JOHN WILLIAM SLATER MEMORIAL FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Registered Charity No: 270706 Haysmaciniyre LLP Chancrcd Accounian Regisier¢d Audiiors JOHN WILLIAM SLA TER MEMORIAL FUND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 CONTENTS Trustees. report Auditors, rewrt Siatement of financial activities Balance shtti Siatemeni of cash flows Noies io ihe financial siaiemenis JOHN WILLIAM SLATER MEMORIAL FUND TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 REFERENCE AND ADMINISTRATIVE DETAILS CHARITY SECRETARY David Appkion Nauiilu5 House Mariners, Park Wallas¢y CH45 7PH Tel.. E-mail 0151639 8454 Sla￿r@naul11USlTri.0[g TRUSTEES Anthony Mark Dickinson David Slaier Glenys Jackson INVESTMENT ADVISORS James Hambro & Panner5 LLP 45 Pall Mall London SWIY5JG AUDITOR Haysmaciniyre LLP 10 Queen Sireei Place London EC4R IAG PRINCIPAL BANKER Unity Trust Bank PIC Nine Brindleyplace Biriningham BI 2HB JOHN WILLIAM SLATER MEMORIAL FUND TRUSTEES. REPORT FOR THE YEAR ENDED JI DECEMBER 2021 The Trusiees submit the Maiuiory rep)rt and financial sts*menis of ihe John William Slaier Memorial Fund for Ihe year ended 11 December 2021. The aciiviiies of Ihe Fund are presenied in compliance with Ihe provisions of the Siatemeni ol Recommended Practice for Charities ISORP 20191 IFRS 102). The financial statements compnse the S(aiemeni of Financial Aciiviiie& the Balance Sheei. Ihe Staiemeni of Cash flows and supw)rting notes. STRUCTURE. GOVERNANCE AND MANAGEMENT The John William Slaier Memorial Futtd is re8isiered as a Chariiy under number 2707(kn and is governed by ihe terms ola TTUSI Deed daied 4 December 1975. The Trusiees of the CharÈiy have Ihe ￿Wer 10 apply ixxh The capiial and Ihe income for Ihe general purposes of Ihe Charity. Accordingly. Ihe capiial d￿$ noi represeni a pemianeni endowmeni. The Charily is admirtistered by the Secretary under ihe direciion of the Trnsiees. A Managemen( CommiiieE, whtch includes Ihe Tru51ee5 and oiher per￿n$ with tvlevanl knowledge in its membership, consider5 individual application5 and oiher relevant item5 and makes iecomTnendalion5 10 the Trustees. OBJECTIVES AND ACTIVITIFS The Charity'5 objec15 are for general charitable with parficular regard for thc following educaliortal purposes which were of parlicular intere51 to the settlor-. Th¢ provision gr rJThan¢ial assisW￿¢ 10 Ships r41ings io ¢nable ihem io ¢)biaiTh ceTiifica￿s of comF¢i¢n¢y or oiher oificer5' cenificates or diplotnas. The provision of grant5 for res¢ar¢h inio managemeni and labour relaiions. panicularly wiihin Ihe shipping and air iranswn industries and Ihe publicaiion of ihe resulis of such research. The principal aim currently is Ihe provision of financial assisiance 10 suifable ships. raiings and uncenificaied officer5 10 enable Ihem 10 obtain Certificaies of Compeience or (Aher O￿l¢¢[s. Certifica￿5 aThd Diplomas. The Chariiy's core aciiviiy is the making of gTanis 10 itKlividuals in funherance of this aim. ACHIEVEMENTS AND PERFORMANCE In 2021 ihe Fund gave 39 awards12¢Y20.. 21) of which 2812020.. 141 were iaken up. This number is considerably lower than the number ol- awards lha¢ were awarded on an annu￿ basis prior (0 2020 as Covid relaied college closures and Iravel resirictions led io reduced demand. The amouni of each award is £18J(KJ plus £1 J¢X) on obiaining an Officer of Ihe Waich ceriificaie12020- £18.51N) plus £1 S1)0). FINANCIAL REVIEW The Charity supporied .19 awards in 202112020.. 21 l. The value of each award is £18.500 plus £1,5(x) on obtaining an o(ricer of ihe Waich ceriifi¢ai¢ during the year. A Benerous grani of £4￿,(xX)I202o-. £41J).(M)01 was received from the Mariiime Educaiion Fwnda¢ion. The Trusitts are also Br￿¢ful for the supFN)rt from Naulilus International for Ihe consideiable professional and adminisiraiive suppkn. In 21Y20 Nauiilus gave a grani of £1.5(NJ io support the work of the charity12021: £nill. Risk MAna8emen¢ The Trusiees are resFonsible for idenlifying any major risks io which Ihe Chan"iy is exposed, reviewing these and establishing sysiems 10 miiiga¢e ihe effeci of any such risk. JOHN WILLIAM SLATER MEMORIAL FUND TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2021 FINANCIAL REVIEW (continued) The principal iisk laeed by Ihe Charily remains ihe cessation ol the major annual grani received from the Maritime Education Foundation. In 2021 ihis 8rani was £4￿.(￿K). The charily cutTeni investments were valued ai £5.3million as al I l December 2021 12020= £4.7millionl and are avaKlable io assist in control managemeni of the curreni and lulure awards expenditure. The Charity's Assets The investments held by the Charity can be invesied in accordance with the Trustees. insiniciions wiihoui restriction. A review of the invesimenis by the Trt￿tte5 c(mfimis tha( the &%sets are properly held and are adequate io fulfil the obligations of the Charity. Subsequent 10 the year end. in Jurte 2021. James Hambro Pdrtners {JHPI were appoinied as Assei Manager in place of UBS Wealth Managemeni IUKI Limited. The Trusiee Aci 2(MX) governs ihe invesimenis held by Ihe C7Jariiy. ThL Trnsiees have delegaied the managem¢ni of Ihe invesimgni portfolio to JHP with the objeciive to maximise lon8 to131 rLlurns commertsutaie wilh a m(xleraie degree of risk. JHP are eX￿¢(ed 10 provides quarterly UTxlaies regarding ihe porifolio valuc. purchases and sales. Peifomiance of the portfolio is moniioied and its ioial teiumed me&sured quarteily against Ihc ARC Balanced Index benchmark. The ￿rforManCe of Ihe wjnfolio - rte( of ftts - over ihe year was 7.0 agaitLSI the benchmaik 2.5%. Reserves Polley Thc Charity mainlains reserve% io assist wilh ihe futlding of training awards. The level of reserves is ￿VieWed annually by ihc Trusie¢5 to enable the Chati(y io coniinue to wovide such awards. The Chatily has buili up the level of fund5 tu a55iSI in meeting ihe ptOVi5ion in (he Balance Sheet which currently sland ai £2.-195.718. This PTOV1510ll LS r¢vi¢wed annually and any adju51meni is taken Ihrough the Incom¢ and Expenditure Staiement. Th¥ Charily's free reserves amounted io £.1.151.358 1$ ai 11 Ikcember 2021 12020-. £2,278.6421. The Truste￿ are contitluing the process of fomiulating a fornul Ex)licy for re5erve& which will sel a tatge( range for free tY5erve% in rutur¢ yeats. Statement on public benefit The objective% and activities, and achievement and perforn￿nCe sections of this re￿rt clearly sei out (he activitie5 which the Charity undertakcs the public ￿nefit. The Trusi¢es confirm thai they have complied wilh th¢ duly in s¢¢iion 17 of lh¢ Chariii¢s Aci 2011 to hav¢ due regard to publi¢ b¢n¢fit guidance rALblished by the Comrnission in (k*rmining the a¢iiviiies undenaken by ihe Charity. FUTURE PLANS To increase the numbers and value of awards io suitable applicants a5 far as available resources permii. JOHN WILLIAM SLATER MEMORIAL FUND TRUSTEES, REPORT {CDntinued) FOR THE YEAR ENDED 31 DECEMBER 2021 STATEMENT OF TRUSTELS, RESPONSIBILITIFS The Trust Deed provide5 that the Trusiees are resp)nsibl¢ for the absolute conirol and adminisiraiion of the affairs and Ihe investmenis of Ihe Charity. The Trusiees of fhe fund ¥re eurrenily Anihony Mark Dickinson. David Slater aNI Glenys Jack50n. Law applicable io chariiies in England and Wales requires the Trusltts io prepare financial staiem¢nts for each financidl year Ihai give a Irue and fair vicw of ihe chariiy's aciiviiies during the year aThJ of its financial posiiion ai the end of Ihe year. In preparing Ihose financi&l stalements. Ihe Trus(ees are required io: seleci suiiable accounting w>licies and then apply ihem consisi¢ntly' make judgemeTr15 and esiiTnates ihai are reasonable and pwdeni., observe the meih(MJ5 and principlt5 of the Chariiies SORP: Siale whether applicable accouniing siandards and siatements of recommended praclice have ￿en followed. subject to any maierial depanures disclused and explained in ihe finon¢ial 51aletneThl5: prepare ihe financial siai¢m¢rtis ort the going concern basis unless it is inappropriate 10 presume ihai Ihe charity will c(Iniinue in operaiion. The Tru5te¢5 are reswTrnsible for keeping PrO￿r accouniiftg tycords which dts¢lose wilh reasonable accuracy ai any tiTne Ihe financial P05Ltion of ihe Chariiy and 10 enable them to ensure ihai Ihe financial siaiernenls comply wilh Ihe ch8riiie5 Aci 2051. Th¢y are also responsible for safeguarding Ihe a55e15 01 Ihe chan.iy and hence for iaking reasonable steps for lh¢ pr¢v¢ntion and deieeiion of Iraud ond other irregularilie5. The asseis of the Charity are held on Trusi by Ihe Trusttt5. Approved by and on behalf of the Trusie¢s on 26 Sepi¢mkn 2022. A M Dickinson Trus(ee REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF JOHN WILLIAM SLATER MEMORIAL FUND Opinion We have audited the financial siatemenis of the John William Slater Memorial FuTrJ for ihe Y￿ ended 11 December 2021 which compri5c Sialernent of Fifiancial Aclivities the Balance Sheei. the Statemenl of Cashflows and notes to the rinancial staiemenis. including a summary of 5igniliearti accounting polities. The financial reporli118 framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards. including Financial Reponing Standard 102 The Fiiiaircial Reponiiig Siaiidard applicable 144 ihe UK oiid Republic of Ireloird {Uniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statLmenis-. giv£ a true and fair view of the slale of the charity's affairs at I l December 2021 and of the charity's n¢t movemeDi in funds for ihe year then ¢[￿Cd- have been properly prepared in accordance wilh Ut)iied Kingdom Generally Accepied Accounting l*aciice; and have ￿en prepared in accordance with the requiremeThl5 of the Charities Act 2011. Basis for opinion We havc been appoinied as a￿lI10T under section 144 of the Charities Act 2011 and report in accordance with the Acl and rLILvani regulations made or having effeci thereunder. We conducied our audit in accordance with International Siandards on Auditing IUKI {ISAs IUK)} and applicablc law. Our reS￿rISIbilitIeS under those standards are further described in the Auditor's responsibililies for the audit of the financial Slaietncnts section of our report. We are independeni of the charity in accordance wilh the eihical requirernenis ihai are relevant io our audil ol Ihe financial siaiements in ihe UK, including ihe FRC'S Eihical Standard. and we have fulfilled our oiher ethical rcsponsibilities in accordance wilh Ihese requiTemen15. We believe thai ih¢ aydii evh(kn¢e we have Ob￿lTr¢d is sufficient and appropriate to providL a basis for our opinion. Conclusions relating to going ¢onc¢rD In auditing Ihe financial siaiemenis. we have concluded that the trustees. use of the going Concern basis of kccounting in Ihe preparaiion ot the financial siaiemenis 15 appropriate. Based on ihe work we have ￿TfOr1Ded, we have noi ideniifRd #ny ￿￿￿11a1 uncenainiies r¢laiing io events or condiiions Ihai. individually or ¢olleciively. may ¢asi significani doubi on Ih¢ charity's abiliLy 10 coniinue a5 a going ¢on¢¢rn for # period of ai leasi iwelve months from when ihe financial s￿lements are authorised lor issue. Our responsibiliiies and Ihe responsibiliiies of ih¢ ITus*es wilh rest￿1 10 going concern are described in Ihe relevani seciions of Ihis repori. Other information The iTusiees are responsible for the oiher infonnaiion. The ￿her information comprises ihe infornaiion included in ih¢ Trusiees. Report. Our opinion on ihe fiThan¢ial staiernenis doe5 noi Cover ihe oiher infoTmaiion and, excepi 10 Ihe exient oiherwise expliLiily s¢aied in our repon. we do noi express any lorm of assurance conclusion ihereon. In conneciion wilh our audii of ihe financial staiemenis. our responsibiliiy is 10 read th¢ oiher informaiion and. in doin8 so, consider whether Ihe o¢h¢r informaiion is Ma￿riallY in¢onsisi¢ni wilh the financial sthiemen¢s OT our knowledge obiained in ihe audii OT oiherwise appear5 10 be ma￿rially mis51aL¢d. If we ideniify such maieriaj inconsisiencies or appareni ma￿rIal missiaiements, w¢ are required 10 deiern)ine whether Ihere is a material missiaiemeni ITh Ihe financial siairmenis or a maierial missiatemeni of ihe oiher inforn)aiion. If, based on ihe work we have perfomied, we conclude that Iheie is a maierial miss￿leMen1 of Ihis oiher inforniaiion. we are required 10 report ihai fxi. We have noihing to report in Ihis regard. Matters on which we are required to report by exception We have noihing io rewri in res￿¢¢ of the following m*￿[5 in relaiion w which ihe Charities (Accounts and Rewrts) Regulations 2008 require us to report ￿ you if, in our opinion.. adequate accouniirhg record5 have noi becn kepi by the charity: or 5u(ficient accouniing record5 have noi kepi., or the ¢hariiy finaTh¢ial siaiernenis are noi in agr¢emeni with the accouniing records and reiurns: or we have nol r¢ceived all the inform*ion and cxplanalions we require for our audi(. Re5ponsibilitie5 of tr￿tee5 for the fimneial stattments As explained more fully in the irusiees. responsibiliiies siaiemeDi sei out on page 4. Ihe trustees are responsible for the preparation of ihe flnancial ￿ateMen1S and for ￿ing saiisfied Ihai ihey give a Irue and fahr view. aThJ for such REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF JOHN WILLIAM SLATER MEMORIAL FUND (continued inleinal control as Ihe Irustees det¢miine LS nece55ary lo eNablc the preparation of financial statement5 that are free from material mi551atemeni. wheiher due io fra￿j or Crror. In preparing ihe financial sia¢emenis. Ihe irnsiees are responsible for assessirtg the charity's abiliiy io continue a5 a goin8 concern, disclosing. as applicable. matiers related io goin8 concem and tssing Ihe going cortcern basis of accounting unless the irusiees eiiher iniend io liquidate Ihe charily or to cease o￿TatIons. or have no realLSlic alieinatiye but lo do 50. Auditor's responsibilities for the audit of the fimntial statements Our objectives are to obtain reasonable a￿Ul3￿ce about whether the financial Slatements as a whole are free from maierial missiaiemeni, wheiher due io fraud or error. and 10 issue an auditor's reEx)rl thai includes our opinion. Reasonable assurance is a high level of assurance. bui is noi a guarantee ihat an audit co1￿Uc1ed in accordance wilh ISAS (UK) will always deieci a material missiaiemeni when hi exists. Misstaiemenis ean arise from fraud or error and are Considered material if. individually or in the aggregaie. Ihey could reasonably be expected to irtfluence the econornic decisions of users iakert on ihe basis of these flnaneial siaiemettis. Irregulariiies. including fraud. are insrances of non-compliance wilh laws and regulaiions. We design pnKedures in line with our reS￿nSibIli11e5. ouilined above, 10 deieci maierial missiaiemenis in res￿¢( of irregulariiies, including fraud. The exient 10 which our procedures are capable of deieciing I￿e8￿lari1tes. including fraud is deiailed below: Based on our understanding of Ihe chariiy and the ertvironmertl in which it operates. we identified that the principal ri5k5 of non-cotnpliance with laws and regulations related to revenue recognition, and we considered the exieni io which non- compliance might have a tnalerial effect on the financial 51atemenis. We also considered th0￿ laws and regulaiions that have a direcl impact on the pr￿l 12.462.975) NET ASSETS Ll.151.358 £2.278.642 FUND UnrtS(ricted lunds £.1,151,?58 £2,278,642 The financial statements were approved and auihorised fw issue by ihe Boatd of the Trustees on and were signed klow on ils behalf by: September 2022 D Slater Trus(ee A M ￿"¢kinSOn Tru51ee The noies on paEes 10 and 12 forni pan of ihese financial s[a￿men¢5. JOHN WILLIAM SLATER MEMORIAL FUND STATEMENT OF CASH FLOWS AS AT 31 DECEhlBER 2021 2021 2020 Cash flow from operating activities Net cash used by operaiing aciiviiies 1547.702) {12.5011 flows from investittg *etlvities Pro¢¢¢ds from sale of tnveslments Purchase of invcstrnents 0.922,220 {6,886.561) 2.959.952 12,115,617) Net cash provided by investing activilie5 £35.657 £624,315 Change in cash and c4th equivalents in the reporting period Cash and cash equivalents at the l*ginninE of the reporting period 1512,0451 810,218 611.814 198,404 Cth and cash equivalents at the elld otthe reporting period £298.171 £810,218 ReeoncilialAOll of net expenditure to nei flow from opernting gctivities 2(121 21120 Net infome for the yeAr Adjusimenis for.. IGain5ln055e5 on investments Ilncrea5¢ydecrease in debtors Decrease in Crediiors 1,072.716 1589.IMJ I) 1182.1981 {fA9.2191 117,579 {1.057.8?8) Net eash used by opernting aetivities £{547.702) £112.5011 Reconciliation of net debt The Charity does not have any debi, and all infonnaiion is included at*)ve. so no nei debi reconciliaiion required. JOHN WILLIAM SLATER MEMORIAL FUND IYOTES TO THE FINANCIAL STATEMEN75 FOR THE YEAR ENDED 31 DECEMBER 2021 ACcOUNT￿C POLICIES B￿15 of 3ccounting Th¢ financial swemenis hav¢ l*¢n prepared under th¢ hi5tori¢al Cosi ¢onveTtiion. wilh th¢ ¢xc¢piion of fixed ossei inv¢slrnents. which are included ai Iheir markei value al the balante sheet dale. The fitlancial sia(emenis have b¢¢n pr¢par¢d in accordance with the Staiefflen( of R¢cotnrnended Praciice for Charilies (SORP Second edition. ¢ff¢¢tiv¢ l JaDuary 20191. the Compani¢s A¢1 2(Kb and applicable accounting 51andard5 IFRS1021. The principal xcouniing poli¢ies and ¢slim￿lon techniqu¢s ar¢ as follows. Th¢re are no tnai¢rial unc¢rtainiies surroundtng ihe charity's abiliiy to contiTtue as a going concern. The charity has suf(ici¢ni liquid as5¢ts which could b¢ ¢alled upon 10 meet its fLnancia] commiimenis as Ihey lall due. Cons¢qu¢nily. Ihe% financial si•¢m¢nts have ir¢n prepar¢d on 3 going ¢otK¢rn bas1S. Incom¢ All incom¢ is recognised on a receivable basis. Incorne from voluThtary donaiions, legaci¢s. granis and income Teceivable is accounied for when ihe charity ha5 ¢niiil¢m¢n¢ io th¢ incom¢. the omouni can b¢ m¢asur¢d reliably and the likelihotxl of receipt is probable. Fund a¢couDting Th¢ charity has only ont fund. which is unrestricied. I￿v￿lments Lisied investments are recognised ai market value. Th¢ unrealised gains or losses are accounted tor in ihe Siaiemeni of Financial A¢iiviiies, as are any realised gains a[￿ losses. Debtors OihLr debtors ar¢ r¢¢ognis¢d ai ihi s¢iilLmeni amount du¢ afi¢r any dis¢ounts offer¢d. P￿"paymenTS aTC valuld at Ihe amouni prepaid nei of any discoun1$ du¥. Awards A provision is made in ihe financial siaiemenis for at)iicipaied exTYodiiure on awards granied before the year-end whLre iraining has commenced. All granis are made io individuals and ihere are ng insiiiuiional granis. Financial Inslrnments The chariiy only has financial asseis and financial liabiliiies of a kind ihai qualify as basic financial insirumenis. Basie financial insirumenis are iniiially recognised ai Irdnsxiion value and subsequenily measured al Iheir seiilemeni value. Judgements in applying accounting policies and key sources ofestimation uncertainty EsiimaiLS and judgemenis are continually evaluaied and are based on hisiorical eX￿[lence and oiher faciors. including cxFctaiions of fuiure evcnis ihai are believed 10 ￿ reasonable under ihe circumsiance5. Alihough ihese esiimaiLS are based on managemeni's tr*st knowledge of (he amount. evenis or aciions. actual resulis may ultimaiely differ from those es11m￿e5. The frusiees consider Ihe following iiems 10 ￿ areas subject 10 esiimaikon and judgemeni= Proijisioiifotr astrard The chariiy considers Ihe provision on an annual basis reviewing ihe maximum exposure versus ihe amouni already speni. less an es11m￿e for non-starters and siudenis who will noi use ihe full grani. For 8rants awarded ouiside of Ihe 4-year award. Ihe Charity has reviewed each grani recipieni individually 10 assess wheiher (hey are siill eniiil¢d 10 Ihe funds or wheiher they should wriiien off. GRANTS PAYABLE TTaining granis payable in the year rew¢5¢ni award5 mth 10 79 individuals12020: 22 individuals). 10 JOHN WILLIAM SLATER MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS {CODtinued) FOR THE YEAR ENDED 31 DECEMBER 2021 STAFF COSTS AND TRUSTEES, REMUNERATION The charity has no employees 12020= none) arKI no iwsie¢s receive remuneralion from the charity. No trustees T¢CCLVEd reimbur5erneni of eKpenses in ihe yeaT12020.' none}. FIXED ASSETS INVFSTMENTS James Hambro & Panners 8re resp)nsibl¢ for th¢ day-l￿daY managem¢nt and eusiody of the Chariiy's inve￿menTs. The following are ihe invesimenis of Ihe FuThi= Cost M*rket value 2021 2020 2021 2020 Fixed interesi 5ecuriiies Other quoied securiiies-_ Equiiy holdings 1.17.-119 1.32,917 5.21)8.145 3.778.142 5.208.145 4,608.7 £5.208.145 £1.911.461 £5.208,145 £4.741.617 2021 2020 Mowem¢n¢ in m•rket V741ue of iDV¢Stm¢nts Markei value at l January Less.. disposals proceeds Add: acquiSl¢Lon5 ai ¢051 Nei GainllL0551 ai I l D￿¢￿tr¢r 4,741.618 5,501.511 16.922.220) (2.959.952) 6,886,561 2,135,617 589,(XM) 11.37,5791 Markei value at I l De¢ember £5.294.961 £4.741.617 Realised and unrealised gains on inveslmenis Realised Los5 Unrealised Gain IILossl 1172.503) 761.5(kS (.38.6171 (98.942} £589,IX)I £1137,579) PROVISION FOR AWARDS The Trusi¢e5 ¢S1itnaie thai a specific provision of £2.3(h.584 12(r20.. £1.071.IXX>) may be required for awards grdnted befoTe the y¢ar-¢nd. Ai l January 2021 Provisions for granls no lon8er required -7.071.(MKJ (675.282) Ai I l December 2021 £2.395.718 RELATED PARTY TRANsA￿loNs There were no related party Iransaciions ￿ no* during Ihe year (2020: £3,51XI donation from Naulilus lThternational).