2022-12-31-accounts - Nautilus Welfare Fund

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Annual Report and Accounts For the year ended 31[st] December 2022

Address Nautilus House Mariners’ Park Wallasey CH45 7PH

Registered Office Nautilus House Mariners’ Park Wallasey CH45 7PH

Charity number 218742

Nautilus Welfare Fund

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Contents
	Page
Trustee’s Report	2
Independent Auditors’ Report	13
Statement of Financial Activities	15
Balance Sheet	16
Cash Flow Statement	17
Notes to the Financial Statements	18

Nautilus Welfare Fund

TRUSTEE’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATION INFORMATION

MANAGING TRUSTEE AND CHARITY ADMINISTRATOR	The Council of Nautilus International
Head Ofce	Nautilus House
	Mariners’ Park
	Wallasey
	CH45 7PH
	Tel: 020 8989 6677
	Fax: 020 8530 1015
	E-mail accounts@nautilusint.org
Northern Ofce	Nautilus House
	Mariners’ Park
	Wallasey
	CH45 7PH
	Tel: 0151 639 8454
	Fax: 0151 346 8801
	E-mail welfare@nautilusint.org
CUSTODIAN TRUSTEE	Nautilus Trustees Ltd
	Nautilus House
	Mariners’ Park
	Wallasey
	CH45 7PH
INVESTMENT ADVISER	Evelyn Partners
	Royal Liver Building
	Pier Head
	Liverpool L3 1NY
INVESTMENT CUSTODIAN	Pershing Securities Ltd
	Royal Liver Building
	Liverpool
	L3 1NY
SOLICITOR	Hill Dickinson
	1 St. Paul’s Square
	Liverpool
	L3 9SJ
AUDITORS	Haysmacintyre LLP
	10 Queen Street Place
	London
	EC4R 1AG
PRINCIPAL BANKERS	Unity Trust Bank Plc
	Nine Brindley Place
	Birmingham B1 2HB
	The Charity Bank Ltd
	Fosse House
	182 High Street
	Tonbridge
	TN9 1BE

Nautilus Welfare Fund

TRUSTEE’S REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATION INFORMATION (continued)

	Members of the	U Jurgens	Chair – Resigned 17 June 2022
Council		W van Hoboken	Vice Chair - Resigned 17 June 2022
	of Nautilus	W van Hoboken	Chair – Elected 17 June 2022
International		I MacKenzie	Deputy Vice Chair - Resigned 17 June 2022
	at Balance Sheet	I Mackenzie	Vice Chair – Elected 17 June 2022
date		H Eijkenaar	Deputy Vice Chair – Elected 17 June 2022
		A M Dickinson	General Secretary
		S Belftt	F Matthew
		J Cameron	P Minter – Resigned 31 March 2022
		T Cardy	G Scarlett
		C Caseman	J Tyson
		R Cleland	J Wainman
		G Feikema	P Wilson
		A Gale – resign 11 Dec 2022	J van der Zee
		M Graves
		N Groen
		S Gudgeon
		U Jurgens
		T Latter
		M Leemhuis
		P Lok
		H Ludwig
		W Jackson

Secretary to the	A M Dickinson (General Secretary, Nautilus International)	A M Dickinson (General Secretary, Nautilus International)
Council
of Nautilus
International
Members of the	R C Thornton	Chair
Nautilus	J McAuslan	Trustee Director
Welfare Fund	A M Dickinson	General Secretary
Committee
at Balance Sheet	J Hofton	M Reeves
Date	W Jackson	A Stewart
	N Martin	J Stone
	F Matthew	M Watts
	P Minter	L Whitehead
	D Morrison	W van Hoboken
	F O’Neill

	Secretary to the	O Tunde – Resigned 09 May
Nautilus		2022
	Welfare Fund	A Jones – Appointed 09 May
		2022

Nautilus Welfare Fund TRUSTEE’S REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction

The Trustee presents its Annual Report together with the financial statements for the year-ended 31 December 2022. The form and content of the report and financial statements complies with the Charity’s governing document, the Charities Act 2011 and the Charities SORP Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and with FRS102 . The information on the preceding pages also forms part of this report.

OBJECTIVES AND ACTIVITIES

The charitable object of the Charity as set out its governing document is the relief of beneficiaries who are in need, hardship or distress by any of the following means:

(1) Providing accommodation, and if required, residential or nursing care.
(2) Making annual pensions or one off grants of money.
(3) Providing or paying for goods services or facilities.
(4) Making grants of money to other persons or bodies that provide goods, services or facilities to beneficiaries.
(5) Developing new and enhanced services for beneficiaries by means of research or otherwise, and where appropriate in conjunction with other bodies or persons.

During 2022 the Charity continued to meet the challenge of its stated overarching objective: To Provide a High Quality Cost Effective Service to Retired and Needy Seafarers and Their Dependants. This has been achieved through all the means stated above.

The Trustee continue to review the operational objectives for the Charity and the revised objectives are set out below.

To ensure sufficient supply of good, modern accommodation to the highest standards laid down in relevant regulations and codes of practice.
To ensure a responsive, comprehensive quality care offering across a whole range of needs.
To develop an effective advice, information and grant support service to promote independent living to seafarers and their dependants.
To work in partnership with other maritime charities and the wider statutory and voluntary sector organisations to meet the identified welfare needs of seafarers and their dependants.
To ensure the Charity remains financially viable.

STATEMENT ON PUBLIC BENEFIT

The Trustee confirms that it has complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the Charity.

FUNDRAISING

The Charity has Just Giving fundraising page.

Nautilus Welfare Fund

TRUSTEE’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENTS AND PERFORMANCE

Responding to the changing demands of the Covid Pandemic has again been the single dominant theme of 2022, a theme which continues to impact in 2022, but hopefully with more optimism of life returning to normal. Despite the Covid pressures, 2022 did see progress in all the key objectives of the Charity, summarised below, as well as the Charity securing a Silver Award in the Investors in People (IIP) Accreditation.

TO ENSURE SUFFICIENT SUPPLY OF GOOD, MODERN ACCOMMODATION

At the heart of the Charity’s work is Mariners’ Park in Wallasey situated on the banks of the River Mersey. The charity opened 160 years ago to provide seafarers with good quality housing, care and companionship when they came ashore at the end of their working lives. Mariners’ Park provides 123 apartments, bungalows and houses on a 16 acre site overlooking the iconic Liverpool waterfront. The key achievements in 2022 include:

The Charity continued to work with Prospect Capital in obtaining the 100% nominations rights to the new 26 apartment scheme being developed as part of the sale of Gibson House, further expanding the number of homes for retired mariners and their dependence.
Plans to build a 27 apartments for residents and to replace Nautilus House with a new office complex have been progressed with the charity appointing a contractor and obtaining planning approval to complete the works. Final approval from the council is to be expected at the April 2023 meeting of Nautilus Council.
There were a range of improvements at the Mariners’ Park Estate which included the provision of additional parking bays, redecoration of the care home, refurbishment of the bowling green, installation of handrails in the dementia garden and refurbishment of the balconies at the front of Trinity House Hub.
4 extra bedrooms have been added to the care home following conversation of one of the lounges in the Care Home. This takes the number of bedrooms in the Care Home from 32 beds to 36 beds.

Nautilus Welfare Fund

TRUSTEE’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

TO ENSURE A RESPONSIVE, COMPREHENSIVE QUALITY CARE OFFERING .

At Mariners’ Park the Fund operates a residential and nursing home, and a domiciliary care service. The Care Home provides both long-term and respite care and includes a specialist dementia service. The Domiciliary Care service provides a 24/7 service in our extra care housing facility, as well as providing a Home Care service to residents on the wider Estate.

Achievements in 2022 include;

Extra staffing resources have been deployed throughout 2022 to undertake regular Covid testing of staff and visitors.
Staff absences continued in 2022 due to the pandemic, long term sickness and maternity. To ensure that residents received the care they required management and nurses supported by covering care shifts and agency staff were deployed.
Testing and tracking results was so time consuming but we employed a senior carer for supernumerary hours to carry out COVID-19 warden duties.
Vaccination of staff and residents was organised including the booster dose.
Funding for the continuation of the Admiral Nurse post, a specialist dementia nurse, was secured for a further year from both Seafarers Hospital Society and Trinity House, and we are very grateful for their continued support with this important service.
With the easing of Covid restrictions activities for Park residents were able to resume in 2022.
Funding was secured to continue both the Men’s Activity post for the Mariners’ Park residents and the Physiotherapy post.

Nautilus Welfare Fund

TRUSTEE’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

TO DEVELOP AN EFFECTIVE ADVICE, INFORMATION AND GRANT SUPPORT SERVICE.

The Charity operates an outreach ‘Caseworker’ Service. This service visits retired and needy seafarers and their dependents in their own home and supports them to secure welfare benefits and grants to improve their financial position, as well as helping them access health and social care services to maximise their independence. The Charity also operates a one-off grant service for essential household items, maintenance (decoration, new boiler, other essential repairs), promoting independent living (mobility scooters, showers, stairlifts) and removal expenses (the cost of moving home).

The Caseworker service comprises of six case workers across the UK based in Cardiff, Hull, Portsmouth, Tyne and Wear, Glasgow and Wallasey. From Jan- Dec 2022 the six case workers attended to 741 retired and needy seafarers and their dependents. As a team they obtained £1,145,591 in financial gains and grants for them.

In 2022, the Charity provided 42 one off grants to retired and needy seafarers and their dependence and spent over £14,000 on essential items and household repairs. The Charity also provided 22 regular grants totalling over £15,000 to retired and needy seafarers and their dependence.

TO WORK IN PARTNERSHIP WITH OTHER MARITIME CHARITIES AND THE WIDER STATUTORY AND VOLUNTARY SECTOR .

The Charity continues to work closely with the other maritime charities particularly The Seafarers Charity, Seafarers Hospital Society, Shipwrecked Mariners’ Society, Trinity House, ITF Seafarers’ Trust and the Merchant Navy Welfare Board and those charities who attend the Older Peoples Families Working Group, led by the Merchant Navy Welfare Board. The Charity is also represented on the Maritime Charities Group. Achievements in 2022 include:

The Charity has continued to be an active member of the Maritime Charities Group and has helped shape the MCG‘s new focus on promoting collaboration across the maritime charitable sector. The Charity also continues to host the new MCG Manager post.

The partnership with Trinity House has continued in 2022 with the continuation of a significant grant from Trinity House to support operational services at the Trinity House Hub extra care housing scheme as well as contributing to the funding of the Admiral Nurse post.

The partnership with Shipwrecked Mariners’ Society (SMS) continued in 2022, expanding beyond Merseyside, with all caseworkers taking on a reviewing role for SMS beneficiaries.

Nautilus Welfare Fund

TRUSTEE’S REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

2022 saw the continuation of the partnership with the Seafarers Hospital Society and Dementia Resource Community to promote the Admiral Nurse project at Mariners’ Park to provide extra support to families facing the challenge of dementia.

The Charity to be an active member of the North West Port Welfare Committee.

ENSURE THE NAUTILUS WELFARE FUND REMAINS FINANCIALLY VIABLE.

Ensuring the Charity is financially viable centres on seeking maximum return - with manageable risk from the Charity’s investments, ensuring high occupancy of the Mariners’ Park properties and the Care Home, keeping costs to the planned budget plus grants and donations income from maritime charities and other charitable sources. In 2022 the following achievements are salient:

Continued grant support from other maritime charities to support new and ongoing services remained an important source of funding for the Charity. During 2022 the charity secured funding from a variety of charities see Note 5 in this report for a comprehensive list.

We are extremely grateful to all those who have assisted the Charity for their continued support.

Occupancy at the Care Home recovered strongly in 2022 after a short lockdown due to the pandemic. Also, the new rooms were not occupied as quickly as originally budgeted for, which resulted in an income shortfall of £63,000.

To comply with Charity Law, a full audit of the accounts was completed, and the Annual Return was submitted to the Charity Commission.

To encourage more donations and bequests to the Charity a ‘just giving’ facility continues the Charity’s

website. In 2022 the Charity received £39,153 in donations.

Overall, over 900 mariners and their dependants were supported by the Charity in 2022. The Charity continues to be open to all retired and needy seafarers and their dependants who meet the eligibility criteria, which includes having a significant career at sea or allied maritime profession.

Nautilus Welfare Fund

TRUSTEE’S REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCE REVIEW

FINANCIAL MANAGEMENT

The Charity operates under a scheme of authority delegation. Disbursement of the Charity assets must be properly authorised in accordance with agreed procedures.

The Nautilus Welfare Fund (NWF) Committee receives regular Management reports and ensures that this is representative of the activities within the Charity. The Committee recommended the year 2022 budget and Major Capital Expenditure (subject to the approved tender process) to the Council. The Committee, upon approval from the Council monitors the delivery of the approved Strategic Plan.

FINANCIAL PERFORMANCE

The income and expenditure were £3,368,033 and £3,949,731 respectively. The Charity’s Investments as at 31 December 2022 stood at a Market Value of £8,562,949 against a Book Cost of £6,996,205.

In 2022 the net income before investment movements was (£581,698) compared to net Income of (£273,923) in 2021. The net investment loss in 2022 amounted to (£746,827) comprising a realised loss of (£90,680) and an unrealised loss of (£656,147).

The Charity receives income from the Investment portfolio, provision of services to both individuals and Local Authorities and support from Trinity House, Seafarers UK, Seamen’s Hospital Society, the Merchant Navy Welfare Board, the ITF Seafarers Trust and others.

INVESTMENT POLICY AND PERFORMANCE

The Trustee Act 2000 governs the investments held by the Charity.

The Trustee has delegated the management of the investment portfolio to Tilney with the objective to maximise long total returns commensurate with a moderate degree of risk. Tilney provides quarterly updates regarding the portfolio value, purchases and sales. Performance of the portfolio is monitored and its total returned measured quarterly against the CAPS median benchmark. The performance of the portfolio over the year was -7.0% against the Target return % (UK CPI+2.5%).. The Investment Director at Tilney is required to attend the Nautilus Welfare Fund Committee meeting at least annually to discuss the performance of the investment portfolio. The investments are divided between UK and Overseas equities, gilts and investment trusts. The investment portfolio market value at the end of the year fell, broadly mirroring the decrease in the stock market during the year.

RISK MANAGEMENT

Risk assessment is an integral part of the management process. The Charity’s strategic objectives and the risks of failing to achieve them, drive the risk management process. The Trustee has in place a formal risk management process, which identifies the role for the Trustee as:

Ensuring that the identification, assessment and mitigation of risk are linked to the achievement of the Charity's operational objectives.
Ensuring the process covers all areas of risk e.g. financial, governance, operational and reputation and is focused primarily on major risks.

Nautilus Welfare Fund

TRUSTEE’S REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

Ensuring the process covers all areas of risk e.g. financial, governance, operational and reputation and is focused primarily on major risks.
Ensuring that the process seeks to produce a risk exposure profile that reflects the trustees' views as to levels of acceptable risk.
Reviewing and considering the principal results of risk identification, evaluation and management.

To ensure that risk management is a continuous process and embedded in all management and operational procedure, a revision of the risk profile was completed in 2009 and includes positive confirmation that controls are in place to mitigate material risks. The risk profile is reviewed annually by the NWF Committee and by the Council of Nautilus International. This was undertaken in December 2022 by the Committee and the Council.

PRINCIPAL RISKS AND UNCERTAINTIES

A key business risk is a poor Care Quality Commission Inspection of the Care Home or Domiciliary Care Service. This could lead to a temporary suspension of placements or, at worse, being closed down. A poor report also brings reputational damage.

The Charity relies heavily on Local Authority funding and inadequate financial settlements, particularly in the light of the new Living Wage requirements, could impact significantly on income levels.

Rental returns from the properties may be limited in the light of Government policy regarding the level of Housing Benefit payable. A review of the level of financial support for Supported Housing is currently underway, with the outcome expected by the end of the year.

Mitigating these risks, and other risks, is included the Annual Risk Management Plan.

Business Continuity Plan

The risk management process identified the need for a Business Continuity Plan. During 2009 plans were developed which would enable the operation of the Charity to continue in a number of identified situations, for example in the event of a pandemic flu outbreak or major fire. These are reviewed annually by the NWF Committee and by the Council. This was undertaken in March 2022.

RESERVES POLICY

The Trustee has built up the level of funds for three main purposes - all long term.

The repair and maintenance of the 123 properties in Mariners' Park Estate.
The building of new facilities such as in 2002 a new Care Home and 14 new flats in Gibson Terrace, in 2007-09 ten new bungalows were built, in 2014 the Trinity House Hub Extra Care scheme opened, 2 new bungalows were completed in 2015 and in 2016/17 the building of the Trinity House Seafarers UK wing. In 2019 12 new apartments, John Fay House, were completed.
To ensure adequate resources are available for the long term funding of the payments made each year to needy seafarers and their dependants. The reserves also allow for the smoothing out of investment movements.

At 31 December 2022, the Charity held total funds of £23,523,026 and this is available for the general purposes of the charity. A notional value of £5,000 is assigned to endowed funds. This relates to a parcel of land which the charity must either hold in perpetuity or replace on disposal with a similar asset.

Nautilus Welfare Fund

TRUSTEE’S REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

The balance of the Charity’s funds of £23,518,026 are therefore unrestricted and may be expended by the Charity at the Trustee’s discretions within the charitable objects. However, the Trustee has elected to designate funds to the value of the following:

Tangible fixed assets. These assets are integral to the operation of the Charity hence are not readily realisable.
Long-term investments. The investments provide dividend and interest income to support the expenditure on charitable activities as well as providing for the long-term purposes referred to above

In 2016 the Nautilus Welfare Fund Committee reviewed the Charity’s reserves policy and the short term working capital reserves.

RELATED PARTY

The Charity pays the General Fund of Nautilus International for support and administration services provided by the staff employed by both Nautilus International and the Charity. During 2022 this amounted to £115,000 (2021 - £113,500).

PLANS FOR FUTURE PERIODS

2023 promises to be another significant year for the Charity as it continues to offer a comprehensive range of services and financial support to necessitous seafarers and their dependants. Plans for 2023 include;

On the Estate

Development of the 27 two-bedroom residential apartment scheme.
The completion of the refurbishment of Gibson House, and the start on site at Gibson Park of the 26-place apartment scheme to which the Charity will have nomination rights.
The ongoing modernisation of properties.
Devise an Energy Management Plan and will implement green/ renewable energy solutions.

In the Care Home.

Complete Fire Safety work and staff fire training.
Secure funding for new furniture in the care home.
Secure funding and then refurbish the bedrooms in the care home.
Secure funding for Physiotherapy and Admiral Nurse post for 2023.
Achieve Good CQC rating at the next inspection.

Care and Support Service

Secure funding to continue the Men’s Activities Coordinator post.
Implement the new electronic case management system.
Achieve Good rating at the next CQC inspection.

Caseworker Service

Secure future funding to maintain the Hull and Southampton Caseworker posts.

Staff Support and Governance

Reduce reliance on agency cost.
Revise and update the Staff Handbook.
Review staff rewards to improve recruitment and retention.
Promote positive mental health in the workplace.
Reviewing the recommendations following the NVCO Governance review of the Charity.

Nautilus Welfare Fund

TRUSTEE’S REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The NWF is registered as charity number 218742 and operates in accordance with a Charity Commissioners Scheme dated October 2009.

Recruitment, selection and induction of Trustees

The Council of Nautilus International is the Managing Trustee and consists of up to 32 full members of Nautilus International plus the General Secretary who all elected by all full members of the Union. The Council has delegated certain functions, some executive, to the Nautilus Welfare Fund Committee.

A number of members of the NWF Committee are also elected members of the Council. Additional members of the N Committee are recruited from the general membership of Nautilus International on the basis of their seafaring knowledge and other relevant skills.

New members of the Council and of the NWF Committee are provided with relevant background information and training is made available.

Organisation

The NWF Committee is appointed by the Council, (as Managing Trustee) and reports to the Council. The General Secretary of Nautilus International is responsible for appointing a Chair and a Secretary to the Committee. The Secretary of the Committee is responsible for the operational management of the NWF.

The Secretary operates within the authority levels delegated by the Council. The Scheme of Delegation is designed to set financial and operational parameters for the management of the Charity. The Council reviewed the Scheme of Delegation in December 2017.

Managing Organisational Performance

During 2022, three meetings of the NWF Committee were held at which the Strategic Plan and the Operational and Capital Budgets were approved and monitored. Investment Performance was reviewed at each meeting, with an in depth review of investments carried out in June 2018. The Committee also received regular operational reports from service managers and the outcome of inspections by the Care Quality Commission. The Committee approved new levels of fees for the provision of accommodation, nursing and residential care services and approved applications for accommodation. The Committee also continued the ongoing review of the MCFG Report, Supporting Seafarers and their Families: Challenges for the Future and how the relevant recommendations can be implemented. Regular reports of the Committees deliberations are reported to the Council which approves as necessary the Committees recommendations.

Key management personnel and their pay and remuneration

The day-to-day operation of the Charity is delegated to employed staff. Staffs include key management working at the Mariners’ Park Estate together with the key management of Nautilus International who provide more strategic input. The pay and remuneration of the key management is determined by market rates and pay reviews are conducted with the staff’s representatives.

The Nautilus Welfare Fund

TRUSTEE’S REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Training and Staff Development

A Training and Development Plan is produced in line with the Strategic Plan and reflects job functions and Personal Development Plans.

During 2022 a range of training was delivered In 2022 a particular focus was increasing staff awareness and skills relating to infection control and the donning and doffing of PPE. Training to administer both PCR and LFD Covid testing was also completed. Refreshers on Moving and Handling, understanding the Mental Capacity Act and issues relating to Deprivation of Liberty was also completed. Fire Safety Training was also undertaken .

Nautilus Welfare Fund

TRUSTEE’S REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF THE COUNCIL OF NAUTILUS INTERNATIONAL AND THE GENERAL SECRETARY'S RESPONSIBILITY

Rule 12 of the Rules of Nautilus International provides that the Council is responsible for the absolute control and administration of the affairs and property of the Union and thus for safeguarding the assets of the Union and of the Charity. Rule 22.5 provides that the General Secretary shall provide the Council with such financial statements as it may require.

The General Secretary is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Union and hence reasonable steps for the prevention and detection of fraud and other irregularities.

The NWF is accounted for separately under the same Rules as of the Union, set out above. The General Secretary is thus responsible in ensuring that the financial statements comply with the Charities Act 2011.

STATEMENT OF TRUSTEE'S RESPONSIBILITIES

The assets of the Union and the Charity are held on Trust by Nautilus Trustees Limited, the Custodian Trustee of the Charity and the Managing Trustee is the Council of Nautilus International , appointed in accordance with the Charity Commission's Schemes.

The Directors of the Trustee Company are Henk Lafèbre (retired November 2022), Lesley Mercer, James McAuslan and Stephen Clinch. The current members of the Council of Nautilus International can be seen on page 2 of this report.

Law applicable to charities in England and Wales requires the trustee to prepare financial statement for each financial year that give a true and fair view of the Charity's activities during the year and its financial position at the end of the year. In preparing those financial statements, the trustee is required to:

Select suitable accounting policies and then apply them consistently
Observe the methods and principles in the Charities SORP
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
Prepare the financial statement on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

AUDITORS

The auditors, Haysmacintyre LLP are willing to continue to act as auditors to the Nautilus Welfare Fund.

Approved by and on behalf of the Council of Nautilus International on 26 April 2023.

Wilco van Hoboken (Chair)

A M Dickinson (General Secretary)

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF NAUTILUS WELFARE FUND

FOR THE YEAR ENDED 31 DECEMBER 2022

Opinion

We have audited the financial statements of Nautilus Welfare Fund for the year ended 31 December 2022 which comprise of the Statement of Financial Activities, the Charity 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 31 December 2022 and of the Charity’s net movement in funds 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 have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 Auditor’s 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 Trustee’s 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 Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The Trustee is responsible for the other information. The other information comprises the information included in the Trustee’s annual report. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

adequate accounting records have not been kept by the Charity;
sufficient accounting records have not been kept; or
the Charity 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.

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF NAUTILUS WELFARE FUND

FOR THE YEAR ENDED 31 DECEMBER 2022

Responsibilities of the trustee for the financial statements

As explained more fully in the Trustee’s responsibilities statement set out on page 13, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee 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 Trustee is 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 trustee either intends to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 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:

Based on our understanding of the Charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Care Standards Act 2000 and the Care Quality Commission (CQC) (Registration) Regulations 2009, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls. Audit procedures performed by the engagement team included:

Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulations and fraud;
Reviewing the controls and procedures of the Charity to ensure these were in place throughout the year, including during the Covid-19 remote working period;
Evaluating management’s controls designed to prevent and detect irregularities;
Reviewing and testing journal entries made in the year, particularly those made as part of the year end financial reporting process;
Challenging assumptions and judgements made by management in their critical accounting estimates; and

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 auditor’s report.

Use of our report

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

Haysmacintyre LLP Statutory Auditors

10 Queen Street Place London EC4R 1AG

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Nautilus Welfare Fund

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

			Unrestrict	Restrict	Endowme	Total	Total
			ed	ed	nt
			Funds	Funds	Funds	2022	2021
		Notes	£	£	£	£	£
INCOME:
Donations and legacies
Legacies			-	-	-	-	200
Grants		5	81,303	404,653	-	485,956	459,091
Gifts and donations			39,154	-	-	39,154	30,897
Income from charitable	activities:
Care Home			1,581,811	-	-	1,581,811	1,567,254
Mariners’ Park Estate			1,069,183	-	-	1,069,183	1,053,013
Investment income			191,929	-	-	191,929	173,633
			---------------------	-----------------	----------------------	---------------------	---------------------
Total Income			2,963,380	404,653	-	3,368,033	3,284,088
			----------------------	-----------------	----------------------	--------------------	--------------------
EXPENDITURE
Investment management costs			53,200	-	-	53,200	53,770
*Charitable Expenditure*
Accommodation for people living
independently			936,961	-	-	936,961	929,871
Accommodation for people
requiring residential or nursing			1,989,209	302,760	-	2,291,969	1,978,364
care
Enabling retired	merchant
mariners
and their dependants			452,136	-	-	452,136	433,773
Developing services	for older
people
and their dependants			118,596	101,893	-	220,489	162,233
			----------------------	------------------	----------------------	----------------------	----------------------
Total charitable expenditure		3	3,496,902	404,653	-	3,901,555	3,504,241
			----------------------	-----------------	----------------------	----------------------	----------------------
Total Expenditure			3,550,102	404,653	-	3,954,755	3,558,011
			----------------------	----------------	----------------------	---------------------	---------------------
Net (expenditure) before
gains and losses on					-
investments			(586,722)	-		(586,722)	(273,923)
(Losses) / gains on investments			(746,827)	-	-	(746,827)	1,040,442
			----------------------	-------------------	----------------------	-----------------	-----------------
Net (expenditure) / income			(1,333,549)	-	-	(1,333,549)	766,519
Transfers between funds			-	-	-	-	-
			----------------------	-----------------	----------------------	----------------------	----------------------
Net Movement in Funds			(1,333,549)	-	-	(1,333,549)	766,519
Reconciliation of funds			----------------------	-----------------	----------------------	----------------------	----------------------
Fund balances brought	forward	10	24,851,575	-	5,000	24,856,575	24,090,056
			----------------------	----------------	----------------------	---------------------	---------------------
Fund balances	carried	10	23,518,026	-	5,000	23,523,026	24,856,575
forward
			=======	======	=======	=======	=======
			==	==	=	==	==

The Charity had no recognised gains and losses other than those included above. All the above results are derived from continuing activities. The notes numbered 1 to 10 form part of these accounts.

Nautilus Welfare Fund

BALANCE SHEET

AS AT 31 DECEMBER 2022

			2022		2021
	Notes	£	£	£	£
FIXED ASSETS
Tangible assets	6		14,992,558		14,869,982
Investments	7		8,562,949		9,369,441
			-----------------------		-----------------------
			23,555,507		24,239,423
CURRENT ASSETS
Debtors	8	93,128		54,542
Cash at bank and in hand		360,680		856,625
		---------------------		---------------------
		453,808		911,167
CREDITORS: amounts falling
due
within one year	9	(486,289)		(294,015)
		----------------------		----------------------
NET CURRENT ASSETS			(32,481)		617,152
			------------------------		-----------------------
NET ASSETS			23,523,026		24,856,575
			=========		========
			==		==
Represented by:
Unrestricted funds	10		23,518,026		24,851,575
Restricted funds	10		-		-
Endowment	10		5,000		5,000
			------------------------		------------------------
			23,523,026		24,856,575
			=========		========
			=		==

Approved by and authorised for issue by the Nautilus International Council on 26 April 2023.

Wilco van Hoboken (Chair)

AM Dickinson (General Secretary)

The notes numbered 1 to 12 form part of these accounts.

Nautilus Welfare Fund

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2022

	2022	2022	2021	2021
	£	£	£	£
Net cash provided by operating activities		(248,672)		(149,659)
Cash fows from investing activities
Investment income	191,929		173,633
Payment to acquire tangible fxed assets	(498,867)		(9,045)
Payments to acquire investments	(1,365,909)		(836,781)
Proceeds from sales of investments	1,327,335		1,020,402
Decrease/(increase) in investment cash balances	98,239		(133,243)
	--------------------		--------------------
		(247,273)		214,966
		-----------------		-----------------
Increase/(Decrease) in cash for the year		(495,945)		65,307
		=======		=======
		==		==
RECONCILIATION OF NET EXPENDITURE TO			2022	2021
NET CASH USED IN OPERATING ACTIVITIES			£	£
Net income			(1,333,549)	766,519
Depreciation			376,291	366,261
Investment income			(191,929)	(173,633)
Deduct: Net investment (gains)			746,827	(1,040,442)
Decrease in debtors			(38,586)	59,535
(Decrease) in creditors			192,274	(127,899)
			------------------	------------------
Net cash used in operating activities			(248,672)	(149,659)
			========	=======
			==	==
ANALYSIS OF NET DEBT
		At		At
	31	December		31
		2021	Cash fow	December
				2022
		£	£	£
Cash at bank and in hand		856,625	(495,945)	360,680
	=========		========	=======
			==	==

Nautilus Welfare Fund

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

1. FORMAT OF THE ACCOUNTS

The accounts comprise three principal statements supported by notes. These statements are:

Statement of Financial Activities

This analyses all capital and income resources and expenditure and shows all movements in the Funds for the year.

Balance Sheet

This summarises the working assets used by the Charity to achieve its objective of providing welfare support and accommodation to needy seafarers and their dependants.

As set out in a Charity Commission scheme issued in 2009 the fund structure of the charity is as follows:

Endowment Fund – this represents a capital fund arising from a cash gift associated with Andrew Gibson House

Restricted Funds – these are funds donated for specific purposes specified by donors. The funds are extinguished when spent on those purposes Details are given in note 10.

Unrestricted funds – these funds are expendable at the discretion of the Trustee in line with the general objects of the charity. It should be noted that the majority of these funds are tied up in fixed assets and investments.

Cashflow

This provides an analysis of the movement in cash over the year reconciling the movements in the Statement of Financial Activities and Balance Sheet.

2. ACCOUNTING POLICIES

Entity Status

The charity is registered with the Charity Commission and is an unincorporated body. See further details on page 1. The charity meets the definition of a public benefit entity under FRS 102.

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP 2015, second edition, effective 1 January 2021), and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). All financial instruments are considered to be basic financial instruments.

The trustee considers there to be no material uncertainties about the Charity’s ability to continue as a going concern.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, The Trustee is required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Nautilus Welfare Fund

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES (continued)

Critical accounting judgements and key sources of estimation uncertainty (continued)

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Trustee, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

Income

All income from voluntary donations, legacies and grants is accounted for as and when criteria of entitlement, probability and measurability are met. Investment income and maintenance charges receivable from residents is accounted for on a receivable basis.

Fund accounting

Income and expenditure have been classified in line with fund structure described above. Transfers from restricted to unrestricted arise where capital grants included in restricted income are duly spent on fixed assets.

Tangible Fixed Assets and Depreciation

The book value of the freehold buildings comprises the original gifted value plus the cost of subsequent building developments.

Items of furniture, apparatus, and equipment costing less than £1,000 are charged against income in the year of purchase.

Depreciation is provided on the straight line basis at between twenty and twenty-five per cent on short life equipment and ten percent on long life equipment to reduce by annual instalments the cost less estimated residual value, over the estimated useful life. Depreciation is not provided on the historic cost of freehold buildings which are maintained to such a standard that their residual value is considered to be not less than their book value. However, the Care Home and flats have been depreciated at two per cent per annum.

Investments

Listed investments are shown at market value. The unrealised gains or losses are accounted for in the Statement of Financial Activities as are any realised gains and losses.

Expenditure

Expenditure is included on an accruals basis inclusive of irrecoverable VAT.

Enabling retired merchant mariners and their dependents consists of grants which are accounted for when paid together with an allocation for support costs.

Provision of accommodation for those people living independently and provision of accommodation for people requiring residential or nursing care represent the direct costs incurred on each activity together with an allocation of support costs.

Nautilus Welfare Fund

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES (continued)

Support costs

Support costs, which include governance costs, comprise all services supplied centrally, identifiable as wholly or mainly in support of direct charitable purposes and include an appropriate proportion of general overheads.

General overheads are allocated to operational functions on the basis of their use of central support services with the aim of ensuring that those costs remaining within administration relate to the management of the charity's assets, organisational administration and compliance with constitutional and statutory requirements.

Governance costs comprise direct costs for the statutory and governance of the charity together with an allocation of support costs.

Financial Instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

Nautilus Welfare Fund

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

3a. CHARITABLE ACTIVITIES

		Provision of
	Provision of	accommodation	Enabling retired	Developing
	accommodatio	for people	merchant	services for
	n for those	requiring	mariners and	older people
	people living	residential or	their	and their	2022	2021
	independently	nursing care	dependants	dependants	TOTAL	TOTAL
	£	£	£	£	£	£
Direct costs of charitable activities	440,584	1,820,335	404,240	209,725	2,874,884	2,429,308
Charitable grants	-	-	29,588	-	29,588	37,043
Other costs of charitable activities:
Support and governance costs	59,292	250,535	14,076	10,764	334,667	418,309
Major repairs and renewals	167,595	114,898	3,632	-	286,125	253,320
Depreciation of buildings and equipment	269,490	106,201	600	-	376,291	366,261
	------------------------	-------------------------	-------------------------	-------------------------	-------------------------	-------------------------
	936,961	2,291,969	452,136	220,489	3,901,555	3,504,241
	========	========	========	========	========	========
	===	====	====	====	====	====
Prior year comparative		Provision of
	Provision of	accommodation	Enabling retired	Developing
	accommodatio	for people	merchant	services for
	n for those	requiring	mariners and	older people
	people living	residential or	their	and their	2021	2020
	independently	nursing care	dependants	dependants	TOTAL	TOTAL
	£	£	£	£	£	£
Direct costs of charitable activities	366,944	1,610,735	306,376	145,253	2,429,308	2,401,016
Charitable grants	-	-	37,043	-	37,043	132,063
Other costs of charitable activities:
Support and governance costs	167,874	145,651	87,804	16,980	418,309	399,233
Major repairs and renewals	126,228	125,142	1,950	-	253,320	49,974
Depreciation of buildings and equipment	268,825	96,836	600	-	366,261	365,415
	------------------------	-------------------------	-------------------------	-------------------------	-------------------------	-------------------------
	929,871	1,978,364	433,773	162,233	3,504,241	3,347,701
	========	========	========	========	========	========
	===	====	====	====	====	====

Nautilus Welfare Fund

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

3a. CHARITABLE ACTIVITIES (continued)

Support costs and governance costs are allocated in accordance with the accounting policy stated in note 2.

All grants awarded were to individuals.

Expenditure borne by restricted fund was: provision of accommodation for those people living independently £1,000 (2021: £4,451); provision of accommodation for people requiring residential or nursing care £203,180 (2021: £92,540); enabling retired merchant mariners and their dependants £nil (2021: £nil); and developing services for older people and their dependents £74,277 (2021: £86,404).

	2022	2021
	TOTAL	TOTAL
3b. GOVERNANCE COSTS	£	£
External auditors remuneration	30,035	29,800
Membership and committee	9,276	8,481
	-----------------	----------------
	39,311	34,581
	=======	=======
	2022	2021
	TOTAL	TOTAL
3c. SUPPORT COSTS	£	£
Staf costs	191,534	161,665
Other support costs	103,822	256,438
Governance costs	39,311	34,581
	-----------------	-----------------
	334,667	420,295
	=======	=======

Nautilus Welfare Fund NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

4 INFORMATION REGARDING EMPLOYEES AND TRUSTEE

	2022	2021
	£	£
Wages and salaries	1,751,580	1,541,934
Social security costs	158,497	132,324
Pension costs	114,785	110,271
Agency staf costs	343,050	223,571
	---------------------	---------------------
	2,367,912	2,008,100
	========	=========
	==	=

No employees earned £60,000 p.a. or more (2021: nil). The Trustee was not paid during the year (2021 £Nil) and was not reimbursed any expenses (2021 £Nil). The Key Management Personnel relates to 4 (2021: 5) staff whose total remuneration was £161,744 (2021: £179,137).

	The average number of employees, full time and part time	The average number of employees, full time and part time	together, was
	Charitable activities			92	89
				========	========
5	GRANTS FROM EXTERNAL ORGANISATIONS
.
	Seafarers UK - Aged Veteran Funds			22,850	9,521
	Seafarers UK - Merchant Navy Fund			14,500	14,500
	Seafarers Hospital Society			12,600	-
	Seafarers UK – Case worker service &	care home		271,324	226,735
	Seafarers UK – Covid-19			-	-
	Shipwrecked Mariners Society			8,585	5,150
	MNWB			30,000	20,494
	Trinity House			85,095	76,775
	Wirral Borough Council			41,493	92,507
	Coronavirus Job retention scheme			-	4,319
	Other			3,300	9,090
				-----------------	-----------------
				489,747	459,091
				========	========
6	TANGIBLE FIXED ASSETS	Freehold		Motor
.		Land and	Equipment	Vehicles	Total
		Buildings
		£	£	£	£
	Cost
	At 1st January 2022	16,968,132	552,291	14,312	17,534,735
	Additions	461,755	37,112	-	498,867
		---------------------	---------------------	-----------------	--------------------
	At 31st December 2022	17,429,887	589,403	14,312	18,033,602
		---------------------	---------------------	-----------------	--------------------
	Depreciation
	At 1st January 2022	2,282,113	368,328	14,312	2,664,753
	Charge for the year	321,274	55,017	-	376,291
		--------------------	------------------	----------------	--------------------
	At 31st December 2022	2,603,387	423,345	14,312	3,041,044
		==========	=========	=========	==========
				=
	Net book value
	At 31st December 2022	14,826,500	166,058	-	14,992,558
		==========	=========	=========	==========
				=
	At 31st December 2021	14,686,019	183,963	-	14,869,982
		==========	=========	=========	==========
				=

Capital commitments

There were no capital commitments at year end or in the prior year. The net book value at 31 December represents Fixed Assets used for direct charitable purposes. The analysis between the Funds is as shown in note 10.

Nautilus Welfare Fund

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

7. FIXED ASSET INVESTMENTS

a) Tilney is responsible for the day-to-day management of the Charity's investments. A nominee company, Pershing Securities Limited, is responsible for the custody of the related documents of title. b) The cost of fund raising (i.e. investment management charges) was £53,200 (2021: £53,770) c) The following is a summary of the investments for all the Funds and the income therefrom. CAPITAL INCOME Market value as at 31/12/22 Market value as at 31/12/21 2022 2021 £ £ £ £ Investments listed on recognised UK Stock Exchanges 8,533,323 9,243,501 190,734 172,168 Investment cash 29,626 125,940 - - ----------------------- ------------------------ ------------------- ------------------- 8,562,949 9,369,441 190,734 172,168 ========== = ========== = ======== == ======= === d) Movement in market value of investments Market value at 1st January 9,369,441 8,379,376 Less: Proceeds of disposals (1,327,335) (1,020,402) Add: Acquisitions 1,365,909 836,781 (Decrease)/ increase in the investment cash balance (98,239) 452,853 Net (losses)/gains on revaluation at 31 December (746,827) 682,913 ----------------------- --------------------- Market value at 31st December 8,562,949 9,369,441 ======== == ======= === Historical cost as at 31 December 6,696,205 6,842,009 ======== ======= = 8. DEBTORS 2022 2021 £ £ Prepayments and accrued income 45,440 36,885 Other debtors 47,688 17,657 ----------------- ----------------- 93,128 54,542 ======== ======= = 9. CREDITORS: amounts falling 2022 2021 due within one year £ £ Expense creditors 168,306 129,089 Accruals and deferred income 317,983 164,926 ---------------- ---------------- 486,289 294,015 ======= =======	a) Tilney is responsible for the day-to-day management of the Charity's investments. A nominee company, Pershing Securities Limited, is responsible for the custody of the related documents of title. b) The cost of fund raising (i.e. investment management charges) was £53,200 (2021: £53,770) c) The following is a summary of the investments for all the Funds and the income therefrom. CAPITAL INCOME Market value as at 31/12/22 Market value as at 31/12/21 2022 2021 £ £ £ £ Investments listed on recognised UK Stock Exchanges 8,533,323 9,243,501 190,734 172,168 Investment cash 29,626 125,940 - - ----------------------- ------------------------ ------------------- ------------------- 8,562,949 9,369,441 190,734 172,168 ========== = ========== = ======== == ======= === d) Movement in market value of investments Market value at 1st January 9,369,441 8,379,376 Less: Proceeds of disposals (1,327,335) (1,020,402) Add: Acquisitions 1,365,909 836,781 (Decrease)/ increase in the investment cash balance (98,239) 452,853 Net (losses)/gains on revaluation at 31 December (746,827) 682,913 ----------------------- --------------------- Market value at 31st December 8,562,949 9,369,441 ======== == ======= === Historical cost as at 31 December 6,696,205 6,842,009 ======== ======= = 8. DEBTORS 2022 2021 £ £ Prepayments and accrued income 45,440 36,885 Other debtors 47,688 17,657 ----------------- ----------------- 93,128 54,542 ======== ======= = 9. CREDITORS: amounts falling 2022 2021 due within one year £ £ Expense creditors 168,306 129,089 Accruals and deferred income 317,983 164,926 ---------------- ---------------- 486,289 294,015 ======= =======	a) Tilney is responsible for the day-to-day management of the Charity's investments. A nominee company, Pershing Securities Limited, is responsible for the custody of the related documents of title. b) The cost of fund raising (i.e. investment management charges) was £53,200 (2021: £53,770) c) The following is a summary of the investments for all the Funds and the income therefrom. CAPITAL INCOME Market value as at 31/12/22 Market value as at 31/12/21 2022 2021 £ £ £ £ Investments listed on recognised UK Stock Exchanges 8,533,323 9,243,501 190,734 172,168 Investment cash 29,626 125,940 - - ----------------------- ------------------------ ------------------- ------------------- 8,562,949 9,369,441 190,734 172,168 ========== = ========== = ======== == ======= === d) Movement in market value of investments Market value at 1st January 9,369,441 8,379,376 Less: Proceeds of disposals (1,327,335) (1,020,402) Add: Acquisitions 1,365,909 836,781 (Decrease)/ increase in the investment cash balance (98,239) 452,853 Net (losses)/gains on revaluation at 31 December (746,827) 682,913 ----------------------- --------------------- Market value at 31st December 8,562,949 9,369,441 ======== == ======= === Historical cost as at 31 December 6,696,205 6,842,009 ======== ======= = 8. DEBTORS 2022 2021 £ £ Prepayments and accrued income 45,440 36,885 Other debtors 47,688 17,657 ----------------- ----------------- 93,128 54,542 ======== ======= = 9. CREDITORS: amounts falling 2022 2021 due within one year £ £ Expense creditors 168,306 129,089 Accruals and deferred income 317,983 164,926 ---------------- ---------------- 486,289 294,015 ======= =======	a) Tilney is responsible for the day-to-day management of the Charity's investments. A nominee company, Pershing Securities Limited, is responsible for the custody of the related documents of title. b) The cost of fund raising (i.e. investment management charges) was £53,200 (2021: £53,770) c) The following is a summary of the investments for all the Funds and the income therefrom. CAPITAL INCOME Market value as at 31/12/22 Market value as at 31/12/21 2022 2021 £ £ £ £ Investments listed on recognised UK Stock Exchanges 8,533,323 9,243,501 190,734 172,168 Investment cash 29,626 125,940 - - ----------------------- ------------------------ ------------------- ------------------- 8,562,949 9,369,441 190,734 172,168 ========== = ========== = ======== == ======= === d) Movement in market value of investments Market value at 1st January 9,369,441 8,379,376 Less: Proceeds of disposals (1,327,335) (1,020,402) Add: Acquisitions 1,365,909 836,781 (Decrease)/ increase in the investment cash balance (98,239) 452,853 Net (losses)/gains on revaluation at 31 December (746,827) 682,913 ----------------------- --------------------- Market value at 31st December 8,562,949 9,369,441 ======== == ======= === Historical cost as at 31 December 6,696,205 6,842,009 ======== ======= = 8. DEBTORS 2022 2021 £ £ Prepayments and accrued income 45,440 36,885 Other debtors 47,688 17,657 ----------------- ----------------- 93,128 54,542 ======== ======= = 9. CREDITORS: amounts falling 2022 2021 due within one year £ £ Expense creditors 168,306 129,089 Accruals and deferred income 317,983 164,926 ---------------- ---------------- 486,289 294,015 ======= =======
8.	DEBTORS	2022	2021
		£	£
	Prepayments and accrued income	45,440	36,885
	Other debtors	47,688	17,657
		-----------------	-----------------
		93,128	54,542
		========	======= =
9.	CREDITORS: amounts falling	2022	2021
	due within one year	£	£

	Expense creditors	168,306	129,089
	Accruals and deferred income	317,983	164,926
		----------------	----------------
		486,289	294,015
		=======	=======

Nautilus Welfare Fund

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

10a	ANALYSIS OF FUND MOVEMENTS 2022	ANALYSIS OF FUND MOVEMENTS 2022
.
		Brought		Income		Expenditure	Transfers	Carried
		Forward					Gains /	Forward
							Losses
		2022						2022
		£		£		£	£	£
	Unrestricted funds
	Designated funds:
	Andrew Gibson Memorial	388,795		-		-	-	388,795
	Home
	Other long-term funds	23,850,628		-		-	(683,916)	23,166,712
		------------------------		----------------------		----------------------	---------------------	------------------------
		24,239,423		-		-	-	23,555,507
	Free funds
	Free Funds	612,152		2,963,380		(3,550,102)	(62,911)	(37,481)
		------------------------		----------------------		----------------------	---------------------	------------------------
	Total Unrestricted Funds	24,851,575
	Restricted funds
	Care Home	-		163,760		(163,760)	-	-
	Case working	-		139,000		(139,000)	-	-
	Physiotherapy role costs	-		14,500		(14,500)	-	-
	Covid-19 infection control	-		41,493		(41,493)	-	-
	Admiral Nurse	-		12,600		(12,600)	-	-
	Other specifed projects	-		33,300		(33,300)	-	-
		------------------------		----------------------		----------------------	---------------------	-----------------------
		-		404,653		(404,653)	-	-
	Endowment funds
	Andrew Gibson endowment	5,000		-		-	-	5,000
		-------------------------		-----------------------		------------------------	----------------------	-----------------------
		24,856,575		3,368,033		(3,954,755)	(746,827)	23,523,026
		========	=========		========== ========= =========
		===		=				=

The designated funds of the charity reflect those funds which, although unrestricted, are not readily realisable in the short term and/or are generating income upon which the charity depends.

Restricted funds represent grants for purposes specified by the donors all funds have been spent in the year.

Nautilus Welfare Fund

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

10a ANALYSIS OF FUND MOVEMENTS 2021

	Brought		Income		Expenditure	Transfers	Carried
	Forward					Gains /	Forward
						Losses
	2021						2021
	£		£		£	£	£
Unrestricted funds
Designated funds:
Andrew Gibson Memorial	388,795		-		-	-	388,795
Home
Other long-term funds	23,217,779		-		-	632,849	23,850,628
	--------------------		----------------------		----------------------	---------------------	------------------------
	23,606,574		-		-	-	24,239,423
Free funds
Free Funds	478,482		2,893,490		(3,167,413)	407,593	612,152
	----------------------		----------------------		----------------------	---------------------	------------------------
Total Unrestricted Funds	24,085,056		2,893,490		(3,167,413)	1,040,442	24,851,575
Restricted funds
Care Home	-		145,300		(145,300)	-	-
Case working	-		96,107		(96,107)	-	-
Physiotherapy role costs	-		14,500		(14,500)	-	-
Covid-19 infection control	-		92,507		(92,507)	-	-
Admiral Nurse	-		12,600		(12,600)	-	-
Other specifed projects	-		29,584		(29,584)	-	-
	------------------------		----------------------		----------------------	---------------------	-----------------------
	-		390,598		(390,598)	-	-
Endowment funds
Andrew Gibson	5,000		-		-	-	5,000
endowment
	-------------------------		-----------------------		------------------------	----------------------	-----------------------
	24,090,056		3,284,088		(3,558,011)	1,040,442	24,856,575
	========	=========		========== ========= =========
	===		=				=

The designated funds of the charity reflect those funds which, although unrestricted, are not readily realisable in the short term and/or are generating income upon which the charity depends.

Restricted funds represent grants for purposes specified by the donors all funds have been spent in the year.

Nautilus Welfare Fund

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2022

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Tangible		Net current	Total	Total
	fxed assets	Investments	Assets	2022	2021
	£	£	£	£	£
Unrestricted funds
Designated	14,992,558	8,562,949	-	23,555,507	24,239,423
Free	-	-	(37,481)	(37,481)	612,152
Restricted funds	-	-	-	-	-
Endowed funds			5,000	5,000	5,000
	-----------------------	------------------------	---------------------	-----------------------	-----------------------
	14,992,558	8,562,949	(32,481)	23,523,026	24,856,575
	==========	=========	========	=======	=======
	==	===	==	===	===

ANALYSIS OF NET ASSETS BETWEEN FUNDS – Prior year comparative

	Tangible		Net current	Total	Total
	fxed assets	Investments	Assets	2021	2020
	£	£	£	£	£
Unrestricted funds
Designated	14,869,982	9,369,441		24,239,423	23,606,574
Free			612,152	612,152	478,482
Restricted funds			-	-	-
Endowed funds			5,000	5,000	5,000
	-----------------------	------------------------	---------------------	-----------------------	-----------------------
	14,869,982	9,369,441	617,152	24,856,575	24,090,056
	==========	=========	========	=======	=======
	==	===	==	===	===

Included within tangible fixed assets is an element of land which must be retained for housing accommodation under the terms of the Scheme. This is not considered to be a material restriction given that the provision of housing accommodation is one of the core objects of the charity.

12. RELATED PARTY TRANSACTIONS

At 31 December 2022 £1,741 (2021: £16,239) was owed by Nautilus International, the trade union under common control by Nautilus International Council. Nautilus International provided support and administration services to Nautilus Welfare Fund amounting to £115,000 (2021: £115,000).

In the year £294,174 of grant income was received from Seafarers UK (2021: £277,800) A member of Nautilus International Council the trustee is also a trustee of Seafarers UK.