2022-12-31-accounts - Merchant Navy Welfare Board

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		Page
Chairman's Foreword
Chief Executive's Introduction
Report ofthe Trustees		3-16
Report ofthe Independent	Auditors	17 - 20
Statement ofFinancial Activities		21
Balance sheet		22
Cash Flow Statement		23
Notes tothe Financial Statements		24-40

					Unrestricted	Restricted	Total	Total
					funds	funds	funds	funds
				Note	2022 5	2022 5	2022f	2021 5
Income from:
Donations, legacies	and grants			3	5,554	3,855,410	3,860,964	190,037
Investments				4	247,894		247,894	220,516
Otherincome				5	7,048		7,048	6,171
Total income					260,496	3,855,410	4,115,906	416,724
Expenditure on:
Raising funds				5	41,574		41,574	48,889
Charitable activities:
Support services to Constituent
Members					101,986	2,719,848	2,821,834	432,467
Grants to support	the work		of
Constituent Members					189,282		189,282	87,452
Grants unspent								(2,500)
Support to promote welfare			activities		592,427		592,427	579,292
Total expenditure					925,269	2,719,848	3,645,117	1,145,600
Net (expenditure)/income		before net
(losses)/gains on investments					(664,773)	1,135,562	470,789	(728,876)
Net gains / (losses)	on investments				(1,128,842)		(1,128,842)	1,659,133
Transfers between funds				17	(92,600)	92,600
Net movement in funds					(1,886,215)	1,228,162	(658,053)	940,257
Reconciliation offunds:
Total funds brought	forward				15,277,871	179,036	15,456,907	14,516,650
Net movement in funds					(1,886,215)	1,228,162	(658,053)	940,257
Total funds carried	forward				13,391,656	1,407,198	14,798,854	15,456,907

		FOR T	HE	YEAR ENDED 31 DECEMBER	2022
					2022	2021
						6
Cash flows from operating		activities
Net cash	used in operating	activities (note 20)			71,894	(1,008,690)
Cash flows from investing		activities
Dividends	and interest from	investments			247,894	220,516
Purchase	oftangible fixed assets				(5,558)	(7,601)
Proceeds	from the sale of investments				3,379,693	2,484,349
Purchase	ofinvestments				(2,975,345)	(2,039,539)
Net cash	provided by investing activities				646,684	657,725
Change	in cash and cash	equivalents	in	the year	718,578	(350,965)
Cash and	cash equivalents	at the beginning		ofthe year	358,915	709,880
Cash and cash equivalents		at the end	of	the year	1,077,493	358,915
The notes on pages 24 to 40 form part ofthese financial statements

Fixtures and fittings	- 10%on cost
Computer equipment	- 33%on cost

	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2022	2022	2022	2021
	5	5	8	5
Donations	5,554	1,560,000	1,565,554	4,554
Legacies				27,392
Grants		2,295,410	2,295,410	158,091
	5,554	3,855,410	3,860,964	190,037
Total 2021	31,946	158,091	190,037

		Unrestricted	Total	Total
		funds	funds	funds
		2022	2022	2021
		6	E	6
Quoted	UK and Non-UK investments	245,371	245,371	220,516
UK Portfolio cash interest		2,523	2,523
		247,894	247,894	220,516
Total 2021		220,516	220,516

		Unrestricted	Total	Total
		funds	funds	funds
		2022	2022	2021
		6		6
	Rental ofcar park spaces	3,211	3211	3,312
	Courses	2,618	2,618	2,863
	Sundry income	1,219	1,219	(4)
		7,048	7,048	6,171
	Total2021	6,171	6,171
6.	Raising Funds

		Unrestricted	Total	Total
		funds	funds	funds
		2022f	2022f	2021 6
Portfolio management	fees	41,574	41,574	48,889
Total 2021		48,889	48,889

					Unrestricted	Restricted
					expenditure	expenditure	Total	Total
					2022	2022	2022	2021
					6	6	5	6
Vehicle Replacement		Fund				128,088	'f28,088	152,460
MN Medal Fund						1,342	1,342	2,667
IPWP Programme						78,166	78,166	146,148
Ukrainian Seafarers Emergency				Comms		1,382,920	1,382,920
Recognition ofCarers						8,284	8,284
ABP Humber Levy						87,164	87,164	48,744
MNA Emergency	Support		Fund			60	60	2,129
MiFi Project						19,250	19,250	20,844
DfT Seafarer Wellbeing						1,014,574	1,014,574
Caseworker costs					14,067		14,067	18,023
Training courses					25,151		25,151	24,657
Evaluation studies					2,117		2117	1,000
Port welfare promotion					4,529		4,529	2,013
Merchant Navy Fund		promotion		contribution	3,700		3,700
Seafarer Support					9,133		9,133	6,764
MNWB PR 8 Marketing					13,342		13,342
Annual Seafarers	Welfare		Conferences		29,020		29,020
Ambassadors					927		927	7,018
					101,986	2,719,848	2,821,834	432,467
Grants to support	the	work	ofConstituent
Members					189,282		189,282	87,452
Grants unspent								(2,500)
					291,268	2,719,848	3,011,116	517,419
Total2021					144,427	372,992	517,419

			Management	Governance	Total	Total
			2022 f	2022 f	2022 6	2021 E
Office running costs			27,569		27,569	15,947
Staff life assurance	and training		3,637		3,637	12,260
Subscriptions and publications			2,839		2,839	4,524
Other costs			90,004		90,004	132,392
Head office costs				21,025	21,025	27,153
Trustees' expenses				4,173	4,173	546
Legal and Professional Fees				2,193	2,193	4,194
Accountancy				18,795	18,795	19,425
Auditors' remuneration				10,120	10,120	9,860
Wages and salaries			307,232	22,776	330,008	288,302
National insurance			38,635		38,635	32,430
Pension cost			42,651		42,651	40,511
Depreciation			3,778		3,778	4,603
			516,345	79,082	595,427	592,147
IPWP Support - Administration		costs				(10,001)
Mi-Fi Support - Administration		costs	(2,000)			(2,000)
MN Medal Fund Support - Administration
costs			(1,000)			(1,400)
			513,345	79,082	592,427	578,746
Total 2021			494,940	83,806	578,746

		Unrestricted	Total	Total
		funds	funds	funds
		2022	2022	2021
		6	6	5
Support	Costs	56,306	56,306	61,178
Wages	and salaries	22,776	22,776	22,628
		79,082	79,082	83,806

								2022	2021
								F	6
Depreciation oftangible			fixed assets:	owned	by the	charity		3,778	4,603
Auditors'	remuneration	-	audit					9,020	7,680
Auditors'	remuneration	-	other services					2,500	2,180
During the year, no Trustees received				any remuneration			(2020 - ENIL)
During the year, no Trustees received				any benefits		in kind (2020 - ANIL).
During	the year, Trustee		expenses	were paid to		five	(2021 - one) Trustee	amounting to 6573 (2021:
6546).

											2022	2021
											6	5
Wages and salaries										330,008		288,302
Social security costs											38,635	32,430
Contribution	to defined	contribution		pension schemes							42,651	40,511
										411,294		361,243
The average	number ofpersons employed				by the charity		during the year was			as follows:
											2022	2021
											No.	No.
The number f60,000was:	of employees		whose	employee		benefits	(excluding		employer	pension costs)		exceeded
											2022	2021
											No.	No.
In the band 670,001 -		680,000
The key management F163,574).		personnel		of the charity		recieved		aggregate	remuneration		of F169,134 (2021:

		Fixtures and	Computer
		fittings f	equipment 6	Total 6
	Cost orvaluation
	At 1 January 2022	14,952	49,006	63,958
	Additions		5,558	5,558
	At 31 December 2022	14,952	54,564	69,516
	Depreciation
	At 1 January 2022	14,952	43,939	58,891
	Charge for the year		3,778	3,778
	At 31 December 2022	14,952	47,717	62,669
	Net book value
	At 31 December 2022		6,847	6,847
	At 31December 2021		5,067	5,067
13.	Fixed asset investments
			UK Porffolio
		Listed	cash
		securities	investments	Total
		5	E	E
	Cost or valuation
	At 1 January 2022	14,913,632	267,171	15,180,803
	Additions	2,975,345		2,975,345
	Disposals	(3,220,487)	(159,206)	(3,379,693)
	Revaluations	(1,128,842)		(1,128,842)
	At 31December 2022	13,539,648	107,965	13,647,613
	Net book value
	At 31 December 2022	13,539,648	107,965	13,647,613
	At 31 December 2021	14,913,632	267,171	15,180,803

	Investments	at mark	et value com	prise:
					2022f	2021 6
	Listed securities				13,539,648	14,913,631
	Cash and settlements		pending		107,965	267,171
	Total Market	value			'I3,647,613	15,180,802
	Historical cost of listed securities			held
					2022f	2021 F
	Historical cost				11,852,202	11,875,450
14.	Stocks
					2022	2021
					6	E
	SIM cards				182,640
15.	Debtors
					2022	2021
					6	E
	Other debtors				16,240	26,978
	Prepayments	and accrued income			29,851	20,798
					46,091	47,776

		2022	2021
		6	5
Trade creditors		30,601	9,122
Grants payable		65,220	83,207
Other taxation and social security		11,978	7,714
Other creditors		780	564
Accruals and deferred	income	53,251	35,046
		161,830	135,653

							Balance at
		Balance at 1					31
		January			Transfers	Gains/	December
		2022 5	Income 5	Expenditure f	in/out E	(Losses) 5	2022 E
Unrestricted
funds
Unrestricted
funds		15,277,871	260,496	(925,269)	(92,600)	(1,128,842)	13,391,656
Restricted
funds
Vehicle
Replacement
Programme		79,775	93,053	(128,089)	39,000		83,739
MN Medal Fund		'I,142	1,693	(1,342)	100		1,593
IPWP
Programme		69,117		(78,166)	40,000		30,951
MiFi Project		28,942	4,500	(19,250)	9,000		23,192
ABP Humber
Levy			87,164	(87,164)
MNA Emergency
Support Fund		60		(60)
Ukrainian
Seafarers
Emergency
Comms			5,000	(5,559)			(559)
Ukrainian SIM
Cards			1,560,000	(1,377,360)			182,640
DfT Seafarer
We8being			2,100,000	(1,014,574)			1,085,426
Recognition	of
Carers			4,000	(8,284)	4,500		216
Total Restricted
funds		179,036	3,855,410	(2,719,848)	92,600		1,407,198
Total offunds		'f5,456,907	4,115,906	(3,645,117)		(1,128,842)	14,798,854

						Balance at
	Balance at					31
	1 January			Transfers	Gains/	December
	2021 6	Income 5	Expenditure 6	in/(out)	(Losses)f	2021
Unrestricted
funds
Unrestricted
funds	14,158,313	258,633	(772,608)	(35,600)	1,669,133	15,277,871
Restricted
funds
Vehicle
Replacement
Programme	232,235		(152,460)			79,775
MN Medal Fund	3,809	1,400	(2,667)	(1,400)		1,142
IPWP
Programme	100,507	84,758	(146,148)	30,000		69,117
MiFi Project	21,786	21,000	(20,844)	7,000		28,942
ABP Humber
Levy		48,744	(48,744)
MNA Emergency
Support Fund		2,189	(2,129)			60
Total Restricted
funds	358,337	158,091	(372,992)	35,600		179,036
Total offunds	14,516,650	416,724	(1,145,600)		1,669,133	15,456,907

Analysis ofnet assets between funds - current year
	Unrestricted	Restricted	Total
	funds	funds	funds
	2022	2022	2022
	E	E	E
Tangible fixed assets	6,847		6,847
Fixed asset investments	13,647,613		13,64?,613
Current assets	(100,974)	1,407,198	1,306,224
Creditors due within one year	(161,830)		(161,830)
Total	13,391,656	1,407,198	14,798,854
Analysis ofnet assets between funds - prior year
	Unrestncted	Restricted	Total
	funds	funds	funds
	2021	2021	2021
	E	E	E
Tangible fixed assets	5,067		5,067
Fixed asset investments	15,180,802		15,180,802
Current assets	227,655	179,036	406,691
Creditors due within one year	(135,653)		(135,653)
Total	15,277,871	179,036	15,456,907

									2022	2021
									5	5
Net income/expenditure for	the	year	(as		per	Statement	of	Financial
Activities)									(658,053)	940,257
Adjustments for:
Depreciation charges									3,778	4,603
Gain/loss on investments									1,128,842	(1,669,133)
Dividends and interest from investments									(247,894)	(220,516)
Decrease/(increase) in stocks									(182,640)
Decrease in debtors									1,685	12,997
Increase/(decrease) in creditors									26,176	(76,898)
Net cash provided by/(used	in) operating			activities					71,894	(1,008,690)
Analysis ofcash and cash equivalents

			2022	2021
			F	F
Cash	in hand		1,077,493	358,915
Total	cash and cash equivalents		1,077,493	358,915
		At 1		At 31
		January		December
		2022	Cash flows	2022
		5	6	6
Cash	at bank and in hand	358,915	718,578	1,077,493
		358,915	718,578	1,077,493

cancellable	o	perating leases as follows:
			2022	2021
			5	6
Not later than		1 year	31,665	31,665
Laier than	1 year and not later than 5years		113,081	116,746
Later than	5 years		81,667	109,667
			226,413	258,078