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D Resources Expended

All expenditure is accounted for on an accruals basis and classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to a particular category they are allocated to activities on a basis consistent with the use of the resources. Premises overheads are allocated by reference to space utilisation and other overheads on the basis of staff numbers. 1 Costs of generating funds are those costs incurred in seeking voluntary and legacy income. 2 Charitable activities This includes all expenditure (including grants which are recognised as a liability once the relevant committees have approved payments) directly related to the objects of the Fund and comprises the following:

E Fixed Assets and Depreciation

All assets costing more than £1,000 are capitalised and included at valuation plus any incidental expenses of acquisition. Property is re-valued every four years. Other fixed assets are valued at cost. Depreciation is provided on all fixed assets, from the day of acquisition, at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows:

Freehold Buildings


Fixtures and Fittings

Computer Equipment 20%

Office Equipment



Freehold land is not depreciated.

F Investments

SUPPORTING OLDER AND EX-SEAFARERS SUPPORTING SEAFARERS’ DEPENDANTS AND FAMILIES SUPPORTING SEAFARERS OF WORKING AGE SUPPORTING MARITIME YOUTH GROUPS IMPROVING EFFICIENCY WITHIN THE MARITIME SECTOR 3 Governance costs These costs include the costs of governance arrangements which relate to the statutory compliance and strategic running of Seafarers UK (King George’s Fund for Sailors ) as opposed to the direct management functions inherent in generating funds, improving efficiency within the maritime sector and administering the grants award programme. This includes such items as internal and external audit, legal advice for trustees and costs associated with constitutional and statutory requirements.

UK freehold land and buildings held as an investment are included in the accounts on the basis of professional valuations made every four years. Investment freehold plots of land held in the Bahamas are stated at valuation (on the basis of local real estate agents). Other investments are stated at market value at 31 December. Unlisted investments are held at the most recent valuation available. The SOFA includes the net gains and losses arising on revaluations and disposals during the year.

G Pension Costs

The Fund operates a defined contribution scheme with the Aviva PLC for employees who choose to participate in the scheme.Participating staff are required to contribute a minimum of 5% of basic salary to which the Fund will contribute a further 7.5% of their basic salaries plus an amount equivalent to the reduced liability of Employer’s National Insurance. Contributions are recognised in the SOFA, in the year they were incurred.

4 Support costs Support costs represent the staffing and associated costs of finance and general administration. They are allocated to charitable activities, fundraising activities and governance in proportion to the respective time spent by staff on these activities.

2 Voluntary Income (£ ’000) unrestricted Donations Legacies

429 864 1,293

restricted 191 — 191



620 864 1,484

453 1,013 1,466



397 13 31 — 19 460

296 17 32 20 3 368

3 Activities for generating funds (£ ’000) unrestricted Events Advertising in Flagship Magazine Corporate Sponsorships Charges to other organisations Trading

397 13 27 — 19 456

restricted — — 4 — — 4



Seafarers UK, Annual Report 2012  

Seafarers UK charity, Annual Report and Accounts 2012.