COMPANY REGISTRATION NUMBER 758795 THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS 30 SEPTEMBER 2024 Charty Number 526577 EDMUND CARR LLP Chartered Accountants 146 New London Road Chelmsford Essex CM2 OAW Iilliii , •ArEEC* 1310212025 COMPANIES HOUSE
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THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 CONTENTS PAGE Truste¢s' Annual Rewt Inder*n&nt Examinerfs W Statemeni of Financial Activities (incorwrdting the income and exp¢pditwe arUnt} Balance She¢t Notes to the FInala] Statements
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2024 Th¢ TTWtees are pleased to present their annual directOTS' reFrt tog¢ther with the financial ststements of lh¢ rharity for the yw ended )0 Sept¢mlr 2024 which are 4150 prepared io m¢¢1 the requirements for a directors. rep)rt and accounts for Companies Aci purpLW. REFERENCE AND ADMINISTRATIVE DETAIIS RegleTed charity The Conway Mercham Navy TTUSt Charity regis¢rtioTr number 526577 Compatty r¢gistrtiott Dumber 758795 ReElster¢d otri¢¢ l The Rubi¢{, 51 Nornwi R London SEIO 9QB THE TRUSTEES The Trustees who served the charity during the period wetr &$ follows.. M B Burrow (Chairnian) M W Bloy (Resigned on 31112r202)) DT S Bonsall B Burrow R S Clench (Resigned on illl 212023) N D Dowden L J Hesketh A W Hines B Kelly G Jackson DMLong R C Matthew Captain M M Re¢ves MDTr¢w D J Weighi M E Winr P G WTight (Resigned on 1910112024} Independent Examiner S MoTrell FCCA Edmund Carr LLP Chartered Acwunlants 146 New London Road Ch¢lmsford Essex CM2 OAW IDv¢$¢ment Managers Quiher Chevio¢ One Kingsway Lonilon WC2B 6AN
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT YEAR ENDED 30 SEPTEMBER 2024 OWECTIVES AND ACTIVITIES The main obj¢¢ts for which ihe CoMnY is established are: The slimu1l0n of education and training for seafarers. To ¢rKowrage persons sttking to follow a ¢areer in the Merchant Navy, Civil Air Service and Amied Forces. To sponsor M¢rchant Navy Deck and Engineer Cadets. To p¢ttte the nam¢ aThl ideals of training edu¢ation fom)¢rly enshrined in the HMS Conway Cadei School. Individuals $eleed for grant assisiance must be qualified for the courses they will undertake and qualified for entry to the Merchant Navy. In carrying Out the Trust's activities. Tntstees have followed Charity Commission guidance to ensure that it pays due attenlion lo ihe prinrtples of Public Benefit Conway SnsOrShIp is op¢n to all in the UK, Subjed to satisfying both university entrance requirements and Government siandards for entry to the M¢han1 Navy. RISK STATEMENT The Tru%iees review the Trjsfs exposure io risk each year. In particular ihey review the arrangements for the amelioration of financial risk and fraud at its Investment Managers. its Accounlants and Trinitylchiltern Marilime Lid. its Training Manag¢TS. The Trust is ¢onteni thai the present arrangements are working well. The TTUSI is satisfied with the various pnKedures and proiections in pla¢¢. RESTRICTION ON THE CHARITY'S OPERATIONS The income and property shall be applied solely towards the promotion of its objects as sei i)ul in its Memorandum of Ass1#110. ACHIEVEMENIS AND PERFORMANCE REVIEW OF ACTIVITIES The Trust ha5 continued to re¢ruiL irnin #nd suptK)rt individuals who meet the enlry stoJJdards for M¢rchant Natry Deck and Engineer Officers and ih¢ rel¢vani academic stsndards for degree level education at the Fleetwood Nautical Campus. Camain L Hesk¢th ITru5tee) is the Trust's Training Manager. This rol¢ includes recruiting and selecting ¢andidate% &8 well as mentoring them throughoul their training. Recruitment and training managemeni as well as costs were shared with Trinity House on a 50150 b&sis unlil April 2022 when ihe joint irnining agrttmeni w&$ iemiinaied. Cadets already in the system continue to be sponsored half by Triniry House until their training concludes. This applies 10 5 Cadets. Any new recruits taken on by CMNT will be paid for l(W• by CMNT. Thi5 applie5 to three eadets in trainRn8 and iwo recruited for Septemi*T 2024. In February 2024 ihe training advisor. Chiltery who we had been working with on Trinity House {TH) instruction, went inlo liquidation following th¢ rancellation of their contract with TH. In order to continue r¢¢¢iving SMarT funding c needed a r¢pla¢¢Tn¢nl ttaining provider. CMNf had worked with SSTG prior to the arrangemeni wilh TH and our Cadets were transferred io SSTG immediately. When entering receivership Chiltern owed cNT £16,385 SMarT in funding. A claim has been made with ihe receivers for these funds.
THE CONWAY MERCHANT NAVYTRUST COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT l¢•nthvJe¢ YEAR ENDED 30 SEPTEMBER 2024 Despite conunitting lo abide by the 2017 Memoraryjum of Agreement sign¢d by the two parti¢s, TH has proved very difficult by delaying payments to Cp[ and now says they do not want to continue funding TFUCMNT cadets through to degree l¢vel. Discussions with TH ar¢ on-going. The 2021 iniake of two Deck Cadets aTe completing their degree course. When they have passed their OOW and Teceived th¢ir Coc a claim shall be made for final SMarT funding arnounling to £9,0000 each. The recruit for 2022 is the first 100% CMNT Cad¢t for many yeaTS and is in his final Sea ph. The Vo Cad¢iS who siarted at wll¢ge in Seember 202) and ar¢ ba¢k at Flttttvood after S¢8 lime. One of this intake 15 from the Isle of Man and as such CMNT will share the w5t of his training with ihe lom Government, this is working well with lom paying the equivalent of SMarT funding. In 2024 we took on two new deck cadets and ihey are iM)th Mudying at FleetwcM)d. During the year, Captsin L. Hesketh has liaised wilh the various organisalions concerned with the ¢adet% training and welfar¢, including colleges. Iraining provideTS and the Merchant Navy Trdining Board. In addition to direct cad trdining CMNT has estsblished the Conway Sea Training Award to encourage young people to gain offshore experience through tsll ship voyages. This is operated in 5UPFKTrrt of the Duk¢ of Edinburgh award scherne. FINANCIAL REVIEW Nel expenditure in the year was £51.086 (202).. £)7,816). Expenditure in the year (apart from administraiive expenditure) has been applied solely to the objects of the Charity. During the year there was a surplus of £149,19212023.. deficit of £16240) after nel realised and unrealised gain5 on irtvesthients of £200.278 {2023.. £21.576). Investments have been included at markei luC io comply with the Statemenl of Recommended Practice for Charities. IiESERVES POLICY It 15 the Trust's intrniion io ¢onlirtue io hold investrn¢nts for the foreseeable futttre and to use the income from these to further its obJtIves. ChaTity Commtssion guidance defines free re5erY¢s &$ 'in¢ome which becomes Jvailable to the charity and is to be expended ai the inL5tees' discretion in furtherdnce of the charity's objects. but 15 nol yel spent. committed or designaied,. At the balance sheei date, the chariry's free reserves amounted To £62.443 {see [te 16) after deducting frxed ass investments, which lh¢ Tntstees regard as 5alisfadory in order to avoid any undue disruplion to the anticipated level of sponsorship. INVESTMENT POLICY The Truslee5 Use Quilt¢r ChevioL (se¢ Risk StatemenL p.2). as inveslment manager5. There has been Iho Sl8nificant change in the Trnsts investment lIcY during the year and the Trtt has remained fully invested except for the retention in cash of a small amount of capital to mak¢ up any shortfall of income over charitable exF¢nditure. The Trust continues to endeavour to finance its education and training activilies from income and from Govwnment gran whilst oveT the longer tem) aiming to maintain lh¢ real value of its inv¢sthients.
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT It• YEAR ENDED 30 SEPTEMBER 2024 PLANS FOR FUTURE PERIODS The Trust plans to continue the objectives and activities that are currently set out on pages 2 & 3. As detailed in note 21 to th¢ financial statements, th¢ charity currently has commitments for funding trainees up w 2025126. STRUCTURE, GOVERNANCE AIYD MANAGEMENT LEGAL STATUS The Conway Merchant Navy Trust is a company limitd by guarantee. It was incory)orated on 25 April 196) and 15 regist¢red L% a charity. The compan$ r¢gi5trdtion numkn i$ 758795 and ils registered charity number 1$ 526577. It is governed by the Memorandum and Articles of Associaiion of the Company. TRUSTEES The 'Comminee of Management- is responsible for the management of the charity. The Trustees are ppointed by the Committee of Manag¢rnent. The person appointed may Ee. n¢¢d not be, a member of the Committee of Management. Currently, each Trusttt is a member of the Committee of ManageTnenL Each Tnjsiee is also a member and Direaor of the Company. Any Trustee Can nominate a new Tru51e¢. This nomination is examined by the Tst as a whole and the appoinm)ent is by a majoriry vote at a general meeting. There is no specific organisational structure and individual Tntsi¢¢s csrry particular fi]nctions voluntarily as and when requir¢d. The day to day running of the charity is trOlled by MT M B Burrow (Chairnan) Capt. M M Reeve5 (Trustee). Captain Leslie Hesketh (Trustee) recruits and mentors the trainees and liaises with Liverpool John Moore's Univ¢rsity. Fl¢etwood Nauti¢al camp8. Trillity House and the Training Managers. RESPONSIBILITIES OF THE TRUSTEES The trustees (who are also direciors of The Conway Merchani Navy TTUSt for the purposes of company law) are responsible for preparing the Trustees, Rep)rt and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom G¢nerally Acc¢pt¢d A¢¢ouniing Practi¢¢). Company law r¢quir¢s the trustees to prepare financial statements for each financial year, which give a true and fair view of the stale of affairs of the charitable Company and of the incoming resources and appli¢ation of re50urc¢s, including the incoTn¢ and exFenditur¢, of the charitsble company for the year. In preparing these financial statements. the Tntee$ are required to: S¢lect suitable accounting policie5 and then apply them consistently. Observe the meihods and principles in the Charities SORP IFRSI 02). Make judgements and ¢5timates thal ar¢ r¢wnable and PTudeDi,' Stale whether applicable UK Accouniing Standard8 have been followed, subje¢1 to any materi81 d¢partures disc105ed and explained in the fincIal 51atements" Prepare the financial siatemenis on ihe goin8 concern basis unless it is inappropriate to pSum¢ that the charity will conlinue in operation.
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT (¢ort•w¢ YEAR ENDED 30 SEPTEMBER 2024 Th¢ trustees are responsible for keeping proper accounting records that disc105e with reasonable accuracy at any time the financial posilion of the charitsble c4)mpany and enable them to ensure that the fitwicial statements comply with the Companie5 Act 2006. They are also responsible for Safeguarding ihe assets of the charitable company and h¢n¢e for taking reasonabl¢ st¢ps for th¢ prevention and detection of fra1 and other irregularities. INDEPENDENT EXAMINER A resolution to appoint Sandra Morrell FCCA as Indyndent Examiner for the ensuing year will be proposed at ih¢ Annual General Meeting. SMALL co[PANy PROVISIONS This report has ixen pr¢pared in acwrdance with the $pe¢ial rwvisions fow sm)11 ¢omp¥nies und¢r Part 15 of ihe Comvanies Act 2006. The financial statements have been prepared tn accordance with the Financial Reportlng Standard applicable in the UK and Republie of Ir¢Id (FRS 102). Accounting Reporting by Charities: Statement of Recommended Practice applicable in tt6e UK and Republic of Ireland (effective I January 2019) {Charita¢s SORP FRS 102) and th¢ Companies Act 2006. Approved by the board of directors on 28 January 2025 and Signed on their behalf by. RegiSted office: l The Rubicon. Nornian Rd London SE109QB Mo*th6W Burro B Burrow Chairnlan iGhaGI ReevGs M M Reev¢5 Direaor
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORTTO THETRUSTEES OF THE CONWAY MERCHANT NAVY TRUST YEAR ENDED 30 SEPTEMBER 2024 I rewrt to the charlty tteeS on my examination of the accounts of the company for the year ended 30 September 2024, which are set out on pages 7 10 15. Respon5ibili¢i&s amd basi5 of report As ihe charity trustees of the comFony (and also its directors for the purposes of company law) you are responsible for the pr¢paration of the accounts in accordance with th¢ TUirementS of th¢ Componies Act 21)06 ('the 2006 Act.). Having satisfied myself that the aCUnts of the company aTe not required to be audited under Part 16 of th¢ 2006 Act and aTe ¢ligibl¢ for independenl ¢xamination. l TewTrrt in resp¢d of Tny examination of your ¢ompany's accounts as caTTied out under section 145 of the Charities Act 2011 ('the 2011 Act,). In ¢arrying out my ¢xamination I have follow¢d the Direciions given by th¢ Charity Commission llt¢r section 145(5Xb) of the 2011 ACL Indep¢nd¢nt examiner's s¢t¢m¢nt I hav¢ Compled my examination. I confinn that no maners have Come to my atteT]lion in connection with the examination giving me cause to believe that in any maierhal res.. accounting records were not k¢ty in respect of the company as required by section 386 of the 2006 the accounts do not accord with those records. or the accounts do noi comply with the accounting requirements of section J96 of the 2006 Au other than any requirement ihai the accounts give a'tru¢ and fair view. whi¢h is not i matter consid¢red as part of an independeni examination. or the accounts have not been prepared in accOrdare with themethod5 and principles ofthe Staiun¢nt of Recommended Practice for accountin8 and reporting by charities applicable to charities preparing their accounts in accordarte with the Financial RetA)rting Standard applicable in the UK and R¢public of Ireland (FRS 102). I have no concerns and have c(Trme 4¢ross no other matrs in Connection with the examination to which attention should be drdwn in this reFOrt in order to enable a Proper understsndin8 of ihe accounts:'io be rea¢h¢d. Sandra Morrell Sandr* Morr¢ll FCCA Edmund CarT LLP 146 New London Road Chelmsford Essex CM2 OA W 6 February 2025
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL AcnvmES {INCORPORATING THE INCOME AND EXPENDrruRE ACCOUNT) YEAR ENDED 30 SEPTEMBER 2024 UDr¢stri¢ied FuDds Restrid¢d EAdowment Total Funds Totat Fund5 FuDds 2024 2023 INCOME from: Charitable Activities Investsnent income 43,288 69275 33.178 67.488 1.787 TOTAL INCOME 110.776 1,787 112,563 105.015 EXPENDITURE •n". Charitable adivities Investsnent Management TOTAL EXPENDITURE 4 (149,926) (13.723} (16J,649) (149,926) (129,219) (13.723) (13,612) (16J.649) (142,8)1) R¢alis¢d gainsl(losses) on investments Unrea]ised gain(loSses) on investments 322.155 4.917 3.618 330,690 (30.219) (127.046) (1.939) (1.427) (130.412) 51,795 NET INCOl¥fEI (EXPENDITURE) I NET MOVEMENT IN FUNDS 142.236 4.765 2.191 149.192 116.240) RECONCILIATIOIY OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 2,019.757 29,741 21,883 2,071,381 2.087,621 2.161,993 34,506 24,074 2,220.573 2,071,381 The Stsiement of Financtal A¢tivities include5 all gains and1055es in the year and therefore a ststememt of total recognised gains and losses has not been Prepared. All of the aix)ve amounts relale to continuing activities. The notes on pages 9 to 15 forni part of these financial statements
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT 30 SEPTEMBER 2024 21124 2023 FIXED ASSETS Investhienis 2.158.130 1.907.215 CURRENT ASSETS Debtor5 Cash 10 20.935 71,799 92.734 10,596 168,280 178,876 CREDITOKS- Amounts fllittt due within one yer 11 (30,291} (14.710) NET CURRENT ASSETS 62,443 164.166 NET ASSETS 2,220,573 2.071.381 FUNDS OF THE CHARrrY Endowmen¢ funds Resiricied income fijnds UwestTi¢f¢d income fvnd5 12 13 15 24.074 34.506 2.161.99i 21.883 29,741 2,019,757 TOTAL CHARITY FUIYDS 2.220.573 2.071.381 For the year ¢nded 30 Sept¢mbeT 2024 the charitable ¢ornpony w&$ enliiled io exemplion from audit under section 477 of the Comwdnies Act 2006 relating lo small companies. TrIU8$, resp)nsibilities: Th¢ members have not required the charitsbl¢ company to obtsin An audil of its accounts for the year in questton in accordance with section 476. and Th¢ trustees acknowledg¢ ih¢ir reSnsibl11[les for ¢omptying with the requir¢ments of the Act with respect to accounting records and the prepardtion of accounts. Th¢s¢ financial stsiements have b¢en preed in &¢¢ordance with the speci¥41 provi5ion$ for small companies under part 15 of the Companie5 A¢t 2(N)6. These financial statements were approved by the members of the committee and #utlx)Ti$ed for issue on 28 January 2025 and are signed on their behalf by- oth6w Burrow PIiGha&l RGGVGS M B Burrow ICbirn4n) M M Reeve5 Company Registration Number. 758795 The notes On P•9es 9 10 15 forni wrt tsfth fiTr•n¢l•l stst¢ry*nts.
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES Bsis of #crounting The financial statemems have tten prepaTed in accordartt with the Financial Reporting Standard applicable in th¢ UK and Republi¢ of Ir¢land {FRS 102}, Accounting and Reporting by Charitles: Ststement of R¢commended Practic¢ aFvlicable io charities pr¢paring their accounts in accordance with the Financial Rewrting Standard applicable in the UK and Republi¢ of Iland (effective I January 2019) (Charities SORP FRS 102) and the Compani¢s Act 2006. Assets and li4bililies are initiaily r¢cognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. ILgal Sttus The Conway Merchant Navy Trust Company Limitryj is #charitable company limited by guarantee and consequently does not have share capitsl. li 15 incor)rated in England and Wales and its regist¢red office 15 1 The Rubico 51 Nornwth Road, IndOn SEIO B. Th¢ company is a public benefit eniity. Ineoming resources All income is accounted for on a receivable basis. Investment income is earned through holding assets for investment purposes 4Trd includ¢5 divide1$ and interest. Resources Expended Expenditure, itKluding irrecoverable VAT as the charity is not registered for VAT. is attributed direcily t(b the activitie5 for which the cosl 15 in¢urr¢d. Sponsorship is normally awarded for three or fouryear traintng periods but 1$ ¢ondilional upon the Irainee complying wilh obligations sei in the sponsorship Agreemeni. It is a¢¢ounied for when paid. (iovernance costs are as%Kiaied with the goveman¢e amrgements of the Charity. liivestmeDts Invesknents are stated at market value. Realised gains and losses on disposals and unrealised gains or 1055es when the investments are ValUed al the year end are reflected in the Stsiement of Financial AdLVLties. Dividend in¢orne and gainsAosses on investments are alloc*ed to the appropriate fund based on the percentage of opKning fixed investment. Cash Cash comwises held wiihin the charity's bank account and by the investm¢nt manager for reinvestmenL Cash 15 classifi¢d a5 a basic financial instrumenl and is measured at face value.
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 Fund 8¢¢ountAng Funds held by the charity are either: Unrestricted generdl funds- these are funds which can be used in accordance with ihe charitable objects at the discretion of the trusttt5. Restricled funds- these are funds that can only be used for particular restricted purposes within the obje¢ts of the charity. Endowmeni fund- represents ¥ssets whi¢hmust k held peTm4nently by the charity. In¢ome arising on the endowment fimd can be used within the objects of ihe charity and is included as restricied income. Any capital gains or losses arising on the investment forn] part of the fund. Tax status The ¢ompany is a registered charity and is noi subj¢¢i to ¢orp(ntion t&x on it5 ¢h4rit4bl¢ a¢tiviti¢s. CHARITABLE ACTIVITIES Utsrestricttd R¢strl¢t¢d Totsl Funds Totu] Funds Fllds Funds 2024 2023 Grants rtteivable Smart 43,288 43,288 4i.288 33,178 4),288 33,178 2023 33.178 33.178 INVEmENT INCOME Unrestrided Restrieted Total Futtds Total Funds Funds Funds 2024 2023 Income from UK lisied Investments Interest r¢¢eivgble 67.457 31 1.787 69.244 31 69,835 2.002 67.488 1,787 69,275 71,837 2023 70,106 1. 731 10-
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 COSTS OF CHARITABLE AcfiviTIES Unre5tTi¢t¢d Total Fll4d5 Total Funds Funds 2024 2023 SpDnsorshipltr*ininz Cadet and trdinee costs Training admin chaTge5 132.718 132,718 109.841 140,681 140.681 17.515 Support costs Travel and m¢¢ting ¢xpeA8es Bank Charges Insurance Office and sundry exFtnses Recruimient Bookkeeping Governanc¢ Costs (note 5) .915 .915 60 502 902 2.448 60 444 ,504 960 4,000 2.288 502 902 3.500 2.366 3.500 2.366 9.245 9,245 11.704 149,926 149,926 129.219 GOVERNANCE COSTS Unrestriettd Total Funds Total Funds Fullds 2024 2023 Independent examiner's fees 2.366 2,366 2.288 IIYVESTMENT MANAGEMENT FEES Unrestrieted Total Funds Total Funds Fullds 2024 2023 Inv¢5tmeni Management F¢¢$ 13,72) 13.723 13,612 11
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 NET INCOME I (EXPENDITURE) FOR THE YEAR This is stated after charging: 2024 2023 Independent ExamineT'S remuneration: Preparntion examination of the finan¢ial stst¢menlS 2.370 2,280 STAFF COSTS AND EMOLUMENTS The Charity ha5 no employees. INVESTMENTS Movement in market value 2024 2023 Market valu¢ * l October Acquisitio at cost Diswsals al op¢ning Ewk value Nd gaKnl{losses) on r¢valuations ai 30 Septemb¢r Market value at 30 September 1.907,215 1.969.266 71 J,342 145,233 {332,015) (259.079) {130.412) 51,795 2.158,130 1,907,215 Hisiorical cosi at 30 S¢pt¢mb¢r 1.8)8,091 .456.764 The charity'5 investments consist of a wrtfolio of equities and securities managed by Quilier Cheviot. Included within cash balances is cash held by the investment manager for r¢investment at 30 September 2024 of £67,384 (2023.. £142.499). 10. DEBTORS 2024 2023 Trade debtors Prepayments Other tkbtor5 Accrued Income 8.509 596 9,919 488 189 11.830 20.935 10,596 -12-
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL sTATEMErs YEAR ENDED 30 SEPTEMBER 2024 11. CREDITORS: falling d¥e within one year 2024 2023 Trade creditOTS Accruals 24,421 5,870 8,890 5.820 30.291 14.710 12. ENDOWMENT FUIYDS Balanre at 30 September 2024 Balante at Net MOVeent I Ikiober 2023 in funds Permanen¢ ¢DdowmeDts Conway Educa¢ion Endowmeni Fund 21.883 2.191 24,074 13. RESTRICTED FUNDS Blnc¢ at 30 September 2024 Bxlan¢¢ ai movement l O¢¢ober 2023 im funds Claude Walder Prize Fund Conway Education (income) Fund 352 29,389 29.741 47 4,718 4.765 399 34,107 34506 Priorye•r B#lttc¢ at 30 September 2023 B4lante #t Ne¢ mov¢meDt l Ortober 2022 Claud¢ Walder Priz¢ Fund Conway Educaiion (inthme) Fnd 336 27.378 27.714 16 2.011 2.027 352 29.389 29.741 14. FUNDS PernDent Endowmettt Fund Conway Education Endowm¢nt Fund - This 8TOS¢ from th¢ rneTg¢r of the Conway Education Charity with the Trusr. Res¢ri¢ted F•nds The Claude Walder Prize Fund arose from a donaiion in the will of a forni¢r trumee during 1998. This fund is used to award prizes io . Th¢ interest on the Conway FAlucation End0ent Fund is ed to award PTizes to traine¢s on completion of their training. 13-
THE CONWAY MERCHANT NAVY TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 15. UNRESTIUCTED INCOME FUNDS Bl#Dte ai Nrf mov¢m¢ttt l Ort 2023 in funds Baln¢e *t 30 Sep 2024 G¢n¢Tal Funds 2.019.757 142.2)6 2.161,993 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Net eurrtnt assets Investhitnts Total Restricted Income Funds: Claude Walder Prize Fund Conway Education (income) Fund Endowment Funds: Conway Education Endowment FuThl Unres¢ri¢ted ltteome FuDds 399 34,107 399 34,107 24.074 2,099,550 24.074 62.443 2.161.993 Totsl Funds 2,158.1)0 62,44) 2.220,573 Pnor Year Net turrenl assets lllvestm¢nts Totsl Restri¢t¢d Intomt Funds: Claude Walder Prize Fund Conway Education (income) Fund Endowment Fund5: Conway Education Endowment Fund Unrntri¢¢ed IDcow¢ Funds 352 29,389 352 29.389 21.88) 1.855.591 21.88) 164.166 2.019.757 To¢al Funds 1,907215 164.166 2.071.381 17. TRANSACTIONS WITH THE TRUSTEES Two trustees incurred expenses of £1,530 An reskKd of subsistence and travelling expen%e$ arising from the rnanagemeni of the Trn51 (202): Two tnL%tees incurred exn$¢$ of £1.6041. No trustee is entitled w or ha$ received any fee ty salary in the current or prx¢ding ar. 18. RELATED PARTY TRANSACTIONS There were no related party transxtions during the year. 14-
THE CONWAY MERCHANT NAVYTRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024 19. COMPANY LITED BY GUARANTEE Every member of the company undertskes to contribute to ihe assets of the Company in the event of the same being wound up during the tim¢ helshe is a member, or within one year afterward5, for the payments of the debts and lixbililies of the company contracted before th¢ lime at which helshe ceases to be a member and of the co5 charges and expenses of winding up the same. and (or the adjustments of the rights of th¢ COntrbbut(Ys among th¢msclv¢$ Such amount a5 rnay be required not exceedin8 one pound. 20. CONTROL The Company is controlled by its members. 21. COMMITMENTS The l¢v¢l of swnsoT5hip is sd gt ihe beginning of ea¢h year. Ai ctjrrent levels the Trust is committed. subjeci to condiiiorts as noted in ihe accounting Folicy on trainees. sponsorship* to make toial payments of £)50,000 of which £90,IM is payable by the end of May 2025. In addition. the Trust also has a commitmeni for the associated charges relating to trainee sponsorship. Committnenis relate to University costs and cadd grants up 10 2028. 15-