Charity Reglstratlon No. 526379 THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 McLintocks Xeinadin Group
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms L Cc¥)k Mr D Barbour Mr I C Higby {Chaimpn) MrJRHuln Rev C A Palling Ms Sharon Coverey {Apw)inted 19 Soptombor 2023) Patron The Rht Honournblg The Earf of Dety Secretary Mr M Finn Charlty numb8r 526379 Principal address Suite 315 Okj Hall Street LNerpcKJl L3 9FU Independent examiner Hekn Furhjng FCCA McLint(th INW) Ltmrted 46 Hamilton Square Birkenhead Wirral MerseyswJ8 CH41 SAR Bankers Barc*ys Bank plc Merchants Court 2-12 Lord Streei LNerpool MèrsÈysKle L2 1TS Solicitors Brabne LLP Horton HoLtse LiveEp(K)I Mer5eJsKle L2 3YL Invgstmént advlsors Quilter Cheviot 5 St Pauls SquaFe Liverpool Merseyside
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION CONTENTS Trustees. report Independent examinets report Statemgnt offinawal actsbe$ Balan(* sheet Notes to the finanCt Statnts 7-17
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their 155th repK)rt Sin the fomalion of the InstitLrtlon Sn 1869, abng wth the finanal ststefflents of the Charity for the year 8nW 31 December 2023. The InstitutTon was founded in 1869 and incxjrporated under Royal Ctrrter dated 13 Dacember 1921. rts goveming instrument is ils Roy81 Charter. as amended subsequentty. The financial st8temÈnts havè been prepared in thrdan¢e 7Mlh the ao))unting [x)fie$ set out in note I to the financ1 statements and compty with the Insttiubon's goveming dmefit. the Charibes Act 2011 and "Accounting and Reports'ng by Charities: Statement of Reo)mmended practi applicable to charibes preparing their a0unts in accordancè wsth the Finarrfyal Reporttng StandaEd applble in the UK and Republi¢ of Ireland IFRS 1021" (as amended for accounting perK¥ts coTnm8nciTrJ Irom 1 January 2016) Objectives and ivities The object for leh thè Insttiution is established and intwKJrated continues to be to support the sons and d3hlerS of deceased BrÈbsh SeafarS. by prowdiTrJ help with edutstK)n cx)sts and maintenance. Since 2000 support was exlended to the fishers. Help is provided in thè form of grants payabk frn the Charivs unrestricted funds togèther with any legaaes or iftsbtutK1 grants that are reed. The polictes of the Instrtution. induding the grants payab, are detemiined by Ihe Tntees, who act in an honorary capacity and meet at regular inlervals to nrtOr the aTrdirs of the Institution. but responsibility for the day to day runniro of the Inst5tulx)n 15 delegated to the S8cetary. Thg trustees have paid dua r8gard to guidance i5sugJ by Ch•ty Commission in decKling what acIMtS the Institution shoutd undertake. Aehi•vern8nts and perforn)an During the year, 4 new benefi¢¢ries' joined our grant pr(yJrnmmè against 5 leavers. 2 of th8 leavers. following a mbined 17 yÈar5 of RLSOI supw)rt. successfulty completed Iheir educatk)n arKI gaining employrnent or started on a company apprenticeship scherrE. A lurther sbjdent secJJr8d a university pCeMent and transferred to the RMNEF for ntInued assistance. During the year 2 b6n8ficiarie5 were wilhdrawn from t)ur 5UPPX)rt scheme due to improved hous8hold arcumstances and in knovAedge that tha chikys edu(tion and lrfe opp(Kiunibes remained UrMprOMISed. Overdll this resutted in a total of 65 YOUEMJ person's receivirg our Supp at the end of2023. as against 66 in 2022. The RLSOI remains very pmud of an inspiriro list of achlevements by those nefiCirreS now hawng completed their education and posttNety oJntribubng to soTrety. How we can rerM)rt this is restrictNe due to rightful priva¢y but we encourage and aRy9 Wek orYj updates from our femo teneficiaieslsctrK)kgTS. Annual Gèn8rn1 Mething Our Annual General Meet"ng was o)ndu¢Xed online by. ZM on the 19th September 2023. Presided over by the RLSOI Chaimian. Mr lan Higby. the Annual Rewrt 8nd h£counts for 2022 wer8 approved. MCLintkS were re- appointed as the Auditors. An executNe summary vras read oul by the Sec¥etary icgether wtth a proposal for [le¢hon of Ihe Committee. The proposal was fvlty (*rried with rKJ abstenttons.
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial r8Vi•W Incoming resources showed a de¢xBase of £74.619 WFnpared wth the prevhjus year. this has mainty aren from a fall in giant funding. Resources expended irK7eased by £797. Overall the was a net outgoing rèsource of £113,347 txjmpared net (Krtgoirg of£37.931 in 2022. Our invèstrnents increased in value by £62.985 and overall our rt assets fell by £50.362. The yÈar4nd positK)n is shovm in the Balance Sheet on page 6, and is regarded as satsfactw when considering the incoming resource volatilty triggered by the Unexpect loss of our Largest grant giving sjpporter. At 31 Dember 2023 the charity free reserves st(xxl at £1,004,18412022 £1,084.171). The Trust88's rK)Ircy to draw on thè Insbtubon's funds whenever S(x)abI a1 n6(wry to halp maintsin and, wherever possible, enhan the level of grants we make to chikfren, wntinues. The total income of some of our fafflilies is still inadequate. ar the efforts of the Tnth are (xjnstantty directed towards the provision of funds to ensure thal the education of the children dces not unduly suffer. That said. with a L2rge UnrtaInty on fvturo incotning funds, rt has become necessary to the level of our 2024 grant whilst work continues to 5ecur8 improved and more assured addtlN)nal fun(ling. The resources avadablg for dtrIbUtio[l arp regIrty rBview8d by ts Qxnmittee. Reserves policy Thé gènèral unrestrthd fijnds are free rèsor$ of Ihe d)arity (after detirj the walue of fixed assets) 8rMf the Trustees bance the need to maximise those reserves. to ensure suent fvnds are availabk to cover grants payab and adminBtration costs for Ihe foreseeable fu. with a policy, were raasonab, of suppkménJrKJ income from those reserves in order to maintain and enhance the kvel of grants. Investment policy The Trustees have appointed an irthpendenl Irweslment Manager to cary out all irwesnts on their behaK. as nominees for the Instttutson. The InVethrlt Manager reports reguL3ty to the Trustees, and in this way, the TteeS ensure all investments are managed in a)rda wilh their avaiLgble P)We and responsibilities. The Institution has prepad a written pofiGy slalemenl o)vering ts investments wth the Investment Manager. whh follows a socially r6sponsibLq investmènt wlicy gmng due consKleralK)n towards srtial, enwtonrnental and ethi¢21 matters within slo¢ks and shares in which the Institutions funds are invested. The fijnds are invested in a wide range of UK securities with the main objective of athng a satisfactory tolal return through the realisation of shares to supplement income as and when required. The Trustees consider the retum on invesbn9nts has been satisfactory. The trustees have eSSed the mafty risks lo vthich the Irtsbtutth is expowl. and a safi5ffied that 5yStem5 are pLqce lo mitigate eXp)Su to the rn8ior risks. Sl[uc[e. governance and rnanagement The Inststulion is o)rtsolled by its &eming (h))Jmert a deed of Irust. th constittrtes an unlnthrpor2ted chariiy. Th8 trust8es s8Ned during lh& year and up to thè data of siynalure ofth8 finanry81 ststernents were: MrTCHart (Deceased 7 2023) Ms L CIK)k Mr D Barbour Mr I C Higby (Chairman) Mr P O Copland MrJ R Hulmes Rev C A Palling Ms Sharon Coveney IResNJnèd 27 June 2023) IApFKNntsd 19 September 20rJ}
Dr4ft FlnAn¢lal Stst¢ments THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION TRUSTEEV REPORT (coKnNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 any dwiges in legi51atson. nles aThJ rwlation whA* may affect the 1ns1iitrti. ¢gby (chai) olé
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROYAL LtVERPOOL SEAMEN'S ORPHAN INSTITUTION I report to the tnJstee5 on my examination of the financtal statements of Th Royal LNerwol Seamen's Orphan Insb"tub"on (the InststutK)nl for the year ended 31 December 2023. Responsibilities and basis of report As the tTUStees of the Institulh?n you are resp)nsib for the preparalion of the ftnanoal ststetnents in ac¥danCE wtth the requifements of the CharÉtièsAct 2011 (thè 2011 Acti. I report in respect of my examination of Ihe lns1ilun'S financial statements camed out ur¥lor se¢tion 145 of the 2011 Act. In carrying out my exarnination I have fi)Wed all the appltcable Directions gNen by the Charity Commiss¥)n under seCn 145151(bl of the 2011 ACL Independent examinerf$ statsment Your att6ntion is drawn to the fact th8t th8 thatity has wepared ffiaThial Statents in acix)rdance with Accounting and Reporbng by Charibes preparing their accounts in ance with the Finanoal Repoiting Standard appli(xble in the UK and Republic of IreLAnd IFRS 1021 in prefere to Ihe Ac(x)unting and Reporting by Charibes: Statement of Recx)mmeThded Pr1 iwjed on 1 April 2005 whth is referred to in the extant regulations but has now been thdraWn. understand that this has been done in cKder for finanoal statements to pmwdè a truè and fair viéw in acwrdance with Generalty ALWted Accounting Pracaice effeclive for reporbng peTh)ds beginning on or aftar 1 January 2015. I have tt>mplètsd my 8x8min81ion. l ()nfimi th81 nwtter3 have )rne to my attentv)n in nnectiOn wtth the examination gmng rne cause to believe Ihat in any material respectr. accounting rrdS were not kept in respect of the lnsttubon as red ty Secti 130 of the 2011 Actr. or the financial statements do not acwrd wrth those records" or the finanaal statements do not compty the applble requlrements (x)n¢emrng the fom #nd ¢onlent of acwunts set out in the ChaTibes IAc(K)unts and RepxNtsI ReguLitions 2008 other than any requirement that the aco)unts gNe a true and fair view which is Th)t a matter o)rnSKlered as part of an independent examination. I have no concems and have come across no olher matters in Cllection with Ihe examination lo whi(* attention strK>uld be drawn in this report in order to enable a proper uThJerstanding of the financAal statements to be reached. H¢len Futbng FCCA McLinlocks {NWI mited 46 Hamilton Square Birt(enhead Wirral Merseyside CH41 SAR Dated.. ILI:.o.4:
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTrruTION STATEMENT OF FINANCIAL AcTlEs FOR THE YEAR ENDED 31 DECEMBER 2023 Total Vnre5trithd Endowment fund$ funds 2022 2022 Totsl funds 2023 fund5 2023 2023 2022 Incom2 from: Donations and bgaaes InvestsNents 44,670 104.936 44.670 104.936 121.420 102,805 121.420 102,805 Total income 149.606 149.606 224225 224,225 Ewndlturo on: Raising funds Charitable acbvit 4.166 253,031 5.756 2.382 256.628 3,146 5.528 2.628 253,031 Tgtal expenditujp 257.197 5.756 261953 259.010 3,146 262,156 Nel gainslllos8esl on 11 27.&)4 35.381 61985 143.444) {43,7371 {87.1811 Net incomel{expenditurel and mov8m•nt in funds (79.987) 29.625 150.362) 178229} (46,8831 1125,1121 Re¢on¢iliation of funds= Fund baLar al 1 January 2023 1,084.171 1,414.722 2,498,893 1,162,400 1,461,605 2,624,005 Fund balan¢g5 at 31 December 2023 1.004.184 1,444.347 2.448,531 1,084.171 1,414,722 2,498,893 The sts19t of finawal arbvtbes indutks all gall and losses recognksed in the year. All InMe and expenditu derive from continuirbg activities.
Drnft Flnatt¢l41 St4tsments THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITLrrioN BALANCE SHEEr AS AT31 DECEMBER 2023 2022 Fltrd a88ets Tan9ibb assets Inents 13 14 2.431959 2.447.322 1432.W 2.447.327 Debtors Cash at bank and in hand 15 8,079 16.048 CredIto. amounts fallln9 fwlth one year 10.017 787 Net currentass8ts 1S.$67 51. 2.448.531 2.498.893 The funds ofthe In5titsrtlon Endcp•myentfund5 17 1.444.347 1.(M)4.184 1,414.722 1,084.171 Z448.S31 1498,893 C Hrgby {Chaimian
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policiès Charlty Information Th6 Royal LiverFwI Seamen's Orphan Instrbjlion is a Charity in1[Nated under Royal Charter. 1.1 Ac¢ountlng convention Thé finanual statemerbts have been ppared in aox)rdan wKth th& 1rtSbn'S tgoveming do(aJmenti. the Charities A¢t 2011. FRS 102 Tre Finantial Repting Slandard applKzble in the UK and RepublK of Ireland" I'FRS 102.} and Ihe Chartss SORP "Accountiry and R8tK)tting by Charits'es: Ststement of Recommended Practi( applicable to charities preparing thr accounts in a¢xithn( with the Finanoal Reporting Stsnd8rd applicable in the UK Republic of IrekrvJ IFRS 1tr21" leffectwe 1 January 20191. The Insbtubon is a Public Benefit Entity &% defined by FRS 102. The Institutton has taken advants of ths provNorts in the SORP for chanb.ès not to prepare a Statement of Cash Flows. The finanaal staternents are prepared in sterb"ng. whith is the fut)nal (JJrrerKy of thÈ Insb.tUti. Monetary amounts in these finanual statémènts are rounded to the nearest £. The financi31 ststèments have teen pRpared urmler the hk8torKal cost wr¢vention, rdffied to indude certain financtal instruments al fair vatue. The prirripal accounting [K)re$ adoptsd are set out below. 12 Going ¢oncern Al the timè of approvir¥J ts finanal statements. the trustees have a reasonaNg axp8cktion that the Institution has aduate resources to continue in OFerdtional exi51ènce for the foreseeable future. Thus the trustees oxjnb.nue to adopt the going Ix)nLwn basi5 of accounting in preparing the fin8n¢ial statèments. 1.3 Charitable funds Unrestrict&J funds arg awailabb for LL88 al di5trelion of the trjstees in furtherance of their ¢haritabl8 objective5. Restrict fvnds are subject lo specrfic nd01% by th)nors Of granlor5 as tr) how they may be used. The purposes aThJ uses of the restricted funds are set out in the notes to the finanual stalement& Endowment funds a subject to speafic c)JnditK)ns by domrs that the c4ital must be maintained by the Institution. 1.4 Income Inwme is reLrynised when tha InstrtrOn is alty enliuwj to it after arhy perfOrnn conditions have been mel. the amunts be nSured reliabty. WKI il probab that ino)me will be received. Cash dona1ions are recogni5ed on receipL Other donatiorts are recogni5e(l once thè Institution has been notffied of the don8b"on. unkn performancE (xjndttsons require deferral of the amount. Income tax rècoverable in tpkb.on to donations received under Grftd ( deeds of covenant is recc¥JnLwI at the time of the donation. Lègaciès are rec¥Jgnised on rlpt or Othere rf the Institution has trfftn notified of an impending distribution, the amount is known. and receipt is expeded. If amount is not known, the legacy is treated as a contingent asset.
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accourrting policies IContinu8d} Interest on funds he]d on depw)sit IS ded when reixivable and th8 a1U[rt rneasured reliabty by thè tharity. this is normalty on notthcab.on of the interest paid or payab ty the ban Divid8fKls are rwnised once the dNideThJ has been declared and rK)tific2tion has been receNed of the dividend due. This is rK)rFHally upL¥) rvJlifyxbon by our invesnI afvi8or of the dideAd yiekl of the investment portr01. 1.5 Expenditure Lkabilities are re0)gnI8 as expendllure as SO as there is a W or D)nstructNe obltgation wmmitting the Chaiity to that axpendilure. it is probable that a transfer of eu)nomic beneffts wll be required in settlement and the amunt of the oblyatitin can meas&JrI reliabty. Eynditure i% accounted for on an accruaL8 basis. All expenses induding suPrt costs are albcal to the PartiClar expeIlture heajing. Granb payable are paThts rn to Ihird p3rlies fft the fijr1her8 ofthe tharitab obiocts ofthg Charity. The costs of generating funds ¢ont of imiestsnent mafwjemerrt costs. The sts of tharitsbk acbvibes indude grants made. govemance costs and supFort costs. 1.6 Tanyibl& fixéd assets Tangible fixèd ats are InallY measur&1 at cost aThJ sub5equenty rrEasured at cost or valuation. net of dePCIatIOn and any impairmenl losses. DepreciatK)ri is recognisod $0 as to wrtte off the rxlst or vaaon of assets less their residual values over their usgful lives on the followro bases". Fixbjres and fittirJs Computèrs 20% on CA)St 20% on ujsl The gain or loss arising on the disFrf)sal of an asset is deteTminwJ as the rfrfference befvRen the sale proceeds and the caryirvj value of the a&seL artd is wnised in the 51atetnent of financial tivItieS. 1.7 Fixgd asset investments Fixed at investmènts ar8 intttalty nwsur&l at transaction pre excbjdirg transaction costs. and are subsequenuy measured at fair value al each rewbng d8le. Changes in fair valL are rets)gnu%ed in nel incoméllexpéndiiure) for the year. Transaction u)sts are axpansed as inujrred. 1.8 Impairni•nt of fixed assets Al eath reporbng end date, the Insbtution rev the carying anLInts of ts iangible assets to determine whether there is any indication that those &%sets have Suffered an impairment )55. If any such indicaton exists, thg Ipwverabk alrLlt of the asset is es"mated in Order to determine the extent of the impairnnt loss (sf any). 1.9 Cash arKI cash gquivalents Cash and cash equN8tents indude Kn harnl. deKK)siU% hekl at 11 vAth banks, otrr short-tem Iluid inv8stsn8nts Wtth orKJinal maturibes of three nw)nths or less. bank overdrafts. Bank overdrafts are shrhvn within borrowings in eurrenl liabilstzes.
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS {cOlNuED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles IContinu•dl 1.10 Finaneial instruments The InslitutK)n has ekcted to appty the provish?ns of Section 11 'Basic Finaal Irthments. and Section 12 'Other Finanoal Instruments Issues, of FRS 102 to 1 of its finanoal instruments. Financi81 instruments are rec(yJnised in the Insbtulion's bala sheet when the InstitutK)n becomes party to the contractual provisi0r of the instrutnenL Financial assets and liabilities are offset. with fv net amunts presenled in the finanaal statements. when there is a legally enforceable right to set off Ihe rewgniwl amounts and thgrg is an inlgntion to settle on a net basis or to realise the &t and seth the liabilty gmultang)usly. 8aslc financlalassets Basic financial assets, vthK indiKle debt0 arKI rnsh ar bank bkn. are initialty measufed at transaction pricé including transactKsn o)sis are subwuentty carri&l at amortised cost using the effectNe interesl rrthod unless the arrangement Ix)rkstilut a financing Itansaction, where the transaction is measured at the present value of the fvbJre receipts di%¥)unted al a market rate of interest. Financial a&fjets Basic financlalllabllliles B8sic finanaal liabilibes. indudiThJ creditors and bank h)ans are inibalty re[nIsed at transactK)n pri(% unb55 the arrangement (x)nStieS a finan(ing ts8rtsadion. wh8rè lh8 dèbt instnJm8nt is m8asurad at the present value of the future paymenls discounted at a market Trte of interest Financial fHbilrties classified 85 Payable thin one year are not amorbse(l. Debt irtstruments are subsequenty (wriwJ * aM(KtIs ttjsl. using the effechve interest rate method. Trade creditors are obligations to pay for wds or se15 thal have txen a¢4uired in the or(linary (x)utse of opèrations from suppliers. Amunts payable are classifEd as current liabilities if payment is due within one year or less. If not. they are presented as nOn-rrent liabilibes. Trade Gredttors are rpw9nised inittally at transaction pricè and subsequenuy measured at amort (J)st using the effectsve irbterest melhc¥J. Derecognition of financial liabililies Financbal liabilitks are dere¢TrIS when the Insti1.$ (xJntraLal oUigatM)ns expire or ats dis¢h8rpJ or cancelled. 1.11 Employee benefits The cost of any unused holiday enliljement is r•xyJnisÈd in th8 porKrfl in lh& Èmpw's ser are TeM)Inab" beneffts are recognised immedk?tety as an expense when the Instriution 15 demonslrdbly committed lo terrninale the emploYnI of an empbyee orto provide lerminatitin benefits. 1.12 R8tirem8nt beneffts Payments to defined contribution retirement benefft sthemes aFE charged as an expense as they fall due.
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTrruTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critical a¢¢ountlng estlmates and judg•m•nts In the appli¢atK>n of the InslibJts(M's ac¢ounting pdicies. the Iruslees ar8 f8quired to make judgemènts. estimates and assumptions atK)ut the caryrffJ amtsunt of assets and liabilities that are not readity apparent fron7 Other 50urcès. The eslirnates aTKI a5socialed assumptions are based on historical experience and other fa¢knrs that are Cons to be relevant. AL181 resutts may differ from these estimates. The estimates and undetyng assumplK)ns a reviesved on an owirhg basis. Revisions to a(yx)unting estimates are recognised in tr* per¥)d in which the estimate i8 revised where the revisK)n affects onty that period, or in the riod of the revision arxl future periods where the r8vtsion affects toth current and futyre PgrKyJs. Income from donatlons andlggaeiès Unrestricted Unrastrictod fund5 funds 2023 2022 Donations and gifts Grants rNable 1.230 43,440 1.165 120.255 44.670 121,420 Grants receivable for corÈ actlvities Seafaréfs UK Trinity Housg Honourable Gompany of Master Marinws Inverctyde Bequest Fund 70.000 37.295 2.700 10,260 35.200 2.640 5.600 43,440 120.255 Income from InvoStm•nts UnTPStricted Unrestricted funds funds 2023 2022 Income from Itsted invèsbments 104.936 102,805 10-
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Raisiny funds Totsl Unrestricted Endcertment fuTh funds general 2022 Total funds nÈral 21)23 2023 2023 2022 Investmerbt marbagement 4,166 5,756 1382 3.146 5,528 4.166 5.756 382 3,146 5.528 Expenditu on ¢haritable a¢b¥lti¢s Support gRnts 2023 Support grants 2022 Grant funding of athl5 (see note 71 168270 172,010 Share of support and governance costs (see note 8) Support Governan(% 80227 4.534 80,340 4,278 253,031 256.628 Anatysls by fund Unrestrided fijnds 253.031 256,628 Grnnts payable 2023 2022 Grdnts lo irKFivKluaL8 168,270 172.010 168.270 172.010 11
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Goveman 2023Supw)rt rJ)5ts (>)vemance costs 2022 Staff costs Secretarial f68S Office costs Bank ¢haryes 57.188 13.600 9.407 145 57.188 13.6 9,407 145 13.500 11.579 144 13.0 11.579 144 Irvlppdènl gxaminerfs fees AGM expenses Accountsncy and 18g 3.780 169 3.780 169 3.600 138 3.600 138 540 540 80.227 84.761 4.278 84.618 TrLths None of the trustee5 lor any Fer50n5 0)nr wilh bkn) receNed any remuneration or knefiL% from thè Insttiution during thè year. 10 Employees The average monthty number of empbw during the yearNYas: 2023 Number 2022 Number Administration Employmenl costs 2023 2022 Wages and salaries Othèr nSIOn uysts 18,795 36.209 16.652 40,536 55.004 57.188 There were no emph)yees wk*)se annual reMunernI was nK)re than £60.000. 12-
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Galns and losses on inve5tsnents Total Unrnstricted Endowmènt funds funds 2022 2022 Totsl fund 2023 funds 2023 2022 G8insllloss8sl ari$iTVJ on: Revaluali)n of investsnènts Sate of investments 17.640 29.330 6.051 46,970 16,015 (58.1361 14,692 (53,078} (711,2141 9.341 24,033 27.604 35.381 62,985 {43.444} 143,737) {87,1811 12 Taxatlon The charity is gxempt from try2t on its acfNitw Lwu5e all ris in¢J)me is applted for charitable putt. 13 Tangibh fixed assots Cost At 1 January 2023 2.503 2,115 4.618 At 31 December 2023 2.503 2.115 4,618 Deprnciation and impalrmènt At 1 J8nuary2023 2.501 2,112 4,613 At 31 Decemt*r 2023 2.501 2.112 4,613 Carrylng amount At 31 Decernber 2023 At 31 December21f22 13-
THE ROYAL LNERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Fixed assgt inve¥tments Cash In portfolio Total investments Cost or valuation At 1 January 2023 AdditK)ns Valuation chaJe$ DisrKtsals 2.420,537 134,701 46,970 1203.402) 26,785 2,447.322 142,069 46,970 1203,4021 Al 31 Dernber 2023 2.398.806 34.153 2.432.959 Carrying amount At 31 December 2023 2.398.806 34,153 2,432.959 At 31 December 2022 2.420.537 26,785 2,447.322 Fixed asset Investments revaluÈd The investsnents have been valLd at mart(et valL by Quimer ChevioL WI are an authorised investsnent in5btubon, and the inveskn6nts are hebj by their rnminee company. The hi5tortLa cost of the Ij invesh11ts was £2.117.110 (2022 £2.176.075}. 15 Debtors 2023 2022 Amounts falling due within one year. Other debtors Prepayments arK£ a(med inttjme 6.728 2,808 6.019 2,060 9,536 8.079 16 Credltors: amounts tdlllng dug wlthln on• year 2023 2022 Other taxation and scrfial se¢unty Other UrtorS A¢¢ruals and deferred incorr 1,310 416 90 6.261 8,611 10.017 6.767 14-
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTrruTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Endowment funds End¢)wmonl fvrwts rgpr9sent assots whth wnust be hekl naritty by the Institutv)n. Income arising on the endowment funds can be used in rdancE the objecis of the Institution and is incEudgJ as unrestricted income. Any capital gains or k)sses arising on the assets form part of the fvnd. Bance at Ile50ur¢es Gains aThd Balanc¢ at 31 Dec•mr 2023 Perrnanent endowments Endovnnenl fund 1.414.722 (5.756) 35,381 1.444,347 1.414.722 (5,756) 35,381 1.444,347 Comparative infomation in res of ts prwling is as folkm: GOI and Ba14n¢g at 2022 Pèmianont endowments EndoWnt furxl I,461,5 13.146) {43,7371 1.414.722 1.437.051 12.853) {137.0521 1297.146 18 Unrestrteted funds The unrestn.cted fund5 of the oarity ¢x)mprise the unexpended balanS of donations and grants 1¢h are not subject to spectfic condtbons by donows arxj grantors lo how rnay be used. At 1 January Incoming Resources 2023 rnsOurS exnded Galns and lossès At31 Dgcgmbgr 2023 General funds 1.084.171 149.6C6 1257,197) 27.604 1,004.184 Pr•vious y•ar. At 1 January Incoming Rèsourcès 2022 resources expended Gains and losses At31 December 2022 General funds 1,162.400 224,225 1259.010) 143,444) 1.084.171 15-
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Anaty5is of net asset5 bèts¥een funds Unrestrictrd Endowment 2023 2023 Total Untrthd Endowment 2023 2022 2022 Total 2022 Fund balances at 31 Dember 2023 ar8 represente(l ty. Tangible assets Investments Currenl assetsllliabilibesl 993,17T 1.439,782 2.432.959 11,002 4,565 15.567 1.312.732 34,928 1.408.894 5.828 2.447.322 St.566 1.004,184 1.444.347 2.448.531 1.347,665 1.414.722 2.498.893 16-
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Opèrnting l•as• commikn•nts Al the reporbng erKI date the Institutw)n had outstaThJtng commitments ts fiJknre minimum lease payirerts under non-canlL?b1e operating leases. which fall due as folkxys.. 2023 2022 Wrthin one Bglwegn iwo and fve years 9,706 14.559 9.702 24,269 24,265 33,971 21 Related party transactions Th8r& werè no dIsch)sab relaj party transaclions duriryJ the year {2022- non8). 17-