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NOTES TO THE ACCOUNTS

The number of employees paid over £60,000 during the year (salary plus taxable benefits excluding employer pensions contributions and redundancy payments) was: (£ ’000)

2012

2011

3 — 1

3 — 1

£60,000 to £70,000 £70,000 to £80,000 £80,000 to £90,000

All four employees earning more than £60,000 participate in the Personal Pension Plan. The contributions were £5,012, £5,083, £5,088 and £7,821 from lowest to highest paid respectively, (2011 were £4,907, £3,588, £4,980 and £7,636) were paid into the scheme during the year. The trustees neither received nor waived any emoluments during the year (2011: nil). Trustees are entitled to reimbursement of expenses incurred on Fund business and expenses of £1,395 were paid to three trustees (2011: £1,713 paid to six trustees) which is mainly travel expenses. A further £439 on subscriptions (£365: 2011) and Insurance Indemnity fees paid by Seafarers UK were £689 (2011: £574) and although no Trustee recruitment costs were incurred in 2012, 2011 incurred £3,000.

12 PENSION Seafarers UK operates a defined contribution scheme for all employees. The assets of the schemes are held in separate funds administered by independent pension providers. The total cost of pensions for the year incurred by Seafarers UK was £42k (2011: £44k).

13 TANGIBLE assets (£ ’000) Freehold land and buildings Cost or valuation at 1 January Revaluation as at 31 December 2012 Less transfer to investments Additions at cost Less disposals

Cost or valuation at 31 December Accumulated Depreciation at 1 January

2,100 (430)

Fixtures, fittings & equipment

Total

129 —

2,229 (430)

(345)

(345)

16

16

13

(13)

1,325

132

1,457

40

72

112

(60)

(60)

Charge for the year

20

19

39

Less : Eliminated on Disposals

(12)

(12)

Accumulated Depreciation at 31 December

79

79

Net Book Value at 31 December 2012

1,325

53

1,378

Net Book Value at 31 December 2011

2,060

57

2,117

Revaluation as at 31 December 2012

All of the above fixed assets are held for charitable use. The above freehold land and buildings are 8 Hatherley Street, London occupied and carrying out the operations of the Fund. During 2012 the ground floor studio of 7 Hatherley Street was refurbished and leased to 2020 Health during December, resulting in a transfer of £345,000 to investments. All properties were revalued as at 31 December 2012 by Third Sector Properties, using the Royal Institute of Chartered Surveyors appraisal valuation. The valuation was £430,000 lower than the previous valuation from 2009. Investments are shown in more detail in Note 14. The original historical cost was £456,000.

32

Seafarers UK, Annual Report 2012  

Seafarers UK charity, Annual Report and Accounts 2012.

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