TRUSTEES. ANNUAL REPORT AND ACCOUNTS 2022 FOR THE YEAR ENDED 31 DECEMBER 2022 Sailors, Society R*915teiedCharilyNth 257778. RtyisteredCompanyNo 86942.
2022 TrUSTEES REPORT Our Year To say ihe last couple of years have been turbulent forthe shippin8 world would be something of an undetstattment. No sooner had sealarèrs and the marltlme Industry begun to get to thelr feet again followin8 two years of pandemic than war broke out in Ukraine. More fear and anxlety for seafarers miles away at sea.. more seafarers unable to get home or leave tojoin 5hip5. More lamllles stru881ing as a re5uIt. We continued to come alongside them, as we have done for the past 205 years. We help crews In dire need whether that is with emergency 6rants, crisis response or lialsln8 Wlth their farnilies when they are unable to. We work with the industry to ensure crews are as prepared as possible forthe challenges at sea.. we innovate and brin6 creative solutign5 to life. We advocate for their safety. their health and their rights. We supported and Prayed forour own team In Ukralne, as we did for all thè seafarers and families we helped. We worked with them on the ground to keep people safe and atross the worfd supporting those who struggled to tontact lo¥ed ones back home. While the gravity of the situation meant Ukraine became a focus for us in 2022, othér work continued with our crisis team involved in everythSng from shipwreck to piracy. while our Ship Connett and Peer-tO-Peer Support Group programmes continued to grow. And as industry leaders. we broke new ground with our Maritime Schools, Conference5 and the Subsequent Cadet ReFk)rt, giving insight into Generation Z seafarers. We also stsrted work on our new e-learning plarform. These are such challengingtirnes for the marr(ime industry- pandemic. war. mental health and diversity are just a few of the subject headin8$ that dominate agendas. Sailors, Society has been- and will continue to be- at the forefront of these issues. worklng With the industry and supportin8 those in need. Our Vision A world where all seafarers and their families are supported and empowered. Our Mission To meet the welfare and wellbeln8 needs of seafarers, their families and the communitie5 they live In, at home, in port and at sea. Wellness at Sea Under our charitable objective forihe advancement of education, our industry leadlng Wellne$5 at Sea programme, focusing on mental health and wellbeing through trainlng and support, continues t be one of the key areas of our work. sAV£T¥
2022 TRUSTEES REPORT We partnered with shipplng companies globally to best prepare crews to look out for themsefves and one another. Our circle of care approach encompasses the whole of a 5eafarerfs career and we are very grateful to companies that have helped fund this work, including West P&1 and E*Jronav. cRisIs RESPONSE NETWORK CADET CONFERENCES SEA READY PRE-DEPAATURE TRAINING SHIP CONNECT FACILITATED TRAINING PEER-TO-PEER SUPPORT GROUPS EwLEARNING Our Ship Connect service, which see5 us proactively contart crewsto build up trust and help identify any issues early. Saw us calling seafarers every week. More than 14,(K)O seafarers benefrted from our Sea Ready pre-departure trainin8. Our Wellness ai Horne prraMrnÈ in the Philippine5 Saw more than 15,CKJO seafarers and their familie5 benefit from everythin8 from family resiliency courses to pre-departure training. And this year we paid special attentlon to our programme for maritime cadets- tomorrow's workforce and future maritime leaders. Maritlme Schools. confenCeS 'Seofarers ore the key workers of the sea, with mony serving Ot thefrontline of internutionolsupply ht7ins, supporting gloljal economies-so it's essential that theAr wellbeing Is coredfvrriqhtfvm the beginning of their ct7reers. Our Moritime Schools. Confrrences oren't justofirst,- theyore oimed ot proortive investmentin voung minds. Theseevent5 recognise thot todays codets ore tomorrows workforce ¢7ndluture leaders." Sara 8aade, Sailors, Society CEO L.[rI
2022 TRUSTEES REPORT In a first lor the Industry, we launched a 5erie5 01 global we51ne55 and mental health conferences designed exclusively for maritime school students Followin8 on from a highly 5ucce5sful pilot in India in 2021. we devised three virtual confeienie5 serving maritime schoo15 across India, the Philippines and Africa. These explored wellbeine and mental health with cadets a5 they embark on career5 at Sea. A fourth downloadable event was made availaikle lor European maritime colleges. Hosted online with technical support from the UK P&1 Club. and sponsored by Inm3Tsat, The TK Foundation, A.M.Nomikos and Fleet Management, the conferences were tailored to the region. They featured internationally renowned speaker5, focused on key and current issues facing c3det5 today, including crisi5 and diversitv. Some 5,000 cadets èitended. Another First for Sailors, Society Data colledèd across all the conference5 was used to compile a pioneerin8 in-depth report on cadets. 'Passport to the Future.. Investln8 In Cadets Today, is the flfst report of its kind, providln8 in$t into thè minds ofGeneration Z tadets. Sponsored by Bernard Schulte Sh4pmanagemenL it reveals intrlgulng re8ional differences between cadets and hl8hliBhts the fears and motivations of the next generation of seafarers and future leaders. Almost I,S(YJ cadets from 40 maritime schools atross South Africa. Mozambique, Namibia. Angola, Ghana. Ethiopia, Liberio, Maurilius. Indla, Sri Lanka and the Philippines took part in polls on key areas such as their reasons for becoming a seafarer, deciding factors In choosin8 a Shipping company and their vièws on diverslty and mental health trainin8. 55.6 per cent said their bleSt fearwas not 8etting a job when they finished thèir studles 79.5 per teni said they would base their choice of shipping compary on how it treats seafarers 46.5 per cent said carlng for famlly was their masn reason for 8oin8 to sea 57 per tent of cadets surveyed had scores indicating anxiety It is hoped insights in the report will shape future work in seafarerwellness and mental health throughout the maritime industry. YJLoR¥y
2022 TRUSTEES REPORT "At 85M we recognlse the importonte oAbuilding o strong, suft, theoretlcolondprocticalloundation before going to seuAor the Jirst time. Yhis report con ontyoidus In ourunderstanding of the needs ond wants of rhisfvture gener<rtion of seafurers. 85M is immenselyproud to stspport Sailors'soclety in thi5 eX{lentin1t1I7tIWe.° Stewart Bankier, Head of Fleet Personnèl Development and Compliance at Bernard Schulie Shipmanagement. INVESTING IN CADETS TODAY EOILCADE7IÉpoRT Welln•$satSe Sallors E-learnin8 Platform In 2022 we began to build a new e-learnin8 platform for seafarers. The platform will work both on znd offline, ensuring poor connertivity is no barrier to helpin8 themselves and their crew mate5 With èverythin8 from mental health through to physical fitness and understanding their rights. with fundin& contribution5 from Norden and Trinity House. the platfomi will be free, fun and interactive, wrth animations. quizzes and podcasts. Ft launthes in 2023. Crisis Response Network Under our Charitable objertive for the rellef of poverty and distress, Sailors. Sotietvs Crisis Response Network ICRNI, funded by The Seafarers, Charity, the TK Foundation and UK P&1 Club. has been operating for seven years. Our global of uisis responders provides free 2417 care and support to seafarers, thelr families. companies and tolleagues, following critical Incidents Such as piraty attacks, accidents and natural disasters, as well as other times when it's difficult to cope, like bereavement or relationship breakdown. The CRN team dealt with 985 crises over the year- more than two crises every day. The hlghest number involved rnedical emergencies and piracy.
2022 TRUSTEES REPORT Shipwrecked- a CRN case study Towards the Start of the year our Crisis Response Network helped a terrified crew, shipwrecked by a cyclone in the Indian Ocean, through their trauma. The ship, which appeared to have en8ine failure just a5 Cyclone B3tsirai hit, was Shipwrecked dashed onto the rocky coast of Réunion Island. One of the trew 5ald-~It wa5 $0 bad and $0 dark, we really thought we were going to die.. The captain. who received counselling from the CRN team along with his crew, said.. -1 will never for8et Sailgrs, Sotiety or the Crisis Team, and I will always stay in touch b*tause of what they did for us.~ A5 well as offering psychologica15UPPOrt and trauma Counselling, the CRN team liaised with the Indian Ernbassy and ship's owners to help get the men home. Detainèd- a CRN case study For many months we provided comfgrt and care to the crew and families of the crude oil tanker Heroic Idun. plad In detention in a dispute with the Nigerian Navy. The 26 multinational crew members, 16 Indian alon8 Wlth eight Sri Lankan, one Filipino and one Polish, were detained initialty in Equatorial Gulnea and subsequently In Nigeria accused of attempted oil theft and faking a Pifacy atts¢k. Amon8 the Wbves. parents and children our team were 5UPPOrting in India was young Stephania, who refvsed to celebrate her fourth birthday unt51 her dad was home with her.
2022 TRUSTEES REPORT Ukraine It was just eight weeks into 2022 when Russia invaded Ukraine. Port5 closed and people fled or hid underground as explosions and air raid siren5 filled the air. Our tearn on the ground in Ukraine ferried frightened families to the border and provided shelter and comfort to those who had lost everythi. The war raged on through tht summerand winter and, throughout the offensives and tounter- offensives. Sailors. Society h35 been there for the 75.0 UkraiNan seafarers.. some stru8slin8 to provide for tarnilie5 and keep them safe on the ground, others away at sea thousands of miles from loved ones, anXu5 and powerless to help. In March, we lavnched a Ukrainian Crisis Appeal to support those ca¢J8ht up in the confflict. It was one of the most successful appeals we have run in recent yéars, raislng more than £1),000 in the first few week5. Major funders for our appeal included Skuld, G2 Ocean and the TK Foundatlon. And across the wodd. our team5 helped sealarers touched in many different ways by the escalating crisis. All were extremely concernèd forthe safety of their families. Sorne were frightened to retum to their country, as they knew li may mean takin8 up arms. We stepped yp our support for seafarers affected by this crisls by.. Increasln8 the funds available for ernergency grants for seafarers and thelr famllies Draftlng in more trained staff to resource our Crisis Response Network Increasing capatity to be able to respond to more ta115 to our helpline Supporting families on the 8round with transport, shelter and food and drink Peer-to-Peer Support Sailor5, Society also created three bespoke Peer-to-Peer Support Groups fof seafarers affeued bv the conflict in Ukraine. The specialist What5App groups form part of our existing Peer-to-Peer SLYJ¢E
2022 TrUSTEES REPORT Support Group5 programme and help seafarers to assist and support one another in this extraordinary time. Some 14.5 per cent of the world's seafarers are Ukrainian or Russian. And up to one in five officers are Ukrainian, meaning many Crews will find themselves servin8 under officers toncerned about their homeland and farnilies. They too will be able to chat with others who find themselves in similar situations. The support groups allow Ukralnian and RUlan seafrdrers to speak to other crew5 from their own country in their own language, while a third group is made up of sealarers from other nationalities Huge Success Our Peer-to-PeerSupport Groups have proved hugely successful with 75 8roups running by the end of 2022. We began the year wlth 50 and added the three conflict support groups and a further 22 seafarer 8roups. The largest numbers came from cadets 5ignTrng up following our Marf(ime khools, Conference5. By December we were in weekly contact with close lo 1.000 seafarers through these groups and we have plan5 for more dedicated gioups in the future. We were gwen funding from the Merchant Navy Welfare Boafd to start new women's group5 in 2023. Grants- Education and The Relief of Poverty and Distress Followin8 our successful Ukrainian appeal, we were able to give out almost 200 emergency welfare 8rants to seafarers and their families caught up in the crisis. 'These ore inuedtble emotions. when you undeTStond th¢7t you ure notindifferent to unAt7mllior people, thankyou5o much. You u551Sted notonly to me, buto150 myfumily. Wordeprived everything from us. l andmYft7milyprLrynot onlyfor us, but alsoforsuclrpeople 05 you who help us ollin o difficult moment." Ole& Ukrainlan seafarer and 8rant recipient with funding from the Ince Group Charitable Foundation, our Sea Change Fund also paid out other welfare, medical and educational grants. helping seafarers begin or progre55 In their Ilfe at sea. Promotion of our Charitable Purpose Wt attively inform the public, shipping industry and our funders about our global work through our website, e-newsletters, social media platforms, marketing artivsti¢s. media coverage and at events. held by Lts or others across the industry. Linkedln Continued to be a strong focus for us and ourfollowers on this platform inueased by I,CKJO through 2022. A new social media strategy wlll follow in 2023. Telling our story, and thè storles of those we support. is vital to the wider understandin8 of seafarers and the sacrifices they and their lamllies rnake and to raising funds to support our programme and those in desperate need around the world.
2022 TRUSTEES REPORT Our Queen and Patron Followin8 on from celebrating Her Majesty's platinum jubilee, we jolned the natSon and Commonwealth in sending condolentes and our gratef(tl thanks forthe 70 years of dedicated seThice Queen Elizabeth 11 gave as monarch and as the charivs Patron. e hove olwaysftlt we hod u veryspeeiqlrelotnship with Her Mojesty Queen Elizobeth 11. She was our Pt7tronfrom her tsscensn to the throne in 1952 ond herfirstsolo royalduty as t7 Princess wosAor the Soclety. openlng ourSuilors'Home inAberdeen in 1944. 5hesupportedour workfmm then on and we ore 50 thonklulfor the years oAherlnterestond involvement ond her cureforseuforers WOrtdwide.- Dr Peter Swift, Sallors. Society's Chaimian Sailors. Society archives hold numerous articles and photographs of en8a8ements F¢ei Majesty performed with and for the Society. Old editions of Society's magazine Chart and Compass. whlch date back through eight generaln5 of the Brftish monar£hy, show how Sailor5, Society in turn honoured notable datè5 over the Queen's reign and these wèrè Shared on our wèbsite. International Christian Maritime Association In September 2022, our CEO, Sara Baade, became Chair of the International Christian Maritime Association IICMAI, which represents MO than seafarer ministries across the world. She will be the Chèlr for two years before handlng the relns to the Vlcè Chair. Christmas Giving We gave out some 3,1¥K) parcels to seafarers who would be away from home over Chiistmas. As part of our Christmas appeal, we also launched our virtual grfts. These gifts, in the form of a donation to Sailors. Society, with a correspondin8 downloadable gift certifKate, enabled someone to cr05s a name off their Christmas list and at the same time help a seafarer in need. We intend to keep vlrtual gifts running through the year as an alternatlve way for people to give to Ihe Society. Future Plans Our operating environment has changed dramatically in the last few years, with the past three or so vèar5 being the most extreme due to the Covid-19 pandemic and the war in Ukraine. And as a resuli, we have seen the need for our services not only change but increase. So. we have evaluated all our a¢tivitles to ensure they are flt for purpose for 2023 and onwards. As a res¢Jl¢ and recognisin8 that seafarer5 spend about 95 per cent of theirservke time at sea, we will be movin8 towards a more virtual support service in 2023. We will reduce ourgeographi footprint but increase our reach through several different virtual products and Services. In addltion to this, we will tontinue and grow our focus on seafar cadets and our Wellness at Sea progfamme.
2022 TRUSTEES REPORT We will use daia and evidence to establish the needs and aim to produce a new eViden-baSed report hiihlighting the views of the seafarers we are here to support. Our Funders and Supporters Our enomious thank5 go to those who have continued to fund and supported our w¢rk during 2022. Some of our biggest supporters are mentioned above 8ivin8 fundin8 directly to support the projeds detailed. We are very 8rateful to other funder5 who give unrestficted fvndin& allowing u5 to direct money to areas of greatest need, includin6 the Francis Curley Charitable Fund. Our thanks also to many Indivldual supporters, includin8 those who have remembered us in their will5. LNts'SKETY
2022 TRUSTEES REPORT STRATEGIC REPORT Strurture, governance and management Strtjtture The Society is a company limited by 8uèrantee wlthoLrt share capltal (company number 869421 and governed by its Mernorandum and Articles of As50Ciation. It Is a150 a registered charity in England and Wales (charity number 2377781. Trnstees are also dirertors of the lirnited company. The &)tiety hasfive subsidiary entities.. Sailorf Society Scotland Scottish company limited by guarantee nd Scottish re istered tharity Company limfted by shares in England and Wales Scottish registered chari Philippines company limited by guarantee and Philippines registered thar Non-profit cnIsation registered in Texas. USA Idom)antl SaifvJr5' Beneficial Efitrrrrrises Ltd SirGabriel Woods MariTre Home Saibrs, Society Philippines It Sailors. Society USA The Soclety Is a foundermemberof the lsrternational Christlan MarrtimeAssodaiion. a membershlp chadty for Sntèrnatlonal maritlme Christian tharities fomed to encourage ecumenical collaboration and mutual assistance among organlsations. The Society and its front-line ernployees have subscribed to it5 code of condurt. Govemance and mana8ement The 8oard meets at least fourtimes a year to tonsider matters of policy and to reviewthe strategv and performance of the Society. Three tornmittees exist which report to the Board and these committees contain Trustees with senior staff members in attendance. The committees are.. Finance and General Purposes Operations Remuneration Iformerly Nomlnationsl A Governance Commfttee was established in January 2023. A similar system of operation exlsts for the UK subsidiaries and separate Board meeting5 are held which report into the main Board as appropriate. A separate Board exists for the Philippines subsidSary and its chalnnan reports directly to the Chièf Executive. The S¢xiety was a partner injoint seafarers, centre operations In Felixstowe, Portbury and Humber until JLtne 2022 when the arttv1tS of these entitie5 were transferred to QVSR Seafare. Cenire5. These afe separate registered charfties and the Society was represented on the Individual Trustee Boaids by a member of 5enor management who reported back to the Chief Executive and Board. Steps are now beln8 taken to have these dormant tharities strnck from the register. The Trustee Boar(fs rnain decIsKnak4n6 funrtlon isto declde upon and control the charitys strategic direction. A Senior Leadership Team manaBe5 and Makes detistons re8ardlng the day-to-day operations 10
2022 TRUSTEES REPORT of the charty and reports backto Trustees formalty through t<Mnmittees and informalthroUgh re8ular contactwith the Chalrnian and committee chairs. The Society mairbtains a register of Trustees. and the Senior Leadership Team's personal Interests and those of their immediate famity members to ensure that any potential confllcts of interest are identified and addressed. as appropriate, by the Soeiety. Details of the Trustees and Senior Lezdership Team are listed at the baek of this report. Board recruitment and development New Trustees are sourced from recommendations made by eMSsiln8 Trustees and their networks. Upon election. a Trustee participate5 in a formal induction plan tsilgred to individual needs. Thi5 tovers an understanding of the Socie$ busines5 and the aspects of ministry, welfare. education support. and the relief of k)overty and distress. New Trustees meet our key staff and stakeholders and receive infom)ation about their Trustee spOnsibl11t1es and commFttee work. There is no requlrement for any Trustee to stand down upon rtachlng a particular age or term of office. The Board maintains and re8ularly reviews ihe skills of Trustees. in accordance with best practice, to ensure the need5 of the charity are well supported through the collective skillset an(5 experiènte. The Board consider5 nofflinations for new Trustee5 and tandidates are interviewed prior to appointment to ensure they can add value and bring relevant skllls and experienct. Staff pay polifv Our principles are to payour stalf a fairsalary that IS CgmpetitFvewithin the charity sector. and that is proportionate to the complexity and responsibility of each role. We do not compete on pay with the public or private sectors. Objertives and activities The S¢xieWs gove¥nin8 document is Its Memorandum and Articlesof Association, last updated in 2017. This states.. he objects for which the Charity is establlshed are to benefit Brit15h and forei8n seafarer5. tx- 5eafarS and intending seafarers and their families and dependents and the communities in which those people live or work by the advancement of the Christian religlon, the advancement of education and the lIef of poverty and distress and the promotion of any tharitable pufpose by such ways and means as the Charity shall think fit and for such purposes to do all such lawful things 35 are necessary to the attainment of the fore8oing objects." The advancement of the Christian religion Our ministry is motivated by the Chrsstian faith and provides services to those of all nationalities and those of any faith or none. These services include.. our network of chaplains and ship visitor5 interactin8 Wlth seafarer5 our programme of activity includin8 Wellness at Sea mental health 5UPPOrt and workin8 within seafarer communities to support their families our Crisis Response Network supporting those affected by traumatic events Ilke abandonmenL Suicide. piracy and natural disasters. SthIE 11
2022 TrUSTEES REPORT Althou8h we seek to advance the Christian religion through ourwork. as a policy we do not prosefytize and leave the appreclation of our faith by others to be based upon our actions and behaviour. The advantement of edutation Wellness at Sea is our flagship programme. educatin£ seafarer5 across the world about how to best look after thernselves and their crew mates while they are away at sea. This programme helps crews maintain their mental and physical wellbeing, as well as providing 5UPPOrt with fjnances, ielationships. their rights and Spiritual wellne55. We also provide educational grants and scholarships to those who want to pursue a career at sea but are without the means and educational support to the thildren of seafarers to increase future living Standards of seafarlng families. Tht relief ol poverty and dlstrèss We act when seafarers and their familie5 are affected by tragedy. incident or accident, and make interventions that relieve poverty and distress. Our Sea Change lund provide5 monetary asslstance for those In need. We keep in contact with seafarers through helplines manned by eXperIend counsellors and through our Peer-to-Peer Support Groups where seafarers can interart with each other to share experiences and raise issues that are important to them. a5SiSted by our group rnoderators who also generate discussion topics beeeTh groups. Promotlon of our charftable purpose We actively inform the public about our cause and promote our activity io raise awareness of the ongoin8 needs of seafarers and their families. We ie8ularly assess welfare provision in the locations where we ale working and in locations that have limited or no Welfa provision, to find new opportunities to athieve our mission. Grantmaking policy The Sociely provides grants to organisation5 and individuals who add value to its work or help it achieve it5 charitable objerts. Grants are normally given under the followin8 headin85'. Chaplainry provision Seafarer general welfare Seafarer family welfare Seafarer crisis Educatronal Public benefit The purposes of the charity are set Olrt In the paragraphs above, the beneficiaries being seafarers themselve5, theii families and the communities in which they Iwe and work whith can include shoreside personnel. Speciflc stor$ detailing how these 81¢p$ have benefitted from oui work are sei eaAier in thts report. In assessing the public benefit of the actwities we undertake as Trustees of the charity. we confirm that we have complieij with our duty under Section 17 of the Charities Act 2011. We a150 State that we have given due and proper regard to the guidance issued by the Charity Commission on delivery of public benefit. including the supplemEntary guidance. 12
2022 TrUSTEES REPORT Financial review Our income sources in 2022 4% 5% Corporate donations io% 17% * Trust andfoundations s% Chaiity Shop Incorne 26% FundraiSingÈvents, sponsorship & commerci 24% Investment income Charitable artwitie5 Our charitable spending in 2022 16% 33% il% yx 22% Chaplainty Pi08rammès. projecis & Brants Wellness at Sea Seafarer5'CÈntrÈs Contnbution5 to Partnèrs Promoting the tharnable purposÈ 19% olour total costswere spent en fundraisin8. Of the Temaining 81% spent on oureharitable work, excluding our discontinued operations (Sir G?Efiel Wood's Mariners, Homel, the split Is shown above. 13
2022 TRUSTEES REPORT Overview Thegroupdeficitfor theyear before investmentgainslllosseslis £I,1,(m)0(2021.. £1,12J,WOI. Ltsted Investments and investment property sales resulted in deficits of £94,C)O and the remainder of listed investments fell in value by year end by £190,000. The overall delitit (net expenditure) was £1.384.00012021.. £877,(x4JI. The balance sheet total has reduced from £4,790,oco 10 £3,406.CthJ. The cashflow statement shows net liquidations of investments and fixed assets to finance the deficit of £837,000 and £920,LK)O respectivety during the year and a net cash inflow of £473.C)O with year-end cash reserves standing at £697.000, up from £224,000 the previous year. Income 2022 2022% split 2021 2021% split Year on year £OOffs £O(#Ys 1,140 220 221 146 123 1150 £OCIYs -156 -162 -14 -11 -118 461 Donatitsns and legacies haritable activitiès her tradinE activities Investments thei income 71% 4% Is% 62% 12% 12% 8% 6% 58 207 135 1.389 2022 showed a reduciion in fundraislng income wtth donations totalllng £653,0 (down £224.CK from 20211. 2021 results contained one-olf major grants of £330,( relating to the provision of COVID-19 vacclnationsto seafarer communlties so the underlyin8 performance show5 an improvement of £106.OCKI. Legacy income was £331.CW lup £68.(1. Other fundraisin£ Income sources. suth as charity shops, showed a reduction in income of £87,OCII reflerting the closure of all one of our shops. However income from commercial wèllnessseNfjces and sponsor5hlp5 as well as our events pro8ramme showed an Increase of £73,0. In temis of income from charitable activities, income reduced to £58.OC¥J (down by £162,000> rnainly a5 a result of the sale of Sir Gabriel Wood's Mariners. Home and Court in March 2022 with Hgme fees and Court rentals reducin8 by £152,0. Listed investment Income continued to fall by £25.CKQ to £69,000 as the Society used it5 investments to fund its operations but rental income increased by £14,IKK) to £65,0(X) due to new tenants occupying a larger space within Sealaref House. During 2021, the Society was eligible to benefit from £123.000 in receipts from charity Shop retail grants and the Coronavirus Job Retention Scheme. Thi5 income did not recur In 2022. 14
2022 TRUSTEES REPORT Expendlture 2022 2022% Split 2021 2021% Split Year on year ¢hante £00S 481 £IJ(KYs 866 3,335 11,2301 £OWs -385 -1.327 +1.230 isin8 fund5 haritable activities djustment for reassessment of legal rnatters otal 21% 81% 2,971 Charitv shop costs reduced by £272,(MJO to £177.000 due to shops tk*sing during the year. Fundraislng events, commercial and Sponsorship costs remained similarto 2021 but with increased retums and otherfundraisin8 tosts reduced by £lll,C¢O to £204,C. Wilhln charltable actNltie5 there was a total of £1,327,OCK) cost reductions in all areas and in particular a saving of £1.210.OL In respect of Sir Gabriel w(.5 Mariners. Home and Court followin8 the closure of the home in 2021 and the sale of the property in early 2022. Support cosis included within expenditure reduced by £124,CKK) in the year, some of this relating to a redurtion in head count of Head Office support staff in 2021. Fvll details of expenditure are included in note$ 7 and 8 of the financlal statements. Sallors, Beneficial Enterprises Ltd l-S8EL-l and Sif Gabriel Woo(fs Mafiners. HomelGWMH.l arè both showing a net liability p051tion on thelr balance sheets. In respecr of SBEL the deficit arises due to now discontinued tommertial activrty. Efforts have been made to genefaie more profitable commercial income streams and there has been continued 5ucces5 in 2022 in reducing the net liability position. but Trustees acknowleflge retumlng to a net asset position will be a lon8er-tern objectr¥e. In respect of Sir Gabriel Wood's Mariner5' Home. thi5 15 no longer trading and the Office for the Scottish Regulator 8ave permiSsn in Ortgber 2022 to wind up ihe charity which is the final part of this process as It Is no longer needed. Ovtstandln8 debts due to the charity, and provided for 35 doubtful and thèreftsrè at nil value in the accounts, are belng chased wlth a vlew to settllng mainlng1Sabllities so that the winding up process can be finalised. Review of Ihe level of financial reserves Our Reserves Policy Reserve5 are needed to bridge the gap between the spending of income and the receiving of income and to cover unplanned expenditure and any other contin8encies arising. The Trustees tonsider that. based on the current level of activity of the Society, reserve levels should be rnaintained at a level of between 24and 36 months. expenditure in orderto provide the appropriate level of fbnanaal re50urce50 that our core activities can continue during a prolonBed period of unforeseen difficulty. To achieve this level of reserves, the Society is investing in charitable proBrammes tts be lunded by sustainable income over ihe comlng years. Desi8natlons of funds have been made in respect of a retirement provision for overseas stsff. 15
2022 TRUSTEES REPORT Reviewing thÈ Rèserve5 Policy We review ourreserves policy annually in conjunction with settlngourbud8ets and reviewlng progress a8ainst our 5trate8ic plans. We discu5Sthe levels of realisable reserves. any major commitments to be funded by the Society and our future obligations. We consider the risks to future Sncome, the level ol predlcted expenditure and the impact of any adverse effect on investment fund movements. Level of reserve5 held At the end of 2022 our total reserves were £3.4 mllllon. The restricted funds totalled fo.3 million. The remaining funds are unre5trided at £3.1 million and these contained unrestricted fixed asset5 used in the charity of £0.5 mlllion, the investment property, part-occupied by the Society, of £0.4K and other designated fvnds and known lease commitments of £0.2 million. Allowing forthe5e, free reserves stood at £2.0 million, which equates to 13 month5 tsf total unrestricted expenditure. This is below the range of 24 to 36 months as set out in the polky, and the intention 15 to repleDi5h free reserves to within this ran8e in the future. Designated funds are held in relation to the book value of fixed assets and investment properties used by the charity1£939.0001 and towards a fund Set aside for retirement payrnents to overseas staff1£48,(Wl. Investments review In mana8in8 our financial reserves and re8ularly assessing market risk. our Flnance and General Purposes Committee draws upthe investment policyand wè revlewthis periodicalfy. In tenr6of ScTren1 ltwestmentsPdo not¥westirL The manufacture or sale of armaments The provision of finance to poor credit risk customers Our Investment strategy is to accept a level of medium risk with a balance sought between reallsln8 a tafget income and achievlng capital 6rowth. Investments are divided between equities, bonds. property and cash. Our investments include self-managed inve5trnent property and listed nvestments. The investment mana8ed by Investec is a traditionally strurtured portfolio of individual stocks selected and traded by our account manager within a 8iven risk profile. Perfonnance 15 measured against a bespoke benchmark which is before dedurtion of fee5 li.e. grossl. The Cazern)ve Charfty MYAt Fund is a'pooled investmenyvehicfe. The investment mlx Is determined bythe fund mana8er and based upon tartical Taé5 forthe different investment types. The fund'stotsl return target Is the rate 91 inflation plus four per Cent over rolllng 10-year periods while aimlng to meet this target wlth around iwo-thirds of equity market volatility. With a very hlgh level of inflation, reviewing the perfomance against this benchmark on a 5hort-term basis shows an underperformance so further comparison a8ainst peer 8fOUP Performan is useful. We also made a new investment into the Blackrock Charities Growth & Income Fund in 2022. another pooled investment vehicle. This Fund has a bespoke performance benchmark based on number of rnarket indices and asset types. JLLW'SON 16
2022 TRUSTEES REPORT We also Teview poolÈd invèstment performance against the ARC peer group Index covering a range of slmilar investment produrts available in the market. The total return for invested funds durong the yearwas.. Yeur Actuol -8.3% (gr0551 -9.2% Inetl -6.6% -9.7% Lost three Actuol +7.0% Igrossl +4.3% Inetl +10.9% Not appllcable urs Benchmark -8.2% Igrossl Benehmork +6.6 % Igrossl Investec I£0.63ml Cazenove £1.02m Blackrock I£0.2ml +14.9596 -9.3% +31.8% Not applicable Performance fi8vres are quoted after investmentfèès are dedutted Inetl. The ARC Peer Group Sterling Steady Grovrth Index showed a totsl return of -9.6%% foi 2022 and +5.1% overthe three- year review period. One of our self-mana8ed investment properties was disposed of at the end of the year. Principal ri5k5 and uncertainties We operate a formal risk management process where the Trustees and Senlor Leadership Team together identify and reviewthe main risksto the Society, their probability of otturrence. the possible impact and the conseqsjent actions necessary to mana8e, reduce exposure. orelimlnate the risk. The Risk Register is reviewed at least quarterfy by the Trustees and kept under review monthly by the Senior Leadership Team. which identifies and monltors risk on a daily basis, updating the register as appropriate. The main rlsk are35 are.. Financial lincluding money launderin& investment risk and risk to revenue incorne streamsl Operational lincluding per50nnell The followin8 subsidiary risk areas tan have both a finantial and operatlonal effert.. Legal and statutory linclvding health and safetyl IT systems integrity and resilience. database backup and data protection Society reputation We have strong mitigations for the majority of our main rtsks. The top risk is considered to be that the overall financial viability ol the Society is threatened. In handling this risk, in terms of income 8eneration, the Trustees regularly rnonitor the Socie5 fundraising strategy and perfomiance againsi fundralsing tar8ets. They also review quarterly financial forec35t5 and formulaie and consider contingency plans In the event that the Society's structure, including its cost base, needs to be altered to make best and most effitient use of the resources It has at its dlsposal. (rfL5'5MErY 17
2022 TRUSTEES REPORT Volunteers Ourvolunteers provlde importantaddltional resources to ensure effedive dellveryof our programme,help raise funds for our work and tncrease the profile of the Society. We have approximately 2(lJ volunteers working across the followin8 areas.. Trustees who commit much of thelrtime to provide 5trate8ic leadership and 8overnante Volunteer ship visitors who 5UPPOrt our chaplains around the world and honorary chaplaTrns who work independently Charity shop volunteers who contribute thelrtime on a gUlar basis Individual representatives of the Society intheirown churthes who distribute our news and promote our work and carnpaigns Volunteers invofved on a monthly basis preparing iterns for chr1ma5 parcels Ambassadors who network in the industry to promote awareness of the SgCirtVs charltable work.purpose and fvndr31sing opportvntties Knitters who make woolly hats, which are widely distribed in Christmas parcels for seafarers andre8ularly sent to chaplains around the UK and oversèas to glve out on ship visits ince my time working otseo, undpost-Covid19, provffdingsupportJor ourseofvrers couldnot be more import¢7nt. I've been onAmbo55gdorforSoilors'5(xietyfor more thon six yeors. Having Seen first-hondsuilors, Society's worl the welfvre theyprovide t7nd rhe t7ppreciotion thotcrews hovefor this, l om proud to 5UPPOrt them in ony woy I con." Peter Broadhurst, Marttime Snr VP Safety and Regulatory, Inmarsat Towards the end of 2021 a review of our volunteer database wa5 commenced. After making contact with them some decided to step down so volunteer fisures for 2022 are lower. Measurement issue5. including attributin6 an econgmic value to volunteers, service5. prevent inclusion of thelr contribution in the Statement of Financlal Artivities. Fundraising practices We are reliant on donations to fund our worth and it is thanks to the generosity of members of the public, companies and Trusts and Foundations that we are able to support seafarers in need. We are registered wlth the Fundralsing Regulator and we aim to be as open as possible about how we raise funds. As an organisation, and as individuals. we strive to adhere to the Code of Fundraisin8 Practice and are committed to the Fundraising Promise. In 2022. we recefved no complaints about our fundraisln6 activity. We work hard to minimise ihe risk of breaches of fundraisin8 compliance. through training aTrd induction for new staff and on-goine development and tralning for exi5tin8 mèmbers of the team. We are fortunate to have many generous supporters who raise money for us Includin8 fundrassing locally, in their churches and othef local groups, and in corporate settings through employee fundraisin8 for example. We have developed detalled guidance for volunteer fundraisers which can be downloaded from our webslte. We work with many different tompanies in the shippine industry, through their charitable foundallon5 and throu8h commercial partnèrships Includin8 5ponsor5hip of our events and
2022 TRUSTEES REPORT activities. We see partnership and collaboration with the maritime corporate sector as cruclal to our abilityto fund and deliverwellbeing and Welfa support to seafarers. All partnehIpS are formalised in written agreements. just one of the safeguards we have in place to ensure our independence Is not compromlsed. We also receive the support of a numberof d)aritable Trusts and Foundations. with whom we have written funding agreements. as well as philanthropic gifts from individuals. We do not work with any third-party agencies gr professional fundraiser5 to undertake our fundraising on our behalf but work wlth a third-party marketeerto develop and sell the advertisements in our Christma5 Carol Service literature. In the UK we also raise fvnds from individua15. on a small scale, throu8h direct marketing. We aim in all our 5UPPOrter communications to provide clear information about how to request no further communitations and work hard to ensure such requests are properly recorded and respected, and we train and support our stsff to identify and protert people in vulnerable circumstances in accordance with our Safe8uarding Policy. To ensure effective 8overnance of our fundraising the Operations Committee retelved re8ular reports on our artivities, perforniance and compliance. The Finance Committee boks closely at our rinancial perfoimance. Our staff team works closely with the Trustee Board to ensure that controls are in place relating to eath area of accovntability covered in the Charity Commlssion's gvide io Trustee duties. Statement of the financial duties and responsibilities of Trustees Company law requires that the Trustees prepare financial statements for each financial year which Ive a true and fair view of the state of affairs of the Society company and the Society group as at the balance sheet date and of its net Incoming resources and application of those resources. Includingthe net incomeand expenditure of ihe8roupforthefinzncial year. In preparlngthese financial statements, thèTrusteès are required to.. sèlétt suitable accounting policies and app thern consistently. observe the methods and principles in the Charities SORP. make judgements and estlmates that are reasonable and prudent and prepare the financial statement5 on the going concern basi5. unless it is not appropriate to assume that the charitsble company will continue on that basis. We also state here that applicable accounting Standards have been followed subjett to any material departures being distlosed and explained in the finantial statements. As Trustees Iwho are also the directors of Sailors. SOcty for the purpose of Company Lawl, we are responsible for preparing thi5 annual report and the associated financial statements in accordanté with applicable law and accountin8 stsndards of the United Kin8dom- known as United Kin8dom Generally Accepted Accountln8 Practice. We ?re responsible for keeping accounting records. which disclose with reasonable accuracy the flnanclal positlon of the Soclety. Theyshould enable usto ascertain Itsfinancial ptssition and to ènsure that we comply with the Companies Act 2006 and with the requisite ststute5 and other charity and cornpany legislation as required. We are responsible lor safeguardin8the assets of ihe Society and for taking all reasonable measures to detect and prevent fraud and anyother Srregularitiesthatmayarise. Auditors Azets Audit Services were appointed as auditors in January 2023 replacin8 HW Fisher LLP.
2022 TrUSTEES REPORT Statement of disclosure by Trustees to the Societvs auditor In so far as the Trustees are aware at the time of approving our Trustees. Annual Report: There is no relevant audlt Information of whi¢h the group's auditor is unaware. and The Trustees individually have taken all the nece55ary steps that they ought to have taken as Trustees in order to make themselve5 aware of all relevant audit information and to establish that the charit¢5 auditor 15 aware of that information. This report. Includin£ the strategic rewrt, was approved by the Trustees on 3 Au8USt 2023 and slgned on their behalf bv.. Pett¢ M Swlft Chaimlan of the Board ofTrustéÈs jLK'sOy
Independent Audltorfs Report to the Members and Trustees of Sailors. Society Op5nlon We have audited the financial ststements of Sailorf Society Ithe'parefit chari(able companVI and its subsidiaries Ithe'group'l for the year ended 31 December 2022 which comprise the consolidated statement of financial activities. the consolidated and parent charitable company balance sheet, the consolidated cash flow statement and notes to the financial statements, including signffieant accounting ptslicies. The financial reportingframeworkthat has been applied in their preparation is applicable law and Untted Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finonciol Rewrting StundGrd opplicable in the UKondRepublicof Ireland (United Kingdom General Accepted Accounting Practice). In our opinion the financial statements.. e a true and fair view of the stste of the group's and parent charitable compan$ affairs as at 31 Dember 2022, and of the group's incoming resources and application of resources, including r(s income and expenditure, forthe year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practi,. and have been prepared in accordance with the requirements ofthe Companies Act and the Charities Act 2011. Basis foropinion We condurted ouraudit in accordance with International Standards on Auditing IUKI I1 IUKII and applicable law. Our responsibilrcies under those standards are further described in the auditor responsibilitie5 for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance wf(h the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethicdl Standard, and we have fulfilled our other ethical SponSibl11t1eS in accordance with these requirements. We believe that the audr( evidence we have obtained is sufficient and appropriate to prowde a basis for our opinion. Conclusions relati to golng concem In auditing the financial statements, we have concluded that the trustees, use of the Eoing concern basis of accountin8 in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to event5 orconditions thaL individualty or Collectwe, may cast significant doubt on the group and parent chartsble companls ability to continue as è going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilit$ and the responsibilitie5 of the trustees with respectto goingconcem are descrFbed in the relevant sertions of this report. Other inf0mltIon The other information comprise5 the information included in the tru5tee5 annual report, otherthan the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitlv stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other infomiation and. in doing so. considerwhether the other information is materialty inconsistent with the financial Statements or our knowledge obtained in the course of the audr( or otherwise appears to be Material misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial ststements themselves. If. based on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation, we are required to reportthatfact. We have nothing to report in this regard. Opinions on other matters prescrlbed bythe Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information gNen in the trustees. report (incorporating the strategic report and the directors. report) forthe financial yearfor which the financial statements are piepared 15 consistent with the financial statements,. and the strategic report and the directorg report have been prepared in accordance with applicable legal requirements. Matters M whlch we are required to report by exceptlon In the light of the knowledge and understanding of the group and parent charitable company and its environment obtsined in the course of the audit, we have not identified material misstatements in the strategic report and the dirertor5' report. We have nothing to report in respect of the following matters in relation to which the Companie5Act 2006 and the Charit$ Act 2011 requires us to report to you if, in our opinion: adequate and sufficient accounting recorés have not been kept by the parent charitsble company, or retums adequate for our audit have not been recewed from branches not visited by us,. or 21
the parent charitsble companrfs financial statements are not in agreement withthe accOuntirecordS and retum5,' or certain disdosures of directo, remUneratn speciffied by law are not made,. or we have not recelved all the infomiation and explanatkjns we QuI for ouraudit. Resporfjlblhles of trustees s explained more in the trustees, resp)nsibilities statement the trustees (who are also the directors of the parent chaiitable companyforthe purposes of company lawl are responsibleforthe preparation of the financial statements for being53tisfied that theygive a true and fair view, and for such intemal control as the trustee5 detemiine is necessaryto enable the weparation of financlal statements that are free from material mi5Statement, whether due tofraud orerror. In preparing the financial statements,thetrustees are responsib for assessing thegroup and parent chaiitsble companvs altyt0 continue as a going toncem, (ilsclosing, as applicable, matters related to going concern and using the going concern basis of accountir48 unlethe trustees either intend to liquidate the group or parentcharitable companyor to cease operations, or have no realistic alternative butto do so. Audltor respon5ibilitieslor theauditirfthe finandal smements We have been appointed auditor underthe Companies Act 2CQ6 and section 151 of the Charities Act 2011 and feFOrtin aCcOrdae with those Acts. Our objectNe5 are to obtsin reasonable assurarte atKJut whetherthe financial ststements a5 a whole are free from material misststemen¢ whether due to fraud or error, and to issue an auditorfs reportthat includes our opinn. Reasonable assuran is a high level of assurano, but is not a guarantee that an audit conducted in accordance wf(h ISAS IUKI will always detect a material misststement when it exists. Misststementscan arise from fraud orerrorand are considered material if, indNidual or in the aggregate, they could rea50nabty be expected to influence the ecoThJmic detisions of users taken onthe basis of these financial ststements. Extent tohl¢h the authwa5 considered capable of detect1 Irrewlaritie5,indudin8fraud Irregularities, including fraud, are instances of non4¢)mpliance with laws and regulation5. We desi8n procedures in line with our responsibilities, outlined above. to deteLt material misstatements in respert of irregularitS, includingfraud. The exientlo which our procedures are capable of detectin8 irregularrties, indudingfraud is detailed below.. Enwiry of management and those charged wlth governance around actual and FntIal litiBation and daims as well as tual, suspected and alleged fraud,. Reviewing minutes of meetingsof those charged wrth governance: AVSSIngthe extent of compliance with the laws and regulation5 conSided to have a direct material effect on the finanual statements orthe operations ofthe entity through enquiry and inspection,. ReM"ewing financial ststement dlsclosures and testingto supwrbng d¢xumentation to assess compliano with appliCae laws and regulath)ns; Perfomiing audrt work overthe risk of management bi and overrith of controls, includingte5ting of joumal entries aThJ other adjustments forappropriateness, evaluating the business rationale of signffjcanttransactions outside the ncfmal tturse of I51e$S and wewing accounting estimates for indKatorsof potential bias. Because of the inherent limitations of an audit, there is a riskthat we will not detert all iffegularf(ies, includinB those leading to a material misstatement in the financial ststements or non-compliance with regulation. This risk increase5the more that Compliar with a law or regulation is removed from the events and tran$artnS reflerted in the financial statements, as we will be less likety to become aware of instsnces of non-complian. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud invofves intentional conoalment, thery, collusth, omission or misrepresentation. Afurther description of our responsibilrtles is available on the FRC'S website at.. htt www.frc.or . audito as$uran-ethlcs audrtors-res nsibilities-for-the-au(lit. This description fcKms partof ouraudito¢s report. audit- 22
Use ofour report This report is made solelyto the charitable companrfs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the tharitsble compan¢s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and ReFQrtsl Regulations 2¢)J8. Ourauditwork has been undertaken sothatwe might statetothecharitable companls members and its trusteesthose matters we are required to stste to them in an auditorfs and for no other purpose. To the fijllest extent pemiitted by law, we do not accept or assume responsibilty to anyone otherthan the tharf(able companv and the charitable companV5 members as a and the tharitable companV5tru5tees as a body* for our audr( work. for this report. or for the opinions we have formed. Jon Noble ISenlorStatLrtory Auditor) For and on behalf of - ets Audtt SeThices Athenia House I14 AndoverRd Winchester Hampshire Un¢ted Kingodom $023 78S Chartered accountsnts statOry auditor 23
COIISOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTJ FOR THE YEAR ENOED 31 DECEMBER 2022 Unrnstrkted ft•wlded A•stY1rt4d En¢knvMent FndS Funds Fld5 Totsl Note5 Incomeand endowmentsfrom: Donatlonsand lepcie5 L140 CharitaClWIrleS 18 220 orhertr¥din8aciMtie5 207 207 221 lThvesirnents IY5 135 146 Other 123 Total 926 19 1.389 1,850 Expendlture on: ftaisln8funds Charitableattwitles On8Oin8 Charitab act1v1tS AdIment reas5e55MEnlI Matters 26 71 3.335 26 71 2,10S Total 26 71 2.489 2,971 Net expenditure betore Investment IlossÈsl/gains ILossesllgain5 on irhve5tments {918) 12841 {2841 244 Net exptnditur¢ 112021 11041 Iiy41 Transfers tween funds 16 Net movement in funds iiaoi 18771 Totalfund5 brou8htf45Tward-as poUSlY reported Prloryearadiu51mEnt 4,282 63 4,790 5,710 20W Totsi funds brou(ht forward- as restaied 4,282 63 4,790 5,667 Fund balanc¢s ¢arriedforward 3.1 334 The sutement of hnancial¥ditSCcntal0s allsalnsand fortheyearan&all actwities relateto continuin¥8né dlsctsminued opeiatiOilS. The Det expendrturefor the purposesof theo>mpanies Act 2( compr15esthÈ net expenditurefortheyear lted foi rea115ed gains on investment assets emcluditigthe net exgendituretsn the permanenrendowmÈilt fund and was £1.173.iV)12D21". £406.LWI. 24
COIISOLIDATED AND SOCIETY BALANCE SHEETS AT 31 DECEMBER 2022 C¢nsolldated The5oclety Notes 2022 £OOD's 2021 2022 £LW's 2021 Fixed asset5 Intan8ible assets Tat)8ible assets Investments Investment In subsldlary undertaklng Freehold investment properties Intere5tfree loan5 li 72 61 72 61 12 13 613 1,853 1,597 2,424 601 1.645 1.592 2,191 14 457 457 1,007 16 16 2.995 5.105 2,780 4.872 Currentassets Stocks Debtors 16 415 330 451 320 Cash at bankand In hand 697 224 171 Totolcurrent a5setS 1.113 558 1.137 495 Liabilities Creditors.. amount5 fallin8 due within oneyear 17 12341 13771 11941 13371 Net current assets 879 181 943 158 Totsl assets less current liabSlltie$ 3.874 5.286 3.723 5.030 Creditors.. amtsunts fallin8due after more than one year 14381 14591 1438 14591 Provi510n5 for liabilitie5 and char8es 19 Net assets 3,406 4,790 3,285 4.571 COM1 number 86Y2 JLOy 25
CONSOLIDATED AND SOCIETY BALANCE SHEETS AT 31 DECEMBER 2022 Consdbdated 2021 Th¢ S¢¢lety 2021 £thIO's Notes 2022 £f*JO'$ 2012 Thefunds of the charlty Capital funds Endowment lunds - Revaluation reserve - other eThdowmenl 20¢aMel 373 13101 632 63 Incomefunds Restricted fund5 - Restricted discontinued Other restricted 2qbMel 1341 334 464 321 451 300 445 321 451 Unrestrirted funds Gener(rlchoriroblefvnds - Invéstment ralUatIOn reserve - Other Eeneral charitable 315 2,354 1.198 2.S92 311 1,673 1,169 1,819 2.669 987 3.790 1,069 Desi9ntstedfvnds 201dl 1,061 Nort cFJtsritobleAund5 15501 15771 3.106 4.282 2.964 4.049 3,106 4,790 3,285 4,571 The accempan¥iTrg notes are an Integral part of the finantial statements. The financial statements were approved bythe Board of Trustees on 3 Auzust 2023 anl $18ned on its behalf by= Peierm 5wlft Cthnpanv numkr 86942
CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 £IIOO's £IXIO'5 £OOO'$ £IKKI's Cash flows from operatin9 activities Net 8enerated from operating actlvlties Interest payable 11,3511 1201 I2,() 1251 11.3711 12,0911 Cash flows frorn investing activities Interest and rents received Dividends received Payments to acqulre tangible and intan8ible fixed assets Pvrcha5e of investments Receipts from sale of ran£ible fixed assets Receipts from sale of fixed asset investments 103 1381 12441 958 1.081 1451 13121 55 2,116 Net cash provlded bylnvestln9actlvitles 1,891 1.971 Cash flow5 from finan¢in9 a¢tivTties New borrowi Capitsl repayment5 1471 11361 1471 12 Change in ca5hand cashequivalents in the reporting period Bank and cash balance5 at l January 2022 473 IJ081 224 332 Bank and cash balances at 31 Decernber 2022 697 224 Reconciliation of changes in resources to nét cash ¢)utflow from operatlll9 a¢tivltles Net expenditure forthe porting perd Investment income receivable Interest payable Depreciation, amortisatlon and impaimient Decrease in iThterest free loans Decrease in stock Ilncreaselldecrease in debtors Decrease in creditors Decrease in provisions for liabilities and charge5 ISvrplu5lldefitrt on disposal of fixed assets Ii.ILY)I 11351 20 65 16 11,1211 11461 25 534 27 1841 11171 171 1121 86 123ZI 11.2501 N•t¢ash outflowfrom operatlng artfvltles 11,3SII 12,0661 Analysis of cash and cash equivalents Bank balances and cash in hand 697 224 27
CDNSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of chan9es Sn net debt t ljanuary At 31 Dttem 2022 Z022 £OIY)'s £IXkl'5 Cash 224 473 697 Loans due 14791 20 14591 Credii ayeements within one year 1271 27 12821 520 238
NOTES FORMING PART OF ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 l. Acc¢untlng policies Sailor5. Society is a company limited by guaf8nt¢e intorporatd In En8land and Wales. The r¢8lstered office is SèalèrÈrs' House, 74 St Annes Road, Southampton, $019 9FF. al Basis of preparation ThelinancSal statements have been prered on a Eoingconcern basis and under the hpstorical cost convefifjon except for lisled irwe5trnents and inyestrnent PTCVrties whith art hdd at fairvalue. Thelfjnèncièl statements have been prepared in aCCOfdance with the Charity Comrnission Statement of Recommended Prartice- Accounting and Reportin8. by proS1OnS of the Charitles SORP IFRS1021-Actountln8 and Reporting by Char611es.' Statement of Recommended Practice applicable to charitie5 prepèrin8their3ccounts in ty¢cordance with the Financial fteporti Stsndard applicable in the UK and RepU1t of Ireland leffettive l January 20191 andthe Companles Att 2006. TheTrustees conflmi that the charity15a publlcbenefit entityt as defined ty FRSIO2. The functional currerKy of the Society is Pounds Sterlin8 IGBPI rounded to the nearestthousand. bl Groupfinancial statements Thesefinèn£ial statements Consolidate the results of the 5ocietyand Sts subsidiary undertakSngs. The re5uks of the subsidiaries are consolidated on 3 line by line basi5 using uniforrn accountin8 policies as setout below. Entities classed a5a5s1JciatÈk hève not had thÈir¥esults consolidated Into thesefinèncial statements as explatned In note 24 but financial Informatlon on these entities is included withinthe note. A 5eparatedetald statement olfinancial artivitlesand itKome and expendlture aetount ISOFAI Is not presented for the charity itselffollowinB the exernption afforded by secbon 408 of the Cornpanie5Art 2006. The charity's total income w•5 £1.237.48012021.. EI.494,0971 and Its total expenditure was £2.264,408 12021.. £2,425,242). Investment losses were £259.02212021.' gains £229.7551. Thls results In net expenditure of £1,285,95012021: £701,390). cl Company status The Soclety 15 a ¢ompany limitèd by8u•rantee. The MeMr$ ol the Siety are the directors. In the event of the Sotiety being wound up, the Ii£bility in respect of the guarantee is limited to £1 per member. dl Fund accounting UnrestrirtedfvThd5 are availablefoT USÈ at the discretioth of the directors it)lurtherance ofthe general Objecte$ of the Sodety. Restrlcted funds are fvndssubiettto specific re5tricti¥e condition5 knp05ed bydorK•rs or throu8hth¢ terms of an •ppe•l. The purpose afid use of restritted funds Is set o(rt Inthe notesto the finandal statements. Theexpèndae endowmentfund relatesto Slr Gabrlel Wood's Marfners, Home whlch is held In trust by the society. This fund can be spent in accordance with the objects olthe trust a5 5etout in note 2(4o13nd h45 been fully expended in theyear. The endovmient fund prèviously induded a revaluation ¥eseNe representin8 the restatement of certain assets at market value5. Designated lunds are fvnds earmarked forrnally by thetrust*es fori particular purpgse and tèn bÈ formally undeslgnated and be transferred back Into the 8enerèl fund if no IDnger required.
IIOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2022 el Incoming resources JI ithcomln8 resources are in£luded in the SOFAwhen the Society is le8allyentitled to the intome ènd the amovnt can be guantified wSth reasonable accuraty. The followin8 Specific policies a¥e applSed to particular te8ories of income:. Entlllement to legacy income is based on probate being granted before the yearend. The arnounts Induded 3$ Income are based on actual receipts or notification of Intended payment in the follonE year. Where le8acles have been rbotified to the Society but the cr&teria for $rme reco£ni(ion have nt>t been meL the le8aCV is treated as a contln8eTrt asset These are disclosed in t)ote 26. -voluntary income received by wayof Èrants, donatioms and 8ffts is included in full lth theSOFA when receiv8ble. Grants. where entitlernent is t)ot conditional on the dÈlNeryof a specific performonte bythe Society. are reco8n15ed when the charity becomes unconditloThally entived to th¢8rant. Grants, where entitlement is related to perfomiance. are recognised when the Sodety earns the rightto the grant throuBh performancè of the specSNed activity. Piovlslon hès been made for IrKomÈTax reclaimable at the ye3rend. - Oonated seryices, fjcilitiesand goods lor intemal use are Induded at the value to the Sotietywhere thls can bp quantified. Goods donated for resale in the Society's charity shops are Included as income whenthey are sold. The Society receiwe5 SUPPOrtfr¢m a widevariety of volunteers. It15 not pr3Cti<al to place a value OTh thetime ¥oluTrttered by all these persons due tothe varietyof dutie5 prfornied andthe drffererKes in time speni by each volunteer. Incomin8 resourtts from chaiitable tTadiThg activity and adivities to 8enerate funds are accounted for when earned. Fundroisingevents intome is accounted for inthe year in which the event tak¢s place. Funds ¥eceiv in advance for fulure fundrai5in¥ events are treated a5 deferred Income w51hln ueditors and intorne owed or pledged but notyet refved, istreated Hs debtors tothe extentth)t it is retoverable. fl Resources expended Expenditure is accounted lor on an accruals b3S15 a5 a liability Is incurred. Ewenditurt includes anyVAT whKh onnot befvlly recovered and is reported as part of the exppnditure to which It relates= - Costs of rai5irvdfunds comprise the costs •tsociated w6th attractingvoluntary Income and thec05¢sof tradin8for fundraisin8 purposes Including the Society's chaTity shops. Costs paid in athonte for lundraisinE events are treated as prepayments In debtors and are rerognised in the SOFA in the year in whschthe event takes placè. - Charitable expndiiurecornprises thtssetosts Incurred by the Sotiety in the deliveryof its aCtNities and setwices for its beneficlarles. n include5 both coststhat can be allocateddirectlytL7 such attivirie5 and those C05t5 Qf an Indlrett nature neSsary to support them. Grants payable are accounted lor when a legal or constructive obligation arises. A constructive obligation ariseswhen the other party hasa reasonable experfation of receipt. - Suppcrt Costs are those function5that assistthe work of the Sodety blrt are not incurred directly in tonnecuon with charitable artivity. Support costs include bock offite costs, finance, personnel. pawoll and governance cos¢s. Thesec05t5 have been allocated between the cost ol raising lund5 and expenditure on tharitable actiwties tonslstent with the v5e Of rtwurces, i.e. allocating property costs by space occupied. officefaciiiiie5 by head cDunt nd manastrnent and accountinz support on a tlme spent basis. Where fundraising is part of a multi-purpose attivity and promote5 the tharrtable purpose, a proportion of those costsare allocatèd tothe charltable a¢tiv4ty. The basls of the split ed isthe estimated tlme spent on the activity. 30
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FDR THE YEAR ENDED 31 DECEMBER 2022 gl Tangible fixed asset5 and depreciation Tan8ible fed a55etS C05ting nKire than £250 are tapitèllsed. Tanglbleflxed a55ets under the cost model are stated èt historical c05t less atcumulated depreciation ènd nv accvmuloted impairment105$e5. Valuation5 thatrfturred fOre the transition to FRS 102 have been treated a5 deemed £ost. wlth no subsequent ¥aluètions undertaken. Historical cost Include5 expendlture that 15 diredly attributable to brin81Th8 the asset to the location and conditbon ne(e55aryfor itto be tswbte of operatingln the manfter intended by mana8emefit. D¢pr¢£i4tiL)n is caltulatÈdto write off the cost or¥aluation of tanglt4e fixed assets, other that) freehold land, byannua1 instalments overtheir expected useful live5 as follows.. Motorvehicles Furniture, fittin8s and equipment Short ènd long leasehold PrortIeS Freehold buildings and Sir Gabriel Wood's MarinÈts' Home and Court 33% ofthe reduc5 balance 25%ofthe reducin8balarte perfod of leaseor penod to lease breokpolni 2%-5% 01 bulldlng cosi orvaluarK>Th h) Intangiblefixed a55etsand amort15ation lThtsn8ible assets are amortised overtheir expected econornic u5efvl livesa5follow5.' Computer software Intellertual propertv il Fixed a55et investments & Investment management fees tisted investrnents have been Stated at rnarket value at the balance sheet date. Re•li5ed 8ain5llksssesl are tal£ulated as the difference between market value at ihe date of disposal and market value at the previou5 balance sheet date. Unrealised gain511k>$5e51 are calculated a5the difference between the rnar&et value at the balano sheet date and the markei value at the previous balance shed date lordate of aCqL6iSition if 25%of the reducifig balance Equally over 10 years Investment management fees are accounted for asfollow5-. Bespoke Fu)d- pertentageof the F0110 value on a quarterty basis shown under costs of raisingfvnds In thÈ SOFA. Charfty Multi-Asset Funds- M3naBement fees of the fvnd Itself a calwlated on a perttnta8e olthe portfollo value deducted from the marketvalue of the fund on 8 dally basls and therefore effectlvely dedu£ted from reallsed or unreallsed8ains or losses on investments. Forthe Cazenovtrrn?na8ed lund. thefee element relatin8 to dient managernent sèrvices is a per£et)ta8e of the portfoliov31ue on a quarterty basls showt) under costsof rai5inB funds in the SOFA. Freehdd investmeni properues for which falr valuecan be measured rellat4y wSthout undue cost or effort on an ongoiryg basis, are rneasvred at fair value annuallywlth any chan8e reco8nised in thè SOFA. This includes the sublet elements of functional freehold property which are appOrtned betweeTrtanEie fixed asset5 and investmethi propertie5. In¥e5tment5 in sub51diary undertakln8sAre stated at £05t less provision for imp¥irniènt. j) Stxk Stock consists of 8ood5 for resale held at Head Office and charity shops ltheTe purchased for resalel. Stock is valued at the lowerof cost and net rtalisable value. Unsold donated iternsoreexcluded. 31
NOTES FORMIPIG PART OF ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2022 kl Pensions The Society operates a defined coTrtribthi¢n group personal pensioTr scheme with Aegon forthe nefit of it5 UK based employees. Based 4Jpon Bross salary, employee5 contribute at the rate of up to 4% net15% includingtax credit) and the Socety at upto 10.75%. Contributions are ¢har8ed tothe SOFAwhen due. Some employee5 who are not eligible tojoin the above scheme. hove personal pension plan5 into which thÈSociety£ontribute5. 11 Foreign currency translation Transaction5 in forei8n currencies are recorded atthe rate rulingat thedate of the tr•nsattion. Monetary 5sets and liabllitie5 denominated in forelgn currenciesare retrarIaIed at the rate of exthanEe rulin8 at the balance Sheet dote. All dlfferences are tsken to th¢ SOFA. ml Operatin9 leases Rentals pHid under operatln8 leases. where substantlally all the benefits ar¥1 risk5 of ywnershlp rernain with the lessor, are charged again# In¢ome on a straight line ba515 over the tem) of each lease. n) Preparation of the financial slatements on a goin9 concern ba51S The 5odety's worldwide operations are complex and wide-ran8ing. The Society's policy i5to always ensure that adequate reserves are maintsined to finance operaiions and to avoid any Interrupiion ol servl£es to seafarer5. Adetailed reviewof the level of resewves is included In the Trustees Report annually. The group resultsshow netdecreose in funds of EL384XKKiand nel cash inltows of £473.000 for 2022. Thp Society has prepared foreca5t5 to the end of 2024 lor rt5elf and its 5ubsidiories that continue to operate. Theseforeca5ts include the net proceeds from expected property sales and they 3nticipa¢e that thè Society will have Sufficient flnanclal reserve5to operatE throughoui the per. Theflnantsal ststements ho therefore been prepared on a 8OSThd cOnr basis. ol Corporate taxation The Sotlety is exempt from tsxgn income and 8ains lalling within section 505 of theTaxes Act 1988 ar sertion 252 01 the Tèxation ol Chargeable Gains Art 1992 to the extent that these are applied to fts tharitable objects.The Society is not exempt from certaintsxes applicable to some of rts overseas optr•tions wherechafirable tax Telfs tat)not be applled. pl Judgements in applying accounting policies and key sources of estimatlon uncertainty The Society applies judgèment In the followiare1s..- - the recognslion of le8arylncome It) Ilne with the stated tcountlng policyabove. the allotation of costs between the wavious acti¥itlesofthe Society. The method. as disclosed, 15 ronsrftred to bethe fairest way tts allocate shared costs betweerb attlvRles In a consistent Manner. - thevaluatlon of Investment propertyat falrvalue in linewlth 4ct0unti policy Illl above. Further detss115 Sncluded in note 14. - the a$5essment of liabilitles and whetherthey should be provided as a liobility in thefinancial statements or disdosed In è contlngent liability note. thefinantial statements indude am estSmate in respect of the liabllity related to the individuals who are benefici3ries of the former Leith Aged Mariners, Fund. Estlmates relate tothe discount fxtor used and the estimated life empertancy of the indi¥iduals- See note 19. There are no other significantjudEements or estimates In these finanoal statements. SpJLWy
NOTES FDRMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEklBER 2022 ql Finoncial instrumeTrtS The Society has eleded to appty the provislotss of Sectlon Il'Basic Financial In5trurnen15' and Sertion 12'01her Financial In5trument$155ues' of FRS 102 to all ot its finan¢ial instruments. Financial assets are retO8nisd in thesotsetys balance sheet when thesociety beco5 Portyto the tontrattual provlsioThs of the iTh5trument. Fi)anclal assets are classlfied into specSfied categorie5. The cla55rfKatign depends on the nature and purpose ol the linancial 055et5 and 15 deterrninEd at the time of retognition. BGsicfinontiol c55ets Basit financlal assets, whSch Include trade and other receivaWe5 and cash #nd bank balances. are Intially measured at transaction price includingtrèns•ctio tosts and are Subsequentlycarrd at amortised cost using the Èffèrtive interest method, unless the arraTrgernent constitutes a finJndng transattk¢n. where the transaction is measured 3tthe presentvalue of theluture receipts discotsnted at a market rate of interest. Otherftnand•l ass¢ts classified asfalr value through the ststerneTrt of financial 4dwitie5 #re measured at falr value. Otherlinortciol ttssets Trade debtor5,19ons ond other rÈtÈivables that have fixed ordetemilnabfe payrnentsthat are not quoted rn an attfve market areclas51fied as'loans and recelv3bles'. Loans and receivable5 arè measured at amortised cost using the effertive irrterèst method, less any impaifment. Intere5¢1s recognised by applyln8 theeffettive Interest rate. except for short-term receivables when the retO8nltfjon of interest would be irnmaterial. The eftective interest meihod is 8 method of calculating the amorti5ed cost of a debt instrument and of èllocatiwthe Interest Income overthe levant period. The effective interest rate is the rate that exactly discovntsestimated futwrecash reIPtS through the experted lrfe of the debt instrument to the n¢t(arryiarntsUnt on initial re£o8nition. Impoirmenr of finonciul 055et5 Financial assets. otherthan those held •tlairvèluÈthrovgh the statement of financial artwities, are355e5sed for IndtorS of Impaim)ent at each reportinÉend date. Financfjal assets are impaired where there 15 obje£tive evidence that. as a result of one or more events that orcurrèd afterthe *nitlal ¥eco8nltiot) of the financial a55et, the e5timoted future cashflows havè been affetted. The ¥npairment 105$ 15 reco8ni5ed in the statement olfinancSal artivrties. Deifcognition oAfinon¢iol Jssers Financlal assets are derecoEni5ed onlywhen the rontiactuol ¥i8htsto cash flowsfrom the asset exF4re or when it transfèr5 thefinancSal ass and substantially all the risks and rew3rd5 of ownership to inother eniity. 33
NOTES FORMING PART OF THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Il Classification of financial Ilabilities B35icfinantial liabllStles are initially reco8nised at transaction price, unless the arranEernent ¢onstitutes a finaThcin8 transaction, where the debt instrument is measured atthe present value of the future receipts discounted at a market rate of interest. Otherfinancial liabilities tlasslfied as fair value throu8h the statement of financial actlvllles are measured at fair value. Otherfinontial liabilltSes ère initially rneèsured at falr value, net of tfansattion cosis. They are subseguently me35UTed at amortlsed cost 115ing the effertSve interest method. with interest expen5e5 recognised on an effectiveyield ba$. The effective Snterest methud is a method of calculatingthe amort4sed c05t of a financial liabS1ty and ol alloc•tin8 interest expense overthe relevant period. The effertlve interest rate 15 thÈ rate that eXaCVdisCOUThts esumated fLrture cash paymentsthrou8h the expected life of the finandal113bility to the net carrying amount on init141 recoRnition. Financlal liabilities aThd equity Instruments are £la55ified according to the subslance of the contractual arTHll8ements entered into. An equity Snstrument Is any cont¥3u that evldences a residual interest in the a55Éts of the society after deductlng all of it5 Ilatmlitles. Derecognition offirtonciol Iiobiliries Financlal liakn'lities are derecognlsed when, and only when, the Sodety s olSatIOnS are dlsch3r8ed, cancèlled. orthey explre. 34
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOII THE YEAR ENDED 31 DECEMBER 2022 Unresttted Restrlrted Endowment Ful5 Fynd5 Funds T•tsi 2022 2021 £OW's £IW's 2. Donations and legacies DoltIOnS and grants legacie5 231 309 422 22 653 331 877 263 540 1.140 2021 470 670 J,140 3. Charitable activities Income Irorn se3farer5' centres and seafare, retirement facS1Sty Other programme related incorne Residential home fees at)d flat rental income 27 13 27 13 18 37 13 170 18 40 18 58 220 2021 50 170 220 4. Othertrading activities Charityshop Income Fufidraisin8 evertts. sponsorship & commercial 76 131 76 131 163 58 Z07 207 221 2021 221 221 S. Investment income Listèd investments Property rents It)terest receivable 69 65 51 135 135 146 2031 146 246 6. Other Trntome cov119 related governmental income Mistellaneous 123 123 2021 25 123 35
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2022 7. Total expenditure- 2022 Olher Support Gov•rnarKe osts alWtIoft £OOO's Totsl Tot¥1 Costs dlrert tosts £IIXl's (Note 101 2021 2021 £OOO's INote 81 £OOO's £l#)0'5 Expenditure on raisingfuntls Pundra151ng¢osts Charfty shop costs Fundraisingevents. sponsor5pand commerci31 59 22 177 42 23 ioi 119 256 517 Costs of generating voluntary intome Othef fvndraislng¢osts 103 18 74 204 315 103 18 74 204 315 InvÈstmÈhttosts Investment m¥n8Éement costs Foreign eAth3¢dIflerenCe5 Property rentalcosts 12 13 13 18 21 34 204 158 105 14 481 Expenditure on charitable aetiwties Chaptsinry. wdfafe and yojects 5eafarers' teTrtres costs Resider•tial home and 5eafarers' let <commLxf4tion costs 452 224 85 1,428 37 1.462 26 32 102 23 162 1,372 72 Contributions to parrrer or8anisations Promotlngthecharitable purpose 15 49 12 81 136 78 16 3CL) 3ZI 852 699 344 113 2,008 3,335 Gov¢rnance 17 81 11271 1,065 894 530 2.489 4,201 support511 costs 352 1,417 178 36
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 7. Total expenditure- 2021 Other Supwrt Governonce Costs dlrertC05ts ¢0rts rosts gllowtlon 2021 £iXils £W05 Totol 2020 (P4Dte Itlj Ir4ote81 Expendltureonraisingfunds Fundr4151ngcosts Cht7rity5hopcoJts Fuftdro151no eveni& sponsorship and commerclol 126 269 449 430 15 42 95 J41 311 59 517 525 Costsofgeneraling voluntaryincome Otherfvndrolsi*Jq¢OSts 127 315 J27 315 289 Investmentcosts Inwestmentmonooemenr¢osts Foreignexchonge differencts Propertyrefr)rolcosts 12 12 23 171 li 18 18 34 34 27 435 149 14 866 841 txpenoittsreon¢n8riraDie8criwties ChopInry, VlIre Gndproiects Seoforers'¢entrescosts Re5identiolhomecndsecforeF5'1et occommodotiofj cosrs 618 227 71 1,462 1,482 124 J2 73 17 541 742 73 16 1.372 72 1,591 129 ContnbutnS ropartnerorqqnisptior PrLvnotin9 thechoritoble purpose 42 20 103 119 15 322 322 1,278 1.522 421 114 3,335 3,648 37 11281 1,553 1,994 654 4.201 4,489 Supwrtstujfrosts 412 14121 1.965 242 37
NDTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER 2022 7. Total expenditure Icontinuedl 2022 2021 Net incomln8 resources are stated after£hèrglnpJlcreditin81:. Remunefation paid to the Soriety'5 auditors.. - audit fee forthe Society - audrt fee forthe subsidiaries - tox compliance seThites and other advice Independent examination ISirGèbrlel Wood'5 MarinÈrs' Homel Rernuneration paid to other auditor5 Operatln8 lease rentsls 17 13 12 - land & lId1 - equipment Mortgage and other finaNte Snterest payable Isurpluslideficit on disp05o1 of rimed assets Foreign exchan8e differences Depreciatlon, amorti5ation and impalm)ent 93 13 20 1121 179 13 25 li 16 534 65 Allo¢ationof support tosts- 2022 Premtses Finattee. Manazemtrt fat11e$ a(¢{1$ & & udli ¢ts £OOO's £O(Ws £OW$ £OOO's Floororeo Ileodco¥nt fimespent fsmespent 2022 2021 total £{.$ 8osi5 oAallLotion Fundraisin9 Costs ChaTity shopcosts Fundraising events, wonsorship & ¢ommer£ial li 22 li 31 59 Costs of generatlngvoluntary Income Other fundraisin8 tosts 38 23 74 38 zl 74 90 Lharitsble aciivities Chaplaincy. welfare and proiects Seafarers, centre5 costs Residential home and seafarers, let ccommodatyon tosts Contributions io partner organisatlons Promotin8 thethèritable purpose 47 loo 68 224 227 17 li 23 12 78 73 20 40 30 16 94 124 iio 344 421 Governahce 15 46 17 81 27 155 187 161 530 654
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 8. Allocation of support costs- 2021 Premlses Ofyke Fln#nce, M#nogement runnlno fvdlltles (¥tIng* & 2021 total £tiXI's £OOOts É&IYO's Étyxl's Floororep Heodcount fime5pent frrne5pent Busls of ollocorion Fundraisingcosts Charityshop c&5ts FurtLlroisirt9 evenrs. sponsotshlp & commerciol 30 16 62 22 33 16 59 Costs ofg¢neratln9 voluntorylncon Otherfvndroising costs io 55 18 io 55 18 ChoplcinLy, welfGre ondproierts sealorers,ntreS Costs Residentiolhome ondseoforers'let occommodotiort costs Conrriburion5 to portnerorganisotions Promoting thechoiltoble purpose 51 123 44 227 17 18 12 24 35 73 20 56 30 76 35 21 106 162 132 421 16 47 18 84 115 35 186 249 184 654 731 39
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 9. Analysis of 9rants Èxpenditurewlthln charitsble expenditure 6r•nt5 to Inmltutlons GrantSto indi¥iduls £OiXl's Support costs £OOO's 2022 £(W's 2021 Operation of seafarer5 centres Se8farer£ommunities thapl3inry Se8farergeTreral weware Educion41 io 6S io 12 207 15 21 47 75 104 49 io 163 272 Material grants made to institvuons £lO.OtXJ and over, IncIed in the above. were as follow5.. 2022 £IWs 20Zi £OOtys Within choplGincy & weltrore.-. Voluntary Health Services. Chennai, India Pmwsion ol motile medltal facllrtles supply and distribution of COVID testin8 kits 19 23 prayaTh Integrated School Ipald to suppliers) prson offvrnfture and otherfittingout tosts for school used by seafarers. lamllSes in payran. Philippine5 io Yenepoya Medical College Hospltal. M8n8alore, Indi Supply and dlstribution of COVID testlnB klts 59 Queen V$ctor Seamen's Rest IQV5RI Contributlon to projert rnanigercosts to overseethe trènsfer of UKIolntventre seafarercentres to QVSR io io Ma8saysay Muki Purposecooperatlve. Supply and distribution of COVID testin8 kits 65 Wlthin vuriou5.'_ Others£lO.fKI0 and under io 20 104 250
NDTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. Staff costs and numbers 2022 2021 £OOO's Satsries and wages (including agenry workers) Social secuTlty costs Penslon costs 1.205 117 1,719 138 61 71 Llfe ossurante and rnedical insurancè Chaplait)s' housln8 Costs io 27 27 1,417 1,965 Benefits in not induded in the abov¢ Total penslon contrSbutSons accrued and not pald at 31 December 2022 amounted to £7,66612021.. £8.0101. Totsl redundanry and termSnation payments were £13,691 ofCh £NILwas unld at 31 December 2022 12021.. £222.577 and ÉNIL unpaid at 31 Dt£embeT 20211. Thetotal remufieration of thefour membets olthe Senior Leadership Team who se*ved dUrIthe year IncJudinB benefits but exduding pension contribution5Wa5£328,68012021.. four member5. 3.1 full tlrne equiv3lenl- £263.8101. No rÈmuneratlohwas recelved byanydlrettor. The number ol employees receivin8 total emoluments over É60.L¥JO. as defined lor taxation purposes.were as follow5.' 2022 2021 Ilumber E60.(M)O to E69.999 É70,(X)O to £79,999 110,OOOto £119.999 £120,tXKtto £J29.999 Pension contributions tothe Society's defined contribvtion 5cherneforthe four employees above were £33.241 12021.. three employees £26,080). The average nvmberof employees, calculated on a full time eouivalent ba515 lincludin8 ¢asual Ind part-tsme staffj. analysed by lunctionwas.. 2022 Numb¢r 35 Chaplalnc¥ and welfare Seaf4rer5' centre5 FundraisinB and charity shops Residential home Promoting the charitable c3u5e Manaeement and adminlstration of the charity 36 50 61 The a¥era8e monthly head count durln8the year was $712021.. 711. 41
NOTES FOHMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2022 11. Intangible a55et$ CompeT software £TrJty5 Con$olidatedAndth¢Soclety Cost At l January 2022 Additions Di5pos¥Is 322 26 1116 At 3k December 2022 232 Amortisatiori At l January 2022 Char8e for the year Disposals 261 15 At 31 December 2022 160 Nel book v*lue At 31 December 2022 72 At 31 December 2021 61 Cornputer sofLware relateslo thetechnolo8Vthe Soclety has developed for use In its charitable operatigns. Thevaltseof computersoftware. ITh development. not amorti5ed was £27,77512021- £1,375>. L¥V 42
NOTES FORMING PART OF ThE FINANCIAL STATEPIENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. Tangiblefixed assets al Consolidated SlrGabrlel Wood's FurThltur¢ Home & Le•sel¥)Id ffttinKs & Court propertv t4ulpffltnt £IW's Fr¢eWd property& lrnprovem•nts £OOD's Motor vèh Total Cost Dr valuatio At I lanuary 2022 ditions Dlsposals 728 1.874 296 Z96 470 12 112161 11.8821 12241 1631 1471 At 31 December2022 718 Y2 23? 423 1,460 Depreciation At l Jaryuèry 2022 ar8Èforyear Disposa15 170 19 947 244 12 417 17 2.067 50 11,2701 19471 12241 At 31 December 2022 189 67 202 84? Net book valuÈ At 31 Decernber 2022 S39 613 Net book value At 31 December2021 558 927 52 53 1,597 Sir Gabriel Wood's Mariners, Home and Court w35 disposed of during the year. In prior year5 It was carried at a valuation. 11 it had not been TÈvalued it would have bÈen carrièd at 31 December 2021 at.'- C05t Accumulaied depredailon 1,678 11.1241 Net bookvalue 554 bj Capitalcommitments IGroupandSocietyJ At 31 Dernber 2022 the Sotsety had capital commitrnethts of £21.60312021- £NILI.
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 IZ. Tangible fixed assets Icgntinuedl £1 TheSo¢l¢ty 51rGabrlel Freehold propetry& Improvemgnts £OOO's Wood'5 Furnl¢ur¢ ffirtings equipment £Ofy)'s Hom¢ & Court Leasehold propErty Totsl £0].$ £(.5 £(rfJtys Cost or valu3tlon At l January 2022 Addition5 Disposals Group transfers 728 262 275 431 3.236 11.5401 12241 1581 1271 11.8491 1191 At31 December 2022 728 18 221 385 1.372 Depred•4 At ljanuary 2022 thaf8e for the year Disp05015 Grouptransfers 170 19 262 228 li 1501 379 15 45 19031 16051 12241 At 310e£ember 2022 189 3B 189 355 771 Nei bookvalue Af 31 December 2022 539 32 601 At 31 December 2021 558 935 47 52 1,592
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13. Fixed asset investrnent5 Bespoke Fund Funds Total Jconsolkloted £OOO's Marketvalue Al l January 2022 AdditKkns Disposals Unrealised losse5 on rwdluation 1,305 2 11611 11231 1,119 2.424 244 16251 119)> 14641 167) Marketval¥e8t31 December 2022 1.211 632 1,853 Hlstorlulc05t•tS1 Der29zZ I,oio 453 1,463 Lls¢•dlnv¢stmgnts UKfixed interest secwitie5 UK equtty shères Overseas fixed interest Overseas equity shares Property lunds Multi asset funds Altèrnative Frwestments 88 144 117 205 213 357 322 62 622 260 622 79 79 17 17 195 56 153 42 Cash Marketvalueèt 31 December20ZZ 1.221 632 1.853 bj fheSo¢lety Markrtvalue At l January 2022 Addition5 Dlsposals Unrea1ised loss¢s on revaluation 1,072 21KI 11611 1981 1,119 2,191 14641 16251 11651 Marketvalueot 51 Oecember2022 1,013 632 1,645 Hl#torkalcost&tS1 Dtt•mb•r2022 453 1,259 Ust•dln¥•stm•nts UK fixed interest 5ecurtties UK equity shares cfvèr5èas fixed interest {er9e35 equity shares Property funds Multi asset tund5 Alternative in¥e5tments Cash 77 125 50 117 213 260 194 338 310 64 13 L3L 45 64 13 173 45 42 Market¥alu•at 51 December 2022 1.013 632 1,645 SPjLWw
NOTES FORMING PART OF THE FINANCIAL STATEMElItS FOR THE YEAR ENDED 31 DECEMBER 2022 13. Flxed assetinvestmènts lcontinuedl Indldual holdin8s at 31 December 2022 represeniin8 rThJfe than S%of thevalue of the cornbined portlolio were is follows.'- Vanguard Funds Pk S&P 50) USD ishares GBP corporate bond 10.3% 6.3% 14. Freehold Investment properties Consoli<*atedandthé5oclety-at valuat At l Janyary 2022 Disposals Revaluation in the year I.? 15501 At 31 Decernber 2022 IIS7 Thevaluation c0Tr5i5ts 01.. Freehold property- Sublei portion of seaffar House. Woo15t¢n. sOhaMpton 457 The suNet portion of Seafarer House wasvalued at 31 December 2022 by the dlrectors based on the caprtaltsedvalut of Tental income received with referenceto commertl81 rent31 welds. The rernalndÈr of the property, oclwpied by the Society, remain5 within freehold property in tan8ible fixed assets. The historical net book value of the Properties is £531.97712021.. EfA19,0391. uthrsK 46
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. Interest free loans Corbsolldated 2022 2021 £OOO's 2022 2021 £IXll's 16 £OM's Ioan5toioint operations 16 Thèse loans are tothnantethe operatlons of the bthrrowers and are not repayable wthin Iwehfe months. Ourin8 the year the trustees undertook an impairment review3nd the v•lue of the loans was redu£ed to nil. 16. Debtors n5olld•t•d Thesodety 2022 2011 2022 2021 £IOO's 14 £th)'5 34 Tfade debtors Amounts owed by subsldlary undertakin8S otherdebtors* prepayments Ind accrued incomÈ 19 25 276 51 401 296 391 415 330 451 320 17. Creditors.. amounts fallin9 duewrthin one year Cons01id•ted 2021 £OOO's Thesoclety 2022 £(M¥O's 2021 £ONJ's £OOO's Trade credltors Bank loan5 Taxesand soc131 security Pension contributiQn5 owe Other credltorsand accruals Hire purchase and credit a8reernents Deferred income (see note below) Amounts owed to Subsl8ry undèrtakings 125 20 39 56 87 20 21 21 25 26 38 78 109 27 49 82 27 17 14 46 29 234 377 194 337 Secured (reditors 21 20 21 20 47
NOTES FORMING PART OF THE FIIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 17. Creditors.. arntsuntsfallin9 due within one year IcoThlinuedl cotlIde Z022 2021 Th•5oc 2022 Elth)'5 46 2021 £IXll'5 43 Deferred incomé Af ljanuary 2022 Released to Statementol Financlal Activrties Deferred Intheyeèr £MO's 49 52 24 21 20 17 At 31 OKember 2022 17 49 14 46 18. Credltors.. 4rnountsfalllng dueafter morÈthanoneyear Consdli4t•d 2022 20Zi The Sorlthi 2021 £0.5 £LW's 8ank loan 438 459 438 459 Seojred fredirors 438 459 438 459 Asse15 held under hire purchase agreement5 aresecured on the assettowhich the agreement relates. Arnounts payable In the ne twe¢ rnrthS are shown as credltor5due thI# oneyear. Corbsolldoted 2021 Tht5o¢f•ty 1022 2021 £WYs FuturepayrneTrtsdutr Amounts payèble between l and 2 years Amounts yIble between 2 aTrd S yeafs ounts payabk over 5 year5 40 120 120 120 426 120 66 16 466 626 586 616 less.. finènce chargesalloc*ed ro future peritxls 11481 1167 438 459 4a8 459 The bank K)an was advaneeo in August 2017 and wa5 repayable ty4er20years at an interest rate of 4.19% p.a. fixed fora perK>d of 10 years and reneiable1er¢8ft@r. The bank grante¢J a 12 wnth capital repaymeht holidayendinK 30April 2021 wththe loan no%Y belnBdveto be repaid InAU51 2038. The &)3n issecured onthe f¥¢d property at 5tAnnes Road. Southampton. sllLTsSillV
NOTES FORMING PART DF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 19. Provisions for liabilities and charges Leth Aged M•rlr*ts' Fund £(W's Al l January 2022 Adjustment In the year 37 At 31 December 2022 30 Leith Aged Mariners. Fund The Fund wasformerly a separately¥È8istered ScottTrsh tharity#nd wast105ed down ¥nd rnerged into Sailors, Society Sknyand in earty 2019. Monthly tharitable welfare payments are made to beneficiaries wlth a mercham marine bèck8round andtothelr d¢p¢ndants. Theweewy PaynI ts £12 with a further£12 given 35a Christmas bonus in December. The annyol co ¢s £636 per person. The numberof beneficlaries In 2021 ieduced from 9t0 7 by theyearend. The estimated hjiure payments for beneficiarles of the Leith Aged Mar(ners' Fund were cakulated on an artuarial basls to be appr0MatelY£30.20Oat 31 December 2022. usin8 2018-2020 lifetawes for Scotland supplied bythe Office of Inal 5tatisUts.
NOTES FORMING PART OFTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 20. Reserves laJEndowments- ¢onsolOated Movement In Funds Expenditure. 1Th5,1055e5 Ind tr•nsf¢rs In¢omlThg resou¢$ l January 20Z2 31 December 2021 Efidowments £OOO's £¢X#)'s Sir Gabriel Wood's Mariners, Home land Courtl building 1631 Induded within the 4bo¥e arethe following rnovements on revaluatlon reserve5.' Sir Gabrlel Wood'$ Marlners, Home 373 13731 mo¥ent in fund5 Expe q¢¥lns, Iosms Balonee 8oloNe l Jonuary2021 31 De¢ember 2021 Endowments SirGobriel Woods Moriner5'Horne lond Courtl buildirt4 1,235 11,1721 63 Included withirt theobove ore thefollowirtg movementson revoluotiL¥¥ resefves.. Slr6obriel Wood's Moflners'Home 12761 373 Sir Gabriel Wood's Mariners. Horne Sif Gabriel Wood's Mariner5' Home Greenock provided atcommodation for retirÈd sÈafarers and thelrdependani The original assets and administration of the home were transferred, under a Deed of Trust, to thè Sotiety in 1968. The deemed cost ol the Home kself was shown 3$ an endowment fund The daytoéay administratSon of the Home was carried out by ihe subsidiary charitywhose own net assets are shovm under resrriaed funds. The care home closed in February 2021 and the Iharlty ceased the remainder of its operation5 when the propertywas sold in March 2022. stsps are bein8 taken in 2023 to wind up the charity. Legal opinion has been sou8ht which has ¢onfirmed that theternis of theirust deed of SirGabriel Wooj's Mariners, Home render5 the trust property to be an expendable lund with onyexpenditureset aEain5t it being in accordènce wlth the objects of the trust. Including the operation¢f the resldential care home. Ihe independent livtngfacility Ithe Courtl, safeEuarding and malntenance of the trust property.
NOTES FORMING PART OF THE FINIINCIAI STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2022 20. Reserves IblRestrl¢tedfunds- ¢onsolld8ted Mo¥emert In Funds ¢tyninK resources Expenditure, illhs. losses •rMllwsfevs Bte 31 December 2022 lJamuary2022 SaTlor5' Society Isee note 201ell Capltal 8rants and donatlons Donations & events iOme Le8aties 190 27 1191 15141 1321 198 251 io 123 22 Sailors. Society Scotland Capital 8rat)ts and donations ProEramme related work donations io iioi Sl¥ Gabrlel Wood's Mariners. Home General funds including Erants 1341 Sailors, Society Phillpplnes Inc Boot project 445 16081 300 TheTru#ees are aware tsft defitit felating to SirGabriel Woo&s Mariners, Home and are seekingto redu£ethis operationally together wth looingèt otheroptSonsto cover the defldt from unrestrlcted lunds. Mo¥tmentln Frtd$ Inmmiftq fxpendltwe. resovrtes goin5. Ios5¢¥ lJ•huury2021 31 Oecembtr 2021 SaiYors'SocletylseenoteZOleJJ Cowtolqrunts unddonotions DorKTtjOn5& Events income 247 (571 1425) 190 251 632 iegocie5 io io SJilors'SocietyScotl3nd Cttpitulgrcnts undLloftglign5 Prooromme relotedwork donoslons 121 1271 28 sirG47brielWoodsNorine'orne GenÈrolAun¢ls including gronts 11251 203 197) 1191 Sai/ors.Soc¢yPhil/WneS/C Boot project 865 16081 445 Grants Grants relate to capital grants (both expended and tsnexpendedl. Depreciation on assèts purehased with cawtal 8rant$15 thar8ed against this restricted Ind. LoWSy 61
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ZO. Reser¥e5 Movement in Funds Balance Ewndltu ialns,1055e5 ndtrarfe Bal•D¢e 31 Detmber 2022 l Janu•ry2022 Inwnlng ICJ unstrIrtedfvnds- consolidated Sailors, Beneficial Enterprises Ltd Inote 221 General reserye Designated Funds (see note 20ldll £rtX)'s £ocKI's 15771 3.790 1.069 15501 2,669 857 11,9781 4,282 926 12.1021 3,106 Expendlture l J•nuwy2021 Resour¢w undtrttnsfrrs 2021 Sollors'BerefititslEnterprlses Itdlftote221 GenernlieseThe 15701 3,489 1,325 1841 (607) 1256) 15771 DesiqnotedFunds 1.069 4,244 985 19471 4,282 IdJDeslgnatedfvnd5 Consolldated (fverseas Retiremeni Fund Fixed Asset Fund Educational Fund 48 48 939 993 28 1.069 987 So¢iety Overseas RetSrement Fythd Fixed A55et Fund Edutalfjo1 Fund 985 932 28 1.061 CNeYseas et1MeTht Fund This fund 15 intended to Provide lump Sum retlrement8rants to Lwerseas staff and 15 based on a8e and length ol servlce. Flxed455¢t fund The fund representsthe ctyrrwng value of h.xed assets held for use by the charity and excluded from free reserves. 52
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FDR THE YEAR ENDED 31 DECEMBER 2022 20. Reserves IdJDesignatedfvndslcontlnuedJ Eth¢4tloty•l Fthd This fund was ori8in3llye5tablithed in 2LTh)7followin8the Sale ofafi arhf•rtbÈI4thed tothe SocittywhSth was 501d at ¥¥rtion. The proteeds have been utilisedto lund na1(al trainingyanisforsea service in memory of the donoe$ famity. Thefvnd ha5 been undesi8nated in 2022 and replacedwith newdonatioThs from otherrestritttd sources. lJamiory2021 oolns. losxs Resour(ts ondtronsfvs 31 December 2021 f(IX15 Oveiseos RerirementFvnLI FixedAssetFund EdyCariJ Fund J.248 29 12551 {ii 993 28 1,325 1256} 1,069 Society Over5eos RetirementFund FixedAsset Fund Educotionol Fund I,J92 29 (207) ii) 985 28 1,269 1208) 1.061 Cej TheSo¢itty Mobmrtth lutyds Expendlture ealns. tran5few5 and evalu•tk4ns Étsjo's Balanc• l Janumy 2022 £OW5 Bance 31 De¢embr 2022 Incumi Endowrnentfvnds rGabriel Wood's Mariners, H 71 Restricted funtls C3Pit318rants and donatKffls Donations & events income 190 27 198 Z51 io 386 22 123 Legaoe5 451 435 15651 321 Unrestricted Funds Designated funds General lunds i.r61 11.8061 4,049 802 11,6871 2.964 4,571 1,237 3.285
NOTES FORMING PART OF THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 DECEMBER 2022 20. Reserves Icorttinuedl lel The5oclety Movemert In furKIs Expendlture uoih$. losses trafi$fe Ind alance ljanuary 2022 Bal•nee 310ecember 2022 Resources otKI's Includedwithin the endowment fund are the followin8 rn(wementson revaluatlon reserves= Sir Gabriel Wood's Marlners. Home 632 16321 Restrirtedfundsdetalls Capital8iants- Seafarers, Centres Capital Erants & donations- Chapla$, & 08ramme rel•ted wehlcles Capital grants & donations- App developments & other pro6rJmme IT Prugrarwe ITm3nagement Wellness Pro8rarnme Cadet conferences Crfsis response thetwork Chaplains. minlsty¢05ts Seafarers, welfare Pro8rammewotk in Indla Seafrdrer communities Pro6ramrnewvrkin Scotland Uknine appe31 On line 5UPPOrt COVID kits- supply4nd d15tributlo Methcal care- Indonesi4 Me(*cal ¢are- India Unspent le8Acy- Northem Ireland 157 181 149 18 171 li 15 27 io 15 li iioi 106 J75 22 12361 1281 45 16 1131 Izi ID Iiioi li io 83 li 1831 io 26 26 io iioi 451 435 15651 a21 ALLMY¢
NOTES FORMING PART OF ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 20. Resetves Icontinuedl lej Thesociety irtovementlnfvnds Expenditvrv golns, losses tr¢w5fvrs gn¢l 31 Deeember evttluatlons olonce l Jun¥¢vy 2Q21 In(ornlng 2022 £ffjO's Endowmentfvnds SKGobriel Woods Moriners, Home 997 {926J 71 RestrKtedfvnds Copitolorants and donotion5 Dortatiojjs & evÉrtts income 247 f571 14251 190 632 251 io Le9uues io 30J 632 14821 4SJ UnrestrfdedFutJds- Generalreserve Desloftoredfvnds GÉrterttlfurtd5 1.269 12081 1579 1.061 3,974 1787) 4.049 5.272 1,494 (2,1951 4,571 Includedwithin the t7re thefollolwnq movements onrevoluotion reseryes.. SsrGabriel Wood's Moriners'mome {57J 632 Restnctedfvndsdetwls Co*rolgronrs-5eofvrers'Centres CopiroNironrs & donotions- Choplolns'& pro9romme reloted vehicles pp developments& Choplolns'lT Wellness Proqromme CNT5I5 response netWLYk Choploins'mirnsrry¢osts Proqrommeworkinscotlond Un5peftt leqo¢y- Northern Irelvnd SeLTlorer5'welfort Indlo seafarers'centrefvdlltles HoJycnAppeal- rebuilLlingcommunities COWDkits- supply onddlsiributhon Medytol¢tsre-14donesits MedkolcLTre-Indlo 185 (281 157 34 45 1161 1301 1381 116) 151) 173) 18 15 120 i( 73 io io 181 303 13 26 12201 f2) 83 li 26 301 632 14821 451 s$,5E 55
NOTES FORMING PARTOF THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2022 20. Reserves Icontinuedl 111 Tr•nsrfersbetween funds Vnrestrfrted Restrlrted Fund5 Funds £OOO's £(rfXl's 181 1261 Ettdowment Fund5 Fund5 £OOO's Sir Gabriel Weod's Mariners. Home Improvement5 Restritted funds redassified •$ unrestrlcted 26 26 1341 DurinB theyear the Slr Gabriel Wood's Mèrlners. Home charity spent £7,598 on improvèmentsto the Home which was owned bythe Sotiety and treated 35 an endowment. As the charity ts treated as a restrirted fund, 8 transfer is requiredfvom restricted to endowment fundsto reco8nisethe increased valve olth¢ ¢dowment by this arnout)t. {glPrioryearadJustment The pnorp2ri0d adjustmehtln 2021 rdated to a reasSesst0f theacmuntir ¢rtatmoTrt of the Leith ABed Mariners, Fund when it wastransferred Irorna Separate rÈ8iSteredthartyiD 2019ttSallors' Society Sco#nO. F¢rmertytreated as ¥ rostricted fund, the impliÈd obli8athin tocontlni to payturreni beneficiarie5 Welf• payments for ihe rest of their Iwes isnow eWed 35 a li11. Cwsequenththe adlustrnt ts1£4a,OCQ reO5thE re5trittèd fund from resevYe54hd place5 Iton the bal¥ncesheet asa prcmsion under11•IltIesdue afteroneye•r based oTrfuturee5Um3ted Instalment5. Mtweménts on the11a fr(YEarttsyearare sh¢vrf4n the 5t*ement of Financwl Actiwties. smL(S0t 56
NOTES FORMING PART OF THE FINANCIAL STATEMErirs FOR THE YEAR ENDED 31 DECEMBER 2022 21. Analysis of ¢on$olidated net assets between funds Umestrlrted Restrl¢t•d Totsl Fund$ £OTr)'s Fynds £ON's Funds Funds OOO'S Fund bolan5 at 31 Decembèr2022 are Tepresented ty.. Group Tan8lblefixed assets Intsngible fixed a55etS Investment properties Investments 434 179 24 613 72 48 457 1.853 983 12011 14681 457 1853 1,113 12341 14681 Current assets 130 Lon8 term liabilities Totsl n•t a55ots at 31 Oecember 2022 3,106 Tangible fixed assets Intan8ible fixed assets Investment properties Investments Investment in subsidiarie5 Current assets 427 174 24 601 72 457 1.645 457 1,645 1,014 11941 14381 123 1,137 11941 14381 Current liabilities Lon8 tem liabilities Total net assets at 31 December 2021 2.964 321 3.285 SPJioRISy 57
NOTES FORMIIIG PART OF THE FINANCIAL STATEMEltrs FOR THE YEAR ENDED 31 DECEMBER 2022 21. Analysis of cgnsolidated net assets between funds Icontinuedl Unrestrlrte Réstrlrted Endowm¢nt Totol Fund5 É&Xl's Fufvds Funds Fundb¢Tlances or 31 DeMber2021 ure representedty.. Group Tangiblefvedassets lrttonglblefixedcssets In5¢Yent0Pertles Invesrments 474 196 927 1,597 6] 62 I,W7 2.424 16 260 I,7 2.424 16 558 137?) (4961 Intere5tAree lotrns Current ossers currentli47bilitles Lrx¥g termlltsbilitses Interfundbolonce5 (328) [496) 149) {864J Totolnet ossets ot31 DecemberZOZI 4,282 4.75 Tcngiblefixedossets Intanglblefixedossets Investmentpropertles Investments lnvestmentinsub5ldrie5 Inreiestfree IDL¥nS Cuirenr ossets 467 61 J90 935 L592 61 I,LX77 2.191 1,007 2,191 16 16 495 13371 14591 234 261 Curreftt liobilthes long term Ilobilities Inrerfuftd bolunces {337) (4591 18641 Totolnet Ossets ryt 31 Décem2021 4.049 4SI 71 4,571
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 22. Subsidiary undertakings laJDetailsofsubsidi&nés 111 The So¢ietyown$ XIN0 the issued ordinary sh•re¢apital of Sailors. Benefiei•l Enterprises Ltd. a company Ilmited by shares and re8lStered In En8land and Wales Ino. 36529551. The company èrran8es£orporate 5ponsor5hip on behalf of the Sailors, Society and or8an15e5 5eleded overseas fundrai5iry events. It a150 handle5 any tommercSal trading actity. The registered office Is Seafarer HSe. 74 St At)nes Rd, Southampton, 5019 9FF. Certaln trustees and stsff olthe Society are directors. 121 Sir Gabriel Wood's Mariners, Home and Court Is a re8lStered in Scotland I. 5ccl3763l. Certain Society trustees and the Chief Executive Officer are trStee$ of the tharity. It operated a resKlÈntial care home ènd independent1ivin8facility in Greenotk, Scotland for retired seèfarer5, those whoworked in the mèrr(irne industry as well as those whoworked at5ea in the Merchant Na Royal Navy. Royal Martnes OTWRNS. The<are home ¢losed In F¢bruary2021 and the independent INlngfacilityoperatlon ceased ¥then the entire sitewassold in March 2022. The re4istered office is Sealarer House. 74StAnne5 Road. Southomptoft S0199FF. 131 Sailors. Societyscotlènd is a reglstered charity in Scotland Ino. SC0418871 and a company limited byguarahtee rewered in Scotland Ino. SC3878501. This th•rrty carries out some of thÈfundfaisifigand thatitable attsvity in in Scotland. The regsteredoffice is ?9 Rosemount Viaduct, Aberdeen, Ab25 IMS. Its trLtstees are a150trustees of the Society. 141 Sailors, SotiÈtyPhilippines Intorptrrèted Is a compaTry limited ty8uarantee, registered In the Phlllpplne5, number C14201628509. The charity carries out welfare work and educati0Tr31 a5Si5tsncewith seafarers and their families throu8h ChaP1£v and community Outreach in the ports and seafèrtr communttles in the Philippines. The reystered office is Room 204B. 18 Cherrycourt BuildsnL Ger*ral Maxilom Avenue, Brangay Zapatera, Cebu Ctty, Cebu. Philippines. The Society exerci5e5 its control through the cornpary'5 Board olTrustees. W"Ch contaln5Sodety employeesand. as its rnaln funder, controls the actMtie5 of the charlty. 151 Sailors, Soclety u&4 Is a non-profit corporatlon incorporated In the state of Texas, US& flle number 0803171422 The TeE15tered offitt is 909 Fannin Street, Houston. Texos 77010, U&4. The companywo5formed to carry out lundraisin8 èctiwties in the USA has been domiant slnce formation. Trustees and staff of the 5odety are diredors. JI results of the above subsidiarles are con5011dated in thegroup financlal statements. IbJlnve$tmentinsubsidMrws Cost At l January 2022 and 31 December 2022 Provision for Impairment At l Jonuary 2022 ProvSslon It)year 21 16 At 31 December 2022 16 Net bookvalve At 31 December 2022 At 31 December 2021
M)TES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 22. Subsidiaryundertaking5 Icontinuedl l¢JFinancialdet8ils IIor5' &nofitlal £iSe$ Z022 2021 £LWs £IWs SS)'So¢1ety1nd1nE Crynfflercial incoffle Resbdential b¢rne&flf In¥osffflenl & othei IKoD)e yy 69 18 17B 25 12 19 752 77 ChAritaNeeyThdirure c¢MralIrtt3llostS 16461 16461 106 46 Intere5ttowrentchrity NetldeficS¢llsurplus 106 27 ThEaUreweoftheas5. WIISUe54ndfund5Wa5'. 29 27 lbilSe5 IS561 IGOII Fund Sall¢r4'5wtySrotknnd 2021 DoTr4iior6XBrahts S)is.$0etylUndlTre Comrnercr•VretWtharltabletiadirrf irKry Investment Incrrf OthErintomE io 30 75 75 39 147 29 is) 182 153 tharitablt tndtte Cost of raising 11961 11901 14 Irwitmtfitlknse5VIwn5 A55e 229 292 Jo 13 alItieS
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 22. SLFbsidiary undertakings leontlnuedl Tran5acttoThs betweenthe 5Dctyand theSUbdlarles duringtheyear and balances due at 31 Decefflber are èsfdbws'.- SkG4bvllW•od's S•Mor'Sadth Sr$. Sod•ty PhMppkns 2012 XII É(Wi £thYJs Erf¢rprfJeiltJ 2022 2021 ManaRement charges made bysociety 19 Is 38 Grantfu4[n8 from Soclety 75 75 147 148 Loan Intefestduetothe Society 19 13 alantedue tolllrtynl Sooetyat 31 Oecember 593 1291 ThEre were tran5action5TMth ihea55ociate5dEtsilEd in note 24. Therewere no balanres duetoorfrum these at 31 December 2021. 61
NOTES FORMING PART DFTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 23. Financial commitments aloperatingleases At 31 Oetemberthe Society had total wmmttments under nOnnCelIabl opèratiry leases payable 4sfolbws'. Consolldated Lartdnd BulldlRRS 2022 2021 £W's oiher 2022 £OOO's 2021 Withrn one year 8eiweeTr two and five year5 More than h'vè years 48 Bl 12 iio 145 159 127 21 L•ndand Bulldlngs 2022 2021 Other 202Z 2021 Within one year Between two and five years Morethan fNe years 30 76 58 102 12 107 161 li The Society h35 entered into operating lease5withtènants reming its fieeholsj property. The followln8 rental income payments are due under the formal leases up to the break date or endol lease date. whichever issooner.'- Cohsolldated and the Sotktv 2022 2021 £iNJO's £(#)D's thln oneyear Between two and five years 51 30 43 81 iii 24. A$$ocSateentities The Society had three associate entitie5. Details ale as follow5.'- RtOstereéchorltyJNi IVKJ 286078 Ioutttryolfeglstrotkni ETrBland Port of Bristol Seafarers, Centre Felix5towe & Haven Ports Seafarers, Service Humbtr Seafarers, Service Ltd JthntTrnstee 272077 11599S3 EnEland Er$8land JoiThtTrustee JThTrtTrustee The Society has in excess of 20% votinE fiEht5 in respect ol each of theabovethree chèrities and this comes within the definition of an associate entity. 62
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2022 24. Associate entities Itontinuedl The busine55 undertakings of all three organisations were trHn5ferred to QVSR Seaf3rer5 Centres IQVSRSCI on 30 June 2022. The charities still exist without any assets, liabilities 01 reserves andthe intention is to retrwe them from the charlty fe8lster. Thls had not been done by 31 December 2022. FInal1 det¥115 dthese associatÈ5art'.- Humber Fe4xstowe Prytol 8rfrt01 Last arcountsdate 31 March 31 M4rch 31 March 2022. 2022 2022 frws Net 5urplu5lldelic+tl in £0).$ Nrf assets in £OCO's Souety shaof net assets 1331 135 62 1201 532 45 177 atljusted to irKludetradin8wbsidiory results In terms ol accountin& a share of the è$50ciate'sfinanci•l results should be included in the So¢iety'$ 8roupSOFA aTrd balance sheet. Howevef sufficiently accuratehnanclal data has not been available and the three entities prepare annual accounts to 31 March rather Ihan 31 December. Those account5are independentlyexarnined. t)ot audlted. For these reasons, historicallyt the trustees have decided to disclosethe finanoal results of the associates by way of note onty. The transferof operations to QVSRSC in June 2022 means this issue wlll not be relevant for 2023 8roup financlal statements onwards.
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 25. Transactrons involving directorsand senlormana9ement The Oirertors do not retelve any remuneration. Amovnts relalingto travel and subslstence relètinEtotAvo dirertors iotalled £4%1202J.. two directors- £611. thtemotlonol Chrlstlon MarlthneAsso¢ludonl-ICMA"I Dur(n8 2022 the Society pèid a sub5criptyONto ICMA of £7.5tsJ12021-. £7,5ts)I, a charity in which Sar# Baade, ChSef Executive af Sailors, Sotietywasa trustee. The Society a150 received a funding 8rant of £4.38212021.. £8,639) towards s charltable programmework. At the balarKe Sheet date ICMA was owed £NILI2021.. £NILI. 26. Unrecorded legacie$ Thefollowlngestlmated amounts relate to legaue5 nollfiedto the Sockty but not yet accounied for in the financial Statement5'.. 2022 zozi Pecuniary legaties Resldual legacies Lega£ies subjectto a liftrienant Interest 115 li 118 27. Contln9ent liablllties LicbilityQf15yng i>uI o]SirGobriel Woods Moriners. Hoffte The trustees are aware of an accident at the Home in 2018Mthich could possibly resuli In a fine. Working practices were mooilied atthe tirne to prevent a reeccurrence. The potential size of èny fine and whether a proseurtion will tually be puf5ued cannot bp assessed asthere is Insufflctent Information a¥ail3ble to confirm this. Clurifi¢orion of poterttiol liobility The trustees are aware of a potential liibilty in the re8ion of £IOO.OC•J atthe end of 2022 related to atethnical Iut where the charity 15 W3ltlll8 lor a responsefrom è ruling authorty to clarify the position in whith a liabillty mi8ht crystalise. 28. Post balance sheet events In July 20Z3 the Soclety sold freehold prop¢Tty•nd rÈalised a profit of awroxSmately £53D,>0¥er tt5 baknte sheet c•rryingvblue at 31 December 2022. SIs.51]lly
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 29. Comporativé dat 2021 Consolldthd stot•ment of FlnoncFal Activities Unrestrf¢t¢d Aeslrlrted Re5trlct¢d Etydth¥merf Totsl Fynds Funds {Contlnulnil Ioi5continuirfl £1),6 Funds t4ot¢ 20 It) Donutionsattdleoottes Donations andgrants Le8acie5 207 263 662 877 263 470 662 1,140 ChL7ritobleoetivitres Ineome Irom seafarets, centresand seafarers, retsrement fafility Other pro8fammE related income Residential homefees and nat ret)tal Sncome 37 13 37 13 170 170 SQ 170 220 orher trthding QCtNltles Charity Shop income Fundraisin8 events, sponsorship & commercial 163 58 163 58 221 221 lrtvestmtrttin¢ome 146 146 Other COVIO-19 related governrnental income 25 123 Total 662 RalsingfuThds Charitae actr4ities Adjustment forreassessmerbt of gaI matters 866 1.555 511 616 653 3,335 11.2301 70ts1 L191 SIJ 616 653 2.9?1 NetexpendbturebEfore invtstmentyins 12061 151 Galns on investment assets 244 244 Netexp•nditure 151 14131 16531 18771 Tr••sl•rSbgtw•fvr4s 519 15191 Netmovtm•rttnfvrnls 151 106 18rn Ftsnd balances brou¢ht fofward- as prewlously reported Prioryear adjustment (note 201111 4,244 356 1431 1,235 5.710 Fund bèlances brouÈht forward-as restated 4.244 313 1235 5,667 4.282 63 41,7 65
2022 TRUSTEES REPORT
ADMINISTRATIVE DETAILS, TRUSTEES AND ADVISORS
Patrons
Her Majesty The Queen deceased 8 September 2022
Vice presidents
The Free Churches’ Moderator for England
The Right Reverend the Moderator of the General Assembly of the Church of Scotland The Right Reverend and Right Honourable the Lord Bishop of London
The Right Reverend the Moderator of the General Assembly of the Presbyterian Church in Ireland Alastair Fischbacher Captain Reg Kelso MBE Ross Sinclair Frank Taylor deceased 18 June 2022
Sailors’ Society Trustee Board (and serving directors)
Peter Swift Chairman Joshua Hutchinson Vice-Chairman Catharine Bacon Peter Goldberg Claire Pekcan resigned 29 April 2022 Kay Penney Michele White appointed 1 June 2022
The above persons served as trustees and directors of the Sailors’ Society during 2022. Jonathan Holloway was appointed as a trustee on 15 May 2023.
COMMITTEE MEMBERSHIP DURING 2022
Finance and General Purposes Committee Joshua Hutchinson (Chair from 7 January 2022) Peter Goldberg Peter Swift (Chair to 6 January 2022) Michele White (from 20 July 2022) Operations Committee Peter Goldberg (Joint Chair) Catharine Bacon (Joint Chair) Joshua Hutchinson Claire Pekcan (resigned 29 April 2022) Kay Penney Peter Swift
66
SAILORS’ SOCIETY
2022 TRUSTEES REPORT
Remuneration Committee Kay Penney (Chair from 23 November 2022) Catharine Bacon Peter Goldberg Joshua Hutchinson (Deputy Chair from 23 November 2022) Peter Swift (Chair to 22 November 2022) Sailors’ Society Scotland Trustees Joshua Hutchinson (Chair) Claire Pekcan (resigned 29 April 2022) Peter Swift Michele White (appointed 14 June 2022) Sir Gabriel Wood’s Mariners’ Home Trustees Sailors’ Society (Corporate trustee) represented by:Joshua Hutchinson (Chair) Sara Baade Peter Swift Sailors’ Beneficial Enterprises Ltd directors Peter Goldberg (Chair) Joshua Hutchinson Andrew Pitcher Sailors’ Society Philippines Inc Trustees Gavin Lim (Chair) Jasper Del Rosario Maria Rosaroso Nicodemus Tuban Sailors’ Society USA directors and officers Peter Swift (President) (dormant during 2022) Sara Baade (Vice President) Andrew Pitcher (Treasurer/secretary)
SUBSIDIARY ENTITIES
67
SAILORS’ SOCIETY
2022 TRUSTEES REPORT
MANAGEMENT AND ADMINISTRATION
Registered Office of Sailors’ Society and its principal operational address
Seafarer House, 74 St Annes Road, Woolston, Southampton, Hampshire, England S019 9FF.
Sailors’ Society is a charitable company limited by guarantee, registered in England and Wales, company registration no 86942, registered charity no 237778.
Company Secretary Andrew Pitcher FCCA
Senior Leadership Team Sara Baade MA BA (Hons) Chief Executive Samantha Lane BA (Hons) December 2022) Andrew Pitcher FCCA Director of Finance Melanie Warman BA (Hons) NCE
Chief Executive Director of Development (resigned 31 December 2022) Director of Media and Advocacy
Auditors
Azets Audit Services, Athenia House, 10-14 Andover Road, Winchester, SO23 7BS
Principal Bankers
National Westminster Bank Plc, 68 Above Bar Street, Southampton, SO14 7DS Bank of Scotland, PO Box 17235, Edinburgh, EH11 1YH
Investment Managers
Investec Wealth and Investment Limited, 30 Gresham Street, London, EC2V 7QN Cazenove Capital Management, 1 London Wall Place, London, EC2Y 5AU Blackrock Fund Managers Limited, PO Box 545, Darlington, DL1 9TQ
Solicitors
Blake Morgan, New Kings Court, Tollgate, Chandler's Ford, Eastleigh SO53 3LG Anderson Strathern LLP, 1 Rutland Court, Edinburgh EH3 8EY Clyde & Co, Albany House, 58 Albany Street, Edinburgh, EH1 3QR
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SAILORS’ SOCIETY