NOTES TO THE ACCOUNTS
18 Subsidiary Undertaking Seaservers Limited, incorporated in England and having an authorised share capital of £100 (issued share £2), is a wholly owned subsidiary of the Fund through which Christmas cards and other goods are sold. The company’s financial year ends on the 31 March and profits are paid to the Fund as and when appropriate by way of Gift Aid donation. A loss of £520 (nil in 2011) arose in the year ended 31 March 2012 after charges of £250 (2011: £25) made by the Fund. There was no Gift Aid donation made in either year. At 31 December 2012, £3,940 was owed on current account from Seaservers Limited (£3,870 in 2011 was owed from Seaservers Limited). The accounts of Seaservers Limited have not been consolidated into these financial statements on the grounds of immateriality. A summary of the unaudited results of Seaservers Limited for the year ended 31 March 2012 is shown below; the Company is entitled to exemption from statutory audit under section 249 of the Companies Act 1985.
0 (1) (1)
3 (3) —
Gift Aid Payment
Retained Profit for the year
(£ ’000) Turnover Cost of Sales and administration expenses Profit on activities before Gift Aid
Summarised Balance Sheet at 31 March 2012 Current assets
19 Related Parties Some members of the General Council are trustees of charities to which the Fund makes grants. The Grants Distribution Committee’s procedures require all such interests to be declared and for these members to abstain from voting. Within the General Council no single member exercises control or influences over any particular grant approval. During 2012 £3,126 costs were paid (2011: nil) to Pothecary Witham Weld in connection with legal services provided to the Fund, relating to letting of ground floor studio, 7 Hatherley Street, London. A trustee, Mr T. Cadman, is a partner in that firm. All figures are excluding value added tax. Seaservers Limited is the trading subsidiary of Seafarers, see note 18 for details of transactions between Seaservers Limited and Seafarers UK.
20 ASSISTANCE TO OTHER ORGANISATIONS During 2012 the Forces in Mind bank account was transferred to their nominated account, as at 31 December 2012 Seafarers UK held nil (2011: £52,684) this was not included within these accounts (2011: nil).