DUThON MOORE Ch3rtered Accounianis & Busine%$ Adviseis (ILL Ci)R' HULL MARITIME FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity No 1180186 dg8ie House 1-4 Market Hull HUI IRS T.. 01482 326617 F 01482 329863 E. enquiriesoaduiionmoore co uk HULL MARITIME FOUNDATION CONTENTS Report of the Trustees Committee Independent Examiner's Report Statement of Financial Activities Balance Sheet 10-12 Notes to the Financial Statements HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees David Atkinson David Bell Martin Mancey Lord Haskins of Skidby (Chair resigned 23106123) Susan Hopkinson Daniel O'Gorman Rosslyn Stuart (interim Chair) Jonathan Tasker Matthew Wright The trustees present their report with the financial statements of the charity for the period ended 31 December 2023. 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 January 2015). OBJECTIVES AND ACTIVITIES Objectives and aims The Charitable Incorporated Organisation {CIO) was established to., advance education in the subject matters of maritime and seafaring history, the natural 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 Hull Maritime Project The Hull Maritime project entails both physical building and extending connections in the community with an ambitious engagement plan. Most of Ihe building works were behind closed doors with the reconfiguration and restoration of the historic maritime buildings and the two ships: The Arctic Corsair and Spurn Lightship. This year saw the completion of the Dock Office Chambers in preparation for the racking storage inslallation for the collections to return in the new year. The top floor of the Maritime Museum was cracked open and new access created tothe roof and a HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES ICONTINUED) spiral staircase to one of the domes which will provide fantastic views of the city. The historic decoration has been carefully reslored with 'conservation grade, plastering and works are set to be completed in Summer 2024 to allow the collections installation to begin in the Autumn. The Spurn Lightship's refurbishment by Dunston Ship Repairs is now complete and it has received national recognition by being awarded The Martyn Heighton Award for Excellence in Maritime Conservation 2023, by the National Historic Ship UK. The Ship has now been moved to its new berth in the Hull Marina and will be open to visitors from Autumn 2024. The restoration of our other historic vessel.. the Arctic Corsair side-winder trawler progressed well. The North End Shipyard where it will be berthed is taking shape with the restoration of the drydock and the visitor centre which is being built to Passivhaus standard. There are some further planning considerations to be made regarding the installation of new dock gates and the installation of the ship which have caused a delay to original plans, however we have a masterful team of experts and would like to thank Siemens Gamsu, ABP and Dunstons for their continued support as we aim to resolve these complex issues to complete the project by Spring 2025. The Hull Maritime Project is a major investment in the regeneration of the Old City and waterfront areas and the board are pleased to note that further funding has been secured in partnership with Hull City Council, the National Highs Agency and the National Lottery Heritage Fund to realise the South Blockhouse Project which has been incorporated into the Hull Maritime brand. Organisational Development The 2023 financial year was a year of strategic development and change for Hull Maritime Foundation. The board met regularly to review fundraising plans and the project development. In June Lord Haskins of Skidby stepped down from his responsibility as Chair and Rosslyn Stuart took on the role on an interim basis. The Maritime Project Fundraising Manager retired in April 2023 and fundraising efforts slowed whilst two rounds of recruitment were made, the post was not filled. Fundraising towards the Maritime project continued to be supported by Simon Green in his capacity as Managing Director for Hull Culture & Leisure Ltd. At the end of the year a fundraising review was commissioned which has led to the appointment of Margot Walker as Head of Development and Partnerships who is now working closely with trustees to reach financial targets and strengthen the charity's performance. HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES {CONTINUEDI Financial Performance In 2023, the Charity continued to steward current funders and we are grateful for the continued support of Sir James Reckitt charity towards the projects, education and engagement activity and a final part award from the Headley Trusttowards the restoration of the Arctic Corsair. An additional £75k was secured from Trinity House Maritime Charity to support another round of 'Maritime Futures, training for young people who are not in education or employment. This remarkable initiative has seen an 80 % success rate for participants gaining employment based on the skills and experience that they have acquired. 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- term 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. Looking forward to 2024, the Foundation is looking to make the most of the skills and expertise now available on its board - particularly looking to engage its extended corporate sector network with the Hull Maritime project whether through sponsorship or the project's corporate membership programmes and assist the project in looking at opportunities in the maritime community and through advertising potential. It will work to support the Hull Maritime project team in realising these opportunities. In addition, it will consider its future operations as the Hull Maritime project comes to full fruition throughout 2024 and into 2025. Public Benefit The Trustees confirm that they have carried out their duties under Charities Act 2022. Financial Position and Future Activities The financial position of the Charity is a strong one with net assets at 31 December 2023 amounting to £76,465 (2022: £295,964). Total income during the year amounted to £30,617 (2022.. £331,268). Expenditure of £250,116 was incurred during the year (2022.. £150,000>. Reserves policy 1. Hull Maritime Foundation's ongoing reserves policy is to hold no monies in reserve. HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) 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 Culture & Leisure Ltd with the post being funded 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 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 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 3. The trustees will review this policy annually 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 (CIO). The constitution was registered with the Charity Commission on 5 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 eight, including the interim Chair. Each has an equal vote and the Chair 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 or as necessary. 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. HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) Recruitment and Appointment of New Trustses 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 resutt 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 reappointrnent. If any trustees were last appointed on the same day those to rets're shall {unless they otheTwise agree amongst themselves) be determined by lot. Induction and Training of New Trustses 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 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 accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ## **HULL MARITIME FOUNDATION** ## **REPORT OF THE TRUSTEES (CONTINUED)** The law applicable to charities in England and Wales, the Charities Act 2022 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 2022 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** Margot Walker, Hull Culture and Leisure, Pacific Exchange, Pacific Exchange 40 High Street, Hull, HU1 1 PS ## **Bankers** NatWest, 34 King Edward Street, Hull HU1 3SS ## **Independent Examiner** A.R. Bullock Esq, Dutton Moore, Chartered Accountants, Aldgate House, 1-4 Market Place, Hull HU1 1 RS Signed for and on behalf of the Trustees Rosslyn Stuart, Interim Chair Date: 22 August 2024 6 REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF HULL MARITIME FOUNDATION ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITY NUMBER 1180186 I report on the accounts of the charity for the year ended 31 December 2023 which are set out on pages 8 to 12. 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 2022 {"the Charities Act") and that an independent examination is needed. It is my responsibility to: examine the accounts under the Charities Act., to follow Ihe procedures laid down in the General Directions given by the Charity Commission., and to state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordan￿ 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 Con￿rnIng 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 matters set 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 that, in any material respect, the requirements: to keep accounting records in accordance with 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 14 Market Place Hull HU1 1RS Dated.. 22 August 2024 HULL MARITIME FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted Total Funds Total Funds Note Fund Fund 3111212023 3111212022 INCOME FROM ENDOWMENTS FROM Donalions. legacies and grants 1,617 29,000 30,617 331,268 Total 1,617 29,000 30,617 331,268 EXPENDITURE ON Generating Funds Charitable Activities 250,000 250,000 150,000 Other 116 116 Total 250,000 250,116 150,000 NET INCOMEIEXPENDITURE 1,501 (221,000) (219,499) 181,268 RECONCILIATION OF FUNDS Total Funds brought forward 6,964 289,000 295.964 114,696 TOTAL FUNDS CARRIED FORWARD 8.466 68.000 76,465 295,964 ## **HULL MARITIME FOUNDATION** ## **BALANCE SHEET** ## **AS AT 31 DECEMBER 2023** |||**Unrestricted**|**Restricted**|**Total Funds**|**Total Funds**| |---|---|---|---|---|---| ||**Note**|**Fund**|**Fund**|**31/12/2023**|**31/12/2022**| |||£|£|**£**|**£**| |**Fixed Assets**|||||| |Investments|||||| |**Current Assets**|||||| |Debtors|6||||| |Bank||8,465|68,000|76,465|295,964| |||8,465|68,000|76,465|295,964| |**Current Liabilities**|||||| |Creditors falling due within|||||| |one year|7||||| |**Net Current Assets**||8,465|68,000|76,465|295,964| |**Total Net Assets**||**8,465**|**68,000**|**76,465**|**295,964**| |**Unrestricted Fund**|||||| |General Funds|8|||8,465|6,964| |**Restricted Funds**|||||| |Restricted Funds|8|||68,000|289,000| |||||**76,465**|**295,964**| The financial statements were approved by the Trustees and signed on their behalf by: ...................................................... Trustee ...................................................... Trustees Date: 22 August 2024 The notes on pages 10 to 12 form part of these financial statements 9 HULL MARITIME FOUNDATION NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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 ReGommended 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 Acl 2011. The financial statements have been prepared under the historical cost Gonvention. Income All income is recognised in Ihe 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 lo that expenditure, it is probable that a transfer for economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is aG¢ounling 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 AGcounting Unrestricted funds can be used in accordance with the charitable objectives al 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 Unrestricted Fund Restricted Fund 2023 2022 Donations Grants PalronslFriends Programmes 1,617 Gift Aid 206 329,000 2,062 29,000 29,000 1,617 1,617 29,000 30,617 331,268 io HULL MARITIME FOUNDATION NOTES ON THE FINANCIAL STATEMENTS {CONTINUED} 3. CHARITABLE ACTIVITIES COSTS Unrestricted Fund Restricted Fund 2023 2022 Hull.. Yorkshire's Maritime City Project Funding 250,000 250,000 150,000 250,000 250,000 150,000 4. TRUSTEES, REMUNERATION AND BENEFITS There were no Trustees, remuneration or other benefits for either the year ended 31 De￿mber 2023 or for 31 December 2022. Trustees, expenses 2023 2022 Trustees, expenses 116 5. STAFF COSTS There were no staff costs for either the year ended 31 December 2023 or for 31 December 2022. 6. DEBTORS: Amounts falling due within one year 2023 2022 7. CREDITORS: Amounts falling due within one year 2023 2022 li HULL MARITIME FOUNDATION NOTES ON THE FINANCIAL STATEMENTS (CONTINUED) 8 MOVEMENT IN FUNDS Balance at 3111212022 Incoming Outgoing Balance at Resources Resources 3111212023 Unrestricted Funds Restricted Funds 6,964 289,000 1,617 29,000 116 250,000 8,465 68,000 295,964 30,617 250,116 76,465 The Charity holds no endowment funds. The restrictions are noted in the reserves poliGy. 9 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2023 or for 31 December 2022. 12