**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 number**212034|||| |**Auditors**|Sheen Stickland||**Investment Managers**Sarasin & 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: - Reputational – Management and Trustees are always conscious of this in their routine conduct and decision making and seek professional advice where appropriate. - Major reduction in investment income both directly from our own investments and indirectly from our main grant funders – Regular face-to-face meetings take place with the Investment Manager to review performance. Independent investment management reviews are undertaken approximately every 5 years and grant funders are kept aware of our position. - Loss of key member of staff – Detailed work procedures are laid down to aid smooth succession. - Compromise of supporter data – Robust data protection policy and procedures ensure that the risk of unauthorised access to data is minimised. ## **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** 3 **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: - Paying an Immediate grant to the widow of a serving seafarer who dies (be that at sea or ashore) - Making Regular grants to elderly or incapacitated seafarers and widows in need. - Making Special or One-off grants to meet particular needs in urgent or crisis situations. - Making Death Benefit Grant payments to the spouses / partners of former life members. - Making Funeral Grant payments to eligible personnel who meet our criteria for one-off grants. - Offering practical assistance to seafarers of any nationality shipwrecked on the coast of the British Isles. ## In addition: - We aim to review our regular beneficiaries’ circumstances every three years with a home visit. 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** 4 **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: - Assists with budgeting. - Establishes an on-going relationship, through the local Honorary Agent, with the beneficiary, which is more than just financial and which can be particularly important to those who live alone – 26% of our regular beneficiaries say they suffer from loneliness. - Provides regular contact, enabling our Honorary Agent to see beneficiaries face-to-face and to discuss financial and other matters of concern. - The associated three-yearly reviews provide an opportunity to find out if additional assistance is required, perhaps as a result of increased infirmity. - It is the recipient's decision on how the grant is spent. 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: - Budget better by assisting with general living expenses (32% of our beneficiaries report that they struggle to pay their bills and 15% are constantly concerned about going into debt). This has been particularly relevant over the last year, where many of our grants have simply helped to put food on the table. - Purchase and replace defective 'white goods' and other essential items such as beds and carpets. - Pay for essential household maintenance and repairs, for example, to replace rotten windows and doors. - • Remain mobile within their home, for example, by purchasing a stairlift when no local authority funding is available. - Make adaptations following occupational therapist advice to deal with infirmities and disabilities, for example, to replace a bath with a walk-in shower, provide a riser / recliner chair or a specialist bed. - Leave their homes without assistance, for example by providing an electrically powered vehicle (EPV). - Pay for heating – a concern of our older beneficiaries who spend most of their time at home. - Pay off priority debts such as utility bills. - Buy clothes and shoes. - Pay a rent deposit to escape from homelessness. - Take a rare holiday. - Remain in their own home. **Trustee Report and Financial Statements Year ended 31[st] March 2021** **Registered Charity no: 212034** 5 **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. - Below are some examples of the support we have provided and associated responses from beneficiaries: - Mr J, in his late 30's, with nearly 20 years sea service, approached us as he had lost all his earnings due to the coronavirus pandemic. His boiler had recently broken down and his family, which included four young children, were living without heating or hot water. We were able to provide over £3,000 to replace their boiler; we also referred them to our partner charities who provided additional help with general living costs, as well as with laptops to enable the children to keep up with their schooling. - “I don’t know how I can thank you all enough for what you have done for me. It’s going to make a really change to my situation right now and allow me to get back to work. I will be reminded of you all and everything you have done every time I go out to sea. Thank you so much” - Mrs G, a widow in her late 70's, approached us to request a regular grant. In reviewing her situation, we were able to talk to her about additional benefits, as well as rebates on certain bills; these subsequently provided her with over £80 per week in extra funds. Whilst this meant that her income was above the qualifying level for a regular grant, she was nonetheless over £4,000 p.a. better off. - Mr T, in his early 60s with over 30 years sea service, had been re-housed by the local authority having been recognised as a vulnerable adult following a brain injury. He had previously been targeted by criminals who took over his home and kept him locked in a bedroom. Having been moved closer to his family his situation was much improved, but he was in need of a few domestic items. We took him on as regular beneficiary, with the initial grant more than covering his immediate needs. - “Thank you all for the amazing effort in December to get as much help as possible to our fishing families. Please don't think that it goes unnoticed - so many fishermen have got back to us to say that your support made all the difference to them and to their families”. - Ms G had previously lost her partner in tragic circumstances. In her late 20s with 3 young children, she was struggling to make ends meet. She had been offered a new property which would significantly improve her situation but needed multiple items to furnish the house. In conjunction with another charity, we provided £1,500 to help her establish a suitable home for her young family. - Mrs E, a widow in her early 80's, was already in receipt of a regular grant but was struggling to keep up payments on her rented washing machine. She also needed to replace her threadbare carpets, which were a significant trip hazard. We were happy to pay for both items. - “Thank you so much for the grant which was received into my bank this week. With ever higher heating bills and Christmas on the horizon, it's come at a time when it's most needed. Thanks again. We're very grateful to you”. - Mr F, in his mid 40s with 25 years sea service, was battling cancer and had been off work for many months. His wife was struggling to work and take care him and the children, so we decided to make an award equivalent to the value of a regular annual grant (£780) to help with day to day living costs. 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: - General Fund - This holds sufficient resources in short term realizable investment assets and cash to support administrative overheads and regular grants for a period of at least twelve months. - Investment Property Fund - This is equivalent to the value of the Head Office building; - Designated Fund – Income Generation to Support Grants - This is a designated fund which is specifically maintained to generate investment income to support future grant payments (both regular and one-off). The Society’s Total Return policy recognises that the value of this fund (in real terms) will slowly reduce over time, albeit this will be managed in line with our actuarial review to ensure sufficient funds to meet longer term need. 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** - Continuing our enduring task of helping fishermen and mariners and their dependants in need, including providing enhanced support to those affected by the COVID19 pandemic. - Maintaining the rolling programme of three-yearly reviews of beneficiaries' circumstances. - Finding new avenues to spread the word about our work to those who may need our assistance and to those who might wish to support us. - Increasing our knowledge of additional sources of help, advice and assistance to those in need. **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: - ensure compliance with the charity’s governing document and current statutory requirements; - select suitable accounting policies and apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the society will continue its activities. 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: - give a true and fair view of the state of the charity's affairs as at 31st March 2021 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **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: - the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **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** **10** **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: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements ; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **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: - Enquiry of management, those charged with governance and the entity's solicitors (or in-house legal team) around actual and potential litigation and claims. - Reviewing minutes of meetings of those charged with governance. - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. 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**