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2023-12-31-accounts

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ ANNUAL REPORT 2023
TABLE OF CONTENTS
Reference and administrative data Pages 1-2
Trustees’ Annual Report 2023 Pages 3-15
Statement of Responsibilities of the Trustees Page 16
Independent Auditor’s Report to the Trustees Pages 17-20
Statement of Financial Activities Page 21
Balance Sheet Page 22
Statement of Cash Flows Page 23
Notes to the Financial Statements Pages 24-42

REFERENCE AND ADMINISTRATIVE DATA

Patron

Her Majesty Queen Elizabeth II (1951-2022) His Majesty King Charles III (from May 2024)

President

HRH The Duke of Edinburgh KT KG GCVO

Vice Presidents

The Chaplain of the Fleet Admiral of the Fleet Sir Benjamin Bathurst GCB DL Admiral Sir Jock Slater GCB LVO DL Sir John Ritblat FRICS F. M. Everard CBE Captain D. C. Glass OBE MNM (Merchant Navy Medal) Rt. Rev & Rt Hon Dame Sarah Mullally DBE The Rt. Hon. The Lord Mayor of the City of London The Rt. Worshipful The Lord Mayor of Westminster

Trustees

Mr Paul Butterworth AFNI (Chair) Mr William Reid (Deputy Chair) Mr Duncan Bain FCA (Chair of the Finance and Audit Committee) Mrs Fleur Bassett (Surgeon Rear Admiral Fleur Marshall KHP RN) Mr Nigel Blazeby (Chair of the Impact Committee from 19 September 2023) Ms Deborah Cavaldoro Captain Lee Clarke AFRIN (Chair of the Development Committee from 5 December 2023) Mr Peter French (Chair of the Governance and Risk Committee from 28 June 2023) Mr Martyn Gray Mr Robert Greenwood MNM (Chair of the Impact Committee until 19 September 2023) Mr Gerald Kidd Ms Monica Kohli (Appointed 28 June 2023) Mr William Lawes Rear Admiral Iain Lower CB (Chair of the Development Committee) (Retired 5 December 2023)

Mr Jeremy Monroe (Chair of the Governance and Risk Committee) (Retired 28 June 2023) Ms Natalie Shaw MBE FCIPD

Chief Executive

Mrs Deborah Layde

Operational name

The charity, Seafarers UK (King George’s Fund for Sailors), operates under the name The Seafarers’ Charity.

Registered office and operational address

8, Hatherley Street, London, SW1P 2QT

Charity Number 226446 (in England and Wales). SC038191 (in Scotland).

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Auditors

Sayer Vincent LLP 110 Golden Lane, London, EC1Y 0TG

Bankers

National Westminster Bank plc 280 Bishopsgate London, EC2M 4RB

Investment Managers

Ruffer LLP 80 Victoria Street London, SW1E 5JL

Meridiem Investment Management Ltd (formerly Veritas Investment Partners) Riverside House, 2a Southwark Bridge Road London SE1 9HA

Abrdn Asset Managers 50 Lothian Road Festival Square Edinburgh, EH3 9WJ

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1. SUMMARY

The trustees present their report and the audited financial statements for the year ended 31 December 2023.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the charity's Royal Charter and the Statement of Recommended Practice (SORP) - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

2. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

We support those who work at sea and their families globally. Our Vision is a world where seafarers and their families are valued and are free of need and disadvantage. Our Mission is to tackle the disadvantages of a seafaring life by leading collaboration, funding and advocacy that improves seafarers’ lives. We seek to achieve this through working with, and grant funding, delivery partners and through directly commissioned advocacy and research.

We undertook a refresh of our strategy at the end of 2023, and this work now takes us through to 2030 with updated goals and Key Performance Indicators (KPIs) to ensure Trustees can clearly see the progress that is being made throughout the organisation as we work towards our goals. Our five strategic outcomes remain the same in terms of what we wish to achieve for seafarers and their families. These are Enhanced Financial Resilience; Better Working Lives at Sea; Improved Health and Wellbeing; Safer Working Lives at Sea; and Social Justice.

Trustees consider the Charity Commission guidance on public benefit when planning future activities, setting grant-making policies and in making grants. The positive impact expected from each grant is considered before a grant is awarded and monitored. This enables Trustees to be confident that the Charity achieved significant public benefit for several groups and individuals across the UK, the Commonwealth and globally. A diverse range of public benefit is provided by the number of charities and organisations we support each year, as they work to prevent the relief of poverty, advancement of health, and help people in need caused by disadvantage. Further information on the impact we have made can be found in the section below on achievement and performance and in our separately published Impact report, which can be found at https://www.theseafarerscharity.org/what-we-do/ourimpact

3. ACHIEVEMENTS AND PERFORMANCE

Our grant-making is informed by the front-line work of the delivery partners we fund. We work closely with our delivery partners to enable greater impact to be achieved through supporting networking and collaboration, convening working groups and joining up aligned initiatives. Our position as the largest independent grant funder of maritime welfare services

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affords unique insight and opportunities at the heart of an eco-system of maritime welfare services for people working at sea, and their families.

In 2023 there were 67 grants awarded to 50 different organisations who support the safety and welfare of seafarers, whether working or retired, in many different ways and with a wide range of welfare and support services. These services range from ship visiting, debt advice, hardship grants, relationship counselling and support for victims of sexual violence and harassment at sea. A total of just over £2.4m was awarded in grants and direct spending on advocacy, further details of which can be found on our website. Of this amount:

In March 2023 we published our new funded research on The Port-based Welfare Needs of Women Seafarers from the Seafarers International Research Centre at Cardiff University. The research focused on women working on cargo ships and revealed their feelings of isolation and fear of sexual violence and harassment in a male dominated work environment as well as the lack of basic support for menstruation and other gender specific needs. To raise awareness of the report and the welfare needs of women seafarers that had been identified, an online seminar was held in partnership with the International Christian Maritime Association.

As a consequence of the research, online seminar and subsequent discussions that have taken place, many maritime welfare charities are now taking steps to recruit more female ship visitors, to ensure seafarer centres are stocked with feminine products and to proactively check in on women known to be part of a vessel’s crew. To achieve Better Working Lives for women seafarers, The Seafarers’ Charity also funded Sailors Society to develop peer group support for women seafarers globally. We committed funding to support the core costs of Salute Her UK to deliver trauma counselling in a single sex environment for women seafarers who have experienced sexual violence or harassment. In a new partnership with UK P&I Club and TK Foundation we committed co-funding for a three-year period to support the first member of staff to be employed at Safer Waves. Safer Waves is a new charity that supports all seafarers – male and female – who have experienced sexual violence or gender discrimination while working at sea. In 2024 we will develop a new campaign aimed at promoting and improving the safety of women seafarers. The research on The Port-based Welfare Needs of Women Seafarers is an example of how our funding of

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research can help identify seafarers’ welfare needs and inform our funding priorities to support these needs.

Growing concerns about the impact on seafarers’ mental health of bullying, harassment, discrimination and violence at sea led The Seafarers’ Charity to join forces with other similar maritime welfare charities with a global reach and shared values to achieve Better Working Lives at Sea. We want to raise awareness of the support that exists and ensure that seafarers know that they do not, and should not, have to tolerate inappropriate behaviour and toxic leadership when working at sea. The network aims to promote effective joined-up working, avoid duplication and to complement, contribute to, accelerate and amplify existing initiatives to create safe, positive working cultures for all seafarers. One newly funded initiative arising from this collaboration is our funding support for the development of a new training course from The Nautical Institute on Leadership and Management in a Maritime Context. The training aims to enhance leadership and management skills and to promote a shift in cultural expectations about acceptable workplace behaviours. It is anticipated that, over time, this may lead to a reduction in unacceptable behaviour onboard, improved leadership and, consequently, an improvement in the mental health and welfare of seafarers.

Another increasing area of concern and newly identified need is the welfare of crew working on superyachts. In partnership with UK Sailing Academy (UKSA) we convened two Superyacht Crew Welfare Roundtables which brought together many industry professionals, crewing agents, charities, and trade unions to consider how welfare support for superyacht crew could be strengthened. From the roundtables a small working group was formed. The group, now known as Changing Tack on Crew Welfare is chaired by The Seafarers’ Charity and brings together the combined strengths of UKSA, the International Seafarers Welfare & Assistance Network (ISWAN) who run the Yacht Crew Helpline and Nautilus International who have over 4,000 superyacht crew in trade union membership. Early in 2024 the Changing Tack on Crew Welfare working group shared its work in an online seminar with the superyacht industry. Meanwhile there are a number of projects in development to strengthen and raise awareness of the range of support available to support superyacht crew to have Better Working Lives at Sea.

This year we renewed and stepped up our commitment to delivering on our Royal Charter object to promote Safer Working Lives at Sea. We were pleased to announce two new partnerships to improve fishing safety. The first, with the National Federation of Fisherman’s Organisations (NFFO), aims to support improvements in fishing safety in the UK. During the year this included funding support for employment of the NFFO’s Risk, Safety and Training Lead, a series of Fish Safe short educational YouTube films and funding a series of tests run by the Wolfson Unit on fishing vessel stability.

Our second fishing safety project aims to improve fishing safety throughout the globe. We were pleased to be asked by the Lloyd’s Register Foundation to manage a new International Fund for Fishing Safety. Funded by the Lloyd’s Register Foundation, we will work in partnership with the Fishing Industry Safety and Health (FISH) Platform (an international group of fishing safety experts) to identify and fund safety projects that will have the greatest impact on improving fishing safety. The Fund is specifically targeted on the Global South which is home to 80% of the world’s fishers. We view this as an exciting development in our push to ensure Safer Working Lives at Sea for fishers all around our world.

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Both of our fishing safety partnerships were spotlighted in a funded meeting of MPs at the All-Party Parliamentary Group (APPG) on Fisheries. In September, representatives from The Seafarers’ Charity, NFFO and FISH Platform presented to Parliamentarians. From the APPG a policy brief has been developed which sets out our view that UK regulation of fishing safety needs to be improved through working with industry and developing an enhanced safety culture.

Broader maritime safety is the subject of a new podcast called Sea Views that we funded for the first time in 2023. Already the podcast has produced interesting episodes on new green fuels, toxic leadership, maritime pilots and the role of P&I Insurance. In 2024 we will explore what more we can do to support seafarers to have safer working lives at sea.

We were pleased to formally recognise the work of three of our funded charities who demonstrated accessibility, innovation and collaboration. Representatives from the International Seafarers Welfare & Assistance Network, CHIRP Maritime and Fishing Into the Future were presented with the President’s Award by our President His Royal Highness, the Duke of Edinburgh at our Annual Meeting held at Waterman’s Hall in June.

We continued our staff led Equity, Diversity and Inclusion journey which we began in 2020 following the death of George Floyd. We were delighted when our efforts were recognised by being shortlisted for the Safety4Sea's Crew Welfare Diversity & Inclusion Award for focusing on the welfare needs of women on cargo ships. We were also amongst the finalists for the Diversity and Inclusion Champion Award at the Maritime UK Awards 2023.

4. FUNDRAISING ACTIVITIES AND PRACTICES

The Seafarers’ Charity is committed to fundraising in a legal, honest, respectful and transparent way. We aspire to do what is right for our supporters and remain fully committed to the principles laid out in our ‘Supporter Promise’ on our website (Supporter Promise | The ' Seafarers Charity (theseafarerscharity.org).

The Seafarers’ Charity carries out its core fundraising activities through a dedicated team working remotely and at its London office as well as through a small number of regional volunteers who engage in some fundraising activities across the UK.

The Charity’s Development Team generates income through a mix of donations received from charitable trusts and foundations, corporate partnerships, individual donations and legacies, as well as fundraising challenge events.

In 2023 our fundraising performance was successful, and we exceeded our target budget by £0.5m. A notable highlight was support generated posthumously from legacy donors which contributed £1.4million to our fundraising income and is already supporting the generation of seafarers who come after our legacy donors. In addition, our year end Trust and Foundation income was boosted by the donation of the proceeds from the sale of a Victoria Cross awarded to a former Furness Withy employee. Harold Mugford was awarded the Victoria Cross for his valiant efforts during the Great War. The proceeds came to us via our long association with the Laurence Misener Charitable Trust.

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As mentioned on page 5, our collaboration with Lloyd’s Register Foundation initiated the creation of the International Fund for Fishing Safety, which The Seafarers’ Charity will manage, and which received an initial £0.2m at the end of 2023 for the setup of this fund. There is more on this partnership on page 5 and in the Financial Review section, on page 8.

Development Committee Trustees agreed a new fundraising strategy focusing on positive return on investment and building on what we do well. Legacy income comprises 60% of funds raised and to leverage this strength we will intensify efforts towards connecting with potential legacy donors. Furthermore, in 2024, we aim to leverage our ties within the maritime sector, re-establish corporate partnerships and engage with companies who share our values to enhance the welfare of seafarers. This alignment will bolster our support for and subscription to fundraising challenge events, regular donors, sponsorships, and future legacy commitments. The Seafarers’ Charity aims to expand its income through innovation. The Charity also seeks to build stronger relationships.

Fundraising standards

Committed to fundraising excellence, The Seafarers’ Charity is registered with the Fundraising Regulator, adhering to its Code of Fundraising Practice. We value supporter feedback for continual improvement and received no formal fundraising complaints this year. We remain vigilant in monitoring our practices to maintain excellence. The Fundraising Regulator badge prominently displayed on our website and materials underscores our adherence to best practices, alongside compliance with General Data Protection Regulations.

General Data Protection legislation (GDPR)

The Seafarers’ Charity has fostered a culture of GDPR compliance, respecting supporters’ privacy. We only contact supporters who explicitly give their consent. We provide opt-out options and comply with GDPR regulations in all our communications. We are diligent in the management of data, ensuring all supporter data is properly protected, correctly used and safely stored. Our policies are transparent in our notices on our website and we uphold data protection through regular training of our staff and via internal controls and safeguards.

- Supporter data and working with third party fundraisers

We never share personal data with third party organisations for their own use. However, we collaborate with third-party organisations to assist with data processing, particularly those organisations with fundraising expertise. These external partners are carefully vetted and selected and share our commitment to privacy and data protection. We have written agreements with all third-party partner organisations involved in fundraising activities, outlining the legal obligations regarding data collection, storage, processing and sharing.

We have strengthened our data governance framework to ensure accountability, transparency, and compliance across all data processing activities. We have introduced a ‘Know your Donor’ policy to establish a clear process and procedure to ethically manage fundraising income. In addition, we have enhanced our workflows and communication channels to ensure we are timely in responding to individuals’ rights over their personal data.

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Volunteers

Our regional volunteers and longtime supporters, notably in Felixstowe and Bath, have continued to contribute to our fundraising income in 2023. We also have a key volunteer in our head office who provides support to us in a variety of ways, namely on policy development and governance insight, as well as contributing to external committees as needed. We are very grateful for their support.

Protecting vulnerable people

Understanding and protecting people in vulnerable circumstances is of paramount importance to us: we recognise that we may occasionally come into contact with people who are in a potentially vulnerable situation, or who may lack the capacity to make an informed decision about their giving. We follow guidelines regarding people in potentially vulnerable situations, and how to manage any interactions we may have with them. Our policy is informed by the Institute of Fundraising’s ‘Treating Donors Fairly Guidance’.

5. FINANCIAL REVIEW

The overall financial position of the charity has been stable during the year with a very small overall surplus of £2,000 for financial year 2023. Investment returns exceeded inflation after a disappointing 2022, although they were around 2% lower than our long-term annual investment return target. An increase of £0.6m in annual legacy giving offset the slight underperformance of investments against our long-term targets. Reserves were stable at £38.5m reflecting a reduction in real terms of £1.5m over the year, slightly above our annual target for reducing the real value of reserves by 50% between 2015 and 2035.

Our stable financial position and strong financial resources remain critical factors in our ability to support the maritime welfare sector in a sustainable and stable way through times of financial challenge like we have seen in the last few years. We were able to spend over £3m again in 2023 on activity related directly to making impact. This spend was possible despite us not benefitting in 2023 from a large financial funding partnership as we had in 2022 when we raised £0.4m additional funds for our Seafarers International Relief Fund and International Ports and Harbours Association funds. However, we were delighted to sign an agreement with Lloyds Register Foundation during 2023 that will provide funds over 2023/24 for a further £0.5m direct impact spend on initiatives to improve safety at sea. Section 3 on achievements and performance highlights some of the ways in which the £3m spent on impact during 2023 has been used to make a real difference to seafarers in the UK, Commonwealth and globally.

Our approach to fundraising has benefitted from a strategic review and refresh during 2023. During 2023, we consolidated our fundraising spend on our areas of strength around donations and legacies from our loyal individual supporters, donations from Trusts and Foundations who continue to be so generous in their funding and our 24 Peaks and London Marathon events that allow a wider audience to play a part in our vital work through both participation and sponsorship. We have plans to devote further financial resources to develop these strengths alongside working more closely with partner organisations with an interest in providing additional funding to the maritime welfare sector such as the Lloyds Register Foundation. While pleased that our overall return on fundraising investment after allocated costs rose to 2.3 x costs during 2023, compared with 1.7 x costs during 2022, we

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continue to target increasing returns on the financial resources we invest in fundraising as we implement our refreshed strategy.

Investment Policy

The investments are maintained for the Charity’s current and future needs. The investment policy balances the need for capital protection with the desire to secure investment returns. The Investment Managers are set targets to utilise their professional expertise. The Finance and Audit Committee oversee the management and performance of our investment managers. Investment managers report and discuss actual performances at each Finance and Audit Committee; this is then conveyed to each Trustee Board. The investment managers are allowed to use certain derivatives for protection purposes. The Seafarers’ Charity promotes the health of seafarers and does not invest in any company which derives 10% or more of their income from tobacco products. The Seafarers’ Charity also ensures that our asset managers apply effective social, environmental, and ethical policies that support our charitable objectives and values.

Reserves Policy

The Seafarers’ Charity is grateful to past supporters who have enabled the charity to build a healthy level of reserves over the last 50 years. This financial strength is critical to the crucial role that The Seafarers’ Charity plays in the ecosystem of maritime welfare support in the UK and globally. Uniquely, as an independent charity, we are able to rely on our financial strength to allow us to make long term commitments where others are unable to do this in an uncertain world. This is vital to smaller welfare charity partners in the sector who as a result of our financial strength are able to plan and invest confidently in the medium to long term projects needed to make a lasting impact on seafarers’ welfare.

The needs of people who work in the maritime industry have been increasing in recent years and we believe they will continue to do so in the decades to come. This will be driven by known factors such as the growing global maritime trade and the continued cost of living pressures combined with greater uncertainties arising from more unpredictable major global factors (natural events such as tsunamis and extreme weather as well as wars, piracy, and civil unrest) and moves to increased automation in the maritime industry.

As a result, the Trustees of The Seafarers’ Charity have adopted an approach to use reserves both to underpin meeting this growing need and to ensure that we remain a key supporter of seafarers for the longer term.

To that end, the Trustees have designated the following funds;

  1. The Seafarers’ Impact Boosting Fund. The Trustees have decided to reduce our reserves by 50% in real terms from 2015 to 2035, allowing us to boost our impact funding during this period by c.£1.3m per year including across endowment funds. The value of this fund at the end of 2023 was £11.9m.

  2. The Future Seafarers’ Fund. To ensure our ability to meet the longer-term needs of seafarers and their families, 50% of the real value of our reserves from 2015 has been set aside to

  3. maintain a meaningful level of grant giving to support our work beyond 2035

  4. to retain up to 5 years’ worth of grant giving in the event the charity were to cease to function, thus ensuring other maritime charities reliant on our support are not

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immediately subject to financial stress and have some assurance of funding during the aftermath.

The value of this fund was £18.1m at the end of 2023.

Following declines in inflation adjusted investment values over the last few years, the value of our unrestricted reserves remained below its target value at the end of 2023 by around £3.5m. We have allocated this deficit to the Future Seafarers’ Fund. The Trustees continue to monitor our reserves against targets on a regular basis throughout the year. While we expect our investment performance to return to target levels over the long term, if this does not happen then Trustees will re-consider how the Seafarers’ Impact Boosting Fund should be run off in the period up until 2035.

As a result of this overall deficit in unrestricted reserves, there are no funds allocated to the General Reserve at present. Any contingency funds needed to manage immediate risks that materialise will be drawn from the Future Seafarers’ Fund on a temporary basis allowing time for this fund to be replenished prior to 2035.

Approach to managing endowment funds

The Trustees adopted the total return approach to managing six of our endowment funds during 2022 and this was extended to the remaining Endowment funds during 2023. The flexibility permitted by this approach has allowed the Trustees to adopt the same run-off policy for these endowment funds as has been applied to our unrestricted funds (reducing the real value of the funds by 50% over the period from 2015-2035). A prior year adjustment was made to re-state the 2023 split between endowment funds and restricted funds to reflect adopting this approach for the remaining Endowment funds.

The Trustees undertook an investigation of how our endowment funds were classified as endowment funds historically. As a result of this investigation, it was found that three funds (the Arthur T. Jeffress fund, the Merchant Navy South Africa Scholarship fund and the Royal Naval War Libraries fund) had been classified as endowment funds by previous Trustees rather than the donors. The Trustees decided to reclassify these funds as restricted funds during 2023. A prior year adjustment to re-state the split between endowment funds and restricted funds was made on the basis that this represented a change in accounting policy for these three funds.

Subsidiary undertaking

The charity owns the whole of the issued ordinary share capital of Seaservers Limited, a company registered in England (company number 00890342). Seaservers Limited had a cumulative operating deficit of £38,336 at the end of its last financial year on 31[st] March 2023 following a material reduction in income from its principal source of funding over the last couple of years. The Trustees have made a provision to reduce the carrying value of the intercompany loan the charity made to Seaservers Limited when it was set up. The principal activity of Seaservers Limited aligns with the objectives of the charity and the principal activity has been undertaken directly by the charity during 2022 and 2023. The Directors of Seaservers Limited will decide on the future of the company during 2024 in conjunction with the Charity.

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6. PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees assess and understand the risks facing the Charity. The Trustee Board has delegated the day-to-day responsibility for the management of the risks to the Chief Executive and the Leadership Team (LT). The LT is responsible for the identification and assessment of risk and developing mitigation strategies and controls. The risk register is reviewed regularly at the LT meetings and reported to the Governance and Risk subcommittee.

The Governance and Risk sub-committee is responsible for overseeing and scrutinising the risk management systems, ensuring processes for managing risks are fit for purpose and implemented appropriately by management. The sub-committee monitors key risks exposures and escalates to the Trustee Board where necessary. The Trustee Board review the overall risk register.

The principal risks affecting the Charity continue to be around fundraising, investment values, potential cyber-attacks and maintaining the strong public reputation of the charity. The risks around achieving our fundraising targets have increased with the cost-of-living crisis and the LT and Trustees have updated our fundraising strategy during 2024 to enable us to focus on proven areas of success as well as some exciting new partnership initiatives we believe will support us in making an increased impact for seafarers in the future. Following a poor investment result in 2022, 2023 saw investment returns return to closer to our longer-term expectations and The Seafarers’ Charity is in a good financial position that enables us to manage this risk through our financial strategy. The charity continues to invest in updating IT systems and training staff to identify cyber attacks. The charity has also undertaken a full strategic review of communications during the first part of 2024 with the aim of increasing the impact and effectiveness of our public communications.

7. PLANS FOR THE FUTURE

The Charity continues to implement its long term Thrive strategy which was refreshed during 2023. 2023’s work focused on fundraising return on investment and the development of joint working initiatives with maritime corporates to release funds to address widely systemic long-term issues such as personal safety on board for all seafarers, male and female. To understand better how our grant funding produces change for seafarers we worked with the National Council of Voluntary Organisations (NCVO) to further improve grant monitoring and evaluation needed to meet our Mission and to better understand the impact of our grant making.

We recognise that fundraising and communications underpin our charitable work and in 2023 we further developed our fundraising and communication strategies to be implemented in 2024 to take us to 2030 and beyond.

A long-term analysis of past fundraising streams’ returns on investment drove our in-year fundraising strategy development. We will now build on what we already do well, stopping what no longer works. Co-funding with corporate partners will be key to enabling a wide range of targeted welfare and safety support for seafarers. Whilst these partnerships deliver much needed funding, our work also unlocks corporate connections, knowledge and insight

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to assist further in the alleviation of the welfare and safety needs of seafarers. We foresee that our collaborative working groups will continue to produce results in 2023 and beyond, including on programme development areas such as support for women’s safety at sea and for superyacht crews.

The Trustee Board, together with our financial strength, affords us a strong independent position within the maritime sector. We are not accountable to ship owners, government or any other body other than our trustees. This means we are free to use our funding and our voice to speak up on behalf of seafarers and to highlight issues such as suicide at sea and sexual violence and harassment that others may be under pressure to keep concealed. Our financial strength means that we don’t just talk about these problems but can actually put our funding behind supporting seafarers impacted by such issues and, ultimately, seek ways to prevent systemic issues in the first place so that seafarers have better working lives at sea. In 2024 we will continue our convening and funding work with specialist partners and funded organisations, on topics such as bullying and harassment in the superyacht sector. Our approach challenges convention, seeks new ways of working and utilises the input, skills, and abilities of a wide variety of interested partners as we work jointly towards long term solutions.

8. STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal structure

The Seafarers’ Charity is a non-statutory body incorporated by Royal Charter. The Charter was originally granted in 1920 and, together with the Byelaws, provides the rules and guidelines under which The Seafarers’ Charity operates. After approval by the Privy Council, Supplemental Charters were granted in 1949, 1960, 1976, 1992 and 2010.

Aims and purposes

The Charity’s aims or purposes (‘objects’) set the framework for our grant-funding strategy and management and are:

Governance

Our Trustee Board consists of 15 Trustees of whom 4 are women, 7 have served at sea and 14 are, or were, involved with the maritime industry. Fourteen are UK based and one Trustee is based on the Isle of Man.

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The Trustee Board meets three times a year to set and oversee our strategy and objectives, make decisions on strategic direction, and monitor effectiveness. The Board has delegated authority to Trustee sub-committees (Governance and Risk, Finance and Audit, Development, and Impact). Day-to-day operations and management are delegated to the Chief Executive and Leadership Team who provide regular reports to the sub-committees.

Trustee sub-committees perform a vital role in handling the information produced by the Leadership Team to be able to review the performance of the Charity, to advise and guide on key areas of activity, and provide recommendations, if necessary, to the Trustee Board. The Chair of each committee reports to the Trustee Board; minutes of committee meetings are available to all Trustees. The Seafarers’ Charity is committed to maintaining the highest standards of governance and looks to continually improve its practices based on Charity Commission recommendations and the Charity Governance Code.

Appointment of Trustees

Appointment to the Trustee Board is done via an open recruitment and appointment process based on applicants’ skills and experience matched against those required on the Board. The Nominations committee make recommendations to the Trustee board to co-opt new trustees during the year and subject to approval of the membership of the Corporation they are formally elected at the Annual Meeting.

Trustees are appointed for an initial term of up to three years and may be reappointed for two further terms of three years. The number of Trustees is subject to a maximum of 30 and must be greater than seven.

Trustee induction and training

Once appointed, trustees go through an induction programme to make sure they understand their role, the charity and applicable legislation. The content of the induction programme is reviewed annually and includes a mixture of formal training and meetings with Leadership Team and staff.

Declaration of interests

At each Trustee Board and sub-committee meeting, there is a standing agenda item for each Trustee to declare their interests. All Trustees complete a Register of Interests form annually and update it as required. The Register of Interests is also completed by members of the Leadership Team.

Risk Management

The Trustees assess and understand the risks facing the Charity. Risk management is covered under section 6 – principal risks and uncertainties.

Remuneration policy

Our pay and benefits help us to attract and retain the best people and keep colleagues engaged throughout their employment. Each role is benchmarked using external consultants ‘Croner Rewards’ who maintain an extensive pay database against which to evaluate our roles, ensuring we pay a competitive salary compared to similar organisations.

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We are an accredited Living Wage employer, so we can ensure everyone who works for us can earn enough to live on. We aim to extend this to our supply chain when reviewing contracts. The Trustee Board reviews and approves annual pay increases, in line with inflation and affordability, for all staff. Trustees approved a pay rise of 6% for staff from 1 January 2024.

No Trustees are remunerated by the Charity. Travel and incidental expenses can be claimed. Remuneration of key management personnel is reviewed annually in the same way as other staff and benchmarked against other salaries in the sector.

Equity, Diversity, and Inclusion (EDI)

We are committed to being a diverse and inclusive charity to enable better support for seafarers, whether UK citizens or global seafarers, as supported by our partner charities.

Not only do we ensure we meet our statutory requirements in EDI, but we also aim to go beyond this by taking positive action and building a culture that champions diversity and inclusion internally as well as through supporting partner charities to achieve this.

It is clear that EDI is integral to good governance; thus, we encourage those we fund to work towards the Charity Governance Code, with Principles 5 and 6 as a priority if not already addressed. Our website details our work on EDI under our influence section.

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9. 2023 CORPORATE AND INSTITUTIONAL SUPPORTERS

Trusts

Corporates

Ann Jane Green Trust Bedhampton Charitable Trust Blair Foundation Charities Trust Dudley and Geoffrey Cox Charitable Trust J B Bibby Fund Joseph Strong Frazer Trust Lloyd's Register Foundation Martin Charitable Trust Michael Cornish Charitable Foundation Miss Mary Dunlop Murdoch Andrew Charitable Trust Mrs F.B. Laurence Charitable Trust PF Charitable Trust R.W. Mann Trust Sir Jeremiah Colman Gift Trust Sir John and Lady Amory’s Charitable Trust The Annie Tranmer Charitable Trust The Anson Charitable Trust The Barbour Foundation The Castanea Trust The Chandris Foundation The Charles Wolfson Charitable Trust The Duffield (Tiverton) Charitable Trust The Elizabeth and Prince Zaiger Trust The Fort Foundation The Frederick and Phyllis Cann Trust The Gerald Bentall Charitable Trust The Goldcrest Charitable Trust The Hugh Fraser Foundation The Loseley Christian Trust The Peter Dixon Charitable Trust The Russell Trust The Swire Charitable Trust The Sylvia and Colin Shepherd Charitable Trust William Allen Young Charitable Trust

Buxted Construction Ltd Carnival Corporate Shipbuilding Foreland Shipping Ltd Furness Group Twenty Five Club Halcyon Recruitment Ltd HMS Penelope Association Maersk South West Company of Mariners The United Kingdom Mutual Steam Ship Assurance Association Thomas Miller Ltd Carisbrook Shipping Friday Shipping

Page | 15

STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period.

In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ Annual Report has been approved by the trustees on 14 May 2024 and signed on their behalf by

Duncan Bain FCA Trustee and Chair of the Finance and Audit Committee

Page | 16

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF SEAFARERS UK (KING GEORGE’S FUND FOR SAILORS)

Opinion

We have audited the financial statements of Seafarers UK (King George’s Fund for Sailors) (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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 trustees' 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 Seafarers UK (The Seafarers’ Charity, King George’s Fund for Sailors'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 trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial

Page | 17

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF SEAFARERS UK (KING GEORGE’S FUND FOR SAILORS)

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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are 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 trustees 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 trustees are 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 trustees either intend 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

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

Page | 18

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF SEAFARERS UK (KING GEORGE’S FUND FOR SAILORS)

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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

Page | 19

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF SEAFARERS UK (KING GEORGE’S FUND FOR SAILORS)

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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, 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 trustees 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 and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 14 May 2024

Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

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

Page | 20

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2023

Unrestricted
£'000
1,573
156
469		 Restricted
£'000
428
-
76		 Endowment
£'000
-
-
65		 2023
Total
£'000
2,001
156
610		 Unrestricted
£'000
1,124
84
332		 Restricted
£'000
658
-
51		 Restricted
£'000
658
-
51		 Restricted
£'000
658
-
51
2,198 504 65 2,767 1,540 709 44 2,293
777
160
259
2,011		 -
-
31
1,035		 -
-
26
-		 777
160
316
3,046		 931
171
286
2,209		 -
-
40
1,398		 -
-
35
-		 931
171
361
3,607
3,207 1,066 26 4,299 3,597 1,438 35 5,070
1,188
(1,009)		 185
(562)		 161
39		 1,534
(1,532)		 (1,821)
(2,057)		 (284)
(729)		 (240)
9		 (2,345)
(2,777)
179
-		 (377)
229		 200
(229)		 2
-		 (3,878)
(49)		 (1,013)
267		 (231)
(218)		 (5,122)
-
179
-		 (148)
-		 (29)
-		 2
-		 (3,927)
(778)		 (746)
-		 (449)
-		 (5,122)
(778)
179 (148) (29) 2 (4,705) (746) (449) (5,900)
29,729
-
29,729		 4,611
-
4,611		 4,096
-
4,096		 38,436
-
38,436		 34,434
-
34,434		 664
4,693
5,357		 9,238
(4,693)
4,545		 44,336
-
44,336

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 19 to the financial statements.

Page | 21

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Balance sheet

As at 31 December 2023

Note
Fixed assets:
12
13
Current assets:
14
Liabilities:
15
18a
19a
Permanently endowed funds
Total unrestricted funds
Investments
General funds
Debtors
Tangible assets
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Cash at bank and in hand
Restricted income funds
Unrestricted income funds:
Designated funds
Revaluation reserve
Total charity funds		 £'000
499
437		 2023
£'000
3,966
34,061		 £'000
419
805		 2022 restated
£'000
4,030
33,879
38,027
411		 37,909
527
936
(525)		 1,224
(697)
29,908
-
-		 29,704
25
-
38,438 38,436
4,067
4,463
29,908		 4,096
4,611
29,729
38,438 38,436

Approved by the trustees on 14 May 2024 and signed on their behalf by

Mr P Butterworth Chairman

Mr D Bain Chairman, Finance & Audit Committee

Page | 22

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Statement of cash flows

For the year ended 31 December 2023
Note
Cash flows from operating activities
Net cash (used in) operating activities
Decrease in creditors
Net expenditure for the reporting period
(as per the statement of financial activities)
Depreciation charges
Dividends, interest and rent from investments
(Increase)/Decrease in debtors

Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the
Net cash provided by investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments		 £'000
£'000
£'000
£'000
(1,532)
(2,777)
69
49
(610)
(427)
(83)
183
(174)
(81)
(2,330)
(3,053)
610
427
-
(5)
23,280
25,270
(21,928)
(22,435)
1,962
3,257
(368)
204
805
601
437
805
2023
2022 restated

Page | 23

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies

a) Statutory information

The Seafarers' Charity (King George's Fund for Sailors) is an unincorporated charity registered with the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator.

The registered office address and principal place of business is 8 Hatherley Street, London, SW1P 2QT.

b) Basis of preparation

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 FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Page | 24

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Interest on funds held on deposit and dividends on investments are included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Permanent endowment funds are funds normally arising as a result of a will where the income but not the capital sum can usually be spent

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Page | 25

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Rental charges are charged on a straight line basis over the term of the lease.

m) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold buildings 2%
Fixtures and fittings 10%
Computer equipment 20%
Office equipment 15%

Freehold land is not depreciated.

Page | 26

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

n) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

o) Investments in subsidiaries

Investments in subsidiaries are at cost.

p) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

q) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

r) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

s) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

t) Financial instruments

The charity has both basic and non-basic financial assets and financial liabilities. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Non-basic financial instruments are measured at fair value with any gain or loss going to the statement of financial activities. Full details are given in the financial instruments note.

u) Pensions

The Fund operates a defined contribution scheme with the Aviva PLC for employees who choose to participate in the scheme. Participating staff are required to contribute a minimum of 5% of basic salary to which the Fund will contribute a further 7.5% of their basic salaries plus an amount equivalent to the reduced liability of Employer’s National Insurance. Contributions are recognised in the SOFA in the year they were incurred.

Page | 27

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

Grants received
Corporate gifts
Gifts
Legacies		 Unrestricted
£'000
80
184
-
1,309		 £'000
42
288
(15)
113
Restricted		 2023
Total
£'000
122
472
(15)
1,422		 Unrestricted
£'000
84
220
5
815		 £'000
56
377
220
5
Restricted		 2022
restated
Total
£'000
140
597
225
820
1,573 428 2,001 1,124 658 1,782

Negative restricted grants received reflect the return of a donation following an agreed decrease in the scope of a project

3 Income from other trading activities

Recharges to other organisations
Fundraising events		 Unrestricted
£'000
114
42		 £'000
-
-
Restricted		 2023
Total
£'000
114
42		 Unrestricted
£'000
81
3		 £'000
-
-
Restricted		 2022
restated
Total
£'000
81
3
156 - 156 84 - 84

4 Income from investments

Income from investments
Dividends and interest
Rental income		 Endowment &
Unrestricted
£'000
£'000
411
124
58
17
469
141
Restricted		 2023
Total
£'000
535
75		 Endowment &
Unrestricted
£'000
£'000
262
95
70
-
332
95
Restricted		 2022
restated
Total
£'000
357
70
469 141 610 332 95 427

Page | 28

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

5a Analysis of expenditure (current year)

Staff costs (note 8)
Other staff costs
Event and fundraising costs
Investment management costs
Grants-general
Grants-advocacy and campaigns
Other
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Raising funds Charitable
activities
£'000
266
3
-
-
2,179
237
79		 Governance
costs
£'000
127
10
2
-
-
3
25		 Support
costs
£'000
333
5
7
-
-
15
180		 2023
Total
£'000
1,049
20
173
254
2,179
255
369		 2022
Total
£'000
1,111
22
145
337
2,881
275
299
~~Cost of~~
generating
voluntary
income
£'000
283
1
64
-
-
-
32		 Cost of
fundraising
events
£'000
30
1
100
-
-
-
1
 Costs of
managing
investments
£'000
10
-
-
254
-
-
52
380
303
94		 132
21
7		 316
-
-		 2,764
216
66		 167
(167)		 540
(540)		 4,299
-
-		 5,070
-
-
777 160 316 3,046 - - 4,299 5,070
931 171 361 3,607 - -

During 2023, the charity sold the investments it previously owned directly that were managed by Ruffer Investment Managers and invested the proceeds in a collective investment scheme managed by Ruffer and running the same investment strategy. Investment fees charged within the collective investment vehicle are not included in the investment management costs noted above, and the investment income from the collective investment vehicle is stated net of investment fees charged directly to the collective investment vehicle.

Page | 29

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

5b Analysis of expenditure (prior year)

Staff costs (note 8)
Other staff costs
Event and fundraising costs
Investment management costs
Grants-general
Grants-advocacy and campaigns
Other
Support costs
Governance costs
Total expenditure 2022		 Raising funds Charitable
activities
£'000
252
2
-
-
2,881
227
16		 Governance
costs
£'000
107
8
2
-
-
-
102		 Support costs
2022
Total
£'000
£'000
293
1,111
6
22
-
145
-
337
-
2,881
-
275
162
299
461
5,070
(461)
-
-
-
-
5,070
~~Cost of~~
generating
voluntary
income
£'000
396
3
66
-
-
61		 Cost of
fundraising
events
£'000
53
3
77
-
-
2
1
 Costs of
managing
investments
£'000
10
-
-
337
-
-
3
526
232
173		 136
20
15		 350
6
5		 3,378
132
97		 219
71
(290)
931 171 361 3,607 -

Page | 30

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

6 Grant making

Details of all grant awards in both periods can be found on the The Seafarers' Charity website at: - - - https://www.theseafarerscharity.org/grant funding/grant funding programmes

7 Net income / (expenditure) for the year

This is stated after charging:

This is stated after charging:
2023 2022
£'000 £'000
Depreciation 69 49
Operating lease rentals receivable:
Property - 70
Auditor's remuneration (including VAT):
Audit 19 18
Other services - -

Staff costs were as follows:

Staff costs were as follows:
Other forms of employee benefits
Employer’s contribution to defined contribution pension schemes
Recruitment
Social security costs
Redundancy and termination costs
Salaries and wages		 2023
£'000
854
-
73
60
15
47		 2022
£'000
875
14
90
71
21
40
1,049 1,111

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:


employer's national insurance) during the year between:
2023 2022
No. No.
£60,000 - £69,999 - 1
£70,000 - £79,999 1 -
£80,000 - £89,999 - 1
£100,000 - £109,999 1 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £350,000 (2022: £448,862).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,825 (2022: £812) incurred by 5 (2022: 3) members relating to attendance at meetings of the trustees and other meetings.

Page | 31

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

9 Staff numbers

Staff are split across the activities of the charity as follows (head count based on average headcount figures):

Charitable activities
Raising funds
Governance and support		 2023
No.
6
4
9		 2022
No.
8
5
10
19 23

10 Related party transactions

Some members of the General Council are trustees of charities to which the Fund makes grants. The Grants Committee’s procedures require all such interests to be declared and for these members to abstain from voting. Within the General Council no single member exercises control or influences over any particular grant approval.

During the year, legal advice was sought from Pothecary Witham Weld Solicitors amounting to £4,200 (2022: £10,350 ). The firm's partner Mr Gerald Kidd served as a Trustee and is also member of the General Council. £4,200 was outstanding at the end of December 2023 and settled in January 2024 (2022: £nil outstanding at end December 2022). Seaservers Limited is the trading subsidiary of The Seafarers' Charity, see note 20 for details of transactions between Seaservers Limited and The Seafarers' Charity.

Aggregate unrestricted donations from related parties were £30 (2022: £615).

11 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Page | 32

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

12
At the end of the year
At the start of the year
Additions in year
At the end of the year
Disposals in year
Eliminated on disposal
At the end of the year
Net book value
Depreciation
Tangible fixed assets
At the start of the year
At the start of the year
Charge for the year
Cost or valuation		 Freehold
property
£'000
4,000
-		 Fixtures and
fittings
£'000
221
-
(93)		 Total
£'000
4,221
-
(93)
4,000 128 4,128
-
50		 191
19
93		 191
69
93
50 112 162
3,950 16 3,966
4,000 30 4,030

The above freehold land and buildings are 7 & 8 Hatherley Street, London which is occupied and carrying out the operations of the charity. The property assessment was made in November 2019 by Gerald Eve LLP, using the Royal Institute of Chartered Surveyors appraisal valuation, which indicated the recoverable amount was materially in line with the current carrying value of the properties. The carrying value was reduced from this valuation during 2022 reflecting a further review of the market value of the property. Trustees have considered market movements in the value of properties in the general area and consider no change to the carrying value of the property is needed for 2023.

The original historical cost value (from 2012) was £1,325k.

Land with a value of £1,470,000 (2022: £1,470,000) is included within freehold property and not depreciated. All of the above assets are used for charitable purposes.

Page | 33

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

13
14
Increase/(decrease) in cash balances
Accrued income
Cash and cash equivalents
Investments comprise:
Interest bearing stocks
Equities and collectives
Net gain/(loss) on change in fair value
Fair value at the start of the year
Prepayments
Additions at cost
Disposal proceeds
Listed investments
Amounts due from subsidiary undertakings
Other debtors
Debtors		 2023
£'000
33,879
21,961
(23,280)
(33)
1,534		 2022
restated
£'000
39,060
20,017
(21,460)
(1,393)
(2,345)
34,061 33,879
2023
£'000
7,473
24,904
1,684		 2022
restated
£'000
10,560
21,320
1,999
34,061 33,879
2023
£'000
9
16
25
449		 2022
restated
£'000
27
27
42
323
499 419

With the exception of listed investments and property, both assets and liabilities are measured at amortised cost. The carrying values of these are shown above and also in note 15 below.

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Taxation and social security
Grants payable
Accruals
Trade creditors		 2023
£'000
27
26
330
142		 2022
restated
£'000
34
22
500
141
525 697

In addition to grants payable recognised above, a further £368,701 of grants have been awarded for financial years 2024 and beyond that are contingent on performance criteria being met before they are paid.

Page | 34

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

16 Pension scheme

The Seafarers' Charity operates a defined contribution scheme for all employees. The assets of the schemes are held in separate funds administered by independent pension providers.

17 Financial instruments

2022
2023 restated
£'000 £'000
Financial assets measured at fair value through profit and loss
Investments 34,061 33,879

18a Analysis of net assets between funds (current year)

Net current assets
Investments
Tangible fixed assets
Net assets at 31 December 2023		 General
unrestricted
£'000
3,615
25,882
411		 Restricted
funds
£'000
27
4,436
-		 Endowment
funds
£'000
324
3,743
-		 Total funds
£'000
3,966
34,061
411
29,908 4,463 4,067 38,438

18b Analysis of net assets between funds (prior year restated)

Tangible fixed assets
Investments
Net current assets
Net assets at 31 December 2022		 General
unrestricted
£'000
4,030
25,172
527		 Restricted
funds
£'000
-
4,611
-		 Endowment
funds
£'000
-
4,096
-		 Total funds
£'000
4,030
33,879
527
29,729 4,611 4,096 38,436

Page | 35

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

19a Movements in funds (current year)

Total permanently endowed funds
Projects
IAPH restricted fund
Fishing First restricted fund
Royal Navy War Libraries fund
Arthur T Jeffress fund
Total restricted funds
Seafarers' Impact boosting fund
Future Seafarers fund
Total designated funds
Revaluation reserve
General funds
David Richards Trust
Designated funds:
Total unrestricted funds
Permanently endowed funds:
International Fund for Fishing Safety
Merchant Navy South Africa scholarship
Restricted income and allocated total
return from endowment funds
Henry Herbert Wills fund
Sheila Constance Woods legacy
Unrestricted funds:
Merchant Navy fund
Restricted activities
Restricted funds:
Royal Naval Officers fund
Beryl Joyce Threadkell legacy
Total funds
Endowed general purposes
Inglis fund
South African Women's Auxillery service		 At 1
January
2023
£'000
1,179
1,093
509
1,032
283		 Income &
gains
£'000
64
60
28
58
16		 Expenditure
& losses
£'000
(7)
(7)
(3)
(7)
(2)		 Transfers
£'000
-
-
(64)
(125)
(40)		 At 31
December
2023
£'000
1,236
1,146
470
958
257
4,096 226 (26) (229) 4,067
-
-
29
84
27
265
37
16
160
-
262
275
3,456		 3
8
2
5
150
85
2
1
(6)
217
15
15
192		 (229)
-
-
(85)
(100)
(70)
-
(17)
(16)
(16)
(36)
(37)
(460)		 229
-
-
-
-
-
-
-
-
-		 3
8
31
4
77
280
39
-
138
201
241
253
3,188
4,611 689 (1,066) 229 4,463
12,500
17,204		 -
-		 -
-		 (645)
849		 11,855
18,053
29,704 - - 204 29,908
25
-		 3,386 (3,207) (25)
(179)		 -
-
29,729 3,386 (3,207) - 29,908
38,436 4,301 (4,299) - 38,438

During 2023 the Trustees reviewed the history of the classification of the Arthur T. Jeffress fund as a permanent endowment fund and concluded that the classification was based on a decision made historically by Trustees rather than a stipulation of the original donor. The Trustees decided to reclassify the fund as restricted but not endowed during 2023. Following investigations the Royal Navy War Libraries fund and the Merchant Navy South Africa Scholarship funds were both re-classified as non endowed restricted funds during 2023 as the classification as an endowment fund was made by previous trustees rather than the original donors.

The narrative to explain the purpose of each fund is given at the foot of the note below.

Page | 36

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

19b
At 1
January
2022
.
1,241
1,151
600
1,211
340
Total permanently endowed funds
4,543
-
72
5
31
182
39
226
Projects
37
-
-
51
310
325
Arthur T Jeffress fund
4,081
Total restricted funds
5,359
29,629
-
-
Total designated funds
29,629
Revaluation reserve
852
General funds
3,953
34,434
44,336
Movements in funds (prior year restated)
Endowed general purposes
Inglis fund
Designated funds:
Strategic operational fund
Seafarers' Impact boosting fund
South African Women's Auxillery service
IAPH restrictred fund
Fishing First restricted fund
Total unrestricted funds
Permanently endowed funds:
Future Seafarers fund
Restricted income and allocated total
return from endowment funds
Royal Naval Officers fund
van de Kasteele fund
Beryl Joyce Threadkell legacy
Sheila Constance Woods legacy
Merchant Navy fund
Restricted activities
Seafarers' International Relief Fund
Unrestricted funds:
Merchant Navy South Africa scholarship
Royal Navy War Libraries fund
David Richards Trust
Henry Herbert Wills fund
Restricted funds:
Total funds		 19b
At 1
January
2022
.
1,241
1,151
600
1,211
340
Total permanently endowed funds
4,543
-
72
5
31
182
39
226
Projects
37
-
-
51
310
325
Arthur T Jeffress fund
4,081
Total restricted funds
5,359
29,629
-
-
Total designated funds
29,629
Revaluation reserve
852
General funds
3,953
34,434
44,336
Movements in funds (prior year restated)
Endowed general purposes
Inglis fund
Designated funds:
Strategic operational fund
Seafarers' Impact boosting fund
South African Women's Auxillery service
IAPH restrictred fund
Fishing First restricted fund
Total unrestricted funds
Permanently endowed funds:
Future Seafarers fund
Restricted income and allocated total
return from endowment funds
Royal Naval Officers fund
van de Kasteele fund
Beryl Joyce Threadkell legacy
Sheila Constance Woods legacy
Merchant Navy fund
Restricted activities
Seafarers' International Relief Fund
Unrestricted funds:
Merchant Navy South Africa scholarship
Royal Navy War Libraries fund
David Richards Trust
Henry Herbert Wills fund
Restricted funds:
Total funds		 Income &
gains
£'000
12
11
6
12
3		 Expenditure
& losses
£'000
(74)
(69)
(36)
(73)
(21)		 Transfers
£'000
-
-
(61)
(118)
(39)		 At 31
December
2022
£'000
1,179
1,093
509
1,032
283
4,543 44 (273) (218) 4,096
-
72
5
31
182
39
226
37
-
-
51
310
325
4,081		 -
1
-
-
2
67
53
-
16
219
306
3
3
39		 (218)
(90)
(5)
(2)
(100)
(79)
(14)
-
-
(84)
(364)
(51)
(53)
(664)		 218
17
-
-
-
-
-
-
-
25
7		 -
-
-
29
84
27
265
37
16
160
-
262
275
3,456
5,359 709 (1,724) 267 4,611
29,629
-
-		 286
-
-		 (1,793)
-
-		 (28,122)
12,500
17,204		 -
12,500
17,204
29,629 286 (1,793) 1,582 29,704
852
3,953		 -
1,254		 (827)
(3,576)		 -
(1,631)		 25
-
34,434 1,540 (6,196) (49) 29,729
44,336 2,293 (8,193) - 38,436

Page | 37

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

Purposes of restricted funds

Royal Naval Officers' Fund

To assist officers of the Royal Navy in need or distress

Beryl Joyce Threadkell Legacy

Funds made available for the Felixstowe Committee

van de Kasteele Fund

For the education of children of any UK seafarer

Sheila Constance Wood Legacy

To assist Naval Officers' Widows

Merchant Navy Fund Funds for Merchant Navy

Sailors' International Relief Fund (SIRF)

Funds raised from a partnership between the shipping industry and maritime welfare charities to support seafarers internationally

International Association of Ports and Harbours Fund (IAPH)

Funds raised to support port and harbour workers internationally

International Fund for Fishing Safety

A fund operated in partnership with the Lloyds Register Foundation to fund safety projects that will have a significant impact on improving fishing safety globally

Fishing First Restricted Fund

Donations given to support the Fishing First Safety Management projects

Seafarers' Fund for Fishing Safety

A Global Fishing Safety Fund to support fisher-led safety initiatives that improve fisher safety and health

Projects and restricted activities Various grants restricted as per the donor's request.

Arthur T Jeffress Fund

To assist officers and members of the Royal Navy and the Merchant Navy in need or distress

Merchant Navy South Africa Scholarship Fund

To further the educational and future career needs of seafarers’ children

Royal Naval War Libraries Fund

To further the educational and future career needs of seafarers’ children

Purposes of Endowment funds

Endowed General Purposes

To relieve sickness, poverty and distress of seafarers.

Inglis Fund

To further the educational and future career

South African Women's Auxiliary Service

To further the educational and future career needs of seafarers' children.

David Richards Trust

To assist officers and men of the Royal Navy, the Merchant Navy and the Fishing Fleet in need or distress Henry Herbert Wills Fund

To assist officers and men of the Royal navy, the Merchant Navy and the fishing fleet in need or distress.

Page | 38

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

19 Movements in funds - purposes of funds (continued)

Purposes of designated funds

The Seafarers’ Impact Boosting Fund

The Trustees have decided to reduce our reserves by 50% in real terms from 2015 to 2035, allowing us to set aside funds to boost our impact funding during this period. The value of this fund at the end of 2023 was £12.5m.

The Future Seafarers’ Fund

To ensure our ability to meet the longer-term needs of seafarers and their families, 50% of the real value of our reserves from 2015 has been set aside to

The value of this fund was £17.4m at the end of 2023.

20 Subsidiary undertaking

The charity owns the whole of the issued ordinary share capital of Seaservers Limited, a company registered in England. The company number is 00890342. The registered office address is 8 Hatherley Street, London, SW1P 2QT.

The subsidiary is used for non-primary purpose trading activities. The accounts of Seaservers have not been consolidated into these financial statements on the grounds of immateriality. Available profits are distrbuted under Gift Aid to the parent charity.

The trustees Mr P. G. Butterworth, Mr J.J.M. Monroe, Mrs D. Layde also served as directors of the subsidiary during the year.

A summary of the results of the subsidiary is shown below:

during the year.
A summary of the results of the subsidiary is shown below:
Reserves
Administrative expenses
Turnover
Cost of sales
Gross profit/(loss)
Profit/(loss) for the financial year
Total retained earnings brought forward
Profit/(loss) for the financial year
Total retained earnings carried forward
The aggregate of the assets, liabilities and reserves was:
Assets
Liabilities
Retained earnings
Profit/(loss) on ordinary activities before taxation
Taxation on profit on ordinary activities		 2023
£'000
-
(10)		 2,022
£'000
6
(18)
(10)
(1)		 (12)
6
(11)
-		 (18)
-
(11) (18)
(27)
(11)		 (9)
(18)
(38) (27)
17
(55)		 27
(54)
(38) (27)

Amounts owed to the parent undertaking are shown in note 14.

Included within administrative expenses above is a management charge of £1,100 (2022: £1,000) from the parent entity.

Page | 39

Seafarers UK (King George's Fund For Sailors) The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

22a Total return approach for investment of permanent endowment funds (current year)

At the beginning of the year
Gift component of the permanent
endowment
Unapplied total return
Total
Movements in the year
Gift of endowment funds
Recoupment of trust for
endowment
Allocation from trust for
investment
Investment return:
Dividends and interest
Realised and unrealised
gains/(losses)
Less: investment management
costs
Total
Unapplied total return allocated
to income in the year
Net movements in the reporting
period
At the end of the year
Gift component of the permanent
endowment
Unapplied total return
Total		 Special
Purposes
Fund
£'000
265
914
1,179
19
45
(7)
57
-
57
265
971
1,236		 Inglis
Fund
£'000
40
1,053
1,093
17
43
(7)
53
-
53
40
1,106
1,146		 South African
Women's
Auxillery
service
David
Richards
Trust
£'000
£'000
34
25
475
1,007
509
1,032
-
-
-
-
-
-
8
17
20
41
(3)
(7)
25
51
(64)
(125)
(39)
(74)
34
25
436
933
470
958
Individual funds		 South African
Women's
Auxillery
service
David
Richards
Trust
£'000
£'000
34
25
475
1,007
509
1,032
-
-
-
-
-
-
8
17
20
41
(3)
(7)
25
51
(64)
(125)
(39)
(74)
34
25
436
933
470
958
Individual funds		 Henry
Herbert Wills
fund
£'000
62
221		 Total funds
Trust for
investment
£'000
426
-		 Unapplied
total return
£'000
-
3,670		 Total
endowment
£'000
426
3,670
1,032 283 426 3,670 4,096
-
-
-
17
41
(7)		 -
-
-
4
12
(2)		 -
-
-		 -
-
-
-
65
161
(26)		 -
-
-
65
161
(26)
51 14 - 200 200
(125) (40) (229) (229)
(74) (26) - (29) (29)
25
933		 62
195		 426
-		 3,641 426
3,641
958 257 426 3,641 4,067

Page | 40

Seafarers UK (King George's Fund For Sailors) The Seafarers' Charity Notes to the financial statements For the year ended 31 December 2023

22b Total return approach for investment of permanent endowment funds (prior year restated)

At the beginning of the year
Gift component of the permanent
endowment
Unapplied total return
Total
Movements in the year
Gift of endowment funds
Recoupment of trust for
endowment
Allocation from trust for
investment
Investment return:
Dividends and interest
Realised and unrealised
gains/(losses)
Less: investment management
costs
Total
Unapplied total return allocated
to income in the year
Net movements in the reporting
period
At the end of the year
Gift component of the permanent
endowment
Unapplied total return
Total		 Special
Purposes
Fund
£'000
265
976
1,241
12
(65)
(9)
(62)
-
(62)
265
914
1,179		 Inglis
Fund
£'000
40
1,111
1,151
11
(60)
(9)
(58)
-
(58)
40
1,053
1,093		 South African
Women's
Auxillery
service
David
Richards
Trust
£'000
£'000
34
25
566
1,186
600
1,211
-
-
-
-
-
-
6
12
(31)
(64)
(5)
(9)
(30)
(61)
(61)
(118)
(91)
(179)
34
25
475
1,007
509
1,032
Individual funds		 South African
Women's
Auxillery
service
David
Richards
Trust
£'000
£'000
34
25
566
1,186
600
1,211
-
-
-
-
-
-
6
12
(31)
(64)
(5)
(9)
(30)
(61)
(61)
(118)
(91)
(179)
34
25
475
1,007
509
1,032
Individual funds		 Henry
Herbert Wills
fund
£'000
62
278		 Total funds
Trust for
investment
£'000
426
-		 Unapplied
total return
£'000
-
4,117		 Total
endowment
£'000
426
4,117
1,211 340 426 4,117 4,543
-
-
-
12
(64)
(9)		 -
-
-
3
(18)
(3)		 -
-
-
-
-
-		 -
-
-
-
44
(238)
(35)		 -
-
-
44
(238)
(35)
(61) (18) - (229) (229)
(118) (39) - (218) (218)
(179) (57) - (447) (447)
25
1,007		 62
221		 121
-		 -
3,670		 426
3,670
1,032 283 121 3,670 4,096

Page | 41

Seafarers UK (King George's Fund For Sailors) Operating as The Seafarers' Charity Notes to the financial statements

For the year ended 31 December 2023

23
Reserves position
Funds previously reported
Adjustments on restatement
Adjustment 1
Adjustment 2
Adjustment 3
Adjustment 4
Funds restated
Net income / (expenditure)
as previously reported
Adjustments on restatement
Adjustment 1
Adjustment 2
Adjustment 3
Adjustment 4
Net income / (expenditure)
Details of adjustments
Adjustment 1
Adjustment 2
Adjustment 3
Adjustment 4
Prior period adjustment
Impact on income and
expenditure		 Unrestricted Restricted
Endowment
31 December 2022		 Restricted
Endowment
31 December 2022		 Total Unrestricted Restricted
Endowment
1January2022		 Restricted
Endowment
1January2022		 Total
£'000
29,729
-
-
-		 £'000
664
(46)
3,456
263
276		 £'000
8,043
46
(3,456)
(263)
(276)		 £'000
38,436
-
-
-
-		 £'000
34,434
-
-
-		 £'000
664
(23)
4,081
310
325		 £'000
9,238
23
(4,081)
(310)
(325)		 £'000
44,336
-
-
-
-
29,729 4,613 4,094 38,436 34,434 5,357 4,545 44,336
Unrestricted Total
£'000
(4,705)
-
-		 £'000
(2)
(23)
(625)
(47)
(49)		 £'000
(1,193)
23
625
47
49		 £'000
(5,900)
-
-
-
(4,705) (746) (449) (5,900)

Page | 42