REGJSTEREDCOMPANY NUMBEIL. W77J45IEngl*nd •od W41¢$ RECISTERED CHARITY NUMBEK. 211 ANNUAL REPORT AND CONSOLIDATED FINANCIAL￿ATEMENTs FOR THE YEAR ENDED 31 DECEMBER 2023 FOR INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION *•￿SK5)￿l. 1W06r2024 COMPANIES HCiJSE A12 #153 INTERNATIONAL FOUNDATION FOR AIDSTO NAVACATION corirEPnS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Cornpany Inf0rn￿10n 4t05 Report ofthe Direcio 6t0 ij Audiior's Rwrt 1210 14 ¢￿IldI￿j Swmeni of Finan¢ial Aaiviii¢g 15 Consolidatyj ond CTh¥itsble Com￿)Y Bthn¢e Sl¢e 16 Consolidated Cash Flow Sts*rnent 17 Noie510 the Co[￿lidated Financial StswneK8 I8￿29 INTERNATIONAL FOUIYDATION FOR AIDS TO NAVIGATION COMPANY INFORMA TION FOR THE YEAR ENDED 31 DECEMBER 21)23 The Dire¢tOTS of Internationol F¢Jundation for Aids to Navigation fthe CompAny') are the Company'5 charity rrustets ut)der charity law and the direcloTSof ihe charitable cmpany. The memFrn of the Board WIM) served in office as DIrec￿T5 during the year and subsequently are derailed below: KEY MANAGEMENT PERsof4NEL: DIRECTORS IL G Mason l- Thainnan A. R. W. Marsh MBE FICS Captain J.R. Evans I IRe5igned 2 M8r¢h 2023) L. M. Evansl c￿thIn J. W. Hughes(R￿1Bned 23 Novcmber 2023) A. Ross * Captain J. Scally CarAain Y. Y. Al Sa D. Summerhill t D. Hill (ap￿in￿d 2 March 2023) P. Stsnl¢y l (liesigned asCEO and CoS¢c 9 {￿oE¢r 2023) S Memberof ALMlit Committee CHIEF EXECIJTIVE C. M. Mulvihill {Appoinled 90C￿E*r2l)2j) REGISTERED OFFICE 4th Roor 8.9 LovatL* EC3R 8DW CHARITY STATUS Comparty Limited by Guarnnteenoi having asharccapttsl Regi5rered in EThgland and Wales No. ¢M)477145 Registered Ch•rity No. 21(K The word Limited isomilled by licen¢eoftheBoard ofTrade, London BANKEILS HSBC.London and Baluain INDEPENDENfAUDITORS AwsAudit Service4 2￿ Floor. Re8isHothse. 45 King William Stre¢L London EC4R 9AN SOLICITOILS: FaTWW & Co. LL 66 Lin￿]n'$I￿n Field4 London. WQA 3LH Campbell Johnston Cl¥k Soliciiors 59 Mansell Stree4 L&ndon. El INVEsfMENT MANAGERS Evelyn & Par¢n 25 m￿g8￿ Lond￿. EC2R6AY INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION COMPA14Y INFORMATION FOR THE YEAR EF4DED 31 DECEMBER 2013 DIREcfoRS Guy M*son ICh•lrmiil Mr Mason was appow¢¢d ￿¥¢Mt￿r 2022. He JO￿ the Bowd ID Mxth 2022 haw retired fr¢xn BP * the erxl of 2020 a% S¢nior VP w)d fjlobai H¢ad ofBP Sh￿ping. Whil# in BP Shippr& ht Served on Tr￿￿[d￿ at UK Chamberof Sluppin8. P Clubs. ITOPF and Od Spfll Resrrt)ns¢ Limite& PrM)r rohJ$iime inshipping, he worktd il) BP'sAlitrnaiivt Energy busit)es$ buildthg new 8]obal Iow-¢arb)th ¢ntrBy busitwsses. Ik tyJrrentJy selves as ￿ Ifvndeni Director orl the Bowd of AB KN En¢r8J¢5 wjd WiDdw4rd Limited. H¢ first c]¥ degTe¢ lll E￿iDe¢r￿n8 Sci¥J¢¢ andT¢thJolo8y from Univtssity *TrJ is a￿￿t￿Ed e41EirJeer and a Fellow tsfthe Ittstiti]* of Methknicll FJ*inttrS. M*tsh Mr Marsh was app)iJ*ed Bo¥d in August 2018 stcFyed a5 Chairnw ofteTthretyews in the p)M. He is aTnJs*e and Council Me]nbErof The mari￿ Society th Sea CwJ¢ts (MSSCI, ¥ Vite Ptesident ofthe RNLI. He sits on the developm¢ni b02rd of WdWheel$ UK 15 ￿ A%s0¢iate Mtmtrrtiof Iht Sitlitis Pl￿7¥nI1￿1¢ Found￿¢On, a UK ch￿ty. He is • Fellow of the tnsi1￿te of Charter¢d Shipbroker5 foi wthom h¢ Is a fomKr Presidthi. He is a YouD8erBroth¢r of Trinity Hou5¢, P&Ki Prime W*d¢n ofthe Woyshlpfi￿ Cix]]p¥uy of ShY￿18bLS and fornwly CEOof Sh￿￿GI0￿ PLCAS aDweckOf of ITIC. Ptltrstsnlty MtSian]ty w&8 aPPOittted &%aDuettor iDS¢prcmbty2019. H¢ the IFAN CEOfrth July 2019toJ r￿kaSsesSI￿1. Fkholds i Bsc it) Mariiune Tr*￿port Tetkndogy and i¥ & M*er mari￿[. lse £v*os Ms Evans w&$ 8ppouJltd 10 tht B0￿d in J￿e 2020. She is currcThEly non4xet4#ivt¢JkTecLOI and *dit C4)mmillee cb?ir of AB Dyn&rni¢5 pl¢ a￿1 Gooth & Hou5¢80 PLC. Ms EV￿r￿e¥lOuS1Y ￿loG[tyjpFuWc¢ Th"reaorToles & Braum ShwingServKYSP]t 2nd Willi Gtand Prix Hold]nB$plo She also ￿ld wior p)sil￿n$ * RPS Gtoup plc arKI Re￿ard Morow#Xt. She qualJf*d a> è th*tertd actowjthni NDrking wjth Emsi & M5 EvzAs from th¢ Univusity o(Waies a fitsl d¥s d¢Kr¢¢ irl MO￿&¢￿¢nI Science is aFdiow ofthe ofckntted At(•￿&￿ts in Engl￿d & Wales. IIYTERNATIONAL FOUNDATION FOR AIDS TO NAVICATION COMPANY INFORMATION FOR THE YEAR EP4DED 31 DECEMBER 2011 Doug Suwmtrhil Mr Summerhill w&% a￿l￿ted aDireuar in Nl)vemtrKr 2020. He 15 W¢5¢ndy Vic¢ Prcstdent of aJKterm8 for BP ShJ"win8 Limbk ac¢ountsble fortheBlobal ch*trrinB &#iwity and n¥)neil￿[0rb0f BP'$ Iiil fleti. He 1$ astspply, $hippin8*Thd tr￿"n8 swall￿, h•ving w(rfk¢d in this 8ethor for over20 y￿5 *)d holds a Bxlxlor ofB￿nIt$s RMIT UnivtTsity, A￿thI1 Cgp¢•iDhii Scally C￿1&1￿ Scally w&5 Hppoin*J a thr¢¢tor in Nov¢fflbu 2021. H¢ 15 westhily seryit)g as Marine Advisof to NYK'S Global Tankew ￿lty GTOUP in Tokyo. Fonnerly with Exxonmobii for 28 yc*5 servin8 as Masw and th¢D a of5hort-ba5ed positions in¢Juding HSQE. MayiDe (ye￿0￿$ ￿ sh¢ppwJ8m￿Igtr within LNG opernions. S¢4Uy his sewin8 c4reLYwth Shell in 1970. H¢ ig founding m¢mb¢r 4nd F¢llow orth¢ Nauiiuj Insllftrt¢ *)d %ry¢s on redmical cornmirtets within Iniertanko and SIG￿0. C•ptsi• DAvid Hill Cawajn Hill w&$ rw>wtedaDi￿￿r w M￿h 2023. Ik servirs &%LNG Flea M*h•8erwtth She]1 Entern&tional TradinE& Shipping Comp*y. Captatn Hdl served Shell nttt fotrnore than 17 Yea￿ ri5iTrB to the of C•pthin befoi¢transfeffing athoTC wh¢T¢ he was appoinied Cwrations Suwiniendeni, later 8lx¢ holding rok50f Company Secunty Offiw wjd tkpury D¢siyJa*d Per50n Ashore Following a perx)d w￿rking as a Ship MaJ4cmtni C(qJsuj￿l as of Gre* Bear M*nt, he Tetutned lo Shell in November2018 &8 c￿et3110￿$ Supenn*thr befoic bECOJlltn8 iNG Fled Mwa8cr ift 2021. C•pt8in Hill Isan Asso¢ièie Fellowofboth th¢ Nauti¢a] Insti￿¢ Royal Jn5ts1u* of Nawatson. as asa Frcejnan of The HoThwabie CompaThy of Marim. INTERIYATIONAL FOUNDATION FOR AIDS TO ]YAVIGATION CHAJRMAN'SSTATEMENT FOR THEYEAR ENDED31 DECEMBER2023 2023 saw ￿nIinued marka turbulenc4 volaiile markets aod beightet)¢d geopoliti¢al Unre￿ whi¢h have impx*d globa] shipping operations. Againsi this backdrop. the charity mainlatned a swnd and wsthinable flnancial r*)sition. In 2023. IFAN'S Charitable objects have driven a continued fi)CU5 OD IMLr three COT¢ aaivities.. the m8nag¢m¢nt of our fimds and their distribuiion 10 projeas whi¢h •th3TKe safdy at sea and pro*ci the envirtsnmeni. the reliable o￿TatiOn ofnavigational aids and &%sociakd communication sy￿e￿$ the Gulf" and tht commercia] opeta¢ion of th¢ Relum< our Offsho￿ support vessel. M*ThazerDenlof di51rilMtiOD5 toprnjetts We contirtue io be active ift the m8na8emen¢ Of (w inv¢*d funds aiming for improved incomc. Our Invesllnent Commit*e monitors the p¢rforniance of our filnd managers again￿ OLtr inves¢ment Objec￿ Following bcm praaicc. the Board Ins￿cted the Investmeni Committee to apwFint Indep￿dent Inve5tm¢ni R￿l¢w5 to operate a ￿nder r￿OcesS for fund rnanageTS to rnanage IFAN'S portfolio. Ai iht conclusiott of this proi%ss, the Investsn¢nt Committee recommendeAJ to the Board th Cazertove beoppK*in*d as IFAN'S Ittv¢stsneM Managers from e*ty 2024. Tr prt*essofswiichin810 CazeJ)ove is undetway. During 2023. we disburned Sl.41m ￿ projectswhith se£k ￿ improve safety ￿ sea and pro*0 the marine enviroDmet)¢' g)me of these proi¢cts are planned to Contin￿ Ihrough 2024. We hav¢ our own guidelines to determine which projects we will suprM)rt hiving regard to legal imw&ives our re5011rces, and our ability io monitor woj¢d$ appropriately. We continue to find ways w integrate IFAN marin¢ regulatory ¢)rganisaiion5 to boih undustand better the requirnn¢rtts foraids 10 na¥iBation globally and contribuie to the decision-makin8 and guidtlines for enhancing saf￿Y ￿ sca and pr(&uin8 the envirotyn•)i •MI are now considering ptheniial environment development proi¢cts in th¢irown ri&ht. Since early 2012. we have 5UPPOrted thc Iniernaliortai Awciation of Marine Aids io Navigaiion and Lighihou5e Auihorities (IALA} in d¢veloping lis World￿de Academy IWWA) wilh contri￿110￿5 amounting io sn avernge of S706k equivalent each year. Th¢ WWA provides training pa¢kages de5igwl 10 spread knowledge among￿ governrnenl rtpresentatives. IDStTUCtion l5 8iven both in respect of a Co&4al Swe's obligation5 under inlwnalionaj law and the ￿Ther1E$ (o commerce of having efftttive aid5 to navigation. The IALA PTogr8mme is a rolling programme, progytssively expanding the knowlcdge of aid5 10" navigation throughout the world. Over tim< Continually improving servi￿$ will be&Mie availablt to better assist naviEaioTS to safety opeTate their vessels. During 2023, WWA activiiies conrinued ai 2022 Icvels with activit>es now taking place in person well as online. At IFAN'S Board meeiing in November 2023, the Direcwrs a￿eed io coniinue suwort fw IALA WWA for ) fvrther 3 year& We have helped The Marine So¢iety Sea Cadets NSSC) develop and commission w¢hiog JJ)odyl¢s ¢0 improve ma¢hemati¢aJ. English languagc thnd markne vocational skills amon8St matine]8 tIKnmiiiing a final proiecr payment of $12k in 2023. W¢ hav¢ ￿$0 funded a signifjcant outrcxh progrdrnme thai The Nauikcal Institute (Nl) pro]noted to improve navigatOTS' technicaj skills. committing $317k equivalent since 2014. We have also mth a one off contribution io UNESCO 10 include an Oc¢an Li*racy module in Aids to Navigation training couw5e Since 2016. we have jointly fvnded a rfft)iea to improve the aids ￿ navi88tion and tecJJnical capabilkty Present in the PacifJ¢ Oc¢an for The SouthPa¢ifi¢ Community. thepan-governmeni agency restM)nsible formaJinemattets in that region. An initial survey w&5 a pre-requisik io the project 10 improvc p￿itiO￿lng infrastructure in a re8i¢)n heavily &p¢nd¢ni marine tr8rtSP(prt but poorly supplied with aid$ to navigation. A second ph￿ w&$ compl￿￿ in 2021. al￿11 r￿u¢¢d in %ope due to the Pandemic. We agreed to fund a third phase of the projecL whith aims to eyablish a sustsinable fvndin8 model for thE provision of navigational aids in th¢ 13 4rge¢ island communitie& In previous year4 $2.78m has been donated with a further $400k paid in 2023. a balarKcof $572k will be paidby Jyly2024. The proje¢1 issubject kn annual revi¢w& IFAN provided fundin8 io sUp[￿rt the Aids to Navigation FUT￿ (ANF) linked to the Straits of Mala¢rA and SingapDre (SOMSI. Th¢ ANF provides fvndingto surwrtmainienance of the exiMing AidstoNavigaiion wiihin ihe SOMS. We moniior the ongoing progrdrnme of M￿ntenance and itnprovemeni through our parucipaiion at the ANF medings and inNov¢mber 2023 Mr M&son and Mr Sthnley atttndcd the 29* ANF Conferetlce in SLnb8ya in person. INTERNATJof4AL Fouf4DATION FOR AIDS TO NAVICATION CHAIRMAf4's STATEMENT FOR THE YEAR ENDED 31 DECEMBER Z023 Beyond our ex1￿1￿8 projffw w¢ ¢oniimue to seek new 0]i8￿d ￿ our charithle objeas and examine funding requests to deiermine 4)proprith levels ofsupp(rt io impmve the 5&fe pAssw of ships using globa] Sea route5. Navigation Aidsamd eomm•DIc*tl￿ systems ID Ihecwlf The navigationaj smiices wovided by MENAS in the Gulf derrtnd on the coljedion of Navigation Dues from ship owner5. These charges. which had not changed since 20(￿, fund the eosts of pmwiding navI￿10￿al aid8 ¢ss¢ntial for safety athd ¢ontirtued trad¢ in theGulf. Giverb incTeasingc05ts and the rKed ioensuTe the longIc￿ 5uAainability of navigational services provided by MENAS io all shippers in the Gulf, 1¢ was decided w the March BoaJd meeting increase ihe Navigarion Dues charges to ship￿r$ with effect from l#lku)t*r 2023. All stakeholders were advised of the increw on 111 Sepi¢mb¢r 2023. We continually seek ￿ ensure awareness of our xiiviries in th¢ Gulf with ship owners through the use of media ¢ampaigns and targeted ¢ommuni¢aiions. In ow 2022 annual reporL we advised th8t Some elemenis of wr Differential Global PositioninÈ Syslem O)GPS) servtce in the Gulf were reachin8 the end of their 5¢rviceable life. Having looked al diffeTeni Iwdys to provide accurdte positioning yssiems in the Gulf w¢ ¢on¢ludeAI that DGPS rtmainsthe be￿ soluibon. A new L￿Ps siie w Rls Al Khaimah {RAKI is bein8 built. During 2021 MENAS 5uccessfvlly achieved Accredit￿ Training(kganiWion (ATO) designation. We are offering technical skills and educaiton rour5rs to Clien￿ Such as Port Authoriiie4 KJ thai they catt develop their own rtsour¢es over tirne. We previously indica(ed we W￿ld host our own IALA guided trrintng¢outse for Middle East gulf participan15. The first of these courses was held 8 aod * NoverniKr 2023 8t MENAS office aThl w&s a￿ended by senior repr¢senwives from the Guir Cooperation Council {GCQ. ColDme￿I*l oper•tiom of Ibe Relume Our offshore $upport ve￿1 Relume, originally built asa bwy handler aids ￿ Thavigation servi¢e in the Gulf, has been undert￿Ing Commercial Work in North European w&ers for rnamy yeaTg now. As has iKen reported in previou5 annual accounts, IFAN chose to relain the vessel to keq) the Opti￿ of fiffther aids io navigation w(prk open for the Relumc in the furure. However. during 2021 market coTrJiiion$ We￿ righi u) rtglise ￿e￿nable value for the vessel and in late 2022 we agreed a tim¢-charter followed by a sale obligalion of the ve55el. The sale of the RelLtsn¢ was ¢onclud¢d on 18 Sep￿mber 2023. Thi5 concludes MMSL'S ship owning o£tiYity and we xknowlcdg¢ thc fine work done by the vessel 4nd ¢r¢w in supporting safe navigation over many ye4rs. I Ihank all our d¢di¢atcd 51affand partner% both athore andaflo4 fortheir comthitmult io IFAN'S objectivesduring a Feriod of bjrbuleni and volatile rnark￿S and geopolitical unresL On behaifof the enlire Board, I wish to ihank John Evans and John HLtghes for their loyaj 5erviceto IFAN as a Direatys for over 9 15 years respectively. The Board welcome5 Captsin David Hill ￿ the IFAN Board. Our thanks a150 80 ￿ Peter Stsnley for th¢ last 4 yearn as CEO of IFAN. Pe￿ h&5 strenKth¢n¢d our 8oveman¢¢ aJ)d sucttssfully complcied ih¢ sale of the Rclume. l am dtli8h*d that Peter has ¥g￿ed to remain on ihe Board (o provide much valued continuity. I welcome Catherine Mulvihill th5 IFAN'S CEO. Catherine joined us i* August 2023 aThJ after a handover period as5urned the role of CEO in October 2023. 1 aTrJ the Board look forward to Working with Catherine in the next phase of IFAN'S d¢v¢lopmenL R. G. M&wn Jjaie.. 30 May 2024. INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGA TION REPORT OFTHE DIRECTORS FOR TIIE YEAR ENDED 31 DECEMBER 2023 The Dir¢¢wrs of Internation￿ Found*ion for Aidsto Navigaiion I'ihe Company.) [￿eSent their Annual Report iogdher with lh¢ audited flnancial statements for the year ¢rtded 31 D#¢mttr 2023 whi¢h comply with ihe Charities A¢1 2011, the Companie5 Ad 2006 and Accounting and Reporting by ChaTiiies'. Statement of Recommcnded Practice (SORP} applicable to charities preparing their accounts in accordan¢¢ with the Financi￿ Reporting Sthndard applicable in the UK and Republic of Ireland {FRS 102) (efft¢iive l January 2015). REFERENCE AND ADMINISTRATIVE INFORMATION The Company is ron5titu*d as a company limit&1 by 8uarwe with two wholly oper*ing subsidiary und¢nakings. Men&8 Marine Services Limited 8ndOmgn Marine Service5 Limited. The charitablcobjecrive of The Iniernaiional Foltndaiion for Aid5to Navigation{"IFAW). assthted in theArti¢les of Asso¢i¥iion, is th¢ promotion of safcty at sea. maritime education & traininR and th¢ protr¢tion of th¢ mwinc environmtmL STRUCTURE. GOVERNANCE AND MANAGEMENT Gwérning dotwb¢nts Thecompany 15 governed by itsArticlesof As3￿1￿tiort. Gov¢ttykng Body The Directors are appointed in accordance with the Articles of Asso¢iaiioD by McmirT5 and are rnomly drawn from the shippin& mari¢ime and oil induskne& R¢¢rnitti¢ot ¥od ¢T*iuiug of DiTtrto New DireciDrs are briefed Dn their l¢gal objigations wxlercharity aThJ comwTry law, the coni¢ni of th¢ Articles of Asso¢iatioD and the workings of ihe Bo*d of Dire¢tors and th¢ decisim making proces& Org*This*tK*D81 m*magtmeat The Board ofDire¢Tor& asthe charity ¢rusLees, a￿ leeally r¢wsible fwtheov¢r8]I managemeThi and control ofthe Company. The Board of Directors meers at le￿ four limes a year. Thr Audit Commiltee is Tesponsible for a)SLtring ¢hat the financial perfornia￿ of the Company is PToFrly reported th adeqyai¢ internal Control systems are mainrained and managing the rel*ionship with the exiernal auditors. Day to day athninistration is Lwried by the Chief Executive Officer. The op￿￿*0￿ of the Bahrain facility is undertaken by a senior manager reporting to the CEO in London. The remurterntion of kty m*bagement personnel iss# by theBoard and th¢oppmpriatCnC55and relevanc£ofthe remuneration policy i5 reviewed annually by the Remurtrntion Committ Croup Structu￿ and ￿]*11￿￿$b1P The Cornpany has two wholly owmed non4harythl¢ 5ub5idiarie5.' Mena5 Maritle Services Limii¢d, whi¢h opernled & commer¢ia] vessel unlil S¢ptemb¢r2¢f23.andOman Marine knicesLimited (OMSL). which ha5abranch in R&sAI Khaim8h Frecport Zone for the purposts of renting lartd for a T*W DGPS. OMSL wa5 an inv￿Or in a joinL VenDI￿ Arabi￿ Mawiiime and Navigaiiort Aids St￿￿e$ LLC until 2021. which Under￿￿k maritim¢ services. The sJb5idiarie5' aim4 objedives and achievement$ are covered in the Televdni s¢aiort$ of this TW( INTERNATIONALFOUNDATION FOR AIDS TO NAVIGATION REPORTOFTHE DIRECTORS FOR ThE YEAR ENDED31 DECEMBER2023 OWEcfivES AND AcrI￿lEs Chgritsblt Objecdvts The Company's Objcdive& &%5ei oui in ihe Article50f Associ&ion. are the ]rnotion of safety at sea and the pro*ction of the rnarine environm¢ni ID the Middle Easi and worldwide by a]1 ¢haritybl¢ mean8 including providing and maintainin8 navigation aid% safety 5ys*rns and Mfrty inf¢Jnnation- promoiing the of modern navi8ation techniques and procedures and other esseniia] maritime skills,. 8t)d proterfing aNI improvirtg all of the marinc environment. The obje¢tiv¢s are variously 4¢hicved for th¢ public benrfit through the pmision. under the name MENAS, of an aids io nhvigation service in the Gulf and by ￿lAinE other0r8anl￿ioThS undertakin8 proje￿ which me¢t the Company's ¢haritsble objectives of PTomo¢ing safety at sea and prntcciion of the rnarine environTDenL The Boord is mindfvl of the lonÈ-Sthnding need to provide public benefit and of the requirements ofthc Charities Act 2011. In thi5 conneaion the Board h&8 monitored closely the 8uHlance on public benefit produ¢£d by the Charity Gimmission. Prilleipal Attivilie5 The Company provides and maintainsshore and sca b&%edvisiblc aids &% well &$1￿70-bL$ed aidsfor theGulf region, uiilising ils cquipmeni and facilities in Bahrain. It COn(inu¢s io ￿1¢￿ i¢chnoloRi¢41 advan￿ in marine naVig￿lon and environmentsl protection and to ratioTrali5e and rnodcrnise its faciliiies and sy#ern5 to cnable il to provide the servi¢¢ io naviga￿￿$ and the marine industy in the Gulf region effectively and effKieNIy. Apart frorn operating tht neTh¥ork of aids th navig￿lon and the Natrtex warnin8 SySt¢m, the charity ajso continue5 10 operate its DGPS'S ihrougknut the Gulf. The CiThpany h&$ deployed A￿￿MatiC Identification System (AIS) equipment to both enhance the service ff> mariners artd impme p*rfornkan¢e moniioring of aids ￿ navigation to help improve safety ai sea and th¢ w01￿110n of the environmenL The Comrrdny h&s tr*gun Up￿Jing the DGPS syswn frjllowing more th&n twenty years in operniion. Tr Company make5grants to¢xganisaiions concerned with the promotion an￿OrprovISion of s•fdy ai se4. including.. The Iniernaiional Aswiation of Marine Aids io NaviWion and Lighthouse Authoritie5 (IALA}. io wist with ILS settTrng up and nJnning its Worldwide trainin8 or8aniwion The WorldwideAc*my (WWA) to improve knowledge and skills required io identify needl insthll and maiThiain aids to navigation seTViCC5 around iht world. TheedUCation￿ prowmesofMaTin¢ Society and SeaCadetslMSSC)" Th¢ Nautiul Ins¢ilu* (NI). to¢xp8md the ¢tr¢ul￿10Th of its publication The Navigator, improvin8knowl¢dge and profe55ionaJism in the fjeld of marine navigation- The Company supports aproject being condLKted by the Sojth PacifKCommuntty (SPC), in rtspcctof enrknlingthe Pacific Ocean to access its needs in rtspe¢t of aids to navigaiiorb seryices aJbd infrasiructUTe', Confidential Hurnan Faaors IncidentsRet*ytingPmgramme(CHIRP) in ¢oJ)Deaion with theconfidentiaj rerrfTrrting of safety related breache5 wiihin Ihe mariiime scctor. UNESCO to in¢lud¢ an O¢¢an Liiern¢y mtyjuk in Aids to NaVi￿tiOn training courses. Previou51y. we have yJprKffted.. The Strdisof Malacca and singapo￿ Aids ￿ Naviwioj) Fwid se¢ up by the three littoral mgintsin and improve the traffic sepwation Sy5Lern for the Malacca and Sin8apYe &rai INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION REPORTOF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER2023 STRA TECIC REPORT The charity regularly reviews its sty3¢￿. OveT time and ¢OnSiSLeni with ￿¥￿Iling g¢neraJ economic condilions atld operaiional need% the wategy has been to build up re5erv¢s io a win¢ that the navig*10n￿ aids Service in the Gulf cat) be self-5u￿lntd aThJ pr￿ecting ¢apithl io thsurt thc coniirtu¢d exiaen¢¢ ofthe IFAN Group. Currenlty thestsa*gy hasseverdl pointsoffrw: The fJr#pfioTity is ￿0)ntin￿ethE provisionoftheexisting Gulf Al&toNavi￿IOrt${AtoN) servic¢ io intrntional thjdards. In the ab5cnce of the littordl 5taies seeking io thke up our offer of wiyan¢e io aswme rtspon5ibility for Gulf AioN'5 WC remain obligated to eoniinue our AtoN PTovision. We believe national 5ervice5 would be the simplea io be Created and we would expeci wr exisiing *Chrti￿ op¢raiions to hav¢ a r(pl¢ eith¢T IS a¢tive panicipants or contrdCtor5 in somt fomi. Consisknt with the aim of cnsuring the navigational aids service in ihe Gulf be self- gjstsined, we ¢oniinu¢ to rnise the profile of the services we provide with ship-O%¥rters and entourage them to contribute io the costs of their upk¢ep thrtyjgh Tal￿nE navigaiions duc* We have also increased the level and scope of the Nav Dves with effcd from 1st Ouober 2023. This is the first increase thai has been rnade and h&8 been done ￿ erwre we continue ro have sufficient nds to providc the Aids ￿ Navigation seryi¢e. The s¢¢ond &spe¢t of OUT 51rategy is cowemed with irtw¢stsnenw We had an operntional investmeni bein8 an offshore support v¢ss¢l IOSV Relumel and thai h&8 b¢¢n sold &s previO￿51y mention¢d. In addilir)n, we have a financia] investmeni portfolio inves*d in Yarious securities bn several market& The investment ￿)nfollO has been martggefj to mainthin Capit￿ with modernte risk. At the Bowd meetih8 on 22th Ntsvember 2023 it was agyeed th4, after a leTtder process, the managers of the investment portfolio would be chang&1 from Evelyn and Partners to Caz¢nove. The conLinued straw Ts to in¢re4se adive m*ugement w impmve relu￿. ACHIEVEMENTS AND PERFORMAN Navigation Dues inc4)me for the year was S3.4m (2022.. $3Jm). The PTi¢e Charged perNf w&$ incttased with effect from 1° Ociober 2023. Costs of charitsble activiiies which include all direct COSLS in retation 10 buoy maintenance Projects and administration ¢osts oihrr than those rel￿1￿8 io ship ¢harter in¢om¢ and in¢luding all IFAN owned aids to navi8aiion setvice ¢OSL% are $4.Im12022: $4.2m). Charter income for theOSV Relume, operated through Men*8Marioe Servi¢es Limited (MMSL) has deue&8ed thisyear to $3.8m {2022.. $4.7rn). Ship charter income Msts amount to $4.4m (2tr22: $5.3m). Thi5 income and C4)a have re wirh effect from 18 September 2023. Other income includes buoy m8ifitenth¢c aTKI project income of $628k (2022.. $579k) and rtntal in¢mr of $136k (2ff22: $144k). Rentsl propty COSL8 amtyJrt*d to S15k (2022.. $23kl. The charity madegrantS8nd donationsof $1.4m durinethe ye¥(2022: $1.6m}¢o organisations includinglALA, TheNautical In$iiwt4 South Pacific Commutlity, CHIRTr Maritime UNESCO and MSSC. FINANCIAL REVIEW The fiDan¢iaJ posttion i% rorb5idued satisfactory by the Dire¢￿swith assets of theGroup amouniinR 10 S652m against $61.Im in 2022. As shown on paz¢ 15, in the COr￿lidated Stsiemeni of Financial Auivitl4 the Group in¢UTred a prnfit for the year of S4.2m12022.. loss of $11.5m) lar8ely as a reyjli of the iTrcre￿ in the maska value of invesffii¢nts artd the profit realised on the sale of ihe R¢lum Having reviewed the ongoing expeaed tradin£ ￿ndItiOnS and the Group's projected fij￿￿¢ c&sh flows. the Board has reasortableexptcwion thatth¢Grouphas*uateres(wJrctsio conthnue its¥tivitses forth¢ for¢5cefible ￿ture. INTERNATIONAL FOUNDATION FOR AIDS TO NAVICATION REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2023 ¥tstmett¢ poliry and objet¢ives Evelyn and Partner5 IE&P- previously known as Smiih and Williamson) were ap￿In(C￿ as investment managers during 2016 and subs¢querrtly assumed the role of investsncnl advi50ts. The irtveskneni poliq has been to minirnize risk to th¢ eapital by investing in avariety of iThstruments includingus dollar FK)nd Instrume￿ts. principally US TIPS and includEJJgdebt •Jd equity in emeTging markets to irnprove yi¢lds whilst mainiaiiiirtg a low risk proftle. E&P coniinues ro a¢iiv¢ly manage the fund. however the InveMment committee have decided to transfer the managcmeni of the portfolio io Cattnove in ore io creating greater effjciency and to ¢otytinue to in mort securc seuwities and disinvesi in securitie5 more exposed ￿cause of greater debi lev¢ls whi151 maiThtaining a diversified ￿ttrOllO and maiching n0n.thnrfi0n￿ currency flows. The applicaiion of the investment policy is regularly moniloTed by the Investment gjb-committee which led io this decision being mad¢. The potrfolio experienced a period of rtlotive yability duringtheyearth*to the weaker th)11orexchange ra* and a more sthble financial landscape. However. rErfornance i5 lower than inve5mJeni benchmarks with similar assets and risk profiles. As of 31 December 2023 the Mark￿ value of invested filll￿ in¢luding ￿COmMitted deposi￿ was the equivalent ofs47.lm (2022.. $42.7m Reserves Ikv¢l *ttd Polky #Dd FiD¥B¢i•l Vi*blllty The policy in resp￿Of the Gulf navig￿)0￿81 aids stsviceconiinuE5 10 b¢one of M￿chine in¢oTne wth expendittire allowing for unctnainiies and capita] requirement> Provision is made for the progressive Shortening of the operaiing lives of navi8aiional aids as ¢nvirotthientaJ deman¢ts in¢rt&%e and technologi¢￿ developments accel¢T8L¢. Group r¢s¢rv¢s held as Ai 31 December 202J amounted to $65.2m (2022.. $61.Iml of which free r¢serves wnowii¢d to S63.7m (2022: $47.5m). The charity's own reserves amoLmted ￿ $78.8m {2022: $74.8m). The Directors consider that re5erv¢s will need w b¢ mainthined & a level that will provid¢ IFAN with a sustsinable firture whilst delivering ag￿n51 its objectivek AIIowdnc¢ will be made for ihc replacemeni and enhancemeni of ¢￿￿ent opeNional and navigaiional wd$ ¥sets and the longer.term FK*55ibility of further expansion of navi8aiional aids seryi¢es inio other 8eo8raphical areas worldwide whith would erttail signifjtyjt kvels of ¢apithi CXPEndilurc amd workin8 Capltal. PriR¢ip*l RisksaDd UDcertain¢ies The Directors have widertsk¢n r¢vi¢w5 and wised frorn iime-tothtime ÈnveMiwions to ￿ reasonably certain thai the Company is operaiinE efficiently attd effectively, its asse￿ are properly safeguaTdcd 4ainM unauthorised use or disposal, proper recordsare maintained. and financial infomiation ￿ed wÉthin the Company, or for publication. is rcliabltand th the Company c¢)mplies wilh relevant law$ and regulaiions. Tr Syslun of iniernal controls ii¢ludes a $tra¢egic plan aNJ annual budgets with r¢8ular financial and p￿ryMance rtP)Tts as aA)rowiaie with clc4r d¢leB&ton of authority and segrcgaiion of duties. lknsk asso¢iated with the a¢¢ivitie5 underthken and objeaLves laid down by the BoaTd are re2ularly reviewed. prioriiised ls ro likely impaa ortd likelih(M)d of O¢QJTM¢e and managemeni are ￿l$fIed th￿the applied strategies are appyopriaie to mitlEa those risks. The Dire¢ioTS arc Satisficd that during tht year all aaivities havt been conducttsj compliarKc with the Company's HSE poli¢y. Adherence and improvements to the HSE w>licy has ensured thai all opera(ions are conducted in a manner which safeguards the health and Safety of emplOyttsar￿ avoid$darna8e io the environmeni. During 2023. IFAN remained ¢ompliani wilh th¢ UK Governmeni smajl busincss guidelines for cyber security. The Company has adopted a policy of sweading its inve5tsnents over a ranBe of imments in bcth UK pound sterling and US dollarswith the aim of protectingthe witsl aBains¢ irnp)rt￿ infl&ior4 whilst milig￿1ngth¢cff¢¢t0f¢￿￿cY movemen¢& IIYlfRNATIONAL FOUNDATION FOR AIDS TO NAVIGATION REPORT OFTHE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER20L1 Fllt￿￿ PI* The¢lkarity hasaglobhl ￿mIland focuse5 itsoiiilook to supportrwie¢tsof Kh*rnatioJwl s&)pe. The charity hasa branch in Bahrdin ￿￿￿￿kIng marin¢ c4Jntrxun8 XIiVLiie5 &8 partof the rxoviston of a re8ional aid 10 navigation seThice and also two trading wbsidi8ries. The Middle Eas¢ern bmth in Bahrdin has existed for many y¢ats and ff¢¢Atly eff(*ts have beer) $￿IlY made to rnodemise. expand its reJoure¢s and offering& The brnn¢h is managed IoL3lly with in-house trained ptrsorfftel and is expanding lis skill base to allow a build-up of marine en8ineering work and AION training courses. There i$a150 ttn office in the Unit¢d Arab Emiraie& Improvtyj services currently being considered include upyad&l AIS te¢hrtolo&v tts both monitor Ihe posilion and perfonnanceoffloa(in8atdsto navigaiton and colltci vesscl movemcnl dats forbilliThgpurrxTrses. We coniinue io inves¢iga* ihe suitsbility Of clasticaied mowinB5 in place of tradilional meta] thains. We have FKBun to exe¢ule to upgrade the DGPS'5 which aff now overiwenty yearsold. Research has been undertaken over seveTaJ years io ensurt that the reliability and perfornjance of new equipment will be Opiimal. We are, in conjLtndion with IALA, researching wblems ￿ffered by t￿Ps systrms in cortrtection with signal reliability 8ThJ then rese8r¢hing suitable solution& We tre now in a posiiion io deliver IALA a¢¢Yediung tiaining COUT5e5 as an Accredited Training Or88nisation (ATO). One of the irading 5ub5idiaries operakd aTh offshor¢ servi¢es ve55el (OSV Relume} originally buili io servbce phy$i¢al navig￿lO￿al aids bt) the Gulf. During late 2022 we agreed a iim¢-charter follow¢d by a sale obligation of the ve55el which completed during 2023. io INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGATION REPORT OFTHE DIREcfoRS FOR THE YEAR ENDEDJI DECEMBER 2023 ATEMENTOF ACCOUNTING AND REPORTllf4C RISPONSIBILTTIFS The members of the Governing Body {who are also the DI￿Ots of tn*rn•ional Fouthim for Aids io NaVi￿lOn for the purp05e5 0(company lawl are responsible for pr¢paTin£ th¢ Annual Report and the fjnanciai ￿￿ernents with applicable law and Unit¢d Kittgdom G£￿rAllY Acttoed Accounting Prxtic¢ {Uniied Kingdom Acrounting S¢andaJds). Company law requires the Dire¢￿T$ to prepare fin8n¢iai 5Wemenis for each financial year. Under that law the Director5 rnust not approve the fjnanciat thiements UTh]￿ they are satisfjed that they give a true and fwr v.iew of the of affairs of the charitable company and the and of the iTKoming resou￿ and application of reg)ur¢es. including the income and cxpenditure. of the chari(able group for tha¢ wiod. It) pr¢wing these financi￿ ststements. the Direc￿rS are rt4uired w: sele¢tthem05tsuitable accounlin8 policiesaT￿ then toappty them Co￿1&*n(tY observe thtmethods and printiples in ihe Charitie5 SORTr.. make judgcments and accountinge#imaicsthat arereasonable and prudenl state whethcr Bpplicable UK AccouniinR Sta￿laT￿$haVe been followed. subjea io any material departures discltrsed and explained in the financiaj statement& and prepare tht financial swements on the 8OinB basis unless it is hnappropri*e io presume that the Company will corttinue in busine5 The Dir¢¢¢orn are re5rAmsible forkeepingadequate a¢c(Uliing recLYds are SuffKimt￿ show and eXpl￿n the Company's tran5aciions, di5¢1ose with reasonable accuracy ar any lime the fI]Wi￿ posiikon of the Company and enablc them to ensure thai the fJnan¢ial ststcments comply with the Companies Act 2LX)6 and the provisions otthe tharity's ¢onstiDJiion. They are so reswnsiblc for safeguarding the ￿ets of the charity and the group and hence for taking re&sonable steps for the pr¢veniion and daeciion of fraud and other in¢gularitie& ReltVaDt Audlt lDforma¢i•D In so far &8 tach of the Director4 as members of the Governing Body* at the date of approval of this r¢pon is awar4 there is no relevant audit infomiation (inKorniation nccded by the Company's auditor in connection with prepwinE the audit report) of which the Company's auditor is un8Wdre. Exh Dire￿Or h&% tsken all the stCP5 that he should have tsken as a Director in Order to mak¢ himself aware of the Televani audil Infom￿1￿ 8JKI to e5rablish the Company's audiior 1$ aware of that inforna(ion. Approved by the Board ott 30 May 2024 in¢lvdin& in theircapacity ￿ company dir#ior4 ¥ppwoYiog the Direclors. and str￿e8]c RewTts contair￿d thertin. aod signed on lis behalf by.. L. M. Evan5 Direetoratyd Audlt Commlttee Cknlr INDEPENDENT AUDITOR'S B£PORT TO THE MEMBERS OF INrERNATIONAL FOUNDATION FORAIDS TONAVICATlthY Icormr4UED) Opinio We have audiied th¢ financial sthtcments of In1trn￿i0naI F(yJndaiion for Aids to Navigation {the'¢haritable ¢otnpony') and its subsidiaries (the 'group') for the year ended 31 DtcemtrKr 2tr23 which comprise the consolidated ststemeni of financial activiiies the consolidated and charitable company $￿ement of fiTwicia] position. the consolidated cash flow statemeni arbd note5 lo the cons01idattd financial s￿ernents. including 5i8nificant a¢countit)g polt¢ies. The finon¢ial reponing framewot* thai has beetk applied itt their prepardtiOD is applicable law and United Kingdom Accouniing Standard& including FRS I￿2 'The Financial Reporting Standanl awlicable in the UK Republic of Irelartd, (unit￿ Kingdom G¢nerally A¢¢¢pi A¢¢ounling Practi¢el. In (Ajrcyiniffi thefit￿la] ve a tnle and fair view of the stat¢ of the group's of the chariiablr ¢ornpJy's affaits as at 31 Dccember 2023 and of the group'5 incoming resources and application of re9)Ur¢￿ includin8 its income and ¢x￿di￿1rc, for the y¢ar thert hY4ve bttn propcrly prepared in accord￿ with United Kingdom Gettraily Accepted Ac¢ountsng Pw¢i¢e" arnd have prepared in a¢¢ordan¢e with the r¢quir¢mentsoftheCompanies Au 2￿. Ba$ls for opltyiott We condueted our audit in ac￿rdanCe with Internathonal Sthndarth on A￿]ling (UKI (ISAS OJK)) and applicable law. Our responsibilili¢s und¢T thosc 51andards are fijnher thscribed in the 'Audi(or's responsibilities for the audi¢ of the financial 51atemtnis' seclion of our ffporL We *e independcni of the charithle company and of tht group in accordartce with the ethi¢81 requirements are relevant to our audit of the financial s¢aiemertts in the UK, including the FRC'S Ethical Standard. d w¢ hav¢ fiJifill¢4 oJr other ethical resrAsn5ibilities in accordance with these requirements. W¢ believe thai the audil cvidcnce we have obtsined is sufficient and appropri* io provide a basis for wr opinion. Co4elvsiDDS rtjatingto loimg coD¢ern In auditing the financial sra*ments, we have concluded thatthe DIreth￿S. ￿ of theg01ngconc￿ b&815 of a￿￿ting1n the prcpardtion of the financial statements is appropriate. B&8ed ot) th¢ work we have ]xrfonncd. wc have TKYI Identified any M￿en8] uncertainties relating to events or ¢ondition$ that. individually or collectively. may c&M significani Iloubi on the charitsble company's ability 10 Continue as agoing corKem for peri￿A of ￿ le&y twelv¢ tnonths fnxn wlKn the financrdl sts*ments are authorised for issue. Ourresponsibilitiesand theresponsibilitiesof the Dirtctorswiih Te5peaw goin2cor￿ern U¢des¢ri￿d intherelevant sections of this reporL Oth¢r lufomitio The other infonnation comprbses the i*fomiation included in the annuaj rqxjrt other than the finan¢i8J ststements and our audilor's report thereon. The DiTecior5 are res￿nsIble for the ¢)ther infonnaiirjn ewtaioed ￿thin the annual report. Our opinion on the firbancial stskments dots t￿1 cover th¢ other infornjaiion and, ￿cept lo ex*nt otheThYise expliciily stai¢d in our r¢Kth, we th* not exwess any fo￿ of assurance conclusion thereon. (hjrresponsibility is io rtad the other Info￿atIon in doing so. consider whether the othtr infom1￿10￿ is materially inconsistcnt with the financial Matemenis or OUT knowledge obtsiped in the course of the audii, or otherwis¢ appears ￿ b¢ mat¢rially missthted. If we identify Such material inconsistencies or apparertt material Misstat￿Cnts, we are required to detennin¢ wheth¢r this gives rise to a materia] missiatement tn the financial stsiements themselves. If. bwl OD the work we havc performed. we corKlude thai thert is a m￿erial miss1*￿ent of this frther informatiffi. we are requir￿] io rqM>n that faLt We have nothin8 to rewyrt in ihis re8ard. OpiDtODS OD othermgtttrs pr¢scrib¢d by ibeco￿pA￿lt5 Art 2006 In our opinion, based on thework undertaken in the courseofth¢oudiL the information given in the R¢port of ihe Directors forthe firthThcia] yw for whith the fJn•)¢ial swements are prepare4J l5 con5Lsient with the financial statemeni$' and the Reportof the Direaors h&sbeen prep•red in a¢(￿￿￿With applicable le8a] requircrncnt 12 INDEPENDEKfAUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL FOUNDATtON FOR AIDS TO NAVIGATION ICONfJNUEDI M•tlers on wbich wt are required to report by exteptb) In the light of the knowledge and unders¢artdin8of the wup and the chaTitablc comp8ny arml itsenvironmeThtobtsined it) the course of Ihe audit. we have ideniified material misswemfmts in the Rewi of the Dire¢¢or& W¢ have nothing ￿ Teport in ]rspect of the fol]owing mall¢rs thre the Companies Arf 2Th)6 Ttquires us to report to you if. in ouropinion.. adequate accounting rccords havc not tten kcpL or retwns *qyate forour audit have ￿ been receive41 from brartche5 not V151ted by u& or the financial s￿1￿c￿￿are TMM in agrtemtnl with the accouniin8 recordsand rtlurn& or certain disclosur&s of Direciors. ranunemion specified by law art noi m&le:or wehave received ill the informationand explanarionsw¢require forour￿dIL R¢s￿￿$1b]Ittle$ of Directors As explain¢d moTe fvlly in the Sts*m¢nt of A¢¢ouniio8 artd Reporting Respon5ibi1tti￿ the Directors are rcsponsible for the preparation of the firwiciaj ststrments and for FKing wisfied they giv¢ o true ond fair wiew, And foT such internal Control the Dir¢thors d¢temiine is necessary to enable the preP￿￿10n of financial Sts¢ements that are free from materia] misststem¢nt. whether due to fraud or ern)r. In prcparing the financial statements the Dire¢torn are r¢swJnsible for aSSe￿ing the group's and the charitable company's ability to continue 05 a going concern. di5c105in& as applicable, marners iela¢ed to going con¢ern and us¥*g the going ¢on¢em basis of accwnting wiless the Direaors either inlend ¢0 liquidat¢ the group or the tharitsble company or to cea%e operation8 or have no reali#i¢ al￿n￿1ve but to do $0. A￿dItOr'S re5PODsibililiesfor tbe•uditof the fiDADti•l st*te*eDts Our objeciives are to obtsin TeasoTthle tssurance atx>ui Wh￿ the financial swemertts as a whole are free frtsrn material i551at¢meni, whether due io fraud or error, aTrJ ￿ iswe art audiior's rer￿ thai include5 our opinion. Re&8Ot)able assufdnce is a high level of assurance. byt L5 not a 8uaTankc that an audit wnducted in &£QTdancc with ISAS (UK) will always deieci a material misstaiemeo¢ when li exis￿ Misswements Can arise from fraud or uror and are considered mat¢ri31 if. individually or iD th¢ aggregate. thcy could re&wnably be ex￿trd io influwKe the ecottomi¢ de¢isions of useTS Mken on ihe b&sis of these rinancial wt¢men¢& A further descriwion of our respot)&biliti¢s is available on ihc Financial Reportin8 Council's web5ile ai . This de5crhption form$ part of our auditor's report Exttntto whieh the auditwastowidertdcapabk ofdtttttimg irr¢gularilies iD¢1ydi￿g fraud ITregulari1ie& includin8 fra￿l. are insta]￿e$Of nOn-￿MplIan¢e with laws and regUl￿10n5. We design pro¢edures in line with our responsibilitie& oiitlintd above and on the Reporting Coun¢il's Websi￿ rnaterial misstatements in r¢spe¢t of I￿egularl1]e4 includin8 fraLkd. We obtatn and update our ￿￿ers￿ndINg of the eniity. its activities. its control enwronmeni, and likely fvtUTC developments, including in rel•ion to th¢ legal and regul*ory framework applicable artd h(pW the eniity is r￿Mp￿ing with (hat framework. Bas￿ on thi5 understandin& we id¢niify artd aws the risks of mawia] missra*meni of the fJnan¢iaJ sthtements. whether dueio fraud orerror. design and perfonn a￿111 r*ocedurts Yespon5ivetotho% risk& andobtain audti evidence that is Su￿￿clen1 ond appropriote to provide a basis for (Mjr opinion. This includes wisid¢ration of the risk of acts by the entity w¢r¢ trary ￿ applicable laws and r¢gul•ions in¢lyding frnu In response to the risk of irregularities aThJ ￿￿Komplia￿t with laws and regul*ion& including fraud, we d¢si8ned pro¢edure5 which included: Ewuiry ofmanagcmeni and those char8ed with gov¢rngn¢c4rouThJ actual and p)tcniiai ILIL8ation and claims as well a¢￿al. suspected and alleged fraud,. Reviewing of me4ings of those Cha￿edwithEoverr0W¢. Assessing the extent of compliance wih the laws and Tegulations considered io have a dire¢1 m￿er1&1 effect on Ihe financi￿ statements or ¢he opeT*ions ofthe charithble comwy thmugh enqury and in4>￿tIon. Reviewing flnancial wt¢m¢ntdisdoswes andtr*ingto supporting (ky¢uM￿￿iOn w assesscompliance with appliuble 18w5 and regulations: 13 INDEPENDENT AVDITOR'S REPORT TO THE MEMBEILS OF INfEILNAT10NAL FOUNDAIION FORAIDS TO NAVIGATION (COFfflNUED) P¢rfomin8 audit wo)* ov¢rth¢ risk of m8nagemeni bi&$ atld ovewride of control& including *5ting of journ81 entries and other adjus(ments for appropriaterw eva]LRtin8 the business T￿lo￿ale of signif>C￿t transactions outside the tM)rmaJ course of business and reviewing &couniing e5tiJna*s for iTrJicaiors of pmential bi&%. Be¢wse of the inherent limitations of an audiL thewe is a risk that we will de*rt a]1 irre8u]ariti¢s indudin8 those Icading a material misstslement in the financi￿ stakments OT noKompliarKe with regulation. Thi5 risk InCrea￿S the more that compliance with N law or regulation is rerntsved from the events and tr8rts¥tiOO$ Teflectal in th¢ financial s￿￿MentS &5 we will be less likety io become aware of insthnces of non- compliance. The risk of not de￿aing am￿trIal mis5ratemen¢ Tesuliing from fraud is high¢T ihan for one resulting from etror. ¥ fraud may involve collusi(*). for8ery. Inteniional omissions. mi5r¢pre5entsliOThS, or the overridc of internal control. Ust of re￿rt This report is made solely to thc charitable company's memb¢rs. •$ a bcdy. in accordante wilh Chapter 3 of Part 16 of the Companies Aci 21x16. Ouraudii work F*en undert&ken 50 that we mighi Swe to the charithble company's members those m*teTS w¢ are requiTed to sta* w thejn in an aLMlitOT'S rep)rt and forno other F¥￿03¢. To the fullem e¥teni permi¢ted by law, we do accw or&%sume responsibility to anyone oiherthan the charitsblc company andtht charitabkcompany's membcTS as 8 body, for OUT a￿j1¢ woth, for this reForL or for the opinions w¢ hawe forned. JobD HowArd (Stnioy Ststutory Allditor) For and on behalf of Azets Audii SeTViCeS Chartered Ac¢ouniants Stawtory Audiior 2lld Floor, Regis House 43 King WilliaTll Streei London EC4R 9ATr4 Dale: 30 May 2024 14 IKTT RNATIONAL FOUNDATION FOR AIDS TO NAVIGATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPEf4DITURE ACCOUNT) FOR THE YEAR EiYDED 31 DECEMBER 2112J 2023 INCOME FROM.. Ch*ritsblt adDwltlÉs Non ¢ooty¥¢tuaJ naviga11￿ dues Con￿WaI nawwiimj d Buoy rnaiDiertanceandproject u*orne 2.787,032 613.417 627.563 2,810.261 536.888 579.365 Othertradi•E #thilxs Shipcharterand managcmeni income Renthl incom¢ Other incorne 3.950.924 135,896 174226 4,696,019 144,396 101.638 I￿eSt￿ents Invethent income 680,199 Totsl im¢ow¢ 9JWI330 9M766 EXPENDrruRE ori: CellerAtIDg f4•ds Shipcharter income costs Renth] prop¢rty ¢(6ts 4.644J06 1525 5.348,718 23,451 CTh8rh*bie xetlvlths 5.759.915 6,LK15,9I3 Total exptodit¥ OJ19A79 IlJ7 N¢t fvDd$ from 0￿¢￿￿•8 11.119349} {lJ29J16 Profiton diS￿SaI of OSV Relume Loss on di$￿saI of invesknents In¢¥¢aSe1(dette￿) in vai* of investmfflts 1.539.308 (39.339) 3.801,797 (79,0101 (9,593,443) NET MOVEMENT IN FUNDSFOR THE YEAR 4,182J17 (IIJOl,769) Totrl fwids b￿L￿1 forward 1,052,925 72.554.694 T•¢*lfuDds e*rried for￿rd $ 523&442 $61W52g25 The sthtementof financial adivitie5 includu all 8airL8and lows r¢¢ogni%d in th¢year. All income and expetyti¢ure is unrtStri¢trrl The n01¢5 on p•ges 18 to 29 form pttrt ofthe5e financial 15 INTERNATIOP4AL FOUNDATION FOR AIDS TO fiAVIGATION CONSOLIDATED'ANDCHARfrABLE COMPANY STATEmE￿￿oFFINA￿ClAL POSITIof4 AT 31 DECEMBER 2023 Crnw Grnup 2022 Compgtty Z02J Compakny 2022 Note FIXED ASSEIS Tangible &ss¢ts Invcstmcnts 1.540280 47,133,024 13J73.471 44,159,126 1.540,280 47,133,028 877.773 44,159.130 4&673J04 57.732,597 48,673,308 45.036.9)3 Stock Debtors Cash and io 348JOI I3(￿.015 1(643,511 1.3Y),385 2.378.123 2,779JOO 348,301 29.867,046 If4)9,759 282.866 29,704,151 2.678368 12 19297.827 6.556.808 32.825.106 32,665,385 CURRENT L￿BILITIEs Credi(orspayabl¢ within oneye* 13 {2.735.689) {3.236.4801 (2.732,123) (1940,7541 NET CURRENT ASSETS IW138 3J20J28 30,092,983 29.724.631 PIET ASSETS S S23&442 $61052,925 &766391 $74761J34 FUNDS Unre5trid¢d f¥nds General reserve CU￿encY transJ81ion Teservc 14 14 61 J24J81 3,911,(kS1 57.141.864 3.911.061 73,308,695 5,457.596 69J03,938 5,457,596 TOTALFUNDS $ 533W s61￿51925 $78.766391 4.76]￿ The financiaj sts¢eTnerttswereapproved by the Botrd ￿ 30 May 2024 and were signed on ILS l)ehalf by C. Masott Chaii M. Evaos Audii Cornmille£ ajair Company No: l))477145 The noteson p38¢s 18 to 29 fom part ofihese financial ￿erne￿L 16 INTERNATIONAL FOUNDATION FOR AIDS TO IYAVIGA TION cor4soLIDATED CASH FLJ)W STATEMENT FOR THE YEAR ENDED 31 DECEMBER J123 2022 generated frow opera* attiw 19 (5582f2) (1,194,491) C•sh flow frnJD illVUtiNg *clivits Paymeni$fortan8ible fixed &ssets Prwxedson dIsp)s￿ of tsngible fix￿ Pureh&8e5 of inves¢m¢nts Proceeds on sa]e of investsnen Investh)¢nt in¢om¢ rK¢iNs Rentsl incomereceipLS {l.252.797) 3,739.662 (5.234.148) 6.022,708 1.011.172 135.896 (1,723,855) (4,618,470} 3.803.554 680.199 144.J96 C4$b g¢D¢rntd from knw¢sllDg *¢tivhie5 4.422.493 (1.714.176) IntmseJ{detr¢45el in ttsh the year $13WM3II ¥29OW71 ReeoDtlllatloD •f tlow ¢0 lrt InGr¢a￿/(derr¢A5c) bn ca41 inthcyc 3.864211 (2,￿8,66?) Ne¢ fundsatthe beginning of theye 2.779J 5,687.967 Net fv¥d$ *tth¢ ¢ttd of th¢ year S 6WJii $4779JKI Th¢ noi¢s onpag¢$ 18 to 29 fomi partof these financial tstemen 17 INTERNATIONAL Fouf4DATION FOR AIDS TO NAVICATION NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 COMPANY STATUS The Company is a chari¢ablecompany limired by 8LVdnie4 re8iStered in England and Wales and governed by its Articles of A$soci•ion. li h&$ no Share capit￿. In the cvent of thc C4Mnpany bcing wound up the liability of the membtrs is limited to a maximum of £1 ea¢h. The c￿npanY'S regiAered nwnberaThl reeiyered office address be fwnd ots page l. The pre5cntational Curren￿ ofthe rjt￿￿la[ statements is US Doliar(S)whi¢h isalso the fvn¢¢ional currency forthegrou The Iniernationaj Foundation for Aids w Navieation meeL5 the d¢fit)iiiot) of a publi¢ b¢n¢fit erttiry under FRS 102. ACCOUNfiNG POLICIES BASIS of pryr*t These fin&ncial 5th1ern¢nt$ hav¢ be￿ wider the CompanltsAct21￿6 and in accordance with the Ch8riti¢5 Staiememi of Recommended Ptadic¢ (￿h￿1t]eS SOR￿ {FRS102)J and Financial RerKJrting Stsndard 102. The financial statements have been preparoj under the historical cost conveniion, &8 mcM1ified by the r¢vaiuaiion of¢ertain thngible assets and securiiie5 investhients. Golngeolltern Having reviewed the furtding facilities avail¥bl¢ ki th¢ Company iowher with ihe exrKc*d ongoing trading ¢ondilions and the Company's projected futUTe cath flows. the direc(ors have a Yt&Y)nable expe£thtion thai the company will have sufficieni nds ￿ continue to rneei LLS liabililies as they fail due for the forc5et4ble fumre and therefore have PFeptred the financial statements on a goin2 ¢A)n¢ern basis. AccordTrn8ly, th¢ Bcwd ￿ltinUeS ￿ adopt the going concern basis in pYeparin8 its finatttial Sxot•n￿ts a5 Outlined tn the Ststrmeni of Accounting and Reporting Re5pwsibilities w page I l. Bas15 of t0￿1011d￿tl0tt The¢onsolidatd financial st1￿ments in¢orpornte the financial statemenisof the Company and its wholly owned subsidiaries Men&s Marirte Service5 Limited and Oman MaTine Servi¢es Limitoj. Control is achiEved where the Group has the power to govern the flnancial and OW&ing policie50f an entity so asto olK￿"n benefjts from its activitse& All intrd-group transac(LOtIs, balances, incom¢ and exF¢nsesareeliminaied in full on c(ffisoliJ¥ion. Nosepavdt¢ SOFA has be¢n pres¢n￿4 for the Company alorte, as pe￿]tted by Seciion 408 of the Companies Ad 2￿6. Income Income is thc amount d¢rived fmm the pmvision of ¢haritsbk auiviue5 and other tr*1ing ￿1VItieS, and from iThvestmen and is stated net of VAT. Incopnefrom Chori147bleAciryiiies Charitable income represenis navigation aids dues receivable. both cfjntradyal and Th)Tr-¢ontracwal. a5 well &8 buoy maintenance artd project income. Navi8aiion aids dues are￿0￿1¢￿ forat the p)int a ship enter5 the port Buoy maintenance hnd projea income 15 accounied for in accordance with the contracftml ternis of each project and income isaccn*d or d¢fetred ac¢ordingty. JKcomefrom Oiher TrodingAcirviiies Ship charter and management income rcpre5ents third party income fmm the OSV Relume and isa(￿unted for in th¢ petiod which ihe vessel is charter&J for JncomefromJmr51nwiiis Investmeni tncome from fixcd as5ei securiiies is XCOUMed for a¢¢nthJs basi* Renthl irKorne Es ￿0￿nIe1j for in the Tiod to which the renral income rel*e* 18 IKrERNATIONAL Fouf4DATION FORAIDS TO NAVIGATIOiY NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS (CONTINUED) FOR ThE YEAR ENDED 31 DECEMBER 202J 2. ACCOUNTING POLICIES (tootiDUtd) peDditsr¢ Expenditure is accrued on¢e the￿ is a kgal ¢(x)str￿tYe obl]￿lOn to rnake a paymenl to a third party. li is probable th settlement will be required and the amount of ihc ObligariL￿ can be Me￿￿￿ reliably. Expe¥)dilure attributed io more than one com catrgory in the SOFA is a]Iwa¢ed io a¢iiviiies ott a prOw￿lonal Dire￿ (IMS. tncltsding dir¢¢ily attributhble salaries are allocated on aTh aaual b&sis ￿ the key simegic ar￿$ of ￿1VIty. Overheads other 5alarie5 are also allocated be￿eeth expen￿ headings on aprow¢ional ba51& Governance ws¢scompris¢the costs of ¢omplying with con51iwiloj￿ a￿A Ststtjtory requiremenis. Hire pur¢hase k8slDttomrnitiDtmts Rentals payable urthr opmting leas¢5 are charged io the Stsremeni of Financial ActivitÉes on a strai8ht line basis over the lease iemi. Le&%e incentives are reco8t)ised over the It￿ tern on a strai8hL line b&si Employee btDer Short tern) employ¢¢ benef1￿ including holiday cniiilemeni •MI other non-m¢JntTrry bEmefit4 and contribyLiOnS to defined Contrilyution plans we reco￿lsed as ￿ eXPts￿ in tht period in which Ilw ￿ ittcurred. The Company's Ikfined txnefii scheme has now been w¢)￿4 up. The Company 1$ also Tequir&J ￿ wnthbu(e iowards deficit in thr Mwch4n¢ Navy OITiccrs Pension FWI￿ ar￿ any defKits which may occur in the fores¢¢4ble futyre will be relteved &gainst amounts alre&Jy exptnsed. Fortlgn ¢urTeDq traDsl*lkn Asset5 and liabililies in foreign curT¢ncie5 arc translated into US Lh)Ilars at the ratrs of exchange prevailing at the balance shee¢ date. Transactions in forei￿ currencies art transla*d inio US Dollars at the rate of exchange ruling at the d•¢ of Iransaction. Exchange differetKes are taken into account in arrivhng ￿ the opeNing resuh. Taxatio• The Company is art exempt tharity within the rn¢aDiDg of sthedule 3 of the Charitie5 Ad 2011 and is considered to P35s the iests sa out in Paragraph I Schedule 6 FiMn¢e A¢1 2010. Therefore il meds the definilion of a Charirable Company for UK COTpofdiioll thx purpos Fund 8tCOUDtimg Unrestricted funds represeni those fuTth which tyi bB u%d in Kcordancc with thE Charithble Company's obJ￿ts at the dtscreiion of the Dir¢ctor5. TaDgibk fi¥¢d assets Tangible fixed &8seL% are at ¢0# or Y￿u&ll0n less depre¢]￿lon. In oc¢ordance with FRS102 the land, which 15 held in perp¢iuity in Bahrain. is not depreciated. Fixed a￿[S are subjertio an annual impaim)erttrtwew. Any ￿rnanent diminutiot)s value are recorded. Depreciation is provided to writeoff the of all relev&nt tangible fixed 1¢5$ es11m￿ed residual value, in equaj annual instalments over their ex￿le￿ usehl ¢¢41￿1¢ lives as follows: Buildings OSV Relwne Navigation aids, plaThiat)d equipment= l￿Ps Computersand equirment Vehicle4 plantand machinery and 0fficeequipm￿( Other naVig￿lOn aidsandequipmeni 20 yeaT3 15 y￿$ 5 yt4W5 2 years 4ye Up w 10 years 19 INTERNATIOFIAL FOUNDATION FOR AIDS TO NAVIGA TJON IYOTES TO THE CONSOLIDATED FJP4ANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 202J 2. AccouprfiNG POLICIES (conlimutd) Listed invtstments are valued al market value as * the bolart¢¢ sheei d*. Unrea]ised gain$ and losses arising on the revaluaiion of investments are ¢rtdited or charged to thc Sthttmeni of Financial Actlvilies. Gains and losses arising from changes in fair va]ue are inclLbJ¢d in the Swement of Financial A¢tivilies 85 either an Unreall￿d gain or1o5s on investtnenis. Interest detemjined using the"effeciive interest method. impalm)￿l losses tramslaiion differtnces on moneiary iiem5 are re¢ognis¢d in th¢ Sta*meth of Financial Aaivitie& Stotks Stocks ar¢ valued ￿ the lower ofcos and oei realisab]e value. Trade aDd olb¢rdtbl•TS Trade and otherdebtors aremea8uredaitrans&¢tion Price. lessany Casb *nd ea5b equivalents Cash and cash equivajents in the con501idatrd and charitsble company stst¢m¢nt of financial position and in the ¢l>nsolidated cash flow Sta￿Ment comprise c&sh 81 bank artd ith hand and short terni deptisits with an original maturity d￿t of ihree months or les& Tr•de*Dd other ¢r¢Okors Tr*ie and othercreditorsareme&%uTtd althelrtr￿Ctl￿ Kyice. Judgements ¥Dd key sour¢t50f estihbatifyn IlD¢¢TtsiDty A¢¢oufiting eAimaies and judgemcn15 are coniinually evaluated ￿ 8r¢ bwd on historicaj cxperit4Jcc and otkr faGtOT5. including eXpeC￿lOnS of future events that aTe believed to be Tea50nable under the circuMstan￿s. The Company makes ¢￿i￿aleS and asgJmptions ¢oncerning the fvwre. The resulting accounting estimatrs and &ssumption5 will, by deflnition, seldom equal the Telaied actual results. The estimates and a55umptions that have a si8nifi¢ant risk of Causing a material adjustsneni to the carrying amounts of assets Ind liabilities within th¢ next finath¢ial year ￿¢ di5CU5sed below. Usefyleconomi¢livesofiangsble assets Thc annual depreciation charge for tsn8ible &wts is saJsiiiv¢ to change5 in the estimated tss¢fvl ¢o)rJomi¢ liv¢s at￿ residual values ofthe wets. Th¢ usefvl economic live5 and residual values are re&ssessed ar￿uallY. Thcy are amtnded when ncces58ry to rell¢a ¢urreni emimaies baxd on tedwolcEir4J advanccme4JL fvwre inves￿e￿& t￿￿Mi¢ utiliwion and ihe physicAI condilion of the assets. ¥ttljif)iÉo￿ ofOSVRelwAe The valuation of OSV Relume is sensiiive to changes it) th¢ ¢gimated remaining life and the extttied rrading and Sale value of the vessel. OSV Relume is 5ubj¢ci w an armual impairn)ent review based or) these facto Btsddebiprovisio The value oftr*J¢ debtors is sen5jtive LO the re¢overnbility in full of any invoice5 issued io ea¢h ¢L￿tOMer. On¢e the debt be¢omes overdue it is chwd and per1￿]IcallY reviewed to erLsur¢ li is ffcovernbk in fvll. If a provision is d¢emed necessary this 15 included on an annual basis. INCOME FROM CHARITABLE ACTIVITIES Chariiable ittcome is attributable to the prbThcipal activiti￿ of the Company and arose wholly ith the Middle E851. Charitable aaiviii¢s of the company comprise nOn-cOntr&tt￿ and contracDJa] navigaiion du4 and the provision &)d maintenarKe of the buoys and other navigati(￿ aid5. 20 JNTERNATIof4AL FOUNDATJOT4 FOR AIDS TO NAVIGATION NOTESTO THECONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INCOME 2022 DetxTrsit interesi Dividend income 445,916 565256 183.783 496,416 $1•11.172 SW,199 ANALYSIS OF EXPENDTfuRE 2023 2022 Supt*)rt T•t*l (a) T4rtAI exp¢Bdilur¢ C05tsof geD¢r•tiug fv•dg: Ship ¢harter income C05L Rental proFerty 3,718508 15258 921.176 4,644,306 15258 SJ4&718 23,451 3.733.766 21.176 4.659.564 5 J72,169 Ch¥ri¢able activitAts'. Cosis of charitsble aaivities 1.889.839 1.9)6.4Y2 289J64 1.419.7n 1fj4,458 5,470.551 289J64 5,764,637 241276 $1OX461 $6JI19￿I2 SIA19.7n SJAW $11)A19A79 SIIJ78.0¥2 (b)GrAlltm*kint During theyetrthe following erantsand dty)*I￿sWCre m*.. 20 2OZ2 IALA CHERP htritime The Nautical Ipstituie SouthPacifi¢ Com]nunity UNESCO MSSC 741728 15,596 124,844 492.037 32,390 12.177 787.018 14.025 128.308 S71,372 67,547 Slh19.772 J J68370 (i) IALA- an international technicalorganitsion thatgathetstogdhermarine inforntation to 5hareworkiwde lill CHIRP Mariiime- contrib￿e$ ￿ the enhanccmentofawation safety in the UK and m￿tiMe safety worldwid& liiil Th¢Nautical Instiiuie-an iniernatiot)al formariiim¢ wifessiona]$ itivolve4 in the conirol of 5ea-goin8ships. (iv) South Pa¢ifi¢ Commwiity-theprincipal scicnlific arwj technical organisation inth¢Pa¢ifi¢ ¥egion. {vl UNESCO. SUp￿rt to include Occan Liierncy in IALA courses. {vil MSSC. providestrachiDgmodulesto improvemathem*ical andEnglksh language skiltsamongm mariner& 21 INTERNATIONAL FOUNDATION FOR AIDS TO NAVIGA TION NOTES TO THECONSOLIDATED FINANCIAL STA TEMEfft{CONTJNUED) FOR THE YEAR ENDED31 DECEMBER 1023 ANALYSIS OF EXPET4DrruRE {twitlD¥tO) le)CovtrD*Deteosts lot1￿ded1￿ sllpporttusts 20 Remuneration paid to auditor foraudil ￿rVIceS Othcr8ovemance costs 49.412 191,864 242,464 $289J64 $241376 (dl Net ou¢goingfuDds from oper*tiODS The follo￿Th8 amoi]nts have been charged ￿thin re50urcesexpothd: Directors emoluments Audi¢Ots' remuncTatii)n laudii services) Auditors. reMUne￿i¢)n 1non.wdii wvic¢s) R¢nial paid undeToperniing le&*5 Foreign ¢xchangeTnoveTnent 2023 2022 389.350 412.891 49,412 18J47 194,825 372,854 15,422 284541 90.789 STAFFCOSTS 2023 1022 Direttors remuDer*tion Direaor's sai &)cial security corts remutttr#tl Wag¢s and salaries So¢ial security Costs Othercmploye¢ b￿¢fits 165.887 19.105 281743 33,761 1293.742 120,219 295.508 965,259 105,723 282,202 S 1894A61 $1ffj69,688 The alM)ve staff COSL8 inelud¢ $1,102,639 (2022: SI.045.349)r¢l¥ing ￿ employe¢s in Bahyain and S791.822 (2022: $624 J39) rtlating to employee5 in the United Kin8dom. All directors. emoluments are paid in ac¢othn¢e with the Company's Articks of Asso¢ia¢ion 4$ approved by the Charity Commissioners. Th¢ highe# paid dir¢dof'5 emolumcnts iothlled $171.616 (2022: $186.506) with no accrued t*nsion at 31 December 2023. During the yetr the followi￿ erDploying orRantsation$ w￿e entitled to re£eive paymeni for th¢ w¥i¢es of tlirectors as indicaied below= Maff5k Line BP Shipping Kuwait Oil Tanker Company Shell Transport & Trading $22,916 $22.9l6 S20,370 22.916 S22916 A Ro&$ D Summethill Captairt Y Y Al Sager Captsin J R Evan5&nd Cwin D Hill Captsin I Solly INTERNATIONAL FOUNDATJOf4 FOR AIDS TO NAVICA TION NOTES TOTHE CONSOLIDATED FJI4ANCIALSTA T£MENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 STAFF COSTS leoDIiDued) Aggregate emolumetstsof key m8n4¢ment personnel: $221.(9112022: SI86￿￿). During theyear4 Directorswercrcimbw5ed cxpcnsc5 in rcspcct of travel and attendance atlx)ard meetings iothlling$33,985 (2022.. 4 Dire¢iors iotalling $28,763). 2023 2022 Number Number of highcT paid cmployec5 (incl￿￿1ng rdiremtm benefits rAqid local employmeni laws) in b*)ds OF $I70,(￿- S210,￿￿* S140.(K)0. $170,(X)o $100,000- $140,(XJO 590.000. SI(￿,1))0 $70.(M)0- 580.( The4bove amounLS rel•te io employttsin Bahr8in. Th¢ av¢we numberof the Company's employtts (excl￿j4￿￿Non-EXCQrt1Vt Dircclors) during theYear¢a]ruIat￿ on a fijll lirne ¢quivol¢ni basis. was 14 {2022..14). 2022 Number NwDbtr Engineering and main¢en*Ke Financcand athninistrati Managemeni 10 io 14 14 23 INTERNATIONAL FOUNDATION FOR AIDS TO NAVICATION NOTESTO THE CONSOLIDATED FINANCIAL STATEMENIS (coNfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 TANCIBLE FL¥ED ASSETS FJTebohl 14nd & OSV Relu•e Ah1& pknot& ¢oiis¢Y¥dio Eq4ipme•t Totsi GROiIP C￿1 or v*lu*t*J At l January 2023 Additions Disposals 2,326548 23,762.698 425.833 {24,18&531) 1533,874 319.163 (505,134) 7,844 35,530,964 507,801 1,252,797 {653.825) (25,347,4￿) Ai 31 DEcember 21)23 2.326J48 8,347,903 761.820 11,436,271 Deprtri*tio At l January 2023 Charg¢ for the year Dispos8is .927.147 114.471 11.757,628 887.￿1 (12.644,629) 8272.718 84.162 (502.507) 21,957,493 1.085.634 (13,147,136) At31 De£embtt2023 2.041.618 7.854J73 9,895,991 Net bDok value Ai 31 De¢ember2023 $493530 s761￿0 SIJ4V Al 31 Decernbcr 2022 $399.401 $12,(X)5.070 $261.156 7.844 S13,573,471 Frtthdd NavIE8t￿ Assets under 14Dd & Aid& Ptsot & ¢okstru¢¢w) Bwiwitty Equipment COMPANY Totsi Cost or VAlua¢lo Al l January 2023 Additions 1326348 &028.740 319.163 254.019 507.801 10.609.307 826.964 At 31 Dec¢mber 2023 1326548 8347.￿3 761.820 11.436,271 Deprttiation Ai l January 2023 Charge for the ye l.Y27.147 114,471 7.804.387 49.986 9,731,534 164.457 Ai 31 De¢ember 2023 2.041,618 7.854.373 9.895.991 Net book v*lu¢ At 31 December 2023 $2849XI $493530 f161 020 SIJ40JKI Ai 31 Derember 2022 $399,4QJ f224J53 54.019 $877,773 24 JNTERI4ATIONAL FOUNDATION FOR AIDS TO NAVIGATION NOTESTO THE COP4SOLIDATED FINANCIAL STA TEMENlS{coNfiNuED) FOR THE YEAR ENDED 31 DECEMBER 2011 TANGIBLE FLXED A￿ET3 {c•DtiDttd) Substantially, the Group's r￿ed •ss¢($ are h¢ld for use on ¢hasi¢able *ivilies. The land in Bahrain is held under tenure appropriaie for the Gr0￿p.$ acliviihek The navigation aids and plani and equiprn￿ exceptin8 major land b￿ed aid8 and office equipment tssed in the management offlce. were re-valued a¢ the ertd of 2(M)l ort the bgsisofdeprwiated repla¢¢mcmt C05t hovingregArd to the remaiThing operating lives of the assets Te-valued. The major land based navigarion aids (excludin8 la￿1) were also re-valu&J as at l January 2010 on a r¢plac¢meni cost basis by the d1￿CLOT$ and reflec￿ in these [￿￿la1 sthtements. The Company freehold pro￿ry in Bahrdin is held al a Fyofessional valu&ion &s at 31 Decetnber 2(M>5. less a¢¢umulated d¢pre¢iation. The property has been revalued in prior periods by Cluttons Chart¢re41 Surveyo15 at an amouni'abovt t￿￿k value bui the Di￿£10r$ ¥e concerned given the preserbt political unrest in the region the increayd valuation is w)ssibly thirta]istic. No adjustment has therefore been made in this respea. The Dire¢tOTS are noi awhre ofamy other m8*rial change Since the valuation. FUTURE CAPITAL EXPENDITURE ott 2 November 2022 the Company entered into a Contr￿ fof the construaion of a DGPS Reference Ststion at a lotsl ¢ontr8Ct price Of Sl,105.760. The conirdci IS aniicipated to k completed dtsring 2023. FIXED ASSET INVESIMEP4TS Crfjup Cowpapy 2022 S¢ttst#ie$ iDV¢SItyIMts Ai l January Addiiions Disposa]s InCr￿e/{deCre&$ej in valu¢ ofiDv¢sDne 44.159.126 5,234.148 (6.￿104?) 3.801.797 53.016,663 4.618.470 (3.882.564) (9J93.443) 44,159.126 5.234,148 (6,(￿2,04?) 3,801,797 53,016,663 4,618,470 (3,882.564) (9,593,443) 47.133.￿24 44.159.126 47.133,024 44,159,126 ImvestTheDt i• Subsidl4rl¢s At 31 De¢anb¢r $47.133m4 544.159.126 $47.131028 S44.IYJ.130 The fixed assei investmenLsnoied aFM)vearedenomin¥wl in the following¢urrencie5:. 2022 Sterltng United S¥tes Dollars .495 41.8 45.1 43.3 The hisiori¢al o)stof securiiics inveArnentsheld ￿ 31 D¢cu))t*r 2023 w¥$4J.863.662 {2022.. $42.691,5611 The Company owns the wholeof the issued 5harecapitsl of Men&8Marine S￿]r¢s Limited (£1 paid) and Oman Marine Servi¢es Limited (£1 paid) b)th of which are r¢gisiered in England and Wales, regist¢t)l office at 819 Lovai Lane, LO[￿On EC3R 8DW. Both subsidiary ynderthkin8s *e iD¢lud¢d within the consolid￿ed financial St￿an¢￿tS. OMSL hasa branch in R&5 Al Khaimah FreeportZort¢ forthe wryx)ses of rtming land foranewDGPS. 25 INTERNATIONALFOUNDATION FOR ￿Ds TO NAVICATION OTESTOTHECONSOLIDATED FINANCIAL STA TEMENTS(CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 io. STOCKS Grnp Company 2023 Company 21122 Consumables 348JOI iJYJJ85 344301 282,866 S348JOi SiyJ9y5 $348JOi $282166 ii. DEBTORS Croup Crnup Company 2022 20ts In¢omedue from ¢haritsbJe aaivities Trade debthr5 Other d¢b￿r$ Prepaymentsar¥J accrued income Amounts du¢ from subshdiary cornrAnjes (net of provision) 1227,634 63962 405 J64 .055 1.127,4t7 289,9 356,054 1227,634 .127.487 328,166 598.175 27,713.071 310.128 s￿,908 27.765,628 S JOAOIS $2J74123 $29067.046 $29.704,151 All deknrsarcdue withinone yw. CASH AND DEPOSITS Gr0￿P coM￿DY 2022 2023 FortisBank deposits HSBC short tenn de[￿1(58nd working balances Cash held by IrbVC5Mientm•￿¢ CLsh in hark 39 5((593 14.559.451 525,738 467295 1084.010 2,199,592 13.076 2.084,010 2,199J92 11.481 S W3Jll n.779JX) $2fft.759 $2ffj78J68 13. CREDrfoRS: AMOUNTS FALLINC DUEWITHIN ONE YEAR Group GY0￿P Company 2023 CoThp*ny 2022 Trade creditors Other creditOW5 T&xaiion and Social se¢wity Accrualsand deferred income 207241 1.534,910 36233 957,305 497.133 l 524,294 44.É63 ,170.3 203.675 l.$34.910 36233 957305 338.597 1,480.086 44.663 1,077.408 $2,73W9 133A4 SL732.123 $29411.754 26 INTERNATIONAL FOUNDATION FOR AIDS TO IYAVICA TION F40TESTOTHECONSOLIDATED FINAiYCIAL STATEMENTS(CONTJNUED FOR THE YEAR Ef4DED 31 DECEMBER 2023 14. SUMMARYOF MOVEMEpifs ON FtJNDS Ga¢Thi Tr•nsl*tioo Reserve R¢5¢rvt Totsi Croup Al l January 2023 57.141864 61052925 Incoming resources 9.3(M),230 (10.419.479) IJ39308 {39J39) 3,Wl.797 9,3(M).230 {10,419,479) 1539.308 139,3391 3.801,797 ProfJ¢on disposaj of OSV Relwne Losson disposal of invethmts Increw in value of invesD)Jen At 31 Ikcembcr 2023 $61J24Ji sv11￿1 S653J5042 G•¢rnl Totsl Co￿pa￿Y Ai l January 2023 69JO3J38 $457J96 74761J34 Inc￿nIng resouEc Resources ex￿nded Los5 on disposal of inv¢stmcnts lu¢rea5e in value of invesments 5,710.882 (5.468,583} (39J39) 3.801.797 5.710,882 (5.468.583) (39J39) 3.801.797 Ai 31 De¢¢mbtr2023 $73JOV95 SW7th S78.766391 The curmw transl*ion reserve reprcxntshiswical foreianexdwige movementson theva]uesof balance She￿ iiemswhos¢ functional ojrrency 15 Itot US Dollar& All fvnds are unre5rriaed. 15. PENSJO]Y SCHEMES Pensions for the bcncfit of UK shore 5tsff have b¢¢n funtsj through thE MENAS Pension and Lif¢ Assur4r￿ Scheme managed by Avtva. Contribuiion5 to the Scheme ceased in a previous year as th¢ S¢hem¢ had bccn closed to new m¢mbe and all participants have now had ￿510n5 provide4. Menas Marine Services Limi¢d is a fonner employer of M￿ha[bt Navy Otricers Pension Fund (MNOPF} membeTS ar￿ &$ such, following a court case in 2Tr)6. is liable io conthtNJ* towards a deficii rjn an on-going basis of ihe New Seaion of that pension scheme. The finart¢ial effe¢t of thi$ has not finally been fully quantified ai th¢ pr¢seni iirne and the trus￿$ of thai scheme have made the Charity aware that they are liablt for their share of th¢ deficit. Signific￿[ payments have been made against th¢se liabililiesand all notified rt4uesrs forpayment ro date have been fvlly paid. Any futurt deficils which may o¢cur in the foreseeable fimire will be relieved a8ains¢ am￿fits alTtady expensed. A5the truskes of MNOPF have indicated of 31 De¢ember 2023 there was no liability payable by the compony. theff has been no ch&Tge io the Stttement of Financial A¢iivilie5 in 2023. 27 INTERNATJONALFOUNDA Tiof4 FOR AIDS TO NAVJCATION NOTESTO THE CONSOLIDATED FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A6. FINANCllALCOMMITM£NTS Operatwg Lta5es Theiotal of fvtureTnioimurn lease paymentsuThJer Th)n*¢an¢ellable operaiingleases fOr￿h of the followingperiodsare.'- 2023 2022 Within l year Within I to 5 years 203,197 16A886 252,718 266.708 $370m3 $519A26 17. COIYTINGENT LIABILITJFS The Group mainiains provisions for known exp)surts and liabiliiiu. Fr(Mn ¢ime io time. the Group rnayk engaged in Tevi¢w of historic direci and indire¢T 18x treatsnentk ThtTe are ojrrently no liabiliiie5 expecre41 io have tnoierial adverse firtancial impact on Group assets. however the Group 15 ciirrently ¢ngag&l in correwnd¢w¢ with HMRC concerning Teinierpretaiion of an historically agrttd tnFALt VAT treakneni. The Grwp'sexpowre canmot be quantified with sulTJctcnt certainty to allow fora provision * the baJan¢e sheet dak. The Groupexpects io LX)nclude the matterduring 2024 i& COMPANY RESULTS Thesurply￿(def1EiljdealtWJth Tn thefjnancial aawnents of th¢Company is8sfollo￿. 2023 2022 Nei incomiThR fijn S4,WM,757 S(9.784.190) 18. SU￿[DIAR1E$ The CoJDpany owns all ofthe issued sharecapitsl of Menasmarine Servitts Limiied. a Company In￿r￿)rated in England, numF*r04305570. Thiscompany OPXTated ac0Mme￿I8[veSSt1. theOSV Relume. which was&old on 17 Sq)tember2023. 2023 Turnover Profivllots) before Shareholder5. fimd5 3,815,924 273.468 (63,701.436) 4.517.480 (1,701.459) {63.974.904) The Company a]9) owns all of the i&%ued Sharr capita] of Orn￿ Marine knices Limi1￿ 8 ¢ompony inCorr￿led in England, number04499121. This company is a marine service5. 20L2 Ir￿oMe Los5 befort I&¥ Shareholder5. funds {95.7101 9,170,696 (16.012) 9.266,406 28 Ir￿ERNATIONAL FOiJNDATION FOR AIDS TO NAVICATION NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS (cormNUED) FOR THE YEAR ENDED 31 DECEMBER 1023 19. RECONCILIATIONOFNETIP4COMING RESOURCFS TO f4ET CASH FUIW FROM OPERATIONS 2022 Nei ouigokng resources Dcprcciation charge lrtvestsnent inrDme rteivable Reniaj in¢ome r￿Cl￿1¢ Decre&se in sto¢* Decre*%e in debiors Decre￿ in credito {1,119249) 1.085.634 (1,011,172) {135.896) .051,084 72.108 (51K).791) {1.829,3161 1.295.928 1680,1991 1144.3961 89,247 282,311 (208,￿] Net c&sh infl0wl(ou￿Ow) from gS58282) S(1.194A91) CASH ANDCASH EQUIVALENTS At l Jap￿ry 2023 Nel fj At 31 De¢*mb¢r 2023 CD5h and deposity iTtsJlk) JA643.SIJ C&sh and cth equiv￿e￿ts are mthle up entirely of¢a5h andthposits in both the current andprioryear. 21. RELATED PARTY TRANSACTIONS There are no r¢la*d party tratKWion5that rcquir¢di5closure during thty¢ar. 22. IJLTIMATE CONTROLLING PARTY Asatthe bajance sheetdate there isno uliim* ¢¢￿trollIng F•Tty. 29