**Annual Report and Accounts For the year ended 31[st] December 2023**
## **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 2023**
## **Contents**
|**ontents**||
|---|---|
||**Page**|
|Trustee’s Report|3|
|Independent Auditors’ Report|12|
|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 2023**
## **REFERENCE AND ADMINISTRATION INFORMATION**
|Head Office|Nautilus House|
|---|---|
||Mariners’ Park|
||Wallasey|
||CH45 7PH|
||Tel:
020 8989 6677|
||Fax:
020 8530 1015|
||E-mail
accounts@nautilusint.org|
|Northern Office|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|
1
## **Nautilus Welfare Fund**
## **TRUSTEE’S REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REFERENCE AND ADMINISTRATION INFORMATION (continued)**
**Members of the Council Term ended 27[th] April 2023 of Nautilus International** W van Hoboken Chair **at Balance Sheet date** I MacKenzie Vice Chair H Eijkenaar Deputy Vice Chair S Belfitt M Leemhuis J Cameron T Latter T Cardy U Jurgens C Caseman F Matthew R Cleland G Scarlett G Feikema J Tyson M Graves – deceased 6[th] April 2023 J Wainman N Groen P Wilson S Gudgeon J van der Zee W Jackson H Lugwig P Lok **Term commenced 27[th] April 2023** W van Hoboken Chair I MacKenzie Vice Chair H Eijkenaar Deputy Vice Chair A M Dickinson General Secretary F Broeksma S Turner G Calderwood J Tyson R Cleland S de Vries A Day J Wainman A Dickson C Wannell R Downs T Warner G Feikema J van der Zee D Franklyn S Gudgeon H Hiemstra R Johnson H Ludwig F Matthew C McLean F McNally **Secretary to the Council** A M Dickinson (General Secretary, Nautilus International) **of Nautilus International Members of the Nautilus** R C Thornton Chair resigned March 2023 **Welfare Fund Committee** C Shirling-Rooke Chair appointed August 2023 **at Balance Sheet Date** J McAuslan Trustee Director A M Dickinson General Secretary J Hofton M Reeves W Jackson D Franklyn N Martin C McLean F Matthew M Watts P Minter L Whitehead F O’Neill W van Hoboken A Jones
**Secretary to the NWF**
2
## **Nautilus Welfare Fund**
## **TRUSTEE’S REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Introduction**
The Trustee presents its Annual Report together with the financial statements for the year-ended 31 December 2023. 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 2023 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.
3
**Nautilus Welfare Fund**
## **TRUSTEE’S REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **ACHIEVEMENTS AND PERFORMANCE**
In 2023 the Charity placed a real focus on how it can improve staff recruitment, induction and retention, which will see a significant reduction in agency costs going forward. The charity did see progress in all the key objectives of the Charity, summarised below;
## **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 2023 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.
- After securing planning permission work has commenced in 2023 to build an extra 27 two bedroom apartments for residents and to replace Nautilus House with a new office complex. £1.5m of the generous £2m grant was received from ITF during 2023 and the work is expected to be completed in November 2024.
- There were a range of improvements at the Mariners’ Park Estate which included the provision of additional parking bays, redecoration of the care home, Trinity House hub and independent living properties.
- 4 extra bedrooms have been utilized in the care home following conversation of one of the lounges in the Care Home, which have been registered with the Care Quality Commission. This takes the number of bedrooms in the Care Home from 32 beds to 36 beds.
## **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 2023 include;
- COVID -19 booster vaccination of staff and residents was organised.
- Funding for the continuation of the Admiral Nurse post, a specialist dementia nurse, was secured for a further year from both the Charente Group and Trinity House.
- Funding was secured for the Physiotherapy post and 4 case workers from the Seafarers UK charity.
- We are very grateful for their continued support with this important service.
- We are also very grateful to all donors who gave generously during 2023.
4
## **Nautilus Welfare Fund**
## **TRUSTEE’S REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 2023 the six case workers attended to 768 retired and needy seafarers and their dependents. As a team they obtained £1,270,910 in financial gains and grants for them.
In 2023, the Charity provided 25 one off grants to retired and needy seafarers and their dependence and spent £7,469 on essential items and household repairs.
The Charity also provided 22 regular grants totalling £14,378 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 2023 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 2023 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 2023, expanding beyond Merseyside, with all caseworkers taking on a reviewing role for SMS beneficiaries.
2023 saw a new partnership with the Charente Group 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.
5
## **Nautilus Welfare Fund**
## **TRUSTEE’S REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **ENSURE THE NAUTILUS WELFARE FUND REMAINS FINANCIALLY VIABLE**
Ensuring the Charity is financially viable centres on maximising income from the Charity’s investments, ensuring high occupancy of the Mariners’ Park properties and the Care Home, keeping costs to the planned budget plus maximising income from maritime charities and other charitable sources. In 2023 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 2023 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 2023 after a short lockdown due to an outbreak of gastroenteritis **.**
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 2023 the Charity received £190,022 in donations from all sources.
Overall, over 900 mariners and their dependants were supported by the Charity in 2023. 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.
## **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 2023 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 £5,301,793 and £4,293,741 respectively. The Charity’s Investments as at 31 December 2023 stood at a Market Value of £8,007,278 against a Book Cost of £6,148,863.
In 2023 the net income before investment movements was £1,008,052 compared to net expenditure of (£586,722) in 2022. The net investment gain in 2023 amounted to £282,468 comprising a realised gain of £289,306 and an unrealised loss of (£6,839).
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.
6
## **Nautilus Welfare Fund**
## **TRUSTEE’S REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 5.9% 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.
- ➢ 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 2023 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.
7
## **Nautilus Welfare Fund**
## **TRUSTEE’S REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 2023.
## **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 2023, the Charity held total funds of £24,813,546 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.
The balance of the Charity’s funds of £24,808,546 are therefore unrestricted and may be expended by the Charity at the Trustee’s discretions within the charitable objects.
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 2023 this amounted to £129,800 (2022 - £115,000).
8
## **Nautilus Welfare Fund**
## **TRUSTEE’S REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **PLANS FOR FUTURE PERIODS**
2024 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 2024 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.
- Exploring sustainable energy solutions at Mariners Park.
## In the Care Home.
- Complete Fire Safety work and staff fire training.
- Secure funding for new furniture, flooring, and refurbishment in the care home.
- Secure funding for Physiotherapy and Admiral Nurse post for 2023.
- Achieve Good CQC rating at next inspection.
- Implement a new Electronic Medication Administration System.
## Care and Support Service
- Secure funding for activities.
- Implement the Person Centred Software for Nautilus Care.
- Achieve Good rating at next CQC inspection.
## Caseworker Service
- Secure future funding to maintain the Cardiff, Tyne and Wear 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.
- Act on recommendations following the NVCO Governance review of the Charity.
9
## **Nautilus Welfare Fund**
## **TRUSTEE’S REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 following a Rule Change from the Fifth Rules General Meeting, agreed on 25th October 2023, that came into force at 23:59(UTC) on 29th October 2023; consists of a maximum of 26 full members (previously this was a maximum of 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 Nautilus Welfare Fund 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 2023, 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
10
**The Nautilus Welfare Fund**
## **TRUSTEE’S REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 2023 a range of training was delivered mostly virtual. In 2023 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.
## **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 Lesley Mercer, James McAuslan, Stephen Clinch and Theresa Mary Crossley. 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 25 April 2024.
## A M Dickinson
Wilco van Hoboken (Chair)
A M Dickinson (General Secretary)
11
## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF NAUTILUS WELFARE FUND**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Opinion**
We have audited the financial statements of Nautilus Welfare Fund for the year ended 31 December 2023 which comprise of the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 2023 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.
12
**INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF NAUTILUS WELFARE FUND**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Responsibilities of the trustee for the financial statements**
As explained more fully in the Trustee’s responsibilities statement set out on page 11, 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 non-compliance with laws and regulations and fraud;
- Reviewing the controls and procedures of the Charity to ensure these were in place throughout the year;
- 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
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
13
**INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF NAUTILUS WELFARE FUND**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 10 Queen Street Place Statutory Auditors London Date:** 3 July 2024 **EC4R 1AG**
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
14
## **Nautilus Welfare Fund**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
|||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Funds**|**2023**|**2022**|
||**Notes**|**£**|**£**|**£**|**£**|**£**|
|**INCOME:**|||||||
|Donations and legacies|||||||
|Grants|5|1,508,314|430,214|-|1,938,528|485,956|
|Gifts and donations||190,022|-|-|190,022|39,154|
|Income from charitable activities:|||||||
|Care Home||1,851,485|-|-|1,851,485|1,581,811|
|Mariners’ Park Estate||1,116,591|-|-|1,116,591|1,069,183|
|Investment income||205,167|-|-|205,167|191,929|
|||---------------------|-----------------|----------------------|---------------------|---------------------|
|**Total Income**||4,871,579|430,214|-|5,301,793|3,368,033|
|||----------------------|-----------------|----------------------|--------------------|--------------------|
|**EXPENDITURE**|||||||
|Investment management costs||53,200|-|-|53,200|53,200|
|**Charitable Expenditure**|||||||
|Accommodation for people living|||||||
|independently||948,155|69,242|-|1,017,397|936,961|
|Accommodation for people|||||||
|requiring residential or nursing care||2,126,536|360,972|-|2,487,508|2,291,969|
|Enabling retired merchant mariners|||||||
|and their dependants||507,012|-|-|507,012|452,136|
|Developing services for older people|||||||
|and their dependants||228,624|-|-|228,624|220,489|
|||----------------------|------------------|----------------------|----------------------|----------------------|
|Total charitable expenditure|3|3,810,327|430,214|-|4,240,541|3,901,555|
|||----------------------|-----------------|----------------------|----------------------|----------------------|
|**Total Expenditure**||3,863,527|430,214|-|4,293,741|3,954,755|
|||----------------------|----------------|----------------------|---------------------|---------------------|
|**Net (expenditure) before gains and**|||||||
|**losses on investments**||1,008,052|-|-|1,008,052|(586,722)|
|Gains / (losses) on investments|7|282,468|-|-|282,468|(746,827)|
|||-----------------|-------------------|----------------------|-----------------|-----------------|
|**Net (expenditure) / income**||1,290,520|-|-|1,290,520|(1,333,549)|
|**Transfers between funds**||-|-|-|-|-|
|||----------------------|-----------------|----------------------|----------------------|----------------------|
|**Net Movement in Funds**||1,290,520|-|-|1,290,520|(1,333,549)|
|**Reconciliation of funds**||----------------------|-----------------|----------------------|----------------------|----------------------|
|Fund balances brought forward|10|23,518,026|-|5,000|23,523,026|24,856,575|
|||----------------------|----------------|----------------------|---------------------|---------------------|
|**Fund balances carried forward**|10|24,808,546|-|5,000|24,813,546|23,523,026|
|||=========|========|========|=========|=========|
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 12 form part of these accounts.
15
## **Nautilus Welfare Fund**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2023**
||||**2023**||**2022**||
|---|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**||**£**|
|**FIXED ASSETS**|||||||
|Tangible assets|6||17,519,121|||14,992,558|
|Investments|7||8,007,278|||8,562,949|
||||-----------------------||-----------------------||
||||25,526,399|||23,555,507|
|**CURRENT ASSETS**|||||||
|Debtors|8|96,230||93,128|||
|Cash at bank and in hand||695,922||360,680|||
|||---------------------||---------------------|||
|||792,152||453,808|||
|**CREDITORS: amounts falling due**|||||||
|**within one year**|9|(1,505,005)||(486,289)|||
|||----------------------||----------------------|||
|**NET CURRENT LIABILITIES**|||(712,853)|||(32,481)|
||||------------------------||------------------------||
|**NET ASSETS**|||24,813,546|||23,523,026|
||||===========|||==========|
|**Represented by:**|||||||
|Unrestricted funds|10||24,808,546|||23,518,026|
|Restricted funds|10||-|||-|
|Endowment|10||5,000|||5,000|
||||------------------------||------------------------||
||||24,813,546|||23,523,026|
||||==========|||==========|
Approved by and authorised for issue by the Nautilus International Council on 25 April 2024
## A M Dickinson
Wilco van Hoboken (Chair)
AM Dickinson (General Secretary)
The notes numbered 1 to 12 form part of these accounts.
16
## **Nautilus Welfare Fund**
## **CASH FLOW STATEMENT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
|||**2023**||**2022**|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
|**Net cash provided by operating activities**||2,201,671||(248,672)|
|**Cash flows from investing activities**|||||
|Investment income|205,167||191,929||
|Payment to acquire tangible fixed assets|(2,909,735)||(498,867)||
|Payments to acquire investments|(3,014,732)||(1,365,909)||
|Proceeds from sales of investments|3,832,555||1,327,335||
|Decrease / (increase) in investment cash balances|20,316||98,239||
||--------------------||--------------------||
|||(1,866,429)||(247,273)|
|||-----------------||-----------------|
|**Increase / (decrease) in cash for the year**||335,242||(495,945)|
|||=========||=========|
|**RECONCILIATION OF NET INCOME / (EXPENDITURE) TO**|||**2023**|**2022**|
|**NET CASH USED IN OPERATING ACTIVITIES**|||**£**|**£**|
|Net income / (expenditure)|||1,290,520|(1,333,549)|
|Depreciation|||383,172|376,291|
|Investment income|||(205,167)|
(191,929)|
|Net investment (gains) / losses|||(282,468)|
746,827|
|Increase in debtors|||(3,102)|
(38,586)|
|Increase in creditors|||1,018,716|192,274|
||||------------------|------------------|
|**Net cash used in operating activities**|||2,201,671|(248,672)|
||||==========|=========|
|**ANALYSIS OF NET DEBT**|||||
|||**At**||**At**|
|||**31 December**||**31 December**|
|||**2022**|**Cash flow**|
**2023**|
|||**£**|**£**|**£**|
|Cash at bank and in hand||360,680|335,242|695,922|
|||=========|==========|=========|
17
## **Nautilus Welfare Fund**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2023**
## **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 2022), and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
18
**Nautilus Welfare Fund**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **YEAR ENDED 31 DECEMBER 2023**
## **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.
19
**Nautilus Welfare Fund**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **YEAR ENDED 31 DECEMBER 2023**
## **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.
20
## **Nautilus Welfare Fund**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **YEAR ENDED 31 DECEMBER 2023**
|||**Provision of**|||||
|---|---|---|---|---|---|---|
||**Provision of**|**accommodation**|||||
||**accommodation**|**for people**|**Enabling retired**|**Developing**|||
||**for those people**|**requiring**|**merchant mariners**|**services for older**|||
|**3a. CHARITABLE ACTIVITIES**|**living**|**residential or**|**and their**|**people and their**|**2023**|**2022**|
||**independently**|**nursing care**|**dependants**|**dependants**|**TOTAL**|**TOTAL**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Direct costs of charitable activities|480,665|1,998,745|468,430|220,827|3,168,667|2,874,884|
|Charitable grants|-|-|20,990|-|20,990|29,588|
|Other costs of charitable activities:|||||||
|Support and governance costs|67,197|270,355|17,592|7,797|362,941|334,667|
|Major repairs and renewals|197,855|106,916|-|-|304,771|286,125|
|Depreciation of buildings and equipment|271,680|111,492|-|-|383,172|376,291|
||---------------------|----------------------|----------------------|----------------------|----------------------|----------------------|
||1,017,397|2,487,508|507,012|228,624|4,240,541|3,901,555|
||==========|============|============|============|============|============|
|**Prior year comparative**||**Provision of**|||||
||**Provision of**|**accommodation**|||||
||**accommodation**|**for people**|**Enabling retired**|**Developing**|||
||**for those people**|**requiring**|**merchant mariners**|**services for older**|||
||**living**|**residential or**|**and their**|**people 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|
||==========|===========|===========|===========|===========|===========|
21
## **Nautilus Welfare Fund**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **YEAR ENDED 31 DECEMBER 2023**
## **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 £nil (2022: £1,000); provision of accommodation for people requiring residential or nursing care £360,972 (2022: £203,180); enabling retired merchant mariners and their dependants £nil (2022: £nil); and developing services for older people and their dependents £69,242 (2022: £74,277).
||**2023**|**2022**|
|---|---|---|
||**TOTAL**|**TOTAL**|
|**3b. GOVERNANCE COSTS**|**£**|**£**|
|External auditors remuneration|34,320|30,035|
|Membership and committee|4,164|9,276|
||-----------------|----------------|
||38,484|39,311|
||=======|=======|
||**2023**|**2022**|
||**TOTAL**|**TOTAL**|
|**3c. SUPPORT COSTS**|**£**|**£**|
|Staff costs|214,094|191,534|
|Other support costs|187,330|103,822|
|Governance costs|38,484|39,311|
||-----------------|-----------------|
||439,908|334,667|
||=======|=======|
22
## **Nautilus Welfare Fund**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **YEAR ENDED 31 DECEMBER 2023**
## **4. INFORMATION REGARDING EMPLOYEES AND TRUSTEE**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Wages and salaries|2,013,248|1,751,580|
|Social security costs|179,970|158,497|
|Pension costs|124,094|114,785|
|Agency staff costs|342,031|343,050|
||---------------------|---------------------|
||2,659,343|2,367,912|
||==========|==========|
One employee earned between £60,000 - £70,000 (2022: nil).
The Trustee was not paid during the year (2022 £Nil) and was not reimbursed any expenses (2022 £Nil).
The Key Management Personnel relates to 4 (2022: 4) staff whose total remuneration was £186,630 (2022: £161,744).
||The average number of employees, full time and part time together, was|||
|---|---|---|---|
||Charitable activities|93|92|
|||========|========|
|**5.**|**GRANTS FROM EXTERNAL ORGANISATIONS**|||
||ITF Seafarers Trust|1,500,000|-|
||Seafarers UK - Aged Veteran Funds|-|22,850|
||Seafarers UK - Merchant Navy Fund|16,344|14,500|
||Seafarers Hospital Society|1,978|12,600|
||Seafarers UK – Case worker service & care home|234,370|267,533|
||Shipwrecked Mariners Society|7,227|8,585|
||MNWB|58,518|30,000|
||Trinity House|93,000|85,095|
||Wirral Borough Council|1,200|41,493|
||Charante|23,283|-|
||Other|2,608|3,300|
|||-----------------|-----------------|
|||1,938,528|489,747|
|||========|========|
23
## **Nautilus Welfare Fund**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **YEAR ENDED 31 DECEMBER 2023**
|**6.**|**TANGIBLE FIXED ASSETS**|**Freehold**||**Motor**|**Work in**||
|---|---|---|---|---|---|---|
|||**Land and**|**Equipment**|**Vehicles**|**Progress**|**Total**|
|||**Buildings**|||||
|||**£**|**£**|**£**|**£**|**£**|
||**Cost**||||||
||At 1st January 2023|17,429,887|589,403|14,312|-|18,033,602|
||Additions|-|41,552|-|2,868,183|2,909,735|
|||---------------------|---------------------|-----------------|-----------------|--------------------|
||At 31st December 2023|17,429,887|630,955|14,312|2,868,183|20,943,337|
|||---------------------|---------------------|-----------------|-----------------|--------------------|
||**Depreciation**||||||
||At 1st January 2023|2,603,387|423,345|14,312|-|3,041,044|
||Charge for the year|321,274|61,898|-|-|383,172|
|||--------------------|------------------|----------------|----------------|--------------------|
||At 31st December 2023|2,924,661|485,243|14,312|-|3,424,216|
|||==========|=========|=========|=========|==========|
||Net book value||||||
||At 31st December 2023|14,505,226|145,712|-|2,868,183|17,519,121|
|||==========|=========|=========|=========|==========|
||At 31st December 2022|14,826,500|166,058|-|-|14,992,558|
|||==========|=========|=========|=========|==========|
## **Capital commitments**
At the year end there was a capital commitments totalling £6.78m (2002: £nil) in relation to the new building at Mariners’ Park. 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.
24
## **Nautilus Welfare Fund**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **YEAR ENDED 31 DECEMBER 2023**
## **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 (2022: £53,770). **c)** The following is a summary of the investments for all the Funds and the income therefrom.
|||**CAPITAL**|**CAPITAL**|**INCOME**|**INCOME**|
|---|---|---|---|---|---|
|||**Market value**|**Market value**|||
|||**as at 31/12/23**|**as at 31/12/22**|**2023**|**2022**|
|||**£**|**£**|**£**|**£**|
||Investments listed on recognised UK Stock|||||
||Exchanges|7,997,968|8,533,323|194,697|190,734|
||Investment cash|9,310|29,626|-|-|
|||-----------------------|------------------------|-------------------|-------------------|
|||8,007,278|8,562,949|194,697|190,734|
|||===========|===========|==========|==========|
|**d)**|Movement in market value of investments|||||
||Market value at 1st January|||8,562,949|9,369,441|
||Less: Proceeds of disposals|||(3,832,555)|(1,327,335)|
||Add: Acquisitions|||3,014,732|1,365,909|
||(Decrease)/ increase in the investment cash balance|||(20,316)|(98,239)|
||Net gains / (losses) on revaluation at 31 December|||282,468|(746,827)|
|||||-----------------------|---------------------|
||Market value at 31st December|||8,007,278|8,562,949|
|||||==========|==========|
||**Historical cost as at 31 December**|||6,148,863|6,696,205|
|||||========|========|
|**8.**|**DEBTORS**|||**2023**|**2022**|
|||||**£**|**£**|
||Prepayments and accrued income|||40,003|45,440|
||Other debtors|||56,227|47,688|
|||||-----------------|-----------------|
|||||96,230|93,128|
|||||========|========|
|**9.**|**CREDITORS: amounts falling**|||**2023**|**2022**|
||**due within one year**|||**£**|**£**|
||Expense creditors|||241,527|168,306|
||Accruals and deferred income|||1,263,478|317,983|
|||||----------------|----------------|
|||||1,505,005|486,289|
|||||=======|=======|
25
## **Nautilus Welfare Fund**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **YEAR ENDED 31 DECEMBER 2023**
|**10a.**|**ANALYSIS OF FUND MOVEMENTS 2023**|**ANALYSIS OF FUND MOVEMENTS 2023**|||||
|---|---|---|---|---|---|---|
|||**Brought**|**Income**|**Expenditure**|**Transfers**|**Carried**|
|||**Forward**|||**Gains / Losses**|**Forward**|
|||**2023**||||**2023**|
|||**£**|**£**|**£**|**£**|**£**|
||**Unrestricted funds**||||||
||Designated funds:||||||
||Andrew Gibson Memorial Home|388,795|-|-|(388,795)|-|
||Other long-term funds|23,166,712|-|-|(23,166,712)|-|
|||---------------------|----------------------|----------------------|---------------------|------------------------|
|||23,555,507|-|-|(23,555,507)|-|
||**Free funds**||||||
||Free Funds|(37,481)|4,871,579|(3,863,527)|23,837,975|24,808,546|
|||---------------------|----------------------|----------------------|---------------------|------------------------|
||**Total Unrestricted Funds**||||||
||**Restricted funds**||||||
||Care Home|-|185,682|(185,682)|-|-|
||Case working|-|175,290|(175,290)|-|-|
||Physiotherapy role costs|-|14,000|(14,000)|-|-|
||Admiral Nurse|-|28,492|(28,492)|-|-|
||Other specified projects|-|26,750|(26,750)|-|-|
|||--------------------|----------------------|----------------------|---------------------|-----------------------|
|||-|430,214|(430,214)|-|-|
||**Endowment funds**||||||
||Andrew Gibson endowment|5,000|-|-|-|5,000|
|||---------------------|-----------------------|------------------------|----------------------|-----------------------|
|||23,523,026|5,301,793|(4,293,741)|282,468|24,813,546|
|||=========|==========|==========|=========|==========|
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.
26
## **Nautilus Welfare Fund**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **YEAR ENDED 31 DECEMBER 2023**
|**10a.**|**ANALYSIS OF FUND MOVEMENTS 2022**|**ANALYSIS OF FUND MOVEMENTS 2022**|||||
|---|---|---|---|---|---|---|
|||**Brought**|**Income**|**Expenditure**|**Transfers**|**Carried**|
|||**Forward**|||**Gains / Losses**|**Forward**|
|||**2022**||||**2022**|
|||**£**|**£**|**£**|**£**|**£**|
||**Unrestricted funds**||||||
||Designated funds:||||||
||Andrew Gibson Memorial Home|388,795|-|-|-|388,795|
||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 specified 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.
27
## **Nautilus Welfare Fund**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **YEAR ENDED 31 DECEMBER 2023**
## **11. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
||**Tangible**||**Net current**|**Total**|**Total**|
|---|---|---|---|---|---|
||**fixed assets**|**Investments**|**liabilities**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|**£**|
|Unrestricted funds||||||
|Designated|-|-|-|-|23,555,507|
|Free|17,519,121|8,007,278|(717,853)|24,808,546|(37,481)|
|Restricted funds|-|-|-|-|-|
|Endowed funds|-|-|5,000|5,000|5,000|
||-----------------------|------------------------|---------------------|-----------------------|-----------------------|
||17,019,121|8,007,278|(712,853)|24,813,546|23,523,026|
||===========|===========|==========|==========|==========|
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS – Prior year comparative**
||**Tangible**||**Net current**|**Total**|**Total**|
|---|---|---|---|---|---|
||**fixed assets**|**Investments**|**liabilities**|**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|
||============|============|==========|==========|==========|
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 2023 £6,512 (2022: £1,741) 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 £129,800 (2022: £115,000).
In the year £250,714 of grant income was received from Seafarers UK (2022: £294,174) A member of Nautilus International Council the trustee is also a trustee of Seafarers UK.
In the year £1,500,000 (2022: £nil) of grant income was received from ITF Seafarers Trust.
28