REGISTERED NUMBER: 00453053 CHARITY NLIMBERS: 212799 AND SC039889 ANNUAL REPORT TRUSTEES'ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 MNWB MERCHANT NAVY WELFARE BOARD INTRODUCTION On behalf of our trustee8, it Is my privilege to present the Merchant Navywelfare Board's Annual Report for 2025. This year has agaln dtsmonstrated the vStal contributlon our tsrganisation makos to the w6ilare of seafar8r8 and fisheis. and the Importance of the ¢ollabor8tlve model on whieh th8 Board was tounded. As you wlll read In the followlng pages. the Board ha8 contlnued to strgntyhen It8 coordlnatlon role across ihe maiitlme welfare sector. The 8Ctlvltles outlined by Stuart and hls team reflect not onlythe work undertaken throughout Ihe year. but the shared Gommllmentof our member Gharltles. Portwelfare Committees and partner8 a¢rossthe UK. Thelr collectlve effort5 ensure our mlsslon remains relevant and firmly Gentred on the needs of Ihose we seN8. I would like to acknowledge the slgnllicBnce ofwelcomlng Her Roy81 Hlghness The Pfincess Royal 88 our Patron. a milestone that refl&Gts th¢ growlng recognition of the es$entlalwork carried out by MNWB and its members. Her Support brlngs renewed vlslbilityto seafarers, welfare and re¢ognlse8 the dedicatlon of aiithose involvtsd In thls s8ctor. The Board continues to benefit from the strength of Its Councll. whose marltlme. welfAre and govetnance tsxperitrnce guides ourstrBtegic dlrectlon. Thisyear, th6 CounGII helped Ensuye MNWB remained focused on iong-temi stablllty. collaborallon 8nd hlgh standards. The Golltlnued strengthening of partneishlpg across charltles. Industry. governmtsnt and ports reinforces our role as the sector's umbiella body. We welcomed progress in natlonal framework8, Includlngthe renewed Memorandum of Understandlng wlth the Maritime and Coastguard Agencyi which underplns our lunctlon 88 th8 UK'S National Seafarers. Welfare Board and ensures clarlty In ttoordlnatingwelfare responsibillties nationwide. We were also encouraged bydevelopments supportlng long-term sustainability for welfare provi810n, includlngthe expanslon of the welfare le￿ to additional ports-a vSt81 step toward sacurlng robust ndlng for frontline sewices. Stsch proEre&s Is essentlalto onsuringwelfare organlyatlons can respond eftectivelyto the evolvlng chèllenges f#Ged by the maritime workforc¥. I would Irke to thank all thoso who have contributed to the Board's work thlsyear.. our members. partners, trustees. 8taff, volunteers and supporter8. The strength of MNWB lies in the willlngne8s of indlvldu818 and orgAnlsations to work togethorfor the bttnefit of seatareis and thelr famllles. Finally* on behalf ofthe Council, l ext&nd my ¥ln¢ere thanks to Stuart and his team forthelr profe881on8llsm. dedication and leadershlp. The Bchièvttments outllned in this report would not b possible withoutth81r Gommltmentto our mlssion. 02 J￿8 2026 Capt. Andrew Cassels CHIEF EXECUTIVEOFFICER?S INTRODUCTION Everyyear, l am remlnded that the strength ofthe Merchant NwrfW8ltare Board IMNWBI 1198 In our netW0￿-0ur 47 member charities, 15 Port Welfare Commlttees across the UK. and our role as th¢ N8tionalSeafarers' Welfare Board-worklng together to raise welfare standards for Ihe geafarer8 and flshers who keep the UK supplled and connected. In 2025. that collective effort gained fresh momentum, dellverlng practical progress and a ran￿Od sense of purpose. A hlstorlo hlghllghtwas the 8ppointment of Her Royal Highna￿The Princ88s Royal Bs our Patron-the first royal patronage in our 77-year hlstory. Th18 honour h8s helped shlne a brlghter1Sght on the essentlal rolo of maritlme w81tare and th& dedloated people who dellver it everyday. Ourcommltment to convenlngthe 88Ctorwas evident at the SeAfbrer8' Welfare Gonference held at the Utlllts Bowl In Southampton. Leader8 from government, Industry and the charlty community gathered to exchango Inslghts on sustalnable funding. the responsible use of Al, and maintainlngwelfBre standards In a rapidly changing maiitime iandsGape. The focus on evidtnce-ba8ed discussion. coltabor8tion and practlcal action rellected precisely how wo alm to work: transparently. Incluslvely and wlth a clearfocus on outcomes that bBn&fit seafarers and tholrfamllies. Our engagementthroughout they¢ar included London Interna￿Onal ShippingW8ek {USW251, where MNWB served as ono of four oftlclal charlty partners. This pLBttorm enabled us to brlngthe voice of ma￿lIme welfare charities Inlo dlscussions with shipowners. funders and pollcymakeys, emphaslslng th8t human wglfare remaln3fundamental to safe. efficient and sustainable shlpping. We strengthened publlc pollcyand awareness by contiibuilngto a Westminster Halldebate dedlcated to seafarers, welfare and by renewln8 our Memorandum of Under8tsndin8wlth the Marlllme and Coastguard Agency. These steps un(Ee¥line the Importance ol cooTdlnated national 8cilon and r¢inforce our role as the UK'S Natlonal Seafarers. Welfare Boaid. Our prafjtlcal resources contlnued to expand. We launched a new Merchant Navy awareness 8nd tiainingvldeo, whlle Welfar8 Watch grew into a Gomprehen8iv¢ dSgost of actlvity acrossthe network. Our fundlng prografflmes, from the Vehicle R¢placement Progiamme to connectivlty initiatives such as MiFi partner8hlps, contlnued to 8UPPOrtfrontllne welfaie dellvery In UK ports. We also welGomed the expansion of A8s0clated Brltlsh Ports, welfare 18vyto 21 ports, strengthènlng the long-term 8UStalnablllty of port-based welfarefa¢iUti&s. Recognitlon of excellence aGross our network Included Deputy CEO Sh8ron Coveney rec8ivlngthe MerGhant Navy M9dalfor Merltorlous ServiGe for SelVlGtsS to safety and welfare. Throughout 2025. MNWB contlnued to Goordlnate, enable and elevate thework of our partners, As we look ahead. our foGUS remalns on sustalnlngwhatworks. deep¢nind collaboratlon, amplifylng seafarers, voices and Innov8tSng responslbly. To all trustees. staff, volunteers. member8. funders. and partners-thank you. Yourwork changes Ilv4s, 05 June 2026 Stuart Riv8r8-Chlef Executlve OfflGer STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustees present their 79th Annual Report and the aLtdit8d Fln8nclal Statements for the yoai ended 31 December 2025. They have adopted the provlslons of the Charilles SORP IFRS 1021'Accountlng and Repofling by CharSlles: Slatement of Recommended P¥aGllce' applicable to cha¥ltles preparing thelr accounts In accordBnc¢ wlth the Flnanclal R8portlngStandard appllcable In the UK arKI Republlc of IrelBnd IFRS 1021 leffeGtiv¢ 1 January 20151 I'SORP 2019,1. TRUSTEES AND MEMBERSHIPOFTHE COUNCIL The Board's tiustees are collectively known es Its Councll. New members are appointed bycouncil, ptimarily based on tho Skills and exp8rlence requiied to carry out thèir r8spon8iblllties effectlvely In the be8t Interest of th¢ chaiÉty. The Board wlsh8S to place on re¢ord its appreciatlon forthe contrlbution made byall membèrs of the Counoll and thank8 all tru8tees that rotlyed durlngthe year. Patron: HRH The Princess Royal Islnce March 20251 Vice Presidtrnt-. Robert Courts Chalr: Capt. Andrew Cassels Vice Chalr: David Appleton CoLEncil m¢mber8hip during 2025was 8s follows: SHIP OWNERS, &SHIP MANAGERS, REPRESENTATIVES; Capt. A Cassels (Chairl, UK Chambai ofshipping IRe-appolnted 30.06.241 TE Springett, UK Chamber of Shipplng IRe-appoSnted 30.06.22} Capt. Louise Sara (Appolnted 22.09,221 TRADE UNION REPRESENTATIVES: D Appleton (Vice Chairl, Nautllu8 Intemallonal (Revappolnted 30.06.231 Rachel Lynch I￿pOinted 07.11.241 D Procter. RMT (Re-èppointed 30.06.23) K Usher. RMT (Appolnted 06.11.251 M Carden. RMT (Resigned 30.06.251 VOLUNTARY SECTOR REPRESENTATIVES: C8Pt. J Osmond RN, Shipwiecked Marineis, Soclety (Re-eppointed 30.06.241 Andrewjones. Nautiluswellaie Fund, {AprM)Inttsd 07.11.241 N B8rl8y, Sailors, Chlldren's Soclety IAppolnted 20.07.23} A Campbeu OBE (Appoinied 07.11,231 PERSONS A8LE TO MAKE A PARTICULAR CONTRIBUTION OF VALUE TO THE CHARITY BECAUSE OF THEIR SPECIALIST EXPERTISE: A Godfrey, The Flsheimen's Misslon (Reslgned 30.06.251 Marc Evans. The Fl8hermen's Mission IAppolnt8d 24.11.251 G Lane. CharteTed Accountant (Resigned 30.06.251 R 8811antyne OBE. British Ports Assoclatlon (Re-appolnted 30.06,24) A Hodgson. UK ChamberofShlpplnglRe-appointed 30.06.231 Rlchard Wel¢h, Tieasurerl07.11.241 OBSERVER STATUS: S Rogers, Marltlme & CoastgLtard Agentty (Appolnted 02.07.251 COMPANY SECRETARY stuart Rlvers, Chltst Extscutlv8 Offlcer PROFESSIONALADVISERS Audltois: James Cowp8r Kreslon Audit, Tha White Bulldlng, Southampton. Httmpshlre. S015 2NP Bankers: CAF Bank Ltd, 25 KÈngs HILL Avenue, West Malllng, Kent. ME19 41Q Sollcltors: Pang Smith. 1 London Rd, SoLrthampton S015 2AE Inv8stmgnt M8nagar: Bordler & Cle {UKI PLC, 23 King Street, St James's. London, SW1Y GQY Pvjnslon Advlsers: Falrstono Wealth Management Ltd, Red Rose Court, Clayion Bu81ness Park, Clayton- le-moois, BBS SIR Accounts Admlnlstratlon: Wlntshester Bourn8 Ltd, Sulllvan Court. Wessex Buslness Park, Colden Common. Winch88ter, S0211WP STAFFTEAM Stuart Rivers, Chief Executive OfllGer Sharon Covonoy. Deputy Chlef Executlva Joel Holt, Medla and Communlc8tlons Manager Cella Jarkson, Grants & Impact M8n8ger (Ended 02.06.251 Helen van Gass, Welfare & Tr8lning Manager Aiden HaNey. Piolects &Welfare Coordinator Sarah Edward. Port Welfare Committee Man8g&r Alex Houghton, Port Wellar& Commlttee Manager Hollle Harblnson, Executive A88lStant Ilolned 06.01.251 Gemma Watton, Digital Marketing Offlcer ljolned 06.01.25: Matgrnty Leave from 15.07.251 Nick Curtis. Dlgital Marketlng Officer (Joined 26.08.25 as Maternity Coverl Johnry Dowllng, Busln?ss Sustainabllity Lead ljolned 06.08.251 The Councll of Management 1$ responslbletorthe followlngemploymenl matters. Staff employment contraGts based on advice from the Board's appolnied human resources 8dvlseis. Setting the employevs and mlnlmum staff contributlons towards the pension scheme. Appolntlng a flnanG181 adviserto advlse on the appointment of a penslon provlder. Appointlng the Chiet Executlve OffiG¢r. REGISTERED OFFICE The re8lstered offlGe of the Board Is- 8 Cumberland Place, Southampton S015 2BH Telephone: 023 8033 7799 Website.. REGISTRATION DETAILS The Board is reglstered in Engl8nd &Wa108. undercompany number453053, 88 8 Company Ilmited by guarantee and as such it do88 not have share capltal. The Board Is also reglstered under number 212799 with the Ch8rityCommisslon for England &Wales and in Scot18nd wlth the Olflce of the Scottlsh Chailiy R8gu18tor IOSCRI under number SC039669. TAXATION STATUS The Board, as a re8iStered charlty In England andWale8. Is oxvmpt from taxBtlon on It8 charltable 8Gtlvities. Thls has been conflimed by HM Revenue & Customs. NATUREOFTHE GOVERNING DOCUMENT The Bo8rd is governed byArtlttles of Assoclation adopted by a Speclal R8801utlon on 20 May 2010 and last amendod on 9 March 2023. These Gomplywilh the provislons of tho CompanleB Act 2006 and the Charitles Act 2011. STATEMENTOF PUBLIC BENEFIT Thg oblectlves. act{￿tIes, achlevements, and performance otthe Board, which the charity undgrtakes for publiG ben¢llt, are clearly set out in this report. The truste88 Gonllim that they have referred to the guidance contaSned in the Charlty Commlsslon's generalguldan¢e on public benefitwhen revlewlng thè Board's 81ms ind objectives Bnd in plannlngfuture 8Ctlvlti&s and settlng out the grant making pollcy. In th¢ Int¢rests of tfansp8rency, the tfU8t8es make the followlng statements regarding public beneflt: The clear beneflts provided bythe Board &re dellvered through the key oblectives set out below and reflected in the disclosure of Gharllable expenditure in the Statement of FinanclalActlvltle8. The PfSmary oblectlve of the Board Ss to help Smprove the effectlveness of all those charitles carlng for merchant seafarers. flshers, an& their dependants and thls is done Irrespective of nationality, religion, or ethnlc background. No detrlment or harm arising from the work of the Board has been Identified. The benefici8ries are those Charitles caring for merchant seafarers, flshers, and thelr dependants. This is directly in acttordanGewlth the terms ol the Board's constltutlon. Thg Board Is actlve within the Unlted Kingdom, Glbraltar. and the Falkland Islands. and has worldwide connectlons. People in poverty are at th¢ healt of what the Board do8s, and it Is not Bware of any Member Organlsatlon that excludes benefits Irom anyone in poverty. There are no private b8n8flts of whlch the Board is aware. VISION STATEMENT To be the rapresentative voice and dr￿IngforCB forthe weltare of merchant navy and fishlng communftles in the UK. MISSION STATEMENT Improving the Ilves of seafarers and flsher8 by r8islngwèlf8re 8tand8rd8 In collaboratlon wlth our stakeholders. OBJECTNES The Key Objectives ol lh¢ Merchant Navywolfare Board ar& to: Help Improve the efffjGtlvenes8 of allthose GharSties carlngtoi merch8nt 8ealar8rs. fishers, and th¢ir d¢pendants and this Is done Irre8pectSv8 of nationality, religion, or ethnlG backgiound. Striveto ensurethat aLI welfare needs ar¢ mgt through th8 mosteffective deploymènt of re80urc88. Faciiitatethe work of M8mb8r Organ18atlons through the provlslon of grants and speclalist support services. Provlde a dedlcated welfare 8LlPPOrt and referial seNico for UK sealarers and thelr dependants. Manage and Support Portwellare Commlttees to dev8lop Ioc8lwelfara servictsg. Encourage and enable closer collaboratlon Bmongst both Member Oiganlsations and Port Welfare Commlttegs. Represent and raise awareness of s&8farèrs' welfare l$su8s at national Level. N.B. Tha wordingshown abov8 summarlses the formal Charitable Objects. a copyofwhlch mayb8 obtaln8d upon request. ORGANISATIONALSTRUCTUREAND DECISION MAKING The Board's Councll holds three meetings annually. Theso 8r& used to r8vl8W Gurrent strategy. flnanclal m8tter$, Investm8nt8. support servlces to Membersi giantdlslrlbutlon and agreefuture policy. In addition, it holds joint biennl8l Gonfgrfjnces for Members and Portwelfare Committoe8. In Ihe event that ameridments to the Articl¢s otAsso¢l8tlon aro requlied, Councll must agree the amendments by special resolutlon. The Councll lakes thevlew that Internal controls providg adequata safeguards. AlltransaGtions are properly authorised and iecorded thus ensurlng that any mBterial error8 and Irre8uLailtles ale detected and prevented. The Counoil has delegated responsibilityforthe opemtlon of the charityto the Chlef Executlve OfflGer who, alongwlth the staff team, ensurethe charltydelivers its charltable objects and femalns a golng Goncern. WELFARE ORGANISATIONS SUBSCRIBING TO THE CONSTITUTION OF THE BOARD In 2025, one new charitBble organigatlon (Veterans Outreach Support) was odded to MNWB'g m8mb8(ship, Abèrdeen Seafarers Centre was merged Into Stella Maris, bringlngthe total number to 47 membefs. Aged Merchant Seamen's Home8 Alèb8ré Broughton Hou88 Care Ashor8 Def8nce Medi¢alWelfare Servlco Erskine Hospltal Fares4Free Grimsbysallors & Flshlng Charity Guild of Benevolence of the IMarEST Honouiable Company of Master Mariners Charitles ghthouse Seafaiers Mlsslon, Folklands Sater Waves Sailors. Chlldren's Soclety Sallor8' Orphan Soclety of Scotland Sailors, Society Scottlsh Nautlcal Welfarg Soclety Scottish Veterans, Resldences Seafarers. Advlce & Information Line Seamen's Christian Friend Soclety Seafareis Hospitalsociety Seafarer'swelfare Fund IGlbraltarl ShipwTecked Marlncrs. Soslety SSAFA kl Liverpool Seaf8refS' Centre Lowestoft Flshgrmen's and Sealaiers. Benevolentsoclety Marine Soclety &Sea Cadets Merchant Navy As80clatlon Nautilus Welfare Fund Naval & Mllitary Blble Society NeurodiversAtSea Quetrn Victoria Seamen's Rest QVSR Seafarers. Centres Royal Alfred Seafarer8' Society Royal Liverpoolseamen's Orphan Instltution Royal Merchant Navy Educatlon Foundation Stolla Marls. Great Britain The Fishermen's Mlssion The Mlssion to Seafareis Th¢ Seafarers, Charlty Trinity Houso Trinlty House, Hull Tyn8 Mariners. Benevolont Instltutlon Veterèns. Aid Veterans OutieaGh Support Whitby Merchant Seamen's Hospltal House Willle Seager MemorialTrust Wilson's Mariners. Homes N.8. These are not connected charltles orrelatedparties ￿thIn the maaningofthe SORP2079. Under its Artlc188 of Assoclation. the Board is no longei required to hold a formal Annual General Meetlng. Forany constitutional chan8es Itwill hold an Extraordinary Gener81 Megtlng IEGMI to which all members organlsatlons will be Invltttd. TRUSTEE INDUCTION Trustees are elthw appolnted or ele¢led. The UK Chamber ofshlpping Is responslble for appolntlng representatives from the Shlp Owning 8nd Ship Management sectoi, currentlyfour In number. Nautllus Internatlonal and th¢ Rall and Maritimg Transport Unlon IRMD are responslble for appolnting the Trade Unlon Reprosentatives. currently two from each organ588tion. The Marltimo Charlty Membtsrs elect the Voluntary Sector Represaniatlvos. The Councll appolnts those persons able to make a particular contributlon, currentlyflve. Each appolntment, or eleclion, lor all backgroundg, is for three year8 and a mAxlfflum ofthree terms of office. All newly appolntsd trustees Ére provlded wlth an InduGtlon pack that Includes tho governing documenis, latEst annual report. recent mlnutes of Counciland other relevant meetings. publlclty Ilterature Bnd thg Cha¥ltyCommi88ion's relevant publlcatlons Ènd informatlon leaflets. Within the lirst few months of their election, Councll members h¥¢ Invlted to attand an induction 8t the Board's oflices where they &re Introduced totho staff. given a Gompreh¢nslve in81ght into the daily operatlon and brietingcoverlng the Board's current strategy and projects. The'Trustee Role Description,, outliningthe generAI duties of the Boar(J, Is reviewed annually. PAYMENTS TO TRUSTEES No member of Council recelves any paymentfor actlng 88 a tr118tee. other than, on occaslon. outof Pocket expenses. CONFLICTS OF INTEREST The Board tnalntaSns B resistei of Interests of all trustees and senlor staff. Additlonally, at each meetlng of the Cotjncil, allthose present are asked to doclare any potential confllcts of interestwhen approprlat¢. REMUNERATION POUCY The Board is Gommltled to ensuring thal staff are adequ8tely remunarated to ensure that it attfacts and rotalnsthe right skllLs to achleve tho charity's oblectiv?s. In accordance with SORP 2019. the Board.. dlscloses ail payments to Irustees (these are out of pocket &xpenses only). dlsclose8 staff in receipt of more than £60,000 salary Includlng gross pay and taxable benoflts. discloses tho pension policy. confirms that th?r? are no benefits In kind. The Bo8rd has appolnted a remuneratlon 8ub-¢ommlttee, consisting otth¢ Chalr and two trustees, advised bythe Chief Executlv8 Officer (with exceptlon ofthelr own remuneration). whSch meets to r8VI6W and recommend the pay lor all staff. The sub-commlttee: reviews the BoardS salary structure using independgnt market benchmafklng and make8 amendments, when appropriate, to ensure that salaries rgmaln competitive. recommends any8nnual staff salary increase to Councll for approval havlng considered CPIH Inflation and employmeni maik&t information. approved the startingsai8ryfor new omployees andlor recommend to Council the starting salary which Is hlgher than that ofthe prevlous Incumbont. RISK MANAGEMENT The Board has a formal rlsk management process. whl¢h Identifles the rol¢ forthe Council as.. en8uringthatthe Identificatlon, assossmont. and mltlgation of r18k8 are linked to the achlevement of the Board's oper8tSonal objectlves. ensuringthatthe piocess covers all areas ot rlsk. Includingflnanclal, gov8rnance. operational and 18PUtatlonal risk. and18 focused prlmarily on malor rlsks Includlngthose ailslng from Investmentissues. ensurlngthat the process seeks to pr¢xIuGe a rfsk ?xpo8ure proflle that refleGts the 8oard'svlews 8$ to thE level of a¢¢eptsble rlsk. r&vlewlng and considering the principal results of risk idantlllcatlon. evaluatlon. mil￿￿tIon and management. To ensure that rlsk management Ss 8 ¢ontlnuous proce88 and embBddod In all management and operational procedures, a roviewol the rlsk piofile is completed annually bythe Chlef Executive Officer and presented to the Councll. Thls includes an evaLuatSon ot current activiti&s and rlsks posed, the effeotSvene8s of controls in plactr that mltlgat8 material risks posed and 8n action plan to develop 8ddltlonal controls where necessary. COMPLAINTS PROCEDURE The 8oBrd ha8 In place B pollcy to deal with any complaints from the public or other org8nlsatlonts. Detail$ ol tho policy can be found at PRIVACY POLICY The Board Is committed to protectlng and respecting th8 prlvacy ofthose whose data It handles end his in place 8 privacy pollcy that can ba found at ENVIRONMENTAL, SOCIALAND GOVERNANCE (ESG) POLICY At the Merchant Na￿ Welfare Board IMNW61 we are committed to ¢mbeddlng Environmental. SoGlal, and Governar)¢e IESGI prlnciples into all facets of ouf operatSons, with a stiong focus on 8afeguardlng the welfare and well-belng of Ihe se8fargrs who pL8ya vltal rol¢ in global tr8de and loglstlcs. Envlronmental Rasponslbllity We recognise th& envlronmental impact of our aGtivities arKI are commltted lo reduclng It through responsible resource management, lower emissions. and sustainable operationalpiactices. Our approach Includ8s Improvlng enor8y efficiency. minimlslngwaste. and continually explorlvlg Innovatlve solutions that also gUPPOrt the welfare of se8farers-the lifeblood ofthe marltimè industry. In ourday-to-day work. we strive to Ilmlt otjr envlronmontalfootprint wherever possible. While many of our meetlngs and forumstake place In person, we almto offer hybiid opllons to feduce unn¢Gessary traveland its assoclated eml88ions. Our Vehicle Replacement Programme supports 8 fleet of 62 vehlGles across the UK used to dellver servic85 and provide essentlal transport for seafarer8 and fishers. Each year. upto 12 vehicles are replaced to ensure safe. rellabletransportation remains avallable. By maintalning a modern fleet, we are able to cut emissions from older vehicles, and where precticable, we are encouraging Iho adoption of 8loctrl¢ and hybrid models. Soclat Cornmltment A8 a C￿nerStone ofour ESG 8trategy, wo place th8well-beSngof $88f8rers Btthe forefront. They are essentialto our industry and often work underdemanding and unlque ¢lrGumstanG8$. We are committed to provlding every seafarerwith Safe working ¢ondltlDns, robust mental htralth support, and falr, respectlultreatment- Irrespective of nationality, gender, or background. Equally, thewelfare of MNWB staff r8m8lns a key prlorltywithin our ESG agenda. Our Gomprehenslvo remuneralion packag¢ Includes 8 geneious penslon Scheme. group 15fe insuiance, crltlcal illna8S Covef. and dcce88 to 8n employee asslstance programme. As a registered Mindful Employer, we fo8tera posltive and supportive approach to montal health, ensurlng that staff have acttess to the resourGes And assistance they need to th¥lve. Our s&afarei-c8ntrlG Inlll8tive8 InGiud8: Partneringwith marltlme welfare organisatlons to provide shore-8ldeJ SUPPOrt servlGes such 88 medical care, mental health resources. and rerreational18cilities. Advocatlngforfairlabour praGt(ces and anti-discrlmlnatlon pollcies In all ports wherewts operate, ensurfngthat seafar8rs have a safe and respectfulworkpl8ce, Raislng awareness wlthin our OTganlsatlon 8nd industry of Ihe challenges seafarers face, Includlng isolation, Ilmlted access to health resources, and long perlods away Irom famlly. Supporting seafa¥ers' welfare InltlaiSves through coll8boratlon wlth Government Agencies. Maritlme Trado Union3, Marltlme Charltlos. Port AuthorlllEs, Port Health Authorities arbd Shlp Owners. to ensure the hlghest standards of ¢are and rosources are avallabl¢. Governance and EthlGal R8sponslblllty We uphold the hlghest standards of corpoiato govolnance. transparency, and acttountabllity In all aspects of our buslness. Our Gomrnltmentto ethiGalbuslness practlc88 Includes robust compllanc8 programs. r¢guiar audits, and 8tilct adheience to UK and inteinatlonal regulations. We are equally Gommltted to fosterlng a diverse. inclusive, and lalrwoikplace* prforltl8lng Integrity. and 8nsuringth ethi¢81 treatment of all stakeholdws, includlngourvalued 888farers. MNWB b¢lleves that by upholdlngour ESG responsibllities, w¢ contribute not only to a more sustalnable future but to a supportive and equltable environment forthose who keep our industry moving fotward. We remaln committed to contlnual Improvement and transparency in all ESG areas to benefit our planet. our people, and the 8e8faring communlty. The Board expects it8 investment portlollo to b¥ Invested In funds where the underlying managers have emb8dded strong ESG disciptines Into thelr Inveslment processes and corporate cultur8. and in so dolng they are actlvely seeklng to invest In a manner which can provide solutions to sustalnabillty issues and In companlos th8t have strong corporate policles and outputs feiatingto the aforementioned ESG criteria. The Board's expectBtion is that undertying fund managers should be identlfylng, and investing In, businesses that are workingtowards a more sustalnable future, based on posIt￿e Impact and change as88ssments ratherth8n negative sGreenlng. EQUITY, EQUALITY, DWERSITY AND INCLUSION Jointly funded by MNWB. Trinity House, and The Seafarers. Charity land managed by MNWB}. the EDI Pilot Prolect aims to educate and raise awareness of equlty. diverslty, and lllcluslon amongtfuslee boards and staff leams within the maritim8 welfare sector. In 2024. six EDI workshops were delivered at various PWC meetings aGfos8 tho UK. Based on participant feèdback. the team has produced an gnd of project report hlghlighting keyfindings. These insight8 will help the woiknng group det8rmine the next steps, whlch may include potential fundlng appllcations for a follow up project. FINANCIALCONTROLS The Board believes that the system tsf Internal controlprovldas ad8quate assurance that assets are safeguarded, tr8nsactlons are properly authorlsed ond recordad, and th81 material eirors and Irregularlties are either prevented ordetected at an early stage. Th¢ Ilnanclalcontrols are rovlewed annually and were most reGgntly updated In December 2024. RESERVES POLICY Ofthe totsl funds held. £1.000,000 Is designatod as resewes to &nsure the Board could continue operatlngfor at least one year in the event that It ne8ded to wind up It8 actlvitles. The CounGili¢vlewsthe level ofthe Board's unrestricted fijnds annuallyto ensure It can Gonllnue to meet admlnistrative costs. provlde services to Members, and award gr8nts. In det¢rmlnlng the approprlate reserve levol. the Councll asses$e5 the estimated costs of closlngthe charitywlthln a one-yeai period. The Board conslder8 Its current Investments sufflcSent to generat¢ the Income requlred to meet ongolng demand for ils seNlces forthe foreseeablg future. A8 the Board Is not 8fundralslng charityand does not employ fundraSsers. it relles on Investment Income and oapltal growth to lund Its operationalcosts and Membergiants. MNWB'S investment portFollo was establlshed followlng the 881e of the Merchant Navy Hot81 irb L8ncast8r Gate, London. In 2002. At the time, the Trustees Intended that the proceeds WOLtld create a sustslnablo source of fundingto support the Board's operatlons and strengthen the services and grants avallableto Its Members. Today. Investment InGOm? remaln8 tha Board's prlmary revenue Stream. The Investmentpolleyt8rgtrts a 6% tolal return. recognising that thls Involves an tsloment of rlsk In pursuit of higher long-term growth. While thls target h88 been malntalned. It Is revlewed annually and may be adlusted in response to changlng needs or circumstances. Recent Industry analysis suggests that the population of older seafarers and their dependants Is expected to decllne more slowly th&n previouslyfoiecast, wlth a sharper rtsduGtlon anticipated ovor the next 15years. Atthe same tlme, benefiGlarlos' needs are 10 increa$lnE. and many are living longer. In parallel. th8 ongoing requirement to support port-bBsed welfare seNl¢es for woiklng seafartrs famalns strong. Th¢ longer~term Imp8Cts of the Covid-19 pandemic will contlnue to be assessed As more data becomes avallabl8. The Board's Investment Sub-commlttee meets after each quarrer ènd to review performance. In additlon. the Investment managers attend the March Councll meetlng each y8ar to briefTrustees on the pastygar's results and to provlde their outlooklor theyear ahead. INVESTMENT MANAGEMENT Tha Boar(6 8nnually provldes Its Invtsstment managor8. Bordier & Cie IUKI PLC. wtth an investment policy. Theircosls are based on the number ol transaclions each quartertogetherwlth teeg charged for the mL)nagement of the investment portfolio. Total oostg amounted to £75,24b In 202512024.. £38,0931- Thè BoArd utllis&s benchmarks to monitor investment performance and reviews Investment returns on a quarterty basls. Social Investm8ntApproach The Board's Investmgnt policy is Implemented through the use ol collective investment funds rather than. for example. Indivldual company shares. Given the dlverslfied nature of underlying investments the Board has not imposed any speclflc ethicalorgeographlcal r¢striGlionswith reuard to inve8tment but expects the splrit and objectives of the United Natlons-backed Principles for Responsible Investment (PRII gulddines to be obseN8d bythe underlylng investmenl fund managers. These Prlnclplo8 look to encompass envlronmantal, social. ar)d corporate govern8nce matters Into firms, Investment 8nd deGision-m8klng p¥o¢esses. The Board has instructed Its Investmgnt Manager that It 8xpects underlying manager8 to not only adopt the Pilnolples for Responslble Investment as supportod by tho Unlted Nations IUNPRII, but also to be 8lgnBtories to It. The Board's Investment Policy has been strengthened to include a commitment to bo provlded with an ESG (Envifonmental. Social. and Corporate Governan¢el report on Èn annual basi8. FINANCIAL REVIEW The pastyear proved generally favourable for flnBncial markets, althouBh it was punctuated by periodic bouls of volatility. Tradè and geopolitlcal tensions, monetary policy uncertainty and ronewed debate around Invostment in artlficlal intelilgonGe created moments of nervou8ne88for investors. However, as inflotion8ry pressures eased and global economlc gcowth Pfoved more reslllentthan expected. markets repeatedly demonstrated a capaGity to recover, allowing a broad range of assets to deliver posltiv¢ real returns over theyear. This backdrop holped ouraggregate Invtsstment porttollo. comprising the establk8hed long-term portfollo and the more recently.inv88ted legafjy. post an Increase of9.4% over tho course of 2025. Whlle perlo(Is of mwket weakness tested confidence at tlmes, our invtrstment managèrs remained foGuso(l on the longer term, and by staylng invested the portlollo was able to partiCiP8te meartringlully In subsequent market recoverles. Economlc conditions showed clear reglonal dlvergence durlng 2025. Tho US and much ol A81a contlnued to ie8d global growth. supported by productlvity galns. innovation and sustained ir)v8stment Ilnked to artlflclal intelllgence. whlle thè UK and ourozone faced more persistent struGtUTal and flscal htadmrfnds. Inflatlon moderated meaningfully. helped by lower 8nergyprlces and easingwage pressures. 311owlng central banks to adopt a rnore supportlve pollcy 8t8nce. Duringthe yeai, our Investment managtsrs altered the posI￿onIng in both Ilxed Interest and all¢rnative Investments, and In the second half of thtyeBr reflned exposures w*lhin the US, UK gnd japanese markets. Overall, the Bllocation to stOGkmarkets h&$ remained at the uppeiend of the portfolio'8 long term strategic rang¢. refleGtlng our Inve8tment manager's confidenc8 In a more favourable growth outlook and the strength In co¥porBt8 8arnlngs, which they bellevewill be supported by a further modEration In Inflation and interest rates. Regional stockmarket positioning contlnugs to rgfleGtthe stiongor economic prospects In the US and ASIB overth8 w8aker backdrop In the UK and elsewhere in Europe. In summary. oui investment managers continue to sea current condltlons as being favour8bLe tor a range of asset classes, including tho fixed Interest and alternative investment assets held. Overall, thsy believe the Investment portfolio is well posltloned lorthe year ah8ad, but are prepared lo further adapt the portfolio accordingly in 2026 as the 8conomlc and market cycla evolves. The not galn on investments duiing 2025 was 21.264.95612024: gain £1.012,7371. Atth6 year-end, investment8 were valued at 218,349,82212024- £17,244,803) and totBI funds amounted lo £18.498,602 {2024'. £17,659.1351. INCOME Donatlons And Logacles Whilst it does not actlvelylundralse. the Board Is always extremelygratefulforany donations and legacles ieceived. which are fully utlllsed in support of Its objects. During 2025. donatlons and legacles In the sum of £149.74912024: £3,469,882) were receSved. In the y8ar, a payment 01 £425,000. which hBd been recognised as Income in 2024. was received respect ol a legacy in whlch MNWB was named as sole beneflciary. A lurther amount of 2140.000 was also recognised as Income, In respects ot the same Iggacy, In 2025. Further lunds Irom the sam¢ legacy are expected to be recelved In 2026 althou8h the oulstandlngamount IS Gurrently unknown du8 to oveise8s assets, tsx liabilitles and executor costs. Conferences In 2025. the Board sacured agrant in the sum of £21,710.29frDm TK Fovndation for its blennl81 Member Conference. Securing giant or sponsorshlp funding forthe Boaid's conlerenccs Is proving successful and reduces the pre8sure on the Boafd's own funds. W¢ wlllthorefore contlnue to LookforlurEding in 2026and beyond. GovoTnment Contracts & Grants In 2025, the DepartfftentforTr8nsport pYovlde(t funding for two MNW8 prolects: £152.000 forthe Vehlcle Repl8cem&nt Programme12024: £84.0001 and £5.1￿0 for the MSFI Pioloct12024.' £6.0001. No other grants were received trom Government departments, MNWB GRANTS MNWB'S main priorlty Is to provide sUPPOrt servlGOS to Its members. PWC$ and working groups. and Its secondary priority is to providè grant8. Th8 amount made avallable forgrants annuallyis based on the overall return from the investment portfollo after deducting r8venue costs and setvlce8 to Members. Under the Small Grants Programrne. the Chair and Chlof Executlve Officer are authorised to allocats Indlvldual grants ol up to £10.000 throullhoutthe yeai. up to a total annual Ilmlt of £100.000. Thls incrtsased Irom £5,000 per grant upto a Ilmit of £50,000 In 2024. lollowlng a unanimous vote in favour by Trusteeg. Grants OV8r£10.OOOwiLi Gontlnue to be reviewed by Trustees and de¢ided by m8SorityVOte. 12 ORGANISATIQN stella Maris Care Ashore PROJECT Shearne88 Seaf8rers' Centre refuTblshment Beneflciarywindow Replacement Piogramme 2025 Hull Seafar¢rs' Centre refurblshment Newportsealarers, Centre-foa81bility proj8cI Newlyn Centre refurbishment Immlngham Se8lar6rs' Centre Flte Alarm Upgrade MN Day Commemorative ServiGe Dlgital PsyGhological Support forSeaf8rers and Flshermen vl8 Tog?thefall Humber- Peisonal SBfety Devlces Essential repalrs to PlymDUth Port Seafarers. Centre roof. r¢decor8tlon of the centre and provlslon of newfurnlture and carpet Fundraislng ConsultsnGy 2025 Bedroom Relurblshment- Phases 2 & 3 New washing m8chin8 lor Mariners, Care Home Mllford Haven Operatlonal Sel Up OperatSon Eastlight Annual NatiDnal Service loi Soafarer8 at St Paul's Cathedfal 2025 Flie doors upgrad8 AMOUNT £4.783.00 £25,000.00 Stella Mails Mission to Seafarers The Flsherm&n's Misslon QVSR MNA Seafarers Hospltal Society Mlsslon to Seafarers stella Maris £4,722.00 E9.999.00 £4,800.00 £8,900.00 £500.(K) È5,000.00 £4,204.34 £12,300.00 QVSR QVSA NautilusWelf8re Fund Mission to S88farers Vector 24 ANSS 2025 £8,100.00 £16,876.00 £7.724.00 £6.607,00 £27.804.28 £1.000 Ro￿1 Alfred seafaieis Society Nautilus Welfaro Fund Naval & Military Blbl Society RoyalAlfred seafarers Socie QVSR £5,724 New Fulrnlture Mariners, pa￿ Care Home W8b81te Upwade £9,453.60 £5.1)00 Main Door ControlAccgss System £9,912.00 Tllbury Renovatlons £23.000 GRANTS ADDED BACK Some grants were not fully expended and in 2025 a total of £5.000 was written back into the Board's funds12024: £2,428). RESTRICTED FUNDS Th8 Board maintalned restrlcted fund8tor 8UPPOrt progr8mm88 and projects. as follows: Vehlclo Replacement Programme MN Medal Fund MiFi Prolect Se8farer Support (now a servlce to Mcmbersl NSWB Iformerlythe IPWP Programmel MN Seafarers P18dgo EXPENDITURE Staff Staff lovels Increased from elght to ten durlngthgyear dueto appolntments to vacant posltlons. Hollle Harblnsonlolned 88 Executfve Assistant and Ofllre Manager. replaclng Nicky Cantello,. GBmma Watton Solned 88 Digit81 Marketlng OffiGer, a now rote 8tth& 8oa¥d. 13 Penslons In Iln8 Wlth legislotlon set down bythe Penslons Regulatorall membws of8t&ff are entitled to enter a contributorygroup personal penslon plan provided bythe Board after 3 months. seNice. and all those currenlly employed are included Islafl aged between 21 and 65 are 8utomaticallyenrolled as requlred under per)slons legisiatlonl. Following a satlsfactory probationary p8rlod. noimally 6 months. 811 new full-tlme stBfl members aro offered a contract whlch allows them to recelvo an enhanced empioyels contrlbutlon, conditional upon them also maklngan agreed increased mlnlmum contributlon. EaGh year. the Board pays for individual p9n8lon consultations from Falrston8 Group Ltd. to help staff understand thelr penslon fund8 and retirement plannlng. Offlces The Board has a 10-ye8r fully repairing leasefor Its offlGe8 at 8 Cumberland Place, Southampton S015 23H which commenced in DeGember 2020. A full-term revi6w took place in early 2020 and a new rental dmountwas agreod for the next five ye8r8. The landlord did not Invoke a rent review gtthe break point In 2025. In 2022 general maintenance of the bulldlngwas undertaken. fulfilllng our obligations underthe tejrms of the lease. While there was an opportunityto breakthe lease In Juna 2025, suitable altErnatlve prtrmlseswere not Identified so we wlll remain In the current premises until NOV￿nber 2030. Professlonal Feos The Board incurrad professlonal fees In 2025 for audlt ènd accountancy pu￿088S. Audltors and the Appolntment ot Auditors The Board Is required to have its accounts audlted annually. Under the Articles of AssoGiatlon, the Council is responsible tor appoinlin8the auditor and has appolnted James Cowper KrESton Audll. Accountgncyfoes The Board's accounts adminlstrotion Is undertaken byWlnche8tor Bourne Ltd, for whlch It P8y8 a fee. MEMBERSHIPS The Board is a subscribing member otthe foliowlng charitsble organisations: Int¢rnatlonal Seafarers, Welfare Bnd Asslstanco Network IISWANI N8tionalCouncil for Voluntary Organisations INCVO) The Assoclation of Charital)le Organlsation8 IACOI VOLUNTEER AMBASSADORS Established In 2022, the MNWB VolunteerAmb&ssadors contlnue to play a vitsl role In strengthening reiatlonships across the malitime welfare seFtor and ralslng awareness of the Board's work as the UK'S Natlonal Seafarers Weltare Board INSW81. Our sixAmba¥sadors. all highly respect8d maritime profegslona18, have iepresented the Board at key Irsdustry events throughoutthe year and hetped to actlvely pronK>te tho welfare of seafarers and their familles. STFIATEGIC PLAN During the yoar, staff continued implementlngthe B08rd'$ slrateglc plan. as approved byTrustee$ in 2022. which Gove18 thp perlod 2023- 2025. This plan Is revlewed and uwlated annuallyto ensure that it Is relevarbt and responsive to the Changing needs of seafarers. fishers, and thglr fam1118s. Itwlll next be review¢d In 2026. Vl8lon To bethe represantotive voltte and drfvlng force for the ￿(fare of marchant navy and fishlng Gommunltles In th8 UK. MIs51on Improvlng the lives of sealarers and flshers by ralslngwelfaie standards In coUabor8tlon wlth our stakehold¢r8. 14 Values Our core values are non-negotlable and luel ourvlslon low the welfare of seafarer$. Il$hers. and their famllles. Whlle there are manyothervalues we hold. these have been seleGted as the dominantones that will really 8hape ourculture, whatwe rtrpresent and howwe delSverfor our stakeholders. Lead8r$hlp: Wts will ltsad with Integrlty8nd professlonallsm, representlng Member Organlsations at the hlghttst levels of governmont and industry. CommunIc￿l0￿. Wowill support our koy relatlonships through authentl¢ communlcatlons. always treating people wlth respèct and dignity. Innovatltsn: WewS11 pursue Innov8tlve $olutlon8 that cieate economlc and 8ocl8lvalue, adopting an 8vidence-based approach to everythlngwe do. Collaboratlon: We wlll colobrote the full spectrum of diversitywlthln and outside of our organis8tion. bulldlng strong Gollaborative n8tworks that create new opportunitles and POS8lbllitlvJS. STRATEGIC OBJECTIVES Leadershlp Cltsarly define the role of tho Natlonal S?ofarers' Welfare 8oard and how It Interacts wilh Port Welfare Committeos. Dopartmgnt for Transport. Mailtlme & C08Stguard Agency and Marltlme Labour Conventlon momber states. Drlve the agenda forthe establlshment otw¢lfare levies across all UK ports. Produce biennial'state of the Nation, Teportto Send to UK Governmenl. Cornmunlcatlon Stiengthen relationshlps wlthln government through actlve. r¢gular and Iransparent engagement. Expand the range and raach ol Member and non-member charltSes and 8gencles Bvollable through the Seafarersupport seNiGe. Increase the piollle ot MNWB and Its members through print and broadGaSt medl8. Grow 8o¢lal media presence and followlng across all active platforms. InrK>Vatlon Adopt a'research led, approach to drlve MNWB projects. Ensure all MNWB projects (Vehlcle Replacement Programme. MIFI Project, etc.) Bdd v8lueto Member OrganisBtioris and delkvgr eGonomies of scale. Develop tralnlng platfolm to hostshlpwelfare Wisitor, ISPS and other MNWB d8v$loped troinlng courscs, Develop pian lor N8tlonalS&afarers' Welfare Board trainlng and support package for MLC fflember states. Collaborauon Grow MNWB'8 membershlp by deflnlng clear Grltcrlo. benellts. and a memorandum of undeistandlng. Develop 3 5elf-agses8menttoolfoT Ports that e8tabllshgs welfare stBndards acros8 tho UK and identifies gap8 in provlslon. Establlsh MNWB as the'go to, place forw¢lfartsguldes. sector statlstics 8nd reports. Est8bllsh 8 biannual forum for NationAISe8f8rers' Welfare Boards lo share experlenc88 and Inlormation. 15 COMPLEfED OBJECTIVES HRH The Princess Royal 88reed to become Patron ofthtt charity, strongthenlng our leader8hlp In the maritlm&welfare seotor. The NSWB'S natlonal l¢ad8rshlp role was highllghted throughoutweifare Watch communiGations and major evonts 8uch as London InternBtional Shipplng Week 2025, where MNWB represented the UK charltywelfare sector as an officlal partner, relnforclng Its publl Interfacg wlth govemment. industry and Portwelfaro Committees. MNWB str?ngthened Its role through actThie Participation In Internatlonal welf8r6 d18cussions. includingworld Marltime Day events and a webinar with the Maritlme Authorlty of Jamaica. supportlng MLC welfare dialogue. MNWB'S work and the wlderwelfare agenda werè debated In Westmlnster Hall. demonstrating strengthened parllamentaryengagement. The ienowal of the Memorar¢dum of Und8r8tandlngwSth the Maritlma & Coastguard AgenGy IMCAI furthpr8trellgth8ned dlfect govemmental partnershlp. Secured sponsorship forSeafarer8' Welfare Conferenc& for th& second year Nnnlng. Thls appioach will be a mainstay of ourfundinggolng forward as It is an Investment In our rnember network. Welfarewatch nawsletter has been a clear success In 2025. proflllngour members and ralslng awareness of the support ava118ble from MNWB. The new tralnlng platform to host Ship Welf8re Visitor was frjrthei developed to improve the user experience. In 8ddltlon. a new MerGhant NavyAwareness cour80 wa8 developed for people new to the sector. Worklng group established to create a voluntary'code of Practice. for seaforers, w¢lfare In UK ports. Thls has now developed into a pllot prolectto develop a MN Seafarers Pledge. ONGOING OBJECTIVES Identify. dellne and Communlcate core values Internally and externally. Promote the role ofthe Natlonalseafarers'welfare Boa¥d and Its relatlonship with the Port Welfare Commltt¢¢s. Department forTran$port, Maritimè & Co8Stguard Agency. and Maritlme Labour Conventlon member states. Contlnue engagomentwith the Internation81 L8bourOrganl¥atlon and MLC Member States to dlscuss ralsingwelfaie standards in member states. Establlsh a mechanism for portwelfare 8Gcradltatlon In support otthB Intematlonal Labour Organlsation's M8ritime Labour Convention IMLCI. 2006. Continue discusBions wlth UK Government, UK Chamber of Shlpplng. constlbjent m8mber8 and other Industrygroups about the introductlon of welfare levies. Establlsh a forum to dlscuss the funding needs of the UK maritlme walfare sector with a focus on sustalnability. Contlnue to grow MNWB'S member network. whlch added Veteran's Outreach Support In 2025. TRUSTEE5' RESPONSIBILITIES STATEMENT The Trustees Iwho are 8180 directors of Merchant N3￿￿elf&re Board forthe purposes of company lawl are iesponslble for preparlngthe Report of th8 Trustees and the IlnanGlal statements in 8ccordancewilh applicable law and United Kingdom AcGountlngStsnd8rds Iunlted Klngdom Gtsner8llyAcGepted Accounting Practlc81. Company law requlres theTrustees tD prep8re linanclal statements for eaGh flnanclal year. Under company law th8 Trustees must notappiove the flnanclalstatements unless theyare gatlsfled that they glve a truo and falrview of the state of aflalrs ol the charitable company and of the Incoming rtsgources and appliGalion of resources, Including the Incom& and trxpÈndltui8, of the charlt8ble companyforthal perlod. In pieparing these linan¢lal statements. the Trustees ar& fequired to: 8elect suitable accounting policles and then Bpplythem consistently. obseNe the m8thods and prlnclples In the Charities SORP. make judgements and accounting estlmates that are reasonable and prudent. prepare the flnancial statements on the golngconcèrn basis unless it Is inBppropri8te to piesume that the ch8rliable ¢ompanywlll contlnue in oper8tlon. The Trustees are respon8ible for ketrplng adequate aecountlng records that are sufficlenl lo show and explBln the ¢haritAble company's transactlons and disclosewlth reasonBble accuraoy at any lime the flnanclal p051tion of the Gharitable company and anable them to ensure that the linancial statements complywlth the Companies Act 2006. Theyare Blso fesponslble lor safeguarding the as88t8 of the charitsble Gompanyand hencofor taking reasonabl6 steps for the preventlon and detection OffraL￿ and other Irregulailtles. DISCLOSURE OF INFORMATION TO AUDITORS The Trustees atthe time when thls Report of the Trustèes Is approvod hav¢ ronfirmed th8t: so far as the Tiustees are aw818, there Is no relevant audit inlormatlon of which the charltable Companys auditors are unaware, and theTrustees have tak¢n all the steps that ought to have been taken 88 a Tnjstee In orderto be aware of any relevant audlt Informatlon and to establlsh that the charltsble company's auditors are aware ofthat informatlon. As noted prevlously. tha Board has dispensed wlth the requlrement to hold an Annu8l General Moetlng. In 2018. the Board appolnted James Cowper Kreston as thelr auditors. The re-appolntmentotaudltors wlll be decided annually at B Counc51 meetlng. Thls report h88 beon prepÈred In acoordance wlth the special provlslons of Part 15 of lh* Companies Act 2006 reiatlng to small companles. ON BEHALF OFTHE BOARD: AK Cassels, Chair Dated: 02 thjng 2026 17 4ERCMANT NAVY WELFARE BOARD {A compuny Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE P41EMBERS QF MERCHANT NAVY WELFARE BOARD Oplnlon W8 havè audited Ihe financSal slètements of Merchant Navy Welfare Board Ithè'charityl for th8 year ended 31 D•eember 2025 whlch comprise Stal&menl of fingncial 8cliviti8s. th? 8alance sheet. the Statement of cash flows and lh& telaled notes. including a summary of signÈficanl accounting policiès. The ffinanaal reporting framèwork Ihat has been typlled in their preparotlon Is applica￿8 law and United Kingdom Ac¢ounling Standards, including Financial R8POrting St8ndgTd 102 'Tha Financlal Reporting Standard aPp￿Cable in th8 UK and Rgpublle of Ireland (Unitad Kingdom Generally Accapted Accounting Practtca). In our oplnlon thè financial slatemenls- giv& a trug and lair vlgw of tho state of the thorilable compan1$ affairs as al 31 Dècèmber 2025 and of Its itKoming resourc65 application of rgsources. includkng its income and expanditure for tho ￿ar then havè prop9￿ pr•parad in a￿ordanCe with Unlted K4ngdom G￿èralty Accepied Accounting Pracllce,. and hove been prepar8d in accordance wth Ihe roquiremgnts of th? CompanS0s Act 2006, CharitÉ•s Act 2011, th& Ch¥ities and Trusteè In￿Stment Iscottandl Ad 2005 and regulatton 8 of Ihe Charitios A¢counls IS(ol•ndl Regulations 21106. rlasls for oplnlon W6 ctsnducted our audlt In aCcOrdar￿ vrilh Intamattonal Standards on Audlllng IUKI {ISAs IUKI} and applicabla law. Our rasponslbilities under Ihose st1￿dardS are further dascrlbed in the Auditorfs ￿SpOnSIbl11t1eS for fhe audit of tha financi41 statem&nts sectkjn of our roport. Wè Independont of th8 charitable company in accoTdance with the ethical raquSi•menls Ihat aro r•l•vant to our 8udit of the financlal slal•m8nts in thè United Kingdom. induding the Financial R*po￿n9 Council's Ethical Standard, and wa have fulfilled our oihèr ethical rèsponsibllilies in accordancè with these r8quir•menls. We b•li•v• that th8 gudil evidon¢8 w8 have obtained is sufficient and gppropriato to provhle a basis for our opinion. Concluslons relatlng to golng concem In audiling the financial stalernenls. w• hav8 concluded Ihat tho TTust¢$g' use of Iha going con￿rn basis of accounting in thè preparation of thg ffinancial st•l8men15 is approprfale. Based on worf( wa h8V8 perlomied. wo have nol Vjentifl￿ any matert&l uncertainlies relatlng lo avenls or condition5 Ihal, individuatly or collactively, may cast significènt doubt on the charitable companys ability lo conlinue as a going concatn for a poriod of at leist Iwelv• months from Wtr￿n thg financial statements are aulknris8d for Sssue. Our responsibiliti89 and the re5ponsibiliti•s of thè Twstses with r8spe¢l to golng concam d88¢ribod in I r8levant sectlons of th18 report. Pap 18 MERCHANT NAVY WELFARE BOARD (A company Ilm5ted by guaranteè) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MERCHANT NAVY WELFARE BOARO (CONTINUED} Other Informatlon Tha oth•r infomi4tp)n compr4s6s the inforniation Includ8d In the AnNal ￿F)Ort other than tho fiThand￿ stal8menls and our Audiloffg report Ih•rèon. The Trustees are r85wsR)la for the other infomialion contained wilhin tha Annual Teport. Ow oplnion on th8 financial statements does not covèr th& other infomatton and, 8xcapl to the extent olh8rwise expliciuy statad in our report, ￿ do r￿1 axprèss any form of assurance conclusion Ihereorb. Our responsibility is to rèad the other itrfomialion and, in doing su. consider whethor tha oth•T information 15 materially incon5istsnt whth the financiol stat•m8nis or our knwledg8 obtain&d in th8 COL￿3• of th• audit. or olheNisa app8ars to be mal8Tiaily misslaled. If wè id•ntify s￿h material ￿cOnSIstenC1eS or apparent m4lerÈal misstatements, ￿ ar8 required to delemiine whether Ihl? giv95 ri58 to a material misstatèm8nt in th8 fin8n¢ial statem8n￿ themselves. If, based on the work w8 hav8 performed, we eondud• that there is 4 mat￿la1 m589tateni8nl of this olher infoTmation. w• aro required to Mport thal fact. We have r￿thIng lo roport in Ihls règard. Oplnlon on other matters prescrlbed by the Companle5 Act 200 In our apiilon, bas8d on the work undwtak•n in the coursè of tha audltr. thè Infomialion giwn it) thè Truste83' report for tha financial y•ar for whkh thg fmancial stslemÈnts ara prepared 15 conshst•nt with t￿ financial sialoments. thB Trustees. report ha$ b¢en PT8pared In orygrd&ne& with ap￿[cable leg•1 réquiramonts. Matters on whlch we are requlred to report by exceptlon In the light of our know18dge and undelstsndlng of th• charitable company and its enwronmenl otrthin•d In th8 course of tho audit. w• have not Id•ntiffied material misstatom•nts in the Twslegs, roporL We havg nothing to report in respect of th8 followlng mattaTS in relation to which Companios Act 2006 and tha ChaFits8s Accounts {ScoUand) Regulations 2006 las amended) wquire us to report to you il, in our opinion- adequat¥ accounting records hav• not been k4p( Or rotums adequal• for ow audit have not be8n recesv8d from branches notvisit8d by us" or Ihe ffinancial stat8m8nts are not In agreamenl wth the attounllng records and relum$' or certain disclosures of Tru51ees' remunaration speafied by law arè not made: OT w8 have not rèceivèd all lh• Inf0m4￿on And 8xplang1ions ￿ r8qutr• for our audit,. or Iho Trust98s wèrè nol antsd8d lo ple￿re the financial slotèmèThts in aCcOrdan￿￿1h th8 small compani•s rggime and t4ke aifvantag• of the small companies, ex8Mplions in pr•paring the Twslèès rèport and fr￿￿ th8 requirèm￿1 to pr•paro a Slr4tsgie Y$port. ResponslbllSrfos oltlUStEes As explalned MOM fully in Ihg TNstses' rasponslblili0g Statement. th• Truslees (who #rè also lh• dir•ctors of Ihg eharitable company for the purposes of Company law) are re5ponsibl6 frjr the PTep8rntl¢)n of financi yl•teM&nlg and for being satisfièd that thèy givè a tr￿ and fair v18w. and for such inlemal control as thg Trustees detem11￿ is ngcessary to ènabl& the preparatv)n tif financial stalemenls Ihat arè fr•• from material misslatem•nl. wh•lhgr due to fraLwJ or effor. In prop￿ing tho financial statemonlg, the Twu5t8•s aro responslblè for assessing th8 charitable tt¢mpanls abillly to continue as a going conceTn, thsclosing. as appllcable, matteTS reltytèd t¢ goiThJ concem and u51ng the going concem basi$ of 4ccounting un18ss IhB Trust06s either Intend lo liquidato th• chaTil4bl8 company or lo c¢asa opralions, or hav• no realistic altemative but to do so. Page 19 MERCHANT NAVY WELFARE BOARD {A company Ilmlted by gu4rantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MERCHANT NAVY WELFARE BOARD ICONTINUEDI AudStor's responslbllllles for the audlt of the flnanclal statsments Wo have baen appc4nt8d as audttor under s8dion 4411)l¢l of th& Charilres and Twstèè Investment {Scolandl Act 2005 and under the Companies Act 2006 and report in accordanco thè Act and rel8vanl rawlalions made OT having effect thar•und8r. Our objeclives aro lo obtain r•asonoblè assuTance about wh&ther th8 Ilnanclal 5tat8monts os a wholè free from malarial misstatement. whether due to traud or arror, and to Issu& an Auditorfs ieport thal includes our Op￿ton. Reasonable asguranc8 is a high lèvèl of as¥uranco. bul is nol a guaranlee thol an audit conductéd In a¢cordance with ISAS IUKI will always d8lect a material mis5tatemenl when it èxists. hffjSststw￿￿tS can 8rise from fraud or 8rror ond are considered material if, Individually or in lh8 aggrégat•, Ihèy could reasonably bè èxpectgd to inltuence tho economic decisiorhs of users taken on th8 basls of Ihese financial slatem&nts. Bécausè of the inherent Ihnilations ol an audit, ihere is a risk that wa YAII not delect all iFf89ularlti￿, Micluding those leading to a materid mlsslalemenl in tho finaneial gtalèmènts or non-compli&nc¥ with rggulation. This risk IncTeasos th& More that compli￿Ce wth a law or règu18tion is remvod from the events and transactions rallèctèd In the financial statements, 45 Wg wll be l*Js likely to beconw of Instances ofnon-complianca. The rfgk 1$ also greater regarding Ir￿￿anti05 oeeurring due to fraud rather Ihan eTfoT, as fra￿￿ involvès Inlentional concoalmant, forgery, cdluslon. omission or misrepresgnialion. Th• sp•cifi¢ procedures for this ang￿emOnt th&t we designod 8fKI p•rfomi¢d lo deted matertal mlgStalemanl$ In reBpect of Irr•gulariti•s, including hud, were as folk>ws.' Enquiry of Managemonl and th058 chargèd wlth gpvemance aTound actual and potential ltigation and Enquiry of Management and those charged wth governanc• lo idontify any m•t8riql inslancas of non- complianeé with laws and regulations. Ravtawng mlnutes ofme8tings of thos• char￿d govemanc•', R•vlavAng finoncial statem&nt disclosurès and tèskng to supporting documgntation lo ass•ss Complia￿ with applScable laws and r8gulat£ons'. Performirhg a￿111 worfr to addr•ss thè rfsk of Irrègularities du8 to manoggm8nl oveThid• of controls, Ir￿udIng tosling of Journal entrigs and othw adjustments for appr¢)pTiat•nès5, evaluating tho businass rationale of $19n￿1c￿nt transadtong Outsidè Iho normal Course of busin09s and wigwng accounting èstimatès for èvidènce of bias. A furth8r d￿lIp￿Dn of our respon5ibilitt•s for tha audit of the financial statém8nts 1$ localed on ihe Financlal Rèportlng Council'3 wabsit8 al.. www Audiior's rnport. e5. This descriptson forms part of our P499 20 MERCHANT NAVY WELFARE BOARD A company llmlted by guaranleel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MERCHANT NAVY WELFARE BOARD {CONTINUEDI Use of our report Th15 roport is mad• sol•ly lo the eharilebla compan￿5 members. as a body, in acwrdanco wth Chapt•r 3 of Part 16 of th# Companigs 2006. and to thè charitable compenys trustees, as a body. In 4ceordance with Part 4 of th8 Charities (Accounts Reporlsl Regulallon 2008 and regulalion 10 of the Charities Accounts {Scotland Regulations 2006. Our audit w￿k has been undertak8ll SO that we might stale to thè charitable eompanls member3 #nd Trustees th958 matters we arè réquired to stalé to them in an Audilofs report and for no olh8r purposg. To the fvllès10Xtenl peTmittad by law, ￿ do not accept or assume Tespon5ibility to anyon8 0th8r than the tharilablo cornpany and its mernb8rs, as a body, for our audbl work, far this reporL gr for the opinions wa havo formed. Mlchael Bath Bsc FCA DChA (Senlor $tatutory audltor) for and on behalf of James Cowper Kreston Audlt 4 Cumberfand Place Sothhampton S015 2NP Date: 10 June 2026 James Cowp•r Kre5ton AL¢dlt are eligibl• to act as audllcws in lomH of sedlon 1212 of the Conyanies Act 2006. Page 21 MERCHANT NAVY WELFARE BOARD {A company Ilmlted by guaranteel STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI POR THE YEAR ENDED 31 DECETrABER 2025 Unre5tr1cted funds 2025 Restrlcled funds 2025 Total lund5 2025 Tolql fund3 2024 Note Income from: Donations, lagaci•s and grants Investmènts Othèr Ineome 149,749 35e.392 12,071 28g,885 439,634 356,392 12,071 3,633.797 312,170 34,572 Total Income 518,212 289,885 808,097 3,980,539 Expendlture on., Ral*ng funds Charitable adivlliés.. Support S￿le&S to Constiluant M8mb•rs Grants to 3UPPOrt tha work of ConS￿lu•nt Members Support lo promoto w8lfar• aetsvit18S 74248 74248 38,093 06.028 215,845 281,873 358.505 142,940 764895 142,940 764,895 93,815 682,881 Totsl expendlture 1,049,111 215.845 1,204,956 1,173,294 Net lexpendltureVln¢ome before net galns on Investments Nel gains on Investmgnts (530,899) 1,2g6,316 74,040 1456,859) 1,296,326 2,807.245 1.012,737 Net movement In funds 765.427 74.040 839,467 3.819,982 Reconclllatlon of fvnds: Total fund5 brwghl foJward N8t movement in funds 17,504678 761427 153,457 74,040 17W9,135 839,467 13,839.153 3,819,982 Total funds carrled forward 18.271,105 227,497 18.498,602 17,659.135 Th• not•s on Pa9￿ 25 to 41 fom) part 01th￿e financial slatements. Pago 22 MERCHANT NAVY WELFARE BOARD IA company Ilmlted by guarantee) REGISTERED NUMBER: 00453053 BALANCE SHEET A8 AT 31 DECEMBER 2025 2025 2024 Note Plxed assets Tangibla assals In￿Stments 12 13 3,230 18.349,822 610 17,244,803 18,353,052 17,245,413 Current assets Debtors Cash al bank and in hand 14 243,158 41.021 503,185 29,105 284,179 632,290 Cu￿ent Ilabllltles Creditors: amounts falling due within one yèt 15 113&6291 1118,5681 Net cu￿ent assets 145,550 413.722 Total assets less current Ilabllltles 18,498,fj02 17,659,135 Total net assets 18,4g8,602 17,659,135 Charlty lunds Rgstri¢t8d lunds Unrestricled fvnds 18 le 227,497 18,271,105 153,4S7 17,605,678 Total funds 1B,498,002 17,669,13S The Trusteès aCknOw￿dge their règponslbilitieg for ¢on)plylng with the requlramenls of th• Act wlh respoct io accounting records and prèparation of financial slalon*nts. Th• financial ststemenls have been pr•par8d in accordaneÈ with th8 pTo￿910r￿ applicable to gnlilie5 9ubjèet to the $m411 eompanigs regim8. Th8 financial slalements ware approved and aulhorised for Issuè bylh• Trust••$ and sl9nad on Ihèlr behalf by.. Captaln A K Cas5els ChaSrman of tho Council Dat8.' 02 June 2026 The notes on pog•s 25 to 41 fom part of Ih•9e financlal stalemenls. Rlchard Mark Welch TNslee Dale.. 06 June 2026 Pagè 23 MERCH•lNT NAVY WELFARE BOARD {A company Ilmlted by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Cash flows fmm operatlng actlvllles Net cash usad in ¢)pèrating adivities Inol• 191 1490,5631 2,046,815 cash flows from Investlng actlvltles Dividends from inveslmanls Purchase of tangible fixed assgts Procètds from the sale of invèstments Pur¢ha$e of Invogtments 317,780 {6,6081 3,944,807 3,596,626 13,753,500) 18.161,8111 303,B13 Net cash provlded byllused Inl Investlng actlvllle5 502,479 12.251.372} Change In cash and cash equlvalent5 In the year Cash and cu3h gqulvalontg al th• baginning of thè yè8r 11,916 1204.5571 233,862 29,105 Cash and cash equlvalents at the end orthe year 41,021 29,105 Th• nol•s on peges 25 10 41 form p8rt of th￿ financlal stat•meThts Page 24 MERCHANT MAVY WELFARE BOARD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDEO 310ECEMBER 2025 Accountlng pollcles 1.1 Basls of preparallon ¢f flnanclal ststements Th8 fmancial statamants have been prapared in ac¢ord$n¢è ￿1h tho Charltles SORP IFRS 102} - Accounting and Reportlng by Charitie$: Slalémant ol Recommended Piactice applicablè to charitios PTeparing thalr accounts in aGcordanc8 wlh th8 FinaAcio1 R•porling Slandafd applieable in the UK and Rapublic of Ireland IFRS 1021 loffeclivè 20191, the Financipl R&porting Stsndard opplicabl• in the UK and Rewblic of Ireland IFRS 1021 and thè Compani•s Acl 2008. Merchant Navy WolfaTe Board meets the &finilion of e public benefit entity under FRS 102. Ass819 and liabllilies are inltially recognlsod at historical cost with thè axceptlon of Inv¢$tm•nis which are intludad at fair value. 1.2 Company status Tho charity is a Company limited by gua￿tea. In th• e￿nt of tha charity being wound UP* the liability in r8SP¥Ct olthe guaranlge Is limited lo £1 per momb•r of lh• charity. 1.3 Fund accountlng Unrastrict•d funds are aV￿la￿l9 lor use al th• discrellon of thè TrLtstee$ in furtherarKè of goneral objèetiv•s of tho chathy and have not been d8signated for other purposos. UnTe81rfcted funds represent funds r•tainod lo prtividé th• working capllal to ènable thè Trustaas to carry out activhies as a provid•r of servlceg lo Seafarers. Restrided funds are funds whleh ara to b• used in aCGprdanea with $￿cIfiC rèstricticffls imposed by d￿tsr$ or ¥thich havg baan raised by tha charity for paTlicular Pu￿0$8s. Tho cogts of raising and adminisiering sueh funds ore tharg8d ag￿nst the spèclfie fund. Th8 aim and usè ol e8th restrictèd fund is sot out in th8 notos to the financ141 statèments. 1A Income All income13 recognised oncè thè chartly has enllttementto the income, li 1$ probablo that the Incon 11 b• mceivod aThl th& amount cl InGo>me r•ceIva￿e can b8 mèasur•d reliabty. Tha r8ccqnition ol income from legaci•s is dopendenl on èstsbli5hing entillgment, thè probabl￿ty of rètèipt and the abillty to estimate with sufficignt accuracy tha amount receivable. Evid$nc6 of ontitlomenl to B lègacy •xlgts whèn the charity has suffieiènt èvid8nce Ih8t a glft has been left lo them {Ihrough kno￿edge ol thè 8xistence of o valld wlll and the dgalh of tha b8nefJctorl and thè oxecutor is satisfied Ihat Ihe property In quèstion wll not bè raquir8d to satisfy dglm$ in the estat&. Recelpt of a legacy is ￿ r•cognised whan It Is probable that it ￿11 b8 rocgived and the foir valu• of the amount iécèlvable, whlch wdl genorally be Ihè èxp8el•d cash ￿nOun1 to b& distributed to I charity. can be reliably maasured. Grants aTe Ineludad in thg Slutemenl of f4nanclÉEI aelivitiès on a recelvablè basls. The balonce of incom& raceivod for spacffic PUTPO$èS but n)t èxponded durfng tha period is shown In Ihe relavanl funds on thè Balance sha&t. Where income Is r8cèivad in advancé of •ntiUomonl of reGelpl, Ils rècognition is deferred and included in crodilors de1Wr￿ income. Whtrè èntlU•ment occurs before Incom• Is received, t￿ incom¢ 1$ a¢eru8d. Page 25 MERCHAIIT hlAVY WELFARE BOARD IA company Ilmlted ty guarantee} NOTES TO THE FINANCIAL STATeMENT8 FOR THE YEAR ENDEO 31 DECEMBER 2025 Accountlng pollcles {contlnued) 1.5 Expendlture Expanditura whlch does not dir8dty rélatè to grant making is analy5ed b81ween charitabl8 support eoyls, govemanc6 costs End cosb of generatwig Ilsnds. 11am? which Involvo morè than onè cost category arè aPp￿￿oned as aPPTopriat• to tha cost c•tegJr¢&% invdvad. Support costs are th058 co¥ls incurred in support of •XP￿diturO on thg obj•cts of the charity. Governanca tost5 are those incurred in coM8ction wilh admirAstralon of th8 ¢harily and c¢inwlianca wtth eon3tilulional and statutory rèqurèments. Exp•rh4ltura ¢)n ralsing ￿ndS includès 411 gxpenditur• incurrad by Iha ch4rily to iaisg bjnds for ft$ ¢haTitable purposes. Expèndit4Jr8 on chaTitabl8 aclivities is incuTred on diroctly utvjarta￿n9 the act￿111￿$ which fvrther th• chariils objecliw4 as ￿11 4$ any associat•d support tost$. 1.0 Tanglble fixed assets and depreclatlon Tangible fixed assets costing £250 or more are capitalised and fecognised when fulur& èconorni¢ beneffts aro probablè and thè e08t or value of th8 asset can bg measured r8liably. Tanglbla ftxed assets ar8 initially reeogniged at cost. Aftar recognition, under the cost nTh)d&l, lanylble fixed assets ar8 maasur•d at eogt less accumulatgd depreciation and any accumulatèd impairmonl Iossos. AN c￿ts IncuThed to bring a tar¥Jib￿ fixgd 98861 into ils int•nd8d worklng condition should be includgd in the moasurem•nt of cosl. Dopraciation Is ¢harged so a$ to allocata the c05t of tangible fix•d a$sel$ 105s Ihelr resithtal value over Ihelr estimated usefvl Iiv•s. using the 5traighl.lino mèthod Dapr•ciatitin1s PTovided on th8 following ba$•s'. Fixturès and frtting3 Offi¢e equipment Computer aqUiPEnent - 10% on cost - 25% on cost - 33% on cost 1.7 Imieslments Flxed a¥set investments are a form of financial instrumènt and are inbtialty recognised al their an5aclion cost and sub9èquon￿Y mea$uTed at fair value al th? Balance sheet datè, unless the valuo cannot b• m•asurÈd reliably in which case it15 measured al cost l&ss impairment. Investm¥nt gain5 nd lo55es, whether reali5ed or unreoli88d, are combinod and pr•senled as 'Net gainslllosses} on inv8slm•nts' li thè Statèmant of financial acbvitigs. Operatlng leases Ronlals undèr op•ratlng 190993 are charged to th8 Statemont of Firtancial At¢fvili8g incorporatlng incunè and expendbtura account on Y4 stralghl lino basis ov8r Ihè1•48& term. 1.9 Debtors Trade and othw dobl¢y8 are r8cogrthsed al thè sèttlèmènt amrjunt aft8r any tr4d8 diKounl offored. Propaym8nts are valued al the amount prepald nel of anylrad6 th8counts dL¢e. Pag& 26 MERCHANT NAVY WELFARE BOARD IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng pollcles Icontlnuedl 1.10 Cash at bank and In hand Cash al bonk •nd in hand includ95 cash and short-lemi highly liquid investments wlth a short malurity of Ihr88 months or Ièsg from thè date ol acqulsition or opening of thé d•posil OT simllar 4ecount. 1.11 Llabllltles and provlslons Liabilities are recognssed when Ihèrè is on obligali¢)n at tlw 8alance 3heel dals as a resull of 4 pagt e￿nt, it is probable that a l¥ansfeT of e¢on¢xnic banafil will bg requirad in settl•r￿n1, and thè amount ofth8 settlemant can ba •stimaled ￿liab￿. Ltabilities ara recognised at Ihg amount that Ihg charity anticipates il wll pay to sottle the debt or th• amount il hay iecèivad as aLfvanGed paymants for tha goods or ￿NiC$S il must providè. ovisions aTe maasured al Ihe bgst eslimala of Ihg amounts r•quiT8d lo setue tho obligation. WhÈr¢ the effeci of th& tima valu• of money Is matewial, Ihe provi91on is based on the pre￿nt valuè of thos• amounts, discounted al thè pra4ax discount rale Ihat refled$ the Tisks ¥pacific to the Ilability. Th• unwnding of the thscount is recogni5gd In thè Statement of financial activities a financo cost. 1.12 Flnanclal Instruments The Charfty only has firtancial assals and ftngnelol Ilabilitios of a kind that qu81ty as b•sl¢ flnancial instruments. Basie financial in51rumenla &r• initially recognlsed attransaclior¢ valuè and subsoquently measuréd at th•ir $•t￿eMent valu8. 1.13 Penslons Tlw cherfty operates a dofined cor¢IriLoJtic￿ pension seh•m• and Ihe pen51c• charg8 r8pros•nts t amounts payablo byth? charty to the fund In r95ped of the ye¥. Marchanl Navy Welfar• BoaTd has a Group Pension Plan & Group Stak•holder Pen¥lon Plan S￿1h Royal London. 1.14 Fund accountlng Gèngral funds are unT•slrided funds which ar• avalable for usa at Ihe discrètlon of th• Trustees in furthergnca of th• general objectives of the Charity and whlch havè not been designated for oth$r purposès. R•slllcled lund5 are fundg vthich to b• used in occordance with specifK re8triclions imposed by dontsrs or which havè b88n raised by Ihe charlty for pArticular Pu￿0$•$. The ¢05ts of raising and adminislering such funds arè chargod against the spacbfic fund. Thè aim and usg of each restricted fundls 80t out In thè noles to the financial slalements. Inv•$lmenl incumo, goths and loss•s aro allocated to the appropriat0 fund. Pagè 27 MERCHANT NAVY WELFARE BOARD (A company Ilmlted by guarantee) NOTE8 TO THE FINANCIAL STATEMENT3 FOR THE YEAR ENDED 31 DECEMBER 2025 Crltlcal accountlng estlmates and areas olludgment Estlmatès and judgmants ar• eonlinually evaluat8d and aro ba$•d on historlcal experi&nco and other fgclors, including •xpg¢tat*)ns ol •venls that ara b8liav•d lo be reasonable undw th• circumstance5. Critlcal accountlng 0$1Smate5 and assunwtiws: Th? charty mak8S •Stimat•s and 8$Sumptic￿$ conceTning tho futur&. Thè rèsulting accounllng 0511mate8 and assumption¥ wlll, by definition, seldom equal tha rèlatèd actual rasults. The 981imales and assumpllon5 that hav• a slgnifieant risk of causiny a malgrial arfiuslment to Ihe carTring amount8 of 8S5&1s and li8billt1•5 wthin Iho next finawèl year 8re discussad bèlow. Criiteal areas of judgm8nL' Legacy incomg entilkmènl requlres a Iwel ofjudgemanl in thg financtal statanw)ts by determining tha point at which to recognlse lh8 incomo aftèr nolthcation has b88n re¢giv8d. This includes a detailed ass6ssmènt of both the likelihood of raeèipl of funds and. in Ih? rase of a r•sidual lègacy, Ihg amount Ihat Is èxpected to be r6caivabl8. Income trom donatlons, legacles and grants Unrestrlcled Re5tilcted fund5 funds 2025 2025 Total funds 2025 Totol funds 2024 Donations and l•gaci8s Grants 149,749 149,749 289,885 3A69.882 163,915 289,885 149.749 289,885 439,634 3.833,797 T¢)lal 2024 3.469,882 163,915 3.e33,797 In the prior year. Includ￿ wilhin donations and lègaaès was £3.425,00012025: £nill from a singlè legacy. Furth8f amounts from this sama legacy may be receivable in luiure yeaT3, but il Is not eurrèrtlly pos8ibl6 to mAk8 an aceurate estimat• of such 4mounts at tho daté of approving thosg financial 8lalements. Page 28 MERCHANT NAVY WELFARE BOARD {A c¢)mpany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDEO 31 Dtt¢EMBER 2025 Investment Income Unrestrfcted funds 2025 Total funds 2025 Total lunds 2024 Quotad UK and Non-UK Invastments UK Portlolio cash int•r•s1 334,590 21,802 334,590 21,802 303.813 8.357 356,392 356.392 312,170 Totsl 2024 312.170 312,170 other Income UnTestrlcted funds 2025 Total lund3 2025 Tot41 funds 2024 Olh•r income 3,916 3,899 4,258 1916 3.899 4,256 29,67S 4.897 Courses Sundry Incomo 12.071 12,071 34,5n Totthl 2024 34.572 34,572 Ralslng Funds UnrestTlcted funds 2025 Total funds 2025 Totsl fur￿5 2024 Portfolb manag•m•nt fe 75,248 75.248 38,093 Total 2024 38.093 38,093 Pqg8 29 MERCHANT NAVY WELFARE BOARD IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEaqBER 2025 Support servlces to constituent members Unrestrlcted Restrlcted funds funds 2025 2025 Total lundg 2025 Total funds 2024 Vehiclè Replacement Fund MN Mtd&l Fund TK Foundation Grant ABP H￿nber Lovy EEDI Proiecl MiFi PIoi8Ct Dff SeafarerWellb8ing C188 Tr4inlno Trinity House Dff Fund Cas•work8r costs Troining courses Evaluation sludl83 Port weif8r8 promotltsn Morchant Navy Fund promollon contribution Sealarer support pU￿1C r8141ions & Matheting Annual Séaforers Welfera Conf8ren¢o8 Ambassadors 67,918 4.107 21,710 85,964 67,918 4,107 21.710 85,964 120,806 1,522 59,832 1,047 10.228 7,936 1,441 15,780 21,819 208 5,034 9,327 8.118 22,481 37,370 801 36,956 815 815 3,090 22.924 3,090 22,924 3,887 1,351 11.852 16,719 2,277 1,694 2,254 3,867 1,351 11,852 18,719 2,277 1,694 37,587 NSWBWC Davelopmant 35.333 66.028 215,845 281,873 358.605 Grants to support th8 work of Constilu•nt Mombèrs 147,940 {5,0001 147.940 (5,0001 93,815 Grants vnltten back Total 2025 208.988 215.845 424,813 452.320 Totsl 2024 212,753 239.567 452,320 Page 30 MERCHANT NAVY WELFARE BOARD IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Support to promote welfaie actlvlttes Management GoveTnance 2025 2025 Total 2025 Total 2024 ¢)fficg running costs Premlses costs Maèting costs Computer &xpons08 Bank chargès Travol and $ub¥istencè Insuronc• Staff life ￿SUranCe and traknlng SubscTipUons and publications Olhar costs Head officè costs Truskeeg. èx￿nS•3 L•gal and Professlonal Feos A￿OuntaI1¢Y Audltors, rèmuneratson Wag05 and 50laiiès National insur8nce Pgnslon cost D•precIa￿¢￿ 17,096 39,915 38,968 23,fj65 630 626 3,978 19.405 5,573 8,575 28,000 17,096 39.915 38.960 23,665 fj30 626 3,976 19,405 5,573 8,575 28,000 950 9.195 22,043 14,339 399.860 51.576 76,511 3.988 16.131 23.520 23,354 25.471 388 10,108 8,874 19,681 6,152 28.000 734 3,060 21,600 18,617 363,686 34.358 72.770 1,852 9,195 22,043 14.339 46,244 353.622 51.576 76,511 3.988 672,124 92,771 764.895 682,880 Total 2024 600.848 82,033 682,861 Governance Costs Unreslrlcted run(i$ 2025 Total ftsnds 2025 Total Jnds 2024 Support Costs Wagès and salaii98 48.527 46,244 46.527 46,244 44,011 38.022 91771 92.771 82,033 Pogo 31 MERCHANT NAVY WELFARE BOARD IA company Ilmlled by guarantee) NOTES TO THE FINANCIAL 8TATEMENrs FOR THE YEAR ENDED 31 LIECEMBER 2025 10. Operatlng expendlture 2025 2024 Depreciation oftanglble fixed as5ets.' own8d by thè charity 3.988 1.852 Authtors, r8muneralion~ audit 14,339 14.500 During the y•ar, no Trnslees rèc8lved any romunwailon12024- £NILI During the y•ar. no Trusl88s racaivèd ony b?￿r￿S in kind12024- £NILI. Durfng lh• year, Trustee expensas ware pald to hyo {2024 . thra•) Trustee amounting to £950 (2024.. £7341. 11. Staff costs 2025 2024 Wages and salari•s Social $8curity costs Contribution to d9￿ed contribution pansitin schemes 3Qg.806 51,576 76,511 363,666 34,358 72,770 527,953 470.794 Th• avorag• number of pers¢)n$ employ8d by tha charity during tho yèar was a8 follo￿.. 2025 No. 2024 10 Th& numbor of 8mployeo9 WI￿5? employe8 b8n8fits lexduding •M￿0yer ptnsion cosls and employers nalional insuranGe costs) •xc•ed8d £60,000 wa& 2025 No. 2024 No. In the band £80,001- £9),000 The koy managèmènt personnel of the challty r8rgNed aggrogat• Mmunèralon of £198,348 12024: £181,041). Page 32 MERCHANT NAVY WELFARE BOARO IA company Ilmlted by guarantee) NOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12. Tgnglble Ilxed assets Offlce equlpment ComputeT equlpment Total Cost or valuatlon At 1 January 2025 Addittons Disposa19 14,g51 340 {2,436) 54,564 6,208 14B,3401 69,515 6,608 150,7761 Al 31 DeeèMb•r 2025 12.855 12,d92 25,347 Depreclatlon At 1 January 2026 Charg? for tha yeaT On thsposols 14,951 85 12,436) 53954 3.903 I48￿40) 68,905 3,988 150,7761 Al 31 Dac8mb•r 2025 12,fjgO 9,517 22,117 Net book value At 31 DecembgT 2025 255 2,975 3,230 At 31 Dgc•mber 2024 610 610 Page 33 MERCHANT NAVY WELFARE BOARO IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 llECEMBER 2025 13. Flxed asset Investsnent$ UK Portrollo Llsted cash securltles Investments Total Cost or valuatlon At 1 January 2025 Additions Disposals Revaluation¥ 16,975,058 3,753,500 13,859,846> 1,296,326 269,745 17,244,803 3,753,500 {84,9611 {3,944,8071 1,296,326 At 31 Dgcember 2025 18,165,038 184,784 18,349,822 Net book value At 31 Decemb•r 2026 18.165,038 184,784 18,349,822 At 31 Decembar 2024 16.975,058 269,745 17,244,803 Invesiments at market value comprlso: 2025 2024 Li?ted 8ecurib•s Ca¥h and s6W8ments pending 18,165.038 16,975,058 184,784 289,745 Total Market value 18,349,B22 17,244,803 Hlslorlcal cost of Ilsted securltles held 2025 2024 Hlslorical cost 14845.122 14,665,025 Page 34 MERCHANT NAVY WELFARE BOARD (A company Ilmlted by guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YttAR ENDEO 31 DecEMBER 2025 14. Debtors 2025 2024 Olhw dobtor8 Prepaymènls and accrued income 71735 167.423 83.7S4 439,431 243,158 503,185 15. Credltors: Amounts falllng due wlthln one year 2025 2024 Tradg Greditors Grants p#yablo Othar taxation and social s¥curity Accruals and d6feThgd kncom• 9,OJ7 57,662 11,630 60,240 18,432 67,625 9,134 23.377 138,629 118,568 Page 35 MERCHANT NAVY WELPARE BOARD IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 202 16. Statement of funds 8latemenl of fund5 - curient year Balance at 31 Galnsl December {Lossesl 2025 Balance at 1 January 2025 Income Expendlture Unrestrlcted funds General Funds- all fLmd$ Designalad funds 10,505,678 1,000,000 518.212 {1,049,111) 1.2g6,326 17,271,105 1,000,000 17.$05.678 518,212 (1,049.1111 1,296.326 18,271.105 Restrlcted funds Vthcl6 Replacement Programme MN Medal Fund NSWBIPWC D•v•lopmenl MiFi Project ABP HuM￿r Levy Racognltion of Carers C188 Training TH Dff Fund EEDI Projact TK Foundation Grant Trinity House: MN Sgafamfs Pledgo 70.791 2.369 49,681 8,331 6.492 108 1,732 7,953 152,032 3,603 187,9161 14,1071 135,J331 (815) 185,9641 160,907 1M65 14.348 7,516 26,508 108 1.732 7.953 106,040 21,710 (21,7101 500 6,500 Total Restrl¢led funds 153,457 289,885 {215.8451 227.497 Totsl of lunds 17.059,135 B08.097 11,2048561 1,296,326 18,498,602 Page 36 MERCHANT NAVY WELFARE BOARD IA company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 16. Statement of funds {contlnued} Vehlcte Replacement Programme (VRP A partnèrship programme to providp grants to replace vthicles Ihal WDvid8 wolfare services eovèring UK poris, Gibraltar ar￿ the Falkland Islands. Thè VRP is fund￿ •qually bet0￿￿n Thè Saafare's Charty UK, ITF Sèaforars, Tiugl, Trinity House ond MNWB. MN Medal Fund Tho MN Mèdal Fund rec•ives donations from th6 UK maritime Sèctor to SLVPOrt IhB promotlon and award of thè Merchant Navy Medal for M9ritortou$ Servke, associa￿d websilg and the arbnual meetings of thè Merthant Navy Honours Consultaliva Committee Ihat 4thils•$ tho Govt. D•partmentforTMnsp MIFI Project A Project maThag¢d by MNWB to providè Ship W•lfar• Visilcfs th mobile inte￿1 hubs l￿Fi ur1￿) to improva communication5 and seafarers, welfare in ports. This project is fvndèd by MNWB, The Seafaiets, Charity and th8 Departmant f￿Transport. ABP Levy From 01 January 2025. ABY axtended the lavy to all 21 of its UK ptsrts. NSWB Development All nalonal and reglond portwalfar6 initiotives hav¢ now b••n combined under thls fund. TK Foundatlon Grant TK Foundalion made a grani towards ow bienniul Seafarers. WeIfare Conf&rence. This conference 15 primarily for MNW8'5 momber organÈsalions, offering support and netwoiking opportunilios V￿th othar kay Poopl& from the sector. MN seafarers Pledge Thè MN S•afaT•rs Pledg8 Is o now wqoct that aimg lo improve awareness of tha unNu6 contsibulion made by Seafarers in Ihe UK. Trinity Hou58 has contllbuted lo thls fvnd and it is expe¢lsd that othèr organlsalions wll make contrfbutb)ng in 2026. Paye 37 MERCHANT NAVY WELFARE BOARD IA company Ilmlted by guarantee> NOTes TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 16. slatsmenl of funds {contlnuedl statement of funds - prlor year Balanca at 31 Gainsl December {Loss0s1 2024 8alance al l January 2024 Transfèrs Inlloull Income ExpènthbJr8 Unrestrlcted fvnds General Fund5- 011 fi¢nd5 Designated fvnds 12.615,103 3,816,624 {933,7271 {5.0591 1.012,737 18,505,878 1.000.000 1,000,000 13.615,103 3.816,624 (933,7271 (5.059) 1,012,n7 17.505,878 Restrlcted tunds Vohicl• Replacgmenl Programmo MN Medal Fund NSWBIPWC Devglopmenl Drf Sealar•r Wellbeing MIFI Project ABP Humb•r Levy ReGcgnition of Carers C188 Trainin9 TH Dff Fund EEDI Proloct Total Restflcted lunds 113,112 2,586 84,285 1,306 1120,6081 11,5221 76,791 86,637 136.9581 49,681 2,876 12,559 17,935 110,2281 5,059 6,000 8,331 66,324 159.8321 6,492 108 3,173 3,0 11,4411 11.0471 1.732 7,953 8,￿0 224.Q50 183,915 {239,5671 153,457 Total of fund$ 13,839,153 3,9BO,539 11,173,294} 1,012.737 17,659,135 Peg• 38 MERCHANT NAWf WELFARE BOARD {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2025 17. Analysls of net assets bètween funds Anawsls of net assets between funds- cu￿ent year Uniestrlcted Rftstrlcted funds funds 2025 2025 Total funds 2025 Tangible fixed 4s¥8ts FSx•d asset investments Curftnt assets Cr¢ditors dug ￿t￿n on• 3.230 18,123.796 282,709 1138,6291 3,230 226.027 18,349.B22 1A70 284.179 {138,6291 Total 18,271,105 227,497 18,498,602 Analysls of net assets between funds- prlor year Unrastricl8d nd$ 2024 R•gtrlct•d funds 2024 Total nd3 2024 Tan￿ble fixed assets Fix8d assat Investmenls Currènt assats Creditors duo wthin ons 810 17,198.636 425,000 (118.568} 610 48,167 17,244,803 107,290 532.290 {118.568) Total 17.SOS,678 153,457 17.659.135 18. Penslon commltments Th• charity providej a definèd contributiony pe￿￿ttn 8ch•m•. Thè assfrts of the 8theme arg hdd saparatatyfrom thoso of the thurityln an indèpendently adminisiered fund. MNWB has a Group Per80fbBI Pènsion Plan & Group Slakeholder Pénsion Plen with Royal London. Contributions mad• to tho scheme wnourbled to £76,511 12024 - £72,770). At thè Balancè Sh8&t dat• contsibutions of£139 {2024- £5.6021 w•re outstanding. Page 39 MERCHANT NAVY WELFARE 80ARD IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS POR THE YEAR ENDED 31 DECEMBER 2025 19. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvllles 2025 2024 Not incom• for tho yaar las per Statèmgnt of Ffnonclal Adiviliesl 839,467 3,819,982 Adlustments lor: DepTeciafion chorges GainAoss on inv851monts Divtdends from Invgslm?nls DÈerease In debtors Inctea5el(decr6aso1 in crodilors 3,989 1,852 11,296,320) 11.0117371 1317.7801 1303.8131 260,026 2.373 20,061 135.8421 Net cash provlded byllu$ed In) operatlng acllvltles {49D,5631 2A71.815 Analysls of cash and cash equlvalents 2025 2024 Ca8h In hand 41,021 29,105 Total cash and cash equlvalents 41,021 29,105 At31 December 2025 Janu4ry 2025 Cash fiowg Cash &t bank in h4nd 29,105 11.916 41,021 29.105 11,916 41,021 Page 40 MERCHANT NAVY WELFARE 80ARD IA company Ilmlted by guaranieè} NOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 21. Opefatlng lease commlthients At 31 Decernb8T 2025 the charity had commilm•nls lo make fvtur• minimum paym8nl8 under non- ethne•llablg operafjnglgases as follows: 2025 2024 Not latèr Ihan 1 yaar Later than 1 year and Th)1 later than 6 ya#r8 L•l8r than 5 years 30,795 112,023 29,535 115,261 25,667 142,818 170,463 Constituent members Th8r• are a numbor of Con$lltuènt where thgrè ar8 common trustees ￿1b tho BoaTd and transactions tske placg during the year on an arm's length basis. Nonè of th8 Constituent Membèrs meet the definilton of a related paty os set out in the SORP. D8tails of these ItAnsatiions aro disdosed in tho Roport of the Tru¥tses. Related party t￿5￿ctIonS Duiing tho yeaT. 4 grant of £5,CK)012024'. £nll} was paid lo Soafarers Hos￿(•7 Society. Th8 spousè of a trustee of thg Charity is a member of tha key management p8rsoiwio1 of SeofaTtrs Hospital Soci¢ty. No balancos were outstanding at th• year end12024". £nil). During th• year, grants tolalling £24,976 {2024: £nil) were awgrdad to QVSR. No purchaws ware mad9 dwing tho y8ar12024'. £148}. A trustee of thè Chority is a member of Iha kay manogement personnel of QVSR. No balancas wore outstandlng atthe year end12024'. £nil}. DuFing tha y•ar. grants totalling £13.950 12024: £nill W8￿ awarded lo QVSR Seafarers Centrès, and pwchases totalllng £10412024: £ro1) ￿￿& made from QVSR Sèafarers Cenlres. A Ir4JSt•o of the Charity is a member of the key management personnel of QVSR SeafaTeT5 C6ntr•s. A ba18ncè of £25,000 was included wilhin granls payable at the year end12024: £25,000). No other balttn￿ were outstanding al thè year end (2024: £nli l. 24. Controlllng party Th• char&y 1$ limi1￿ by guarantee and Is controlled by hs m•mb&rs. Pag8 41