## **HULL MARITIME FOUNDATION** 

## **FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31[st] DECEMBER 2020** 

**Registered Charity No: 1180186** 



**HULL MARITIME FOUNDATION** 

## **CONTENTS** 

- Report of the Trustees Committee 

6. Independent Examiner’s Report 

7. Statement of Financial Activities 8. Balance Sheet 

9-10. Notes to the Financial Statements 



## **HULL MARITIME FOUNDATION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[st] DECEMBER 2020** 

**Trustees** David Bell Malcolm Relph Until 25[th] March 2019 Martin Mancey Lord Haskins of Skidby Susan Hopkinson From 29[th] January 2019 Charlie Spencer From 25[th] February 2019 

The trustees present their report with the financial statements of the charity for the year ended 31[st] December 2020.  The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1[st] January 2015). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and Aims** 

The Charitable Independent Organisation (CIO) was established to; 

- advance education in the subject matters of maritime and seafaring history, the national sciences in the marine environment and the arts in Kingston upon Hull in particular and the community at large through the work, collections, activities and programmes of Hull’s Maritime Museum, the North End Shipyard, the Arctic Corsair and Spurn Lightship. 

- advance and promote the City’s maritime history, heritage and culture through supporting Hull’s Maritime Museum, the North End Shipyard, the Arctic Corsair and Spurn Lightship and the “Hull: Yorkshire’s Maritime City” project. 

## **ACHIEVEMENT AND PERFORMANCE** 

In the 12 months to 31[st] December 2020, the work of the Foundation was impacted substantially by the impact of the Covid-19 pandemic.  It held one face-to-face meeting before the Covid-19 restrictions hit and subsequently held its meetings online or over the telephone.  The focus of fundraising during the year has been on trusts and foundations and developing its local support through its patrons’ and friends’ programmes.  During the year to 31[st] December 2020, the Foundation has: 

- Continued working with a trustee group of five including its Chairman 

- Changed its legal status from Association C10 to Foundation C10 

- Launched the HMF Maritime Friends Programme 

- Continued its operational relationship – at arms-length due to Covid-19 – with Hull Maritime Museum and Hull Culture and Leisure Limited 

- Successfully raised funds from a number of trusts and foundations to support the Hull: Yorkshire’s Maritime City project 

- Grant applications in excess of £600,000 were delayed because of the Covid-19 outbreak and the changed priorities of potential funders.  Those applications are now being submitted in 2021. 

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## **HULL MARITIME FOUNDATION** 

## **REPORT OF THE TRUSTEES (CONTINUED)** 

## **Public Benefit** 

The Trustees confirm that they have carried out their duties under Section 17(5) of the Charities Act 2011. 

## **Financial Position and Future Activities** 

The financial position of the Charity is a strong one with net assets at 31[st] December 2020 amounting to £358,566 (2019 £6,591). 

Total income during the year amounted to £351,975 (2019 £6,591).  No expenditure was incurred during the year. 

## **Reserves Policy** 

1. Hull Maritime Foundation’s current reserves policy is to hold no monies in reserve. 

2. The Foundation trustees agreed this policy having considered the following material issues regarding operation and liabilities: 

   - Hull Maritime Foundation received its registration as a charitable incorporated organisation (CIO) on 5 October 2018. 

   - It was established to support Hull Maritime Museum and its activities, programmes, sites and assets in general and the Hull: Yorkshire’s Maritime City project in particular, through fundraising and advocacy.  Its current priority is to assist in closing of the HYMC project’s £2.6 million match-funding gap. 

   - Its trustees are all volunteers and the Foundation has no paid staff.  The fundraising Manager for the HYMC project is employed by Hull City Council and is seconded to work for the Foundation for up to two days per week at the Council’s expense. 

   - The trustees have restricted funds totalling £6,000.  They have agreed that the £5,000 grant from Hull City Council, received last year to cover any administrative costs which might arise and the £1,000 received from the Devonshires for Arctic Corsair volunteer activity, should be restricted but that all other funds should be unrestricted. 

   - The Foundation currently holds no property assets and does not expect to do so in the future. 

   - The Foundation has had no expenditure since its set up on 5[th] October 2018 up to 31[st] December 2020 – the year end of its latest annual accounts. 

- In terms of risks, the Foundation has no trading risks, there are no debtors but the trustees acknowledge the risks and liabilities associated with its fundraising operations and its legal obligations to conduct these properly.  It has developed policies and procedures to guide working practice and minimise risks.  They include: 

- ➢ Acceptance and Refusal of Donations Policy 

- ➢ Control of Expenses Policy 

- ➢ Financial Responsibilities Policy 

- ➢ Risk Management Policy 

- ➢ GDPR Compliance Policy 

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## **HULL MARITIME FOUNDATION** 

## **REPORT OF THE TRUSTEES (CONTINUED)** 

3. The trustees will review this policy twice yearly to ensure that it still matches the working practices of the Foundation and adequately responds to the risks and liabilities present. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing Document** 

The Hull Maritime Foundation is a Charitable Incorporated Organisation.  The constitution was registered with the Charity Commission on 5[th] October 2018. 

## **Organisational Structure** 

The charity is managed by a board of trustees.  There must be between three and twelve trustees and currently there are five, including the Chairman.  Each has an equal vote and the Chairman has a casting vote.  No other persons or organisations have voting rights or decision making powers. 

Where possible, the trustees meet on a monthly basis. 

The Foundation is supported by the Hull: Yorkshire’s Maritime City Fundraising Manager who is seconded to the Foundation for up to two days a week. 

## **Recruitment and Appointment of New Trustees** 

The Charity Trustees may at any time decide to appoint a new Charity Trustee, whether in place of a Charity Trustee who has retired or been removed in accordance with clause 15 of the Foundation’s Constitution (Retirement and removal of Charity Trustees), or as an additional Charity Trustee, provided that the limit specified in clause 12.3 on the number of Charity Trustees would not as a result be exceeded. 

A person so appointed by the members of the CIO shall retire in accordance with the relevant provisions of the constitution.  A person so appointed by the Charity Trustees shall retire at the conclusion of the next annual general meeting after the date of his or her appointment, and shall not be counted for the purpose of determining which of the Charity Trustees is to retire by rotation at that meeting. 

At every annual general meeting of the members of the CIO, one-third of the Charity Trustees shall retire from office.  If the number of Charity Trustees is not a multiple of three, then the number nearest to one-third shall retire from office. 

The Charity Trustees to retire by rotation shall be those who have been longest in office since their last appointment or reappointment.  If any trustees were last appointed or reappointed on the same day those to retire shall (unless they otherwise agree among themselves) be determined by lot. 

## **Induction and Training of New Trustees** 

Each trustee on their appointment is given a copy of the constitution and any amendments to it, and a copy of the latest Annual Report and Statement of Accounts. 

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## **HULL MARITIME FOUNDATION** 

## **REPORT OF THE TRUSTEES (CONTINUED)** 

## **Risk Management** 

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. 

A Risk Management Policy has been developed by the Foundation.  It has assessed the risks that might affect the Foundation in the following areas: 

- governance; 

- operational risk; 

- finance risk; 

- environmental and external risk; 

- law and regulation compliance risk. 

The Trustees review risks and their mitigation on a quarterly basis. 

## **STATEMENT OF RESPONSIBILITIES** 

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales, the Charities Act 2011, Charities (Accounts and Reports) Regulations 2008 and the provisions of the constitution requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for the period.  In preparing financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the constitution.  They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Charity Registration** 

The organisation is registered as a Charitable Independent Organisation Charity - No. 1180186 and was formed on 5[th] October 2018. 

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## **HULL MARITIME FOUNDATION** 

## **REPORT OF THE TRUSTEES (CONTINUED)** 

## **Administration** 

The day to day administration and long term planning of the organisation is the responsibility of the Trustees. 

## **Trustees** 

The trustees are listed on page 1 of these accounts. 

## **Secretary, Correspondence Address and Principal Office** 

Mrs H. May Hull City Council, 3[rd] Floor, Earle House, Colonial Street, Hull, HU2 8JY 

**Bankers** 

NatWest, 38 King Edward Street, Hull, HU1 3SS 

## **Independent Examiner** 

A.R. Bullock Esq. Dutton Moore, Chartered Accountants, Aldgate House, 1-4 Market Place, Hull, HU1 1RS 

Signed for and on behalf of the trustees 

Lord Haskins of Skidby, Chair 

Hull:  2[nd] August 2021 

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## **REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF HULL MARITIME FOUNDATION ON THE ACCOUNTS FOR THE YEAR ENDED 31[st] DECEMBER 2020 CHARITY NUMBER 1180186** 

I report on the accounts of the charity for the year ended 31[st] December 2020 which are set out on pages 7 to 10. 

## **Respective responsibilities of trustees and examiner** 

The charity’s trustees are responsible for the preparation of the accounts.  The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed. 

It is my responsibility to: 

- examine the accounts under section 145 of the Charities Act; 

- to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and 

- to state whether particular matters have come to my attention. 

## **Basis of independent examiner’s report** 

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records.  It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from the trustees concerning any such matters.  The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matter set out in the statement below. 

## **Independent examiner’s statement** 

In connection with my examination, no matter has come to my attention: 

1. which gives me reasonable cause to believe that, in any material respect, the requirements: 

   - to keep accounting records in accordance with section 130 of the Charities Act; and 

   - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act 

have not been met. 

2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

A.R. Bullock FCA Independent Examiner Dutton Moore Aldgate House 1-4 Market Place Hull HU1 1RS 

Dated: 2[nd] August 2021 

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## **HULL MARITIME FOUNDATION** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[st] DECEMBER 2020** 

|||**Unrestricted**|**Restricted**|**Total Funds**|**Total Funds**|
|---|---|---|---|---|---|
||**Note**|**Fund**|**Fund**|**31/12/2020**|**31/12/2019**|
|<br>**INCOME AND ENDOWMENTS**|**FROM**|||||
|Donations, legacies and grants|2|350,975|1,000|351,975|6,591|
|||_______|_____|_______|_____|
|**Total**||£350,975|£1,000|£351,975|£6,591|
|**EXPENDITURE ON**||||||
|Generating funds||-|-|-|-|
|Charitable Activities||-|-|-|-|
|||_______|_____|_______|_____|
|**Total**||-|-|-|-|
|**NET INCOME / EXPENDITURE**||£350,975|£1,000|£351,975|£6,591|
|**RECONCILIATION OF FUNDS**||||||
|Total Funds brought forward||1,591|5,000|6,591|-|
|||_______|_____|_______|_____|
|**TOTAL FUNDS CARRIED FORWARD**||£352,566|£6,000|£358,566|£6,591|



The notes on pages 9 and 10 form part of these financial statements. 

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## **HULL MARITIME FOUNDATION** 

## **BALANCE SHEET AS AT 31[st] DECEMBER 2020** 

|||**Unrestricted**|**Restricted**|**Total Funds**|**Total Funds**|
|---|---|---|---|---|---|
||**Note**|**Fund**|**Fund**|**31/12/2020**|**31/12/2019**|
|**Fixed Assets**||||||
|Investments||-|-|-|-|
|**Current Assets**||||||
|Debtors|5|-|-|-|-|
|Bank||352,566|6,000|358,566|6,591|
|||_______|_____|_______|_____|
|||352,566|6,000|358,566|6,591|
|**Current Liabilities**||||||
|Creditors falling due within 1 year|6|-|-|-|-|
|||_______|_____|_______|_____|
|**Net Current Assets**||£352,566|£6,000|£358,566|£6,591|
|**Total Net Assets**||£352,566|£6,000|£358,566|£6,591|
|**Unrestricted Fund**||||||
|General Fund|7|||352,566|1,591|
|**Restricted Funds**||||||
|Restricted Funds|7|||6,000|5,000|
|||||_______|_____|
|||||£358,566|£6,591|



These financial statements were approved by the Trustees and signed on their behalf by 

…………………………………. Trustee C. Haskins …………………………………. Trustee Dated: 2[nd] August 2021 D. Bell 

The notes on pages 9 and 10 form part of these financial statements 

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## **HULL MARITIME FOUNDATION** 

## **NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2020** 

## 1. **Accounting Policies:-** 

## **Basis of preparing the financial statements** 

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011.  The financial statements have been prepared under the historical cost convention. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.  Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Fund Accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular restricted purposes.  The charity currently has restricted and unrestricted funds. 

## 2. **Donations and Legacies** 

|**Donations and Legacies**|||||
|---|---|---|---|---|
||**Unrestricted**|**Restricted**|||
||**Fund**|**Fund**|**2020**|**2019**|
|Donations|-|1,000|1,000|1,471|
|Grants|350,000|-|350,000|5,000|
|Patrons Programme|975|-|975|120|
|Gift Aid|-|-|-|-|
||_______|_____|_______|_____|
||£350,975|£1,000|£351,975|£6,591|



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## **HULL MARITIME FOUNDATION** 

## **NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] DECEMBER 2020 (CONTINUED)** 

## 3. **Trustees’ Remuneration and Benefits** 

There were no trustees’ remuneration or other benefits for either the year ended 31[st] December 2020 or for 31[st] December 2019. 

## **Trustees’ Expenses** 

There were no trustees’ expenses paid for the year ended 31[st] December 2020 or 31[st] December 2019. 

## 4. **Staff Costs** 

There were no staff costs for either the year ended 31[st] December 2020 or for 31[st] December 2019. 

## 5. **Debtors: amounts falling due within one year** 

|**Debtors: amounts falling due**|**within one year**||||
|---|---|---|---|---|
||||**2020**|**2019**|
||||£     -|£     -|
|**Creditors: amounts falling due within one year**|||||
||||**2020**|**2019**|
||||£     -|£     -|
|**Movement in Funds**|||||
||**Balance at**|**Incoming**|**Outgoing**|**Balance at**|
||**01/01/2020**|**Resources**|**Resources**|**31/12/2020**|
|Unrestricted Funds|1,591|350,975|-|352,566|
|Restricted Funds|5,000|1,000|-|6,000|
||_____|_______|_____|_______|
||£6,591|£351,975|-|£358,566|



6. **Creditors: amounts falling due within one year** 

## 7. **Movement in Funds** 

The Charity holds no endowment funds. 

The restrictions are noted in the reserves policy. 

## 8. **Related Party Disclosures** 

There were no related party transactions for the year ended 31[st] December 2020 or for 31[st] December 2019. 

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