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2021-03-31-accounts

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

Report of the Trustees and Financial Statements for the Year Ended 31st March 2021 for

Shipwrecked Fishermen and Mariners' Royal Benevolent Society

Trustee Report and Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

Page
Report of the Trustees 1 to 9
Report of the Independent Auditors 10 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Financial Statements 15 to 25

Trustee Report and Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

1

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

REPORT OF THE TRUSTEES

The Trustees (known as the Council) present their report with the financial statements of the Society for the year ended 31st March 2021. The Council have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019).

REFERENCE AND ADMINISTRATIVE DETAILS

Patron Her Royal Highness The Princess Royal Princess Royal
President Admiral Sir George Zambellas GCB DSC DL FRAeS
Vice Presidents The Rt Hon Lord Brabazon of Tara PC DL
Mr W D Everard CBE
Mr J A H West DL
The Council Capt N Palmer OBE MNM* (Chairman)
Mr A C F Fawcett FCA* (Deputy Chairman)
Mr W Plant FCA* (Treasurer)
Capt R Barker MNM FNI
Mr R H Coleman FCA
Cdr A Crook RN*
Mr E Delaney KSG*
Mr R Greenwood
Mr R Jardine-Brown
Cdre M Mansergh CBE RN
Mrs N Miller
Capt G Pepper FNI*
Mrs L Price
Mr M Seymour*
Capt J Vercoe*
Mr T West
Cdre T Williamson MVO RN
* Members of the Executive Committee
Chief Executive Capt J B Osmond RN
Principal address 1 North Pallant
Chichester
West Sussex, PO19 1TL
Registered Charity number212034
Auditors Sheen Stickland Investment ManagersSarasin & Partners LLP
7 East Pallant Juxon House
Chichester 100 St Paul’s Churchyard
West Sussex London
PO19 1TR EC4M 8BU
Bankers CAF Bank Ltd Royal Bank of Scotland PLC
25 Kings Hill Avenue Gogarburn
Kings Hill 175 Glasgow Road
West Malling Edinburgh
ME19 4JQ EH12 1HQ
Solicitors George Ide LLP Blake Morgan LLP
52 North Street Harbour Court
Chichester Portsmouth
West Sussex, PO19 1NQ
Hampshire, PO6 4ST

Trustee Report and Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

1

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

OUR PRESIDENT

Admiral Sir George Zambellas has served as our President since October 2016.

ORIGINS AND OBJECTIVE

On Sunday 28th October 1838 eleven fishing vessels with a total of 26 men onboard sailed from Clovelly for the fishing grounds. Only 2 vessels returned after a sudden ferocious storm and 21 men were lost. Hearing of this, Mr Charles Gee Jones, a former Bristol pilot and landlord of the Pulteney Arms in Bath, suggested to Mr John Rye, a retired ‘medical man’ of the city, that something should be done to assist the widows, orphans and parents of fishermen and mariners who lost their lives at sea. As a direct result the Shipwrecked Fishermen and Mariners' Royal Benevolent Society, better known as the Shipwrecked Mariners' Society, was founded in 1839 with the object of:

"giving relief and assistance to the widows and orphans of fishermen; and of mariners, members of the Society, who lose their lives by storms and shipwreck on any part of the coasts of the United Kingdom, while engaged in their lawful occupations; and also to render necessary assistance to such mariners, soldiers, or other poor persons as suffer shipwreck upon the said coasts."

Her Majesty Queen Victoria was our first Patron and ever since the Society has been honoured by Royal Patronage. In 1850 the Society was incorporated by Act of Parliament, on which the Rules and Regulations are based. This was a farsighted document that, in addition to its principal original purpose, gave the Society the right to establish Asylums, a system of lifeboats, to build boats to demonstrate how much safer decked fishing boats could be, and

"... - also any other objects, designs, or purposes of a benevolent character, for the benefit and welfare of all and every or any of the classes of men for whose benefit the said Society was originally established or those dependant on them".

Shipwrecks still occur and we are called upon to help but our main activity today is to provide financial assistance to retired, incapacitated, unemployed and working fishermen and mariners and their dependants who are in need. It is one of the largest maritime charities in the UK.

PUBLIC BENEFIT

The Society operates for the public benefit under two charitable purposes as defined in the Charities Act 2011: "The Prevention and Relief of Poverty" and "The Relief of those in need by reason of youth, age, ill-health, financial hardship or other disadvantage" by providing a range of grants to fishermen, merchant seamen and their dependants who are retired or of working age but are unable to earn a living through disability, accident, ill-health, because of caring responsibilities, unemployment or who face financial difficulties while at work. The Society has, since 1851, also made awards for acts of skill and gallantry at sea.

Trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Trustee Report and Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

2

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

MANAGEMENT AND ADMINISTRATION

The Society is a registered charity, administered by a Council of Trustees consisting of a minimum of 12 and a maximum of 20 members, who meet three times a year to determine policy. A smaller Executive Committee meets 4 times a year to monitor the implementation of policy and to deal with current business. There are separate Nomination, Investment, Grants Policy and Awards Committees and a Trustee sits on the weekly Grants meeting. The Officers of the Council; the Chairman, Deputy Chairman and Treasurer are subject to annual re-election. The Governing body has the power to change the Rules and Regulations of the Charity.

The recruitment of Trustees has normally been by recommendation and the Society seeks to have a balance of expertise if possible - maritime, financial, medical and legal - among Council members and with a background or strong personal or professional interest in maritime matters. The Society also has a clearly stated objective to make the Council representative of both the community it serves and wider society. To this end Trustees will take full account of the existing composition of Council when making new appointments.

Induction is given initially by the Chief Executive and this is followed by more in-depth training on Trustee responsibilities through lectures and seminars as required. Trustees require re-election every 3 three years. The Society is operated by the Chief Executive and a staff of five (three of whom are part time) within the policy guidelines set by the Trustees.

The Society is a constituent member of the Merchant Navy Welfare Board (MNWB), which is the UK’s’ National Seafarers Welfare Board’ as defined in the International Labour Organisation’s (ILO’s) Maritime Labour Convention.

RISK ASSESSMENT

The Society's Risk Assessment and Business Continuity documents are regularly reviewed by the Trustees. Key risks are assessed to be:

DATA PROTECTION

The Society is registered with the Information Commissioner’s Office. We have a robust data protection policy which has been rewritten to accommodate the requirements of the General Data Protection Regulation, which came into force in 2018. Of particular note, the personal data of applicants and beneficiaries is only passed to other organisations when we assess they may be able to provide additional support, and only once the applicant has provided specific permission to do so. The personal data of donors/supporters is only shared with third parties (e.g. our online Christmas Card supplier) to directly support essential operational activities. When shared, this data is only used to support work on our behalf; such third parties are contractually prohibited from using it for their own fundraising or marketing activity, or from passing it to other organisations.

Trustee Report and Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

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Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

OBJECTIVES AND ACTIVITIES

The object of the Shipwrecked Mariners' Society is to provide help to mariners, fishermen and their dependants who are in financial need by:

In addition:

Through these activities we aim to make a difference to the circumstances and quality of life of our beneficiaries. We also signpost people to other sources of help and advice, such as the Seafarers’ Advice and Information Line (SAIL).

ELIGIBILITY AND CRITERIA FOR SUPPORT

To be considered for a one-off or crisis grant applicants must have a minimum of 5 years sea service; for regular grants a minimum of 10 years is required. This requirement is reviewed periodically to reflect changing employment patterns and the Society’s resources. They must also be within net income and savings limits which are reviewed annually by Trustees in the light of changes to state benefits, inflation and estimates of minimum income standards provided by such bodies as the Joseph Rowntree Foundation. Disability Living Allowance, Attendance Allowance and Personal Independence Payments are not taken into account in assessing income, but other benefits are. The criteria and restrictions are considered to meet the public benefit test of being legitimate, proportionate and rational given the objectives of the charity and our available resources.

AWARDS FOR SKILL & GALLANTRY

The Society has presented awards for outstanding acts of skill and gallantry at sea since 1851. Three major awards are made annually: the Emile Robin award for an outstanding rescue, The Lady Swaythling Trophy for an outstanding feat of seamanship and the Edward & Maisie Lewis award for an exceptional air/sea rescue. The cost of the Edward & Maisie Lewis award is met from a restricted fund donated by Mr Richard Lewis, in memory of his parents, and he has also generously allowed this to be used to contribute to the costs of all our awards. Commendations are also given to individuals, crews and teams for exceptional acts of skill and gallantry. The Society strongly believes in recognizing and honouring those who risk their lives for others at sea.

VOLUNTEER NETWORK

Key to fulfilling our objectives and the work of the Society is our national network of over 170 Honorary Agents - private individuals, harbour masters, post mistresses, retired policemen and solicitors among others - who conduct casework, distribute grants, look after our large collecting mines or fundraise on the Society's behalf. The Superintendents of the Fishermen's Mission, the Chaplains of the Mission to Seafarers, the Mersey Mission and Queen Victoria Seamen's Rest also act as our agents: a sensible combined use of available expertise and we are especially grateful for their contribution. SSAFA caseworkers continue to generate many new cases, several from inland counties where the Society's existence is less well known and where merchant seamen are as likely to be found as on the coast. These charities are reimbursed for the casework they conduct on our behalf.

Trustee Report and Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

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Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

ACHIEVEMENT AND PERFORMANCE GRANTS

This has been a demanding year for the Society, which has seen significantly increased demand for its services as a result of the COVID19 pandemic. Grants to those in need were made in over 2,000 cases, amounting to £1.41 million, including those administered on behalf of Trinity House. During the year under review there were 832 new applications for assistance, compared with 650 last year, of which 78% met our criteria. The majority of those rejected had incomes in excess of our limits, others lacked the necessary sea service.

Regular grants were made to 1,302 beneficiaries during the year; grants are generally paid biannually, with recipients receiving a total of £780 per year. This is clearly a modest sum, but one that makes a significant difference to someone living on pension credit, with no savings or insurance. This level of grant is in the bottom range of such grants given by occupational benevolent charities but is periodically reviewed, based on actuarial principles, to ensure the Society can maintain this long-term commitment. While the majority of our beneficiaries are retired others are unable to work because of accident, illness, disability, for compassionate reasons or are unable to find employment ashore after working at sea. They range in age from 43 to 102.

Regular grants are important for the following reasons:

Approximately 51% of our beneficiaries are fishermen or ex-fishermen, 31% merchant service and the balance were both. Their average age is 76. During the year, we took on 102 new regular beneficiaries with an average age of 68. Reviews of 267 regular beneficiaries were completed this year.

One-off grants totalling nearly £389,000 were made in 723 cases, noting the overall number of such grants has risen by 50% compared to last year, almost exclusively driven by the impact of COVID19. In addition to COVID related support, which has been provided for both general living expenses and accrued debts, our standard grant types include the following; Funeral grants, Special Grants for the purchase of 'white goods', other domestic items (e.g. furniture and carpets), household repairs, rent deposits, utility bill arrears, bankruptcy charges, mobility aids (e.g. stairlifts or electrically powered vehicles), bathroom conversions and replacement boilers, as well as Shipwreck grants and immediate grants to the dependants of serving seafarers who died at sea and from accidents ashore. Some of these grants help people to remain in their own home.

IMPACT

The feedback we get from letters from beneficiaries, our Honorary Agents and our three-yearly review evaluations confirms that regular and one-off grants have a positive impact on the quality of life and standard of living of the recipients (many of whom have no financial reserves or insurance) by enabling them among other things to:

Trustee Report and Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

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Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

For those solely reliant on the state pension many of these items are simply unaffordable without outside assistance. The top five specific uses of the regular grant after general living expenses are for, utility bills, house repairs, clothing, household equipment and council tax.

The Grants Team at Central Office has the task of processing the applications and a key part of their work is to ensure that the people concerned are receiving all the statutory benefits to which they are entitled. The team has developed considerable expertise in this area, which in parallel with advice provided by SAIL, delivers significant sums in statutory benefits for those who would otherwise have been unaware of their entitlement. Ironically, this sometimes means that the applicant no longer meets our income criteria, and we cannot support them, but the primary objective of improving their overall financial circumstances has been achieved. We refer an increasing number of cases, where complex benefit or debt issues are involved, to SAIL and will often act on their advice to provide the optimum form of financial support. Our weekly Grants meeting enables us to make prompt decisions, with the results communicated to applicants as quickly as possible.

We work closely with other maritime charities, and refer applicants to them for various reasons, including those who do not fit our criteria, those who require a different type of support, and those involving major expenditure (e.g. bathroom adaptations) where we seek to share the costs. Where possible if we, or another maritime charity are unable to assist then we are often able to refer applicants to relevant non-maritime charities (connected with any alternative employment) as well as sources of advice or assistance.

Trustee Report and Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

6

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

RESTRICTED FUNDS AND SUBSIDIARY CHARITY

The Royal Seamen's Pension Fund restricted fund had 62 beneficiaries at the end of the year, the Hull Fishermen's Trust Fund restricted fund 80 beneficiaries and the Fleetwood Fishing Industry Benevolent Fund, a subsidiary charity, had 9 beneficiaries.

The Society continues to manage the payment of grants to the 24 annuitants of Trinity House, London, and has the capacity and expertise to take on more work of this kind.

FINANCIAL REVIEW

These accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting & Reporting by Charities (SORP) 2015 (FRS 102).

PRINCIPAL SOURCES OF INCOME

Overview

Total Income (including investment income) for 2020/21 was £1.6 million with expenditure of £2.1 million, giving an operating deficit of £498,000. This compares to a deficit of £371,000 in the previous year. In the long term the Trustees budget for an operating deficit but plan for this to be largely offset by income from investments and gains on investment assets. Overall Net Income (after returns on investments) was £4.7 million compared to Net Expenditure the previous year of £1.4 million, which in the main reflects an extraordinary year for the stock market, despite the impact of COVID19 .

Investments

Investments generate income that is key to supporting our beneficiaries. This year the value of our investments has risen from £25.0 million to £29.5 million. A total return (TR) policy is operated which requires the investment managers to fund our budgeted yearly operating deficit from a combination of income and capital: we drew down a total of 5.0% of our investments (income and capital) during 2020/21. This aligns with our actuarial model and represents a sustainable level of expenditure to meet beneficiary needs both now and in the future. Investment performance is reviewed bi-annually by the Investment Committee, which provides additional oversight beyond the bi-annual review undertaken by the full Council.

Legacies

Receipts this year were £165,814, down from £225,215 last year, which represents a below average year. However, irrespective of the sum received we remain enormously grateful to those who chose to remember us in this way; their gifts are put to good use in helping the next generation of seafarers and their dependants. Legacies are a vital but inherently unpredictable source of income.

Donations / Fundraising

Public donations through our Agencies, which includes our collecting mines, and direct to Central Office and from Appeals (see Trading below) amounted to £216,000 which is significantly up on last year’s total of £193,000. We are most appreciative of the generosity of those who support us in this way.

Grants

We have a very close relationship with two key charities, namely The Seafarers Charity and Trinity House London, who have been extremely generous over many years in supporting our work. The annual grants we receive from them are essential to our work and we maintain a close dialogue with both organisations so that they are aware of our needs.

Trading

This has been a very good year for our trading activity, which remains focussed on selling Christmas, birthday and correspondence cards (via mail order) through our supplier, Impress Publishing. Additional sales come via our seasonal shop at Central Office, our Honorary Agents and the Chichester Cards for Good Causes outlet. Turnover at £93,000 was up by 18% on last year, representing a very strong result given the highly competitive nature of this market, the general reduction in Christmas card sales and the potential difficulties associated with the COVID19 pandemic. In conjunction with these sales, the Society also received over £150,000 worth of Appeal related donations. This once again demonstrates the value of our trading activity in generating funds for the Society's work, whilst also providing numerous opportunities to advertise our work to the wider public. Our card buyers are our greatest group of supporters and have remained as loyal and generous as ever, in particular in recognising the severe hardship faced by so many mariners (and their families) over the last year. Some of these supporters have been buying our cards for over 50 years, which is an amazing testimony to their steadfast support of our work.

Trustee Report and Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

7

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

EXPENDITURE

Costs of Raising Funds

These relate largely to the cost of the annual Appeal and wider publicity throughout the year which is aimed at both potential donors and those who might refer potential beneficiaries to us for assistance.

Charitable Activities

Charitable Activities amounted to £1.83 million, which was 87% of all expenditure. Of this figure £1.41 million, 67% of all expenditure, was on grants to individuals. The Society works extremely hard to minimise fundraising and support costs, thereby maximising the proportion of funds spent on charitable activities and delivering the maximum level of financial support directly to our beneficiaries.

RESERVES POLICY AND DESIGNATED FUNDS

The Trustees aim to maintain sufficient funds as reserves in order to generate the income required to carry out the purpose of the Charity. Without this the Society would be unable to respond to need to the extent that it does or would have to increase its fundraising activities and associated expenditure, and in so doing be largely competing with other charities in the maritime sector. Every five to six years the Society conducts a full actuarial review against various scenarios to determine whether we will have sufficient financial resources to meet projected future demands. A full review is planned for 2021.

The Society’s Unrestricted Funds are split into three components:

It should be noted despite the significant size the Designated Fund, the investment return only provides approximately 50% of the expenditure required for charitable activities; the remainder needing to be provided from other funding sources, including donations, legacies and external grants.

The above investments are managed by Sarasin LLP, mainly in a CAIF (Charity Approved Investment Fund) but there is also a small portfolio in cash or near cash instruments, which is kept topped up, to avoid the need to sell stocks and shares when the market is unfavourable. The level of funds held in the 3 different components of unrestricted funds is reviewed annually.

The breakdown of these funds is shown on the Balance Sheet on page 13.

REMUNERATION POLICY

Staff salaries are set by the Trustees after relevant input from the Chief Executive. They are reviewed annually by the Executive Committee in December and after further deliberation formally approved by Council in January. The Society believes in trying to attract and retain good quality staff for the long term. Salaries are benchmarked against independent authoritative annual salary surveys of the charity sector. The salary range between the lower quartile and the median for each job level is normally used. There is no performance-related pay nor is there a bonus scheme.

FUTURE ACTIVITIES

Trustee Report and Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

8

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

At the time of writing of this report (June 2021) the COVID19 crisis is still having a marked impact on UK society in general, but the maritime sector in particular. Despite positive signs of improvement, the worst of the crisis is not over for large numbers of our beneficiaries. The last year has been an extremely difficult time for many mariners (and their families), some of whom have been disproportionately affected by a perfect storm of the pandemic and more latterly, BREXIT related trade difficulties. The Society acted early in the crisis to ensure it could respond to the emerging need, in particular in supporting large numbers of families who were struggling to keep the lights on, or food on the table. To date the Society has spent over £150,000 in COVID related grants, predominantly in providing financial breathing space whilst beneficiaries adjust to a life on government support, be that specific COVID19 related support schemes or more frequently basic state benefits. The level of demand for this support has generally ebbed and flowed in line with the severity of lockdown restrictions, with the 3 periods of national lockdown driving the majority of cases. However, the Society remains keenly aware that the true impact of such a long period of reduced income is, for many, yet to be fully revealed. As such we are reviewing our approach to debt related support to ensure we do all we can to avoid our beneficiaries suffering the negative effects of COVID for many years to come.

Thankfully we remain in a strong financial position to do this; Trustees continue to monitor the evolving situation very closely, both in terms of its potential impact on beneficiaries, as well on the Society’s ability to meet emerging needs. Based on the current value of our investments, which have risen significantly over the course of the last year, Trustees remain confident that the Society’s underlying financial position, including its investment holdings and in-year income projections (across investment income, major funders and individual supporters) remains robust. The Society’s investment strategy has always recognised the potential for temporary (but significant) downturns in the value of our investment holdings. This is an unavoidable feature of equity-based investing but, we believe, will enable us to continue providing support for many generations to come. The Society’s investments (which provide an essential income stream to underpin our long-term work) are carefully structured across a broad range of investment types, thereby reducing potential volatility, whilst also ensuring sufficient ‘liquid’ assets to meet on-going cashflow requirements. Trustees maintain regular dialogue with our investment managers and based on the latest advice they remain confident that we are in strong financial position to preserve existing levels of expenditure for the foreseeable future.

Overall, Trustees remain firmly focussed on ensuring the Society’s remit to support seafaring beneficiaries remains sustainable in the short, medium, and long term.

STATEMENT OF RESPONSIBILITIES OF THE COUNCIL

The Charities Act requires the Council Members of the Society to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society and of its incoming resources and application of resources for that year.

In preparing those financial statements, the Council Members are required to:

The Council Members are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. The Council Members are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

.............................................

Signed on behalf of the Trustees Captain Nigel Palmer OBE MNM Chairman

Approved by the Council on……………… 13 July 2021

Trustee Report and Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

9

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

REPORT OF THE INDEPENDENT AUDITORS

Opinion

We have audited the financial statements of Shipwrecked Fishermen and Mariners' Royal Benevolent Society (the 'charity') for the year ended 31st March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors Year ended 31[st] March 2021

Registered Charity no: 212034

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Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our Report of the Independent Auditors.

Sheen Stickland Chartered Accountants Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 7 East Pallant Chichester West Sussex PO19 1TR

Date: .............................................

Report of the Independent Auditors Year ended 31[st] March 2021

Registered Charity no: 212034

11

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds

Notes
£
INCOME AND ENDOWMENTS FROM
Donations, legacies and grants
Other trading activities
2
3
396,227
93,692
Other income
1,650
Total
491,569
EXPENDITURE ON
Raising funds
4
252,248
Charitable activities
Grants and Other costs
5
1,481,415
Total
1,733,663
OPERATING DEFICIT
(1,242,094)
Income from investments
8
786,171
Net gains/(losses) on investments
4,561,193
NET INCOME/(EXPENDITURE)
4,105,270
Transferred from Shipwrecked Mariners
Trading Limited
18
9,905
Net movement in funds
4,115,175
RECONCILIATION OF FUNDS
Total funds brought forward
23,651,780
TOTAL FUNDS CARRIED FORWARD
27,766,955		 2021
Restricted
funds
£
228,274
-
-
228,274
13,614
353,560
367,174
(138,900)
97,116
592,724
550,940
-
550,940
2,908,208
3,459,148		 Total
funds
£
624,501
93,692
1,650
719,843
265,862
1,834,975
2,100,837
(1,380,994)
883,287
5,153,917
4,656,210
9,905
4,666,115
26,559,988
31,226,103		 2020
Total
funds
£
688,478
-
1,800
690,278
183,470
1,789,281
1,972,751
(1,282,473)
911,028
(1,038,958)
(1,410,403)
-
(1,410,403)
27,970,391
26,559,988

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Statement of Financial Activities Year ended 31[st] March 2021

Registered Charity no: 212034

12

Shipwrecked Flsherman and Marinerd. Roy¥l Bentyolent Soclety BALANCE SHEET 2021 2020 Notes FIXED ASSETS Tangible assets Investments Investments Investment property 10.019 13,102 12 29,499,086 24,974,646 1.150.000 1.150,000 30,659,105 26.137.748 CURRENT ASSETS Slo¢ks Debtors Cash al bank and in hand 4,355 187,660 496,205 14 212,380 300,170 688,220 512,550 CREDITORS Amounts falling due within one year 15 1121,2221 190,3101 NET CURRENT ASSETS 566,998 422,240 TOTAL ASSETS LESS CURRENT LIABILITIES 31,226.103 26,559,988 NET ASSETS 16 31.226,103 26,559.988 FUNDS General funds Investment property fun Designated Fund- Income Generation to Support Grants Restricted funds 17 2,327,749 1,150,000 2.191,000 1. 150.000 24,289,206 20.310.780 3,459,148 2,908,208 TOTAL FUNDS 31.226.103 28,559,988 The financial statements were approved by the Board ol Trustees on signed on ils behalf by". 13 July 2.Q2.1.................. and were Plant. FCA- Treasurer Capl J B Osmond RN - Chief Executive notés fom part of these fin8nc181 sl4lemenls Balance Sheèt Year entled 31" March 2021 R8918t•red Charlty no.. 212034 13

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

CASH FLOW STATEMENT


Notes

Cash flows from operating activities:
Cash generated from operations
19
Dividends, interest & rents received
Deed of covenant income
Net cash provided by (used in) operating
activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Dividends, interest & rents received
8
Deed of covenant income
Net cash provided by (used in) investing
activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
20
Cash and cash equivalents at the end of the
reporting period
20		 2021
£
1,483
(883,287)
-
(881,804)
-
(1,220,448)
1,415,000
883,287
-
1,077,839
196,035
300,170
496,205		 2020
£
(452,108)
(905,394)
(5,634)
(1,363,136)
(5,766)
(907,722)
822,720
905,394
5,634
820,260
(542,876)
843,046
300,170

The notes form part of these financial statements

Cash Flow Statement

Registered Charity no: 212034

Year ended 31[st] March 2021

14

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared as required by the Charities Act 2011 in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice’ applicable in the UK and Republic of Ireland, as updated on 5[th] October 2018 and effective from 1[st ] January 2019. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Support costs, which include salaries and overheads, are apportioned to Raising Funds, Charitable Activities, Management and Governance according to the staff time involved.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 25% on reducing balance Furniture and equipment - 25% on reducing balance Computer equipment - 20% on cost

Fixed assets are capitalised where the initial cost exceeds £1,000.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Investment property

Investment property is shown at the most recent valuation (conducted independently) and no depreciation is charged in accordance with Financial Reporting Standard 102. Any aggregate surplus or deficit arising from changes in market value is transferred to reserves.

Taxation

The charity is exempt from tax on its charitable activities.

Notes to the Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

15

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

1. ACCOUNTING POLICIES - continued

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds

Grants received from The Seafarers Charity, Trinity House and MNWB are treated as restricted funds. The Royal Seaman's Pension Fund (RSPF) was transferred to the Society in December 2005 as a restricted fund. The Hull Fisherman's Trust (HFTF) became a restricted fund of the Society on 1[st ] July 2007. The Fleetwood Fishing Industry Benevolent Fund (FFIBF) became a subsidiary charity of the Society on 1[st] November 2007 and under a Uniting Direction granted by the Charity Commission it is accounted as a restricted fund.

The Edward and Maisie Lewis Fund is a restricted fund used for the annual award for the most outstanding air/sea rescue of the year and contributes towards other awards.

Pension costs and other post-retirement benefits

The Society operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Society. The annual contributions payable to the pension scheme are charged to the Statement of Financial Activities. In addition the Society makes pension payments to certain retired employees, which payments are expensed as incurred.

2. DONATIONS, LEGACIES AND GRANTS



Central office donations
Agency donations
Appeals Office donations
Legacies
Grants		 2021

£

52,470
13,471
150,551
165,814
242,195
624,501		 2020
£
56,097
18,644
117,673
225,215
270,849
688,478

At 31[st] March 2021, the Society had been notified of its entitlement to legacies estimated at £155,268 (2020: £193,629).

Grants received, included in the above, are as follows:



The Seafarers Charity - SMS
The Seafarers Charity - MN
Trinity House - SMS
Trinity House - TH Annuitants
MNWB – SMS
Fishmongers Hall - SMS
Marine Society and Sea Cadets - SMS		 2021

£

75,000
10,000
111,920
22,250
11,025
2,000
10,000
242,195		 2020
£
110,000
-
112,880
25,703
9,945
12,321
-
270,849

3. OTHER TRADING ACTIVITIES

The Society has previously operated its own trading subsidiary (Shipwrecked Mariners Trading Limited), but decided to amalgamate this into the main charity with effect from 1 April 2020. This income is predominantly driven by Christmas Card sales, but represents an 18% increase on last year’s receipts (£79,164).

Notes to the Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

16

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

4. RAISING FUNDS



Raising donations and legacies
Staff costs
Appeal costs
Publicity
Other costs
Depreciation of tangible fixed assets
Other trading activities
Opening stock
Trading purchases
Closing stock
Investment management costs
Portfolio management – net charge after rebate		 2021

£

23,367
17,799
34,916
12,230
308
88,620
4,299
56,529
(4,355)
56,473
120,769
265,862		 2020
£
21,260
22,573
39,802
10,839
295
94,769
-
-
-
-
88,701
183,470

Publicity includes the costs of making the Society known to potential beneficiaries.

Only one year’s figures are included for ‘Other trading activities’. This reflected the recent amalgamation of our former trading subsidiary (Shipwrecked Mariners Trading Limited) into the main charity. Combined expenditure on trading activities and raising donations (including legacies) was £145,093. This generated a total income (excluding grants from other organisations) of £477,648, which in essence represents £3.31 income for every £1 spent on such activities.

5. CHARITABLE ACTIVITIES COSTS

Grant
funding of
activities
(See note 6)
Support
costs
(See note 7)
£
£
Grants to Individuals
1,407,209
-
Support costs
-
427,766
1,407,209
427,766		 2021
Totals
£
1,407,209
427,766
1,834,975		 2020
Totals
£
1,375,898
413,383
1,823,356

Notes to the Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

17

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

6. GRANTS PAYABLE

SMS grants:
Biannual grants
Initial/Final grants
Special grants
Special grants (MN Fund)
Immediate grants
Death benefit grants
Shipwreck grants
Total SMS grants
RSPF restricted fund grants
HFTF restricted fund grants
FFIBF restricted fund grants
Grants on behalf of Trinity House		 Number of
grants 2021

1,111
103
568
20
9
19
4
1,834
66
88
9
28
2,025
Total Funds
2021
£
868,752
47,115
298,378
14,260
12,200
16,055
903
Number of
grants 2020


1,162
82

359

17

11

12
-

1,643

77

99

13
30
1,862
Total Funds
2020
£
907,996
36,511
227,501
8,663
13,900
10,140
-
1,204,711
60,060
78,000
10,140
22,987
1,375,898
1,257,663
51,675
68,835
7,176
21,860


1,407,209

Special Grants includes over £150,000 paid out in support of applications relating to the COVID19 pandemic.

Within the total grants expenditure is a sum of £85,000 (2020: £110,000) provided by The Seafarers Charity and £132,250 (2020: £135,703) provided by Trinity House, which includes £22,250 repayment of expenditure on regular grants to their annuitants.

7. SUPPORT COSTS

Management
Governance
costs
£
£
Salaries
133,520
50,181
Social security
10,203
3,105
Pensions
17,509
9,263
Auditors’ remuneration - statutory audit
-
10,197
Professional /Legal fees
-
2,813
Other support costs
160,083
28,116
Depreciation of tangible fixed assets
2,313
463
323,628
104,138
Comparative support costs
Management
Governance
costs
£
£
Salaries
119,784
36,456
Social security
10,413
3,169
Pensions
16,496
18,348
Auditors’ remuneration - statutory audit
-
8,760
Professional /Legal fees
-
3,182
Other support costs
151,121
42,992
Depreciation of tangible fixed assets
2,218
444
293,498
113,351		 2021
Totals
£
183,701
13,308
26,772
10,197
2,813
188,199
2,776
427,766
2020
Totals
£
156,240
13,582
34,844
8,760
3,182
194,113
2,662
413,383

Notes to the Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

18

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

8. INVESTMENT INCOME

INVESTMENT INCOME


Investment property
Group undertaking
Common Investment Fund
Bank interest		 2021

£

45,902
-
837,262
123
883,287		 2020
£
46,147
5,634
858,952
295
911,028

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.

Trustees' expenses

Council members receive no remuneration. Reimbursement of expenses to 1 (2020: 4) Council members totalled £36 (2020: £1,729).

10. STAFF COSTS

STAFF COSTS


Salaries
Social security costs
Pension contributions
The average monthly number of employees during the year was as follows:

Administrative staff		 2021

£

203,052
14,786
29,310
247,147
2021

5		 2020
£
186,928
15,091
23,907
225,926
2020
5

Overall staff costs now include costs previously paid for by our trading subsidiary (Shipwrecked Mariners Trading Limited).

One employee received emoluments within the £70,000 - £80,000 band and £14,897 was contributed to a defined contribution scheme on behalf of this employee.

The Society operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Society in a fund administered independently by Standard Life and Royal London. The pension contributions represent amounts payable by the Society to the fund.

The Society is also committed to paying a pension out of its funds to certain former employees or their dependants. These amounts are included within salaries.

Notes to the Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

19

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

11. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Improvements Furniture and Computer
to property equipment equipment Totals
£ £ £
 £
COST
At 1st April 2020 38,139 31,589 27,336 97,064
Additions - - - -
At 31st March 2021 38,139 31,589 27,336 97,064
DEPRECIATION
At 1st April 2020 30,785 31,223 21,954 83,962
Charge for year 1,839 91 1,153 3,083
At 31st March 2021 32,624 31,314 23,107 87,045
NET BOOK VALUE
At 31st March 2021 5,515 275 4,229 10,019
At 31st March 2020 7,354 366 5,382 13,102

Fixed assets are held for the direct furtherance of the Society's objects.

12. FIXED ASSET INVESTMENTS

Shares in
group
undertakings
Common
investment
fund
Cash and
settlements
pending
£
£
£
MARKET VALUE
At 1st April 2020
Additions
4
-
24,514,440
1,220,448
460,202
-
Disposals
-
(1,311,874)
(239,589)
Revaluations
-
4,855,455
-
At 31st March 2021
4
29,278,469
220,613
NET BOOK VALUE
At 31st March 2021
4
29,278,469
220,613
At 31st March 2020
4
24,514,440
460,202		 Totals
£
24,974,646
1,220,448
(1,551,463)
4,855,455
29,499,086
29,499,086
24,974,646

Notes to the Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

20

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

13. INVESTMENT PROPERTY


MARKET VALUE
At 1stApril 2020 and 31stMarch 2021
NET BOOK VALUE
At 31stMarch 2020 and 31stMarch 2021		 £
1,150,000
1,150,000

The freehold investment property was valued as at 31[st ] March 2016 by M Le Seelleur of Flude Commercial on an open market value basis in accordance with the guidelines issued by the Royal Institution of Chartered Surveyors.

The historic cost of the property was £64,761 (2020: £64,761).

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



Other debtors
Gift aid tax recoverable
Amounts owed by group undertakings
Legacies receivable
Prepayments and accrued income		 2021
£

2,266
1,460
-
155,268
28,666
187,660		 2020
£
1,774
5,258
8,093
193,629
3,626
212,380

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

£

Other creditors
104,240
Accruals and deferred income
VAT
Amounts owed to group undertakings
9,480
7,498
4
121,222		 2020
£
81,910
8,400
-
-
90,310

Notes to the Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

21

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2021 2021 2021
Unrestricted Restricted Total
funds funds funds
£ £ £
Fixed assets 10,019 - 10,019
Investments 27,323,937 3,325,149 30,649,086
Current assets 554,221 133,999 688,220
Current liabilities (121,222) - (121,222)
27,766,955 3,459,148 31,226,103
Comparative analysis of net assets between funds
2020 2020 2020
Unrestricted Restricted Total
funds funds funds
£ £ £
Fixed assets 13,102 - 13,102
Investments 23,293,884 2,830,763 26,124,647
Current assets 435,104 77,445 512,549
Current liabilities (90,310) - (90,310)
23,651,780 2,908,208 26,559,988
17. MOVEMENT IN FUNDS
At 1.4.20
Net		 Transfers At 31.3.21
movement in
funds
£ £ £ £
Unrestricted funds
General fund 2,191,000 4,105,270 (3,968,521) 2,327,749
Investment property fund 1,150,000 - - 1,150,000
Designated fund – Income Generation to 20,310,780 - 3,978,426 24,289,206
Support Grants
23,651,780 4,105,270 9,905 27,766,955
Restricted funds
The Seafarers Charity (MN Fund) for 4,007 (4,260) - (253)
special grants
E & M Lewis Award Fund 59,958 14,623 - 74,581
RSPF 398,313 40,150 - 438,463
HFTF 2,213,932 450,575 - 2,664,507
FFIBF 198,360 39,607 - 237,967
MNWB for case-working 33,638 10,245 - 43,883
2,908,208 550,940 - 3,459,148
TOTAL FUNDS 26,559,988 4,656,210 9,905 31,226,103

Notes to the Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

22

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:




Unrestricted funds
General fund
Restricted funds
The Seafarers Charity for regular grants
The Seafarers Charity (MN Fund) for
special grants
Trinity House for regular grants
Trinity House for TH annuitants
E & M Lewis Award Fund
RSPF
HFTF
FFIBF
MNWB for case-working
TOTAL FUNDS
Comparatives for movement in funds


Unrestricted funds
General fund
Investment property fund
Designated fund – Income Generation to
Support Grants
Restricted funds
The Seafarers Charity (MN Fund) for
special grants
E & M Lewis Award Fund
RSPF
HFTF
FFIBF
MNWB for case-working
TOTAL FUNDS		 Incoming
resources
Resources
expended

£
£
1,277,740
(1,733,663)
75,000
(75,000)
10,000
(14,260)
110,000
(110,000)
22,250
(22,250)
3,080
(1,681)
13,192
(54,338)
74,150
(80,533)
6,693
(8,332)
11,028
(780)
325,390
(367,174)
1,603,130
(2,100,837)
At 1.4.19
Net
movement in
funds
£
£
2,128,000
1,150,000
(1,214,820)
-
21,588,600
-
24,866,600
(1,214,820)
12,670
(8,663)
76,362
(16,404)
463,330
(65,017)
2,315,220
(101,288)
210,746
(12,386)
25,463
8,175
3,103,791
(195,583)
27,970,391
(1,410,403)		 Gains and
losses
Movement in
funds
£
£
4,561,193
4,105,270
-
-
-
(4,260)
-
-
-
-
13,224
14,623
81,296
40,150
456,958
450,575
41,246
39,607
-
10,245
592,724
550,940
5,153,917
4,656,210
Transfers
At 31.3.20
£
£
1,277,820
-
2,191,000
1,150,000
(1,277,820)
20,310,780
-
23,651,780
-
4,007
-
59,958
-
398,313
-
2,213,932
-
198,360
-
33,638
-
2,908,208
-
26,559,988

Notes to the Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

23

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming
 Resources
 Gains and
 Movement in
resources expended losses funds
£ £ £ £
Unrestricted funds
General fund 1,244,363 (1,552,396) (906,787)
(1,214,820)
Restricted funds
The Seafarers Charity for regular grants 110,000 (110,000) - -
The Seafarers Charity (MN Fund) for - (8,663) - (8,663)
special grants
Trinity House for regular grants 110,000 (110,000) - -
Trinity House for TH annuitants 25,703 (25,703) - -
E & M Lewis Award Fund 3,986 (3,987) (16,403)
(16,404)
RSPF 14,475 (62,349) (17,143)
(65,017)
HFTF 75,916 (86,845) (90,359)
(101,288)
FFIBF 6,918 (11,038) (8,266)
(12,386)
MNWB for case-working 9,945 (1,770) - 8,175
356,943 (420,355) (132,171)
(195,583)
TOTAL FUNDS 1,601,306 (1,972,751) (1,038,958)
(1,410,403)

18. RELATED PARTY DISCLOSURES

The Society owns 100% of the issued share capital of Shipwrecked Mariners Trading Limited. At 1[st ] April 2020 the assets and operations of Shipwrecked Mariners Trading Limited were transferred to the Charity, the total value of this transfer was £9,905.

At the year end the Charity owed Shipwrecked Mariners Trading Limited £4 in respect of share capital.

Notes to the Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

24

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society

Shipwrecked Fisherman and Mariners’ Royal Benevolent Society Shipwrecked Fisherman and Mariners’ Royal Benevolent Society
19. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2021 2020
£ £
Net income/(expenditure) for the reporting period (as per the
statement of financial activities) 4,666,115 (1,410,403)
Adjustments for:
Depreciation charges 3,083 2,957
Losses/(gain) on investments (4,718,992) 1,024,477
(Increase)/decrease in debtors 24,720 (59,933)
(Increase)/decrease in stock (4,355) -
Increase/(decrease) in creditors 30,912 (9,206)
Net cash provided by (used in) operating activities 1,483 (452,108)
20. ANALYSIS OF CASH AND CASH EQUIVALENTS
2021 2020
£ £
Cash in hand 45 24
Notice deposits (less than 3 months) 496,160 300,146
Total cash and cash equivalents 496,205 300,170

Notes to the Financial Statements Year ended 31[st] March 2021

Registered Charity no: 212034

25