## TRUSTEES’ ANNUAL REPORT AND ACCOUNTS 2024
FOR THE YEAR ENDED 31 DECEMBER 2024
Registered Charity No. 237778. Registered Company No. 86942.
## **Trustees’ Report 2024**
## **Introduc�on from the CEO**
con�nue to face many pressures – from geopoli�cal challenges such as the Red Sea crisis to the daily reali�es of working far from home – we have worked to ensure our services meet these needs in a prac�cal and sustainable way.
This year we cemented our virtual support to seafarers, ensuring 24/7 access to chaplaincy, counselling, and wellness tools wherever they are in the world. We grew our Wellness at Sea offer, extending training, digital pla�orms, and awareness campaigns to thousands more across the globe. At the heart of our work, we con�nued to stand with those in crisis, providing comfort, guidance, and prac�cal aid.
We also deepened our engagement with cadets, the future of the industry. More young people than ever before a�ended our conferences and training, equipping themselves with the tools needed for resilience at sea. Throughout all of this, we gathered and analysed data, producing evidence-based reports that not only shaped our own programmes but also influenced the wider industry, offering insights into connec�vity, wellbeing, and the hopes and concerns of the next genera�on of seafarers.
Looking ahead, we remain commi�ed to suppor�ng the wellbeing of the world’s seafarers and their families. They are at the heart of global trade, and we are determined to con�nue responding to their needs with services that are relevant, evidence-based, and accessible.
## **Sara Baade**
Sailors’ Society
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## **Trustees’ Report 2024**
## **VISION AND MISSION**
## **Our Vision**
A world where all seafarers and their families are supported and empowered.
## **Our Mission**
To meet the welfare and wellbeing needs of seafarers, their families, and the communi�es they live in, at home, in port, and at sea.
## **OUR YEAR IN SUMMARY**
The heart of our work in 2024 has been our support of seafarers, with a par�cular focus on our Wellness at Sea programme and our engagement with cadets – the future of the mari�me industry. Our global cadet conferences grew substan�ally, with 9,245 cadets a�ending worldwide – more than double last year’s numbers. These events not only provided valuable skills and wellness training but also gave cadets a vital pla�orm to voice their concerns and aspira�ons to the industry they are about to join.
India reached 768 cadets, equipping them with prac�cal tools for resilience and wellbeing. The Wellness at Sea e-learning pla�orm grew to 3,190 sign-ups, becoming a training resource for thousands of seafarers to monitor and manage their wellbeing. Our Ship Connect service reached 846 seafarers. Ship Connect is a proac�ve outreach programme where our team contacts vessels directly, offering support, building trust with crews, and iden�fying poten�al issues early.
Our Peer-to-Peer groups grew to 170 with 2,175 members. These Peer-to-Peer groups provide safe and confiden�al spaces for seafarers, cadets, captains, and families to share experiences, challenges, and advice with others who understand life at sea. In 2024, we also launched an LGBTQ+ support group – the first proper dedicated network for this community within the mari�me sector – marking a vital step in ensuring inclusivity and recogni�on for all seafarers.
Our 24/7 helpline also remained a cornerstone of support in 2024, providing seafarers and their families with immediate access to assistance, advice, and pastoral care at any �me of the day or night. The helpline connects callers with our chaplains and trained responders, ensuring that urgent concerns are met with compassion and prac�cal guidance.
Alongside these achievements, Sailors’ Society has con�nued to be at the forefront of crisis response. The Red Sea crisis dominated much of 2024, with Houthi a�acks causing fear and disrup�on across one of the world’s busiest shipping lanes. Our Crisis Response Network supported 1,135 seafarers– a 28% increase from last year – offering vital care in moments of trauma and uncertainty. We also provided educa�on and welfare grants to families facing hardship.
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## **Trustees’ Report 2024**
All of these services are now delivered virtually, although some elements, including much of our crisis response work, is in person. This shi� has allowed us to be in the pocket of every seafarer, accessible wherever they are in the world, and we are proud to be leading the way in providing virtual support for seafarers across the global mari�me industry.
Through it all, we have combined immediate support with long-term insight. By gathering and analysing data from our programmes, we are shaping evidence-based reports that influence not only our own work but also the broader industry, ensuring seafarers’ needs are be�er understood and addressed.
## **OUR ACHIEVEMENTS AND OUR IMPACT**
## **Wellness at Sea**
We are proud that our virtual Wellness at Sea programme is moving from strength to strength, reaching more seafarers than ever before and providing them with the tools they need to have a successful career at sea. This flagship ini�a�ve has become a cornerstone of our work, enabling us to empower seafarers from their earliest days as cadets through to their final contracts.
connec�vity and wellness at sea. The findings offered the mari�me industry valuable evidence on how digital access and support services can make a real difference to crews’ wellbeing.
We delivered wellness training to 768 cadets in India through our successful Wellness at Sea partnership with the ITF Seafarers’ Trust, thus ensuring that the next genera�on of seafarers began their careers equipped with prac�cal skills to safeguard their health and resilience at sea.
common myths about life at sea. The report’s findings were presented at our pioneering cadet conferences, promp�ng important discussions about the reali�es of mari�me careers. In 2024, our cadet conferences broke records once again, with more than 9,000 cadets par�cipa�ng across Africa, Asia, and Europe. A�endance in Africa more than doubled compared with the previous year. The conferences combined keynote contribu�ons from respected mari�me leaders with interac�ve sessions, giving cadets the opportunity to discuss openly the challenges and opportuni�es they face. These events not only provided essen�al skills in wellness and resilience but also reinforced the importance of evidence-based insight into the future genera�on of seafarers.
We are also developing new products to strengthen this work further, with our new Sea Mate training being the main innova�on, ensuring we con�nue to respond to the evolving needs of seafarers.
## **Crisis Response Network**
The Crisis Response Network con�nued to be a key part of our support for seafarers in 2024. With funding from The TK Founda�on, Seafarers’ Charity, and UK P&I Club, our responders provided 24/7 care to 1,135 seafarers, an increase of 28% from the previous year. The team offered assistance following incidents such as piracy, accidents, bereavement, and the ongoing Red Sea crisis.
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## **Trustees’ Report 2024**
Our work included counselling, prac�cal guidance, and liaison with families to ensure that seafarers and their loved ones were supported throughout challenging situa�ons. In 2024, a significant propor�on of this support related to the Red Sea crisis, where crews were caught in a conflict zone facing disrup�on to their voyages and increased anxiety. Our team provided assistance to seafarers diverted around the Cape, repor�ng heightened stress whilst extending their �me at sea transi�ng the area, and to families concerned for the safety of their loved ones.
The increase in demand demonstrates the importance of maintaining this dedicated network, which con�nues to be available to crews and their families whenever they need help. Our on-the-ground presence has allowed us to deliver immediate, prac�cal support, while also offering emo�onal and spiritual care in the local language of those we serve.
## **Grants – Educa�on and relief of distress**
Through our Sea Change grants, we provided cri�cal funding for urgent medical care, welfare, and educa�onal fees for struggling seafarers’ families. In 2024, we issued £16,426 worth of educa�on and welfare grants. Par�cular emphasis was placed on those impacted by the Red Sea conflict and Ukrainian families s�ll displaced by war.
## **Promo�on of our charitable purpose**
by strategic collabora�ons with influencers across social media. We have worked with prominent seafarer influencers such as Ivan Guzman, Sailor Lens, Captain Thomas Lindegaard Madsen, Chief MAKOi, and Marino PH, bringing greater visibility to our welfare ini�a�ves across Instagram and Facebook. These collabora�ons have allowed us to expand our reach and bring our work into the feeds of thousands more seafarers and their families.
online presence. Our digital pla�orms now allow us to share seafarers’ stories, promote wellbeing resources, and highlight industry insights in ways that resonate strongly with our audience. We a�ribute much of our increased engagement to these partnerships and to carefully cra�ed campaigns that reflect the real challenges and resilience of the mari�me community.
By the end of 2024, our social media following had grown to 22,241 on Facebook and 5,581 on Instagram, and our newsle�ers reached 17,693 recipients, demonstra�ng our ability to engage directly with seafarers, families, and supporters worldwide.
Every year, we also promote the Sea Sunday ini�a�ve—a key moment in the church calendar to pray for and celebrate the vital work of seafarers, who bring us more than 90% of everything we use. In 2024, the theme _“Calming the Storm”_ resonated deeply amid the ongoing Red Sea crisis, encouraging congrega�ons to support seafarers facing both global and personal hardships. Through downloadable liturgy, sermons, and resources, churches around the world were empowered to remember, pray for, and financially support seafarers and their families.
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**Trustees’ Report 2024**
## **Partnerships and advocacy**
Partnerships remained central to our achievements in 2024. From securing sponsorship at highprofile mari�me events to forging collabora�ons with leading shipping organisa�ons, we have expanded our reach and influence. We also formalised a significant partnership with the Directorate General of Shipping in India, signing a Memorandum of Understanding to provide welfare support to Indian seafarers. This agreement strengthens our ability to deliver services and extend our support in one of the world’s largest seafaring na�ons.
Our engagement at cadet conferences was enriched by contribu�ons from prominent speakers, who provided invaluable insights for the next genera�on of seafarers. Their par�cipa�on not only elevated the profile of these events but also reinforced the importance of wellbeing and resilience in shaping future mari�me careers.
Our CEO, Sara Baade, has also con�nued her trusteeship within the Interna�onal Chris�an Mari�me Associa�on, strengthening Sailors’ Society’s influence across the global network of seafarer ministries and ensuring that our insights and exper�se shape industry-wide approaches to welfare.
## **Unifying our voice**
We were fortunate to bring together the whole organisa�on in Southampton in October for an allstaff conference. The main theme was to sing from the same hymn sheet and following much change within the organisa�on over recent years, this gathering was both �mely and necessary to unify our direc�on and strengthen our shared purpose.
## **OUR FUTURE PLANS**
con�nue to lead the way in virtual support for seafarers, building on the success of our digital chaplaincy, peer-to-peer networks, and Wellness at Sea training pla�orm. New services will be introduced to strengthen this work, including **Sea Mate** , which will train seafarers to support each other on board as welfare officers, with the Society providing backup when needed. We will also launch **Sea Coach** , a virtual service where seafarers can work through specific concerns with qualified coaches online.
We will further our posi�on as the number one charity for cadets by con�nuing to grow our global conferences and outreach. This includes increasing a�endance, expanding the number of conferences, and replica�ng successful partnerships, such as our ITF collabora�on in India, in other regions.
We also plan to extend our services to Chinese seafarers, recognising their vital role in the global mari�me workforce. To ensure accessibility, the majority of our products will be translated into Mandarin, allowing crews and cadets to engage fully with our resources. In 2026, we will host our first dedicated Chinese cadet conference, a landmark ini�a�ve that underscores our commitment to suppor�ng one of the world’s largest seafaring popula�ons. This development represents a major step in broadening our reach and ensuring Sailors’ Society con�nues to meet the evolving needs of seafarers everywhere.
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## **Trustees’ Report 2024**
seafarers of faith to connect, share, and support each other in their journeys at sea.
Our services are not only support-focused but also data-driven. By embedding data collec�on into every product, we now hold more than 300,000 data points. In the years ahead, we will produce regular evidence-based reports – including annual cadet insights, a state of the industry review, and targeted snapshots – to influence policy and drive change across the mari�me sector. This will reinforce our standing as the leading source of seafarer welfare data.
Virtual engagement will remain central to our work and we will launch our new website in 2025. We will con�nue to grow our social media presence, working with leading influencers and expanding onto new pla�orms. This visibility is key to ensuring seafarers know where to turn for support.
## **OUR FUNDERS AND SUPPORTERS**
We extend hear�elt thanks to every single supporter for funding our work. There are too many funders to name check, but par�cular thanks to our core and long-term supporters including The T K Founda�on, The Seafarers’ Charity, Trinity House Mari�me Charity, ITF Seafarers Trust, Euronav, West and other P&I clubs. We also recognise, with enormous thanks, a large number of loyal individual supporters and legacy donors who con�nue to ensure that our mission endures.
## **IN LOVING MEMORY**
In March 2025, we were deeply saddened by the sudden death of our pastoral chaplain and Crisis Response Network Coordinator, Boet Van Schalkwyk, following a car accident.
Boet joined Sailors’ Society in 1989 and served faithfully for more than three decades. He was a familiar and reassuring voice on our helpline and was instrumental in founding our Crisis Response Network. Through this work, he supported many hundreds of seafarers and their families at �mes of great need.
His compassion and dedica�on to seafarers were exemplary. Boet’s legacy lives on in the care he provided and in the inspira�on he gave to colleagues across the organisa�on. He will be remembered with respect and gra�tude by all at Sailors’ Society.
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**Trustees’ Report 2024**
## **STRATEGIC REPORT**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Structure**
The Society is a company limited by guarantee without share capital (company number 86942) and is governed by its Memorandum and Ar�cles of Associa�on. It is also a registered charity in England and Wales (charity number 237778). Trustees also serve as directors of the company.
- Sailors’ Society Scotland – A Sco�sh company limited by guarantee and a registered charity.
-
- Sir Gabriel Wood’s Mariners’ Home – A Sco�sh registered charity, currently dormant.
- Sailors’ Society Philippines Inc – A company limited by guarantee in the Philippines.
-
The Society is also a founder member of the Interna�onal Chris�an Mari�me Associa�on, a global membership body encouraging ecumenical collabora�on and mutual assistance among mari�me Chris�an chari�es. The Society and its frontline employees adhere to the Associa�on’s code of conduct.
## **Governance and management**
The Board meets at least four �mes a year to review strategy, performance, and policy. Four commi�ees report into the Board, each comprising trustees with senior staff in a�endance:
- Finance and General Purposes
- Governance
- Opera�ons
- Remunera�on
UK subsidiaries follow a similar system of oversight. The Philippines subsidiary operates under a separate Board, whose chairman reports directly to the Chief Execu�ve.
The Trustee Board’s main role is to determine and guide the strategic direc�on of the charity. Day-today management is the responsibility of the Senior Leadership Team, which reports back formally through commi�ees and informally through ongoing contact with the Chairman and commi�ee chairs. In 2024, the Senior Leadership Team was expanded to include employees with responsibili�es for development (fundraising), Wellness, and programme delivery.
The Society maintains a register of trustees’ and Senior Leadership Team members’ personal interests to ensure any conflicts of interest are managed appropriately. Details of trustees and the Senior Leadership Team are provided at the back of this report.
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**Trustees’ Report 2024**
## **Board recruitment and development**
New trustees are recruited by the Governance Commi�ee, drawing on recommenda�ons from exis�ng trustees and their networks, and in line with the Equality, Diversity and Inclusivity Policy. Nomina�ons are reviewed in consulta�on with the CEO, and prospec�ve trustees are interviewed to ensure their skills and experience add value.
Upon elec�on, trustees undergo a tailored induc�on programme covering the Society’s ministry, welfare, educa�on, and poverty-relief ac�vi�es. Induc�on also introduces them to key staff, stakeholders, and the responsibili�es of trusteeship.
supported. In April 2024, the Appointment of Trustees policy was updated to introduce a five-year service term, renewable once, with the possibility of an addi�onal term under special condi�ons if agreed by trustees to be in the best interests of the Society.
##
is propor�onate to the complexity and responsibility of each role. We do not compete on pay with the public or private sectors.
## **OBJECTIVES AND ACTIVITIES**
The Society’s Memorandum and Ar�cles of Associa�on, last updated in 2017, sets out our charitable purpose:
seafarers and intending seafarers and their families and dependants and the communi�es in which those people live or work by the advancement of the Chris�an religion, the advancement of educa�on and the relief of poverty and distress and the promo�on of any charitable purpose by such ways and means as the Charity shall think fit and for such purposes to do all such lawful things as are necessary to the a�ainment of the foregoing objects.”
A full revision of the Memorandum and Ar�cles of Associa�on is planned for 2025. This will modernise the governance framework and reflect our shi� towards virtual engagement with seafarers, replacing the former face-to-face methodology.
## **Chris�anity**
Our work is mo�vated by Chris�an faith and values, but our services are open to seafarers, their families, and the wider industry regardless of faith background.
## **The advancement of educa�on**
wellbeing while at sea. It addresses mental and physical health, rela�onships, finances, rights and spiritual wellbeing. We also provide grants for those pursuing careers at sea as well as educa�onal support for children of seafarers.
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## **Trustees’ Report 2024**
## **The relief of poverty and distress**
We act when seafarers and their families are affected by tragedy, incident or accident, and make interventions that relieve poverty and distress. Our Sea Change fund provides monetary assistance for those in need. We keep in contact with seafarers through helplines manned around the clock by our experienced responders and through our Peer-to-Peer Support Groups where seafarers can interact with each other to share experiences and raise issues that are important to them, assisted by our group moderators who also generate discussion topics between groups.
## **PUBLIC BENEFIT**
including shoreside personnel. Examples of this impact are provided earlier in the report.
public benefit and have taken into account the Charity Commission’s guidance.
## **FINANCIAL REVIEW**
## **Overview**
listed investments and property added £113,000, with a further £33,000 from investment sales. The overall net result was a surplus of £5,000 (2023: £297,000). The cashflow statement shows net liquida�ons of fixed assets and investments of £169,000 during 2024.
The balance sheet increased from £3,703,000 to £3,708,000. Cash reserves decreased from £382,000 to £246,000.
## **Our income sources in 2024**
**----- Start of picture text -----**
Investment income,
10%
Donations and
Fundraising events
grants, 37%
and commercial
sponsorship, 9%
Charity shop
income, 4%
Legacies, 40%
**----- End of picture text -----**
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## **Trustees’ Report 2024**
||_2024_|_2023_|_Change_|
|---|---|---|---|
|Donations and grants|569|786|-217|
|Legacies|622|467|155|
|Charity shopincome|58|62|-4|
|Fundraising events, sponsorship & commercial|141|252|-111|
|Investment income|159|145|14|
|Charitable activities|4|11|-7|
|Miscelleanous|4|2|2|
|Sale ofproperty||528|-528|
|||||
||1,557|2,253|-696|
## **Dona�ons, grants and legacies**
A�er a 27% increase in 2023, income from these sources fell by 5% in 2024 but remained 21% higher than in 2022. Dona�ons and grants unfortunately declined by £217,000 to £569,000. It was disappoin�ng not to sustain our previous level of annual growth given a considerable number of applica�ons made to corporates and trusts as part of the fundraising effort in 2024, reflec�ng a very challenging fundraising climate. We celebrated some successes along with some disappointments, included funding from new donors and increased funding from other donors. Where we were not successful, we have laid the groundwork for future engagement with these poten�al funders. Legacies increased by £155,000 to £622,000, the highest level since 2005.
## **Other income sources**
The income of our charity shop in Aberdeen remained rela�vely stable supported by our loyal customers in a compe��ve market with almost 40 charity shops in the city vying for custom from those in search of a good bargain. Fundraising events, sponsorship and commercial reduced by £111,000 mainly due to the non-recurrence of our Kilimanjaro event which took place in 2023 and raised both dona�ons and commercial sponsorship. Our main events during 2024 were the London Marathon, support from mari�me industry dinners and externally organised events where individuals taking part raised funds on behalf of the Society. Corporate sponsorship of our cadet conferences, our Wellbeing and Connec�vity Report to the shipping industry and sponsorship support of the Society through messaging at our Carol Service all remained strong during 2024. Commercial ac�vity in respect of our paid for helpline and Ship Connect services showed an increased uptake from mari�me corporates.
## **Investments and other income**
Income returns from investments held up well alongside the unrealised gains men�oned above, charitable ac�vity income further reduced following non-recurrence of rental income a�er the sale of the Moorings re�rement units, also reflected in the sale of property income shown in 2023.
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**Trustees’ Report 2024**
## **How we spent our funds in 2024**
**----- Start of picture text -----**
Raising funds
26%
Charitable
74%
**----- End of picture text -----**
||_2024_|_2023_|_Change_|
|---|---|---|---|
|Raisingfunds|441|514|-73|
|Charitable activities|1,257|1,548|-291|
|||||
||1,698|2,062|-364|
## **Raising funds**
Charity shop costs reduced by £76,000 to £66,000 due to shops’ leasehold interests being disposed of in 2023, not recurring in 2024 less an increase of the running costs of the Aberdeen Shop. Fundraising events, sponsorship and commercial costs reduced by £92,000 to £47,000 primarily as a result of the direct cost of staging the Kilimanjaro Challenge in 2023 not recurring in 2024 plus a staff reorganisa�on a�er the event coordinator le� at the end of 2023. Other fundraising costs increased by £96,000 to £308,000 reflec�ng the staff reorganisa�on and the recruitment of new staff, some to backfill vacancies, together with addi�onal direct costs involved with the effort to drive up income. Costs of managing investments remained similar to 2023.
## **Charitable ac�vi�es**
## **Support costs**
Support costs allocated across raising funds and charitable ac�vi�es decreased by £26,000 in the year.
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## **Trustees’ Report 2024**
##
both showing a net liability posi�on on their balance sheets. In respect of SBEL, the deficit arises due to past discon�nued commercial ac�vi�es. Efforts con�nue to be made to generate more profitable commercial income streams and there has been con�nued success in 2024 in reducing the net liability posi�on even further. However trustees of the Society and directors of SBEL acknowledge returning to a net asset posi�on will be a longer-term objec�ve.
Sco�sh Regulator gave permission in October 2022 to wind up the charity. This is the final part of this process as it is no longer needed. Regre�ably progress in chasing and acknowledging outstanding debts due to the charity has con�nued to be limited in 2024 due to non-engagement by the relevant party. These debts are provided for as doub�ul and therefore at nil value in the accounts. Guidance has been received from the Charity Commission should there be a need to inject Society funds to facilitate the winding up of the charity. Efforts are being made in 2025 to progress the situa�on and engage professional assistance to expedite ma�ers.
## **REVIEW OF THE LEVEL OF FINANCIAL RESERVES**
**Our Reserves Policy**
Reserves provide stability during economic uncertainty. We aim to maintain reserves equivalent to 24–36 months of unrestricted expenditure.
## **Reviewing the Reserves Policy**
We review our reserves policy annually in conjunc�on with se�ng our budgets and reviewing progress against our strategic plans. We discuss the levels of realisable reserves, any major commitments to be funded by the Society and our future obliga�ons. We consider the risks to future income, the level of predicted expenditure and the impact of any adverse effect on investment fund movements.
## **Level of reserves held**
At the end of 2024 our total reserves were £3.7 million. The restricted funds totalled £0.8 million. The remaining funds are unrestricted at £2.9 million and these contained unrestricted fixed assets used in the charity of £0.4 million, the investment property, part-occupied by the Society of £0.5 million less the lease commitments of less than £100,000. Allowing for these, free reserves stood at £1.9 million, which equates to 18 months of total unrestricted expenditure. This is below the range set out in the policy, and the intention remains to replenish free reserves to within this range in the future.
used by the charity (£889,000).
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**Trustees’ Report 2024**
## **INVESTMENTS REVIEW**
## **Policy**
Our Finance and General Purposes Committee oversees the investment policy. In July 2024, we reviewed our approach, which includes investment property and pooled funds. Ethical and environmental, social and governance (ESG) factors are considered in all investment decisions.
## **Investment types**
In terms of screening investments we consider ethical and ESG factors when making investment decisions and, in line with that the Society has continued to invest in the Cazenove Sustainable MultiAsset Fund. The Society liquidated its holding in the Blackrock Charities Growth & Income Fund during the year and also closed down its account with Investec who had managed its bespoke investment portfolio since 2009. Other investments remain with the Cazenove Charity Multi-Asset Fund and M&G Charity Multi-Asset Fund.
## **Investment risk**
Sailors’ Society acknowledges that all investments involve risk, including the potential loss of capital. The Society recognises the need for a balanced approach between risk and return, taking into consideration its charitable objectives and the need to protect its assets. The Board of Trustees has determined the acceptable level of risk as medium to high where higher risk arises within a pooled investment vehicle as part of a strategic investment aim (alongside medium and lower risk investment) to maximise investment returns.
The Cazenove Charity Multi-Asset Fund, the Cazenove Sustainable Multi-Asset Fund and the M&G Charity Multi-Asset Fund are pooled multi-asset investment vehicles. The investment mix is determined by the fund manager and based upon their views of different investment types. There are defined ranges they can trade within.
## **Performance benchmarks**
The Cazenove Funds’ total return target is the rate of inflation plus four per cent over rolling 10-year periods while aiming to meet this target with around two-thirds of equity market volatility. When inflation is high, reviewing the performance against this benchmark on a short-term basis shows an underperformance so further comparison against peer group performance is required.
The M&G Charity Multi-Asset Fund has a bespoke benchmark based upon a number of market indices and asset types.
We also review pooled investment performance against the ARC peer group index covering a range of similar investment products available in the market.
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**Trustees’ Report 2024**
## **Performance review**
The total returns for invested funds during the year were:
|||**Year to 31/12/24**|**Year to 31/12/24**|**Last three years**|**Last three years**|
|---|---|---|---|---|---|
|||_Actual_|_Benchmark_|_Actual_|_Benchmark_|
|||||||
|Cazenove Charity Multi-Asset Fund||13.1%|6.6%|12.6%|32.5%|
|Cazenove Sustainable Multi-Asset Fund|*|8.0%|6.6%|8.8%|32.5%|
|M&G Charity Multi-Asset Fund|*|8.0%|10.7%|15.6%|15.9%|
|||||||
|ARC steady growth peer group comparator||8.2%||5.2%||
|||||||
|*purchased September 2023||||||
Our self-managed investment property, which the Society also part-occupies, con�nued to generate a rental yield in the region of 6.8% for 2024 based on the trustees’ valua�on. This was close to average external provincial office yields of 7.0% at the end of 2024/early 2025 in a property review published by Savills.
## **PRINCIPAL RISKS AND UNCERTAINTIES**
The Senior Leadership Team maintains a Risk Register, reviewed quarterly by the Trustees. Key risk areas include:
- Financial (fundraising and investment risk)
- Opera�onal (including personnel)
- Governance and compliance
* External
con�ngency planning in place. With our changed opera�onal model to virtual contact rather than face to face, the Trustees acknowledge there is a risk of reduced engagement with seafarers and their families. We have a strong strategy in place to reach more seafarers in new ways, including a successful social media plan and popular digital pla�orms which are constantly evolving. We have a number of sources capturing our engagement data and this is monitored regularly by both management and the Trustees to view any trends or poten�al concerns that need to be addressed.
## **VOLUNTEERS**
The shi� to virtual working has reduced some volunteer opportuni�es, though volunteers remain a part of our work. Around 120 volunteers contribute through governance, ship visi�ng, charity shops, church networks, fundraising, Christmas parcel assembly, industry ambassadorship, and kni�ng hats for seafarers. Although their economic contribu�on is not included in accounts, their impact is greatly appreciated.
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**Trustees’ Report 2024**
## **FUNDRAISING PRACTICES**
We remain reliant on dona�ons, grants, and sponsorships, supported by individuals, companies, and trusts. We adhere to the Fundraising Regulator’s Code of Prac�ce and Fundraising Promise, and in 2024 received no complaints. Fundraising ac�vity is overseen by trustees through the Opera�ons and Finance Commi�ees, with controls in line with Charity Commission guidance. We do not employ professional fundraisers, although we use external marke�ng for event promo�on. Communica�on preferences are respected and safeguarding policies followed.
## **STATEMENT OF THE FINANCIAL DUTIES AND RESPONSIBILITIES OF TRUSTEES**
give 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 applica�on of those resources, including the net income and expenditure of the group for the financial year.
- Select suitable accoun�ng policies and apply them consistently
- Observe the methods and principles in the Chari�es Statement of Recommended Prac�ce (SORP)
- statements on a going concern basis unless it is not appropriate to assume that the charitable company will con�nue on that basis
We also state here that applicable accoun�ng standards have been followed subject to any material departures being disclosed and explained in the financial statements.
As trustees (who are also the Directors of Sailors’ Society for the purpose of Company Law), we are responsible for preparing this annual report and the associated financial statements in accordance with applicable law and accoun�ng standards of the United Kingdom – known as United Kingdom Generally Accepted Accoun�ng Prac�ce.
We are responsible for keeping accounting records, which disclose with reasonable accuracy the financial position of the Society. They should enable us to ascertain its financial position and to ensure that we comply with the Companies Act 2006 and with the requisite statutes and other charity and company legislation as required. We are responsible for safeguarding the assets of the Society and for taking all reasonable measures to detect and prevent fraud and any other irregularities that may arise.
## **AUDITORS**
Sailors’ Society
15
## **Trustees’ Report 2024**
## **STATEMENT OF DISCLOSURE BY TRUSTEES TO THE SOCIETY’S AUDITOR**
- In so far as the Trustees are aware at the �me of approving our Trustees’ Annual Report:
- There is no relevant audit informa�on of which the group’s auditor is unaware, and
- The Trustees individually have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit informa�on and to establish that the charity’s auditor is aware of that informa�on.
This report, including the strategic report, was approved by the Trustees on 25 September 2025 and signed on their behalf by:
## **Peter M Swi� Chairman**
Sailors’ Society
16
**SAILORS’ SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SAILORS' SOCIETY**
## **OPINION**
We have audited the financial statements of Sailors' Society (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2024 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 significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 December 2024, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **BASIS FOR OPINION**
We conducted our audit in accordance with International Standards on Auditing (UK) (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **CONCLUSIONS RELATING TO GOING CONCERN**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **OTHER INFORMATION**
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated, we do not express any form of
Sailors’ Society
17
**SAILORS’ SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SAILORS' SOCIETY**
assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees' report (incorporating the directors' report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report , included within the trustees' report have been prepared in accordance with the applicable legal requirements
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or
- sufficient accounting records have not been kept
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **RESPONSIBILITIES OF TRUSTEES**
As explained more fully in the statement of trustees' responsibilities, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Sailors’ Society
18
**SAILORS’ SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SAILORS' SOCIETY**
## **AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
## **EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non- compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/Our-Work/ Audit/Audit-and-assurance/Standards-and-guidance/Standards- andguidance-for-auditors/Auditors-responsibilities-for-audit/ Description-of-auditors-responsibilities-foraudit.aspx.
Sailors’ Society
19
**SAILORS’ SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SAILORS' SOCIETY**
## **USE OF OUR REPORT**
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Jon Noble (Senior Statutory Auditor) for and on behalf of Azets Audit Services
25 September 2025
Chartered Accountants Statutory Auditor
Gateway House Tollgate Chandlers Ford Hampshire SO53 3TG
Sailors’ Society
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## Consolidated Statement of Financial Activities
(incorporating an Income and Expenditure account) for the year ended 31 December 2024
**----- Start of picture text -----**
Unrestricted Restricted Restricted Total
Funds Funds Funds 2024 2023
(Continuing) (Discontinuing)
Notes £000's £000's £000's £000's £000's
Income and endowments from:
Donations and legacies 2 592 599 - 1,191 1,253
Charitable activities 3 4 - - 4 11
Other trading activities 4 199 - - 199 314
Investments 5 159 - - 159 145
Other 6 4 - - 4 530
Total 958 599 - 1,557 2,253
Expenditure on:
Raising funds 441 - - 441 514
Charitable activities 849 412 (4) 1,257 1,548
Total 7 1,290 412 (4) 1,698 2,062
Net (expenditure)/income before (332) 187 4 (141) 191
investment gains
Gains on investments 146 - - 146 106
Net (expenditure)/income (186) 187 4 5 297
Total funds brought forward 3,086 654 (37) 3,703 3,406
Fund balances carried forward 2,900 841 (33) 3,708 3,703
**----- End of picture text -----**
The statement of financial activities contains all gains and losses for the year and all activities relate to continuing and discontinued operations. The net expenditure for the purposes of the Companies Act 2006 comprises the net expenditure for the year adjusted for realised gains on investment assets and was £108,000 (2023: net income £189,000)
Sailors' Society
21
Consolidated and Society Balance Sheets at 31 December 2024
**----- Start of picture text -----**
Consolidated The Society
Notes 2024 2023 2024 2023
£000's £000's £000's £000's
Fixed assets
Intangible assets 11 36 41 36 41
Tangible assets 12 388 408 387 403
Investments 13 2,467 2,499 2,321 2,364
Investment in subsidiary undertaking 21 - - 5 5
Freehold investment properties 14 500 500 500 500
3,391 3,448 3,249 3,313
Current assets
Stocks 1 1 1 1
Debtors 15 674 509 646 502
Cash at bank and in hand 246 382 224 358
Total current assets 921 892 871 861
Liabilities
Creditors: amounts falling due
within one year 16 (191) (197) (148) (152)
Net current assets 730 695 723 709
Total assets less current liabilities 4,121 4,143 3,972 4,022
Creditors: amounts falling due
after more than one year 17 (392) (415) (392) (415)
Provisions for liabilities and charges 18 (21) (25) - -
Net assets 3,708 3,703 3,580 3,607
**----- End of picture text -----**
Company number 86942
Sailors' Society
22
Consolidated and Society Balance Sheets at 31 December 2024
**----- Start of picture text -----**
Consolidated The Society
Notes 2024 2023 2024 2023
£000's £000's £000's £000's
The funds of the charity
Restricted funds 19(a)(d)
- Restricted discontinued (33) (37) - -
- Other restricted 841 654 803 613
808 617 803 613
Unrestricted funds
General charitable funds 19(b)(d)
- Investment revaluation reserve 222 166 206 161
- Other general charitable 2,256 2,523 1,683 1,935
2,478 2,689 1,889 2,096
Designated funds 19(c) 889 901 888 898
- -
Non charitable funds 19(b) (467) (504)
2,900 3,086 2,777 2,994
3,708 3,703 3,580 3,607
**----- End of picture text -----**
The accompanying notes are an integral part of the financial statements.
The financial statements were approved by the Board of Trustees on 25 September 2025 and signed on its behalf by:
**Peter M Swift Chairman**
Company number 86942
Sailors' Society
23
## Consolidated Cashflow Statement
for the year ended 31 December 2024
**----- Start of picture text -----**
2024 2023
£000's £000's £000's £000's
Cash flows from operating activities
Net generated from operating activities (426) (509)
Interest payable (18) (19)
(444) (528)
Cash flows from investing activities
Interest and rents received 56 59
Dividends received 105 81
Payments to acquire tangible and
intangible fixed assets (10) (38)
Purchase of investments (769) (1,208)
Receipts from sale of tangible fixed assets 1 716
Receipts from sale of fixed asset investments 947 625
Net cash provided by investing activities 330 235
Cash flows from financing activities
Capital repayments (22) (22)
Change in cash and cash equivalents in
the reporting period (136) (315)
Bank and cash balances at 1 January 2024 382 697
Bank and cash balances at 31 December 2024 246 382
Reconciliation of changes in resources to net cash outflow from operating activities
Net (expenditure)/income for the reporting period (141) 191
Investment income receivable (159) (145)
Interest payable 18 19
Depreciation, amortisation and impairment 31 33
Increase in debtors (167) (89)
Decrease in creditors (7) (38)
Decrease in provisions for liabilities and charges (4) (5)
Deficit/(surplus) on disposal of fixed assets 3 (475)
Net cash outflow from operating activities (426) (509)
Analysis of cash and cash equivalents
Bank balances and cash in hand 246 382
**----- End of picture text -----**
Sailors' Society
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Consolidated Cashflow Statement for the year ended 31 December 2024
**----- Start of picture text -----**
Analysis of changes in net debt At 1 January Cash-flows At 31 December
2024 2024
£000's £000's £000's
Cash 382 (136) 246
Loans due (437) 22 (415)
(55) (114) (169)
**----- End of picture text -----**
Sailors' Society
25
Notes forming part of the financial statements for the year ended 31 December 2024
## 1. Accounting policies
Sailors' Society is a company limited by guarantee incorporated in England and Wales. The registered office is Seafarers' House, 74 St Annes Road, Southampton, SO19 9FF.
## a) Basis of preparation
The financial statements have been prepared on a going concern basis and under the historical cost convention except for listed investments and investment properties which are held at fair value.
The financial statements have been prepared in accordance with the Charity Commission Statement of Recommended Practice - Accounting and Reporting, by provisions of the Charities SORP (FRS102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2019) and the Companies Act 2006. The Trustees confirm that the charity is a public benefit entity, as defined by FRS102.
The functional currency of the Society is Pounds Sterling (GBP) rounded to the nearest thousand.
## b) Group financial statements
These financial statements consolidate the results of the Society and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis using uniform accounting policies as set out below.
A separate detailed statement of financial activities and income and expenditure account (SOFA) is not presented for the charity itself following the exemption afforded by section 408 of the Companies Act 2006. The charity's total income was £1,419,726 (2023: £2,061,696) and its total expenditure was £1,579,599 (2023: £1,844,683). Investment gains were £133,222 (2023: £104,824).
This results in net expenditure of £26,651 (2023: Net income £321,837).
## c) Company status
The Society is a company limited by guarantee. The members of the Society are the directors. In the event of the Society being wound up, the liability in respect of the guarantee is limited to £1 per member.
## d) Fund accounting
Unrestricted funds are available for use at the discretion of the directors in furtherance of the general objectives of the Society.
Restricted funds are funds subject to specific restrictive conditions imposed by donors or through the terms of an appeal. The purpose and use of restricted funds is set out in the notes to the financial statements.
Designated funds are funds earmarked formally by the trustees for a particular purpose and can be formally undesignated and be transferred back into the general fund if no longer required.
Sailors' Society
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Notes forming part of the financial statements for the year ended 31 December 2024
## e) Incoming resources
All incoming resources are included in the SOFA when the Society is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income :-
- Entitlement to legacy income is based on probate being granted before the year end. The amounts included as income are based on actual receipts or notification of intended payment in the following year. Where legacies have been notified to the Society but the criteria for income recognition have not been met, the legacy is treated as a contingent asset. These are disclosed in note 24.
- Voluntary income received by way of grants, donations and gifts is included in full in the SOFA when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the Society, are recognised when the charity becomes unconditionally entitled to the grant. Grants, where entitlement is related to performance, are recognised when the Society earns the right to the grant through performance of the specified activity. Provision has been made for Income Tax reclaimable at the year end.
- Donated services, facilities and goods for internal use are included at the value to the Society where this can be quantified. Goods donated for resale in the Society's charity shop are included as income when they are sold. The Society receives support from a wide variety of volunteers. It is not practical to place a value on the time volunteered by all these persons due to the variety of duties performed and the differences in time spent by each volunteer.
- Incoming resources from charitable trading activity and activities to generate funds are accounted for when earned. Fundraising events income, where associated costs are attached, is accounted for in the year in which the event takes place. Funds received in advance for future fundraising events are treated as deferred income within creditors and income owed or pledged but not yet received, is treated as debtors to the extent that it is recoverable. Income from external events not organised or marketed by the Society, but where participants donate the income to the Society, is accounted for when received.
## f) Resources expended
Expenditure is accounted for on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates:
- Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the Society's charity shop. Costs paid in advance for fundraising events are treated as prepayments in debtors and are recognised in the SOFA in the year in which the event takes place.
- Charitable expenditure comprises those costs incurred by the Society in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grants payable are accounted for when a legal or constructive obligation arises. A constructive obligation arises when the other party has a reasonable expectation of receipt.
- Support costs are those functions that assist the work of the Society but are not incurred directly in connection with charitable activity. Support costs include back office costs, finance, personnel, payroll and governance costs. These costs have been allocated between the cost of raising funds and expenditure on charitable activities consistent with the use of resources, i.e. allocating property costs by space occupied, office facilities by head count and management and accounting support on a time spent basis.
Where fundraising is part of a multi-purpose activity and promotes the charitable purpose, a proportion of those costs are allocated to the charitable activity. The basis of the split used is the estimated time spent on the activity.
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Notes forming part of the financial statements for the year ended 31 December 2024
## g) Tangible fixed assets and depreciation
Tangible fixed assets costing more than £250 are capitalised.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Valuations that occurred before the transition to FRS 102 have been treated as deemed cost, with no subsequent valuations undertaken. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is calculated to write off the cost or valuation of tangible fixed assets, other than freehold land, by annual instalments over their expected useful lives as follows:
Motor vehicles 33% of the reducing balance Furniture, fittings and equipment 25% of the reducing balance Short and long leasehold properties period of lease or period to lease breakpoint Freehold buildings 2%-5% of building cost or valuation
## h) Intangible fixed assets and amortisation
Intangible assets are amortised over their expected economic useful lives as follows:
Computer software 25% of the reducing balance
## i) Fixed asset investments & investment management fees
Listed investments have been stated at market value at the balance sheet date. Realised gains/(losses) are calculated as the difference between market value at the date of disposal and market value at the previous balance sheet date. Unrealised gains/(losses) are calculated as the difference between the market value at the balance sheet date and the market value at the previous balance sheet date (or date of acquisition if later).
Investment management fees are accounted for as follows :-
Bespoke Fund - percentage of the portfolio value on a quarterly basis shown under costs of raising funds in the SOFA.
Charity Multi-Asset Funds - Management fees of the fund itself are calculated on a percentage of the portfolio value deducted from the market value of the fund on a daily basis and therefore effectively deducted from realised or unrealised gains or losses on investments. For the Cazenove-managed funds, the fee element relating to client management services is a percentage of the portfolio value on a quarterly basis shown under costs of raising funds in the SOFA.
Freehold investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis, are measured at fair value annually with any change recognised in the SOFA. This consists of the sublet elements of functional freehold property which are apportioned between tangible fixed assets and investment properties.
Investments in subsidiary undertakings are stated at cost less provision for impairment.
## j) Stock
Stock consists of goods for resale held at Head Office and charity shops (where purchased for resale). Stock is valued at the lower of cost and net realisable value. Unsold donated items are excluded.
Sailors' Society
28
## Notes forming part of the financial statements for the year ended 31 December 2024
## k) Pensions
The Society operates a defined contribution group personal pension scheme with Aegon for the benefit of its UK based employees. Based upon gross salary, employees contribute at the rate of up to 4% net (5% including tax credit) and the Society at up to 10.75%. Contributions are charged to the SOFA when due.
## l) Foreign currency translation
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the SOFA.
## m) Operating leases
Rentals paid under operating leases, where substantially all the benefits and risks of ownership remain with the lessor, are charged against income on a straight line basis over the term of each lease.
## n) Preparation of the financial statements on a going concern basis
The Society's worldwide operations are complex and wide-ranging. The Society's policy is to always ensure that adequate reserves are maintained to finance operations and to avoid any interruption of
services to seafarers. A detailed review of the level of reserves is included in the Trustees Report annually.
The group results show net increase in funds of £5,000 and net cash outflows of £136,000 for 2024. The Society has prepared forecasts to the end of 2025 and further calculations into 2026 for itself and its subsidiaries that continue to operate. These forecasts and calculations anticipate that the Society will have sufficient financial reserves to operate throughout the period. The financial statements have therefore been prepared on a going concern basis.
## o) Corporate taxation
The Society is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. The Society is not exempt from certain taxes applicable to some of its overseas operations where charitable tax reliefs cannot be applied.
## p) Judgements in applying accounting policies and key sources of estimation uncertainty
The Society applies judgement in the following areas: -
- the recognition of legacy income in line with the stated accounting policy above.
- the allocation of costs between the various activities of the Society. The method, as disclosed, is considered to
- be the fairest way to allocate shared costs between activities in a consistent manner.
- the valuation of investment property at fair value in line with accounting policy 1(i) above. Further detail is included in note 14.
- the financial statements include an estimate in respect of the liability related to the individuals who are beneficiaries of the former Leith Aged Mariners' Fund. Estimates relate to the discount factor used and the estimated life expectancy of the individuals - see note 18.
There are no other significant judgements or estimates in these financial statements.
Sailors' Society
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Notes forming part of the financial statements for the year ended 31 December 2024
## q) Financial instruments
The Society has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial assets are recognised in the Society’s balance sheet when the Society becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
## _Basic financial assets_
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through the statement of financial activities are measured at fair value.
## _Other financial assets_
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period.
The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
## _Impairment of financial assets_
Financial assets, other than those held at fair value through the statement of financial activities, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the statement of financial activities.
## _Derecognition of financial assets_
Financial assets are derecognised only when the contractual rights to cash flows from the asset expire or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
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Notes forming part of the financial statements for the year ended 31 December 2024
## r) Classification of financial liabilities
## _Basic financial liabilities_
Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through the statement of financial activities are measured at fair value.
## _Other financial liabilities_
Other financial liabilities are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expenses recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Society after deducting all of its liabilities.
## _Derecognition of financial liabilities_
Financial liabilities are derecognised when, and only when, the Society's obligations are discharged, cancelled, or they expire.
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## Notes forming part of the financial statements for the year ended 31 December 2024
**----- Start of picture text -----**
Unrestricted Restricted Total
Funds Funds 2024 2023
£000's £000's £000's £000's
2. Donations and legacies
Donations and grants 164 405 569 786
Legacies 428 194 622 467
592 599 1,191 1,253
2023 299 954 1,253
3. Charitable activities
Income from seafarers' centres and
seafarers' retirement facility - - - 7
Other programme related income 4 - 4 4
4 - 4 11
2023 11 - 11
4. Other trading activities
Charity shop income 58 - 58 62
Fundraising events, sponsorship & commercial 141 - 141 252
199 - 199 314
2023 314 - 314
5. Investment income
Listed investments 103 - 103 86
Property rents 51 - 51 50
Interest receivable 5 - 5 9
159 - 159 145
2023 145 - 145
6. Other income
Surplus on the sale of freehold property - - - 528
Miscellaneous 4 - 4 2
4 - 4 530
2023 530 - 530
**----- End of picture text -----**
Sailors' Society
32
## Notes forming part of the financial statements for the year ended 31 December 2024
**----- Start of picture text -----**
7. Total expenditure - 2024 Staff Other Support Governance Total Total
Costs direct costs costs costs allocation 2024 2023
£000's £000's £000's £000's £000's £000's
(Note 10) (Note 8)
Expenditure on raising funds
Fundraising costs
Charity shop costs 30 29 7 - 66 142
Fundraising events, sponsorship and
commercial 13 14 15 5 47 139
43 43 22 5 113 281
Costs of generating voluntary income
Other fundraising costs 145 79 76 8 308 212
145 79 76 8 308 212
Investment costs
Investment management costs - 3 - - 3 5
Property rental costs - 17 - - 17 16
- 20 - - 20 21
188 142 98 13 441 514
Expenditure on charitable activities
Products and services (including Wellness, 245 424 179 71 919 1,209
Crisis support, helplines and peer to peer
support groups)
Seafarers' centres costs - 8 5 2 15 37
Residential home and seafarers' let 14 11 2 27 20
accommodation costs -
Contributions to partner organisations - 20 2 5 27 37
Promoting the charitable purpose 108 104 42 15 269 245
353 570 239 95 1,257 1,548
Governance 7 31 70 (108) - -
548 743 407 - 1,698 2,062
Support staff costs 197 (197)
745 210
**----- End of picture text -----**
Sailors' Society
33
## Notes forming part of the financial statements for the year ended 31 December 2024
**----- Start of picture text -----**
7. Total expenditure - 2023 Staff Other Support Governance Total Total
Costs direct costs costs costs allocation 2023 2022
£000's £000's £000's £000's £000's £000's
(Note 10) (Note 8)
Expenditure on raising funds
Fundraising costs
Charity shop costs 27 106 9 - 142 177
Fundraising events, sponsorship and
commercial 50 57 27 5 139 79
77 163 36 5 281 256
Costs of generating voluntary income
Other fundraising costs 105 38 61 8 212 204
105 38 61 8 212 204
Investment costs
Investment management costs - 5 - - 5 8
Property rental costs - 16 - - 16 13
- 21 - - 21 21
182 222 97 13 514 481
Expenditure on charitable activities
Products and services (including Wellness, 612 331 189 77 1,209 1,428
Crisis support, helplines and peer to peer
support groups)
Seafarers' centres costs - 29 6 2 37 37
Residential home and seafarers' let
accommodation costs 1 4 13 2 20 162
Contributions to partner organisations 8 22 2 5 37 81
Promoting the charitable purpose 108 74 47 16 245 300
729 460 257 102 1,548 2,008
Governance 7 29 79 (115) - -
918 711 433 - 2,062 2,489
Support staff costs 246 (246)
1,164 187
**----- End of picture text -----**
Sailors' Society
34
Notes forming part of the financial statements for the year ended 31 December 2024
## 7. Total expenditure (continued)
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|Net incoming resources are stated after charging/(crediting) :-|£000's|£000's|
|Remuneration paid to the Society's auditors:|
|- audit fee for the Society|19|18|
|- audit fee for the subsidiaries|8|8|
|- tax compliance services and other advice|3|2|
|Remuneration paid to other auditors|3|1|
|Operating lease rentals - land & buildings|32|54|
|- equipment|2|8|
|Mortgage and other finance interest payable|18|19|
|Deficit/(surplus) on disposal of fixed assets|3|(475)|
|Foreign exchange differences|(1)|29|
|Depreciation, amortisation and impairment|31|33|
**----- End of picture text -----**
## 8. Allocation of support costs - 2024
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|Premises|Office|Finance,|Management|2024|2023|
|running|facilities|accounting &|& admin|total|total|
|costs|costs|IT|
|£000's|£000's|£000's|£000's|£000's|£000's|
|Basis of allocation|Floor area|Head count|Time spent|Time spent|
|Fundraising costs|
|Charity shop costs|-|1|5|1|7|9|
|Fundraising events, sponsorship &|
|commercial|2|6|5|2|15|27|
|2|7|10|3|22|36|
|Costs of generating voluntary income|
|Other fundraising costs|15|49|8|4|76|61|
|15|49|8|4|76|61|
|Charitable activities|
|Products and services (including Wellness,|
|Crisis support, helplines and peer to peer|
|support groups)|16|53|101|9|179|189|
|Seafarers' centres costs|-|1|4|-|5|6|
|Residential home and seafarers' let|
|accommodation costs|1|2|1|7|11|13|
|Contributions to partner organisations|-|1|-|1|2|2|
|Promoting the charitable purpose|6|24|3|9|42|47|
|23|81|109|26|239|257|
|Governance|7|17|30|16|70|79|
|47|154|157|49|407|433|
**----- End of picture text -----**
Sailors' Society
35
## Notes forming part of the financial statements for the year ended 31 December 2024
## 8. Allocation of support costs - 2023
|**_Premises_**
**_Office_**
**_Finance,_**
**_Management_**
**_running_**
**_facilities_**
**_accounting &_**
**_& admin_**
**_costs_**
**_costs_**
**_IT_**
**_£000's_**
**_£000's_**
**_£000's_**
**_£000's_**
_Basis of allocation_
_Floor area Head count_
_Time spent_
_Time spent_
Fundraising costs
_Charity shop costs_
_-_
_1_
_6_
_2_
_Fundraising events, sponsorship &_
_commercial_
_4_
_14_
_6_
_3_
**_4_**
**_15_**
**_12_**
**_5_**
Costs of generating voluntary income
_Other fundraising costs_
_9_
_38_
_9_
_5_
**_9_**
**_38_**
**_9_**
**_5_**
Charitable activities
_Chaplaincy, welfare and projects_
_12_
_52_
_114_
_11_
_Seafarers' centres costs_
_-_
_1_
_4_
_1_
_Residential home and seafarers' let_
_accommodation costs_
_1_
_3_
_2_
_7_
_Contributions to partner organisations_
_-_
_1_
_-_
_1_
_Promoting the charitable purpose_
_5_
_29_
_3_
_10_
**_18_**
**_86_**
**_123_**
**_30_**
Governance
**_6_**
**_22_**
**_33_**
**_18_**
**_37_**
**_161_**
**_177_**
**_58_**
9. Analysis of grants expenditure within charitable expenditure
**Grants to**
**Grants to**
**Support**
**institutions**
**individuals**
**costs**
**£000's**
**£000's**
**£000's**
Chaplaincy
1
-
Seafarer general welfare
1
19
7
Educational
-
2
-
**2**
**21**
**7**|**_2023_**
**_total_**
**_£000's_**
_9_
_27_
**_36_**
_61_
**_61_**
_189_
_6_
_13_
_2_
_47_
**_257_**
**_79_**
**_433_**
**2024**
**£000's**
1
27
2
**30**|**_2022_**
**_total_**
**_£000's_**
_22_
_9_
**_31_**
_74_
**_74_**
224
7
23
12
78
**_344_**
**_81_**
**_530_**
**2023**
**£000's**
4
25
2
**31**|
|---|---|---|
There were no major grants made to institutions in 2024.
Sailors' Society
36
Notes forming part of the financial statements for the year ended 31 December 2024
**----- Start of picture text -----**
||||
|---|---|---|
|10. Staff costs and numbers|2024|2023|
|£000's|£000's|
|Salaries and wages|621|999|
|Social security costs|68|86|
|Pension costs|43|47|
|Life assurance and medical insurance|3|5|
|Chaplains' housing costs|10|27|
|745|1,164|
|Benefits in kind not included in the above|7|7|
**----- End of picture text -----**
Total pension contributions accrued and not paid at 31 December 2024 amounted to £6,013 (2023: £4,579).
Total redundancy and termination payments were £13,536 (2023: £120,398) of which £NIL was unpaid at 31 December 2024 (2023: £NIL unpaid).
The total remuneration of the six members of the Senior Leadership Team who served during the year including all benefits and pension contributions was £468,572 (2023: three members - £303,553). No remuneration was received by any director.
The number of employees receiving total emoluments over £60,000, excluding pension contributions, were as follows:
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|Number|Number|
|£60,000 to £69,999|1|-|
|£70,000 to £79,999|2|2|
|£120,000 to £129,999|-|1|
|£130,000 to £140,000|1|-|
**----- End of picture text -----**
Employer's pension contributions for the four employees above were £35,894 (2023: three employees £28,103).
Included in the remuneration and bandings disclosures above is both direct salary and salary equivalent consultancy payments paid to members of the Senior Leadership Team during the year. Pension disclosures also include pension equivalent consultancy payments.
The average number of employees, calculated on a full time equivalent basis (including casual and part-time staff), analysed by function was:
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|Number|Number|
|Charitable products and services|5|17|
|Fundraising and charity shops|5|4|
|Promoting the charitable cause|2|3|
|Management and administration of the charity|4|6|
|16|30|
**----- End of picture text -----**
The average monthly head count during the year was 18 (2023: 31).
The Society also engaged with 10 overseas-based personnel who were self-employed consultants or employed via third parties during the year.
Sailors' Society
37
Notes forming part of the financial statements for the year ended 31 December 2024
**----- Start of picture text -----**
11. Intangible assets
Computer
Consolidated and the Society software
£000's
Cost
At 1 January 2024 55
Additions 7
At 31 December 2024 62
Amortisation
At 1 January 2024 14
Charge for the year 12
At 31 December 2024 26
Net book value
At 31 December 2024 36
At 31 December 2023 41
**----- End of picture text -----**
Computer software relates to the technology the Society has developed for use in its charitable operations.
Sailors' Society
38
Notes forming part of the financial statements for the year ended 31 December 2024
## 12. Tangible fixed assets
## a) Consolidated
|**Freehold**
**property &**
**Leasehold**
**improvements**
**property**
**£000's**
**£000's**
**Cost or valuation**
At 1 January 2024
459
34
Additions
-
-
Disposals
-
(15)
At 31 December 2024
**459**
**19**
**Depreciation**
At 1 January 2024
86
30
Charge for year
10
-
Disposals
-
(11)
At 31 December 2024
**96**
**19**
**Net book value**
At 31 December 2024
**363**
**-**
**Net book value**
At 31 December 2023
373
4
b) The Society
**Freehold**
**property &**
**improvements**
**£000's**
**Cost or valuation**
At 1 January 2024
459
Additions
-
Disposals
-
At 31 December 2024
**459**
**Depreciation**
At 1 January 2024
86
Charge for the year
10
Disposals
-
At 31 December 2024
**96**
**Net book value**
At 31 December 2024
**363**
At 31 December 2023
373|**Furniture**
**fittings &**
**equipment**
**£000's**
193
3
(3)
**193**
167
7
(3)
**171**
**22**
26
**Furniture**
**fittings &**
**equipment**
**£000's**
178
3
(3)
**178**
153
7
(3)
**157**
**21**
25|**Motor**
**vehicles**
**£000's**
99
-
(5)
**94**
94
2
(5)
**91**
**3**
5
**Motor**
**vehicles**
**£000's**
98
-
(4)
**94**
93
2
(4)
**91**
**3**
5|**Total**
**£000's**
785
3
(23)
**765**
377
19
(19)
**377**
**388**
408
**Total**
**£000's**
735
3
(7)
**731**
332
19
(7)
**344**
**387**
403|
|---|---|---|---|
Sailors' Society
39
## Notes forming part of the financial statements for the year ended 31 December 2024
**----- Start of picture text -----**
13. Fixed asset investments Multi-Asset Bespoke
Funds Fund Total
a) Consolidated £000's £000's £000's
Market value
At 1 January 2024 2,284 215 2,499
Additions 659 110 769
Disposals (589) (325) (914)
Unrealised gains on revaluation 113 - 113
Market value at 31 December 2024 2,467 - 2,467
Historical cost at 31 December 2024 2,213 - 2,213
Listed investments
UK fixed interest investments 195 - 195
Overseas fixed interest investments 114 - 114
UK equity shares 269 - 269
-
Overseas equity shares 1,599 1,599
Property funds 104 - 104
Alternative investments 144 - 144
Cash 42 - 42
Market value at 31 December 2024 2,467 - 2,467
b) The Society
Market value
At 1 January 2024 2,149 215 2,364
Additions 659 110 769
Disposals (588) (325) (913)
Unrealised gains on revaluation 101 - 101
Market value at 31 December 2024 2,321 - 2,321
Historical cost at 31 December 2024 2,083 - 2,083
Listed investments
UK fixed interest investments 187 - 187
Overseas fixed interest investments 108 - 108
UK equity shares 265 - 265
-
Overseas equity shares 1,493 1,493
Property funds 96 - 96
Alternative investments 133 - 133
Cash 39 - 39
Market value at 31 December 2024 2,321 - 2,321
**----- End of picture text -----**
Sailors' Society
40
Notes forming part of the financial statements for the year ended 31 December 2024
## 13. Fixed asset investments (continued)
The Society invests in charity multi-asset funds and had four separate investments during the year which has reduced to three by 31 December 2024. These contain a diverse range of investments including investments in other funds. It is therefore difficult to identify material individual holdings (5%+ of total investment value) which might exist across all three funds.
The funds invested in at 31 December 2024 are:Cazenove Charity Multi-Asset Fund Cazenove Sustainable Charity Multi-Asset Fund M&G Charity Multi-Asset Fund
## 14. Freehold investment properties
|Consolidated and the Society - at valuation
At 1 January 2024
Revaluation in the year
**At 31 December 2024**
The valuation consists of:
Freehold property - Sublet portion of Seafarer House, Woolston, Southampton|**£000's**
500
-
**500**
500|
|---|---|
The sublet portion of Seafarer House was valued at 31 December 2024 by the directors based on the capitalised value of rental income received with reference to commercial rental yields. The remainder of the property, occupied by the Society, remains within freehold property in tangible fixed assets.
The historical net book value of the properties is £531,977 (2023: £531,977).
Sailors' Society
41
## Notes forming part of the financial statements for the year ended 31 December 2024
## 15. Debtors
|Trade debtors
Amounts owed by subsidiary undertakings
Other debtors, prepayments and accrued income|**Consolidated**
**2024**
**2023**
**£000's**
**£000's**
37
7
-
-
637
502
**674**
**509**|**2024**
**2023**
**£000's**
**£000's**
17
6
-
2
629
494
**646**
**502**
**The Society**|
|---|---|---|
## 16. Creditors: amounts falling due within one year
|Trade creditors
Bank loan
Taxes and social security
Pension contributions owed
Other creditors and accruals
Deferred income (see note below)
Amounts owed to subsidiary undertakings
Secured creditors|**Consolidated**
**2024**
**2023**
**£000's**
**£000's**
37
61
23
22
23
18
6
5
46
42
56
49
-
-
**191**
**197**
23
22|**The Society**
**2024**
**2023**
**£000's**
**£000's**
9
33
23
22
21
17
6
5
35
31
25
13
29
31
**148**
**152**
23
22|
|---|---|---|
Sailors' Society
42
Notes forming part of the financial statements for the year ended 31 December 2024
## 16. Creditors: amounts falling due within one year (continued)
|**Consolidated**
**2024**
**2023**
**Deferred income**
**£000's**
**£000's**
At 1 January 2024
49
17
Released to Statement of Financial Activities
(35)
(33)
Deferred in the year
42
65
At 31 December 2024
56
49
17. Creditors: amounts falling due after more than one year
**Consolidated**
**2024**
**2023**
**£000's**
**£000's**
Bank loan
**392**
**415**
Secured creditors
392
415
**Consolidated**
**2024**
**2023**
**£000's**
**£000's**
Future payments due
Amounts payable between 1 and 2 years
40
40
Amounts payable between 2 and 5 years
120
120
Amounts payable over 5 years
346
386
506
546
Less: finance charges allocated to future periods
(114)
(131)
**392**
**415**|**The Society**
**2024**
**2022**
**£000's**
**£000's**
13
14
(13)
(14)
25
13
25
13
**The Society**
**2024**
**2023**
**£000's**
**£000's**
**392**
**415**
392
415
**The Society**
**2024**
**2023**
**£000's**
**£000's**
40
40
120
120
346
386
506
546
(114)
(131)
**392**
**415**|
|---|---|
The bank loan was advanced in August 2017 and was repayable over 20 years at an interest rate of 4.19% p.a. fixed for a period of 10 years and renegotiable thereafter. The bank granted a 12 month capital repayment holiday ending
30 April 2021 with the loan now being due to be repaid in August 2038. The loan is secured on the freehold property at St Annes Road, Southampton.
The element of the bank loan repayable in the next twelve months is shown under creditors due within one year.
Sailors' Society
43
Notes forming part of the financial statements for the year ended 31 December 2024
## 18. Provisions for liabilities and charges
|Leith Aged Mariners' Fund
At 1 January 2024
Adjustment in the year
**At 31 December 2024**|**2024**
**£000's**
25
(4)
**21**|**2023**
**£000's**
30
(5)
**25**|
|---|---|---|
The Fund was formerly a separately registered Scottish charity and was closed down and merged into Sailors' Society Scotland in early 2019.
Monthly charitable welfare payments are made to beneficiaries with a merchant marine background and to their dependants at the rate of £13 per week. Recipients are also given an additional £13 as a Christmas bonus in December. The annual cost for 2024 is £689 per person. The number of paid beneficiaries in 2024 reduced from 6 to 5 by the year end.
The estimated future payments for beneficiaries of the Leith Aged Mariners' Fund were calculated on an actuarial basis to be approximately £21,000 at 31 December 2024, using 2021-2023 life tables for Scotland supplied by the Office of National Statistics.
The movement in the provision represents adjustments to the liability relating to changes in actuarial assumptions and discount rates.
Sailors' Society
44
Notes forming part of the financial statements for the year ended 31 December 2024
## 19. Reserves
|(a) Restricted funds - consolidated
**Balance**
**Incoming**
**Expenditure,**
**1 January 2024**
**resources**
**gains, losses**
Sailors' Society (see note 19(d))
**and transfers**
Capital grants and donations
46
-
(11)
Donations & legacy income
567
599
(398)
Sailors' Society Scotland
Capital grants and donations
2
-
(2)
Programme related work donations &
legacies
39
-
(1)
Sir Gabriel Wood's Mariners' Home
General funds including grants
(37)
-
4
**617**
**599**
**(408)**
The Trustees are aware of the deficit relating to Sir Gabriel Wood's Mariners' Home and are seeking
by covering the deficit from unrestricted funds as part of the winding up process.
**_Balance_**
**_Incoming_**
**_Expenditure,_**
**_1 January 2023_**
**_resources_**
**_gains, losses_**
**_and transfers_**
Sailors' Society (see note 19(d))
_Capital grants and donations_
_198_
_37_
_(189)_
_Donations & legacy income_
_123_
_878_
_(434)_
Sailors' Society Scotland
_Capital grants and donations_
_5_
_-_
_(3)_
_Programme related work donations_
_1_
_39_
_(1)_
Sir Gabriel Wood's Mariners' Home
_General funds including grants_
_(34)_
_-_
_(3)_
Sailors' Society Philippines Inc
_Boat project_
_7_
_-_
_(7)_
**_300_**
**_954_**
**_(637)_**
**Movement in Funds**
**_Movement in Funds_**|**Balance**
**31 December**
**2024**
35
768
-
38
(33)
**808**
to reduce this
**_Balance_**
**_31 December_**
**_2023_**
_46_
_567_
_2_
_39_
_(37)_
_-_
**_617_**|
|---|---|
## Grants
Grants relate to capital grants (both expended and unexpended). Depreciation on assets purchased with capital grants is charged against this restricted fund.
Sailors' Society
45
## Notes forming part of the financial statements for the year ended 31 December 2024
## 19. Reserves
|**Balance**
**1 January 2024**
(b) Unrestricted funds - consolidated
**£000's**
Sailors' Beneficial Enterprises Ltd (note 21)
(504)
General reserve
2,689
Designated Funds (see note 19(c))
901
**3,086**
**_Balance_**
**_1 January 2023_**
**_£000's_**
_Sailors' Beneficial Enterprises Ltd (note 21)_
_(550)_
_General reserve_
_2,669_
_Designated Funds_
_987_
**_3,106_**
**Balance**
**1 January 2024**
(c) Designated funds
**£000's**
Consolidated
Fixed Asset Fund
**901**
Society
Fixed Asset Fund
**898**|**Expenditure**
**Incoming**
**gains, losses**
**Resources**
**and transfers**
**£000's**
**£000's**
97
(60)
861
(1,072)
-
(12)
**958**
**(1,144)**
**_Expenditure_**
**_Incoming_**
**_gains, losses_**
**_Resources_**
**_and transfers_**
**_£000's_**
**_£000's_**
_109_
_(63)_
_1,190_
_(1,170)_
_-_
_(86)_
**_1,299_**
**_(1,319)_**
**Expenditure**
**Incoming**
**gains, losses**
**Resources**
**and transfers**
**£000's**
**£000's**
**-**
**(12)**
**-**
**(10)**
**Movement in Funds**
**_Movement in Funds_**
**Movement in Funds**|**Balance**
**31 December**
**2024**
**£000's**
(467)
2,478
889
**2,900**
**_Balance_**
**_31 December_**
**_2023_**
**_£000's_**
_(504)_
_2,689_
_901_
**_3,086_**
**Balance**
**31 December**
**2024**
**£000's**
**889**
**888**|
|---|---|---|
## **Fixed asset fund**
The fund represents the carrying value of fixed assets held for use by the charity and excluded from free reserves.
46
Sailors' Society
Notes forming part of the financial statements for the year ended 31 December 2024
## 19. Reserves
## (c) Designated funds (continued)
|**_Balance_**
**_1 January 2023_**
**_£000's_**
Consolidated
_Overseas Retirement Fund_
_48_
_Fixed Asset Fund_
_939_
**_987_**
Society
_Overseas Retirement Fund_
_48_
_Fixed Asset Fund_
_932_
**_980_**
(d) The Society
**Balance**
**1 January**
**2024**
**£000's**
Restricted funds
Capital grants and donations
46
Donations & legacy income
567
**613**
Unrestricted Funds
Designated funds
898
General funds
2,096
**2,994**
**3,607**|**_Expenditure_**
**_Incoming_**
**_gains, losses_**
**_Resources_**
**_and transfers_**
**_£000's_**
**_£000's_**
_-_
_(48)_
_-_
_(38)_
**_-_**
**_(86)_**
_-_
_(48)_
_-_
_(34)_
**_-_**
**_(82)_**
**Expenditure**
**gains, losses**
**Incoming**
**transfers and**
**Resources**
**revaluations**
**£000's**
**£000's**
-
(11)
599
(398)
**599**
**(409)**
-
(10)
821
(1,028)
**821**
**(1,038)**
**1,420**
**(1,447)**
**_Movement in Funds_**
**Movement in funds**|**_Balance_**
**_31 December_**
**_2023_**
**_£000's_**
_-_
_901_
**_901_**
_-_
_898_
**_898_**
**Balance**
**31 December**
**2024**
**£000's**
35
768
**803**
888
1,889
**2,777**
**3,580**|
|---|---|---|
Sailors' Society
47
Notes forming part of the financial statements for the year ended 31 December 2024
## 19. Reserves (continued)
## (d) The Society
|Restricted funds details
Capital grants & donations - Chaplains' &
programme related vehicles
Capital grants & donations - App developments &
other programme IT
Wellness Programme
Cadet activities
Crisis response network
Seafarers' welfare
Scotland related work
Online support
Capacity building
Medical care - Indonesia
Medical care - India|**Balance**
**1 January**
**2024**
**£000's**
1
45
-
40
30
-
400
9
52
10
26
**613**|**Incoming**
**Resources**
**£000's**
-
-
15
89
188
17
195
25
70
-
-
**599**
**Movement**|**Expenditure**
**gains, losses**
**transfers and**
**revaluations**
**£000's**
-
(11)
(15)
(81)
(125)
(13)
(83)
(22)
(59)
-
-
**(409)**
**in funds**|**Balance**
**31 December**
**2024**
**£000's**
1
34
-
48
93
4
512
12
63
10
26
**803**|
|---|---|---|---|---|
Sailors' Society
48
Notes forming part of the financial statements for the year ended 31 December 2024
## 19. Reserves (continued)
## (d) The Society
|Restricted funds
_Capital grants and donations_
_Donations & legacy income_
Unrestricted Funds - General reserve
_Designated funds_
_General funds_
Restricted funds details
_Capital grants - Seafarers' Centres_
_Capital grants & donations - Chaplains' &_
_programme related vehicles_
_Capital grants & donations - App developments &_
_other programme IT_
_Wellness Programme_
_Cadet activities_
_Crisis response network_
_Seafarers' welfare_
_Programme work in India_
_Seafarer communities_
_Scotland related work_
_Ukraine appeal_
_Online support_
_Capacity building_
_Medical care - Indonesia_
_Medical care - India_|**_Balance_**
**_1 January_**
**_2023_**
**_£000's_**
_198_
_123_
**_321_**
980
1,984
**_2,964_**
**_3,285_**
_149_
_11_
_38_
_-_
_-_
_45_
_16_
_2_
_3_
_-_
_11_
_10_
_-_
_10_
_26_
**_321_**|**_Expenditure_**
**_gains, losses_**
**_Incoming_**
**_transfers and_**
**_Resources_**
**_revaluations_**
**_£000's_**
**_£000's_**
_37_
_(189)_
_878_
_(434)_
**_915_**
**_(623)_**
-
(82)
1,147
(1,035)
**_1,147_**
**_(1,117)_**
**_2,062_**
**_(1,740)_**
_-_
_(149)_
_-_
_(10)_
_37_
_(30)_
_84_
_(84)_
_104_
_(64)_
_173_
_(188)_
_8_
_(24)_
_-_
_(2)_
_(3)_
_402_
_(2)_
_8_
_(19)_
_34_
_(35)_
_65_
_(13)_
_-_
_-_
_-_
_-_
**_915_**
**_(623)_**
**_Movement in funds_**|**_Balance_**
**_31 December_**
**_2023_**
**_£000's_**
**_46_**
**_567_**
**_613_**
_898_
_2,096_
**_2,994_**
**_3,607_**
_-_
_1_
_45_
_-_
_40_
_30_
_-_
_-_
_-_
_400_
_-_
_9_
_52_
_10_
_26_
**_613_**|
|---|---|---|---|
Sailors' Society
49
Notes forming part of the financial statements for the year ended 31 December 2024
## 20. Analysis of consolidated net assets between funds
|Fund balances at 31 December 2024 are represented by:
**Group**
Tangible fixed assets
Intangible fixed assets
Investment properties
Investments
Current assets
Current liabilities
Long term liabilities
**Total net assets at 31 December 2024**
**Society**
Tangible fixed assets
Intangible fixed assets
Investment properties
Investments
Investment in subsidiaries
Current assets
Current liabilities
Long term liabilities
**Total net assets at 31 December 2024**|**Unrestricted**
**Funds**
**£000's**
387
3
500
2,084
500
(161)
(413)
**2,900**
386
3
500
1,971
5
452
(148)
(392)
**2,777**|**Restricted**
**Funds**
**£000's**
1
33
-
383
421
(30)
-
**808**
1
33
-
350
-
419
-
-
**803**|**Total**
**Funds**
**£000's**
388
36
500
2,467
921
(191)
(413)
**3,708**
387
36
500
2,321
5
871
(148)
(392)
**3,580**|
|---|---|---|---|
Sailors' Society
50
Notes forming part of the financial statements for the year ended 31 December 2024
## 20. Analysis of consolidated net assets between funds (continued)
|**_Unrestricted_**
**_Funds_**
**_£000's_**
_Fund balances at 31 December 2023 are represented by:_
**_Group_**
_Tangible fixed assets_
_398_
_Intangible fixed assets_
_3_
_Investment properties_
_500_
_Investments_
_2,499_
_Current assets_
_291_
_Current liabilities_
_(165)_
_Long term liabilities_
_(440)_
**_Total net assets at 31 December 2023_**
**_3,086_**
**_Society_**
_Tangible fixed assets_
_395_
_Intangible fixed assets_
_3_
_Investment properties_
_500_
_Investments_
_2,364_
_Investment in subsidiaries_
_5_
_Current assets_
_294_
_Current liabilities_
_(152)_
_Long term liabilities_
_(415)_
**_Total net assets at 31 December 2023_**
**_2,994_**|**_Restricted_**
**_Funds_**
**_£000's_**
_10_
_38_
_-_
_-_
_601_
_(32)_
_-_
**_617_**
_8_
_38_
_-_
_-_
_-_
_567_
_-_
_-_
**_613_**|**_Total_**
**_Funds_**
**_£000's_**
_408_
_41_
_500_
_2,499_
_892_
_(197)_
_(440)_
**_3,703_**
_403_
_41_
_500_
_2,364_
_5_
_861_
_(152)_
_(415)_
**_3,607_**|
|---|---|---|
Sailors' Society
51
Notes forming part of the financial statements for the year ended 31 December 2024
## 21. Subsidiary undertakings
## (a) Details of subsidiaries
(1) The Society owns 100% of the issued ordinary share capital of Sailors' Beneficial Enterprises Ltd, a company limited by shares and registered in England and Wales (no. 3652955). The company arranges corporate sponsorship on behalf of the Sailors' Society and organises selected overseas fundraising events. It also handles any commercial trading activity. The registered office is Seafarer House. 74 St Annes Rd, Southampton, SO19 9FF. Certain trustees of the Society are directors.
(2) Sir Gabriel Wood's Mariners' Home and Court is a registered charity in Scotland (no. SC003763). Certain Society trustees and the Chief Executive Officer manage the charity on behalf of the corporate trustee, Sailors' Society.
It operated a residential care home and independent living facility in Greenock, Scotland for retired seafarers, those who worked in the maritime industry as well as those who worked at sea in the Merchant Navy, Royal Navy, Royal Marines or WRNS. The care home closed in February 2021 and the independent living facility operation ceased when the entire site was sold in March 2022. The registered office is Seafarer House, 74 St Annes Road, Southampton SO19 9FF. The charity is currently dormant, awaiting a formal winding up process.
(3) Sailors' Society Scotland is a registered charity in Scotland (no. SC041887) and a company limited by guarantee registered in Scotland (no. SC387850). This charity carries out some of the fundraising and charitable activity in in Scotland. The registered office is 79 Rosemount Viaduct, Aberdeen, AB25 1NS. Its trustees are also trustees of the Society.
(4) Sailors' Society Philippines Incorporated is a company limited by guarantee, registered in the Philippines, number CN201628509. The charity carries out welfare work and educational assistance with seafarers and their families. The registered office is Room 204B, 18 Cherry Court Building, General Maxilom Avenue, Brangay Zapatera, Cebu City, Cebu, Philippines. The Society exercises its control through the company's Board of Trustees, which contains Society employees and, as its main funder, controls the activities of the charity.
(5) Sailors' Society USA is a non-profit corporation incorporated in the state of Texas, USA, file number 0803171422 The registered office is 909 Fannin Street, Houston, Texas 77010, USA. The company was formed to carry out fundraising activities in the USA but has been dormant since formation. Trustees and staff of the Society are directors.
All results of the above subsidiaries are consolidated in the group financial statements.
## (b) Investment in subsidiaries
|Cost
At 1 January 2024 and 31 December 2024
Provision for impairment
At 1 January 2024
Provision in year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023|**£000's**
**21**
16
-
**16**
**5**
5|
|---|---|
Sailors' Society
52
Notes forming part of the financial statements for the year ended 31 December 2024
## 21. Subsidiary undertakings (continued)
## (c) Financial details
|Commercial income
Charitable expenditure
Commercial costs
Interest to parent charity
Net surplus/(deficit)
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds
Donations & grants
Sailors' Society funding
Commercial/retail/charitable trading income
Investment income
Charitable expenditure
Cost of raising funds
Investment gains/(losses)
Net surplus/(deficit)
Assets
Liabilities
Funds|**2024**
**2023**
**£000's**
**£000's**
**-**
**-**
4
(3)
-
-
**4**
**(3)**
**4**
**(3)**
-
-
**4**
**(3)**
5
2
(38)
(39)
**(33)**
**(37)**
**2024**
**2023**
**£000's**
**£000's**
-
39
54
31
58
63
6
8
**118**
**141**
(53)
(117)
(70)
(55)
**(123)**
**(172)**
**12**
**1**
**7**
**(30)**
186
183
(26)
(30)
**160**
**153**
**Sailors' Society Scotland**
**Sir Gabriel Wood's**
**Mariners' Home**|**2024**
**2023**
**£000's**
**£000's**
**97**
**109**
-
-
(28)
(31)
**(28)**
**(31)**
**69**
**78**
(32)
(32)
**37**
**46**
25
16
(489)
(517)
**(464)**
**(501)**
**2024**
**2023**
**£000's**
**£000's**
-
-
48
66
8
6
-
-
**56**
**72**
(50)
(79)
-
-
**(50)**
**(79)**
**-**
**-**
**6**
**(7)**
9
3
-
-
**9**
**3**
**Sailors' Beneficial**
**Sailors' Society Philippines**
**Enterprises Ltd**|
|---|---|---|
Sailors' Society
53
Notes forming part of the financial statements for the year ended 31 December 2024
## 21. Subsidiary undertakings (continued)
## (c) Financial details
Transactions between the Society and the subsidiaries during the year and balances due at 31 December are as follows:-
|are as follows:-|||||||||
|---|---|---|---|---|---|---|---|---|
||**Sir Gabriel**|**Wood's**|**Sailors' Beneficial**||**Sailors'**|**Society**|**Sailors'**|**Society**|
||**Mariners'**|**Home**|**Enterprises Ltd**||**Scotland**||**Philippines**||
||**2024**|**2023**|**2024**|**2023**|**2024**|**2023**|**2024**|**2023**|
||**£000's**|**£000's**|**£000's**|**£000's**|**£000's**|**£000's**|**£000's**|**£000's**|
|Management charges|||||||||
|made by Society|-|-|22|26|30|28|-|-|
|Grant funding from Society|-|-|-|-|54|31|48|66|
|Loan interest due to the Society|-|-|32|32|-|-|-|-|
|Balance due to/(from)|||||||||
|Society at 31 December|8|8|453|477|(29)|(31)|-|-|
|Bad debt provision made within|(8)|(8)|(453)|(475)|-|-|-|-|
|Society's financial statements|||||||||
Sailors' Society
54
Notes forming part of the financial statements for the year ended 31 December 2024
## 22. Financial commitments
## a) Operating leases
At 31 December the Society had total commitments under non-cancellable operating leases payable as follows:
|Within one year
Between two and five years
More than five years
Within one year
Between two and five years
More than five years|**Consolidated**
**Land and Buildings**
**2024**
**2023**
**2024**
**£000's**
**£000's**
**£000's**
18
22
1
2
16
2
-
-
-
**20**
**38**
**3**
**The Society**
**Land and Buildings**
**2024**
**2023**
**2024**
**£000's**
**£000's**
**£000's**
4
4
1
-
-
2
-
-
-
**4**
**4**
**3**|**Other**
**2023**
**£000's**
2
3
-
**5**
**Other**
**2023**
**£000's**
2
3
-
**5**|
|---|---|---|
The Society has entered into operating leases with tenants renting its freehold property. The following rental income and service charge payments are due under the formal leases up to the break date or end of lease date, whichever is sooner :-
|Within one year
Between two and five years|**Consolidated and the Society**
**2024**
**2023**
**£000's**
**£000's**
50
50
29
29
**79**
**79**|
|---|---|
## b) Capital Commitments (Group and Society)
At 31 December 2024 the Society had capital commitments of £Nil (2023 - £Nil).
Sailors' Society
55
Notes forming part of the financial statements for the year ended 31 December 2024
## 23. Transactions involving directors and senior management
## _**Directors expenses**_
The Directors do not receive any remuneration. There were no expenses claimed in the year by directors. (2023: one director for hospitality - £700).
## _**International Christian Maritime Association ("ICMA")**_
During 2024 the Society paid a subscription to ICMA of £7,500 (2023: £7,500), a charity in which Sara Baade, Chief Executive of Sailors' Society was a trustee. Expenses reimbursed by ICMA to the Society were £334 (2023: £Nil). At the balance sheet date ICMA was owed £Nil (2023: £Nil).
## 24. Unrecorded legacies
The following estimated amounts relate to legacies notified to the Society but not yet accounted for in the financial statements:-
|Pecuniary legacies
Residual legacies
Legacies subject to a life-tenant interest|**2024**
**£000's**
-
-
3
**3**|**2023**
**£000's**
5
319
3
**327**|
|---|---|---|
## 25. Contingent liabilities
## _Liability arising out of Sir Gabriel Wood's Mariners' Home_
The trustees are aware of an accident at the Home in 2018 which could possibly result in a fine. Working practices were modified at the time to prevent a reoccurrence. The potential size of any fine and whether a prosecution will actually be pursued cannot be assessed as there is insufficient information available to confirm this.
Sailors' Society
56
Notes forming part of the financial statements for the year ended 31 December 2024
## 26. Comparative data
## 2023 Consolidated statement of Financial
|Income and endowments from:
_Donations and legacies_
Donations and grants
Legacies
_Charitable activities_
Income from seafarers' centres and
seafarers' retirement facility
Other programme related income
_Other trading activities_
Charity Shop income
Fundraising events, sponsorship & commercial
_Investment income_
_Other_
Surplus on the sale of freehold property
Miscellaneous
**Total**
Expenditure on:
Raising funds
Charitable activities
**Total**
Net (expenditure)/income before investment gains
Gains on investment assets
Net (expenditure)/income
Fund balances brought forward
**Fund balances carried forward**
Activities|**Unrestricted**
**Funds**
**£000's**
230
69
299
7
4
11
62
252
314
145
528
2
**1,299**
514
911
**1,425**
**(126)**
106
**(20)**
3,106
**3,086**|**Restricted**
**Restricted**
**Funds**
**Funds**
**(Continuing)**
**(Discontinuing)**
**£000's**
**£000's**
556
-
398
-
954
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**954**
**-**
-
-
634
3
**634**
**3**
**320**
**(3)**
-
-
**320**
**(3)**
334
(34)
**654**
**(37)**|**Total**
**£000's**
786
467
1,253
7
4
11
62
252
314
145
528
2
**2,253**
514
1,548
**2,062**
**191**
106
**297**
3,406
**3,703**|
|---|---|---|---|
Sailors' Society
57
## Administrative details, trustees and advisors
## **Patron**
His Majesty King Charles III
## **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 (Deceased 21 October 2024)
**Sailors’ Society Trustee Board (and serving directors)**
Peter Swift Chairman Joshua Hutchinson Vice-Chairman Catharine Bacon Nigel Bassett Appointed 23 September 2024 Peter Goldberg Retired 31 December 2024 Jonathan Holloway Tony Jones Kay Penney Michele White
The above persons served as trustees and directors of the Sailors’ Society during 2024.
## Committee membership during 2024
Finance and General Purposes Committee Joshua Hutchinson Peter Goldberg Jonathan Holloway Peter Swift Michele White
Governance Committee Peter Swift (Chair) Kay Penney (Vice Chair) Jonathan Holloway (from 22 April 2024) Joshua Hutchinson Michele White
Sailors’ Society
58
Sailors’ Society Peter Goldberg (Joint Chair) retired 31 Operations Committee December 2024 Catharine Bacon (Joint Chair) Jonathan Holloway (from 10 April 2024) Joshua Hutchinson Kay Penney Peter Swift Michele White Remuneration Committee Kay Penney (Chair) Joshua Hutchinson (Vice Chair) Catharine Bacon Peter Goldberg Peter Swift
## Subsidiary entities
Sailors’ Society Scotland Trustees Joshua Hutchinson (Chair) Peter Swift Michele White Sailors’ Beneficial Enterprises Ltd directors Peter Goldberg (Chair) – retired 31 December 2024 Jonathan Holloway Joshua Hutchinson Sailors’ Society Philippines Inc Trustees Gavin Lim (Chair) Jasper Del Rosario Nicodemus Tuban
Sailors’ Society USA directors and officers Peter Swift (President) (dormant during 2024) Sara Baade (Vice President) Andrew Pitcher (Treasurer/secretary) Sir Gabriel Wood’s Mariners’ Home Trustees Sailors’ Society (Corporate trustee) represented by:Joshua Hutchinson (Chair) Sara Baade Peter Swift
Sailors’ Society
59
## 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 Beth Courtier BA (Hons) MCIOF Head of Development* Andrew Pitcher FCCA Director of Finance Apinder Sidhu Head of Delivery (19 February 2024 to 16 September 2024) Johan Smith BHon MBA Head of Wellness* Melanie Warman BA (Hons) NCE Director of Media and Advocacy
_* member of SLT from 1 January 2024._
## **Auditors**
Azets Audit Services, Gateway House, Tollgate, Chandler’s Ford, Eastleigh, SO53 3TG
## **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 (to 22 August 2024) Cazenove Capital Management, 1 London Wall Place, London, EC2Y 5AU Blackrock Fund Managers Limited, PO Box 545, Darlington, DL1 9TQ (to 19 November 2024) M&G Investments, 10 Fenchurch Avenue, London, EC3M 5AG
## **Solicitors**
Blake Morgan, New Kings Court, Tollgate, Chandler's Ford, Eastleigh SO53 3LG Anderson Strathern LLP, 58 Morrison Street, Edinburgh EH3 8BP Clyde & Co, Albany House, 58 Albany Street, Edinburgh, EH1 3QR
Sailors’ Society
60