2021-10-31-accounts

THE FISHERMEN'S MISSION Trustees, report and financial statements For the year ended 31 October 2021 Royal National Mission to Deep Sea Fishermen (A Company limiled by guarantee) Company Registration Number England & Wales Charity Registration Number 232822 Scotland Charity Registered Number SC039088 Mazars LLP, South West 5 Floor, Merck House Seldown Lane Poole Dorset BH15 1TW 24477

Royal National Mission to Deep Sea Fishermen FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 CONTENTS Pages Council Members and Advisers Trustees, Report (incorporating the Strategic Report) 3-15 Report of the Independent Auditors 16-19 statement of Financial Activities 20 Balance Sheet 21 Cash Flow Statement 22 Notes lo the Financial Statements 23-38

Royal National Mission to Deep Sea Fishermen Members of the Council who served during the year Mr Michael Vlasto OBE Ms Elizabeth Woodhatch (Retired 31 December 20211 Mr lan Gatt (Appointed Deputy Chair 9 February 2022) The Venerable Simon Golding CBE (Retired 21 April 20211 Rear Admiral Sir Jeremy de Halpert KCVO Mr Trevor James The Very Reverend Dr David Lacy DL Mr Thomas Maier Dr Jonathan Shepherd Mr Edward Whittle (Retired 21 April 2021) Mr Matthew Cox Reverend Deralh Durkin Mrs Helen Nickells (Retired 22 June 2021) Mr Nathan de Rozarieux Miss Kirsty Masters Mrs Kate Pound Chairman Deputy Chair Deputy Chair Secretary and Registered Office Commodore David Dickens CBE RN Mather House 4400 Parkway Solent Business Paik Fareham Hants P015 7FJ Solicitors Brutlon & Co Wesl End House 288 West Street Fareham Hampshire P016 OAJ Burness Paull Union Plaza 1 Union Wynd Aberdeen AB10 1DQ Executives Commodore David Dickens CBE RN (Chief Executive) Mrs Alison Godfrey (Director of Business Development) Warner Goodman LLP 8 Collège Place Southampton S015 2FF Bankers Lloyds TSB Bank PIC Large Corporate 3 Town Quay Soulhampton S014 2AQ Investment Advisers Womble Bond Dickinson One Trinity Broad Chare Newcastle Upon Tyne NE12HF Registered Auditors Mazars LLP, South West 5th Floor, Merck House Seldown Lane Poole Dorsel BH15 1TW Investment Managers Sarasin & Partners Juxon House 100 St PauSs Churchyard London EX4M 8BU

Royal National Mission lo Deep Sea Fishermen TRUSTEES, REPORT INTRODUCTION The Trustees, who are also Direclors of the Charity for the purpose of the Companies Act, present their annual report lincorporating the Strategic Report) and the audited financial statements for the year ended 31 October 2Q21. The Trustees confirm that the annual report and financial statements comply with the governing documenl, the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2015). the Companies Act 2006 and relevant law and United Kingdom Accounling Standards. The Royal National Mission to Deep Sea Fishemien lorThe Fishermen's Mission), a Company Limited by Guarantee No. 00024477, is registered with the Charity Commissioners (No. 232822) and the Office of the Scottish Charity Regulator (No SC0390881. It is governed by a Memorandum and Articles ofAssociation. The charity's goverr)ing body consists of a Council, that under the Memorandum and Articles of Association. should have no more than 15 in number Trustees, appoinled from the membership of the Fishermen's Mission Association. Recent retirements and recruitment have improved diversity. The Council normally meets 4 times per year. The Executive consists of the Chief Executive and the Director of Business Development who undertake the routine management of the Fishermen's Mission. STRATEGIC REPORT Given the experience of the previous year, along with a better end of year financial outcome and the continuing uncertainties surrounding the pandemic, in FY 2020121 Council retained its focus on the delivery of core services. However, where easing of restrictions allowed, Trustees agreed that important elements of their strategy to 2024 should be progressed. Trustees considered that the current strategic priorities remained fit for purpose, noting that a full strategic review is planned for mid-2022. MISSION The FTshermen's Mission maintains a Christian presence in fishing Gommunitles around the British Isles to provide, practical, welfare and spiritual support to active and retired fishermen and their families. VALUES The charity's values are founded on our ecumenical Christian faith and our commitment to provide practical help that makes a positive difference in people's lives. The charity's focus is the people in need of the practical assistance and support we provide. The charity's work reflects the things that matter lo us and which we care about. To be open and welcoming to everyone. To listen hard, because needs are often Complex, deeply personal and ever-changing. To be trusted lo work with care, integrity and discretion. To be purposeful, resilient, open and straightforward. To work collaboratively lo solve wide-ranging challenges. The charity's values align closely with the Nolan Principles of conduct in public service and the NCVO Charily Ethical Principles.

Royal National Mission to Deep Sea Fishetmen FUNDAMENTAL TASKS To provide a 2417 emergency response to all fishing emergencies at sea.. Provide assislance to the families of fishemen who have lost their lives or been seriously injured. To look after the survivors of fishing vessel accidents. To assist injured or ill fishermen and, where appropriate, arrange for Ihem to receive enhanced medical attention. To source emergency accommodation and catering facililies where there is no altemative provision. To make emergency grants to fishermen and their families in times of need. To help fishermen's families in cases of illness or distress. To provide Christian pastoral and praclical support and a¢￿$$ to specialist advice and counselling, in relation to the full range of welfare issues, including problems with debt, alcohol and drugs, benefit and employment issues, sickness, bereavement, stress and family and relationship difficulties. To facilitate and disperse regular and one-off grants from other charities lo fishermen and their families. To provide welfare and support to overseas fishermen working in the UK industry, especially those that live aboard boats. To alleviate loneliness through home and hospital visits to retired fishermen and their families. To officiate at fishermen's funerals when requested. 2020121 PERFORMANCE AGAINST COUNCIL'S STRATEGY Summa Res onse to the CV-19 Pandemic While over the year some elements of welfare need reduced to near normal levels, the combined impacts of the pandemic, post-Brexit trading and developments of future fisheries policy and management have all added to the pressures on hard-pressed individuals and businesses. Add to this a largely hidden backlog of debts and rising inflation, especially in fuel and food, and the charity is expecting a difficult winter for fishing communities. Increasing evidence of stress and other mental health challenges have been, and will continue to be. a priority for staff. Work here has included SeaFit quayside advisers and offers of access to counselling services provided either in-house, or through partners such as Ihe Seafarers, Hospital Society ISHSI. Separately, using relationships developed in the SeaFit programme, staff were able to facililale CV-19 vaccinations for around 1,500 fishermen and in some areas to assist crew, especially migrant crew, to obtain suitable vaccination certificates. Develo ment Activities Despite ongoing restrictions until well into 2021. pleasing progress was made with all Council's strategic objectives.

Royal National Mission to Deep Sea Fishermen Strate ic Ob'ectives Enhance support to both active and retired fishermen and their families. The SeaFit prograrnme, along with improvements to data management and remote working have been the key contributors for this area. Highlights.. Highlights From June 2021, improved tracking of grant applications and awards. In partnership wilh Seafarers, Hospital Society, continuation of SeaFil Health and Mental Health advisers at the quayside in Aberdeenshire, East Yorkshire, East Anglia and Cornwall. SeaFit quayside health and dental check events at Northshields, Lowestoft and Felixslowe. Almost 1500 CV-19 vaccinations were provided for fishermen through collaboration between SeaFitlNHS. Through the Seafarers, Charily's 'Safety Net, campaign, increased financial skills training for Port Staff lo enhance support provided to clients. Delivered improvements to consistency and quality in service delivery through enhancement of the Operations Management Team. Enhanced cross-leam working, providing cover around the coast for absence and extra resources for periods of peak loading. Improve the collectionp quality> management and use of our data. Following on from investment in digital infrastructure, both hardware and software, and the Gonlinualion of work lo be paper free for client work by 2021, the Fishermen's Mission was well placed to ensure that all staff were able lo work from home. The Navigator Project la two-year project to manage all client data through the Raiser's Edge NXT platform) was successfully completed in June. This has ensured that client data is even more secure and protected by mulli factor 8ulhenli¢ation checks. Navigator has also provided a common language for case-working. This new development has also ensured a much stronger business continuity process and improved quality assurance in service delivery. Additional benefits will be accurate data collection and slatislical analysis which will be used to inform developments in both service delivery and strategic decision making. Extend our support to wider areas, both geographical and occupational. Given the challenges of CV-19 and the posl-Brexit scene across the island of Ireland il was decided to delay work to develop Ihe charity's services in the Republic of Ireland, although al the operational level staff in Northern Ireland have continued lo provide support on request. Fishermen's Mission staff continue lo raise awareness among those in aquaculture and assistance has been provided to sorne workers, notably in north Scotland. Provide or work with others to offer lifestyle improvements for both active and rètired fishermen and their families. The 2-year SeaFit programme, funded by the Seafarers, Charity, continued until 31 March 2021. Prior lo this date, SHS and the Fishermen's Mission resolved lo commit resources to continue key elements through to December 2021. Subsequently both sets of trustees agreed lo continue this level of funding until al least December 2022, with grant funding also being sought for additional inilialives and events. While the funding from the Seafarers Charity ended in March 2021, work continues to explore joint opportunities for future health and wellbeing initiatives.

Royal Nation81 Mission to Deep Sea Fishermen SeaFil has only been able to deliver through working with a range of state, commercial and voluntary sector agencies. These engagements have indicated the model's potential to tackle many aspects of wellbeing beyond health in the future. Once again, The Fishermen's Mission is most grateful to our traditional maritime partner charities, who continue to develop their support to reflect the changing welfare needs of fishing communities. A number of short-term initiatives lo meet additional needs during the pandemic have been most welcome and further additional support is being considered for the forthcoming Christmas period. In Norlh Shields the Fishermen's Mission has partnered with a local homeless charity to exlend café, shower and laundry facilities for active fishermen using the Fish Quay. This initiative has proved popular with crew and the next slep will be to investigate similar synergies and partnerships around the coast. Improve cooperative and collaborative engagement wlth others. At the same time explaining to industry and boyond our work, our vision to 2024 and the relevance of the Fishèrmon's Mission. The SeaFit programme has been most successful in attracting interest, cooperation, and collaboration with a range of agencies. Now a widely recognised brand, SeaFil has made significant progress in developing longer term we51being provision through relationships with local authorities, the NHS and other NGOS. However, there is still much to do. Of note a report by Professor Chris Vvhitly in September 2021, highlighting Health Inequalities in Coastal Communities, concluded that changes were most likely to be achieved through 'sustained, largeled action, which chimes strongly with SHS, and the Fishermen's Mission's view that enduring improvements to the we11being of fishing communities requires a commitment for the long lerm. Following on from the 'Whitty' report the national Director of the Health Inequalities Team, Dr Bola, has sought lo understand more about SeaFit, particularly the lessons learned from the programme so far in terms of whal worked and what did not. A Merchant Navy Welfare Board working group eslablished in the early days ofthe pandemic continues to provide an excellent forum for the sharing and resolution of the many and often complex issues facing seafarers. In a recent development in the Welsh Senedd, Ihe Fishermen's Mission has been invited lo join a new Gross-party group to develop policies for fisheries, management and support to coastal communities in Wales. This move mirrors the charity's regular involvemenl with the Westminster All Party Parliamentary Group on fishing. The charity has linked-up with the Seafarers, Charity's 'Safety Nel, campaign, with all frontline staff receiving enhanced financial management training lo enable them lo engage in a more informed way with fishermen and their families that are struggling financially. For the future il is planned lo explore the practicality of delivering some quayside financial workshops under the SeaFit banner. More routinely, the Fishermen's Mission conlinu8S to play an active role in the maritime and Coastguard Agency's fishing safety and work in fishing convenlion groups, Seafish's ethics common language meetings and in the Gangmasters and Labour Abuse Authority's liaison groups.

Royal National Mission to Deep Sea Fishermen Enhance further the reputation and the face of the Fishermen's WEission by improving service quality and consistency and the governance of our Gharity. The Navigator Project, launched in June 2021, has further enhanced quality assurance and business continuity with regards to client casework. The ability for any member of slaff to be able to respond in an informed manner to a request for support from anywhere in the UK has proved to be invaluable. Good practice and a commonality of approach has improved the consistently high level of service that we aim lo provide. This, in turn. has also been a learning prO￿sS as staff have shared their knowledge and have learnt from each other's experiences sharing good practice and expertise. uallt and Diversi Ob'ectives The Council sets strategic diversity objectives, along with in-year targets-. Ob'ectives for 2020121 Trustees established the following objectives.. Bring the experience of new Iruslees to bear on equality and diversity understanding in decision making. Complete equality and diversity training for all Trustees and staff. Consider the introduction of training in unconscious bias. All frontline staff to receive online training in Philippine culture. Continue efforts lo allract minority groups into service with the charity. Trustees brought greater understanding of equality and diversity in making key decisions in areas such as safeguarding. In addition, Trustees directed an entirely open approach to the recruilment of a new Chief Executive, with recruiting clearly encouraging candidates from a broad spectrum to apply for the role. All staff and Trustees were involved in a most successful round of in-house equality and diversily training that included briefings and discussions around unconscious bias. For recruiting at 811 levels, wider job adverts, and better targeting have been attempted, along with anonymDUS recruiting methods. However, success has been limited and efforts will continue to improve the charity's ability to connect lo minority groups and those with varied lived experience. Disappointingly, yet again cultural training fell victim to higher priority training demands. Ob'ectives for 2021122 Trustees, objectives for Ihe next financial year are.. Trustees will formally review their strategy and goals in relation to equality and diversity in mid-2022. Prior to Council's strategic review an internal audit to be conducted looking at equality, diversity and inclusion in the conlexl of the charity's current operations. Management to engage with NGOS that have a focus on minority and migrant groups to improve Ihe appeal and engagement with these groups especially in recruiting. Fulfil a long-standing objective to deliver cultural Iraining for frontline staff that reflects key groups working in the UK fishing induslry.

Royal National Mission lo Deep Sea Fishermen 202012021 IMPACT Core statistics as follows.. Over 3,600 clients were assisted lo address wellbeing issues, involving some 22,900 welfare interactions and £1.7m being provided to clients either through direct financial support or almonising through our partners. Over 1,000 widows and family members received assistance. 213 fishermen's children received assistance. 307 fishermen received £140k in emergency financial assistance. Staff responded to around 80 incidents involving accidenls or emergencies at sea with fishing vessels In common with the last few years, extensive support was provided to migrant crew working in Ihe UK especially in Northern Ireland and Scotland. As noted previously, for this year support included facilitation of coronavirus vaccinations. Many of the lessons learned from 2020, most notably the ability to successfully manage complex casework remotely, have been absorbed into routine practice. A move to hybrid working in summer 2021, including home visits and other face lo face interactions, has clearly demonstrated the requirement to sustain a balance of remote and more traditional working practices. PUBLIC BENEFIT The Trustees have referred to the guidan￿ published by Ihe Charity Commission in reviewing the Fishermen's Mission's aims and objectives and in planning future activities. The high-level slralegic objectives are reviewed by the trustees on an annual basis and these are developed into change objectives and outcomes for the forthcoming twelve months. A five-year rolling business plan sets out the assumptions for future predicted income and the costs incurred in meeting its activities. FINANCIAL RISK MANAGEMENT In accordance with SORP 2015, key financial risks have been identified and measures undertaken to mitigate them. All risks are recorded on a Council endorsed Risk Register, which was subject to quarterly reviews (Top 10 risks) and an annual review of all risks. In October 2021 Council considered all risks. The Council's lop five finanGial risks are as follows.. 1. Significant increase in the Retirement Benefit Pension Scheme IRBS) defiGiI threatening sustainability of Fishermen's Mission's worklstrategy. Action- Following Council's decision in October 2020 to secure the scheme's benefits through a suitable insurer, much progress has been made. By year end a proposal from Legal and General Assurance Setvices ILGAS) had been accepted and a draft contract was under consideration. Funds will transfer from the Scheme to LGAS by mid-November 2021 along with a balance of the necessary premium provided from the Fishermen's Mission reserves investments. At this slage LGAS take on responsibility for ensuring members, pensions as provided for in the agreed initial benefit specification. Once this is achieved, work will commence to finalise the benefit specification {the 'dala cleansing, stage). It is anticipated that the scheme will move to buy-out and ultimately wind-up by autumn 2022. All the above will significanlly reduce the financial risk to the Gharity, but CounGiI will retain appropriate insurance until the scheme is finally wound-up.

Royal National Mission to Deep Sea Fishermen 2. Reputation Single media event resulting in fundamental undermining of reputation and trust. with possible failure of the charity. Action Pro-aclive engagement through social media and website with both managed from Head Office. Clear guidance on dealing with media has been provided lo all staff. Official spokespersons identified, and adminislralion of press releases fomialised. 3. Future significant downturn in fundraising - Fishermen's Mission becomes unsustainable with the need lo re-organise operations or close. Action - In light of the challenges to many streams of voluntary income as a result of CV-19 and continued adverse media coverage of some major charities, Council has maintained close scrutiny of this risk. An enduring commitment lo exploring new revenue streams such as digital, in tandem with regular reviews and revilalisation of more traditional SoUr￿s. 4. Fishemien's Mission resources over-stretched slaff unable lo respond effectively or Gonsislently andlor reserves eroded to maintain service levels. Action This risk continued to be monitored closely, especially for the impact of CV-19 on voluntary income. However, Trustees considered that the reserves investments provided sufficient financial resilience at least out lo the medium term. The move to hybrid working from mid-2021 saw a gradual increase in expenditure linked to travel and expenses. The impact of inflalion, notably in fuel and ulililies has been and will continue lo be monitored. 5. Adverse publicity leading to erosion of reputation and trust. Probable impact on fundraising and ability to deliver charitable objects. Action See Risk 2. Pro-active engagement through social media and website with both managed from Head Offi￿. Clear guidance on dealing with media has been provided lo all staff. Official spokespersons identified, and administration of press releases formalised, along with contingency planning and additional training for staff and volunteer5. Vvhile a formal risk to reflect the possible implications of Brexit did not appear in Ihe Top 5 Risks during the year, actions are in hand to ensure the charity is able to respond to any additional welfare needs arising. FUNDRAISING The Fishermen's Mission is registered with the Fundra￿sIng Regulator and works within the Code of Fundraising Praclice and Ihe Chartered Institute of Fundraising's guidance. During the period of this report no complaints were received regarding any fundraising appeals or practices. To ensure protection of vulnerable people, the Fishermen's Mission never purchases names or addresses for fundraising purposes nor sells any information that it holds and only contacts those people who have purchased goods through ourwebsite, donated or offered support. No third parties are employed by the Fishermen's Mission to undertake fundraising on their behalf although 3 small voluntary team operate a House-to-House collection scheme that is fully monitored. All fundraising and marketing were carried out within the compliance framework of the Data Proteolion Act 2018. As Covid 19 continued, in line with other charities, income from events and corporate partnerships fell considerably. A significant proportion of the Fishermen's Mission income is from restaurants, pubs, along with fish and chips shops and fish festivals.

Royal National Mission lo Deep Sea Fishermen The fundraising team continued lo be imaginative and innovative to maintain income levels wherever possible and this has resulted in some new initiatives and a greater sense of team working across Ihe whole organisation. The continued development in the area of social media and a digital presence has begun to gain traction and will continue in the following years. As the financial year came to an end the signs were hopeful of the conlinualion of previous partnerships and Ihe development of new ones. The Fishemen's Mission recognises both the hard work and commitment of all the staff team in raising this income alongside a deep gratilude for the support of donors throughout the UK. Fundraisin Team Develo ment With staff working from home during the lockdown period and later working to a hybrid approach a stronger bond was developed across the entire team. This enabled the sharing of fundraising and media skills. Regular training slots saw an increase in media presence and a greater involvement in fundraising events and projects. Partnershi Fundraisin During the year new relationships have been forged within the fishing sector. The reopening of the hospilalily sector also helped in developing new friendships and supporters. Fundraisin from Trusts Grant Makin Foundations & Partners Partnerships with grant making trusts and foundations remained key lo the Fishermen's Mission overall income and this was particularly true of the continued, long-lemi funding relationships within the maritime sector, including the Seafarers, Charity, Trinity House, Fishmongers. Company and the Grimsby Sailors, and Fishing Charity. Outside the sector, key support was re￿iVed from a sound base of granl making foundations and partners including the Thomas J Horne Memorial Trust, The Margot and Andrew Tennant Charitable Trust and the Garfield Weston Foundation. The latter organisation is supporting the health check element of the flagship SeaFil Programme which provides an ongoing opportunity to develop support from a new cohort of UK based trusts, helping the Fishermen's Mission to broaden ils supporter base, particularly in relation to the implementation of the Strategic Plan 2019 - 2024. ital and Social Media Following an independent Executive Review in Spring 2019, additional reSoUr￿S were allocated to Digital Fundraising initiatives. The appointment, previously noted, of a Digital and Marketing Fundraiser has significantly increased the digital foalprinl of the Fishermen's Mission. This medium is proving to be a valuable method for the promotion of the charity's work and its role in the fishing communities. Su orters of the Fishermen's Mission The Fishermen's Mission is proud to be supported by so many loyal friends from around the UK and beyond. 11 is a privilege to receive help and friendship from the charity's supporters. The Fishermen's Mission values each and every call, email, letter and gifl that is received as well as being deeply grateful for those who pray each week for the chanty's work and staff using the Prayer Calendar. It is recognised that giving is a very personal decision and the Fishermen's Mission is proud that so many people choose to support its work and recognises the vital support that donors and volunteers bring to the charity. 10

Royal National Mission to Deep Sea Fishermen ac Income Income from legacies remained key to the charity's overall income. In 2020121 income from legacies was marginally lower than in the previous year but slill within the budgeted range. Income from legacies not only underpins service provision bul is also set aside to fund development wark for the future. The Fishermen's Mission implemented a more slreamlined process for recording and moniloring legacy income and remains deeply indebted to those who choose to make this special gift. PR and Markelin Preparations were made in 2020121 for a branding refresh and the redesign of all publicily both printed and digital. This work has continued apace, and the new images and promotions are now in use. More work is anticipated to complete this project in 2021122 including the development of a new website. OUR FINANCES Overall Results An operating surplus of £165,94912019120'. £337,490 surplus) was better than budget due to higher-lhan-expected legacy income and savings resulting from reduced travel and subsistence costs due to lockdown and staff working from home. To meet the requirement of Section 28 of the FRS 102, the Retirement Benefit Pensions Scheme fund income and expenditure are shown within the Fishermen's Mission's accounts. The improvement to the balance sheet position reflects the performance of investments and excess of legacy income over budget. Fishermen's Mission Reserves Reserves Polic In October 2021 trustees reviewed and reissued the Investments Policy Slalement, with no significant changes to the overall strategy forÉhe reserves. To reflect their general judgements, the Fishermen's Mission's Trustees maintain financial reserves to achieve 5 key objectives.. 1. Funds for the early stages of major fishing emergencies. 2. Generation of inGomelrevenue for suslained operations. 3. Sufficient funds to ameliorate short and longer-term challenges to the charity's continuity. Minimum reserve 2 years Gosts for operations. 4. Adequate funds to fulfil the employer's covenant to the Retiremenl Benefit Pension Scheme. 5. Provision of resources for activities in support of Council's strategic vision (Development Fund) Investments Sarasin and Partners LLP are appointed as the charity's Investment Managers, with funds invested in thèir pooled Charities Fund. Over the period, performance has met the benchmark rileria sel by Trustees and has remained competitive with providers of similar investment vehicles. A commentary on performance is included Ltnder Investment in the notes to the accounts.

Royal National Mission to Deep Sea Fishermen The charity's investments managers have in place an exclusionary ethical policy for the Fishermen's Mission., details of this policy can be found in the Sarasin Guide lo Ethical Exclusions accessible via the Sarasin & Partners website, The policy is summarised below.. There will be no holdings in companies with exposure to the production of tobacco or lobacco-related manufacturing. The Sarasin CAIFS will also avoid investment in companies that generate significant revenues from.. Alcohol Armaments Gambling Adult entertainment In addition to this exclusionary policy Sarasin & Partners consider the charity lo be stewards of our clients, assets, a mind-set that is guided by a commitment lo think like owners of the companies IN which the charity invests, rather than simply holders of the shares taken. The charity takes an active and responsible approach to investment with the principles of stewardship being embedded at the heart of the investment process. The analysis of environmental, social and governance {ESGI factors forms an integral part of the consideration for every investment decision. The Trustees strongly believe that this analysis must be conducted by Sarasin's equity and fixed income teams as any material risks and opportunities from ESG issues will influence the valuation of each company. Sarasin also has specialist stewardship analysts within the team, who advise on company engagements and lead the company's policy outreach work. Guided by the charity, Sarasin scores each potential investment separately on the environmental, social and governance factors and then builds an overall ESG score with a range from A to E (where A is exemplary, and E is un-inveslablel, which then feeds into the valuation methodology of each company. Investment Performance source Sarasin & Partners For the 12 monlhs to 30 September 2021 the Fishermen's Mission investment portfolio generated a total return of 11.0 /0 which was ahead of Ihe long-term objective (inflation (UK CPI) +40/0) of 7.3 /0 however behind the peer group retum (ARC Steady Growth Charity Index) of16.50/0 and the benchmark of 16.8 % after relinquishing some of Ihe relative outperformance achieved in recent years. stock selection within equities was the main driver of both positive absolute returns and relative Underperforman￿ in both UK {18.30A v 25.8) and Global Equities {14.8Q/o v 22.00/0} as the vaccine discovery in Q4 2020 resulted in a strong rebound and marked sector rotation. Asset allocation was a positive contributor within bond holdings as the underweight allocation resulted in relative outperformance -0.2/0 v -3.40/0, further helped by our preferen￿ for corporate over government debt. Elsewhere property and alternative investments provided positive and diversified retums,. with notably strong performance from investments in UK property funds and digital infrastrudure assets. In November 2021 the Fishermen's Mission realised some of the capital gains in the portfolio and drew further capital over subsequent quarters to enable them to complete a buy-out of their final salary pension scheme. This has proved to be a prudent strategy as the initial capital raise locked in some strong performance and the subsequentquarterly raises have maximised income while enabling the portfolio to benefit from the impact of strong markets. 12

Royal National Mission to Deep Sea Fishermen The below table summarises performance over a 1, 3 and 5 year basis against a range of performance comparators, with the chart showing performance in comparison totheARC peer groups. Please note that the Steady Growth peer group is the relevant peer group for the portfolio. l Y•ar 3 Y•ars Anthuthlls•d P•rformane• to 304•Tr21 Annu•lis•d Porifolio 11.0% 7.3% 8.3% S.8% 8.2% 6.4% 8.2Q 6.2% 8.4% 6.7% Inflation {FISHERM1-51 Portfolio Benchmark Peer Gioup 16.817 16.5% Volaiillty Portfolio Portfolio 8nehmark 9.1% 8.8% 10.2% 8.5%6 10.7% 8.8% In¢om• Portlolio 2.8% ¢umulailv• P•rf•mi•n¢• Compai•d io ih• AR¢ P••r Group# PC St••ty¢>thrtheh•nty Mdox RC 0•￿n¢•&￿%￿lc￿Jrtl Ind•x UKCPI. C•4lmL•pB•d -10 IJw+.17 i-l4n.¥) ncome The Net Movement of Funds for the year was £978.652 inflow (2019120.. £118,249 inflow) which has been transferred to the relevant funds. This increase has been generated by excess legacies, unrealised gain on the investments and this has been partially offset by the actuarial loss on the defined benefit pension scheme of £682,000. The designations resulted in the Fishermen's Mission free reserves at 31 October 2021 standing al £6,535,369. Free reserves available for use by the Fishermen's Mission are deemed lo be those that are readily realisable, less funds whose uses are restricted or else designated for a specific purpose, this includes a minimum level of 2 years lo cover costs for operations as stated in the Fishermen's Mission reserve policy. The calculation excludes funds invested in property and other fixed assels Ihal will continue to be used in the day to day running of the Fishermen's Mission. 13

Royal Nalional Mission to Deep Sea Fishermen Donations and gifts totalled £1,515,682, a decrease of £228,092 on the 201912020 figure. The legacies re￿iVed were £459,469 beller than budget. Building legacies for the future remains a priority and a legacy marketing programme is in place. enditure Overall cenlres overhead costs decreased from 201912020 mainly due to savings resulting from working at home and no staff travel during lockdown. Average staff numbers on 31 OGlober 2021 were 67, down from 70 on 1 November 2020. Reliremenl Benefit Pension Scheme From June 2018 the full administration of the scheme was transferred to Broadslone Actuaries in Bristol. Legal and General LLP remained the pension Fund Managers. The FRS 102 valuation on 31 October 2021 saw a decrease in the scheme's deficit to £0 12019120 £380,000 deficit). Melita Retirement Housin The status of the discontinued Melita Housing Scheme for former employees was reviewed in detail during the year and it was decided that no changes are required for those remaining on the Scheme. A routine review of the Scheme is undertaken every 3 years and there is an ongoing refurbishment programme. MEMBERS OF THE COUNCIL The Trustees of the Council during the year were as shown on page 2. In accordance with the provisions of the Company's Articles of Association,. Sir Jeremy de Halperl, Ms Libby Woodhatch, Mr Michael Vlasto, The Very Reverend David Lacy and Mr Trevor James retired by rotation at the Annual General Meeting in April 2021 and were re*lecled. Additionally, three Trustees retired during the year.. The Venerable Simon Golding, Mr Edward Whittle and Mrs Helen Nickells. On joining the Council, Trustees re￿1ve a comprehensive briefing package and undertake induction visils. The composition of and succession planning for Council is considered formally every year. RESPONSIBILITIES OF THE MEMBERS OF THE COUNCIL OF MANAGEMENT The Trustees of the Council of Management (who are also Directors of Royal National Mission to Deep Sea Fishermen for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires Ihe Trustees to prepare financial statements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of reSoUr￿s, including the income and expenditure 14

Royal National Mission to Deep Sea Fishermen of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgmenls and accounting estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose wilh reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the charilable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who are Trustees al the time when this Trustees, Report is approved confirms that.. so far as the Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and, that the Trustee has taken all the steps that ought to have been taken as a Trustee to be aware of any relevant information and to establish that the charitable company's auditor is aware of that information. AUDITORS In accordance wilh section 487 of the Companies Act 2006, a resolution proposing that Mazars LLP be reappointed as auditors of the Gharitable company for FY 2021122 will be put lo the forthcoming Annual General Meeting. The Trustees approve their Annual Report and, in their capacity as company directors and approve the Strategic Report incorporated therein. Signed on behalf of Ihe Trustees. BY ORDER OF THE COUNCIL OF WIANAGEMENT Michael Vlasto OBE Chairman Date 15

Royal National Mission to Deep Sea Fishermen Independent auditor's reportto the members of the Royal National Mission to Deep Sea Fishermen Opinion We have audited the financial statements of Royal National Mission to Deep Sea Fishermen (the 'charity'l for the year ended 31 October 2021 which comprise the Statement of Financial Activities, the Balance Sheet, Ihe Cash Flow Statement and notes to the financial stalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slalements= give a true and fair view of the stale of the charity's affairs as at 31 October 2021 and of its profil for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs {UKII 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 company in accordance with the ethical requirements that are relevant to our audit of Ihe 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 appropri8le 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 conGern basis of accounting in the preparation of the financial slalemenls 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 Ihe charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in Ihe relevant sections of this report. 16

Royal National Mission to Deep Sea Fishermen 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 Trustee8 are responsible for the other information contained within the annual report. Our opinion on the financial slatements does not cover the other infomiation 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 misslatemenl in the financial statements Ihemselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of Ihis other information, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit- the informalion given in the strategic report and the directors, report for the financial year for which the financial statements are prepared is consislent with the financial statements., and the strategic r&port and the directors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not idenlified material misstatements in the Stralegic Report or the Directors, Report included wilhin the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate acGounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial slalemenls are nol in agreement with the accounting records and relums., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the directors, responsibilities statement, the trustees, (who are also the directors of the charitable company for the purposes of company lawl 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 ne￿$sary to enable the 17

Royal National Mission to Deep Sea Fishermen preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Ihe 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 directors either intend to liquidate the charity or to cease operations, or have no realistic alternalive but lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud Dr error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the eGonomiG decisions of users taken on the basis of the financial statements. The extent to which our proGedures are capab5e of detecting irregularities, including fraud is detailed below. Irregularities. including fraud, are InStan￿S of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charily and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements.- employment regulation, health and safety regulation, anti-money laundering regulation, non-compliance with implementation of government support schemes relating to COVID-19. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our proGedures included, but were not limited to.. Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations., Inspecting corresponden￿, if any, with relevant licensing or regulatory authorities-, Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit,. and Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 18

Royal National Mission to Deep Sea Fishermen In addition, we evaluated the directors, and management's incentive5 and opportunitie5 for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related lo.. posting manual joumal enlrie5 lo manipulate financial performance, management bia8 through judgements and assumptions in significant accounting estimates, revenue recognilion (which we pinpointed to the cut-off assertion). and signifi¢anl one-off or unusual transaGlions. Our audil procedur85 in relation to fra(Jd included bul were nol limited to.. Making enquiries of the direclors and managemenl on whether they had knowledge of any aGlual, suspected or alleged fraud; Gaining an understanding of the internal controls 8slablished to mitigate risks related lo fraud; Discussing amongst the engagement team the risks of fraud., and Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherenl limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remainod a risk of non-detection of irregularllies, as these may Involve colluslon, forgery, intentional omissions, miS￿preSentatiOns, or the overrlde of internal conlrols. A further description of our respoNsibilitie5 for the audit of the financial statements is localed on the Financial Reporting Council's website at www.frc.or .uklaudilorsres onsibllilies. This description forms part of our auditorfs report. Usè of the audit report Thls report is Tnade solely lo the Gompany's members as a body in accordan￿ wlth Chapter 3 of Part 16 01 the Companies AGI 2006. Our audit work has been undertaken so that W8 might Slalg lo the company's members those matters we are required lo stale lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do nol accept or assume responsibility to anyone olher than the company and th8 company's mernber5 as a body for our audit work, for this report, or for the opinions we have formed. Jonathan Marchant (Senior Stalutory Auditor) for and on behalf of Mazars LLP Chartered Accounlanls and Slatulory Auditor 5th Floor, Merck Houso Seldown Lane Poole Dorset BH15 1TW Dale 19

Royal Nation81 Mission to Deep Sea Fishermen STATEMENT OF FINANCIAL ACTIVITIES Ilncorporatlng the income and exp8nditure account) For the year ended 31 October 2021 Notes Unrestricted Funds 2021 Restricted Totsl Funds 2021 Funds 2020 Total Funds 2021 INCOMING RESOURCES-Incoming resources from generated funds.. Voluntary Income-. Donations & Gifts 1.140,823 374,859 1.515,682 1,743,774 Legacies Investmenl Inoome 1,059,469 310,299 1,059,469 310,299 1,123,437 299,856 Incomlng resources from charit8ble activities Income frorn accommodation Charity Shop Other Incoming resources Net realised gainlllossl on Sale of fixed assets Rental Income 183 77.780 77.780 55,208 4,357 50.884 50.128 TOTAL INCOMING RESOURCES 2,639,255 374,859 3.014,114 3 276 943 RESOURCES EXPENDED Less.. Costs of generating fund$ Fundraising and publiclty Charltable activltie Charitable expendilure TOTAL RESOURCES EXPENDED 909,161 47.880 957,041 886,441 1391888 499.236 1,891.124 2,053,012 2,301,049 547,116 2848 165 2,939,453 NET INCOMINGIIOUTGOINGI RESOVRCES BEFORE OTHER GAINS AND LOSSES OTHER RECOGNISED GAINS AND 338,206 1172,25n 165.949 337,490 LOSSES Unrealised gainlllossl on investment ass815 Actuarial Ilossllgain on defined pension scheme Other gains on d8fined pension scheme 1,494,703 1.494,703 255,759 10116 1682,0001 1682,0001 1475,OOQI 16 NET MOVEMENT IN FUND 1,150,909 172,257 976,652 118249 RECONCILIATION OF FUNDS Balance brought fotward on 1 November 2020 Balance carried forward on 31 October 2021 10 14,024,007 329,530 14,353,537 14,235,288 10 15 174.916 157.273 15,332,1 B9 14,353,537 All actlvltle5 relate lo Gonunulng oporatlons. Th8 SOFA includes all galn8 and losses reco9nised the year. 20

Royal National Mission to Deep Sea Fishermen BALANCE SHEET AS AT 31 OCTOBER 2021 Notes 2021 2020 FIXED ASSETS Investments Shares - General Investments- George Watts Fund Tangible Assets 12,107,904 765,065 1,632,671 14,505,640 11,454.935 673.331 1,757.899 13,886,165 CURRENT ASSETS Debtors Cash at bank and in hand 145,294 759,650 904,944 151,779 779,785 931,564 CREDITORS". AMOUNTS FALLING DUE WITHIN ONE YEAR NET CURRENT ASSETS NET ASSETS BEFORE PENSION LIABILITY Defined benefit pension scheme 78,395 826 549 84,192 847,372 15,332,189 14,733,537 16 380 000 NET ASSETS AFTER PENSION LIABILITY FUNDS OF THE CHARITY Reslricled funds Designated funds 12 15 332 189 14 353 537 157,273 8,639,547 8,796,820 329,530 9,186,511 9,516,041 10112 Free reserves Pension deficit General fund 16 10112 1380,000) 5,217,496 4,837,496 14,353,537 6,535,369 6,535,369 15,332,189 TOTAL CHARITY FUNDS The financial slatements on pages 20 to 38 were approved by the Members of the Council on 9 February 2022 and were signed on its behalf by- MUGQ, Michael Vlasto OBE Members of the Council Tom Maier 21

Royal National Mission to Deep Sea Fishermen CASH FLOW STATEMENT For the year ended 31 October 2021 Notes 2021 2020 Cash flows from operating activities: Net cash (used in)Iprovided by operating activities 181a) 61,952 160,584 61,952 160,584 Cash flows from investing activities Interest received Inlerest paid Dividends received from investments (gross) Purchase of tangible fixed assets Sale of tangible fixed assets Sale of investments Purchase of fixed asset investments Net cash used in investing activities Change in cash and cash equivalents in the year 299 856 (8,482) 18,752) 300,000 300,000 {75,160) 6,144 250,000 41,817 223 088 20,135 62,504 779,785 717,281 759,650 779,785 Cash and cash equivalents al 31 October 2020 Cash and cash equivalents at 31 October 2021 22

Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 ACCOUNTING POLICIES The Royal National Mission to Deep Sea Fishermen (or Fishermen's Mission), a company limited by guarantee is incorporated in the United Kingdom and is registered No. 00024477. is registered with the Charity Comrnissioners (No. 2328221 and the Office ofthe Scottish Chanty Regulator (No SC0390881. The registered office is Mather House, 4400 Parkway, Solenl Business Park, Whiteley, Hampshire, P015 7FJ. Basis of preparation The financial statements have been prepared on a going concern basis and under the historical cost convention, except as modified by the inclusion of investments at market value, and in accordance with applicable Accounting Standards in the United Kingdom, the Companies Act 2006, the Charities and Trustee Investment {Scotlandl Act 2005 and the Statement ofRecommended Practice-Accounting and Reporting by provision oflhe Charities SORP 2015 IFRS 1021. A summary of accounting policies, which have been applied consistently, is set out below. la) Income from donors and supporters Income from donations and supporters are accounted for on an accruals basis. Any significant income related lo the year end and received at the Mission's headquarters or main bankers after the year end is accrued in the financial statements. Gifts in kind are included in incoming resources at the year end at an estimate of their value to the Mission. (bl Legacies received Legacy income is recognised when there is sufficient evidence to provide the necessary certainty that the legacy will be received, and the value of the incoming resource can be measured with sufficient reliabilily. Eslimated legacy income of£484,97212020'. £1,039,574) has not been included in Ihe Slalement of Financial Activities because the conditions of recognition have not been met. {c> Tangible fixed assets and depreciation Depreciation is calculated to write off the cost of tangible fixed assets over their expected useful economic lives on the following basis.. Freehold property 2 % straight line Long-term and short-term leasehold Amortised over period property of the lease Motor vehicles 33 % reducing balance Furniture, fixtures and fittings 20 % reducing balance Computer equipment 250/0 straight line Individual fixed assets cosling more than £1,000 are capitalised at cost and are subsequently staled at cost less depreciation. 23

Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 (continued) ACCOUNTING POLICIES (continued) (dl Capital grants Capital grants are recognised in restricted or unrestricted funds in accordance with the conditions of the grantor. {e) Investments Investments are stated at market value. Any unrealised gains and losses on investments are taken directly lo the stalemenl of financial activities. (fj Investment income Investment income is shown on an accruals basis. (g) Classification of expenditure Administrationlsupport costs have been reapportioned to direct charrtable and fundraising costs dependent on the expense i.e., head¢ounlldirecVevenly across cost centres in accordance with guidance in the SORP. Expenditure includes any VAT, which cannot be recovered and is reported lo the part of the expenditure to which it relates. Resources expended are accounted for on an accruals basis. {h) Charitable expenditure Charilable expenditure includes all costs associated with the Fishemien's Mission and Welfare centres situated throughout the United Kingdom. proportion of lime is spent doing work of a fundraising nature. The costs of this have been allocated to fundraising expenditure. Fundraising expendlture Fundraising expenditure includes a proportion of administration charges and includes depreciation costs on motor vehicles and equipment. Fundraisers spend a proportion of their time doing work of a charitable nalure. The costs of this have been allocated to chari18ble expenditure. Administrationlsupport expenses Administrationlsupport expenses include building running costs and all related charges (including salaries) of head office. Administrationlsupport expenses are re-allocated lo charitable and fundraising expenditure by headcount, direct and evenly across cost cenlres. (k) Governance costs Governance costs include those cosls associated with meeting the constitutional and statutory requirements of the charity and include the audit 24

Royal National Mission lo Deep Sea Fishermen NOTES TO THE FINANGIAL STATEMENTS For the year ended 31 October 2021 {continuedl ACCOUNTING POLICIES (continued) fees and costs linked to the strategic management of the charity. These are included under resources expended within charitable expenditure. Operating lease Rental payments under operating leases are charged to the Statemenl of Financial Activities on a straight-line basis over the period of the lease. Im) Pension costs The charitable company participates in a defined benefit scheme. The defined benefit scheme pension costs are assessed in accordance with actuarial advice and based on the most recent actuarial valuation of Ihe scheme. Pension costs and dis¢losures have been repDrted in accordance with Section 28 of the FRS 102. The Fishermen's Mission also operates a defined contribulion scheme. Contributions payable to this scheme are included in the Statement of Financial Activities in the period lo which they relate. (n) Funds Reslricted funds are funds whose use is legally restricted to specific uses whether by a trust deed or by a letter received with the original gift. Designated funds are funds whose use is not legally restricted but whose purpose has been designated by the Council. The Council is entitled to change ils mind and use these funds in whichever way it sees fit. The allocation of the Designated fund has been added as a nole under the fund ana5ysis. The unrestricted fund covers all items that do not fall into the above categories. (ol Cash and Equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are also liquid inveslmenls that mature in no more than three months from the dale of acquisition and that are readily convertible to know amounts of cash with insignificant risk of change in value. (pl Financial Instrurnents The Fishermen's Mission only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their setllement value. Creditors are recognised where the Fishermen's Mission has 25

Royal Nalional Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 (continued) ACCOUNTING POLICIES (continued) a present obligation resulting from a past event and the amount due lo settle the Obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due. (ql Going Concern A five-year rolling business plan underpins Trustees, strategic assessments of going con￿rn out to the medium term (3 years). This plan cascades through an annual budget assumptions process and thence lo the production of the in- year budget that reflects. Core business expenditure Planned developments Forecasts for key voluntary income streams (notably risks) Where appropriate, funds from a designated 'Development Fund. in the reserves are allocated to balan￿ the budget and reduce in-year income risk. To sustain going concern for the medium term, as a strategic priorily, the trustees aim to mainlain the level of free reserves lo support two years business continuity of core service delivery. Based on this assessment the Trustees are satisfied that the charity has sufficient liquid resources to meet ils planned obligations and maintain its stated reserve policy and have adopted the going concern basis for preparation of the financial statements. (r) Key Estimations All accounting estimates are included that could be material to the financial statements. Those estimates used are reasonable in the circumstances and consistent with assumptions used in previous years. Creditors 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 eslimaled reliably. Creditors are normally recognised at their settlemenl amount after allowing for any trade discounts due. Trade debtors are recognised at the selllement amount dLte after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued in is included at the best estimate of the amounts receivable al the balance sheet date. 26

Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 {continued) INVESTMENT INCOME 2021 2020 Bank Interest Net Pension lexpense)lincome Income from Investments 299 10,000 300,000 310.299 856 11,000) 300,000 299,856 TOTAL RESOURCES EXPENDED Costs of generating voluntary income Restricted Fund Unrestricted Fund 2021 Total Funds Total Funds 2021 2021 2020 Fundraising Support costs 47,880 822,982 86,179 909 161 870,862 86,179 957,041 796,186 go,254 886,440 47,880 3b Governance cost Restricted Fund 2021 Unrestricted Fund 2021 Total Funds Total Funds 2021 2020 Salaries and related Council expenses Audit fee 34,367 11,104 14,001 59,472 34,367 11,104 14,001 59,472 33,974 10,870 14,150 58,994 Direct Costs Welfare 2021 Total 2021 Total 2020 Manual staff costs Uniformed staff costs Depreciation Centres operating costs Welfare payments 45,308 931,745 75,548 426,312 11,655 1,490,568 45,308 931,745 75,548 426,312 11,655 1,490,568 62.272 916.671 95,308 546,066 23,108 1,643,425 27

Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 {continuedl 3d Support Costs Costs of Govemance Generating Funds 2021 Welfare Total Total 2021 2021 2021 2020 Admin costs 159,285 400,556 559,841 534,881 (HQ) 159,285 400,556 559,841 534,881 The support costs allocation has been based on employee numbers. 3e Analysis of resources expended by expenditure type Staff Costs Depreciation Other Costs 2021 2021 2021 Total 2021 Tolal 2020 Costs of generating funds Fundraising Welfare Governance 609.212 1,140,294 34,367 1 783 873 17,644 107,584 330,185 583,859 25,105 939,064 957,041 1,831,652 59,472 2,848,165 886,441 2,065,058 58,994 3,010,496 125,228 3f Analysis of resources expended by activities Activities undertaken directly 2021 Support Costs Total Total 2021 2021 2020 Welfare 1,490,568 400 556 1,891,124 2,053,012 3a. In 2021, of the costs of generating voluntary income £909,161 was to unrestricted funds and £47,880 to restricted funds. 3b. In 2021, of the governance costs £59,472 was to unrestricted and £nil to restricted funds. 3c. In 2021, of the direct costs £991,332 was to unrestricted funds and £499,236 to restricted funds. 3d. In 2021, of the support costs £559,841 was to unrestricted funds and £nil lo restricted funds. 3e. In 2021, of the resources expended by expenditure type £2,301,049 was to unrestricted funds and £547,116 restricted funds. 3f. In 2021, of the reSoUr￿S expended by artivities £1,391,888 was to restricted funds and £499,236 to restricted funds. 28

Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 (continued} NET INCOMING RESOURCES The nel incoming resources for the year are stated after chargingllcredilingl.. 2021 2020 Depreciation of tangible fixed assets Auditors, remuneration - audit fees (Profit) on disposal of fixed assets Interest payable - bank interest Operating lease rentals - plant and equiprnent Operating lease rentals - other 125,228 14,001 149,029 14,150 {4,357} 8,752 5,597 81,754 8,482 3,995 70,613 EMPLOYEE INFORMATION The average weekly number of persons employed during the year is analysed below.. 2021 Number 47 10 10 67 2020 Number 47 Mission Staff - Port and Fundraising Administration Staff - Head Office Support Staff (Ports) 12 70 Employment costs for all full time and part time staff.. 2021 2020 Wages and Salaries Social Security Costs Pension Costs 1,505,573 136,866 114,187 1,756,626 1,475,459 131,987 113,844 1,721,290 The number of ernployees whose emolumenls for the year exceeded £60,000 is as follows.. 2021 Number 2020 Number £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £100,001- £110,000 The pension contribution made by the employer on behalf of one employee above was £6,654 12020.. £6,586 contribution for one employee) The charrty has idenlified Key Management Personnel as the current Executive Team and their total remuneration amounts to £179,458, (2020.. £177,790). 29

Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 (continued) Council members, remuneration, expenditure and donations given No Council member received any remuneration for the year12020'. nil). Costs relating to Council members, expenditure included in governan￿ expenses were for accommodation, travel, and meal costs £10,38612020.' £10,049). 5 Council Members claimed expenses during the year12020'.81. Donations of£1,142 {2020'. £2,547) were received from Council members. FIXED ASSET INVESTMENTS Listed Investments Market Value Al 1 November 2020 Purchases Buyout Transfer Net unrealised investment gain At 31 October 2021 12,128,266 250,000 11,000,000) 1,494,703 12,872,969 Fixed asset investment represents.. 333,332 1,749,627 10,790,010 12 872 969 Currency Slirling 13.50 Mixed Investments 840 The following investments represents more than 5 % of the portfolio by market value: Sarasin Endowments Fund Class A inc ISC Sterling Liquidity Fund 10,790,010 1,749,624 12,539,634 Investment Income of £300,000 is released at £75,000 each quarter and is shown as in Note 2. TANGIBLE FIXED ASSETS Freehold and Leasehold Proporty otor Vehicles Furniture, Fixtures, Fittings and Computer Equipment Total Cost Al 1 Novemb&r 2020 Additions Disposals At 31 October 2021 Depreciation At 1 November 2020 Charge for year Disposals Al 31 October 2021 Net Book Values at 31 October 2021 At 31 October 2020 2,558,829 383,792 243,206 3,185,797 112,307L(112,307 130,899 3,073,490 2,558,829 383,762 951,793 70,338 271,355 37,543 204,750 17,347 112,307 109,790 1,427,898 125,228 112,307 1,440 819 1022 131 308,898 1,536,698 1,607,037 74,864 112,406 21,109 38,456 1632.671 1,757,889 30

Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 Icontinuedl The Freehold properties include 12 Retirement properties and the Head Office in Whiteley. The Leasehold properties costs related to works carried out on 4 leased units to make them suitable for Fishermen's Mission use. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Other Debtots Prepayments and Accrued Income 863 144,431 145,294 1,426 150,353 151,779 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade Creditors Other Credilors Other Taxes and Social Security Accruals and Deferred Income 16.338 2.277 37.826 12,411 246 40,388 31,148 84,192 78,395 10. FUNDS Unrestricted Funds General Pension Fund Designated Restricted Fund Funds Funds Total At 1 November 2020 Net Incoming Resources for the Year Nel Unrealised Gain on Investment Assets Investment buyout George Watts Fund (NE Scotland) Actuarial (Loss} on Defined Benefit Scheme Transfers Between Funds {Note 10al At 31 October 2021 5,217,496 1380.0001 9,186,511 329,530 14,353,537 276,2( 62,000 1172,2571 165,949 1,494.703 1,494,703 1,000.000 11,000,000) 191,7341 91,734, 1682,0001 1682,0001 1361.3021 361,302 6,535.369 8,639,547 157,273 15,332,189

Royal Nalional Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 Icontinuedl 10a. DESIGNATED FUNDS ANALYSIS At1 November 2020 Incoming Expenditure At31 October 2021 Fixed Assets Pension CovlBuyoul Provision Major Emergency Business Continuity Business Development George Watts Fund 1,689,743 3,000,000 500,000 2,750,000 573,437 673,331 9,186,511 98,147 1,000,000 1.591,596 2.000,000 500,000 2,750,000 1,032,886 765,065 8,639,S47 459,449 91,734 551,186 1,098,147 RESTRICTED FUNDS ANALYSIS At1 November 2020 Incoming Expenditure At31 October 2021 Future Expenditure Fund Shetland Fishermen's Association St Hilda Trust INS Hub) Joanna C Fund Morrisons Foundation Trust (now Seafit) Seafarers UK (Seafiti Age UK Far & Wide (Aberdeenl Trinity House {Sight Fit) Megavissy Parish Council Tanner Trust Seafarers UK ICV19) MNWB (Helslon Hub) Helston Town Council Acquired Fixed Assets Fund 725 161,084 161,084 725 51,679 832 50,847 1,000 28,728 13,992 1,000 76,608 47,880 56 14.048 79,178 545 329 6,000 1,000 2,080 103,249 1,541 1,000 68,156 329,530 69,500 135,322 175 13,356 370 329 5.850 1,000 150 2,080 169,916 1,541 1,000 27,080 547,116 66,667 41,076 157,273 374,859 32

Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 (continued) 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Fixed Assets Investments Net Current Assets Penslon Llability Total Restricted Funds Expenditure Fund Acquired Fixed Assets 116,197 116,197 41,076 41.076 41,076 157,273 116.197 Unrestricted Funds Designated Fund General Fund Pension Scheme Fund 1,591,596 765,065 12,107,904 6,282,886 (5.572,5531 8.639,547 6,535,369 1632,672 12872 969 753 862 15.332 189 The Future Expenditure Fund is a fund which consists of income given for the purchase of specific items. The Shetland Fishermen's Associalion is a reslricled fund consisting of income given for use in the Shetland Islands. Seafarers Seafil Project is to underpin the health projeGt around several ports. The Acquired Fixed Assets Fund is a reslricted fund consisting of assets with restrictions on use. The Designated Fund is a fund consisting of all fixed assets with no restrictions on use. It includes provisions to underpin various Fishermen's Missions strategies including Major Emergencies, pension covenant is to provide additional funding to support the Fishermen's Missions aim for scheme buyout in 202112022 and provision for business development and continuity. The carrying value of the George Watts Fund Trust fund that has been designated lo provide an annual income and if required capital project funding for the Northeast of Scotland. With the uncertainty of Brexit and the impact of CV19, several projeclslappoinlments have been postponed until 202112022. Th& General Fund is an unrestricled fund which can be used for any charitable purpose. The Pension Scheme Fund is an unrestricted fund equal to the year-end liability of the defined benefit pension scheme. 13. TAXATION The Fishermen's Mission is a charity and as such is exempt from taxation on its income and gains lo the exlent that they are applied to its charitable purpose. 14. FUTURE CAPITAL EXPENDITURE 2021 2020 Authorised by the Council but nol contracted for Contracted for but not provided 165,000 80,000 33

Royal National Mission lo Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 Icontinuedl 15. FINANCIAL COMMITMENTS At 31 Oclober 2021, the Fishermen's Mission had annual commitments under non- cancellable operating leases expiring as follows.. Land & Building 2021 2020 Other 2021 2020 Due within 1 year Due within 2-5 years More than 5 years 70.613 136,067 3,625 210,305 81.972 163,194 29,791 274,957 3,995 10,934 5,597 12,384 2,544 20,526 14,928 16. PENSIONS In accordance with Financial Reporting Standard 102 - (FRS 102) the charity is required to disclose certain information concerning assets, liabilities, income, and expenditure related to pension schemes for its employees. The charity operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separalely from those of the charity, being invested with investment management companies. Contributions to the scheme are charged lo the Statement of Financial Activities to spread the cost of pensions over employees, working live5 Wlth the charity. A qualified independent actuary on the basis of triennial valuations last carried out on the 31 October 2015, updated to 31 October 2019, using the projected unit method determines the contributions. The scheme was suspended from 1 NDvember 2007 and so no contributions relating to wages and salaries were made during Ihe year ended 31 October 2021. The Fishermen's Mission did make contributions towards adrninistration costs of the pension scheme during the year as agreed in the Schedule of Contributions. Additional contributions have been made by the charity from 1 November 2004, such amounts of a regular and one-off nature as may be agreed between the Trustees and the employer from time to time and recorded in a Trustee minute or resolution. These contributions have been made to remove the deficiency in respect of past service al the valuation date. A contribution was made in the year ended 31 October 2021 of £200,000. 34

Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 Icontinupdl Prlncipal actuarlal assumptions at the year-end were as follows: 2021 2020 1.6% 3.50 3.50/0 3.6¥0 Discount Rate Inflation Pension increases in deferment (Non GMPI RPI minimum 30k pa and maximum 50/0 pa pension increases RPI maximum 50k pa pension increases Post retirernent mortality.. 3.90 3.90 3.80 3.60 3.40/0 S3NA CMI 202011.250/01 Life expectancy at age 65 of male aged 65 950kn of S2NA CMI 2019 (1.250/0) 87.2 87.2 Life expectancy at age 65 of female aged 65 89.6 89.2 Life expectancy al age 65 of male aged 45 88.5 88.5 Life expectancy al age 65 of female aged 45 91.0 90.7 The current asset split is as follows: Period to 31 Oct 2021 Period to 31 Oct 2020 £2,956,000 £994,000 £1,265,000 £2,118,000 £3,730,000 Equities Property Cash Liability Driven Investments (LDI) Stralegy Multi Asset FLJnd Self Sufficiency Fund Net current assets Total Assets £616,000 £369,000 £10,970,000 £73,000 £50,000 £12,028,000 £11,113 000 Balance Sheet 31 Oct 2021 31 Oct 2020 £12,028,000 £11,113,000 1£11,067,0001 (£11,496,000) £961.000 (£380,000) £961000 Fair value of assets Defined benefit obligation Surplusl{Shortfall} Effect of asset ceilingllFRIC14 Net defined benefit {liability)lasset £380 000 Amount recognised in Profit and Loss Period to 31 Oct 2021 Period to 31 Oct 2020 Current service cost Administration expenses Interest costs Interest income Interest on effect of asset ceilingllFRIC14 Total charge to Profit and Loss £148,000 £180,000 (£190,000) £104,000 £207,000 {£213,0001 £7,000 £105,000 £138,000 35

Royal National Mission lo Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 (continued Remeasurements over the year Period to 31 Oct 2021 1£120,000} Period to 31 Oct 2020 (£12,000) Return on assets less interest income Experience Igains)Iloss on experience Lossesl{gainsl from changes lo demographic assumptions Lossesllgainsl from changes to financial assumptions Change in impact of asset ceiling Total remeasurements {£48,000) £84,000 {£111,0001 £961,000 £672,000 £599,000 £196,000 £475,000 Change in value of DB liabilities Period to 31 Oct 2021 £11,493,000 Period to 31 Oct 2020 £ 11,134,000 Value of liabililies at start Current Servi￿ costs Members contributions Past service cosls Inlerest cosl Benefits receivedl{paidl Change due to settlement or curtailments Experience (gainllloss on experien Change in assumptions {gainllloss Closing defined benefit obligations £180,000 1£447,0001 £207.000 1£531,0001 £159,000 £11,067,000 £683,000 £11,493.000 Change In value of assets Period to Period to 31 Oct 2021 31 Oct 2020 £11,113,000 £11,323,000 £190,000 £213,000 £1,200,000 £200,000 Value of assets at start Interest on assets Employer contributions Member contributions Benefits paid Administration costs Settlerllenls and curtailments Actuarial gainl{lossl on Scheme assets Value of assets at end {£447,0001 1£148,000} (£531,000) (£104,000) £120,000 £12 000 £12 028 000 £11,113 000 Change in effect of the asset ¢eilingllFRIC14 Period to 31 Oct 2021 Period to 31 Oct 2020 £189,000 £7,000 (£196,000) Opening effect of the asset ceilingllFRIC14 Interest on effeGI of assels ceilingllFRIC14 Change in the effect of asset ceilingllFRIC14 £961,000 Closing effect of the asset ceilingllFRIC14 £961,000 36

Royal National Mission lo Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 (continued) GROUP PERSONAL PENSION The Fishermen's Mission also operates a defined contribution pension scheme. The assets of the scheme are held separately from Ihose of the Fishermen's Mission in an independently administered fund. The pension cost charge represents contributions payable by the Fishermen's Mission to the fund. At the year end, there were no unpaid contributions (2020.. none). 2021 2020 Conlribulions payable by the charity for the year 114,187 113,844 17. RELATED PARTY TRANSACTIONS There were no related party transactions during the year. 18. CASH FLOW STATEMENT la} Reconciliation of net incomel{expenditurel to net cash flow from operating activities 2021 2020 Nel Incomingllexpenditurel resources Investment income Interest payable Depreciation on tangible fixed assets (IncreasellDecrease in debtors (Decreaselllncrease in creditors Pension scheme contributions in excess of charge IGain)ILoss on Disposal of Fixed Assets Net Cash Provided by (Used Inl Operating Activities 165,949 341,847 (310,299) 1299,856) 8,482 8,752 125,228 149,029 6,485 {122,043) (5,7971 (137.856) <52,0001 196,0001 4,357 160 584 61,952 (bl Reconciliation of net ¢ash flow to movement in net cash balance 2021 2020 (Decreaselllncrease in cash in the year Changes in net cash balance from cash flows Net cash balance brought forward Net cash balance carrled forward 20,135 {20,1351 779,785 759,650 62,504 62,504 717,281 779,785 Ic) Analysis of net cash resources for the year Atl November 2020 Cash Flows At31 October 2021 Cash in hand and at bank 779,785 20.135 759,650 37

Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2021 (continued) 19. POST BALANCE SHEET EVENT In November 2021, the majority of the Scheme's assets totalling £11,970,244 were used to secure a 'buy-in' of all the Scheme's liabilities (except the additional liabilities that will arise from GMP equalisation) with Legal & General Assurance Society. It is anlicipaled that the buy- in will be converted to a buy-out in due course and individual policies assigned to members. However, as this transaction occurred after the year end, and no dale has been agreed for the buy-out of the Scheme, no allowance has been made for this in the accounts. It is anticipated that this will be reflected in next year's disclosures. 38