REGISTERED CHARITY NUMBER.. 211869 THE CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND REPORT OF THE CORPORATE BOARD AND GROUP ACCOUNTS OF THE CORPORATE CHARITY AND ITS SUBSIDIARIES, INCLUDING THE TRIMTY HOUSE MARITIME CHARITY FOR THEYEAR ENDKD31 MARCH 2022
THE CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND The members vfthe Q)rporate Buard, ds Tntt¢s. presen¢ their Atsnual Rcport and Group ArUnts for thc year ended 31 Miir¢h 2022. THE CORPORATION'S OWECTIVES AND ACTIVITIES The Corporation of Trinily IIou5c ofD¢ptford %trond ("the Corporation" or'Trinity House") was inc0Trated by Royal Lharter in 1514 and its primary aims are 10: 8erve th¢ marincr with %upwrl lo those in necd., provi¢J¢ education and tr&irting seamdn¥hip and piy)motc safc ftavi8atinn at sca. With thls in mlttd, the Corporation's vision is.. To be a keyl Influenclg, UK marltlrne oryinls•tlon promotln¥ the sfegurdlng of shipplng stfar¢rx by provldlnz Welfare. Youth Opportunitiu And Trlnln& and Pvblle Safety •nd Edut8tlon to tbe $¢AfArlll¢ The CoryM)ralion's principal ¥harity i¥ ihc COrrat¢ Chwity, which Is responsible fiir.. mainLdinin8 the fabric and hcrita8c of TriTlily Ilouso'l'ower Hill, L()ndon' th¢ licensing ofDccp l>ca Pilots: and thc pN)vision ol- ¢xp¢rtise on mariLime matters, includin8 ihe appointment of Nautical Assuwrs to a&815t the Admirally Court. Ilnder 119 R(byal Charter5. thc Li?rporotion is 8150 responsible lor thc mainLenunec #nd good gov¢mancc of thc Trinity House kraternily. which now numbers morc than 500 F.Id¢r and Younggr Brcthrcn. The Ci)rporutc Charity's sub%idiary ¢harily* thc'friftity House Maritime LhHrity (TFIMC), is governed by a sch¢m¢ of thc Charity Commi55Lnn. lis primdry objccts ar¢.. thc pnTrvision ofMimshou5e iccommvdation for Thecdy mprin¢rs and their dyndants. and thc payment ofannuitlCS. I'he 5chrmc also provide5 for a numbcr ol'oihcr ¢h4rltable objecis ¢onccmin8'. the relief of need dnd the promolii)n ufwclfarc amun&qL marincrs and Lheir dependthnls: cducotion and training in naviBFltion and 5CaTnansh¢p; the mdvancement ofpubli¢ safety, in partiLulllr thc 8alety of marinttrs Hnd Shipping B¢n¢rg]ly- the educa(i(Trn (?f the puhlic in mai(er$ r¢lAling w naviwdtion, 8hippLn8 and scam9nship. Thc Q)rpora(ion's aL(iviiies, ds 5Ct oui below, drmuD$tral¢ that Trinity I lous¢ op¢rat¢i for thc public b¢nclil undcr four Lharitablc purpos¢1 al dLfLn¢d in thc Lhariii¥s A¢¢ 201 l. Th&8e arc.. Ihe rcli¢f of thosc in nced; the advgnrEmcnt i)feducation; Ihc advantement of hcalih and Javing live8- and the &dwantim¢nl ol'th¢ arts. Gultur¢, heriLa8c or sci¢n¢c. 'rhc Tru5t¢rs wnfirm ihatthey have complied with (h¢ duty in 8eLtion 17(5) ofthe ChariLi¢s Act 2011 ts) havc du¢ regard ihe publi¢ henefit 8uidance publi¥h¢d by the ChariLy Commi&sion.
Thc COTration,8 a¢tiviti¢s in relation to thc above objeLives ate u follow5: Welfare THMC opttai¢s 18 a]rn5houses in Walmer. Kcnl which 4r¢ purposbUilt and fittrd out with the older person in mind. Otherwise known as Trinity Home4 each bun8alow overlooks kn¢ivc. landscaped 8ardcns. and a spacious ¢ommonldinin8 room is also available tLI all residents. The almshou5C8 arc not care home8. bu¢ thc C7cncral Manager 15 mindful of the wellbeing ofthe residents artd Is usually availabl¢ on weckdays for consultation advi¢c. Night AlndantS arc a150 on duty ovemight every day (If thc wcek, and art ¢mergency Lull 5ySttm 15 in pla¢c where, in the tvcnt of Sudden illn¢38 OT a fall, a resident ¢an Quickly CAII for hclp. A midday mcal 1% provided by the Resident Sejwices Coordirtator on Monday to Friday. for those residcnts who would likc one: this is subsidi%d by THMC. To be elL8ible lo Ilvc in the Hi)me4 rcsidents must bc r¢tir¢d mariners And their partner5. or thc widoWWIdOW9 of mariners, in financial ne¢¢L who have nonnally had over IS yegrs. rVIce at se& Residents arc typically aged 60 and &bovc. In addition. THMC makes regulgr paymenlA to up lo 60 annuilgnts. fA)m¢ of whom are reJidcnt& of 'l'rinity Homcs. 0¢¥&8iOtv41 onewoff BrHnls are al80 mllde dircct SUPfM)rt to lormcr mariners land their dcp¢ndaDts) in financial nccd. THMC'S oiher significant activity wi¢hin ihe w¢lfare s¢c(or i% thc award of8ranL8 to other maritime Churities. Given Lhe number ofwcll-cstAblished rnaritime charitlcs providing welfare scrvice5 direcily to tho8c in need, the'frusLees consider thaL it would be an ineificient use ofresourccs to duplic&te their cfforty. They thcrclorc prefer Lu ti]Ilil th¢ CorporAtion' objectives through supwrt for thcsc charili¢s by way ofmajor grants. To improve furthcr its efficicncy in thi5 are4'fHMC is & m¢mb¢r¢)fthe Mtrch&niNuvy Wclfarc Roard's Servin8 Seofarer and Older S¢of8rer and Familics Working Groups, and the Mari(ime Charili&$ Group IMCG) which compriscs thc ten maj(?r 8rt-MakIn8 ¢hariti¢s in thy maritirnc welf&re bector.. S¢afor¢rs UK., the M¢rchan( NAVY Wellare Board,. Nautiluy IntCrnY4tional- Scalarcrs. Hospitdl Snciety; Royal Navy and Royal Marines Chariiy. Greenwich Ilo%pitY41,. ITF Seafarer4' TrLtrt' Lloyds Ile818ler bounda¢ion,' TK I,ouhdolion und Trinity House. 'fh¢ MCO fostcrs cc)laTatiOn across the maritime charity Acctor. It does thi.8 by sharinx inlormation. commi.8sinninB r¢8cwch. supp4)rlin8 thc ¢dU(Lon nd w¢ifare UfsfrcrS ¥nd iheir families, and by th¢ prornotioTh Df b¢st practice wiihin (he moriiim¢ chAriiy scr(or. Youth Opportunltlu nd TrAlTrlni -ri IML'S charitsblc Qctlvity eruLbleA y¢)ung people ¢0 expericncc life ai 8CYi Wth a thrcfo1d aim. IrStly, young pIC gain confidence at SCA by handlin8 small And 14rge ¢ratL' (his, in tum, cnhanccs public .4af¢ly at 8¢8. Secondly, 8uch
ctivili¢3 promul¢ cducation and LTainin8 for thi)s¢ who seek to pursur a carccr at sca. The LonfidenLe 8ainLd can LTrtl¢n
opcn young people's cyes to the wcalth of t)pEKJrtllnLti¢s avAilabl¢ that thcy rnay not have con.4id¢r¢d or known 8lK?Ui. Finally. this ¥cliYity impmvu awarcnu5 ofnwvi8aiion, shippingd seamartship alvngsidc hi8hli8htin8 the roleof'frinity Ilobse and oth¢r a8en¢ie8 in promotin8 Lhe 5afcty of Rhippin8. To thi5 end, THMC provides an ants1 8rant to the Marin¢ Socidy & Sea Cadcls. a maritimc charily. Th¢ Corporation also funds cvecr development bursarie5 awarded by the AssiTr¢i&tion of Sail Trainin8 Or8ani5ation5 {AS'f()). Royal Yachting Association {RYA} Yachtmustcr Scholarships for those worktng in the SMBII commercial vc58cI secior. and a SUprryht cadetship thmugh the United Kin8th)rn S&ilin8 AcLyny IUKSA). F.ducation and trainin8 in n•vig&tion, scarnanship and marine en8int¢rins are mainly provided throu8h TIIMC'S Mercharti Navy Scholarship 8chcrne IMNSS). whcrcby young peopl¢ training to bnme offittr5 in the MerLhant Navy arc supported with bursaries for their a¢adcmic Cours and se&-&(Tring trttininB. Candidates. who llre USUBlly between 16 and 181/2 y¢5 old. undcrtake a ihr¢e-y¢ar proxrammr split bctwccn naulieal c4Jllc8e And (im¢ a¢ sea in a variety of sea- going vcssels. Clldcts can train DeGk. Ln8iiccr or Llec(rTcChnIcaI OlfiLers IF.TO$). Publlr S•fety EducA¢lon Th¢ s4fcty of rnariners and shipping 8¢nEr#lly, ond ol-(he public who travel by s4 is the CO ortiviiy uf Trinity House in its capacity as a General Lighthou5c Authority. It is also a rharitablc activity ot-the Cory>oration's ¢harili¢4 whi£h provid¢ 4 nwnb¢r of major grartts for this purpose. 'I'IIMC also makes grants toward5 thr advanccment ofeducalion in mariiimr matt¢r5 such as searnanship.
Malnt•ining the Fbric Htrltxge ofTrlDity Hou8e Th¢ maintenanLe uf the fabric and herita8e of Trinity IIousc. Tower Ilill, l.ondon 15 an cs%ntial part of the Corporate ChariLy's activities. ThL5 ¢ade I lisi¢d buildin8 datcs tr()m 1795 and WAS r¢sLored and rwpen¢d in 1953 lollowin8 wartimc dama8e. Alihvugh li Continues to be ihe h¢adquari¢r5 buildin8 of the Gcncral Lighthouse Authority and of ihe Corwration's harilies, its ceremonial room8 arc t)orniolly secn by well over 20,OOn Wi8LWfS each year who aiLend for ¢onfercnee rcccpiion.8, weddLn8S and othcr cvcnts. Th¢s¢ include the &nnual gtneral meeLings of other chaTiti¢s the maritime ¥nd oth¢r 8eclors. &8 well as produ¢iion companies. inv¢simen( bdnk¥ law firnis and non-chariiahl¢ maritime u)rnpanie& due io the House'5 IoLalion within the Square Mile. Forthc samv r¢ason, il is popular with livcry companics lacking halls i)f their own, who lik¢ to hosL their ccrcmonial Court meetLll8S. lunch&% and dinn¢rs th¢rc. Trinity Ilousc a18Q PUrti¢ipai£s in IATrndon Open How¢. AIthL)u¥h thc buildinu is used exl¢n5iv¢ly li)r th¢ CoTfA)rLion'5 ¢?wn #dministrdtive and opcrdLiOrtal purpus¢s, it$ sucrcs%ful promotion to cxternal uscrs not only enhanccs puhlic under$tanding of the IMrtant role i?t the Corporation hul 4lso op¢imi4e8 thc se of ils asscts, ¢tsntrihU5 nserv(lon pr¢s¢rvaiion, social valuc und linan¢ial sustainabiliiy. and maintains thc cornplcx balonce ofhistoric valuc and eoniempor4ry. forward-looking relrvanc¢. The majuTlty of thc custs ofmaintainin8 Trinily House, Tthwer 14111, T.ondon 15 louT fr()m IDom-Iclting incomc. and thc huildin8 l5 normally &voilMbl¢ tor usc cach day ihr(iu8hi)ut thc y¢dr opurt frotn a four-weck mointrnancc period in AugusL and thc day.% of. lind bctween. ChTlStma% and Ncw Year. Dttp Sea Pllotize #nd Provhlon of Nutlr41 AMeJ$•rJ 'l-hc C.orporaLion has a $tronB intCfCs1 in Dccp Sea Pil(Ilagc And, by S¢¢ion 23 ofthL Pilot4ge ACL 1987, authorised io 8ranl Deep Sca Pilot¢ c¢rtifi¢&¢¥s ¢0 per5uns who sR¢isly ih¢ n¢c¢s9ary crilcria l()r ¥nlry artd exuminati()n. The Corp()Tation 15 cncouraging more Landidatcs lo ck T)cep Sea Piloia8c liccnLcs a5 thcy play M vital role in the ¥alciy of navi8&lii)n in ihe Fthglish Channel, North Sca around our coa&ly, and ciTrny#quenUy ¢h¢ protection ofour environm¢n¢. Whi151 nol mandatory. the 518nificanL risk miLi&aLi()n afforded by the usc ol. Deep Sca Pilolli 15 WCII rcLO8niseJ. 'lknc ov¢rdll cosi of obwinin8 8 lic¥nLC can be ¢unsid¢rabl¢ 50 the CoTpor&tr Ch&trity &w4rds buTsaTiCS to %ULLcssful L&ndidAtr to help wi¢h the purLhw5c of ncces¥ary equipment and wilh the costs involved in pr¢parntion for the rol¢. In thddition, the Corpornlion 1$ required to appoint Nauticr41 A&$e980rs to a53isi the Admiraliy Lijurt where thc judsc requircs addi(L()nal naviga¢ional w)¢rtLse. C&8cs may involvc rnplex chni1 profcs$ityn#l isJu¢5 and h¢Arin may lust Iwo wceks or mor¢. Truite¢i' Revltw of Charlt#ble Expendlture and CrAnt-M¥Jldllg Pollcy A revicw ul. THMC'S y&n(-makinx proccdure w&5 complcLcd during thc year cnded 31 March 2021 and fully implem¥nd shurtly attcrwurds. Thi.% brought greater clarily tu ¢h¢ upplication proccss for i)rganisAli(Ins supported Ihis y¢or and has rcsultcd in a mor¢ xlreamlincd 8ranL pro8r&mme. Qur emcr8¢ncy grants provi.%ion to &*SlXt with the impocl ofLovid-19 ended on 31 MrLrGh 2021 and providcd 5UPWrt to both and rclirtd seAfw¢r8. 'l-he MariLim¢ Lhoriti¢s ffftTrup Covid-19 Rcdundllncy Und Retraining Hursary. administercd by Lhe Marine Soii¢Ly and supported in partnership with the Mer¢hartl Nv4Vy Wciforc Bvard and Nauiilus Sl4¢cr Fund, conlinucd ihrvu8houi the ycDr ond wu5 po%iLivc cxamplc (Il'ihc in¢rease41 Icvcl ol-ciTrllaborati(Fn within the sccLor in re%pon5C tn thc pandcmic. rirantsthatwcre previously CA(egoriscd &8'8Tants paid- des1ted. arc now cl&8slfied ,rEnts paid- annual., tu avoid confusion wilh Dcsignated bunds. Thc relaLionship'fHMC ho8 Wlth thcor8ani5ation5 il supports r¢m8Lns at the corcof our work and is valucd on PK)th sides. Visit5 have hecn ablc to return to almost prc-pandemiL l£vcls. which has play¢d an important part nol only in k¢¢ping the Trustees bricfed on ihe impact of l-IIMC'8 funding but 4180 in ensuring that they awar¢ ul'thc Challen5 bcin8 laLcd as orgwisalions cmerse from the pand¥mic. I'h¢ Trustees ¢ontinue to mY4intsin a of Jllocatin8 THMC 8rants in ¢hc rAtio 6..4:1 bwetn Y¢)uth OpportsLI]eS nd Trainin& Wcifare, and Public Sal¢ty as far &8 )Ssibl¢. That said, ¢h¢ ¢onlinuing eflects ol'the pHnd¢mi¢ {notably the requircment to respond io ¢m¢rging continBcnt lleed) have ¢hallenged the ability to align as closcly wilh thC prop)rtion5 as Ln prpandeMiC years.
Svbsldlary Compsoles Th¢ management of room lettings is undertaken by Trinity House Lvents Limited {THEL), a wholly owned subsidiary ompany of¢he Corporate charity. Any protitsgencrated by th¢ company. where notrequired to be relained, arc dirrct¢d iowdrds the Corporution's Lhwitable objccts. The Corpordtc Charity is al80 th¢ sol¢ ownw of Trini(as Service8 Limited. the principal activity of whiLh 15 the manggement and operaiion of37 fOrnr li8hihouse keepers, co(tll8 that are run as holiday acctsmmodatioth and short- temi l¢¢titl8. The d8y-to4ay managem¢nt of ¢he ¥umpany ig carried out by staff ¢mploy¢d by the fi¢¢)eral l.ighihou5C Authorily (see page 13). ACHIEVEMEIYTS AND PERFORMANCE Weifr¢ During thc ycar. the LorF4)ration spcnt £1.4 milliort towards thc wclfare of m4rin¢rs ond their depcndants cvrnparcd with £1.6 million in the previous year (scc note 71. Includinx up)rt cost& ihis equa¢¢s to 34% of th¢ ioial rharitthlc ¢xp¢nditure in thc ycar Icxcluding restricted grGnis made from the TFIMC/Dcpartment tor I'ransport (fHMCIDff) Fund Jcc'Public 8afcty and Trainift8' FKlow) compared th¢ Trusrs' taT8Ct of 36% of¢xpenditur¢. EXndituTe in the ycar included.. The m&int¢n#n¥e sjnd upkeep ofTriniLy Homcs in Walmer (£378.000). I'hc Homcs arc inspected periodica]ly by th¢ Corporation's &urvcyor and all 111 bungalows and thr communal buildin8 cuntinue to be in 8ood repair. A progrAmm¢ ol. rritifiralion work {identifLcd by the G¢n¢ral MArtager HPPLiintcd in May 2020 as neLeyx#ry to ensure ¢ompliance wilh Ilrwlth Nnd Salety and othcr l¢Bislalll)n) cvmmcnced in l&lc 2020 ond h&5 now be¢n cumpl¢kd. This in¥luded a scrics of fire safcty remedil works arising from the annuBI FiTC Risk Ajgessmcnt, s WCII 85 UP8radin8 th¢ cat¢ring kitshcn along with d number of smE411¢r works. The pwertger lift was a150 refurbi&hcd in 2021. Minor imwowemcnts io ittdividual prortieS L<>nlinu¢ part of a rtsulinr mairltenance pro8rHmmc. The wd¢ns main well mY4intained and Tr much appreciaL¢d by the r¢sidcnis. One Vlkcwnt pmpcrty WHS OLcupied kn T)¢c¢mber 2021. IcAYinB IWD lurthcr vacant prupertL¢$ At 31 March 2022. Annual 8rgnts lo (en welfar¢ charili¢s in thc maritime sectrjr tot8lling £526,000. Ixher grants tu welfare charitics and individulls taLli8 £196,000. Includin 4nnulti¢s to 26 retired srorerS in financlal nccd at a rat¢ o1'£780 p¢r annum. 'rFIMC Supports u widc rnn8e ofrnari¢im¢ wclfare OrganilOn$. urin8 the year, a grn( of£ioi,000 was BLv¢n to th¢ Shipwr¢Lked Mariners. Socleiy. Sincc 1839, it ho8 been pwviding vltal linanciF41 supw>rt and practical a5SL51ance to merchanl 8e¥fuwr5, fisher¥, and (hcir dcpcndants in need. Anotherw¢lfare Charity to recclve a 8ranl Thc Royal Alfred S¢afArcrs SoGiety1£92,000), which h&s provlded housing, rcsidcntial and nursing L#re lo former seafarers, th¢ir widows d¢p¢ndants for mor¢ than 150 years. Thr Nau(ilus W¢lfar¢ Fund offer$ u rHng¢ of specialist Jcrviccs Io sUPPUrt retired seafarers gnd their depcndBnts.' retiremcni accommodation for peoplc living itsdcpertdcntly. for thos¢ requiring rcsiden¢iY41 or nursing carc, and alw carc ¢ hurnr to help 0p1¢ liv¢ ind¢p¢ndcntly in their homes for lon8er. During the year. it receivrd a 8rantof £77.000.
Youth Opportunltles Tr&lnlog Lxpenditurc on ihis charitable objectivc to¢alled £3.2 milli(Trn. including SUprt costs-the s&mc asth¢ prcvious year (s¢e notc 8)- atyd cquate5 to 64% ofihc totAI charitable expendir in th¢ y¢or compared with thr Trusiees. tar8et ol- 55Y.. The figurcs cxclude rc5tricd wants made frorn the THMCIDtT Fund (see below). The cost of the Mcrchant Navy Scholarthip Sch¢me IMNSS) was th¢ largest item of ch8ritable ¢xp¢nditur¢ in the year. totalling £2.3 million, a sum partially off$ei by 8ov¢rnmcnt grants of £0.7 million. This was another LesLing ycar navigalin8 thle MNSS throUh th¢ Covid-19 pandcmic 11¢ adapLin8 to change8 in restri¢titJn& imposed by the UK atjd inicmdlional 8overnmertts. 'fhe main challenge was securing sufflcient Sca krths for cadeLs to comple their sea-limc tsEining phasc¥, which wo9 achicvcd with Llosc ¢ooperalion (rom ihe Codcts themselves and from (he cornpani¥s who made thc berths uvailable. Flexibility wus key ts) most Trinity Ilousc ¢ad¢ls wmpleLin8 their vaTlnU.% trdinin8 phoses wlthin the required periods and so proBres4inB WardS qualificalion. Ilncc again, cadcL% had to addpi online ledming when ¢vll¢8e5 wrr¢ unahle iu offcr luilion ort site, whiLh madc li difficul( (i) mointain c(Trur5C continui(y. IIow¢vLY. IhrouBh commitmeni #nd d¢di¢ation. most ¢adLts did successlully Comple theiy seicollc8e phases. Ai thc st4rL of the ye&r u to7 of 139 cadeL% were urtder trainin8 throuuh thc MNSS, ithcludin8 81 T)eck Officer% 49 F.ngineer Officcrs Hnd 9 F.TOs, some of whom had cxp¢ricn¢ed double ph&iing ai college wh¢n 5¢8 berths had br¥n a¢ a premium Lumparcd wth ¢h¢ previou5 ycar. The numb¢rs wh() qualificd in 2021 and a¢hieved onictt of the Wat¢h I()OWl wcrc &% lollows: 39 Ik¢k ()Iliccrs. 111 Lnginc¢r 7¢cr8 Bnd l L'l'u. Th&8e LudeLs are Lo bc con8rdLula¢¢d on atlaining thcir certifi¢Aieq durin8 a 8lobal pwdemic, with many ible Secure ¢mploymenL Jmd promsS their resPCCtive marilime carcer pths. 'I'h¢ joint venture paTtncTship5 wrrc lurth¢r developcd thTuugh the year, attractin8 high colibre ¥#ndidal¢y ull of whum benefit¢d fmm (TrprM)rtunilirs made availablc Lhrough ¢he p¥rtn¢r organisatl0115, such AS th¢ ollery ot. cmploym¢nL un qualifying. Scvcral juini vcnLur¢ cadots with Tcck&y Shipping, IUT cxamplc. arv now juni4)r otfirKr% on Tcckay LNG ships. Thix outcA)me enhantts Ihe profilc nl'iht MNSS in an cxLremely compctilive markd. 'Thc MNS% 1.8 kvolvin810 mcct dcvcl(>ping requircmcnl8 in the (rainingof ¢ad¢ts lor (he modcm, trchnolo¥iLdlly advanccd McTLhunt NAVY. Recruitln8 ihe ri8h( ¢Mlibr¢ of¢andidatC5 is ¢ssertLial kttp pacc. Marilbmc colle8¢s and univcr5iticJ, in ¢unjun¢tion wiLh the Merchani Navy .1 rainiTh8 Board, are rrviewin8 syllabusc5 and incrcasing the usc of lmu1&r truining. 8iJlenL Universily has rnIlY inlN?duLcd a ihrcr-ycor a)urse from which ¢ad¢ts will ¥r&duale with a full I Ivnuur8 d¢8ree und An l)OW Ccrtilicatc. Triniiy Housc'i MNSS haA a notablc rolc ts) play in %upporiin¥ ih¢ RriliAh MerLhant N&vy ¥s it stays Mbr¢&51 of chun8c in lh¢ global merc8ntilc marinc se¢(or. 'I'hc other majvr 8r¢4 ()f LxpcndiLurL undcr Yuuth Opp()rtunitics and 'l'raininB ¢()mryiscs fLVC annual 8rnnts totallin8 £247,000. Th¢ re¢ipi¢nts of thcsc granL% were Charitics pmviding op)rtUnitI¢S for young pcoplc io experiencc Sailing and o(hcT maritime K¢tiviLics. inLluding iroinin8.' Th¢ Mthrinc SoLi¢ty & Sc4 Cadets {£1 I2,000).' Tall %hips Youth 'l-rust 1£47,OOQ); London Nautical S¢hool1£38.ooa)', (hc InLernatSonal Ai.s0fyi#¢ion ofi.i&hthousc Authuritics, {IALA- AISM) Wurld Wide Acadcmy1£25.000I', #nd ASTQ {£25,000). Othcr grants includcd L45,(K)O in RY A, £25.OUO LO Cow¢s En¢crprise Lollcsc, £24,0(KJ PurL8muuth Swl'fvdining'rnI and £24,OOQ to UWC Atlathti¢ Colle¥c. PorL4muuth Sail I'rAiniThgl'rust has bren supported by THMC for a number of years, speciflcally to Ilclp wound 30 youn8 peoplc through ihcir tr#inin8 pro8rammc cach year. Portsmouth Sail 'l'raining Trust Is passionatr about enablin8 and m()tivating disadvHntaBcd y<)un8 people in PorL8mi)uth to reach Iheir full pokntsal. 11 provides maritime trdinin8 qualifLCHtion8 and mcnt()rin8.
Publit Sftty Edu¢atlott Includin8 suppori Costs, Unr¥5triCi grant expenditure on this ¢haritAblc a¢tivily ts)talled £83.000 (3ce notc 9). equating ts> 2% of the lolal charitable PEndituTt in the year compared with the Ttvste¢$' torget &llo¢ation of W/•. Unrestricted gronis within Public Safety and LAJucation were slightly lowcr than in the previous ycar. This is due to a ctsmbinalion of redu¢ed Aiinding dvaÉlable overall and sorn¢ grant r¢qu¢sts in this Brea being dcemed morc suitablc tor fundin8 from the THMc fund. In addition to th¢ unrestri¢tcd grant expcnditurc. restricted 8rants to¢alling £1.569.(K)O wrrr disbursed from the fund adrnini5red by TIIMC joinily with th¢ DIT, and details ofthu¢ ar¢ s¢t out in a 8epara¢e r¢tion below. CHIRP Mariiimc (Confidential Iluman Fa¢lor$ In¥id¢nt Rcporting Programmel was awarded £l9,0(K> to help encourage in¢id¢nl rcporting 80 that safety Icsson8 C4n bc learned and di55cmillted. CIIIRP dims to enc(Trmp8ss cvcry L8PCtI ur seamanship safety has a cri(ical ml¢. including lei.8urc boalin& thc fJthin8 Lndu3try, ¢0mml4] maritime, tsrr.8hor< pilotthiie, mililary, dnd port orKrations. Publk Safety 4nd EdtatIon tsbrIed from the THMCIDrr rund A$ 5¢t out in wttvious Rcpons and Accounts. a Grant Funding A8rconent with the Drr approvlng o to TFIMC of £3.0 million was si8n¢d on 27 March 2019. This gTanL Irceivcd in April 2019. was In SUPkX)rt of safety and tTainin8- rclalcd mattcrs within'fHMC's objects. In the ycar under rewrt a tytal of £1,569,000 way disburscd. rnainly to the Royxl Socicty for the Prcvcniion of A¢L'idents {RoSPA) 1£568.OIN)). Scafish {£321,n(M)}, the NaLiortal Coastwdtch lrtslitution (NCI) (£105.UUO), ]4ritish Marine I£IOO.000) and Fishin8 Anlmateur (£IOO.IM)0- 8¢¢ bclow). ROSPA is at the heart of accident preveniiun in thr UK and around the wvrld. The grants aword¢d by THMC were lrt support of iwo projccts.. the N8iionAI Wakr S#f¢Ly Forum's 'Respcct ihe Watcr. Carn]8n and (he W ALer Incident Datsbose {WAID). Scafith 1$ a Non-I)¢p8rtmental Publlc Rody that SUFVIrt5 the seArd ycctor In thc UK. The Brpnts by THMC were in support of two pmjects.. Cold ¥%*ter xhock training ¢v¢nL8 Mnd the 'Home and Dry. fi8hitt¥ salcty c8mpAi8n. NCI is a volunlAry orB8ni.881ion tha( cxists lo uxist in ihc prok¢tson and pre8erv&tion of life at sea and around thc UK co>linc. The'fiimc grant contribu(cd to cnablin8 NCI l(F align more ¢lvs#ly with the wAicr s&f¢(y irtiti&tive in lurn with TIM Lo&i¢Buard- # key part of thcir recently updated fivc-yesr hu8ine%x pl#n. British Marine is the ¢radc 068ocia(ion for the UK Icisure, SUryaCht and sm&ll commercial marine induslry. The THMC grant ¢vntributcd to the )Sts of Nnnins a naiiunal safcty carn1 th8¢ gimed io promote tsking (o the woter safcly. As noted alxTrvc, Fishin8 Animateur was th¢ bcncficiary of a 8rant of£ioo,(K)O. Ra5cd in Newlyn bul 8ervin8 the wknle of ihc IIK, thc AnimatCUTS SUPPOrt th¢ fishing community. cspccially smallcr fishers working on hoAL8 undcr IOM, in c¢essing Mppropriatc flnwncial 5118n¢¢ for safety improvements to thcir vessels. ond h¢lpin8 th¢rn with the applic#tion pro¢¢s$. By.8uppofiin8 fishcr¥ lan c5tim&icd third c)fwhom la¢k the level ol-lilcracy rcquircd to complete Lomplex grnnt
ppli¢ations) in ihis way. Ihc sal¢Ly of )th v¢sJ¢l and ¢r¥w 1$ improvcd. Fishing Animalcur is a g(Trod cx8mple or'riimc
working in partnership wrythin the maritimc sector, ¥ it is ¢o.fundcd by the PishmDn8eTS' Company and I'h¢ S¢afar¢rs' Churity. Other grants owarded werc to the RYA, 'f&piit I., Seafood Cornwthll Trainlng. RNLI, Fishermen's Mission, Th¢ S¢af4r¢r8' Chwity ond Intcrnational Maritimc Rcscue Federation. MlDtenanee Dfthe FAbrl¢ and Herltaie ofTrlnlty Houie Fjxpcnditure in the ycor on this I W ccntury Grade I listcd buildin8 tot#llcd £814.000 pared with £719.000 in thc previous year (scc note 101.
'inily Village (value £24l.3 million 12021.. £235.9 millionll.. thc primary obj£ctivc for the ycar conccrnin8 THMC'S main inveslment propcrty [rtfoliO ('Trinity Villa8c") w&5 lo rnY4intain tht rental inwme as far a5 possible and mitigate the adverse irnpacts orth¢ pand¢mi¢ while thcy wert still b¢ing f¢l¢. As the impacts hav¢ Icss¢ned. the objcctive bvcame to minimise the number L)l-voids yll atjy one timc whil.st optimising (he Icvel8 Ot renial income li)r D¢W lets. Key componcnls of this original strai¢gy were the maintcnanGe of thc e81ot¢ al a sullicicntly hiBh stsndard kn achievc thc bcst rental levcls )SsIbl¢ in the cireum5tancc5,' bringin8 b¢low-matd rcnts up lo aPPT(IPTiUte l¢v¢l in & fair and m¢a5UT¢d fashion. and minimisin8 vvids. svmelimes through Lhe Judiciou% of rent discount5 Mthere rneri(¢d. The use ol-rental di5Lounls ha5 been si8niticantly reduccd since th¢ of Ihe pmndemic. THML ww5 constantly mindful of its reputation as a ci)nsid¢raic londlord. cspcci&lly in respecl (Jl'the collcction L)fany rental arrears arisin8 a dircci rcwlt of th¢ pandcmic. Given the proactlve munagcm¢nt of ihe portfolLO. il 15 pleasing tsj report that 8TOS8 rental incDmr for Trinity Villa¥e WBS up by S.6°kn in the yedr. 'I'hc TN51ces report that the volu¢ of the &%tate inereased by 2.3% in the year. PoriJtsllo ImYsinKnts (valuc £16.087.000 (2021.. £17,148,IM)01). Thc primary p()rtfolio is the pcrmancnt endL)wment I'C.api(al'l nd And thi8 Tecordcd a total return in th¢ rithancial year of 6.37% cnrnparcd wth lh¢ ben¢hmgTk o1.6.43%. Pcrl(?midnC¢ continues ts) bc monilur¥d by th¢ InVlment and E5tatcs Committee ond thc CoOrate Floard on a regular bpsis. The TrlNIty HO$¢ Corporitt Ptll51on Scheme {lfjthe Schernt") The Scheme is adelined b¢ncfiL8 8ehcmcand was upprovcd &8 on'excmpLdpproved SLhcme' underih¢ t¢rm8 (Trf thc Income nd Cor)rLi() Tox¢s Acl 1988. It LS ni)w d rcgistcred p¢nsiun herne un¢Jttr Part 4, Chaptrr 2 of ihe I, inwicc ALI 2004. The wo$ establishcd on l U¢(ob¢r 1977 is 8ovcmcd by a l)cfinitive Tr$1 l)ccd and Rulcs daicd 3 O¢tob¢r 2008 amended 27 July 2011. Th¢ 5pnnsurin8 cmpli)yeT ()I'thc Schcmc is th¢ Corporotinn iil'frinity Ili)usc of l)epLf()rd 4lrond (the Corporation). 'I'hc %¢hcmc was Lloscd to new mcmbcrs of $tsfl'with cffc¢¢ fr()m 111 July 2006. Th¢ Scheme wa$ 81.w Lloscd from I Scptemb¢r 2006 w ¢xi8tinB 8lall.who were not #lready members. There arc 5 activr, 10 d¢fcrred and 33 pcniii)n¢rs in the fund. Undcr the rulcs ol. Lhe Schcmc. Appvinimcnt and removal of pension trustees is the responsibility of thc CvrpDraiion. Ap]x)inimeDts made hy a8Tcemvnl vf th¢ Corpordte Board. In thc year und¢r rcview, thcTC was a Lhangc in Ihr ¢rus ppvinimcni8. 1)n 20 July 2021. su¢b thai ihe pension iru51ec buurd now compri.%c$ the Chair {remainin8 Mr Richard Sadler (Mcmber of ihc Corp(Trra¢e Board until 211 Septcrnber 21122. and F.Idcr Rrother)), 7A)& Turner lan a¢iiv¢ m¢mber and Tlwdd of F.vents ai Trinity I Iouge) and Mr Willidm F.verard ltsn ex¢cmal indcpendcnt adviwr and p¢nsi(Trn trustce spccilllisl). Thi5 change vf 8ov¢rnanLe allowcd the removal ofgny confliLL from haYinB senior ¢orsxir¥¢¢ cx¢cutivrs Ithc $eLrgi and th¢ l inan¢¢ I)ireL)rI also sillinx p¢nsion Iru$tee8 4$ in th¢ pos1. It Wds accompLtni¢d by the ppointmcnl of Quun¢um Adviwry l.l.P &$ the 5chcmc's aLtuariv41, secretarial. administratlve and investmcnl advisijrs. The pwintrncnt m#d¢ olier a compctitivc selccliort pmcess involving thc pension tru5teG8 and thc C(iry>uration. -rh¥ L()rrrf)ration alqo ap)In1¢d independcni advisors, Hyman3 Rol>ertwn LLP, to supwrt thcm in th¢ ytr4lc8ic input the manag¢mLnt (Trf Ihe 8chemc. The fund L5 audiled by Bu7.7AcoiI LLP and th¢ %chemc'J Annual Rcport artd Finartcial Statement8. for thc ycar cnded 30 S¢pt¢mber 2021, arc availablc. In summary, the Schemc 15 in 5UTpIu5 a funding b&%is und a new invesimeni 8troicgy ègr¢¢d in 2022 ljetwccn thr Coryx)raiion #nd pension trUS¢S. with support fr()m the advisors. Lu protcct ih*¢ surplus in ¢h¢ L()min¥ycars. With the currenL%riJwth in gilL yield¥, it 15 collcluded (hai Lh¢ p¢nNiun schemc is in u hcaithy linancial Id or8ani5alional posilivn. et notc 25 for pension commitmcnts under 'Financial Rcw)rting Stsndard I02- Rctircmenl Benefits..
FUTURE PLAN5 DurinB Ihe coming year the Trtte8 will seek to: Disburse £833,UOO in annual 8rants from th¢ ¢haritics' Un$triG1 funds, and a furthcr £182,(MJO its 8rants to other mariuTne Ghariticy and organisation$ in ord¢r tsj sllPPOrt th¢ thoritsble tiVItieS. Mortitor und mitigaie. wh¢re necc&sary. any continuin8 eftects orth¢ pand¢mi¢ on the sour¢¢8 of ina)m¢ of ly)rh ¢harities atLd cunsidcr, where appropriale, Erf>th the repaymenl of 8overnment or local authority support received during Ih¢ pandcmi¢ ond on increase in 8rant paymcnts follon8 previous restriction5. Con5ideralion ol. an in¢rc4sc in gratit payments will tskc into acGoun( Ihe impac( of the current cosl ofliving crishs. Continue tu di8bw¥e gronts from theTHMC/Dff fund towards s&fEty and trainin8-rel&ted matter4 in accordance with 1'11MC's objects. Continue to maintain the almshouses to a high standard and at thc fullc5t occupancy polb]e. Continu¢ to rccruit high-qualiiy Landidate5 to thc MNSS. to monitor the SUcOntr&Ltcd rnllnageTnent of th¢ schemc following its recent review,. and to ¢xplorc new opwrnini(ies wilh other charities ond ()rgani5ail()n5. Conlinuc with th¢ impl¢mentOtiun OF. and rcwrting on, thc Trinity Vill&Be Bu5ine55 Plan prepared by Kni8hL Frnnk in Jun¢ 2020, wth the ohje¢tivey of growing the net income nl. thc Gslatc and a&certainin8 thc option% for investment dlversificatLOn. Undort&k¢ th review L)I' fiimc'y inycstments held within 118 Lapiiul lund to ensurc thal li is LorreLUy $1(10ncd to optimise the yield and retyrn on ih¢ und¢rlyinB th¢ minimum risk dcemcd CePtable. Ensure that th¢ Corpora¢e Charity's subsidiary company. THF.l., sustains its return to fvll oper&¢ional ca51y. Continue to m4in¢ain the Trinily House GrAd¢ I listed building (o an appropriatcly hi8h standgrd. Olve nsiderAtion to the in¢reued deploymcrttof ndS WArdS the provi8lun ufexpertise un rnuritSm¢ m¥tl¢rs (and Bpecificlllly Deep Se4 Pllotagc) by the Corpjrnte Charily. FinolL8e th¢ impl¢mcntation of the agrrcd rr)mm¢nddIioft5 of a rcvlcw of Corporate Governancc, including support siruclure and deparbncntal pro¢edure& iniiiuled in the prior yeBr followin8 & First ImprcJsions Rcport by th¢ (then) ncw Sccwtary, and extended into & Teview of fLrt&rtce prncess. As an outcome of the Finynte Processes Rcvlew, procure ind impl¢menL an Lini¢rprisc ResourcePlthnin8 (ERPI System to replace ¢he existinB aunting software. Continu¢ lo examine and improve the ch&rities' Ettvironmentol. 8ocial and Govcmancc profile, lIh an enhanccd ro8¢h in particular to Susiainability whcre applirthle incrcpscd focus on risk dcrivin8 frorn Climate Change. Lontinue to asses$ i)plii)ns for rrcommcndation to ihc Court in relation tu en5uriny th*1 the Corwration's Ch8rters rEmgi¢J lit for purw)sc. Review. drnft and implcment an appropriate Risk M8na8ern¢nl Fram¢work for the ¢xistin8 Risk R¢8ist¢r.
FINANCIAL REVIEW FinAncl*l Th¢ accuunts followin8 this Annua] Report Show thc combined Accounts of thc Corporate Charity and THML (together '(he eombined chaTi¢ies'), and Lhe Group A¥'wunts which al30 includ¢ the results of the Corporatc Chariiy's Iwo subsidiary companic4 Trini¢as Services LimiLed and THEL. The following narraiiv¢ rclatC5 to the Group A¢¢oun(s only. So1ng with by far the larger of the charities. THMC'S unrestricted li]nds pr()duGcd net income in the year ijr £375,000 cornpared with the pvIOuS year's net income of £39,ofM). TIIMC'3 unreqtricted inci)mc rose trom £7.5 million to £7.6 million. as a result of a S.6% InLre it) Trinity Village estate in¢om¢, which totalled £7.0 million for thc ycar12021: £6.6 million). partially offset by rcductions in other income. IlnTC51riLted charitable cxpenditur¢ talled £3.9 million wmparcd th £4.0 millivn in thc PTCVLOUS yeor. This ¢ompriscd £1,299.QDO on wttlcare octivitiC5. £2.484.000 on youth npEM)rtunities and training. and £83.0(K> on publie safety and ¥ducation. lJnrcsirlc ¢xpcnditure raisin8 fund% was £3.4 million in the y¢ar, thr satnc a5 the previou5 year. ()v¢rall. Aflcr takin8 accounl of ¥n o¢tuwiAI guin the pen8ion schem< {undcr the pmviyions of FRS 102) of£447,000. THML'S unrTel¢d rcsetves inereas¢d by £1122,000 to £2,438,000. With rcBdrd to THMC'¥ rcslrictcd tunds. grants tsjialling £1,569,000 w¢re disbur¥cd in thc year trom the TFIMLDIT und. These granl payments wcr< in support ofimprovin¥ ih¢ safcty of IJK fish¥rs and thc ba14Lncc of th¢ Fund 41 the year cnd was £340.0011 lscc not¢ 22). THMC'A r¢slricd fund5 at (he ycar end .8tood at £521.>0 comp&red with £2.094.000 at J l Mowh 2U21. THMC'S pcrman¢nt endowmLnl {'Capitsl'l funds Increa8ed by £5.9 million in the year to £263.3 million Isce notc 23). This Wd4 matnly a result of%L 2.3% r¢valualion yin i)n Lh¢ Trini¢y Village inve8Lment property p)rtfoliD which, at the yr end, valucd at £241.3 million. 'rurning tu th¢ Corporate Charity it$ sub$idiarie4 room Icttln8 income in¢sed to £276,(K)O durin8 the year from £7,000 in thc prioryedr. THF.l. reLeivcd £29.)0 in Bovcrnmenulocal aulhnrily granL8 to sUprt il (hrough ihe pand¢mic 18e¢ notc 41. 'fhe lighthous¢ iuttagc Iciling income ot"rriniLas S<rvicc5 IdimiLed in¢r¢&s¢d from £75l,Ul)O in th¢ pr¢viiius year to £1,461.01)O. As ¥ re8ulI, the C.urp()Talc C".harity's ovcro11 incamc incrcased from Ll.0 million in ihc previous year lu £2.4 milliun. Thc Cory)orat¢ Ch8rily'8 expcndi(urc incTcased Irom £l.S Million in th¢ pr¢viow y¢ar to £2.4 million, lar8cly as a re%ult of lh¢ increascd li8hLknusc ¢oi(age Icttins aLtiviiy together wth a (?ne off crcdit o1.£288,000 in Ihc year cnded 31 MaK.h 2021. As a r¢8ulI. thc C1)r)rate Churily incurred nel cxpenditurc of13U.OQO b¢forc inve8lmeni gAins. Ill should be noted thai, cxLludin8 thc depre¢iation ihzr8c, nct incum¢ was 198,000.) Overall. aftcr inve.4Lm¢ni Bains or £25.OUO and an LurIal gain ol'£192,000 on the p¢nsiDn schemc. the Lorporat¢ Lharity showed a nc¢ in¥rro.4¢ in funds of £1 B7.000 to £10.9 million. Over&ll, the totsl combined lunds of the Iwo chariLiL¥ and ¢hcir subsidillrles stsTrod al £277.2 million ¢LTrmparcd wth £271.K millivn at 31 MarLh 2021.
IDwe4trntnt Polley THMC'S itjvestment wrtfoliv is comprised i)f Tcsidential And commcrcial prortY I'l rinity Village'l which valurd ai £241.3 million at 31 Mmrch 2U22', agricultural holdings valued at £5.7 million; and tx)rtfolio inv¢stments (including h awaiLinB investment) valuoj at £15.] million. The Corpora¢e Charity aly) has portfolio investmcrtts which wer¢ valued at l.O millivn. The Trustees, policy with regard to Trinity VillAge 18 to.. Seek the maximurn lev¢1 of SUS¢ainable rental in¢ume consi5ten¢ with good 5teward8hip u u14ndlord,' Und¢rtAkc schedulcd and pcri()dic propcrty maintenllnce (JbligaiiL)ns &8 they Arise und in 4ccordance with high 8tsndards of workmanship and sale working praciicc. Lnhanoc further, appmpriale, the prime re$Edlia1 area5 of Trinity Villa8e intemally And externally. Examine upp)rtunities fvr strategic rdevclopm¢nt ufcomm¢r¢iAI propthic4 usually upon rcvcrsion oficaw. During theyr¢dCd 3 1 Marbh 2021. theTrusiecsrcccived. and igrccd ts) implemertL ihe recommendaii(Jnsof i bu$in¢ss plan prepared by Kni8ht Frank. the cstdte Man8Cr5. fDllowinB iheir Strate8i¢ wirw in the prccedinB y¢Jr. Whi181 the implcmcntation ofthc plan WBS delayed by ihe p&ndemlc. a numberi)f specific,diaLrele feasibility yludies were pruBrcgsed in the year under revicw in order that ihey ¢an be psented lor approval by th¢ Trustces a5 500n Ms #PPT()priate. The bjecliwc5 ofthc plan rcmHin the ¥usthinablc gr(Tr uf net in¢ome frvm ihe estsite, Qnd investment divcrsification. Durin8theyeaT, th¢Trustecs' TM)licy wlth regard to the primllry Inv¢ilm¢nt portr()lio (the THMC'Capital Fund'l remaincd to 8row thc I'und in ordrr to 5UPPOrt cHpit&l ¢xpcnditure on Trinity Villagc. Accordin8ly, B1kRoCk in$tructcd to maintain A primarily 5$1¥¢ approa¢h provide a wstseificienl way of Bai¢Jits8 exposure to dcvclod liquid markets {i.¢. ¢quitics. bonds and gilts). The A8r¢¢d a&qei allocations arr a5 fullows: (Notc 161 Sharry r)ev¢loped Wurld Index Fund CIBP Iled8ed MSCI World Net TR Index 67.5% 67.1% Share5 UK Credit Bond Index Fund iBoxx 8terlin8 Non4iilts Index 17.0% 17.2% Share8 Index Linkd CTilt Index Fund I".TSE ACtU)eS UK Index-Llnked Oilts over 5 years 8.ovts 8.8% Sh¥res Emtr8in8 M#rkets Indcx Fund MSCI Ernergin8 Markets Index. Net RetumA in GBP 7.5% 6.9% Prlnclpal wncertmlntles 'rhr coOratiOn,5 Risk ReBSSter 15 rcview¢d Lwice a year by the Audit and Ri8k Committce. Oncc revi¢wcd. the Re8ist¢r. togcther with ¢he minutes of the mcctinB in whi¢h li 18 rcview¢d, are diKus8ed And approved by the cOrtc B(iard. Thc Register wvers all aspccL$ of the CorFX)ration'$ operations including prortY and portfolio inveslmeni mana8emenL the 'frinity Hou¥¢ building and cvnknts. income l¢vels. finHncial mgm8cment, humatt re50urccs, pension provision, inf¢)rmation technolngy. re8ulalion> governance and lossof repuLation. All rrf)iential rL8ks are aSed on their probability of ts¢iurrencc and impact upon thr CoTporation E%)th 'prior to mitigotivn. aThd 'post-miligloll' on a scale rnn8in8 from 'very low. {less than IO% chance) likeliknod to 'v¢ry high, (morc than 80% chance). io
The Re8iStcr idrntitics the key risks to the charities and subsidiary ¢ompani48 to be as ftsllows: Trinity Vlllage Ftsiale.. lo or diminuiiun in v&lu¢ of property &55et5.' fluvd risk (both pluvial and fluviall., Ios5 of incume for chaTitablc purkM)ses' liLiBaLion by tenants and leasehuld¥rs,' prosecution by siatutory authoritic$' railure to expluit a&s¢t value- insLLtTJcient diversity in thc pmperty and investment porttolio. 'I'he Trustees believ¢ that the abovc ri5kJ hav¢ been mitiB&tsd by the retenlivn. nd sup¢rintendenLC, of suitsbly qualified and experienced pruperty mana8etnent a8ents and survcyors. Icgal advisers and irtsurance broker8. l'hc manUing a8ents and lawycr5 pri)vid¢ r¢gular detailed rcporL% thal llre dis¢uss¢d at quArtcrly monitoring m¢eiin8s, and the F.xecutivc alsi) rew¢ through the Managcment Cvmmitt¢¢ gnd Investtncnt and E$tst¢& Committ¢¢. to each mccting i)fthL Corporote Board. Other less formal m¢eiings are also r¢8ul&rly held, ollen on the estaie itself when li has been p05siblc to do Su. The Trllstee8 also rctain an Honordry Surveyor who atiends thc Invcstmenl dnd FJtates Lummittec. is ind¥pLndent ofihe prof£ssiiJnal advisery and fmm whom they occasi()nally scek adviL¢. Th¢ 'frust¢¢s maintain suitable level$ of reserves ts) mitl8aLe a1n5¢ a Ioss itt Tenldl ithcome fr()m thc csiatc. irtc()me and expendi(ur¥ arc lllsi) munitorid by the 13u%Lrd thIDu8h the production ofquurterly managcmcnt 8ccounty ond d8¢(s. Notwithstanding th¢ above miLiWion. il i5 the.l-rStCCs, inlcniivn to undertslke a review of THMC'S inveslmenl5 hcld within il5 Capilal luDd io ¢nsure (hut it is corrcrily positioned iij optimis¢ th¢ yield dnd rdum on th¢ undcrlying $¢(s. ai the minimum rijk dccmcd acccpluhlr. Trinity Hnmse Bwildlng.. Ios5 of roorn Idlin¥ incom¢ Ithrou8h the CoryJorHliort's subsidiory wmpany. 'l-IILI. Se¢ bclow). pDtenii&l lo&¥ i)I' lil¢ or injury and dama8¢ Lo property ihrough firr, flvod. terrorism or inwdcquatc maitsi¥n#n¥%,' failur¢ ul'iht building mana8¢m¢nt syslem, loss Ol-hcrithe. 'I'h¢ Trl¢¢& believe that ihe ab(?ve ri8k8 are miliytcd by regular propcrty m4illLen#n¥c 8nd relY Lhccks, fir¢ dri115 and micws of eva¢u#¢ion pri)Ledurcs. In5ur&nLc is revi¢wed unnually and a planrted mainlenan prugrammc, drawn up and m#na¥ed by thc C()rpuration's surveyi)rs 411 Clutton%, IS LILrriLd ou¢ each ycar. 'fhe surveyL)rs also ensure tha¢ full compliancc with building And ather re8ulations 15 rnaitttsi#cd. The Towcr or London hu$ kindly a8r¢ed L() providc cmcrB¥ncy consc2¢1)r #nd stor88C SUPPOrt f(Trr the flne uri tr¢asure8 in thc cvcnt of An in¢id¢nt. InLomc from Lhc IclliDB of Ihc ¥er¥monio1 r(i()ms and thc huilding'¥ maintcnance ¢(Trsts arc M()nIred by the Hoard hy meuns of quarierly manogemenl accounts and hudmcis. In Addiiiiin fr£¢ reservLs. Ihc Trusic mÈLintoin o design&ttd fund I'llousc D¢signated Fund,) tt) ¢nsurv ihat suffi¢ienL munic5 arc available for mjor r¢pairs and rcrbIShmgThlS to lh¢ building, knth cmer8cnLy and planneij. fnvld-19.. whils1 ¢hw ar¢ ¢hou8hi lar8cly to have poswd, thc cll¢ct8 of Lhc pandcmic wsed, and 8 limited dejjrcc Still p(?8e, diff¢rin8 risks to thc CorFMTrrute ChAiity and'l'llmc, as w¢ll tt) (hc hcalth and s#f¢ty ofstsff and visitors. lTre hi8g¢st ri.lk I. LucntIY &s%essrd as Ihc emerenLe ora si8nificant rtcw vwittni bringing with it substsnlial re-imposition ofTcstrictions and constraints. For thc Li)rpor41¢ ChAriLy'. thc risk i(Tr incumc lassi)ciuted with thc in&bility lo ILt rooms in thc buildin8 ihrou8h ¢()mpliancc with rclaled Icgislaii(pn guidance. and the dimini5hcd public appeti fur Cvcntsl w(Truld again l¢ad to d¢pleti()n of TC8crvcs and poicniial foilure ofTHF.L &$ a Bolng cvnc¢m. Th¢ Trustees belitvc thai ih¢sr risks would be mitl8atcd by similar cours¢s ol. arlion as previously. wh¢r¢ Applicdblc, including acccptance of gov¢rnmenl.%upport-. thc rcBular and frequcnL mi)ni(i)rin8 ofthe company's ash flows, hoth actulll and 10Ca&t. and i)perational rc4ULrement8' utsd th¢ minimisation ol. any apprupiiute variable costs. Th¢ direkn'iors of THEL remain alert the nred to ensure that the company remain3 a goin8 Risks to staff and vi.%itors would again inLludc thc possibiliiy of &rt outbreak in Trinity House l¢ading to ¥nfur¢ed closurc of the building {dependin8 on prevailing requirements), fvrther loss of incomc, liabilily and rrputational damage. This would be mitlgdled by a full risk as5C55mEnl re%ultin8 in all mcasure5 having heen L&kcn, al and when ncccs5ary, tsj r¥ndcr and sustain Trinity I lous¢ &% a Covid-saleenvironmcnL ()ngoing £wranBements within thc Housc would b¢ compliant with Ic8islaiion.
For THMC.. risks to incom¢ from Trinity Villa8¢ asao¢iat¢4 with ¢he inability ofrcsidcntial tenants to pay renl
commer¢i41 t¢n#ni busin5 failure4 excessive voids at lockdown, govcrnmcnl constraini$ on landlord& and
br()ad
STRUCTURE. GOVERNANCE AND MANAGEMENT As explained above, Trirtiiy House w&4 inc4)rporated by Royal Charter its 1514. A Charter ofconfirmation WAS grani¢d in 16115 although Supplemrntal Ch£rter5 WCTC graThtcd IOT 3PCCiti¢ purp05¢8 between 1870 and 2022 Ilhc l&test hawing been grand on 31 January 2022). the 1685 Charter r¢mwns lh¢ Corwration's principal gL)v¥rning documenl. The Corwraiion'5 du¢L¢S a5 a General Lighthvuse Auihority Bre conducted undcr puw¢rs given by the Merchant Shippin8 Acts. However, the fundin¥, op¢rA¢ions and mana8tmenl orth¢ Lighth0$t Authurily 3r¢ cntirely 8eparatc from those of Ihc Corporation'5 charity und¢rtakiThg$ and. &s a rc5uIt. arc not dealt with in these ac¢ouDts. l-he Corwrate Charily is the principal eharity (Registruiion Number 2118691. THMC is a subsidiary tsf the Corwrate Charity {R¢BiS(r#iion Number 2 LIS623) and is Boverncd by a Scheme of the Charity C(Trmmi5sion 7 Auguqt 1995. The Charily Commissiun ¥ranicd a lJniting niir¢tion tsn 24 May 2004 t<> enable the two chari¢i¢S to b¢ ¢ombined for the purpo8¢s of rgp)rtLIJ8 and thc prcsentalion ofaccounts. The Members ofthe CoTporatc Roard Are eleLted by the Court ol-Ih¢ CoTration and a¢t as Lh¢'frustecs of the charitics. Th¢ Trnsices. who 5ervcd during ¢h¢ period fTum l April 2021 ts) thc dalt of thi8 Repijrt w¢rc as follows.. Captain lan McNaughi CVO MNM (fjeputy MaFler) Rear Admirnl D&vid Sne1 CR (i¢isivdll JNKe 2022) cap¢ R()8¢r Bark¢r MNM Cupiain Sicphcn Gi)bhi JP MA I.LB Captain Ni8cI Hope RD RNR Comm(Trdorc William Wdlworth CJIE MNM RFA Commodore Robcrt Dorey RFA Captain Ni8cI I lare MA MRIN Malcolm (ilai51rT Itsq. Richard S&dl¢r Esq. (iellred2n Sepiemb¥r 2n22) Rcar Admlr&l lan mOn¢ri¢ CBE T)[. {uppoinled 18 O¢lober 2Q22) Hon. Coplain Lance Flalchelor RNR {appolnled IN Orlob¢i'2022J A,B,C.D A.B,C JJ,C.D lJ,C,D Cnmmliiee Membershlp.. A Alenrber oj'ihe Managem¢nl C.'ommllle 8 Member oJihe ltr¥ve.¥imEhi Ltlales Commillee C M¥mb¥r oJihe Audi¢ andRisk Commillee Membvr of ihe Remun¢ralion C'ommiiiee I'h¢ Floard meeL8 1(Trur times a ycar and has aprKJinted a numbcr (Trf cnrnmit(cc$ to di8¢hArBe ccrtain funcLions. The committees arc c0n51ltud thc Inve4Lmtnt and F.staics. Audil and Risk. and R¢mun¢r4(lon CommiltCC5. '1'h M&n&8cmcnL Committce 18 c()nslituied with IL% dUthoTiLy pari wilh lh¢ o¢h¢r commillees wnd MCC four time% A year. in thc in(crvals b¢tw¢¢n Board mccLin8x. Commodorc Martin Athcrton ()BF. MA IIN 1% ScLYCtAry to the Lorporalion. Th¢ S¢cr¢lury is thc Chi¢fLx¢cutivc orricer ofthc two rh&riii¢8 w¢h day-ldY rcsron3ibility for th¢ir cffective OpeLiOn and adminis(ration' he is alw r¢sponNible for the adminisiration and L().ordinotion FrAlcrniLy. 'I'hv Corpor*tii)n'% Royal Charters provide for the election of 31 active Llder Fjrcthrcn who Goll¢¢tiv¢ly wnstitutc thc voting m¢mbers ofLhc Court. itsBov¢min8 body. All the Trustccsof thc chatitses are F.Ider Breihren and CouilA5SiStants. -I'he Court is ¥upp()rted and advi5vd by a fralernity c>f Youngcr Brethrcn. IM)th rncn and w(?mvn, who repreyent thc bT(Trad con%tiiuencics with whiLh thc Corwrdiivn is asso¢iaLed. Thcsc peoplc arc likely lo bc s¢nior pr()le85ionals from Ihc Royal Nyvy or th¢ M¢rLhantNavy, Pili)L¥ vr Harbour Masters,orthosc cn8a8ed in other RTc&sof Mariiim¢ in¢luding thc shipping indu.slry and associatcd bu5inc5Se5 or.%iatutory agencies: othcr5 may havc a background in sailinLi 4)r thc volunlary scctor. Thosc 8eleckd scrve #s Tru8i¢es reflc¢l thi5 broad rangc ofskills and ¢xp¢ri¢n¢e, and thc Iloard thercforc compri8es extensive knowlcdBC and ¢xp¢ri¢n¢¢ ol. the maritimc seLior in its widc5t 5cnsE. All ate, or havc been. scnior fi8ufES in thc scctor. M05t also 5cryc on the govcrnin8 Ix)die5 of. OT arc &swcial¢d wih. othcr agencie8 and charities. Two m¢mh¢r5 of thc Board havc porticulllr business or inve5tmcnt cxperience resp¢¢tiv¢ly and thlso, during the year. 5crv¢d #s trusL¥¢s ofthe 1'rinity House Ci)rrA)ratc Pension Scheme. IM¥lcvlm Glaisier resigned as a trustee of ihe I'rinity House Corporatc Pension Scheme vn 20 July 2021 as part ofthe revi¢w vf its govcrtsance.) 13
Sin¢¢ Trust¥¢J are elected from within the wider Fraternity. they will normally already hav¢ an understhndinB of thc fLL(lnS ot-Triniiy House's eharities 8nd iheir op¢ration. Ncvcrthcless. new Trustces are made aware of their sl&iutory responsibilities and bricfcd formally by the SeLretary on their role. and the charities. governing docum¢n¢s tlle way in which the Tjustcc body oper&k&. and the a¢tivili¢s ot'th¢ ¢hariti¢s. TTUSt¢¢s are alsv apprised of developmellis within the sector. The staff of the charities are leil by the Secrctary. They are engaged in financial and operational administratio itKome gcneralion and ihe provision of 8uptx)rt services at the Corporation's hudquartcr5 buildin8 Tower Ilill. THMC al80 employ5 a smo]I sff ut Trinity Homes in Walm¢r. 'rhe kcy pcrsonn¢l ar¢ th¢ TN$tCC5, th¢ Secretary. the Finance and Commerci81 Dire¢ts)r (who 15 a]so a Dqjuty Secretary lo th¢ LorwTalion). the Hd of Events and thc Hcad of Charitablc Giving. Staff salarics are reviewed annually by the Coryoratc Remuncration Commiite¢ which ¢omprises thc D¢puly Mastcr and the Iwo Business I Investmenl Tru8t¢e4 un¢ of whom act5 as Lhair. The Corwrdlion bttlieves in attrACtirtg und r¢Lainln8 high quality staff for the lon8 tcrm, and a fitm of consuliants was en8a8cd to catry a ¢omprehensiv¢ benchmarking review against tCrnal pay comparators in 2018. Thc recommcndations of this review were geThcrally implemented in the lin?1&1 y¢ar ended 31 M&rch 2019, with a futther revicw scheduled for (he ycar cndin8 3 1 Morch 2023. As mention¢d aFM)vr, the Corpor&te Charity has twu wholly owied subsidiary companics. The first, Trinit Services ljimitcd. was in¢orporatrd in 1993 and its. principal activity is thc OPCTation of 37 lornier lighthouse keepers, Li)tidges as holid&y ac¢ommodaLion Bod short tem) lel8. Two of the tive directors ofthc Lomp&ny are also member8 ut'th¢ Cory)oratc Board and a third director is the Secrdary to the Cvrwr8¢ion and Chief Executive of Ihe charhtles. The prirtLipal activity of the sccond CumpanY THEL. is Lh¢ l¢ttin8 of the fun¥tion r{M$ Trinity Huuyc. 'fwv of th¢ ¢ompany'5 thrce dir¢¢tors arc members of thc Corwratc Bo4rd pnd the third 13 the S¢crctsry t(> thc Lurw>rd(ion. Fmndrntslng Slalemenl The ¢harl¢1 do nol aclivcly solicit donilions and ihereforc are not rcgiNlercd with the FundraiAinB R¢gulAtor' ¢hey do not wbscrihe w 4ny thndralsin8 code5 ufpT#¢¢i¢c. When dona(lons from individuals are rCc¢1v. th¢ thariues alm to prote¢( perxon81 d4la nevcr scll dath nr swap data with other organisations. Durin8 2021 and 2022, the Lharities wc¢ived no cornplwni8 about fundr&i8in8 activities. 14
THE CORPORA TE BOARD'S RESPONSIBILITIES Ir4 RELATION TO THE ACCOUNTS Th¢ coK)rate Board 15 r¢swnsibl¢ for preparing the RepuTt of the Corpuraie Board and Group Accounts in accordance with applicable law and Uniled Kingdom Acwunlin8 Statsdards {Unitcd Kin8dorn Gcncrally A¢c¢pid Accounting Practsce). Th¢ law applicable to charities in England 4nd Walcs rcqulres the Corporate B0d to prepare IOnts for finan¢ial year Lhat 8ive a true and fair view of the stale uf 4LtTair5 of ¢hc ¢Dmbin¢d ¢harilics and thc 8Tnup Iihe combined ¢harilies and subsidiary cornpani¢s1 aDd of th¢ incomc and cxpenditure of the charirics and th¢ group for that P¢TiVd. In preparing these Aunt4 the Corporate Bo8rd ib required ts).. S¢leLI Sultable acUntin8 policics and then Hpply them nsISten(lY. Ob%crvr th¢ m¢thod8 and PTinciplGs in Accounting and Rctx)rtin8 by Lharitics.. Statement of Rw)mmendcd PraL¢i¥e applicablcto ch*LfiLies preparing thcir llccounts in accordance with thc Financiul R¢porting Standard applic&blr in ihe UK and Republic of Ireland IFRS 102); MMkejud8emcnts and <stimak$ thal #r¢ r¢a30nuble and prudcnL StA¢e whc¢h¢r MpplicY4ble Uni(ed Kingdtsm ALLountin8 stsnd&rds have been follow, 8ubject to any mat¢riil departurcs discloxcd and cxpl4in¢d iii th¢ accounts; and Prepare thc counts vn thc 8cJin8 conc¢rn buis uttless li 16 inappropri4¢¢ lo presume that the chariti¥s ond ihe 8roup will cvniittue in opcraiion. The CvrporALe ]4oard is rcsponxiblt for kccping pn)per aCuntIng records thai disLlose with re&M)nabl¢ QUraCY It any limc the fLnunLiul posltion (?I'ihc ch&ritie8 und thL group and ¢ble it ts) ensure tha( thc acLuunts comply with thc Clwill¢S A¢L 2011, appli¢8hle Charily IA¥LL)unts and Rep(Trrtsl Rc8ulaliLlrts and the provisions of the LharitlCS' Buvcrnini dM¢¢S. 11 is ulso rc5ponsible for SaltgulnB thc 83sets ol'ihc chariliciund thc 8roup ond hencc for taking aSOnable steps for th¢ prevention and driection of fraud and othcr ittcgulariiics. Approved hy the Corporaie ]4oard on 29 Novcmbcr 2022 and signed i)n its bchalf by L'apiuin IAn M¢Naughi L v() Deputy Maslcr and Chair of Tru51crs 15
CE DET Prln¢lpAI Offlee rrinity House Tower Hill London EC3N 4DH Telcphone: Website: 020 74816900 v.liini Advlserj Audttor. BuY24wtt LLP 130 WcM)d Str¢¢t LoThJon F.C2V 6DL Man¥in8 A8ents'. Knight Frank LLP 55 Baker Street London WIU 8AN Savills Ltd 33 Murgaret Street London WIG OJD Suryeyor8 to the Corporate Charlty.. Cluttons LLP 2 Portm8n Str¢d London WIH 6DU SolScltors'. Forst¢rs LLP 31 Hill Street London WIJ SLS Stonc KinB LLP BouftdBry House 91 Chartcrhou3e Strett London ECIM 6HR Inves¢ment MAnA8tt1: BlackRock UK Retsll Client M¥ement 12 Throgmorton Avenue London EC2N 2DL Banker¥.' Borclayi Bank PLC Lcvcl 28, 1 Chur¢hill Place IA>ndon E14 5HP Pcnsion Advi8¢rn: Hym#ns Robertaon LLP One London W1 ndon EC2Y SEA 16
INDEPENDENT AUDITOR'S REPORT TO THE CORPORATE BOARD OF THE CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND Oplnlon We have audited the accounts ot the combincd GharitlC3 of the CorporaLion ofTrinity Hou8e ofD¢pLford Strond and ih¢ir Iubsidiarics (togh¢r,Ih¢ Broup-) for ihc year ¢ndcd 31 March 2022 which comprise the 8roup and combined ¢hariLies' 51al¢meni of fin4llLial actLVLti¢5. the group and Lumbined charitLC5' balanc¢.8heeis, the 8fL)UP Statcment of cash flow$, th¢ principal Accounting policics and the related notes. Th¢ financiY41 Tew)rting framework thai h&8 been applied in their prq)itTauon is applicablt law and United Kin8dum Accounting Stand3r(ts. in¢luding l-.inonei&l Rcporting Standwd 102 'The l¢la1 R¢tA)rtin8 Standard applicabl¢ in the IJK and Republic of Ir¢lond' {Unit¢d Kingdom Gcnerally Ac¢eNed Accounting Practiccl. ltt our opinion, the ac¢oun(s= • give a (rut dnd fair view trf thc 5talc of th¢ group's aJKI of the combined ¢harili¢s' aftairs as 8t 31 March 2022 &nd of their InMe and cxpendiiurc lor Ihc y¢ar Ih¥n cndcd. * havc bccn properly prcpared in Ac¢ordan¥¢ with Uni¢¢d Kin8dorn Cy¢n¢raJly Accepted ALLM)unting Pra¢ti¢e: ond • havc b¢¢n pr¢pMrtd in accordance with the r¢4uircm¢nts of thc Charities Act 2(111. Bsts for oplnloD W¢ ndULled our audii in a¢cordan¥¢ with Int¢rnalivnal Stllndurds on Audilin8 (UK) IISAs IIIK)) and oppliLablc law. Our rc8P()nyibilitlC5 undcr th08c SndardS arc further desL'ribcd in th¢ audi¢or'sr¢spon5ibilitics fijr th¢audil ofiheaLcounL8 siction ol'our report. Wr urc indcp¥ndent ut'the 8rnup in accordanr¢ with ihc ¢¢hical requiTcrncnL% ihNt ar¢ rclevant to our Mudit of the accounts in ih¥ UK, includin8 ihc kRC's F,thi¢41 %londard, and we hdve fulfilled ow o¢her ethical r¢¥ponsibililies in occordanL¢ with ¢he%e re4uircmcnts. Wc believe thai the audit ¢vidence we have i)tJtaincd ij suifiLicnt ond appropriatc (o pmvide a basiA l<Jrour opiniijn. Conelujlonj reltln% to iolni eoncern In auditing thc aiLounts w¢ have Loncludcd that Lh¢ Corpnr&Le Board's usc ofihe going concern b4siN (Jfaceountini In Ihc pr¢parA(ion of Ihe dccounls is appropriate. Hascd on the wDrk we have pcrformed. wc have n(Trl id¢niifi¢d any malerial unccrtuiniics r¥1n8 lo cvcnts ur c(?nditions IhaL individually i)r cullcctivcly, may easi %ignifi¢ani douhi on the charilics, or gr(?up's ahiliLy to conlinuc as a Boin cunLcm for a pcriud of al lethst twclvc mi)nths from when th¢ A¢Un ar¢ 8uth()riscd for issuc. Our TC5pon%ibililics and the rcsponsibili(ies of the tru.i¢¢¢s with r¢51 ts) 801ttg concern dcribed in ihc rclcvant slI0n5 ()t'thi5 rcpori. Other Informxtlon 'Ihe Lorporatc Board is Spon1ble lor thc other intorm&¢ion. The ()ther information compri8 the informalioft iftclud¢d in thc Rewrt of the LOr)rat¢ Fl(Trard und GTOUP AL¥oun¢s other thon the acLI)unts and our auditur's rcport thereon. Our opinion on the accounts df)es nol Cover the othcr information and wc do not exprc&s any fom) of assuranc¢ ronclusion thcTCOn. In ¢onn¢¢lion with our audii of Ihc ac¢oun(s, our resFrfTrn5ibility is kn read the oth¢r information and, in doing so, wnsider ether (hc other informaiion is maleridlly inconsL5t¢nt with Ihc BGrounis ur our knowlcdBc nbtaincd in ihe audit or oth¢rwise appcars (o bc matcriY411y misstated. If wc idenlify such material inLC)nsistcncies or appgrenl m&l¢riai missi&tement4 wc are required to demiine thether there 1$ a rnaterial miss¢temenl in thc accounts or & maleriol misstatement of thc other infoTmatioth. Tf. based on thc work we have perfom¢d. we conclude that there is a moterial mi&8latement of this other infomiation, we ar¢ r¢quired to rqrt that lacL We h&vc nothin8 to rC)rt in thi5 regard. 17
M4tt¢r¥ whlch we are requlred to report by exceptlon
Wc have nothing to report in K8pect of the followin8 mattcrs in rclaLion ts) which the Charitics Act 2011 rquircs us to
rwjrt t() you if, in our opinion..
• th¢ inforniHtion given in the RepDrt of the Corporate Board is inconsistent in any maierial re5peci with the accounl5'
or
sutTicienL accounting records h4ve not been kepL or
the accounts are not itt ogrecmeni wi¢h the COuntIn8 rccords and returns" OT
w¢ have Dot r<]v ull the information and cxplgn&tion8 we require for our audlL
Rtxponilbllltl¢i of¢rn$ttti
Asexplain¢d morc fully in ih¢ 8tat¢m¢nt of th¢ Corporate Board's resptsnsibiliiies in r¢l&tion ts) the ac¢ounts,thcCoryxYa*
d i% responsible for the preparation ofthe accollnis #nd for beinB y#lisfied that they Bive th Lrue and fair view, and for
Such inlcTnal control as the corrate Board dctcrnlines is ncccssllry to enAble the preparation ot'aceounts that arc fyce
from material misstalernenl, whether due to fraud or crror.
In prcparin8 the accounts. the Co)rate BD8rd i8 responsible for Osseing thc group's and the Combined charities. ability
lo cuntinu¢ a going con¢¢m, dI1031n8, #s appli¢abl¢, muLL¢rs r¢l4¢rd ts) gtrin8 con¢¢m and using the Buing ¢(bnc¢rn
b&siJ of accounting unl¢ss th¢ C()rporJte BthaNI either intends to liquidate ihe group or the wmbined thArities tsr to ceAse
operations, or has no r¢4lis¢i¢ 4lt¢rn&liv¢ bu¢ do Jo.
AdItOr'S ruponilbllltlu for the Aydlt of the #e¢outsts
Our objeclivcs are to obtain reasonable axsurunce aboul whether the aaUnts a8 a whole are free fJYJm msterial
missiaiemcnL whcthcr duc to ftaud or crror. and iSEue an auditor'5 rert that includes our opinion. Rcasonable
o&surancc is & hi8h l¢v¢l ol'48surMnc¢, bul is not a 8uArant¢c thot on audit conduthd in ac¢ordanc¢ with ISA5 (UK) will
&lw&ys det¢¢t a mat¢Ti41 misst&¢¢m¢nt when it ¢xisls. MISat£ments arise from fraud or ¢rror and ar¢ wnsid¢red
matcrial if. individually or in th¢ w88re8JL¢. ¢h¢y could rca8onably bc cxpc¢t¢d to influcn¢c ihc gnoMiC d¢ci8ion5 of
ers tkken nn the b8sL5 of ihc8¢ ount$.
Irrc8ularitics. includin8 fraud. are instances of non-¢omplian¢e wilh laws and r¢gulalii)ns. W¢ d¢8ign pr()CedUr in line
with our respun$ihili¢ie8. ou¢lined olyjve, L() detect matcri&l misstatcmcnts in rcspe¢tof irrcgularities. in¢luding fraud. The
¢xknt lo which our pruLUr¥S #re pable vfth¢rciin8 Irregull(l¢s, inrludinB Iroud is drtdilrd beluw.
Our approuch identifyin8 and w¢s5in8 ¢h¢ risks of motcrial mi591&tcm¢nt in rcspKt of irrc8ulari¢i¢& in¢ludln8 fr&ud
and nott
'I'o addrc&8 th¢ risk of fraud throu8h mana8cmcnt bias and overrid¢ of ¢ontmls. we..
• p¢rforn)¢d analytical procedures to identify any unusual vr urtexpe¢¢ed financial relatiunships.
+ tested journal cntrics t(> identify unusual [ran¢¢i0n$.
• perfornied subsiantive t¢stin8 ofExprndiiur¢ including tsBtin8 th¢ authorisation thereof,. and
as5cssed wheth¥r jud8cmlS and umptionS madc in dctcmiinin8 the accountin8 estimates wrre indicative of
potcntiai bias.
In resTM)nsC to ihe risk (>f irycgularities and non-compliance wth law5 ond regulatiorts. we dcsigned procedvreg whi¢h
included, but ww¢ not limited to..
rcadin8 thc minul¢s ot'me¢tings Ot'thos¢ chor8ed wilh 8ovcrThancc- and
enquirirtg of management g4nd tNst¢¢s as to and TMTrtential litlgation and cluims.
There Ar¢ inherent limitAtions in our oudit prf)cedures deserlbed above. The mTrre removed that law8 •nd regulations are
from finanLiul tr&nsac¢ion4 ¢h¢ le&4 likely it i5 that we would become aware of non•uJmplionce. Auditin8 Standard5 also
limit lh¢ audit pro¢¢dur¢% required to idcntify non{)MplianLc with Ip4WS and regulaiiom to enquiry of ih¢ trusteu and
LTrth¢r managemcnt and the inspection of rc8ulatory and Ic881 curresp)ndencc, if any.
Maierithl misslatemcnts th•t grixe due lo fraud can bc harder ts> dete than th08¢ that arise frrjm error they may invvlv¢
dellber&le conCeMent or ¢ollu8ion.
A further desviplion of our responsibilities fur thr audit of thc Accounts 1$ locad on th¢ Finunci&l Rewrtin8 Council's
websit¢ At wwi.fTC.(TrrB.uklauditOT5respJn5ibililic5. This dcs¢ription forn13 P#rt ofuur auditor'j r¢port.
Use of our report
This report is madc xvlcly LL) the Corporate Bi)ard, as 8 trx)dy. in N¢cordan¢c wilh section l44 ofthc Ch&Tlties Act 2011
gnd with rc8ulations madc under scc(ion 154 of thE4L A¢¢. l)ur 8udit woi'k b¢en undcrtak¢n so (hai wt mlght i(&te to
(hc CoTrA)r41¢ Bi>ard, thosc matters wc r
CORPORATION OV TRtNrrY llOUSE OF DLPTTrDRD STROND GROUP STATEMENT OF FINANCL4L AcrJvrriEs Ftsr tht ytxrended31 MaTth 2022 rpDratc Trihity HOUK MariiimE Ch#ity ChaTity 1J[r&In¢ltd RcsiriGtvJ Peent futsd& fundj nds Endowmcnl Tol•l 2021 T&1 2021 Nole £000 £o(K> £000 £000 INCOMV FROM: DlIaNS and le84¢ie4 Ch4ribl¢idiviii¢s 12 465 Is 1,200 1.744 1.237 758 har trAdI#•[liV1tl11 Oth¢r 0•nI Ithv¢slrnts 1.744 125 lis 359 7,5W 7,617 7.538 TOTAI. INCOME 2.J56 7,615 10,691 KXPENDITIJRE ON: R4iiin¢ rilable iLxiviIts.. 1.535 3.374 4.453 Wc]f4re 1.299 1414 1.397 3.167 Youth oprtUniti tr4inini 14Jblic Mfety educaEiOJb Miintsininitho fatric qnd her1110r Trinity H(M Impiirnxni of rreistsre Rol¢i$ 4 fk#p.8¢a Piiot8e Authotlty Provi8Th Ot'Niuiiral AsA¢8YOn 724 1,569 1,652 io 719 io 12881 18 19 TOTAL EXPfNDITIJRE 2,386 7.240 2,293 47 11,966 10.376 NLT {IXPkNDITUIIKI I INCOMK BEFORE INVF.STMEIYT GAtNY AND LOStIES 1301 375 11.5731 1471 1137SI 14721 lliv0) on IhtrevxluiiDTr and dkipwl of invc&lrnent proputi Gainj on th¢ miluation and dP] ofponfojio invNtmenii 16 $181 (12.4621 io 2J 813 4.430 NET IEXPF,NDITIQiEI IINCOME 15) 375 {l.5731 5,947 4,744 18.5041 OTHER RECOGNISED GAINS: Acluarilll d¢fth¢d b•f¢t pegiDn Jch¢mE 2J 192 447 639 538 NET MOVEMENT IN VUNDS 117 822 {1.3731 5.947 17.9661 BALANCE AT I APR]T. 2021 10.691 1.616 257.368 171,769 279.735 BAIAPICE AT 31 MARCH 2022 10.878 1438 521 263.315 277,152 271.769 D£tsilvJ Gomparn1i fT¢S in nole 29 to the accounty. 20
C.ORPORATION OF TRIIYITV Hq)11.SE OF DEFfFOAD STROND COMBINED CTL4RJTIES' STATEMENT OF FtNAf4CIAL ACTivmLq FOT ¢b¢ y¢Ar cNd¢d 31 Mr¢b 2022 Trinity Hoe Marilune Lharity Charity UnrcqtrielI RestriLled P¢TThancThl fundi (vnds TDtsl 21122 Tolal 2021 funds Ndei £o(K) INCOMF. FROM: 12 Cblble1cllVi 465 720 120D 1.237 OthEf Erodin8acIIV¢I$ Z38 7,599 7.617 7,538 TOTAL INCOME 725 7,615 720 9.060 8,998 EXPENDITURE ON: 163 3.374 3JlO 3,663 4clivilic5'. Wclf4r¢ 1.299 2,484 iJsi JJ•8 1.597 3,167 701 Youth upwrtuniiiu iTainin8 1.569 MiintllininB Eh¢ fabri¥ huitll6¢ur Trinity Ilou Impniml uf Ir¢uurt Rule D$ a D¢¢p 8¢1 Pil(Ka8e Authority Pmvision of NAuIioAI ABsusori io 114 814 711 12181 io IB TOTAL EXPV.NDITIIR 7240 2.293 47 10,594 9.586 NET IEXPF.NDtTIJREI I tNCOMI BEFORF. INVF.STMENT CAINS AND LO&STr',S 1289) 375 1471 lJ341 15881 I{knl on tho mxlu#ti¢ll pnd diipoMI ot inv¢sDnthi prtycrti tho r¢v#lwtion and dilw1[ ofyxrfolio ibv¢8¢h]wtB 16 $181 112,4021 16 25 .813 838 4,430 NF.T ITr,XPENDITiIHT.I I INCOME 12641 373 5,947 {8.6201 OTHF.R HEr.f)CTNVSF.IJ GAIN&. A¢11[ 8oin defined bGndil PVDSIW 4thn 2J 192 447 338 NF.T MOVEiEr1T IN FtTND$ 172) 822 5.947 5,124 18.0821 BALANCF. AT I APRtL 2021 10.074 2,094 257,368 271.152 279.234 BAIANCE AT JI MAKCII 2022 10,(K>2 2,438 521 Z63,315 276276 271,152 Dclailrd Gomp4YAtiv¢ tiRures we digcloscd m rtotE29 ¢v th¢ 4¢¢oun¢s. 21
CORTORATION OF TRINrrY HOUSE OF DErrFORD STROND BALANCE SHEETS •t 31 Maveb 2022 Grp Conthintd oup Combin Charitics 2022 2022 90 2021 £000 2021 £0 NteJ FIXED ASSETS Tangible fixed IMvesthLents ij 11.162 263J71 174,733 10.635 263.571 274,206 11.290 258,343 269.633 10.728 258.343 269.071 CURRENf ASSETS Stocks 27 30 1,125 2.908 D¢btorn C4StL at and on dep)sit 17 1.738 1.289 2J72 1174 3,320 4318 J.OJ4 4,063 CURRENf LIABJLITIES Anjounts rlIng within one yeor 18 12J42) 11.777> 12.0221 {1.4341 Nrr CUlUlE1 ASSETS Jh76 1.277 2.041 1.886 NONURRENT LIABILITIES Amouttts failin8 du¢ 4tleT moro thun one ye IJ Iso) ET AT8 KXCLUDING pgN810N ASSET 276,359 27W3 271,574 270,957 Defid belli penlion 408¢t 25 79J 793 195 195 NET ASSETS IIYCLiIDING PENSION ASSET 277,152 276.276 271,769 271.152 FUNDS Corpor•d¢ Charlty Jn¢omefynds. De$i8ttated Othtt unrc5tsidcd flJnd8 Peniloll ItrYt ReAtriCted Iljn 19 9,263 459 220 60 9.263 459 220 60 9.363 023 28 60 9,363 623 21 211 IW2 10.074 IQ074 Trl•lty Iloui• M•rfllm¢ Chltrlty tkBi8nad funds Otherunrnsthctrd Pffisiott r£Er¥C 11¢5tri¢tsd fjjndi 677 1,188 573 521 677 1,188 573 521 677 772 167 2,094 3.71Q 677 772 167 2.094 3.710 22 2.959 2,959 P¢mwi¢ntendowt)Ent fimds 33 263J15 26J,315 7.368 257.368 266374 264274 261.078 261.07B NowknTltsblt Tr*dlni Fut 24 176 617 TUfAL FIINDS 277.152 27&276 271.769 271.152 Arwved th¢ Corporate Board on 29 November 2022 atLd si8d ott its bth•lfby J(kn fv4a-d- Captain 18n MeNght CVO DEputy Ma51¢r and ChairofTnwtees
CORPORATION OF TRIPIITY HOUSE OF DEvfFORD STROND GROUP STATEMENf OF CASH FLOWS For th¢ ye•r ended 31 Mah 211Z2 21122 2021 £000 NET CASH (USED IP4VPROIryDED BY OPERATING ACTIVITIES IA CASH FLOWS FROM INVESTIIYG ACTIVITtEs: Payments ¢0 aCqUiTe tangiblc fixed asyts Paymcnts ¢0 I>T0ve investrtKnt pwrties Pmcccd5 fTom 5aie8 of invcslmcnt propertie$ Paymcnts to acquirc portfolio investments pr¢¢5 from sales of PDnfolio investhieni8 741 252 1161) 11,134) (2861 11,3461 20 (10.497) 10.797 16561 2J56 NET CH PROVIDED BYIWSED IN) INVESTING ACTIVITIES 1.3 12 CHANGE IN CASH AND CASH EQUJVALENTS (iio) 11.060) CASH AND CASH EQUIVALENTS AT I APRIL 2021 3,150 4.210 CASH AND CASH EQUIVALENTS AT 31 MARCH 2021 (B) (AI RECONCILIATION OF NET EXPENDITURE TO NET CASH (USED INIITROVIDED BY OPERATINC ACTIVITIL8.. 2OZ2 2021 £000 1472) Net expcnditurc for th¢ ar b¢for¢ investsncnt galns and1055 AdJtMen1& for.. Dcprccialion Jmpairm¢nl ofireuure Iw on di$]M>g&1 ul'fjxcd Assets Changr in stgck5 Changc in Change in ¢T¢diturs FRS 102 pcnsiun cost adjusimenl Nci cash (ud in11pridttd by operAtin8 aCILwi¢irs IlJ75) 266 1288) (3) (262) 123) 237 643 41 741 252 (B) ANALYSIS OF CASH AND CASH EQUIVALEiYTS: 31 MArth 2022 31 March 2021 £0 2.908 Cash Dt bank and on dcp05it Cash IKld on dcp>sit by estste managing Mg¢nts (not¢ 17) Ch hcld OTh de1t hy mana8inB aBcnts of Merchatt( Navy SclHTrlarship S¢h¢me (note 17) Co5h h¢ld by inveslm¢rtt manw lttotc 161 2?72 523 32 32 (C) ANALYSIS OF CHANGES IN NET DEBT: l April flows Jl MArth 2021 2022 £000 3.150 11001 £0 Iiio) C&%h and lsh cquivalcrtts CDf4mavitus BusitK&s ItLtsrrupliim 14)fjn 23
CORPORATION OF TIUNITY HOUSE OF DEPTFORD STROI¥D NOTES TO THE GROUP AND COMBINED ACCOUNTS For the year ended 31 M4rch 2022 ACCOUNTING POLICIL8 The prin¢iplll accouniing policies adopled, jud8crnents and key sour8 ofestim&iit)n unc¢ttsinry in the preparation of the Accounts arc laid i)ut klow. BAs1è ofprepar4tlon These AcLoull¢s' have be¢ts ppared for the ar to 31 March 2022 with CoMpxTati IhfiThation psCnted roT ihe Irar 31 March 2021. Thcsc Accounts hllve been p[cpd un¢k'r ihe historical cost conveniion with it¢ms rccogniscd al ¢OSt or transaclion woluc unlcx% othcrwise stad in the r¢lrvant accounLirtg policics Ftlow or thc Jwt¢s th these AccounL8. The Awount5 h&v¢ been prcpared in accordan with ALcounring Wld Reporting by Chwiti¢s'. Slatemen¢ of Rccomrncndcd Pwticc appliLablc to charitirs PTcp8ring their accounts irt Hccordanc¢ with thc Fin¢141 Rewrting Standard applic&ble ift the UK and Rcpublic of IrelDnd (Charitics SURP IFRS 102)). the Financial Reporting Standard •pplic&bie in th¢ UK 4nd Republic of Ireland {FRS 102) And ihe CTharitiC5 Act2Ql Th¢ A¢£ounts havc bccTh pr¢pthrtd to Bivo o and faiV vicw und hthv¢ dcpDrtcd from ihc ChuTiti¢J IA¥¢ounts Mnd Rcport51 R¢gUtlon5 2008 only to the exlcnt rcquir¢d to prvvide and faiw vi¢w. lThis dcp8rtur¢ ha5 Lnvolv¢d following the Lharitics SOIU> (FRS IV2) T&thcr th4n th¢ pftvhous wiihdrnwn version which it rcplaced. Thc charities constiiute public beneft¢ eniities defSncd by FRS 102. Thc AcLOUtht5 are presentcd In sterling And aTe rowdcd to the ncare51 one Ihousthd pounds. BA•1• of Conwllditlon The 855eLs liabiliiir5 and th¢ incomc and expe11¢Ure of th¢ Ci>rporalin aA GcncThl LIgh)ust Auiltority for England WRleB arc gdminist¢red by It under statutory authority and ore deali with in %pNratc uccounts. Gro#p.' Thr Group siatemcnt offinkncial Dctivitirs and Group balatKe stleet ronsolidate the acrounts ofthe subxidiary undertakln88 with ttr nt'thc combin¢d chariLie$. CombinedcknrilieJ.' In A¢cord¢¢ with thc Uniting Direction approved by the Ckwiiy Commi&sion on 24 MAY 2004. the wmbinEd ch8fLlrcs' accounts dcAI with th¢ a5¥ets and liabllitics. the ithcomc and rxpenditur¢ ol'thL' Corporation of Trinity House of Dcptford S¢rond {in its cllratr caparityi E55cts ond liabilitlc5, the incom¢ and th¢ cxtKnditurc of the Trinity Flous¢ Mmritimc Ch&rity. which 1% 841s0 undcr ihc trnS¢cc5hip of the Cowation. As the rEstrictcd fuDd5 vf ihc CoYNff4tc Lhariiy are not marial. thcir incom¢ and exdi1 arc not shown SEpNrnly in thc 5tatem¢nl of finan¢isJl a¢tivitics but arc disclosed in note$. Crltlcal Aefguntlng [mIttl of JudRernent PrepaTlltioth of the Accouttts Tequircs th¢ tru5tccs and mwagement to mth si8nifir4nt JeMEt cstim4le$. The mor¢ 8ignifLcant 4rrAs in the afy¥ounts wher¢ thrse jud8em¢nts gnd eslimats5 have madc include.. - All1)tIOn ofsupport costs auos5 charithl¢ Activities - inVe5tmcnt propcrty valua¢ion15cc nth¢ 161 p¢nsion surplus or d¢fi¢il valuation - deprc¢i&tii)n - recovw4bility of programre[ared investm¢n18
CORPORATION OF TWNVTY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AiYD COMBINED ACCOUNTS For the yeAr ended 31 M4r¢h 2022 AccouwfiNG POLICIES leortlnD¢d) AiMment of Going Corntern The Tnjsitts hav¢ as¥L¥¥ed whcther th¢ use of the 80in8 conccrn assumption i8 appropriatc in prcpdring ihcse AcLollnts. This includcs Lonsideration of thc impacl of the eontinuing cffccls of the Covid-l9 p8ndcmic on thc grthJp'& orrtrations with a parti¢ular fiJ¢u$ on the chariLlCS' bcncticiaTIC5 and wppliers,, and on the bhtrities, income. expenditure and rLscry¢ Th¢'l'rusl¢¢8 have ma(k ihis &sse95mcnt Ill T¢SP¢¢t ol'a vf ut leasi one ycar from the dale of upproval ofihc A¢counL8. 'th¢'lru5tccs olthc charitics have ¢unLludcd that thcrc arr tho mftterial unccrtaintics Telatcd to cvents or condiliwJ% that Thay si8nificant doubt on the abilily ofih¢ C¥roup to Lonlinue as a going conccm. Th¢ Trusiees trc ofthe i>pithiun thai the Gruup mcrnbcrs will hilVL $urricieni rcsourLL8 to mccl Ihcir liabili¢ie$ as they fall due. The most $l8nificani areas ofjudgemcnt that affcci ikm$ in ihL aLLounts are dctailcd aknve, With regard tsi Ihe ncxt accounlinB p¢rind. Ik ycyr ended 31 March 2023, the most $igrsifiLant arc that atlcct thc rrying value ol'th¢ u58¢ts hcld by th¢ ¢h8riliey Hrc thL level of invcstsnctst r¢¢uTn ond thi rrfrrnallCe ol'thc itsv¢simenl markei¥1SLL thc'lnvcstm¥ni l?tsliLg and'PrinLipal Risks and UnrtaInl]es, s¢¢ii(ms ofthe Annual RGpvrt ufthe Corp¢)rthLc Iloard tor MO irtf)tm&tionl. During thr prior year. It. diTcclors tovk Hdvaniage of J (A)TunaviTUS Busin¢5s Inmiptlon IA)thn ly¢e note 18). R¢pa>ryncn¢ iTrf the LATran Lommcnced in May 2D22. Intome R¢(oqltlon InLornc L8 rccogniscd in Ihe period irb which thc chaTitIL5 hav¢ ¢ntlLl¢m¥'ni io the incomc. whcn th&t inwm Lan mcasurcd Tcliubly and when il i.s probable thu¢ il will k ¢¢1Y¥d. Grants fmm 8ovcrnm¢nl 4nd thhtr tskLnLics have bccn inlludcd &5 inGvm¢ from chwitllblc aclivitics wher Ihcsc um4?unt to a coThlrnLI Inr Sery1 bui as donations Wr thc rnonry is givcn wilh 8rcdtcr frccdom ol'u. DunJtions arc recugniJcd wh¢n ¢h¢ Ihurities have confijThJli¢ ot'hoth ihc umvunt 2nd settlcmcni datr. Fur donaiiuns pledged but nol rcttiv¢d, lh¥ wrtaunt is accrucd when thc rcccipt 15 considered probablc. Incom¢ from Lharitablc activities cpmpriyr$ 8rontg trom government and oihcr agcn¥ieA relaline io cadet lrninin& and annu41 contribution frpm Ih¢ &n¢rttl Li8hthouse Authurily. CiranL% wc aGLrucd for whcn Ihc r10 1$ ¢Onyid¥'.d pmbablc. Othcr trding a¢¢iviti¢'$ r¥lale lo incomc from th¢ ¢hariiics' two subsidiaric& 'frinit&s Scrviccs limi¢¢d and Trinity ITou¥c Ev¢nts l.imil.d. Invc51menl inuync ?TprIYs dividend5 fn)m the charili¢&' lisiLd investment yjrtfolioy and rcnl&l incom¢ from thc invcstrnent PTOP¢tIy p()rtfolio. nivid¢n&% are recogni (ce the dividcnd h&% hccn (kclucd and ttIrICal10n has bccn receivcd vfthe dividcnd duc. Rental incomc 15 r¢¢ogni8ed throuEhout the year a5 &Thd wh¢n renL8 fall duc. Exp¢nditurr R¢¢ty8nltlon All Cxpendl¢u i5 4¥ti)unted for 4Ln accruN15 basis. Exnditr¢ compTiSCS dirccl costs and suprmrt ¢tssts. All expcn¥es. including SUPIMrt1 costs. arc dlliKalcd or llpwrtiiTrncd kn the appli¢ubl¢ cxpcnditurc hcadings. Th classification hctwccn a4llViIj¢S LS as fullow%'. The LOSt5 ofrai5ing funds include ih¢ salaTLCS. direcl c0515 ahd ov¢rhe&dx sOlated with 8en¢rating rental incomc from TTLnily Iluuse, Towtr Ilill. IA>ndi>n and thc lighthou coltagcs which arc Ict by TTinit&8 S¢rviGEs l.imi4 the maint¢nanc¢ wsl vfthe investm¢nt prorKrtie% tCC5 Pald in wnnEGtion with the manwm¥nl vfthe charili¢5' inve51mcnts llnd r¢lated 5upwIfl LU8L8. b. The c05t5 of Gharithble &cLivilhcs comprise cxpenditurt on ih¢ chwitte primary charitablc purpDS¢S QS descrilKd in the Annual Krprjrt of (hi CorrrtTrrd¢e Board and in¢lude gm Appropriu proportiun ul'5UPPDrt utyst5. Coqts arc analy5cd by thc print1p aLiiviiiLs olwelfare, youth opportunit1¢5 and public sulety and du¢8tLOn. mainthining the fabric heritttgc of Trinity House. Tole a Deep S¢4 Pilvtsxe Auihurity and provisinn of NauticAI A&4essor& 25
CORPORATIOf+l OF TRINITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the y¢r 31 Marth 2022 ACCOUNTING POLICIES ItontlDy¢d) Grants orc ch8r8ed to the Stsl¢ftKni of fjnancial activilics when the bcncfitisry has IKCft infornJ2d orth¢ gyant and thcY¢ are no tonditiOll5 cnablc the chariLics io avoid thc cxpcndiLiJre. Where the charitic5 rctain thL discretLOrt to Avoid thc cxpcndlrq such 8rants are t)oted as financsal cornmitmcnts in the wlcs to ihe a¢¢ounts. CirnJ)L8 art clqssificd &8'grants paid- annual, and grant5 paid- ¢>th¢¢. d. 8uppurt costs Cl¥nLS¢ the cost of ststT¢mploycd unthr joint clmtrllcts of employrnent and admini5traiioTh costs. "nje cor>T1 Chariiy rneels all ofth¢sc co5t5 which are subsequently allted benvttn thr orporate Charity Ihc'frinity Housc Mwitime Charity. Thc b&%is of apportiortm¢nl ofihcx SUprt Costs ktwccn the Corporate ChArily and thc Trinity House Maritime Charity i$ r¢vi¢wcd IvallY in lh¢ light of thc l¢v¢l of a¢¢ivity of ehGh chan.ty durinB thc Jtar. Tanble Flxed Amtti All as¢3 with u c05t of OVCT £S(M) and with an ¢xptttsd uscful lifr of MOTC than orK yeur are capilalised. FTLLhold propet1i¢& l¢as¢hold irnprovcmcnts. treasur¢8 Ind pllnl aod equipment and fixNrcs and filtlngs are ¥taied at Cost I¢y5 (kprccialion or impairnnt. DeprLOt10n is provided at th¢ lollowing annual in order th wrik 01T¢h asgrt ov¢r Its c5tirnated u%ful lif¥'. Frechold Propertie5 2Yg Planl Jnd equipm¢ni 2J% Fixlure5 and fittings 10-20% IKasehold impNTrv¢m¢nts - 5V. Nu dcprccialion is Lharged in r¢sp¢il ofthc IaSure5 &8 it is dcemed to be uft¢r king AC¢Wlt of thcir cxpccw'd useful lives And xted rcsiduDI valuL& An 4nnuoJ impaimlcnt vieW is pcrforn%d and an imp&imKAt thargr Is m&th whcrc rKccw. Invcstmcnt pmpcrti¢s included in ihc accounts llt opcn mzrkct valuc and are Y¢VAlu¢d p¢riodiEally by the cora Board based on pmlessionlll advlcc. Pvrtfolio inv¢5thnIS ar¢ in¢lud¥d in thr coUnt$ IL thcir market value at the ¢'nd ofthe fina1] period. Th¢ maTkct vlllut of fjxed I'trt sc¢uri(iES rcflrcts erUed interest at th¢ W¥tK¢ ¥h¢¢l datr. ReAlised oDd unreali8ed Kains ur I0S on inveslmcnl Are ¢r¢dited or char8ed to the 5talement of fin4n¢ioi iivi(i¢s itt the year in which they 0. Progr&mm¢ r¢lat¢d invcalmcnts arc a&%cts hcld by the charities in ttd¢r to ditllY furthcr thc chwitable purposes of ihe Gharitics.. any financial return obiained is nat tt primary r¢ay)n fur making thc investmcnL. Programme relatrd invellmcnts compri.YL cnnGcssionary loNn5 to a third party intcrcyl fT¢e or at below prevttiling JnaTkct rates and &rc initially ognid ut thc amount paid with ihc ¢ing Umounl adjusw.d in subscqu¢nt )rars to reflcct repa)tytiEnt5 wjd Any accrucd inter¢sl and 1ldjed for ]mlMnI, if appIlble, Any impBirnLent loss is r¢w8iii5¢d as ExnditUre on chariLabl¢ activities within th¢ stanK'tst orrinancial octLVitic& Stotks Stocks OfpublilI04 Ind consumabl¢s fot yrs&k are valucd at the lowcr of cost and t¢alisNblG val. DEbton tkbtors arc recogniscd at thcir settlett*nt amvunt1¢5s any prov15Lon for nutFTtcoverability. Pre)Ments ar¢ valucd at the amount pr¢paid.
CORPORATION OF TRINITY HOUSE OF DEPTFORD STROIYD NOTES TO THE GROUP Af4D COMBINED ACCOUNTS Fotr the yÈ&r tndtd 31 Mgrch 20Z2 ACCOUNTING POLICIES (¢oNtinued) Cajh It Bank Ind H•md Cash at bank al iD hund r¢presents such Counts 8T in51rum¢nts thal are available dcmand or hyve A maturity tsf less than thr¢¢ rnonihs from ihc date of acquisillOI]. Creditori and Provl•lo LdItorS and provi5ion5 aTf Tewgnixxl.. where thcrc 15 aTh obliglltion u( t. bal8nce sheet date d5 Yd result of pwl cvcnL wherc it is PTob&ble thal u tr4tL8fer of economic benelit will iK' rk'quired in settlemeni. an whu¢ the amount of the oblig&tipn br ¢3tsmated reliably. Creditors an¢J provisions 8re reeognis¢d &t the amount th¢ charity anlicipatr5 li will pay w s¢ttle the deFA. P¢n8Son Cwt$ Th¢ ¢harrili¢y' d¢fLned benent rKnsion assets are mea8urcd using market valucs. scheme liAbilitic$ ar¢ m¢usur¥'d usin8 the projcLILd unit m¥thod ond arc discounled llt the curTrnl rHte ol. return a high qualily wporate bond ufequivEl¢nt trm &nd cuNency to thc liability. If thc Fn31th1 s¢hem¢ th$¥¢ ¢x¢eed the liabililics. D55¢1 15 rL'w8ni8ed on the bolance shcel to thc cxnt it is Tccoverable through th r¢du¢tion in fulure contributions or by rtpymenL Any incrcasc in ihc p$¢1 wulue of the liobililics Wlthin the Schcmr eype¢d to arlsc from ¢mplo>tC 5cyvi¢e in th¢ period L5 Bllouled &¢mss eXn8¢ ¥ate8orie& on a fair and con8L51¢nt basis. A¢lu¥ial 8ains and1055¢5 aTe includ¢d in the slatemenl orrjnancial &ctlviii¢S in uthcr rec4)8nis¢d 8ains and losx¥ for the rKriod. Conlribuliuns in respccl uf thc charitie5' Grvup PersonAI Pension SL'hcmc Bre recoLIscd its the atem¢n¢ or finanGial a¥iiviiies when thcy bccomc d. Fund Structure Unreslrlciedfyndv Thc unrc51rict¢d lund$ hJnd8 which 4Lrc cxpcndablc ai di%retii)n ot tht CorwY&le Brd in rthcrnnLf ufthc nhj¢ct5 ofihl ih8rities. InL1udcd within unrc51riclcd funds desi8nAtcd funds which are nds set asidc uut nrunrcstrllt fund.i and dcsignalcd for 8pecilic by ihc Cntrn)ratr Al)1. ReJtricledfyndJ The r¢stri¢t¥d funds con Mly k wlicd in with the d0trs, explicit knns. PÉrmuneni endowm¥nifvrd$ PcrnianLnL Lndowmcnt fuDd$ w¢ capital funds where therc L5 wwcr io ¢onv¢rt the ¢apilal into inconK and which musl gcncrally be held in(kfinitely. Incomc Hrising on thc funds is cr¢dikd to unrestrictcd nd& Flfi8ntlal In8trumtnt8 Th¢ ch#riii¢s i)nly h#v¢ fjnancial &gscts and liobililies thiii quality as basic fjnancial in5tTumcnts. F.xr¢pt for rtfoliu investments whikh gr¢ me&surcd at thcir f1r V741 as u¢ th¢ balance sheet dal¢, basic financial instruments ar¢ initially wi¥¢d at their trdllb7ciiun valu¢ 4nd subs¢quenUy meLqured ai thcir sclllcrncni value. 27
CORPORATION OF TRIf+iITY HOUSE OF DEPTFORD sfROND NOTES TO THE GROUP AND COMBINED ACCOUIYTS For the year ended 31 Mah 2022 INCOME FROM CHARITABLE ACTIVITIES: GroDp and Comblned ChaTjtie4 Corsmte Trinity Housc Charity Marilift Charity Unr¢stri¢l¢d Unrcstrict¢d ReAricd fund5 fund5 £ouo Tot1 2•22 Total 2021 £0 Wcifare 15 16 Yuuth opp)rtuniti¢s and trainin ctrIbutIon from Triniiy House I,Ighihouy¢ S¢rvic¢ Othcr Total 2022 720 r£0 768 320 320 317 145 145 136 465 720 1300 1.237 Total 2021 453 16 768 1.237 INCOME FROM OTHER TRADIIYG ACTIVITIES: 2022 £000 2021 £0 Croup: L£ttin8 offvn¢lion rooms by Trinity Ilouse Ev¢n¢s Limit¢d l.ettin8 ofii8hthousc coit4cs by Trin1 Servic¢8 l.imited 176 751 1,744 758 Comblned Chirltle•: Income from frlnlty Housc F.vcnts Limit¢d'. Cr)rputD* Charlty manBgemenl ¢hvge 211 211 The &lK)ve Lombid Charitiks, lThcomc for thc orS ended 31 March 2022 and 31 Marth 2021 r¢lakd to Corpurate Chlrity utw¢8lrithd fimds. OTHER OPERATING INCOME 21122 2021 Group: Other operatiTh8 in¢ome (Trinity Houge F.vcnts Limitcd) Othcr opcratin8 Income (Trinits5 Scrvicr& Limitcd) 29 57 302 125 359 In¢ludcd within thc above Qth¢rop¢ratiftg inromE Coronavirus Job Retention Scheme and t¢41 R¢tl¢tiO05 SuppDrt grants Tcceived during the perii>d by Trinity IIou5c Events Limitcd t¢rta]ling £29,000 {2021.. £39,0) nd frinitas S¢r¥irc$ Limitrd £96,000 (2021.. £302.01.
CORPORA TION OF TIUIYITY HOUSE OF DEPTFORD STROM) NOTES TO THE GROUP AND COMBINED ACCOUNTS For the year ended 31 M%h 2022 INCOME FROM INVESTMENTS: Groyp and Combined charl¢8 Trinity Hou Lharity Maritim¢ Charity Unre5triLted UttrestriLtrd RestriLled rwids fi]nd5 rwids non £iJ Total Z1121 2021 £wJo £000 Investrncnl PTOP¢rtles Portfolio inve8iments Bank inier¢Jt and finAn¢e incom¢ 7.342 253 7J42 271 7,280 255 TO1 2022 18 Total 2021 27 7.510 7.53 EXPENDITURE ON RAISING FUNDS: Grnup Ind Comblned Ch%rilies CorpoThtc Ttihiry House Charity MBrilime Charity [JrStrIctCd Unrcstrictcd Endi)wmen¢ tijnds lunds tunds £000 £D £OOtJ Totsl 2022 Tulal 2021 £000 Letting ofiunction room$ Mana8cmLnt ofinvestmcnt &w¢$'. Esta munllBers' fcc5 LK8aJ and oth¢r adminlslralion fees Inv¢5tmcni mon88eYs' fces Mllintcncr of invesLm¢nt tt5.. Repair%. maintcnante hnd rcfurbishment ofcstates 163 163 212 526 526 503 208 2•8 466 1,911 729 1.947 526 sUprt wsts n9 Combined Charltlei 163 3.374 3J40 3.663 t£ttin8 of11Rhth%C w¢lug¢s Llling of functiun rwms 1,363 iJ63 765 25 Crowp 1.535 3.374 4,912 4.453 rotsl 2021- Combined chariiics 212 3,442 3.663 Tot&1 2021- Grwp 1.002 3,442 4.453 29
CORPORATION OF TRVNTfY JlOllSF. OF DEvfFORD STROND NOTES TO THE GROiTr AND C.OMHINED ACCOuPs For Ik¢ yur ¢ndtd 31 M•rt& 2•22 7. EXPEf4DITUIIE ONCHARITABLE ACTIVITIES: WELFARF Grolp and CombSne41 ChiTllk¥ poraie Trujily Huuse Charity Mariiimc ChaTiIy UnrBstri£l¢d Utricted Endowncnt runds fvnd8 £000 334 526 Totwl 2022 Total 2021 £000 378 526 MaffttcnBn¢¢ upkeep of the Trinity Hom Granty paid- annuBJ Orants paid- designated arants paid- thhtr Support coBt$ 1022 418 188 251 196 251 314 254 Tordl 2021 44 rhingthe yemr. wclf&TQ 8r•nls totalling £722,(X)O werr 4ward¢d to (rther chl(les. organiJ4iohs 4nd individuals. ofthe 8rAnts annu81 sTts 8muurLtrd 10 £526,000 And 8fht& •mounl¢d to L196.000.. £000 The ShipwT¢cked Meriners, Society Royd Alfred SLdfarers %o¢iety Nautilus Welfare Fund SailorB' childr,& Socitty Th¢ Fishernien'8 Mi88LOTh 101 Towardi thcLT off 4nd regul y4nis (o ben¢ficitrie&. 92 TOW& th¢ wJt of ce lo their residet. 77 TowdI tho iupport oftered 10 residents 8ttd th¢ AdmirNI Nurse. 63 Towjrth the Brants awarded directly lo fJmilie& 58 Towar thclr curL' tojis athd to rtd¢rpIn th¢ir UK wrydc outreach prw8mmt. 45 Towards thc yanls award diTcrily lo f4milie8. 37 Tuw4rth tht ¢( Ofmwm¢non cfj ihc homes ond the pcnsion3. 34 'rOwar the an¢S aW0d directly lo fwnilie8. 10 L(¥ntribu¢ivn ¢owaTd8 ¢Wts. 9 Towards thc c051 of providin8 their mixed rehabilitaiioh S1¢¢. NA] Childr¢n'J Thllrity Tync Marincrs. Ilcnevolenl Tr11110 Royal Liv¢rpJol Seamcn's Oryhart Institution M•JitLm¢ Ctwities Group C&TC for Veieran8 TO1 PDid. annual 526 Cvmbat Stru& MaTiiime Chari¢i¢i Gruup 16 Tow& mental heBJih supp(Kt seafarin8 veler4ns. 15 (3runi for hire of Trithiiy Housc for th¢ MCG Conf¢¢¢. lj TowBrds the UK ChEplainGy Scryi. 15 Tow¥rd% the lop up home fe¢s for two Mcrchanl NaTry Rcsi¢Jenig. 10 Towardj the South Ctst Chaplaincy seNicc 10 Towards ¢OT¢ CO818 & Tilbwy Se&farctN thIT¢. 10 To provide profes8t dini£ ¥uptyvisioTh to the helplinE tearrt. 10 Towards the CoordinBtor for the Plyrnouth C(mmunity W4vL S¢rvi¢¢. 10 TowaTds cort Gosl¥. 10 Towsrd5 core rA7SIJ. 10 Toword8 core costs at Bristol 8e&f4w5 CL¢. 65 Various welfare 8r8nts. lesg thatt £10,000. 196 Brought(xJ Ilw (hKen Victoria Seam¢h'$ R¢&t JSWAN Dame AgrKs welt,$ ROY Chan'iy ¢lixslowe Seaf8rcrs Ccntrc Immingham S£afaTCts' Lcntr Port ofBristol S¢4fu¢r6 Cffltre Other welf4Te Brants Total piid. dh¢r 30
CORPORATION Ob TRINIT'Y HOUSb. OF DF.VfFQRD STROP4D NOTES TO THE GROUP AND COMBINED ACC.OUNTS For th¢ y¢¥r endzd 31 M&r¢h 2•22 EXPENDITURE ON elL4TABLE AcfiviTIES: YoirTH OPPORTUNTTIF.S APID TRAJNVNG Grnmp and Comblned C.hrillu TTinity Hous¢ Maritime Charity Unrestricted Restri¢d funds runds £000 £()0 1.606 720 243 TTrtal Total 2•22 2021 £ot 2J26 247 £o(H) 1020 18 257 459 413 Mehan1 Na SchDlarship Sch¢mo fTr&nts pMid- AnrtU81 Grants paid- designated tirant8 paid- oiher Supwrt W5t5 Tut¥1 2022 226 409 226 409 724 Totnl 2021 786 3.167 Dllrin8 Ihc yiAr youth opportuMillLS And irdinins 8TBnts ty¢allitL8 £473.000 re 4wardcd kn othcr Lharitles. ur8&nili0Th% and ityjividuals. Of the 8rani8 paid, annual aran15 41noiinied to £247,(100 and her amounted 10 £226,0(M).. £000 MAr¢nL, 80¢iety & 8ea L&dcts I 12 l•or within M8SCs Prcmises Fund tor UTgcni repwrs d UP¥T4des to Uniis and ihe On The Wllter pro1#MM¢. 47 Towat(J¥ the cost of Ihcir sail trainin8 pru8rdmrn¢. 38 Toward¥ the ¢t of4 5&ff memtK'v in Ihc M4rltirnc &pt. 25 Towards lh¢ ctsxi i)fcdu&rtiin8 and cnK4in8 Wth navi8Mli(yn profcssiunali wwld¥rydc. 25 For Sail Training Rur6ari¢J. 'rNII Shiw Youlh Trust Iwttdon Nautical S¢hool IAI.A. AISM ASTO- A¥so¢iailw ofsail TrJinln8 Or8ani¥*iion Tolal grants psid- 4ll1 247 RYA Cowr5 1 nierprise Lolle81 Pthrt¥mouih Sail TraiThinB Tru UWC Atlanlic Colleg¢ Th¢ 8eafarcr5' Ch8rity The MaTinc Society 45 finr ihc'l rinity Il•usc Ya¢htma5t¢r S¢holayship. 25 Towards their M111¢ Fulurcs Pr(>8ramm¢. 24 To supwn 30 young p¢ffjJle throumh Ih¢ir pro8rammc. 24 TowATds Ik. Nauli£RI Ixthship l.-xpetlence. 10 Towryrds thc Marine l--ngin¢ering FathY Pw8ramm¢. 10 Towllr( the Covid.19 R¢dundwL¢y ond Reir&inin8 FlurAary. 10 TThwgrds the Trinity House SuperyaGht Cadclship. 78 Vwiou$ yollth wportunilies & IraiDing 8rMnt5. less tknn £lO.OIM). UKSA Otheryoh oppnrtuniiies & trninin8 8rants Tolal gr4t paid. other 226 31
CORPORATION OF TRINII'Y HOUSE OF DErfFORD STROND NOTF.S TO THE GROUP AND COMBINED ACCOUNTS For ¢b¢ ytgr ended 31 Marth 2022 EXPENDITURE ON CHARrrABLE ACTIVITIES.. PUBLIC SAVETY AND F.DUCATION GMUP and C•mblned C&ArlLI Trinity House MaTitimc ChaTity Unrcalriclrd Restricted funds futwjs £000 TotAI 21122 Tota] 2021 £000 1,569 THMCll)n" grani8 Grlnls paid- annual Gr¢3 paid- thJiRnatcd Grants pid- other Support costs Total 2022 lJ69 36 36 38 53 30 29 29 83 701 Total 2021 580 701 During th¢ ycaT. public Sllfcty and education 8rants totalling £54.(N)O vKre Bw&rdcd to othBtchthile4 OTKlltiiJatlons individ10. Vf ih¢ grants paid. aru)uAI grants anjountcd lo £30.¢ other grant8 8mounted to £18.000.. CJIIRP. confL(knItLal rewung for aviwi¢m & mariii 19 Towarth the 81 ot'providin8 tholr th¢ir ¢onfith¢ial r¢rrt)rtin8 8y$i¢m. 17 Towards the eost of deliveNnB th¢ir prugrarnmc ufak(iviLii& Rvyal It11& ofNavi841iott Totsi yan¢s paid. attnual 36 Otheryouih b]I¢ & Mf¢ty 8T¢• 18 Vorious public Safety & educ10n Kran s than £lO.WO. Tulal yahts pRid- other r)urin# thc yew, th¢ followihB granls ¥TE mlld¢ from the TENcmrr rund.. £000 RsPA J68 T1d& the costof thc Nationlll War Safely Fornm'8 Re8pe¢t the Water Compai8n and the WATJ) datobgse. 321 Tow8Jds thc ¢osl of cold wthr 5ho¢k Ir4inin8 ¢v¢n¢s and ¢h¢ Homo nd Dry rishinB Safety campRi8n. 105 Ttswards the tOSl of their strateBiC pmBr8mme. sp¢¢ili¢ally in the #reas rs)¢41n8 on wAtEr safety 8nd prcvcntimi and Closer Hli8nm¢nt wlh HMCO. 100 Towwrd5 th¢ ¢05¢of a n&tion41 safety ¢Nmpai8n. 100 T0rdS theircore costs to extend the project to 2024. 88 Enh&n¢cmcnts ID thcir summet medL& BRfBty Carn1. 72 Towvrds the cost of 8 Codet Well18 app. 70 Towurds extensiott of the fLshin8 safety proje¢t to 2023. 50 TowHrd$ their Swnm¢r B¢ S•f¢ty Cllmp4ign. 40 the SellFit m¢ntal health pro$Trmme 35 Towvrds a fishin8 safety project with lh¢ Sufety Foldet. 20 Tow4Tds #SARYUUOK? MeThthl h¢alLl> awar¥ness Natiott C&io¢wYt¢h Inititulion Bdtish Marine Fishlng Animat¢ur RYA Tapiit Ltd Star1 corn]1 Training RNI.I Fi¥h¢rnKn's Mission 'Il SEafarcrs' Charity Vnt¢rnationl Maritime RescuE FcdEr&tion 32
CORPORATION OF TRINITY HOUSE OF DEPTFORD STROI NOTES TO THE GROUP AND COMBINED ACCOUNTS For the year ended 31 Mgreh 2022 10. EXPENDITURE ON CHARITABLE ACTIVITIES: MAINTAIiYING THE FABRIC AND HERITAGE OF TRINITY HOUS Gmup and Comblned CTh Aritiei Total 2022 Total 2021 £000 SuLff and pension costs Repairs, reDLwa15 und planned mainknats¢e l.ighL h¥at. insurance and othcr Tunning costs DtprcLi&lidn èupw)rt costs 270 142 251 154 130 130 107 128 120 814 719 Revers&l of ]mrln¢t ot'tr¢oSu {s¢c bElowl 288 'lThc impwsmrnt of u Irusur¢ in the year Lnd¢d 31 March 2020 rcIAd io th¢ vilualivn ship mod¢l. This vujuation was rcvicwcd 4Lnd adiusd in th¥. pri(Trr )rar which crea*d ll'6Tedit' to th¢ ¢xp¢ndiiur¢ i#1¥80ry of £288,0L¥I. Th¢ expenditure for thc )rars endcd 31 2022 and 31 Mar¢h 2021 T¢lated to Corroratc CTharity nre.4trictrd fund5. 11. EXPENDITURE ON CHARITABLE ACTIVITIES: ROLE AS A DEEP SEA PILOTAGE AUTHORITY AND PROVtSlON OF NAUTICAL ASSESSORS Cxpendiiure on Ihcsc catcBoric5 Ln thc two yearx ended 31 MArLh 2022 and 31 March 2021 ITQrn CoTporN Charily UnreMrJed tunds. 12. ANALYSIS OF SUPPORT COSTS otllie Staff £ooD 365 125 205 S¢rvi¢e blaff £000 Admin C051s Tol•l 2022 'rotal 2021 £ODO Raising funds Wclfare Youth upponuniii¢g #nd ifyinin PubliL 5&tcty and cdu£Atiun Mainiaining the Ipbrir ond h¢riwg¢ of Trinity Houyc 46 318 729 251 409 29 526 254 413 30 16 26 1711 13 12 120 107 29 90 619 .330 Support ¢vsls inilude govenwicc costs of £12s,oI2021.. £194.0001. which include audil0rf5 rernuncraliun or £46.0¢)01202I.. £51.0001 for audit 8etVlCC5 and £6,00012021.. £3.0001 for non.audit servLCCS. In addition to thc fc¢$ no(cd above. audii fees of£23.(W {202I.. £22,LWI and other IKS paid to auditor5 of £2,(K)012U2I.. £3,000) in relationto Trinil&% Services Limit¢d and Trinity HOLLY Events Lirnited ar¢ included in ¢xr¢ndilw¥ wi r8isin8 fund5. 33
CORPORATION OF TRtNrfY HOUSE OF DEPTFORD STROND NOT&S TO TIIF. GROUP AND COMBINED ACCOUNTh For th¢ yeard¢d 31 mSh 2022 11 STAFF COSTS AND IIiUSTEFS' REMUNERATION 2022 £000 2021 Jo Wa8es und saiarirs Social security costs Other nsiOn costs. dtfmed krit %hcm - sroup FrsotsRi Twion plan 981 107 64 67 130 790 90 55 32 QthcT Staff co$ls 9 1086 The llverage numhcrof staff durin8 thc wNs 21 (2021.. 24). Th¢ numky oftmployccs whosc Lmolumenis. excludin¥ pcnsion contribution5 and empioycrfs naiÉonal j11$UTr¢ wntrilMJtionA, but including XIble benetils. ftll within ihc following ran8CS'. 21n2 2021 £1 10,000 - £119,999 £100.000 - £109,999 £70.0110 - £79,419y £60.0¢ - £69,999 Of the hi8hw p4id ¢mplOyS, cunlribulion5 were m4d¢ ¢0 th¢ d¢fined b¢n¢fit fur 2 {2021.. 21 Individu$. The emoluments ofih¢ high¢$l paid individual includeg pay in ILLU uf p¢n8ion ¢Otttribuiion8. Tr total cost of emplLiyinB key m8¢m¢ ¢ompri$in8 the Secrthryto the COOr&I10n. thc Finantt arml Comm¢rtial l)ir¢clor (whi) ii also a Tkputy S¢Grctary th¢ CoryM)ralion), Ihc Hcad of Events and the TTead of LThuritable (livin¥. inLludin8 empkJyel8 nsi(7n ntrIbln$ d#phI)rr,S nal10n insUr¢r contributions wos £43Q,00012021.. £426.LIOO). 'rravel and 5ub5lst¢n ¢xp¢Th8¢8 to¢alling £l.00012021.. £3.000) wcrc incuryed by 512021: 5) members uf th¢ Corporate lknard in the y4ar. Fees and CxpsE3 pBid ¢0 of the CorFKJfXte Board by ¢h¢ ¢hariti¢s amount¢d 10 £65,IKIO 12021.. £73,(KM)) in thc Th¢5¢ comrKi8ed.. {al bees And ExpensL¥ uf £47,00012021.. £46,L)00) paid to Captain in hi$ ¢4pa¢ity th¢ T)Ire¢ttbr of Maritime training. Thcxc are PUT5uanl to Clau5c 44131 of the Trinity House M¥ilimc Chwity Charity 8chtme of 7 August 1995. (b) AsBislance to the Admlrplty Court lrt thc proviqion of Nautical A88eUDrs. Fcc5 Bre 5Et by thE Practicc Division of the Re8istrorofcivil App¢AIs and th¢ Admiraliy Rc8Lsler and orc payablc hy thE paty setting an ¥¢ion. The Corporate Chuity's admini8trativ¢ cos15 in Ihesc aTrAngemcnts are mei from thc fcc¥ rcimhurs¢d. Total fK5 and enge5 of£8.00012¢J21.. £19.0001 w¢rb pllid in Ihe ycar &8 follows.. Gobbi £l.IM)012021. £Thill, CDptain Barker £3.00012021.. £nll). Comrnodore Walworth £4.1MKI (2021.. £6.000). C4ptgin HBr¢ £nil 12021.. £5.IM)O). Cain HO £nil (2021.. £6.0(H)l. Captsin PRlrw £nil (2021.. £2.(M)01. Ic) Ftrs and ¢XP¢Tb8C8 of£6.00012021.. £8,000) and £4.000 (2021.. £nil) werc paid to Captain Gobbi and Captain Barknr T¢5p¢dively in their capaLity as Examiner of t)eep Se&Pilotsg¢ pursuant lo an Ordv madc by thL Charity Commi85ion dad 10 Janu8ry 2007. A total premium of£1,0(202l.. £3,000) wa5 ld in the Jrar to pyuvide the tNses with it)demnity insurutJ¢. 14 TAXATION The Lharitics aTe excmpt fTi>m Cotporation Tax and Inwme on thcir charilablc activities by virtue oftheir staiu¥ 5 rGgisl¢r¢d charilics. Tritiiius Setvircs 1.imitcd gnd'frinity Hous¢ V.vcn¢s LimitL'd are Subject Corwration T on Yt¥blc profits lSIng.
CORPORATION OF TRINtTV HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUIYTS For the year ended 31 M¥reh 2022 I& TANGIBLE FD ASSETS GROUP I9seId FT¢cld PrortieS Trinity Ilom¢4 Walmer £(4)0 Tr8 Plani and equipmenL rixtures and fittings £000 TOTAL 'rTinity £000 £0 £0 COST At I AFiI 2021 Additions in ycar DI$sa]S in ycar A¢ J l MaNh 2U22 6.261 2.175 4.073 21 674 Y8 171 765 13,867 39 191 714 {16) 6.264 4.094 .pRE.c Al l ApMI 2U21 Charge lor lh¢ year Di5W5uls in ar At 31 Mllrch 2022 276 56 1.083 122 435 44 287 496 66 2J77 (8) 324 17) 555 {15) 2.850 479 287 At 31 Mttrih 2022 390 5.059 3.807 210 At 31 M8J¢h 2021 40¥ 5.178 1,740 3,7B6 178 11,290 COMBINED CHARITIES Frcchvld prorKrtk$ Trinlty lornL WfflLr rre&wres Plant and cquipmcnt, rixtUTes and TOTAL 'rrinity Ilous¢ £ooD £000 £000 A¢ l April 2021 Addi¢iuns in ytBr At 31 Marrh 2022 6.261 2,175 4,073 21 246 79 J2 325 58 12.755 103 DEPRF.CI At l April 2U21 Chor8c forthc At 31 mllh 2022 I.OR3 122 43S 287 222 2,027 196 44 30 1.205 479 287 252 2323 NET Ai 31 Marth 2022 1,696 3007 73 I635 At31 Marth2021 5,178 1.740 3,786 24 10,72R 35
CORPOIL4TION OF TRINrrY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the year ended 31 Mirth 2022 16. FtXED ASSET IIYVESTMENTS 2022 £000 2021 £(K)o Invc5tment pmpcrties {e Ixlow) Porttolio investm¢nts {see bclowl C&qh held by inve.qtmen( rnanagcrs 247302 14087 32 263J21 250 240.913 17,148 32 258.093 250 ProgrWercIatCd inv¢5¢m¢nty {s¢¢ below) 26J 71 258 343 Freehold Portfollo weitfflent Invutrn¢Dti propertl £0 Mk¢1 value at 31 March 2021 240.913 1261 17,149 S441c oficaxhold inier¢ Di5W)5al3 Capital improv¢m¢nts Acquisttions ai ca81 Gains r¢valuations and dispos&ls Markcl vdue al 31 M&rGh 2022 (2J56) 1,134 656 838 5,181 247 1112 Hi8tori¢al ¢0 12,692 13018 The mthrkci value of thc freehold InvemENt propBrtIcs is bcd on valuations ¢wri¢d out by Cluttons Sur¥eyJrs and Sllvlll4 Chartercd SuTheyor& 31 March 2022. The portfolio inveslmcn¢s are invested using IJK authoriucd instituti1 pookd funds. Thrs¢ funds ar¢ highly divcrsiflcd a¢ro55 a wid¢ rAn8e of uthd¢rlying Invc5tmcnts and compriK the fo]lowing makrial holdings.. S¢curity Holdin8 Total P¢r¢¢ntdg¢ m•rk¢t valu¢ oftotal £OIKI mtht valuc BLACKROCK ISIIRS DV WLD IDX (IF) D DS CIBP Hf)G BJALKR()CK ISHR IJK CRDT RD IDX(IEI fNS GBP DS BtALKROCK ISIIRS IDX LK GI.T IDX FD (UK) X INC BIACKROCK ISHARf.S EM IDX FD (IE) FLX DS GBP 7.692.022 2.941236 1,323.047 1.060.733 10.792 2,767 67.1% 17.2¥0 8.8% 16.087 The progr8mnw.rela*d inv¢stmcnts comprisc loans to maritimE chNtyti¢& Tr loans are rcp&yable after mor¢ than on¢ y¢v. 36
CORPORATION OF TIUNtTY HOUSE OV DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For th¥ ytar tnded 31 Mareh 2022 17. DEBTORS Due Wiihln One Ye•r: Gmup 2022 £oofy ChArltles 2022 Jo GrrAJp 2021 £000 ChaTitLeS 2021 £0 Triprity Vllluge.. Rcnl wr¢ars IEs$ provision for doubtful debts mon7 h¢ld by [nalllg 1$ 176 176 523 137 97 137 523 97 Qiher. 'rradc dcbtOTS 22 Monics hcld by managing agcnt of thc Merchant Navy Scholarship Schcmc Amount owed by TTinily House Events Lirnlted Pr¢pa>Thents SLnd ¥¥LruLd It0M Suiiml K'Guriry and other ¢$ Oth¢r debws 113 113 79 120 602 744 T19 677 58 62 14 17 17 1,813 1,738 1,122 18. CREDITOK F*lllng Due Withln On• Y•Ar: Group 2022 ChAriti 2OZ2 £ODO Gr(wp 2021 £000 ChAritics 2021 £(4M) F.Xkxns¢ ¢rL.di¢ws Rents in 4dv8nce. Triniiy Villa8e Del¢rn¢d in¢um¢ SLTrcial Sclurity dnd other tw¢$ nther ¢reditors A¢L'Nal$ - Trinlty Village . uthcr 169 152 25U 197 56 512 56 286 226 238 57 220 140 54 588 307 873 346 588 307 346 Amowits owed tr) Trinity HOU Lighthouse knicc owcd io Trinity Event4 Limited CorTrnavinL% Bu5incss Int¢miption Loan 36 50 2J42 2,022 1.434 Amollnt FAllln8 Dlle After Morn Than One Year: Cyoup 2022 ChAritI 2022 Gmup 2021 £000 Charities 2021 £0 Coyonavirus Busin8 Intcmiption tA)an 100 Ino On 3 Frbruary 2021, TEIEL ¢ntrrcd into & LoronAvIn Bu$ine8s Int¢rnJption lJ)th faGility for £IOD.O(KI. Thc lacility is for a MlMuM term of 3 )r3rs and is unQUd. li is pblE in ¢qual 14uartcrly inSlm¢MtS commencing 15 month5 frorn thc datc of drawdown (18 february 2021}. but may be Tepaid wli¢r. 'rhe tern of the tacility ar¢ that illtcrt5t is pay4blc by thc rompany for thc firrt yEar. Aftcr onc ar, iknterest is red at 2.33% per qnnum. The rompanydid not ithGut any fcc5 in wDJ¢GtLOTI Wlth thc inc¢pti¢Jn of ihc rlItty. 37
CORPORAIION OF TRINITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For theyeAr ended 31 M•reh 2022 19. CORPORATE CHARTfY. DESIGNATED FUNIXS Balattcc at N¢w l April 2021 des18nl05 Utilised I BAl8nc¢ At released 31 MAr 2022 £0 House Dc5ignAted Fund Fixed AL8 Fw 444 8.919 444 8,819 28 11281 Ho¥Je De$l8led Thi5 tljnd is d¢s11¢d by th¢ Corwrate B09yd for mEintainirtg thc fabri¢ aThJ heTithBe of ih¢ Grth i.'frinity Ilouse buildrng. FixedAsJelK Fwrd This fvnd ttw¢senls th¢ ncl b(N)k vAJu¢ ofthe tanRible fixcd &8sets ¢xGludinB thos¢ thai ttstricted fwid5 and li dcsi8nat¢d As tho fill$ are not readily available to mee( exrKnditure. 211. CORPORATE CHARITY- RESTRICTED FUNDS Balance at l April 2021 £000 Incom¢ ExFnditur¢ Balnc• at 31 MRr 2022 £000 £0 £(K)o W8xd¢rt's Trinily House Relief Fund Brethrcn'j Cov¢naftL and Gift &.krne 58 60 Wden,1 TrIltyHOUe RellefF¥nd This fvnd was ¢sthblishcd to provldc discrelioiiarygrants and loan5 to cmploy¢rs of the co&t10ll of TTLnity Houxc In circumsthn¢e9 ofw¥¢nt domcJtic rttrssily. li is r¢settLed by t ¢urrrnl Brethren's Covenani Gljè 3chtme fThe Fobrlc F#Trk4) This fund was ¢siablishcd for the spccific PUTP)sr of ret1 and impmvcment offirniLure and drcor of Triniiy House. l( is rcpres¢nkd by fLx¢d tlet Curreni asscts.
CORPORATION OF TRtNITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP Ai¥D COMBINKD ACCOUNTS For thc yeir ended 31 Mttrth 2022 21. TRINITY HOUSE MARITIME CHARITY- DESIGNATED FUNDS Th¢ unrestricied tunds of thc-frinity Iluux Mthtime Lharity includ¢ th¢ following d¢$ited funds whiih hve b¢¢tL set aside by the Lurp)rate Board for SrIfiC purw8es'. Balanc¢ at l April 2021 dry1Wl1unS Utilis¢ B•lnte At rcled 31 Mr 2022 V.xtraordinary R¢pAir Fund Mei¢ht Navy 8cholw¥hip Schcm¢ 177 177 500 500 677 677 E¥lraurdiiwry Repttir Fup lthis mrcts a rquirL'mcnl of the Trinity Trluus¢ Mariiime ChuTity'5 S¢h¢me to Lslablish and maintain & T¢ry fund to provide forextrHordinary N'pairs improv¢m¢ni and rebuilding of th¢'frinity Ilomc& WAlmcr. Tk MerLhuMI Navy ScholorJhip,Scheme Thc opcraiion of this schcmc WLS trhnsferrcd from (h¢ Cotpor Charity tn thc Trinity 110 Mariiimc Charity in 1995. At 31 Mwch 2022, thcTL wer¢ 107 {2021.. 140) ¢ud¢ts undcr srASur$hiP for trainin¥ us tk'¥k or b.ngin¢¢r utrieers. 'Ihc Arnuunt dcsiKnakd li) this bund repTL5ent5 bdween Ihrtt and six twiths, opcrtsng ¢osts ot'thc M¥rchoni Navy kholarship Schcrr. 22. TRIIYITY HOUSE MARITIME CHARITY- RESTrICTED FUNDS FJ&]an¢e ¥1 l April 2021 Mov¢menL in fund5 BAl•n£e al InGom¢ Expcnditurc 31 MAr 2022 £0 £0 £000 Swirc 8Ghvlurship Trund SWI Yrommn Support fund Captabn John Ilury Mcmorial Pri2e Fund CTTants. for Mcr¢hant Navy scholar.qhip Schcmc.. Govemm¢nt fundin8 Briiish Marinc l?riiK Fwid tkpllTthn1 fur Transport Fund 105 22 12 {41 18 12 720 1720) 1.909 2.094 11.S691 2.293 340 521 The SwiT¢ Schvlwship Trund was estsblished in March 2012 to assist cad¢ts urtder8uin8 training In th¢ Merchant Novy -holarship 8chrm¢ to sludy for a bull Ilonours T)cgrce. Such &ssi5tsnce 15 awarded to ttN)5c cadets who have demunstraL.d Exc¢p¢ivnal prtsgre both academically and pr4Gli¢ally throughout (heir iraining. Swirc YeomHn Sw>p)rt Fund was established in O¢¢uiKr 2017 rrfovidc guid¢¢ mcnt(>Ting io ¢adcts who hxvc qualifjed Irom the Mcrrhant Navy SLholarship Sch¢m¢. The Captain John Bury M¢moTial pri Fund cstablish¢d lo providc awards for outstandillg achiement for ¢adL'ts undergoing ¢rainin8 in Ihc M¢rchanL Navy Schnl8T5hip S¢hemc. The Fund WAS CStabli5hcd in m¢mory of the lui¢ Captsin Bury. Eld¥r Hrother uf TTLnily Housc. The British Marine Pri Futsd w18 CStablish¢d to provide WLTLS to Glldcts under80ing training in the Merohani Navy Scho10rship Schemc. IIK prixc is awarded to ihc cadet producing th¢ be complekd tr8ininR Tecord IMM)k. The Departs[ Cor Transport rclat¢S to fund% from (hc Dcpartm¢nt of Transpyrt in supith of safety and ¢raining rela*d matters within th¢ Charitys objects. 39
CORPORATION OFTRINITY HOUSE OF DEPTFORD snioND IYOTES TOTHE GROUPAND COMBINED ALLX)UNTS FDr Ibr yc¥reNded 31 MrtlL 2022 2J. TRINITY HOUSE MARlME CHARITY-PERMANENf KNIM)WMENf FUP4DS Movcmcnl in fund Blate at l April 2021 Fxp¢Thdiuwe (hin¥ 31 M4r 2022 £0 Trittity Villb Church end W¢$1 Fern. GoxhAI Marlines Fo, Essex Triruty11(ry Walmtr 250,569 3.556 1.337 1.906 25Sffj67 863 23 144) 47 2aJ TrIMIty Ylllagt ThF fts¢hold of thi# thtDtc. in S(yJih tondoN wuoonv¢ydtsth¢ChErity tychrilltophcr Muri¢k in 1660 Th¢ m•iniy repTcsenied by mid¢niil &tyd ¢ornmcrciBI woPcrti which wwtvalutd at£241,JIO,ODOt 31 Msh2O21 and portfolio ond C41h which wcrc valutd 41 £15.10?,(hX) Und¢rlhe t£$ of the evv¢y&rrt. iYKom¢ ¢8rn¢0 frtsm Ihix fund is RvHil4bl¢ fOrra1 ThiA wtotceBmttoth¢Chwrity under the wll of Ciptain RDbtrt 8An&¢s dated 1720. The Ind kn rewientoj by D8ricullurnl 14nd. now ¢)f 546 Acres{221 hrc¢Ar¢s1, InNorth Lincolnshire and ¢Lqh Und¥ ¢ern¥ of ¢1 bequeai. InLomc eamrd frorn this Iljnd is &vail&ble for wposvs Th¢ lirms w¢rr Yalued at£3.491.(KM) ot 31 MllT¢h 2Q22. AriipJes fvoMI. Kstsx Th¢8£1lale WdB bequeathtyj (o thr Charity byC4Pt&in Rob¢rt Fijher in 1714. Th rEp1¢d by frE£l1 WiL'ulturlll laTrJ now of65 7 ll¢rul26 6 hre$l Undet thc t¢r orth¢ bequHI. Inwm¢ eam¢d from thii fwd is allbI¢ for purpoaos. Th¢ tBrrn WAS v4lu¢d £2200.1h)O Il JI Marth2022. Trlnity Holl. Wth¢r TheK Homu, th1¢h free1d rhmiiiy proprrty. btlun8 toihe CorpoT•tion fi the residts In Cwftymitywththt pruviito 0(thEChvj Khorno. Th¢y orc siiuitrd nrllr Dcal. In Krni, and prnvide Dccamrnodaiiom (orporADnXwkn4rr or wrre Britith S¢amcn llnd MgrinNs (including MAilETA Pilo¢slahd IhfflrdyJints in ncvj The Horn¢i compri¥¢ 18 s¢lf unitsol'4ccvrnmodDtion Bnd only rw¢ivrd 114 cDnlriblllion from e4Gh TcsldLI towdrds haoting uf Ihe dwelliw Thi$ Jljnd 18 rqtcKnlcd In Ehe bxlAnCC ihttl by EDn8ible fjxtd 1514hd invtsimcnt pnwuty. 24. ANALVSVS OF GROUP NET ASSITS bETWEKN PUNDS CoTwnlcChArity Trinity Hows¢MoriiimpChHrty Ilrffjestri¢d R¢StrtA Ilnr¢shctrd triCt Endowrnent cFAritAblc ruhdx fuhd funds Trading fw £o(K> £000 £0 £0 TotAI 2021 £wo £0 Fulld B•l•neti at 31 1•22 4r¢ Repreted hy.. T)8ible fi%al Inv¢sth1¢S CurMt4$8r¢S 8.812 63 1.696 262.558 214 527 J 1,102 263J71 293 14061 220 2.056 12541 573 521 1.128 17791 115921 793 Lkfined benefil per10 e1 Tot*1 9,942 2.438 521 263.315 876 277.152
CORPORATION OF TRINITY HOUSK OF DEIryFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS F•r the year ended 31 M4rckn 2022 25. PENSION COMMITMENTS Th¢ CorKM)rauon uperatrs a d¢fined bentfjt schemc {the'Schemc) in the IJK for r¢rtain current and fomicT ¢mpioyees. This SLhcme was clused iu new memkrs on 18 July 20[. A dcflned wntribution scheme (group rwtJ&l nsiOn plan) wa5 CStabli5h¢d for new stalTjoiniTh8 after that datc. Thc Lory)orak Chari(y xg the spon8oring emploirr tv ih¥ d¢firted Ixnefil sLheme. The of the Schemc ar¢ held 5CPllTatcly fwm thvs¢ of the combinLd chariti¢5. The Goftiribuiions are d¢Trnin¢d on the basis of triennial vMlua(ions by an acluury usirtg the Aitained Age tthod. bvllvwing the valuation a5 llt l 2020, the empluy¢r's cutT¢nl contribution r4t¢ mlrd at 34.1•kn of WSiDnable pay.'fhc employees, conitibuiiort rate rem&in¢d at l.5Uh of ysitJn&hl¢ pay. The total ¢ontyLlwtion8 for thc ycar in theK accounts were £64.000. The valugtion Showed that th markct valuc ofthe Scheme's w&$ £8.323.UUU artd thai the onEoing funding levLI wus 10(n6. The suMptIonS whiGh h4d ihe mo&t 8iBnifiLunt etycct on thc r¢$ulis of th¢ valuation were as follows.. 3.9%p.a. 3.9%p.& 3.S%p.& 2.6% p.& RPI Eornings lnLrc&s Prc-retircmcnt di5Eount TalL' Post-retircmcnt di%ount Tal Flh•nclal Reportln8 S¢*nd%rd lQ2- R¢tlr•m¢nl Benellts Th¢ following infoTh&tion hai h¢¢n calrula¢¢d lry i qualifi¢d Ind¢dent aduary fLrth¢ purpo¥¢ ofinclusion in these 8Lcounls. li should bc crnphasiged tha¢, in #¢¢ordance wilh thc rc4uir¢rricritg vf 102, the Sets Qnd liabiliti¥$ vt'the SchLmL vajucd wiib r¢f¢r¢tKe ts) nI m&rkct conditions may, th¢ff¥'for¢. vary widcly fmm year io yi4r. 2022 2021 £000 8,16J 17,97U) 195 Markci Val ofHys¢i8 DcfinLd bcnctlt pIlgatiOn Sutplus in the Schcnk- tLCt pctL5iOTh Mssri 8.323 {7.53111 793 Ihc 4ssct8 in thc Schcme w¢r¢'. 2021 2021 £000 Liahility drivcn inven .quiti Bonds InSud nsIOnS {Bnnuities) 1.699 1.7ZI 2.796 1,55Q 3,451) 2,729 2.101 23 8165 430 Tvtal market vaJu¢ ijf &ssets 41
CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOiJNTS For the yur ended 31 M4rch 21J21 PENSION COMMITMEiYfs IcontlDUtd) The major h5sumF4ions U5cd by ihe actuary wcff: 2021 2021 Inflation- RPI Rate of increase in salarics Rate of increa8e for pensiotLS D15couni rate fw liabiliti¢s 3.9% 3.9Y• 3.5Y• 3.5VD 3.2% 2.0% 2.60A The nwrtality tables uscd arc the NA basc (dbles projertcd by of birth in line with thc CMI 2020 'core" mortalily projecti1& with a long-wm r8t¢ a$3uThMion of 1.5% rKr onnum. 'fo give fin indi¢10th or lif¥ rxprthan¢ic4 a pcrson who is CUfTently ag¢d 63 is Umed to live un avera8e uniil ihc of 87 yw5 in the ease of a man and 90 ycars in the of a woman. R¢tonclllAtlon of ¢h¢ Falr V4lu• of Plln Assets Over the V•Ar 2022 £0 2021 £0 Fair va]u¢ of plan assets at l Awil 2021 Jnl¢r¢sl in¢rnne on plan a&qets RemeAsuTrrncnt- rcbjrn on plan &8sets excludin8 ffttere income Conlributions by the ¢hariti¢s Contributions by the memixrs Bcnefits paid (including exrKn} Fair valuc ol'plan u55eL4 at 31 MurGh 2022 &165 7,thfj8 154 1.068 231 193 1263) (3601 B.165 R¢bJrn on plan R5Eel8 354 1.222 R•¢on¢lllatlon of Deflned B•nefit ObllgAtlonJ Over the Year 2022 £000 7.970 2021 £000 7,523 r)etlned bencfit obli8ations Dl l April 2021 Current 5ervi¢¢ ¢osi Contribv¢ioM by the mcrnbcrs Interesi ¢xpcn5¢ on dcfincd benefii obli8Alivn Rcm¢a5uremcnt- cffe¢t of cxrIEnC£ NdJustm¢nts los(1n) RCMCreMCnt. ctyect of ch•thB¢s in assumptions18ainyJoss Bcnefiis paid tkflnrd bcnefit obligalions ot 31 Moxch 2022 158 164 1610) {2631 163 {141) 671 (360) 7,970 Thr MovtTAent in the Stheme'i Ag•et Duriul the Year l Made up u Folknv•: 2022 £00 195 (ios) 639 2021 £000 (4551 Nel pension 85scVlliability) &t l April 2021 Amount cogniSd in expendiiurc Gain rcGognis¢d in othcr r¢¢01$¢d gains losscs ContribuliotLS by the chariti¢s Nct I510 a&t ai 31 March 2022 538 231 793 195 The or liability ith thc Scheme and thc movements in hav¢ llllocatcd txtwecn thc two charbtics bad on thc ron(ributions paydblc in the ycar. 42
CORPORATiof4 OF TRINITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP Af4D COMBINED ACCOUNTS For the yeT ended 31 Mirth 2022 25. PENSION COMMITMENTS (con¢inuedl The tollowin¥ wnounts havr IKcn includcd in ihc 5tam¢M of fitwicial activitle5.' Analyils of th• Amount ChAryed &s Expenditure 2022 2021 £oou CutTent 8ervicc c1 Iniercsi income on Schcme &&qets Itsr¢. expe1¢ un defined iKncfJi (>bliWioft Totsl thAr8e to ¢xpendlturt 11081 154 {163) 105 Rem•4iurements R¢coBuli¢d In Oth•r RetoTrlxd Galn$ 4ttd I1 2022 2021 £D(KI 141 16711 1.06¥ 538 Rcrn¢&8urement- effect ol'¢xpErirn¢e adjustmcnt5110%%118ai R¢m¢&8urement- cffect of chan$ in &UmpI1ns gainlllos51 Rcm¢osurk'm¥ni- return un plon asscts in4ludi interLSL inLome gwin Total 'messrem¢nt gllin rccogniscd in oth¢r N'¢iJKni4ed gains and Iu5S¢S {1641 610 193 639 26. SUBSIDIARY COMPANIES (Jl Trinltas Servictj Llmlted ig a wlMTrIIy-owfKd 5ubyidiary ofih¢ LTratIOn of Trinily Ilouse. irtcorwrotrd on 19 Marth 1993 And is r¢gi51crcd in England, number 02801613. Thc addrcss uf ils RegiSre oifire 18 Trinily HOUK, Th¢ Quthy, Harwich. F.&8cx C012 3JW and its prit)¢ip81 a¢iivily li the Ictiing of li8hthous¢ ¢otth8es. A summary of the results for ihr at is &8 follows.. 2Q22 2021 £ouo 'rurnov¢r 1,564 11,3631 zoi 1.054 1765) 289 Totsl expcnditurt Profit after t&x TO1 gets Total li&bilities 1.421 (490) 931 1,208 14781 730 N¢¢ asseLS 43
CORPORATION OF TrINITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP APID COMBIf4ED ACCOUNTS For the y•ir ¢nded 31 Mxr¢h 2022 26. SUBSIDIARY COMPANIES Irontinued) (bl TriTrity House Events Llmlttd is a wholly owft subsidiary of the COrlOn of TrinityHO. incorp)TAt¢d on 26 Jwjuary 2011 and registered in England. number 07J06613. Th¢ addT¢55 of its RcgisteTcd Oftice i5 Ttiniiy Ho. T0r Hill. L4)n&)n EC3N 4DH 4nd irs priiJGlpal activity i5 thc ktting ofthc function nXMll8 at Trittity House. A summary of r¢w]ts forthe yrttr i5 W5 (olknvs.. 2021 2021 Tumovcr l¢j ¢MrKnditure Profitlllossl tor th¢ 305 (147) (237) 174 Tothl assets Total li8biliti¢s Nct liabilitl 347 1403 253 (367) 27. GRANTS AND COMMITMENTS Grants poid ts> inLIuliOnS in th¢ year totsllcd £1.226.(i101202I.. £1.632.000) whilst &Tan paid ¢0 indiwduAIs trAAllcd £23,00012021.' £27,000). Full dctails of all Brants ld can be obtalned frcffl Lhe Secretary to th¢ Cwolion. At 31 Mar¢h 2022, 8ranl ¢wnmithMts from thtu¢r ittcornc wrre £nil {2021.. £2.?20.000). AI 31 MAr¢h 2022, the Trirtiiy14uuse Maritim¢ Charity was ¢ommi¢ted to payments of £2.061.000 12021.. £2.430,(KJO) In rcspocl of the Mvchgnt NAVY &holarship S¢h¢me. 28. REIATED PARTY TRANSACTIONS Owin8 th¢ Choriti¢s' 110[13 and th¢ rA)mp051tion of the CorrKJrate Fknrd. il is inevitable that yartts will be mAth kn or8anisNtions irk which a Iru3tcc may havc an intcr¢st. Similttrly, Jxoperti¢.% may be lellsed to tsust¢es or othcr [VItEd p&rti¢& All grants ond transaclions involving such organisatioths and related p&rtics LY)nductcd at llrnJ's Icngth. Bxc¢p( for (Tansactions with trusl¢e8 in¢lud¢d in no¢¢ IJ, there ve no othcr rclatcd party transactions requirin8 dis¢losur¢. 44
CORPORATIOiY OFTRINffY HOUSE OF DEVtFORD STROND NqvfES I'OTHE GROUP AND COMBINED ACCOUNTS FOT th¢y¢•rendtd 31 March 2022 29. COMPA114T]V () GROVPSTATEMENT OF TrINANCIAL ACTIVITIFS Forthq ytsr thded 31 M&r¢k 2011 Trinity Hott8e Ntiritime Chority ChNTity Unrc8tricled R£StrI¢ P¢rnaTrcnt fuDd fimds EndowThcnl (indudin8 fundi Trt•l 2021 £000 £000 £OOD £(KJo £(x) INCOME TrROM: tTronat¢onB ond Iyoi ChtsbIc aLivilies 12 453 16 768 1237 Oth¢r Ir118 AL#ivitie4 Other opcraluL8 income InvutnKnts 758 758 359 359 27 7.510 7.538 TOTAL INCOME 1.598 7,527 779 9,904 EXPENDITVRE ON.. R&isin8 aTitsbl¢ artiviti¢K'. 1.002 3.442 4,453 W¢ltBrc 1.544 44 1.597 3,167 701 Youth opwrtuniittt tr•inins Publi¢ ¥•fdy fjnd ¢ducaiinn Main¢a¢nin8th¢ fabriG 4nd hcriittBe of Trthity Hous¢ Tmp4irn?¢nt of tr¢*wtc Rol¢ u * Dtq) Sca Pilotw AuthcK¢ty provi6l OrNAles1 Au#iors 2,381 786 580 719 12B81 719 {2881 19 TOTAI. EXPENDITURE I,469 7.4¥8 1.366 53 10,376 Nb.T IEXPENDITUREI I IT4f.OME BEFORE INVFtsTMENT GAINS AND LO&SES 129 39 1587) (531 1472) Losses on Th¢ rcvilu41ion aDd disposal of invuun¢ni propthe Gains on th¢ t¢vBiualion and disposal of wtfolio invCgbthts 112.4621 112.4621 22S 4,205 4.430 P4ET IEXPFNDITUREI I INCOME 354 39 {5871 (8.3101 18.504) OTHER RTr.COGNISED GAINS AT4D LOS8F3: 8aiD m d¢fm¢d beTrefi¢ pension 5chcmr 126 412 538 ET MOVEMENT IN FUIYDS 480 451 15871 (8JlO} 17.9661 BALANCE AT I APRIL 2020 10,211 1.165 2.681 265.678 279.735 BALANCE AT31 MARCH 2021 2.094 257 368 271769 45
CORPORATION 0FTRINYOUSE OFDEPTFORD miOND NOTES TOTHE GROiIPAND COMBINED Accourlrs F•rtheye4rtnd¢d 31 Mareh 2022 29. COMPARATIVES {<ond•¥e4) (b) COMBINED CHARITIFS. STATEMENf OF FINANCIAL ACTivrriES For th¢ yMrwd¢d 31 Mrth 2021 CoTporats Tritity How¢Mwitim¢ Chgrity Chwiry Unrestricred PvtD•J¢nt fiwd• lknda Etydovrtn¢nt Total £000 £000 £0 £0( £0 INCOME VROM: D105 Bnd le£atie% Aril4bl¢ •r¢ivili Io 12 453 16 1337 211 Othcr tsading 1¢4ivlii 27 7.510 7.538 TOTAL INCOME 7,527 779 8.998 ExPENDURE ON.. iillhinB hjnd •ritsbl¢ 4divili¢8'. 212 3.442 W¢lfqre 1.544 2J81 1,597 3.167 701 Youth oppwtunitim tr4inin8 Pybli¢ and edu11 MaÈDlainin8th¢ fabric of TriDrty Ho IwaL¢t of treaswv Rok D¢4J St4 Pilotw Auththty Prvvi•ion LifN•uti¢oJ Atsejgc 580 719 12B8) 719 (288) 19 19 TrAL EXPE14DuRE 679 7.488 lJ66 53 9,586 NKT IEXPKNDITUREII INCOME BKVORE IhmTMENT GAINS AND LossÈs 13 39 1587) 1531 (J88) GaiM I Ooow5) th¢T¢v•lution attd (114621 {114621 GaiD3 IOoMe8) utt thercvalu•don aDd dwsd of p(K¢folio inwutsn¢n¢ 225 4.20J 4.430 NKT lEXPRNDUREj I INCOME 238 39 {587) 18JlO} 18.620) INER R£COGNIS&D GAINS AND LOSSES: Aduatial 842D on dcfwed beDefitpeti8ioll schlle 126 412 538 NET MOVEMENf IN FUNDS 451 (517) (8.082) BALANCB AT I APRIL 2020 9.710 1.165 2,611 265.678 279234 WANCE AT 31 MARCH2021 10.074 1.616 117.308 271.152
CORPOii4TION OF TRINITY HOUSE OF DEPTFORD STROND N(YfES TO THE GROUP AND COMBINED ACCOUNTS For th¢year eDd¢d 31 M•Tth 2022 29. COMPARATIVES l¢Mtlytd) It) INCOMK FROM CIIAIUTABLK ACTIVITIF3.. Group CoThbi¢d Chartdta Cwte Trinity Hou Chariiy Morilime Charity Uwtstrittrd Unrf8tri¢¢fd Restrictsd Totsl 2021 £000 £o(M) £ODO W¢lfgTe Youth oppomjnities tr•itiin8 Contribuiion from TritiLty LL8h¢lvMs¢ Suvice Oth¢r 16 16 768 768 317 317 136 136 T0tJl 2021 453 16 1,237 {d) INCOME VROM INVFSTMKNTS: GTWP 4nd Comblned ch11$ Ccyrat¢ Trinity Hou Ch&rity Maritim¢ Lharty Unratrida Unrt8trictcd Reth"¢trd d8 Ojnds fjjnds £O(K) Total 2021 £000 InveAthnt prq>mi Portfoijo inv¢4ltllcnl8 Bank intctc81 and uthu flnon incorn¢ 7.280 228 7,280 255 27 Total 2021 27 le) EXPENDtTURF, OP4 RAISING FUNDII Gro¥p #nd C•mblwed C'.hHrltl CorpoT4t¢ Trinity Hou8e ChBrity Mprbtimv Charity Utw¢swi¢t¢d TJnreJtrided Etidownent nds tund8 Tfjt 2021 £000 £000 £wJo Laiin8 of thnclioll room6 Mpn4g¢m¢4Jl of itLWtsbneni 4Mets'. Ealale manll8th' ftts Lryal 4nd ather4dmln1strIoA fr InveatmeThl mllll8ws' f¢t5 MHiTht¢nan¢eofinvrJbllml 455¢ts,' Rcpllirs, m&itht*wi¢¢ Ind refvrbishmrnt 212 212 503 466 503 1,947 526 1.947 526 212 3,442 3.663 LcttuJ8of IIBhthouse cutla8¢s Ldtin8Ot'funclion rnotN8 GrP 76S 765 25 4.453 47
CORPORATION OF TRIP4ryY HOUSE OF DEPTFORD gnioND NOTLS TO T1 GROUP AND COMBINED ACCOUNTS For the year elldtd 31 M•r¢h 2022 29. COMPARATIVES (eolltlnwl) (fj EXPENDITURE ON CHARITABLE ACTivM.. ind Ctsrnbln¢d Ch•rttl¢• Corpcrf&t¢ Trinity Hou5C Charity Maritlmc ChDrity Unrcstrictcd UT¢strIcted EndowTn¢nt ti]nds funds fijndj £000 Totsi 2021 £oc Maintenall and upkeep of th¢ Trlnlty H(rfn¢s Grants ld- de$i8n&t¢d Grants pald- other sup costs Tolal 2021 374 611 31JS 254 418 314 254 544 44 EXPENDITURE ON CHARITABLE AcfiviTIES: YOUTh OPPORTIJ7IITIES AND TrAINING Group Combled Ch•rltl¢• Tritii¢y House Marfllm¢ ChaTrty Unrestrlokd Re5tr1ctcd lknd5 Total 2021 £000 1.252 257 459 Merchant NiTry S¢holarshlp Schcmc Grnnts PBid- d¢si8llat¢d (lyants pald- other 0r r¢strl¢ted lts PAid 768 1020 257 439 18 413 18 413 Total 2021 786 (hl EXPENDITURE ON CHAIUTABLE ACTIVITILS: PUBLIC SAFETY AND EDUCAIION Group And C•mbltd ChArltl Trfnlty Ho Maritime Charity Unrestricted R¢5tyi¢d Totsl 2021 171MC 8rants Grants Paid. dcsiBnNd Grants ld- oth Support f05t5 T¢)tal 2021 38 53 30 38 53 30 580 701
CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND NOT&$ TO THE GROUP ATr4D COMBINED ACCOUNTS For the yeY4r ended 31 Mah 2022 29. COMPARATtVES (coThtlthut41) (I) ANALYSIS OF SUPPORT COSTS oirice stAff £(K)o Seryi¢e Admin costs To¢al 2021 £000 £000 £O(x) Raising fi]nds W¢ifar¢ Youth opportunities trwnlng Public safety and eduLatiun Main¢ulnithg thr fabTiG ar hcritw of Trinity Hou5 Total 2021 295 159 43 17 188 78 526 234 414 Jo 258 18 28 128 10 107 107 837 90 404 U) CORPORATE CHARITY- DgSIGIYATED FUNDS Bance at New l Atvil 2020 desi8naiions £000 Utills¢d I Icus¥d 31 Mar 2021 £(0 Hous¢ D¢siAd Fund Fixed Ats Fund 603 60 1219) 444 8.593 9.196 439 8,919 9.363 352 (kl CORPORATE CEL4RITY- RESTRICTED FUNDS Balan¢¢ ¥t April 2020 £¢M)O Income Exwidiwre Ba]anc¢ a¢ 31 Mar2021 £o(MJ £000 £)0 Warden's TriniryHvu¥¢ R¢licf Fund Brcthren'5' Covenanl Gift Scheme 58 38 60 (I} TIUNITY HOUSE MARITIME CHARITY- DESIGNATED FUNDS Balance al New l April 2020 desi8Ntions £IMJo Utilised I Balance at r¢leay¢d 31 Mar 2021 £000 Extradi[Y Rcpoir Fund mewhtNavy S¢hul4rship Sth¢me 177 500 177 5(K) 677 677 49
CORPORATION OFTRINITY HOUSE OF DEPTFORD 0ND OTE$ TO THE GROUP ATr4D COMBINED AceouNTS For Iht year t•ded31 Mirtk 2022 19. COMPARAftVLS l¢0Dlliu¢dl {m) TRINrrY HOUSE MARITIME CHARITY. RLSTRICTED FIJNDS Balarb¢¢ at l April 2020 Movem1 Income Exrthdiiiire 31 Mar 2021 £(N)O £(N)O Swire S¢hDlar5hip Swire YeomDn Support Fwui C4plain John Bvry Mcmorial Prize FUJ Gr•nls for McTcthaTrlNivy SchOr$hip S¢h¢m¢.' Oov¢mrncnl fvnding Sponsorship from the J• Har¥T8rd Biilish M4rw Pri Fulld DNnt forTviTh8pDrt Fund J Mummcry 5} 105 12 12 761 17681 46 2.488 46 l.g¥J9 15801 {•) TMINITY HOUSE MARlliME CHARITY-PERMANENI. ENDOWMENT FUNDS Ba&rJLe Movtmenl l Apnl 2020 Expendithire (hini Ind 31 2021 Trinbty VilL4 Chur¢h and Wrst Firnj. (knhill MllrtLTrC& F•rm. EM TrinityHomM. Wakn 258.029 4,424 17,4fv)1 11681 97 250.569 3.556 1,337 1.985 1441 8.266 (•) ANALYSIS OF CROUP NET A&SF.7S BLTWEEN FUNDS Cor Ch4rity Trinity Ilousc MJrilim¢ Chmily Non- UnrNtriL*d ReStr1d Unte8trJcled Rcstricied EndowmeThl ¢hrilabi¢ ruThdA runds TrIn@ thndi £000 Tothl 2021 £nrM) £000 £000 Fy•d It Jl March 2•21 •re R¢pvt•t#t¢d by: Tin¥il>l¢ fLxed llJs¢ts 8.922 1,740 2J7,3J7 562 11.290 2J8,34J 4,062 333 12J6) 21 900 18451 Curreni li4bilil Drfined bUfIl p¢ThJh?n 4Me¢ T1 lltf Abjets J35 167 257 368 017 271769 50