##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|e agreed asset allocations areasfollows:||||
|---|---|---|---|
|NameofBlackRock Pooled Fund|Benchmark|Benchmark allocation||
|Shares Developed World Index Fund|MSCI World Net||67.5%|
|GBP Hedged|TR Index|||
|Shares Emerging Markets Index Fund|MSCI Emerging Markets||7 .5%|
||Index, Net Returns in GBP|||
|SharesUKCredit Bond Index Fund|iBoxx Sterling Non-Gilts Index||17.0%|
|Shares Index Linked Gilt Index Fund|FTSE ActuariesUKIndex-Linked||8.0%|
||Gilts over 5 years|||
##
##
##
##
##
|
ofthis Report were as follows:||
|---|---|
|Captain Ian McNaught CVO MNM_(Deputy Master)_|_1,2,3,4,5,A,B,C,D_|
|Rear Admiral David Snelson CB|_1,5,A,B,C_|
|Captain Roger Barker MNM|_1,A,B_|
|Captain Nigel Hope RD* RNR|_1_|
|Captain Stephen Gobbi JP MA LLB||
|Commodore William Walworth CBE MNM RFA||
|Commodore Robert Dorey RF A||
|Captain Nigel Hare MA MRIN_(appointed 1October2020)_|_A_|
|Malcolm Glaister Esq.|_2,4,5,B,D_|
|Richard Sadler Esq.|_2,3,4,5,B,C,D_|
|Captain Nigel Palmer OBE MNM_(retired 30 September 2020)_|_1,3,5_|
##
##
##
##
##
|PrincipalOffice|Trinity House||
|---|---|---|
||Tower Hill||
||LondonEC3N4DH||
||Telephone:
020 7481 6900||
||Website:
www.trinityhouse.co.uk||
|Advisers|||
|Auditor:|Buzzacott LLP||
||130WoodStreet||
||LondonEC2V6DL||
|Managing Agents:|Knight Frank LLP||
||_55_BakerStreet||
||LondonWlU8AN||
||Savills Ltd||
||Olympic House||
||Doddington Road||
||Lincoln LN6 3SE||
|Surveyors to the|||
|Corporate Charity:|Cluttons LLP||
||2 Portman Street||
||LondonWlH6DU||
|Solicitors:|Forsters LLP
_and_|Stone King LLP|
||31Hill Street|Boundary House|
||LondonWlJ 5LS|91Charterhouse Street|
|||LondonEClM6HR|
|Investment Managers:|BlackRockUKRetail Client Management||
||12 Throgmorton Avenue||
||LondonEC2N2DL||
|Bankers:|BarclaysBankPLC||
||Level 28, 1 Churchill Place||
||London E 14 5HP||
##
##
##
##
##
##
##
##
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the Corporate Board, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Corporate Board, those matters we are required to state to it in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the combined charities and the Corporate Board as a body, for our audit work, for this report, or for the opinions we have formed.
Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V6DL 24 November 2021
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
```
21
```
##
##
|
**_Noter_**
INCOMEFROM:
Donations and legacies
Charitable activities
Othe,r trading activities
Other operating income
Investments
J
TOTALINCOME
EXPENDITUREON:
Raising funds
Charitable activities:
Welfare
Youth opportunities and training
_8_
Public safety and education
_9_
Maintaining the fabric and heritageof
Trinity House
_JO_
Impairmentoftreasure
_JO_
Role as a Deep Sea Pilotage Authority
II
ProvisionofNautical Assessors
II
TOTALEXPENDITURE
NET(EXPENDITURE)_I_INCOMEBEFORE
INVESTMENTGAINS AND LOSSES
(Losses)_I_gains on the revaluation and
disposalofinvestment properties
_16_
Gains_I_(losses) on the revaluation and
disposalofportfolio investments
_16_
NET(EXPENDITURE)_I_INCOME
OTHERRECOGNISEDGAINS
AND LOSSES:
Actuarial gain_I_(loss) on defined
benefit pension scheme
_25_
NETMOVEMENTINFUNDS
BALANCEAT1 APRIL 2020
BALANCEAT31MARCH2021|Corporate
Charity
funds
(including
subsidiaries)
£000
453
758
359
27
1,598
1,002
9
719
(288)
8
19
1,469
129
225
354
126
480
10,211
10,691|Trinity House Maritime Charity
Unrestricted
Restricted
Permanent
funds
funds
Endowment
funds
£000
£000
£000
10
16
768
7,510
7,527
779
3,442
9
1,544
44
2,381
786
121
580
7,488
1,366
53
39
(587)
(53)
(12,462)
4,205
39
(587)
(8,310)
412
451
(587)
(8,310)
1,165
2,681
265,678
1,616
2,094
257,368|Trinity House Maritime Charity
Unrestricted
Restricted
Permanent
funds
funds
Endowment
funds
£000
£000
£000
10
16
768
7,510
7,527
779
3,442
9
1,544
44
2,381
786
121
580
7,488
1,366
53
39
(587)
(53)
(12,462)
4,205
39
(587)
(8,310)
412
451
(587)
(8,310)
1,165
2,681
265,678
1,616
2,094
257,368|Total
2021
£000
12
1,237
758
359
7,538
9,904
4,453
1,597
3,167
701
719
(288)
8
19
10,376
(472)
(12,462)
4,430
(8,504)
538
(7,966)
279,735
271,769|Total
2020
£000
7
1,103
1,562
7,238|
|---|---|---|---|---|---|
|||||||
||||9
44||9,910|
||||||4,457
1,666
2,806
774
945
575
6|
||||53
(53)
(12,462)
4,205
(8,310)
(8,310)
265,678
257,368||11,229|
||||||(1,319)
5,048
(1,111)|
||||||2,618
(59)|
||||||2,559
277,176|
||||||279,735|
##
|**_Notes_**
INCOMEFROM:
Donations and legacies
Charitable activities
Other trading activities
Investments
_5_
TOTALINCOME
EXPENDITURE ON:
Raising funds
_6_
Charitable activities:
Welfare
Youth opportunities and training
_8_
Public safety and education
Maintaining the fabric and heritageof
Trinity House
_JO_
Impairmentoftreasure
_JO_
Roleasa Deep Sea Pilotage Authority
_II_
ProvisionofNautical Assessors
_II_
TOTALEXPENDITURE
NET (EXPENDITURE)_I_INCOMEBEFORE
INVESTMENT GAINS AND LOSSES
(Losses)_I_gains on the revaluation and
disposalofinvestment properties
_16_
Gains_I_(losses) on the revaluation and
disposalofportfolio investments
_16_
NET(EXPENDITURE)_I_INCOME
OTHERRECOGNISEDGAINS
AND LOSSES:
Actuarial gain_I_(loss) on defmed
benefit pension scheme
_Z5_
NETMOVEMENTINFUNDS
BALANCE AT I APRIL 2020
BALANCE AT 31MARCH2021|Corporate
Charity
funds
£000
453
2\l
27
692
212
9
719
(288)
8
19
679
13
225
238
126
364
9,710
10,074|Trinity House Maritime
Unrestricted
Restricted
funds
funds
£000
£000
10
16
768
7,510
7,527
779
3,442
l,544
2,381
786
121
580
7,488
1,366
39
(587)
39
(587)
412
451
(587)
1,165
2,681
1,616
2,094|Trinity House Maritime
Unrestricted
Restricted
funds
funds
£000
£000
10
16
768
7,510
7,527
779
3,442
l,544
2,381
786
121
580
7,488
1,366
39
(587)
39
(587)
412
451
(587)
1,165
2,681
1,616
2,094|Charity
Permanent
Endowment
funds
£000
9
44
53
(53)
(12,462)
4,205
(8,310)
(8,310)
265,678
257,368|Total
2021
£000
12
1,237
211
7,538
8,998
3,663
1,597
3,167
701
719
(288)
8
19|Total
2020
£000|
|---|---|---|---|---|---|---|
|||||||7
l,103
519
7,238|
|||||||8,867|
|||||||3,430
l ,666
2,806
774
945
575
6|
||||1,366
(587)||9,586|10,202
(l,335)
5,048
(l,l11)
2,602
(59)
2,543
276,691|
||||||(588)
(12,462)
4,430
(8,620)
538||
||||(587)||||
||||(587)
2,681||(8,082)
279,234||
||||2,094||271,152|279,234|
##
|_Noles_
FIXED ASSETS
Tangible fixed assets
_15_
Investments
_16_
CURRENT ASSETS
Stocks
Debtors
_17_
Cash atbankandondeposit
CURRENT LIABILITIES
Amounts falling due within one year
_18_
NET CURRENT ASSETS
NON-CURRENT LIABILITIES
Amounts falling due after more than one year
_18_
NET ASSETS EXCLUDING PENSION ASSET_I_(LIABILITY)
Defined benefit pension asset_I_(liability)
_25_
NET ASSETS INCLUDING PENSION ASSET_I_(LIABILITY)
FUNDS
CorporateCharity
_Income funds:_
Designated funds
_19_
Other unrestricted funds
Pension reserve
Restricted funds
_20_
TrinityHouseMaritimeCharity
_Income funds:_
Designated funds
_21_
Otherunrestricted funds
Pension reserve
Restricted funds
_22_
_Capital funds:_
Permanent endowment funds
_23_
Non-charitabletradingfunds
_24_
TOTALFUNDS
Approvedonbehalfofthe Corporate Board:
~QIY\t{c.,j
Deputy Master, Trinity House|
|Group
Combined
charities
2021
2021
£000
£000
11,290
10,728
258,343
258,343
269,633
269,071
30
24
1,125
1,122
2,908
2,174
4,063
3,320
(2,022)
(1,434)
2,041
1,886
(100)
271,574
270,957
195
195
271,769
271,152|Group
Combined
charities
2021
2021
£000
£000
11,290
10,728
258,343
258,343
269,633
269,071
30
24
1,125
1,122
2,908
2,174
4,063
3,320
(2,022)
(1,434)
2,041
1,886
(100)
271,574
270,957
195
195
271,769
271,152|Group
Combined
charities
2020
2020
£000
£000
10,983
10,427
265,354
265,354|
|---|---|---|---|---|
|||||276,337
275,781|
||
|||7
1,264
1,102
4,060
3,723|
|||||5,331
4,825
(1,478)
(917)|
|||||3,853
3,908|
|||271,574
195||280,190
279,689
(455)
(455)|
|||271,769||279,735
279,234
9,196
9,196
578
578
(124)
(124)
60
60|
||
|9,363
623
28
60|9,363
623
28
60
10,074
677
772
167
2,094
3,710
257,368
261,078
271,152||
|||10,074||9,710
9,710|
|||677
772
167
2,094||677
677
819
819
(331)
(331)
2,681
2,681|
|||3,710
257,368||3,846
3,846
265,678
265,678|
|||261,078||269,524
269,524|
|||617||501|
|||||279,735
279,234|
||||||
##
##
|NET CASH PROVIDED BYOPERATINGACTIVITIES(A)
CASHFLOWSFROMINVESTING ACTIVITIES:
Payments to acquire tangible fixed assets
Payments to improve investment properties
Proceeds from salesofinvestment properties
Payments to acquire portfolio investments
Proceeds from salesofportfolio investments
NET CASH (USED IN)_I_PROVIDED BY INVESTINGACTIVITIES
CHANGE IN CASH AND CASHEQUIVA LENTS
CASH AND CASH EQUIVALENTS AT 1APRIL2020
CASH AND CASH EQUIVALENTS AT31MARCH2021(B)
(A)RECONCILIATIONOFEXPENDITURETO
NETCASH PROVIDED BYOPERATINGACTIVITIES:
Net expenditure for the year before investment gains and losses
Adjustments for:
Depreciation
Impairmentoftreasure
Loss on disposaloffixed assets
Change in stocks
Change in debtors
Change in creditors
FRS 102 pension cost adjustment
Net cash provided by operating activities
(B) ANALYSISOFCASH AND CASH EQUIVALENTS:
Cash at bank and on deposit
Cash held on deposit by estate
managing agents (note 17)
Cash held on deposit by property
managing agents (note 17)
Cash held on deposit by managing agentsofMerchant Navy
Scholarship Scheme (note 17)
Cash held by investment managers (note I 6)||2021
£000
252
(286)
(1,346)
20
(10,497)
10,797
(1,312)
(1,060)
4,210
3,150|2020
£000
1,640|
|---|---|---|---|
||||(152)
(1,672)
216
(14,421)
16,470|
||||441|
||||2,081
2,129|
||||4.210|
|||2021
£000
(472)
266
(288)
1
(23)
237
643
(112)
252|2020
£000
(1,319)
252
575
_5_
2,954
(887)
60|
||||1,640|
|||31March
2021
£000
2,908
97
113
32
32150|31March
2020
£000
4,060
86
28
36
4,210|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|INCOMEFROM:
CHARITABLE ACTIVITIES
Groupandcombined charities||||||
|---|---|---|---|---|---|
|Corporate
Trinity House
Charity
Maritime Charity
Unrestricted
Unrestricted
Restricted
funds
funds
funds
£000
£000
£000
Welfare
16
Youth opportunities and training
768
Contribution from Trinity House
Lighthouse Service
317
Other
136
Total2021
453
16
768
Total2020
460
17
626
INCOMEFROM:
OTHERTRADING ACTIVITIES
2021
Group:
£000
Lettingoffunction rooms by Trinity House Events Limited
7
Lettingoflighthouse cottages by Trinitas Services Limited
751
758
Combined charities:
Income from Trinity House Events Limited:
Corporate Charity management charge
211
Gift Aid donations
211|Corporate
Trinity House
Charity
Maritime Charity
Unrestricted
Unrestricted
Restricted
funds
funds
funds
£000
£000
£000
16
768
317
136
453
16
768||||Total
2021
£000
16
768
317
136
l,237
Total
2020
£000
17
626
315
145
1,103|
|||460
17||626|1,103
2020
£000
539
1,023
1,562
300
219
519|
|||||2021
£000
7
751
758||
|||||211
211||
##
|OTHEROPERATINGINCOME|||
|---|---|---|
|Group:
Other operating income (Trinity House Events Limited)
Other operating income (Trinitas Services Limited)|2021
£000
57
302
359|2020
£000|
||||
##
##
|INCOMEFROM:
INVESTMENTS
Groupandcombined charities||
|---|---|
|Investment properties
Portfolio investments
Bank interest and other finance income
Total2021
Total2020|Corporate
Trinity House
Charity
Maritime Charity
Unrestricted Unrestricted
Restricted
funds
funds
funds
£000
£000
£000
7,280
27
228
2
27
7,510
9
7,222
7
Total
Total
2021
2020
£000
£000
7,280
7 066
255
153
3
19
71538
7,238
7,238|
|||
##
|EXPENDITURE ON:
RAISING FUNDS
Groupandcombined charities|||||
|---|---|---|---|---|
|Lettingoffunction rooms
Managementofinvestment assets:
Estate managers' fees
Legal and other administration fees
Investment managers' fees
Maintenanceofinvestment assets:
Repairs, maintenance and refurbishment
ofestates
Support costs
Combined charities
Lettingoflighthouse cottages
Lettingoffunction rooms
Group
Total2020 -Combined charities
Total2020-Group|Corporate
Trinity House
Charity
Maritime Charity
Unrestricted Unrestricted Endowment
funds
funds
funds
£000
£000
£000
212
503
466
9
1,947
526
212
3,442
9
765
25
1,002
3,442
9
298
3,116
16
1,325
3,116
16|||Total
Total
2021
2020
£000
£000
212
298
503
618
466
210
9
16
1,947
1,637
526
651
3,663
3,430
765
1,027
25
4,453
4,457
3,430
4,457|
|||298
3,116|16||
|||1,325
3,116|16||
|7.
EXPENDITUREONCHARITABLE ACTIVITIES:
WELFARE
**Groupandcoa1bined charities**
Maintenanceandupkeepofthe TrinityHomes
Majorgrantspaid
Minorgrantspaid
Grantspaid- designated
Grantspaid- other
Supportcosts
Total2021
Total2020
Duringtheyear,wolraregrants totalling£925,000
poid,dcsignntedgnmtsnmountedto £611, 150and
The Shipwrecked Mariners' Society
Royal Alfred Sealiirers Society
**Nauti1usWclfilreFund**
**Sailors'Children'sSociety**
**TheFishermen'sMission**
Naval Children's Charity
Merchant Navy WelfareBoat**TyneMariners'BenevolentInstitution**
**RoyalLivc:rpoolSeamen'sOtphanJnstitution**
**CareforV eteram**
**MarittmeCharitiesGroup**
Total Grants paid - designated
**Sailors'Children'sSociety**
Sailors' Children's Society
Combat Stress
**TheFishermen'sMission**
Alabare
**MissK>ntoSeam.ten**
SSAF A, theArmedForces Charity
Stella Maris
**QueenVictoriaSeamen'sRest**
**Sailors'Children'sSociety**
**Sailors'Society**
Stoll
**TheMarinoSociety**
**TheMismontoSeafarers**
**TheMissiontoSeafarers**
**TheNot Forgotten Association**
Other Well8re Grants
Tolal Grantspaid·other|Corporate
TrinityHouse
Tomi
Total
Charity
MaritimeCharity
2021
2020
Unrestricted
Unrestricted
Endowment
funds
funds
funds
£000
£000
£000
£000
£000
374
44
418
328
743
281
611
611
305
314
254
2S4
314
1~4
44
t~97
1.666
26
1.597
43
t.666
woreawardedIoothercharities, organisationsandindividuals.Ofthegrants
01hergr;mtsamoumcdto£313,850:
£
t 10,000
100,000
83,000
68,200
61,600
47,300
47,000
38,850
35,200
10,000
10,000
6lt,150
40,000
30,000
25,000
25,000
20,000
20,000
20,000
20,000
10,000
t0,000
t0,000
10,000
10,000
t0,000
10,000
t0,000
33,850
313,850
**Towardstheironeoffandregulargrantstobeneficiaries.**
**Towardsthecostofcaretotheirresidents.**
**TowardsthecateintheTrinityHouseHub.nightservice**
andAdmiralNur.;e.
**Towardsthegraritsawardeddirectlytofumilies.**
**TowardstheircorecostsandtounderpintheirUKwide**
**outreachprogramme.**
**Towardsthegrantsawm'deddirectlytofamilies.**
**ContributiontothePortVehicleReplacementProgramme, **
**Towardsthecostofmaintenanceonthehomesandthepensions**
**awardedtoex-seafurmandwidowsinneed, **
**Towardsthegrantsawardeddirectlytofiunilics.**
**Towardsthecostofprovidingtheirmixedrehabilitationservice, **
**Contributiontowardscorecosts.**
**Towardsanextensionofadditionalsupporttofishingfiunilies,**
slow cookersandChrisbnashampers,
**Towardsadditionalsupporttofishingfamiliesasa resuJt**
ofCovid-19.
Towardsmentalhealth support furseaf3rin&veterans.
**TowardstheiremergencyCovid-19 response.**
**Towardsthesupportedhousingforseafdringveterans.**
**Towardsthe!rainingprogrameforinstructors.**
TowardsthetrainingprogranunefurMatesandSkippers,
Towards the North East Scotland Chaplaincyservice.
Towards improving the Wi-Fi at Tilbury Sealiirers Centreand
**theiroperationcosts.**
**Towardsanex.tensionofadditionalsupporttofishingfamilies.**
**Towardsthedeepcleaningoftheseafarerscentrein**
**Southamptonandwelfuregrantstoseafarers.**
**TowardstheCommunitySupportserviceforseafiuing**
Towards the Covid-19 Redundancy and Retrainingbursary
**TowardstheirChattoa Chaplainservice.**
TowardstheFlying Angel Campaign.
**Towardstheadditionalcostsincmredasa resultofCovid-19.**
**Variouswel.furegrants,lessthan£10,000.**|
|---|---|
|**Groupandcombinedcharltle11**
MerchantNavyScholarshipScheme
Majorgrantspaid
Minorgrantspaid
Otherrestrictedgrantspaid
Grantspaid- designated
Grantspaid- other
Supportcosts
Total2021
Toial2020||TrinityHouse
MaritimeCharity
Unrestricted
Restricted
funds
funds
£000
£000
1,252
768
18
257
459
413
2,38t
786|TrinityHouse
MaritimeCharity
Unrestricted
Restricted
funds
funds
£000
£000
1,252
768
18
257
459
413
2,38t
786|Total
Total
2021
2020
£000
£000
2,010
1,879
475
23
18
257
459
413
429
J,167
2,806
2,806|
|---|---|---|---|---|
|||2,180|626||
|Marine Society&Sea Cadets
Tall Ships Youth Trust
**LondonNautical School**
**ASTO- AssociationofSailTrainingOrganisation**
**TotalGrantspaid- designated**
**TheScoutAssociation**
IALA-AISM
**PortsmouthSailTrainingTrust**
**HelfordRiverChildren**
**1s SailingTrust**
**InternationalMaritimeRescueFoundation**
1851Trust
**SeaChangeSailing**
**AdventuresOffshore**
**PortsmouthHarbourMarine**
**AtlanticPacific**
**HighTideFoundation**
**NationalMaritimeMuseum**
Other Youth Opportunities&Training Grants
Total Grants paid - other|£
130,000
49,500
40,000
37,000
256,500
48,000
25,000
22,755
22,200
22,000
20,000
19,040
16,420
15,000
13,798
13,196
10,000
211,175
458.S84
**ForusewithinMSSC'sPremisesFundforurgentrepairs**
**andupgradestoUnitsandtheOnTheWaterprogramme. **
**Towardsthecostoftheirsailtrainingprogramme.**
**Towardsthecostofa staffmemberintheMaritime**
Department
**ForSailTrainingBursaries. **
**TodevelopprogrammecontentfortheNautical Skills badge.**
**Towards the costofeducatingandengagingwithnavigation**
**professionals worldwide.**
**Tosupport30youngpeoplethroughtheirprogramme.**
**Towardsa newYouthClubandraceprogramme. **
**TowardstheWomeninSARProject**
**TowardsSTEMworkshopsforgirls.**
**TowardsthetrainingcoststoenablecrewtoattainMCABargemaster**
**qualifications.**
**TowardsthedevelopmentoftheirMaritimeCareersPathwayprogramme.**
**TowardsthecostofemployingtheirChief Executive.**
**Towardsaninternshipfora young**pe~on**fromNewham. **
**TomovetheirShippingCadetsbipprogrammeonlinc**
**Towardsproducinga seriesofmaritimecareen filmsaspartofthe**
**Exposure:LivesatSeaexhibition**
**Variousyouthopportunities& traininggrants,lessthan£10,000.**|
|---|---|
|**Group1111dcombined che.rltles**
Major grants paid
Minor grants paid
Department for Transport Grants
Grants paid - designated
Grants paid -olher
Support costs
Total 2021
Total 2020|Trinity
Maritime
Unrestricted
funds
£000
38
53
30
121|Trinity
Maritime
Unrestricted
funds
£000
38
53
30
121|House
Total
Total
2020
Charity
Restricted
funds
£000
580
580
519
2021
£000
580
38
53
30
701
774
£000
607
117
50
774|
|---|---|---|---|
||121|||
||255|||
|CHIRP - Confidential Reporting for Aviation&Maritime
Royal InstituteofNavigation
Total Grants paid - designated
Animateurs Project
RNLI
Olher Youth Public&Safety Grants
Total Grants paid -other|20,000
17,600
37,600
25,000
10,000
18,015
53,015
**TowardsthecostofprovidingtheircoofidentiaJreportingsystem.**
**Towardsthecostofdeliveringtheirprogrammeofactivities**
**Tosupportfishermenwithapplicationsforsafetyequipment**
Towardsmernber>hipoftheRNLI 200 Clubtomark their Bi-Centenary
Various public safety&education grants,lesslhan £10,000.|
|---|---|
##
|Groupandcombined charities||||
|---|---|---|---|
|Staff and pension costs
Repairs, renewals and planned maintenance
Light, heat, insurance and other running costs
Depreciation
Support costs
Total 2021
Impairmentoftreasure (see below)||Total
2021
£000
251
101
130
130
107
719|Total
2020
£000
235
257
160
130
163|
||||945
575|
|||(288)||
##
##
##
|Raising funds
Welfare
Youth opportunities and training
Public safety and education
Maintaining the fabric and heritageof
Trinity House|Office
staff
£000
295
159
258
18
107
837|Service Administration
staff
costs
£000
£000
43
17
28
2
90
187
78
128
10
403|Total
2021
£000
526
254
414
30
107
1,331|Total
2020
£000
651
314
429
50
163
1,607|
|---|---|---|---|---|
##
##
|STAFFCOSTSANDTRUSTEES'REMUNERATION|||
|---|---|---|
|Wages and salaries
Social security costs
Other pension costs - defined benefit scheme
- group personal pension plan
Other staff costs|2021
£000
790
90
119
55
32
1,0H6|2020
£000
945
IOI
171
64
66|
|||1,347|
||||2021|2020|
|---|---|---|---|---|
|£110,000||- £119,999|||
|£100,000||- £109,999||2|
|£80,000|-|£89,999|||
|£70,000|-|£79,999|I||
##
##
##
##
|GROUP|GROUP|GROUP|||||
|---|---|---|---|---|---|---|
|Leasehold
improvements
£000
COST
At I April 2020
615
Additions in year
69
Disposals in year
At31March 2021
684
DEPRECIATION
At I April 2020
227
Charge for the year
49
Impairment in year (noteIO)
Disposals in year
At31March 2021
276
NET BOOK VALUE
At31March 2021
408
At31March 2020
388
COMBINEDCHARITIES
COST
At I April 2020
Additions in year
At31March 2021
DEPRECIATION
At I April 2020
Charge for the year
Impairment in year (note 10)
At31March 2021
NET BOOK VALUE
At31March 2021
At31March 2020|||Freehold properties
Trinity
Trinity
Homes,
House
Walmer
£000
£000
6,090
2,175
171
6,261
2,175
960
390
123
45
l,083
435
5,178
1,740||Treasures
Plant and
equipment,
fixtures and
fittings
£000
£000
4,053
665
20
26
(17)
4,073
674
575
463
49
(288)
(16)
287
496
3,786
178
3,478
202|TOTAL
£000
13,598
286
(17)|
|||||||13,867|
|||||||2,615
266
(288)
(16)|
|||||||2,577|
|||||||11,290
10,983
TOTAL
£000
12,564
191|
|||388|5,130|1,785|||
||||Freehold properties
Trinity
Trinity
Homes,
House
Walmer
£000
£000
6,090
2,175
171
6,261
2,175
960
390
123
_45_
1,083
435
5,178
1,740||Treasures
Plant and
equipment,
fixtures and
fittings
£000
£000
4,053
246
20
4,073
246
575
212
10
(288)
287
222
3,786
24||
|||||||12,755|
|||||||2,137
178
(288)|
|||||||2,027|
|||||||10,728
10,427|
||||5,130|1,785|3,478
34||
##
|FIXED ASSET INVESTMENTS|||||
|---|---|---|---|---|
|Investment properties (see below)
Portfolio investments (see below)
Cash held by investment managers
Programme-related investments (see below)
Market value at31March 2020
Saleofleasehold interests
Disposals
Capital improvements
Acquisitions at cost
Gains_I_(losses) on revaluations and disposals
Market value at31March 2021
Historical cost|||2021
£000
240,913
17,149
32
258,093
250
2581343|2020
£000
252,049
13,019
36|
|||||265,104
250|
|||||265,354
Portfolio
investments
£000
13,019
(10,797)
10,497
4,430|
|||Freehold
investment
properties
£000
252,049
(20)
1,346
(12,462)
240,913|||
|||||17,149
LS,748|
|||11,558|||
|Security
BLACKROCK lSHRS DY WLD !DX (IE) D DS GBP HDG
BLACKROCK ISHRUKCRDT BD IDX(IE) INS GBPDS
BLACKROCK ISHARES EM !DX FD (IE) FLX DS GBP
BLACKROCKISHRS !DXLKGL T !DX FD (UK) X INC
Holding
9,431,486
2,604,216
1,071,022
1,164,230|Total
market value
£
12,032,750
2,659,198
1,244,978
1,211,746
17,148,672|Percentage
oftotal
market value
70.2%
15.5%
7.3%
7.1%
100%|
|---|---|---|
##
##
|DEBTORS
Duewithinoneyear:||||
|---|---|---|---|
|Group
2021
£000
_Trinity Village:_
Rent arrears less provision for doubtful debts
137
Monies held by estate managing agents
97
_Trinitas Services Limited :_
Monies held by property managing agents
_Other:_
Trade debtors
22
Monies held by managing agentofthe Merchant Navy
Scholarship Scheme
113
Amount owed by Trinity House Events Limited
Amount owed by Trinity House Lighthouse Service
Prepayments and accrued income
678
Social Securityandother taxes
62
Other debtors
17
1,125|Charities
2021
£000
137
97
22
113
120
604
14
17
1,122|Group
2020
£000
150
86
28
36
_5_
899
40
20
1,264|Charities
2020
£000
150
86
_5_
818
18
20|
||||1,102|
##
|Expense creditors
Rents in advance, Trinity Village
Deferred income
Social Securityandother taxes
Other creditors
Accruals - Trinity Village
- other
Amounts owedtoTrinity House Lighthouse Service
Amounts owed to Trinity House Events Limited|Group
Charities
Group
Charities
2021
2021
2020
2020
£000
£000
£000
£000
250
197
107
103
56
56
85
85
512
238
238
238
140
3
90
2
54
9
18
9
588
588
346
346
307
307
471
113
115
123
36
21
2,022
1,434
1,478
917|
|---|---|
##
##
|Balance at
New
1April2020designations
£000
£000
House Designated Fund
603
60
Fixed Assets Fund
8,593
459
9,196
519|Utilised/
released31
£000
(219)
(133)
(352)|Balanceat
March2021
£000
444
8,919|
|---|---|---|
|||9,363|
##
##
##
|Warden's Trinity House Relief Fund
Brethren's Covenant and Gift Scheme|Balance at
1April2020
£000
2
58
60|Income
Expenditure
Balanceat
31March2021
£000
£000
£000
2
58
60|
|---|---|---|
##
##
##
|Extraordinary Repair Fund
Merchant Navy Scholarship Scheme|Balance at
1 April 2020
£000
177
500
677|New
Designations
£000|Utilised_I_
Released
£000
Balanceat
31March2021
£000
177
500
677|
|---|---|---|---|
##
##
|Swire Scholarship Fund
Swire Yeoman SupportFund
Captain John Bury Memorial Prize Fund
Grants for Merchant Navy Scholarship Scheme:
Government funding
British Marine Prize Fund
Department for Transport Fund
JMummery|Balanceat
1April2020
£000
llO
25
12
46
2,488
2,681|Movement in funds
Balanceat
Income
Expenditure 31March2021
£000
£000
£000
(5)
105
(3)
22
12
768
(768)
46
(580)
1,909
10
(10)
779
(l,366)
2,094|
|---|---|---|
##
|TRINITYHOUSEMARITIMECHARITY- PERMANENTENDOWMENTFUNDS||||
|---|---|---|---|
|Balance
at
IApril2020
£000
Trinity Village
258,029
Church and West Farms, Goxhill
4,424
Martines Fann, Essex
1,240
Trinity Homes, Walmer
1,985
265,678|Movement infunds
Balance
at
Expenditure
Gains/31March 2021
(losses)
£000
£000
£000
(7,460)
250,569
(868)
3,556
97
1,337
(44)
(35)
1,906
~44)
~8,266l
2571368|||
||~44)|~8,266l|2571368|
##
##
##
##
##
|Fundbalancesat31March2021
arerepresentedby:
Tangible fixed assets
Investments
Current assets
Current liabilities
Defined benefit pension liability
Totalnetassets|Corporate Charity
Unrestricted
funds
£000
Restricted
funds
£000
54
Trinity House
Maritime Charity
Unrestricted
funds
£000
12
Restricted
funds
£000
Endowment
funds
£000
1,740
Non-charitable
tradingfunds
£000
562
Total
2021
£000
11,290
8,922
986
333
(256)
257,357
258,343
28
10,013
6
60
903
534
167
1,616
2,094
2,094
(174)
900
4,063
(1,555)
(845)
(2,122)
195
257,368
617
271,769|
|---|---|
||10,013|
##
|RPI|3.6%p.a.|
|---|---|
|Earnings increases|3.6%p.a.|
|Pre-retirement discount rate|4.2%p.a.|
|Post-retirement discount rate|2.0%p.a.|
##
|widely from year to year.||
|---|---|
|2021
£000
Market valueofassets
8,165
Defined benefit obligation
(7,970)
Surplus_I_(deficit) in the Scheme - net pension asset_I_(liability)
195|2020
£000
7,068
(7,523)|
||(455)|
##
|The assets in the Scheme were:|||
|---|---|---|
|2021
£000
Liability driven investments
1,550
Equities
3,450
Bonds
2,729
Insured pensions (annuities)
6
Cash
430
Total market valueofassets
8,165||2020
£000
2,341
0
4,510
41
176|
|||7,068|
##
##
##
|The major assumptions used by the actuary were:|||
|---|---|---|
||2021|2020|
|Inflation - RPI|3.5%|3.1%|
|Rateofincrease in salaries|3.5%|3.1%|
|Rateofincrease for pensions|3.2%|3.0%|
|Discount rate for liabilities|2.0%|2.2%|
##
|Reconciliationofthe fair valueofplanassets over theyear|||
|---|---|---|
|Fair valueofplan assets at 1 April 2020
Interest income on plan assets
Remeasurement - return on plan assets excluding interest income
Contributionsbythe charities
Contributionsbythe members
Benefits paid (including expenses)
Fair valueofplan assets at31March 2021
Return on plan assets
Reconciliationofdefined benefit obligations over theyear
Defined benefit obligations at 1 April 2020
Current service cost
Contributions by the members
Interest expense on defined benefit obligation
Remeasurement - effectofexperience adjustments (gain)_I_loss
Remeasurement - effectofchangesinassumptions loss_I_(gain)
Benefits paid
Defined benefit obligations at31March 2021|2021
£000
7,068
154
1,068
231
4
(360)
8,165
1,222
2021
£000
7,523
110
4
163
(141)
671
(360)
7,970|2020
£000
7,141
176
(17)
115
5
(352)
7,068
159|
|||2020
£000
7,477
166
5
185
312
(270)
(352)
7,523|
##
|Net pension liability at 1 April 2020
Amount recognised in expenditure
(Gain)_I_loss recognised in other recognised gains and losses
Contributions by the charities
Net pension (asset)_I_liability at31March 2021|2021
2020
£000
£000
455
119
(538)
(231)
(195)
336
175
59
(l15)
455|
|---|---|
##
##
|PENSIONCOMMITMENTS(continued)
The following amounts have been included in the statementoffinancial activities:
Analysisoftheamountchargedas expenditure|||
|---|---|---|
|Current service cost
Interest income on Scheme assets
Interest expense on defined benefit obligation
Totalchargetoexpenditure|2021
£000
(110)
154
(163)
(119)|2020
£000
(166)
176
(185)|
|||(175)|
|Remeasurementsrecognised inotherrecognised gainsandlosses||
|---|---|
|Remeasurement - effectofexperience adjustments gain_I_{loss)
Remeasurement - effectofchanges in assumptions (loss)_I_gain
Remeasurement - return on plan assets including interest income gain_I_(loss)
Total remeasurement gain_I_(loss) recognised in other recognised gains and losses|2021
£000
141
(671)
1,068
2020
£000
(312)
270
(17)|
||538
(59)|
##
|A summaryofthe results for the year is as follows:||
|---|---|
|2021
£000
Turnover
1,054
Total expenditure
(765)
Profit after tax
289
Total assets
1,208
Total liabilities
(478)
Net assets
730|2020
£000
1,023
(l,027)
(4)
822
(381)|
||441|
##
|Turnover
Total expenditure
(Loss)_I_profit for the year
Total assets
Total liabilities
Net assets|2021
£000
6.3
(237)
(174)
253
(367)
(114)|2020
£000
539
(300)
239
260
(200)
60|
|---|---|---|
##
##
##
|Corporate
Charity
funds
(including
subsidiaries)
£000
INCOMEFROM:
Donations and legacies
7
Charitable activities
460
Other trading activities
1,562
Investments
9
TOTALINCOME
2,038
EXPENDITURE ON:
Raising funds
1,325
Charitable activities:
Welfare
26
Youth opportunities and training
Public safety and education
Maintaining the fabric and heritageof
Trinity House
_945_
Impairmentoftreasure
575
Role as a Deep Sea Pilotage Authority
6
ProvisionofNautical Assessors
TOTALEXPENDITURE
2,877
NET(EXPENDITURE)_I_INCOMEBEFORE
INVESTMENT GAINS AND LOSSES
(839)
Gains_I_(losses) on the revaluation and
disposalofinvestment properties
Gains_I_(losses) on the revaluation and
disposalofportfolio investments
(78)
NET(EXPENDITURE)_I_INCOME
(917)
OTHERRECOGNISED GAINS
AND LOSSES:
Actuarial (loss)_I_gain on defined
benefit pension scheme
(14)
NETMOVEMENT IN FUNDS
(931)
BALANCE AT I APRIL 2019
11,142
BALANCE AT31MARCH2020
10,211|Trinity House Maritime Charity
Unrestricted
Restricted
Permanent
funds
funds
Endowment
funds
£000
£000
£000
17
626
7,222
7
7,239
.633
3,116
16
1,597
43
2,180
626
_255_
_519_
7,148
l,145
_59_
91
(512)
(59)
5,048
(l,033)
91
(512)
3,956
(45)
46
(512)
3,956
1,119
3,193
261,722
1,165
2,681
265,678|Total
2020
£000|
|---|---|---|
|||7
1,103
1,562
7,238
9,910
4,457
1,666
2,806
774
945
575
6|
|||11,229
(1,319)
5,048
(1,111)|
|||2,618
(59)|
|||2,559
277,176
279,735|
|INCOMEFROM:
Donations and legacies
Charitable activities
Other trading activities
Investments
TOTALINCOME
EXPENDITURE ON:
Raising funds
Charitable activities:
Welfare
Youth opportunities and training
Public safety and education
Maintaining the fabric and heritageof
Trinity House
Impairmentoftreasure
Roleasa Deep Sea Pilotage Authority
ProvisionofNautical Assessors
TOTAL EXPENDITURE
NET (EXPENDITURE)_I_INCOMEBEFORE
INVESTMENT GAINS AND LOSSES
Gains_I_(losses) on the revaluation and
disposalofinvestment properties
Gains_I_(losses) on the revaluation and
disposalofportfolio investments
NET(EXPENDITURE)_I_INCOME
OTHERRECOGNISED GAINS
AND LOSSES:
Actuarial (loss)_I_gain on defined
benefit pension scheme
NETMOVEMENTIN FUNDS
BALANCE AT I APRIL2019
BALANCE AT31MARCH2020|Corporate
Charity
funds
£000
7
460
519
9
995
298
26
945
575
6
1,850
(855)
(78)
(933)
(14)
(947)
10,657
9,710|Trinity House Maritime
Unrestricted
Restricted
funds
funds
£000
£000
17
626
7,222
7
7,239
633
3,116
1,597
2,180
626
255
519
7,148
1,145
91
(512)
91
(512)
(45)
46
(512)
1,119
3,193
1,165
2,681|Charity
Permanent
Endowment
funds
£000
16
43
59
(59)
5,048
(1,033)
3,956
3,956
261,722
265,678|Total
2020
£000|
|---|---|---|---|---|
|||||7
1,103
519
7,238|
|||||8,867|
|||||3,430
1,666
2,806
774
945
575
6|
|||||10,202|
|||||(1,335)
5,048
(1,111)
2,602
(59)
2,543
276,691
279,234|
##
##
##
|Welfare
Youth opportunities and training
Contribution from Trinity House
Lighthouse Service
ProvisionofNautical Assessors
Other
Total 2020
Corporate
Trinity House
Charity
Maritime Charity
Unrestricted Unrestricted
Restricted
funds
funds
funds
£000
£000
£000
17
626
3\S
14S
460
17
626|Total
2020
£000
17
626
315
145|
|---|---|
||1,103|
|Investment properties
Portfolio investments
Bank interest and other finance income
Total 2020|Corporate
Charity
Unrestricted
funds
£000
8
1
9|Trinity House
Maritime Charity
Unrestricted Restricted
funds
funds
£000
£000
7,066
145
11
7
7,222
7
Total
2020
£000
7,066
153
19
7.238|
|---|---|---|
##
|Lettingoffunction rooms
Managementofinvestment assets:
Estate managers' fees
Legal and other administration fees
Investment managers' fees
Maintenanceofinvestment assets:
Repairs, maintenance and refurbishment
ofestates
Support costs
Combined charities
Lettingoflighthouse cottages
Lettingoffunction rooms
Group|
Corporate Charity
Trinity House
Maritime Charity
Unrestricted
Restricted Unrestricted Endowment
funds
funds
funds
funds
£000
£000
£000
£000
298
618
210
16
1,637
651
298
3,116
16
1,027
l,3ZS
3,116
16
Total
2020
£000
298
618
210
16
1,637
651
3,430
1,027
4.457|
|---|---|
##
##
##
|Group and combined charities|Corporate|Trinity House|Trinity House|Total|
|---|---|---|---|---|
||Charity|Maritime Charity||2020|
||Unrestricted|Unrestricted|Endowment||
||funds|funds|funds||
||£000|£000|£000|£000|
|Maintenance and upkeepofthe Trinity Homes||285|43|328|
|Major grants paid||743||743|
|Minor grants paid|26|255||281|
|Support costs||314||314|
|Total 2020|26|1,597|~~--~~- 4=3=|1,666|
##
|Groupandcombined charities
Merchant Navy Scholarship Scheme
Major grants paid
Minor grants paid
Impairmentofprogramme-related investment
Support costs
Total 2020|Trinity House
Maritime Charity
Unrestricted
Restricted
funds
funds
£000
£000
1,253
626
475
23
429
2,180
626
Total
2020
£000
1,879
475
23
429
2,806|
|---|---|
##
|PUBLIC SAFETYANDEDUCATION||||
|---|---|---|---|
|Group and combined charities|Trinity House||Total|
||Maritime Charity||2020|
||Unrestricted|Restricted||
||fund|funds||
||£000|£000|£000|
|Major grants paid|91|516|607|
|Minor grants paid|114|3|117|
|Support costs|50||50|
|Total 2020|255|519|774|
##
##
##
|Raising funds
Welfare
Youth opportunities and training
Public safety and education
Maintaining the fabric and heritageof
Trinity House
Total 2020|Office
staff
£000
379
173
237
28
163
980|Service Administration
staff
costs
£000
£000
42
230
22
29
3
96
119
163
19
531|Total
2020
£000
651
314
429
50
163|
|---|---|---|---|
||||1,607|
|(j)
CORPORATE CHARITY - DESIGNATED FUNDS
Balanceat
_l_April2019
House Designated Fund
Fixed Assets Fund
.£000
826
9281
101'07
New
designations
£000|Utilised_I_
released
£000
(223)
(688)
(911)
|Balance at
31March 2020
£000
603
8,593|
|---|---|---|
|||9,196|
##
|CORPORATE CHARITY - RESTRICTED FUNDS|||||
|---|---|---|---|---|
|Warden's Trinity House Relief Fund
Brethren's' Covenant andGiftScheme|Balance at
1April2019
£000
2
58|Income
£000|Expenditure
£000|Balance at
31March 2020
£000
2
58|
||_60_|||60|
|Extraordinary Repair Fund
Merchant Navy Scholarship Scheme|Balance at
1April2019
£000
177
500
677
New
designations
£000|Utilised_I_
released
£000|Balance at
31March 2020
£000
177
500|
|---|---|---|---|
||||677|
##
##
##
|Swire Scholarship Fund
Swire Yeoman Support Fund
Captain John Bury Memorial Prize Fund
Grants for Merchant Navy Scholarship Scheme:
Government funding
Sponsorship from the Jersey Harbour Board
British Marine Prlze Fund
DepartmentforTransport Fund|Balance at
IApril2019
£000
110
25
12
46
3,000
3193
Movementinfunds Balance at
Income
Expenditure3 IMarch 2020
£000
626
7
633
£000
(626)
(519)
~~p1~~14s~~l~~
£000
110
25
12
46
2,488
2,681|
|---|---|
##
|. Balance
at
1 April2019
£000
Trinity Village
254,030
ChurchandWest Farms, Goxhill
4,424
Martines Fann, Essex
1,240
Trinity Homes, Walmer
2,028
261,722|Movement in funds
Balance
at
Expenditure Gainsand31March 2020
losses
£000
£000
£000
3,999
258,029
4,424
1,240
(43)
1,985
(43~
3,999
265,678|Movement in funds
Balance
at
Expenditure Gainsand31March 2020
losses
£000
£000
£000
3,999
258,029
4,424
1,240
(43)
1,985
(43~
3,999
265,678|
|---|---|---|
|||265,678|
|ANALYSISOFGROUP NET ASSETS BETWEEN FUNDS|||
|---|---|---|
|Corporate Charity
Trinity House
Maritime Charity
Unrestricted
Restricted Unreslricted
Restricted
funds
funds
funds
funds
£000
£000
£000
£000
Fundbalancesat31March2020
arerepresentedby:
Tangible fixed assets
8,592
36
14
Investments
1,054
Current assets
204
24
2,321
2,681
Current liabilities
(104)
(790)
Inter-<:harity balance
49
(49)
Group balance
(21)
Defmed benefit pension asset
(124)
(331)
Totalnetassets
91650
60
I165
21681|Endowment
funds
£000
1,783
264,300
(405)
265,678
Non-charitable
trading funds
£000
558
506
(584)
21
501|
Total
2020
£000
10,983
26S,3S4
S,331
(1,478)
(4SS)|
|||2791735|