THE SHIPWRIGHTS COMPANY CHARITABLE FUND UNCORPORATIMG THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNOI REGISTERED CHARITY NO. 262043 REPORT AND FINANCIAL STATEMENTS 30 APRIL 2024 THE SHIPWRIGHTS COMPANY CHARITABLE FUND UNCORPORATI>4G THE SIR JOHN FISKER FUND & EDUCATIONAL TRUST FUNDI REGISTERED CHARiff NO. 282043 INDEX TO REPORT AND FINANCIAL STATEMEfrITS FOR THE YEAR ENDED 30 APRIL 2024 OTrers and Athlsors Report lo Iha Trnsiees 3-10 Auditors Report Statement of Finanaal Activ5ties 14 Balanix Sheet 15 sts￿ment of Cashflow5 16 Nolos to the Financial Stsiements 17-23 THE SHIPVIRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JQHN FISHER FUND & EDUCATIONAL TRUST FUNDI REGISTERED CHARITY NO. 262043 OFFICES AND ADVISERS Officès Ironmonyer3 Hall Shaftesbury Pl8ce London EC2Y 8AA Trustees 'The Sh￿)WrIght5. Company.. described 8$ 'The Masters. Wardens, Assistants and Commonolty ol The Ancient Fralernily or Biolherho(>Y of Free Shipwrights in London. 1$ a ¢orporale tru¥l8e. Mèmbeis of the Court of Assistsnls. Excepl those classed as "reliréd. or"emerilus' are charfy trustee5. The Court has fomialty appointed the Chaiiman ol the Education and Charilies Comrnittee and the Prime Walden and Wardens to undertakè the business of the Charity for the t￿ne being. For the year 10 30 April 2024 th&y were". Mr N J A Shaw- Prrrne Warden Mr S C W Beale- Renter Warden Admiral Sw George Z8mbèll8s GCB DSC DL - Third Warden Mr A G Bisbas- Fourth Warden & Chair Education & Charity Committee Mr N J M8r5h311- Fifth Warden Ms L M 6ugden- Immediate Past Piime Warden Mr R H C105e-Smilh TD- Preceding Immediale Past Prime Warden IR¢lSrsd 11 Aprfl 20241 Mr R H de C Moore- Honorary Treasurer M5 C M Mulvihill - Chair Education & Charity Committee (Apwnled as a New Trustee 11 April 2024) Investmont Managèrs Cazenove Charilies l London Wall Place London EC2Y SAU Sarasin & Partners Juxon House 100 Sl Paul's Churchyard Londcsn EC4M 88U Investmont Advl8èrs Portrolio Manager Consultancy Lld 100 Liverpool Streel London EC2M 2AT THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI REGISTERED CHARITY NO. 261043 OFFICES AND ADVISERS 8ank•rs Royal Bank of Scovand Chatham (Shipping) Watetsida CoLJrt Chatham Marillme Chatham Kent ME4 4RT Account•nt$ Moore Famity Office Limiled 42 Berkeley Squaro London W1J SAW Audltors REjOn￿&CO Chartered Accountants 132 Buml Road Londtyh SE128PU SollcltOTS Holman Fenwck ￿lIan LLP 8 BLshopsg8le London EC2N 4BQ THE SH1PVIRIGtr￿s COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 The Trustees present their reporl and financial Statements for th$ yèar ended 30 I￿ri1 2024. The feport and finanoal slalemenls have been prepared in a¢cordance wlh the requirement5 01 the charily'5 trust dÈed, the Charilies Acl 2011 and Accounting and Rèporting by Charities.. S1atemenl of Recommended Piactice applicable to charities pfeparing their accounts in 8ccordance with the Financial Rèporting Stantlartl in the UK and Republi¢ of Ireland IFRS 1021 leffeclive 1 January 20151 ICh#rities SORP IFRS 102)} C¢rn$titutlon and Oble¢ts The Shipwrights Company Charitèble fund is constituted under the D8eds ol Tnjst of 30 April 1948 8nd 22 December 1970, ané is a registered chaiity, number 262043. The TnJslee5 are required to apply the Trusi Fund and the income Ihereof for suth purpose5 and objects bèing charitable at law as the Trustees may tn their absolute and unconlrolled disc￿110￿ from lime lo time determine. Under the lerrn5 Of refereftce laid down by the CoLtrt kn 2002 donallons are directed lowarLls Maritime Projects, the City ol London and "Ministering Avthorities" with an emphasis on support lor young people, Thete were no eh8ng*s in thè Trusl's objèct5 durin9 the y8ar. Obl•ctlvg9 and Acll¥ltl•s for th• Publlc e•neflt The Trustees confimi that they have referred lo the guidance Contained in the Ch¥rity Commission's general guidance on public benefit when reviewing Ihe Trust's aims and objecbves, in planning future a¢liviti*s and when setting the grant making policy for the year. The Tru51ee5 have also taken into 8ccourit the Charity Governarbce Code for smaller chanliès and have mapped the Shipwrlghts, Company's govemance against the seven principles as part of an ongoin9 programme ol continuous impTovemenl. The Trus1 carrie5 oul its objectives ty proviithn9 gr8nls lo individuals and organisalion$ Ihal enable par￿cipants lo gain praclical training, education and m8rine r81aled skills which they would oihèrwse nol havE had access to. Full details are given in the Rewew of ACtI￿lIes. Arhievements and Developments on pages 6 to 9. The Trustees arè lully satisfied that the Shipwright5 Company Charitable Fund operJtes lor the wde public benefil in all that it does In its charitable 8clivilies. OTg•nl$allon The Trustees of Ihe Shipwr¢ghts' Company have ultimate responsitjility the operalion ol the Flmd. Authoftty for all 8XP8ncJilure lie5 Wlth the Court of Assistanls ol the Company, 8$ 8dvised by the Firsance Committee of ihe Company and it5 profession81 advisers. Membership of the Covrt is conferred by election from the Livery. Decisions on charitable donations are delegaled to the Education and Charities Comrnittee, chaired by a member of the Court, which meets to ¢0115ider 8pplieations for fJndin9. Th Committee has aulhorily lo d(>nat8 up to £2.$00 in a single donation bul musl refer larger donalDn5. and any changes lo the sums donated to those organis8tions 8nd charities listed under'St8nd8rd Donalions Regular. ID the Court. for endorsemer¢l. All donations 8re lomally reported ihrov9h the Wardens lo Ihe Court as 8n agenda it8m al it5 next meÈtiny. The Ch8ri1able and Educational Committees merged on 1 May 21X)5 in order lo provide grealei clarity of, and perspecI￿ve lo, thÈ Shipwrights. fJnanci81 supporl lo educational and ch8Tilable causes. This merger has reduced the lime and c0515 Teqvired for committee meet¢ngs and enabled more speGi8list attention lo be given to particular acliviiies through the fomiation of sp8crfic sub committees. Since 1 May 2013 the Eduoalion Fund has been formally aeeepted by Ihe Charity Comrni55ion 85 a restricted fund wilhin the Charity Fund, to reduce administrative cosls. THE SHIPWRIGHTS COMPANY CHARrrA8LE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUND) REPORT OF THE TRUSTEES FQR THE YEAR EhlDED 30 APRIL 2024 ICONTINUEOI Go¥wnan¢e The Company is govemed ty the Court %thich has form81ty 8ppoinled the fvirne W8rd8n #nd Wardens nd the Chalrrnan ofthe Education and Ch8riti8s Comrrmttee to undertake the buslness of the Chafity. so the Wardens, Committee acts as the Board. The Financ8 Committee advisgs Ihe Wanltrns ¥nd the Court on the sustsinobility and performance of its in¢om¢ sour￿5 and their rmpacl on the Cornpanvs abilty to achleve ils chBritablè purposes over time. AJI members ol the Court are reminded ol their dules as TTUStees annu8lW 8nd all members of the Company receivè r&gular ￿)dateS on the ch8rity's purposes and bonèfid81 impact. The Company mel its responsibllilies as a City of London LN8ry Company predominantly through ils annual pro9r8mme ol stsndard. cff annual. donations ￿leh a￿ T¢￿e￿d by Ihe Education and Charfties Commlttee, the Wardens and the Court 81 stsrt ofeach year. The Company believès in the ImpoTlance of rnainlaining public trust through tran5parerKy and a￿OUntabIlty. eno)ura9es communipAth)n with its slakeholders and publFcises its actimties its website. beswke reporis. publi¢8thons and social media (Linkedlnl. Communicalion is regularty T$￿￿ed. and now inili8liv¥6 8dopted where applicable. Educatlon •nd Charltles Cornmltt•• The fvll Educatron and Charities Committee met <)n three occasions during the year in June and Octobor 2023 and February 2024. 8lthoiJgh Ihe sub comrniltees were fflore active in tem)s of consUlta￿Dn and d8dslon m8kN)g, primarily via email and phone. Tho Menlorship subn fees. A total of £39,250 was 8warded in Billmeii gr8nls which were paid lo trainirrfJ colle98S OT employers, not directly to 8ppli¢ants. A net s￿) of £1,000 was refunded during the yè8r in respect of previous year grant6 thal were not used to leave the lotal expenditufe for the year of £38,250. In line wilh the decIs￿n made in 2019 the fourth fixed-term five-year granl of £5.000 wa$ made lo the Clyde Maritime Trust lo support 2 apprentices empbyed on the SV GLENLEE In Glasgow. During the year a fvrther 29 applica￿On$ were ¢on$iderèd by th• Committee and 22 grants were made to IndiwdL￿S lotalling £34,250. The su￿&￿1U1 applicants were training 8t 10 separate colleges. universit￿S or tralnlng promders. Unlv•rslty 8tsrnarl•B The Company d¢)n¥led £18,000 lo support ninè univèrsty students S￿dyIng Naval Ar¢hile¢ture aftd Marina Engineering,. Ihr8e al NÈwcasUé Untvèrsity and three al ￿)th the Universities ofsouthompton and Stralhctyde. Each indiv*Jual bvrsary was £2.000 in accordance wlth the Gift Agre8ments made bets¥een the Company and each respective University. Slud&nts are selectèd for Shipwrights, Bvrsarigs basèd on mixture ol n68d and academic ability lollowlng Ih¢ir fi￿1-year exams and the bursaries are paid in Iheir second. third and lourth years. In addition, prizes of£1.OOOwere awarded to the studentaleach univer81ty who SCOTed top of their Penul￿.male yearfs exams. Th• D•nholm Burnary acCordar￿a ￿th the Gift Agreemenl made b8lw•en thè Ch8imwn of J&J Den￿lM Limit¢d and the Shipwri9hts' Company three Denholm Bursaries, each of £2,000 were awarded to Marine Engineering $tuden15 al Ihe University ofStrath¢tyd¢. Oenholm Bursaries are awarded to students lor theirfirst. second 8nrJ Ihird years of study and Aré sp8crftslly directed to assist students who would not otheN¥lsè be Bble attend. Total expendrture on Denholm Bursaries wa5 £6,000 In ye81. The Abram Travel Bursary The Abram Travel Bursary was again paid to the University of Strathclyde. Under the agreement, made between the dOr￿r and the Shipwrights. Comp8ny. an annual donation of£5,C¥)O is rnadeto the Company and subsequenty awarded to the University as the Abram Travel Bwsary whSch Is used lo support students. travel to work pl8cemen15 connected th¥ir studl*s. Th• Shlpwrlghts, Appr•nt5c• L•cturg$ The Annuol Shipwrights. Appyenlice Lectures were held on 17 Cttobttr 2023 ai the MAST Theatre in Sovthampion and over 300 apprentices. students atMI employers attended. sorne haV￿g travelled over 200 ￿11￿5 to allend. The event was partially sponsored by Pendennis Shipyard. THE SHIPWRIGkrrs COMPANY CHARITABLE FU14D {INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 ICONTINUEDI Rèvièw of Aetivltles, Achlev•m•nts and Developm*nl8 {C¢ntlnugdl Shipwright's Prizes The Fieldhovse me￿￿￿81 Prize 2023 w8s won by Lievlenant 158b811a Yan Royal AustT81ian Na￿. who Wa5 graded Ihe lop sludenl on the Royal Nèwy's Nuclear Reactor Course at HknIS SUL TAN and was presented wilh her medal and £100 by the Prime Warden on 7 March 2024. At the same Couri Meeting AB1 Christine Skippen was aW8rd￿ Ihe Shipwrights. Prvze lor HMS PRESIDENT and £100 for h outsl8nding 8chlèv£menls on operalions and First Officer Martin Burton was awarded the fiysl Shipwiights, Prize for Ihe Royal Feel Auxilsary and £100. Inv•stmenl Polley The Shipwri9hls' Comp8ny's investment strategy is contained in 115 Investment Policy siatèment which is reviewed annually by the Finance CommittÈe. Ihe Wardens and approved by the Court. The Company's financial objective is for 11$ ¢haritable inveslments to m8intain their value in real ter￿S and produce a minimum return after inflation. and nel ol lees. o13.5Vo. The Inveslrnent Managers are required lo absde by the stratègy. Th8 Company employed lund managors thloughout Ihe year: Cazenove Charities, who were appobnted in May 2018. and Sarasin & Partners, were apponted in Oclober 2019. R&s¢Yv•s Polley In fomiulating Iheir policy Ihe Yruslees lake into account a number of factors, namely., They must at all ￿Me5 be in a posltion to maintain the fabric ol the lund by co¥ering administralion and support costs. They wish lo provide some PTQteclion 090insl o need to scale ￿(￿n distribulions in the event ol a fall in invesiment income. Thèy may wish lo respond to special 8ppli¢ations lor g13nls ordon8lKJn5 which may arise from lime to time, but which could not be met from current investment income. OveraN, i( remains the policy ol ihe Tnjstees lo expend the income aftèr laking into accounl annual fluctuation5 and special circumstances. The po$ilion is kept und8r close review by the Truslees setting budgels and formulil¢ng policy. Rlsk M#n•gem•nt The Trustees have exam¢ned the moior stralegic, business, and operational risks vknKh the Fund faces. and have assessed Iheir likelihood and potenli81 impart. They confirm Ihat 8n éffèctive system ol control lo mitigate risk has been in place throughout the yèar and the complele Schedul¢ of Risk is foTm8lly rewewed regularly by Ihe Risk Management Committee and are approved by the July Court 8n4ually. Trust￿5 Tralnlng A lettèr is sènt lo all Trustees annualy in which they a￿ encouraged io familiarise themselvès wilh the Charity Commission Websile, in particular the advice to Trustees. and Ltndertake applicable trainin9 when specific n08ds grè identified. THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIQNAL TRUST FUND) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 (CONTINUED) R•crullm•nl and Appolntm¢rt of Tru$t••s The recrullmenl and appotntmènl of Trustees to the Covrt Is decided by a vole amongst the exisling Trustees. New Trustees are given guidance on their role$ and rosponsibiliti•s and rel¢rr¢d lo suitable refer¢n¢o materi81 received from the Charity Commisslon. they afe also required lo tonfimi that they understsnd the roles and responsiblllties of a Twstee and Court Assistant of the Company and that they 8gree to be boLtnd by the Ac15, Ordinances and Constilutions of thg Company and to d6vole the necessary time and effort to their stewardship of bt. Tru$lees' r¢sponslbllStlo$ In r•l•lti>n to the flnon¢l•l statements Th8 Trnsl$e$ ore responsible for pr¢parlng Iho Truslees. Annual Report and the fin8nci81 statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice). In preparing th6sè financial slatemenls, the trustees are requlrad lo.. • sglect Suitsbltr accounting FKJlicies, and than apply th8m conslstenuy.. observè tha methods Bnd princAple5 in the Charities SORP.. • make judgements and gstim¥ies that are reasonable and prudent., PT8pare the flnanclal stslements on the going concem basis unless il Is Inappropriate to presume thal th& charitsblts eornpany Y*ll con15nue In business. The Trustees are responsible for keeping accounling rocords thi¢h diseJos8 wlth reasonable afxuracy Bt any time Ihe financial posilion of the charity. and enable them lo ensure Ih8t thé fin8ndal Ststemenls ¢ompty with the Charities Act 2011. They are also resp)nsible for safeguarding the assets ol the Fund and hence for taklng reasonable steps for the prevention and delocllon ol fraud and other Irr¥gulafitS8S. In $0 lar as the trustees are awaf8'. thgr• is no rèlevant ¥LKIrt information of which the charitable ccmp8ny's auditor 1$ unaware- and the trustees have taken all steps ihat they ought lo hav¥ taken lo rn8ko themsolves aware of ¥fiy rebv8nt audit inform8tion and to estsblish that lh$ audilcr Is aware of that inforrnation. oved by Ihe Trustees and siqned on their behalf by: Ll6ut¢Mnt Colonel R C Col•-Maeklnto¥h CkrklCEO SCWB•ale Primè Warden Dale-. 14 October 2024 10 THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES OF THE SHIPWR1GP￿s COMPANY CHARITABLE FUND We have audited the financial 5tat8rn8rits ol Th8 Shbwrights Company Charitable Fvnd {Incorporaiirsg Tht Sir John Fi5h8r Fund & Edw2llon81 Twst Fund) Ilhe'charily'l for the year efid&d 30 April 2024, which comprise th8 Stalemet)t ol Firnanual Activrtie5, the Balance Sheet, Statement of Cash Fl¢)ws and the r81818d noles, Incl¢Jdlng a summary of significanl accounting rM)IiLiOS. The financial rep(¥ting frarn8woYk ihal has been applied Iheir prepBration is appkcable law and United KiThJdom Accounting Standard5, includire FRS 102 The Finarrial Reporti￿ S￿ndard applicable in lh& UK and Republ1¢ of Ireland (United Kingdom GeneraUyAccepted A￿O￿ntIr￿j Prnclice. In our opinion Ihg fingndal siatemenls.. giv8 a tDJ8 end f8lr view of Ihe stalè of charity's alfairs as at 30 Apdl 2024 and of its in¢orr4ng iesoufc65 and application ol resources, Including ils Income and expendItu￿. for Ihe year then ended: have been propèrly prepared in arxoTdance wth Uniled lQThJdom Generally Accepted AC￿un￿￿j Pra¢ttce', h8ve been p￿pare(j in acco￿onCe the requirements ol the Chariiies A¢1 2011. Ba61s for oplnlon We conducted our audit in atwdance wilh Intèrnational Slan(Sard5onAvditiw IUKI IISAS IUKII and applicable law. Our respons1b￿llIeS under those sta￿lardS arg lurther described in the auditor's re5ponslbilitie5 for Ihe audlt of Ihe fin8nelal statements s￿lI0n of our ￿port. We a￿ independent ofthe charity in accoidance wlth the elhical reqU1￿MentS that are 18l•vanl lo oui au¥Jit ol the financial slaternenls in Ihè UK, including the FRC'S EINcal Slsndard. and we have fulfilled otjr other elhi¢al responslbililies in accordance wrfh th8se wuirem8nts. We bplieve that the audit evldence we have ot*talned Is suffident and appropr5ale lo provide a basis Icw our opinion, Concluslons r•lallng to golng con¢em In audiurg thè frnan¢ial 8taternents, we have concluded that the tfU51ees' use of the g¢ing corKem basls ol ccourbtlll9 Iri the pveparation of th8 financial statements is appropriate. Based on the work we have perfomied. we have nol identified any rnalèrial uncertainties relating to events or conditiorbs thal, indivldually or collectively. rnay c881 si9n1r￿n1 doubl on Ihe charity's abilily lo ¢onlinv? a5 a g￿ng concern for a period of al least fvvelve months from vhen Ihe financial statements a￿ authorised for Issue. Our resp￿sIbIlitieS aJKJ th¢ rospor￿lbi1it1￿$ of thg truslge5 bwth respect to goin9 Concern srè descrlbed In the relevant sections ol thi$ report. Oth•r Infomiatlon The other Infomialion comprises the inlowmation induded in the annual report. other than the finanGial slaltments and oui auditOT'5 report thereon. The trustees ale responsible lor the other infoimation. Our opinion on the fin8ncial st81emenl$ does not cover the olhw inlorrnation and, excepl to the extent Othe￿Ise exph&lly slated in our report. ￿ do not expre55 any fcfm of8ssufBnc£ wncfusion Ihereon. In ¢onneclion our audit ol the financial statèmènts. our Tespon$ibility is to read Ihe olher informalion and, do1￿ 50. consider whether Ihe other inloimabon 15 malerially inconsislenl wth the financtal slatemeThls or our kno￿8￿ge oblained in Ihe avdil tki othetwise appears lo be materially rnis51ated. Ilwe identify such material inc(>nsistencies or bpparenl maleyial rnisstaternenls. we are required to delemilne whether there 15 a material misslatemenl in the finarKial sta¢8rnenls or a maletlal mlsslalement ol the other Infomi8lion. 11, based on th work we have perfom)ed. WÈ conclude that Ihwe 15 a material mi5Stalemenl of l￿'S other Information, we are qLtired to ￿pOrt Ihal faei. We have nothlng to feport in this regard. 11 THE SHIPbYRIGHTS COMPANY CHARITA8LE FUND NCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUND) INDEPENDEKf AUDITORS. REPORT TO THE TRUSTEES OF THE SHIPWRIGHTS COMPANY CHARITABLE FUND IAatt•r• on whlch w• AM r¢wlrnd lo report by •xc•ptlon In the light of the kno￿ed9? and und&rstsrwJlng of the chartty aTrJ Its envlronmenl obt8lned ts) ￿ cowsg of the audit. we have not id¥nb"fied material mtsslalements in the trustees, roport. We have nothing to reF4)rt Sn res￿1 of tha fonowlng m8ttern in rel8tion to the Chgrityes (Acc(•￿ts and Reports) regulation$ 2008 rewres us lo report lo you if. in our oplnlon- Suff￿le￿I accounting rscords h8V8 tiot I￿n kept, or retUff￿ adequate forour *Jdtt have not botrn re¢elved from br8nches not visited by us., or the financial siatemenls are Tr)t In agmrnenl the ac￿nting r&conJs and retums: ¢y certain disdosures of truslee$' rernuner8tion specifi&d by law are nol made,. or wg h8vè ntst reeèived 811 thé infoThation and explanations we require fof our autht-, or the trustees were not entitled to prepar¢ th6 finarri81 slalements in ae£ord8nce wth Ihe small componies regime And tske advantage of the sm311 companies. e¥empllons in preparing th¥ dlr&ctor$' report and from the Tequiremenl to prepare 8 6tralegic report R•spon#lbllltlès oltruste•s As èxplalned more fijlly in the trustees. responsibilities statement, the trustees are responsible lor Ihe Pfeparation ol the fiwclal 5t8tements and for being satisfied that they give a true and lair view, and for such internal control as the Iwslees delermrne is nws$ary to frnable the prepafaiion of flnanclal statem¢nts that are free from m8terial mis6tat8menl. whether due to fraud or error. lft w•paring Ihe financial statements. the trusl•os are respDnsiblè for 8ss8ssing ¢h8rlVs Bbillly lo continue as a goin9 eon¢em. di5dosin9, 8$ spplie*ble. matters felaied to going concem and uslng the gobn9 concem basis of 8c¢ounting unless the Irustees either intend lo ￿quidate the charity or to cease optrral¢or￿. or have no reallsllc aNemalive but lo do so. Audllorf8 f•spon$lblllt1•8 for t￿ a￿111 of the financlal stat•m•nts Our c*iectives are toobtsin reasonable o$$urnn¢e about whetherthe flnanclal statements 8s 8 wholè 8r¢ free from material misstatament, whotheT due lo fraud or trror. and to is$u8 #n auditor's report that hicludes our opinion. Reasonable a5sur8nce is a high level of assurance, t￿1 Is not a guarantee that an audil conducted in acCOrda￿e with ISAS IUKI will ahvays dètect 8 mat*￿al mlsstalement when it exlsts. Mi'sstatements arisefrom fraud ortrrorand Arè conside￿d maleiial rf, indiwdualty orln thè 8ggreg81e. they could rèason8bly bé èxpe¢ttrd to inffiuence Ihe economic decisions of users taken on the basis of the% financial statements. trregularfli8s, Sncludln9 fraud. ore Instsnces of non-compliance wilh laws #nd regulations. W¢ dè$ign Procedu￿$ in lin¥ with our reSpons￿lI￿tIeS, oulined above, to detect material misstalements in respecl ol irregularities. induding fr8ud. The exlenl to vhNch our procèdurès are capoble ol del*oting Irr89ularities. induding fraud is detai18d b81ow'. Jpjbllhy of th• 8udll In dote￿Ing Irregularltles. Sncludlng fraud The objectives of our audit a￿ to identlfy and ¥55ess the risk$ of mètèrial misslalemenl of th8 financial slatements due to fv8ud or error. lo obtain sufficienl s￿rOpriale audit evidence regarding Ihe 85se55ed r65k5 of mieri81 misst8tem8nt due to fraud or error., and to respond appropriately to those risks. Based on our urKlerstonding ol the ch8rity 8nd Industry. and thiough di5CUSsK)n ￿1th the trustees ¥n¢J other man89èrs las r&quir8d by #udltlng stsndardsl. we identified thal the principal Tisks of non- eompllaneè with laws and regulations related to health and Safety. anU-brib8ry and employment law. 12 THE SHIPWRIGHTS COMPANY CHARITABLE FUND {INCORPORAT114G THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SHIPWRIGHTS COMPANY CHARITABLE FUND We conSide￿d the extent to which non-compliance mighl h8ve 8 material effect on Ihe fingn¢ial stalem8nis. Wè also considered those18W5 and rfjgulalions that have a direct Impact on the preparalion ol Ihe financial stslemen15 such as the Chariltes Act. Chariliès SORP IFRS 1021, 18xaliDn and pension legislation. We communicated identified laws and regulations throughout our leam and remained alter to any indications ol non4omplbance Ihrou9huut the audit. We evalvated management's incentives and opportunities lor fraudulenl rnanipulalion ol thè firtanciBI statèments (including the risk ol override of ¢oriirolsl and determined that Ihe principal risks were relatcd to posting inappropriate journal enlfie5 10 irscrease revenue or reduce expenditure and tnanagem¢nt bias in accounting ests'mal*s. Audil pro￿dL$res rftsrmed by the enga9emenl leam K)cluded". DY6cussions wrth Tiuslee's and assessment ol known or suspected inslances ol non-compliance with laws and regulatitsns linduding heaSlh anol safety} and fraud., and IdentityTrg and assessing Ihe deswJn effectivènass ol controls that management has in pLace lo prevent and detect frdud., and Performing analytical procedurés to identify any unusual or unexpected relationships, ineluding related paty tranS8c￿0ns th81 may indieate issks ol malerial mi551atémènls due to fraud. and Identifying and testing journal entrses. iri P3rficular ar)y manLtal entries made ale y88r4nd lor financial statement prepara14'c¢n. There are inherent limilalions in Ihe audit procedu￿$ deseribèd above and the fwther removed non- cornpliance with laws end regulations is from the events and IransaGti¢)ns reflected in the financial slalemenis. Ihe less likely we would bewrne aware of it. Also, Ihe risk ol not detecting a material misststèmani dua lo fraud is higher than the risk ol not d8¢eclin9 onè iesulliro Irtsrn error, as fraud may invO￿e deliberate concealment by. for example. forgery or intentional mi5represenlations, oi Ihrou9h CO1￿510n. Use of our r¢port This report is made solely lo the charity's members, as a body, in accordance with SECtion 144 of Ihe Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undemaken so th8lwe ￿tght Stale lo I e tharity's members those m31ters w8 8r6 required to slate to Ihern In an audilor's report and lor no othe Pufpose. TG th8 lull8sl ext8nl permilted by law. we do not accept OT assume Tesponsibility to anyone ot r than the charity and the charity's members as a body, for our audit work, IOT Ihis report, or lor the opi ons we have lormed. ZIL Slephen Jones Isenior Aud FOT and on behalf of R E Jone5 & Co - Chartered knountsnl$ and Statutory Auditor 132 Bufflt Ash Road London SE12 8PU orl Date.. 2024 73 THE SHIPWRIGHTS COMPANY CHARITA8LE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EOUCATIONAL TRUST FUNDD STATEMENT OF FINANCIAL A¢￿￿TIEs FOR THE YEAR ENDED 30 APRIL 2024 R•slrlGtgd Unr•strlct•d Fund Funql 2024 2024 Total Funds 2024 Total Fund• 2023 Inmmlng and Endowm•nts Donalions 8nd Leg8cies Income from investments 194,133 201.486 194,133 236.931 142.239 231,888 35,445 Totsl kn¢ome and Endov+ments 35,445 395,619 431,064 373,927 Exp•ndttur• Expendttur• on R•lslng Fund• Portlolio management fees 525 2.987 3,S12 4.587 Expendltur• on Charltable A¢tlvltle¥ General chafit8ble donations Outdoor actiwly bursaries Govwnance cosls 111.177 108.014 40.000 110.452 219.191 40,000 134.719 184,992 30,OCKI 158,581 24.267 135,444 258.486 393,910 373,573 Totsl Expenditure 135.969 261.453 397.422 378,160 Net {EMpgndrturg}Ilncorn• and n•t Movèm¢nt In funds before Golns and L086•s on Inv•$tm•fftts {100.524} 134.186 33.642 {4.233} Net G•lnsl{Loss•$l tsn Investments 44.318 2S1.923 296,241 1341.593} Nel Movoments In Funds (56.206) 329,883 {345,8281 Funds Broughl FO￿ard at 1 May 2023 213.884 6.￿2.342 , 6,216,226 6,562.0S2 Funds Carrlod F4)rward at 30 Aprll 2024 157.678 6,388,431 6,546,109 6,216,226 14 THE SHIPVIRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI BALANCE SHEET AT 30 APRIL 2024 Not• 2024 2023 Inv¢$lment5 at Markèt Valu• St(￿9 and shares Portfolio cash 6,549.600 26.583 6.141,672 21.311 6,576,183 6.162,983 Curr•nt Ass￿£ Accrued in¢ome Debtor Stock Cash al b8nk- Current accounl Deposit account 22.500 40,791 600 238 10 238 19,024 13.489 41.227 27.289 55.251 110.145 Cr•dltor$'. amounis falling due wlthln one ￿ar Cr¢dilois & other ac£Tuals Shipwrights Company Genera5 Fun 13,620 18,944 71,705 37,958 85.325 56.902 Ntt Current A$591$ {30,0741 53,243 Totsl Funds 6,546,109 6,216,226 Reslricled Funds Unrèstricted Funds 12 12 157,678 6.388,431 213.884 6,002,342 Totol Funds 6.546,109 6.216.226 Lleut*nant Colonpl R C Cole-Macklnto$h Clerk I CEO SCWBeale Prirne Warden Date.. 14 October 2024 15 THE SHIPWRJGHTS COMPANY CHARITABLE FUND {INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 N•¢ C¥*h used In Op•rallng ActlvMI•8 14 1155,975) 1303.9171 C••h Flows Inv•wtlng •ctlvltl Interest arKI dMd&nds Tax wlaims Paymènts to a¢qUiTe inve$trnents Funds wihdrawn from Investments 236.871 231.518 170 120,0001 107,000 (111,6871 Net cash provld•d by Inv•stlng actlvlll 125,244 318.688 Ch•ng• In cash and cash tqulvalonts In Y•ar 30.7311 14,771 Cash and cash equival¢nts brought lorward 89,827 75,050 Cash and ¢J8h •qulvahnts ¢arrled forward 59,096 89.827 16 THE SHIPWRIGHTS COMPANY CHARITABLE FiJND 1114CORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 APRIL 2024 AccountSng Policl•s is ol counlin Tho financlal slatemenls havè bèen prepar&d under the historical cost convention with ilerns reC￿nISed al cost or transaction valug unl&ss otheTwise stated in thg relevant nole(sl to these financial statements. The finanual stalèmenls have been prepared in a¢cvdance wilh th Statement ol Recornmended Pra¢ti¢e'. Ae¢ountirt9 and Reporting by Charities preparlng their accounts in accordarKtr wilh Ihe FinaHGial Repotts"ng Standard applicable in Ihg UK arKI Republic ol Irolar￿ IFRS 1021 leffedive 1 January 20151 (Charities SORP IFRS 10211, the Fin8nraal ReportirKJ Standard appllcable In the unIt￿ Kfvjdom and Republic of Ireland IFRS 1021 and the Charllies Acl 2011. The Charitable Fund conslitutes a public benefil entity as defined by FRS 102. The Trustees conyder tha11he￿ are no matenal uncertainb.es aboul the Fund's ability ttr conlirnue as a golng concem. There are no slgnlficant areas of judgernent or key assuThptioThs that affect Iterns in Ihe financial slatemenls olher than those Included wrthin Ihe accounting poliGies dèsciibed below. W¢th respect lo the nexl reportiNJ period lor the year endin9 30 April 2025. the mosl signif¢canl areas of uncertainty Ih3t affecl Ile carryirya v81ue of asset5 helij by the Fund are the level of investment retum and the perfom10n¢e of the investment markets (see the inv85tmenl policy and perforrnance and risk managernenl sedion$ of the Reporl ol the Commitl8e of Mana9emeni for more informabonl. Ibl Investment incc¥me Income from investments is shown grgss ol any tax ¢rodits aThJ Is account•d loi when received. Ic) nk sil intere Interest on bank d¢po¥ils 15 g¢wunled for on an gcwals ba51S. Idl Donalions and le a¢ies Amounts are reco9ntsed as income as ano when they are recelv8d. lel T8x recovefable Tax credits and income lax ￿cOVerable are accounted lor on the s3me basis as the i￿Orne to which they relate. ifj Marketablè n tm Inve5tmenls are slated at a middle.markel value. The Sl8lement ol Finan¢i81 Activilles inclu6es s8paTat8ly Ihose fealised gains and ID5se5 arising in the year, anil the movem8nl on th8 balance gf unreolised 9ains and losse5. nditure on Raisi Fvnds Portfolio mana ement fees Portfolio managèment f8Ès arè t¥bèl from portfolio lunds. 17 THE WORSHIPFUL COMPANY OF SHIPWRIGHTS (INCORPORATING THE SIR JOHN FISHER FUND & EDVCATIONAL TrVST FUNDI NOTES TO THE RNANCIAL STATEMENTS FOR ThE YEAR ENDED 30 APRIL 2024 A¢¢ountlng Polkl•$ {Contlnu•dl {hl ilure on Charttab ctivillè$ Expendlture is rel￿gnISed on an ac¢wals basis as a Ilability Is Incuffed. Expenditure includes any VAT vthl¢h camol be fully recovergd. atNJ is reported as partofthe expenditure lo which it relat¢$. All costs are allocaled be￿e￿n th& expendllure cate9orfes on a basls dèsigned lo ffjfloct t￿ us? of thg resource. Cost$ relalirtg lo a particulsi actlvlly are allocoted dlrectly- others 8re epportioned on a bas18 con81stent wth Ihe us$ ol thè r8source. Govemance ￿$ts Include those costs as$o¢l¥led wlh mee￿.ng the consthtulional and ststutory requirements of the ¢harity and indude the fees and costs linked to th& str&le9￿ managèmgnt of the Ch￿lty. Dona Charitable donations and bursarlesare charged against Income in the year in which committed. Inv•gtment Incomo ReStrIct￿ Unf¢¥tr1￿ed 2024 2024 Total 2024 Total 2023 L5sled Inv¢$lmènt divldend income Income from cash hekj Interest on lax recpalms 34.805 631 197,846 3.589 51 232.651 4.220 60 230.409 1.109 170 35.445 201.486 236,931 231,688 Donatlons arKI L•gacl•8 R•SIrfct￿ Unrvstrfct•d 2024 2024 Total 2024 Total 2023 Special donatlons Plannèd giving E.B.M. Charitsble Trust Lag¥¢igs 37.860 116.216 40.000 37.860 116.216 40,000 102.239 40,000 194,132 194.132 142,239 18 THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EOUCATIONAL TRUST FUND) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 APRIL 2024 Go￿ra1 Chorltoblo Donallons 2024 2023 Charlt?bl• Donatlons- Standard Annual National SerV￿e IOT Sèafarers City of London Sea Cadets Corps Clgrgy Support Trusl George Green's School Guildhall Library HMS Queen EIr￿beth Instilute ol Chartered Shipbroktrrs London Area Sea Cadets linc. pocket mcneyl Lord Mayofs Appeal London Nautical School Marin6 Society & Sea Cadets Merchant Nav Sea ScoLSts Sheriffs. and Réeorder's FurKI Sl Paul'5 Cathedral United Guilds, Setvice Others- lèss than £400 500 3.000 200 4.250 300 2,000 2,000 1,200 1.000 4.250 13.000 11)0 4,000 500 500 200 1,000 3.000 3.000 300 2,000 1,000 3,000 13.000 100 4,000 500 300 750 37.000 32.650 2024 2023 Ch*rStobl• Donatlons- Responsiv¢ Adventures OffshoTe Association of Sail Training Child￿n,5 Sailing Trust Cirdan Satling Tru51 Douglas Bader Foundation Excelsior Trust Féllowship Afloat Charitable Trusl Fulharn Reach Boal Club Livery Food Initiative MACS M3yftower Primary School Medway Walersports Trust MV Balmoral Oxford Sailability Portsmouth Sall TrainSng Trust SPILL Think TBnk Slour Blue Water Pa55 Trusl The Ethel Tfust The Sea Rangel A5s0¢ialion UK Sailing Academy Wornen in Boatbuilding Worcesler Merchant Navy Cadetshlp Seheme Youth Adv8nluie Trust 2,000 2,CM)O 2.160 2,000 2.000 2,000 5,000 2,500 2.ODO 1.080 1,605 2.000 1.500 2,000 3.235 2.000 2.000 2.000 3,000 5,000 2,(100 2,000 2.￿0 3D.000 26.340 19 THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EOUCATIONAL TRUST FUND) 14OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 30 APRIL 2024 G¢nornl Charltabl• DonAtlon$ {C•)ntlTruod) 2024 2023 Local Prol•cls ABF The Sokjièrs ChaNty National Marilirne Museum- CLrrrY SARK shipwrfght Other- £1.OC¥)16) 1,100 32.750 1.643 1.000 322 35.493 1.322 Shlpwight AppronU¢o Lectures 5,521 7,866 >prenliceshlp fvnd 24,680 Total Gwgral ChaTllablo Oonatlons 108.014 92,838 RMtrlet•d Gr•nt$ *rKI Donatlons 2024 2023 K5ng's SI1￿￿ Medal Awards Infjnlle Ptrrspeclive Limlted (Coursè Fee} King's Solver Madal WinneT The Shipwrights, Bronzè Medal Winner Derèk Kimber Medal Wlnner Most Notable Endeavour Other 31.6 2,￿0 1,500 1.(KlO 750 4.021 26.480 1,X)O 1.000 7SD 2,024 40,927 32.254 Blllmélr Awards c￿de Maribrne Project, SV GLENLEE Cockwells Coleg Llandrillo Falmouth M8rine School FBreham Colle9e, CEMAST Instilute of Chartered Shipbrokers Intemalional Boat Bvil¢Jsn9 Training Collage. Lowesloft Lyme Re9is Boat Building Academy Martne Skills Centre, Soyth3mplon stirtlng & Son Ltd. Plymouth The Education TnJ511 E P Barnjs Ltd 5.000 750 2,000 9,750 5.000 3,400 7.000 1.750 3.250 2,Tr)0 1,750 1,7 1.250 9.(￿0 3.wo 38,250 27.900 ThE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUND) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 APRIL 2024 R•gIrl¢t￿ Gr8nt$ and Donatlon8 Icontinuèdl 2024 2023 Unlv•rslty Gr8nl$ University ol Newcastle University ol Southampton Univeryity of Slr8lh¢lyde University of Stralhclyde - D6nholm bursaries University of Slr8lh¢lyde- Abram Irdvel bursary 7,000 7,000 7.000 6,000 5,000 7.000 7,000 7.000 6,000 5,000 32.000 32.000 Total Rèstricled Granls and Donalions 111,177 92,154 Outdoor Actlvlty Bufsarl•$ 2024 2023 Jubilee S8ilfftg Trust Ocean Youth Trusl {Scolandl Tall Ships Youth Trusl UKSA 5.000 5.000 20.000 10.000 5.000 5,000 20.000 40.000 30,000 Governance costs Restricted 2024 Unre6trictod 2024 Total 2024 Total 2023 Staff costs and pènsions Aecounlancy- Non Audit Previous year adjustment Audit Irrecoverable VAT Sundry expense5 17,691 4.600 11.2001 1.444 1,624 108 97.302 9,200 12,4001 2.889 3.246 215 114.993 13.800 13.800) 4,333 4,870 323 128,199 18,501 4.116 6,786 24,267 110,452 134,719 158,582 Costs apporttoned between Restrided and Unrestricted Funds based on Televanl inpui. 21 THE SHIPWRIGHTS COMPANY CHARITABLE FUND IINCORPORAnNG THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI NOTES TO THE FIMANCIAL STATEMEPITS FOR YEAR ENDED 30 APRIL 2024 Anaty8h of St•ff Costs and Romuneratlon of Key IAan•g•m•nt P•rnonnel 2024 2023 Salarie8 and Vfdge SLKial security costs P¢nsion costs 101,647 114.452 7.494 6,253 6,913 114.993 128,1 erage weeklynumbgrofper50ns￿npbyod byth¢ tharityduring theyeaf (ftdl itme eqUi￿alent was 3 {2023- 31 all employee time Involv8d in wowdirrfj eilher support to tho govemance of the charily or suppNt seNices lo ¢haril8ble xlivities. The Fund considers its key managernent personnel comprise thè tnjslees. None of Ihe Trust￿5 received emolumenls or a reimbursèmènt of expenses. No empksyee ha5 recelved remuneration of more than £60,000 in the year. Inv•stm•nts R•8tr1ct•d UnrÉstrl¢t¢d 2024 2024 Total 2024 Total 2023 Markel value at 1 May 918.796 5,222,876 6.141.872 6.570.265 Aojilions Disp￿1$ Unrtalised gainqkjssl Realised gain111055} 16,708 94,979 111.687 20.000 {107.0001 (345.8711 4,278 44.318 251,923 296.241 Malkel value 8130 ￿ri1 979,822 5,569,778 8,S49.800 6,141.fj72 Cash 3,969 22.614 26.563 21,311 Totsi Ma￿91 v8lu& a130 Aprfl 983,791 5.592.392 6.576,183 6,162,983 10. D•btw 2024 2023 Donation repaYn￿nt 22 THE SHIPWRIGHT5 COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUND) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Creditors and Arxrnals 2(124 2023 Acwals 13,620 18,944 13.620 18.944 12. Funds Rèstrlctwd Unr•strlctgd T¢t•l Al 1 May 2023 213,884 6.002.342 6,216.22fj Net incomlng resources 3S,445 395,619 431,064 Nel resources expended Revaluation ol Investm￿lS 1135.9691 44,318 1261.453} 251,923 {397,4221 296,241 AI 30 April 2024 157,678 6,388,431 6.546, 109 As at 1 May 2013, the Worshipfijl Company of Shipwrights Educational Fund merged with the Worshiplul Company of Shipwrights Chari18ble Fund. Th8 rgsiricted fund Ih8r&for• represents the Educational Fund ihat continues for educational purposes. 13. Relat•d Party Transactlons In Tnjstees, opinion, the Worshipful Comp?ny's Shipwrohls GeneTal Fund is related by Common eonlrol. During the year, the Genoral Fund incurred and recharged expenses of £33.74712023. £26,53LI) on behalf of the Charitable Fund. As al the year end, the balance payable lo Worshipful Company's Shipwrights General Fund totalled £71.70512023. £37.9581. 14. Roconclliatlon of Net Mov•ment in Funds to Net Cash Flow from Operatlng Actlvltl•s 2024 2023 Nel movèment In fun(15 Deducl investment sncome shown in investment aclivi¢ies IGainsyLosses on inveslmenls Iln¢reaseyDecrease in (kblors IDecre85eylnciease in cr8ditOTS 329,883 1236,9311 1296.2411 18,891 28,423 345.8261 (231,6881 341,593 15,517 183,5131 {155.9751 1303,917)