DUTTON MOORE Chartered Accounlants & 8usine55 Advisers HULL MARITIME FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity No 1180186 Ald9ate Nouse L-4 M3Tket pLe Hull HUI IRS T.. OL4B2 326617 F. 01482 329863 eryqLJiries@dLsiionmoore co uk
HULL MARITIME FOUNDATION CONTENTS 1-6 Report of the Trustees Committee Independent Examiner's Report Statement of Financial Activities Balan Sheet 10-12 Notes to the Financial Statements
HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Nick Allen (J'oined December 2024) David Atkinson (Chair) David Bell (resigned December 2024) John D Blake (joined December 2024) Susan Hopkinson Daniel O'Gorman Martyn Mancey (resigned July 2024) Rosslyn Stuart Jonathan Tasker Rebecca Theob81d (joined December 2024) Matthew Wright The trustees present their reportwth the financial statements of the charity for the period ended 31 December 2024. 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; advan 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 South Blockhouse project, 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 the 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.
HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) This year saw significant progress in all aspects of the project. The Maritime Museum was completed by the contractors Simpsons and returned to the custody of HCAL in November 2024. Tenders forthe fitout were issued and the plan for operational readiness commenced. The official opening is planned for Spring 2026. The maritime collections of 46,000 objects have started to be returned to the Dock Office Chamber. Following the Spurn Lightship's refurbishment by Dunston Ship Repairs and repositioning in Hull Marina, it was discovered that further work was required to the berth and area adjacent to the ship before it could be opened. This work is ongoing and the ship is expected to open late 2025. 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 Autumn 2026. Organisational Development The 2024 financial yearwas a year ofstrategic development and change for Hull Maritime Foundation. The board met regularly to review fundraising plans and the project developmenl. After a period of a year without a fundraising Manager in post Margot Walker was appointed as Head of Development for the Hull Maritime Project and took up the role from June 2024. Rosslyn Stuart handed over her interim role as Chair of the Foundation and in October 2024 David Atkinson was elected as the new Chair and Matthew Wright as Depuly Chair. Martin Mancey and David Bell, both founding members of the charity have resigned their trusteeship after six years, we are extremely grateful for their support and commitment to establishing the charity at this time. Following a recruitment drive three new trustees have been appointed= Nick Allen who is Managing Director of Rix's shipping and renewables, Rebecca Theobald who brings charitable experience and works for the Fisherman's Mission and David D Blake who is a specialist in fundraising and individual giving. Policies and procedures continue to be reviewed and updated where neSsary, and training for trustees has been promoted following a skills audit. Financial Performance In 2024, the Charity was awarded £48k 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 parlicipants gaining employment based on the skills and experien that they have acquired.
HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) 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 preseNation 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 Foundation Trustees are committed to support the Hull Maritime Capital appeal and aim to make the most of the skills and expertise now available on its board - particularly ooking to engage its extended corporate sector neork 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, Ét will consider its fonmard plan as the Hull Maritime project comes to full fruition. 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 2024 amounting to £76,901 {2023.' £76,465). Total income during the year amounted to £49,380 (2023.. £30,617). Expenditure of £48,944 was incurred during the year {2023- £250,116). Reservas pollcy 1. Hull Marilime Foundation's ongoing reserves policy is to hold no monies in reserve. 2. The Foundation trustees agreed this policy having Conside 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-ndIng 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 Foundalion 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.
HULL MARITIIVIE FOUNDATION REPORT OF THE TRUSTEES {CONTINUED) 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- Acceptan and Refusal of Donations Policy Control of Expenses Policy Financial Responsibilities Policy Risk Management Policy Safeguarding 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 e1ve 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. Recruitment and Appointment of New Trustee8 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 additiona5 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 accordan 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.
HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) 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 on the same day those to retire shall (unless they otherwise agree amongst themselves) be determined by lot. Induction and Training of New Trustees Each trustee on their appointmenl 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; govemance. 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 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 slate of affairs of Ihe charity and of the incoming resources and application of resOUrs, 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 reasonab and prudent., prepare the financial statements on the going ¢oncem basis unless it is inappropriate to presume that the charity will continue in business.
HULL MARITIME FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) 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 Ihe 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 Registratlon 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 lisled on page 1 of these accounts Secretary* Correspondence Addross and Principal Office Margot Walker, Hull Culture and Leisure, Pacific Exchange, Pacific Exchange 40 High Street, Hull, HU1 1PS Bankers Natwest, 34 King Edward Street, Hull HU13SS Independent Examiner Dufiton Moore, Chartered Accountants, Aldgate House. 14 Market Place, Hull HU1 1 RS Signed for a on behalf of the Trustees David Atkinson, Chair Date: 22 July 2025
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF HULL MARITIME FOUNDATION ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITY NUMBER 1180186 I report on the accounts of the charity for the year ended 31 December 2024 which are set out on pages 8 to 12. Respèctlve r83ponsibilities 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 the 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 accordance with the General Directions given by Ihe 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 matters set out in the statement below. Independent examinor'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 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 Pla Hull HU1 1RS Dated: 22 July 2025
HULL MARITIME FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Restricted Total Funds Totsl Funds 3111212024 3111212023 Note Fund Fund INCOME FROM ENDQWMENTS FROM Donations, legacies and grants 1,380 48,000 49,380 30.617 Totsl 1,380 48,000 49,380 30,617 EXPENDITURE ON Generating Funds Charttable Activities 48,060 48,060 250,000 other 884 884 116 Total 884 48,060 48,944 250,116 NET INCOMEIEXPENDITURE 496 160) 436 (219,499 RECONCILIATION OF FUNDS Total Funds brought fonvard 8.465 68.000 76.485 295,964 TOTAL FUNDS CARRIED FORWARD 8,961 67,940 76,901 76,465
HULL MARITIME FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestricted Restricted Totsl Funds Total Funds Fund Fund 3111212024 3111212023 Note Fixed Assets Investments Current Assets Debtors Bank 8,961 67,940 76,901 76.465 8,961 67.940 76.901 78,465 Current Liabilitles Creditors falling due within one year Net Current Assets 8,961 67,940 76,901 76,465 Total Net Assets 8,961 67,940 76,901 76,465 Unrestricted Fund General Funds 8,961 8,465 Restricted Funds Restricted Funds 67,940 68,000 76,901 76,465 The financ al stalements were approved by the Trustees and signed on their behalf by: Trustee Trustees Date: 22 July 2025 The notes on pages 10 to 12 form part of these financial stalements
HULL MARITIME FOUNDATION NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES Basis of preparing the financial slatements The financial statements of the Charity, which is a publlc 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 Ihe UK and Republic of Ireland {FRS102} (effective 1 January 2019),, Financial Reporting Slandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial stalements have been prepared under the historical cost Gonvention. Income All income is recognised in the Statement of Financial Activities once the Charity has entitlernent to the funds, it is probable that the income will be received and the amounl can be measured reliably. Expenditurè Liabililies are recognised as expenditure as soon as there is a legal or construclive obligation committing the Charity to that expenditure, il 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 accounting for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Taxation The Charity is exempl from tax on its charitable activities. Fund Accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion ol the Trustees. Restricted funds can only be used for particular restricted purposes within the objecls 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 2024 2023 Donations Grants PatronslFriends Programmes 1,370 Gift Aid 10 10 48.000 1,370 48,000 29,000 1,617 1,380 48,000 49,380 30,617 io
HULL MARITIME FOUNDATION NOTES ON THE FINANCIAL STATEMENTS ICONTINUED) 3. CHARITABLE ACTIVITIES COSTS Unrestricted Fund Restricted Fund 2024 2023 Hull.. Yorkshire's Maritime City Project Funding Other costs 48,000 60 48,000 60 250,000 48,060 48,060 250,000 4. TRUSTEES, REMUNERATION AND BENEFITS There were no Trustees, remuneration or other benefits for either the year ended 31 December 2024 or for 31 December 2023. Trustees, expenses 2024 2023 Tru5tees' expenses 884 116 5. STAFF CQSTS There were no staff c051s for either the year ended 31 December 2024 or for 31 December 2023. 6. DEBTORS: Amounts falling due within one year 2024 2023 7. CREDITORS: Amounts falling due withln one year 2024 2023 li
HULL MARITIME FOUNDATION NOTES ON THE FINANCIAL STATEMENTS (CONTINUED) 8 MOVEMENT IN FUNDS Balance at Incoming Outgolng Balance at 3111212023 Resources Resources 3111212024 Unreslricted Funds Restricted Funds 8,465 68,000 1,380 48.000 884 48,060 8,961 67,940 76,465 49,380 48.944 76,901 The Charity holds no endowment funds. The restrictions are noted in the reserves policy. 9 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024 or for 31 December 2023. 12