REGISTERED NUMBER: 004S3053 CHARITY NUMBERS: 212799 AND SC039669 ANNUALREPORT TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER2024 MNWB MERCHANT NAVY WELFARE BOARD CHAIRMAN'S INTRODUCTION On behalf of our tru￿ee8. it is with great pride that I presentthe Merchant N8vy Welfare Boaid's 2024 Annu81 Report. a y8arwhèrewe h8ve made signiticant progress in support of our mission: 'Improving the lives of se8f8rers andfishers byraisingwelf8re standardsin collaboration with ourstakeholders.. Within the following pages, Stuart anil his team have detailed the many achievements and advancements made in 2024. and the impact of projects that we have either supported or run ourselvès. These activities 8nd stories are the real reason we exist. and I commen¢J them toyou. Firstly. I should recognise our deep sadness at the passingof our Patron, Lord Prescott. Throughout his tim8 as 8n MP. First Secretary of St8te. Deputy Prime Minisier ano later in th8 House of Lords. Lord Prescott neverstopped in his enthusiastic support of the UK Merchant Navy and the seafarers who serve on board those ships. These are the seafarers that have been the lifeblood of the UK for hundreds of years. keoping Irade flowing to and from our shores in times of both peace and war. More recently when the world was 8tflicted by a pandemic everything, except shipping, seemeil to stop. During his nine years as Patron. Lord Prescottworked tirdessly in suppon ot MNWB and leaves a legacythatwill be hard to surmount. The MNWB works exclusively bysupporting. directlyand indirectly. our 47-beneficiarytacing constitU8nt m8mb8r ch8rities who either providefunding or directly provide services to se8faiers and the￿{ familiès. These member org8nis81ions do not have to b8 8n MNWB constituent m8mb8r but do so because they see th8t by working together. we are stronger than if we work in isolation. I would like to take this opportunityto thankthem for iheir ¢ontinved support in our 8ndeavours to improve the maritime charty sector forthe benefit of seafarers and their famiknes. Our Council rernains our core strength. It draws its representation from shipownèrs and managers. maritime unions and charities. 8nd others that can directLy supportour work and that of our constituent members. In 2024, Alex Campbell rejoined the Council representiro the SeNing Se8farers ch8ritias. New to the Council are AndrewJon8s of N8Lrtilus WÈlf8r8 Fund. Whèn you look across our trustees. the depth. experience and knowledge otthe Council 5UPPOrt our role as the sector's umbrella charity. Finally. I would like to iecognise Mark Dickinson. General Secretary of Nautilus International. who rets'red from the Council after 24yeats of service. The Strategic Plan we developed in 2022 completes at the end of nextye8r. at which pointwe will review the plan and refine for the next period. Progress h8s been good b￿there is mor8 to do to fulfil ourvision: 'To be the representative voice and drI￿n¥fOrCe lorthe welfare of merchant navyand fishing communities in the UK.. I would like to thank Stuart gnd his team for the hard workthey have put into supporting the Board's vital work. Noihingwould be 8chiev8d wihoul the diligent efforts of the B08rd's 9 siaff. Capt. Andrew Cassels- Chair CHIEF EXECUTIVE OFACER'S INTAODUCTION Another year of firsts is how some h8ve viewed MNWB'S 2024. And quite rightly. if I'm honest. In the past year, MNWB welcome(l its first President. benefitted from a £3.4m b005t to its funds. secured sponsorship lor its welfare conference. launched fNe new annu81 awards categories. 8nd much more. As we look back on th8 year. one ol the biggesi moments was the General El8ction. which has seen a change of governrnentwith new ideas and a raft of new PO￿"Cles_ This h85 provided us, oth behalf of the maritime charitl8S' Sèctor. with an opportuntty to restatè the imponance ofwelfaie provision lor seafarers and fishers to officials within UK Government. It W2S quite fittingthat we started and ended theyear in Westminster. We were delighted forthe first time ever to have a dedicated session atthe All-Party Parliamentary Group for Maritime and Ports on seafarers. welfare which focused on how the marrtime Se￿Or has coped with recent crises. And the year culminated with Chair Capt. Andrewcassels and I pa￿ng8 visit to Great Minster House to meet with the Maritime Minister. Mr Mike Kane MP. where we expiaine(J our role as the National Seafarers, Welfare Board and the need for sustsinable welfare services. We have worked with our47 memb8r charities to supportthem and the￿tal work theydo for seafarers and fishers. Wilh much coLlal)oraiion, we h8ve made 8 real difference in Ihe maritime w8lf8re secior. It has been a memorable year. with èvthote host of including: Working wrth ABP to roll out a voluntarywelfare Iw to lis network of 21 ports. A first. Securing sponsorship for our annual awards and Port Welfare Conterence. A fltst. Hosting a dedicated session on welfare at the Maritime and Ports APPG. A first. Bringing Port Wellare Committee IPWCI chairs togetherto form the N8tion81 Port Welfaro Forum. Afirst. Receiving a £3.4tn leg8cyfrom Mr Ronald Carnp. following his passiiig in 2022 and forwhich we are trulygrateful. A Ilrst. Welcoming C8Pt8in Sir18n McNaught 89 our President. A first. In November. we said f8rewell to our long-servingvice chair, M8rk Diekinson. vh)0 has stepped down after two decades with the Board. I'd like to place on record mythanks to Mark for his support overthe years.. his guidance will tse hugely missed. Thisyear is 81s0 tinged with sadness as we lost our Patrorb. Lord Prescott Served us formidablywell over the nineyears and I'd like to thank hirn for everything he did for Us- he was 8 true giantof politics. The MNWB t8am is 8volving but our commitm8nt to OelNering projects and servic8s in support of Dur mefflbers and their beneficiaries remains strong. l am grateful for the team's hard work in making 2024 a su¢cessluly8ar. l also extend mythanks to our Chair, Capt. Andrew ca￿818, and the entir8 board of trustees. whose support aFKI experience adds real value to our work." We look forward to 202S and continuingto improve the lives of seafarers and fishers by raising welfare standards in collaboration with our stakeholders. Stuart Rivers- Chief Executive Officer STRUCTURE, GOVERNANCEAND MANAGEMENT The Trusiees p[esentt￿lr 78. Annual Report and the audtted Financial Ststements for the year ende 31 December 2024. They hwe adopted the provisions of the Charities SORP IFRS 1021'Aceounting and Reporting by Chaiities.- Staten*nt of Recommended Practice. 8ppIic8ble to charities preparingth&ir accounts in accordance wf(h the Financial Reportingstandard applicable in the UK and Republic of Ireland IFRS 1021 leffectNe 1 January 2015) I SORP 2019.1. TRUSTEES AND MEMBERSHIPOFTHE COUNCIL The Board's trustees are collectively known as its Couneli. New members are appointed by Council, primBrily based on the skills and experience required to carry outtheir responsibilities effectively in th8 best Interest of the charity. The B08rd wishes to piaee on record tts appreciation forthe contribution made by 811 members ot the Council an(1 thanks 8U Vusteesthat retired duringthe y88r. Council membership during 2024 was as follows- Patron.- The Lord Pre8COtt {Deceased 20.11.24} Vice PreshJent= Robertcourts MP Chair.. C8Pt. Andrew Casseis Vice Chair= Mark Drkinson SHIP OWNERS. & SHIP MANAGERS. REPRESENTATIVES: Capt. A Cassels (Chairl, UK Chamber of Shipping (Re-appointed 30.06.24) TE Springett, UK Chamber of Shipping (Re-appointed 30.06.22) Capt. Louise Saia (Appointed 22.09.221 TRADE UNION REPRESENTATIVES: D Appleton. Nautilus Internation8L IRe-8ppointe(J 30.06.231 M Carden. RMT (Re-appointed 30.06.241 M Dickinson ￿￿e-Chair). Nauiilus Int8rn8tK)n81 IR8s¢gned 07.11.241 D Procter, AMT {Re-appointed 30.06.231 VOLUNTARY SECTOR REPRESENTATIVES: Capt. l Osmond RN, Shipwrecked Mariners. Society {Re-appointed 30.06.241 Andrew lones, Nautilus Welfare Fund, (Appointed 07.11.241 N Barley, Sailors. Children's Soeiety (Appointed 20.07.23) A Campbell OBE IAppointed 07.11.23) PERSONS ABLE TO MAKE A PARTICULAR CONTrIBUTION OF VALUE TO THE CHARITY BECAUSE OFTHEIR SPECIAUSTEXPERTISE: A Godfrey. Th& Fish&rmen's Mission IRe-Appointed 30.06.221 G Lane. Chartered Accountant (Re-appointed 30.06.221 R Ballantyne OBE. British Ports Association {Re-appointed 30.06.241 A Hodgson, UK Chamber uf Shipping (Re-appointed 30.06.231 OBSERVER STATUS: O. Mallinson, Maritwne& Coastguard Agenw (Appointed 11.03.24- Resigned 31.12.20241 COMPANY SECRETARY Stuart RNers. Chief ExecutNe Off ￿er PROFESSIONALADVISERS Auditor5: james Cowper Kreston. The White Building. Southampton, Hampshire. S015 2NP Bankers: CAF Bank Ltd, 25 Kings Hill Avenue, West Mallin& Kent. ME19 4JQ Stslicttors." Pails Morgan, 1 London Hd, SoLrthampton S015 2AE Investment Man8ger: Bordier & Cie IUKI PLC. 23 King Street. St james's. London. SW1Y GQY Penslon Advisers: F8irstone We81th Management Ltd. Red Rose Court, Clayton Business Park, Clayton- le-moors. BB5 51R Accounts Admlnistratlon: Winchester Bourne Ltd. Sullivan Court. Wessex Business Pork. Colden Common. Winchester. S021 1WP STAFF TEAM Stuart Rivers. Chief Executive Officer Sharon Coveney, Deputy Chief Executive Joel Holt. Media and Communications Manager Celia jackson. Grants & Impact Manager Helen van Gass, Weltare & T￿I￿l￿g Manager Aiden HaNey. Projects & Welfare Coordinator Sarah Edward, Portwelfare Committee Manager Susan Atkinson. Port Welf8re Committee M8nager IResigned 13.09.241 Alex Houghton. Port Welfare Committee Manager (Joined 02.12.241 Nicky C8niello, Executive Assist8nt & Off ice M8na8ei (Resigned 21.06.24) The Council ol Management is responsÈble for the following employment Matters. Staff employment contracts base(J on aLtrce from the Board's appointed human resources advisers. Setting the employer's and minimum slaff contributions tow8r(1s the pension schgme. Appointinga financial adviserto advise on the appointment of a pension provider. REGISTERED OFFICE The registered ottice of the B08rd is- 8 Cumberland Place. Southampton S015 2BH Telephone: 023 8033 7799 REGISTIIATION DETAILS The Board is registered in Engtand & Wales. under company number 453053. as 8 Companylimited by 8uarantee and as such it does not have share capital. The Board is also registered under number 212799 with the Charity Commission for England & W8les and in ScotEan(I wth the Office of the Scottish Charity Regulator IOSCRI under number SC039669. TAXATION STATUS The Board. as a registered charity in Englènd and Wal8s. is exemptlrom t8xation on its charitable aciNilitrs. This has been confirmed by HM Revenue & Customs. NATURE OFTHE GOVERNING DOCUMENT The Board is governed by Articles ofAssociation adopie(J by a Special Resolution on 20 May 2010 and last 8merbded on 9 March 2023. These complywith the prowsions ofthe Companies Act 2006 and Ihe Charities Act 2011. STATEMENTOF PUBLIC BENEFIT The objectives. activities. achievements. and perfoimance otthe Board. which the chortty undertakes for public benefit, afe clearty set out in this report. The trustees ¢ontirm thatthey have relerred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Board's aims and objectives and in pianninglulure activities an(J setting out the grant making policy. In the interests of transparen￿. the trustees make thefollowing statements regarding public benefit.. The clear benefits provided by the Board are delivered through the key objectives set out below and reflect8d in the disclosure of ch8rit8ble expenditure in the Stat8m&nt of Fin8nci8lAciivities. The primary objective of the Board is to help improve the eflectiveness of all those charities aring lor merchant seafarers. fishers. and their dependants and this is done irrespective of ationality. religion, or ethnic background. No deiriment or ham arisingfrom the work ofthe Board has been identified. The beneficiaries are those chariiies caringfor m8rchant seafar8rs. fishers. and their dependants. This is directly in accordance wth the terms of the Board's constilution. The Board is aciive within the United Kingdom, Gibr81tsr, and the F81kland Islands, and has worldwide connections. People in poverty are at the heart ofwhat the Board does. and it is not aware of any Member Organisation that excluées benefits from anyone in poverty. There are no private benefits of which the Board is aware. VISION STATEMENT To be the represeniaiive voice and drivingforce forthe welfare of meichant navy and fishing communities in the UK. MISSION STATEMENT Improving the lives ot seatsrers and fishers by iai$ingweEf8re standards in collaboration with our stakeholders. OBJECTIVES The Key Objeetiv&s of the Merch8nt Navy Welfare Board are to- Help improve the effectiveness of all those charities caringfor rnercharrt seaf8Ters. fishers, and their dependants and this is done irrespective of nationality. religion. or ethnic background. Siriveio ensure that 811 welfare needs 8re met through the most effective deploymeni of resources. F8ciliiate the workof Memberorganisations through th? provision of grants and speei81ist support setvices. Provide a dedicated welfare support and referral service for UK seafarers and their dependants. Manage and support Port Welf8re Committees to develop Ioc81 welfare services. Encourage and enBble closer collaboraiion amongst both Membèr Organisations ond Port Welf8re Comrnittees. Represent and false awareness of seafarers. welfare issues at n8tion81 level. N.B. The wordingshown 8tsove summ8Kises the fom181 Ch8nt8ble Objects, g copyofwhich m8yb8 obt8ined upon reouest. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Board's Courbcil holds three meetings annually. These 8r8 used to review current strategy. financial matters. investments. support services lo Members, gr8nt distiibution and agree luture policy. In 8dtlition, it holds joint bienni21 conferences for Members and Port Welfare Cornmittees. In the event that amendments to the AnicLes of Association are required. Council must ag￿ e the amendments ty special resolution. The Council takes the viewthat internal controts provide adequate safeguards. All transactions are properly authorised and recorded thus @nsuringihat any mBi8rial èrrors and irregularities are detected and prevented. The Council h85 de18gated responsibility forthe operation of the ¢h8rityto the Chief Executive Officerwho. alongwith the staff team. ensure the charity delivers its charitable objects and r8mains a going concern. WELFARE ORGANISATIONSSUBSCRIBINGTOTHECONSTfTUTION OFTHE BOARD In 2024, four new charitablo organisations were added to MNWB'S membership, bringing the totsl number to47members. Aberdeen Seafarers, Centre Aged Merchanl Seamen's Homes Alabaré BrouEhton House Care Ashore Defencè Medicalwelfare Service Erskine Hospital Fares4Fre8 Grimsby Sailors & Fishing Charity Guild of 88nEvolenc8 ol th8 IMarEST Honourable Company of Master Mariners Charilies Lighthouse Seafarers Mission. Falklands Liverpool Se8f8rers' Centie Lowpstoft Fishermen's and Seataiers. Benevolent Society Marine Soeiety&Sea Cadets Merchant Navy Association Nautilus Welfare Fund Naval & Milit8ry Bible Society NeurodiversAtSea Queen Victori8 Seam8n's Rest QVSR Seafarers. Centres Royal Alfred Seafarers. Society Royal Liverpool Seamen's Orphan Inslitution Royal Meichant Navy Educaiion Foundation Saferwaves Sailors. Children's Society Sailors. Orphan Society of Scotland Sailors. Society Scottish Nautical Weltare Society Scottish Veterans. Residences Seafarers. Advice & Inform8tion Line Seamen's Christian Friend Society Seafarers Hospital Society Seafar&r's W81fare Fund (Gibroltarl Shipwrecked Mariners. Society SSAFA Stella Maris. Great Britain The Fisherrnen's Mission The Mission to Seafarers The Seatsrers, Charity Trinity House TrinityHouse. Hull Tyne Mariners, Benevolent Institution V8t8r8ns' Aid Whitby Merchant Seamen's Hospital House Willie Se3ger Memorial Trust Wilson's Mariners. Homes N.8. These gre notconnectedcharities within the meaningofthe SORP2019. Under its Articles otA3sociation. the Board is no longer required to hold 8 form81 Annual General Meeting. For any constitutional changes it will hold an Extraordinary General Meeting IEGMI to which all members organisations will be invited. TRUSTEE INDUCTION Trusteès are either appointed or elected. The UK Chamber of Shipping is responsible for appointing representatives from the Ship Owning and Ship Management sector. curiently ft)ur in number. Nautilus International and the Rail and Maritime Transport Union IRMT) are responsible for appointing the Trade Union Represent81ives, currentlytwo from each organisation. The Maritime Charity Mernbers electthe Voluntsry Sector RepresentatiV8s. Th8 Council appoints those persons ablè to make a p8rticul8r contribution. currently live. Each appointment. or election. for all backgrounds. is for three years and a maximurn of thr¢e terms of office. All newly 8ppointed trustees are piovided wth an induction pack that includes the governing documents. 18t88t annual report, recent minutes of Council and other relevant meetings, publicity literature and the Ch8rityCommission's relevant publications and information leaflets. Within the first few months ol theirelection. Council members are inviteé to attend an induction at the Board's offices where they are introduced to the staff. wven a compr&hensive insight into the daily operation and a briefing coveringthe Board's current strategy and project5. Thg Trustee Role Description.. outliningthe general duties of the Board. is reviewed annually. PAYMENTS TO TRUSTEES No member of Council receN8S any paymentfor acting as a trustee, other than. on occasion. out of pocket expenses. CONFLICTS OF INTEREST The Boaid maintains a registgr of interests olall Injstees and senior staff. Additionally, 8t each m88ting ofthe Council. all those present are asked io declare any pot8ntial conflicts of interest when appropriate. REMUNERATION POLICY The Board is commined to ensuring th81 Staff are adequately remunerated to ensure that it attr8Cts and retains the right skills to achieve the ch8ritys objectN8s. In accordance with SORP 2019. the 8oard= discloses all payments to trustees (these are out of p￿ket expenses only). discloses staff in receipt of more than £60.000 salary including gross payand taxable benefi.ts. discloses the pension policy. confirms thatthere are no benefits in kind. The Board has appointed a r8muneration sub-committee. ¢onsistin8 of the Ch8ir 8nd iwo trustg8s. advised by the Chief Executive Offic8r Iwith exception of their own remun8r8tion). which m&8ts to review and recommend the payfoi all stalf. The suts-committee.. reviews the Board's s818ry strucwre using indepen(Jent market benchmarking ano makes 8m8ndrnents, when appropriate, to ensure that salaries remain competitive. recommenas any annual staff salary increase to Council for approval h8ving considered CPIH inflation and ernployment market irrformation. approved the s18rtingsal8ryfor new employees andlor reeommend to Council the starting salary which is higher than that ol the pr8wous incumb8nt. RISK MANAGEMENT The Board has a formal risk management process. which identities the role forth8 Council as= ensuring that the identification. assessment, and miti88tion of risks are linked to th8 achievement ofthe Board's operational objeetive$. ensuring that the process Covers all areas ot risk. includingfinancial. governance, operational 8nd reputational risk. and is focused prirnarilyon major risks including those arisinglrom investment issues. nsuring that the process seeks to produce a risk exposure profile that reflects the Board's views as to the level ot accept8bl8 risk. reviewing and considerin8the princip81 results ol risk identification, evaluation. mitigation and mBn8gement. To ensure thaf risk management is a continuovs process and embedded in all management and OP6rational procedures. a review ot the risk profiLe is complÈtèd annually by the Chief Executive Officer and presented to the Council. This includes an evaluation of current activities and risks posed, the effe¢tlV8ness of eontrols in place that rnitigate material risks posed and an action plan to develop additional controls where necessary. COMPLAINTS PROCEDURE The Bo8rd has in place a policy to deal with any complaints from the public or other organisations. Details of the policycan be found 8t PRIVACY POLICY The Board is committed to protecting and respectingthe privacy otthose whose data it hendles and has in place a privacy policy that cèn be found at ENVIRONMENTAL SOCIALAND GOVERNANCE IESGI POLICY At tha Merchant Navywellare Board {MNWBI we are committed to embedding Environmental. Social, and Governance IESGI principles into all facets of our operations. with a strongtocus on safeguardin8 the welfare and well-being of the seafarers who play a vital role in gLobal trade and logistics. Environmental Responslbility We r8cognise our environmental impact and are dedicated to minimising itthrough sustainable practices. reducing ernissions. and responsibly manawng our resources. Our approach includes implementing efficient energy use, waste reduction stratewes. and continuouslyexpioring irbnov8tiv6 solutions that support the welfar8 of sèafarers. who ar8 the lifeline of the maritime industry. Through our regular activitywe minimise. whwe possible. our impact on th8 environment. While many of our meetings and forvms a￿ in person. we aim to offerhybrid options whenever possible to reduce the impact oftravel. Our Vehicle Replacement Programme supports a total of 62 vehicles in the UK that ar Used to deliver seNices and prowde transport for seafarers and fishers. Each year, up to 12 vehicles are replaced through the programme to ensure sale ana reliable iransport is available. Maintaining a modern fleet helps us to reduce the emissions caused by oldervehicles and. where practicable, we are encouraging the adoption of electric and hybrKI vehicles. Soclal Commitment As a cornerstone of our ESG strategy. we prioritise thewell-bein8 ofseafarers, who are integral to our industry and tace unique challenges in their ioles. We are commttted to en$uringth8t every se8farer h8S access to sate working conditions. mental health support. and equitable treatment regardless of naiionality, gender. or background. Of course. thewellbeingol the MNWB staff remains high on our ESG ag8nda. Our remuneration pack8ge includes 8 ggnerous pension. group life insurance, clltical illness cover. and an employee assistar)ce progr8mme. As o registered Mindful Employer. we have a posittve attitude to the mentsl health ot stsll and ensure that 8ppropri8te support is available. Our seafarer-centric inili8tNe8 include= Partnering with mafitime welfare organisations to prowde shore-side support services such as medical car8. mental health resources. and recre8tional facilities. Advocating forfair iabour practices and anti-discrimination policies in all ports where we operate. ensufingthat seafaiers have a safe and respectful workplace. Raising awareness within our organisation and industry of the challenges seafarers face. including isolation, iimiied 8c¢ess to health resourees, and long periods away from family. Supporting seafarers, welfare initiatives through collaboration with Government Agencies. MBritime Trade Unions. Maritime Charities. Port Authorities. Port Health Authorities and Ship Owners. to ensure the highest standaros ot care and resources are available. Governance and Ethical Responsibility We uphold the highest standards ot coiporate govern8nce. tr8nsp8rency. and 8ccouni8bility in 811 aspects of our busirhess. Our commitment to ethical business practices includes robust cornpliance prograrns, regular audits. an(J strict adhor8nce to UK 8nd international regul8tiofis. We are equally committed to fostering a diverse, inclusive. and fairworkplace. prioritising integrity. and ensuring the ethical treatment of all stakeholders. including ourvalued seatarers. MNWB believes that by upholding our ESG responsibilities. we contribute not onlyto B moT8 Sustainable future but to a supportive and 8ouit8bLe environment forthose who keep our industry moving fomard. We remain committed to continual improvement ano transparency in all ESG areas to benefit our planet, oui people, and Ihe seafaringcomrnunity. The 8oard expects its irbvestrnent portfolio to be invested in funds where the underlying managers have gmbedde(I strong ESG disciplines into Iheir investment processes an(J coiporate culture, and in so doing they are actively seeking to invest in a manner which can provide solutions to sustainabiLity issues and in companies that have strong corporate policies and outwts relatingto the aforementioned ESG criteria. Th8 Board's expectation is th8tvnderlyinglund managers shoulo be identifying, and investing in. businesses that areworking towards a more sustainable future. based on positive impact and change ossessments rAthBr th8n neg8tive screening. Eouify, EQUALITY, DIVERsrrY AND INCLUSION Jointlytunded by MNWB. Trinity House. and The Sealarers'Charity{8nd m8n8g8d by MNV481. th8 EDI Pilot Project aim8 to educat8 and raise awareness of equity. diversity. and inclusion among trustee boards Bnd staff teBms within the mafltime wellare sector. In 2024, six EDI workshops were delivered at variou8 PWC meetings across the UK. Based on partlcipantfeedback. the team has produced an end of project report highlighling keyfrndings. These insights will help the workin8 gioup determine the next steps. which m8y include potential fundingoppiications fr>r o folLow up project. FINANCIAL CONTROLS The Board believes that the system of intern81 control provides adequate assurance that asset8 3re safeguarded. transactions are properly authorised and recordeij. and that materiel errors and irregularities are either prevented or detecied at an early stage. The financial corrtrols are reviewed annually and werè most recently updated in December 2024. RESERVES POLICY Ofthe total funds hel(J. £1,000,000 is designated as reserves that would enable the Board to operate for 8 minimum of one year should it need to wind up its operations. The Council annually reviews the level of the Board's unrèstricted lundsto meetthe ongoing8bilityto finance administrative costs, seNice8 to Members and grants. To determine and moniior the apwopriate Level ol reserves. the Council assesses the cost otwinding up the charitywithin one year. The B08rd takes the view thatthe invesiments held currently are adequate to ￿nerate funds to sustain the curreni levels ol demand for its services in the foreseeable future. The Board is not a tunL1raising charity and does not employ fundraisers. Ittherefore relies on this investment income and growth in the valye of investments to fund operational costs and grants to Members. INVESTMENTPOLICY MNWB'S investment portloiio was created when it sold the Merchant Navy Hotel in LaneasterGate, London in 2002. It was th8 intgntion of the Ihen Trustees thai this would provide sust8in8ble fundingfor the 8oard's operations to piovide better 5UPPOrtto its Members through supporting service5 and grant8. The primary source of income islrom investments and a tsrgeted 6% total return is 8 key part of the policy. The Board accepts this is a risk Strate￿ intende(J to provide greater retvrn. Whilst this continues to be maintaine(I, li is rewewed annually and can be revised at anytime in light of needs and ch8nging cireumstances. The most recent industry review indbcates thatthe number of older seafarers and their dependants is expected to decline slowerthan last iese8iched but will still accelerate over the next 15 years or 50. As a counterbalance there is evidence that the needs of those receiving support are increasing and beneficiaries ar& living longer. Atihe same time ther8 r8m8ins 8n ongoing need to support port-based welfare servFces forworking seafarers. The long-terrn negative irnpact of the Covid 19 pandemic will be assesse¢ on an ongoing basis. The B08rd'$ Investment Sub-committee meets after each quarter end. The investment managers attend the March Council meeting to 8ppr8ise trustees on the previous year's investment pertorm8nce 8nd forecas1 forthe comingye8r. io Investment M8n8gement The Board annually provides its investment managers. Bordier & Cie IUKI PLC. with an investment policy. Their costs ale based en the number ol transactions each quartei together with fees charged forthe man8gement ol the investmeni portfolio. Totèl costs Bmouni8d to £38.093 in 202412023.. É42.7861. The Board utilises benchrnarks to monitorinvestrnent pertormance and reviews investment retums on a quarterly b8SIS. Sooial InvestmentApproach The Board's investment policy is implemented through the use of collective investm8nt fijnds rather than, for example, indTvidual company shares. GNen the dr¥ersified nature of underlying investments the Board has not imposed any specrfic eihical orgeogfaphical restrictions with regard to investment but expects the spirit and objectives ol th& United Nations-backed Principles for Responsible Investment IPRII gui(felines to be obseThed bythe underlying investment fund fflanagers. These Principles look lo en¢ompass environmental. social. and corporate governance m0tt8rs into thrms. investment and dgcision-making processes. The 8oard has instructed its Investment Manager thai it expects underlying managers to not only adopt the Principles for Responsible Investment as supporte(I bythe Unite Nations IUNPRII, but also to be signatories to it. The Board's Investment Policy has been strengthened to include a Commitment to be providedwith an ESG (Environmental, Soci81. and Corporate Governance) report on an annual basis. FINANCIAL REVIEW The p8St year proved f8irly tumultuous on 8 numberof fronts: geopolitical tensions ar￿ conflict8 cornbined to create an unstabl& backdrop loi financial mark81s whilst major el8Ctions ond political upheaval across the globe added another layerof uncertainty. That said. generally receding inf18tionary pressures. which allowed key central banks to cut interest rales. and improving economic and corporate earnings growlh èxpeclalions, allowed a wide range of financial assets to perform well during the year. This backdrop helped our established investrneni portfolio post a gain of 9.0%, after 8(jIu￿1￿6f0r c8sh drawn from the porttolio amounting to £911.IY)O and additions of £197,000. In September 2024 we committed £3m from 8 leg8Cy to longterm investment. adopting the same investment policy as our established investment porttolio. This nèwly èstablish8d investment hed increased in valu8 ty 6.9% ty the year end. In aggregate. Ihe tot81 InVe￿ment portfolio posted an increase of 8.8% over the course of 2024. Aiding investment performancewere the Continued skews in our investment portfolio's positioning towards those areas exhibiting robust economic growth, namely the US and Asia. Investments benelitting from the growing &nablemeni and use of artificial intelligenc8 81so had a positlV8 impact. Our investment m8n8gers see p8rb"cul8rly compellingv81uation opportunities within mid- and smaller-size cofflpanies.. they have specifically increased exposur8 to sm8ller. domestic US businesses. which they consider to be post-us election beneficiaries, whilstthey have reduced exposure to areas expected to faee headwinds underthe new Republican administr*ion. Our investment m8nagefS believe thatthe positive environmentfor risk assets that drove good returns during 2024 should remain in p18ce in 2025. They expect inflation to slay reason8blyclose to c8ntr81 bank targets and positive global economic gr0￿h to be susiained. while a backdrop of falling interest rates, lower borrowingcosts. 'pro-giowth' policies from new goveinments 8nd improving corporète profits expeciations should prove supportive loi markets generally. Th8 net g8in on investments during 2024 was £1.012,73712023: gain £704,263). Atthe year-en(J. investments W8re valued at £17.244.80312023'. E13.676.8821 and totalfunds amounted to £17.659.135 (2023.. £13.839.1531. INCOME Donations And Lega¢i¢$ Whilst it does not aetivelyfundraise, the Board is always extrernelygratefulfor any don8tion$ and legacies received, which ale lully utilised in support of its objects. During2024. donBiions in the sum of £3,469.88212023: É7.0841 were recognised. Sponsorshlp In 2024. the Board secured sponsorship for its biennial Port Welfare Conference and Annual Awards for the lirsttime. Conlerence sponsorship r8ised £27.197 and theAnnual Awards sponsorship raised £5.0001£32.1971 against an actual spend of £37.370. As this approach proved successful, and reduced the pressure on th8 Board's own lunds. it is our intention to look for sponsors for future events. Government Contracts & Grants In 2024. the DepartmentlorTransport provided funding forty￿ MNWB projects.. the Vehicle Replacement Programme1£84.01)01 and the MiFi Proje¢t1£6.000). No other grants were received from Governmentdepartments. MNW8 GRANTS MNWB'S main priority is to provide support seryices to irs Members. PWCS and wotkinggroups. and its s8cond8ry priority is to provide grants. The amount made available for grants annually is based on the over811 return from the investment portfolio after de(lucting revenue costs and servic8S to M8mb8rs. Underthe Small Grants Progr8mme. the Ch8ir 8nd Chief Execuliv8 Officer are authorised to allocate individual grants of up to £10.000 throughout the year. up to a total annual limit 01 £100,000. This increased from E5.01)O pergrant UP 10 8 limitof £50.000 in 2024. following a un8nimous vote in favour by Trustees. Granls over£10,OOOwll continue to be re¥iwed by Trustees and decided by majorityvote. During2024. the followinggrant offerswere made from MNVIB'S own funds. anisatityn Projert MN Oay Commemorative Day SeThi ReunK)n Digital Ltbrary for Seafarers Belfast Cruise Ship Terminal Crew Welfare Portacabin Port banner project Main building fire d￿r5 Mental Health Support- T￿etherA￿l Fishlng for Better Health Cllnlc NMBS Portacabin Southampton Seafarers, Centre Aberdeen Project Annual National Service for Seafarers Website Redes Amount MNA £soo.00 MSSC £4.525.00 Mis510ri to Seafarers ThÈ FishèKmen's Mission Care Ashore Seafarers Hospltsl Socièty Seafarers Hospital Society Naval Military & Bible Society Stella Maris Seafarers, Christian Friend Society Annual Natlonal Service for Seafarers Royal Alfred Seafarers, Soclety £4,139.46 £2,602.1YJ £46,(KK) £5.700.(K) £6.663.C £7.850.IXJ E13,786.CKJ £809. £i.O(K).IMI £i0.0￿.C MaTTne Society Digital bbrary- Marketing materia Critiol Incident Stress Management Trainin8 MSSC £675.( The Mi55i0n to Seafarers £7,519.(K) 12 GRANTS ADDED BACK Some grants were not fulfy expended and in 2024 a totsl of £2.428 was vffltten back into the Board's funds 12023.. £47,6141. RESTRICTED FUNDS The Board maintained restricted funds for support programmes and projects, 8$ follows: Vehicle Replacernent Programme MN Medal Fund MiFi Project Seafarer Wellbeing Seafarersupport (now a'semce to Members} NSWB & Portvisitor (formerly the IPV4P Programmel EXPENDITURE Staff Staff levels decreased from nine to eight mid-year and from ei8fit to seven in September due to staff resignations received from Nicky Cantello (Executive A8sisLint & Office Manager) and Susan Atkinson IPWC Manager). Alex Houghion joined MNWB in Decèmber, rèplacing Susan Atkinson as Port Welfar8 Committee Manager. Pensions In line with legislation set down by the Pensions Regulator 811 members of staff are eniitted to enter a contributory group personal pension plan provided bythe Board after 3 months, service. and all those currently employed are inoluded (staff aged between 21 and 65 are automatically enrolled as fequire undèr pensions legislation}. Following 8 satisfactory probationary period, normally 6 months. all new full.time staff members ar8 offered 8 contractwhich allowsthem to receive an enhanced employeff s contribution, conditional upon them also makingan agreed increased minimum contribution. Each year. the Board pays for individual pènsion consultations from F8irstone Group Lt(J. to help staff understand their pension lunds and 18tir8ment planning. Offices The Board has a 10-year repairing lease lor its offices at 8 Cumberland P18ce. Southampton S015 2BH which commenced in Decembei 2020. Afull-term rewew took place in early 2020 and a new rental amount was agreed lor th8 next fiv8 years. In 2022 general maintenance of the buildingwas undertaken. fulfilling our oblrgations underthe terms of the lease. The current lease is due to terminate on 30th November 2030 with a break point and r•ni revièw schèduled in 2025. Wrth the ops>Ortunity to bre8k the lease In June 2025. and with a growing need for a coliaborats.ve working sp8ce. a search is Unde￿aY for new office premises. If suitable premises cannot be founo before the break point. Y•e will continue in the current premises until November 2030. pro￿8S1on8( Feos The Board incurred professionalfees in 2024 forauditand accountancy purposes. AudEtor8 and the Appointment of Audltors The Board is required to have its accounts audited 8nnu8lly. Underthe Articl88 of Association, Ihe Council is iesponsibiè for appointingthe auditor and has appointed James Cowper Kreston as its auditors. Accountancy feas The Board's accounts administration is undertèken tywinchester Bourne Ltd, forwhich it pays a fee. 13 MEMBERSHIPS The Board is a subscrit>inB m8mb8r ol the following charitable organisations.. International Seafarers. Welfare and Assistance Nets￿rk IISWANI National Council for Voluntary Organisations INCVOI The Association of Ch8ri18ble Organisations IACOI VOLUNTEER AMBASSADORS The MNWB Volunteer Amb8ss80ors Programme raises 8W8reness of MNWB'S work and role as the UK National Seafarers, Welfar8 Board. In 2024. john Hood and Captain Trevor Bailey MNM Cmmar FNI joined the le8m, bringing extensive Maritime and charity 5￿tOr experience. Wilh a full complement of six Ambassadors. th& programme continues to strengthen relationships wrth key industry stakèholders. including the Nautical Institute, nautical colleges. P&1 Clubs. port 8Uthoriiies and shipping organis8tions. In lune, MNWB published itsAmbassadors' Impacisummary Report, reaffirmingthe programrne's Obl￿tiveS and the positive impact of Ambassadorvisits. This growing network plays a vital role in expanding MNWB'S reach and influence within the maritimeweltare sector. STRATEGIC PLAN Duringthe year, staff continued implementingthe Board's strategic plan, as approved by Trustees in 2022, which covers the period 2023- 2025. This plan will bè reviewed and updated annually to ensure that it is relevant and responsive to the changing nee¢Js of seafarers. fF8hers. and th8irfamilies. Vl$lon To be the representativevoice and driwngforce forthe welfare of merchant navyand fishing communities in the UK. Ml$$lon Improvingthe lives of sèafarers and fishers by raisingwelfare standards in ¢ollabor8tion with our stak8hold8rs. V8lue$ Our core values are non-negotiable andfuel ourvision forthe welfare of seafarers, fishers, and their families. While there are many other values we hold. these have been selected as the dominant ones that will really shape our Cul￿re. what we represent and howwe deliverfor our stakeholders. Leadership." We will le8d wwlh integrity and professionalism. representing Memb8r Organisations at the highest levels ol governmènt and industry- Communleatlon: We will support our key ￿latiOnshIpS through authentic comrnunications, always treating people with respect and dignity. Innovation: We will pursue innovative solLrtions that create economic and 80Ci81value. Odopting an evidence-based approach to everything we do. Collabor8tlon'. We will celebraie ihe full spectnjm ol dNersitywithin and outside of our organisation. building strong collaborative netsvorks thatcreète new opportunities and possibilities. 14 STRATEGIC OBJECTIVES Leedershlp Clearly defin& the role of the Nation81 Seafarers. Welfaie Board an(J how it interads with Port Welfare Cornmittees. Department for Transport. Maritime & Coastguard Agencyand Maritime Labour Convention member states. Drive the agenda forthe establishment ofwelfare 18vies across 811 UK ports. Produc8 bienni8l'Staie of the Nation, report to send io UK Government. CommunScatlon Strengthen relationships wilhin governffl8nl through active. regu181 and transparent engagement. Expand the r8nge and reach of Member and non-member charities and agencies available through the SeafBrer SupporE SefVIC8. Increase the profile of MNWB and its members through print and broadcasi media. Grow social media prèsence and toliowing across all active platforms. Innovation Adopt a'research led. 8pproach to drtve MNW8 projects. Ensure all MNWB projects Ivehicle Replacement Pro￿aMMe, MiFi Project, etc.) add v81ue to Member Org8nisations and deliver economies of scale. Oevelop training ptstform to host Ship Welfare Visitor. ISPS and other MNWB developed training ourses. Develop Oan for National Seèfarers. Welfare Board trainingand support package for MLC member stat8S. Collaboratlon Grow MNWB'S membership by defining¢lear¢riteria. benefits. and a memorandum of understanding. Develop a self-assessmenttoolfor ports th8t est8blish8s w8lf8r8 St8nd8rds across th8 UK and identitl8s gaps in piovisTron. Establish MNW8 as the'go to, place forwelfare guitjes. sector statistics and reports. Estsblish a biannual forum lor National Seafarers, Welfare Boards to share experiences and information. COMPLETED OBJECTIVES Init181 discussions held with UK Government, UK Chamberof Shippin& constituent members and other industry groups about the introduction Ofv￿lfare levies. Defined the role and structure ofthe Naiional Seatsrers, Welfar& Board and its relationship with the Port Welfare Committees, Department forTransport and the Marit11118 & Coastguard Agency. Reviewed the terms of referènce, membership and 88end8 for Port Welfare Committees. Established a National Port Welfare Forum. bringing PWC Chairs together to share best practice. Expanded social media network to support awareness of MNWB and its workthrough Linke(Iln, Facebook and Instagram. Develope(1 newtraining platform populated Ship Welfare Vi51tor Course, readyfDr 18unch in 2025. Secured sponsorship foi our annual awards and Port Welfare Conference. 15 ONGOING OBJECTIVES Produce 8 regular n8wsl8tt8r promotingthework of MNWB, Constituent members and se8f8rers' welfare in ports. Identity. define and communicate core values intemaiiy and extemally. Promote the role of the Nation81 Seafarers. Welfare Board and its relationship with the Port Welfare Committees. Department forTransport. Maritime& Coastguard A8ency. and Maritime Labour Convention member states. Working group established to create a volunt8ry'Code ot Pr8Ctic8' for seat8rers' welfare in UK ports. Reviewthe extent and suecess of welfare levies schemes in the UK. Continue engagement with the International L8bourOTganisation and MLC Member Slates to discuss raisingwelfare standards in member states. Establish a mechanism for portwelfaie accreditation in suppon of the Intemational Labour Organisation's Maritime Labour Convention IMLCI. 20C6. Continue discussions with UK Goveinment. UK Chambei of Shippin& constituent members 8nd other industry groups 8bout the introduction of welfare lewes. Establish 8 forum to discuss the funding needs of the UK maritirne welfare sector. TRUSTEES. RESPONSIBILMES STATEMENT The Trustees (who afe also directors of Meichant Nawywelfare Board forthe purposes of company lawl are responsible for preparing the Report of Ihe Trustees 8nd the fjn8ncial statements in accofdance with 8pplicable18w and United Kingdom Aceounting Standards IUnite(S Kingdom Generally Aceepted Accounting Practice). Company law requires the Trust8eS to prepare tinanci81 statementsfor each financi81 year. Under company iawthe Trustees must not approve the financial statem8nis unless they are satisfied that they give a true and fairview of the state of affairs of the charitable company and of the incoming resources and application of resources, includingthe income and expenditure. of the charitable company forthat period. In preparing these financial statements, the Twstees a￿ required to. select suitable accounting policies and thèn 8pply ihem consistently. obseNe the methods and principles in the Chartties SORP. makejudgements and accounting estimates th8t are reasonable and prudent. prepare the financial statements on the goingconcem basis unless tt is inappropriate to presume that the charitable companywll continue in operation. The Trustees are responsible foi keeping adequate aeeounting records that a￿ sufficient to show and explain the charitable company's transactions and dis¢losewith reasonable accuracy at any time the fSnanci81 position otthe charitable eompany and enable them to ensure that the financial statements complywith the Companies Act 2006. They are also responsible for safeguarding th& assets of the ¢h8ritable Company and hence tortaking reasorhable steps forthe prevention and detection offraud and Olher irregularities. DISCLOSURE OF INFORMATION TOAUDITORS The Trustees at the time when this Report otthe T￿steeS is 8pproved have confim)ed thai.. so far as the Trustees are aware. th8r8 is no relov8nt audit infomation of which the charitable company's audiiors are unaware. and the Trustees have taken all the steps that ought to have be8n taken as a Trustee in order to be aware of arby relev8ni audil information and to Ostabtish th8tthe ch8rit8ble company's auditors are aware of that information. AUDITORS As noted previously. the Board has dispensed *Mth the requirement to hold an Annual General Meeting. In 2018, the Board appointed james Cowper Kreston as their auditors. The rè-appoiniment of auditors will be decided ennu8lly at B Council meetin& This report has b8en prepared in 8ccor(J8nce with the special provisions of Part 15 ofthè Comp8nies A¢t 2006 relatingto small companies. ON BEHALF OFTHE BOARD.. AK Cassels. Chair Daied: 6th March 2025 MERCHANT NAVY VIELFARE BOARD IA ¢OMpa￿ Iwnitthl by guarnntee) INDEPENDENT AUDITORS. REPORT TO THE AIEM8ERS OF IAERCHANT NAVY WELFARE BOARD o￿nIOn We have audited the finanaal statements of Mwchant Navy We113rè B08rd Ilhe '¢harityl lor year ended 31 December 2024 cornprise the Siaternenl of fnancial actrwbes, Ihe Balan￿ sheel. the Stalemenl of cash flows and the related notes. indudtrvJ a summary of swJnifrcant a￿0￿￿ting policies. The financlal reporting ffamework that has been applied in lh￿r preparation is appl￿ble law and Uniled Kingdom Accounting Standards. inchjding Financial Reporting Stsndard 1￿2 The Financial ReportirwJ Standard applicable in tho VK and ReN1t￿l¢01 Ireland, {Un￿ed ￿ngdoffl Generally Accepted Accounling Pra¢ticel. In our opinKJn the financial $tatements= gwe a true and fair View ol the slate ofthe tharita￿e companys affairs as a131 December 2024 and of ils incoming resources and 4)pli(ation of resources. iThAuding its ino)me and expendilure for the year ihen ended.. have been properly prepared ￿ a￿da￿e with Uniled Kiwkn Gen8rally Accepted Accounting Practice,. and have been prepa(8d in aCc￿dane￿ v*ith the requirements of the Comp3nies Act 20[￿. Charilies Aci 2011. the Charities and T(ustee Invèstment (Scotw Aca 2(K)5 and reguk1ion 8 of Ihe ChariliÈ$ Accounts (Scotlandl R￿UlatIOnS 2[￿. Basls for opinion We ￿nd￿ted our audit in accordanc& with Internation￿ Standards on A￿d￿n9 (UK) (ISAS IUKII and applicable law. Our responsibilities under those standards arè lurther described in the Auditors, respons￿lI￿leS for the audit of the finan(i81 statements 5&#ion of our re[￿rt. We are independenl of the Ch￿Itable company in accordance ith the ethical requirem8nts Ihat arè relevant to audl of Ihe fin8nual statemenrs in the United Kingdom, including the Financial Rèporting Cothexs Ettr￿1 Stsndard, and we have (￿￿lIed our other ethical responwbilrties in accordance wilh requirements. We bekve that Ihe e¥Kle￿e we have oblaine(l is sufficAent and appropriatè to prowde a basis wnw)n. Con¢luslons rel•ilng to going Concern In auditing the f￿an￿al statgmènts. we ha￿ t￿￿ude￿ Ihat Ihe Twslees. use of the gcrfNJ concem basis of accounling in lh8 prep8rab.on ol the financaal stalements is app￿0p(laIe. Baseil on Ihe work we have perfom)8d. we have not idèntif*d ￿Y matèrial uneèttsinliès rèlating to Èvents or conditions that. iwKlividualty or c￿eCtiV￿y. may cast significani doubl on tharikble companls abdity to C(￿111￿1e as a gO￿g COr￿ern for a of at 18asl iweK* m(Mths from when the ffin8n(#81 st8temenls are authorised f¢￿ issuo. Our responsibilitie5 and the respjnsiblilies of the Trust88S With r8sp8Ct to going (*)nwn arè describad in the ielevant sections of thi$ repi)rt. Page 18 MERCHANT NAVY WELFARE BOARD {A company limltèd by yuarantéèl INDEPENDE1￿ AUOITORS. REPORT TO THE MEMBERS OF MERCHANT NAVY WELFARE BOARD ICONTINUEDI Other Information The other inlomalion ¢G￿p[l5eS Ihe ￿fOrMat￿M iTrJudgJ in ihe AnThJal report other than the financial stalemenls and our Au(litors' lh￿e0n. Th8 Truslèès are rèsponsiblè for other infomation containèd wÉthin Ihe Annual report. Our (vini￿ on the financia slaternents does not cover the other infomiation aThJ. except lo the extent otherwise explicitty sialed in (Ajr rel)￿1, we do not exwess any fomi of assurance mic￿510n Ihereon. Our respons￿l11ty is to fread the olheT wformation and. in doing so, consider whether the other information is malerialty inconsislenl ¥￿th the finan￿￿ stslen*nls (Y our knowledge oblained in ihe Course of the audit. or otherwise appears lo be malwially misstated. If we Njentify suth Mat￿la1 inconsistencies or apparent material misslatements. we are required lo determine whetsr thi5 gr¥es rise lo a material ￿￿tatement in the financial statements themselves. If. based on Ihe work we have performed. we waL#Je that there is a material misslatement of this olher infomialK)n. we we reqimred lo rew)rt that fact. Wè have nothiig to report in this regwd. Opinion on othermattèrs We￿rIbed by the Companies Act 2006 In our op¥iion. based on the wort Lndertaken in the cowse of ￿ audit.. infonnation wen the Trustees. reFOrt for the financaal yèar for wlich the finanaal sialements a prep8rÈd is &)nsist￿t wilh Ihe financial slaIerr￿nts. Ihg Trustees. has been preparejj in accordance with lega reqUire￿nIS. Matt•rs on whleh wè are r•quir*d to report by excep￿0￿ In the light of c¥Jr knowledge and und8rstand#vJ ol the thaiitatrAe (x)mpany and ils envyonment obtained in Ihe course ol the audil. w8 have identified male￿4 miss￿lementS in the T￿￿tee5. report. e have nothing to report in respect of fol￿n9 matters in r81alion io whith Companiès Acl 20[￿ and Ihe Charities Accounts IS¢otlandl Regul8b"ons (85 amended) require us to report to you il, in our opinion.. adequate accoursthng records have not b88n k8Pt, or r8turTh8 adÈquale for wr audit hav8 not been received from branches not visited by us: or the financAal statèmènts arè not in aymment ￿th the 8¢counling ￿CorrI¥ and @turns., or certain th"sdosurès ofTrustees' remuner81Th specified by law are noi made., or we ha￿ not rèwved ￿1 Ihè in1c￿m8110n and explanath)ns we requ¥e for our authl: or the Trustees were not eDtiiJed lo wepare Ihe ffinanaal statements *) aCCord￿ce wilh the smal companies regime and take advantage of the small companw, exemptions ￿ preparlThJ the Trustees. report at7d from the re(yJiremenl to prepa￿ a StralegK re￿t. Rgsponsiblllt*s of tw$tèes As explained more fully in Ihe Trustees. rnsKKJnsiblilies statement. the Tmslees (who 8re also the directors of the Charitablè company fly the purposes ol company I￿) are resp)nsible for Ihe preparation of the financial stslemenls and for being 5alisfied ihat they give a true and fair v￿. and fw suth internal control as thè Trustees determin8 is neeessary to Ènable the prepa￿tiOn of financial Statements that are free from material mSsstslemenl, whether due to fraud or error. In preparing the finan¢ial slatèments. the Tnjslees are respffisbk for ¥ssessin9 the charitab￿ comp8nls abilty lo ¢onlinuo as a gowvJ concem. disdosiro. as applicabbe. malters reL41ed to going concern and using the goiThJ ¢oncewn basi5 of accounting Lmless the Tmslees elI￿r intend lo IKIuMlale thè charitablè company or to cease operations. or have no re81i$l￿ aWem81ive lyjt to do so. Page 19 PAERCHANT NAVY WELFARE BOARD IA compny limllÈd by guarnnteèl INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MERCHANT NAVY WELFARE BOARD ICONTINUEDI Audiiors, r•spon$ibiliti¢s for th¢ audlt of th• ffinan¢ial $tst¢m*nts We have been app￿rted as auditor uTrJer Sect￿ 44(11{c) of the Charilies and Trustee Investment IScoll8nd) Act 2005 and under the Cotnpanw A(tt 2Cth rew)rt in aXx)rda￿ with Ihe A(# arKI relevant fegulalion5 made or having effecl thereunder. Our obj'ectwps are to obtain reasonable asswar￿ about whether the financial slalernenls a5 8 whole are fre8 from malerial misstalement, whether to fraud or érror, and lo issve an Audrtors, report that indudes our opinion. Reas¢)nable a55urance 15 a high levd of assurance, but is not a guaranlee that an audit conducted in accordance with ISAS IUKI will aTr*ays delecl a maleril mtsstatemenl when il exists. Mis$tslemenls ¢8n arise from fraud or error and are considered maleria if. indNidually or in Ihe aggregate, they could reasonably be expected to influence the economK decisions of users laken on the basK% of U)ese financial stslements. Because ol the nherenl limitations of arb audt, there is a risk that we not detecl all irregularities. induding Ihose18ading to a m81eri81 misstatement in the fina￿la1 statements or non-compliance with regulation. This tisk incrèases the more Ih81 compliance with a law or regulation is rerrrt)ved from the events and transactions r8flected in the financial Stste￿nIS. as we wfil be less likely lo become aware of instances of rK>n-compliance. The risk Is also greater regarding iriegularities occuffing due to fraud ralher Ihan error. as fraud involves intentnnal concealment. forgery. colusion. mlsrepresenlation. The risk is a￿0 greater regarding irre9ulaiities ocwrrww due lo frau(I rather than error. as fraud involve$ intentional con¢eaknenl. forgery. ts)nusKJn. 0￿￿55￿)￿ or rThsrepresentalion. The specific procedu￿$ this engagemenl that we designed and perforned to delect malwial mi5slatemenls in re5pec4 of irregulwities, induding fraud. were as folb)ws- Enquiry of management an¢ ihose thwged wlh govwnanc? arcwnd and potenlk41 liligation and daims.. Revlewing minutes of ffleelings of those charged with govemance". Reviewing financial slatement di￿su￿S and testing to supporting dcumentalion to assess compliance ¥￿th applicable laws and regulab'cwis- PerfLvming audit work over Ihè risk of managem￿1 ol contrds, ineluding tèsthng of journal 8ntri8s and other adiustmenls lor 8pprwiatenes$. e¥￿Valry the bu$￿e$S rationale ol significant transactions oulskle the nomal ¢outse of tMJsTrs$ #nd revIe￿ng accountirrfJ estiniates for bias. A further descriplon of our rOsFK￿￿b1llts8s lh8 ￿dit of thè finanual st8temènts is Iwt8d on the Financial Reporb"ng CounrAI's wthte at.. wKw.frc.or sit4lilies. This d&scriplion fomis pari of ￿r Audilor5' report. Pag8 20 MERCHANT NAVY WELFARE BOARO IA e<)mpany limii•d by guaranta•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MERCHANT NAVY WELFARE BOARD (CONTINUEDI Use ol our report This report is wnade 50kty lo the (*ariEable (ompanls Injstees. as a body, in ac￿rda￿ with ChapleT 3 of Part 16 of the Companies Acl 2C¥J6, and to lh¢ Charitablè ¢c*mpanrfs twsloes. as a body. in accordance with regulation 10 of the Charilies A￿OUntS IScotlaThJ) Regulations 2[￿6. Our audil work has been undertaken so that we might state to th8 charrtab18 o)mpanls trustÈès Truslees thosè matt8rs wa ar8 required to slate lo them in 80 Audilor5' report and for no olhw purpose. To the fullest extenl permitteol by law, we do not acc4pt or assum8 responsibilty to anyone othw than Ihe charitable ¢ompany and its members. as a body, for our audf( wNk, lor this report, or for the opNTh¢)ns we have formed. Mlchael Bath 8Sc FCA DChA (S•nior statulory auditor) lor and on behawof Jame$ Cowper Kreston Audit 4 Cumberland Plac8 Soulhamplon S015 2NP Date: James Coww Kreslon Audit are elvJible lo act as aL*Jilc￿ in lemis ol section 1212 of Ihe Companies Acl 20C6. Page 21 MERCHANT IIAVY WELFARE BOARD IA eompany limited by guardnt••l STATEMENT OF FINANCIAL ACTNITIES IINCORPORAnNG INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2024 Uftrgstri¢ted fund$ 21124 Restricted fund$ 2024 Totsl funds 2024 Total fijnds 2023 Incom• fmm: Don81ions, legaC￿S and grants ITiveslments Other I￿rne 3.469,082 312.170 34.672 163.91S 3.633.797 311170 34.572 218.202 3(K.758 5,834 Total income 3M16,624 163.915 3.980.539 530.794 Expendlture on: Raising funds Charitable actiwli&s'. Support Se￿1¢e$ to Consltuenl Membèrs Gran15 to support the work of Consliluenl Members Support to promote Welfa￿ *ivrt 38.093 38.093 42,786 118.938 239.S67 358,SOS 1.345.992 93.81S 682.B81 93.815 2.881 81.457 724,523 Totsl expend5turè 933.727 239.567 1,173.294 2.194,758 Net incofft&ll•xpendlturel before nel galns on investrnents Nel gains I Ilossesl on investmonls Transfors between ft￿￿8 1882.897 1.012,737 15.0591 175.652) 2.807,245 1.012,Y37 I1,663.￿4) 704,263 16 5,059 Net movem•nt In fvnds 3.890.57S 170.5931 3.819,982 1959,7011 Reconcillatlon of funds: Total lunds bioughi forward Net movement in fund$ 13.61S.103 3090.575 224.050 (70.5931 13.839.153 3.819.982 14,798.854 1959.701) Total fvnds earrled forward 17WS,678 1S3.4S7 17.659.135 13.839.153 The notes on pages 25 to 40 for￿ part of these fm8nci81 statements. Page 22 MERCHANT NAVY WELFARE BOARD IA cef(Ke incomè ￿ received. the Ir￿￿rne is actyued. P￿25 MERCHANT NAVY WELFARE 80ARD {A Company lknlted by guarnnteèl NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 310ECEMBER 2024 Accounting polleles Icontlnuedl 1.S Expendltur• Expenditure wh￿h does not dire¢ty relate lo grw>l making is a)atysed belween charitabl8 SUPPOrt costs, g)vernan¢e ¢J)sts and costs of generaing fuThJs. Items which more than one cost ¢￿tegory are apporboned as 8rpropriate to Ihe (x)st catsgories ¥)vofv&J. Support cosls are thos8 (x)sts incurred in Supp￿ of expemlilure on ￿ objects of the charity. Govem*)(% costs are Ilh)se Incur￿ in c¥)nnecaion WI￿ administrati￿ of Ihe charity and compliance with consb"lulional and StaI￿Ory requir8mÈnts. Expenditurg on raising lun(Is indudes all expenditure incurTgJ ty tho charity lo rarse funds for ils charilaNe purpow. Expen(*ture on charitable adi¥ibÈs is ￿￿rred cfj direclty undertaknng the activtties wh¥* furthgr the chaiitys objective5. as wdF as ￿ associated supw o)sts. 1.6 Tangible flxed assets and d•preclatlon Tan ￿ble fixe(l assets costing £250 or mtye are ca￿talL￿ and recognised when fthure ecor￿MiC ben8ffts are pfobaNe arwj the ctht or value of th& asset can be measuteLI reliat4y. Tangible fixed ass6ts arè iniknalty rewjnised at cosl. After re￿gn1bon, under the cost model. tangible fixed a$seis are tneasured at ￿55 accumulated depreciation and any accumulated impairmonl losses. All costs irKurred to a tan9kn￿ fixed asset into tts intended wothing condi1￿n should be induded in the measurement of u)st. Depreciation is charged so as to aNocate th8 cost of tangible fwl assets less their ￿SKI￿al vahje over their esb"maled useful lives. usThJ the Stra￿h1-hne methc Depreaati¢)n provKled on the fdlowry bases: Fixiures and fittings Compuler ewipment - 10% kx) cost - 33% on (￿st 1.7 Investm•nts Fixed assat kivesknenls ale ¥ Icrfm of financial inthJmÈnt and are initrally recognised at thèir transath.on cost and subseqventty mèasured at fair value at the Balance sheet dale. unless the value cannol be meaSU￿d reliatty in whK* case il is measU￿d at cost less impairmenl. Inve51menl gains and lossès, whether realised or urKealwd, we combined and presented a5 'Nel gainslllossèsl on invgslments. in the Statement ol finarKi81 aclits. 1.8 0￿ratIng leases Rentals Lmder operabng kases are charged to fv Slaternent of Financial AdiTrthies incorpor81ing inctyne and expendrtuie acc(¥Jnt on a straight l¥)e basis over the lease term. 1.9 Debto Trade and other debt0￿ are recognised at the sethement amount after any trade discount offered. Prepayrnents are ¥ak￿d at the amunt prepawj net of any Ir*lè dtscwnts due. Page 26 MERCHANT NAVY WELFARE BOARD IA company Iwniled by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies Iconlinu•d 1.10 Cash al bank and in hand Cash at bank 3￿j ￿ hand inchjdes cAsh and short-terni highty liwud investmenls wilh a short malurty ofthree months orless from the dale of acqlM￿lK)￿ or openirg of th8 or similar account. 1.11 Llabllitss and provislons Liabihtie5 are recognised when there is an at the Balance sheet dale as a iesull of 3 p881 event, il is probable that a Iransferof ecDnOM￿ bonefrt will be reqLuied in settlement. and the amounl of the settlemenl can be estimated re￿ably. Liabilities are recogni88d al Ihe ￿0￿nI that the ¢hawity anticipale$ Trl v*il pay to settle the d8bt or the amount it has receNed as adv4rK8d p8yments for the services il musl provwJ8. Provisions are rneasured at th& ￿st estimate of the amounts required 10 settle the obligation. Where the effe¢l of the lime vahJ8 of money i8 malerial, piovi5ion is based M Ihè present value of Ihoso amounls. dis¢ounled at Ihe pre-tax di$￿￿nI rale Ihat r￿7￿Cl$ the risks specific to the liability. The vnwindirwj of the discount is rÈcfyJnbsed in the Statewnenl of ffinan(ial aCtiwt￿S as a finance cost. 1.12 Flnan¢ial instrum•nts The charity only has ffinancial assets aThJ financial liabilrt*$ ol a knd Ihat qualify as basic ffinanaal inslnjmenls. Basic financial instrurnents are initi"*ty re0)￿lsed at transadion value and subsequently measured at Ihthr sthment value. 1.13 Penslon5 The charity op8rates a deffined conlribulK)n pwtsion scheme and the ￿n51￿ charge repres8nts the amounts Payable by the charity lo the (und in resped Of￿ ￿[. IAerchanl Navy Wdfare Board has a l>tyJp Pens*)n Plan & G￿p Stskehohjer Pension Plan vthh Royal London. 1.14 Fund aecaunting Gener￿ funds ate unrestrictad funds whKh are available for use at the discrelion of the Tru$lee$ in ftheran￿ of the ger￿￿ obiedNes ol Ihe chwty and whth ha¥9 not been designated for olher purposes. Restricted fvnds ale funds wlith are to be used in ¥(j)rdan￿ wth spe￿rie restrictions imposenatlons, l¢g•cies and grnnts Unrestricted R¢strithd lund$ funds 2024 2024 Total funds 2024 Tolal funds 2023 Donattons and lega(yes GTants 3,469,882 3.469.882 163.915 7,084 211,118 163,915 3.469,8&2 163.915 3.633,Y97 218.202 Total 2023 7.084 211,118 218,202 Included within donaih)ns and legaoes 15 £3,425,c￿ from a STh￿1e legacy. Furiher amounts from this same 10gacy fflay be receivable in fulwe ￿$. bul il is not ojriently possible lo make an accurate estimate of such amounts at the dale of apwoving these finanraal stslements. Pag8 28 MERCHANT NAVY WELFARE BOARD {A ¢ompany limited by guarantee) MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPIBER 2024 Investment income Vnrvstri¢tgd funds 2024 Totsl funds 2024 Total fLmds 2023 Quoted UK and Non-UK inveslrnents UK Portfolio cash interest 303.813 8.357 303,813 8J57 299.459 7,299 312.170 312.170 3(￿,758 Tolal 2023 3[￿,758 3C6.758 Other Income Unrgslrfcted funds 2024 Total fvnd$ 2024 Total funds 2023 Olher Courses 29,675 4.897 29.675 4,897 2.766 3.￿8 34,572 34.572 5,834 Total 2023 5.834 5,834 Raising Funds Unrestrlcted funds 2024 Total fvnd$ 2024 Total ftjnds 2023 Portfolio managernenl fees 38.093 38.093 42,786 Tola 2023 42.786 42.786 Page 29 AIERCHANT NAVY WELFARE BOARO IA Company limited by guarantee) NOTES TO THE F114ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Support s•rvic•s to c(*nstlthgnt m•mb•rs Unrnstrlcted R•stricted expenditure expenditure 2024 2024 T¢)tal 2024 Tolal 2023 Vehicle Replacement Fund MN Medal FLm¢J Ukr8ini8n Seafarers Emergency Comms ABP HurnberLevy EEDI Project MiFi Project Drr Seafarer Welbeing C188 Training Trinity Hwse Dff Fund Caseworker c￿Sts Training couL%es Evalu81ion sludies Port wdfare worTh)t*Jn Merchant Na￿ Fund promot￿ contril￿￿On Seafarer Supwl Public re181ions 8 Matheiing Annual Seafarers Wdfare Conferences Ambassadors NSWBIPWC Oevetopmw 120.606 1.522 120.606 1.522 63.029 712 182.640 73.012 59,832 1,047 10.228 7.935 1.441 $9.832 1.047 10.228 7,935 1.441 15.780 21,819 16,633 849.674 11.827 10.825 8.472 3,753 4.643 4.648 17,170 16.523 35.423 2,594 44,414 15.780 21.819 6.034 9.327 6.118 22.481 37.370 801 36.9S6 9,327 6.118 22.481 37.370 118.938 239,567 358.505 1.345,992 Grants lo support Ihe work of Constituent Members 93.815 93.815 81,457 212,753 239,567 452,320 1.427,449 Total 2023 162,037 1,265,412 1.427,449 Pagè 30 MERCHANT NAVY WELFARE BOARD IA eomp•ny limited by guaranteel NOTES TO THE FINA14CIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 Support to promote vMlfar• activiljgs Managemonl Govemance 2024 2024 Total 2024 Total 2023 Offi¢% running ts)sts Sl*Y life assurance and tr￿ning Sthscriptions and p￿￿t￿tionS oitr￿r costs Head offi¢e c4JSts TnBlees' expenses LoJ81 and Profession81 Fees Accountsncy JJditofs' remuneratic Wages and sala￿5 Nati(￿al insurance Pension cost DeD￿cIatIOn 16.132 19.681 16.132 19.681 33.528 10,497 11,467 124.718 20.338 828 373 21,662 16.608 382,225 41.480 57.634 4,385 97.867 28.ix 97.867 28.000 734 3.060 21.600 18,617 363.666 34.358 72.770 1.852 21.6CKJ 18.617 38.022 325.644 34,358 72.770 1.852 6W.848 82,033 682.8B1 725.743 m￿FI Support- Administraiion o)sls {1.0001 6LKI.848 82,033 682.8B1 724.743 Toto12023 638,010 86.733 724,743 Govemance Costs Unyestrlcted fund$ 2024 Total funds 2024 Total funds 2023 Support Costs Wages and saL￿r￿S 44.011 38.￿22 44,011 38.022 59.809 26.924 62,033 82.033 86.733 Page 31 MERCHANT NAVY WELFARE 80ARD IA company Iwniled by guaranteel NOTES TO THE FINAMCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Operating expenditurn 2024 2023 Dèpwiatth)n of langible fixed assels.. owned by the ch 1,852 4,385 A￿jitOrS. r8rnUneratI￿ - a￿1￿1 14.500 9,￿)0 L￿ring the year. ￿ Trustees re¢eived any remunwalion {2023. £NIL} During Ihe year. no Trust88s re(*i¥Èd any be￿rts ui kIrKI12￿23- £NIL). During lh8 year. Trustee expenses wwe pawy 10 Il¥ee r2￿23 - five) Trustee afflounting lo £734 {2023'. £8281. 11. Staff costs 2024 2023 Wages and salari9$ Social security costs Contribution lo defined contr*￿tIOn pen￿n scknemes 363.666 34.3SB 72.770 382.225 41.480 57.634 470.794 481.339 The avewe numbfjr of persons empw ty Ihe ¢*rity during ihe year was as folhyws: 2024 2023 No. The ThJmbeT of employees whose empk)￿e benefrts (exckmling employer pensh)n costs and nalM)na insurance) exceeded £￿.0￿ was.. 2024 2023 In the bar¥J £80,001- £￿.[ The key man8gemenl pers￿b￿e1 of Ihe tharity rerieved aggr8gale rernuneralion of £181.041 12023.. È175,361). Page 32 MERCHANT NAVY TNELFARE BOARD IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Tarkgibl• flxwd assets Flxtures and flttings Computèr equlwient Total Cost or Valua￿on At 1 January 2024 14.951 54.564 69,515 Al 31 December 2024 14.951 54.564 69.51S Deprnclatlon At 1 J8nu8ry 2024 Charge foi the ye 14.9S1 62,102 1.852 67,053 1,852 At 31 December 2024 149S1 53.954 68.905 N•t book value At 31 December 610 610 At 31 December 2023 2,462 2,462 13. Fixed asset Inveslmonts UK Portfollo Llsted $¢¢uribes inv•$tmtrnts Total Cost or valuation At 1 January 2024 Addit￿￿$ th"sposals Revabjations 13,S06.879 6.OS2.068 13,596.626) 1.012.737 170,002 99.743 13.676,881 6.151.811 13.S96,6261 1,012,737 At 31 Dee￿nber 2¢r24 16.97S.OS8 269.745 17,244.803 Net book value At 31 Docember 2024 16.975.058 269.745 17.244.803 At 31 December 2023 13.5(￿.879 170.W2 13.676.881 P¥J8 33 MERCHANT 14AVY WELFARE BOARD IA CoM￿nY limited by guarantee) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Inve¥tments at market valu• compris•.' 2024 2023 Lisle(I securities Cash aThJ settlements peThJing 16.975,058 13.506.879 269.745 170.C(12 Totsl Market value 17.244,803 13.676.861 Hl$torl¢al cost of Ilst•d s¥Gurib95 held 2024 2023 Historical cost 14,fj65,025 11,606.405 14. Debtord 2024 2023 0￿er debtors Pfftpayments and acuued lic 63.764 439,431 63.754 16.804 503,18S 80,558 16. Creditors: Amounts falling du• within on• yoar 2024 2023 Trade ¢yedilor5 Grants payable Other taxation xoal securty Other uedilors AcLruals aNI defeffed ints)me 18,432 67,625 9,134 14,690 83.594 12.762 3,550 39.814 23.377 118,568 154.410 Page 34 MERCHANT NAVY WELFARE BOARD IA company Ilmited by guarnnteel NOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Statement of funds Slatsm•nl offunds . ¢urY•nt year Balance at 31 G¥ln$l D•¢ember (Losses) 2024 Balance at 1 January 2024 Trnn5fers Inlout Incomè Ex￿￿ltUre Unrestrlcted funds Genèral Funds- all funds Designated fvn¢Js 12.615.103 3116.624 {933.72n 15.0591 1.011737 16.SOS.678 I.1￿0.000 1.000.000 13,615.103 3.816.624 (933,727) 15,0591 1,011737 17.505,678 funds Vehide Replacement Piogramme MN Medal Fund NSWBIPWC Devèlopmenl Seafarer WellbeiNJ MiFi Pri48cI ABP H￿ber Lev ReCogn￿on of CarÈfS C188 Training TH Dff Fund EEDI Projèct Totsl Restfictsd funds 113.112 2J86 84.285 1120,6061 11.5221 76,791 1369 86.637 136.9561 49,681 2.876 12.559 {7.9351 110.2281 5.059 8,331 66.324 1$9.8321 6.492 108 3,173 3.000 {1A411 {1.0471 1,732 7,953 6.000 224.050 163.915 1239.5671 5.059 1S3,457 Total of lund$ 13.839.153 3,980.$39 11.173.294) 1.012.737 17,659,135 Pa9e 35 MERCHANT NAVY WELFARE BOARD IA ¢ompany limitsd by guarantee) NOTES TO ThE FIMANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Statement of funds Icontinuedl Vehide Replacernent Programme (VRP) A partnership programme lo provhde grants to ￿pLice vehides thal prowde welfare services covering UK ports. Gibraltar and ihe Falkland I￿and$. The VRP is funded equally belween The Seafafe's Charity UK. ITF $eafa￿rS, Trust. Trinty House MNWB. MN Medal Fund The MN Medal Fund rnceives dcm)aI￿n$ from the UK marltime Se￿Or to SUPFth the promtion and award of the Meichanl Navy Medal for Meritorious Se￿￿e, associated website and the annual meetings of the Merchanl Navy HoThJurs Consdlabve Cc#nmittee U￿1 adwses the Goyt. Department for Transport. MiFi Project A project managed by MNWB to pT0￿￿e Shp Welf¥e Vrytors moble intemet hubs IMiFi units) to irnprove communic*M)ns and sealarws. welfare in ports. This projed 15 funded by MNWB. The Seafarers, Charity and the Departm￿1 for T[￿￿t. ABP Humber Levy The Humber Port Levy a schemè intrcrtIu￿ by wt tr*ner, ABP Hvmber. The Board provides adminislrdlive sUppC￿ for the scheme and acts as a dearing house for th8 di8lritrwJtion of funds to W81fare providers bn a0￿rda￿e with the 39ra8d tfistributM)n fomul8. Dff Seafarer Wellbeing In 2023, the Dgpartm•nt l(ff T￿nsp￿t op￿08d￿ MNWB a￿1 requested that il m8n8ge 8 £2,100,C(JO grant fund. The grant scheme Is in support the maritime sedor. specrficAlly seafarers, weware and skills & dwersity. and was fom*rly launched in M8y of that year. The Covid pandemic, conllict in Ukraine and othef crises have taken their toll seafarers.. wdfare charities worknng on Ihe front line have been under pressure to respond to these uises. The stheme has provided an opportunity for manlime charities lo help support the recovwy of the sector and cC￿lit)￿le towards the Govemmenl's 'Maritwne 2050, strategy. MNWBIPWC Devebpment In 2021. the MNWB ￿gned an agreement wilh the MaiitKne and Coaslguaid agency. designating il as the National Seafarers. INdfare Board INSWB) on behalf of the UK Govemmenl. On Ihe condusion ol the the IPWP prciecl any ¢onbrwing were absorbed inlo It￿ NSWB Devek)pmenl. This include5 welfare boar(I supp￿1 for other nath'l￿ slates and the Port Visitor platlorm. Pape 36 MERCHANT NAVY TIVELFARE BOARD IA company lirnitod by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Statsmont ol fund$ {contlnuedl Ststsment of fund$- prioryear Balance at 31 December 2023 Baknce 1 January 2023 Twsfws inl{outl Gain (Losses) Income Expenditure Unrè$trt¢tod funds Des¥Jnated lunds Designated fund 13.391.656 319.676 {929.3461 (871.146) 1.IXrfJ.000 704,263 12.615,103 13.391.656 319.676 (929.3461 126.854 704,263 13,615,103 Restrlcted funds Vehicle Repl8¢ement Programme MN Medal Fund NSWBIPWC Development Dff Sèafarer Wellbeing MiFi Project ABP HuM￿r Levy Ukrainian Seafarers EmergenLy Cornms 83.739 1,593 163.029) (712) 113,112 2,585 1,704 30.951 {67.88S) 123.571 86,637 1.(185,426 23.192 20.CrfXJ 1849.674) {16.633) (252.876} 2,876 12,559 73,012 173,0121 {5591 559 Ukrainian SIM Cards Recognition of Carefs C188 Trnining TH Dff Fund EEDI Projecl 182.640 {182.6401 216 (108) 108 15.0 {11.8271 3.173 3,000 Total R•strfcted funds 1.407.198 211.118 {1.285.4121 (128,854) 224,050 Total of fund$ 14.798.854 530.794 12.194.758) 704,263 13.839.153 Page 37 MERCHANT NAVY WELFARE BOARD IA company limited by guarant￿) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2024 16. Statement of funds Iconllnued) 17. Analysls of rnt a$s•ts belwn funds Anaty$is of net assets bptween funds - current period Unrestrfcted Restrlcted fund8 fund$ Z124 2024 Total funds 2024 Tangible fixed assets Fixed asset inveslments C￿r￿n1 assets Creditors ¢kn within one year 610 810 46.167 17.244.803 107.290 532.290 {118.5681 17,19B.636 425.000 (118.568) Totsl 17,505.678 153.457 17.6S9.135 Analysis of net assets betwe￿ funds . prlor ￿rIOd Unrestricled (unds 2023 Restricted nds 2023 Total nds 2023 Tangible fixed assets F￿¢d assgt investments Current asgels Creditors due within one year 2,462 13,676.881 314,220 1154,4101 13.676.881 9).170 (154,410) 224.050 Total 13,615,103 224,050 13.839,153 18. Pension ¢ommitm•nts The charity prowdes a deffined wkn"butions pen5K)n sthewne. The assets of Ihe scheme a￿ held sepaialety from those of the charity in an independenlty adminislered fund. MNWB has a GroLFP Personal PenSIc￿ PLan & Group Stakeholder Pension Plan with Royal London. Conlributions made to Ihe sthme amLwnled to £72.770 12023 . £57.6341. At Ihe Balance Sheet date conlribulions 01 £5.60212023- £780) were oUtstarKIY￿. Page 38 MERCHANT NAVY WELFARE BOARD (A ¢ompany limited by guaranteel NOTES TO THE FINANCIAL STATEMEKTS FOR THE YEAR ENDED 31 DECEIABER 2024 19. Roconciliation of n•t mowm•nt in funds to net cash flow from Opera￿￿9 activitles 2024 2023 Net incomelexpeThJiture fcf Ihe peric*J (as Fer Stalement of Finarthl Activiknesl 3.819.982 1959.7011 Adlu$bn•nts for: Dep￿￿ts.0n charges Gainlloss on imiestments 1,852 11.012.737) 1303.813) 4.385 1704.263} 1299,459) 182,640 134.4671 17.420) Dividends Itom invesiments Decrease in stocks D8CTeasel{inu8ase) in d8blcrfs Deuease in cre(1il(Ys 2.373 135.842) Net cash provided byllused in) operallng aclivit••s 2,471.815 11,818.2851 20. Anatysls of cash and eash equlvalents 2024 2023 Cash in hand 29.105 233.662 Total ¢ash and ¢ash wuivalwts 29.105 233.662 At1 January 2024 Cash flows At31 De¢¢mber 2024 Cash at bank and rfi haTrJ 233.662 1204W7) 29,10S 233.662 1204.557) 29.ios MERCHANT NAVY WELFARE BOARD IA company limitsd by gu•r•ntsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Operating loas• commilmgnts Al 31 Decembèr 2024 the charty had commith)ènts to make future minimum ￿ase payments under non. cancellable OperatN￿l&aseS as folo•ts.' 2024 2023 Not later than 1 year Later than 1 year and not Later than 5 years Later than 5 years 29.535 115.261 25.667 30.165 118,138 53.667 170.463 201.970 22. Related party tran$acOon$ There are 3 number of Constiluenl Mernbers whwe Ihete ale ¢J)mmon Iru51ee5 With the Boatd and Iransactrons lake pl￿ dunng Ihe year on ￿ ann's W basis. Details of these Irwsactions are disclosed in the Report of the Twstees. 23. Controlling party The tharity is Ilmited by guarantee ar￿ is oythled by its members. P48 40