REGISTERED COMPANY NUMBER: 00477145 (England and Wales) REGISTERED CHARrrY NUMBER: 210066 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR EI¥DED31 DECEMBER 2022 FOR INTERNATIONAL FOU]WATION FOR AIDS TO NAVIGATION AC54DPAI• 061C612023 COMPANIES HOUSE A10
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INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Company infomiation Chainnan's Ststemeni 4t05 Report of the Directors 6tolJ Independ¢Ttt Auditor's ReF 12to14 consolided Statement of Financial Activitie5 15 Consolidated and Charitable Company Balance Sheets 16 Consolidat¢d Cash Flow Ststement 17 Notes io the Consolidated Financial Statements 18to29
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION COMPANY IIYFORMATION FOR THE YEAR ENDED 31 DECEMBER 2022 The Directors ollniemaiional Foundation for Aids io Navigation C'the Company") the Company's charity tNsce¢s und¢r charity law and the dire¢tofs of the ¢haritable company. The members of the Board who served in office as Director5 durtng the year and subsequenrly are detailed b¢low'. KEY MANAGEMENT PERSONNEL: DIRECTORS R. G. Ma50n l - Chairnian from 29 November (Appoinied 3 March 2022) A. K W. Marsh MBE FICS- Chainnan until 29 NovernE¢r R. C. J. Brummer l (Res)ed 3 Mah 2022) Captain"J.R. Evans S L. M. Evans * Captain J. W. Hughes A. Ross (Appoinied 3 March 2022) Captain l. Scally Cawain Y. Y. Al Saqer D. Summ¢rtJiil S P. Stsnley_ Company Secretary S MembErof Audit Committee CHIEF EXECUTIVE P. Stanky REGISTERED OFFICE 4th Flo 8-9 tA)vai tane ndon EC3R 8DW CHAIUTY STATUS Company Lirnited by Guarnitee not having a share capital RegIsred in England and Wales No. (KH77145 Registeffd Charity No. 210066 The word Limited is OTnitted by licence of the Boord of Trade, Li)nd¢)n BANKERS. HSBC. London and Balnin INDEPENDENT AUDITORS Azets Audit Services, 2 Floor. Regis House. 45 King William Streei London EC4R 9AN SOLICITORS: Farrer & Co. London 66 Lin¢o]n's Inn Fields. Imdon, WC2A 3LH Carnpbell Johnston Clark Solicitors 59 Mansell StyeeL London. El SAN INVESTI¥NT MANAGERS Evelyn & Pdrtner5 25 Moorgate. L1. EC2R 6AY
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION COMPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2022 DIRECTORS Guy Mason IChairmn) Mr Mason wa5 aprM)inted Chan in November 2022. He joined the Board in Marth 2022 h8ng rttired from BP at the end of 2020 &8 Senior VP and Global Head of BP Shipping. Whilst in BP Shippin& he served on sup¢rvistyy iwds at UK Chamber of Shippin& P&I Clubs ITOPF and Oil Spill Respon5c Lirnti¢d. Prior to hi5 lime in stlipping. he worked In BP'S Alternative Energy business building ncw global low-¢arknn cnergy busincsscs. He currently Serv a5 an Indcpendent Dircctorort the Board of AB Klaijxdos nafta and Windward Limited. He has first cla55 degree in Engineering ScieJKe Technology from Lou8hFAYou8h University ar¥J is a chanered en8inttr qnd a Fellow ofthe of Me¢hanica] Ert8lrt¢¢rs. Alan Marsh Mr. Marsh was appjinied to the B09rd in Au8USt 2018 and #eprrtd down as Chairnian afterthree ytars in the posi. He is a Trustee and Council Memt¢r of The Marine Society and Sea Cadas IMSSCI. a Vice President of the RNLI. He sits 00 the development board of Wetwheels UK and 15 an A550ciai¢ M¢mbcT of thr St¢lios Philanthroptc Foundation. a UK Charity. He is a Fellow of the Instiwte of Chartered Shipbrokcrs for whom he is a form¢r Presideni. He is a150 a Younger Brother of Trinity Hotsse. Pa51 Prirne Warden of the Worshipful Ctynpany of Shipwrights fornKdy CEO of Brrnar Shipping Group PLC as wcll &$ a Dirtctor of ITIC. Peter Stanley Mr. St3nl¢y was appointed CEO in July 2020 and a DireCT in Septemtrr2020. Fomi¢rly with BP for 30 years working in BP Shippin& HSE, Refinin8 Manufacturiag arbd Supply. Ch¢rniCs and finally as Head of Control of BP'S Corporaie segmeni. He is an external advisor 10 the Audit Cornmittce of Addenbrooke's ChaTitabl¢ Tnw. Hc graduaied from New1¢ University obtsining a first cILE5 honours degree in Marine Engineering and an MBA from the Judge Business Schty)l. CambTidg¢ UniYeTsity. He is a CharteTed Engin¢¢r and Fellow of ihe Ins(itu olmarine Engirttrin& s¢¢¢ and Ttthnolw. Aslak Ross MT. Ross app)irf¢d as a direcior in MCh 2022. He 15 CUTreritly Head of MaTint Standxrds in Macrsk AIS and i$ T¢sponsibl¢ for411 Health. Safety. Security. EnviTonmental and Quality mattets for th¢ Macr5k managed container fletL including navigational and c0 safety policie5. In &ddiiion, he acts the DesIated Person AslK>re foi th¢ Ma¢r5k fleth. Mr. Ros5 Swted hi5 car¢¢r in Maersk in 1994 Is an engineer appreniice and a degrct in marine engineerin8 has 50 mplet a rner mariner dcgree C¥ptsin John Hughes Captain Hughes w&$ appointed a5 a director in November 21)08. Fonncrly 0konS Vice President and Director of Exxon's intemati¢naJ oil aDd ga5 tsnker fleet. from 1999 10 2(K14 Director of ihe Oil Companies Internation Maritime Forum. He is a Fcllow of the Nautical Institut¢, Past Chairnian of mlMe CHJRP. Pu MI% of the Hothounble Cotnp8ny of MasteT Marirters, Past Chairman a[ Tru51¢e of the Shipwrecked Mariners Society. Youn8ei Broth¢r of Trinity HOU amd in 2018 awarded the Merchani Navy Med81. Cptsin Youstf Al Saqer Captsin Al Saqer was appoirtted LS a Director in No¥emttr2010. Hc is p[ntly Dcputy CEO Fleet OtatIOnS Kufc. fornierly Managcr Flcet newbuilding projects and Prior to thal Manager flrrf maTine ormiions where he w&5 xcountsble for iht day-to-day OPEfdlion5, 5afcty & security of KOTC Fleffl. He stsrttd his caTeeT as Navigation OffJ¢¢r. l¢wJing io Master on board KOTC'S VLCC. LPG and Preduct tankers. H¢ 5¢rvtd krt numerou5 ro1¢5 ¢Jn sre in Fkci operaiioft& Marine Affr$ #nd risk &ssessment. He holds a Bsc in Maritime TTartsport Technology artd is a Master Mariner. Cptlkn John Evans Caprain Evans w&$ apFx>inted as a Dire¢tor in Augu5¢ 2013. He is currenily GloFAI M8na8er MaTittme Srcurity Fjert Q&HSSE Global Manager ShippÈn8 Emer8erKy Respon Shell Ttansport & Trading Company. Prior to this appoinThtnL he w&$ Fleet MMager. Shell Tanker5 Ausira]i& Followkftg a sea-going career up to th¢ r•)k of mas within ShelL Captsin Evansgained wide exp¢Tienc¢ within senior marine positions ashorc. Lul$t Ev#tt$ Ms Evans w&5 appointed to th¢ Board Jurt 2020. s is currcnily Mn-execuiive dirtttor and udit¢OTnmittee choir of AB Dynamics plc and Gooch & Houst80 PLC. Ms Evans previously hcld GrP FinarK¢ Director roles at Brwnar ShippinE Scrvi¢¢s plr and Williarns Grand Prix Holdings plc. She h¥ 21so held Senior position$ at RPS Group pl¢ and Rcynard Molofspott Sht qualified LS a ehartercd accountant whil# working with Emst & Youn& M5 Evans graduated from the Univctsiry of Wales with a first cl&%s degree in Mana8erttent Scien and 15 a Fellow ofthc Instiwtr of Chartertd A¢eow]iants in England & Wa]
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION COMPANY JNFORMATION FOR THE YEAR Ef4DED 3A DECEMBER 2022 Doug Summerhill Appointed a Dire¢ior ID November 2020. He is PTes¢ntly Vice Presidcni of Chartcring for BP Shipping Limitd. &tsutable for the global chartering activity and monctisatson of BP'S oil and ga5 fte¢r. He 15 a suppty, shipping and trnding spccialsst, having worka in this 5eaor forover 20 yeats and holds a BaclOr of Business dcgrte frorn RMJT Urtiversity. Australi& C*ptsin 14in Scally Captsin Scally w35 appoint¢d a DirecioT in Novcrnbcr 2021. He 15 presenily scrying &$ Marine Advisor ro NYK'S Global Tanker Quality Group in Tokyo. Forn)CTly wilh Exxonmobtl for 28 years s¢rving Is M&%ter and ihen a v8ri¢ry of 5hore-based rrtTrsitions including HSQE Marine Opetatiotjs and Shipping Managv within LNG op¢Mion$. Cawain Scally wrnTn¢nced his 5ugoing career with Sh¢ll in 1970. He is founding rnembcr and Fellow of tbe Nautical Inmitutcand serve5 on te¢hnIC ¢ommittee5 within Interranko and SIGTto.
INTERPIATIONAL FOUNDA TION FOR AtDS TO NAVIGAT1014 CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 In 2022, the charity maintained a sound and susrainabie fmancial position despite the challenges and unceTtainties brought about by turbulent markets. ri5Lng and volatile energy markets and geopolitical uncertainty. tFAN's charitable objects have driven a continued fll$ on our thrr¢ ¢or¢ activiti¢S.' the manag¢m¢nt of our fvnds and their distn"bution to projects which enhance safety ai sea and pre¢t the environment. the reliable operation of navigational aid8 and associated communication systems in the Gulf, and the commercial operation of th¢ R¢lume. ow offshore support vessel. Management (Jf funds and distributions to projects We continue io be active in the managemeni of our inves*d fjjnds aiming for improved income. Our Investmeni Collunittee Tnonitor5 the performance of OUT fvnd manager5 againsl our investmeni objects. Though there has been significant 105s in value caused by overall market declin&8. our benchmarks show p¢rfonnance equal or better than (er compaTabl¢ organisations. During 2022, we disbursed Sl.6m to projects which seek to improve safety at s¢a and protect the marine environment. sorne of these project5 are planned to continue through 2023. W¢ have our own guid¢lines to d¢teTmin¢ which projects we will support having regard legal imperatives. our resources, and our ability to monitor projects appropriately. We continue io find ways w iniegrdte tFAN into marine regulatory organisations io both undersnd better the requiremenis for aids io navigaiion globally and contribute to the decision-making and guidelin¢s for ¢llhancing safety at sea and F1ling the environmeni and are now considering poteniial environmenthl development projects in their own righi. Since early 2012. we have supported the International Associaln of Marine Aids io Navigation and Lighthouse Authorities (IALA) in developing its Worldwide Academy (WWA) with contribution5 amowjting to an average of S706k equivalent each year. The WWA provides training packages designed to Spread knowledge arnongst gov¢rnmenl representstive5. Instruction is given both in resF¢¢i of a Coastsl sle's obligations under international law and the benefits to commerce of having ¢ff¢ctiv¢ aids io navigation. The IALA progrdmme is a Tolling programme. prowssively expanding ihe knowledge of aids to navigation throughoui the world. Over time, continually improying 5ervtC¢5 will become available to better asslst navigators to 5af¢ly operate their ve55els. During 2022. WWA activilies increased after a pandemic-induced slow down in 2021, wilh activities now iaking place in person as well &s online. this has required a resuMlon of the previous levels of financial support. We haye helped The Marine Society and Sea Cadets (MSSC) develop and commission teaching modules io improve mathematical, English language aftd marine v(xational skills amongst rnariners, committing an average of S109k equiwalent per annum since 2013. We have also funded a SIlficant outreach progrdmme that The Nauti¢al Instit¢ (Nl) Pro01ed to improv¢ navigators, tec11¢?1 skills. commining S192k equivalent since 2014. Since 2016, we hav¢ jointly funded a projeci to improve the aids io navigation and tecknical wability present iti the Pacifj Ocean for Th¢ sOh Pacific CoTnmuniry, the pan-governmeni agency responsible formarinematt¢rs in thai Tegion. An initial survey was a pre-requisite to the proj¢d lo improve posiiioning infrastsiJc)Jre in a region heavily dependent upon marine transport but poorly supplied with aids to nayigaiion. A Second phase was cornpleied in 2021, albeit reduced in scope due to the pandemic. We agreed io fijnd a third ph&e of the proje¢L which aims to estsblish a sustainable funding MtI for the provision of navigational aids in the 13 target island c(Knmunities. To date. S2.78m has been donated with a fiffth¢r S756k provided from January 2023 10 July 2024. The F0jeCt is subject w annual reviews. In (he past we have supported The Straits of Malacca #nd Singapore Fund. The core actjviiies atr now io maintsin the existing Aids io Navigation within the tratTic separation scheme and executed by the littoral States. We actively monitor the ongoing progrdmme of mainlenanc¢ and improvemeni through our participation in th¢ Aids io Naviwion Fund Committee. Beyond our existing projects. we continue io seek new opportltIeS aligned to our charithble objects, and examine fjjnding requests to determine appropriate levels of support to improve the saf¢ passage of ships using global sea routes.
INTERNATIONAL FOUNDATION AIDS TO NAVJGATIOI¥ CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 Navigation Aids and ctsmmuDi¢atiOn syslerns in Iht Glf The navigational services provided by MENAS in the Gulf depend on the colleciion of Navigation Dues from ship ownen. These charge5, which have not changed since 2CrfJ6. fund the COSLS of proyiding navigational aids, essential for safety and continued trdde in the Gulf. We continually seek to ensure awareness of our activities in the Gulf with ship owners through the use of media carnpaigns and targeted communications. Some elements of our Differential Global Positioning System IDGPS) service in the Gulf are Teaching the end of their serviceable life. We have look¢d at different way$ to provide ¢rat¢ positioning system5 in the Gulf and Concluded that a DGPS remains the best solution. As a rtsull we have committed to recapitalise some tsf this equiprnent, fvnded by Navigational Du¢s,"and a new DGPS site will be commissioned during 2023. During 2021 MENAS successfully a¢hi¢ved Accr¢dit¢dTraining Organiwion (A TO) thsignation. We are offering technical skills and education course5 to clients, such as Port Authorities, 50 thai they can develop their own resou¢$ over lime. We previously indicated we would h05t our own IALA guided training course for Middle E&st gulf participants, but the slow resumption of nomial activities after the pandeTnic has meant that delivery of our first Courses will Ttow take place in 2023. Cornmereial operntlon of the Relume OUT offshore support vessel Relume. originally buili as a bJoy handler for ouraids to navigation 5ervic¢ in the Gulf, has been undertaking commercial work in North Eurokxan wers for many yeaTS now. As has been rerted in previous annual accounts. IFAN chose io retain the ve&%el to keep the option of further aid5 to navigation work open for the Relume in the future. During 2022. market condilions were right io realise re&wnable value for the vessel and im late 2022 we ad 8 tirne- charter followed by a sale obligaiÉon of the vessel which will ¢cAnple during 2023. W¢ ¢oniinu¢ to seek ever improving ¢tTiciency throughoutthe group by reviewing pro¢es$es and rtduciThg our operatingcosts, ensuring we aTe 15t positioned to respond to any future variability in mthet wnditions whilsi also delivering more ro our objert causes. l thank all our dedicai¢d staff and parttws. both ashore and afloat, fortheircommitment to IFAN'5 objKiives during a period of turbuleni and volatile mark¢ts and geopoliiical wwest. On behalf of the entire Board, I wish to thank Rob Brummer for his k)yal Servi to IFAN as 4 Director for over 13 years. The Board welcomes Aslak to the IFAN Board. Our thanks also go to Alan Marsh foT ¢hairing the IFAN Board for the past 3 year5 through this p¢ri(wJ of volility and geopolitical unrest. l am delighi¢d that Atan has ¥gr¢¢d io remain on the Boar R. G. Ma50n Dale= 25 May 2023.
INTERNATIONAL FOUNDATION FOR AIDS TO NA VICATION REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 Th¢ Directors of Intemaiional Foundairon for Aids to Navigation ('the Company,) present their Annual Report together with the audited financial sratements for the year ended 31 December 2022 which comply with the Charities Act 2011, the Companies Act 2006 and Atcounting and Reporting by Charities.. seMen1 of Recommended Practice ISORP) applicable to charities preparing theii aGcounts in aordanCe with the Financial R¢portin8 Stsndard applicable in the UK and Republi of Jreland (FRS 102) (effedive l January 2015). REFERENCE AND ADMINISTRATIVE INFORMA TION The Company is constituted as a cotnpany lirnited by guarantee with hvo wholly owned opernting subsidiary undertaking Menas Marine Services Limited and Oman Marine Services Limid. The charitable objective of The International Foundation for Aids to Navigation ("IFAN"). as slated in the Articles ofAssociation. is th¢ prornijtion of saf¢ry at $4 m]tiMe edu¢ation & tyaining and the protection of the marine environmenL STRUCTURE, GOVERNANCE AND MANAGEMEKr Governing documents The Company is governed by its Articles of Association. Governing Body The DirectOTS are appointed in accordance with the Article5 of A550ci*iw by the Member5 and are mosily drawn from the shipping, mtiritime and oil indusrries. Re¢ruitment and trnining of Direetors New Directors are brieted on their legal obligations undercharity and company law. Luiii¢iii of tlie liC]eS of Association and the workings of the Board of DirethoTS and the decision making pnKess. OrgaRis8tiottal management The Board of Dtrectors, as the charity trustees. are legally r¢spon5ible forthe overnll management and control of the Company. The Board of Direct¢)rs meets at least four times a year. The Audit Committee is responsible for ensuring that the financial Ftrfornan¢e of the Company is properly reporte& that adequate internal control sysi¢ms are mainfained and managing the Telaiionship with the exiemal audittsrs. Day to day administration is carried out by the Chief Executive OITicer. The ow&ion of the Bahrain facility is undeTtsken by a senior manager reporting to the CEO in LA)ndon. TherernuneAtion of key management personnel is set by the Board amdthe aPPTopriateness and relevance ofthe remuneration policy is reviewed annually by th¢ Remuneration Comrnitt¢e_ Group structure and r¢lation$hips The Compatjy h&5 two wholly owned non<haritable subsidiari¢s'. Menas Marine Services Limiied. which operates a commercial vessel, and Oman Marine Services Limited (OMSL), which h&5 a branch in R&s Al Khaimah Freeport Zone for the purposes of renting land for a new DGPS. OMSL was an inVeSr tn a joint venture. Arabian Marititne and Navigatic Aids Setvices LLC uniil 2021, which undertook maritime s¢rvices. The subsidiaries. aims, objectives and achievements &e covered in the r¢l¢vant seccions of this report.
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION REPORT OF THE DIREORs FOR THE YEAR ENDED 31 DECEMBER 2022 OBJECTIVES AND ACTIVITIES Charitsble Objectives The Company's Objects, as sei oui in the Articles of Associion. aye the promotion of safery ai sea and the protection of the marine environment in the Middle Easi and worldwide by all charitsble means. including provÈding and maintaining navigation aid5, safety systems and safety infonnation. promoting the use of modem navigation techniques and pri)cedures and other e55ential rnaritim¢ skills. and prote¢tiThg and irnproving all aspects of the rnarine environment. Th¢ obj¢¢tives are variously achieved for the public benefli through the provision, LEnder the nam¢ MENAS, of aT) aids io navigation service in the Gulf and by assisting other organisaticms undertaking projects which meet the Company's charitsble objectives of promoting safety * sea and protection of the marine ¢nvironrnent. The Board is mindful of the long-stsnding need to provide publi¢ b¢nefii #nd of the requireTnents of the Charities Act 2011. In this connection the Board h&8 monitortd closely the guidance on public benefit produced by the Charity Cornmission. Prineipl Activities The Company provides and maintains shore and sea based visibk aid5 as well as radio-based aids forthe Gulf region. utilising its equipment and facilities in Bahrain. It continues to review technological advance5 in marine navigation and environmental protection and to rdtionalise and rnodemise its facilities and systrms io enable it to provide the service to navigators and the marine industry in the Gulf gion effectively and ¢ffici¢n¢ly. Apart from op¢rdting the network of aids to navigation and the NaeX warning system, the charity a150 continu¢5 to operate its DGPS'S throughout the Gulf. The Company has deployed Auiomaiic Identification Systeln (AIS) equipment to both enhance the service to TnarineTS and impTQV¢ perfonnance monitoring of aids to navigaiion to help improve safety at sea and the protedion of the environrnent. The Company has begun upgrading the DGPS system following more than twenty years in operatitsn. The Company mak¢5 grants to organisations concerned with the promotion andlor provision of safety at sea, including.. The International A550ciati(KL of Marine Aids to Navigation and Lighthouse Authorities (IALA), to a5SiSt with its setting up and running its worldwide training Organisl0n The Worldwide Acadtrny (WWA) to irnprove knowledge and skills required to identify needs, install and maintain aids to navigation seThices around the world.. The educational programmes of Marine S(iety and Sea Cadets (MSSC)" The Nautical Institute (Nl), w expand the circulation of its publication The Navigator, irnproving knowledge and professionalism in the field of marine navigation. The Company suppons a project being conducted by the &)uth Pacific Community (SPC), in respect of enabling the Pacific Ocean to &c¢ess its n¢ed5 in respect of aids to navigation servitts and infraskn]cture' Confidential Human Factor5 Incidents Reponing Progrnmme (CHIRP) in connection with the ¢onfid¢ntial reporting of safety related breaches within the maritime se¢tor. Previously. we have 5UPPOrted.. The Straits of Malacca and Singapore Aid5 to Navigation Fund set up by the three littoral States to maintain and improve th¢ traffic separation system for the Malaco and Singapore Straits.
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION REPORT OF THE DIRECTORS FOR THE YEAR Ef4DED 31 DECEMBER 2022 STRATEGIC REPORT The charity regularly reviews its strntegy. Over time and ¢onsisteni with prevailing general ewnomic condition5 and operational needs, the StrJi¢gy has been lo build up res¢Tves lo a poini that the navigational aids 5¢rvice in the Gulf can be self-susiained and protecttng capitsl to ensure the continued existence of the IFAN Group. Curr¢ntly the strate8y has several points of focus: The first priority is to continue the provision of the exisiing Gulf Aids to Navigations (AtoN) service io international StaDdards. In the ab5en¢e of rhe litroral states seeking to tske up our offer of assi5ce to assume responsibility for Gulf AtoN's we remain obligated to continu¢ our AION provision. We b¢liev¢ that naiional 5ervic¢s would be the simplest to be created and we would expeci our existin8 technical operations to have a mle either as active participants or contrdctors in some forni. Consistent with the aim of ensuring the navigational aids service in the Gulf can self-sustained. we continue io raise ih¢ profil¢ of the seryices we ptovide wilh ship-ownets and encoutage them to contrii¥Jte to the costs of their upkeep through rnising navigations dues. The second asEtct of our strategy is Ctserned with our investhients. We have an yrdtional investment being #n offshoJE 5uppon vessel (OSV Relum¢). In addition. we have a fujancial investsnent portftslio invested in various securities in several markets. As r¢gards the OSV Relurne, the offshore market w&s very bad]y affected by urt¢¢rfainty during 2020 and as a consequence rixlures were sparse. Return5 during 2021 were much bett¢T with a slight improvement in chart¢T rat¢s. We look acrions to attractively position the investment with the 0w1n8 renewable sector and with ChartereTS that W15hed to fonn long-terni relaiionships. to improve uiilisaiion. In the absence of ihe possil)ility of disposal except as a disttess seller, which we are n04 our strdtegy was to continu¢ to operate the ship to rnaxirnise the returns achieved. During 2022. marku condition5 were right to realise reasonable value for the vessel and in late 2022 we wed a time-¢hartu followed by a sale obligation of the ve55el which will complete during 2023 The investment portfolio has been managed to maintain capital with moderdte risk. The current stAtegy is to increase activ¢ management to improv¢ r¢tums. The w)rtfolio 15 managed by Evelyn and Patts)ers. ACHIEVEMENTS AND PERFORMANCE Navigation Dues income for the y¢ar was S3.3m (2021: $3.2m). The pr¢ce chavg¢d per Nr ha5 rematned unchanged since 2006. Costs of chariiable activities which include all direct Costs in relation to buoy maintenance projects and administrdtion Costs otherthan those relatingto ship ¢harter income and Én¢ludingall IFAN owned aids to navigation service costs, are $4.2m (2021. $4.Im). Charter income for th¢ OSV Relum< operat¢d through Menas Marine Services Limited (MMSL) has decreased this year to $4.7m Q021.- $5.8m). Ship charter income costs amount to S5.3m (2021= $5.2m). Other income includes buoy maintenante and project income of $579k (2021.. $741k) and r¢ntsl income of $144k 12021.. $133k). Rental property Costs amounted io S23k12021.. f22k). Th¢ charity made grants and donations of$l.6m during the year (2020.. $0.5rn) to organisations in¢luding IALA. The Nautical Institute, South Pacific Community. CHIRP Maritime and MSSC were up significantly due to $om¢ ¢haritable activitie5 resuming after the pause caed by th¢ pand¢mic.
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 FINAf4CIAL REVtEW The fmancial position is consid¢red satisfactory by the DirKtt with net ass¢ts of the Group amounting to S61.Im againsi $72.6m in 2021. As shown on page 15. in the Consolidated Sthtemeni of Financial ActivitÉes. the Group Éncurred a loss for the year of $11.5m (2021.. SUTplus of S4.6m) largely as a result of the fall in the market value of invesknents. Having reviewed the ongoing expected tsadrng cortditions and the Gmup's ptojected tre cash flows. the Board has a reasonable expectstion that ihe Group has adeqe Tesources to ¢{linUe its activities for the foreseeable future. Investm¢Dt policy and objectiv Ev¢lyn and Partner5 (E&P- pviouSlY known a5 Smith and Williamson) were apwJint¢d as inv¢sment managers during2016 and subsequ¢nily assumed the role of investrnent advisoTS. Th¢ inve5trnent poli¢y ha5 bn to Tninirnize risk to the capital by investing in a variery of insinjmtnts including US dollar bond instrnments. principally USTIPS and i]>tluding debi a))d equity in ¢mer8ing markets io improve yields whilst mainraiThing a low risk profile. E&P's ¢ontinue5 to a¢¢ively manage the n(L creating greater elyiciency and to continue to invest in more secure stturities and disinvest in securitie5 more exposed because of greater debt levels whrlst maintsining a diversified porrfolio and matching non-functional currency flows. The application of the investment policy is re8ularly monitored by the Investrnent sulpcommittee. The portfolio experienced Si])fiCant uncertainty and volatility during the year because of financial volatility and ihe Ukrainian war. However. perfomiance is in line or better than investtneni nChMaS with similar assds and risk profiles. As of 31 December 21f22, the market value of invesied funds. including uncornmitted detM)siw was the equivalent of $44.2m (2021.. $53.Om). against an historic cosl of $42.7m (2021: S42.Om). Reserve5 L£vel Policy and Financial Viability The FK)licy in respect of ihe Gulf navigational aids service continues to be one of matching inGome wtth expendittlre allowing for uncertainiies and capital requirements. Provision is made fortht progressive 5horter]in8 of the operatiilg lives of the OSV Relume and navigational aids a5 environmental deman(ts increase artd trchnological developments acceleTatr. Group reserves held as at 31 December 2022 arnounied tg s61.jrn (2021-. S72.6rn) ofwhich fr¢¢ re5erv¢s amowJt¢d to S47.5m (2021= $59.4m). The charity's own reseryes amounied to $74.8m {2021.. $84.6m). The Directors consider that reserves will need io be maintained at a level that will provide tFAN with a sustainable future whilst deliv¢ring against ils objertiV¢5. Allgwance will be made for ihe Teplacemeni and enhan¢ement of Current operational and navigational aids assets and the longer-temi possibility of further expansion of navigational aids services into other geographical areas worldwide which would entail significant l¢ve15 of wital ¢xpendiwr¢ and working capital. Printipal Ri$ks 8Trd Uncertainties The Directors have undertaken reviews and organised from time-tfrtime investigations to be reasonably certain thai tbe Company is operating efficiently at]d effectively. its assets are properly safeguarded against unauthorised u5¢ or disposal, proper records are mainrained, and ihai r]nancial infomaiion used within the Cornpany, or forpublication. is reliable and that the Company Cornplies with relevant laws and regulations_ The system of internal controls includes a strategic plan and annual budgeis with regular financial and perftsrniance reports as apwpriate with clear delegation of authority and s¢gregation of duties. Ri$k associated wrth the activities undertaken and objectives laKI down by the Board are regularty reviewed, prioritised &$ to likely impact and lthelihood of OCCUTTtnce and management are Sati5fi¢d that the applied stregi¢S are appropriate to mitigate those risks.
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATJON REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 The Directors are satisfied that during the year all aGtiviti¢s hove been condurted in compliance with the Company's HSE policy. Adherence and improvements to the HSE wlicy has ensured that all 0tiOnS are con(lucted in a rnanner which safeguards the health and safety of employees and avoids darnage toth¢ environment. During2022. tFAN rernained ci)mpliani with the UK Governmenr small business guidelines lor cyber security. The Company has adopted a policy of 5pr¢ading its investrn¢nts ov¢r a rdng¢ of in$tnLm¢nts both UK pound st¢rling and US dollars with the aim of protecting ihe capitsl against iMrted inflation, whilst miÉigaiing ihe effect of currency movements. F¥ture PlaD$ The charity has a global remii and focuses its OUt1)k th supwt pmjects of intern*ional scope. The charity has a branch in Bahrain undertaking marine contractin8 adivitie5 as part of the provision of a r¢gional aid to navigation service and also has two trading SubSlarIcs. The Middl¢ E&%t¢rn bran¢h in Bahrain has existed for many yeats and recently efforts have beth] successfully rnade 10 modemise, expand its resourc¢5 and offerings. The branch is manag¢d locally with in.house trained personnel and is ¢xpanding its skill base to allow a build-up of marine engineering work and AtoN trnining ¢ourses. There is a150 an office in the United Arab Emirates. Improv¢d services cumtly being considered include upgraded AIS technology to both moniior (he position and perfonnante of floating ai(ts to navigation and coll¢¢i vessel movement dak for billing puwes. We coniinue to investigate the suitability of tl&sticatrd rnoorings in place of traditional metal chains. We have begun to execute plans to upgrade the DGPS'S which aTe now over twenty years old. Researth ha5 en undertaken over several year5 to ensure that the reliability and perfornance of new equipment will be optimal. We are. in ¢onjun¢tion with IALA. res¢8Tching problems suffered by DGPS systetns in connection with si1 reliability and then Tesearchingsuitsbl¢ solutions. We are now in a position to deliver IALA areditIng training courses as an Accredited Training Organisation (A TO). One of the tradin8 subsidiaries operates an offshore seTVRC¢S vessel (OSV Relurn¢) originally built to service physi¢al navigational aids in the Gulf. During late 2022 we agreed a time-charter followed by a sale obligation of the vessel which will complete during 2023. io
INTERNATIONAL FOUNDATION FOR AIDS TO NA VIGATION REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF ACCOUP4TING AND REPORTING RESPONSIBILITIES The member5 of the Governing Body (who also the DireC[S of Internlonal Foundaiion for Aids ro Navigation for the purposes of cornpany law) are responsible for preparing the Annual Repon and the financial slatement5 with app]ibI¢ law and Uniled Kingd(mi Generally Accepted Accijunting Practic¢ (Unit¢d Kingdom Accounting Standards). Company law rtquires the Directors to prepar¢ financial slatements for each fmancial year. Under that law the Directots must not approve ihe financial 5tal¢ments unl¢ss they are swisfied that they give a irue and fair view of ihe stste of affairs of the ¢haritsble company and the group and of the incorning resources and application of resources, including th¢ income and ¢xp¢rJditure, of the charitable group for thai penod. kn Preparing these financial stsments, the Directijts are wuired to.. select the most suitsble accounting polici¢5 and then lo apply them lsently. observe the methods and principle5 in the Chariries SORP. make judgements and ac¢ounting estimates thai are re&sonable Jnd prudent. stste whether applicable UK Accounttng Standards have been followed, subject to any rnaterial departures disclosed and ¢xplained in the fmancial SleMents- and prepare the financial stsments on the going ¢on¢ern basis unkss li ts inappropriate to pSUme that the Company will continue busines5. The DwecioTS are responsible for keeping ad¢quat¢ accounting records that are sufficient to show and explain the Company's transactions, disclose with rOnable accuAcy at any time the fJnan¢ial p05ition of the C¢)mpany and enable them to ensure that the financial stst¢rn¢nts comply with the Companies Act 2006 and the provisions of the charity's ctsnstifution. They are also responsible for safettuarding the a5seiS of the ¢harity and the group and hence for taking reasonable sieps for the prtv¢ntion and detection of fraud artd otheT irregularities. Relev8llt Adi¢ InformatioTh In so far as each of the Directors. as members of the Governing Body. at the date of aPFKoval of this report is aware, there is no rel¢vant audit infonnation (inforn)aiion needed by the Company'5 auditor in connection with preparing the audit report) of which the Ctstnpany's audiior is unaware. Each DiTecwr ha5 thken all the sreps that he should have tsken as a Director in order to make himself aware of the relevant audit infoTmalion and to e5tsblish that the Compgny's auditor is aware of that infomiation. Approved by the Board on 25 May 2023 including, in theircapacity as company directors, approving the D]rlor5. ¥nd Strategic Reports contsined th¢Tein. and signed on its behalf by.. L. M. Evans Director and Audit Committe¢ Chairm*n
INDEPEf4DENT AUDITOR'S REPORT TO THE MEMBERS OF lirERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION (CONTINUED) Opinion We have audited the financial stsiements of Iniernaiional Foumdaiion for Aids to Navigation (the 'charitsble company,) and its subsidiaries (the 'group'} for the year ended 31 December 2022 which comprise the consolidated ststernent of financial activiti¢s, the consolidated and charitsble company swement of fmancial sItIon, the consolidated cash flow staleTn¢nt and notes to the Consolidated fancIal statrments. including siw)ificani accounting policie5_ The FancIal reporting frarnework thai has E¢en applied in their preparation TS applicabk law and Uniied Kingdom Acwunting Standard5. in¢luding FRS 102 'The Financial Reporting Standard applicable ID the UK and Republic of tr¢land' (United Kingdom Genernlly Accepted Accouniing Practice). tn our opinion the financi 5tstements". give a tru¢ and fair view of the sthie of the group's and of the tharitable company's affairs as at 31 D¢cember 2022 and of the group's incoming resources and application of resourtts, including its inwme and expenditur¢, for the year then have b¢¢n properly preped in accordan¢¢ with United Kingd(Jn Generalty Accepted Accounting PrdCtirK' pnd have b¢¢n prepared in aordanCe with the requirements of the Companies Aci 2(X)6. Basis for opinion W¢ conducted ow audit in a¢¢ordarKe with International Standard5 on Auditing (UK) (ISAS (UK)) and appl)ble law. Our responsibilities under those standards are further described in the 'Auditor'5 respon5ibiliti¢5 for the audit of the financial sratements. section of our report. We are independent of the chaTitable company and of the group in accordance with the ethical requiremenis that are relevant to ouraudit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fvlfilled our other ethical re5ponsibiliti¢s in accordance with these requirements. We b¢lieve that the audit evidence we hav¢ obtsined is suffi¢i¢nt and aPFryriate to provid¢ a bosis f(Y our opinion. CoDclusioD$ relating to going conttrn In auditing the financial statements, we have concluded thai th¢ Director5. us¢ ofth¢ going concern basis of accounting in the preparation of the financial siatements is appropriate. Bas¢d on the work we have perfornied, we have not ideniified any material uncertainties Telating to events or condition5 thal individually or colleciively, may cast signifi¢ani doubt on the Ch1[able c¢)mpany's ability to continue a5 a going ¢0cern for period of least twelve Month5 from wh¢n the fIn¢tal 51alements aTe authorised foT issue. OUT responsibilities and th¢ responsibilities of the Direaors with reS¢tt08oin8Cortcern aye descnlyed in the levant sections of this report. Other Information The other infomiation Comprises the infomion irtcluded in the annual lErt other than the fin¢1[ statern¢nts and ow auditor's report thereon. The D]rOr5 are r¢sponsible for the other infomiation contsined within the annual report. Our opinion on che financial ststements does not cover the other inforrnation and, excepl to the eM¢ni otherwis¢ explicitly ststed in our reporL we do noi express any fom of assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing 50. ¢onsider whether ihe other infom)aiion is materially inconsisteni with the financial statements or our knowledge obtained in the course of th¢ audi4 or i)therwise aFvear5 to maierially misststed. If we identify such material inconsistencies or apparent material Tnisstatennts. we are required to detemiin¢ wheth¢r this give5 rise to a Merial mis5tsEemeni in the financial siateTnents themselves. If, bwd on the WQTk we have performe we conclu(k thai there is a material TYLiSStat¢menl of this other inforniaiion, we are Yequired to report thai fact. We have nothing to report in this regard. OpinioN5 on other rnatters prescribed by the Companies Att 2006 In our opinion, based ort the work undertak¢n in the course of the audii.. the infoTmaiion given in the Report of the DirectQf5 for th¢ financi#l yw for whith the financial stal¢ments are prepared 19 consistent with the flnancial swements. and the Report of ihe Direct$ has been prepared in accordance with applicable legal requirements. 12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IIYTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION (CONTINUED) Matter5 on whith we Are required to report by exceptio In ihe light of the knowledge and understanding of the group and the charitable company and its environm¢nt ob¢ain¢d in the course of the audit, we have not id¢ntified rnaterial misststements in the Report of the Direcrors. We have nothing to report in respeci of ihe following matters where the Cornpanies Act 2006 r¢quire5 US to report to you if, in our opinion.. adequate accounting recor(L% have not been kept. or returns ad4uate for owaudit have not been received from branche5 noi visited by us" or the financial statements ar¢ not in agr¢emenl with the accounting recorts and reThums; or certain disclosur¢s of Directors, remuneration specified by law are not made= or we have noi received all the inforniation and explanation5 we require for our audit. Responsibilities of Directors As explained more fully in th¢ Stat¢m¢nt of Accounting and Reporting Responsibilities. the DiTtdOTS aTe Ttsponsible for the preparation of the fmancial ststemertts and for being satisfied that they give a true and fair view. and for such internal control as the DirtOrs deierniine is necessary to enable the prepaTrtion of financial stsi¢ments that fr¢¢ fr¢)m rnaterial misststement, wh¢th¢r due to frL or eTror. ID PTeparing the financial ststements, the Directors are re5wAsible for assessing the group's and ihe charitsble company's ability io continue as a going concern. disclosing. a5 applicable, matters related to going concern and using the going concern basis of accouniing unless the Directors either iniend to liquidate the group or the ¢haritable company or to cease operdtions. or have no realt5tic alternative bui io do so. Auditor's responsibilities for the audit of the finaneil ststements Our objectives are ro obthin reasonable assurance about whether the fiDan¢ial siatements as a whole ar¢ fr¢¢ from material mi55taiement, wh¢th¢r due to fraud or ¢rror, and to issu¢ an auditor'5 report that include5 (m ¢)pinion. Reasonable &%surance is a high level of assurance. bul is noi a guaTanttt thai an audii conducted in aecotdance with ISAS IUK) will always detect a material misstai¢m¢nt when li exists. MIratements can arise from fraud or error and are considered malerial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user4 klI Oti dje b&sis of the5¢ financial siatements. A further description of our responsibilities is available on the Financial Reporting Council's w¢b5it¢ at -uklaudit res ilities. Thi5 description f(m5 part of our auditor's report. Extent to whieh tbe audit was eottsidtrtd eapable of dtie¢tlDg irreeulrities ineluding fraud irregularities. including fraud. are insthnces of non-compliance wtth laws and regulations. We design procedures in Itne with our re5POll5ibilitie5, Outlined above and ¢)n the Financial Rewjrting Coun¢il'5 websit¢, to delect maierial misstaiements in re5pe¢t of Irregul7t1eS, including fraud. We obtain and updaie our understanding of the entity. its activities, its control environmeni and Ihkely futhre developmenis, including in ttlaiion to the legal and Tegulatory framework applicable and how the entity is complying with that frarnework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due lo fraud OreOr, design and perforni audit procedures resFM)nsive to those risks. and obthin audii evidence that is sufficieni and appropriate to provide a basi5 for our opinion. This includes consiikTation of the risk of acts by th¢ entity thai were ontrdry io applicable laws and regulations. including fraud. In response io the risk of iTr¢gulariti¢$ and non-compliarKx with laws and regulation5. including fraud. we designed procedures which included: Enquiry of management and those char8¢d with 8ov¢rnan¢¢ an)und arts1 and FM)lential litigation and claims as well as actual, suspected and alleged fraud- Reviewing mine$ of meetings of those charged with governance" A55¢55ing th¢ exi¢nt of complian¢e with the laws and Tegulations considered to have a direci material effect on the financial statements or the operdtion5 of the ¢haritsble company through enquiry and inspection. Reviewing financial statem¢ni dis¢knure5 and testing io supwjrting documentaiion to &ssess compliance with applicabk laws and regulations. 13
INDEPENDEIYT AUDITOR'S REPORT TO THE MEMBEILS OF IKrERNAT]ONAL FOUNDATION FOR AIDS TO NAVIGATION (CONTINUED) Perforniing audit WO over ihe risk of management bias and oYeTYide of controls, including testing of joumal erttrie5 and other adjustments for appropriateness. evaluating the Ixtsiness raiionale of significant transactions outside the nornial course of business and reviewing accounting ¢stimaies for indicators of potential bias. Becaus¢ of the inherent limitations of an audit, there is a risk that we will not deiett all iTregulaTiii¢s, intluding those leading to a material misstaternent in the financial stsiements or rton-compliance with Tegulation. This rtsk increases the more thai compliance with a law or regulation is removed from the events and transactions reflecied in the financial statements, as we will be1¢5s 1ClY to become aware of instanc¢s of non- wmpl1ae. Th¢ risk of not detectinga material misStsMent resulting from frdud is hI)¢r ihan for one resuliing from error, as fraud may involve collusion. forgery, int¢ntlODal omissions. misrepresentations. or the override of internal control. Use of our report This report is mad¢ solely to the charitable company's members, &% a body, In accordance with Chapier 3 of Part 16 of the Companies Act 2006. Our audit work been underraken so that we migh¢ stste to the chan"table comp?Y'S members those matters we are required to slate to them in an auditor'5 rep(irt and for no other purpose. To the fvllest extent pemitted by law, we do not accept or ¥sum¢ responsibility to anyone oiherthan the charitsblecompany and the charitable tompany's members as a body. for our audit wo. for this reNJr4 or for the opinions we have foed. 4.& A.L7 S£s4-< John Howard (Senior Ststuttsry Ayditor) For and on behalf of Azets Audit Services Chartered A¢¢ountants Statutory Auditor 2. Floor, Regis House 45 King William Styeei London EC4R 9AN 14
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION CONSOLIDATED STATEMENT OF FINANCIAL ACTtvtTIES ONCORPORATING AN INCOME AND EXPENDITURE ACCOUIYT) FOR THE YEAR ENDED 31 DECEMBER 2022 Note 2022 2021 INCOME FROM: Charitsble actLVities Non contractual navigation dues Contractual navigation dues Buoy maintenance and projeci income 2,810261 536,888 579,365 2.647,473 573,426 740.635 Other trading activities Ship charter and management income Rental income Other incorne 4.696,019 144.396 101,638 5.772.415 132,719 Inve$tm¢Trts Investtnenl income 680,199 877.420 Total ineorne 9548,766 10,744,088 EXPE14DITURE ON: Gtnerating funds Ship ¢harter incom¢ costs Rental property costs 5.348,718 23,451 5,203,152 21.925 Charitable #ctivities 6,005.913 4.722.018 Totsl expenditure I lJ78.082 9,947,095 Net fuDds from oper4tioMs (lJ29J16) 796,993 L055 on disposal of inwestsnents (Decreaseyincrease in value of investrnents (79,010) (9.593,443) (139.694) 3,899,185 NET MOVEMENT JN FUNDS FOR THE YEAR (11.5111,769) 4,556,484 Total fimd5 brought forward 72.554.694 67,998,210 Total funds earrled forward $61,OS2,925 $72.554,694 The statement of finan¢ial activities include5 all gains and I($¢S recognised in the year. All income and expenditure is unrestyicted. The notes on pages 18 to 29 forni part of these financial starements. 15
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION CONSOLIDATED AND CHARITABLE COMPANY STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2022 Group 2022 Group 2021 Comp9Y 2022 coMnY 2021 Note FIXED ASSETS Tangible assets Investhjents 13.573,470 44,159,126 13.145.543 53,016,663 877,773 44.159,130 685.747 53,016,667 57,732,596 66,162206 45.036,903 53,702,414 CURRENT AETs Stock Debtors Cash and depc&its 10 1.399.386 2,378.123 2,779.31 .488.633 2.660.434 5.687.967 282,866 29,704.151 2,678.368 291,254 29,379,602 3,906,827 12 6,556.809 9.837.034 32,665,385 33.577.683 CURRENT LIABILITIES Creditors payabl¢ within one year 13 (3,236.480) (3.444.546) (2.940,754) (2,734,373) NET CURRENT ASSETS 3,320.329 6.392.488 29.724,631 30,843.310 NET ASSETS $61,052,925 $723X694 $74761,534 584,545,724 Fuf4DS Unrestritted fund$ General reserve Currency trdnslati¢)n reserve 14 14 57.141.864 3.911,061 68,643,633 3.911.061 69.303.938 5,457,596 79.088,128 5,457,596 TOTAL FUNDS $61.052.925 57U54,694 4761,534 $84,545.724 The financial stakments were approved by the Board M 25 May 2023 aDd were signed on its khalf by R. G. Mso Chaimian L M. EvM Audit Cornmittee Chairman Comp*ny No". (MM77145 The notes on pages 18 to 29 fomi part of these financial ststements. 16
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGA TION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 Note 21122 2021 Cash generated from operating #ctivities J9 (1.273.501) .163,973 Cash flow from investing aetivities Payments for tangible fixed asseis Prtsceeds on disposal of tangible fixed assets Iljrchases of investment% Proex¢ds on Sale of inv¢smients Invesm)ent income receipts Rental illCOTn¢ receipts (1,723,855) 79,010 (4.618,470) 3,803,554 680.199 144,396 (344,456) (7.901,238) 7,994,048 877.420 132,719 C85h %eD¢r*¢ed from investing •ctivities (1,635.166) 760,137 (Decrea$eVincrease in c4sh in the year 2.908.667) $1,924,110 Reconciliation of eash flow to net movement in Det (Decreaseyincre&8e in in th¢ yeaT 12.908.667) 1.924.110 Net funds at the gInning of the year S,0¥7.7 3,763.857 Jyet funds at the end ofthe year S2.779J(M) $5,687.967 The not¢s on pages 18 to 29 form pan of ihese financial 5txt¢menlS. 17
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2022 COMPANY STATUS The Company is a charitable Company limited by guaramttt, registered in England and Wales and governed by its Articles of Association. It h&5 no share capitsl. tn the eveni of the cornpany being wound up the liability of the member5 is limited to a maximum of £1 ¢a¢h. The Company's registered number and registered office address can be found on page l. The pres¢Dtstional curreY of th¢ financial statern¢nts 15 the US Dollar (S) which is also the fun¢tional ¢urren¢y forthe grovp. The International Foundation for Aids to Navigation meets th¢ definition of a public benefit ¢ntity under FRS 102. ACCOUNTING POLICIES Ba51$ of prtparation These financial stat¢m¢nts have Eyen prepared under the Companie5 Act 2LK16 and in accordance with the Charities Ststement of RecomTnended Practice C'Chariti¢s SORP (FRS102}") and Financial Reporting Standard 102. The finartc siaremenis have been prepared underthe historical costC(XLvention. 8$ modified bythe revaluation ofcertain tsngible &sset5 and securities investments. Going concern The directOTS have considered the impact of the COVtD-19 vinL%. the unwtainty in T¢lation to th¢ UK withdrawal from the Eur(>pean Union and geopolitical uncertainty on the Via.]1ry of the company. Having reviewed the funding facilities available to the Company together with the expected ongoing trading condiiions and the Company's projected future cash flow5. the direct¢)rs have a asonable expectstion that the company will have sufficient funds to continue to meet its liabilities as they frdll due for the foreseeable fvwre and therefore have prepared the financi swements on a going concern basis. Accordingly. the Board cortlinues io adopt the going concern basis in preparing its financial statements as outlined in th¢ Staternent of Accowiting and ReFM)rting Responsibilities on pag¢ I l. Basis of consolidation The consolidated financial siatements incorp)rdie ihe fmaneial ststements of the Company and its wholly owned subsidiaries Menas Marine Services Limited and Oman Marine SeThices Limiied. Control is achieved where the Group has the power to govern the financial and operdting FX)lici¢s of an entity so as to (kn¢ain benefits from its activitie5. All intrd-group tr3nsactions, balances. income and eXnseS are elitninaied in full on consolidation. No Separate SOFA has be¢n presented for ihe Company alone. as perniitt¢d by Section 408 of the Compani&s Act 2006. Income Income i5 th¢ omount derived from the provision of Charitsble l¥ll1e$ and other trading activities. and from investment8 and is slated net of VA T. Incomefrom ChtsriÉable AuEvEiies Charitsble income represents navigation aid5 due5 r¢ceivabk. ith contractual and nort-contractual, as well as buoy maknfenance and project incoTne. Navigation aid5 due5 are xcoiinted for at the point aship enters the port. Buoy maintenanc¢ and project income is accounted for in accordance with th¢ contracthal *rnisof each projectand income isaccrued ordeletred accordingly. In¢omefrom Olher TToding A¢tlti Ship charter and management in¢ome represents third party iM)me from th¢ OSV R¢lum¢ and 1$ a¢counted for in the period in which the vessel is Chartered for us¢. Incomefrom Ipwesrmenis Investment income from fixed asset securities is accounted for on an xcruab b¥is. R¢ntal incom¢ is accounted for in the period to which the rentsl in¢ome relates. 18
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION NOTES TO THE CONSOLIDATED Fif4ANCIAL STATEMEf4TS (CONTINUED) FOR THE YEAR EiYDED31 DECEMBER2022 2. ACCOUNTING POLICIES (eontinued) Expenditurt Expendinjre is accnjed once there is a legal constructive oblisation to make a payment to a third party, it is probable that settlernent will be rrquired and the arnount of the obligation can be rne&sured reliably. Exptnditute attributed to more than one cosr caiegory in the SOFA is allo¢aied to activities on a prow)rtional b&8is. Dirtri Costs. ilUdIng directly atrributable salaries, are allocated on an acwal basis to the key styaiegic areas of acbvity. Overheads and other salaries are a150 allocated between exkxnse headings on a proportional basis. Governance costs comprise the costs of complying with constityjtional and ststutory r¢quirem¢nts. Hire purchase and l¢a5ing commitmtnts Rentals payabl¢ under opeTating lease5 are Charged to the Sthternenl of Financial Activitie5 on a straight line iHsis over th¢ lease cenn. Lease incentives are recognised over th¢ [e tern on a Straight line b&5i5. Employ¢t benefjts Short term employee benefits, including holiday entiilernent and other nim-tnonetary benefits. ¥nd contributions to defined contribution plans are recognised as an expense in the peric4J in which they are incuntd. The Company's defined benefit scheme has now beert wound up. The Company is also required io Contribute towards a deficit in th¢ Merchant Nawy Officers Pension Funl and any future deficits which may ¢xcur in th¢ foreseeable tUre will Ix relieved agaTnst amounts a]ready expensed. Foreign currency translation Assets and liabilities in foreign currencies are translated into US Dollats at the rates of exchange pvallIng at the balance Sheet dale. TransriOnS in foreign currencies are translated into US Dollars ai the Tate of exchange njling ai the date of tran50¢tion. Exchange differences are taken tnto a¢¢ount in arriving at the operating resuh. T?x8tion The Company is an exempt charity within the Tneaning of schedule 3 of the Charities Act 2011 and is considered to pass ihe test5 set out in Parngraph I Schedule 6 Finance Aci 2010_ Therefore li meets the definirion of a Charitable Company for UK corporation tax purposes. Fund gccounting Unrestricied funds represent those fimds which can be used in accordan¢e with the Charitsble Cornpany's objects at the discr¢tion of the DireCr$. TAngible fixed 8ssets Tangible fixed asseis are staled at cL6t or valuaiiijn less depreciation. in accordance with FRS102 the lan4 whieh is held in perp¢tuity in Bahrain, is not deprecia*d. Fixed assets are subjectto an annual impairnjenr review. Any pernianeni diminutiQTtS in value are recorded. Depreciation IS PTovided to write off the cost of all relevanttangible red ass¢ts. less estirnated residua] Yalue, in equal annual instalments over their expE¢ted w8eful ¢wn(Mnic lives follows.- Buildings OSV R¢lume Navigation aids, plani and equTpment-. DGPS Computers and equipment Vehicles, plant and rnachinery and office equipment Other navigation aids and equipmeni 20 years 15 years 5 years 2yea 4 years Up lo 10 years 19
INTERTr4ATIONAL FOUNDATION FOR AIDS TO NAVIGATION OTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 2. ACCOUNTING POLICIES (cootsnued) Investments Listed investtnents are valued at market value a5 ai the balance Sheet date. Unr¢alised gains and losse5 arising on the revaluation of investtnents aT¢ credited or charged to the Sw¢ment of Financial Activities. Gains and loss¢s arising from changes in fair value are included in the StateTner]t of Financial Adivities as either an wireali5¢d gain or loss on investtnentS. iniere5t detem)ined using the effective inieresi metho¢ impaimient losses and translation difference5 on monetary iiems are Tecognised In the Sthtement of Financial Activiiies. Stocks Stocks are valued at the lower of cost and nei realisab]e value. Trade and other debtors Trdde and other d¢btors are musured at transaction price, ks5 any impairmenL Cash and cash equivalettts Cash and Gash equivalents in th¢ consolidated and charitsble company statement of fmancial position and in the consolidated cash flow statement comprise cash at bank and in hand and shortterm deposits wtth an original maturity date of three months or less. Trade and other ¢r¢ditors Trade and other creditors are melsured at theiT transaction price. Judgements and key sourets of estimation uncertainty Accounting estirnates and judgetThent5 are Coniinually evaluad and are based on historical experience and other factsS, including expectations of fllre events that are lieVed to be reasonabl¢ under the circumstance5. The Company makes estimates and &sswnprions concerning the futte. The resulting accounting estimates and assumptions will, by def]nition, seldom equal the lated actual r&sulis. The e5timat¢5 and aSSUTllPtions that have a SIlfiCant risk of causing a material adjustment lo the carying amounts of assets and liabilihes within rhe ne financial year are discussed below. Usefvl ecop¥omic lThes oftongible assets Th¢ annual depreciation charge for tangible assets is sensitiv¢ ts) changes in the estimated us¢fvl economic liv¢5 and residual values ofth¢ as5¢ts. The usefvl e¢onomi¢ lives and residual values are reassessed annually. They ajr amended when necessary to reflect current estirnat¢5. based on technological advancemenL futsre investments. economic utili5aiion and the physical ¢ondiiion of the assets. Vttluaiion of OSV Relzlme The valuati<m of OSV Relume is sensitive io changes in the estimed remaining lif¢ and the expected futur¢ trading and sale value of the vessel. OSV Relume is subj¢d io an annual impaimieni review based on these factors. Bod debfprovision The value of debtors is sensilive to the recoverability in full of any invoices issued to each customer. Once the debt b¢oomes overdue it is chased and periodically VieWed to ensure il Ès recoverJbl¢ in fi1. If a provision is deemed necessary this is included on an annual basis. INCOME FROM CHAIUTABLE ACTIVITIES Charitsble income is attributable to the principal activtties of the Company and ar05e wholly in the Middl¢ East. Charirable activiiies of the company cornprise non-contrdctyal and ¢ontracttJal naviwion dues, and the provision and mainteTtance of the buoys and other navigation aids. 20
INTERNATIONAL FOUIYDATION FOR AIDS TO NAVIGATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 INVESTMENT INCOME 2022 2021 Deposit inierest Dividend in¢ome 183,783 496.416 152,916 724,504 S680,199 $877,420 ANALYSIS OF EXPENDITURE 2022 Grant Making Depreciation 21121 Staff Costs Support Costs Total Total (a) Total ¢xpendilure Costs of geoerating funds: Ship charter income costs Rental property Costs 62.317 4.135,979 23,451 1,150.422 5.348,718 23.451 5,203,152 21,925 62.317 4.159.430 1,150.422 5.372,169 5,225.077 Charitable 9<tivities: Cost5 Of ¢haritabl¢ a¢tLViti¢s Governance costs .607J71 2.443.4) 241.276 1,568270 145.506 5.764.637 241.276 4.599.465 122.553 $1,669.688 $60U,190 $1,568370 $1295,928 $1 l J78,08 $9,947,095 (b) Grant making During the year the following grnnts and donations were made: 2022 2021 tALA CHUiP MaTitime The Nautical Institute South Pacific Community MSSC 787.018 14.025 128,308 571.372 67.547 688 102,761 343.493 93,051 Sl,568,270 $539,993 (i) IALA- an iniernational technical Organilon that gathers together marine inforrnation io share worldwide. Due to the pandernic. no funds were donated for 2021 and business resumed io nonnal in 2022. (li) CHIRP Maritim¢- contributes to ihe ¢nliancerneni of avi*iOn safety in the UK and rnaritim¢ saf¢ty worldwide. (iii) The Naufical Institute- an international body for maritime professionals involved in the control of sea-going ships. (iv) South Pacific Community- the principal scientific and rechnical organisiDn in the Pacific region. (v) MSSC - provides tea¢hing modules to improve mathematical and English langua8¢ skills am¢)ngst mariners. 21
JNTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER2022 ANALYSIS OF EXPENDITURE (continued) (¢) GfjveYnnee costs included in support tosts 2022 2021 Remunerntion paid to auditor for audir services Other governance costs 49.412 191,864 48,542 74.011 $241,276 S121553 (d) Ne¢ outgoig funds Irom operatlODS The following amounts have been charged withÈn resou expTrded.. Directors ¢moluments Auditors. remun¢ration (audit services) Auditors, rernuneracion Inon-audit services) Renial paid under operating le&se5 For¢ign exchange movemeni 2022 2021 412,891 49,412 18.347 194,825 372.854 403,791 48,542 12,136 237,683 109.246 STAFF COSTS 2022 2021 Directors rernuner*t5on Director's salary Social security costs Staff remuneration Wages and salaries Social security cosis Other employee benefits 282,743 33,761 297,571 35,402 965,259 105.723 282202 834,224 93271 276,498 $1,669,688 SI,S30,966 The above staff costs inelude $1,045,349 (2021= $910,130) relating io employees in Bahrain and $624,339 (2021.. $626,836) relating to employtts in th¢ United Kingdom. All direciors, emoluments are paid in a£¢ordan¢e with th¢ Comkmny's Articles of Association as approved by the Charity Commissioners. The highest ld diTectOT'5 ernoluments totslled &186,506 (2021.. S210.098) with no accrued pension as * 31 tk¢¢mber 2022. During the year the following employing organisations were eniitled to fEceive payment for the Krvic¢s of Directors 18 indicated below". Maersk Lin¢ BP Shipping Kuwait Oil Tanker Company Shell Transport & Trading NYK $18.500 $19.361 S21.781 $21,781 S16.941 R Brumrnerl A Ross D Summerhill Captsin Y Y Al Saqer Capthin J R Evans Captsin I Scally 22
IJYTERNATIONAL FOUNDA TION FOR AIDS TO NAVIGATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (coiYfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2022 STAFF COSTS (ttsntinutd) A&gregate emolumenis of key managemeni personnel.. s186.5( (2021: 5210.098). During the year 4 Direcion were reimbursed exp)seS in resE%a of trdvel and attendance ai IKJard meetings iotalling $28,763 {2021.' none). 2022 Number 2021 Number Number of higher paid employees (including retirement benefits paid local ¢mploym¢nt laws) in bands of.. SI70,000- S210,1)IM) 5140,000 - $170.000 $100,000 - $140.000 S90.000- $100.000 $70,C4JO- $80,0 The above amounts all relate to employets in Baljrain. During the year, $9.411 (2021: S9,857) was paid for director5 and officer5 liability insurnnce. The aY¢rage nutnber of the Company's employee5 (excluding Non-Executive Diredors) during the year calculated on a full lime equivalent basi5. was 14 (2021=14). 2022 Number 2021 Number Engineering and maintenan¢¢ Finance and adminisTr3tion Management 10 10 14 14 23
INTERTh ATIONAL FOUNDATION FOR AIDS TO NAVIGATION NOTES TO THE CONSOLIDATED FINANCIAL ST ATEMENTS (cof4TINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 TA NGIBLE FIXED ASSETS Freehold Naviytion Lnd & OSV Rel¢ Aids pl•n¢ & Buildings Equipmen¢ Assets UDder eonstruftio Totsl GROUP Cost or valuation At l January 2022 Additions 2J26,548 22.444.964 1,317.734 8256,865 277,(9 778.731 129.113 33,807,108 1,723.855 At 31 December 2022 2J26.548 23,762,698 .533,874 907,844 35.530,963 Deprlation Ai l January 2022 Charge for the year 1.812,883 114,264 10,642,025 .115.603 8206,657 66,061 20,661.565 1295.928 At 31 December 2022 I,7,]47 11.757.628 8.272,718 21,957.493 Net book v8lue At 31 December 2022 $399.4(Ji $12,1)OS070 $261,156 $9(17,844 $13,573,470 At 31 D¢¢ember 2021 $513.665 $11,802.939 $50,208 S778,73l $13,145,543 Freehold Navigation Land & Aids. Planl & Buildings Equipment Assets under eonstruetion COMPANY Totxl Cost or valuatio At l January 2022 Addition5 2,326,548 7,820,2¥2 208,526 124,827 129.113 10271,667 337,639 At 31 December 2022 2,326,548 8,028,818 253,940 10,609.306 Depr¢¢i¢ion Ai l January 2022 Charge for the year 1.812,883 114,264 7,773,OJ7 31.349 9,585,920 145.613 At 31 December 2022 ,927,147 7.804J86 9.731.533 Net book value Ai 31 December 2022 S399,401 S224.432 $253.940 W7,773 At 31 December 2021 S513.665 S47255 $124.827 $685,747 24
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION NOTES TO THE cof4SOLIDATED FINANCtAL STATEMENTS ICONTINUED) FOR THE YEAR EfiDED 31 DECEMBER 2022 TAIYGIBLE FIXED ASSETS (tontinwed) Substantially, the Group's fixed assets are held ftjr use on clwithble aciiviiies. The land in Bahrain is held under tenw¢
ppropriate for th¢ Group's activiiies.
The navigation aids and plant and equipmeni, excepting major land bd aids and offic¢ equiprnent used in th¢ rnaageent offi¢¢, w¢re re-valu¢d at the end of 2001 on the basis of depreciated replacemeni cost having regard io the MaIning0pem]ng lives of rh¢ as%ts re-valued. The major land based navigation aids (excluding land) were also re-valued as at l January 2010 on a replacement CQ5t basis by the Directors and reflecied in these financial stsiements. The Company freehold property in Bahrain is held at a prof¢ssional valuation as at 31 December 2005, less accumul&ed depreciation. The Prope has bttn revalued in PriOT periods by Cluuons Chartered Surveyors ai an amount at)ve value blli the Direcrors are concerned given the present polilical UllT¢sI in the region that the increased valuation is Possibly unrealistic. No adjustment has therefoT¢ been made in ihis respxct. The DiTectots are aware of any othermaterial change since the last valuatii)n. FUTURE CAPITAL EXPENDITURE On 2 November 2022 the Cornp8ny eniered into a contract forthe con5twction of a DGPS R¢f¢ren¢e Station at a totsl contract price of S1.015.760. The contract is anticipated to be completed during 2023. FIXED ASSET INVESTMENTS Croup 2022 Croup 2021 Comp8lly 2022 Company 2021 S¢curitie$ investments At l January Additions Disposals (Decreas¢Ylncrease in value of investsnents 53,016.663 4.618.470 (3.882,564) (9.593,443) 49,349,982 7.901238 (8,133.742) 3,899,185 53,016,663 4,618.470 (3.882.564) (9.593,443) 49,349,982 7.901,238 (8,133.742) 3.899,185 44,159.126 53.016,663 44.159.126 53,016,663 Investment in Subsidiaries At 31 De¢¢mb¢r $44159,126 $51016,663 $44.159,130 S53,1116.667 The fixed asser investments noted atrx)ve are denominated in th¢ following currencies.. - 2022 2021 Si¢rling United Siaies DollaTS Others 45.1 43.3 11.6 45.6 40.8 13.6 The historical cosi ot'se¢urities investments held * 31 DeCemr 222 $42.691,561 12021.. $41.959,259). The Company owns the whole ofthe issuedshare Capital of Menas Marine Servi¢e5 Limitedl£l paid)and Oman Marine Servic¢s Limited (£1 paid) tKih of which are registered in England and W#ks, registered oifice al 819 Lovai Lane, London EC3R 8DW. Both subsidiary undertakings are incluthd within the consolidated financial statements. Oman Marine SeThices Limited held a 5Wo interest in Arabian Maritime andNavigation Aids Services LLC. acompany incorporated in Oman. On 25 December 2020 this joint venture fomwlty terniinated. OMSL has a branch in RLS Al Khaimah Freep(Trrt Zone for the purposes of renting land for a new Ps 25
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION NiyfES TO THE COP4SOLIDATED FINAf4CIAL STATEMEf4TS {cof4TINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 STOCKS Group 2022 Croup 2021 Company 2022 Compthny 2021 Consumables 1,399.386 1,488,633 282.866 291,254 $1?99J86 $1,488,633 $282066 $291,254 ii. DEBTORS Croup 2022 Group 2021 CompaRy 2022 Company 2021 tncome due from chaTitsble a¢iivili¢s Trdde debiors Other debtors Prepayments and accrued income Amounis due from subsidiary companies (n¢t of provision) 1,127,487 289.980 356.054 604.602 1,090,377 728,125 254.680. 587.252 1,127.487 1.090,377 310,128 S(KI.908 27.765,628 241,350 518.006 27,529,869 SlJ7&123 2,660,434 $29,704,1SJ S29J79,602 All debtors are due within one year. 12. CASH AND DEPOSITS Group 2022 Group 2021 Company 2022 Company 2021 Fortis Bank delts HSBC short t¢Th deposits and working balances Cash held by Invesunenr managers Cash in hand 39 566.593 39 2.748,609 467,295 973,306 2.199.592 13.076 2,923,487 15.832 2.199,592 11.481 2.923,487 10,034 S2.779JfAI S5.687967 S2.678J68 S3906,827 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2022 Group 2021 Comp8ny 2022 Company 2021 Trade credilors Other creditor5 Taxation and social security Accn]als and deferred income 497,133 1.524,294 44,663 1,170.390 661,810 ,712,527 27.970 1.042.239 338.597 1.480,086 44,663 1,077,408 191.765 1,579,210 27.970 935,428 S333&480 S3,444546 S2,940,754 S2,734?73 26
INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION OTES TO THE COP4SOLIDATED FINANCIAL STATEMENTS (COIYTIiYUED) FOR THE YEAR ENDED 31 DECEMBER 2022 14. SUMMARY OF MOVEMENTS ON FUNDS G¢ner*l Reserve Tr8nslatioD Res¢rvt Totsl Group At l Yatt2ry 2022 6&6a633 3.911,061 72J54,694 Incoming resources Resources expended Loss on disposal of investments Increas¢ in value of investsnents 9,548.766 (11.378,082) (9.672,453) 9.548,766 {11,378,082) (9.672,453) At 31 December 2022 $57,141064 $3,911,061 $61,052,925 Genernl Reserve Total Reserve Company At l January 2022 79.08&128 5.457596 84A45.724 Incoming resources Resources expended Loss on disposal of invesknents Increase in value of investsnents 5.606,366 {5.718.103) (9,672,453) 5,606,366 (5,718,103) (9.672,453) Ai 31 December 2022 S69J03,938 $5,457596 $74761,534 The currency (ranslation Teserve represents historical foreign exchange movements onthe Vdlues of balance sheet items whose nctional currency 15 not US Dollars. All fund5 are unrestricted. PENSION SCHEMES Pelasions for the ben¢fit of UK shore staff have b¢¢n funded through the MENAS Pension and Life Assurance Scheme managed by Aviva. Contributions to ihe Scheme ceased in a previous year &$ the Schern¢ had been closed to new membeTS and all participants have now had peTtsion5 provided. Menas M2rin¢ Services Limiied is a fom)er ernployer of Merchani Navy Officer5 Pension Fund (MNOPF) members and as such, following a court case in 2006, 15 liable io contribuie iowards a deficit on an on-going basis of th¢ New Sedion of that pension scheme. The flnancial effect of this has not finalty beffl fulty quantified ai the present time and the tsustees of thai scheme have made the charity aware thai they are liable for their share of the deftcit. SilfiCant payments have been made against the5¢ liabilities and all notified requests for payment lo datr have been fully paid. Any futUTe d¢fi¢its which may ¢xcur in the foreseeable future will b¢ relieved against amounts atreaty expensed. As the trustee5 of MNOPF have indicated that of 31 December 2022 there w&s no liability payable by 1he company, there has teen no chaTge io the Statement of Financial Activities in 2022. 27
INTERf4ATIONAL FOUNDATION FOR AIDS TO NAVIGATION NOTES TO THE CONSOLIDATED FINANCIAL ST ATEMENTS (coNfiNUED) FOR THE YEAR ENDED 31 DECEMBER 21J22 J& FINANCIAL COMMITMENTS Operating Le85eS The iotsl of fijture minimum lease payments under nm•cancellable owing leases for each of the following periods are:_ 2022 2021 Withui l year Within I to S y¢aT5 252,718 266,708 229.559 94,426 S519,426 S323,985 17. COMPANY RESULTS The deficii dealt with in the financial statements of the Cornpany is &5 follow$.' 2022 2021 Net incoming funds S(9,784,l90) $5,612,564 i& SUBStDIARIES Th¢ Company owns all of the issued share capitsl of Menas Marine Services Limite¢ a company incorporated in Englartd. number 04505570. Thi5 cornpany op¢rates a Commercial vessel. 2022 2021 Turnover Loss before tax ShareholdeTS' funds 4,517.481 5,592,415 (1,701,629) {483,941) (63,975.011) (62273.445) The Company also own8 #ll of the issued share capitsl of Oman MArine Services LirniteiL a company incorwraied in England, number04499121. This company is a marine services contrduorand was. until 25 Detember 2020, an investor in a joint venture with an as50¢iate a150 und¢rraking maritime services. 2022 2021 tncome (Loss) I pfil before tax and gift aid Shareholders, funds 77 (572,139) 9,282,418 {16,012) 9,266.406 28
INTERP4ATIONAL FOUNDATION FOR AIDS TO NAVIGA TION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 19. RECONCILIATiof4 OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS 2(J22 2021 Net incoming l (outgoing) resources (l.K29.316) 796,993 Depreciation charge (Profit) 1105s on disposal of fixed ayJets Investment income receivable Rental incoffte re¢eivable Decrease in s(ock Decre8s¢ in debiors Decrease in creditors .295.928 (79,010) (680,199) (144,396) 89247 282,311 (208.066) 1,111.378 (1,644) {877,420)
(132,719) 104.365 529,047 (366,027) Net Ash inflow l (ourtlow) from operations 91273JOI) Sl,163.973 20. CASH AND CASH EQUIVALENTS Al l J*ttu#ry 2022 N¢t ea$b now At 31 D¢cernb¢r 2022 Cash and depc6its 5,687J67 Q,90&667) 2,779JOO Cash and cash equivalents are made up entiffly of cash and depsits in both the current and prior year. 21. RELATED PARTY TRANSAcfioNS There are no related party transactions that require disc105ure during the year. 21 ULTIMATE coNfROLLING PARTY A5 at the balance sheei dale there is no one ultimat¢ rontrolling paTty. EVENTS AFTER THE REPORTING DATE OSV Relume- in late 2022 w¢ agreed a 6 month time-charter followed by a sale Obliglon of the vessel which will ¢ornpl¢te during 2023. 29