**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
**Report of the Trustees and Financial Statements for the Year Ended 31st March 2025**
## **for**
**Shipwrecked Fishermen and Mariners' Royal Benevolent Society**
**Trustee Report and Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
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|Report of the Trustees|1 to 9|
|Report of the Independent Auditors|10 to 12|
|Statement of Financial Activities|13|
|Balance Sheet|14|
|Cash Flow Statement|15|
|Notes to the Financial Statements|16 to 26|
**Trustee Report and Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**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 2025. 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 1 January 2019.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Patron** Her Royal Highness The Princess Royal **President** Admiral Sir George Zambellas GCB DSC ADC 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** Cdr A Crook RN* Cdre M Mansergh CBE DL RN* (Deputy Chair) Mr W J Plant FCA* (Treasurer) Capt R Barker MNM FNI* Miss R Charles Mr A Delahunty Mrs A Harris* Mr R Jardine-Brown Capt N Palmer OBE MNM Capt G Pepper FNI* Mrs E 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** Lewis Brownlee (Chichester) Limited **Investment Managers** Appledram Barns Sarasin & Partners Birdham Rd, Chichester Juxon House West Sussex 100 St Paul’s Churchyard PO20 7EQ London 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 New King’s Court Chichester Tollgate, Chandlers Ford West Sussex, PO19 1NQ Eastleigh, S053 3LG
**Trustee Report and Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
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**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 a range of services in support of the maritime sector, 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 2025**
**Registered Charity no: 212034**
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**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, which is the standard vehicle for considering all grant applications. The Officers of the Council; the Chair, Deputy Chair 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 as required. Trustees require re-election every 3 three years. The Society is operated by the Chief Executive and a staff of five (two 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.
- Compromise of supporter and beneficiary data – Robust data protection policy and procedures ensure that the risk of unauthorised access to data is minimised. The Society also maintains the government backed Cyber Essentials accreditation.
- Major reduction in investment income both directly from our own investments and indirectly from our main grant funders. Regular face-to-face performance reviews are conducted with our Investment Manager. A review of our investment manager is undertaken approximately every 5 years. We also maintain regular contact with our major grant funders to update them on the impact of their support.
- Safeguarding – we have a robust system in place to ensure all personnel are properly supported and protected.
- Loss of key member of staff – Detailed work procedures are laid down to aid smooth succession.
- Loss of funds through theft or fraud – the Society regularly reviews its governance arrangements and working procedures to ensure robust management of its funds.
## **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 UK’s General Data Protection Regulation. 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 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 2025**
**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:
- Paying an Immediate grant to the partner 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 bodies such as the Joseph Rowntree Foundation. Disability Living Allowance, Attendance Allowance, Personal Independence Payments and Disability Premiums 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. Four major awards are available annually: the Emile Robin award for an outstanding rescue, The Lady Swaythling Trophy for an outstanding feat of seamanship, the Edward & Maisie Lewis award for an exceptional air/sea rescue and the Grace Darling Award for an exceptional act of heroism. 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 100 Honorary Agents – including private individuals, harbour masters, local Councillors, retired policemen and solicitors among others - who conduct casework, distribute grants, look after our large collecting mines or fund raise on the Society's behalf. Of note, within this number the port staff of the Fishermen's Mission, caseworkers from Nautilus International, and representatives of the 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.
## **ACHIEVEMENT AND PERFORMANCE**
## **GRANTS**
This has been another busy year for the Society, with significant levels of demand coming from those struggling to deal with the cost-of-living crisis. Grants to those in need were made in 2019 cases, which represents a 3.5% increase on last year. Total expenditure on these grants amounted to £1.41 million, including those administered on behalf of Trinity House. During the year under review there were 885 new applications for assistance, of which 85% met our criteria. The majority of those rejected had incomes above our limits or lacked the necessary sea service.
**Trustee Report and Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
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**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
Regular grants were made to 1,236 beneficiaries during the year, which represents a continued flattening of the previous (and long term) downward trajectory in beneficiary numbers. A significant contributor to this change comes from those who whilst eligible for a regular grant, had previously felt able to cope on their limited incomes. However, the cumulative impact of the cost-of-living crisis has left them struggling to meet their daily living costs and as such they have requested a regular grant. Our current take-on rate is 30% higher than the long-term average and it remains unclear whether this rate will return to longer term norms or plateau at a new level. However, Trustees keep such numbers under regular review (as part of our long-term financial planning activity) to ensure our future plans remain affordable.
Grants are generally paid biannually, with recipients receiving a total of £884 during FY 24/25. 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 and has historically been increased every 3 years to keep pace with underlying inflation. However, following 2 increases in the last 3 years, Trustees have once again agreed to increase the grant by a further £1 per week (to £932 p.a. from 1 Apr 25) which will go some way to helping those struggling with the cumulative impact of the cost-of-living crisis. These 3 increases represent an overall uplift of 19% since 31[st] March 2022.
Whilst the majority of our beneficiaries are retired, others are unable to work because of accident, ill health, disability, for compassionate reasons, or are unable to find employment ashore after working at sea. They range in age from 42 to 105.
Regular grants are important for the following reasons:
- Assists with budgeting.
- Establishes an on-going relationship with the beneficiary, through the local Honorary Agent, which is more than just financial – significant numbers of our regular beneficiaries say they suffer from loneliness.
- • Provides regular contact, enabling our Honorary Agents (where possible) to see beneficiaries face-toface 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.
Approximately 56% of our beneficiaries are fishermen or ex-fishermen, 30% merchant service and the balance served in both categories. Their average age is 76. During the year, we took on 125 new regular beneficiaries with an average age of 71. Reviews of 349 regular beneficiaries were also completed this year.
One-off grants totalling over £327,000 were made in 783 cases. These included a new grant paid to regular beneficiaries who no longer receive the government’s Winter Fuel Payment due to narrowly missing out on receiving Pension Credit. As reported in the media, this group or personnel were heavily reliant on government support to ensure they did not have to choose between heating and eating and Trustees therefore felt they should provide additional funds to those affected. More generally we continued to provide our standard range of one-off grants, including Funeral grants, Special Grants, Shipwreck Grants and Immediate Relief Grants (paid following the death of a serving seafarer).
## **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.
- 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 providing a stairlift when local authority funding isn’t 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.
**Trustee Report and Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
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**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
- Pay a rent deposit to escape from homelessness.
- Take a rare holiday.
- Remain in their own home.
For those solely reliant on the state pension many of these items are simply unaffordable without outside assistance.
Below are some examples of the support we have provided over the course of the year, as well as some of the thank-you messages we have received following grant awards.
- Mr S, in his early 30s with 14 years sea service, was forced to flee home (with his daughter) having been targeted by criminal gangs. With no choice but to sofa surf, they were becoming increasingly desperate and approached one of our Honorary Agent's for support. Working with another charity we were able to provide the deposit and first month's rent for a flat, which enabled them to find a new home and start rebuilding their lives.
- “My wife and I would like to say a huge thank you for your help in providing us with a stairlift. It's made such a difference to our lives - I don't know how we'd have coped without your support.”
- Mrs K, a widow in her late 90s, was living independently in her own home but needed significant repairs to her roof. Unfortunately, she was tricked by rogue traders, who walked away without completing the repairs. With no money remaining and with winter fast approaching we were able to provide funds to ensure the work was quickly rectified by a reputable builder.
- “I'm writing to thank you so very much for the grant which arrived today. As always seems to be the case, it's come at just the right time as I've needed a specialist mattress for my bed for some time and will now be able to get one sorted. Again, thank you. Your kindness and generosity is beyond appreciated.”
- Mr R, in his early 60s with 37 years sea service, suffered an accident whilst at sea. The resulting injuries ended his career and left him with very significant mobility issues. The Council eventually awarded him a Disabled Facilities Grant to convert his home but asked him to contribute over £3,000 towards the costs. With no savings and a very low income, we worked with another charity to provide the required funds.
- “I want to thank you once again for my grant, especially as my wife is suffering from Alzheimer’s and this has helped greatly in making her life a little better. You do an amazing job. God bless.”
- Mr W, in his early 50s with 25 years sea service, developed severe breathing difficulties which left him unable to work. As a single parent with very limited income, he and his young daughter have lived for many years in a one-bedroom property, with him sleeping on the sofa. He was eventually offered a 2- bed property, but noting he had no savings, we were able to provide a setting up home grant to help him furnish the property.
- “Thank you so much for helping me with a grant to replace my winter fuel payment. I really don't know how I'd have kept my home warm without this extra help. Thank you once again for all that you do.”
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 frequently act on their recommendations to ensure the most appropriate form of financial support is provided. Our weekly Grants meeting enables us to make prompt decisions, with the results communicated to applicants as quickly as possible.
**Trustee Report and Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
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**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
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.
## **RESTRICTED FUNDS AND SUBSIDIARY CHARITY**
The Society operates a number of restricted funds, including The Royal Seamen's Pension Fund, which had 24 beneficiaries at the end of the year, and the Hull Fishermen's Trust Fund, which had 56 beneficiaries. The Society also has a subsidiary charity, the Fleetwood Fishing Industry Benevolent Fund, which is operated as a restricted fund; this had 1 beneficiary at the end of the year.
The Society continues to manage the payment of grants to the 25 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 2024/25 was £1.6 million with expenditure of £2.2 million, giving an operating deficit of £602,000. This compares to a deficit of £865,000 in the previous year. In the long term the Trustees budget for an operating deficit but plan for this to be partially offset by income from investments and gains on investment assets. Overall net expenditure (after investment gains) was £19,000 compared to a net income of £1.1 million last year. It should however be noted that Trustees expect this figure to be subject to large variations due to the nature of its investment holdings.
## **Investments**
Investments generate income that is key to supporting our beneficiaries. This year the value of our investments has reduced by approx. £150,000 to £28.6 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 4.0% of our investments (income and capital) during 2024/25. 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 alongside the separate bi-annual reviews undertaken by Council.
The Society’s Investment strategy remains unchanged and involves maintaining a moderate level of shortterm investments (cash or near-cash) alongside a long-term investment fund with a greater focus on equities. The cash portfolio exists to enable the Society to continue its operations following a major stock market crash, noting the nature of equity-based investing means these will inevitably occur and should be considered routine. The value of the cash holding is set at a level to ensure uninterrupted operations following a (worst case) 30% fall in stock market value. Such funds would enable the Society to maintain expenditure levels for (up to) 5 years without having to sell depreciated holdings, and whilst the market recovers to its original level. Trustees believe this will provide a better long-term return on its investments, whilst also enabling the Society to continue its operation during inevitable periods of stock market turbulence.
## **Legacies**
Receipts this year were £587k, up from £268k last year and well above the long-term average of £275k. Of note, Trustees fully expect significant year-on year variation in such receipts and use the long-term average to aid financial planning. However, irrespective of the sum received we remain enormously grateful to those who chose to support us in this way; such gifts are put to good use helping the next generation of seafarers and their dependants. Legacies are a vital but inherently unpredictable source of income.
## **Donations / Fundraising**
Public donations from appeals (see Trading below), direct to Central Office and through our Agencies, which includes our collecting mines, amounted to £208,000, which whilst down on the exceptional levels seen during both the COVID and cost-of-living crises, remains in line with our long-term expectations. We are most appreciative of the generosity of those who support us in this way.
**Trustee Report and Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
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**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
## **Grants**
We have a very close relationship with two key charities, namely Trinity House London and The Seafarers Charity, both of whom have a long history of generous support for our work. The annual grants we receive from them are essential to our work and we maintain a close dialogue with both organisations.
## **Trading**
This has been another good year for our trading activity, which remains focused on selling Christmas, Birthday, and correspondence cards via mail order, online and through our supplier, Impress Publishing. Additional sales come via our seasonal shop at Central Office. Whilst turnover at £62,000 was very slightly down on last year, reflecting the general reduction in Christmas card sales across the UK, the number of supporters buying our cards remained at the same level (albeit the number of cards they bought was reduced). Of note our trading model does not seek to make significant profit from card sales, as we are incredibly fortunate that those who buy our cards tend to support us (throughout the year) with generous donations. This is reflected in the £116,000 worth of appeal related donations which we received over the last year. 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. 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.
## **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 £1.96 million, which was 88% of all expenditure. Of this figure £1.41 million (63% 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 investments in order to generate the income required to carry out the purpose of the Charity both now and in the longer term. 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. The Society conducts an annual review of its long-term finances using an actuarial model based on a range of future scenarios. In essence this enables Trustees to determine whether we will have sufficient financial resources to meet projected future demands, based on estimated returns from our investments alongside our annual fundraising activity. The results of this year’s review confirmed that the Society’s finances remain robust.
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 that despite the significant size of the Designated Fund, our investments only provide 5560% of the expenditure required each year to maintain our activities; the remaining 40-45% 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 also within a portfolio of cash or near cash instruments. The level of funds held in the above components are reviewed annually.
**Trustee Report and Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
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**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
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 and based around the median level for each role. 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
- 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
In summary, Trustees remain firmly focussed on the Society’s remit to support seafaring beneficiaries in the short, medium, and long term; the Society remains in a strong position to continue with this important work. The Society’s investments (which provide an essential income stream to underpin our long-term work) are carefully structured across a range of investment types, whilst also ensuring sufficient ‘liquid’ assets to meet on-going cashflow requirements. Based on the value of our investments, Trustees remain confident in the Society’s ability to provide continued support for many generations to come.
## **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.
## **Auditors**
On 16[th] December 2024 the Chichester office of Sheen Stickland merged with Lewis Brownlee (Chichester) Limited who have undertaken the audit for the current year, Lewis Brownlee (Chichester) Limited will be proposed for appointment as Auditors to the Society at the Annual General Meeting.
............................................. Signed on behalf of the Trustees Commander Andrea Crook Royal Navy - Chairperson
Approved by the Council on………………
**Trustee Report and Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
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**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 2025 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).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31st March 2025 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**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **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, except to the extent otherwise explicitly stated in our report, 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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 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.
**Report of the Independent Auditors Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**10**
## **Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
## **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**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charity through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, where applicable; and;
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we :
- performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
**Report of the Independent Auditors Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**11**
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the charity’s legal advisors, where applicable.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
Lewis Brownlee (Chichester) Limited Statutory Auditors Birdham Road Chichester West Sussex PO20 7EQ
Date: .............................................
**Report of the Independent Auditors Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**12**
## **Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
## **STATEMENT OF FINANCIAL ACTIVITIES**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Other trading activities
3
Other income
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
5
Grants and Other costs
**Total**
Investment income
8
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Transfer between funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
805,640
61,810
810
868,260
256,640
1,666,236
1,922,876
473,301
511,648
(69,667)
83,123
27,013,620
27,027,076|Unrestricted
funds
£
805,640
61,810
810
868,260
256,640
1,666,236
1,922,876
473,301
511,648
(69,667)
83,123
27,013,620
27,027,076|Restricted
funds
£
227,567
-
-
227,567
14,730
293,289
308,019
59,753
71,343
50,644
(83,123)
3,491,536
3,459,057||2025
Total
funds
£
1,033,207
61,810
810
1,095,827
271,370
1,959,525
2,230,895
533,054
582,991
(19,023)
-
30,505,156
30,486,133|2024
Total
funds
£
717,000
63,160
930
781,090
265,111
1,955,481
2,220,592
574,190
1,943,565
1,078,252
-
29,426,904
30,505,156|
|---|---|---|---|---|---|---|
||||||||
||||||||
||||||||
||||||||
||||||||
||||||||
## **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 2025**
**Registered Charity no: 212034**
**13**
**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
## **BALANCE SHEET**
|
Notes
**FIXED ASSETS**
Tangible assets
11
**Investments**
Investments
12
Investment property
13
**CURRENT ASSETS**
Stocks
Debtors
14
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
15
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
16
**FUNDS**
17
General funds
Investment property fund
Designated Fund – Income Generation to
Support Grants
Restricted funds
**TOTAL FUNDS**
The financial statements were approved by the Board of Trustees on .................
signed on its behalf by:
.............................................
……………………………
Commander A S Crook RN, Chair
W J Plant, FCA – Treasurer|2025
£
7,553
28,640,592
1,110,000
29,758,145
9,792
525,981
228,206
763,979
(35,991)
727,988
30,486,133
30,486,133
2,463,844
1,110,000
23,453,232
3,459,057
30,486,133
.......................
…………|2024
£
11,791
28,795,516
1,110,000
29,917,307
11,530
457,476
141,429
610,435
(22,586)
587,849
30,505,156
30,505,156
2,192,777
1,110,000
23,710,843
3,491,536
30,505,156
..... and were|
|---|---|---|
............................................. Capt J B Osmond RN – Chief Executive
The notes form part of these financial statements
**Balance Sheet**
**Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**14**
**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
## **CASH FLOW STATEMENT**
|
Notes
**Cash flows from activities:**
Cash generated from operations
19
Dividends, interest & rents received
**Net cash provided by (used in)**
**activities**
**Cash flows from investing activities:**
Purchase of fixed asset investments
Sale of tangible fixed assets
Sale of fixed asset investments
Dividends, interest & rents received
8
**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|2025
£
(489,191)
(533,054)
(1,022,245)
(3,353,288)
-
3,929,257
533,053
1,109,022
86,777
141,429
228,206|2024
£
(850,779)
(574,190)
(1,424,969)
(3,440,113)
-
4,155,789
574,190
1,289,866
(135,103)
276,532
141,249|
|---|---|---|
The notes form part of these financial statements
**Cash Flow Statement**
**Registered Charity no: 212034**
**Year ended 31[st] March 2025**
**15**
**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 2025**
**Registered Charity no: 212034**
**16**
**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|2025
£
80,597
11,276
116,493
587,273
237,568
1,033,207|2024
£
91,151
12,838
132,876
267,883
212,252
717,000|
|---|---|---|
At 31[st] March 2025, the Society had been notified of its entitlement to legacies estimated at £507,000 (2024: £434,418) and is provided for in their financial statements.
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|2025
£
65,000
10,000
115,500
23,868
13,200
10,000
237,568|2024
£
50,000
15,000
110,000
20,332
6,045
10,875
212,252|
|---|---|---|
## **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 year’s income (£61,810) is predominantly driven by Christmas Card sales but represents an 2% decrease on last year’s receipts (£63,160).
**Notes to the Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**17**
## **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|2025
£
33,072
5,022
36,586
13,197
424
88,301
11,530
59,148
(9,792)
60,886
122,183
271,370|2024
£
30,695
4,778
37,006
11,066
483
84,028
6,989
70,302
(11,530)
65,761
115,322
265,111|
|---|---|---|
Publicity includes the costs of making the Society known to potential beneficiaries.
## **5. CHARITABLE ACTIVITIES COSTS**
|Grant
funding of
activities
(See note 6)
Support
costs
(See note 7)
£
£
Grants to Individuals
1,409,691
-
Support costs
-
549,834
1,409,691
549,834|2025
Totals
£
1,409,691
549,834
1,959,525|2024
Totals
£
1,426,998
528,483
1,955,481|
|---|---|---|
**Notes to the Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**18**
## **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
Cost of Living Crisis
**Total SMS grants**
**RSPF restricted fund grants**
**HFTF restricted fund grants**
**FFIBF restricted fund grants**
**Grants on behalf of Trinity House**|Number of
grants 2025
1,120
125
369
9
4
9
-
267
1,903
29
58
2
27
2,019|
Total Funds
2025
£
982,298
67,730
179,689
5,600
5,500
7,605
-
61,200|
Number of
grants 2024
1,120
123
349
8
6
11
-
210
1,827
37
62
2
24
1,952|
Number of
grants 2024
1,120
123
349
8
6
11
-
210
1,827
37
62
2
24
1,952||Total Funds
2024
£
971,664
61,313
211,569
11,309
8,200
9,295
-
45,800
1,319,150
31,382
54,366
1,768
20,332
1,426,998|
|---|---|---|---|---|---|---|
|||1,309,622
24,089
51,051
1,061
23,868|
||||
|||1,409,691|||||
Within the total grants expenditure is a sum of £75,000 (2024: £50,000) provided by The Seafarers Charity and £139,368 (2024: £130,332) provided by Trinity House, which includes £23,868 repayment of expenditure on regular grants to their annuitants.
## **7. SUPPORT COSTS**
|Management
Governance
costs
£
£
Salaries
184,572
56,174
Social security
16,959
5,161
Pensions
26,661
8,114
Auditors’ remuneration - statutory audit
-
10,440
Professional /Legal fees
-
7,903
Other support costs
184,785
45,250
Depreciation of tangible fixed assets
3,180
635
416,157
133,677
**Comparative support costs**
Management
Governance
costs
£
£
Salaries
171,901
52,318
Social security
15,236
4,637
Pensions
24,661
7,505
Auditors’ remuneration - statutory audit
-
9,684
Professional /Legal fees
-
12,549
Other support costs
181,102
44,545
Depreciation of tangible fixed assets
3,621
724
396,521
131,962|2025
Totals
£
240,746
22,120
34,775
10,440
7,903
218,366
3,815|
|---|---|
||549,834|
||2024
Totals
£
224.219
19.873
32,166
9,684
12,549
225,647
4,345|
||528,483|
**Notes to the Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**19**
**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
## **8. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
|
Investment property
Common Investment Fund
Bank interest|2025
£
42,239
486,075
4,739
533,053|2024
£
39,980
530,810
3,400|
|||574,190|
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.
## **Trustees' expenses**
Council members receive no remuneration. Reimbursement of expenses to 2 (2024: 1) Council members totalled £431 (2024: £163).
## **10. STAFF COSTS**
|
Salaries
Social security costs
Pension contributions
The average monthly number of employees during the year was as follows:
Administrative staff|2025
£
267,496
24,578
38,639
330,713
2025
5|2024
£
249,132
22,081
35,740
306,953
2024
5|
|---|---|---|
One employee received emoluments within the £90,000 - £100,000 band and £11,902 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 2025**
**Registered Charity no: 212034**
**20**
## **Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
## **11. TANGIBLE FIXED ASSETS**
|Improvements
to property
Furniture and
equipment
Computer
equipment
£
£
£
**COST**
At 1st April 2024 and 31stMarch 2025
38,139
31,589
20,066
**DEPRECIATION**
At 1st April 2024
35,813
31,473
10,717
Charge for year
581
29
3,628
At 31st March 2025
36,394
31,502
14,345
**NET BOOK VALUE**
At 31st March 2025
1,745
87
5,721
At 31st March 2024
2,326
116
9,349
Fixed assets are held for the direct furtherance of the Society's objects.
**FIXED ASSET INVESTMENTS**
Shares in
group
undertakings
Common
investment
fund
Cash and
settlements
pending
£
£
£
**MARKET VALUE**
At 1st April 2024
Additions
4
-
28,637,267
3,353,288
158,245
-
Disposals
-
(3,889,300)
(39,957)
Revaluations
-
421,045
-
At 31st March 2025
4
28,522,300
118,288
**NET BOOK VALUE**
At 31st March 2025
4
28,522,300
118,288
At 31st March 2024
4
28,637,267
158,245|Totals
£
89,794
78,003
4,238
82,241
7,553
11,791
Totals
£
28,795,516
3,353,288
(3,929,257)
421,045
28,640,592
28,640,592
28,795,516|
|---|---|
## **12. FIXED ASSET INVESTMENTS**
**Notes to the Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**21**
**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
`
## **13. INVESTMENT PROPERTY**
£ **MARKET VALUE**
|At 1stApril 2024 and 31stMarch 2025
**NET BOOK VALUE**
At 31stMarch 2024 and 31stMarch 2025|1,110,000
1,110,000|
|---|---|
The freehold investment property was valued as at 1[st] April 2022 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 original cost of the property was £64,761.
## **14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|
Other debtors
Gift aid tax recoverable
Legacies receivable
Prepayments and accrued income|2025
£
2,657
5,707
507,000
10,617
525,981|2024
£
3,208
6,789
434,418
13,061
457,476|
|---|---|---|
## **15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|
Other creditors
Accruals and deferred income
VAT
Amounts owed to group undertakings (see Note 18)|2025
£
21,517
10,767
3,703
4
35,991|2024
£
10,627
9,722
2,233
4
22,586|
|---|---|---|
**Notes to the Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**22**
**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
## **16. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|2025
2025
Unrestricted
Funds
Restricted
funds
£
£
Fixed assets
7,553
-
Investments
26,248,347
3,502,245
Current assets
724,044
39,935
Current liabilities
(35,991)
-
26,943,953
3,542,180
**Comparative analysis of net assets** **between funds**
2024
2024
Unrestricted
Funds
Restricted
funds
£
£
Fixed assets
11,791
-
Investments
26,550,915
3,354,601
Current assets
473,500
136,935
Current liabilities
(22,586)
-
27,013,620
3,491,536
**17.**
**MOVEMENT IN FUNDS**|2025
Total
Funds
£
7,553
29,750,592
763,979
(35,991)
30,486,133
2024
Total
funds
£
11,791
29,905,516
610,435
(22,586)
30,505,156|
|---|---|
|**Unrestricted funds**
General fund
Investment property fund
Designated fund - Income Generation
to Support Grants
**Restricted funds**
Seafarers UK (MN Fund) for special
grants
E & M Lewis Award Fund
RSPF
HFTF
FFIBF
MNWB for caseworking
**TOTAL FUNDS**|At 1.4.24
£
2,192,777
1,110,000
23,710,843
27,013,620
6,538
77,830
362,543
2,727,714
246,988
69,923
3,491,536
30,505,156|Net
movement
in funds
£
(69,667)
-
-
(69,667)
4,400
(3,816)
(8,712)
38,441
7,131
13,200
50,644
(19,023)|Transfers
between
funds
£
340,734
-
(257,611)
83,123
-
-
-
-
-
(83,123)
-
-|
At
31.3.25
£
2,463,844
1,110,000
23,453,232
27,027,076
10,938
74,014
353,831
2,766,155
254,119
-
3,459,057
30,486,133|
|---|---|---|---|---|
**Notes to the Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**23**
**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**
Seafarers UK for regular grants
Seafarers UK (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 caseworking
**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
£
£
1,341,561
(1,922,876)
65,000
(65,000)
10,000
(5,600)
115,500
(115,500)
23,868
(23,868)
1,105
(6,126)
8,061
(26,414)
46,332
(63,309)
4,254
(2,202)
13,200
-
287,320
(308,019)
1,628,881
(2,230,895)
At 1.4.23
Net
movement in
funds
£
£
2,071,448
1,110,000
886,111
-
22,946,061
-
26,127,509
886,111
2,847
3,691
81,712
(3,882)
356,612
5,931
2,565,214
162,500
228,922
18,066
64,088
5,835
3,299,395
192,141
29,426,904
1,078,252|Gains and
losses
£
511,648
-
-
-
-
1,205
9,641
55,418
5,079
-
71,343
582,991
Transfers
£
(764,782)
-
764,782
-
-
-
-
-
-
-
-
-|Movement
in funds
£
(69,667)
-
4,400
-
-
(3,816)
(8,712)
38,441
7,131
13,200
50,644
(19,023)
At 31.3.24
£
2,192,777
1,110,000
23,710,843
27,013,620
6,538
77,830
362,543
2,727,714
246,988
69,923
3,491,536
30,505,156|
|---|---|---|---|
**Notes to the Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**24**
**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
## **17. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Seafarers UK for regular grants
Seafarers UK (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 caseworking
**TOTAL FUNDS**|Incoming
resources
£
1,090,577
50,000
15,000
110,000
20,332
1,237
8,502
49,086
4,500
6,045
264,702
1,355,279|Resources
expended
£
(1,917,321)
(50,000)
(11,309)
(110,000)
(20,332)
(9,279)
(33,622)
(65,674)
(2,845)
(210)
(303,271)
(2,220,592)|Gains and
losses
£
1,712,855
-
-
-
-
4,160
31,051
179,088
16,411
-
230,710
1,943,565|Movement
in funds
£
886,111
-
3,691
-
-
(3,882)
5,931
162,500
18,066
5,835
192,141
1,078,252|
|---|---|---|---|---|
## **18. RELATED PARTY DISCLOSURES**
The Society owns 100% of the issued share capital of Shipwrecked Mariners Trading Limited, which is maintained as a dormant company following transfer of trading activity to the main charity in April 2020.
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 2025**
**Registered Charity no: 212034**
**25**
**Shipwrecked Fisherman and Mariners’ Royal Benevolent Society**
## **19. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM ACTIVITIES**
|
**Net income/(expenditure) for the reporting period (as per the**
**statement of financial activities)**
**Adjustments for:**
Depreciation charges
Losses/(gain) on investments
(Increase)/decrease in debtors
(Increase)/decrease in stock
Increase/(decrease) in creditors
**Net cash provided by (used in) activities**
**20.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand
Notice deposits (less than 3 months)
**Total cash and cash equivalents**|2025
2024
£
£
(19,023)
1,078,252
4,239
4,827
(421,045)
(1,761,607)
(68,505)
(170,733)
1,738
(4,541)
13,405
3,023
(489,191)
(850,779)
2025
2024
£
£
2
14
228,204
141,415
228,206
141,429|
|---|---|
||
|
**Notes to the Financial Statements Year ended 31[st] March 2025**
**Registered Charity no: 212034**
**26**