THE FISHERMEN'S MISSION Trustees, report and financial statements For the year ended 31 October 2022 Royal Natlonal Mlsslon to Deep Soa Flshermen IA Company limited by guarantee) Company Registration Number England & Wales Charity Reglslrallon 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 lo Deep Sea fishermen FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 CONTENTS Pages Council Members and Advisers Trustees, Reporl {incorporaling the Strategic Report) 3-16 Report of the Independent Auditors Slalemenl of Flnancial Activities 21 Balance Sheet 22 Cash Flow Statement 23 Notes to the Financial Statements 24- 40 Royal National Mission to Deep Sea Fishermen Members of the Council who served during the year Mr Michael Vlaslo OBE Chair of Trustees Mr lan Galt Rear Admiral Sir Jeremy de Halpert KCVO Mi. Nathan de Rozarieux Reverend Derath Durkin Mr Tievor James The Very Reverend Dr David LaGy DL Mr Thomas Maier Mrs Kate Pound Dr Jonathan Shepherd Deputy Chair Miss Kirsly Masters (Retired 12 April 2022} Mr Matthew Cox (Retired 27 May 20221 Secretary and Registered Office Captain Mar¢ Evans RN (Rel'dl (appointed 1 April 20221 Mather House 4400 Parkway Solent Business Park Fareham Hanls P015 7FJ Solicitors Brutlon & Co West End House 288 West street Fareham Hampshire P016 OAJ Burness Paull Union Plaza 1 Union Wynd Aberdeen AB10 1DQ Executives Captain Mar¢ Evans RN (Ret'd) (Chief Executive) (appointed 1 April 20221 Mr8 Alison Godfrey (Director of Business Development) Warner Goodman LLP 8 College Place Southampton S015 2FF Bankers Lloyds TSB Bank PIC Large Corporate 3 Town Quay Southampton S014 2AQ Investment Advisers Womble Bond Dickinson One Trinity Broad Chare Newcaslle Upon Tyne NE12HF Registered Auditors Mazars LLP, South Wesl 5 Floor, Merck House Seldown Lane Poole Dorset BH15 1TW Investment Maiiagers Sarasin & Partners Juxon House 100 St Pauls Churchyard London EX4M 8BU Royal National Mission lo Deep Sea Fishermen TRUSTEES, REPORT INTRODUCTION The Trust&es, who are also Directors of the Cha¥ily for the purpose of the Companies Act, presenl Iheir annual report lincorporaling the Strategic Report) and the aLAdiled financial statements for the year ended 31 October 2022. The Trustees confirm that the annual report and financial slalemenls comply with the governing document, Ihe Statement of Recommended Practice, Accounting 2nd Reporting by Charilies ISORP 2015), the Coinpanies Act 2006 and relevant law ar)d United Kingdom Accounting Standards. The Royal National Mission lo Deep Sea Fishermen {working name, The Fishermen's Mission), a Cornpany Limited by Guarantee No. 00024477, is registered with the Charity Commissioners (No. 2328221 and the offi￿ of the Scollish Charity Regulator (No. SC0390881. It is governed by a Memoranduin and Articles of Association. The charity's governing body consists of a Council, that under the Memorandum and Articles ol Association, should have no more than 15 in number Trustees, appointed from the membership of the Fishermen's Mission Association. The Council normally meets 4 times per year. The Executive consisls ofthe Chief Executive and the Director of Business Development who undertake the routine management of the Fishermen's Mission, supported by the SenioT Management Team. STRATEGIC REPORT Drawing upon and learning from the experience of the past two years, challenges and uncertainties within the COVID-19 climate, the Council reaffirmed ils focus on delivering our core services. With the appointment of the new Chief Executive in April 2022, the Councll directed the advancement of Ilie SlrategiG Plan and having reviewed and refreshed the strategy. introduced three enabling objectives, additional lo the six lines of strategic delivery aclivily, which have been presenled lo all staff thereby ensuring a bottom lo lop understanding of the plan and how day lo day activity at the quayside contributes lo the strategic intent. MISSION The Flshermen's Mission malntains a Christian presence In fishing communities around the British Isles to provide, practical, welfare and spiritual support to active and former fishermen and their families. VALUES The Gharity's values are founded on our ecumenical Christian faith and our commitment lo provide pracliGal help that makes a positive difference in people's lives. The charity's focus is the people in need of the practical assislance 2nd support we provide. The charity'5 work reflects the things that maller lo us and which we Gare aboLJI. To be open and welcomSng lo eveiyone. To listen hard, because needs are often complex, deeply personal and ever-changing. To be trusted to work with care, integrity and discretion. To be purposeful, resilient. open and slraightfonNard. To work collaboratively to solve wide-ranging challenges. The Gharity's values align closely with the Nolan Principle8 of conduct in public service and the NCVO Charity Ethical Principles. Royal National Mission to Deep Sea Fishermen FUNDAMENTAL TASKS To provide a 2417 emergency response lo all fishing emergencies al sea.. To aid the families of fishermen 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 them to receive enhanced medical allenlion. To source emergency accomrnodalion and catering facilities where there 18 no alleinalive provision. To make emergency grants lo fishermen and their famllies in times of need. To help fishermen's families in cases of illness or distress. To provide Christian pastoral and practical support and acGess lo 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, bereavemenl, stress and family and relationship difficulties. To facililale 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 fishing vessels. To alleviate loneliness through home and hospital visits to retired fishermen and their families. To officiate at lishermen's funerals when requegted. 2021122 PERFORMANCE AGAINST COUNCIL'S STRATEGY Summar Concludln Res onse to the Covid-19 Pandemic This operating year coMMen￿d as the country was slowly easing back on some Covid guidance and reslriclions, while remaining vigilant as the Omicron variant emerged. As the relaxation of restrictions started to accelerate from January 2022, completely ending in Northern Ireland and England in February 2022 and in MarGh 2022 for Wales and Scotland, the Fishermen's Mission carefully navigated a course back lo providing the level of service care and inleraclion with clients that had existed pre-covid. This was of course not easy. High levels of anxiety continued lo pervade many parts of the community iii need and many staff found the relLtrn to the 'new normality, more diffiGuII than expected. The economic effect of the Covid-19 pandemic was already in)p8cling many in the community and throughout this operating period the increasing rate of inflation and the growing depth of the cosl-of-living crisis ha5 been al the forefront of mLich of the Fishermen's Mission's work. The situation has been exacerbated by the Russian invasion of Ukraine and Ihe continuing fallout of the post-BREXIT trade deals lo the point where the UK'S cost of living has been described as the mo81 affected of all the advanced economies. While all in the UK hav8 been affected by rising prices, il most substantially affects those on low incomes, of which many in the fishing communities would be accurately assessed as 'low income, families. The Fishermen's Mission has listened lo how the Gosl of pulting a vessel lo sea ha5 increased.. how the break-even point has increased., how mai'ket fluctuations have reduced the value of some catGhes', how some species have been less prevalent in UK waters and then the devasling effects of the continuing Linexplained deaths of crustaceans in the North East has crippled that section of the industry, Across the board the Fishermen's Mission has heard how, Royal Nalional Mission to Deep Sea Fishermen for many, thi5 current period feels like the mosl arduous that has been experienced in the industry by this generation and Ihese unsurprising increase5 demand on the ranges of services provided by the maritime welfare charities. As this operating period concluded, the Fishermen's Mission was preparing for increased calls for financial assistaiice as the weather cooled and the effects of the increased cost of heating and electricity started lo bile. Of all the issues faced by the Fishermen's Mission, those associated with stress, anxiely and wider mental health challenges are very much al the fore of the Fishermen's Mission's core work. The Fishermen's Mission staff are connected lo mental health specialists and the 'GelSeaFil' quayside advisers enable access lo tsounselling services through partners such as the Seafarers, Hospital Society {SHSI, excellent counsellors specialising in supporting fisherimen, Fairwinds in Cornwall and Fishwell in Norfolk and Suffolk and the Merchant Navy Welfare Board who have helped lo sel up a 2417 free and confidential text service de- escalating situations and offering longer term help and support The SeaFil programme continues lo go from strength lo strength, closing the gap between many front-line NHS services and fishermen, including many of the migranl fishermen who support the UK fishing industry. bul find il immensely diffiGulI to make and attend primary and secondary healthcare appointmenls. Develo ment Activities Wilh the cessation of Covid-19 reslriclions mldway through the operating year, il was pleasing to accelerate progress againsl all the Council's strategic obj8clives. Strate ic Ob'ectives so The existing gix Strategic Objecllves were reviewed as parl of the Trustees, annual strategy session; updated and supplemented with three additional objectives. Following the ￿SSatIon of Covid-19 restrictions and the appointment of the new Chief Executive, the Council sought greater movement across all lines ol activity and were content that all were progressing well al the year end. S01 Enhance supportto active and former fishermen and theirfamilies. Thls means not standing still bul actively looking for what else the clients need,. expanding the reach of what the Fishermen's Mission's already does.. looking for what else can be offered,. improving the way clients can be Gonnecled with other organisalions,. doing what is already done more effectively, more efficiently, more beneficially. Improving Ihe impact and improving the lived experience for the clients. The SeaFil programme remains the driving force for new initiatives and wider engagement within the fishing commLJnities. Highlights inGlude'. 33 event days delivered in 14 different ports., More than 150 NHS health checks ¢onducled', More than 120 further health checks condLlCted al SeaFil events., A proof-of-concepl project, jointly conduGled with the Seafarers Hospital Sociely, provided POTlable defibrillators to 10 fishing vessels., The 'service provision gap, between clients and local health providers closed in part through focused local initiatives including.. 'Fishing for Belter Health, in Brixham 'Well Up Noilh, in association wilh Primary Care Network in Northumberland Royal National Mission lo Deep Sea Fishermen 'Heallhwalch Northumberland, Over 300 mental health engagements., Over 150 physiolherapy engagements. A new mental health text support service launched for fishermen; 'GelSeaFil' shortlisled as 'Service Provider of the Year al the Fishing News Awards 2022., The bollom line - 'SeaFit seNices saved my life" lanonl. Across the charily, the Fishermen's Mission has looked at what the clients needed and has conneGled them with local serV￿ceS and publicly funded authorities, closing gap5 and helping lo bridge inequalities in service provision. S02 Improve the collection. quality, management and utillsatlon of data. This has required a focused and comprehensive plan for the collection and use of routine clala lo track Ir&nds,' aid decision making to itnprove the range and quality ofthe support provided,. aid public relations, fundraising and improve the lived experience of and the benefit to the Fishermen's Mission Clients, and best cares for donors and supporters. The inlroduclion of 'Navigator'. an access website that allow5 secure and streamlined aG¢ess to Ihe Customer Relationship Management ICRMI system for clients, has enhan￿d quality assurance and business continuity across client casework S03 Extend our support to wider area5, both geographical and occupational. This has required the Fishermen's Mission lo look al the scope of the services il provides lo ils clients and the reach of the charity within the UK and then the wider British Isles.. Geographical.. The Fishermen's Misgion was established as a national organisation. The Fishermen's Mission has a footprint in each of the four nations of the UK but must ensure il has all areas adequately covered. The Isle of Man, Jersey and Guernsey are self-governing Crown dependencies with whom The Mission has relationships and these may be formalised. Considering the fishing waters of the British Isles, then there is also, a need to examine a polenlial relationship with the Republic of Ireland. Discussions to develop the charity's services in the Republic of Ireland paused during Covid-19 and have not yel been fully picked back up. Occupational.. The Fishermen's Mission has traditionally SUPPDrted only UK commercial sea fishing bul now is also engaging with the growing UK aquaculture industry.. Finfish (salmon & Iroull, shellfish (mussels & oysters} and the marine algae induslry{i.e. seaweed). S04 Facilitate lifestyle iinprovements for active and former fishermen and their families. Living a healthy lifestyle can help prevent chronic diseases and long-term illnesses., feeling good about oneself and taking Gare of health are important for self-esleem and 8elf- image - particularly important as people get older. Similarly, people who experienGe financial wellbeing are less stressed about money. This, in lui'n, has positive effects on their overall mental and physical health, and on their relationships. By addressing these issues,. by educating and then enabling the Fishermen's Mission clients to modify their behaviour., their habits, their ways of living elc will bring about positive changes in their lives and improve their health and well-being in every aspect. The Fishermen's Mission musl be alive lo the needs of the clients,. be alive lo changes in society to be ¥eady to support when asked or proactively provide support before it has been asked for. The GetSeaFil programme is funded from core in the Fishermen's Mission and Seafarei's, Hospital Society and goes from strength to strength, closing the inequalities gap and introducing new inilialives that meet the changing demand of the clients Royal National Mission to Deep Sea Fisherinen The Fisherinen's Mission continues to work closely with partner charities, both iri terms of receiving granls that resources Ihe Fishermen's Mission's woi'k and working collaboratively to deliver services lo those in need S05 Improve cooperative and collaborative engagement with others. It has been critical Ihal the Fishermen's Missioi) does not work in isolation bul coherently with others in the same sector,. olh8rs in the wider fishing enlerprise- the Galch industry., the produceTS.' the regulators,. the donors,. the supporters.. the friends and influencers. Adopting a federated approach, sharing knowledge and best practice across the enterprise, agreeing and priorilising work amongst those involved is a powerful tool,. il is improving the use of resources and expertise and will underpin how services, training and skills development should evolve. The appointment of the new Chief Executive demanded grealer engagement with all slakehold&rs in the Fishermen's Mission influence network., learning about each other's prioritised objectives and building on established relationships. The Fishermen's Mission has soughl to identify and close gaps in healthGare provision in the coastal communities, connecting more clients with more local 8ulhorilies and service providers and rebalancing ingqualilies where possible. The Fishermen's Mission has been actively involved in numerous working groups run by the Merchant Navy Welfare Board, the Department for Environment, Food & Rural Affairs (Defral, the Maritime and Coastguard Agency and Seafish amongst others. The Fishermen's Mission is neither a union nor a lobbying body, bul is routinely considered as best representing the needs of the individual and is more than conlenl for il's voice to provide a context for the rnany organisalion5 who would not otherwise know or understand the consequential effects of policy and regulatory change and enforcement on the welfare, health and well-being of the fishing Communities. S06 Enhance further the reputatlon and brand the Fishermen's Mission by improving quality assurance and governance and articulating the relevance of the Flshermen's Mission and its vision to 2026 to industry and other. Reputation mallers and ¢an be the Fishermen's Mission's single most valuable asset. A good reputation makes the difference between success and failure. Reputation is also a major risk and is considered alongside slralegic, operational, safety and financial risks. Donors want and need to be assured that their geneious giving is being used ethically and lo beneficial effect by an organisation that demonstrates high operating standards as well as making a real and positive difference. The introduction of the Navigator access system lo the CRM System for clients, has enhanced quality assurance and business continuity across client casework. The abilily for any member of staff lo be able lo respond in ar) informed manner to a request for support from anywhere in the UK has Continued lo prove invaluable. Good practice and a Gommonalily of approach has helped maintain a consislenlly high level of service provision. Navig21or is also allowing the Fishermen's Mission to identify gaps or inequality in service provision, over and under- resourcing thereby driving greater efficiency in the way in which business is delivered. S07 Diversify voluntary income to ensure the continued funding of our work by introducing new methods of fundralslng to appeal to a new, wider range of supporters. 11 is recognised that relying loo much on a single income slream Can pose a significant threat lo the Fishermen's Mission charity's finan¢es. Income diversity ensures getting income from multiple sources, allowing the spread of risk, protection against potential shocks (such as loss of one income slreaml, and the promotion of long-lerm finaiicial slabilily. Diversifying the Fishermen's Mission's income will assist Ihe move towards a Imore stable and sustainable Royal National Mission lo Deep Sea Fi$herMen financial future., assuring that the resource needed lo operate and fund the Fishermen's Mission's plans will be there withoul having lo fall back repeatedly on reserves. S08 Improve Equallty, Diversity & Inclusion IEDII across the whole charitable enterprise (including staff, volunteers, clients and donors). The Fishermen's Mission is commilled lo promoting equality, diversity and inclusion throughout the charity and elimlnating unlawful disGriminalion and the charity is part gf the Maritime EEDI leadership group that is working lo bring about education and change within the sector. Furilier diversification across the charity wlll beller reflect our society and the changing demographics within the indusli'y. There is a need lo further diversify the Trustees, staff, supporters and donors while ensuring Ihal any potential clients are not exGludèd. This requires the Fishermen's Mission to reach out lo different ethnic groups, undei-repiesenled minoritiès and broaden the demographics such that different glving abilities can be recognised ensuring the Fishermen's Mission's Tnessages resonate with as wide an audience as possible thereby improving fundraising, reputation, donor relationships and communication practices. S09 Reduce the carbon footprint and Increase sustainability across the charitable enterprise. Care & Guardianship of Creation is al the heart of this strategic objective and chimes with the Fishermen's Mission's Cole Christian values. The Fishermen's Mission actively promotes initiatives that help care for the planet, the 'crealion' of whioh everyone is a guardian. Such action transcends politics,. il is not about projects bul about developing a slate of mind and a slate of being. No one can save the plarlel alone bul everyone Gan do something. As a charity, Ihe Fishermen's Mi88ion should and is doing ils bil lo follow best Practi￿ and redu¢e the carbon footprint and increase 8uslainabilily across the charitable enterprise. ualit and Dlverslt Ob ectlves The Fishermen's Mission is an equal opportunity organisation. It is ¢ommilled lo a working environment that is free from any form of dis¢riminalion on the grounds of colour, race, ethnicity, religion, gender, sexual orientation, or disability and will make reasonable adjustments to meet the needs of staff who are or become disabled. The Council sets slralegi¢ diversily objectives, along with in-year targets. Trustees sel the following objeGtive5 for 2021122.. Trustees will formally review their 8lralegy and goals in relation to equ21ily and diversity in mid-2022. Complete. Prior to Council's strategic review an internal audil will be conducted looking al equality, diversity and inclusion in the context of the charity's current operations. Complele. Now supported by the introduction of Strategic Objective 8 and considered an ongoing aGlivily, Engage with NGOS that have a focus on minority and migrant groups to improve the appeal and engagement with Iliese groups especially in recruiting. Commenced and an ongoing activity. Fulfil a long-standing intention lo deliver CLJllural Iraiiiing for frontline staff that reflects key groups working in the UK fishing industry. Ongoing. Cullural training was again displaced by higher priority training demands, bul has been priorili8ed and protected for 2022123. Nolwilhslanding this, all staff and Royal National Mission to Deep Sea Fishermen Trustees have undertaken in-house equalily and diversity training and the introduction ol Strategic Objective 8 has generated excellent discussion and furthered the understanding of this Grilical topic. Recruiting lo be wholly 'open' and greater intere81 in ourjobs lo be generated within under- represented groups. Ongoing. Early in 2023 il is intended to recruit up lo five new Trustees. Central lo this is the out-sourcing of the process with diversification al ils heart. Trustees sel the following objectives for 2022123., Trustees expect that Equality, Diversity & In¢lu8ion IEDII is given appropriate priority as the Fishermen's Mission seeks lo Improve diversily at every level across the enterprise (including staff, volunteers, ¢lienls and donors) Islrategic Objective 8 re*ers). Trustees also expect that any barriers to inclusion are identified and removed and any inequalities rebalanced. Trustee5 will ¢onducl a review of the EDI strategy and goals in mid-2023. The Fishermen's Mission will Conduct cultural training as a protected priority activity, during 2022123. The Fishermen's Mission will furlher develop relationships with organisalions that hampion the under~represenled, minority and migrant groups lo improve ils appeal to, and engagement with, suoh groups. 202112022 IMPACT During the operating year, the Fishermen's Mission has expended some £1.8M on a¢tivily that supports ils charitable objects. It has recorded over 21,000 client inleraclions. of whi¢h 17,300 were welfare specific. Additionally il has assisted some 4,400 clients, which has included support for some 455 children of fishermen through grants provided lo their families. The staff has responded to lor were ready lo respond lol around emergency 80 incidents al sea during th8 year. In common with the past few years, extensive support has been provided lo migrant crew working in Ihe UK especially in Northern Ireland and Scotland. PUBLIC BENEFIT The Trustees have referred lo the guidance published by the Charity Commission in reviewing the Fishermen's Mission's aims and objectives and in planning future aclivilies. The high-leveS strategic objectives ar8 reviewed by the Tru8lees on an annual basis and these are developed into change objectives and outcomes for thè forlhcoming twelve monllis. A five-year rolling business plan sets out the assumptions for future predicted inGome and the costs incL*rred in meeling ils aclivilies. FINANCIAL RISK MANAGEMENT In accordance with SORP 2015, key financial risks have been identified and measures undertaken lo miligale them. All risks are recorded on a Council endorsed Risk Register, Royal National Mission to Deep Sea Fishei'men which was subject to regular reviews (Top 10 risks) by the Senior Marlagemenl Team, quarterly by Council and with all rigks reviewed annually. In October 2022 Gouncil Considered all risks. The Council's top three risks are as follows.. The Fishermen's Mission resources becoming over-slretched leading to a drawdown of reserve5 to maintain services or repL¢lalion suffers when staff unable lo respond effectively and adverse impact on supporllfundraising. Unable to set a balanced budget wilhout draw down of reserves. Action This risk 18 monitored closely howèver,. the reserves investments will provide sufficient financial resilience out lo, al least, the medium term. Previously undelecled or unknown criminal activity create8 significant media interest and has the potential to severely damage the reputation of the Fishermen's Mission and reduce levels of raised voluntary income and generate very signilicanl compensation claim5. Action All contingency plans are regularly reviewed including the proactive ownership of the narrative - clear guidance lo all staff on handl￿ng media enquiries., issuing press releases,. nominated staff for speaking lo media will help distance the Fi8hermen's Mission from perpelralors and ensure that immediate administrative action is seen to be taken with an airn of minimising the effect of adverse publicity. A significant downturn in fundraising, polentially from the residual effect of COVID-19,' the growing cosl of living crisis and other competing demands for charitable donations leads to the Fishermen's Mission being unable to deliver ils core operational outputs, potentially becoming unsustainable and ultimately leading lo the closure of the charily. Atstion - Linked to Risk 1 and monitored concurrently. FUNDRAISING The Fish8rmen's Mission is registered with the Fundraising Regulator and works within the Code of Fundraising Practice and the Chartered Institute of Fundraising's guidance. During the period of this report no complaints were received regarding any lundraising appeals oi. practices. Reflecting the valuing and care for our donors and supporters, 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 our website, donated or offered support. No third parties are employed by the Fishermen's Mission to undertake fundraisirig on their beha5f allhough a small voluntary team operate a House-to-House collection scheme that is fully monitored. All fuiidraising and marketing were carried out within the compliance Iramework of the Data Prote¢lion Act 2018. Experience throughout Covid 19, like many other charitie5, saw a significant f211 in income from community fundraising, even18 and Gorporate partnerships. This was most notable as a sizeable proportion ofthe Fishermen's Mission income comes from restaurants, pubs, fish and chips shops and food festivals, As the chaiity emerged from the Covid-19 reslri¢lions, and as the hospilalily industry started lo recover $0 loo did revenue from these income streams. However, Ihe growing cost of living erisis has again started lo bile and there will be a need lo Inonitor the impact il has on the hospitality sector. 10 Royal National Mission to Deep Sea Fishermen The luiidraising team continued to be imaginative and innovative to maiiilain income levels wher?ver possible and this has resulted in some new initiatives and a greater sense of team working across the whole organisalion. The Fishermen's Mission recognises both the demanding work and commitment of all the staff team in raising this income alongside a deep gratitude for the support of donors throughout the UK. Fundraisin Team Develo ment The fundraising team has worked extremely hard again this year and su￿essfL11lY achieved the income largels. An eX￿lIent result considering the Ghanges in the financial position of many of the Mission's donors and supporters. New Inilialives include a pilot project bringing in yreater use of conlaclless giving and the exparlded use of the CRM database syslem. Donors and supporters remain the lifeblood of the Fishermen's Mission. Fundraising efforts by Port Staff are holding sleady and a more integraled approach is being developed. Parlnershi Fundraisin This is an area of fundraising that has taken the longest lo recover from the Covid issues and is now in an equally difficult situation with the ourrent financial climate. New partnerships have been built and strong relalion8hips continue to develop. New and innovative projects have helped to keep this area of work moving forward. Fundraisin from Trusts Grant Makin Foundations & Partners Partnerships wilh grant making trusts and foundations remained key lo the Fishermen's Mission overall income and thi5 was particularly true of the continued, long-lerm funding relationships wilhin the maritime sector, including The Seafarers, Charity, Trinity House, Fishmongers, Company, the Merchant Navy Vvelfare Board lincludiiig the Car Replacement Scheme) and the Grlmsby Sailors, and Fishing Charity Outside the sector, key supporl was received from a sound base of grant making foundations and partners including Ihe Thomas J Horne Memorial Trust, The Margot and Andrew Tennanl Charitable Trust, Suffolk County Coun¢il {heallh and wellbeing piloll 2nd the Pemberton- Barnes Trust. Trusts and foundations are al the centre of the Fishermen's Mission's ability lo broaden the work and develop new service provision. ital and Social Media The appoinlment, of a Digital and Marketing Fundraiser in 2020, significantly increased the digital foolprinl of the Fishermen's Mission. However, the post was vacated in May 2022 and in such a coinpelilive market il has proved lo be difficult lo fill this vaGancy. The work is still progressing and a new website was commissioned in May to be delivered early 2023. The new website will add fuilher online support information for clients. including a language translation facility in some areas. orlers of the Fishermen's Mission The Fishermen'8 Mission is proud lo be supported by so many loyal friends froin around the UK and beyond. 11 is a privilege lo receive help and friendship from the charity's supporters. The Fishermen's Mission values each call, email, letter and gift that is received as well as being deeply grateful for those who pray each wee1( for the charity's woi'k and staff using the Prayer Calendar. It is recognised Ihal giving is a very personal decision and the Fishermen's Royal National Mission to Deep Sea Fishermen Mission is proud that 50 many people choose lo support ils work and recognises the vital 8upporl that donors and volunteers bring lo the charity. Le ac In¢ome Revenue from legacies remains key tts the charity's overall income. 11 underpins service provision bul also helps lo resoui'ce essential development work. Income frorr legacies during 2021122 was notably lower Ihan in previous years and below the budgeted target. This was in parl a result of the prevailing economic climate, bul also a result of an adminislralive backlog at the HM Couris & Tribunals SeNice IHMCTS} probate service. As these accounts were being closed, we learned that HMCTS had committed lo recruit hundreds of staff to strengthen their service, improve processing limes and help clear the backlog. PR and Marketin During the year 2 refresh of the Fishermen's Mission branding look place, iiitroducing a new colour palette and photo library. New digital and prinled information has been produced and this work continues. Included in the refresh has been a move lo the use ol recycled and Forestry Commission supported paper for 211 printed materials. THE FISHERMEN'S MISSION FINANCES Overall Results An operating deficit of £935,454 {chM 2020121.. £165,949 surplus) was worse than budget due to lower-lhan-expecled legacy income. To meet the requirement of Section 28 of the FRS 102, the Retirement Benefit Pensions Scheme fund income and expenditure are shown within Ihe Fishermen's Mission's accounts. The Fishermen's Mission Reserves Reserves Policy.. In October 2022 Iruslees reviewed and reissued their Inveslmenls Policy Statement, with some minor changes lo the overall slialegy for the reserves. To rellgcl their general judgements, the Fishermen's Mission's Trustees Maintain financial reserves lo achieve four key objectives.. To resource the immediate response lo major fishing emergencies To generate incomelrevenue to sustained core operational activity. To ameliorate short and longer term challenges lo assured business Gonlinuily minimum reserve equal lo approximately 2 years, costs foi operations. To resource the programmed activities that support and fulfil the Council's Strategic Plan. Inveslmeiits Sarasin & Partners LLP are appointed a5 the chaiily's Investment Managers, with funds invested in their pooled Charities Fund. Over the period, performance has met the benchmark criteria sel by Trustees and has remained compelilive with providers of similar investment vehicles. fj2 Royal National Mission to Deep Sea Fishermen Ethical Exclusions There will be no holdings in companies with exposure to the production of tobacco or tobacco-relaled revenues IsuGh 8$ Ihe retail and distribution of labacco producls). or invesltnenl in indiscriminate weaponry (for exainple Glusler miii?ilions & lanrlmi17es which 8re excluded from all portfolios, as are olher aclivities Ihal are subject lo global s8iiclions) The Sarasin Charity Authorised Investment Funds (CAIFS) also avoid investment in oinpanies Ihal generate significant revenLies from.. Adult entertainment Alcohol Armaments (including civilian firearms) Gambling Predatory lending Slewardshi roach Source.. Sarasin & Partners In addilioii lo the ex¢lusionary po5icy Sarasin & Partners acl as stewards of the Fishermen's Mission's assets, a mind-set Ihal is guided by a commitment lo think like owners of the companies in which the Charity invests, rather than simply holders of the shares. On behalf of the Fishermen's Mission, Sarasin and Partners lakes an active and iesponsible approach to investment with the principles of stewardship being embedded at the heart of their investment proces8. The analysis of environmental, social and governance IESGI factors forms an integral parl of the consideration for every investment decision. The Trustees strongly believe that this analysis musl be Conducted by Sarasin's equity and fixed income teams as any material risks and opportunities from ESG issues will influence the v81ualion of each company. Sarasin also has specialist slewardship analysts wilhin the team. who advise on company engagements and lead the company's policy outreach work. 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-investable), which then feeds into the valuation methodology of each company, Sarasin and Partners make an annual submission of their Stewardship Report to the Financial Reporting Council IFRCI, in 2022 they succeeded again in passing the UK Stewardship Code lest details of this submission can be found on Sarasin's website. They also make a submission to the UN Principles for Responsible Investment. this is also available lo view on the Sarasin website. Investment Performance Source.. Sarasin & Partners For the 12 months lo 3161 October 2022, the Fishermen's Mission investment porlfolio generated a total return of -9.2Q/o which was behind the long-lerm objective (inflation (UK CPI) +4°hl of 14.5'/0 and the benchmark of-5.70h bul in line with the peer group return IARC Steady Growlh Charily Index) of -9.30h, reflective of a challenging macroeconomic envii'onment. Asset allocation was a positive contributor over the year,. the weak performance of fixed income impacted the portfolio less than the ben¢hmark, and moving unde￿eight in equities in the first quarter proved timely. However, sloGk selection within equities was the main driver 13 Royal National Mission to Deep Sea Fishermen of both returns and ielative underperformance versus the benchmark in both UK1-11.2fAI v 1.40AI and Global Equilies1-6.80/0 v -5.4°Al This relative underperformance was largely due lo the limited exposure lo the enei'gy seGlor which benefitled from a rebounding oil price amplified by Russia's invasion of Ukraine. Given energy makes up a disproportionately large an amount of the UK market the relatlve underperformance was more pronounced in this parl of the portfolio. In addition, the UK has a more significant exposure lo tobacco, alcohol and armaments which are excluded from investment and also performed well in what was a risk-off environment. Sarasin's foGUS remains on identifying sustainable long-lerm returns, their analysis shows that energy, and other excluded sectors, do not represent allractive long-lerm investment opporlunilies. Sarasin maintained their allocation lo direct UK property and increased their allocation to allernalive investments, and over the period both provided posilive and diversified returns; within allernalives there was partlGularly strong performance from co1￿modItieS Ilnvesco Physical Gold and Wisdomtree Carbon ETCI and Gresham House Energy Storage. Since inception {131h September 2016} the Fishermen's Mission portfolio has generated an annualised net return of 5.7 /0, this is ahead of the initial projected 5-7 year return Ihal Sarasin's presented to Trustees in 2016 of 5.2010. Income The Net Movement of Funds for the year was £2.281,138 outflow {2020121'. £978,652 inflow) which has been transferred lo the relevant funds. This decrease has been generated by a reduction in legacies and unre81ised losses on the investments. The designations resulted in the Fishermen's Mission free reserves at 31 October 2022 standing al £5,363.844. Free reserves available for use by the Fishermen's Mission are deemed lo be those that are readily realisable, less funds whose uses are reslricled or else designated for a specific purpose. this iiicludes a minimum level of 2 years lo cciver costs for operations as slated in the Fishermen's Mission reserve policy (Busiriess Continuity Reserves). Additionally, funds designated for Business Development are also Glassed as free reserves and are used to the resour¢e5 initiatives such as piloting conlaclless payments for donors., delivering PLtbli¢ relations,. updating the Fishermen's Mission's branding,. developing the new website capability and, looking ahead, delivering Phase 2 of Navigator expansion which will thereafter be part of the core budget. The calculation excludes funds invested in property and other fixed assets that will continue to be used in the day lo day running of the Fishermen's Mission. Donations and gifts lolalled £1,509,790, a decrease of £5,892 on the 202012021 figure. The legacies recelved were £334,197 less than budget. Ex enditure Overall ceiilres overhead costs incieased from 202012021 mainly due lo the lifting of lockdown and the return lo a more normal way of working. As al 31 October 2022. staff numbered 67. Retirement Benefit Pension Scheme Royal National Mission lo Deep Sea Fishermen Broadslone {formerly BBS Consultants & Actuaries Ltd Linlil October 2019) has been the Scheme's adminislralor since June 2018. Legal and General LLP has remained the pension Fund Manager. The FRS 102 valuation on 31 October 2022 saw the scheme's defi'cit remain al £0.00. {202012021.' £0.00) The project lo wind up the current scheme and complete the transfer lo Legal & General continues with completion forecast for Q2-Q3 of 2023. Melita Retirement Housin The 51alus of the discontinued Melila Housing Scheme for former employees was reviewed in detail during the year and il was decided that no changes were required for those remaining on the Scheme. A rouline 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 provi8ions of the Company's Articles of Association Mr Matthew Cox. Reverend Deialh Durkin, Mr Nathan de Rozarieux and Mrs Kale Pound retired by rolalion at the Annual General Meeting in April 2022 and were re-elected. Two Trustees relirecl during the year.. Miss Kirsty Masters and Mr Matthew Cox. On joining the Council, Trustees reoeive a comprehensive briefing package and undertake induction visits. 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 Iwho aTe also Directors of the Royal National Mission lo Deep Sea Fishermen for the purposes of company lawl are responsible for pi'eparing the Trustees, Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practicel- Company law requires the Trustees lo prepare financial statements for each financial year. Under company law the Trustees mu51 not approve the financial slalements unless they are satisfied that they give a true and fair view of the situation of the ch8rilable company and of the incoming resources and application of resources, including the income and expenditure of the Gharilable company for Ihal period. In preparing these financial slalements, the Trustees are required lo.. Select suitable accounting policies and then apply Ihem consistently. Observe the methods and principles in the Charities SORP. Make judgments and aG¢ounting eslimales that are reasonable and prudent. Prepare the financial slaleinenls on the going Gon¢ern basis unless it is inappropriate lo presume that the charitable ¢oinpany will Continue in operation. The Trustees are iesponsible for keeping adequate accounting records that are sufficient lo show and explain the Gharitable company's transactions arid disclose with reasonable 15 Royal National Mission lo Deep Sea Fishermen accuracy al any lime the financial position of the charitable company and enable them lo ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the chai'ilable company and hence for taking reasonable steps for the prevention and delectlon of fraud and olher iiyegularilies, DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who are Trustees at the time when this Trustees, Report is approved confirms that.. As far as Truslees are aware, there is no relevant audit information of which Ihe chariiable company's audiloi's are unaware, and, That the Trustee has taken all the steps that ought lo have been taken as a Trustee lo be aware of any relevant information and to establish that the charitable company's auditor is aware of that informalion. AUDITORS In accordancewilh section 487 ofthe Companies Act2006, a I'es(Aution proposing that Mazars LLP be reappointed as auditors of th8 charitable company for FY 2022123 will be pul to the f(rthcoming Annual General Meeting. The Trustees approve their Annual Report and, in their capacily as company directors and approve the Strategic Report incorporated therein. Signed on bohalf of the Trustees. BY ORDER OF THE COUNCIL OF MANAGEMENT ((llVcd, Michael Vlasto OBE Chairman Date % rd£un-4LY 2DZ3 16 Royal National Mission lo Deep Sea Fishermen Independent auditor's report to the members of the Royal National Mission to Deep Sea Fishermen Oplnion We have audited the financial statements of Royal National Mission to Deep Sea Fishermen (the 'charily'} for the year ended 31 Oclobei. 2022 which comprise the Slalemenl of Financial Aclivilies, the Balance Sheet. Ilie Cash Flow Slglemenl and notes lo 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 AGcounling Slai)dards, including FRS 102 The Financial Reporliiig standard applicable the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praclicel. In our opinion. the financial statements.. give a true and fair view of the slate of the charity's affairs as at 31 OGlober 2022 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 thè requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audil of the financial slalemenls" seclion of our report. We are independent of the company i# accordance with the ethical requirements that are relevant lo our audil of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in a¢Gordance with Ihese requirements. We believe that the aud￿1 evldence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going conGern In auditing the financial statements, we have ¢oncluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is apprDpriale. Based on the work we have performed, we have not identified any mateiial uncertainties relating lo events or conditicins that, individually or collectively, may cast signifi¢anl doubl on the charity's ability lo continue as a going concern for a period of al least Iwelve months froin when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. other information The other information comprises the information included in the Trustees, annual report, other than the financial slalemeiils and our auditor's report Ihereon. The Tiuslees are responsible for the other information contained within the annual report. Our opinion on the financial 51atemenls does iiot cover the other information and, except to the extent otherwise explicitly slated in oiir report, we do not express any form of assurance conclusion Ihereon. 17 Royal National Mission lo Deep Sea Fishermen Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained during the audil, or othenwise appeai"s lo be malerially mis51aled. If we idènlily such material inoonsistencies or apparent material misslalemenls, we are required lo delermine whether this gives rige lo a Material misslalemenl in the financial statements themselves. If, based on the work we liave performed, we conclude that there is a material misslatemenl of this other inforinalion, 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 woik undertaken during the audit.. the irjformalioii given in the strategic report and the directors, report for the financial year for whiGh the financial statements are prepared is Gonsislenl with the financial slalemenls., and the strategic report and the directors, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception Considering the knowledge and understanding of the charity and its environment obtained during the audit, we have not identified material mis8tatements in the Strategic Report or the Direolors. Report included within the Trustees, Report. We have nothing lo report in respect of the following mallers in relation lo which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreetnenl with the accounting records and returns., or certain disclosures of Iruslees, remuneration specified by law al'e not made-, or we have not received all the information and explanations we require lor our audit. Responsibilities of Trustees As explained more fully in the directors, responsibilities slalemenl, the trustees, {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the finanGial slalements and for being satisfied that they give a true and fair view, 2nd for such internal conlFoI as the trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misslalemenl, whether due to fraud or error. In preparing the financi21 slatemenls, the Iruslees are responsible for assessing the charily's ability to continue as a going concern, disclosing, as applicable, matters I'elated lo going con￿rn and using the going concern basis of accounting unless Ihg directors either intend lo liquidate the charity or lo cease operations, or have no realistic allernalive bul lo do so. Auditor's responsibilltles for the audit of the financial statements Our objectives are lo oblain reasonable assLirance about whether the financial statements as a wliole are free from material misstalemenl, whether due to fraud or error, and to issue an auditor's reporÉ that includes our opinion. Reasonable assurance is a high level of assLJrance bul is not a guarantee that an audit conducted iii aGcoidance with ISA8 IUKI will always delecl 18 Royal National Mission to Deep Sea Fishermen a material misstatement when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial slalements. The exlenl to which our procedures Gan delect Irregularities, including fraud is detailed below. Irregularities, including fraud, are inslan¢es of non-compliance with laws and regulations. W8 design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of Irregularities, inGluding fraud. Based on our understanding of the charity 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 and anti-money laundering regulation. To help us identify instances of non-compllance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: Inquiring of management and, where appropyiale, those charged with governance, as10 whelher the company is compliant with laws and regulations, and dlscussing their policles and procedures regarding compliance with laws and regulations., Inspecting correspondence, if any, with relevant licensing or regulatory aulhortties., Communicating Idenllfied 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 Ihat have a direct effect on the preparation of the financial 8tatem8nts, such as lax legislation, pension legislation, the Companies Act 2006. In addition, we evaluated the directors, and management's incenlives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of Gonlrols, and determined that the principal risks related lo.. posting manual journal entries lo manipulate financial perfomiance, management bias through judgements and assumptions in significant accounting eslimales, revenue recognition (which we pinpointed to the cut-off assertion), and signlficanl one-off or unusual transactions. Our audit procedures in relation to fraud included but Were nol limited lo.. Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud,. Gaining an underslanding of Ihe internal Gonlrols established lo mitigate risks related to fraud., Discussing aTnongst the engagement team the risks of fraud., and Addressing the risks of fraud through management override of conlrols by performing joumal entry testing. There are inherent limilalions in the audit procedures descrlbed above and the prlmary responsibility for the provenlion and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-dele¢tion of irregularilies, as these may involve collusion, forgery, Intentional omissions, misrepresentations, orthe override of internal controls. A further de8criplion of our responsibilltles for the audll of the financlal slalemenls is located on the Financial Reporting Council's websit6 at www.frc.or .uklaudilorsres onsibilities. This description forms pari of our auditor's report. Royal National Mission lo Deep Sea Fishermen Use of the audlt report This report is made solely to the company's members as a body in accordance with Chapter 3 ofPart 16 of the Companies Ac12006. Ouraudil workhas been undertaken so that we might slate lo the company'smembers those mallers we are required to slate lo them in an auditor's report and for no other purpose. To the fulle51 extent permitied by law, we do not accept or assume responsibility lo anyone other (han the company and the company's members as a x)dy for our audit work. for this report, or for the opinions we have formed. Jonathan Marchanl (Senior Slalutory Auditor) for and on behalf of Mazars LLP Chartered Accounlanls and Slalulory Auditor 5th Floor. Merck House Seldown Lane Poole Dorset BH15 1TW 28 February 2023 20 Royal National Mission to Deep Sea Fishermen STATEMENT OF FINANCIAL ACTIVITIES IlnGorporallng the Incoma and o¥pendlturè account) For Ihg year eiidpd 31 October 2022 Notes Unyestricted Funds ReBtriciÈd Funds Total Fiinds 2022 Total 2022 2022 Fuiids 2021 INCOMING RESOURCES- Incoming rosource5 from 9one*algd funds.. Volunlary Income.. Oonalions &G￿8 1,125,719 384,071 1.509.790 1,515,682 Leg￿c￿$ 1nvv5ln￿nI 1￿Conle 20Y.022 e2,781 265,803 1,059.469 310.299 300,000 300.(N)D Incomlng rtrsourc•s from ¢harltabl& actlvltles Charily Shop Ollier Incoming resources Nel rea1I8ed gainll10s31 on 115,289 115,289 77,780 110.260 110,360 R8rilal Income 50.8B4 TOTAL INCOMING I,g02,261 446.852 2,349.113 3,014,114 RESOURCES RESOURCES EXPENDED Lg$E: Costs of gen6r8tlng lunds 1,032,286 37,497 1.069,783 957.041 Charitable expendiiure TOTAL RESOURCES 1897 228 2.214,784 1891,124 2.648,165 2,929,514 355,￿3 3,284,￿7 expENDED NET INCOMINGIIOUTGOINGI RESOURCES BEFORE 11.027,7531 92,299 1935,4541 165,949 OTHER GAINS AN LOSSES OTHER RECOGKISED GAINS Af4D LOSSES Unre81ised Ib5s)Igain on nveslmerbt assets & transfer 11.A89.6841 11,489,684) 1.494.703 10116 144.(P)O 144.000 1682,(KJDI glined peDslon scheme NET MOVEMENT IN FUND 2 373.437L 92.299 2261,128 978 652 RECONCILIATION OF FUNDS B81¥nce bioughl fomard on 1 htovembei 2021 io 15.174,916 1J7.273 15,332.189 14,353.537 Belance Garried forward on 31 Oclober 2022 io 12 801 A79 249 572 IJ 051,051 15332189 The SOFA In¢liides all galtis and losses recognlsed In the year. Royal National Mission lo Doep Sea Fishermen BALANCE SHEET AS AT 31 OCTOBER 2022 Notes 2022 2021 FIXED ASSETS Investments Shares - General Inveslmenls- George Watls Fund Tangible Assets 10,306,170 677,115 1,562,721 12,546,006 12,107,904 765,065 1632,671 14,505,640 CURRENT ASSETS Debtors Cash al bank and in hand 118.216 479,035 597,251 145,294 759,650 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR NET CURRENT ASSETS NET ASSETS BEFORE PENSION LIABILITY Defined benefit pension scheme 92,206 505 045 78,395 826,549 13,051,051 15,332,189 16 NET ASSETS AFTER PENSION LIABILITY FUNDS OF THE CHARITY Restricted funds Designated funds 12 13.051,051 15.332,189 11 10112 249,572 7 437 635 7,687,207 157,273 8 639,547 8,796,820 Free reserves Pension deficit General fund 16 10112 5,363,844 5,363,844 13,051.051 6,535,369 6,535,369 15,332,189 TOTAL CHARITY FUNDS The financial slalemenls on pages 2110 39 wert approved by the Member5 of the Council on 8 February 2023 and were slgned on ils behalf by.. i(llu o, Michael Vlaslo OBE Members of the Councll Tom Maier 22 Royal National Mission lo Deep Sea Fishermen CASH FLOW STATEMENT For the yeay ended 31 October 2022 Notes 2022 2021 Cash flows from operating activities,. Net cash lused Snllprovided by operating activities 18{a) 11042,100 61,952J_ 1,042.100 61,952 Cash flows fyom investing activities Interest received Interest paid Dividends received from investments (gross) Purchase of tangible fixed assets Sale of tangible fixed assets 299 110,0461 18,4821 300,000 300.000 1116.8361 188.367 Sale of investments 400,000 Purchase of fixed asset inveslmen15 Net cash used in investing activities Change in cash and ¢ash equivalents in the year 250 000 41,817 761,485 280,615 20,135L 759,650 779,78J 479,035 7Jf9 650 Cash and cash equivalents al 31 October 2021 Cash and cash equivalents al 31 October 2022 23 Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 ACCOUNTING POLICIES The Royal National Mission lo 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 Commissioners (No. 232822} and the Office oflhe Scollish Charity Regulator (No SC0390881. The registered office is Mather House, 4400 Parkway, Solenl Business Park, Whileley, Hampshire. P015 7FJ. Basis of preparation The financial slalemenls have been prepared on a going concern basis and under the historical cost convention, except as modified by the inclusion of investmenls al market value, and in accordance with applicable Accounting Standards in the United Kingdom, the Comparliès Act 2006, the Charities and Trustee Investment (Scollandl Act 2005 and the Slalement of Recommended PraclSGe-Accounling and Reporting by provision ol the Charities SORP 2015 IFRS 102). A summary of ac¢ounting policies, which have been applied consistently, is set out below. {al Income from donors and supporters Income frotn donations and supporters are a¢¢ounted for on an accrual's basis. Any significant income related lo the year end and received al the Mission's headquarters or main bankers after the year end is acciued in the financial slalements. Gifts in kind are included in incoming resources al the year end al an estimate of their value lo the Mission. Ib) Legacles recelved Legacy income is recognised when there is sufficient evidence lo provide the necessary certainly that the legacy will be received, and the value of the incoming resource Gan be measured with sufficient reliabilily. Eslimaled lega¢y income of £847,76012021.' £484,972) has not been included in the Slalemenl of Financial Activities because Ihe conditions of recognition have not been rnel. Icl Tangible flxed assets and depreciation Depreciation is calculated lo write off the cost of tangible lixed assets over their expected useful economic lives on the following basls.. Freehold properly 2 % slraighl line Long-lerm and short-term leasehold Ainortised over period property of the lease Motor vehicles 33 /0 reducing balance Furniture. fixtures and fillings 20./0 reducing balance Computer equipment 25,/0 straight line Individual fixed assets costing mole than £1,000 are capitalised al cost and are subsequently slated al cosl less deprecialion. 24 Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEWIENTS For the year elided 31 Octob9r 2022 Icontinuedl AGCOUNTING POLICIES Icontinuedl Id) Capital g¥ants Capilal grants are recognised in reslricled or unrestricted funds in accordance with the conditions of the grantor. (e) Investments Investments are slated al market value. Any unrealiBed gains and losses on investments are taken directly lo the statement of financial aclivilies. ifj Investment income Investment income is shown on an accrual's basis. Igl Classification of expenditure Administrationlsupport costs have been reapportion8d to direct chaiilable and fundraising costs dependent on the expense i.e., headcounlldirecllevenly across cost centres in accordance with guidance in the SORP. Expenditure includes any VAT, which Gannot be recovered and is reported to the parl of the expenditure lo which it relates. Resources expended are aGcounted for on an accrual's basis. (h) Charltable expenditure Charitablè expendilure includes all costs associated with the Fishermen's Mission and Welfare centres situated throughout the United Kingdom. proportion of lime is spenl doiTrg work of a fundraising nature. The costs of this have been allocated to fundraising expenditure. Fundraising expenditure Fundraising expenditure includes a proportion of admlni5tration charges and includes depreciation costs on motor vehicles and equipment. Fundraisers spend a proportion of their lime doing work of a charitable nature. The costs of this have been allocated lo charitable expenditure. o) Administrationlsupport expenses Adminislrationlsupport expenses include building running costs and all related charges (including salaries) of head office. Adminislralionlsupport expenses are re-allocated lo charitable aiid fundraising expenditure by headcounl, direct and evenly across cost centres. (k} Governancè costs Governance costs include those costs associated wilh meeting the conslilulional and stalulory requirements of the charily and include the audit 25 Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For tho year ended 31 October 2022 (continued ACCOUNTING POLICIES Icontinuedl fees and costs linked lo the slralegiG management ol the cliarily. These are included under resources expended within Gharilable expenditure. Operating lease Rental payments under operating lease8 are charged to the Slalemenl of Financial Activities on a slraight-line basis over the period of the lease. Im) Pension costs The Charitable company participates in a defined benefit scheme. The defined benefit sGheme pension costs are assessed in accordance with actuarial advice and based on the most recent actuarial valuation of the scheme. Pension costs and disclosures have been reported in accordance with Section 28 ofthe FRS 102, The Fishermen's Mission also operates a defined conlribulion scheme. Contributions payable to this scheme are included in the Slalemenl of Financial Activities in the period to which they relate. {nl Funds Reslricled funds are those whose use is legally reslricled lo specific uses whether by a trust deed or by a letter received with the original gifl. Designated funds are those whose use is not legally restricted bul whose purpose has been designated by the Council. Th6 Council is entitled to change its mind and use these funds in whichever way il sees fil. The allocation of the Designated fund has been added as a note undei the fund analysis. The unreslricled fund Govers all items that do not fall inlo the above categories. (ol Cash and Equivalents Cash is represented by cash in hand and deposits with financial institutions repayable wilhoul penalty on notice of nol more than 24 hours. Cash equivalents are also liquid investments that mature in no more than three months from the dale of acquisition and that are readily convertible lo know am(>unls of cash with insignificant risk of change in value. Ip) Financial Instruments The Fishermen's Mission only ha5 financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are nilially recognised al transaclion value and subsequently measured al theii. selllemenl value. Creditors are recognised where the Fisherinen's Mission has 26 Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 {contlnuedl ACCOUNTING POLICIES (continued) present obligation resulting from a pasl event and the amount due lo sellle the obligation can be measured or eslimaled reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due. Iql Going Concern A live-year rolling business plan underpins Trustees, strategic assessments of going concern 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 business development and business conlinuily Forecasts foi. key volunlaTy income streams Inolably risks) Where appropriate, funds from a designated 'Developmenl Fund, in the reserves are allocated lo balan￿ the budget and reduce in-ye2r income risk. To sustain going con¢ern for the medium term, as a strategic priority, the trustees aim lo mainlain the level of free reserves lo support a minimum level of two years core seNice delivery (Business Continuity Reserves), as slated in the Fishermen's Mission reserve policy. Additionally, funds designated for Business Development are also classed as free reserves and are used lo the resources inilialives such as piloting conlaclless payments for donors., delivering public relations,. updating the Fishermen's Mission's branding., developing the new website capability and. looking ahead, delivering Phase 2 of Navigator expansion which will thereafter be part of the core budget. Based on this assessment the Trustees are satisfied that reserves are sel al a reasonable level. The charity has sufficient liquid resources lo meet ils planned obligations and maintain ils stated reserve policy and has adopted a golng concern basis for preparation of the finanGial slatemenls. The Fishermen's Mission is assessed lo be a going concern. Key Estimations All accounling estimates are included that could be material lo the financial slalemenls. Those eslimales 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 Ii'ansfei. of fuiids to a third party and the amounl due lo settle the obligalioii can be measured or eslimaled reliably. Creditors are normally reGognised at their selllemenl amount after allowing for any trade discounts due. 27 Royal National Mission to Deep Sea Fishermen Trade debtors are recognised al the selllemenl amount due after any trade discount olfered. Prepayments are valued al the am(iunl prepaid nel of any trade disGourils due. Accrued in is included at the best estimate of Ihe amounts receivable al the balance sheet date, INVESTMENT INCOME 2022 2021 Bank Interest Nel Pension lexpensellincome Income from Investments 299 10.000 300,000 310,299 300,000 300,000 TOTAL RESOURCES EXPENDED 38 Costs of generatlng voluntary income Reslricled Fund Unreslricled Fund 2022 Total Funds Total Funds 2022 2022 2021 Fundraising Support costs 37,497 905.994 126.292 1032 286 943,491 126,292 1.069,783 870.862 37,497 957 041 3b Governance cost Reslricled UnresliiGled Fund Fund 2022 2022 Total Funds Total Funds 2022 2021 Salaries and related Council expenses Audit fee & FRS Note 36,008 22,869 18,000 76.877 36.008 22,869 18,000 76,877 34,367 11,104 14,001 3c Direct Costs Welfare 2022 Total 2022 Total 2021 Manual staff costs Uniformed staff costs Depreciation Cenlres operating costs Welfare payments 53,452 1,006,781 63,879 584,926 27,628 1.736,666 53,452 1,006,781 63,879 584,926 27,628 1,736,666 45,308 931,745 75,548 426,312 1,490,568 28 Royal National Misslon to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 (continued 3d Support Costs Costs of Governance Generating Funds 2022 Welfare Total Total 2022 2022 2022 2021 Admin costs (HQ) 19,732 478,119 497,851 559,841 19,732 478,119 497,851 559,841 The support costs allocation has been based on employee numbers. Analysis of resources expended by expenditure type Slalf Costs Depreciation 2022 2022 other Costs 2022 Total 2022 Total 2021 Costs of generating funds Fundraising Welfare Governance 623,019 1,227,400 36,008 1 886,427 15,030 93,749 431,734 816,759 40,869 1,2B9,362 1,069,783 2,137,908 957,041 1,831.652 59,472 2,848,165 108,779 3,284,568 3f Analysls of resources expended by activities Aclivilies undertaken directly 2022 Support Costs Total Total 2022 2022 2021 Welfare 1,736,666 478,119 2,214 785 1,891,124 NET INCOMING RESOURCES The net incoming resources for the year are slated after chargingl(credilingl'. 2022 2021 Depreciation of tangible fixed assets Auditors, reinuneration audit fees (Profill on disposal of fixed assel5 Interest payable bank interest Operating lease rentals - plant arid equipment 108,779 125,228 14,000 14,001 10,046 3,841 8,482 3,995 29 Royal National Mission to Deep Sea Fishermen Operaliiig lease rentals- other 58,944 70,613 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 Icontinued EMPLOYEE INFORMATION The average weekly number of persons employed during the year 18 analysed below.. 2022 Number 46 2021 Number 47 10 10 67 Mission Staff - Port and Fundraising Administration Staff - Head Office Support Staff (Ports) 10 67 Employment costs for all full lime and parl time staff.. 2022 2021 Wages and Salaries So¢ial Security Co818 Pension Costs 1,552,517 149,520 123,073 1,825,110 1,505,573 136,866 114,187 1756,626 The number of employees whose emoluments for the year exceeded £60,000 is as follows.. 2021 Number 2022 Number £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £100,001 £110,000 The pension contribution macle by the employer on behalf of one employee above was £6,810 {2021'. £6,654 contribution for one employee). The charity has identified Key Management Personnel as the current Executive Team their lolal remuneration amounts to £200,642.12021.' £179,458). To note in Ihis period there was a period when the retiring CEO and curronl CEO were both employed. Council member5, remuneration, expenditure and donations given No Council member received any remuneration for the year12020'. nill. Costs relating ID Council members, expendilure included iii governance expenses were for acGommodalion, Iravel, and meal costs £17,80012021.' £10,386). 5 Council Members claimed expenses during the year12021'.51. Donations of £2,08612021'. £1,142) were reLeived fi'om Council Inembers. 30 Royal National Mission lo Deep Sea Fishei"men NOTES TO THE FINANCIAL STATEMENTS For the year elided 31 October 2022 Icontinuedl FIXED ASSET INVESTMENTS Listed Investments Market Value Al 1 November 2021 Purchases Buyout Transfer & Drawdown Nel unrealised investment Ilossllgain At 31 October 2022 12,872,969 1512,0001 11.377,684 10983 285 Flxed asset investment represents: Cash Currency Slirling Mlxed Investments 85,961 489,865 10,407.459 10 983285 The following investinents r8presenls more than 5 % of the portfolio by market value.. Sarasin Endowments Fund Class A INC 9,737,174 9,737,474 Investment Income of£300,000 Is released at£75,000 each quarter and is shown a5 in Note 2. TANGIBLE FIXED ASSETS Freehold and Leasehold Property Motor Vehicles Furniture, Fixtures, Fittings and Computer Equipment Total C05t Al 1 Novetnber 2021 Additions Disp05als Al 31 October 2022 Depreclation Al l November 2021 Charge for year Di5P05a15 Al 31 Octoboi 2022 Net Book Valuos at 31 October 2022 At 31 October 2021 2,558,829 37,Jf03 112.946 2 483 386 383.762 79,333 36,068 42T,027 130,899 3,073,490 116.t138 149014 3041 312 120,699 1.022.131 48.825 l38.143) 1,034,813 308,898 49,427 34,865 323,460 109,790 10.527 1,440,819 1U8,779 120 317 1478,590 1,448,573 1,536,698 IQ3 567 Y4,664 1 $62 721 1.632,671 21,109 The Freehold properties inclLJde 11 Retirement properties and the Head Office in Whilèley. TSie Leasehold properties costs related lo works carried out on 5 leased units lo make them suitable loi. Fishermen's Mission use. 31 Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year endod 31 October 2022 Icontiiiuedl DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Other Debtors Prepayments and Aocrued Income 983 117,233 118 216 863 144,431 145,294 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Trade Creditor8 Other Creditors Other Taxes and Social Security Accruals and Deferred Income 37,838 1,223 39,814 13,331 92,206 16,338 2,277 37,826 21,953 78,395 10. FUNDS Unrestricted Funds General Pension Fund Designated R85tiscted Fund Funds Funds Total Al 1 November 2021 Net InGoming Resources for the Year Nel Unrealised Loss on Investment Assets Investment buyout George Walls Fund (NE Scollandl Actuarial (Lossl on Carry Value Fixed Assets RBS gain At 31 October 2022 6.535,369 8,639,547 157,273 15,332,189 11.027,7531 92,299 1935,4541 {1.489,6841 1,000,000 11.489,6841 11.000,0001 87.950 187,9501 113,962 1113,9621 144,000 5,363,844 144,000 13,051,051 7.437,635 249,572 Royal National Mission lo Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the yèar ended 31 October 2022 Icontinuedl 10a. DESIGNATED FUNDS ANALYSIS At1 November 2021 Incoming Trfto GF At31 October 2022 Fixed Assets Pension CovlBuyoul Provision Major Emergency Business Conlinuily Business Developmenl George Walls Fund 1,591,596 2,000,000 500,000 2,750,000 1,032,866 765,065 8 639 547 113,962 1,000,000 1,477,634 1,000,000 JOO,000 2,750,000 1,032,886 677,115 7,437,635 87,950 1,201,912 RESTRICTED FUNDS ANALYSIS Atl November 2021 Incoming Expenditure At31 October 2022 Future Expenditure Fund Shetland Fishermen's Association St Hilda Trusl (NS Hub) Joanna C Fund Morrison8 Foundation Trust {now Seaftl} Seafarers Charity Age UK Far & Wide (Aberdeen) Trinity House (Sight Fill Megavissy Parish Council Suffolk County Council Jam&s Reckill Trust Whilby Seafoods Seafarers Charity S Buckley (Fleetwoodl Acquired Fixed As5els Fund 725 725 50,847 1,000 28,728 13,992 372 180 11,047 13,992 820 18,802 1,121 13,356 370 329 5,850 1,000 13.356 370 329 5,850 1,000 9,997 20,997 39,696 10,000 5,000 32,498 44,013 153 325 11,000 39,696 10,000 2,594 30,000 85,089 249 571 2.406 2,498 41076 157,273 61,027 33 Roy81 National Mission lo Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 Icontinuedl 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Fixed Assets Investments N8t Currgnt Assets Pension Lial)ility Total Restricted Funds Expenditure Fund Acquired Fixed Assets 164.4B3 164.483 85,089 85,089 249,572 164.483 Unrestricted Funds Designated Fund General Fund Pension Scheme Fund 1,477,633 677,115 10,306,170 5,282,887 14,942.3261 7.437,635 5,363,844 1,562,722 10,983,285 505 044 13 051,OS1 The Future Expenditure Fund is a fund which consists of incoine given for the purchase of specific items. The Shetland Fishermen's Association is a restricted fund consisting of incoime given for use in the Shelland151ands. The Acquired Fixed Assets Fund is a reslricled fund consisting of assets with reslriclions on use. The Designated Fund is a fund Consisting of all fixed assets with no reslriclions on use. It includes provisions to underpin various Fishermen's Missions strategies including Major Emergencies. pension covenant is lo provide additional funding to support the Fishermen's Missions aim for s¢heme buyout in 202212023 and provision for business development and conlinuily. The carrying value of the George Walls FLJnd Trust fund that has been designated lo provide an annual income and if required capital project funding lor the Northeast of Scotland The General FLind is an unreslricled fund which can be used for any charitable purpose. The Pension Scheme Fund is an unrestri¢led fund equal to the year-end liability of the defined benefit pension scheme. 13. TAXATION The Fishermen's Mlssion 18 a charity and as such is exempt from laxalion on ils income and gains lo the extent that they are applied to ils charitable purpose. 14. FUTURE CAPITAL EXPENDITURE 2022 2021 Authorised by the Council bul not conlracled for Conlracled for bul not provided 117.500 165,000 34 Royal National Mission lo Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 Icontlnuedl 15. FINANCIAL COMMITMENTS Al 31 October 2021, the Fishermen's Mission had annual commitments under non- cancellable operating leases expiring as follows.. Land & Building 2022 2021 other 2022 2021 Due within 1 year Due within 2-5 years More than 5 years 58,944 102,375 70,613 136.067 3,841 9,900 3.995 10,934 161,319 210,305 14,929 16. PENSIONS In accordance with Financial Reporting Standard 102 - IFRS 102) the ¢harily is required lo disclose certain information concerning assets. liabilities, income, and expenditure related lo pension schemes for ils employees. The charity operates a pension scheme provlding benefits bssed on final pensionable pay. The assets of the scheme are held separately from those of the charity, being invested with investment management companies. Contributions lo Ihe scheme are charged to the Slalemenl of Financial Activities lo spread the cost of pensions over employees, working lives with the charity. A qualified independent actuary on the basis of triennial valuation5 la81 carried out on the 31 October 2015, updated to 31 October 2019, using the projected unil method determines the contributions. The scheme was suspended from 1 NDV8mber 2007 and so no contributions relating lo wages and Salaries were made during the year ended 31 October 2022. The Fishermen's Mission did make contributions towards administration c081s 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 Truslees and the employer from time lo lime and recorded in a Trustee minule or resolution. These oonlribLilions have been made lo remove the deficiency in respecl of past service al the valuation dale. 35 Royal National Mission to Deep Sea fishemen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 (continued) Principal actuarial assumptions at the year-end were as follows: 2022 2021 1.8¥D 3.90 Discount Rate Inflation ~ RPI Pension increases in deferment RPI minimum 30k pa and maximum 50/0 pa pension increases RPI rraximum 5°h pa pension increases Post retirement mortality.. 3.7°/0 3.8¥0 3.5Q S3NA CMI 2021 Icorel11.25 % ) 950/0 of S2NA CMI 201911.25 % ) Life expeclaF)cy 21 age 65 of male aged 65 87.2 87.2 Life expectancy al age 65 of female aged 65 89.7 89.6 Life expeclancy al age 65 of male aged 45 88.5 88.5 Life expeGlancy al age 65 of female aged 45 91.1 91.0 The current asset split is as follows.. Period to Period to 31 Oct 2022 31 Oct 2021 Equities Properly Cash Liability Dr￿Ven Investments ILDII Strategy Annuity Gonlracl Self Sufficiency Fund Nel current assets Total Asset5 £616,000 £369,000 £7,396,000 £10.970,000 £73,000 £12,028,00 £55,000 £7.451,000 Balance Sheet 31 Oct 2022 31 Oct 2021 £7,451,000 £12,028.000 {£7,451,0001 1£11,067,0001 £20,000 £961,000 £20 000 £961,000 Fair value of assets Defined benefit obligation Surplusl{Shorlfalll Effe¢l of asset ceilingllFRIC14 Net defined benefit Iliabilityllassgt Amount recognised in Profit and Loss Period to Period to 31 Oct 2022 31 Oct 2021 Current service cost Administration expenses Interest costs Interest iiicome Interest on effect of asset ￿llIng11FRICl4 Total charge to Profit and Loss £144,000 £148,000 £180,000 {£190,0001 (£211,000) 16,000 £144 000 £138,000 Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS Foy the year ended 31 October 2022 Icontinuedl Amount charged to other comprehensive income Period to Period to 31 Oct 2022 31 Oct 2021 £4,260,000 1£120.0001 3,347,000 1159,0001 Return on assets less interest income Actuarial gainsl{lossesl change in assumptions Change in impact of asset ceilingllFRIC14 Total rgmeasurements £957,000 £44 OUO £961,000 £682,000 Change in value of DB Ilabilities Period to 31 Oct 2022 £11,067,000 Perlod to 31 Oct 2021 £ 11,493,000 Value of liabilitie5 at Start Current service costs Past service costs Inleresl cost Benefits receivedllpaidl Change due lo selllement or curtailments Experience Igainllloss on experience Change in assumptions Igainllloss Closing defined benefit obligations £195,000 {£484,0001 £180,000 1£447,0001 £3,347,000). £11,067,000 1£159.000J_. £11.067,000 Change in value of assets PerSod to Perlod to 31 Oct 2022 31 Oct 2021 £12,028,000 £11,113,000 £211,000 £190,000 £100,000 £1,200,000 Value of assets at start Interest on assets Employer Contributions Member contributions Benefits paid Administration c051s Setllemenls and curlailmeiils Actuarial gainl{lossl on Scheme assets Value of assets at end (£484,000) (£144,000) (£447,000) (£148,000) £4,260,000 £120,000 £7 451 000 £12,028 000 Change In effect of the asset celllngllFRIC14 Perlod to Period to 31 Oct 2022 31 Oct 2021 £961,000 £16,00 (£957,000) Opening effect of the asset ¢eilingllFRIC14 Interest on effect of assets ￿lI￿ng}IFRFCl4 Change in the effect of asset ceilingllFRIC14 £961,000 Closing effect of the asset ceilingllFRIC14 £20,000 £961,000 Sensltlvity Analysis 37 Royal National Mission to Deep Sea Fishermen Inar@aselDecrease disGounl rale by 0.5 % pa IncreaselDecrease assumed future rates of inflation by 0.50kn pa +2,101-2 % 38 Royal National Mission lo Deep Sea Fishermen NOTES TO THE FINANCIAL STATEiillENTS For the year ended 31 October 2022 Icoiitinuedl GROUP PERSONAL PENSION The Fishermen's Mission also operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Fisliermen's Mission in an independently administered fund. The pension cost charge represents contributions payable by the Fishermen's Mission to the fund. Al the year end, there were no unpaid conlribulions12021'. none). 2022 2021 Contributions payable by the charily for the year 123,073 114,187 17. RELATED PARTY TRANSACTIONS There were no related party transactions during the year. 18. CASH FLOW STATEMENT la) Reconciliation of net incomel{expendlturel to net cash flow from operating activities 2022 2021 Nel Incomingllexpendilurel resources Investment ￿ncOme Interest payable DepreGialion on tangible fixed assets Ilncrease)IDecrease in debtors IDecrease)Ilncrease in creditors Pension scheme coiilribulions in excess of charge {GainllLoss on Disposal of Fixed Assets Net Cash Provlded by (Used Inl Operating Activities 1935,4541 165,949 (300,001 1310.299) 10.046 8,482 108,779 125.228 27,078 6,485 13,811 (5.7971 144,000 {52.0001 110,360 1,042,100 61.952 Ibl ReconoSllatlon of net cash flow to movement in net cash balance 2022 2021 (Decreaselllncrease in Gash in the year Changes in net cash balance from cash flows Nel cash balance brought fonmard Net cash balance carried forward 280,615 1280,6151 759.650 479,035 20,135 {20,135) 779,785 759,650 (c) Analysis of net cash resource5 for the year At1 November 2021 Cash Flows At31 October 2022 Cash in hand and at bank 759,650 280615 479,035 39 Royal National Mission to Deep Sea Fishermen NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 October 2022 Icontinued} 19. POST BALANCE SHEET EVENT Post balance sheet event in November 2021, the majority of the Scheme's assets tolalling £11,970.244 were used lo se¢ure 8 'buy-in' Of all the Scheme's liabilities lexcepl the additional liabilities that will ari8e from GMP equalisalionl with Legal & General Assurance Society {LGAS). These funds have been transferred lo LGAS bul there is still administration lo be completed prioT lo the deed to close the SGheme can be aclioned. 40