REGISTERED COMPANY NUMBER: IM1153719 (England and Wale5) REGISTERED CHARtTY TriUMBER.. 226072 rt of the Tn￿tteS and Financial Staternettts for the Year Ended 31 December2024 I Shi bTokeTh B¢nevolent Swi DJH Audit Limited Pacific CharDt*rs 11-13 Victoria Street Liverwl L25QQ Li ools Con for the r 2024 Pag¢ R¢p(rft of the Tru#e¢s Reportof the Independent Audi 7 to 10 Stateme￿ofFI1￿1¢i￿ Activities li Bala1￿¢ Sbeet 12 Nots8 to the Fin¥ncial state1￿llts 13 to 20 Dctailtd Statem¢Dt of Fwancial ActivitRs 21 to 22 Liv ools brOk￿S Benevolent Soci¢ Reference and Admillistrati￿ D for the Y¢aT Ended 31 December 2024 TRUSTEFS M NoTddahl I Robinson K M Dixon G Hartley J I McGuffie J P Russell C Turner J M Wiegand T L Wiegand COMPAPIY SECRETARY REGisfERED OFFICE 4th Floor. Melbourne Buildings 21 North John Street LIverp￿] Mer5ey5id¢ L2 SQU REGlStERED COMPANY r4UMBER 00153719 (England atKI Wale5) REGISTERED CHARfTY NUMBER 226072 AUDITOR DJH Audit Limited Pacific Chambers 11-13 Vidoria Str¢ Livupth)I L25 SOLICITORS Weigbmans LLP 100 Old Hall Strert Liv¢wl 13 9QJ INVESTMENT ADVISERS Evelyn PartDer5 Roya] Liver Building Pier Head Livewl L3 INY Page I Li rthe 202 The Council of ma￿ascInent of Livewl Sbipbrokers Benevolfflt Society Itwrdte41 who also tru*es and directOf5 of the charity for the pUlp￿S of the Act 2(￿￿, have ￿tal plosutt ill presenting their 130tF* Anll￿1 Re￿rt a￿1 Accouots for the year ettded 31 2024. Th¢ tntses have aik>pted th¢ provisions of the StateEnent 0fRecomme￿ Practice (SORP) applicabl¢ to chari¢i&s pr¢pATtDg thir x¢(wnts in ￿￿rd￿¢¢ with the Finwial R￿orting Stsndard Applicable the UK and Republ1¢ of IrelaTrJ (FRS 102) (eff¢ctive l Ja￿￿ary 2015) Icharities SORP IFRS 102)). the Fina￿1￿7 Reportsog StaD(kard applicable in the UK Rwblic of Ireland IFRS 102) and th¢ Compalli¢s kn 2(Th. Governlng docwThe4t The Society is governed in its activities by & Menmxthum a￿1 ArfKle8 orAs￿l81m)￿ adopt¢d on the 12 Febnmry 1919, as an*nded by thE adoption of the S￿1 R¢wlutiiw ￿¢d on 3 June 1970. a￿1 is a ￿n￿anY limited by guarante4 not havin8 sharr wiial. Recrufitment and appolnthwnt of Hew ¢rwt Trustees may app)it)t a Member * any time, *thr￿)g the c(Hrsc of the ycar. to the Counci] of Mw¢rr4 homrver that menjber nm￿1 then seek re-eltctioti at the A[￿Ual Meeting. At tacb AGM. approximately one thiid of ibe D￿Mbers of t￿ CoutKiI of ManagatKth ￿18Th and b￿OnIe eit￿ble for Te-el*icTrTh dyndent upon the date of their last electioll orre-electio Mr Allan Seedh0￿ is cwrntiy the So¢ieiY8 PffsidellL In this capacity, IneetiD8s of the Council of Mallageme￿ aTMI the Fitiatiee WE￿¢0￿￿￿tICe of tr£ &Kiety. H¢ is a]so responsibl¢ for instDJcling the The Societys Se¢retary is Viorel Raducanescr4 who is thc SOCIe￿8 oÉJty ￿ar1ed wff niember. The S¢(trtary is reswnsible for the day to day tuDtittig aDd mattagett￿t ofthe Societyand liaiymg with beneficiaries outside a8ettcAes and instittrtioDs. The Society ergloys no other staff bw Occasion￿lY the Society employes eo]]sultants. as and whEn Articles of A&s￿latiO Inductfion and traiDirtg of DeTF trnstee5 Newly appointed tswte¢s r¢c¢iv¢ a ￿Ck￿￿talr0￿. a) a brief history of th¢ Soci¢ty' b) a (y)pyofthe MemLrnduma]M] Articles of Ass(Kialioll" c) a copy ofthe t￿Street￿ Annual Report and accoull d) an explanationof the matter in wbich the Society is strwDr4' e) an cxplattation of the mantttt iAwhidt deeisi0Tr8 are rl*cl￿ a￿1 thc ui*riaw¢d to those decisions, the policies of the Society regardiDg Equal Opmmities aTMI CoDfiirts of IDteres4 to￿ with the Mission Statemcntof th¢ So¢iety. Newly appointed tn￿¢¢$ will then also b¢ imited to attend the S(Kietys offKes for an itykntion nKetin8, with the Secretary aDJ or molr lotJg.serving trustrffj dwiug vthich atty additiottl tr&ittitt8 9% be required ean I P88e 2 Liv ool Shi brokers B oft r202 STRucfuRL GOVERNANCE AND MANAGEMENr OrgaDlsatl•nal structure Subscriptions remain ththnplsiti¢e 1894 * £1.05 (a peraDTknU Menkn& VAW) ￿Y an a￿ll￿al £1.05. are eli￿111e to attend AllDU￿ and Extiwrthw (kne[￿ Meetings and have a vote th￿ri￿ Mernbers self.rnminaknl to siiiwt the &xiety up to of£l.00 (one pound) in the event of the Society b¢ing wound ￿ ond having oUtstaDJl￿ debts. It is this. aT&I only th￿ wbiclk delineates t1￿￿ from sub5cribcts aod Memb¢TS endure no fith obligatioLs or coioy Th) fiJrth¢r privilege& From WAthiD tbe ratsks of the ar¢ drawn the of the Coullcll of manag¢ll￿ aK tF¢ legal ttsees of the ¢knity aod Dir¢¢torsofthe Conjpany. Mr RadU￿￿￿ $C￿etary, also pxts a8 tte&4Jrtt of socirty tTr¢ tswstee8 delegate tbe day.ttrthy a￿geD￿nI of the dwity to hi Dectsiom on the policies of the MKiety as all decisioDS wh&¢b n*teTially affect the s0¢ietyE¢mairA in the ha￿d$ of the and n￿le ot one of the re8ul8r c￿1] r)f nKetiDgs. Th¢ sC￿etty rok wtthin the society As ￿ app]y the aweed Lyitcria order to rnake an inttial of needs follomryng C￿lact wtth a potential benefitiary havc nHde an application f(w assistancc, ID (kn to Te((￿MEnd to the Council of Management tbe kvel8 of assIsta￿e vA]icb may b¢ offtrd tn additio￿ th¢ ass¢sses the Incoming annual rell￿ frorn cxisting beneficiaries to e0$￿￿ tlKir cirCU￿L￿ have ￿ altered so as to exclude them fro]n qua]ifying for 8WW(Kt and provides the Coullcll of a r￿ttae￿ lirt of potential beneficiaries tO8eth¢r witb the suggested level of I￿Al￿thI#1 &ssislallce for tt¢ coming y¢ar. Once the Council of MaD4eJn¢nt ￿ve agrccd on those chattges the secreratys role as to aclion thes¢ thisioDS and he Tr￿s limited powers of dis¢retÉon iti rnatte￿. He is also responsibk fot the d&y.￿daY athinistrativ¢ for mthiioriDg tbe fiDattcial markets. reportingto both a Fioartt subcommittee oftrustKs suErf¢qu¢nty ro thCouDcii 0fM￿se￿￿titst The tm*es have a duty to identify ar#1 review the risks to which tk clwtiy is expMI alld to B￿ll￿ &ppIvpri* ¢ontrols are in place to provide re4soDabk tiga￿L￿t fra￿1 and error. Pag¢ 3 evolent YearEnded 31 Liverpool S]ripbrokers Benevolent S(Ki¢ty Incorpornte¢ ￿￿elDafter refeEred to as Ihe so¢i¢ty', is a register•J Charity. the objectives ofwbich are containedwithin the Society5 MernoTan(hllTh TI￿are. To provide reliefdwillg behaviow by ￿ fttstly to 4Jesttvin8 aDd nece&sitow pe15￿￿ vtho hawt b¢ell of the Soci¢ty and th¢ir wiv&% aThl fa￿111¢& and ne¢vJitow widows of dtceased all￿. Secondty. to tErSODS who have al aTkyttme been elygcd inthe business of thpbrokers alld lor shipowneE8 or b￿l￿eSSeS dir¢oly connethed therewit￿ eitlKr &spr1r￿Xpa]$. rllalla￿ orckrical irLthe City or Port of L4Ve￿O01. iticluding of tF¢ Iivwl Slwing Staffs, A&so¢iation notbeing at tbe time of the grnit of the Societywkn ate. in the cpinion of th¢ CouB¢iL in need There have been no ￿￿￿181 cbanges to the obj'ects of the kniety Lf its wli¢y towinls those objects stnce the last In exercising their powets ￿ duties the Societys tru5tecs bave shnwn r¢gatd to the guidatKe on public bellefrt i&8ued ar￿ published bythe Charity CA)mmissioL Tbe trELStets believe thai they have con4)letyl their thitics di]igenty altd to the best of their abilitses for the b¢DEfit of the pthlic aNI have also the to theuE for the belleSt of th¢pubiic. TIKte have been It￿la1 clwiges to th¢ stakn￿ Iyporwwties Pobcy nor CtillfiÉcts of Intc￿St Policy. All thrce of these docutlleDts were re-a￿rai5ed aryj during tl* year review. The Soci￿8 Mi&qioD stateDX￿ the Equd Poli¢y ¥ryl the CoDtitct of In*test Policy docuTtrtS 8r¢ a￿18b1¢ from the S)¢i¢ty upott reque5L Sigaiflcant acttvltles The Society 5eeEs to improve the q￿Lty of Itfe of its b¢Defi¢iaries by the provision of fiDattcial ti&%istaT￿ vknich t be ge1￿81 or, more rarety, with the particu]aT aimofredThin8 a wific s￿ort￿ll. To this end, the So¢irt￿$ investments were held ID 8 baknced portfolio which w& placed with Evelytt P#rtrnr8, who also provided the Society with fitiall￿ advice. Essertially the S¢Kietys objeciiYcsar¢ a) lo m&iDtaiD the levels of grant 8%8]s1￿ce to bcncficiaTiCS kn ￿$sIble, Ed b) to maxillllse the levcl of incomc ge4erafrd by the illvestxt*llts NthÈle at tbe sarn¢ ttDW rnintrmsing the risks to the overall capital Val￿all0 Oyerllll incorn¢ iocreased by£289.770 to £485.458. Overau ¢xpeDditure deu¢asd by £43.645. Takti￿ &ceoullt of the Net gains on investnynts of £204.943. nrtiDcoEt¢ mseby £132.W2 to £497.761. The BalatLCe Sheet i￿1C8￿5 an increas¢ ID S(KKtys vah* dwing the )rar. The Soci¢Ws totsl V8h￿ at the 31 DecemlK 2024 slwied ]DCre￿ of £497,761 ro £7.687J47 (2023: £7.189.586). Rising dividend vahw and in¢ie48¢ ID th¢ value of &￿1¢￿$ inYe5ttnent p)rtfolio haye itiwovul the S(Kietys ir&%)Jue and its balanee sheet Ch8rltgble gctlwltles DuriDg thr CD￿￿ of 2024. a totsl of £49.504 (W23: £79278} disbutsa iu the forni of ￿ atsi5taNc to thc Soci¢ty5 bEneficiaries. ailowiDB our b¢ll¢fioiaries a bigb¢r standard of liwing thats they Jni8ht otber wise bav¢ enjoyed. Applicati1)￿ for a￿l￿ta￿e ftom desgrvnig DeC￿lI0u$ are c4)n8iderrd by the CIM]n¢il of MaDageD*nL sn accorda￿¢ with th¢ m￿￿13nd￿m andArttcles of As￿latio￿ The Trus*es paTd a CIui8thw to Hll bel￿fiCiar1es Decejkn 2024. Fuel were also paid to qualifying beneficiaries at the begintiing of Febrnary2024. 024 allt)Wdnces w¢r¢ n¥de for inflation. The ￿lety shal] continue to pwsu¢ the obje¢ts as 6tat¢d througb the disbursemellt of grdut assista￿e to neee&4itiw p¢rson5 Wt#) ￿lIfy f￿ the Souety5 assislance. Fll¥ANCtAL REVIEW Rueryes poli¢y The Society's Reserves Poltcy is dicthtedby the Menx)r8th atc11￿$t 3(GX wl)i¢h retds.. To invest th¢ J1￿￿8 of the Society llot imm&liately req￿Ired for its purpos¢s in ol urA>n 6￿h inYesttTr¢Dts, seawiti¢s OF propety as may kn Ib￿Jght fit subje¢t neveEthelets to suth cofylitioThs (if aDy} aod consents (rfany) as Djay for th¢ tiltte being be oriequired bylaw and ￿bi￿¢ al&) as bpxeiathpTovid&l". Th¢ Societ￿5 policy ofconthtty nK)nitDrillg the ujathts snd usillg our [￿r¥¢5 aT¥l th r¢quirf Thill. we Ib)pe. also bear ftuit in the years to come. Dividctul i[w>roV￿ aDd w¢ r¢maiD confid¢nt that the s￿iety a sufficielltly fmancial iwe tIHt will allowu8 to cl￿11￿￿e c1w1￿￿ *ivitie5 fornw years into the The Sociews Policy toFThr(& lllYe51m￿ is ￿ fiuid to DX¢t the of art ever changing makn place. Prof¢s8ioryal inv&theDt advic¢ is ¢n￿l41 and our brok¢rs have been asknj to provide a pntht and sensible balance th¢ Tn￿t¢CS. Limiied. of 3rd Floor Pacific cha1)the￿ 11.13 Vieloria Stre£L Lx¥erp￿L Mew&de. 12 513) wkn wcr¢ apwbillted &s auditors during year. Your attetition is drawn w Not¢ lof th¢ Notes of Filla￿l81 Ststerne￿ rdating to Ar£oT]riW Em)liCi￿ which Sets out the basis of aCco￿ting procedure ardl both the It￿SlatIO￿ and the [v￿rn[￿tion pta¢tices under which these acetr￿ts have been produee It can be seeD from the Sts*meDt of Financial Athities that income increasd ftThn £195.688 in 2023 to £485,458 i 2024 . Total expenditu￿ decre&%&l from £236,285 in 2￿23 to £192,640 in 2024. T8kiD8 ￿￿O￿ttl of Net gains on iuvestrr*tMs of £204,943. netincome ros¢ by £131(p￿ kn £497.761. Thc Society is registered with the Clwity Conmxssiou iti a¢￿[dance with the televant Acts relating to Cknitabk status alld as such is th)t Itable io tsAation i)ll its Glwitsble aCtsV￿ Tr &)¢iety is atso unable to registK for Valu¢ Addd Tak athd. as sucty the element of our eX￿d7th vkntch ispaid in VAT ￿ unr¢coverable by the Soci¢ty. STATEMETh OF CONFIRMATION the Society Coth tI￿t all illvesln￿ts F*ld bylbe Souery arehekj 1tiac￿rd￿ the c￿￿￿11 ¢)f Managemenvs powers. the Sociery c01th￿ thatthe meet ityobligati(w with 8pe¢ific TcfercN¢ to: dclays or shortfalls in eth realisatioL8" coDJnutrnents as discloscd in the Note5 of th¢ Firw*ial Ststellrt. the cffect of rewdluation of fixcd ass¢ts. the So¢i¢ty CODfftr￿ that Th) degre¢ of fmwiai dwlewe is Pl￿ed uponany I￿11￿d￿al. ¢￿￿oratiOn or donor ibat have a rol¢ inthe affairs of the Society, the Society ¢ODfmns that the aceoullts bave been a￿1￿led by HaiDrs Watts Iimit¢4 and thRÉ 4 StateD￿nt b) d) attdAccounts' the S￿Iety¢onfirn￿ tw b¢wg a ¢orroany limityl by gyarantK kAving share capitsl. the mattets required to be included in the Trus*¥s rewL hiv¢ been iwluded ill the Aw)tial Report. th¢ So¢tety that the a￿Utsts co&Tr)plylx)th with the curmt s#Thrtoryr¢qurr¢me￿ and with the Liv ol for the Ye4rEnded 31 December2024 STATEMENf OF TRUSTEEST RESPONSIBIL]TIL8 Tbe bvsttts {wlK) are also tbe directors of LivertA)ol ￿1PbrOkers Betrvolettt Soctety Incoryyornted for th¢ pu￿5¢$ of company law) are rk for $&fe￿￿ng the awets of the clJaEit8ble c4)rnpany In 80 f4r es thE trW*es atswe: . the trust¢¢s b￿¢ tsken all steps that thEy ol￿&t to have taken to make the￿￿elVeS aware of ally relewt audit illfomation and to ¢sE4blith that the auditors ate aware of that infL￿znatIO1L AUDrroRS Approved by ordeT of thc board of tr￿ste&S on .... .. . a￿5 signtrj on itsbelwlf by. tee rt ofthe In t Audito rokeES BeDevol t We have audited the fllwieial 5t¥tenKnts of LTveryK)ol Sbipbrokets Belleyolent Society I￿orpOrated {the clmritable ¢ony0￿} for th¢ year ended 31 D￿]ber 2024 wh]"cb Cowi￿ stat¢ll￿nt of FiDtiucial Activities, the Bal￿¢t Sh¢¢t and not¢5 to th¢ finow1￿ slatenKrt itKluth"Dg a suw of SI￿1￿ca￿l accowthng policies. Thc fitwtcial Teporting fratllv￿ that has been applied tbeir prwation is applicable law and United Kingdom Accoulltillg In owopiTrion the fioawial #atenKnts: give a tn￿ al￿ faw view stste of the charitable ¢(W8tys affairs &8 at 31 December 2024 aod of its incomittg resouttes andapp]ic&tion of resou￿. 1￿CludIng its expenditTT¢, foE the yellr then end¢d. . bave beenproperlyprepared in accordall￿ with United Kingdom GenerallyAc£eptyl Accounting Pr&cti¢e' afyi Bas15 for oplRton We conducted our audit in aec4)rdanee with IDtern&tional Standaryb Auditing (UK) (ISAs (UK)) Jud appliubl¢ law. Our respnsibilities utth th(￿e standard4 are furt￿ dewiw the A￿lit0￿ responstbtliti¢8 for th¢ audit of the f￿￿Ki&l 51aterne￿ts section of our rerA)rL We are iodwendent of th¢ ¢lwitable con]pw in a(xordance wtth the ethical r¢qusrrnts that are relevant to ow audii of the finwrial sratements io the UK inc1￿1]ng tbe FRCS Ethical Stathrf and we bave fi]lfilled our other ethical re8pon5ibilities in a¢¢(Kdw these require0)￿. We believe thatthe audit evidence we have d)tsip¢dis sufficient aThl approprA* toprovwje a b&is for 0￿0p11110￿. Based on the work we bav¢ Exrform>L we bave Mt Ide￿lfi￿ any nIa*r1￿ Uncert￿e1 relating to eluts or ditions thftL indiytduftlly or collectively. may east si￿1fiCant th)ubt ott the clwitable conwtys abi]ity to contittue as A gDitLg concem for a period of at I￿( fromwl*n the ruw￿lla1 statery￿ ar¢ for issue. seclions of tbis re[￿)[L Other ittfor•th) Th¢ InL5t¢e8 ar¢ responsible for the odw iDformatioL Th¢ other iDformation cortyis¢s th¢ iDformation an the Annw] R¢port, other thall th¢ fjDawial Sta¢¢Tr￿ts ¢w R¢w)rt of th¢ l*¢rtht Auditors tI￿r￿ Ow opinion OD tbe fitwicial slattllKllts d(Ks covrr tbe olhex itthnnation and. exw to tbe extent otlThise ¢xp]i¢itly $tat¢d in our report, we do TKbtexwe5s ally fijlln0fassm￿c collc1u5io￿ thereo In connection with OUT audi¢ of th¢ fuwncial stal¢llrt ijur Tesiwibl￿ty 15 to th¢ oth¢r and, in doing so. consider whets th¢ oth¢r inf¢)rn]atTh is n*iialty irwnsist¢Dt the fin￿la1 tsteDMts or our knowledge obtained in the a￿j11 or othThi8e appears kn be Ma￿￿￿tY Thss¢g*d. If identify material ineonsis*Aci¢s or apparent material m1sslatemell￿ are requirryl kn detennine whether this gives rise to a makrial inis5tatcEncnt in the flllatteial stakments th¢llK%efves. l( bosed on the work we bav¢ perfornrf we wnclude that th¢r¢ this reg8t(L Opknitsns OA other matters preserlbed by the CornpaDles Act 20•6 In owop1nii)￿ b&sed on the work uTNlcrtaken ID the coutse of audit Page 7 of tb¢ Inde ool Shi endettt Audito￿ to the M ICDÉ Soci of Inc MAtters on whleh we are required ts repert by exeep150 In the light of the kttowledge and of the charitable Compw aMI its ellvuonment obtained in the COUESC of tr* we have tKJt identified misstatCmEnts in th¢ Rwort ofth¢Tn We have ftothing to report in Test¢rt of following ￿llerS vAKre the Con¥wJi&q Aet 2(M)6 requires to report to you if, in ow optnion: nches not visited by ￿.. or . certai]J disclosure5 of reDwDethn specified by laware ￿)t Etmde" or E bave not r￿clY¢d all th¢ ithrm￿tloll artd eXplaI￿tIO￿4 we require for our8tyJiL L a Strategi¢ Rwt or in pw)arAngthe Rryort of the Thwec& As G￿l87t￿d more fi￿Y iti the Ststetnent of Tr￿Stee< Respwbilities. the tr[L￿ {who are also the directors of the cIMritsbl¢ cottwany for tk pul[￿ of company law) re4Jotsible for th¢ PEeparation of the financial statements and for being satisfied that they give a true view. atyj for sucFL internat WDtrol as the trustees determi￿ ts fraudor error. In preparing the financial ststements, the tr￿￿teeS ate rwibl¢ frr assessitig tbe ch8rit8ble £x)llwa￿S ability to continue as a going Concer￿ disclosi￿ &$ applic4bl4 Dlltters reIat¢d to goin8 cottcem and using the going conceffj rLO [￿118￿¢ altttnthe but ￿ do so. Page 8 rt ofthe Inde ent Auditors to the ols brokers Benevolent &)cie Our respDDglblildes for the *lldlt of the st*t¢meBts obJ￿tiveS are to obtsin r¢&$0[￿1¢ awrary¢ aimwt *ther the fJtwKt81 Slat¢￿￿ts a8 a whole aT¢ free from material misstai¢menL ￿theth¢r du¢ ts) fra￿1 OT ¢ITor. and to iw a R4*xt of th¢ ttyiepend¢nt Awlitors that iDclud¢s our opinion. R¢asonabl¢ as5urw is a high level of is not o gwranre¢ that on a￿lit conthcted in accordance with ISAS (UK) wtll ahva￿ detect a matenal nrsstaten*nt when it exists. Mlsstaten￿ts can atise from fraud or error and are CO￿81dered nwaial 1£ indivyjually or ill the agyegate. they eould reaso￿lY be expected to inllueDce ecottortiic th¢Isio￿ of ￿eE5 taken on the b88is tyenEnts. Jnegularities. inchyiing frau4 ar¢ irLStartts of nOn40n4)]1a￿ with laws aybl [C￿latIO0& We desigD Pn)cedu￿S in litie with our respoJksibiiitie& oulliJKd ab)Ye. to detrrt nuter1￿ Misststen*￿ts in respect of rregularitie& including frau¢L The extent to wbich our procethjres are capabk of de*¢tiO8 itt¢g￿lt￿ itichNlillg fraud is detailed below. risks of non40Jnpliance with laThE and regulations Telatrd to the acts by tbe ￿n￿ny. ￿lch were contrary to ¥pplicable laws and re8u]&ions &ncludin8 fil￿ we LY}nsid￿￿ extcnt to which llon4QLnp]iaDce mi8hl have & Materi￿ effecton thB fit)a￿la1 Statern￿. We also c(wÉdEred th{￿ lavrs a]Ml re8ulatiiMJs that bav¢ a direct iTnpaot on the PEeparation of fillanGial 5tatetuellts such thc Cowies Act 2(￿. We M￿￿8¢[￿envs incentives and (yporiunitie5 for fraudulent llwipulation of the financial 5tatEllrnts (incl￿17￿8 the risk of oyettide of CODtro15 and d¢tenllined that th¢ PTincipl¢ iisk5 WEre r¢Jat¢d to iDfiat&l gnd svtplu review of the fitwKial statement disclosures to urthd)ing gjpmillg docunentstion. review of any corrwondellce with legal advAwr& and ettquiries oft]MU88￿￿tst8lld tIKtt cth ith g0Venw￿ around ackn￿ and p)tett¢i81 Itugatioll alld clain ellquiries with COmpa￿S staff kn idetitify any iwtances ofnotrcoD4)lI￿ with and regulations testiDg ofj(Mmll]s eValu￿]tt￿ whethtt there wds eV1th￿ ofbi&s by tl* Tn]stees that represented a risk ofJDaterial misstatettknt to fratyj, eva]uatitig thebu#tiess rntionale of sigtiifjcant traTLsactioDs ouL8ide tbe Tr)tJDal coutse of b￿Sin&￿S urnlertaking detailed substantive te5ÉÈng of lllaterial lteD￿ oDd 8 saryle of other iteEtS eiryous years aod expttted tr roview of thr complia￿¢ with and effeaiveDess of cothls Despite the t￿lt i*itig plano>l alld condwted tll accord￿ with ISAS (UK) thae 4n unavoidable risk that )atwial ffji&%tstanent in the filla1￿]￿l ststetsLxts may not Ik detected due to Ini￿ linutstiOJLS of the audit and that by th¢ir Y¢ry n&ture, ally such itEtsnces of fiaud or iregulaTity l&ely illvolve Collusio￿ forgery. Ill￿AtiOnal A fiuther dwription of our rcspotsthilities fff the audit of the statetllerrts is loc&ted on the FinarKi41 Reponing Council's websit at vnvw.frQor&ukla￿l￿o￿I7I1lIkneL This &scripti￿] forms pan of Report of the JndeFthntAuditors. Page 9 R ort of the Inde dent Auditor to the Members of LiY¢ ol Shi brokcr5 Fjcncvolent Socic Inco orated Use of my report This report is made solely to the charitable eompan)ts member4 Ls a body. in accordance with Chapter 3 ofpart 16 of the Cornpanies A¢1 2006. My audit work h&s been undertaken 50 that I might state to the charitable companYs m¢mbers those matters l an) required to stste to thern in all auditols rep￿ and fff no other PUTPOSC. To the ￿lIest extent penDitted by law. I do not arc¢pt or wutne responsibility ￿ anyolle other than t￿ chaTit2ble company al￿ the tharitable companys members as . forw auditworK for this rEm for the opinions I have fornied. Timothy Cberry, FCCA (Senior Statutory AuditOT) for and on behalf of DJH Audit Litllitrd Pacific Chambers 11-13 Victoria Street LiveTrool t25QQ 25 Septenib¢r 2025 Page 10 ool ets Benevolent Actlvities 31.12.24 31.12.23 Total fijttds INCOME AP4D END0IVmE￿ FROM DoDatiODS attd legaeieg 14 48*318 195.544 Totsl 48S458 195,688 Raising fvuds 191 24,394 2&191 24.394 CharttaNe aethvltks General Dirut costs GTrnts payable 619 131394 79278 116945 49JlJ4 Totsl 192,640 236285 Net 8aiti5 OD imrsttnctsts 406266 NETINCOME 497.761 365,669 RECOY4CILL4TION OF FUNDS 7.189A86 6,823,917 TOTAL FUNDS CARRtED FORWARD 7,087J47 7,189,586 ol Shi rokets BaKvolctrt co 31.1224 Unr¢strict¢d 31.12.23 Total fimd5 FLXED ASSETS Tal￿ble assets io li 1,137 7￿.?10 6,880226 7J44.91Tr7 6.881,$66 D¢bttkrs C&8h ￿ bgmk 12 3.214 333.113 IS7271 159.9fA) 336.327 c￿D￿oRs Attwunts fal]mg thje Wlthiti one 13 {17J20) (28.307) 144440 308.020 TOTAL ASSETS LESS CilliR LIABILITIES 7.687J47 7,189J86 NET ASSETS 7ffj￿J47 7,189,586 15 Uwe3tricted fi￿d8 7,687J47 7.189586 TOTAL VUNDS 7.687J47 7,189,586 subject to th¢ small conwanies regime. alld were sI￿J on its beh￿£ ty. A Se¢dFKJus¢. Tntytee Pa8c 12 . broker# Betrvolent ACCOiJNTJNG POLICIES Ba&S1 of preparfttg tbt fiD*rntial rt*teJTreDts The financial stat¢ments of the ¢FthritablB COItipany. wbich is a publi¢ Ikwfit ¢ntity FRS 102. bav¢ been in a¢coTdance with the Ctwttie5 SORP (FRS I02),A￿0￿￿llg ara R¢portiog bYChgrjti￿ Stat¢menÉ of Reco￿ll￿nded Pr8Gtice applicable to clwtti¢s prepariDg their awuDts in aCCord￿e with the Find￿cial Reporting sta￿]d[d app]icable ill the UK aryl R¢wbli¢ of Irela￿1 (FRS 102) {effective l January 2019),. FiDan¢ial Re￿rtIng Standard 102 Tr FiDa￿la] Reporti￿ Standard applicable ill the UK and Repub]ic of IrElalld' aud the CoDJpanies Act 2IKJ6. The f]nawial stateDWts have beell pteparvl UJMJer the historical cost cOnV￿tio￿ tb¢ ¢xceptithi of investh￿ts ￿￿¢b are It￿1￿ * market vtt1￿. &4 modified by the Liverpool Shipbrokers Benevoknt Society Iwrporakd Drets the defthition of a public benefft entiry under FRS 102. Assets and liabilities are initthlty at bistorical cc6t or tr8thCtioA vah* uDle&8 OtbeNis¢ Ststed in the relevant a￿￿￿11Thgp0l￿Y ￿$). Ineothlng resovrees All illwming rnUr￿s are includa on the Ststernent of Ftn8rKial A¢tiVitics whEn the chaxity if legally iTrcludes all divid¢nds and int¢r¢st on an accnds basis logeil*r with telatrd tsx Credi￿ All illcotue Ile8ourceJ ¢xp¢nded Expelldlts￿e 1$ accouDted for oo an a¢￿￿]S basis a￿1 Iw been classtfioA ll￿der kadings that agsregate all costs related to the ¢ategory. Where ¢osts cant￿t be dir￿llY allributed to a partietstsr h¢2ditig, they hav¢ be¢L atlo¢ated to acLivities on abasis c(msistent with the use of resourets. hich reryesents a far all0¢8ti0ti &% folloThs". IWIY• ExpeDdithr¢ ithes VAT vAKr¢ akwlli￿l¢ as not recov¢rable by theCh•Jity. Gr￿tS offered subject kn conditiofys wbich bave ￿t been at the ye4r UMI date are JM)ted &4 a ctittMLiÈtnent Tanglble fixed DepttCl￿iOll is provided at the followll¥d Tates tn order to write offeaeh &%set over its esti11￿ usethi . 25% thing bai Taxatlon The cknity is exettwt fr0ttkC(>ryoTrti￿ on ttsdArttsble acttvitics. Unrestri¢t¢d can be tted iti accordan¢¢ with the ClthTit￿ obj*ti¥ts at thB di3¢retion ofthe tr￿8t¢¢8. R¢stricted fimds can only be ￿ed for ￿tiCUts[ ￿￿Ct￿ pws within the objects of the cTrLarity. Fmrtk eXp1at￿tIOn of the llatt￿e 8ThJ PUTPOS¢ ofe8¢h fimd is I￿1￿￿1 it1the￿*S to the fill8￿101 statements. Page 13 ool ote er2 AccouNfJi4G POIJCIFS. con¢knued Penslox t(bsts other p(*t-r¢tir¢*•t IKHefits The charitable ¢on¥)any operates a thfintd pension ￿erne. Contftbutions payable to the charitable compan￿S perLsion scTrkme are thar￿1 to the Slate[r￿¢ of FitwTKial Activilies ID the p¢riixl to vknicb they rdate. Fixed asset investments are vah*d aDTw#lly at nwket Yalué a¢ordw with th¢ ttqUiT¢U*ts of th¢ dedwt¢d from th¢ Fevahtation rm ¢achy¢4r. A trall5fLY IS ￿de fro]n the re￿luatIon rcsffye to the ger*Eai to Tetknt th¢ w>gDise%f 8aills alhd losses CryStatli5TrEJg dtSP05al of rEvalued fi%ed itlvestE￿ The t￿￿eS wnsider th&t adeqwt¢ [C￿[￿S be av8ilabk to fond the ￿ZVitieS of the Ch￿lty f tk foreseeable f￿￿¢. The t￿￿ are of the view tht the awity is a goingc4)ncetrL 31.1224 31.12.23 UK CompaDirs & Ullit Trusts 464476 2914 15928 166,962 25986 2.596 lllt¢rest 485Jl8 195,544 31.1124 31.12.23 Portfo]io nmnagement 2A191 24.394 Pw14 continued... Benevoleot ial Stste the Year Ettded fithg of adivities (see n(rte Costs (see not 5) 17P46 116945 49,SIH Grants pa3thle 49504 17946 16&449 DIREcfcosTS OF CHARITABLEAcll￿ES 31.1224 31.1223 Stsff costs Bjtes and wattt IDsuraftce Light and heat Telephone Office expenses 39026 428 372 48.829 1.878 338 341 282 19rt74 442 3,459 25J15 411 1267 10.557 1.974 4.038 38.480 1,030 236 Strtsthles Tra￿1 Exp¢1￿5 Le￿Et&S￿O￿al Fees R¢paws and RetThMIs De￿latIOn 204 98999 111.982 GRANTS PAYABLE 31.1224 31.1223 Gyants pyable 49JIM 79278 the yr4r 10 (2023: 17) sepatate t￿fiCIar1es teceivoj 8t￿ ftomthEaMrity. P8ge 15 continu¢d... ool Shi toth Net ineomel(expetslith) is stated afts el*twg/(L¥editiug): 31.12.24 31.12.23 10.500 236 2•3 endoj 31 December 2023. 31 D¢¢emb¢r2023. STAFF COSTS 31.1224 31.1223 Wages and sa]ari¢s 32202 39,083 652 39,826 48,829 1h¢ av¢rag¢ monthlynuuther of effjployEe5 duriM8the yEar as follow5: 31.12.24 31.12.23 ¢mploy¢¢ was paid in exL%55 of £60.(Krf) per ill2024. Page 16 l Deeember2 TANGIBLE FIXED ￿￿ETs Totals At l Janw 2024 a￿1 31 Decents2024 IIJN 7A16 18.720 DEPRECIATION At l Janw 2024 Charg¢ foryear 17a80 203 196 At 3 1 Decen]bu 2￿24 I￿191 7J92 ET BOOKVALIJE At31 tk¢¢roixr 2024 1,113 1,137 At 31 Decenkn2O23 1309 31 1.340 ii. Ltstcd At l January 2024 Additioos Dtsposals R¢valuations 880220 lJ64,699 ,•69.796) {231J59) At 31 Deccllkn 2024 7,543,770 NET BOOK VALUE At 31 Decemb¢r2024 7,543,770 At 31 Decen￿￿ 2023 6.880226 Atthe balance sheet date, irtvestmtth assets held rAts4le the UK totalkd£5.075.987 (21r23: £4.156.788). IL DEBTORS: AMOIJNTS FALLING DUE IvrrHIli YEAR 31.1224 31.12.23 Otherdeb 235 2A54 760 1454 3214 Psge 17 024 13. 31.1224 31.12.23 Trade Creditors Social se¢Etrity alld 9,682 1.105 17J20 17520 17J2 28 J07 14. LEAStNG AGREEMENTS 31.1224 31.12.23 10,925 2,731 10,925 13.656 Between one and five years I3￿56 24,581 Net At 3L.12.24 At 1.1.24 in fjjods 7,189586 497,761 7,687J47 7,189580 497,761 7h87J47 N¢1 Thov¢m¢Dt in fuDds, in the aE•)ve 8r¢ as follows: I0￿c$ iJtrrutrlcted fMAds G¢ner81 fjjnd 48S458 {19W) 2W43 497,701 TOTAL FUNDS 485458 U9WO) I￿,943 497,761 Page18 Li r the Year Ended 31 Decetllber2024 15. Compar￿￿YeS for mvernent IM funds Net At 31.1223 At 1.1.23 aditt9b￿ell1 UnrestrReted Gcncral fimd 6.753.9K16 7QOII 365.669 7,189.586 6.753M16 70.011 365,669 7,189,586 Unrestricted funds 195.688 {236285) 41￿260 365,669 195.688 (236285) 4[￿.266 36S,669 A¢wrent yew 12 months a￿lPrI0rYe8t 12 n¥)ttts coll￿1￿ed position is a5 fpllm: Net At 31.12.24 At 1.123 atbushner in fillKIs Generdl fund 6.753.9)6 70.OEI 863.430 7.687,347 TOTkL FUNDS 6.753.906 71.01 I 863.430 7.687J47 are a8 follows". losses in fimds 681.146 (428,925) 611209 863.430 TOTAL FUNDS 681.146 (428.925) 611209 863,430 Pw19 contimked.. t th Fi￿at￿la1 S 024 16. ETrIPLOYEE BENEFIT OBLIGATIONS p¢nsion stheme wos £7.624 (2023: £9,094). There were DD contrib￿lon8￿￿￿ outstsndiDg at the yeAr end. 17. I& ULTIMATE CONfROLUNG PARTY Control lies with th¢ ¢￿￿11 Page 20 Li ols 2024 31.12.24 31.1123 ¥Dd k￿de8 Substtiptiolls 140 144 Investment UKCornpallies & Unit Tnty 46Q476 914 1&928 166.962 25.986 2,596 InÉercst 485J18 195,544 Totsi InfoThkng res0￿(¢3 488458 195.688 Investment mllagemellt eosts Portfolio rnatlagement 26.191 24,394 Wage5 SociAI security Pensiotts Rates and w2t¢r IrJsurdn¢¢ Ligtit and heat Telephone 32202 39.083 652 9,094 1,878 338 7ffj24 428 3n U56 341 282 19,474 442 3,459 25Jl5 411 1.267 10,557 1,974 4.038 38.480 1.030 231 Rent Sulldrics Trav¢1 Ex￿3￿￿ tLgaifftofessional Fees Repairs and Renewab Fixtures and fittings C02wtsrequipment Grants ty individuals 196 49504 79278 148J03 191260 Support costs G•vertsttet tosts Auditor5, remuneration Ac