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 pL￿e
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 ne￿Ssary, 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 ne￿ork 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 resOUr￿s, 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