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 8*nehmark
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