Charity R•glstration No. $26379 THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTrruTION ANNUAL REPORT AND UNAUDtfED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms L Cook Mr D Barbour Mr I C HvJby {Chaimanl MrJ R HuknEs Ms Sharon Covwey Patron The R*Jht Holrdb Ead of Derby Seeretary MrMFIrn Charity number 526379 Prlncipal address The Cotton Exchgnge Sute 315 Old Hal Street LNery Mersey%de L3 9RJ Indepertdènt examlner Hèlen Furt0 FCCA Xeina(En North Wesl LThiled 46 Hamilton Square BiTkenhead Wirral MÈrseysMla CH41 SAR Bankers Bardays Bank F 2.12 Lord Street Mewde L2 ITS Sollcltors Brabners LLP H(Yton House Excharoe Flags Liverp¥J melsede L2 3YL Invostment advisors ijuiller Cheviot s st Pauls Square Mersyde
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION CONTENTS Page Truslees, resyMI Indepdent examinerfs report Statement of finarla1 tiVItieS Balance sheet Notes to finanoal statements 7-17
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Tnjstees present lhe 155th report thè fcmath)n of the InsbtulK>n 1869, ang with the financial statements of Ihe Charity forlhe ygar ended 31 DeCeMr 2024. Thè Insulution was ft)unded in 1869 irwyaled urwjer Roya Ch*ter dated 13 Decernber 1921. Its govÈming instrument is its ROW Chwtsr. as ameTrJed subsequenty. The financial statements have bew pfypared n accdae wilh Ihe acfyyJnttng pleS set OUÈ in note 1 to the financtal statements and coryly WTth the InstitutK>n's yJvemirvJ th)cwnent. th¢ chaiib.es Act 2011 and "Accounting nd Reporting by Charities.. Ststemènt of Recommended Prathce aw)IKaUe to charilies preparing their accounts in accordance with th8 Financtal Reporting Standard aPCable in the UK and R8publie of IrÈland (FRS 102)" las amonded far ac¢y)unling perKJds ciNYmèwng from 1 January 20161 Obigctives and activiti•s The object for which the Instllution is e$tl$hed and inrx)rrmted ntinUeS to be to 9JPPOrt the sons and daughters of ¢J¢ceased Biiknsh seafarers. by [0VKIll wrth educalion costs and maintènance. sin 2000 suptxNt was extended to the fishers. Hdp is Fvided Mi fom ol grants payable from the Charity's unrestricted funds together with any lega¢ies or Institutial grants that are rec8ved. The policies of the Institution. ind1ng thè grants payth. a dctewfflw by the Trustees. who act in 8n honorary capacity and meet at regular inlervals to rwrmtor Ihe 3ffwr5 (rf the Instibjtion. but rèsponsibility for day to day running Of the Irb5ti1ution is delegat8d to thè Ser¥etsry. The ttLFslees have paid due regard to giAdaTKe isgjed by the Charity C)Miss in deciding at actlvittes the Institlrtion should uridertake.
THE ROYAL LNERPOOL SEAMEN'S ORPHAN INSTITUTION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and perfonnancè During Ihe year, 8 new bènefi¢ÉariÈs 9rydnt FX(NJramEr agnst 7 ver% 5 of these leavers suceessful completed their fomial educatiortr and gaNJ8d eMpk)Yt started on 4Jprenliceships. Collectivèly. these youngsters had rècved a total of 41 years of supp)rt arvj gilldan ft(Mn the RLSOI. We remain very Proud of their outcomes and the positive contribution to Stxiety ead) of them rthv makes. The many testimonials recèivèd from the families arè inspirational. None of our lèavers in 2024 chose to attend univerwty desTte the Opptun to transfer to the RMNEF for conlinue(l assistarKè. During the yèar. one family WTth benefiiiaries We witlvlravm from our support due lo improved I$hOld circumstances and in the kWledge that the chdd's educatK)n and lrfe QFvthttss remalned uncompromised. Overall, this resulted in a tot2J of 66 dNldren receivrr¥J our al ts e¥KI crf 2024 againsi 65 in 2023. The RLSOI remains very proud of the fj$l ofa¢hwements by fomw knefioaiies. Pincy restricts how w8 can 8nd do report on indiwdual athievements. but we stil enrge JNJ aw welcome ongomw upjales frc¥n our femer benefKiariesl3cholars. Annual General MeetÈng Our Annual General Meeting was conducted onlire on Ihe 17th Seplemter 2024. Invitations to this event had Èn sent tts supporting grant ganIsationS Y wllic of more than £1C4). Any beneficiaries that had expressed an Intere also ceIved an In¥llat. Presided over by the Chaimian. Mr lan Hyby. the Annual RepL¥t arKJ Aw)unts for 2023 We discussed and approved. Xeinadin North Wesl We re-appted as the Irwjendent Examiners. The Secrelary provided 8 summary of ntS over the year rudIng an explanabon of the rwd to reduce ihe siandard level of the tharilies grants at thg twinning of 2024. Sleps to protect the rnost Vulnèrab housèholds during thls period were elaborated on as were anS to e]evale of the InStKIn lo help attract rtew sources of funding and addtb.ond Trustees. FdlowrnJ the revièw. a prcy)sal 4Yas made the re-electi of C(xnmrftee. The prrwsal was fully carried wth no abstentions. Flnanclal revlew Incoming reSourS showed a increase of £11.128 c(xYtpared the previous year. RescHJrees expended decreased by £55.256. Overal there was a net Outgoi $OUrCe 01 £41207 {20rd £113.347). Our invastments increased in value by £126.144 and overall our net assets increased by £84,937. The yÈar-ènd position is shown in the B¥anc¢ Sheel on page 6. and 15 regarded as satisfaciory when considering the incoming resource volatility triggered by the UneXpd loss of our largest grant giving supporter. At 31 DeCem1r 2024 the charhty free rèsèrv8s stood at £1.C122.67712023 £1.CKJ4.1841. Rèserves pollcy The general unrÈ$trth¢J funds are free reser¥es of the drilY (after dedULng the v8hJ8 of fixed asselsl and the Trustees balance the red to maximise those reserye& to ensute suITiCnt lunds are available to cover grants payable and administratim ensts for the foreseeat4e kn. wth a policy. v r8a50nable, of Sukwlementing income from Ihose reserves in order to mwntoin 8nd ertnCe the le ofgrants.
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Inv•slment polley The Trustees have appointed an indèpèndent Inve5tmenl Manager to carry out all investments on their behalf. as nominees for the Instiiutioft. The Investment Managei rew)rts regulaty to Ihe TnJst*s, and in this way. thè Tiuslees ensure all investments are managed in ac(x)rdance wilh their availabte powers and responsibilities. The Insbtution has prepared a written wliry statement covering its investmer7ts wth the Investment Manager. whith follows a 50cialty responsible invesbment policy giving due ¢J)nsideration towards sctial, environrnent81 arsd ethical matters within stocks and shatès in whith the Inslitutions fijnds ale invested. The furKls are invested in 3 wide range of UK se(aJritie5 Wlth the main objeclive of achieving a satisfactory toial retsjm thr(xJgh the realisalion of shares to supplement income as and when requiTed. The Twstees cty)SKler the relLEm on investments has bèèn satisfactory. The Iruslees have assessed Ihe Mai risks to whith the Inslilufion rs exFwd, aNI are satisffed that systems are in place to mitigate èxwre to the major risks. Structure, g0ManCe and management The Institution is controlled by its govemrng documenL a deed of IWSL ar i))nstrtutes an unincorporatèd charity. The ttustees who seNad during the year aThJ up to the dats of STgnature of the fmancial slatemènts Wete.. Ms L Cook Mr D Barbour Mr I C Higby Ichaimian) MrJ R Hulmes Rev C A Palling Ms Sharon Coveney {Resigned 18 June 2024) The appointment of Ttust8es has to be agreed unanAnousty by Ihe exting Trustees. and any Trustee nominate a potential new Trustee. No Trustee has any finanaal interèst in the Charity. New Trustees are invited and enwuraged to attend short briefing sessions to familiarise themselves with the Institution and the context wthin which it 4)er3tes. Tr Secrelary ensures that Ihe Committee is kept up to date with any changes in legislation, rules and regulation which may affect the In5tittrtion. The trustees. report was abpro by the Board of Trustees. Higby IChairn7anl Trustee
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION I report to trustees on my examination of Ihe finanual slalements of The Royal Lwerpool Seamen's Orphan Insliiulion lthe Institution) fw Ihe year ènded 31 De(mber 2024. Rèsponslbllltles and basls of report As the trustees of the Instttut)n y(4J are reSpOlb1? lor preparalh)rt of the financial statements in ac¢ordancÈ with thè requir&Ments of the Charilies Act 2011 (Ihe 2011 Adl. I report in respect ol my examination of the In5tibJbC'S fiwtyal statwnwts ¢airied out under seclion 145 01 the 2011 Act. In carrying out rry examin8tion I ha foJkn¥ed al the a•cable DirectK)rts given by the Charity Commission under seon 145(5llbl of the 2011 Ad. Indendent examlnerfs statement Your attention is drawn to the fact that tharity has prepared fanc statements in accudance with Accounting and Reporbng by Chartes prepaM9 their ac£4)unts in xcordance the FInarla4 Repttsj Slandard ¥ppli¢8ble in the UK and Republ of Irdand IFRS 1021 pretEren to the Attounting and Reporting by Charities.. Ststement of Prkn issued on 1 Aprll 2CQ5 vknich is referred to in thÈ extant regulations but has now been ththawn. l understand that this has been done in order for financial statements to provFde a tnJe and fair view in accordance with GènÈraUy AccÈpt8d Acuiuntklg Pracbce effectNe for rep(Yting periods tRgiT7nirNJ on ar after 1 January 2015. I have completed my examinatitx). I confffm that rn matters have to my attention in connBctiw with th8 ex8minats.on giwng me Se to believe that in wly maten"81 res". a¢¢ounling re¢ords wer¢ not kept in reSpt of the Institu as requred by section 130 of the 2011 Act: or the financial statements do accord vthh those TeccKts" the financial ststetnents dD not compty w(th the wplicable requuemÈnts exx)cÉmlng the form and content ol accounts set out in the Charities IAw>unts and Reps) Regulations 2t(J8 other than any rèquiremènt that thè UnIS give a true fair Mew wlich is wt a matter rthsidered as part of an independent exam¢nakn. I have no concems have ¢(¥ne across rn oitw mallers in comectw)n wilh the examin*ion IE) which aitention should bè drawn in thi5 re[rt in oJdeT lo enable a WQPBt understsndin9 of the financial statements lo reach. Holèn Furlong FCCA Xeinadin North Wesl Limited 46 Hamilton Squa Birkenhead Wirral Merseyside CH415AR Dated: l%.....¥.....Z.
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION STATEMEKf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrèstrieted ErMlowmeDt funds 2024 Total Unrestrlcted Endowm•nt funds funds 2023 2023 Tot 2024 2024 2023 Notes Inme trom: tk>nattons and legaGies InvÉstmènts 50.959 109.775 So.9 109.T15 44.670 104.936 44.670 104,936 Total income 160.734 1,734 149.606 149,606 Expendlture on: Raising bjnds Charitable activities 5.974 187.049 8.918 14.892 187.049 4.166 253.031 5.756 9.922 253.031 Total expenditure 193.023 8.918 201,941 257.197 5,756 262.953 Net gains on investfflEnts 12 50,782 75.362 126.144 27.604 35,381 62,985 Ngt Incomol{èxnd1Iur9l and moyement in funds 1&493 84.937 19.9871 29.625 150.3621 R0cl11allofi Of funds: Fund balances at 1 January 2024 1.004.184 1.444,347 2,448,531 1.084,171 1.414.722 2.498.893 Fund balances at 31 Dember 2024 1.022.67T 1.510,791 2.533.468 1.1)J4.184 1.444,347 2,448,531 The statement of financlal tiVitIeS inckjdes all gains and h)sses rec(gnsed in y8ar. All inLX)me and expenditu dèrive from continuing actiwties.
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION BALANCE SHEET ASAT 31 DECEMBER 2024 2024 2023 Notes Fixed assÈts Tangible assets Investments 14 15 2,474&19 2.432.959 1474554 2.432.964 Currènt assets Debtors Cash at bank and in hand 16 8.407 61.128 9,536 16.048 69.535 Cr•dltors: amounts falllry due withln on• yÈar 17 (10.621) {10.0171 Not eurrènt assets 58.914 15.567 Total assèts less current liabilities 2.533.468 2,448,531 Thé funds ot the Institutlon Endtswment funds Unr&stric18d ftjnds 19 1.510.791 1.022.6TT 1,444,347 1,004,184 2.533,468 2.448.531 The financial statements were approv8d by the trustees ... . .. Mrl Higby (Chairman) tee
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Aceountlng polielès Charity infomiatron The Royal Liverpool seam.$ 0han IrlIu is a Charyty in(XXFNated undw Roy81 Charter. 1.1 Accounn9 eonvention The financtal statements have been PTepared in accordarKe fjlh the Inststulion's IgovemiThJ (foajmenll, the Charities Act 2011. FRS 102 'The Finamal Rep(xtYg Standanl appkable in the UK and Republic of Ireland" C'FRS 102.1 and tho Charities SORP "Acrnng and Reporbng by Charities". Statement of Re(x)mrnended Practice applicable lo charities preparing their acc(xJnts in (%)n1#Ar with the Finanaal Reporbng Standard applicable in the UK and Rèpublic of Iland (FRS 102r leffective 1 Jarw 2019). The InsiilulK)Tr is a pUbC Benefit Errtity as defined by FRS 102. The Institution has takw advantJe of the FKOVigCmS in the SORP tharities not to prepare a Statement of Cash Fkjws. The ffinancial slatements are prepared in sterfitwJ. whK is the lunc111 cuffenry of the Institution. Monetary amounts in finand81 statements are rour•Jed to Ihe nearest £. The financ1 statÈNpnts have been prepared der the hislorical cost oywenlion. AdIfied lo incknye certain finan¢yal instrumÈnts ai faT value. The aCcnIn79 aWed ar& set below. 1.2 Golng concn At the time of approving the fmancial statenHits. the trustees have a reasonable eXptatIon that the Institution has adequal8 r8sourcas to o)ntinue n ¢watml e>istence for the foreseeable fulurg. Thus tt trustees continue to a(kJpt th@ wirvJ COnn basis OfacUnIu in Ffepariro the fmancial staterrnts. 1.3 Charitable funds Unrestricted funds are availth for use at thè discÈtK>n of Ihe trfeeS in furtherance of their ¢harltable objectives. Rèstricted funds are subject to spe0r corKJil1 by or grdntcys as to how they may ba lised. Th8 purrx)ses and uses of the iestricte(I funds are set out in Ihe to ihe financial statements. Endovnnent funds are subject to s oiThlÈtions by that the capital must be maintained by the Institution. 1.4 Incomè Income is recognised when the InStiDJtic is lègally entitled to rt after any perforrnance conditions have been el, the amounts can measured rdi8EYy. wjd it is pr(*able Ihal ncome will be re¢¢wl. Cash donations are recc¥Jnised on receipt. her thnatw)ns are wognised thè Instibjtion has been notrfied ofthe donat•)n. unless perfOnanCe lx>rKlitis requye defeThal of the amount. Income tax recoverable in relation to donati$ received under GrR Ahl or de8Js of covenant i8 recAyJnisÈd 8t the timè of the th)natwJn. Legacies are reco3ni5ed on rept or (therwise rf In5tihkn has been notified of an impending distribution. the afflnt is known. ar#J 15 expethd. If the amount is not knoym. the legacy is treated as a wntingent asseL
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polieles Icontlnued) Interest or> funds held on deposit is included when receive and the anount can be measured reliably by the charity. this is normlY on noiificabon of Ihe wrtetest paKt OF payable by the bank. Diwdend5 are rectniSed ore dNKlend has been dedared arKJ notifi(xtion has been re1ve of the dividend due. This is n(Kmally upon notffjcath)n by our VeStMent thsor of Ihe dividend weld of the investment potffdts. 1.5 Expendlture Liabilities are re9l$ed as eXFendiiure as 500n as the 15 a legal or rx)nstnJctN8 Oblatn committing the Charity to that expenditure, it is pr(the that a transfer of beneffts wll be requirèd in settlemert and the amount of the obligation can bÈ measured l¢abty. ExperKlittTe is attountgj on an accruals basis. All oxpenses indud1r suprK)rt cosls are alkncaled l01he partar expenditure headir•J. Grants payable are payments made lo Ihlrd the furthe ofth8 tharitatle objects of Ihp Charity. The ct>sts of generatiro furvjs of invesbTrent managÉMt costs. The costs of chadtable actiwties in(knle grants maje. gOVn support costs. 1.6 Tanglblo fixed a55ets Tangtble fixed assÈts are initra1 measwed at aThJ subsewentty measured al $t or valuation, net of depTeciation and any impaiment k)sses. Dapreciation is recognised sr> as to write off Ihe ttst or vauation of assets less their residual values over thelr useful lives on the fckning bases.. Fixtures and fittings Cornputers 20% cosl 20% cost The gain or loss arising the disposal of an a5sel is dèt8m)ined as the differen between sale wo¢eeds and the carrylrrfj value of the assel. 8ThJ is reCogrid in Ihe ststement of financjal acliviiies. 1.7 Fix•d asset investments Fixed asset investsvents are iniknaly measuTed at transactk)n wice exduding transath.on costs. and 81È SLEbsequently measured at fair Wdlue at eath dale. Changès w) fair vdue are recwnised in nel incomellexpènditur81 for the year. TraldJ costs aR expensed as iNwrred. 1.8 Impaimient offix•d assets Al each reporting end date, tt Insti1 reviews the Garrytng anN)unts of its tangible a$ts to delermine whether Ihere is any ind( that those have suffered an impaimient loss. If any sh indication exists, the recoverable aTfKxJnt of the asset is e5timate(J M order kn deterrine the extent of Ihe impairment loss Irf arby). 1.9 Cash and cash equivalents Cash and cash equivalenls indude cash in havj. depxSts held at cal ba$. other short-lerm liquid investments vAth oryinal mature$ of three morths kn. arKI barLk overdrafts. Bank ovwdrafts are shown wilhin borrobmngs in current liabililies.
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollctes (Cofttlnued) 1.10 Flnancial Instruments The Institution has elected to appty the prov15$ of 11 Basic FrwnGTal arKI Sertion 12 'Other Financial Instruments 1ssue5' of FRS 102 to an of its finaal instruments. Financial instTuments are recogrised in the Inslltut'S balare sheel when the Institutson bewm&5 party I the c(mtracttJal prov[01$ of the ¥tstrumenL Financial assets and LI11e3 are offseL with Ihe anK)ts presented Ihe finanoal statements. when there is a legalty enforceat4e right to set off the recognised amthmts there ts an intention to settlo on a net basts or to realise a5SPt and sglll¢ thg liablty SU113ne0u5ty. Baslc finenclal assets Basic financial assels. whith irtdLKJe debtOf5 and $h and bank baFance5. are inttially measured at transaction price induding transaon costs aThJ are subsequenly carried at amortised cost using the effe¢Ove interest method a[ranMent ¢y)nslitutes 8 fina[1rj tRnsaclion. vthere the transaction is measured at the pSent value of fvre reIpts ¢As(xwnled al a maet rale of inleresL Finan(ial ass cLgs5ified as receiv&le within one yew are not arTrJrtised. Basic ffnanclal liabilitles 88sic financial liabilities, indudiry uwJit(¥5 aTrJ bank kjans are T0g at transaction price unless the arrangement constitutes a finanuro trCtion, vthere the debi irtstrument Ès measured al fhe present value of the futhre p8ymÈnts discnIEd at a m8rkel rats of interesL Financial liat1tieS dassified as payable within one year are not amortised. Debt instrumènts 8rÈ sUbWl1Y carried 8t amcff1ls cos( the ellective interest rate mothod. Trade creditors we oblJations to pay for or $wv$ that have bèen acquired in thè idinary eDursÈ of operations from suppliers. Amt)unts pay8bte tlassified as current liabililies if paymenl is due within one year or less. 11 not. they are presented as non-uJThent liabilitS. Trade creditrffs are recx>gnised inibally 8t transaction price and subseqtt8ndy moasured at arn11 cost usirvJ Ihe effective inlerest method. Darecognltlon of flnanelalH8bffllfy¢s Financial liabiliknes derecognised whw ts InstittrtKJn's ox)twtual 01at$ exFire or afe digtharged or ancelled. 1.11 Employee benefrts The cost of any unused hc4•Jay entllleThI is recognised the perKJ in vthith the symployee's semces are reIved. Temilnation benefts are reo>3niwJ iMndaty as w exKnse the InstihJtkM is demonstrabty otwnitted lo tsrlninate the employment of an emphjyee or to wowde temiination beneffts. 1.12 R•tlrem•nt b•néfit$ Payments to (kred contr&)utiw retirerne benefft 5th1rS are chaTg&J as an expertse as they fall due.
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crltlcal accountlng estlmates and judgements In the appCatiC of the Institution's accounting poliGies. the trustees are required to make jLMlgemènts. estimates And assumptions aboLrt the carryiThJ arnount of assets and liabltieS that are not readily appanI from other sources. The esl¥nates and as50Giatetl asSUmptnS are based on historical experien¢è and other f8Ctors tt)at are considered to be eanL AGIu8b results may ithlter from Ihese estimates. Th? 8stimates and underfying assumpts)ns are reviewed on an cfflgoing bas15. Revision5 to accounting estimatès arè recogThsèd in the wiod in which the estimate is vthere the revision affects only that perd, or in the period of the revi$iry) and ftrture perdS ere Ihe revisi affects bE)th current and fut perds. Income from donati¢Jns and legacips Unrestrlctpd Unr¢8triet•d funds funds 2024 2023 Donations aThJ gifts Grants reNable 1,319 49.640 1,230 43.440 J.959 44.670 Grants recelvable for core activiii¢s Trinity Holtse HeOurable Company of Maslei Marinws Inverclyde Bequest Fund 37.(X)O 2.640 10,fYJD 35.200 2.640 5.600 49.640 43.440 Incomo from inveslments Unrestrlcted Unrestricted funds funds 2024 2023 Income from li5t&Y vestMents 109.775 104,936 -10-
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ralslng funds Total Unrestricted Endowmenl fvnds funds gerseral 2 Tolal ftjnds genernl 2024 2024 2024 2023 2023 Investment management 5.974 8.918 14.892 4.165 5.756 9.921 5.974 8.918 14,892 4,165 5.756 9.921 Expenditurn on charhabk aclivitips Support grants 2024 Support grants 2023 Dlrect costs Grant funding of a111$ (see note 71 98.136 168,270 Share ofsupport and governan¢• costs (see nole 8) Support Govemanc£ 84,138 4.775 80,227 4.534 187.049 253,031 AnalYS by fund Unrestricled funds 187.049 253,031 Grants payable 2024 2023 Grants to individuals 98,136 168,270 98.136 168,270 11
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Gov¢man 2024SLPPCrt costs Govemance costs 2023 Staff costs Seuetarial fees Office CDSts Bank charges 53,145 15,400 15.474 119 53.145 15.400 15.474 119 55.IX)4 13.500 11.579 144 55,004 13,500 11.579 144 IndeFendent exam1rS fees AGM éxpenses Accountanw and legal fees 3,780 169 3,780 169 631 631 585 84.138 4.775 88,913 eiJ,r27 4,534 84,761 Net movèmènt In funds 2024 2023 The net rrK)vem8nt in ndS is statèd altef CharL4r((Jetitvj}. Fees payable foi Ihe fLdeperKlent examwithn of the chaFitys ffftancial stalemenls 3.960 3,780 10 Trustees None of the truslees (or any Perso connected Ihèml recèived any remunèration during the year. but 1 trustee was reimbursed a totd of£121 travdling expense$12023- £nl). 11 Employees Th? averaoe monthty number of emF4oyees duriThJ the yearwas: 2024 Number 2023 Number Administration Employmant costs 2024 2023 Wages and salarie5 Other pènsion Costs 19.594 33.551 18.795 36,210 53.145 55,005 Thère were no employees wh)se annual remuneration was rrfft than £.[)). 12-
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Gains and losses on Investrxents Total Unrestrict•d Endowmènt funds funds 2023 2023 Total nds 2024 nds 2024 2024 2023 Gainslllosses) arising on= Revaluat)n of invèstments Sale gf investments 35,757 15.025 41,712 33.650 77.469 48.675 17.640 9.964 29,330 6,051 46,970 16.015 50.782 75,362 126.144 27.604 35.381 62.985 13 Taxatlon The charity is exempl from laxalion on its aivrfies twuse als its income is apFligJ for charitable purposes. 14 Tangible fixed assets Total fthng5 Cost At 1 JUary 2D24 2,115 4,618 At 31 December 2024 2,115 4,618 Depreciation and Impalm*nt At 1 January 2024 1501 2,112 4.613 At 31 December 2024 2.501 2,112 4,613 Carrylng amtst At 31 De[nber 2024 At 31 0e¢ember 2023 13-
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEPABER 2024 15 Fix•d asset Inv¢$knents Listed Cash in portlollo Totsl Cost or valuation Al 1 January 2024 Addiiions ValuatlDn changes Disposals 2398,806 273.7R) 77.468 (293.4371 34,153 2.432.959 273.750 77.468 (309.6281 116,191) Al 31 December 2024 2.456.587 17.%2 2,474.549 Carrying amount At 31 December 2024 2.456.587 17,962 2.474,549 At 31 Dember 2023 2.398.806 34.153 2.432,959 Ftxed asset inveslmènts revaluèd The investments have been vald at market value by Quilter Chev¥Jt. are an authorised Investnt ins1(Éution. and Ihe investnts are hdd by thwr rKe coryany. The historical cost ofthe listed investments was £2.136.273 (2023 £2.117.1101. 16 D•btors 2024 2023 Amounts falling due within cw year. 0th8r debtOTS Prepayments and accrued income 7.974 6.728 2.8D8 8,407 9,536 17 Credltors: amounts lalling due wilhln one year 2024 2023 Other taxal•Jn and swal seojrity Other (xedAors Actruals and deferred income 1,181 1.310 9.341 8.611 10,621 10,017 18 Relirem•nt benerrt schèmès 2024 2023 Defined eontribution Me$ Charge to wofit or loss in respecl of defin8d trtion sthemes 656 628 14-
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 R8tlr•m•nt n•fft sehomès (Continued) The InstitUtn operales a defjned conlwibuttln FEnsi(¥t s(eme for au qualifying employees. The assets of the scheme are held separatety trom those of the Inslilution in an indeFendentty athnirustered fund. 19 Endpwmgnt funds End¢)wmenl fuThJs rewesenl assets whth must be held pem)anenty by the Instilukn. IrKome arising on the endowwnent funds can be used cOnCe Ihe objèds tsf thè Institution and 15 included as unrestricted income. Any capital losses wisry ihe assets fom) part of the fund. aaran at 31 DeGernber 2024 1 Janry 2024 •xpondBd P$mianent •ndowments Entkjwment fvnd 1.444.347 18,9181 75,362 1.510.791 1.444.347 (8,9181 75,362 1.510.791 Comparative lnfrjmat1 in resp8ci of the weceding p10d is as fdlow. BtsKet Res(Wre Gjins and Balance at 1 2W43 ¢xpeJ¥led 105685 31 Ott•Mr 2023 Porman•nt endovmi8nts Endowmenl fuThJ 1.414.722 (5.756} 35.381 1,444,347 1.414.722 (5.7561 35.381 1,444.347 UnMtrictèd funds The unrestrlcted hjnds of Ihe tharity the unexpended baances of donations arKI grants whi¢h are rtot subject to SFecifK conthtions by donDrs and gFanlors as to h(w they may be used. At 1 Jarniary In¢oming Resources 2024 r•sovrces •xpendÈd Galns and loss8# At31 December 2024 1,(M)4.184 160.734 1193.0231 50.782 1,022,677 15-
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Unre$tri¢t•d funds Icontlnued) Prevlous y8x. At l January Incomlrkg ResouTEes Gans and losse5 At31 December 2023 Gengral lund5 1.084.171 149.6tis 1257,1961 27.604 1.Q04,185 21 Any81S of net assets between fvnds Total Unrestricted Endovnnellt 2024 023 2023 Totsl 2023 2024 2024 Fund balances at 31 Decefflber 2024 are represented by: Tangible assets Inv¢stfflents Current assetsllliat¥litie5} 968,296 I..253 54.376 4.538 2.474,549 58.914 1.312.732 34,928 1,439.782 4,565 2.432,959 15.567 1.022,677 1.510.791 2,533.468 1.347.665 1.444,347 2.448,531 16-
THE ROYAL LIVERPOOL SEAMEN'S ORPHAN INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Operthng leas• ¢ommFlments At the reporting end dale the InstibJlTh had outstandiig c(wnmitments for futu minuwm lease payinents under non-canr£labfe operating kases. which fall due 85 foUow&' 2024 2023 Within on8 ar 8gtween two and five yea 9.706 4.853 9.706 14.559 14.559 24,265 23 Related party transa¢tlons Thprp were no di5dosaNe related paty tran5•thns duriThJ the year12023- [}e1. 17-