Seaways – May 2018

Seminar/ Seaways

Conferences Journals 2017 2016

£ £ £ £

Expenditure

Conferences/seminars 86,473 – 86,473 52,447

Seaways publications – 190,453 190,453 213,603

Mars – 6,000 6,000 5,000

Seaways advertising cost – 13,603 13,603 10,078

86,473 210,056 296,529 281,128

Surplus/(deficit) on

Seaways & conferences 1,793 (85,021) (83,228) (98,356)

4 Other trading activities

Books Services 2017 2016

Sales 693,662 1,805 695,467 493,671

Costs of sales

Opening stocks 122,152 6,117 128,269 152,243

Purchases 192,396 1,122 193,518 235,570

314,548 7,239 321,787 387,813

Less closing stocks (73,853) (5,545) (79,398) (128,599)

Costs of sales 240,695 1,694 242,389 259,214

Surplus on other

trading activities 452,967 111 453,078 234,457

5 Investments income

General Designated

Fund Fund 2017 2016

£ £ £ £

Bank interest 941 – 941 945

Dividends – 34,827 34,827 32,278

941 34,827 35,768 33,223

6 Raising funds

Cost of generating funds 4 242,389 – 242,389 259,214

Publicity 24,150 – 24,150 37,272

266,539 – 266,539 296,486

7 Charitable activities

Cost of activities in

furtherance of the

institute’s objectives 3 296,529 – 296,529 281,128

Support costs 8 805,669 – 805,669 814,441

Administration &

Governance costs 9 560,995 6,214 567,209 580,304

Project costs 131,874 – 131,874 128,280

Accreditation and

Certification 922,981 – 922,981 1,025,351

Prizes and scholarships – 500 500 3,000

2,718,048 6,714 2,724,762 2,832,504

8 Support costs

2017 2016

£ £

Branch subventions 10,917 15,519

Staff costs 11 749,902 752,406

Travelling and meetings 44,850 46,516

805,669 814,441

9 Administration & Governance costs 2017 2016

£ £

Postage and telephone 35,935 36,296

Printing and stationery 11,315 16,393

Computer expenses 84,920 77,018

Auditors fees 5,300 5,700

Credit Card & Bank Charges 34,458 36,926

Rent, rates and service charges 121,822 117,510

Insurance 5,803 5,942

Insurance - Members Benefit 36,976 39,645

Office equipment rental 4,182 4,195

General expenses 9,632 11,606

Travelling, meetings and

AGM expenses 44,850 46,516

Legal & Professional fees 7,837 6,546

Training Costs 3,131 2,704

Staff costs 11 83,322 83,601

Depreciation 77,726 89,706

567,209 580,304

10 Net movement in funds for the year

2017 2016

This is stated after charging: £ £

Depreciation of fixed assets 77,726 89,706

Auditors remuneration (audit services) 5,300 5,700

11 Staff costs

2017 2016

£ £

Salaries & wages 1,175,405 1,334,994

Social security costs 105,851 131,534

Pension 103,042 112,251

Less allocated to cost centres (551,074) (742,772)

Wages and salaries including benefits 833,224 836,007

No. of employees earning £60,000 to £70,000 2 2

No. of employees earning £70,001 to £80,000 – 1

No. of employees earning £80,001 to £90,000 – 2

No. of employees earning £90,001 to £100,000 1 1

No. of employees earning £100,000 + 2 1

Average number of employees 32 37

The chairman and trustees did not receive any remuneration during the year.

12 Taxation

The charitable company is exempt from corporation tax on its charitable activities.

Office

furniture &

Equipment Computers Total

13 Tangible fixed assets £ £ £

Cost

At 1st January 2017 72,827 406,662 479,489

Additions 789 87,349 88,138

Disposals – – –

At 31st December 2017 73,616 494,011 567,627

Accumulated depreciation

At 1st January 2017 33,695 346,296 379,991

Charge for the year 6,831 70,895 77,726

Disposals – – –

At 31st December 2017 40,526 417,191 457,717

Net book values:

As at 31st December 2017 33,090 76,820 109,910

As at 31st December 2016 39,132 60,366 99,498

Financial Statement

Read Seaways online at http://www.nautinst.org/seaways May 2018 |  Seaways  |   27

Financial Statement lrb.indd 27 18/04/2018 13:46