THE SHIPWRIGHTS COMPANY CHARITABLE FUND IINCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI REGISTERED CHARITY NO. 262043 REPORT AND FINANCIAL STATEMENTS 30 APRIL 2025
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI REGISTERED CHARifY NO. 262043 INDEX TO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Officefs and Advisofs Rewrt lo the Trustees 3-11 Auditocs Report 12-14 Statemenl of Financial Activitses 15 Balance Sheet 16 Statement of Cashflows 17 Notes to the Financial Statemer*ts 18-25
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUND) REGISTERED CHARITY NO. 262043 OFFICES AND ADVISERS Officgs Ironmon9ers Hall Shaftesbury Pla London EC2Y 8AA Trustees "The Shipwrights. Company" described as Ihe Masters. Wardens. Assistants and Commonaw of The Ancient Fraternity or 8rolherhood of Free Shipwrights in London" is a corporate Iruslee. Members of the Court ol Assistants, except those classed as "retired" or "emeritus" are charity trustees. The Court has fomia11y appointed the Chaimian of the Education and Charities Committee and the Pnme Warden and Wardens to undertake the business ol the Charity for the lime being. For the year to 30 April 2025 they were.. Mr S C W Beale- Prime Warden Admiral Sir George Zafftbella5 GCB DSC DL - Renler Warden MT A G Bisbas- Third Warden Mr N J Marshall - Fourth Warden M5 C M Mulvihill- Fifth Warden & Chair Education & Charsty Committee Mr N J A Shaw- Immediate Pasl Prime Warden Ms L M 8ugiJen - Preceding Immediate Past Prime Warden IReb"red 10 April 20251 Mr R H J de C Moore - Honorary Treasurer Mr J J H Penn IAppoinled 10 April 20251 The following Trvslee was appointed after the year end.. Mr G M Campbell (Appointed l May 2025) Investment Managers Cazenove Charities 1 London Wall Place London EC2Y SAU Sarasin & Partners Juxon House 11)0 St Paul's Churchyard London EC4M 8BU Bankers Royal Bank of Scotland Chatham (Shipping) Waterside Court Chatham Maritime Chatham Kent ME4 4RT
THE SHIPWRIGHTS COMPANY CHARITABLE FUND IINCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI REGISTERED CHARrrY NO. 262043 OFFICES AND ADVISERS Accountants Moore Family Office Limited 42 Berk&ley Square London W1J SAW Auditors REJones&Co Chartered AcGountsnls 132 Buml Ash Road London SE12 8PU Solicitors Holman Fenwick Willan LLP 8 Bishopsgate London EC2N 4BQ
THE SHIPVIRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUND} REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025 The Trustees present their report and financial statements for the year ended 30 April 2025. The report and financial s¢alemenls have been prepared in accordance with the requirements of the charity's trust deed, the Charities Act 2011 and Accounting and Reporb"ng by Charitses Slalemenl of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financial Repo.n9 Standard in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151 (Charities SORP IFRS 10211. Con$titution and Objects The Shipwrigh15 Company Charrtable lund 15 constituted under the Deeds of Trust of 30 Apnl 1948 and 22 Dember 1970. and is a registered ¢harity. number 262043. The Truslees are reqUId to apply the Trust Fund and the incorne thereof for such purposes and objects being charitable at law 8$ the Trustee5 may in their absolute and uncontrolled discretion from tsme to lime determine. Under the terms of reference laid down by the Court in 2002 donalK)ns a directed towards Maritime Projects. the City of London and 'Mini51enng Authorities", with an emphasis on support lor young people. There were no changes in the Trust's objects during the year Objectivos and Activltl•s for thè Publlc 8on•fit The Trustees confim that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives. in planning future activities and when setting the grant making policy for the year. The Tnjstees have also tsken Into account the Ch8nty Govemance Code for smaller charitS and have mappe(I the Shtpwrighls. Companls governance against the seven principles as part of an ongoing programme of continuous improvement. The Trust carries oul rts objectives by providing grants to individuals and organisations that enable participants to gain practycal training. education and marine related skills which they would otherwise not have had access lo. Full details are given in the Review of Activities. Achievements and Developments on pages 6 to 9. The Trustees are lully satisfied that the Shipwrights Company Charitable Fund operates for the wide publi¢ benefit In all that il does in rts Charitsble activrties. Organl$ation The TnJste&s of tho Shipwright5' Company have U"rnate Tesp)nsibility for the operation of the Fund. Authority for all expenditure lie5 Wlth the Court of Assistants of the Company. as adv15ed by the Finance Committee of the Cornpany and its professional advisers. Membership of the Court Is conferred by election from the Livery. Decisions on Chatab donations are delegated lo the Education and Charities Committee, chaired by a member of the Court, which meets to consider applications for funding. The Committee has authority to donate up to £2.500 in a single donation but must refer lar9er donations, and any changes lo the sums donated lo Ihose organisatsons and charities listed under 'Standard Donations Regular, lo the Court, for endorsement. All donatsons a fom)ally reported through the Wardens lo the Court as an agenda rtem at its next meeting. The Charitable and Educational Committees merged on 1 May 2005 in ordew lo provide greater clarity of. and perspective to. the Shipwrights, financial support to educational and charitable causes. This merger has reduced the time and costs required lor committee meeting5 and enabled more specialist attention lo be given to particular activities through the fomiation of specific sub committees. Since 1 May 2013 the Education Fund has been formally acpIed by the Charity Commission as a restricted fund within the Charity Fund, lo reduce administrats.ve costs_
THE SHIPWRIGHTS COMPANY CHARITABLE FUND {INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025 ICONTINUEDI Governance The Company is governed by the Court which has formally appointed the Prime Warden and Wardens and the Chairman of the Education and Charities Committee to undèrtakè the businèss ol the Charity. so the Wardens. Commrttee acts as the Board. The Finance Committee advises the Wardens and the Court on the sustainability and performance of its income sources and their impact on the Company's ability to achieve Its charitable purposes over time. All members of the Court are rèminded of thèir duties as Trustees annually and all members ol the Company receive regular updates on the charity's purposes and beneficial impact. The Company mel its responsibilities as a City of London Livery Company predominantly through ils annual pAraMMe ol standard, or annual. donations which are reviewed by the Education and Charities Committee. the Wardens and the Court at the stsrt of each year. The Company believes In the importance of maintaining public tru5¢ through transparency and accounlability. encourages communication with its stakeholders and publtcises Its activities via Its website. bespoke reports. publications and social media (Linkedlnl. Communication is regularty reviewed. and new initiatives adopted where applicable Education and Charities Committee The ftjll Education and Charities Committee met on three occasions during the year in June and Odober 2024 and F8bruary 2025. aAhough the Sub committees were more active In terms of consultation and decision making. primarily via email and phone. The Mentorship sub-¢omTnittee ¢onduGted m05t ol 115 businéss virtually to assess applications and paiT univer51ty students with suitable Shipwright mentor5. The Education and Charities Committee members who served during the year were.. Grou 1 8illmeir and Univefsi Sub4ornmittee Chair (Court Assistant) Mr C B Adams Llverymen Mr I Calogeras Mr G M T Eddings Miss L T Willson OBE Grou 2-TheKin s Sifver Medal and Outside Activities Bursaries Committe• Chalrman & Sub4ommiit•• Chairman {Court Assistant) Ms C M Mulvihill Liverymen Mr N S Cooper KC M5 K Khosla Admiral Sir Philip Jones GCB DL Grou 3-Re5 onsive Donations Committee Deputy Chaimian and Sub-committè• Chalmian - (Court Assistantl Mr T P Theochari Liverymen Lieuienant Commander D J Boswell RN Rear Admiral J R H Clink C8E S*r William Reardon Smith Bt
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025 {CONTINUEDI Education and Chartties Committee (Continued) Grou 4 - Mentorshi Sub£ommittee Chairnian (Liverymanl Mr J E Wilkes Court A$si$tant Mrs C J Kirk Liveryman MrPJPary Member Lieutenant Colonel R C Cole-mackintosh ntsce Lectures Workin Grou Sub£ommitt¢e Chairman (Court Assistant) Mr M J Dernck Liverymen Mr S G Crawford Mr K R Longman Ex-officio Members Prime Warden MrSCWBeale Immediate Past Prime Warden MrNJAShaw Chaimian of th• Flnan¢e Comrnittee Mr A S Marsh Honorary Trèasuror (Court Assistsntl MrRHJdeCMoore Thè Honorary Chaplaln Rev Canon W Chrislianson Clerk I CEO Lieutenant Colonel R C Cole-mackintosh Grant4laklng Policy and Activities The t8rn1s of reference and thè polw of the Commrttee. which were onginally laid down by the Court in 2002. were confirmed at the first meebng ol the year in June 2024 and continued under vIeW throughout the year with the emphasis on woviding support to young and disadvantsged PeOe. Donations were directed towards. Maritime proiecls Of activities including education and apprenkn.ce training The City of London Church Work
THE SHIPWRIGHTS COMPANY CHARITABLE FUND IINCORPORATING THE SIR JOHN FISHER FUNO & EDUCATIONAL TRUST FUNDI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025 ICONTINUEDI Donations Received and Madè Donations continue to play a vrtal role in enabling the Company's charitable and educational activities to onlinue and details of the charitable donations and bursaries made in the year are given in the notes lo the financial statements. During the financial year a total of £571.624 lincluding some donations that qualify for Gift Aid plus an estimate ol the GiftAid that Is reclaimable on those amount51 was donated lo the Charitable Fund. The fund the sum of £40.000 Irom the EBM Charitable Trust to supplement Billmeir awards and, if necessary. undèrwrite the salary of the shipwright onboard CUTTY SARK. The Charity received grants to support Its chantable endeavours of £3,000 from the Inchcape Foundation, £1,500 from J and J Denholm Ltd, arKJ £SOO from the Castsways Club. The Charity reiVed a very generous legacy of £200.000 from the estste ol the late Reverend Ronald Philip Casebow made in memory of his late wile Elhel Annie Casebow (nee Everardl to be known as the Ethel Everard Bursaries After consultation with the family of Reverend Ronald Phillip Casebow and Ethel Annie Casebow, the Court agreed to use the gacY lo support the purchase of a fifth yacht lor the Tall Ships Youth Trust ITSYTI in a c(>venture with The Gosling Foundatiot) who donated a further £200,000. TSYT Is the UK'S oldest and largest youth development sail training charity supporting youth from all walks of life. The additional yacht will Increase TSYT outpijt by oroviding an additional 400 young people with the opportunity lo develop by undertaking offshore sailing voyages through sail-training bursaries th8t would not otherwise have been available. Rèview of Activities. Achrevement5 and Dgvglopment Standard IAnnuall Donations The Shipwrights, poli on standard or annual standar(I donations is lo help young people and to support youth organisalions, while fostering the Company's relationship and influence with the maritime sector and the City of London. The recommèndations of the 2013 Education and Charibes Cofflmittee review of regular donations continue to be implernented as It provides an effertive manner ol allocating grants. and the list of recipients and amounts remains largely unchanged year by yèar Expènditure on standard donations totalled £35.000 in the year and included disbursements to George Grèen's S¢hool. the London Nautical School. national, regional and local elements of the Sea Cadets. the Sea Scouts, the Inslilule ol Chartered Shipbfokers HMS Queen Elizabeth. St Paul's Cathedcal, various otheT City of London charities and lo the Institute ol Chartered Shipbrokers for the Annual'Shipwright5' Pri2e'. Outdoor Activities Bursaries The Shipwrights. Company makes annual donalions to established chanties that provide Ihe opportunity for young people lo benefit from the experience an¢J challenges of offshore sail training and £40.000 was allocated for the purpose In the year. Donations were made to the Tall Ships Youth Trust1£22.0001. Ocean Youth Tfust Iscotlandl 1£5,5001 UKSA 1£10.0001 and Oxford Sailability 1£2.5001 for the purposè of enabling disadvantage(J and l or d5sabled young people lo benefrt from the challenge and improve their sell-eonfidence. Each organisalion provided progress and expenditure reports. Responsive Donation$ Thè Company mad8 charitsble donations totslling £36.208 to charities and organisations in line with its policy on Responsive Donations During the year 24 applications were considered by the Committee of which 20 were supported with grants ol between £300 and £3,510 Recipients included Adventure Under Sail I Seas Your Future Fulham Reach Boat Club. Ihe Boleh Trust. London Museum. Women in Boat Building and London Search and Rescue.
THE SHIPWRIGHTS COAIPANY CHARITABLE FUND IINCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025 ICONTINUEDI Review ol Afjtivilies, AGhievements and Developments IGontinuedl The Klng'$ Sllver Medal Competition The King's Sifver Medal IKSM) Competitson was instituted by HM 'ng George Vl in 1944 to identify the shipyard apprentice of the year and the Shipwrights. Company was charged th running this challenging competition annually. The KSM Competrtion is intense for the compeb'tors but Is designed and run lo ensure that every participant is given the maximum opportunty to leam and develop from the experience. Following thorough consideration ofthe applications 18 suitsble participants attended the intensive week- long Phipps Leadership and Development Course at Hawkhirst Scout Cenlre on Kielder Water which was or5ce again delivered by the Learning Skills Consultancy Ltd I Infinile Perspedives who provided detailed Coufse reports on all attendees. Based on Ihe reports the KSM sub-committee seÈGted the top eight participants lo attend final interviews in London In November 2024 after which the prize winners were confirrned. The four individual prize winners and rèpresèntatives of the wnners of the company prize were lomially presgnled with Ihwr medals by the Prime Warden al a CcHJrt Meeting on 16 January 2025. The KSM 2024 rtrsults were". The King's Silver Medal & £2.000 Ms Aice Stè8n. of BAE Systems Submarines. Barrow-in- Furness. The ShiF)wryJhls' Bronze Medal & £1.500 - Mr Hugo Keeble of A&P, Falmouth. The Derèk Kim1 Medal & £1.01)O- Mr K8bwe'Ni¢k' Kapapa of BAE Systems Subm8rbne5. Barrow- inpFurness. Prize for Most Notsb Endeavour at eld & £750 - Ms Lily Abraham of Babcock Inlemational, Devonport. Plymouth. Company Priz•. BAE Systems Submarine5 in Barrow-in-Furness wasjudged th8 company thal had provided the highest degree of training and support to its Apprentices during the various stages of the King's Silver Medal Competitson in 2024. The total cost of the KSM. including the awards and administrath?n costs, was E41.919.87 or £2.328 per compelilor118 participantsl in 2024 In previous years expenditu has bn as follows." 2023". £40,927 or £2.046 per competitor120 parti¢ipanlsl 2022". £2.1501151. 2021. £1.6821181, 2019." £1.6341171. 2018.. £1,6201181. 2017_ £1.6951181: 2016.. £1.2391241 and 2015.. £1,5051181. The Billmeir Award SchÈme The Billrneir Awa¥d scheme provides grants lo support individuals undergoing technical education and training and is routinely. though not exclusivety. awarded for the purchase of tools or to assist with COLJrse or tuition fees. The significaTrt uplrft resutting Irom the grant of £40,000 from the EBM Charitable Trust enabled a lolal of £73.895 to be awarded in Billmeir grants lo 41 successful applicants which were pald to training Colleges or employers. not directly to Individuals. This included the 9rant of £5,000 whi¢h was made lo the Clyde Maritime Trust to supporl 2 apprente$ employed on the SV GLENLEE in Glasgi)w. One award of £750 was outslanding al the year end and ha5 Sin been paid.
THE SHIPWRIGHTS COMPANY CHARITABLE FUND IINCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUND} REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025 (CONTINUED) Raview of A¢tivrties. A¢hievtments and Developments {Continuedl University Bursaries The Cornpany donated £18.000 to support nine university students studying Naval Architècture and Marine Engineenng.. three at Newcasue University ano three al t)olh the Universities ol Soulhamplon and Slrath¢lyde. Each Individual bursary was £2.000 in accordance with ihe Gift Agreements made betwèen the Company and each respective University. Siudents are selected for Shipwrights, Bursaries based on a mixture ol need and academic ability following their first-yeaf èxams and the bursaries are paid In their second. third and fourth years. In adttitson. pnzes of£1,000 were awarded to the studenl at each university who scored top of their penultimate yearfs exams. The Danholm Bursary In accordance wrth the grft agreèment made befv4een the Chaimian of J&J Denholm Limited and the Shipwrights. Company three Dènholm Bursanes. each of £2.000 were awarded to Marine Engineering students at the University of Strathclyde. Denholm Bursaries are awarded lo studen15 foilheir first. second and third years of sluey and are specifically d*r¢cted to assist students who would not otherwise be able attend. Total expenditure on Denholm Bursaries was £6.000 in year. The Shipwrights. Apprentice Lectures The Annijal Shipwrights Apprentice Lectu$ We held on 15 October 2024 at the MAST Theatre in Southampton and over 300 appntICeS students and employers attended. some hav1ng travelled over 200 miles to attend. The lotsl cost ol Ihe event. whtch was partially sw)nsored by Pendennis Shipyard, was £11,079.28. Investment Policy The Shipwrights Company's Investment strategy is contained in its Invèstment Policy Statément, which is reviewed annually by the Finance Committee. the Wardens and approved by the Court. The Company's financial objective is for its charitable snvestments to mainlain their value in real terms and produce a minimum return after inflation. and net of fees, of 3.5°/.. The Investment Managers are required to abide by the strategy. The Company employed Iwo fund managers throughout the year.. Cazenove Charities, who were appK)in¢ed in May 2018. and Sarasin & Partners. who were appointed 4n October 2019. They must at all times be in a position to maintain th8 fabric of the fund by covering administration and support costs. They wish to provsde some protection against a need to scale down distributions in the event of a fall in investment incoffle. They may wish to respond to special applications for grants or donations which may arise from lime to b"me. but which could not be met from current Investment in¢ome. Overall. it remains the policy of Ihe Tntrstees to expend the income after taking into account annual uclualions and special c4r¢umstances. The posrtion Is kept LÈnder dose review by the Trustees when setting budgets and formulating policy.
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUND) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025 ICONTINUEDI Risk Managem•nt The TfUSt8es have examined the major Strategic. business. 3nd operational risks which the Fund faces, and have assessed their likelihood and potential impact. They confim that an effective systern of control to mitigate risk has been in place throughout the year and the complete Schedule ol Risk is fomially rfrview8d regularly by the Risk Management Cofflmittee and are approve(I by the July Court annually Reserves Policy In fomiulating their policy the Trustees tske into accouni a number of factors, namely-. They must at all times be in a position to maintain the fabric of Ihe fund by covering adminislralion and support costs. They wish lo provide some proteth.on against a need to scale down distributions in the event of fall in investment income. They may wish to resrx)nd to special applicatnS for grants or donations which may arise from lime lo lime, bul which could not be met Irom current investment income. Overall, it remains the policy of Ihe Tfustees to expend the income after laking into accounl annual fluctuations and special circumstances. The posrtn is kept under cbose review by the Trustees when setting budgets and formulating policy. Trustees Training A letter is sent to all Trustees annually in which they are encouraged to familiarise themselves with the Charity Commission Websitè. in particular thè advice lo Tmstees. and undertake applicable training when specrfic needs a identified. R•cruitm•nt and Appointment of Trustees The recruilrnenl and appointment of Trustees to the Court is d¥cided by a vole amongst the existing Trustee5. New Trustees are given guidance on Iheir roles and responsibilities and referred lo suitable reference material received from the Chanty Comfflission. they are also required to confirm that they understand the role5 and respon51bilities ol a Trustee and Court Assistant of the Company and that they agree to be bound by the Acts. Ordinances and Constttutions of the Company and to devote the necessary time and effort to their stewardship ol il. Trustees, responsibilities in relation to the financial statements The Trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicabl& law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepte¢J Accounting Praclicel. In preparing these finaneial statements, the trustees are required to.. select suitable accounting policies. and then apply them consistentty., observe the methods and principles in the Charities SORP., make judgements and estimates ihal are reasonable an¢J prudent.. and prepare the financial statements on the going COnM basis unless it is inappropriate lo presume that the chantable company will continue in business. 10
THE SHIPWRIGHTS COMPANY CHARITABLE FUND IINCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025 ICONTINUEDI Trustèes, responsibilities in rolation to the financial statements IcontinuÈdl The Trustees are responsib for keeping accountsng records which disclosè with reasonable accuracy at any lirne the financial position ol the charity. and enable them to ensure that the financial statements comply with the Charities Act 2011 They are also restx)nsible for safèguarding the assets of the Fund and hence for taking reasonable steps for the prevention and delection ol fraud and other irregularities. In $0 far as Ihe trustees are aware". there is no relevant audrt information of which Ihe chariiable company's auditor is unaware.. and tha trustèes have taken all steps that they ought to have taken to make themselves aware of any revant audit information and to establish that the auditoi is aware of that Information. Approved by the Trustees and signed on Iheir behalf by. Lieutenant Colonel R C Cole4lackinlo$h Clerk I CEO miral irGe rge Za Ilas GC8 DSC DL arden Date.. October 2025
THE SHIPWRIGHTS COMPANY CHARITA8LE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE SHIPWRIGHTS COMPANY CHARITABLE FUND We have audited the financial statements of The Shipwrights Company Charitable Fund Ilncorporating The Sir John Fisher Fund & Educational Trust Fund) Ilhe 'charity'l for the year ended 30 April 2025. which comprise the Statement of Financial ActvIties. the Balae Sheet, Statement ol Cash Flow5 and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their pparatiOn is applicable law and Uniled Kingdom Accounting Slandards, including FRS 102 The Financial Reptsrtsng Standard applicatAe in the UK an¢J Republic of Ireland (United Kingdom Generally AGGepte(I Accounting Practice. In our opinion the financial ststemenls.. give a true and fair view of Ihe stsle of the thanws affairs as at 30 Apnl 2025 and of its incoming resour$ and application of resources. induding its income and expenditure, for the year then ended., have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice; have bn prèpared in accordance with the requirements of the Charities Act 2011. Ba515 for opinion Wè eonductèd ouraudil in accordancèwith Intemational Standards on Audiling IUKI IISAs IUKII and applicable law. Our responsibile$ under those standards are further descnbed In the auditorfs spOnSIbl1111eS for the 8udit of the financial statements section of our rew)rt. We are Independent of the charity In 8¢cord8n¢e with the ethical requirements that a rewant to our audit of the financial statements In the UK, including the FRC'S Ethical Standard. and we have ILtlfilled our other ethical responsibilities in accof¢Jance vAth thèsè rèquirements. We believe thal the audit evidence we have obtained 15 sufficjent and appropriate to provide a basis for our ownion. Conclusions r•lating to going concern In auditing the financial statements. we have concluded that the tTUStees' us8 ol the going concem basis ol accounting in the prepaTation of the financial staiements is approwate. Based on the work we have perfomied, we have not identified any material uncertainties lating to events or conditions that, individually or collethvely. may cast significant doubt on Ihe £tharity's alIty to continue as a go¢ng concem for a peri¢)d ol at laast tw*è months from when the financial staternents are authorised for issue. Our respon51bilities and the responsibilits.es of the tnjstees wilh respect io going concem are described in the relevant sections of this rewrt. Othèr information The other inlormation comprises the informa(ion induded in the annual report, other than the financial statements and our auditor's report thereon. The truslees are responsible for the other Infomiation. Our opinion on the financial slalemenls does not covef the other infomalion and, except lo the extent otherwise explicidy ststed in our pOrt. we do not èxprèss any lom) of assurance conclusion thèr80n. In connection with our audit of the financial statements. Our SponsIbl11ty is to read the other infom)ation and. in doing so. consider whelher the other information is materially inconsistent with the financial slalements or our knowledge obtained in the audit or othemse appears to be malenally misstated. If we identify such material inconsisténcies or apparent malenal misstatements. we are required to detemiine whether there Is a material misstatement in the financial ststements or a rnaterial mi5Statefflent of the other infomiation. If, based on the wort we have performed, we conclude that thefe is a material MissleMent ol this othef information. we are rèquired lo report that faot. We have nothin9 to report in this regard. 12
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUPIDI INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE SHIPWRIGHTS COMPANY CHARITABLE FUND Matters on whlch we are required to report by exceptlon In the light of the knowledge and undeTSlanding of the chaflty arHJ its environment obtained in the course of the audit. we have not Identrfied material misststemenls In the trustees. report. We have nothing to port in SpeCt of the following matters in latIon lo which the Charities IAccounts and Reports) regulations 2008 requires us to report to you if. in our opinion". sufficient accounting records have not been k8Pt. or returns adequate for our audit hav8 not been receivèd from branches not V1Slted by us.. or the financial statements are not In agreement with the accounting records and returns.. or certain disclosures of trustèès. muneratIon specified by law are not made", or we have not recetved all the information and explanations we require for our audit.. or the trustees were not entitled to prepare the financial statement5 in accordance with the small cornpanies regime and lake advantage of the small companies, exemptions in preparing the directors, report and from the qUIreMent to prepare a strategic report Responsibilities of trusteès As explained more lully In the irustees. Tesponsibilities statement. the trustees are responsible for the preparation of the financial statements and lor being satisfied that they give a true and fair view, and for such Internal control as the irustees determine is necessary to ènabk the preparation of financial sl8lemenls that are free from material misstatement. whether due to fraud or error. In preparing the finanual statements, the trustees are rosponsible for assessing the charity's ability to continue as a going concem. disclosing, as applicablè, matters related to going concern and using the going concern basis of accounting unless the trustees either Intend to liquidate the charity or lo cease operations, or have no Tealistic 8ltÈrnative but to do so. Auditorfs responsibilitiès for th¢ audrt of ihe financial statements Our objoctives are to obtain raasonablè assurance about whether the financial statements 8s a wholè arè free from material rnisstatement, vthethef due to fraud or erTor. and to Issue an auditor's report that includes our opinion. Reasonable assurance is a hgh level of assurance. bijt is not a gijarantee that an audit conducted in accordance with ISAS IUKI wi51 always detect a material misstatement when it exists. Misslalemenls can arise from fraud or error and are conSered matenal 51. Inoividually or In the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalements. Irregularities, including fraud. are instances of ncM)rycompllan with laws and regulations. We design procedures in line with our reSponSbIlItIes. outlined alve. to delecl material misstatements in iespect ol rregulaThlie5, including fraud. The extent to which our procedures are ¢apable of delecling Irregularities, including fraud Is detailed below.. Capability of the audit in detecting irregularitles, Including fraud The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due lo fraud or errDr.' lo obtain sufficient appropriate audrt evidence regaréing the assessed risks of material misstatemeni due to Iraud or èrror. and to respond appfopriately to those risks. Based on our understsnding of the charity and Industry. and through discussion wth the trustees and othÈr managèrs las required by auditsng 5tandard51. we id8ntrfied Ihat Ihe principal risks of non- compliance with laws and regulations lately lo heanh and safety. anti-bnbery and employment law. 13
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE SHIPWRIGHTS COMPANY CHARITABLE FUND We considered the extent lo whith non-compliance might have a material effect on the financial slalemenls. We also considered those laws and règulations that have a direct Impact on the preparation of the financi81 statements such as the Charities Acl, Charities SORP IFRS 1021. taxation and pension legislation. We communicated identified laws and regulatKJns throughout our team and remained alter to any indications of non-compliance throughout the audit. We evaluated managèment's incentives and opportunitie5 for fraudulent manipulation of the financial ststements Iin¢luding the risk of overnde of eontrolsl and dètèmiined that the principal nsks were related lo posting inappropriate Ioufnal entries to increase revenue or reduce expenditure and management bias in accounting estimates. Audit procedures performed by the engagtrrnent team in¢luded". Discussions with Trustee'5 and assessmènt of known or suspectsd instsnces of non-compliance W11h laws and regulations lincluding heatth and saletyl and fraud.. and Identrfying and assessing the design effecbveness of controls that management has in place to prevent and detect fraud,. and Performing analyt1cal proceilures to identtfy any unusual or unexpected relationships. including lated party transactions that may Indicate risks of material misstatements to fraud. and Id8ntifying and tèsting journal entries, in particular any manual entries made atg year-ènd for financial statement pr8paration. There are inherent limitations in the audit prOdureS described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statemenis, the less likely we wouhl become aware of it. Also, the risk of not detecting a material misslalemenl due lo fraud is higher than the risk of not tjelecling one resuming from error, as fraud may involve deliberate concealment by. for example, forgery or Intentional misrepresentations, or through collusion. Use of our report This report Is made solely to the Charity's members. as a body. in a¢cord8nce with section 144 of the Chanlies Act 2011 and regulations made under section 154 of that Act. OUT audit work has been undertaken so that we might state to the charivs members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to ¥yone other than the chanty and the charity's members as a body, for our audit work, lor this rgPQrt, or fur the Opinn$ we have fomied. Stephen Jones (Senior Auditor) For and on behaw of R E Jones & Co - Chartered Accountsnts and Sialutory Auditor 132 Burnt Ash Road London SE12 8PU Dale. IL4 2025 14
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2025 Restricted Unrestricted Fund Fund 2025 2025 Total Funds 2025 Total Funds 2024 Note Incoming and Endowmènts Donations and Legacies Incoffle from investments 2,000 35 839 411.624 203,724 611.624 239.563 194.133 236.931 Total Income and Endowmerlts 235.839 615,348 851.187 431.064 Expenditure Expenditure on Raising Funds Portfolio managemenl fees 530 3.013 3,543 3,512 Expenditure on Charitable Activltl•s General charitable donations Outdoor activity bursaries Govemance costs 4&5 347.815 324.372 40,000 122.115 672.187 40.000 149 325 219.191 40.000 134,719 27.210 375.025 486.487 861,512 393,910 Totsl Expenditure 375.555 489.500 865.055 397,422 Net IExpenditurelllncome and net Movement in funds before Gains and Losses on Investmènts 1139,7161 125,848 113,8681 33.642 Net GainsllLosses1 on investments I1.(5 16,0511 17.1161 296.241 Net Movements in Funds 1140.7811 119,797 120.9841 329.883 Funds Biought Forward at 1 May 2024 157.678 6,388.431 6.546.109 6.216.226 Funds Carried Forward at 30 April 2025 16.897 6.508.228 6.525.125 6.546.109 15
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI BALANCE SHEET AT 30 APRIL 2025 Note 2025 2024 In¥•stm•nts at Market Value Stocks and shares Portfolio cash 6.510,663 11,082 6,549.600 26.583 6.521,745 6,576,183 Current Assets Accrued Income Stock Cash at bank- Current account Dèposit account 45.453 238 22.500 238 1,054 34.438 19.024 13.489 81.183 55,251 Creditors- amounts falling dug wilhin one year Creditors & other accnjals Deferred Income Shipwrights Company General Fund 10 19.845 1.910 13.620 56,048 71,705 77.803 85.325 Net Current A$setsllLiabiliti8s} 3.380 130,0741 Total Funds 6.525.125 6.546,109 Restricted Funds 16.897 157,678 Unrestricted Funds 6.508.228 6,388,431 Total Funds 6.525,125 6,546,109 Lleut•nant Colonel R C Cole4lacklnto$h Clerk I CEO Admlral Slr Geor ballas GCB DSC DL Prime Warden Date". IG October 2025 16
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025 2025 2024 Nèt Cash used in 0rating Actlvities 1283,9061 1155.9751 Cash Flows from invèsting activities Interest and dividends Tax reclaims Payments to acquire investments Funds withdrawn from investments 239.563 236,871 60 1111.6871 122.41 $1 54.237 Net cash provided by investing activities 271.385 125.244 Change in cash and cash •quivalènts in Year 112.5211 130.7311 Cash and cash equivalents brought forward 59.096 89.827 Cash and cash equivalents earrlèd forward 46.575 59.096 17
THE SHIPWRIGHTS COMPANY CHARITABLE FUND IINCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Accounting Polici•s la} Basis of accountin The financial stalements have be8n prepared under the hi5toric81 cost convention with items recognised at cost or transaction value unless otherwise stated in th8 relev8nt notelsl to these financial statements. The financial statemen15 have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Roporting by Chanties preparin9 their accounts in accordance wlh the Fsnancial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffeclive 1 Jantjary 20151 (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the United kn'ngdom and Reput&lic of Iland IFRS 1021 and the Charities Act 2011. The Charilable Fund constrtutes a pU1C benefit entity as defined by FRS 102. The TTUSt8es consider that there ar* materi81 uncertainties the Fund's ability to continue as a wng wncerrt. There are no signifi&3nt areas of judgernent or key assumpts.ons that affect items in the financial statements other Ihan Ihose included within the accounting policies described betow. With respect to the next reporting peno¢l for the year ending 30 April 2025. the most significant areas of uncertainty that affect the carrying value of assetg held by the Fund are the level of investment retum and the performance of the investment Markets (see the Inve5trnenl policy and pèrfomiancè and nsk management sèctsons of the Rewt of the Cornmittee of Management for more infomiationl. Ibl Investment income Income from investments is shown gross of any tax (Thlts and is accounted for when Ceived. Icl Bank dè osit int8rÈst Interest on bank deposrts is accounted for c47 an accruals basis. Idl Donations and le acies Amounts a recognised as income as and vthen ihey are received. lel Tax recoverable Tax credits and income tax recoverable are accounted for on the same ba515 a5 the income to which they relate. If) Marketable investments Investments are staled at a middle-market value. Thè Statement of Financial Activities includes Separately those realise¢ g8ins 8ntt losses arising in thè year. and the rnovemenl on the balance of unrealised gains and losses. Igl endrture on Raisin Funds PcKtrolio mana emenl fees Portfolio management fees are met from portfolio fvnds. 18
THE bVORSHIPFUL COMPANY OF SHIPWRIGHTS (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Accounting Policies (Continued) Ihl ersditure on Charitable aclivities Expenditure is rec(¥Jnise(l on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recoVed, and is reported as part of the gxpgndilufe to which It relates. All costs are allocated between Ihe expendilure cat•goriès on a basis designgd to reflect the use of the resource. Costs relating to a particular activity are allocated directly.. Dthers are apportioned on a basis constsièftt with the use of the resource. Govemance costs Governance costs include those costs associated with meeting the conslilulional and statutory reqL*irements of the charity and include the fees and costs linked to the strategic rnanagemenl of the charity. Donations and bursaries Charitable donations and bursaries are charged against income in the year in which committed. Investment Income Restricted 202S unStrICted 2025 Total 2025 Total 2024 Listed investmenl dividend income Income from cash hekj Interest on tax reclaims 35.177 662 199.963 3,761 235.140 4.423 232,651 4.220 60 35.839 203.724 239.563 236.931 Donations and Legacies Restricted Unreslri¢ted 2025 2025 Total 2025 Total 2024 Special donalions Planned giving E.B M. Charitable Trusl Legaeies 200,000 44.704 126.920 40.000 200.000 244.704 126.920 40.000 200.000 37,860 116.217 40.000 21YJ.000 411.624 611.624 194.133 19
THE SHIPWRIGHTS COMPANY CHARITABLE FUND {INCORPORATING THe SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Genèral Charitable Donations 2025 2024 Charitable Donations - Standard Annual National Service lor Séafarers City of London Sea Cadets Corps Clergy Support Trust Geor9e Green's School Guildhall Library HMS Queen Elabeth Institute of Chartered Shipbrokers London Area Sea Cadets linc. pocket moneyl Lord Mayor's Appeal London Nautical School Manne Society & Sea Cadets Merchant Nawy Sea Scouts Sherrff5' and Re¢ord8r's Fund St Paul's Cathedral Unrted Guilds, SeNice 500 3,000 200 3,250 300 2,000 2,000 1,200 1.000 3,250 13,000 100 4,000 500 500 200 soo 3.000 200 4.250 300 2,000 2.000 1,200 1.000 4.250 13.000 100 4.000 500 200 35,000 37,000 2025 2024 Charitablè Donations - Rosponsiv• Aberdeen Line 200 Tall Ships Adventures Offshore Advent{j Under Sail Association of Sail Training Children's Sailing Trust Cirdan Sailing Trust Cove Sailing Club Douglas Bader Foundation Excelsior Trust Fellowship Afloat Charitable Trust Frensham Pond Sailability Fulham Reach Boat Club Livery Food Initiative London Museum London Search & Rescue MACS Medway Watef5POrts Trust Mersey Rowing Club Sir Thomas Lipton Foundation SPILL Think Tank Stour Blue Water Pass Trusl The Boleh Trust The Ethel Trust 1.000 2.000 3.510 2,000 2,160 2,000 2,640 2,000 1,000 1.500 2.000 5.000 2,000 2,000 1.080 2.000 3,250 2.000 2,060 1,500 1.000 1,400 1,000 2,000 1.620 2,000 Carried forward 26.920 24.800 20
THE SHIPWRIGHTS COMPANY CHARITABLE FUND IINCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2025 2024 Charltable Donations - Responsive IContinu•dl 8roughl forward 26.920 24,800 The Sea Rangèr Association Turn to Starboard Welwheels Women In Boaibuilding Youth Adventure Trust Other- below £1,OCQ111 3,000 2.000 3.500 1.280 2.208 300 2,200 36,208 30,000 2025 2024 Local Prol•cts ABF The Soldiers Charity Christs Hospital National Maritime Museum- curry SARK shipwright FiNLI SSAFA The Amied Forces Charity Tall Ships Youth Trust Other- below £1.0(Ki191 1.100 2.500 32.750 2.785 2,000 200,000 2,050 32.750 1.643 242,085 35.493 Shipwright Apprentice Lectures 11.079 5.521 Total General Charitable Donations 324.372 108,014 Restrictèd Grant$ and Donations 2025 2024 King's Silvèr Medal Awards Infinite Perspective Limited (Course Feel King's Silver Medal Winner The Shipwrights Bronze Medal Winner Dek Kimber Medal Winner Most Notable Endèavour Other 33 498 2,000 1.500 1.000 750 3.172 31.656 2.000 1.500 1.000 750 4.021 41,920 40.927 21
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Restricted Grants and Donations {CiJntinuedl 202S 2024 Billmeir Awards Bournemouth & POO College Clydè Maritimè Projèct. SV GLENLEE Cockwèlls Coleg Lkndrillo Falmouth Marine School Intemakn'onal Boat Building Training College, LOSt0ft Lyme Regi5 Boat Building Academy Marine Skills Centre. Southampton Seff-employed boat builderlrestorer Stirling & Son Ltd, Ptymouth The Education Tnjsl l E P Bamjs Lld 750 5,000 5.000 750 2.000 9,750 6.000 1.250 9,000 2,800 15,345 12.500 25.000 7.500 300 1,250 3,450 1,500 3.000 73,895 38,250 2025 2024 Unlversity Grants University ol Newcasl University of Southampton University of Strathclyde University of Straihclyde- Dènttolm bursaries University of Strathdyde- Abfam travel bursary 7.000 7.000 7.000 6.000 5,000 7,000 7.000 6,000 5,000 32,000 32,000 2025 2024 Local Projects Tall Ships Youth Trust 200,000 200,000 Total Restricted Grants and Donatsons 347,815 111,177 Outdoor Actlvlty Bursarles 2025 2024 Jubilee Sailing Trust Ocean Youth Trust Iscollandl Oxford s8ilability Tall Ships Youth Trust UKSA 5,000 5,000 5,500 2,500 22,000 10.000 20,000 10,000 40,000 40,000
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNDI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Governance costs Restrictèd 202$ Unrestricted 2025 Total 2025 Total 2024 Staff costs and pensions A¢couniancy - Non Audit Previous year adjustment Audit Irrecoverable VAT Sundry expenses 19.342 4.978 106.381 9.956 125,723 14,934 114,993 13,800 13.6001 4,333 4,870 323 1.500 1.296 2,591 187 3,887 281 27.210 122.115 149.325 134,719 Costs apportioned between Restricted and UnreslrÈcled Funds based on relevant input. Analysis of Staff Costs and Remuneration of Key Management Personnel 2025 2024 Salaries and wages Social security costs Pension costs 109.119 8.821 7.783 101.647 6.433 6.913 125,723 114.993 The average weekly numberof persons empk)yed by the charity during the year (full lime equivalent was 312024 - 31 with all employee time involved in providing either support to the govemance of the charity or support services lo Charitable aclivities. The Fund considers it5 key management personnel comprise the trusteès. Nonè of thè Truslges received ernolurnents or a reimbursement of expenses. No employee has received Temuneralion of more than £60.CN)O in the year. 23
THE SHIPWRIGHTS COMPANY CHARITABLE FUND IINCORPOPATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUNOI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Investments 2025 2024 Market value at 1 May 6,549.600 6.141.672 Addrtions Disposals Unrealised gainllloss} Realised gainlllossl 22,415 154.2371 114.3991 7.284 111.687 296,241 Market value at 30 April 6.510.663 6,549,600 Cash 11,082 26,583 Total Market value at 30 April 6,521,745 6.576,183 10. Creditors and A¢¢wals 202S 2024 Accruals 19.845 13,620 19,845 13,620 11. Funds R•strict•d Unrestricted Total At 1 May 2024 157.678 6.388.431 6,546,109 Nel incoming resources 235,839 615.348 851,187 Net resour5 e¥pende(I Revaluation of investments {375.5551 11,0651 1489.5001 16.051 } 1865,0551 17,1161 At 30 April 2025 16.897 6,508.228 6.525,125 As al 1 May 2013, the Worshipful Company ol Shipwrights Educational Fund merged with the Worshipfijl Company ol Shipwrights Charitable Fund. The restricted fund therefore represents the Educational Fund that conlinues for educational pUrSeS. 24
THE SHIPWRIGHTS COMPANY CHARITABLE FUND (INCORPORATING THE SIR JOHN FISHER FUND & EDUCATIONAL TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 APRIL 2025 12 Related Party Transa¢tbons In the Trustees, opanion. Ihe Worshipful Company's Shipwrights General Fund is relaied by common control. During the year. the General Fund reduced its deficrt of inlerfund recharged expenses with the Charitable Fund by £15.657 12024.. increased by £33.7471. At the year end, the balance payable to Worshipful Company's Shipwrights Gener81 Fund totalletj £56.04812024.' £71.7051 13. Reconciliation of Net Movement in Funds to Net Cash Flow from Operating Activities 2025 2024 Nel movement in funds Deduct Investment Income shown in investment acbvities IGainsliLosses on Investments IlncreasellDe¢rease In debtors IDecTeaselllncrease In Credrtors 120.9841 1239.5631 7,116 122,9531 17,5221 329.883 1236.9311 1296.2411 18 891 28,423 1283,9061 1155,9751 25