DurroN MOORE C.tr*rtereiJ Accountants Bu51ness Advisers HULL MARITIME FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Registered Charity No 1180186 Aieg31e H¢Me 1-4 Maikei P￿ce VIE AUI IRS T" 01482 326617 F.. 01482 329865 - enquiriesOdu;ionTllooTe co.uk HULL MARITIME FOUNDATION CONTENTS Report of the Trustees Committee Independent Examiner's Report Statement of Financial Activities Balance Sheet 9-10 Notes to the Financial Statements HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 Trustees David Bell Martin Mancey Lord Haskins of Skidby (Chair) Susan Hopkinson Charlie Spen￿r The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015). OBJECTIVES AND ACTIVITIES Objective8 and aim8 The Charitable Incorporated Organisation (CIO) was established to; advance education in the subject matters of marFtime and seafaring history, the natural sciences in the marine environment and the arts in Kingston upon Hull in particular and the communty at large through the work, co51ections, activrties and programmes of Hull's Maritime Museum. the North End Shipyard. the Arctic Corsair and Spum Lightship,. advance and promote the Citys maritime history. heritage and culture through supporting Hull's Maritime Museum, the North End Shipyard, the Arctic Corsair and Spum Lightship and the "Hull.. Yorkshire's Maritime City" project. ACHIEVEMENT AND PERFORMANCE In the twelve months to 31 December 2021, the Foundation was able to make more progress with fundraising than it did in 2020, as working within the context of the pandemic became more normal. All meetings continued to be held remotely, however. The Board reviewed its operations and the support still needed for the Hull Maritime project. As a ￿sUIt0f this review. il was decided that starting in 2022, Board meetings would take pla￿ quarterly, two of which would be in-person with the other two taking place remotely. In addition, it was agreed that the time was right to increase the size of Ihe trustee group in order to gain more skills and widen the contact base to help its fundraising and advocacy goals to support the Hull Maritirne proFCt and a trustee recruitment programme was scheduled to begin in early 2022. HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) 2021 saw some Suc￿sS in its fundraising efforts with grants being re￿iVed from." Trinity House Maritime Charity in support of the Maritime Futures offshore training programme for young people., James Red(itt Charity in support of the schools, engagement work of the Hull Maritime project., The Headley Trust in support of the restoration work for Arctic Corsair and the Spurn Lightship. Applications to the value of £750,000 were submitted in support of Hull Maritime which generated £137,000 for the project. In addition, the Foundation's patrons, and Maritime Friends, programmes grew slowly. generating unrestricted income for the Hull Maritime project. The trustees would like to extend its gratitude to all of its donors. Their contributions will not only assist in the long-temi preservation of Hull's 800 years of maritime heritage but will also contribute to the changing fortunes of the city and as such their support is doubly valuable. The pandemic continued to affect the Foundation's plans for engagement events with corporate sector supporters. All events were placed on hold in 2020 and were not progressed during the 2021 financial year. These will be reviewed going forward. The Foundation looks forward to 2022 with increased optimism. The Board hopes that its increased membership will facilitate increased fundraising activity and returns in support of the Hull Maritime project and that relaxation in the Covid-19 restrictions will enable those plans to be carried out to the fullest extent. Publlc Beneflt The Trustees confim that they have carried out their duties under Seclion 17(5) of the Charities Act 2011. Flnancial Position and Future Activitles The financia5 position of the Charity is a strong one with net assets at 31 December 2021 amounting to £114,696 (2020.. £358,566). Total income during the year amounted to £106.130 (2020: £351,975). Expenditure of £350,000 has incurred during the year (2020.. nil). Reserves pollcy 1. The Foundation is in the process of agreeing a Reserves Policy. and intends 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 eslablished to support Hull Maritime Museum and its activtties. programmes, sites and assets in general and the Hull: Yorkshire's Maritime HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) 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 where income has been received for spectfic purposes. but all other funds are unrestricted. This year grants received from Trinity House Maritime Charity for the Maritime Futures offshore training programme, the James Reckitt Charity for work with schools and The Headley Twst for restoration of the Arctic Corsair and Spurn Lightship have been restricted. The Foundation currently holds no property assets and does not expect to do so in the future. 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 guKle working practice and minimise risks. They include., Acceptance and Refusal of Donations Policy Control of Expenses Policy Financial ResponsibilitEs Policy Risk Management Policy GDPR Compliance Policy 3. The trustees will review Ihis policy twice yearly to ensure that it still matches the working practi￿8 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 (CIO). The constitution was regislered with the Charty Commission on 5 October 2018. Organisational Structure The charity is managed by a board of trustees. There must be be￿een three and twelve trustees and currently there are five. including the Chainnan. Each has an equal vote and the Chaimian has a casting vote. No other persons or organisations have voting rights or decision making powers. Where possible, the truslees meet on a monthly basis. The Foundation is supported bythe Hull: Yorkshire's Maritime City Fundraising Managerwho is seconded to the Foundation for up to two days a week, HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) Recrultm6nt and Appointment of New Tru8tses 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 Charty 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 ofthe Charity Trustees shall retire from office. If the number of Charty 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 on the same day those to retire shall (unless they othe￿iSe agree amongst themselves) be determined by lot. Induction and Training of New Tru8tee8 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. Risk Management The trustees have a duty Io Klentify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assuran￿ 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; finan￿ risk. environmental and extemal 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 ' **i j** ## **HULL MARITIME FOUNDATION** ## **REPORT OF THE TRUSTEES (CONTINUED)** 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 200 8 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 Incorporated Organisation Charity - No 1180186 and was formed on 5 October 2018. ## **Administration** The day to day administration and long term planning of the organisation is the responsibility of the Trustees. ## **Trustees** 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, 34 King Edward Street, Hull HU1 388 ## **Independent Examiner** A.R. Bullock Esq, Dutton Moore, Chartered Accountants, Aldgate House, 1-4 Market Place, Hull HU11RS Signed for and on behalf of the Trustees Lord Haskins of Skidby, Chair Date: 3rd May 2022 . I 5 REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTELS OF HULL MARI'I'IME Fou,￿DATIoN ON TIIL ACCOUNTS FOR THTr. YEAR ENDED 31$1 DF.CEMBER 2021 CHARITY NUMBLR 1180186 I report on the accounts of the charity for the year ended 31 Deccmlxr 2021 which are set out on pages 7 to 10. R¢$peetive r¢sponylbilitie5 of trustees and exRminer The charity's tn￿teeS are r¢spunsiblc for the preparation of the accounts. The charAty'S tNste¢s consider that an audit is not required for this year under section 144 of the Charities Act 2011 Ctthe Charities Act") and that an independent examination is neede(L It is my r￿ponsIbIlItY to: examine th¢ accounts under s￿tiOn 145 of the Charities Act. to follow the pmc¢dures 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. Basi8 of independent eyaminer's report My examination was carried out in accordance with the General Dircctions given by thc Charity Commission. An cxamination includ¢s a r¢view of the accounting records kept by the charity and a comparison of the accounts pr¢sented with thos¢ records. It also includ¢s consideration of any unusual items or disclosures in the accounts, and the seeking of cxplanations from the trutilees conccrning any such matters. The procedures undertakcn do not provxde all the evidence that would be required xn an audit and, consequcntly no opinion is giv¢n as to whether the accounts present a 'trne and fair view, and th¢ report is limited to thosc matter sel out in the statement below. Independent examiner's Statement In connection with my examination, no matter has come to my attention: which gives me reasonable cause to believe thaL in any material respecL 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 iti order to enable a proper understanding of the accounts to be reacheiL A.R. Bullock FCA Independent Examiner Dulton Moore Aldgate House 1-4 Markct Place Hull HUI IRS Dated: 3 May 2022 HULL MARITIME FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st DECEMBER 2021 Unrestricted Restricted Fund Fund Total Funds Total Funds 3111212021 3111212020 Note INCOME WID ENDOWMENTS FROM Donations. ￿gac￿$ and grants 2.13t) 104,IX(I 106,130 351,975 Totsl 2,130 104,000 351,975 EXPENDITURE ON G6nerating Funds charitab￿ A£bvit 350,OCKI 350,000 Total 350.000 350.000 NET INCOME I EXPENDftURE 347,870 243,870 361,975 RECONCILIATION OF FUNDS Total Funds brought forward 352,566 6,000 358,566 6,591 TOTIL FUNDS CARRIED FORWARD 4.6% 114 696 358,566 The notes on pages 9 and 10 form part of Ihese financial statements. ## **HULL MARITIME FOUNDATION** ## **BALANCE SHEET AS AT 31st DECEMBER 2021** |||**Unrestricted**|**Restricted**|**Total Funds**|**Total Funds**| |---|---|---|---|---|---| ||**Note**|**Fund**|**Fund**|**31/12/2021**|**31/12/2020**| ||||£|£|£| |**Fixed Assets**|||||| |Investments|||||| |**Current Assets**|||||| |Debtors|||||| |Bank||4,696|110,000|114,696|358,566| |||4,696|110,000|114,696|358,566| |**Current Liabilities**|||||| |Creditors falling due within 1 year|**7**||||| |**Net Current Assets**||4,696|110,000|114,696|358,566| |**Total Net Assets**||**4,696**|**110,000**|**114,696**|**358,566**| |**Unrestricted Fund**|||||| |General Funds|**8**|||4,696|352,566| |**Restricted Funds**|||||| |Restricted Funds|**8**|||110,000|6,000| |||||**114,696**|**358,566**| These Financial Statements were approved by the Trustees and signed on their behalf by ........................................................... Trustee ........................................................... Trustee Date: 3rd May 2022 . The notes on pages 9 and 10 form part of these financial statements 8 I. ## **HULL MARITIME FOUNDATION** ## **NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2021** ## **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) 'A ounting 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 charily 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, ii 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 Ac ounting** 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
Grants
Patrons I Friends Programmes
Gif Aid|**Unrestricted**
**Fund**
**£**
5
2,125
2,130|**Restricted**
**Fund**
**2021**
**2020**
**£**
**£**
**£**
5
1,000
104,000
104,00
350,000
2,125
975
104,000
106,130
351,975| |---|---|---| 9 HULL MARITIME FOUNDATION NOTES ON THE FINANCIAL STATEMENTS (CONTINUED) 3 CHARITABLE ACTIVITIES COSTS Unrestricted Fund R••trl¢l•d Fund 2021 2020 Hull.. Yothshlre's Maiitlm& Clty Project FuThlirvJ 350,000 350,0 350.TrJO 4 TRUSTEEV REMUNERATION AND BENEFITS There wwe no truslee8' remuneralSon or other benefrt8 lor elther the period ended 31 DeceM￿r2021 or for 31 December 2020. Trts8tees' eX￿n•0* There werB ￿ Iru$l•es' èxper￿3 paKI for th& p•rW ended 31 Decembw 2021 or 31 December 2020. S STAFF COSTS There were no 81aff for ollher tho periLKI andod 31 D8e8mb8r 2021 or for 31 December 2￿20. 6 OEBTORS., AMOUNTS FALLING DUE ￿THIN ONE YEAR 2021 2020 7 CREDITORS: AMOUNTS FALLING DVE WITHIN ONE YEAR 2021 2020 8 MOVEMENT IN FUNOS B$l•n¢o at 3111212020 In¢oming R¢8ources Outgolng R•8ourc Balanee at 3111212021 Unreslrieted Fund8 Restricted Funds 3S2.686 8,000 2,130 104,000 4,8 110,OC(I 358,586 106.130 360,000 114,886 The Charity hohl8 no gndowment fund8. The i&slrktbn8 ar• noted In Iho res¢w88 pollcy. RELATED PARTY DISCLOSURES The￿ wera no related party transactlon8 lor the perfod ended 31 December 2021 or for 31 December 2020. 10