Rats8 Light & Hgat Rèpalrs & Maintenance Insuran( Motor and Trav81 pps Agency Costs Cleaning Other Staff Costs Food & Kitch8n st8ff costs Bad debts Audit & accounis fees Depreuat'on Actit$ aThJ amenity expeThYrture 16,212 75,305 4.081 4.784 29,746 4,828 50,039 84,917 68,892 35.734 120,385 182,735 50,868 12,344 18,672 86,941 70.005 72,971 205,374 3,874,170 22.905 32.580 401.532 21,646 82,623 99,236 17,530 166,044 176.029 56.098 8,032 22.214 120.409 9.011 63,140 147,984 39,269 6.107 18.672 86.941 56,587 55.093 182,473 3,335,231 8,517 Y[,225 22.625 8.415 18,2[6 12,126 3.184 6,237 8.039 3,379 17,878 22.901 440.545 22,905 32.580 193,787 182.470 3,645.265 98.394 26,640 409,325 J8.011 451 4.561,341 3,521 7,569 622.084 215,639 5,399,C64 5,298 823 21
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 PRIOR YEAR CHARITABLE EXPENDITURE12024} Belved8r8 House Care Wèston ACIBS Hoyslng Support Costs Totsl 2024 Compuier, Phone & IT Legal & Professional Otr Office Costs Rent & Rates ght & Heat Rep8ir5 & Maintenancè Insur3r Motor and Tra1 pps Agency Costs canIng Other Stsff Costs Food & lQtchan Staff costs Audit & accounts kns Depreoation ActiV.e9 aThY amenity ftjnd eXFTr[ 16,212 75.305 75,644 9,012 108,820 147.983 39.269 6.107 21,801 120,409 58,587 55,0 182.470 3.335.230 4,081 4,784 1.353 2,534 23,554 21.$46 82,623 99,236 17,530 166,044 176,029 58,098 8,032 22,214 120,409 66,640 193,767 182,470 3.645.265 26.640 409.325 8,517 57.225 22.624 8,415 5.417 8,415 1.925 413 8,039 14 138,875 98,394 211,641 4105,435 3,521 4.404 425,355 4 657 830 215.638 5.298,823 INCOME This is stated after chargiro.. 2026 2024 [*pleaati OftaTrJ1e fix&J assets.. . <)wned by thè ehanty 401,532 409,325 Audtiors, remuneration.. wdit ol finanoal ststements Auditots, remunerab"on'. cts fees 22,0 10,580 21,000 5,640 22
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 STAFF COSTS Staff costs 85 fr)Il¢)ws: 2025 2024 Wages and salarEs Sotsal SaCUTity costs other pénsion (x)sts 3,326,204 387,158 160.808 3 874,170 3.153.396 300,413 3,645,285 The aver numixrOfrlslm1s plOYj by tharity thring the yeaFwas 85 follo.. 2025 No. 2024 No. Care Staff G&Tal Staff Management aThJ PAmIntration 60 37 51 28 101 Tha number of hIr paj empbw was.. 2025 2024 £eo,c()1- £70.rxKJ £70,(Q1- £80.(xJ) £80,CQ1- £90,(NJO £1(KJ,rxKJ- £110,OC#J Total employers, pension contnbutions of £19.14012024." £18,258) pa¥J for the pro¥ffjion of defined contributn schemes relating to hig paKJ staff. No Trustees receNed remuneralion fOrthr servkx P024". Nill. Twstsg$ wèrè MbJ[$ed fc*travel and meetiThJ experEes duriThJ the year £22412024". £4041 Rornuneratn for kay manwent rsOnnel was £29).03012024. F275.1241. 23
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 TANGIBLE FIXED ASSETS Fr¢ghold Fre•hold Flxtufgs and Land Prw FMlng8 Motor V•hlel•8 Total Cost At 1 January 2025 AdonS Tran5f8rs Disposals At 31 De¢xmtr 2025 14.939.(193 1.227,8th) 33,578 358.231 646 267 973.342 123,5&3 16,330,479 26.813 1358,2311 5.122 14,602,553 60,391 851 389 15739481 40,000 123,586 Depreclatlon Al 1 January 2025 Charge forth8 yèar Transfer DIS[h[S Al 31 Dscember 2025 3,432.653 322,755 139,779} 5.122 3710507 925.576 123.586 4,481.815 401,531 78,776 39.779 646,26 397 864 851389 4,231,957 123 586 t b¢)ok Valuè At 31 Decernber 2025 40 iKKI 10 892,046 575,478 11507524 At 31 Decener 2024 11.,440 All fixed assets are wther fDrdired chariiable use. or in lutheran oflh8 c*8ritys )JectiVes. FtXED ASSET IKVESTMENTS Ust•d socurltle8 Fr••hold Land Total Mark•t valu• At 1 January 2025 Addth"ons Di5pJsals Revaluation$ 1,124,149 332.452 1257.0301 52.339 312,415 1,438,564 332,452 1257,0301 52,339 At 31 December 2025 1251 910 312415 1564 325 Hlstorfcal cost 892,714 312.415 1.205 129 24
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10. DEBTORS 2025 2024 Re$Klenl and tanant debto Other debtors 8ml a(rtJ tsio)me ppaYMents 461,581 3,380 17,789 505,655 148.744 138.947 313989 11. CREDITORS: Amounts falliry due within on•y•ar 2024 Trdd8 cr8ditors Other taxation and sotsal Urity FuThJs ld on behawof resKknts Other creditors Accxua Deferr&Y in(xm 111.883 ,523 5,696 29,001 63,393 83,961 73.061 7,824 31,787 192,484 4.440 393.557 2025 2024 Deferred Income Deferr1 in(xxna at 1 January 2025 Resource$ deferred during the year Amounts reaSed from prgW(MJS ya8fS Deferred incryre at 31 Dernber 225 Dal8rred ino)me is made ofpayTrents r8cehBd in frcn resmlents for the rext finan(ial yèar. 12. CAPITAL COMMrtMEP At the 31 Dernber 2025 the chanty had wital in rel8tiM tr) th& renovth.on wciect totalling £172,679 {2024". £172,679}. 25
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 13. PENSIONS AND OTHER POST RETIREMEKf BENEFtts The Socyaty 8 dafi bèn6fft Per10n SclHne. assèts of tha Scheme were held by th8 TrLkStaas of the SChe, separatety from those of the Scwiety. aTrY are invested with Aviva in a with-profits pension poliw. Vthèn a mèmber mtires, the Trustees sewre Ihe m8mbèrfs penS)n and. where relevant. the conts"ngent spouse's pensY)n in an immediate annuity ky)lity Aviva on the basi5 of the guarantwj annuty rates under th8 policy. Thè Sou"ety's contributions to th8 scme am calculated so as Eo spread th8 fA>St of purd)a&vJ pensions over th8 periLKI up tts tt date when members reb"r8 or deodÈ to take their tereffts in aOrd ruth. The ¢>Jntributions r8quirÉd arè rèvièwad by a qualified independent actyary every the years. On 30 March 27. the Sdwme dosed to fijtrsre ser¥ice. txeakiThJ thè link to members. $81aries. Benefits are based on servKe arK% salary at date of dosure or serv. Pansthis in payment are irweased annualty in accordance wth the RU ofthe Schwne. The Swiety now pays c0ntntmjl tothe ernF4oyees' gmup F¢rsc#)al Fension. Th$ disclosures bdow relate onty to th? Ilefirwj Lfil PertsKJn Sdne. The latest full triennial tUarial valuation ofts Schem8 was caffwj out at 1 March 2020. Thè valuation exduded the value ofthe Schern8's immediate annuty Oicie5. The¥ue ofthe Fund's assets and Ikibilibes 31th8t date, related only to the deferred pensioner5. was £205.Cm and £208,(XLI reSIVety. thus di5dosing a smd5 deficit of£3,(K)O. The Sttiety had maje go¢)J this defiat by 31 Ortoiw 2022 but has continued to pay ctjnthbutions of £100 per month since that dats. The sChe C£mmced wiThliUP on 26 March 224. annU&S wer8 asswjned to members on 9 August 202 at cost of£3.379,1K)O. The annurtEs 858d to te a liabilrty ofthe Scheme on that data. As part of the winding-up exercise, addib.onal lump S7$ re patd to ¢xlain memb8f5 bvho entiued to aldth'onal bewfits where these coukl not paKI as an annuty. Thg rnat value ofts Awva with-profits insurnnc EIcY as at 31 21r25 was £Nil [2024.. £3,(M)01. The actuary has prtsv the followTrJ information al Ihg financial p0SOn of ts Sthem8 as at 31 DeCber 2025 as required by Finanal Re"T¥j Stsndard FRS 102. BaL9n Sheet 2024 Fair Val of8(*8me assèts Pr8s&nt value of liatslths Surplu8 £3.OLY) The SChne Surr1 rweal&a by th caojlabors 15 not recoJniwJ in Sc•'s balan sheet Irttffle Staternt 2020 2024 Serwce cost Past servic8 C05t Settlements Nat interest cost on net DB Ik8Iilty Total 1£3.379.CAN)I 1£68,0001 1£3.447,0001 26
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 statsrnent Of C¢Jnprthnsi¥e Incclne 2025 2024 Acbjal reium on 8ckne 8sséts Less amount alreaty rwnised in"Nèt inte1 on n8t DB liabilit$. Actuarial gains (lo85) on scheme assets Actuarial gairs (losses) on S(M& liabil.99 Net scheme at not as 8588t B To 1£137.OCQI 1£41.0001 1£22,0(X)I 1£3,OQKII 1£66.0001 Movement in assets durirg thè yaar 2026 2024 Assets at b&JInng ofyear Interest incorne {exFpnsèl Employer tx)ntrilxrbcs Banefits paid Actuarial gairs {Ios88sI on sere ass Setuemenb Assets at end ofyear £3,561.CM)O £137,CKJO 1£44,(KJOI 1£231,(K)01 1£41.0001 1£3.379.¢XK)I £3,0 Movemont in Iwbilths durbwJ th8 year 2025 2024 LKabilities at teginning of year Current Servi ctht Interestut Benefits paid Actuarial Igainsl 1058es C sch8mè liabihlies Sèttkments Liabilitss at 8nd of >ar £3.$20,C £68.CD) {£231.Q)01 £22,0 1£3,379,tthl Tho prinL?pd nten finarla1 assLrnpbon5 in Iha FRS 102 valuation re.. 2025 2024 Dbscount rato Retsil Pri< Infl8tson Consumer pri Inflabon Rat& of Increase in pensior6 in paymwrt Rate of incr8a5e in dèfèrred n$)nS 4.4% nla nla nla 3.5% nla Thè mortality assumptions aresUbJtoWuIarFlGw,. the mortalty tab used inlhevalu8b.on as at31 D&%rnber2024 was S2PMAIS2PFACMI Modd 202311.25%112023'. CMI M(kn1202211.25%I1lch givestsfdlowing lrfèaxclanci0S at age 60.. 2025 2024 Male Famal& nl8 nla 25.6 28.0 27
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 31 DECEMBER 2025 14. STATEMENT OF FUNDS 2024 Brought Forward 2025 Carrf•d FoThvard ILo8sesy Galns Income Expendlture Tr3n8fer# DesIgnat funds North Fièld PrDj8Ct Greenwth Hosprtal (Fire Alarrn System) The Amied For Covenant FuThJ TrLL8t (Flat Refurb) MNVVB (New Website) Fixed 3ssetlund 1.122 1,122 15.138 {15,138) 30,141 15.6 30.141 4.245 11 507.524 11.543 032 4.245 11.848.664 11,854 037 {15,6361 401,531 432.305 60.391 60.915 G•nordl fund• Gerra1 Fund 5,201.751 5 036 234 1(M).265 60.391 1.940,344 Total Unrestricaed tuTh 13 588 984 5 262 666 1).265 13.483,376 R•8trl¢ted funds Amenity Fund Total of funds 4,259 4,259 Degnal havs te8n set asJe by the Trustees larygty for th8 wrposa of gjpporbng tre m(NjeMi5atn of Belvedere House Thè tricted Amenty FuThJ represents s1e811Y gNen to proditiOnaI amenths forts rssKleftts 8rwJ 5tatt ofthe h¢eS run by lh8 chanty. 28
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14. STATEMENT OF FUNDS IContinuod} 2023 Brought Forrd 2024 Cathed Forward ILos$esy Galns Transf•r• Deslgnated fund8 North Fld Project The Veierans Fur¥J (Sensory Rch)ml INew Website) FrA6d asset fund 6.272 (5.1501 1,122 14.131 10,¢X {14.1311 {5,7551 4,245 12,162,127 12,168,39g 434.360 95,861 11.854.031 G•neral funds General Funds 1.763,1 4.958.919 42,429 Total Unrestrirxed fvnds 13931 5 CK)7 874 5.393,279 13,588,984 Resblct•d fund Arngntty Fund Total of fvnds 1.348 1.348 4.855 4,855 7,766 15. ANALYSIS OF NET ASSEfs BETWEEN FUNDS Ggn8ral funds 2025 Deslgnated funds 2025 R•8trl¢t•d fvnds 202S Total funds 2025 Tangible fixed 858ets Fixed asset investrnents Current assets Creditors wthin ono year 11,507,524 11.507.524 1,564,325 718,282 300,496 13.487,635 1.564,325 676.515 3.4 1,940.344 35,508 4,259 11.543,032 15. ANALYSIS NET ASSEfs BETWEEN FUNDS- PRIOR YEAR 2024 Genernl DIgnatyd fvnds funds 2024 2024 Total fund5 2024 fvndg 2024 Tangle fixed asset5 Fixed asset invesiments Current assats Credrtors witt)in ong year 11.848, 11,848.664 1,436,564 701,572 393,557 13 593.243 1.436,564 691.946 393.55 4.259 11854.031 4,259 29
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 31 DECEMBER 2025 16. RECONCILIATION OF NEf MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPEFiATING ACTIVITIES 2025 2024 Nst 1&xr111UreKincorne forthe year las Fer slalwn of financial 8tXivitsèsl {105,eL)81 1340,0651 AdJustm•ntfor. LOsSeI9a1nsI on wweslments Depr8ciatK)n charge5 Dividends frtyn investrnents 8nd bk inierest Increase in debtors (Decreaselllncrease in credit$ N•t cash (used inl opèrntlng a¢JvHI 124.7311 401,531 152.3391 1168.7611 93.061 42 969 {28,1041 409.324 142,4291 (143,1381 90,915 53,497 17. ANALYSIS OF CASH AI4D CASH E12UIVALENTS 2026 2024 Ca¥h in hand Total 18. RELATED PARTY TRANSACTIONS Duriffj tha year, granis were frryn JR Maribrne & Securrty Consuttanis, a company where Captain Brett Smith is a direrAor. totalling £25.868, no arnnts re ¢xtstandiThJ at ts year eThJ. There were Trustee donations during the yearof £FA) (2024: £flJl. 30
THE ROYAL ALFRED SEAFARERS, SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 19. COMPARATIVE STATEMENT OF FINANCIAL ACTivrriES 2024 Re8trictsd funds Totsl 2024 fvnd4 Income frorn: Donations and legacEs CharitaNg actiwtiès Inveslmonts 571,539 4,408,231 28,104 7.786 579,305 4.408,231 28,104 Total Income 5,CQ7,874 7,786 5,015,840 Expendlture on: Raising funds.. Voluntsry Inc18 Investrnent mana9erf5 fsès Charitthg actiwtias 92,625 92.625 6,686 5,298.823 5.293,SS8 4,855 Total •xpondrturn 5.393.279 4,856 5.398.134 Ngt In¢¢mèl {•xp•ndltur•l (3&5,4051 2.911 1382,4941 Gains I IIc6sesl on investrnents 42.429 42.429 N•t moVn•nt In fund Transfers {342,9761 2,911 1340.0651 TOTAL FUNDS AT 1 January 2024 13.931. 1,348 13,933,308 TOTAL FUND5 AT 31 D8c•mb•r 2024 14 13,588.984 4.259 13.593.243 31