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← The Marine Society And Sea Cadets

2025-03-31-accounts

For the year ending 31 March 2025

MSSC Patron and Admiral of the Sea Cadet Corps: Her Royal Highness The Princess Royal MSSC President: Admiral Sir Philip Jones gcb dl

Marine Society & Sea Cadets. a charity registered in England and Wales 313013 and in Scotland SCO37808

REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025

Overview

Marine Society and Sea Cadets (MSSC) is a charity that helps launch young people for life and supports aspiring and serving seafarers in achieving successful careers.

With a clear aim to be the leading maritime charity for youth development and lifelong learning, MSSC is committed to investing in and supporting all of our beneficiaries so they can achieve their potential whatever path they choose.

Our vision for Sea Cadets: “ Every young person launched for life ”. We seek to achieve this by: Inspiring young people to achieve their potential through challenge and nautical adventure guided by the customs and traditions of today’s Royal Navy.

Our vision for Marine Society: “ Every current and future seafarer and maritime professional skilled for life” . We seek to achieve this by: Enabling current and future seafarers to realise their potential through learning and career development.

We know that our work has a transformational impact on both individuals and the communities they live and work in, positively affecting their life chances and benefiting their communities and society as a whole.

2024/25 IN REVIEW

Overcoming challenges

With ongoing inflation and general funding challenges leading to a shortfall in our budget for 2024/25, an organisation-wide consultation helped us cut costs, find efficiencies and identify opportunities to increase our fundraising.

Throughout the year, our amazing volunteers and employees worked tirelessly through trying times to rise to the challenge we faced. They showed incredible flexibility in adapting to a revised training programme, ensuring we were able to deliver the widest possible range of cadet activities. This included the return of a full programme of offshore voyages which, thanks to the outstanding support of the Royal Navy, allowed us to deliver 9,546 cadet days at sea – a 15% increase on 23/24.

Given the disruption and administrative burden created by implementing the necessary changes, we took the decision to prioritise the quality, consistency and safety of cadets’ experience. With resources stretched in the best interests of existing cadets, we were unable to maintain our recent progress in recruiting new cadets – particularly in the first half of the year. Despite recruiting 5,695 cadets during the year, our overall numbers fell by 212.

However, a fantastic response from units to our Growth Challenge initiative (launched in December 2024) saw a surge in recruitment towards the end of the financial year – keeping cadet numbers over the 14,000 watermark (14,031) and providing excellent momentum for 2025/26. Adult recruitment was also remarkably robust as we welcomed 1,750 new volunteers, with our year-end total of 8,776 only down by 127.

Our growth was also hampered by the introduction of more stringent Disclosure & Barring Service (DBS) processes. To minimise the impact of this in future years, we automated and extended the DBS revalidation process while continuing to streamline internal processes and increase online training – all of which will free up volunteers to deliver even more for cadets.

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Creating the conditions for growth

While the challenges we faced resulted in a short-term decline in numbers, our growth targets remain a multi-year ambition. Indeed, the cost- and time-saving measures we have introduced mean our charity now has a very strong and sustainable platform for future expansion. And with our dedicated volunteers and employees fully committed to helping more people to access our support, we expect to return to the positive growth trend that they have worked so hard to establish since the pandemic low point of 2021.

Guided by our Future Ready Strategy’s ambitions to meet the huge demand for what we offer, we have continued to lay the groundwork for long-term growth. This work has centred around the need to increase our ability to train more cadets, both within units and at training centres and hubs around the UK. We were therefore delighted to open 35 new Sea Cadets and Royal Marines Cadets sections during the year (with 33 supported by our Department for Culture, Media and Sport-funded project to reduce our waiting lists), along with 17 new Junior Sea Cadets sections. This means we have opened 87 new sections over the past two years – an almost 10% increase in our overall capacity which will allow us to accommodate many more cadets each year.

Our ‘beyond unit’ training capacity was enhanced by the official opening of our long-awaited residential Midlands Boat Station in October 2024, completing our nationwide boating coverage after a decade of investment. We also secured £1.3m to help transform units, with a further £1.9m raised to support the national charity – including a tremendous response to our appeal to fund the ten-year refit of our flagship TS Royalist.

Supporting seafarers

Sea Cadets’ ambitions can be inspired by Marine Society’s success during 2024/25, with a three-fold growth in the number of apprentices we support representing a major breakthrough. Three of our apprentices were even nominated for British Apprentice of the Year 2024 by their employers, while several more benefitted from the practical experience of training voyages aboard the Sea Cadets powerboat TS John Jerwood.

Building on the team’s work to promote its services across the sector – and boosted by its ‘Good’ Ofsted assessment in 2024 – Marine Society also increased its provision of scholarships and bursaries, saw another rise in income from books and learning apps, and provided more hours of mentoring to seafarers seeking shoreside roles. To round-off an excellent year, it also sailed through its three-yearly reaccreditation assessment for the Matrix Standard – the quality mark for organisations delivering information and advice and guidance – which praised our “remarkable services” and “commendable impact”.

Working with the Royal Navy

A key theme of our Future Ready Strategy is to further reflect today’s Royal Navy within the Sea Cadet Experience offered to our young people. During the year we delivered to our cadets:

We continued to drive Royal Navy’s footprint across the UK, raising its profile and awareness, including through thousands of cadet days spent representing the RN at community events and parades. The value and

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relevance of the Royal Navy to cadets was clearly demonstrated in our 2023/24 Impact Survey. Cadets scored their trust of the RN at 8 (out of 10), just below Sea Cadets volunteers (9) and well above teachers (7), while 75% said that Sea Cadets makes them feel connected to the Royal Navy and/or Royal Marines.

We also delivered against our performance indicators with the RN set out in our Memorandum of Understanding, exceeding both of the measured KPIs:

MSSC to Deliver Outcome
RN Career Awareness Briefings to Volunteers: 305 delivered (against 240 stretch target)
School engagement visits: 72 delivered (against 36 stretch target)

Looking forward

While the ongoing re-ordering of global trade and defence alliances continues to create uncertainty around the world, they both present huge opportunities for MSSC.

The recent Strategic Defence Review highlighted the government’s belief that the maritime sectors supported by Marine Society (including shipping, offshore energy and undersea infrastructure) are “critical for sustaining daily national life”, and that 440,000 jobs and over 24,000 apprenticeships in defence provide “significant economic and social benefit.” It also acknowledged the importance of Cadet Forces for providing skills and qualifications that “inspire future Defence personnel (from diverse backgrounds across the country) and support economic growth”.

To further these national aims, the Review recommended a 30% expansion in Cadet Forces by 2030. We welcome this sense of ambition – which matches our own – and believe MSSC is well placed to achieve this level of growth. With the Review specifying that “defence, wider government, and private sector partnerships must provide appropriate leadership, support, and funding to deliver this expansion”, we now look forward to working with the Royal Navy, ministers, and employers to help MSSC fulfil this vital mission.

Our unique role will be in supporting the ‘whole-of-society approach’ which is emphasised throughout the Strategic Defence Review. This will allow us to build on our existing strengths of connecting people with the Royal Navy; instilling young people with strong values and a sense of community; and boosting social mobility through inclusion and outreach.

With the government and Royal Navy now charting a strategic course that mirrors our own, MSSC is ready to seize an unprecedented opportunity. By helping even more seafarers and cadets to reach their full potential, we can play a leading role in transforming the UK’s society, security and prosperity.

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OUR VALUES AND CULTURE

We are driven by what we do and the impact we have. We are proud of our work, approaching it with positivity, enthusiasm and urgency as we seek to deliver more inspiring futures. Guided by the views of volunteers, cadets and employees, we have updated the way we define our six core values – to emphasise the importance of inclusion, inspire loyalty to the organisation, and redouble our commitment to doing our best.

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ENGAGING MARGINALISED YOUNG PEOPLE AND EMBRACING DIVERSITY

With 55% of Sea Cadets units are located within areas of relative economic disadvantage compared to 33% for other youth groups (according to the latest available National Youth Census, 2023), we continue to aspire to make Sea Cadets even more accessible to the young people who could benefit most from our activities. Our cadet survey 2024/25 showed:

At 31 March 2025 we are able to report 38% of cadets were female and 62% male. This continues a recent trend for attracting more girls and young women to Sea Cadets, with the female proportion at 36% in 2023 and 37% in 2024

Throughout August 2024, our On The Water outreach programme gave a first taste of boating and water sports to 966 hard-to-reach children in London, Birmingham and Liverpool (a 24% increase on last year thanks to the programme’s return to Merseyside). We were also able to maintain our engagement with young people affected by several categories of disadvantage:

OUR FUTURE READY STRATEGY

The strategy, developed with our cadets, volunteers and employees, charts a clear course for the next five years to 2028. It is about meeting the growing demand for what our charity offers young people, seafarers and maritime professionals, while equipping them for a world of increasingly rapid change.

For cadets, this means providing a unique mix of non-formal education, challenge and adventure that develops confidence and resilience; builds teamwork and leadership skills; and instills clear values, within a safe and inclusive environment, where cadets have a real voice – all of which will ensure our young people can thrive whatever their futures.

For seafarers, this means providing the practical learning opportunities, online support and expert mentoring which will allow them to upskill and progress throughout their careers – with the versatility and adaptability to seize new opportunities and make full use their talents. The Future Ready Strategy is designed to create the conditions where we are:

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We will achieve this by focusing on the following key themes:

Enhancing Our Offer to cadets

Having listened to cadets’ views, the Future Ready Strategy aims to:

Enhancing Our Offer to seafarers

Responding to the priorities of the UK’s Maritime 2050 strategy, Future Ready aims to:

Equipping Our People to support our beneficiaries

To ensure our volunteers and employees have the skills and support they need to thrive, Future Ready aims to:

Embracing Inclusion throughout MSSC

Guided by the recommendations of our independent Equity, Diversity & Inclusion audit, Future Ready aims to:

Creating the conditions for Growth

To address the growing demand for our services, and make our offer more accessible to minority groups, Future Ready aims to:

Strengthening our underpinning Enablers

To achieve all the impact outlined above, Future Ready aims to deliver the investment that will:

We are clear that safety and safeguarding are paramount to everything we do and therefore foremost in all of the objectives in the strategy.

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025 WHAT WE ACHIEVED IN 2024/25

We set out 10 key outcomes to guide delivery in the second year of our new strategy, backed by detailed plans to achieve them. We note our progress against each below:

OUR OFFER for sea cadets

1. Enhancing the Sea Cadets Experience

We delivered:

2. Empowering more people through Cadet Voice:

We delivered:

3. Increasing engagement with the Royal Navy:

We delivered:

4. Maritime career opportunities increased for cadets We delivered:

OUR OFFER for seafarers and maritime professionals

5. Marine Society College offer further developed:

We delivered:

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OUR PEOPLE

6. Increasing support for volunteers and employees:

We delivered:

INCLUSION & GROWTH

7. Providing Sea Cadets to even more young people:

We delivered:

8. Progressing our approach to Equity, Diversity & Inclusion:

We delivered:

ENABLERS

9. Digital and facilities improvements:

We delivered:

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1. £3m raised to fund facilities and equipment

We delivered:

Other major milestones in 2024/25:

National Drill & Piping Competition – April 2024

Over 300 cadets from across the UK assembled at HMS Raleigh for a very special National Drill and Piping Competition. For the first time, we were joined by our Admiral of the Sea Cadet Corps, HRH The Princess Royal, who enjoyed some fantastic demonstrations of both drill and piping; presented our winners with their gold medals; and took the salute of all the cadets during the closing March Past.

Gibraltar Cup – May 2024

The Gibraltar Cup competition at Royal Marines Commando Training Centre Lympstone saw Royal Marines Cadets Detachments representing all six companies excel in field craft, map reading, endurance, and tactical situations. Cadets also enjoyed the chance to experience a flight in a Merlin helicopter, thanks to the generosity of the Royal Navy. Jersey Detachment won a fine overall victory, with Cadet Sergeant Gemma of Scarborough Detachment named as Best Section Commander. A new award for 2024, Best Individual Medic, was presented to Cadet Lance Corporal Isabelle from Chislehurst and Sidcup Detachment.

D-Day 80 in Normandy – June 2024

48 cadets voyaged to Normandy on three of our offshore vessels, with TS Royalist joining Royal Navy warships and historic naval vessels in escorting the United Kingdom’s veterans across the English Channel. Our flagship then joined the powerboats TS John Jerwood and TS Jack Petchey near Pegasus Bridge in Bénouville, where cadets were honoured to meet several veterans while taking part in anniversary parades and memorial events. Cadet Corporal Grace of Trafford Unit was proud to carry the Torch of Commemoration and meet HRH The Princess Royal at the Great Vigil at Bayeux Cemetery. Other cadets greeted guests at the British Normandy Memorial at Versur-Mer on 6 June, where they were privileged to speak with His Majesty King Charles III and Queen Camilla.

Funeral of Captain Flinders RN – July 2024

Over 100 cadets and volunteers from Eastern Area Sea Cadets line the streets of Donington in Lincolnshire for a unique funeral procession. The Royal Navy explorer Captain Matthew Flinders was reburied with honours in his home village, following the discovery of his grave during work at Euston Station in 2019. Cadets proudly took part in ceremonies in front of visiting dignitaries including the Governor of South Australia, Frances Adamson, before witnessing the Royal Navy’s State Ceremonial Training Team perform a Guard of Honour and 18-gun salute.

Shooting success at Bisley – July 2024

Sea Cadets achieved some very notable successes at the 2024 Inter Service Cadet Rifle Meeting (ISCRM) held at the National Rifle Association ranges at Bisley in mid-July. In the overall ‘Champion Unit’ competition, our North West Area A team beat the Army Cadets to second place and even hit six more bullseyes than the winning RAF Air Cadets team. Petty Officer Cadet Amelia of Winsford & Middlewich Unit won the Gwendolen

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Guinness Cup as the top overall cadet in the ‘Cadet 100’ competition – the first time that a sea cadet has been the ‘top shot’ at ISCRM since 1984.

Aviation Gold Wings – August 2024

A successful Naval Wings Programme saw three outstanding sea cadets awarded with their Gold Wings badges – the pinnacle of cadet aviation – after a dynamic week at RNAS Yeovilton. Having been selected from an initial pool of over 200, the cadets enjoyed extended flights in the Grob 115 and completed challenging flight operations with the support of 727 Naval Air Squadron’s dedicated team.

National Band Competition at Greenwich – August 2024

Our National Band Competition returned for the first time since 2019, with the historic Old Royal Naval College in Greenwich providing a stunning stage for seven of our finest bands. In front of guests including Commander Maritime Reserve and Cadets, Commodore Jo Adey RN, the South West Area Massed Band deservedly won the Eason-Bassett Goblet for Best All-Round Band, ahead of a fine performance from the runners-up of Ellesmere Port Unit Band. Highlighting the quality of our young musicians, the following weekend saw the winners asked to deputise for the Royal Marines Band Service at the Dartmouth Regatta Opening Ceremony.

ASTO Race – August 2024

Our yachts, TS Sir Stelios and TS City of London, competed in the annual Association of Sail Training Organisation’s (ASTO) race for young people. Inspired by this years’ race being in honour of the RLNI and enthused by the well-wishes of HRH The Duchess of Edinburgh, our cadets showed great skill and determination in tackling the 150km course from Guernsey to Poole. Due to very light winds, the race took our yachts a challenging 36 hours to complete. However, our competitors gained a huge amount of confidence and experience, finishing 4[th] and 5[th] in their class with TS Sir Stelios awarded the prize for the youngest crew.

Southampton International Boat Show – September 2024

Marine Society had the pleasure of attending the British Marine 'Apprentice of the Year Award' graduation awards ceremony for which three of our marina and boatyard operative apprentices had been nominated – a great achievement in their first year. One of the three, Oli Rickard, 24, subsequently won the ViewHR award for Apprentice of the Year at the New Forest Brilliance in Business Awards.

Trafalgar Parades – October 2024

Windsor and Eton Unit celebrated its 125th anniversary on 13 October, having been formed (as the very first Navy League Sea Cadets Unit) thanks to a donation from Queen Victoria in 1899. His Majesty King Charles III graciously permitted a grand muster in the quadrangle of Windsor Castle, where 640 cadets from across Southern Area were honoured to be inspected by Admiral Sir James Perowne KCVO KBE. Our National Trafalgar Day Parade on 20 October saw 400 cadets and volunteers overcome wet and windy conditions to entertain hundreds of spectators with a magnificent display of drill and musicianship in Trafalgar Square.

Royal Marines 360[th] anniversary voyage – October 2024

Our Offshore Team organised a special TS Jack Petchey voyage to celebrate the 360[th] anniversary of the Royal Marines on 28 October. Cadets visited the Warsash memorial to D-Day Commando Units before taking part in ‘Exercise Coastal Guardian’ – a week of complex amphibious exercises, including missions with the 17 Port & Maritime Regiment of the Royal Logistics Corps and Hampshire & Isle of Wight Police Marine Support Unit.

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Marine Society Matrix Assessment – October 2024

After vigorous preparation and evidence collection, Marine Society was assessed for Matrix Quality Standard to evaluate the provision of information, advice and guidance (IAG). We were judged to be maintaining the

Standard and received a glowing commendation from the Matrix assessor for our dedication to supporting

seafarer welfare and the level of IAG services that we provide.

National Remembrance Ceremonies – November 2024

The Sea Cadet Corps was privileged to have its first ever plot in the Westminster Abbey Field of Remembrance, where CEO Martin Coles CBE and Deputy Staff Recreation Officer, Lt Cdr (SCC) Ray Mitchell RNR, placed 53 wooden crosses – each representing a former sea cadet or volunteer who had died in conflicts or in service. Their sacrifice was honoured in a special ceremony organised by Eastern Area cadets and volunteers, who later represented the Corps at the Royal Albert Hall’s Festival of Remembrance and the National Remembrance Service at the Cenotaph.

National First Aid competition – November 2024

Our teams of cadets and young volunteers demonstrate excellent First Aid skills under pressure at the Manchester Fire & Rescue Service Training Centre in Bury. The cadet and young adult teams from Milton Keynes Unit both won their categories in the SCC event, with the young adults achieving bronze medals in the following day’s Inter-Service competition.

CGI Innovate Challenge winners – December 2024

Crewe, Newark, Stroud and Swindon Units were announced as winners of the Sea Cadets 2024 Innovate Challenge. The global technology company CGI had partnered with MSSC to set cadets a mission to design

an imaginative and engaging way of learning about information systems. CGI praised the innovative concepts submitted and the problem-solving and teamwork of cadets, awarding each winning team a £1,000 digital grant to bring their ideas to life. The four successful units also visited CGI offices, where they explored real-world applications of information systems in mission-critical environments and learned how to programme small robots.

Cadet Conference – February 2025

Planned and facilitated by our National Cadet Voice teams at Weymouth, almost 1,000 cadets joined in with for online Cadet Conference 2025 from their units or homes. Cadets discussed ways to improve their digital experience and progression through the Corps before holding Q&A sessions with MSSC’s Senior Management Team.

Keel-laying ceremony for HMS Dreadnought in Barrow – March 2025

In a very proud day for Sea Cadets, Barrow Unit represented the Corps at the keel-laying ceremony for the submarine HMS Dreadnought at BAE Systems’ shipyard. With terrific music provided by Scarborough Unit’s band, the event saw cadets and volunteers meet VIP guests including Prime Minister Keir Starmer and Defence Secretary John Healey MP, while winning praise for their smartness and professionalism from Royal Navy dignitaries.

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025 SEA CADETS THEORY OF CHANGE

Our theory of change illustrates how our interventions build to deliver immediate and enduring positive impacts for young people.

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OUR IMPACT: How Sea Cadets changes young people

Based on 2,337 responses to our 2024/25 Impact Report survey of cadets

ENHANCING LIFE SKILLS, CONFIDENCE AND WELLBEING

Sea Cadets has improved:

Sea Cadets:

ACHIEVING PERSONAL GROWTH THROUGH THE SEA CADETS VALUES

Respect

Loyalty

Self-discipline

Commitment

Honesty & integrity

Courage

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OUR IMPACT: what the Sea Cadets Experience delivered for young people in 2024/25 Overall statistics on activities delivered in 2024/25:

Cadet feedback on the Sea Cadets Experience [from the 2024/25 impact survey]

Future prospects

Cadet Sharlize, Southern Area, on the impact of her Sea Cadets Experience: “During my time as a Sea Cadet, each course and event I have attended has taught me something and allowed me to gain a new transferrable skill. Whether it be my Cadet Drill Instructors that really installed self-discipline, or my First Aid which influenced quick-thinking. My favourite thing about being a Sea Cadet is the wide variety of courses and events which the organisation has to offer. From attending offshore vessels, to being a part of the National Cadet Voice Team, to gaining different qualifications, to attending area & district camps, to being selected as a Cadet Trustee and achieving my RYA Intermediate Powerboating!

Not only have I pushed myself through barriers I thought I would never break, and been taught crucial and valuable life lessons, I have been lucky enough to form a close-knit group of friends. Being a Sea Cadet has given me hundreds of moments and memories that I could never have gained from anywhere else.”

Cadet Daniel, Northern Area, on the impact of his Sea Cadets Experience: “Sea Cadets has introduced me to many new activities, including Seamanship and Marine Engineering, and has contributed massively towards my personal development – particularly my confidence and leadership skills. Being a sea cadet teaches us the importance of self-discipline, working as a team and working for the good of the community. It is also a great way to experience the challenges of the Duke of Edinburgh’s Award, and I am in the process of working towards my silver. Most importantly, Sea Cadets lets us enjoy activities that we might not have had the opportunity to try before, for example, sailing on our tall ship TS Royalist. When I finish my journey as a cadet, I want to become an instructor, and help others find their passions and achieve their potential. My unit has helped me make lifelong friends and given me memories which will stay with me always.”

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OUR THEORY OF CHANGE FOR MARINE SOCIETY

The following diagram shows how we engage and support current and future seafarers and maritime professionals, delivering immediate impact and enduring benefits for them and the maritime sector.

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OUR IMPACT: how Marine Society helps seafarers change their lives

Changing lives – in numbers:

7 Coming Ashore mentees securing jobs onshore

10 seafarers furthering careers in the offshore energy with support from our Green Skills Bursary

46 ratings achieved their first Certificates of Competency supported by the Slater Fund

290 hours of one-to-one mentoring delivered to seafarers, a 42% increase on 2024/24

Seafarer feedback on Marine Society support

“With their funding and continued support throughout my studies, Marine Society have always been there working hard in the background. The Slater Fund is an amazing opportunity for seafarers who are going for that first certificate of competency – its’s changed my career for the better. Marine Society made it possible to get past obstacles and achieve my dream.”

Dean Hodgson, Slater Award Winner 2024

“The Coming Ashore programme has taught me a sense of accountability and time management. I learned to prioritise my goals and make time to achieve my objectives. I meet my mentor once a month for an hour and I am free to dial in at any moment. All I can tell is that my mentor is very open, experienced and knowledgeable. He is patient and knows how to keep me motivated to focus.

The programme eliminated the fear of how to face the job market; I gained interpersonal skills and knowledge and grew from merely trying to gain an understanding of a seafaring career to a confident Superintendent in the making.”

Joanna Kafe, Coming Ashore mentee

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OUR FUTURE READY PLAN FOR 2025/26

Our top 10 goals for 2025/26 are centred around delivering or supporting growth – whether that is by increasing the number of young people inspired through Sea Cadets, or the opportunities we offer to current and potential seafarers. As ever, our goals also prioritise support for volunteers and employees – the people who make everything we do possible. Together, we will work to ensure MSSC remains a modern and resilient charity which can deliver lasting change for its beneficiaries.

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025 MSSC’S LAMBETH ROAD, LONDON PREMISES

The former MSSC building and land at 202 Lambeth Road was sold in 2024/25 and the funds added to the endowment fund.

CHARITY OBJECTS

The objects of the Marine Society & Sea Cadets (MSSC), a charity registered in England and Wales 313013 and in Scotland SC037808, are set out in its governing instruments which are based on the Act of Incorporation of 1772, the Charities (Marine Society) Order 1976 No 147 and subsequent Charity Commission schemes, the latest being that dated 22 November 2004. The Objects of the charity are:

“Seafarers” used above is a term defined as:

“Sea Cadet Corps” (SCC) means properly constituted maritime cadet units that conform to the

policies of Sea Cadet Regulations established by the charity and that are formally affiliated to it.

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HISTORY

The Marine Society was founded in 1756 by Jonas Hanway, a London-based philanthropist, with the aim of encouraging young men and boys of good character to join the Royal Navy at the start of the Seven Years’ War. Incorporated in 1772, the Society commissioned in 1786 the first sea training ship in the world, the 350-ton Sloop Beatty , and went on to provide sea training all the way up to the Second World War. It was estimated that over 110,000 men and boys were trained and equipped by the Society over this period.

The Sea Cadets movement dates back to 1856 when sailors returning from the Crimean War started up ‘Naval Lads’ Brigades’ in ports around the country. In 1910 the Navy League sponsored a small number of independent units, which received Admiralty recognition in 1919. In 1937 Lord Nuffield gave £50,000 to fund the re-launch and expansion of the Corps and five years later the Admiralty started to pay for uniforms, equipment, travel and training. In 1976 the Navy League was renamed the Sea Cadet Association. In 1963 the Girls' Naval Training Corps (GNTC), which had been formed in 1942 with objectives similar to those of the Sea Cadet Corps, became a partner organisation of the Sea Cadets, often sharing facilities. In 1980, the GNTC merged with the Sea Cadets, firstly as the Girls Nautical Training Contingent, until becoming fully absorbed in 1992. Girls and women currently make up over a third of all cadets and volunteers.

MSSC was formed in 2004 on the merger of The Marine Society and the Sea Cadet Association (SCA) with the merged organisation retaining the constitution of The Marine Society. The SCA (registered charity number 306141 & company number 404951) is now a subsidiary of MSSC.

PRINCIPAL ACTIVITIES

The activities broadly relate to those of promoting Sea Cadets activity and helping seafarers realise their ambitions.

The charity supports the maritime industry through the provision of Marine Society College activities, by promoting career opportunities in the maritime sector, upskilling seafarers using new technologies, whilst supporting others to transition ashore into maritime-related roles. As an approved Government-funded training provider and Ofsted-rating ‘Good’, Marine Society will build on its global reputation for supporting seafarers offering advice and guidance, scholarships, bursaries, apprenticeships, a growing range of post-16 to graduate courses as well as delivery of crew libraries and specialist book sales.

The charity acts as the franchisor for Sea Cadets units – local groups are constituted as separately registered charities. The charity sets Sea Cadets regulations, issues guidance and performs inspections to ensure that the highest of standards are maintained. It provides support in many other ways including provision of uniforms, equipment, onshore and offshore training and related travel, business and unit support and Disclosure and Barring Service (DBS) checks. The charity does not have overall control over the day-to-day operation of the individual units.

Sea Cadets units operate across the United Kingdom, with a total as at 01 April 2025 of 14,031 cadets (11,628 in England, 1,180 in Scotland, 680 in Wales, 300 in Northern Ireland and 243 overseas). There are 304 established units in England, 35 in Scotland, 20 in Wales and 11 in Northern Ireland, with a further two in Bermuda and one each in Jersey, Guernsey, Isle of Man and Malta. Within these units there are 1031 sections - 849 England, 90 Scotland, 54 Wales, 22 Northern Ireland, 2 Bermuda, 9 Channel Islands (Jersey and Guernsey), 2 Isle of Man and 3 Malta. The charity maintains six area offices, five based in England and one in Scotland, three national training centres, two in England and one in Scotland, eight boating stations, seven in England and one in Scotland, and an offshore fleet of five vessels, based in England.

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VOLUNTEERS

The charity relies extensively on volunteers to support the delivery of its training and other activities to Sea Cadets, and to serve as unit management team members (trustees) of Sea Cadets units. As at 01 April 2025 there were 4,775 adult instructional volunteers, 1,473 unit management team members and 2,441 other volunteers. In total 8,689 volunteers 6,917 in England, 733 in Scotland, 462 in Wales, 170 in Northern Ireland, 293 National and 114 overseas). We are extremely grateful for the generosity of time, huge commitment and can-do attitude of our volunteers in making the Sea Cadets the success that the organisation is.

KEY RISKS AND UNCERTAINTIES

The Council is responsible for management of the risks and uncertainties faced by the charity, assisted by senior staff. The Council undertook an annual review of the organisation’s risk management process through the Safety, Safeguarding, Inclusion and Risk Committee in July 2023, and together with the Policy Development and Nominations Committee and the Financial Investments Audit and Remuneration Committee continued to monitor the charity’s key risks throughout the year.

The charity’s risk register operates at three principal levels; the Strategic Risk Register, the High Operational Risk Register and Departmental Risk Registers. Each risk identified is described, together with its indicators and mitigating factors in place, and its target and current mitigated scores based upon an impact and likelihood matrix. A commentary is also maintained by risks of actions in progress to further reduce the risk score, which may also be increased should risk circumstances change. All risks and their completeness is reviewed and revised by management and reviewed by the relevant committee, overseen by the Safety, Safeguarding, Inclusion and Risk Committee which meets three times a year.

The Council considers the key risks facing the charity to fall within the following areas:

The key mitigating controls used are:

The Council is satisfied that key risks identified are adequately managed and these are reviewed by the full Council. It is recognised that systems can only provide reasonable but not absolute assurance that major risks are adequately managed.

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FINANCIAL REVIEW

Income

Total income amounted to £23,562K (2024: £ 18,842K), an increase of 25% over the previous year.

Donations and legacies are £3,872K up on last year. This increase is due to the receipt of funds from the 202 Lambeth Road of £5,863k. Without this we would have decreased by £1,991k – mainly due to £2,100k received for Midlands Boat Station in 24/25.

We continue to remain sincerely grateful for the continued support provided by the MOD in helping finance the Sea Cadets through the grant in aid.

Expenditure

Total expenditure was £19,341K (2024: £18,620K ).

The cost of safeguarding and supporting Sea Cadets activity and infrastructure increased by £244K – the majority in delivering RN Armaments Security project. The cost of Offshore increased by £335k – the majority due to the TS Royalist 10 year re-fit.

Net income and other movements

Net income and other movements Net income and other movements
£k
Sale of 202 Lambeth Road 5,863
RN Armaments Security Project (877)
TS Royalist (262)
Other (729)
Net income increase in year 3,995

Overall, net movement in funds was £3,995K this is broken down to endowment funds 5,637k, restricted funds (£2,181K), Designated funds £655K and Unrestricted funds (£115K).

It has been the policy of the charity since 2012/13 to set aside long-term gains from its expendable endowment for current expenditure. The drawdown amounted to £960K (2024: £622K ) based on an up to 4.0% agreed return set by the Trustees following advice from the investment managers.

Investment portfolio loss in the year was (£226K) (2024 Gain £847k).

Balance sheet

The value of investments portfolio increased by £6,919k – mainly due to the reinvestment of the proceeds of sale of the 202 Lambeth Road.

Cash at bank has decreased by (£2,815K) mainly due to expenditure on RN Armaments Security project and TS Royalist.

Total debtors have increased by £947K, mainly decrease in accrued income (£405k) ( DCMS and Investment income), Trade Debtors (£213k), offset by an increase in Other Debtors of £638k which is predominately MOD Grant in Aid funding final month paid in 2025/26 and Prepayment of £926k.

Total creditors have increased by £762K, due to an increase in Accruals predominately due to RN Armaments Security project expenditure.

It is noted that the Net Current Assets currently are negative. However, this is just a timing issue, and any issue can swiftly be addressed using our cash investments.

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025

SAFEGUARDING POLICY

MSSC Safeguarding Policy Statement

‘At Marine Society and Sea Cadets (MSSC) we recognise our responsibilities to ensure that in line with our duty of care we safeguard and protect the children & young people and adults at risk with whom we work, doing all we can to promote their safety, health, wellbeing and happiness. We continually strive to be a respected and trusted organisation where everyone feels safe to participate in all our activities and our cadets and adults understand their right to be-protected from all forms of harm.’

MSSC accords the utmost priority to the safety of vulnerable and groups and those groups & individuals with protected characteristics. All have the right to be free to work, learn and develop their potential without fear of discrimination or exclusion. All members of the MSSC will be valued and their rights to opportunity, protection and safety fully respected. This is underpinned by the charity’s values and other supporting policies and procedures including our Equity, Diversity and Inclusion policies.

FUNDRAISING STANDARDS

Our Fundraising Approach

MSSC’s fundraising activity is carried out entirely by its in-house fundraising team, with support from volunteers and local Sea Cadets units. We did not engage any professional fundraisers or commercial participators during the year. All fundraising was conducted by MSSC staff or trained volunteers, in line with our commitment to ethical, transparent and supporter-focused fundraising. We use a range of approaches to raise income, including applications to trusts and statutory funders, individual giving campaigns, corporate partnerships, and membership programmes. We also provide tools, training and guidance to help local Sea Cadets units fundraise safely and effectively in their communities.

Regulation and Standards

MSSC is registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice, which sets the standards for fundraising across the UK. We are also committed to the four fundraising principles of being legal, open, honest and respectful, and our practices reflect this commitment.

We comply fully with the Charities (Protection and Social Investment) Act 2016, the General Data Protection Regulation (GDPR), and other relevant laws. We are pleased to confirm that no breaches of fundraising regulations or standards were identified during the year. Our Fundraising Promise, which outlines the standards our supporters can expect from us, is publicly available on our website:

www.sea-cadets.org/our-fundraising-promise-to-you

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025 FUNDRAISING STANDARDS (cont)

Oversight and Governance

Responsibility for MSSC’s fundraising rests with the Board of Trustees, supported by regular oversight from the Finance, Investment, Remuneration and Audit Committee. Day-to-day delivery is managed by the Director of Fundraising & Communications, who reports regularly to the Board on performance, compliance and risk.

All fundraising undertaken by staff or volunteers is governed by internal policies and reviewed regularly to ensure compliance with regulation and alignment with MSSC’s values. Our team receives training on data protection, safeguarding, and respectful fundraising practices.

Protecting the Public and Vulnerable People

MSSC takes its responsibilities towards supporters who may be in vulnerable circumstances very seriously. All fundraisers are trained to recognise signs of vulnerability and to respond sensitively and appropriately. MSSC’s dedicated safeguarding team is available to support and advise where concerns arise. We also honour donor preferences through full GDPR compliance and participate in the Fundraising Preference Service.

Complaints and Feedback

We are committed to openness and accountability in all interactions with supporters. MSSC operates a clear and accessible fundraising complaints policy, and all feedback is welcomed as an opportunity to learn and improve.

We are pleased to report that no complaints relating to fundraising were received during the year ending 31 March 2025.

Fundraising Performance

In the financial year ended 31 March 2025, MSSC raised £8,118K (23/24 £4,246K) through a variety of fundraising activities. Fundraising costs totalled £488K (23/24 £328K), resulting in a return on investment of £16.64 for every £1 spent (23/24 £12.95). This calculation includes the cost of centrally supporting units with their own local fundraising efforts and reflects a strong level of efficiency across both restricted and unrestricted income streams.

Looking Ahead

As we look to the future, MSSC will continue to uphold the highest standards of ethical fundraising. We remain committed to transparency, accountability, and delivering a positive experience for every supporter. Our fundraising will continue to evolve to meet the changing expectations of donors while helping us deliver our mission to launch young people for life.

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025 INVESTMENT POLICY

Cazenove manage the investment portfolio (excluding properties managed directly by the charity (£13m). KW Investment Management manage the treasury portfolio (£13m) – this includes the £6m from the sale of old HQ which will be transferred to Waverton in 2025. We also hold an investment property managed directly by the charity (£1.2m) (see Note 12).

The investment aims are to create sufficient income and capital growth to enable the Charity to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance, and if possible, enhancement of the value of the invested funds whilst they are retained.

As such the current investment objective is to generate a minimum total return in excess of UK CPI plus 4% net of fees per year over rolling five-year periods.

The annual drawdown requirement is approximately 4% of the value of the Portfolio. The Assets are not permanently endowed, and the Portfolio is to be run on a total return basis with the drawdowns made up of dividend income and, when required, capital.

The Charity is prepared to take a “medium level” of investment risk relative to the risk profile of UK charities investors in general. As such, the expectation is that the Investment Managers will not take more than 85% of equity market risk, at any one time.

The Incumbent Investment Manager (Cazenove Capital) has discretion to shift between asset classes as opportunities present themselves within the following ranges:

Asset Class Portfolio Neutral
Position %		 Minimum Allowable
% of total Portfolio		 Maximum Allowable
% of total Portfolio
Equities 75 55 85
Bonds 10 0 20
Property 7 0 15
Alternative
Investments		 6 0 15
Cash 2 0 15

Bonds held will be of ‘BBB’ credit rating or better.

No single investment should exceed 10% of the total value of the funds under management and the total sum of all equity holdings in excess of 5% must not be equal to or exceed 40% of the fund’s value at any time.

Ethical considerations

The Trustees would like to invest in a responsible and sustainable way and therefore expect the investment manager to take into account ESG factors when making investment decisions, as well as a carbon aware approach.

Timing of returns and liquidity requirements

The investment horizon is ongoing and there are currently no planned significant future capital requirements from the Portfolio. The Client will update the Investment Managers in good time if capital drawdowns are required.

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025 Performance

The Investment Managers will be measured against UK inflation (CPI) + 4% and the Arc Steady Growth Charity Index. This year the return was 3.7%.

The Trustees continue to monitor investment performance and are grateful for the assistance of the investment managers, Cazenove.

Review of investment managers

A tender exercise for the provision of investment management services to the charity was conducted in 2023, with the assistance of Independent Investment Reviews Ltd. Following a full and fair competition, Cazenove have been appointed and are suitably authorised persons within the meaning of the Financial Services and Markets Act 2000.

Waverton have been appointed to manage the funds raised from the sale of 202 Lambeth Rd.

RESERVES POLICY

Total funds at the year-end as detailed in note 18 were £41,383K, (2024: £37,389K). This is made up of :

£14,351K (2024: £16,533K) restricted funds. These are funds that have been given to us for specific purposes. Most significantly these include Fixed Asset funds to cover depreciation of Restricted Assets, Bursaries, Annual Funds, Branch and District funds. Specific funds are for Arms and Ammunition, maintenance and replacement of Offshore fleet and On the Water

£23,868K (2024: £18,231K) endowment funds. These funds were taken on as part of the merger between the Sea Cadets and the Marine Society and have been recognised as expendable endowment funds since then. We have added the £6m from the sale of 202 Lambeth Rd as this was also part of the merger agreement. We recognise the investments income as unrestricted, this drawdown amounted to £960K (2024: £622K) based on an up to 4.0% agreed return set by the Trustees.

£1,867K (2024:£1,214K) designated funds. These are for cadet outreach, boat station development, Weapons & Ammunition and future developments over the Future Ready strategy funded from the property transaction.

After accounting for intangible and tangible fixed assets of £570K (2024: £570K) this leaves unrestricted funds, comprising free reserves of £727K (2024: £842K).

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025

The charity does not retain MOD grant monies as part of its reserves. The reserves policy of the charity is a risk based approach, meaning that the reserves reflect the risk of loss of specific income (see key risks page 22) and the risk of the most significant costs increasing. On the basis of this approach the trustees have agreed our free reserves target is £2.4 million . We have not met this reserves policy.

A breakeven budget has again been set in the current year. It is unlikely the charity will be able to meet its reserves targets and instead will have to rely on expendable endowment to act as a reserves buffer. The policy has clear dangers for the charity in the long term especially given the uncertainty market turmoil currently being experienced any drawdown that may be made will be kept to an absolute minimum. It is at the complete discretion of Trustees as to the level of support the charity will give to the Sea Cadet movement in the event of shortfalls in public funding.

GRANT MAKING POLICY

Grants awarded in 2025 amounted to £1,266K (2024: £1,271K ) (Note 6). Individual Sea Cadets units are separate registered charities and thus financial support is paid via grants. The policy of the charity is to grant monies for one-off items to support the Sea Cadet Corps and individuals (members of the Sea Cadet Corps or seafarers) to help them either facilitate or receive approved training or qualifications. In addition, grants are provided to volunteers to allow upkeep or purchase of uniforms on promotion or for wear and tear during the year. Payments are made in accordance with published scales.

EMPLOYEE REMUNERATION POLICY

As a charity, it is important we achieve balance in ensuring value for money, including how we pay our employees, with the need to attract, motivate and retain the right people to ensure we are able to deliver our ambitious plans and so maximise our impact on our beneficiaries. Therefore, our principles are to pay fair salaries that are consistent with our commitment to equality and diversity; that we remain competitive within the industry and geographic location of the role; are appropriate for the level of responsibility; and are in keeping with our charitable status. Headcount is reviewed annually as part of our budgeting process.

Governance of Pay

The Council approves the Pay and Benefits Policy, and the Finance, Investments, Remuneration and Audit Committee is appointed as a committee of the Council to approve pay related matters. The Council delegates to this committee the annual pay review and determining the CEO and senior management team salaries. This committee meets quarterly.

Annual pay review

Salaries are normally reviewed annually and the pay review implemented in August. We benchmark salaries to ensure that we are paying appropriately and that we broadly fall within the mid-point for similar organisations. Where we find salaries that are not aligned, we adjust accordingly. There is no obligation to increase salaries, however if it is affordable and we have performed well, then a uniform inflationary increase may be applied. This is awarded to all staff, including senior staff, with the exception of those who have resigned. Salaries had an inflationary pay increase of 3% in August 2024.

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025 PUBLIC BENEFIT

The Council members continue to give due regard to the public benefit provided by the charity in relation to its charitable purposes as set out in the activities and achievements outlined in this report and have given due consideration to guidance issued by the Charity Commission on this matter.

The aim of Sea Cadets activities is to give young people the best possible head start in life through nautical adventure and fun, based on the customs and traditions of the Royal Navy. “Adventure that launches young people for life”

In order to achieve this, Sea Cadets units take young people from all backgrounds, including where possible those with disabilities and develop their skills and abilities by:

Charges are kept low in order to ensure all those who wish to take part in Sea Cadets activities may do so. Where further financial support is required for those on low incomes, a wide range of bursaries are available.

The aim of the Marine Society is to give aspiring and serving seafarers the best possible lifelong learning opportunities tailored to their individual needs. “ Realising Seafarer Potential ”.

We achieve this through a wide range of services that are geared towards their personal development, education and learning support needs, helping them realise their potential. This includes:

We achieve this through a wide range of services that are geared towards their personal development, education and learning support needs, helping them realise their potential. This includes:

The Council members are thus satisfied that the charity provides substantial public benefit.

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025 ORGANISATIONAL STRUCTURE AND GOVERNANCE

The charity is governed by a board of unpaid non-executive Council members who act as Trustees. Details of the Council Members who served during the year, and as at the date of this report, together with details of the executive management and professional advisors, are shown on pages 64-65.

The Council meets at least three times a year and is supported by members of the senior management team. Responsibility for reviewing key areas of activity is delegated to committees which report back to the Council meetings. The committees, with specific terms of reference, may also include specialist co-opted members as well as Council members to ensure that expert opinion is available. The day-to-day management of the charity and the exercising of executive responsibility are delegated to the CEO and senior management team. Meetings of the Council are also attended by one of our current First Sea Lord Cadets.

The current committees and their primary purposes are: Finance, Investment, Remuneration & Audit Committee

Policy, Development and Nominations Committee

Safety, Safeguarding, Inclusion & Risk Committee

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025

ORGANISATIONAL STRUCTURE AND GOVERNANCE (CONT)

National Sea Cadets Forum (Known as National Cadet Voice Team)

National Sea Cadets Advisory Council (NSCAC)

Appointment, induction and training of Council members

Council members (Trustees) are co-opted by the board and elected by the charity’s members at the AGM following their appointment according to the provisions of the Society’s Scheme. A Council member, who has previously been re-elected at an AGM, is eligible for re-election only with the prior approval of the Council. The Society’s Scheme formally provides that one-third (rounded down) of the elected Council members shall retire at each AGM. The board keeps the skill requirements for the Trustee body under review and, with these in mind, seeks to identify new members in a range of ways, including recommendation from all interested parties.

The induction process for a new Council member comprises initial meetings with the Chairman and other members of the board, followed by meetings with the CEO and senior management team, through which the individual will be briefed on the remit of the charity and the powers and responsibilities of its Trustees. The charity aims to provide all new Council members with the information necessary to ensure that they are fully equipped to contribute to the organisation within their powers. Council members are informed of current and evolving issues within the sector by the senior management team.

Membership and Branches

The MSSC is a membership organisation and currently enjoys the support of some 600 members who pay an annual subscription to the Charity. MSSC has five (2024: five) branches within the United Kingdom made up of members of the charity who reside within its locality. The annual subscriptions of those living within the catchment area of a branch are returned to the branch committee to be applied for the benefit of local Sea Cadets units and MSSC initiatives. These branches are an active and welcome force in spreading the charity's message at a local level.

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025 THE CHARITY GOVERNANCE CODE

The Trustees have considered the new third edition of the Charity Governance Code for larger charities, published in July 2017 by the charity sector’s The Code Steering Group (the Association of Chief Executives of Voluntary Organisations, the Association of Chairs, Small Charities Coalition, the Institute of Chartered Secretaries and Administrators: The Governance Institute, the National Council for Voluntary Organisations and the Wales Council for Voluntary Action). The code is supported and endorsed by the Charity Commission in England and Wales.

The code lays out principles for seven key areas of governance together with recommended practice for each principle; organisational purpose, leadership, integrity, decision making, risk and control, board effectiveness, diversity, openness and accountability.

The Trustees consider that the charity continues to comply with the principles of the code.

INTERNAL AUDITOR’S REPORT TO THE COUNCIL

The Internal Auditor reported to the Council in July 2025 as follows:

Based on the work performed during the year, it is the opinion of Internal Audit that MSSC has an adequate and effective framework of governance, risk management and control in place to support the organisation’s objectives as laid out in its Vision and Strategy.

Following each audit engagement, actions to address any identified control weaknesses have been agreed with management and progress against these agreed actions are monitored by Internal Audit and reported to the Finance, Investments, Remuneration & Audit (FIRA) Committee on a regular basis. In the opinion of Internal Audit, no control weaknesses have been identified during the year which are of such significance to warrant specific disclosure in the Annual Governance Statement.

STATEMENT OF THE ACCOUNTING OFFICER

The Chief Executive Officer (CEO) as designated Accounting Officer in accordance with the current ten year Memorandum of Understanding with the MOD dated 13 December 2018, should ensure that MSSC and any subsidiaries to it or organisations sponsored by it, operates in respect of the GIA effectively and to a high standard of probity. The MSSC should in respect of the GIA:

Governance

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025

Decision-making

Financial management

STATEMENT OF COUNCIL'S RESPONSIBILITIES

In order for the Chief Executive Officer to provide assurance on the above matters the following measures are in place:

The Council as Trustees are responsible for preparing the Report of the Council and the financial statements in accordance with applicable law and regulations. Charity law requires the Council to prepare financial statements for each financial year in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.

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REPORT OF THE COUNCIL YEAR ENDED 31 MARCH 2025

Under charity law the Council must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net outgoing resources for that period. In preparing these financial statements, the Council are required to:

The Council are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005 and Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Council are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

AUDITORS

A resolution to reappoint MHA will be tabled at the Annual Court.

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

On behalf of the Board:

==> picture [421 x 62] intentionally omitted <==

----- Start of picture text -----
Jeremy Penn Guy Holloway
Council Member and Chairman Chief Executive Officer
& Grant in Aid Accounting Officer
17 July 2025 17 July 2025
----- End of picture text -----

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MARINE SOCIETY & SEA CADETS

Opinion

We have audited the financial statements of The Marine Society & Sea Cadets (the 'parent charity') and its subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MARINE SOCIETY & SEA CADETS

Other information

The other information comprises the information included in the Report & Accounts of the Council other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the Report & Accounts of the Council. Our opinion on the financial statements does not cover the other information

and, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Council’s Responsibilities, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE MARINE SOCIETY & SEA CADETS

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: frc.org.uk/auditors responsibilities. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity'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 responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

MYA

MHA

Statutory Auditor London, United Kingdom Date: 9/6] 2025 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025

Notes Unrestricted Notes Unrestricted
Restricted		 Restricted Endowment 2025 2024
Funds Funds Funds Total Total
£’000 £’000 £’000 £’000 £’000
INCOME AND
ENDOWMENTS FROM:
Donations and 2 619 1,636 0 2,255 4,246
legacies
Charitable activities 3 2,157 12,032 0 14,189 13,624
Other trading activities 8 34 0 0 34 32
Investments 4 1,221 0 0 1,221 940
Other income 1m 0 0 5,863 5,863 0
TOTAL INCOME 4,031
13,668		 5,863 23,562 18,842
EXPENDITURE ON:
Raising funds 663 0 0 663 389
NET INCOME AVAILABLE FOR
CHARITABLE ACTIVITIES		 3,367
13,668		 5,863 22,899 18,453
Total charitable
activity costs
5		 5 3,484
15,195		 0 18,678 18,231
TOTAL
EXPENDITURE		 4,147
15,195		 0 19,341 18,620
Balance carry
forward		 (116)
(1,526)		 5,863 4,221 222

The notes on pages 43 to 65 form an integral part of these accounts

1 Donations and legacies includes unrestricted costs of raising both unrestricted and restricted income.

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) YEAR ENDED 31 MARCH 2025

Notes Unrestricted Designated Restricted Endowment 2025 2024
Funds Funds Funds Funds Total Total
£’000 £’000 £’000 £’000 £’000 £’000
NET INCOME
(EXPENDITURE)
BEFORE INVESTMENT
GAINS (LOSSES) Brought
Forward (116) 222
0 (1,526) 5,863 4,221
Net gains (losses)
on investments 12 0 847
0 0 (226) (226)
NET INCOME
(EXPENDITURE) (116) 1,069
0 (1,526) 5,637 3,995
Transfers between 17
funds 18 0 -
655 (655) 0 0
NET MOVEMENT IN FUNDS NET MOVEMENT IN FUNDS (116) 1,069
655 (2,181) 5,637 3,995
TOTAL FUNDS
1 APRIL 2024 1,412 36,321
1,214 16,532 18,231 37,389
TOTAL FUNDS
31 MARCH 2025		 15
18		 1,296 1,868 14,351 23,868 41,384 37,390

All amounts relate to continuing activities. The notes on pages 43 to 65 form an integral part of these accounts

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CONSOLIDATED BALANCE SHEET 31 MARCH 2025

2025 2024
Notes Notes
£’000		 £’000 £’000
FIXED ASSETS
Intangible assets 10 39 177
Tangible assets 11 15,286 15,169
Investments 12 27,135 20,216
42,460 35,562
CURRENT ASSETS
Stocks 191 463
Debtors 13 1,927 980
Cash at bank and in hand 2,626 5,442
4,744 6,885
CREDITORS
Amounts falling due within one year 14 (5,820) (5,058)
NET CURRENT ASSETS (LIABILITIES) (1,076) 1,827
NET ASSETS 41,384 37,389
THE FUNDS OF THE CHARITY 15-18 15-18
Unrestricted funds
Fixed assets 570 570
Other 727 842
1,297 1,412
Designated funds 17 1,868 1,214
Restricted funds
Fixed assets 15 7,724 5,630
Other 15 6,627 10,902
14,351 16,532
Endowment funds 16 23,868 18,231
18 41,384 37,389
Approved by the Trustees on 17 July 2025 and signed on their behalf: Approved by the Trustees on 17 July 2025 and signed on their behalf:
Jeremy Penn
Council Member & Chairman		 " Guy Holloway
Chief Executive Officer & Grant in Aid Accounting
~~)
Officer

The notes on pages 43 to 65 form an integral part of these accounts

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CHARITY BALANCE SHEET 31 MARCH 2025

2025 2024
Notes £’000 £’000 £’000
FIXED ASSETS
Intangible assets 10 39 177
Tangible assets 11 15,286 15,169
Investments 12 27,140 20,221
42,465 35,567
CURRENT ASSETS
Stocks 191 463
Debtors 13 1,923 991
Cash at bank and in hand 2,619 5,396
4,733 6,850
CREDITORS
Amounts falling due within one year 14 (5,817) (5,055)
NET CURRENT ASSETS (LIABILITIES) (1,084) 1,795
NET ASSETS 41,381 37,362
THE FUNDS OF THE CHARITY
Unrestricted funds
Fixed assets 570 570
Other 723 815
1,293 1,385
Designated funds 1,868 1,214
Restricted funds 15
Fixed assets 7,724 5,630
Other 6,628 10,902
14,352 16,532
Endowment funds 16 23,868 18,231
18 41,381 37,362

Approved by the Trustees on 17 July 2025 and signed on their behalf: Jeremy Penn Guy Holloway Council Member & Chairman Chief Executive Officer & Grant in Aid Accounting aa // _ Officer

The notes on pages 43 to 65 form an integral part of these accounts

Page 41

CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2025

Notes 2025 2024
£’000 £’000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used by)/provided by operating activities (a) (1,553) (273)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 4 50 76
Investment income 4 1,171 864
Purchase of fixed assets 10&11 (1,201) (3,332)
Proceeds from sale of fixed assets 5,860 (1)
Purchase of investments 12 (25,110) (8,004)
Proceeds from sale of investments 12 17,966 7,854
Net cash generated by/(used in) investing activities (1,264) (2,543)
INCREASE/(DECREASE) IN CASH AT BANK AND IN HAND IN THE
YEAR		 (2,816) (2,816)
CASH AT BANK AND IN HAND 1 APRIL 2024 5,442 8,258
CASH AT BANK AND IN HAND 31 MARCH 2025 2,626 5,442
NOTES TO CASH FLOW STATEMENT

2025		 2024
(a) Reconciliation of net income (expenditure) to
Net cash flows from operating activities £’000 £’000
Net income/(expenditure) 3,995 1,069
Depreciation 10 &11 1,061 1,167
(Gains)/losses on investments 12 226 (847)
Gains / (Losses) on the sale of tangible fixed assets 162 9
Sale of 202 Lambeth Road (5,863) 0
Decrease in stocks 272 14
Decrease in debtors (947) (742)
Increase/(Decrease) in creditors 762 (3)
Interest received and investment income 4 (1,221) (940)
Net cash (used by)/provided by operating activities (1,553) (273)

As the Group does not have any debt, an analysis of net debt has not been produced.

The notes on pages 43 to 65 form an integral part of these accounts

Page 42

NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

a) Basis of Preparation

The financial statements have been prepared on a consolidated basis in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The results of the charity and its subsidiaries are consolidated on a line-by-line basis after intercompany transactions and balances have been eliminated.

The charity is well placed to manage the business risks we face. The position is supported by a strong cash flow, a sufficient level of reserves and a good relationship with our key funders. We therefore have a reasonable expectation that we have sufficient resources to continue in operational existence for the foreseeable future and believe that there are no material uncertainties that call into doubt the ability of the charity to continue as a going concern.

Whilst one of the main charitable purposes of the Fund is to support the activities of Sea Cadets and seafarers, the level of this necessary expenditure is at the discretion of the Trustees and can be adjusted during the year. The Trustees have also considered the Group's working capital and capital expenditure requirements. As a result of the foregoing the Trustees are satisfied that it is appropriate to prepare the accounts on a going concern basis.

The key sources of estimation and/or judgement that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies below. The Trustees are not aware of any areas where significant changes to key accounting assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

b) Donations, legacies and other income

Income is recognised when the charity has earned entitlement, receipt is probable and the amounts involved can be measured with reasonable certainty. This policy is applied as follows:

Donations are recognised when received, grants are recognised when receivable unless they are restricted for use in a future accounting period in which case they are deferred.

Legacies are recognised at the earlier of receipt, completion of estate accounts or notification by the executors of an estate of a distribution.

Income received from the sale of goods and service is recognised in the year the sale occurs or the good is provided. Income from training, events and offshore activities is recognised in the year the activity or event is delivered.

Page 43

NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (CONTINUED)

c) Expenditure

Expenditure is classified by direct allocation of costs and best estimates of usage of costs where relevant, as follows: Raising funds:

d)

Recognition of liabilities and grants

Liabilities are recognised either on the date goods or services are received, or when recipients are given a reasonable expectation that grants will be made and the conditions of those grants have been met.

e) Definition of liquid resources

Liquid resources included on the cash flow statement are those held as cash at bank and in hand.

f) Pension costs

Pension contributions are made to a defined contribution pension scheme and are written off to the Statement of Financial Activities as they are incurred. The charity also makes contributions to a multiemployer defined benefit scheme in respect of former employees. These amounts are also written off as incurred together with any known commitments to fund the deficit of the scheme, where they relate to past service.

g) Intangible and tangible fixed assets

Capital items with a value over £5,000 are treated as fixed assets. Depreciation / amortisation is provided on all fixed assets to write off the cost of these assets over their expected useful life. The following straight line depreciation rates have been used:

Freehold buildings 1.66% Boats and dinghies 10%
Freehold improvements 10% Motor vehicles 25%
Leasehold improvements Lease term Furniture, Fixtures & Fittings 20%
Training ships and yachts 5% Computers & software 25%

202 Lambeth Road continues to be treated in line with this policy during its current marketing for sale, pending exchange of contracts, following which it will be reassessed on a market value basis.

h) Investments

Investments are included in the Balance Sheet at fair value. Realised investment gains and losses represent the difference between the fair value of the investments at the beginning of the period, or the cost if purchased during the period, and the sale proceeds. The Trustees review the valuation of property investments for impairment every year and revalue the investments on a market basis at least every five years.

i) Stocks

Stock is valued at the lower of cost, including irrecoverable VAT, and market value.

Page 44

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (CONTINUED)

j) Endowment and Restricted Funds

Restricted funds represent gifts or grants, which can only be applied for a purpose specified by the donor or grantor. These amounts are carried forward as deferred income where there is a restriction on when monies can be spent. All monies received from the MOD are treated as restricted funds.

Designated funds for investments in future investments including boat stations and outreach work have been set up.

Endowment funds are classified as either permanent - those where the donor has specified that the capital of the gift cannot be expended and that only the income arising from the capital may be used for the specified purpose. Alternatively, they may be expendable if they relate to those that were given where the intention was clearly for the donation to be held for the longer term but where the funds are ultimately expendable.

k) Heritage assets

The charity has received donations of various naval and maritime paintings and artefacts throughout its 265-year history. A number of these are housed at the National Maritime Museum in Greenwich and at Chatham Historic Dockyard in Kent. These assets are retained for their historical and cultural significance in relation to the work of the charity, which illustrate and show the unique service the charity has given to the nation. These heritage assets are not recognised on the balance sheet. They were either donated or acquired so long ago that reliable cost or valuation information is not available, and the cost of obtaining such information would outweigh the benefits to users of the financial statements. The charity does not hold these items for their financial value but for their contribution to its charitable objectives.

It is not the policy of the charity to obtain further artefacts but to preserve those of heritage significance that it owns, which it does with the help of the National Maritime Museum. Alongside the planned relocation of the national offices of the charity, the Trustees reviewed the artefacts held and determined those that should be held for posterity, those that should be gifted to relevant museums and those to be sold. Effecting this is ongoing. No material artefacts have been acquired in the last five years.

l)

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors, and accrued income. Financial liabilities held at amortised cost comprise, trade and other creditors, grants payable and accruals. Income arising from financial assets, comprising bank interest is recognised within income and expenditure.

Non property investments, including bonds held as part of an investment portfolio, are held at fair value at the balance sheet date, with gains and losses and investment income being recognised within income and expenditure. Investments in subsidiaries are held at cost less impairment.

m) Sale of 202 Lambeth Road

During the year £5,863k was received from the sale of 202 Lambeth Road.

Page 45

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

2.
DONATIONS AND LEGACIES
Unrestricted Restricted Endowment Total
£’000 £’000 £’000 £’000
2024/25 analysis of income
Donations and subscriptions 78 78
Legacies 12 12
Other Major Grants1 687 687
Boat station appeals 7 7
Bursaries2 195 195
Other restricted funds3 628 628
Areas, Branches and Other Income 529 119 648
619 1,636 0 2,255
2023/24 analysis of income
Donations and subscriptions 80 - - 80
Legacies 173 - - 173
Other Major Grants1 - 819 - 819
Boat station appeals2 - 2,150 - 2,150
Bursaries - 156 - 156
Other restricted funds3 - 210 - 210
Areas, Branches and Other Income 553 105 - 658
806 3,440 - 4,246

Other Major Grants[1]

Mainly grants from Department for Culture, Media and Sport (DCMS)

Bursaries[2]

Include major donation from Michael Uren Foundation and Jack Petchey Foundation

Other Restricted Funds[3]

Include major donations from Conrad Blakey OBE RD JP, Nicholas Ferguson, RNVR Officers' Association, Shipwrights, ITF Seafarers’ Trust, Michael Uren Foundation, Stelios Philanthropic Foundation, Trinity House, Gosling Foundation, Kilfinan Trust, EBM Charitable Trust, BGS Cayzer Trust, BMT Group, Foreland Shipping, London Insurance Market Trust, Wyfold Trust and Square Rigger Club

Page 46

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

3. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted Restricted Total Unrestricted Restricted Total
2025 2025 2025 2024 2024 2024
£’000 £’000 £’000 £’000 £’000 £’000
MOD grant in
aid 12,032 12,032 - 11,577 11,577
MOD other
grants 431 431
Seafarer
education and
support 552 552 404 0 404
Sea Cadet
Corps training 891 891 716 - 716
Offshore fleet
income 714 714 496 - 496
2,157 12,032 14,189 1,616 12,008 13,624

In addition to the MOD grant in aid (for Sea Cadets activity), the charity receives significant support in kind from the MOD. Eleven Royal Navy personnel are provided on loan, six area offices, three Sea Cadets training centres, Sea Cadets stores, the offshore offices and berthing facilities are also provided at MOD premises, together with ad hoc use of MOD training estate. Fuel for the offshore vessels from Royal Navy sources, some uniforms and various specialist stores items are also provided by the Royal Navy. These are specialised supplies and so there is no commercial value or open market valuation.

4. INVESTMENTS

Unrestricted Restricted Total Unrestricted Restricted Total
2025 2025 2025 2024 2024 2024
£’000 £’000 £’000 £’000 £’000 £’000
Investment
income
(excluding
Rental
income) 960 960 622 - 622
Rental income 211 211 242 - 242
Bank interest 50 50 76 - 76
1,221 1,221 940 - 940

Page 47

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

5. ANALYSIS OF EXPENDITURE

Unrestricted Restricted Total Unrestricted Restricted Total
2025 2025 2025 2024 2024 2024
£’000 £’000 £’000 £’000 £’000 £’000
Safeguarding,
supporting
Sea Cadets 1,278 8,578 9,856 1,084 8,529 9,613
activity &
infrastructure
Sea Cadet
Corps training 1,195 3,177 4,372 1,637 2,892 4,529
Offshore fleet 273 2,883 3,155 269 2,552 2,821
Professional
seafarer
education and		 651 122 774 574 92 666
support
Promoting Sea
Cadets activity 85 435 520 80 522 602
3,484 15,195 18,678 3,644 14,587 18,231
Direct Support
Salary costs
Grants Costs Other (note 7) Total
£’000 £’000 £’000 £’000 £’000
2024/25 analysis of costs
Investment management fees 0 0 145 0 145
Fundraising 317 70 102 488
MSSC (Trading) Limited 31 31
Safeguarding and supporting Sea
Cadets activity and infrastructure 848 3,940 3,566 1,502 9,856
Sea Cadet Corps training - 1,418 2,010 945 4,373
Offshore fleet 388 1,170 1,277 321 3,156
Professional seafarer education and
support 30 330 356 58 774
Promoting Sea Cadets activity 202 205 112 520
1,266 7,377 7,659 3,039 19,341

Page 48

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

5. ANALYSIS OF EXPENDITURE (CONTINUED)

Direct Support
Salary costs
Grants Costs Other (note 7) Total
£’000 £’000 £’000 £’000 £’000
2023/24 analysis of costs
Investment management fees - - 57 - 57
Fundraising - 211 43 74 328
MSSC (Trading) Limited - - 4 - 4
Safeguarding and supporting Sea
Cadets activity and infrastructure 618 3,847 3,582 1,566 9,613
Sea Cadet Corps training 84 1,809 1,616 1,020 4,529
Offshore fleet 12 981 1,439 389 2,821
Professional seafarer education and
support 15 287 295 69 666
Promoting Sea Cadets activity - 238 219 145 602
729 7,373 7,255 3,263 18,620

Other costs include all direct expenditure in relation to areas, branches, onshore and offshore activities.

6. GRANTS PAYABLE

Grants payable were as follows:

Grants payable were as follows:
2025 2024
£’000 £’000
Grants to institutions 750 739
Grants to individuals 516 532
1,266 1,271

Individual grants given are small and not material within the overall total.

Grants to institutions comprise grants made to Sea Cadets units to reimburse expenditure towards premises, minibuses, junior units and emergency needs. It also includes the provision of boats and equipment to units and unit hubs.

Grants to individuals comprise grants to Sea Cadets volunteers for uniforms and bursaries for cadets to take part in activities.

Support costs in relation to grants payable are included within note 7 below.

Grants payable at the year-end are included with creditors (see note 14).

Page 49

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

7. SUPPORT COSTS

The support costs of the charity consist of four elements: Management, Finance & Digital, Premises, and Human Resources. These costs have been apportioned across the work of the charity on the basis of staff numbers in each functional area. The apportioned costs are set out below:

Fundraising Safeguarding
and SC
Infrastructure		 Sea Cadets
Training		 Offshore
fleet		 Professional
seafarer
education
and support		 Promoting
Sea
Cadets
activity		 2025
Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Management 6 73 46 16 3 5 148
EDI 3 43 27 9 2 3 88
Finance and
Digital		 41 730 459 156 23 60 1,470
Premises 20 257 162 55 12 17 524
Human
Resources		 24 305 192 65 14 21 621
Governance 7 93 59 20 4 6 189
2025 102 1,502 945 321 58 112 3,039

Included within Support costs are salary costs of £1,534K (2024: £1,382K ).

Irrecoverable VAT costs included within Support costs amounted to £144K (2024: £107K ).

Total Governance costs included in Support were £189K (2024: £244K). These included auditors’ fees for external audit £18K (2024: £63K ) and tax advice £8K (2024: £17K ).

Fundraising Safeguarding
and SC
Infrastructure		 Sea Cadets
Training		 Offshore
fleet		 Professional
seafarer
education
and support		 Promoting
Sea
Cadets
activity		 2024
Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Management 8 124 81 31 8 9 261
EDI 3 47 31 12 3 4 100
Finance and
Digital		 13 656 427 162 12 76 1,346
Premises 23 346 225 86 22 26 728
Human
Resources		 19 277 181 69 17 21 584
Governance 8 116 75 29 7 9 244
2024 74 1,566 1,020 389 69 145 3,263

Page 50

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

8. SUBSIDIARY ORGANISATIONS

The Sea Cadet Association is a charitable company registered in England and Wales (company number Number 00404951 and Charity Number 306141). The charity was dormant in the current year and both net income and net assets/funds for the year were £nil (2024: net income and net assets/funds : £nil). The organisation is retained as it is counterparty to a number of leases held by Sea Cadets units and also acts as a vehicle for the receipt of occasional legacies.

MSSC (Trading) Limited is registered in England with company number 09476222. The charity has a £5K (2024: £5K ) investment in MSSC (Trading) Limited (note 12), representing 100% of the issued share capital of that company. The results of the company for the year and its balance sheet at the year end were as below. The company made a charitable donation in the year of £27K (2024: £24k ) to the charity. The company anticipates making a charitable donation to the charity of £3k in 2024/25 based on profits earned in 2024/25. Year-end net assets stand at £8K (2024 :£32K ).

2025 2024
£’000 £’000
Turnover 7 31
Purchases for resale - -
Other operating charges (4) (4)
Profit on Ordinary Activities before taxation 3 27
Taxation - -
Profit on Ordinary Activities after taxation 3 27
Retained profit at 1 April 2023 - -
Charitable donation to the Marine Society & Sea Cadets (3) (24)
Retained profit at 31 March 2024 - 3
2025 2024
£’000 £’000
Current Assets
Debtors 8 25
Cash at bank and in hand 8 46
16 71
Creditors
Amounts falling due within one year (8) (39)
Net Current Assets 8 32
Net Assets 8 32
Capital and Reserves
Called up share capital 5 5
Profit and loss account 3 27
8 32
Page 51

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

9. STAFF COSTS 2025 2024
£’000 £’000
Wages and salaries 7,545 7,468
Social security costs 697 683
Pension fund contributions 531 498
Health insurance 139 128
8,912 8,777

The figures above include £88k for nine settlement agreements concluded in the year related to redundancies. £69k were contractual payments and £19k non-contractual paid as part of the consultation. The average head count was 195 staff (2024: 207 ) and the average full time equivalent numbers of employees were as follows:

2025 2024
Fundraising 7 6
Supporting Sea Cadets activity and infrastructure 89 83
Sea Cadets training 56 62
Offshore fleet 19 22
Promoting Sea Cadets activity 4 6
Seafarer education and support 6 7
181 186

Included within staff costs are £1,535K (2024: £1,382K ) support costs.

The key management personnel of the charity comprise the Trustees, the Chief Executive Officer and the six (2024: six ) Directors in post (senior management team) listed under Executive Management on page 64. Their total remuneration, (including those not in post at the year-end), including social security costs and pension contributions was £825K (2024: £756K). The Trustees did not receive any remuneration from the charity during the year but were reimbursed for some travel costs, where they chose to claim. Five (2024: Four) Trustees claimed travelling expenses totalling £1.5K (2024: £1.0K ).

15 employees earned over £60K (2024: twelve). Bandings:

2025 2024
£60K - £70K 6 5
£70K - £80K 1 2
£80K - £90K 3 3
£90K - £100K 1 1
£110K - £120K 1 *1
£140K - £150K 1 0

Page 52

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

10. INTANGIBLE FIXED ASSETS (GROUP AND CHARITY)

Computers Total
& software
£’000 £’000
COST
At 1 April 2024 1,672 1,672
Additions in period
Disposals in period (474) (474)
At 31 March 2025 1,198 1,198
AMORTISATION
At 1 April 2024 1,495 1,495
Provision in period 139 139
Disposals in period (474) (474)
At 31 March 2025 1,159 1,159
Net book value
At 31 March 2025 39 39
Net book value
At 31 March 2024 177 177

Page 53

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

11. TANGIBLE FIXED ASSETS (GROUP AND CHARITY)

Freehold Building Ships Furniture Motor Total
building improve- & boats & fittings vehicles Computers
ments
£’000 £’000 £’000 £’000 £’000 £’000 £’000
COST
At 1 April 2024 717 12,236 11,096 367 422 115 24,953
Additions in
period 1,147 13 35 6 1,201
Disposals in
period (717) (742) (10) (275) (40) (48) (1,832)
At 31 March
2025 - 12,641 11,099 127 382 73 24,322
DEPRECIATION
At 1 April 2024 639 2,233 6,103 336 379 94 9,784
Provision in
period 339 520 13 35 15 922
Disposals in
period (639) (676) (11) (263) (32) (49) (1,669)
At 31 March
2025 - 1,896 6,612 86 382 60 9,037
Net book value
At 31 March
2025 - 10,745 **4,487 ** 42 0 12 15,286
Net book value
At 31 March
2024 78 10,003 4,993 _31 _ 43 21 15,169

At the year end, building improvements include assets under construction £NilK (2024: £3,626K). These are not depreciated until complete. During the year, £3,626k (2024: £Nil) of assets previously classified as assets under construction within building improvements were completed. These assets were brought into use and are now being depreciated over their estimated useful lives in accordance with the Group’s depreciation policy. The majority of the disposals relate to the sale of 202 Lambeth Road.

Page 54

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

12. INVESTMENTS GROUP INVESTMENTS

Investment
Portfolio Properties Cash Total
£’000 £’000 £’000 £’000
Fair value at 1 April 2024 19,001
~~SS~~		 1,200
~~<<~~		 15
~~<<~~		 20,216
~~————~~
Additions at cost 25,081 25,081
Disposal proceeds (17,966) (17,966)
Movement in Cash 29 29
Gain for the year (226) (226)
Fair value at 31 March 2025 25,890 1,200 44 27,135
CHARITY INVESTMENTS
Investment
Portfolio Properties Cash Subsidiary Total
£’000 £’000 £’000 £’000 £’000
Fair value at 1 April 2024 19,001 1,200 15 5 20,221
Additions at cost 25,081 25,081
Disposal proceeds (17,966) (17,966)
Movement in Cash 29 29
Gain for the year (226) (226)
Fair value at 31 March 2025 25,890 1,200 44 5 27,140

All investments are held in the UK. The subsidiary investment is in MSSC (Trading) Limited, note 8. The historic cost of the Investment Portfolio including cash was £25,269K ( 2024: £18,004k ).The investment property relates to 206 Lambeth Road – valued by a Member Royal Institution of Chartered Surveyors.

Fund analysis of gains and (losses): 2025 2024
£’000 £’000
Endowment (note 16) (227)
846
Total gains (losses) (227) 846

Page 55

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

13. DEBTORS

13. DEBTORS
Group Group Charity Charity
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Trade debtors 50 264 43 240
Amounts due from MSSC (Trading) Ltd - - 4 35
Other debtors 702 63 702 63
Prepayments 1,098 171 1,098 171
Accrued income 77 482 77 482
1,927 980 1,923 991

14. CREDITORS: Amounts falling due within one year

Group Group Charity Charity
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Trade creditors 718 629 718 629
Amount due to Slater - 116 - 116
Other taxation and social security 203 185 203 185
Grants payable 1,177 1,247 1,177 1,247
Other creditors 894 706 894 704
Accruals 2,591 1,746 2,588 1,743
Deferred income 236 429 236 429
5,820 5,058 5,817 5,055

£76K (2024: £273k ) of accruals and £33K (2024: £32k ) of deferred income balances at 1 April 2024 are included in creditors at 31 March 2025. These should be released in 2025/26.

Grants Payable

Grants Payable
B/Forward £k Grants paid in year £k Grants given or
provided for in year £k Carry forward £k
1,247 (1,336) 1,266 1,177
Payment of grants made is mostly conditional on the balance of funding for property projects being raised Payment of grants made is mostly conditional on the balance of funding for property projects being raised
by the grant recipient.
Deferred income
B/Forward £k Income recognised in
year £k New Deferrals £k Carry forward £k
429 (396) 203 236

Payment of grants made is mostly conditional on the balance of funding for property projects being raised by the grant recipient.

Deferred income

Most of the deferrals were related to receipts related to courses staring after April 2025.

Page 56

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

15. RESTRICTED FUNDS (GROUP AND CHARITY) 15. RESTRICTED FUNDS (GROUP AND CHARITY) 15. RESTRICTED FUNDS (GROUP AND CHARITY) 15. RESTRICTED FUNDS (GROUP AND CHARITY)
Balance Movement of funds Balance
Donor Purpose 1 April
2024		 Income Expend
-iture		 Income/
interest		 Transfer 31
March
2025
£’000 £’000 £’000 £’000 £’000 £’000
MOD Grant in Aid - 11,732 (11,732) 0
MOD Other Grants1 2,021 (1,785) 236
Offshore ships and
Various boats2 5,339 1,151 (1,359) 5,131
Various Sea Cadets training 2,193 114 (290) (1,337) 680
Boat stations - 1,582
Various Midland/PEBS3 5,199 (179) 6,602
Sea Cadets unit
Various grants 633 424 (296) 761
Area Sea Cadets
Various Training 772 118 (218) 673
Various Seafarer training 72 50 (84) 38
Various Bursaries 211 79 (113) 176
Corbyn
Memorial
Fund Nautical education 18 (38) (20)
Various Other 74 74
16,532 13,668 (16,094) - 245 14,352

(continued)

1 RN Armaments security fund £2m

2 Offshore restricted assets £4m

3 Boat stations restricted assets £7m

The residual funds are made up of multiple small funds for specific purposes.

Page 57

NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

15. RESTRICTED FUNDS (GROUP AND CHARITY) (2023/24)

Balance Movement of funds Movement of funds Movement of funds Balance
Donor Purpose 1 April
2023		 Income Expend
-iture		 Income/
interest		 Transfer 31
March
2024
£’000 £’000 £’000 £’000 £’000 £’000
MOD Grant in Aid - 11,577 (11,577) - - -
MOD Other Grants 2,631 441 (812) - (239) 2,021
Offshore ships and
Various boats 5,239 886 (1,185) - 399 5,339
Various Sea Cadets training 1,687 2,228 (351) - (1,371) 2,193
Boat stations - 1,176
Various Midland/PEBS 4,177 - (154) - 5,199
Sea Cadets unit
Various grants 688 128 (218) - 35 633
Area Sea Cadets -
Various Training 828 107 (163) - 772
Various Seafarer training 160 - (88) - - 72
Various Bursaries 165 81 (35) - - 211
Corbyn
Memorial
Fund Nautical education 22 - (4) - - 18
Thomas
Gray
Memorial Maritime Science
Trust and Technology - - - - - -
-
Various Other 74 - - - 74
15,671 15,448 (14,587) - - 16,532

Transfers relate to funds spent on capital purchases. The transfers are equivalent to the depreciation charges required in future years.

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NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

16. ENDOWMENT FUNDS (GROUP AND CHARITY) 16. ENDOWMENT FUNDS (GROUP AND CHARITY) 16. ENDOWMENT FUNDS (GROUP AND CHARITY)
Balance Movement of funds Movement of funds Balance
1 April Investment Donations/ 31 March
Donor Purpose 2024 returns (transfers) 2025
£’000 £’000 £’000 £’000
Corbyn Memorial Grants and payments 236 (3)
233
Fund for
Nautical Education
Thomas Gray Advancement of 113 (1) 112
Memorial Trust Maritime Technology
and Science
Destitute Sailors Assisting distressed 71 (1) 70
Fund merchant seamen
Various Providing subsidised 557 (7) 550
berths and awards to
Sea Cadets
Expendable Held for general 17,254 (215) 5,863 22,903
Endowed Funds purposes
18,231 (227) 5,863 23,868
Balance Movement of funds Movement of funds Balance
1 April Investment Donations/ 31 March
Donor Purpose 2023 returns (transfers) 2024
£’000 £’000 £’000 £’000
Corbyn Memorial Grants and payments 225 11
-		 236
Fund for
Nautical Education
Thomas Gray Advancement of 108 5 - 113
Memorial Trust Maritime Technology
and Science
Destitute Sailors Assisting distressed 68 3 - 71
Fund merchant seamen
Various Providing subsidised 531 26 - 557
berths and awards to
Sea Cadets
Expendable Held for general 16,453 801 - 17,254
Endowed Funds purposes
17,384 846 - 18,231

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NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

17.
DESIGNATED FUNDS
Balance Movement of funds Movement of funds Balance
1 April Investment Donations/ 31 March
Fund 2024 returns (transfers) 2025
£’000 £’000 £’000 £’000
Cadet Outreach 83 83
Boat station 543 (246) 297
SC future projects 588 588
Weapon & Ammunition equipment - 900 900
1,214 (246) 900 1,868
Balance Movement of funds Movement of funds Balance
1 April Investment Donations/ 31 March
Fund 2023 returns (transfers) 2024
£’000 £’000 £’000 £’000
Cadet Outreach 83 -
-		 83
Boat station 1,007 - (463) 543
SC future projects 373 - 215 588
Expedition 198 - (198) -
equipment
Environmental 113 - (113) -
grants
1,774 - (559) 1,214

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NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP
Intangible Investments Net current
& tangible assets and
fixed long term
2025 assets liabilities Total
£’000 £’000 £’000 £’000
Restricted funds 14,351 14,351
Endowment funds 23,868 23,868
Designated funds 431 537 900 1,868
Unrestricted funds 543 2,734 (1,980) 1,297
Total 15,325 27,139 (1,080) 41,384
~~I ~~ ~~LL ~~ ~~——~~
GROUP
Intangible Investments Net current
& tangible assets and
fixed long term
2024 assets liabilities Total
£’000 £’000 £’000 £’000
Restricted funds 14,803 - 1,729 16,532
Endowment funds - 18,231 - 18,231
Designated funds 543 605 66 1,214
Unrestricted funds - 1,380 32 1,412
Total 15,346 20,216 1,827 37,389

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NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

18. (Cont) CHARITY
Intangible Investments Net current
& tangible assets and
fixed long term
2025 assets liabilities Total
£’000 £’000 £’000 £’000
Restricted funds 14,351 14,351
Endowment funds 23,868 23,868
Designated funds 431 537 900 1,868
Unrestricted funds 543 2,734 (1,984) 1,293
Total 15,325 27,139 (1,084) 41,381
Intangible Investments Net current
& tangible assets and
fixed long term
2024 assets liabilities Total
£’000 £’000 £’000 £’000
Restricted funds 14,803 - 1,729 16,532
Endowment funds - 18,231 - 18,231
Designated funds 543 605 66 1,214
Unrestricted funds - 1.385 - 1,385
Total 15,346 20,221 1,795 37,362

19. TAXATION

No corporation tax is payable due to the charitable status of the activities of the charity.

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NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025

20. PENSION SCHEMES (GROUP AND CHARITY)

A number of former employees of the former Marine Society and of the Sea Cadet Association are members of the Merchant Navy Officers Pension Fund - MNOPF (New Section). The fund is active, though closed to future accrual on 31 March 2016. However, the MSSC continues to have a share of the net deficit in the fund.

The most up to date actuarial report is at 31 March 2024 valued assets in the scheme at £1,956M and the liabilities at £1,967M giving a rise to a scheme wide deficit of (£11M). As at the date of the 2024 valuation no deficit contributions were required. No share of assets and liabilities have been identified.

All current employees are members of a contract based defined contribution scheme. £531K (2024: £498K) was paid by the charity during the year of which £45K (2024: £44K ) was outstanding at the year end and included in creditors.

21. RELATED PARTY TRANSACTIONS (CHARITY)

The Director of Young People, Volunteer & Business Support is an ex officio trustee/director of the Royal Albert Dock Trust during the year, the charity paid rent to the Royal Albert Dock Trust’s London Regatta Centre totalling £20,501 (2024: £25,803 ).

Four of the Trustees and the CEO of the charity are Younger Brothers of Trinity House Maritime Charity During the year the charity received a grant of £140K (2024: £130K ) from the Trinity House Maritime Charity. No amounts were outstanding to the charity at the year end.

One of the Trustees is employed by J&J Denholm. They support MSSC, during the year the charity received a donation of £5k (2024:£5k)

Three Trustees and the CEO are members of the Company of Shipwrights who have funded £14k for bursaries (2024: £14k).

The Director of Maritime Training and Development is a Fellow of the Nautical Institute who rent office space in London amounting to £141k (2024: £117k).

One of the Trustees is Headteacher of the London Nautical School. During the year the charity paid a grant of £50k (2024: £22k) offset by course fees of £18k (2024:nil).

The charity was paid £nilK (2024: £nil ) for management and accounting services from its subsidiary undertaking MSSC (Trading) Limited (note 8). A charitable donation amounting to £3K (2024: £24k ) was received from the subsidiary. The charity anticipates receiving a charitable donation from the subsidiary of £3K in 2025/26 based on profits earned by the company in 2024/25. At the year end, the charity was owed £4K (2024: £35K ) by the subsidiary and this amount is included in charity debtors.

The Chair of FIRA, Stuart Curl, and two employees, Jenny Howard and Paul Wilkinson, are directors of MSSC (Trading) Limited. Two Trustees, David Dingle and Jonathan Robertshaw are directors of the Sea Cadet Association.

22. STATUTORY INFORMATION

The Marine Society and Sea Cadets (MSSC) is a charity registered with the Charity Commission in England and Wales (registration number 313013) and with the Office of the Scottish Charity Regulator (registration number SC037808). The registered office is 200b Lambeth Road, London SE1 7JY.

23. FUNDS HELD AS AGENT

Balance b/fwd Expenditure Income Balance c/fwd
(116) 729 (854) (241)

MSSC administers the fund on behalf of Slater Foundation. This involves managing individual awards, payable to either students or educational institutions on behalf of the students. MSSC make these payments fortnightly and is reimbursed quarterly by Slater Foundation. In recognition of this Slater Foundation donates £30k to MSSC annually.

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COUNCIL MEMBERS AND EXECUTIVE MANAGEMENT YEAR ENDED 31 MARCH 2025

Council members and executive management during the year, and as at the date of this report, were

PRESIDENT: Admiral Sir Philip Jones GCB DL

COUNCIL MEMBERS

The Council members who served during the year were:

Jeremy Penn (Chair) Steve Smith[2, 3] Alan Marsh MBE FICS[1 ] (Retired 9 October 2024) John May OBE DL[2, 3] (Retired 9 October 2024) Vice Admiral Sir Jonathan Woodcock KCB OBE[2, 3,4] David Derbyshire[ 3] (Retired 9 October 2024) Léonie Austin[2 ] (Vice Chair) David Dingle CBE[1,2 ] Jonathan Robertshaw[1,2 ] Michael Schofield[2, 3 ] Gareth Hampton[1,2] Laurelle Brant[2, 3] Christine Baldwin MRICS[2, 3 ] Kirsten Nuade[2, 3] John Denholm[1, 2] Stuart Curl[1,2 ] (Appointed 9 October 2024) Stephen Peck[2, 3 ] (Appointed 9 October 2024) Kate Richardson[2, 3] (Appointed 9 October 2024)

Council Members are members of the following committees as annotated above.

EXECUTIVE MANAGEMENT

Chief Executive Officer

Captain Sea Cadets & Director of Operations* Director of Finance & Digital and Company Secretary Director of Young People, Volunteer & Business Support Director of Sea Cadet Learning Director of Fundraising and Communications Director of Human Resources Director of Maritime Training and Development

Martin Coles CBE FRICS ACIArb (Retired 15 May 2025) Guy Holloway (Appointed 16 May 2025) Captain Neil Downing RN Jenny Howard Paul Wilkinson Heather Williams Daniel McAllister Petrina Brooker Darrell Bate

Page 64

PROFESSIONAL ADVISERS YEAR ENDED 31 MARCH 2023

The principal professional advisers during the year were:

Auditors: MHA
2 London Wall Place
London EC2Y 5AU
Bankers: Barclays Bank plc
1 Churchill Place
London, E14 5HP
National Westminster Bank plc
250 Regent Street
London, W1B 3BN
Royal Bank of Scotland plc
62-63 Threadneedle Street
London, EC2R 8HP
Investment Advisers and Custodians: Cazenove Capital
1 London Wall Place
London EC2Y 5AU
KW Investment Management Ltd
13 Austin Friars
London, EC2N 2HE
Legal advisers: Farrer & Co LLP
66 Lincoln’s Inn Fields
London, WC2A 3LH
Moon Beever
21A John Street
London, WC1N 2BF
Russell Cooke
2 Putney Hill
London, SW15 6BA
Insurance Brokers: Arthur J. Gallagher Insurance Brokers
The Walbrook Building
25 Walbrook
London, EC4N 8AW
Pension Advisers: Mercer Limited
1 Tower Place West,
Tower Place,
London, EC3R 5BU
Registered Office: 200b Lambeth Road
London, SE1 7JY
ms-sc.org

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