JOHN WILLIAM SLATER MEMORIAL FUND
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED31 DECEMBER 2020
Registered Charity No: 270706
Haysmacintyre LLP
Chartered Accountants
Re8iStered Auditors

JOHN WILLIAM SLATER MEMORIAL FUND
FIIYANCIAL STATEMEiYrs
FOR THE YEAR ENDED31 DECEMBER 2020
CONfErffts
Page
Trustees. report
Auditor5, report
Statement of financial activities
Balance sheet
Statement of cash l]ows
Notes to the financial siatements
10- 12

JOHN WILLIAM SLATER MEMORIAL FUND
TRUSTEES REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
REFERENCE AND ADMIIYISTRATIVE DETAIIS
CHARITY SECRETARY
David Appleton
1- 2 The Shrubberies,
George Lane.
Sollth Woodford
London
E18 IBD
Tel..
Fax..
E-mail
020 8989 6677
020 85iO 1015
slater@nautilusint.org
TRUSTEES
Anthony Mark Di¢kinson
David Slater
Gl¢nys Jackson
INVESTMENT ADVISORS
UBS AG
l Finsbury Av¢nu¢
London
EC2M 2AN
AUDITOR
Haysmacintyre LLP
10 Queen Street Place
London
EC4R IAG
PRINCIPAL BANKER
Unity Trust Bank PIC
Nine Brindleyplace
Birmingham
BI 2HB

JOHN WJLLIAM SLATER MEMORIAL FUND
TRUSTEES, REPORT
FOR THE YEAR ENDED31 DECEMBER 2020
The Trustees submit the statutory report and financial statements of the John William Slater Memorial Fund for the year
ended 31 Decetnber 2020. Thc activities of the Fund arc presented in Compliance with the provisions of the Statement
of Recommended Pra¢ii¢e for Charilie5 (SORP 20191 (FRS 102).
The financial siaiettlents comprise the Statement of Finattcial A¢tivities, the Balance Sheet. the Statement of Cash tlows
and supporting notes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The John William Slater Metnorial Fund is registered as a Charity under number 270706 and is govemed by the terms
of a Trus¢ Deed dated 4 Dtcember 1975.
The Tru5tee5 of the Charity hav¢ the power to apply both the capital and the income for the general purp)ses of the
Charity. Accordingly, the Capital doe5 not represent a pemianent ¢ndowtnent.
The Charity is administered by the Secr¢tsry under the direction of the Trustees.
A Management Com]nittee. which includes ihe Trustee5 and other persons with relevant knowledge in its membership,
considers individual applicatiot)s and other relevaRt items and mak¢s recommendaiions to the TTUStees.
OWECTIVES AND ACTIVJTIES
The Charity's objects are for general charitable purposes. wth particular regard for the following educational purpose5
which were of particular interest to the settlor=
The provision of financial assistance to ships ratings to enable them to obiain certificates of eompetency or other
officer5, certifjcates or diplomas.
The provision of grants for research into manag¢ment and labour relatLon5. particularly wtthin the shipping atld
air transport indu5tri¢s and the publication of the results of such r￿caTch.
The Principal aim currently is the provision of financial as515tance to suitable ships. ratings to ¢nabl¢ ihern to obtain
Certificates of CoTnpetence or oth¢r Officers. Certificates and Diplomas. The Charity's sol¢ activity is the making of
grants 10 individuals in fvrtherance of ihis aim.
ACHIEVEMENTS AND PERFORMANCE
In 2020 the number of ¢nquiTies saw a noticeable decline due to college closures and travel restrictions caused by the
2020 COVID 19 healih pand￿nIC. In 2020 the Fund was only able io give 22 awards12019.. 1381 of which 1412019.. 97)
were taken up. The amount of each award is £18,SOO plus £1,500 on obtaining an Otyjcer of the Watch certificate (2019..
£18,500 plus £1,500).
FINANCIAL REVIEW
The Charity supported 21 awards in 2020 {2019.. 97). The value of each award is £18.500 plus £1,500 on obtaining an
Olyicer of the Watch certificate duTing the year. A generous grant of £400,00012019'. £41K).0001 was received from the
Maritime Education Foundation. In the accounts for the year ended 31 DrGember 2019. an amount of £500,000 had
been accrued in respe¢t of this grant. Subsequent to the approval and signing of the 2019 accounts. the amount tsf the
grdnt actually re¢erved was £400,000. This over provision has been Tecognised in the results for the current year and
explains why the amount of the grant recognised in the year ended 31 December 2020 has been reduced by £IOO.000 to
£300,000. The Tru51ees are also grateful for the support frorn Nautilus International of £3,500 and considerable
professional and administrative support.
Risk Managemen¢
The Tnjstees are responsible for identifying any major risks to which the Charity is exposed. reviewing these and
establishing Systems to tnitigate the effect of any such risk.

JOHN WILLIAM SLATER MEMORIAL FUND
TRusfEES' REPORT (continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
FINANCIAL REVIEW (eontinued)
The principal risk faced by the Charity remains the cessation of the major annual grant re¢eived from the Maritime
Education Foundation In 2020 this grant wa5 £400,000. The charity current inves¢men¢s were valued at £4.9million as
at 31 December 2020 {2019.. £5.5millionl and are availabl¢ to assist in conirol manage]nent of the current and future
awards expendiiuTe.
The Charity'5 Assets
The investments held by the Charity can be invested ITh ac¢ordance wilh the TTusiees' instruction5 without restriction. A
review of the investments by the Trust¢es confirtn5 that the assets are properly held and are adequate (o fulfil the
obligations of the Charity.
The Trustee Act 2000 gov¢ms ihe investr￿entS held by the Charity.
The Trustees have delegated the management of the investment portfolio to UBS with the objective to m￿lmiSe long
total reiurns comtnensurate with a moderate degree of risk. UBS provid¢5 quarterly updates regarding the portfolio value.
purchases and sales. Performance of ihe portfolio is monitored and it5 total ￿turned measured quarterly against the
CAPS median benchmark. Th¢ perfomiance of the portfolio
net of fees
over the year was -0.12% against the
benchtnark-0.03Y..
Reserves Policy
The Charity maintains reserves to 2SSlSt with the fijnding of training awards. The level of reserves is reviewed annually
by the Trustees io enable the Charity to continue to provid¢ su¢h awards.
The Charity has built up the level of funds to assisi in meeting the provision in the Balance Sheet whieh currently stand
at £3,071,000. This provisioo is reviewed annually and any adjustment is taken through the Income and Expetlditure
Statemet]l.
The Charity's free resetwes 3moutLted to £2.278.642 ￿ at 3 1 December 2020 {2019.. £1,882,075}. The Trntstees are
continuin8 the process of formulating a formal policy for reserves, which will set a t2r8et range for fre¢ reserves in
futllr¢ years.
Statement on publlc benefit
The objectives and activities, and achievement and performance sections of this report clearly set out the activities whiGh
the Charity undertake5 for the public benefii.
The Trustees confimi that they have complted with the duty in section 17 of th¢ Charities Act 2011 to have due regard to
public benefjt guidance published by the Commis55on in detenllinin8 the activities undertaken by th¢ Charity.
FUTURE PLANS
To increase the nutnbers and value of awards to suitable applicants as far as available resources permit.

JOHN WILLIAM SLATER MEMORIAL Fuf4D
TRUSTEES, REPORT (continued}
FOR THE YEAR ENDED31 DECEMBER 21J20
STATEMENT OF TRUSTELS, RESPONSIBJLITJES
The Trust Deed provides that the Trustees are re5ponsibl¢ for the absolute Control and administration of the affairs and
the investments of the Charity.
The Trustees of the fund are currently Anthony Mark Dickinson, David Slater and Glenys Jackson.
Law applicable t(> charities in England and Wales requires the Trustees to prepare financTal statement5 for each financial
year that give a true and fair view of the cliarity's activities during the year and of its financial position at the end of the
year. In preparing those financial statemenls, th¢ Trustees are required to.
select suitable accounting policies and then apply them consi$tenily'
make judgements and estimaies ihat are reasonable and prudent",
observe the methods and principles of the Charities SORP;
state whether applicable accounting standards and sMtements of recommended practice have been followed.
subject to any material departures disclosed and explained in the fjnancial statements,.
prepare the financial statements on the going ¢on¢em basi5 unless it is inappropriate to presume ihat the ehartty
will ¢ontinue in operation.
The TTUSte¢s are responsible for keeping proper accounting records whi¢h dis¢lose with reasonable accuracy at any tiJne
the flnancial ￿sitiOn of the Chaiity and to enable them to ensure ihai the financial statetnents comply with the Charities
Act 2011. They are also responsible for safeguardtng the assets of the charity and hence for taking reasonable steps fr>r
the prevention and dete¢iion of fraud and other itreglllarities.
The a55ets of the Charity are held on Trust by th¢ Tnjstees.
Approved by and tsn behalf of the Trllstees on 18 March 2021
A M DIckin￿)n
Tnjstee

REPORT OF THE INDEPENDENT AUDITORSTOTHE TRUSTEESOF
JOHN WILLIAM SLATER MEMORIAL FUND
Opinion
We have audiied the financial statements of the John William Slater MemoTial Fund for the year ended 31 De¢efftber
2020 which comprise Statement of Financial Activities the Balance Sheet, the Statement of Cashflows and notes to the
financial statetnenls, including a suminary of significant accounting policies. The financial reporting fiamework that has
been applied in their preparation is applicabl¢ law and United Kingdom Accounting Standards. including Finan¢iat
Reponing Standard 102 The Fits&n¢ial Repoi'ling SiaNdui"d applicable IPT ihe UK and Reptiblic of IrelL7Md (United
Kingdom Generally Accepted Accounting Practice).
Irk our opinion, the financial statetnetLts'.
give a tru¢ and fair view of the state of the charity's affairs as at 31 December 2020 and of the charity's net
movement in funds for th¢ year then cnded.,
have been properly prepared in accordante with United Kingdom Generally Accepted Ac¢ountitLg Pr&ctice' and
have been prepared in a¢cordance with the requirements of the Chariti¢s Act 2011.
Ba515 for opinion
We have been appoinied as auditor und¢r s¢¢lion 144 of the Charities Act 2011 and report in ￿¢0[dance with the Act and
relevant regulations made or having effe¢t thereunder. We conducted our athdit in accordance with Intemaiional
Standards on Auditing (UK) {ISAs (UKII artd applicable law. Our responsibilities under those standards are further
d¢scribed in ihe Auditor's responsibilities for the audit of the financial staternenls section of our report. We are
indep¢ndeni of The charity in accordance with the ethical requirements that are relevant to our audit of the ftnancial
statements in the UK, including the FRC'S Ethical Stsndard. and we have fulfilled our other ethtcal responsibilities in
accordance with these requirefflents. We believe tha¢ the audit.
vidence we h8ve obtained is sufficient and appropriate to
provide a basis for ouropinion.
Conclusions r¢latlng to going concern
In auditing lh¢ financial statements, we have ¢oncluded that the trustees. us¢ of the going ¢on¢ern ba515 of a¢￿unting irt
the preparation of the fjnancial stat¢ments is appropriate.
Based on the work we have perfomed, we have not identified any material un¢ertainiies relating to events or condiiions
that, individually or collectively. may cast 518nificant doubt OH th¢ charity's ability to continue &$ a going cort¢eTn for a
period of at least tw¢lve months froin whcn the financial statements are authorised for issue.
Our res￿nsIbilItieS and the responsibilities of th¢ trustees with respect tQ 8gtng eon¢em ar¢ described in the relevant
sections of this report.
Other inform9tson
The irustees are responsible for the other inforniation. The other information comprises the inforrnation included in the
Truste¢s' Report. Our opinion on ¢he financial statements does not cover the other inforn]ation and, except to the extent
otherwise explicrtly stated irt our report. w¢ do not express any fonn of assurance conclus20n thereon.
In connection wtth our audii of the financial statements, OUT resFx)nsibility 15 to rcad the other information and, in doing
SO. Consider wheth¢r the other infonnation is materially in¢onsistent with the financial statements or our knowled8t
obtained in the audit OT Otherwise appears to b¢ materially misstated. If we idcntify such material tn¢onsi5tencies or
apparent material misstatetnents. we are required lo delerrtline whether there is a material missthtement in the financial
statemen¢s or a material mLSStatcment of the other information. If, based on the work we have perfornied. we con¢lude
thai there is a material missialement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports)
Regulattons 2008 require us to report to you if, in our opinion..
adequate accounting records have not been kept by the charity. or
sufficient accouniing records have not been kept,. or
lh¢ Charity financial statements are not in agreement wÈth the accounting records and retums., or
we have not re¢eived all the iThfomiation and ¢xplanations we require for our audit.
Responsibilities of trustees for the financigl $t4tement5
As explained more fully in the trustees. responsibiliiies statement set out on pa8e 4, the trnstees are responsible for
the prepararion of the financia15tatemenis and for being sat15fied that they giv¢ o irue and fair view. and for su¢h

REPORT OFTHE IP4DEPENDENT AUDITORS TO THE TRUSTEES OF
JOHN WILLJAM SLATER MEMORIAL FUND (continued)
internal control as th¢ trustees determine is necessary to ertable the prepardtion of financial statements that are fret from
material mjsstatement. whether due to fralld or error.
In preparing the financial statements, the trusle¢s are responsible for &%sessing the ¢harity's abiliry to continue as a going
concern. disclosing, as applicable, malleTS related to going concern and using the going concern basi5 of accollnting
unless the tru5t¢¢s either intend to liquidate the ¢haiity OT to cease operation5, or have no realistic alternative but to do so.
Auditor's respon$ibÉlitie5 for the gudit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial staternents as a whole are free from
material mi551atement, whether due to fraud or error, and to issye an auditor's report that includes our opinion.
Rcasonable assurance is 8 high level of a55urance, but is not a guarantee that an audit conducted in accordance with ISAS
(UK) will always deie¢t a material misstatement when it exists. Mi55tatements can arise from fralld or error and are
considered material if, individually or in the aggiegate, they could reasonably be expected to influence the economie
decisions of users taken on the basis of rhese flnancial statements.
Irregularities, including fraud. Are instances of non-compliatt¢e with law5 and regulattons. We design procedures in line
with our responsibiliiies. outlined above, to deteci material misststements in respect of irregularities, in¢ludiJ)g fraud. The
extent to whi¢h our procedures are ￿pable of detecting irregularities. including fraud is detailed below=
Based Oll our understanding of the charity and the environment in which it operates, we identified that the principal risk5
of non-¢ompliance with laws and regulations related to revenue recognition, and we considered rhe exieni 10 which non-
compltan¢e might have a rtiaterial eff¢¢r on the financial statements. We also considered those laws and regulations that
have a direct itnpact on the preparation of the fJnatLcial statements such as the Chaiiiies Act 2011.
We evaluated management's incentives and opportunities for fraudulent manipulation of th¢ fin8n¢ial siatetnent5
(including the Tisk of override of controls}, and deterrnined that the principal risks were related to matteFS requiring
judgement and esiimation techniques. Audit pro¢edure5 performed by the engagement team included..
Discussions with managetnent including consid¢raiion of known or su5PeCted instances of non-compliance with laws
and regulation and fraud.,
Evaluating management's controls designed to prevent and detect irregularitie5'
Identifying and testing journals. in particular journal entries posted wilh utsusual account combinations, postings by
unusual users or with unusual descriptions: and
Challenging assumptions and judgetnents made by management in their ¢riti¢al ac¢ounting estimates.
A further description of our responsibilitie5 for the audit of th¢ finatjcial staternentS 15 located on the Financial Reportitlg
)oii%ibilitiL'.%. This description form5 part of our auditor's report.
Use of our report
This report is inade 501ely to the charity's trustecs. as a body. in accordance with section 144 of the Charities Act 2011
and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the
¢harity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the
fullest extent permitted by law. we do not accept or assume r¢sponsibility to anyone other than the charity's truste¢s as a
dy for our audit work. for thi5 report, or for the opinions we hav¢ formed.
H#y5macintyre LLP
Statutory Auditors
18 March 2021
10 Queen Street PIAct
London
EC4R IAG
Haystnacintyre LLP is eligible to act as an auditor in ternis Of section 1212 of ihe Companies Aci 2006

JOHN WILLIAM SLATER MEMORIAL FUND
STATEMENT OF FINANCIAL AcfiviTIES
FOR THE YEAR ENDED31 DECEMBER 2020
Unrestricted Fund
2020
2019
Note
Restgted
INCOME FROM:
Donations
Invesiments
303,500
114.717
503,500
181,659
Total income
418.217
685,159
EXPENDITURE ON:
Charitable ActLVlties:
Provision of financial assistatL¢e to Suitable ships, ratings..
rratning grants awarded in the year
Adjustment io training grants provisioo
Support cosis
722,671
(863,6001
25,000
.591,590
{154,3001
25,000
Total expenditure
{115,929)
1.462,29)
NET INCOME I (EXPENDITURE) BEFORE GAINSI{LOSSES)
534,146
{777.131)
OTHER RECOGNJSED GAIN&I(LOSSES):
ILK)sse$ygains on investments.. -
Realised
Unreali%d
138.637)
198,942}
77,449
620,568
NET INCOME I (EXPENDITURE) FOR I'HE YEAR
396,567
{79.1141
Funds brought forward as previously reported
Prior period adjustment
1,727,775
154,300
1,961.189
Funds brought forward &5 restated
1,882,075
1,961,189
Balance carried forward at 31 December
£2,278,642
£1,882,075
The notes on pages 10 and 12 forni part of these financial sratetnents.

JOHN WILLIAM SLATER MEMORIAL FUND
BALANCE SHEET
AS AT31 DECEMBER 2020
2020
2019
Note
Restated
FIXED ASSETS
Inv¢siments
4,741,617
5,503,511
CURRENT ASSETS
A¢crued income
Cash with the Marine Society & Sea Cadets
Bank and cash
Money held by invesiment managers
17.805
60,000
646,505
163.713
528,996
60,000
150,840
47.564
888.023
787.400
Creditors=
Provision for awards
Training grants creditor
{3,071,0001
1279,9981
(3,924,600)
{484,2361
(3,350,998)
14,408.836)
r4et Current liibilities
12.462.975)
{3.621.436)
NET ASSETS
£2.278.642
£1,882,075
FUND
Unrestricted funds
£2,278,642
£1,882.075
The financial statements wer¢ approved and authorised for issue by the Board of the Trustees otl 18 March 2021
and were signed below on tts behalf by=
Trustee
A M Dickinso
Trustee
The notes on pages 10 and 12 form part of these financial statements.

JOHN WILLIAM SLATER MEMORIAL FUND
STATEMENT OF CASH FLOWS
AS AT 31 DECEMBER2020
2f120
2019
Cash flow frorn opergting activitie5
Net cash used by operating activities
{12,501)
(605,027)
Cash flows from investÉng gCtivitie5
Proceeds from sale of investfflents
Pui¢hase of investments
2,959.952
(2.335.637)
2,149,367
{1,732,239)
Ntt cash provid¢d by investing Attivities
£624.315
£417,128
Change in Cash snd cash ¢qulvAlents in the reporting period
Cash #nd cash equivalents at the begÉnning of the reporting period
611,814
198.404
1187,8991
386.303
Cash and cash eqknivalents at the end of th¢ reporting period
£810218
£198,404
Reeoneiliation of net expenditure to net CAsh flow from
operating activities
2020
2019
Restated
Net incomel (expenditure) for the year
Adjustmenis for..
Lossesllgains) on investmenis
Increase in debtor5
IDe¢rea5eyincre&st in creditors
396.567
179,1141
137,579
{699.017)
132
172.972
(1,057,838}
Net cash used by operating activities
£112.5011
£1605,0271
Re¢oneiliation of net debt
The Charity does not have any debt. and all information is included aix>ve, so no net debt recoTrciliation requiTed.

JOHN WILLIAM SLATER MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
ACCOUNTING POLICIES
B#515 of accounting
The financial stateThents have been prepared under the hi5tori¢al Cost convention, with the exception of fixed asset
investments, whi¢h are included at their market value at the balance sheet da￿. The financial statements have been
prepared in accordance with the Statetnent of Recommended Practice for Charitle5 {SORP Second edition, effective
l January 2019), the Cotllp2nies Act 2006 and applicable accounttng standards IFRS1021.
The principal accounting policies and estirnation techntques are as follows.
Coing ¢on¢ern
There are no material unceTtsintle5 surrounding the charity's ability to contiE)ue as a 80ing conc¢m. The charity has
sufficient liquid &ssets which could be called u￿n tts meet its financial commitments as they fall due.
Consequently. these financial statements have been prcpared on a going eon¢em basis.
Income
All its¢ome is recognised on a receivable basis.
Income from voluntary donatlOll5. legacies, grants and other in¢otne receivable is accounted for when the ¢harity
has entitlement to the income. the amount can be measured reliably and thc likelihood of receipt is probable.
Fund Accounting
The charity has only one fund, which is unrestricted.
Investments
Listed investments are re¢ognised at rnarket value. The unrealised gain5 or 105se5 are accounted for in the
Siaiement of Financial Activities. as are any realised gains and losses.
D¢btor5
Other debtors are recognised at the settlement amount due after any dtscounts offered. Pr¢paymenis are valued at
the amount prepaid net of any discounts dlle.
Awards
A provision is made in the financial statements for anticipated expenditure on awards grdtlted before the year-end
where tÈaining ha5 commenced. All grants are rnade to individu2ls and ther¢ are no ittsiitutional grants.
Flngneial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrument5.
Basic financial instrutnents are initially r¢wgnised at trdnsaction valuc and subsequently measured at their
settlement value.
Judgements In ipplying accounting policies #nd key Sources of estimation untertAinty
Estimates and judgements are continually evaluated and are based on historical experience and oihcr factors.
including expectations of future events ihat are believed to be reasonable under the circumstances. Although these
estimates arc based on management's best ktlowledge of the amoun¢ events or action5. acts]al resulis may
ultimately differ from those estimates. The trustee5 consider the following itetns to be areas subject to esiimation
and judgement..
PrOV￿l0￿f0r award
The charity consider5 the provision on an annual basis reviewing the m&ximum exposure versus the amount already
spent, less an estimate for non-starters and siudents who will not lJ5e the full grani. In 2020, the Charity has revtsed
its grant awards Provision accounting poli¢y to better retlect the estimate of grants truly outsianding at the year end.
For grants awarded outside of the 4-year award. the Charity has rcviewed each grant re¢ipi¢nt individually to assess
whether they are still entitled to the fund5 or whether they should be written off. Note 7 provides det211s of the
prior year adjustment. whieh has resulted from an error being identified in this accounting estimate at ihe year
ended 31 December 2019.
GRANTS PAYABLE
Training grants payable in the year r¢present awards Tnade to 22 individuals {2019'. 138 individuals).
10

JOHN WILLIAM SLATER MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS (tontinued)
FOR THE YEAR ENDED31 DECEMBER2020
STAFF COSTS AND TRUSTEES, REMUNERATION
The charity has no employees 12019.. none} and no trustees receive remuneration from the Charity. No trustees
received reimbursemeni of expenses in the year {2019.' none).
FIXED ASSETS INVESTMENTS
UBS AG is responsible for the day-to-day management and custody of the Charity'5 investments.
The following are the investments of ihe Fund..
Cost
Market value
2020
2019
2020
2019
Ftxed interest securities
Other qUts￿d s¢curities'.-
Equity holdin85
133.319
162.125
132,917
161.597
3,778,143
3,969,260
4,608,700
5.341.914
£3,911,462
£4,131,385 £4,741,617
£5.503,511
2020
2019
Movement IN rnarket VAlue of investm¢nts
Market value at l January
Le55.' di5w>sals proceeds
Add.. aquisilions at ¢ost
Net Gain/{Loss) at 31 December
Equalisation
5,503,511
5.221.622
{2,959,9521 12.149.367)
2,335,637 1.732,239
1137,5791
698,017
1,000
Market value at 31 December
£4.741.617 £5,503.511
Realised and unreali5ed gains on investments
Realised Gain l{Lossl
Unrealised Gain /(Loss)
138,637)
198.942)
77.449
620.568
£1137.5791
£698.017
PROVISION FOR AWARDS
The Trustees estimate that a spe¢ifi¢ provision of £3,071,000 {2019.. £3.924.600 as restated) may be required for
awards granted before the year.end.
At l January 2020 (Restated)
Provisions for grants no longer required
Increase in provisÈon based on number of awards made
3.924.600
(863.6001
10,000
At 31 December 2020
£3,071,000
RELATED PARTY TRANSACTIONS
There were no related party transactions other than the donation of £3.500 received from Nautilus International
{2019. £3.500).

JOHN WILLIAM SLATER MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS {continued)
FOR THE YEAR ENDED 31 DECEMBER2020
PRIOR YEAR AWUSI'MENT
In 2020, the Charity has revised its calculation of the grant award5 provisiots to better reflect thc estimate of grants
truly outsianding at the year end. For grants awarded outside of the 4-yeaT award, the Charity has reviewed each
gtant reripient individually ¢0 assess wh¢iher they are still entitled to the funds or whcther they should be written
off. This has lcd to 2 f¢sialement of 2019 figures for the grant awards provision and general reserves. as an error
was identified as theTe were several recipients who were not entitled to the fundin8 at 31 D￿ernber 2019 due their
grants having lime lapsed. Therefore a decrease in the provision was required. The resiatement of the openitlg
reserves as ai l January 2020 resulted in them being incrvascd by £154,300 than previously reported with rhe net
expenditure for the year decreasing by this amount.
12