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 ,
•Ar￿EEC￿*
1310212025
COMPANIES HOUSE
#191

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 ar￿Unt}
Balance She¢t
Notes to the FIna￿la] 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' reF￿rt tog¢ther with the financial ststements
of lh¢ rharity for the yw ended )0 Sept¢ml*r 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
Reg￿leTed charity
The Conway Mercham Navy TTUSt
Charity regis¢r*tioTr number
526577
Compatty r¢gistr*tiott 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 Win*r
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 CoM￿nY is established are:
The slimu1￿l0n 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¢￿tt￿￿te the nam¢ aThl ideals of training edu¢ation fom)¢rly enshrined in the HMS
Conway Cadei School.
Individuals $ele￿ed for grant assisiance must be qualified for the courses they will undertake and
qualified for entry to the Merchant Navy.
In carrying Out the Trust's activities. Tntstees have followed Charity Commission guidance to ensure
that it pays due attenlion lo ihe prinrtples of Public Benefit Conway S￿nsOrShIp is op¢n to all in the
UK, Subjed to satisfying both university entrance requirements and Government siandards for entry to
the M¢￿han1 Navy.
RISK STATEMENT
The Tru%iees review the Trjsfs exposure io risk each year. In particular ihey review the arrangements
for the amelioration of financial risk and fraud at its Investment Managers. its Accounlants and
Trinitylchiltern Marilime Lid. its Training Manag¢TS. The Trust is ¢onteni thai the present
arrangements are working well. The TTUSI is satisfied with the various pnKedures and proiections in
pla¢¢.
RESTRICTION ON THE CHARITY'S OPERATIONS
The income and property shall be applied solely towards the promotion of its objects as sei i)ul in its
Memorandum of Ass￿1#110￿.
ACHIEVEMENIS AND PERFORMANCE
REVIEW OF ACTIVITIES
The Trust ha5 continued to re¢ruiL irnin #nd suptK)rt individuals who meet the enlry stoJJdards for
M¢rchant Natry Deck and Engineer Officers and ih¢ rel¢vani academic stsndards for degree level
education at the Fleetwood Nautical Campus. Camain L Hesk¢th ITru5tee) is the Trust's Training
Manager. This rol¢ includes recruiting and selecting ¢andidate% &8 well as mentoring them throughoul
their training. Recruitment and training managemeni as well as costs were shared with Trinity House
on a 50150 b&sis unlil April 2022 when ihe joint irnining agrttmeni w&$ 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 c￿NT £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 Se￿ember 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 obJ￿tIves. 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 Trt￿t 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 T￿st 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 camp￿8. 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 Tn￿tee$ 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 fi￿ncIal 51atements"
Prepare the financial siatemenis on ihe goin8 concern basis unless it is inappropriate to p￿Sum¢
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 fra￿1 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¢I￿d (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.
RegiSte￿d 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 t￿￿teeS 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¢ T￿UirementS of th¢ Componies
Act 21)06 ('the 2006 Act.).
Having satisfied myself that the aC￿Unts 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¢ Compl￿ed 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 accOrdar￿e 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 mat*rs 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 f*llittt due
within one ye*r
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￿$, resp)nsibilities:
Th¢ members have not required the charitsbl¢ company to obtsin An audil of its accounts for the
year in questton in accordance with section 476. and
Th¢ trustees acknowledg¢ ih¢ir reS￿nsibl11[les for ¢omptying with the requir¢ments of the Act
with respect to accounting records and the prepardtion of accounts.
Th¢s¢ financial stsiements have b¢en pre￿ed in &¢¢ordance with the speci¥41 provi5ion$ 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-
o*th6w Burrow
PIiGha&l RGGVGS
M B Burrow ICb*irn4n)
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
B*sis 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 I￿land (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 St*tus
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, I￿ndOn 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 divide￿1$ 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
F￿llds
Funds
2024
2023
Grants rtteivable
Smart
43,288
43,288
4i.288
33,178
4),288
33,178
2023
33.178
33.178
INVE￿mENT 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 sTATEME￿rs
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 MOVe￿ent
I Ikiober 2023
in funds
Permanen¢ ¢DdowmeDts
Conway Educa¢ion Endowmeni Fund
21.883
2.191
24,074
13. RESTRICTED FUNDS
B*l*nc¢ 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#l*ttc¢ at
30 September
2023
B4lante #t Ne¢ mov¢meDt
l Ortober 2022
Claud¢ Walder Priz¢ Fund
Conway Educaiion (inthme) F￿nd
336
27.378
27.714
16
2.011
2.027
352
29.389
29.741
14. FUNDS
Pern*Dent 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 End0￿￿ent Fund is ￿ed to award PTizes to traine¢s on
completion of their training.
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THE CONWAY MERCHANT NAVY TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
15. UNRESTIUCTED INCOME FUNDS
B*l#Dte ai Nrf mov¢m¢ttt
l Ort 2023
in funds
Bal*n¢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 ex￿n$¢$ 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 LI￿TED 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-