Charity registration number 1156642 Cornpany ragl$tration numbar 08768149 (England and Wales) HOLY TRINITY (HULL) DEVELOPMENT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
HOLY TRINITY (HULL) DEVELOPMENT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Thistsas J H Robinson S Martin R Alden l Ogilvie Charfty number 1156642 Company numbor 08768149 Reglstsrèd offic• Hull Minster Souih Churth Side Hull East Yorkshlre HU11RR Indopendent •xamln•r Fawley Judge & Easton Chartered Certified Accountant8 1 Parliament Street Hull East Yorkshire HU12AS
HOLY TRINITY (HULL) DEVELOPMENT TRUST CONTENTS Pago Trustees, report Independent examinerfs report Stalgment of financial activitlas 8alanc8 sheel Notes to the financial statement8 6-12
HOLY TRINrrY (HULL) DEVELOPMENT TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report and accounts for the year ended 31 December 2024, The finanaal statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the the trust's goveming docum8nl. the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with th8 Financial Reporting Standard applicable in th8 UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" Obioctlves and a¢tlvltle8 The the trust's objects are lo provide or assist in the provision of facilities in the int8r8Sts of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of th8ir youth, age, infirmity or disability, financial hardship or social and economic circumstances with the object of improving their conditions of life,. and to advanc8 th8 Christian faith by th8 maintenance, repair or restoration of Holy Trinity Church, Hull including supporting th8 Parochial Church Council of the Ecclesiastical Parish of the Most Holy and Undivided Trinity Hull in the maintenance. repair or restoratlon of the church. Holy Trinily Church was renamed Hull Minster after it was re4esignated byArchbishop Sentamu ofyork in 2017. Policies have been adopted in furtherance of these objetxs and therè has been no changes in thase during the year. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the the trust should undertake. Achlevemgnts and perforniance 2024 ha8 seen little finance activity within the Trust but a huge amount of board support, advice and mentoring towards the PCC of Holy Trinity, Hull in embedding the 'Phase 3, project and ensuring its succe88 to bring about long-temi financial sustainability. The trust, in conjunction wlth the, PCC of Holy Trlnlty, Hull, will set the prlorlties for th9 remainlng funds and create a strategy for th8 next projects and dev81opments. Flnanclal rovlew The truslees are satlsfled with the financlal posltlon of the trust at the Balance Sh891 date. It is the policy of the trust thal unrestricled funds which have not been designated for a specific use should be maintained at a minimum level equivalent to betsveen three and six month's expenditure. The Irustees considers that reserves at this lavel will ensure that, in the event of a significant drop in funding, they will be able to continue the th8 Irust's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The truste8s have assessed the major risks to which the the twst is exposed, and are satisfied that syst8ms are in place to mitigate exposure to the major risks. Structurei governance and management The trust is a company limited by guarantee and regISted with the Charity Commissioners on 81h November 2013. The trustees, who are also the directors for the purpose of company law, and who served during th8 year and up to the date of signature of the financial statements were: J H Robinson S Martin R Alden l Ogilvie
HOLY TRINITY (HULL) DEVELOPMENT TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees have been recruited from the public who are engaged in th8 procurement of the objeclives of the trust. None of the trustees has any beneficial interest in the company. All of the trustee5 are rnembers of the company and guarantee to Contribute £1 in the event of a winding up. The trust is Controlled by the directors, who with the support of a project committee deliver the airns and objectives the trust. The trust was formed to provide the fun(kraising requirements for the Holy Trinity Church. Hull development scheme. The monies raised will be gifted to Holy Trinity Church, Hull who in tum will pay for the works through Hoty Trinty Development Ltd. a wholly owned company of the Parochial Church Council of Holy Tiiniiy. All organisations have common members. The trustee¥, report was approved by the Board of Trustees. J H Roblnson Trustee Dated.. 14 March 2025
HOLY TRINITY (HULL) DEVELOPMENT TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Nots8 Income from: Donations and legacies Investments 127,983 2,856 148 128,129 2,856 1,059 1,059 2,493 2,493 Totsl Income 130,839 130,985 2.493 1,059 3,552 Expendlturn on: Charitable activities 2.026 78,437 78.463 13,622 178.893 192,515 Total oxpondlturo 2,026 76,437 78,463 13,622 178,893 192.515 Not Incomel(oxpondltural 128,813 (76,291) 52,522 (11,129) (177,834) (188,963) Transfers between funds (43,543) 43,543 Net M0mOnt in lund8 85,270 (32,748) 52,522 (11,129) (177,834) (188,963) Raconclllatlon of funds: Fund balances at 1 January 2024 198,635 32,748 231,383 209,764 210,582 420,346 Fund balancas at 31 Decambor 2024 283,905 283,905 198,835 32,748 231,383 The statemenl of financial activitias in¢ludes all galns and lossa8 reGognised in Ihe year. All Income and expenditure derive from continuing activities.
HOLY TRINITY (HULL) DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOLY TRINITY (HULL) DEVELOPMENT TRUST I report to the tTUStees on my exarnination of the financial slalements of Holy Trinity (Hull) Development Trust (the th8 trust) for the year ended 31 December 2024. Responsibilltles and basls of report As the trustees of the th8 trust (and also its directors for the purposes of company law) you a responsible for the preparation of the finanaal statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independ8nt examination, I report in respect of my examination of the the trusfs financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Ad). In Carrying out my examination I hav8 followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of tha 2011 Act. Independant examine$ statemént I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believa that in any material raspect.. accounting records were not kept in respect of the the trust as required by saction 388 of the 2006 Act., or the financial statements do not accord with those racords., or the financial statements do not comply with the accounting requirement8 of sectlon 396 of the 2006 Act olher than any requirement that the accounts give a true and fair view which is not a matter consid8r8d as part of an independent 8xaminalion; or the financial statements have not been prepared In accordance with the methods and principles of thé Statement of Recommended Practice for accounting and reporting by charities applicabl8 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. I have no concerns and have come across no other matters in connectton with the examination to which attention sho e drawn in this report in order to enable a proper understsnding of the financial statements to an M Leathley- ley Judge & Easton arterpd C9rtified Accountants 1 Parliament Street Hull East Yorkshire HU12AS Dated: 14 March 2025
HOLY TRINITY (HULL) DEVELOPMENT TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notss Current ag30ts Cash at bank and in hand 285,764 233,269 Credltor8: amounts falllng due wlthln one year 10 (1,859) (1,886) Net current as¥et8 283,905 231,383 Income lund• Restricted funds Unrestricted fvnds 32,748 198,635 283,905 283,906 231,383 The cornpany 18 entitled to the exemptron from the audlt requirement contained in sectlon 477 of the Companies Act 2006, for the year ended 31 December 2024. The members have not required the c%)mpany to obtaln an audit of these financial statements. The directors acknow18dge their responsibilities for compFying with the requirements of the Companies Act 2008 with re8pect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audlt of rts financial statem8nts for the year In question In accordance with $8Ction 476. These financial statements have been prepar8d In accordance with the provisions applicable to companies subject to the small companies regime. The financial statemenls wer• approved by the Trustees on 14 March 2025 J H Robinson Trustèe Company Reglstratlon No. 08768149
HOLY TRINITY (HULL) DEVELOPMENT TRUST BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 Critlcal accounting estimates and Judgaments In the application of the the trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions a based on historical experience and other factors that are considered to be relevant. Actual results may differ from th8se estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in thé period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both Current and future periods. Ac¢ountlng pollcl¢8 Company information Holy Trinity {Hull) Development Trust is a private company limited by guarantee Incorporated In England and Wales. The registered office is Hull Minster, South Church Side, Hull, East Yorkshlre. HU11 RR. 2.1 Ac¢ountlng conventlon The financial statements have been prepared in accordance with the the trust's [governing document], the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. {"FRS 102") and the Charities SORP "Accounting and Reporting by Charities: Slatement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). The the trust is a Public Benefit Entity as defined by FRS 102. The the trust has taken advantage of the provi8ions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statament of Recommend8d Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has Since been withdrawn. The financial statements are prepared in sterling, which is the fijnctional currency of th• the trust. Monetary amounts in these financlal stalements are rounded to the nearest £. The financial statements have been prepared under the historical cost conventlon, [modlfied to indude Ihe revaluation of freehold properties and to include investment properties and certaln finandal Instruments at fair valuej. The principal accounting policies adopled are set out below. 2.2 Golng concern At the time of approving the financial statements. the trustees have a reasonable expectation that the the trust has ad8quat8 resources to continue in operational existence for the foreseeable future. Thus the trustees ¢ontinu8 to adopt the going concern basis of accounting in preparing the financial statement5. 2.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their chariiable objectives. Restrict8d funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the Capital must be maintained by the the trust.
HOLY TRINITY (HULL) DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (Contlnued) 2.4 Incoming re¥ources Income is recognised when the the trust is legally entiued to it after any p8rformance conditions hav8 been met, the amounts can be measured reliably, and it is probable that inc0rn8 will be received. Cash donats'ons are recognised on receipt. Other donations ar8 recognised once the th8 trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable In relatlon to donatlons received under Gift Aid or deeds of covenant 18 recognised at the time of the donation. Legacies are recognlsed on receipt or otherwise rf th8 the trust ha8 been notified of an impending dSstrlbution, the amount is known, and receipt is expected. If the amount is not known, tha legacy 18 treated as a contingent asset.
HOLY TRINITY (HULL) DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcle8 (Continued} 2.5 Resources expended Expenditure 15 shown inclusive of any attributable VAT except for grants to donors. 2.6 Cash and cash equlvalents Cash and cash equiva18nts include cash in hand, deposits held at call with bank5, Other short-temi liquid inveslments with original maturitiès of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabi1rt18S. Inancial assets Basic financial assets, which include debtors and cash and bank balances, ar8 initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangem8nt constitutes a financing transaction. where the transaction is measured at the present value of th8 future receipts discounted at a market rate of interest. Financial assets classified a8 r8ceivable within one year are not amortis8d. Bas1¢ flnanelal Ilabllltles Basic financial liabilities, Including creditors and bank loans are initialty recognised at transaction price unle5S th8 arrangement constitute3 a financing transaction, where the debt instrum8nl is measured al the present value of the future payments discounted at a market rale of interest. Financial liabiliti8s classified as payable within on8 year are not amortised. Debt instruments are subsequently carried at arnorti8ed cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or s8rvices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassif18d as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost U8ing the effective interest method. Derocognition of financlal Ilabilitles Financial liabilities are derecognised when the the trusys contractual obligations explre or are discharged or cancelled. 2.7 Employee beneffts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are reived. Termination benefits are recognised immediately as an expense when the the trust is demonstrably committed to terminate the employment of an employ88 or to provide termination benefits.
HOLY TRINITY (HULL) DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donations and logaclos Unrestrictsd Rastrictsd funds funds Total Restrict8d funds 2024 2024 2024 2023 Donatlons and gffts Grants 146 127,983 1,059 127,983 127.983 146 128,129 1,059 Donatlon8 and g1ft4 Other 148 146 1,059 146 146 1,059 Grants rncelvable for coro actlvltlo8 127.983 127.983 127,983 127,983 Income from Invostments Unrostrlcted Unrestrlcted funds funds 2024 2023 Interest receivable 2,856 2,493
HOLYTRINITY (HULL) DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on charitable activities Developmen D•valopmen 2024 2023 Dlrect costs Hull Minster- Grants 76,543 190,715 Share of support and governance costs (see note 7) Governance 1.920 1,800 78,463 192,515 Analysls by fund Unrestricted funds Restricted funds 2,026 76,437 13,622 178,893 78,463 192.515 Net movam8nt in funds 2024 2023 The net movement in funds is stated after chargingl{crediting): Fees payable for the independent examination of the charity's financial statements 1,920 1,800 Support C08ts Support Govornanca costs costs 2024 2023 Audit fees 3,600 1,920 1,920 1,800 3,600 1,920 1,920 1,800 Analysed bebNeen Charitable activities 3,600 1,920 1,920 1,800 Govemance costs includes payments to the auditors of £1,920 (2023- £1,800) for the independent examination and non-audit fees. Trustees None of the trustees (or any persons connected with them) received any remuneration or expenses during the year. 10-
HOLY TRINITY (HULL) DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Development There were no employees whose annual remuneration was £60,000 or more. 10 Credltors: amounts falllng duo wlthin ono year 2024 2023 Accruals and deferred income 1,859 1.886 11 Unrestrfcted funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incomlng resourcos Resources oxpended Transfers At31 December 2024 General funds 198,635 130.839 (2,028) (43,543) 283,905 Prevlous year: At 1 January 2023 Incomlng resources Resources expended Transfers At31 December 2023 General funds 209,764 2,493 (13,822) 198,635 12 Analysls of net assets between funds Unrestricted funds 2024 Restrlcted funds 2024 Totsl 2024 At 31 December 2024: Current assetsl(liabilitiesl 283,905 283,905 283.905 283,905 11
HOLY TRINITY (HULL) DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Analysis of net assets beiween fund6 (Continued) Unregtrlctsd funds 2023 Restrlcted funds 2023 Total 2023 At 31 Dacember 2023: Currenl assetsl(liabilities) 198,635 32.748 231.383 198.835 32,748 231,383 13 Relatsd party tran$actlon• Transactlons wlth rnlatod partlos During the year the the trust entered into the foll¢Nving tran5actlons with related parties: Developmont Project 2024 2023 PCC Holy Trinity Hull 76,437 190,715 76.437 190.715 At 31 st December 2024 there were no balances due belween the Trust and the PCC Holy Trinity Hull (2023- £0). 12-