REGISTERED CHARrrY 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 TRINITY HOUSE MAIUTIME CHARITY FOR THE YEAR ENDED 31 MARCH 2023
THE CORPORATION OF TRINITY H USE OF DEPTFORD STROND The members of thc Cijrporatc Aoard, a& Trustees, present their Annual Wort and Group Accounts for the year ¢nded 31 March 2023. THE CORPOK4TION'S OBJECTIVES AND ACTIVIYIES The CoOr0110 Df I'rinity House of Deptford Strond ('Ihe CoOratIOn. or-TTinity Hou5c") was incorporaied by Royal Charter in 15 14 and ils primary aims arc to= Serve Ihe mariner with Supporl lo iho&e in need. Provide ¢tIOn and trainin8 in seamanship. and promotc sate navi8aLiOll ai seg. With ¢his in mind, the CorTM)ration's vision iy.. To be * kty. in1eNd%1 UK mxrltlme oryanisatlon thgt sfeguArdJ ihlpplnK 4nd J¢4fir¢rs by provldlng WtlfAre, Youth Opportunitlej. •nd TraInI% to the 8eAfAring tommunity, JiDd #dvA¢es Pvbllc S#f¢ty and Educatlon 'rhe CoTporatLon's principal ¥harity IN the Corporat¢ Charity. whith is responsible lur.. maintaining th¢ fahric and hcritagc ol'Trlnity Hou%¢. I t)w¢r Ilill, l.ondon: the liceThsin8 ofDc¢p Sea Pilots: and the pruvision of expertise mariiimt mauers. includin¥ the appointmen( ofNauiical to sisL Lhe Admiralty CoutL Under lis ROYAI Chllrtcrs. thc L(Trrporation is Als(i rr%p(Trnsible for the maintenanc¢ and guod govem8n¢e of the Trlnity Ilous¢ Fra(cmi(y* which now numtJ¢rs morc thdn 500 F,Ider Younkicr Brrthrcn. The Corporatc ('.harity'5 Subsidiary charity, thc I rinily I louse MRritimc Lharity {THMCI, i¥ 8overned by a sch¢me ufthc Charity Commis8i()n. Its primJry objccl8 vc.. thc provL8ion of almqhouse commodation for nccdy marinerr4 &nd their depcndpnL8,' arKI thc paym¢nL ofannuitirs. The scheme also provides for a number (Trfothcr charitable objcc¢s conccmittg: the rcliefol'need and Ihg pmmotlon of welldre amongs¢ mariner¥ and their dqxndanL8- educMLi(Fn and training in navi8ativn artd scxmanship. the advanccmcnt ot'puhlic fety, in particular thc 5alc(y ol. m&rin¢r$ ond ¥hipping BenerAlly' and Ihe edue&li()n of ¢h¢ publi¢ in matters r¢laling Lo nuvi8ation, shipping and seamShip. Thc C(?rpLTrr&tiort'S aLtivits¢$. as s¢¢ oui below, dcmLTrlls(ruLc tha( Trinity House for the publi¢ ben¢fil undcr four ¢h#ritable purposas as dcflncd in the Chariti¢s Acl 201 l. Thesc art.. thc r¢li¢fof thosc in ne£d- the udvancemcnl ofeducation.. thc advanccrncnt ol'h¢alLh and VIng live.8; and the advanc¢mtni ofihc &rt5. culture. heri¢a8c or science. The TrusLees confirni th8t they bAvc complicd with the duLy in Section 1715) oflhc Charitics Act 2011 to have duc rcgard to thr public benefit guidance published by lh¢ Chwrity Commission.
The Corwration's activities in relation to thr above objective5 are a5 follows: Welfare THMC opcrates 18 almshouses tn Walmer. Kettt. which arc po5Ul1t and fLited out with the oldw p¢rson in mind. Otherwis¢ known as Trinity Homcs. ¢h bungalow overlooks &ttrActive, land8caped gardens. and a SPl0U5 ¢ommonldinin¥ TOUM IS also available to all r¢sidenls. The alrnshouses ar¢ TK)t Ca homes and rc5idcnts are expected t() p@ble of living indep¢nd¢ntly. but ihc CJrncral Manager mindful of thrir wellbeing? and is usually Svailahlc on w¢ekdays for¢onsulta¢ion and adviie. Ni¥ht Alndant% are also on duly ovemi8ht every dY4y of the weck. and an emeT8enLy La]1 system is in pla¢c wh¢re, in th¢ ¢v¢nt of sudd¢n illncs5 (>r a fall. a rcsidcnt can quickly call tor help. A rnidday meal is provided by Ihe Resident Seryiees (Ajordinator on Mond&y to I'-riday. for thos¢ who would like onc, subsidi5ed by Tl IML. To be cligible ts) live in the Homes, residents must be rciir¢d mariners and their p&rtncr5. or the widow51widowers or rnaTincrs, in financial nccd, who have normally had over IS years, Service at sea. Residents are Lypically a8ed 60 and bovc. In ddItio TIIMC makes regulur p&yments tv Up lo 60 #nDu1lts, some tsl'wthom residents of Triniiy Homes. THMC'$oth¢r significant aeiivity within ihc weifarc sector isthe dword ofgranLs ts) fundraiying maritime chariti¢s. Ciivcn the numbcr of well-establishcd muriiirnc charilic5 PTovidin8 welfare setVLC&8 dir¢¢tly to thoJ¢ in nccd, th¢ Tru%tr&8 cunsider thal it would b¢ inrlliii¢nt use of TC50UTC¥¥ duplica their ertorts. Th¢y th¢rcfor¢ pr¢f¢r fulfil the L'orFxTrralion'8 objcctivex thr()uBh $uprx)rt foi. Ihese Lhuritirs hy way ol-major 8Tants. To improve further its ¢iCiencY in this Bre8. TFIMC is omembcri)I'ihc McrchantNavy Wclfarc Roard's Scrvin8 5ealaTer and Oldcr SfreT und Famili¢s Working Group% as wcll ls thL Mariiime Churities Cyruup IMCCJ) which Lompriscs ihe ten major granl-makin8 charilics in the mariiime wcifure scclor: %cafarcrs IJK; Ihc Mcrchwnt Navy Wcllarc Fluard; Nautilus In(¥mali(Inal- ScafarLry' 11(Tr¥pitsl 80¢i¢ty' Roythl Nvy anij Ri)y#l Marines Charity,. GTccnwirh Hospital. ]']- eafarers fru8i I,loyds Rc8i.%ler Fuunda(inn' TK Foundgtion ond Trinily FIou8¢. The MCG fosters collAix)raiion acr()58 thc mAritim¢ ¥hllrily Sector by sharing inlurmation, MmISSIon1n¥ r¢s¢ar¥h, 8UPPOrtin8 the eduLotion welf¢ or 5cat8rtts ond their families, by the prnmolinn of bc5t pr¥LLiLe within the %e¢t()r. THMC is &l¥o a m¢mr vl. thr F.quali¢y, F.qui¢y. Divgrhity and Inclusion (l.'l.'Dll }rkIn8 8roup, curr¢ntly ¢4)mpri$in8 six maritimc ¢hMrili¢.8. 'fhis group is d¢v¢loping th .4e¢tor-wid¢ project to 8upport maritimc wclfare Lharitie8 iheir joumey to in¢rco3e divcrsity and inLlusion. Yopth Opportunltles TTmlDlug THMC'S charithble ctivi¢y &bI¢S young ppIC to experiertcc life at sea with u three-lold airn. l.-iTStly. young pcopl¢ 8ain confidcnLc aL sea by handling smdll ttnd Ixrg¢ craft,. this. iii Lurn. enhanccs public safcty. sCndly. such lIVIlit5 prnm(ite ¢duLatinn and irainin8 for iIM)s¢ whts s¢¢k to pursur a Larccr al sca. Thc confidLncc gaincd can oftcn open y<)ung prople'8 Eyes thc we&lih (?I' oprATrTtunitics available ihxL they may tto¢ have considcrcd vr kn(Trwn about. l.'in&lly. Lhis iiviiy impr()v¢s public aw&rene55 ofnavigMLii)n, shipping YJLd s¢Rman8hip whilc hi8hli8hiin8 thc rolc of Trinity Ilous¢ nij ()Iher dgcncics in promuting ihe safcty ol'shippinB. THMC providcs an annual grant to thc Marine kn¢i¢ty & Sc# CadeW # m¥rilim¢ ¢h8rity. The Corporation also fvnd$ career developmcni btsr8arie5 awarded by thc Ass()ciaLiun of Sail Training Or¥NniMtions {A%'l-l)l. R()yal Yachtin8 Asso¢iation IR YA) Yarhtma5tcr Scholar&hips for thosc working in ¥mall ¥omm¢r¥ial vessel $e¢tor, and a supcryhi ¢#d¢tship through th¢ Unikd Kitt8dom Sailin8 ALademy {UKSA). Education and training in ttavigation. 5manShIp and marin¢ ¢n81CrIn arE mainly providEd thmu8h 'fiiMC' Merchani Navy S¢holarghip S¢h¢mr {MNSS), whercby youn8 peoplc trainin8 to bccomc officcrs in the MerLhdnt Navy are supportcd with hursori¢s for ihrir adMiC COUT5C5 and sea-going Ir&inin8. cdidleS, who ar¢ usually bclwn 16 and 181A year8 old, under¢akc a ihree-ycar prograrnme split bdween nautical collc8c and timc at sca in a vari¢Ly of sei- 80in8 vc&%cls. Cadets Can train 8s Drrk. Lnsinecr or F,Icctro-'I'echnicd Uflieers IF.'fosl. Publ1¢ SAfety and EducAtIo The Mf¢ty of mariners and shippin8 Benerally. and of thc public who (ravel by sc4 15 thc corc activity of Trinity Ilouse in ils ¢opa¢ity as Y4 General Lighthouse Authority. It is an obj¢¥i of the Corroration's Charities, which provide nurnb¢r ul'majDf gTanl5 for this purpose. THMC also mgkcs grants towards thc advanc¢m¢n( of education in maritimc matters sueh os seamanship.
Mlntlnlng the Fbrle and Herit4ge of Trinity HouBe
Thc MainteGe of the fabric and herita8e of Trinity H4)us¢. Tower Hill, Lvttdon ib an e55¢ntiZ41 part of the Cotyorate
Charity's activities. This Grth I Iisied buildin8 dates trom 1795 gnd wys resi0d and rwpcned in 1953 tollowing
wartimc damage.
AlthouBh it continueb lo be the headquarters building of th¢ G¢fterdl Lighihouse Authority and of Lhe Cory)oraiiotJ'
charitie%, lis cerernonial moms arc normdlly Seen by wcll ijvcr 20.OIX) vi.sitor5 cach y¢ai' who aLtend for conference¥
rc¢¢privns, weddings and other events. Th¢s¢ in¢lude ihc Annual generAI mceiing.% of (Trthcr charitic& both in thc maritim¢
and other seLtI)rs, ds well as production companies. invesLmeni b4nk4 law fjrms and non-chariiahle Tnaritime cornpani&s.
dut to ihe IIousc's IoLatiun within thc Square Mile. Fortht same re&%on, it is )wpular with Iiv¢ry Lotnpanies Iking ha115
l- their own, who choc%e to host iheir ccremonial court meelin83, lunch¢s and dinnyrs there. TTilliiy IIOU also
participates in London Open Ilous¢.
AIthou8h (he building is us¢d ¢x¢enively for the CorpoTation'8 Bdminisirative And operational purw%& its
iuccessful promo(i¢)n LTr cxlcrnal uscrs noL ()nly ¢nhancrs public under5¢andin8 of the imrx>riant mle ofthe Corwration
bui #lw i?p(1rn1SC5 thc use ofits ts,. ¢onlribut¢s tsi conservaiion. prerVati()ll, 8ncial valuL and financial su%ldinabilily'
and mainiains the complex balancc of historic v&lu¢ ond cOnt¥Mry. (i)rw&rd-looking authority and relevancx.
The m#jority af ihe costs of mainiainiTh8 Trinity Ilouse. Tower Hill, London is l(>und from room.leuin¥ iThLome. and lh¢
buildin8 is normAIIy dvuiIMhl¢ liTrr usc ch day thmu8houtth¢ year Jparf Irom u four-week m&int¢nattLf pcrivd in Au8us¢
and Lhc days of. beLween, c.hriytsn ld New Yc4r.
Deep Se Pllo¢age And Prov10 of NutltHI
Thc CorpuTali(Trn ha5 a stron8 inter£it in T)¢cp Sra Pilola8e and, by Scction 23 orth¢ Pilotag¢ Act 1987, 1$ Juihnri8ed to
t D¢ t% IA w¢II
rccognis¢d. Th¥ ov¢rall cost of obtainin8 a li¢¢nc¢ ¢4n be considcrablc, so th¢ COrate Charily aw&rds bursdrieA to
Successful L&ndid4Les ¢0 help with thc purchasc ol'neLessary cquipment and wilh thr co%ts involvcd in prcpaTation r()r th¢
rulc.
In addition. the cl)rporlon is required to appoin( Naulical A5SCS80rs to L83isL ihe Admiralty Court the Jud8L
rc4uifL'S addiLiDnal navi¥uLiiTrnal expertisc. rnay involvc complex technical and profcssional issue¥ h¢orin8S
may last two weeks or mor¢.
TruJtees' Revlew of Ch4rltAbk Expendlturt CrAYlt-M•klng Pollry
A r¢vicw vf 'fHMC's xrant-makin8 procedure was ¢omplct¢d during ihc yc&r cndcd 31 M¥rch 2021 And fully
implemenled shortly allcrwards, brin8in¥ 8reater ¢lAriiy io th¢ applicatinn proccss for the urxanisalion5 SUPPOrtcd, Mnd
rrsulling in a morc strcamlined grant pro8r4mm¢.
Th¢ relatiunships 'fiiMC hHs with the urganisations it supp()tts remain #l the corc of vur w(?rk and arc valucd on hoth
sidcs. Visits to granL r¢¢ipicnts play an important part not only in k¢¢ping ¢h¢ Tru¥te&% briefcd on thc Imp
Subsldlary Compa1¢8 Thc marketin8 and nnageMentOr room lettings is undertxken by Trinity House Ev¢nls Limited ITHEL). a wholly owned subsidiary company of the Lorporatc Charity. Any protits 8en¢rai¢d by tb¢ wmpanyj where not Tequir¢d to be rein. arc dirccted towords th¢ Cor)ratIon,S charitable objeets. Th¢ Corporak Charity is also ihc 501e ON¢r of Trinitas Seryice$ Limit. th¢ princip&l activily of which is the man88ement and thra(lon of 37 formcr li8hLhousc kcepers. cottagcs (hai ar¢ run as holiday accommodation and 5hort- temi letting. Thc day-iv-day MaTCMent of the company is carTi¢d by s(arfemploycd by the General Lighthou Auihority (see wd8e 14). ACHIEVEMENTS AND PERFORMANCE Welfxre During the ycar. the CoTWTation spent £l.6 million towards the welfarc of marincrs and th¢ir dcpcndants ¢ompared with £1.4 million in ihe previou$ year (se< nole 7). Including support ¢osts, this equa tv 33% of the ts)tal charlthblc expenditur¢ in the y¢ar {Yxcludin8 rc5tricted 8rants madc from the TIIMC/Departtn¢rtt f¢)r TrAtsSlX)rt rfHMC/DI"I-l Fund ee 'Publi¢ Safcty and Training, b¢low) compared with thc TrusLee4' targ¢L 36Y• ofexpenditurr. ExpendiLure in the y¢8r included.. Thc rnaintenance ond upkerp of Trinily Ilomcs in W¥lmer {£421.000). Th¢ Homes ¥r¢ in$pecLed periodically by ihc Corw>ratitsn'8 surv¢yor and all 18 bun¥alow5 and the cummunul I)uildin ¢oniinu¢ lo be in Muoil r¥pwr. Minor improvements to indtvidual pmprrti¥s vontinuc os parLol'a Toutine maintcnancc prowammr. The gardens remain well rnainthined and are much Appr<LIad by thc rcsidcnts. Twu vllcanl propcrtics wcrc occupi¥d in April and July 2022, and twu properties b¢cwne vacarbt durin¥ the Lour5e orth¢ finAn¢ial ycar. F.v¢ry e(tL)rt is mAd¢ lo cnSUTC lull nccupancy. Annu&l grants ts) twclvc weifore Lhariti&8 In thc maritimc xe¢ti)r totallin8 £600,000. (Aher grants io w¢iforo ch4ri¢ies #nd individuAls thtalling £212.O(K). includin8 annuitieB L() 23 retired seafarcrs in fJnan¢ial nccd at a Tate of £942 per annum. THMC supports o wid¢ rAngc ol'marilimc wcifarc oryani18lions. Durin8 the yellr. * wanl of £1 10.000 wa5 8lven to thc ShipwTeck¢d Marincrs, Socicty. Since 1839, it hos bccn provldins vill lin*ncial support Hnd prLIal 85SisnLe to merchant scaforers, fishers, their d¢p¢ndants in nrcd. Thc Fi5hcrrnen'5 Mission, which has been supportingth¢ fi8hin8 flcct and thcir f&milies for4Yera hundred years, r¢r¢ivcd a gratst 01£62,000. Thc Mi%81()n providcs pracii¢#l. welfare. hcalth. pastoral and tinancial 5UPPOrt through its ne¢work of port tcams awund th¢ country. Thc Nautilu5 Wellarc Fund off¢rs a rjnge pt-sprGialist Bervicvi to Support rctircd scafarers xnd their d¢p¢ndartts'. for those rt4uiring residett(ial or nursin8 care. well a8 r¢tircmcnt accomrnodaLion for pcoplc livinx independenlly, and Iso ¢Are #l homc tD help peopl¢ liv¢ ind¢pcndently in Iheir homes for Ivng¢r. Durin8 the ycu, it rcceived u 8r¥nt ()r £83.00n.
Youth Opportunlilts Ind Tralnfing Exp¢ndiiute on ihis ¢haritablc objcct totalled £3.I milliun, includirjg suptxTrrt rosts. cumpared wilh £3.2 million in the previou5 ye8r (.8ee notc 8), and equatcs u) 65% ot the (otal charitable ¢xp¢nditur¢ in th¢ ycar cTrmpared with the TTUStees' target of $5%. These fJgw¢s ¢xilude rc5trictcd grants made from the THMC/I)ff FuDd {see helnw). The cost of the Merchant Navy Sclmjlarship Scheme IMNSS) th¢ larg¢st item in the year. L()(allinB £2.2 million, a sum partially off.qet by Eovcmment grants of £O.Y million. During Lhc year, the MNSS transiiiotted to operHtion by a new agent (Just Be Maritime Ltd- JBM). This transiLion wa4 succe&%liilly manaB¢d, minimi¥ing the impact on cad¢ls while maintaininB sn etyective programme. Trinity Ilousc has Successfully &ponsor¢d u numbcr uf high tCntiaI candidates. incre&sin8 thc number ot'en8Lneer8 and maintaitting div¢rsiLy ubjeciivcs lalthou8h &ttra¢ting Candid¢5 from ethnically divcrsc backgrounds has remained ¢hall¢nginB along with F.leLtro 'fechnical OtriLer {ETO) ¢Adcu. which is disappoinlin8 in view of the expected tuture demand lor F,TOs . Relations with the MNSS'S joint venture P&Ttncrs rcmain rMJsiLivc and hen¢ft¢ial. not only in hing iraining c()5ts bul alyv Providing job opportutjities for cadcts onLe qualified. An cxcellenl example a deck c&d¢t who had a trainin¥ berth in RR8 Sir J)avid ALienbi)mugh and whu h&% reGen(ly been otfered employrnenl ¥*ith ¢h¢ Flritish Antar¥-¢i¢ Survey li) sail a5'fhird Otlic¢r on thc ship. Lxamplc.% uf ncw partner¥hips during the year inclvd¢ the Islc of Wighi frrry ()peru(i)r Rcd Funncl, whhch plans to yupport rour cadets for the %cplcrnbcr inke. AIthou8h lh¢ ¢ad¢fs will unly complctc limited tlrne in their vetkscls (due Lo th¢ quiilifying SCU tirnc allowed by ihe MCAI, these are sLill excell¢nt trainin8 plail(?rm¥ thmu8h Rulc ofthc Road exposure and wiLn¢.4sing ship handlin8. Rcd Funnel is making a commiimrn( lu inve¥i in maritimc training with their futur¢ operutional requiremcnis in mind. C&dcL4. once quo1ified Rnd sultably Cxpcricnced, will bc 11 placcd to return Red Funnel in Benior positions boih aflo&t and ashure. I'hc nther major area of exp¢nditure undcr Ynuth OprA)rtunitie% and TTainin8 mprId thr¢¢ annu41 grlhnts i()iAllir)g £195.UVU Lo Lharliicsoffcrin8 OPPOrtuniiics foryi)ung pci?ple ttTr cxpcricncc sailin8 and nther moritim¢a¢tivilic8. including traininu.. The Marinc S(>cieLy & Sca cade IL130,000); I,ondon NautiLal %chool 1£40,(M)O): and th¢ In¢ern&LirJnal Asso¢i&¢iott uf Li8hthousc Auihuri¢ies' IIAI,A- AISM) World Widc Ac£MY {£25.UOOI. Other gr#ntq includcd £2U.OIM) to thc Thames Bar8e sailing Trust, £24.(K)O ts) UWC Atlantic Collc8c llnd £21,000 kn the Asso¢L8Lion of Sail Trainin8 Or8ani5ationx.
Publle Safety and EdtIO Including $UPWrt cost5. grant cxpclldilure from unrestricted tunds on this rharitable aLlivi(y ts[led £84.000 compdred with £83.OIX) in the prcwious year{sec notc 91. This cquates to 2% ot-thr chari¢4blc expenditure in the year compared with the Truyiees. Larget allo¢aiivn uf90/1 bul whilc lowcr than thc tar8eL It is supplemented by gronts from the rcstricted lutLd detail¥d b¢lvw. CIIIRP Mari(ime Ictsnfideniial Iluman Factors Incidcnt Reporting PTogrAmmel was awarded £20.IK)O to hclp eneouraye incidenl rewrting w thut saf¢ly Ics50ns can be learned and dis3¢minad. CHIRP aims io cncompass every a5PCCt of scarnun5hip wherc SdfeLy hds a critical rul¥. includlng leisure boating. the fishing indusuy. ¢ommerLial maritirne. off5horc, pilota8c. miliiary, and port op¢rntion5. Public Safety and Edvetloa grats dtsbwrsed from the THMCIDrr lund In addi¢iun io unrcstrictcd granl expendiLurc, restriLied wtslling £342.000 were disbursed from the fund dmini.¥kred by THMC joinily with thc Set out in previous RerA)rts and ALLI)unL%, a Ciran( Funding Agreemcn¢ with th¢ r)ff appr()ving a grant to THMC of £3.0 milliun wa5 5ign¢d on 27 March 2019. This ran1. reccivcd in April 2019, wa9 in support uf sufc(y and trainin8- relaicd mattcrs iwithin ri IMC'S objecis. DuTin8 ihc ycsr, additional award of £lm was made by the DIT and ded to th¢ fund. In the ycdr a iotY41 of £342.Ul)O disburèled, mainly io th¢ araT¢rA, Lharily {£125.000). I lull Marilimc Futurcs (I75,OOQI, Hcrioi-WatL lJnivcr8ily (£70,OUnl and Lhe Naiion&l Coustwah Institution (NCI)1£55.01101. Thc Sealarer.4' ChArity pri)vide% XTants to mJritime chaTiLic3 With the g(JAI ofTcdu¢inB hardship cxpcricnccd hy scafarcrs nd cnablIn ¢nvin>nmcnts whLr¢ they can thrivc, supportin8 Lheir prlieI und w¢llar¢ nccds at homc. in port and al often far from hDm¢. Their visiun 1% io crcatc'a world where scdfarcrs #nd their familie8 arc valucd free ufneed and di5advanla8e" This 8ranl supp(Jrted thc nativnal toll4Trut of a sucLesslul pili)l i)fthLir Fishing Firbi Safc(y Mana8cmcnt syslcm. uirncd at improvin8 and cnhancing 8ufdy il8ndHrds and manaBem¢nt practi8 for ¢v¢ryone in lishing. Hull Maritimc buturcs is on aLereditcd (rAinin& programme opcroted by Lhe Ilull M4ritim¢ Foundo¢i¢)n thhL ofter8 young pet?plL agcd 1&25 thc opportunity L() yin thl qualificaLivns n¢cdcd to cmbark urA)n u c4reer 8t %a. ThL inr¢nsiw¢ ¢i)ur%e is d¢$i8llLd ts) 4UF>POrt ihosL l(x>kin8 to Start (h¢ir 141rrer in Ihc fishinB or on%horc AcctQT5. includinB oil ri&¥ and wind f. The aim 18 to ensurc thai 75 pcr cent of those compl¢ting Luursc s¢Gurr cmploymcnl wiihin 12 months. Hcriot-Wa¢L ljniversity is a public rcscarch university bmsed in F.dinburgh wilh five campuses ond 29,UOU #wdents. Its 8Tant w&% in.iupport of au)matcd vr35cI stability L&siin8. NCI is a volunL4ry organisuiion th81 assists in the protcction ond wc5¢fvAtion ijl. life ot sca and urvund the IIK coa51linc. Its grani contributcd to Ll()ser #lignm¢ni wilh IIM Coast8uard un & w&ter safety inili&tivc. which is A key Part of theit rvccnily updatcd fLVt-yeaT busincss plun. Other grattl8 were iwarded to Ixcds Trinily lJniversily, the Univcrsity of Dundcc, and the Intemationo1,Scafor¢rs Welfare and AysistsThc¢ Nctwork. Maintenance of the Fbrl¢ and H¢rlt¥lK¢ of Trlnlty Hou ExpendiLurc in thE yw on this 18, cenlury, Gr8d¢ I lisiEd buildin8 tDtallcd £944.U(MJ ci)mparcd with £B14,000 in the pr¢viou$ ye#r (see note 10).
Inv¢stm¢nts Trinity Villuxe (value £233.5 mÈllion {2022= £241.3 millioD)I: th¢ prim#ry ubjr¥iiV¢ for the year wnr¢min TIIMC'5 main invcstmcnt propcriy purtfolio was to minimise thc number ofrcsideniiAI voids at any unt time whils¢ optimising thc levels of rental incomc for both new lets and renewals. Key components of this stralegy were the maintenanee of the ¢statc ai a suffiLi¢ntly high slandard to achicvc thc best rcntal levc15 P05siblc in thc cirLumstances,' bringin8 belOw-Mark r¢nts up io on apprupriat¢ l¢v¢l in a f&ir mcasuTed fashiun. and minimisin8 voids through agile marketing. THMC continues to privritisc its rcputalion a fait and considcrale landlord. Giv¢rt ihe proliv¢ managemcnl of the portfolio. it LS pleasin8 10 r¢iK)rt that 8ro85 ren in¢ome for Trinity Villa8¢ was up by 6.8% ith ihc y¥0. The Trustees report that ¢h¢ valuc of the estate decreased by 3.2% in the ycar due to challenging ¢ondltion5 in the residential property market r¢sultin8 in decreIng p)rtY PriC<5. Porilolio inveslment¥ {value £12.1 l5.(M>O {2022: £16,087.0(M))). The primary porifollo Is the pcrnanent endowm¢nt {'Capit&l'} ttjnd and this recorded a trTrtal rewrn in the financidl yr (Trlnegativc 9.13% compared wilh the hen¢hmork of n¢gativ¢ 9.09%. Pcrfomiance ntInueS b¢ muniwred by the Investhient EstaLes CummilL¢¢ ond thc Corporat¢ Floard on 4 r¢8ulw bgsis. The Trlnlty Houie CorpoThte Penilon Scheme (Stbe Schtme-) Thc Scheme is a d¢fined b¢n¢fitS5ch¢me and was &ppnTrved &s an'cxcmptappr()ved schcmc, undcrthe (Trl'thc InLom¢ and Lvrp(TrTation'fLxe5 Ae1 1988. 11 is now a resiered p¢nsiun srhcme undcr Part 4, Chaptcr 2 ofthc Financc Act 2004. I'hc Schcmc was c8Lahli8hed on l Octobcr 1977 and is governed by a T)¢fini¢ivc TNst l)ecd artd Rules da*d 3 Octsjber 2008 as rncndCd 27 July 2011. 'l-he sponsorinB cmploycr of thr S¥h¥m¢ li thr Curwtalion ol'Trinity Hou5c of l)cptford Slrond (the C<)rpor&iion). The Schcme clu5eil L() n¢w m¢mb¢rs of staff wilh efteLt from 18 July 2006. 1-he Schemc 4lw ¢ld from l 8cptcmbcr 2006 to CX15(in8 who wer¢ not already m¢mb¢r3. There are 5 a¢tivc. g d¢l¥rr¢d and 33 pcn5ioncr5 in the fund. Under the rulcs of the S¥h¢m¢, aprK>inthhent and removal of pensivn tru8lees i% the r¢spon8ibility of th¢ Corpor¥¢ion. Appointments arc madc bya8rccment ot'iheCiJrpi)ratr Bo#rd. Thc pension trusiee board wmpriscs thc Lhair. Mr Richard adler (Lldcr Ilruiher und m¢mb¢r orth¢ Corporat¢ Bu#r(l unlil 2U Srplcmbcr 20221. Turner lan activr mcmb¢r and Ilead of F.v¢nLx at Trinity Housc) and Mr William Lverard (an extcrnal indcpcnd¢nl advi5(?r and Ifusiee sp¥Lialistl. Quanturn Advisory LI.P rcmoin As ihc sch¢me'3 d¢iu¥rial, 8e¢retArial. administrative and irtV¢9¢mcni &dvisort. I lymans Roberison LLP rcmain as thc CorpL)rotion's independ¢nt advisors. Thc fund i.¥ audited by Bu7,zau)11 LLP and thc 4chemc'5 Annual Report and F inancial %tal¢m¢nt$ for ihe y¢8r endd 30 Sep¢¢mbv 2022 ure availablc. In summary. the Schemc 18 in surplus a funding bag18 ttnd * new inveslment Strutegy was a8rced in 2022 bctwcen th¢ Cvrporalion and the pcn5ion trustees. with support from ihe adviqoT.4. tsTr pri)L¢c( Ihat surplus in th¢ )ming yCAf8. With the Lurr1 SUTplu%, IL 18 concludcd that thc pcnsion scheme is in heJlthy findnciul and orBanisatiunal p)sition. S¢e note 25 for pension LX)mmitm¢nts und¢r'Finan¢ial Rq)orting Standard 102 . Retirement FlcncfiLq'.
FUTURE PLANS l)uring the ¢omin8 year the Trustees wll scck ts): Disbunc L1143.OUO in Hnnual 8rants from thc ¢hariti¢s' unrestrict¢d funds, a further £561.OUU in 8rants and annuilie& LO Other maritime charitie& Organisatlons and individuals. Consider, where appropriate. LKTrth incr¢ase in granl payments following r¢rtri¢iion8 in wivr YrS und the repaymcnt of8overnment or Iijcal authnrily 5UPWrt reeeiveil durin8 the pandemic. Considerdtion ocat) increost in grant paymcnts will continuc to take inio OUnt the impact of the un8uin8 Cost ufiivinB crisis. Continue disbuTSC gTallts from the THMcir)ff fund ts)ward.$ wfety &nd training-rclated malters. in a¢¢OTdan¢o with THMC's vbject8. Lontinue to maintain the almshose3 tu & hi8h sittndord and at the fullesi OLcupancy wyssiblc. Q4)niinu¢ to ai¢ract hish*uality ndidateS t() the MNSS; to moniior the Suhon1rrts rnana8ement of the schem¢ f4)11i)win8 Its recent revicw.. and to ¢xplur¢ relutcd ncw opportunities with ()ther charitics and organiqotions. Conlinu¢. where appropriale (given thc passa8c of Lime since its prLwwaiion ond taking inu) account ihc inve&im¢nl review r¢fLYtrd th below). with the implemenlaiion of, and rewrting on. thr Trinity VillaBC FJusinc&s Plan I'rvBpi pr¢purrd by Kni8hi FTank in June 2(12(J, with thc objeLtives ()f¥rowin8 the net income of the ¢staiY and asccrtainin8 the options for inve8im¢ni divtt8ifieation. CunLinue th¢ rcvicwvf811 ()f THMC'S ItivvaLmen held wiihin its Capilal fund, IM)th property ond non-property. to crbsurc that il iy correctly positioned tv vptimi%¢ ihc yicld and relurn on Lhe und¢i'lyin8 asscls, ot th¢ minimum risk dccmcd aLLeplablc, and including cunsideratiort of thc extehi ti) which thc discretc clcmcnts of the -fvBP orc still uppmprialc for implemenlution or moy au8meniulinn. n8urc ihat the Cvrporo¢e Charily's ¥ubsidiary compfftny. THEL, sustllins its rcturn to full opcrational L&IlY. Lvtttinuc to maintain the Trinity Hous¢ Grnde I li.lted tyJlldinB un aptwopriutely hi8h $tgndgrd. Conxider the in¢rra8ed deploymcnt or runds towords Ihc provision of expcrti5c on marltirnc maLtcrs (and Spccifically Dccp Sc& Pilula8el hy ihe Corporatc Chmrily. As an exlensi(>n to thc Corporxte CirJv¢mon¢¢ work Initil¥d by thc Ithcn) ncw Sccrclary in the year endcd 3 1 M4rch 2021, Lomplete thc implcmcnlaliun i)fll new F.RP sysiem, replacing ihe Cxisting ountINg software and cmhedding mor¢ run&isLcnl policy. proce$s piY)¢¢durc across th¢ vr8anisu(ivn. Lontinuc tLI cxaminc, dcvclvp and impr()ve thc ch4rili¢s' Envir()nmental, Soclal and GovemanLe profile. wlth on ¢nhan¢cd appruaLh in particular to Sustaindl)ility wherc AppliLabl¢ und an incrwrd focu5 on risk deriving rmm Clim&te LhanBc. Continue t() ass¢ss options for rccommcndation to the Court in Ord to cnsuK Ihat thc C1)rration,& Chllrter remain fli for purwse. C(pntinu¢ dcveluping the Ri8k Mana8emenl process, impl¢rnentin¥ thr new Ri&k NfanY4Bcmcnt Framewurk and r¢fr¢shing ih¢ Ri8k Rcgi5tcr with u review involvin8 sL8tl'trum a¢ros% th¢ Corw)rdtc l)cp4rtm¢nt. Consider whcthcr th¢ charitles, in3urdncc advisory arr8ngemcnts or¢ fit for purpjse and, if noL (Nkc aN)ropriate tion lu ¢nsure thul they Nre. Consider what'dir¢ciion of travel. might be tak¢n in r¢l4tion to the ongoing accrual ofbenefit to acllve members of the'frinily IIuuse Corporatc Pen5ivn Schcmc. Continuc driving ts) Cnsurc that thc charitics arc fundamentally imbucd with valuc5 of ELDI. Prepare for th¢ handover of ¢he Chair of Trn5tees to his succcssor in Febwary 2024.
FJNANCIAL REVIEW Commentwry The accounts following this Annual Report Show thc eombined accounts of thc COorate Charity and TIIMC (together 'th¢ ¢ombin¢d ¢horiii¢s'l, und th¢ CJrvup A¢counL% whirh u150 includr the Tults ol- Ihc Cvrwrnt< Charily's iw subsidiary companies, Trinita5 SetWiLey Limited and THEL. The following narrALive relaies ts) the Group AccoutJL¥ only. stsrting with by far thc lar8cr of thc two charities, TIIMC'S unrestTiCted lunds resulted in nct cxpcnditurc in thc ycar of £173,QOO compaTcd with Ihc prcviou5 ycar which produced net income of £375.UOO. THMC'S unr¢slri¢tcd in¢om¢ from £7.6 million £7.9 million• primarily as a mull uf a 6.11% incrr45c in Triniiy Villagc estat¢ in¢, whi¢h to¢alled £7.6 milliL)n for the year (2022.. L7.0 millioD). p&rtially offs¢t by reductiorts in other income. lJnre4lricted charilahle expenditure kntalled £3.9 million the Sdme in the previous year. This comprised £1.565,000 on wclfarc activities. L2,247,UIM) on yiwLh opwrtuniii¢$ and Ir4ining, ond £84.000 on public sal¢ly and ¢ducau4)n. Ilnrc$lrickd cxpcndiluTC on iEi5ing fund5 (principally in relation ts) the gencration ot. inve5tmenL property Inci>me) was £4.2 million in ihe ycar comparcd with £3.4 million the previous year. Ov¥rAII, After kIng abc()unl vfan acluarial 8ain on thc pen510ri 5Ghcmc (under thc provislons of FR$ 102) of £79,000, I-IIMC'S unr&s¢fi¢iJ r¢qerve% decrcascd by £94,000 to £2,344,000. With reg&rd to THMC'S restricted funds, a further £1 million ofincome was re¢eived in relation Lo the THMc1D Fund, 4Lnd ¥rarbts (allin8 £342,000 werc disburs¢d from th¢ fund- the bAIAn¥¢ of th¢ Fund ai ihc ycor cnd w4$ £999,000 {xc noie 22). 1-1 IMC'$ r¢$tri¢d fund3 at th¢ yr end stwd 41 £1,265,0(M) wmpar¢d wilh £52l.000 0¢ 31 M8r¢h 2022. I'HMC'8 P¢Tmanen( endowmcnl I'CHpitlll') tunds dccrca&cd by £1 1.4 million in thc ycar to £251.9 million {sec notc 231. 'I'his was mainly as a rc5uIt of a 4. rcvaluatiun los8 un the TriniLy Villu¥e invcslmcnt propcrty w)rifolio Mthich. al (hc year end, wal valued ai £233.5 million. I'uming to the Corporaie Charity and its subsidiaries, 1M Ictting inLomc incrcascd to £559,000 during thc year from £276,0(K) in ¢hi privr yrJr r¥ngGtin8 a ¢tsnlinucd improvcmcn( in tTadinB Gonditions followin8 (he Covid-19 p8ndemi¢. The li8hthouye LoLlat letting inbum¢ of Triniias SerYic¢s l.imi(¢d de¢rcascd from £1,468,000 in th¢ previous ycar io £l,V95,(M)U. As a requli, the Corp()rAl¢ Ch4Mty'3 ov¢rull incumr dr¥r¢¢d $li8h¢ly from £2.4 million in th¢ pr¢viou3 y¢or to £2.2 million. Thc CortM)ratc ChariLy'* expendilure increaqed marginally Irnm L2.4 million in ihc previous ycar tu £2.S million. A5 IL re%uli. the C()rpnrgte Charity in¢utT¢d n¢t ¢xp¢nditur¢ of £252,000 b¢forc LIIV¢5¢mcni Iu85os. Ov¢rall, afl¢r invrsimrni lo4% of £138,000 and an actuaridl yain of£24.(M)O an the perLiion yLhcrnL. thc Corporate Charity showcd 8 nct dccrcaac in fund5 of£366,0 lo £10.5 million. Overall. the total eombincd funds ofthc two ¢hatiLies Bnd their sulTrsidiorics siood at£266.0 million compared with £277.2 million aL 31 Morch 2022.
IDvestment Polley THML'S itJve5Lm¢nt wrttulio 15 comprised ol'residential and commercial property ('Trinily Village.) which was valu¢d at £233.5 milliort at 31 March 2023.. a8ricultural holdings ValUd at £5.7 million,. Y4nd purtfolio investments lincludin cash awaitin8 inv¢$tmenil valued at £1 1.5 million. Thc Corporate Charity also hos Pnrtfolio inv¢5tments whieh werc valu¢d al £0.6 million. The Ttuste¢$' policy with regard to Trinity Village is . Seek ihe optimal l¢v¢l ofsustainable rcntsl income consistcnt Wlth Bood skwordship as a IAndlord' Undertaktt seheduled And pcriodiL propcrty maintenance obligations a5 they arise and in ordance wlth high standards of workmanshTP atsd safc working pruLlice' Fmhdnce fvrther. whcre apprupriatc. the prime r¢sid¢n¢ial ar¢aJ vfTrinily Village internally and externally. Lxaminc opportunilies for $tr8t¢8i¢ redevelopment of commcrcial propcrtics, usually up)n rever8ion of Icases. Durin8 (hey¢ar endtd 3 1 M4rch 2021, the'frustces received. and amreedto implem¢nU th¢ rec(Trmmclldation5 of a business plan prepared by Knigh( Frank, ihe cstatc man¥¥ers. lollowing thlir str&tc¥ic rrvicw in th¢ pr¥LcdinM Yr. whil ihe implemenlation of ihcplan way delaycd by the pandemic, a numberofypttLifi¢, discrdL f¢iuibiliLy sludie% WCTC pro8res5ttd 1&51 ycar and in Lh¢ ycar und¥r rrview in order that ih¢y Could bc pr¢s¥nt¢d f(?r Approvlll by the Tru5tces ai .won oj appropriate. The objc¢iiv¢s of the plart rL'main ihe sustainablc 8rowth of net in¢omc from the und invcslmcnt divei¥ilicaLion to miLi8Qte risk und in¢reasY incomc. Th¢ discrcte elements of ih¢ plun thal Irmain #r¢ howrvcr, now undrr vicW as to iheir coniinu¢d appliiabiliLyD givcn the wider rcvicw r¢f¢rrcd to 4FMJv¢ tsf TIIMC'J inv¢sim¢nts hcld wiihin its Capilal fund. During th¢ y¢ar.lhe'rr1cCs, tM)IiLy with VCgArd Lo thc primary invc5trncnt wrtfolio (th¢ THMC'Capithl Fund')r¢maincd to grow thr I. und in ordcr Io SUPEM)rt capital ¢xp¢ndiiure on Trinity villa¢. Accordin8ly, HlaLkRoLk wms instru¢iLd to rnointain M primorily passivv Upprnh io provide a cosl-cfyicicnt wuy ul'g&inin8 cxposur¥ lo developed liquid mark¢ts (i.e. equiLi¢8, bond8 and gilts). Thc a8reed illo¢ativns a5 followx.. chm ctual f Fll (Notc 16) 8hares T)cvcloped World Ind Fund GBP Ilcd&cd MSLI World Nct TR Indcx 67.5% 67.2% 8h¥res UK cl11 Bond Indcx Fund iBoxx Slerlin8 Non-Gilts index 17.0% 17.6% Shar¢5 Tndcx Linkrd Gilt Indcx Fund Fl'&*L Aduaries UK Index-Llnked iilL$ over 5 years .0% 7.7% 8harcs F.merging Markets Index I",und M] F.merBinB Markets Indcx, Nci Rctum5 in CJBP 7.5% 7.6% Prlnclpwl Tlskj untertlinties Thc Corporation'5 Risk Re¥isier is reviewed twicc & yc4r by the Audit und Risk Committee. The Re8iStcr is then 5ubmilted for scrntiny and endors¢m¢nL by thr Corpurale Budrd together with th¢ minuies of the Audit attd Risk Lommitt Thr Rrgi5ter covers all aspccts of Ci)rporntc orKrdlions. includin8 propcrty and pt)rtfolta invc$tmcn( managemenL thc Trinily Ilou&c buildinB and contents. incvme levtls, finanLial manu8em¢nl human r¢$ourL¢& pension provision, infomialion technology. rc8ulalion. 8ovcmance and reputation. All LentI1 risks arc assessed Lheir pr(pbability ¢)[ ocLurren¢¢ and impact upon thc Corporation both'prior i(> mitig&tion' And.S1-MItIgatIon. on a S1¢ ran8itJB from'v¢ry low. (less ¢han I10 chanrel likelihood to 'very hi8h' (more Ihan 80% Chancel. 10
The Register idcntifjog th¢ k¢y risks to th¢ ¢haMties and subsidiary companics to be a5 follows:
Trinity Village Egiaie.. 1055 or dinunution in vAlu¢ of prup¢rty ass¢lS. nwd risk {lth pluviul Ithd fluvia]I,. lu&s
ot. incurne for charitable purwKs' litimation by tenants and leaseholders- prosecution by slatsjtory authorilies.
r8ilur¢ ¢0 cxploit ass¢t value. insuJTicicnt divcr5ity in the property and investment portfoli(Tr.
Th¥ Trustees belittve that ihe above risks h4v¢ been miiigui¢d by th¢ r¢ntiurh, and surin(cdenc¥, of suithbly
qualified and Lxperienced prorrtrty mana8ementagcnts survcyurs, le8al advi5¢r5 and insuraTrLC hrukers. The
manuging agcnts and lawycrs provide regular detailcd rcports that arc di$cuss¥d at quartL'rly munitsTrring
mcL'lings, and thc F.xccutivc a150 rcport, both through thc Man88¢m¢nt Committe¢ and Investment ond Ls¢aie
CummittcL' llnd dir¢LUy. to cach meeting of the CorpordLe Board. Other less forma] m¢ctings ar¢ al80 r¢8ularly
held, olien on ¢h¢ ¢stst¢ itself. Th¢-I'ruste¢% retain an Honorary Surveyurwho aLknds the InvesLmenl and L8La(es
Commiltee. 1.8 indep¢nd¢nt of Ihc profcssional advisers. and from whorn they occasionully scek adviee. he is
fully involved with th¢ currcnt invcs¢m
For TFIMC.. risk8 to income from Trirtity Villagc associatcd with the inability of residential icnants kn pay r¢ht. ¢umm¢rbial tenant business Lailur¢s. Ix¥¥ssiv¢ vuid5 at lockdown. govemm¢nt wnstraints on landlords. and broadcr impact on ¢he rcntal market in London in generAI and in th¢ vfTrinity Village in particular. Any impact upon in¢omc would again aifcci Lharitable disbursLments and estsLc hu5batJdry. The Trusiees believe that ihese risks would br miii&Tad by careful superiniendcnc¢ from th¢ir ¢st4t¢ mi4na¥rrs. Knight Frank, advicc from them and oLhcr4 and Laking careful aLL(Trunl vf lessons learned from the Covid-19 pandemic ts) datc. The TNstecs hdve assessed the majur risks Lo whieh ihe charities are cxpos¢d and arc %alisficd Ihat ihcse have been ÉdenLifLed, and that appropriate measures and effective sysLems dnd Lontrols are in pla¥e tu miti¥att thern. As noted above within Fulre Pla.1, work COThlinu&% lo updatc thc risk mdnagemcni pmc¢ss and cnsurr thal Lhc risk rcgistcr i5 a practicql manaB¢m¢nt t1 wiLh r5sk ownership cmb¢dd¢d throughout th¢ organisation. Rtjerwes Policy CÉ+rpuwAte Charlty The Corporal¥ LTharily has rc5crves totslling £9,451,000 cumpri5ing dc5ignaLed funds 1£9,l32,Ot)O). a pension rL%erve {L249,OIM)), rcstrictcd lund.i (£60.000) and unr¢%iri¢ted funds Ilrtt rcscrvcsl of £lO,oDo. 'fhe deAi8nui¢d lundy Af¢ mad¢ UP 4$ lollows: Ilouse Deslg4ryafed Lu ensur¢ ¢h81 th¢ Ctsrporaic Charity cun mainlain thc fobric and her1e or'rrinity Flc)u.ie, Towcr Hill. Lundon. NpccifiLally including any major Tclurbishments ofthc building ti) be carried ou¢ in cord4n¥¢ with lon8-ILrm rnu1nicnan pluns drawn up by thc C(?rpvrU Charity's sufvcyoT8. The cusls i)f maintaining a Gradc I Iislcd huildin8 &Lre hiBh and thc plan hkL8 identificd thc rcquircmcnt tor Lonsidcrabl¢ Mainl¢n4¢ ¥xpcndilurc over the next 5 to 10 Ye8. 'fhi.8 is C&8cniial in li¥ht of the huildin8'5 listin8 dnd the necd io maintain IL L() 8 high siandard kn altract clicnls wishing lo hirc lh¢ funiiion rvoms, Lhu5 su8lalning thc cor)rLe Chari¢y'$ roum Ivtlin8 incomc. 'I'h¢ baldne¢ of ¢h¢ Fund is £410,00012022'. £444,000). lYbedAss¢iS Fund.. this is rcprcscnted by tongibl¢ fixcd 818¥11 noi rehdily available tt? meel expendilure and thc halancc &1 the year end was £8.7 milli(Trn {2022.. £8.8 million). Thc Trustx$ reYi¢w the Li)rwraLc ChgTlty'$ Ir¢¢ rey¢rv¢s policy unnually and thc CUCnI TM)liLy ia lu tnuinl4in fre¢ rc.scrvcs At ll level equivol¢nt to belwcen six and nine month8. op¢ra¢ing Cxpcndiiurr. Thc balancc offrcc rLsLrvr5 al thc year end wus £IO,UUO12022'. £459,000) which is bclow one mi)nih'8 budBetcd (>prruling cxpendiluTC. The fllll in Iree rerYeS is a dirttLt result of ¢h¢ losl r¥v¢nucs cxpcrienLe by ihe C:h&riiy'$ irading Subsidiary THF.l. during thc pldeMIC whiLh hLS prcv¢ni¢d lh¢ p#ymeni of Gift Aid in cach of thc previous Iw(> finan¢ial year$. I'vll(Trwin8 Li return io profitslble trnding, a Gift Aid di8lrihulion from TFILL'5 availablc rLtained earning5 at 31 Marlh 21123) uf£i 86.000 was madtt in May 2023. Atler kIng Coun¢ ol'ihis diytribution. ¢he cquivalcnt frcc rc5erves htt14nc¢ is £196,000, which r¢prc8cnls approxim&tely 3 months. of bud8eLed up¢ratinM rxpenditurc. Thc current expe¢lation is thot thc frre reservc.8 holancc will rctUTn to being in lin¢ with poliiy ni) lat¢r than 2026. Trlnlty H*7u.ie Morlllme Ch4qrlty (THMQ I'IIML h&¥ r¢s¢rvey lotsllinB £255.5 million cumprising pcrmancnl cndowmcnt fundB (£251.901,0001, d¢8ignoicd funds 1£677.UOOI, a pcnsion reserve 1£669.0001, rr.$lriclcd lund3 (£1.265.000) unresLrieted lunds (free r¢s¢rvLsI vl- gYII,000. Income reccivcd from the pertnthn¢nt cndowmenL funds 15 availablc li>r Beneral purp03¢5 Ln ac¢ordAni¢ with TIIMC'S governin8 documcnts. The de%ignatcd fuftd8 arc madc up a5 follows.. Eliraordlnury Repair Fund.. to meet thc rcquiremcnt of TEIMC'S 8overninB docummt to provide for ¢xir)rdln&ry TL'pairs. improv¢m¢ni and rebuilding of Trinity Humes at W&lm¢r. At th¥ ¢nd. th¢ balance ol this fund £177.00012022.. £177,0110). Merchonl Scholarship ,YeheJve (HN.¥).. the Trustets, polity is to mairtt&in thi5 fund al a levcl cquivalent Lo hetween thrce and six months of thc operating cosls of thr MN%S. 'fhc hv41anrc of thc fund at the year cnd was £500,00012022: £500,000) which was equivalcnt ts) approximaLely three months, operatihg co8t5. As with thc Coiyoralc Chmrity, the 'fru5tCC5 rcvi¥w 'l-I IMC'% trcc reserves rx)Ii¢y Anrtually and th¢ Gurrtnl policy is (o maintain rcscrvcs at a levcl cquivalent to between six and ninc months. op¢rating cxp¢nditur¢. I'he balancc of frcc res¢tv¢s ai the year end Lotalled £998.000 (2022.. £1.IR8,000) which is equivalcnl to bctwccn three and fthllr mort¢hs' opEralin8 exp¢nditurc. 'fhe CUJTenl ¢xpeLidtion is that th¢ Ir¢¢ ServeS bajance will reium (o being in line with poliby no later Lhan 2026. 12
STRUCTURE. GOVERNANCE AND MANAGEMENT As explained carlier,'frinity I louse wa5 incorporated by Royal Charter in 1514. A Charter of Contirrnation wa5 grand in 1685 and. although supplemental Lhrt£r wcrc 8rant¢d fLTrr specific pu)w8cs bctwccn 1870 and 2022 (the latssthdvin b¢En grand on 31 January 20221. the 1685 Charter rcmains the Corp()ratii)n'$ principal gov¢ming documcni. "i-hc Corwrolion's dutie$ AS a General Lighthouse Authorlty are conducled under wwers 8iv¢n by ihe M¢whont Shippin Acts. Ilowever, thc fundin& opcrali(bns and managcment ot the Lighihou5e AuLhority are cntirely separate from Lhuse or thc Corwration's charity undcrtokings an¢1 a5 a r¢5uIL are not dcalt with in thcsc aLcounts. The CorFX)rate Charity is the prin¢ipal charity (Registraiivn Nurnbcr 211869). THMC is a subsidiary of thc Corporate Lhariiy IRcgi$lTalion Nurnbcr 211869-231 dnd is govemed by a Scheme ofLhe ChariLy Commissiorh dated 7 August 1995. Thc Charity Cvmmi55ion 8rantcd a Unitin8 nireLtion on 24 May 2004 to ¢nabl¢ the two ¥harili¢s tv bc rombined for the purpuscs i)fr()rtIng and thc prc5cnLation ol'accounis. The mtmbers ofthe CtsrtM)raie Roard are elected by Lhe Court ofihe CoTW)ration and act Trustees ol'the charities. The -rnJ.4t¢e.8 who sctved durittg lh¢ period from l April 2022 10 the dale (Trl'this Repi)rt w¢r¢ as follows: Capt&in lon McNaught CVO MNM FNI (l)epMty Ma51erJ Rcar Admiral David Snelson CR (r¢iIped8ty¢ 2022J aptain Ro8cr RarkLr MNM I.-NI Captain Stcphcn G(Trbbi MNM FIMarF.ST JP MA LLB CE4pthin Nixel I lup¢ RD• MNM FNI RNR Commodorc William Walworth CBF. MNM RI,'A Commtsdtsrc Robrrt Durcy RFA Commander Nigrl I Iv4re MA MRIN Malwlm C)laisl¢r F.sq. Ri¢hard Sadlcr Fq. (reiir¢d2n,S¢plember 2022) Rcar Admiral lan Mi)ncrieff CBF. r)1. luppoinled l¥ Ociober 2022) Hon. Captain Lance Batchelor RNR (appolnied IIR n¢inher 2022) A,B,C.,D A,B.C.' B,1) B.C, Commillee membershlp.. A Me¢r of ihe ManeMen1 C.'t)mmlllee B Member oj'ihe Inveslmenl L¥ia¢es Lommliie (.' Member oJiht Audil apRISk (.'ommillee D Membr ofihe RemkNeraiion l.'ommlll¢e 'rhe Bi)ard M1& four tim¢s d y¢yr Hnd h#s appoint¢d 74 number of commillccs Lv di5char8C Ccrtain functiony. 'fh¢ cnmmilLec5 arc constltuied a4 the Inv¢sim¢nl attd L8itic%, Audil and Risk, and Rcrnunci?lion Cummittee%. Th¢ Managcmcnt Ci)mmi(tec is c(Institutcd with it¥ #uthori¢y parl passw with ihc oihcr committccs and meclJ luur timcs a ycar, irt (he inleTvals bctwccn Roard me£(in&8. Commodore Martin AihcrLon 014F. MA RN 1% %eLretary tn ¢h¢ Corporatiun. Thr %cLrtry 18 thr LhiefLixecuLive orricer of ¢hc two ch&ritics with day-ts)-day rcsponsibility for their el'fe¢liv¢ op¢rtion and administration. h¢ is rv.¥tM)n5iblc for Ihc Administration and cOrdinatiOn of the braternity. The Lorporalion's Rtsyal Charkr5 pri)vidc for thc clcction ot. 318cLive Tr.Id¢r Br¢thr¢n who ¢oll¢¢liv¢ly ¢onstiiute Lh¢ vutinB member5 of thc Courl it5 0vCrnIngbOdy. All thc'fNstccsul'ihe LhdriLiey are LlderBrethren dnd Court Assistants. The Courl i8 3UPPOrted and advi%ed hy u fratcrnily of YounBer Brethren. hoih mcn and womcn. who rcprcscnt the hroad onstitucnLies with which thc CorrA)rY41ion is ass()ciatcd. Thcsc people llre likely be seninr pr()f¢$si()na15 frorn ¢hc Rvy&l Navy or Lh¢ M¢r¢hani Nuvy, Pilvts vr I larbourMas¢crs, or those cn&a8ed in othcr areas of MariLimc includin8 thc Shipping industry and 8850ciated bus'ines$e5 or ¥¢otulory a8¢nrirs' uiher5 tnay havc a background in sailing or thL voluntdry se¢lor. Those selectcd to serve Trusle¢4 retl¢ct thi8 broad rangr of ski115 and cxpcricncc, and thc Hoard therefore compris extensive knowledge and experiencc of the mdrilime xe¢L()r ith its widcyt scnse. All are, or have been. senior fi8urGq in the 5eLt()r. Most also serve on the 8oveming bodi¢s of, ur Hr¢ aSlIaled wi(h. other agenci¢5 and charities. Two memb¢rs of the Board have particular bu5inc5s or inve81mcnt cxpcricncc respectively. Sknce Trustees are elected frorn within the widcr Framity, they will normally already have an under8tandin8 of the lunctions of Trinity Huuse's Lharities and Ihcir oprrY4tion. N¢vcrthelcs5. ncw Trustces arc madc awaTC of their stalutory responsibilitics and arc briefed Iormally by the Sc¢rctary on their role.. on the charitlCS' 8ovcrning documcnts., thc way in 13
which the Trus¢c¢ ¥A)dy operat¢s- and on the activities of the charitie5. 'fn]stecs arc also appri8cd of developments within the Sector. Th¢ st4ft-ot the Lharities are led by the Secretary. Thry are engaged in fin¢la[ wid opetutiondl aibninistration. inwm generation and the pr()vi%ion of Support scrvicc5 at the Lorporation's headquarters buildinB at Towcr Hill. THML etnploys 0 Small statTat Trinity Homes WE41mcr, who also report to ihe Secretary. Thc key peisonnel are ihe TTUStees, the Secretary. the Fin¥nLe and Commercial Director I0 is also a Depuiy Secre¢ary io thc CorrxTrrationl. thc Head of F.vcnls and ihe IIead ofcharithbl¢ Giving. Stsff sfylwi¢s urc revi¢wed anftually by thc CoTtM)rate Remuneralion Committ¢¢, Comprising th¢ D¥puty Mast¢r and th Iwo Bu8iness I Inveslmenl Tmstecs, one ofwhom AS Chair, The CoTporaLion believcs in attractin8 and reLainin8 high quality staff (or th¢ long term. and a compTchcnsivc bcnrhmark>n8 review 15 due to be undertaken in ihe ycar ended 31 March 2024, with thc1&8t such r¢view huvin8 iaken placc in 2018. AS rnentioned above. the Corp)rale Charity hAs twu wholly owned subsidiary compdnies. I'hc fir%i, I'riniias Scrvicc.4 Limited, wa% incoTFrf)ratcd in 1993 and its principal acLiVLIy 18 the opctation of 37 fom)er lighihousc krq)er5' COttagc5 a5 holiday accommodation and short t¢rm l¢ts. Two of th¥ five dirciwrs ufth¢ ¥ompany are Iso member$ of the CorrA)rate Rtsd und a third directoi. is the Sccrctary to the Coryoration and Chi¢f LxecuLive of thc ¢harili¢s. Thc prinLipal actLVlty of th¢ s¢cond )Mpany*.fI ILL, is thc 8cncTalion of incomc for the LotTA)rJte Charily hy letling of the funclinn rooms at Trinity House. Two ofthe company's ihrce dircctors are members nfthe CoTwr&te Board and thc third is the SeLret4ry to the Corporotion. T)urin8 the prior y¢ar and the year undcr review. thc charitics did not actively sulLLiL dunalion¥ and therefore ar¢ not r¢8i$t¢r¢d with thc FundrRi5in8 RcgulHlor; thcy did nol suh5Lribe to any fundraisin8 codes of prn¥lii¢. When di)n41i()n8 from individualA are rcceivcd, thc ehari(ies aim Lo prolcct per8onal dat& and ncvcr 11 data UT Swap daia with c¥¢her or84n1slon5. During 2022 and 2023. thc ChIlle5 reL'¥lved no complHinL4 fundr4isin8 adiviticy. 14
THE CORPORA TE BOARD'S RESPONSIBILITIES IN RELATION TO THE ACCOUNTS The Corporate Board 15 reswnsible for preparin8 the Rcp(Jrt of tht Corporate Board and Group ALunts in Acwrdance with 8ppli¢able law Hnd lJnitcd Kin8dorn Accounling StandHrds {United Kin¥dorn Generally Acceptcd Accuunting Practice). Th¢ law wlicat>le to charities in En8land and Walcs requirc5 the Co)rate Board to prepare for ea¢h findnLial ycar that Biw¢ & ¢rue and fair Yicw of thc slate of atrairs ofr. thc comhined charitics and the 8r()up {the combincd charitics and subsidiary ¢umpani¢5) and of the in¢om¢ ond ¢xpendilure of the ¢haritics and the 8roup for that pcriod. In prcpuin8 th¢$¢ a¢L4)unts, the CoTwratc Board is required to.. elecl suitable aoUnting pvlicies and thcn apply them cijnsi$t¢ntly; Ob5crve the mothods and principles in Accounting and RcportinB hy Charilies: StAt¢mertt ol. Rccommcndcd Practice applicablc lo Lharilie$ prcparinx ih¢iruccount8 in &ecordance with the Finan¢i&l RerM)rting S(&ndard appllcable in th¢ UK lind RepubliL (Trfireland IFRS 102). Make judBcmcnts and eslimat¢8 thai r¢a4vnablc And prudenL; tat¢ whether &ppli¢ahl¢ Unitcd Kingdom ALLuuntin8 St&nd¥rds h*v¢ t)c¢n followed subjrd any material departur¢s discloscd &Lnd explaincd in the ukLuunts' and Prep# the a¢couniS on th¢ 8oin8 Liyncern basi8 unless it is inllppropri&tr to presume Lhal the charities and th¢ group will Ll)ntinu¢ in vpcration. Thc Corporoie Board is r¢ipon5ibl¢ for keepin8 ad¢quatc acUntIng rc¢ord8 tha( diiclose wlth rusonabl¢ ac¢ura¢y at ny tim¢ ¢hc fin#n¢ial posiliun ofthc ch&ritlCs and ihe group and enuhlc li t(1 cnsurc that the account8 comply wilh th¢ ChariLic5 Aci 201 l. ¥ppli¢dbl¢ ChRriiy IAcci)unt5 and Reports) R¢8ulations and ihe 0VisIOnS olthe ¢haTilies' gi)vernin8 documcnt5. 11 i.4 also respun$ibl¢ for suf¥¥uardin8 (hc a55cis ofthe Lh¥ri¢i¢¥ and ¢hL ¥ruup and hencr for tskin8 rcwnable steps for thc prcvcntion and dct¢¢Ui)n ul. Iraud and othcr irre8ularitieB. Approved by thc CorpuTuLe Board on 28 Novemher 2023 and lned lis bchalf by Cuptain lan M¢NAugh( CV() MNM FNI l)cputy Ma%ter and Chair ¢)fl TU5tc 15
OTIIER REFERE E DETAILS Pr1Dc11 Offlee Trinity Hous¢ Tower Hill t4)ndon EC3N 4DH Telcphone.. Website.. 020 7481 6900 Advlmri AudiLor.' Buz7,acott LLP 130 Wuod Street London LC2V 6T)1. Mamging A8ents: Knight Frank LLP 55 Baker Sirecl London WllJ 8AN Savilly T.td 33 M4rgaret Streel IA)ndon WICJ OJD 8urvtyoTS to ihe CorwTrr&te Charity: Cluttons I,I.P Ywrnwlckc I Ilh121 CDnrton Str¢et t1d0n EC4N SAT SolicltOT8: Forsiers LLP 31 IlillStrc¢t London WIJ 5LS Stune King l.l.P Boundary House 91 Charterhuuse Street IndOn LLIM 6HR Thr lJc8al PorLn¢rs Llmi¢¢d Park5hol HouJ¢ 5 Kew Road Rlehmond TW9 2PR Investhient Mona8ers'. BlackRock IJK Rctail Clienl M8na8¢menl 12 Throsmorton Avenu¢ London EC2N 2DL Bankers.. Haw14ys BHnk Pl.C Level 28, 1 Churchill Pl¢ London E14 5HP Pert8ion Advisers.. Hymans Robert50n l.l.P One London W811 London EC2Y SEA 16
INDEPENDENT AUDITOR'S REPORT TO THE CORPORATE BOARD OF THE CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND
Opinion
We have audited the accounts of the combined charities of the Corporation of Trinity House of Deptford Strand and their subsidiaries (together "the group") for the year ended 31 March 2023 which comprise the group and combined charities' statement of financial activities, the group and combined charities' balance sheets, the group statement of cash flows, the principal accounting policies and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Rep01ting Standard applicable in the UK and Republic ofireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the accounts:
-
♦ give a true and fair view of the state of the group's and of the combined charities' affairs as at 31 March 2023 and of their income and expenditure for the year then ended;
-
♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
♦ have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the accounts section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the accounts, we have concluded that the Corporate Board's use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charities' or group's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The Corporate Board is responsible for the other information. The other information comprises the information included in the Report of the Corporate Board and Group Accounts other than the accounts and our auditor's report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
17
Mtteri on whkh Ive Are required to report by ejeeptlo Wc have nothin8 to rcp)rt in respccl ofLh¢ follvwn8 matters in relation ts) which ihe Charities kn12011 rEquires US to r¢pori io yvu if. in our opinion-. • thr itsforrnativn given in the RewTrrt ol-the Corporu(¢ Bourd is Inconsistent in any materiA] respe¢L with the ac¢ounis- or utTicieni accountittg reLords not be¢n kept- or the aec4)unis are nol in Y48rccmcnt with the accountift¥ rrwrds and rctUrn5,' or we have not rCIV¢¥j all the inforniaiion and Cxplanations we require for our audit. Rupon8ibilitl¢s of Irustccs Ai explaincd more fvlly in the $tal¢ment of the Corwrale Elo4rd'$ r¢swnsibilitie8 in relation to th¢ a¢counts.the C Fl(wd is rcsponsiblc for the prcpar4ti1)n of the accounL5 and for btrin8 Yltisfied that (hey giv¢ u true and fuir view. and for 8uGh inicrnal conirol as th¢ Corporatr Board detcrminc% i8 ncccs5ary to Cwdble (he pr¢pavdtion of acwunts ihal arc Ircc frum m4L(erial misslatemenL whether due (u fraud or CTror. IN prq)arin& the coUnt8. Lhe Corporatc Rvdrd 18 responslble for a&4¢$sin8 thc group's and thc Lomhincd charitics, abilily to continue ILS 4 going ¢othi¢rn, di$clu.%in8t as ¥pplicable. mall¢rs reldled Lts goirtg con¢crn dnd Usin ihe x()in8 conccrTh basis of accounting unless ih¥ Li?rporRtc Hoard ehth¢r intcnds ts> liquidal¢ the group or th¢ a)mhincd charilic8 or to ccose opcrations, or has no liS¢ll ali¢rnM¢ive bul to du su. Auditor'• ruponilbllltki for tbe #udlt of the ccouDtI Our obJCctlV aT¢ Lo ob¢ain r¢asunable assurance aul whcther the acc(Truntq as a wholc ure tr fr¢)m matcrial miyslulcmcnt, wheiher duc to froud i)r error, and its IUt an auditor's rcp)rt ihat includcs our opinion. R¢Jsunablc agsuranL¢ is ll high level ()I'IiAAuran¢c, bu( is ni?l a 8uaranttt thal an audit ¢ondu¢i¢d in UCLvrddnCC with ISA5 IUK) will a1yS dctcct a mutttriul miss¢at¢m¢nt when it cxists. MisSlemen orisc fwm frnud or error And are considered matcrial il.. individually or in the a88gate. they ?Uld r¢onablY be exp¢¢t¢d to influ¢nL¢ Ihe e¢uniimiL decisions of uscrs k¢n on thc baxiN ofLhe8e accounts. Irregul&ritics. inLluding fraud. are ins¢an¢eJ of nonOmpliancC with lows and re8ulations. We d¢si8n prvLcdurcs in linc wilh our rc5EM)n.4ihililies, ouilined ahovc. w deteLI malcrial mi5Statements in ra8pecl of irrcgul&wiii&¥, inrludin8 fraud. Thc
xlen( to which i)ur proccdurcs urL iapablc of dctectin¥ irr£8ul#rili¢s. in¢ludin¥ fruud is dctailcd bclow.
Our appruuLh idcntifyin¥ und &sse¥5ing th¥ risks vf ma(LYial mÉsStuiemenL in rc5PC¢t of irr¢gul#rities. in¢ludin8 fraud and non-LiTrmpliancc with lawp and rcgulaiiijns, WAS as follL)WS'. • thc ¢n8a8cmcnt pariner ensud thAt th¢ ¢ng8gement ieam cDlle¢iiv¢ly h8d ¢h¢ appwprith(e ¢ompeten¢e. capAbilities and skills io idcntify (Trr reco8ni8¢ non-complianL'e with appliLdblc laws and rc8ullltions,' we idcntified th¢ law$&nd r¥¥ulation5 applicabletsTr ihc charitics and the wup through discussions with manN8emcnt, and frum i)ur knowledge ¢XPLrricn¢L' vfihe sector: wc focused un spccifiL gUlatiONS which wc considcrcd may have a direct matcrial rif¥¢l LTrn lh¥ accvunts or thc opcrations 4)r the charitics and the group. includin8 ihe Charitics Act 2011 and thc financial rcwrting framewclrk ref¢rr¢d tv ubuvc. und wc undcrsto(Id how ihc ¢harili¢s and thc Broup are mplYing Wlth th03e Icgal #nd regulatory frameworki by makin8 enquiries of management Ithd those respon5iblc for Icgal and Lumpliance pro¢edurcs. We corroborated our cnquiriLs through tpur rrvirw of the minutcs ofmcetin88 iyI'ihos¢ ¢harg¢d wilh 8ovcrnancc. Wc &sscsscd the suxeptibility uf the charities, &n¢J 8roup's A¢¢ounts iu ma*rial mi55taLemenL includins obLning an understanding of how frnud rni8ht occur. Audit prO¢r&I pcrlormcd by the en8agcrnenL tcam includcd.. makin8 enquiri¢s vfmanagerncnt and those char8eil with gvveman¢e As to their knowledge of actual, suspcctcd and alleged fraud. and considering the intern41 controls In place io mitl8atc ri.4k% of fraud and nottrycompliance with laws and rc8ulations. 18
To addre&8 the risk of fraud throu8h management bias and ovrrridc ol'rontrols. wr.. • performed an&lyii¢al prOLUre5 to identify any unusu81 or un¢xpe¢¢ed financial relationships- tested journal entries to identify unusual Iran5action5.' • perfotined 5ub51antsve t¢8ting vf¢xp¢nditUTe including testinK the 8uthori88tion ihero)(' and %sessed whether judgements atyd a5SUfflPtion5 rnadc in detrrminin8 the acwunlin8 esLimaies wer¢ indiLaiive OF potential bias. In r&8pon8c to the risk of irrc8ulari¢i¢8 F4nd nOnOmplInCC wth laws and rc8ulations, w¢ designed PrO¢¢du whirh inLluded, bul were no( limiLed (o.. rcadithg the minutc& ot meetinBs ot'thos¢ chity¥¢d with 8overnaThc¢- and enquiring of rnanagement and irustCCS AS tsj poicntial liliwion and claims. Thwc arc inhcrcnt Ilmitations in our audit procedure$ describcd aly)ve. The morc Temovcd that laws and re8ulation$ ar¢ rn)rn financial ¢rthn5actions, the less likely il is ihat we would b¢comc aware of n0n-compliCe. Auditing siandurdi wls limit Ihe audiL proccdurcs required to identify non-complianec with law8 and TC8ulations to enquiry ol. th¢ tru$ku and other mat)oBemenl and the inspcction ol're8ulatory And Icgal CL)rr&irnyndcncc, If pny. MatcriAI misstrdtcments (hat arise due to fraud can b¢ harder ts) d¢t¢ct thart those th&t pris¢ from ¢rror as th¢y may involv¢ dcliberaie Luncralmcnt or u)Ilusion. A further degcfipiiun ofuur r¢spon8ibiliLi¢s fi)r the audit ofihr acrountx 15 locatcd on the l.'inancitti Reportin8 Council's wetX8ite a( www.Irc.or8.uklauditor8resnSllIItle8. This de5cripLion lorms part of our audiior'.I repuri. ofour r•port This repurt is madc 501ely to the Corporh¢e Bo•rd, as a body. irt e¢)ranCr with scction 144 of the Lhthrilies Act 2011 and wilh regul*ions m4Lde under sccLion 154 nf that Ac(. Our audit work has bccn undcrtaken 50 IhLL we mi8ht SlAte t thc Corwralr Board. those m&LLiers WL arc requid (v 8latc to it in pn audits)r'$ r¢wrt And for no other purw8e. To the rullest cxtcnt pemiitlcd by low, we th) nnl accept or a&8umc rGsponJibility to anyone other than th¢ ¢ombincd ¥h8ritics and th¢ corpora Bowrd budy. for our audii work, for Lhls rcport or for Lhe opininns w¢ hovc formcd. Ruy.ra¢ott LLP Stututury Auditor 130 Wood Strcct IndOn FL2V 6DL 28 Nvveimber 2023 BuzzaLull LLP is eli8ibl¢ iv act as auditur in t¢rm5 of se¢¢ion 1212 of the Companles Act 2006 19
CORPORATION OF TRINITY HOUSL OFDKFTFORD STROND f¥ROUP STATEMENT OF FINAiYCtAL Ac.TIV1F For the yttr tThd¢d 31 Mar¢h 2023 CorpDrale TiiDity Ilcuse Moritsn¢ LhaTIty Charity UnTcstricted licstrictcd P¢nnawt d5 Trds (unds Endowm1 {includirt8 ds Tothl 2023 Totgl 2022 £O(K) £o(K) £¢N)O TNCOMF. FJEOM: chIrb 8¢iiviii¢s 530 16 1.877 2hlJ 1.2 1.744 (M¢r trading aCEiYitici Oih¢r opvr4linB incom¢ lthvesimun 1.6S4 19 7.887 7.915 7.617 TOTAL tNC.OMF. 2,216 7.904 1.978 12,106 10.691 :XP)-.NDITURE ON: RIiyinB fund% ntllblc a¢iiviiiu'. Wel• 4.912 1.565 2,247 43 lthl3 J,13 416 Youih upportunilKi ind trainin8 PDbiiL' sofcty #du¢aiio MainLAJn)R8 th¢ fabric h¢riuyor I'rinity H(¥usc al i Dc4J Se4 Pilotsu¢ Authority PnThiiion nf NAvii¢al Assc8wr8 192 3.208 1.052 342 io 814 40 I'OTAI, EXPENDITURL 2,468 8,077 1,234 Iijjo 11.966 IEXPb:NDITUAEI I INCUMb BLFOR INVF.STMENT C.Atr¥s AND {2521 744 1431 276 (Lo1) I yin5 11 the revaluation and diiwmj of inv¢$knt propcrti¢5 I[1&¢5) I yiny lh¥ maluaiion And diswjal o1.rollO illvg51Thwnts 16 19.6171 16 {138) {1,0841 Iiwzzi 838 NET lF.xPF,TW.l IINCOME 1390) 744 11 iJui 4.744 OTIIER RkC.OGNISFD GAIN21- ActU4TiDI Ka¢Tr on defin b¢nefil pcllsK)n schane 2J 24 103 639 NKT MOVEMENT IN FiIND 13661 941 744 11 I,iJoi 5,383 BALANCF A'f i APRIL 2022 10,871 2.43& 521 263,315 277,IS2 171,769 BALANCi AT JI MARCH 21123 2.344 1.265 251,901 206JI22 277,152 DEtsilcd Cornr1ti f4Nrrs arE disdo8d in notc29 lo the llccounts.
CORPORA TIOiY OFTRINITY IIOUSE OF DEFfFORD STROND C.oMBJNF CIIARITIFS, STATEMENT OF FINAIYCIAL ACTlVtTIFS For the ytlr rllded 31 MArch M33 cOrrAt¢ 'rrinity IltyJ% MariiiTh¢Charity Cknrity Unreitricted Regwirlrd P¢tmDncnt tunth Endowment Totil 2023 Tnthl 2022 Nolt £0 £Doo £000 II¥COME FROM: Cllb a¢iiviiirs 530 16 423 1200 QthLY tr•diniKIiviii IVlMents 269 269 238 7.887 7.91S 7.617 TOTAI, INCOME 829 7.904 1.978 I719 9.1)6D IXPENDfTURE (hy: Rii$in¥ njn Chllwitahic aclivitiu.. 169 4.181 4JSi 3.540 W¢lfw¢ I,J6J 2.147 43 Yuuih opyiuniiiuind trainin8 Publi¢ JAl¢tyAnd rdu(alion MuinbLinsll8 th< fabrir 4nd huits8¢ of 'rr>DIty Housc Rthle as i tkep.8ch Piltsw8¢ Aulhorsty ovilion of NDutiL'al Au¢sroTS 892 3208 1.65Z 342 426 Jo 944 814 TOTAL ExP.DITm Tr: 1,266 8,077 1.234 1•,628 10.594 NI:T ITr,XPENDII'UREI I INC.()MF'. B&:Tr'ORE IP4VESTMENT GAINS AND IDSSF 1437) 744 (431 91 (Lowl I OJ Ihe KYuluulM)ts and diiposbl ofiThv¢81m¢nt pr¢4>UtK (tA)Jsl I•¥ on Ihe yYvuluilioTh dlspoMI ol'porttoliD inlIm 19,6871 {*,7) 11,6S41 11,BZ21 838 NET IEXPF.NDrruRFI I INCOME 15751 1173) 744 4,485 OTHER RECOGNISED GAINS: ACtual 8am on dcfjncd b¢n¢fit p¢nSI xh¢m¢ 2J ioj 639 NTr.T MOVEMLNT IN FUNDS (551) 1941 744 IllJ15) 5.124 BAI.ANCE AT I APRIL 202Z 10,Q02 Z.438 521 263.315 276376 271.152 BAL4NCE ATJI MARCII 2023 9,451 Z,344 1.265 251.901 264.961 276.276 D¢lailtyJ ¢MMMrntiYc fi8un¥ Er¢ disch5ed in notc 29 ts Ih¢8GrouniE. 21
CORPORATION OTr TRINITY HOUSE OF DEFTTrORD STROND BALANCE SHEETS At 31 March 2023 Troup C.ombincd CharitLtI Cjroup Cotnbin¢d Charili 2022 £0 2023 £000 2022 £000 Nores £400 FIXED ASSYI'S TanBiblL' fixed oastts Investtncn¢ JJ l I99 251J125 262.924 14508 251,821 262,333 10.635 263.571 274 206 16 263.571 274 733 CURRLPiT ASSETS 33 27 Dcbturs 17 1,652 3,635 1,585 2.7Y6 1.813 2,372 1.738 1.289 C&sh it bmk alld on deposit .V2S 4409 4,2111 3.054 C.VRRLN'I' LIABII,II'l.S Amuuniy fEJling duc wthin yLar 18 {3,14J) 12.6991 {2.342) 11,777) NET CURRENT ASSETS 2,180 1,710 1,676 1277 NONURRENT LIABJLITILS Anwunts fallin duc after trwro than one ye 18 150) NF.I' ASSTr:TS EXLI.UDINC. PTr:NSION ASSV.T 205,114 264,043 276,359 275,4113 DEfin¢d b¢n¢fii penAion asRei 25 918 918 793 793 NET ASSETS INCLUDING PENSION ASSkl' 266.022 264,961 277,152 276.276 VIINDS CorporAte C.harfty lncomefvkn.. Vosignllt¢d funds Other Un8¢t¢d fithd5 PLnMiukn rescryc Restrictcd funds 19 9,132 io 249 9,132 io 249 9,263 4541 220 6LI 9.263 459 220 60 20 9,451 10.(M)2 IU,O02 Trlnlty MArlllm¢ CArlty JN¢omefynds.' Desi8nJtLd fund5 Ihher unTEstricted fa# Pcnsion reyKrvc Restric1 fund 21 6?7 677 998 669 677 677 1.188 573 J21 669 1265 3h09 573 521 22 3h09 2.959 2,959 Cupilulfv#&Y.' PernianenL ertdorn¢nt fijnds 23 ISl,901 251,901 263.315 203.115 255,510 2&S,510 266,274 26&274 Non-eh#rStwble Tr4din8 Fun 24 1,061 876 TiwfAL FUNDY 266,022 264.961 277,152 27&276 vcd by the LOryratE Board on 28 Novembgr 2023 and signed its behaifby Captaith Ian McNaught CVO Dcputy M&skrand Chair ofTnL8tees 22
CORPORA TION OF TRINITY TIOUSF. OF DEVtFORD STROND GROUP &TATEMF.NT OF CASH FLOWS For thc year endtd 31 March 2023 21)23 £00 2022 ET f.A.SJI PROVtDLD BYI(USF.D IN) OPbRAT1NG ACTtVlllFS (AI C.ASH FLOW8 b'ROM INVESTING ACIIVITIF.S: 6.928 (8,358) Payncnis to qUIT¢ tHngihli fixcd &8SCL% Pajmenis to iTnpravc investm1 propcrli PA)c¢ed8 trom Sales ol. invc5thKnt Propcrties Payn¢ni$ 10 a¢quirc rrf)rtli>lio invesrmLnts Pr(¢d5 frum $81¢s of wrtf(Ilit> Invcstmcnts Jncome frvm inv¢.%ltn¢nts (2361 11.9131 {l61) {1.134) 26 {656) 2.550 7,617 8.248 261 2,176 7,915 7.916 NEI. (:Al>H PROVIDED BY IP4VF.STING ACIIVIIIF ReFMy))ent 0fLtTrrDWir4 BtssinL'&8 In¢¢Tup¢ion LL¥an NET C.A5TI (USED IN) FINANCINC. ACTIVITIFS 50 CJIANGF. IN C.ASII AND CASH EQIIJVAI.ENTS 938 {iio) (."AtH AND CASIV EQIIIVALENTS AT I APRIL 2021 3040 3.150 CASII AND C.A8H F.QiThVALENT4 AT 31 MARCH 2023 IB) 3.9711 3.040 (A) RFLONC.ILIA TION OF NET EXPF.NDITURE TO NF.I' (:ASH (USF.D INIRovIDF,D BY OPLRATING AcfIvIT[. 2023 £0 276 2022 £000 {1,275) Nei incomL/(cxp¢nditUT¢I for thL year kfore inve%lm¢ni n$ and10g¥¢ Adjustments for.. DttpreLithtiun ATrSB on dis) i)rrix¢d a55tts Ch¥ngL in %iocks Ch8n8e in dcblors Change in credil(?r% Incttm from investmcni% FR,% 102 pensiun ujst adju5tm¢nl Ncl providcdl(uscd in) byoperatin8 activiti¢¥ 297 288 151 Il641 603 {7,9151 1221 928 13) 1262) 469 (7,617) 41 IB) ANAI.YSIS C.ASII AND CASH EQUIVALENTS., JI Mare 2023 31 MRTth 2022 C&4h at bank and (kFoAiI L&8h hLld un d¢posit by k5taie m8naginy ents Inu 17} C&8h hLld dcp)sii by mHnagin8 cnI8 ofMerch&nt Navy Sthulurship S¢h¢m¢ Inotc 17) C&sh held by inv¢strtwit Trw)agcr5 {not¢ 161 3th35 134 2J72 523 177 113 32 32 78 3040 IC) ANALVSIS OF CHANGFS IN NET DEBT: l April C&8h flows 31 MArch 2022 2023 £000 3,040 £000 938 SQ 988 Cash and equivalents LoTufL4vifu5 Tlusincss InLcmJption LA¥On rot41 3,978 150) 3.928 2,940 23
CORPORATION OF TRINITY HOUSE OF DEIryFORD STROND NOTES TO THE GROUP AiYD COMBIPIED ACCOUNTS For the ytr ettded 31 March 202J ACCOUNTING POLICIES The principal aLci)uniin8 politits adupkd. judg¢ment5 and key PA)urtts of cstim&tion unc¢ttsinty in thL eparaLi¢Jn ufthc Aeeounis #re ld uut iKIow. Basis of Preparation Thc5c Accounts have Fttn PP¢d fvr th¢ ycar to 31 March 2023 with comparativc infomtl) ps¢nLCd for thc ILgr to 31 March 21)22. 'IThc5c Accounts hav¢ h'¥n pr¥pMr¢d under th¢ hi#oTical cosi Conventi wilh itcms rcLo8nised at Cl or tTans&ction wlle unliss vthrrwis¢ Slakd irb the TcILvant accounting poliLi¥y b¢low or th¢ Dth¢$ ¢0 Lh¢g¢ Accounts. Th¢ A¢¢tsunL$ h&ve Lll PTePaTd lrt 8CcOrde wilh Accounting ond RL'pvrtitsg by Lharitigs.. Ststement or iommendcd PTalticc applicable to eharlties prcp¥rin8 their qcuTrunts its aLEurdance with ihc Financial R¢porlir58 8¢andHrd applicable in the IJK and Republic of Irelund {Charilir5 SORP {FR8 10211 thc Flngncial Rcwrting Standard applicabl¢ in lh¢ UK hnd Republic uf Ir¢land IFRS 102) and the Chariiics Act2011. The charilieB Consti1¢ public ner11 eniitics &8 dcfined by FRS 102. The Accounts #r¢ w¢8¢nd in strrling ¥nd arc rowlded ts> th¢ on¢ ihousend punds. BAAl• of conlIdAtIOn 'Iknc us5cls and IiAbiliti¢s and Ihe income and exndILur¢ of the Con)oralion as (icncrnl Li8hthQU Ahrt1ty for England Wulcs adminisiL'rLd by il staiutory ¥uitLority ond are dealt wi¢h in &nIs. Crro¥p.' 'thL Group 5tstement or rinancial dCtivitie8 and Group balBnGc shc¢t ¢£11dk Ihc accounts of the suhsidi4ry undcrt&kings with those of the combined churiii¢S. Lonibrnedcharilles,. In accordatK¢ wi¢h thc Unlting Direction appwvcd by the Charily Lummission on 24 May 2004, the rhJmbitKd hAritieq' ¢vunts dEal Ivith thc L8¥cls li&bilitie% ihe in¢omE and eXpErllre ot'¢he Corpjrdlion vf 'rrini¢y HOU nt'DL'pllord Strund (in its CorpvruW' kthpa¢ity,'th¢ Cvrporulc chritY) and thc a55ets and libilitLCS. the income and ihc cxpendihjre of ih¢-Irinily Tlvuyc Maritim¢ Charity, which is also undcr thc [rLLShip ofihL corTatiUn. A8 the rc8irieicd funds ofthe co1>ratc Lhllrity are tM>t rnaicrial. thcir income and tXp¢ndllu ar¢ n qhown S¢paralY in the %taterncrbl or rin&ncial actlVLtics bul art di%closed in (h¢ ndt CrltleAI Accounling EJtSmleB Ind Aroag of Judgem¢fvt PTLparalion ot'the AccDunls Y¢quire5 the tru%t¢c¥ managcmEnt to rnak¢ sixnifLLantjud8ements and estimates. Thc morc signifJcDnl arcas irt thE aGcount5 whcTC thc5c judgcmrnt5 End c5Limalcs have been m8d¢ in¢lu(k.. allocation of SUPIX1 costs arrU LhBTitable actLVItics invcstmcni property valulllion Iscc no¢c 16) PEnSiQn $UTplus dcficit valuation drprcciution - rccovcrabilityof programmevrclated inv¢am¢tLts
CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND P40TES TO THE GROUP AND COMBIPIED ACCOUNTS For the year end¢d 31 MITch 2013 ACCOW4TING POLICIES (eontlnved) Aessment of Golhg Conr¢rn 'thc Tnlslees havc whcthcr thc usc of the Boin8 concem assumption is appropriatt in prtparing thts¢ Accounts. Thc-I'nisicc5 havc made this a58¢S5ment in rc5WL of a prriud oral Icasl one year frorn the date of approval of tht$e AcruuntS. 'rhc Tru5tccs ot'thL LhariliLs have conclud¢d Ihai th¢r¢ arc no ffjat¢rial uJ)Lertainties relatrd to events or condjtions thai may Lasl si8nifJcani doubl (m Ihc ability of thc CJrL)UP tu coniinut a5 a going concern. The Tru%icc8 &fL ofthL opinion th th¢ Group Tncmbcr5 will havc su(f¢cienL resources to mcet Ihcir liabiliii¢& as they fall duc. The most $i8niticani a$ of judgemcni that affecL ilems in the accounL% are deiailcd aEx)ve. Wilh Tcxard io Iht ntxt accouniin8 pvrivd. Ihe aT endLd 31 March 2024, the mosl iignificdni atcas that alT¢¢i Lh¢ ¢#rryin8 value of ihr as($ hrld by thc chaTItiLS &Te the level ol. inve8lm¢ni r¢ium and th¢ Tfor[Danc¥ of th¢ inv¢%¢m¥ni markcts Ixc thc,lnvC.rr£1bL Policy. and Prit]¥ipiil Rtsks and Un£¢rtainti¢S' XLiivns ul'ihe Annual R¢pvrt L)f Ihc CoTWdtc EJi>ard for more Intomtin). Incornt Retognttlon Incomc is rLLuEniscd in the rkriod in whiEh thc charitieg have cntitlLrnLni kn the income. when ihat inwm¢ can he m2Ured reliably And wlKn il is probable that it will bc rcccived. Clrants Irom g(Trvrrnmrni and other agcnciLS h&vL tren incluthd ittwm¢ from Gharitable acilvilics whr these amounl lu M contract tor servic¢ but donthtions wh¢r¢ ih¥' mon¢y is giveri with gT¢akr fre#dum ufuse. Dllnativns arc r¢co8niscd when th¢ Lh¥riLics have confim141ivn ufbLah IIK Ar[l1 and li1¢mL( daiL'. For donotiuns plcdgcd bui nDt rLLLLVLd. the amounl is wkn th¢ reLPl is nl(1¢TCd probablc. Incumc frvrn <haritsbl¢ aLLiviliLS compn'se4 grdftts fTL)m gowcrnmcnt and other aKLnLiLy rclalin8 lo cadet Iraining. and an annual ¢unLribuiion from ihL fib'ncTal Li8hthouK Authi)rily. (iTanL% ue accrued for wlwi the Tcceipt is C4Jnsidcrcd probable. UthLr LrMditJ8 aCtiv2iiLS Tllulc tv incotnc from thL LhaTilie Iwo subsidiari¢4 Triniias Scryicrs Llmlt¢d othd 'rrini¢y House Cvbn¢S l.imid. Inv¢stsneni inty)rnc compriscs dividcnd5 frLYn the chariii¢$' li.sied ittViSthicn¢ pvrtfoli05 and rcntlll incurnc from ¢hc invc51mEnt property portfolith. Dividend% are rL'iugni&cd vncc th¢ dividcnd h&5 tL'n dL'LlaTcd and riolifi¢ation ha5 been rcccivLd ofthe dividend duc. Rcntsl ityGomE is rccogniscd thrvughuut thc )raT gnd wh¢n r¢nts fall due. Expendlture Rtt(Trghltlon All ¢KpertdiLure is accounted for on an acLruuJs s15. Expenditur¢ wmprisrs dicL cost5 and support COS All ¢xpEns¢s, ithcluding bupwrt costs kLTL allucad or sprtiOn¢d llpplicablc ExrKnditurc headings. 'Thc ¢1$]fIcatIOn FKtwcen activiliL5 LS gs fullow$.' Thc costs of raising funiL8 include the lan direct cobts and ovcrheads &w)c1&d with 8enerntin8 rental inc{m from Trinity HO$¢, Tvwcr Hill. tndOn and thL IiRhlhwsL LY)ithge.8 which are l¢t by Trinitss erviccs l.imikd the maintcnancc cost of thc investmcnl PTOJKrtie& fccs ld in Cort10 with th mathBLment of the chari(ics' inveslrncnl% und rclatcd 8upp)rt c$L8. b. The Costs of chHritablc activities compri5t expendittsre the chwitics, primary charitablc PuT¢s as de%cribcd in thc Annual Report ufihc Co&te B(wd and includc an appropriate PTOPDrtion ofsupwrt ¢0sls. Costs arc analy.4cd by Ihc wincip31 activities of wcifarc, youth Op[unitieS and trainin& public safety and tducation, maintaining thr tabric wid hcritagc ot'Triniiy I IousL. rolc tts a Deep 8c# Pilv¢&¥e Auihurity und prvvisign of Nautical A55C550r5. 25
CORPORATION OF TRIP4JTY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the ytar eDded 31 March 2023 ACCOUNfiNG POLICIES {conthiyed) ¢. Cirant8 arc chad io the Smel of fJnanLial actlVLties when thc kncfici&ry ha5 ken inform¢d Dfthe grant and th¢ arc no condition5 that enabl¢ Ihe charities tv avoid the expeNdiiuTC. Where th¢ ¢haTiii¢S rciain the discrcliwi to dvoid th¢ expet)ditiJrc, Such grants arc noted financial commitments in IhL nrrte ts) thc account& (yrants ar¢ ¢14ssifKd a8 8tants paid- annual, and'RTani8 paid- otherf. d. supl cos15 compri5c the c05t of slaiT¢mpld und¢r joint coniracts of empioymeni and adminis¢ration ¢ost$. Thc CoryN)r)¢c Churity meeig ull of these which a. suh5L'quenlly 10td heiwcen th CtsryoratL' Lhariiy and ihe Trinity Flouse Mariiimc Chsrity. I' ha5is of aptyTrnionrncnt ufihes¢ $uptxJfl costs tKtween ihc CuTwratc Charily and Ihe TritLity Ilouse MvJitimc Chwity 1.8 fL'vicwed rIod1¢allY in the light of th¢ levcl ot'aclivity uf each chvi¢y during the >t. Tanglble FlxÈd Assets All a&w(s with a cosl 4)t'uvcr £S(Xl and with an expccted usetknl life Df more than one capit¥lised. Fr¢chold prorxrtic4 Ica8ehold improverncnt4 lrta5urc5 and plant und cquipmeni attd fixtures und filling5 Ar¢ S¢utcd at COSL Ir55 dCpTeCiIOn ur imp&irn1. D¢prcLiation 1$ prvvidcd ut the followin8 annual ratcs in orderio writc oft-¢&¢h &s¥cl over ils ¢Mimulcd usLful lif¢'. Fr¥¥hold propenies 2% I>IMryl and equipmen( 25% Fixturls 4nd fi¢lings 10-20% I£a8rhold improvcmcnts . 50 No d¢preLilllion iy Lhargcd in re5P¥¢t of the IsUr¢S as It is not d¥¢med kn be mal¥ri&l uncr takin8 &ikounl or th¢tr ¢xpcctcd useful Iivc5 and exp¢ckd resid1 v41uc5. Wher¢ lhE is indi¥4lion vf a in valuc. an impairtnenl r¢virw i5 [TfOrMed and an impaimKnt thBr8e 1$ mllth where n¢¢¢ss&ry. Inwegtments Invcsimeni propcrties are inGluded in th¢ Hccounts at m&tket value at are rcvalued perithdically by the CorrKJra Brd bascd on profe55ional advice. Pvrtfoliu inv¥sim¢nls llr¢ includcd in Ihe 8¢wunts al their markci valw. a¢ ik cnd of Lhe fJn#ncial pcriod 'n voluc of fixed ini¢rest sccurities r¢fl¢S llccru¢d intrrrst at th¢ baJanLc shcd dat¢. R¢Alised llnd uthreali8cd gLins (Trr lo%scs on inv¢stsncnt &SeLl Ar¢ ¢rediLcd or ¢haed to the Jiatetrwii of financi41 N¢livitlC5 in Ihe in whi¢h ¢hry occur. Pru8rammc rclat¢¢J inv¢5Lmcn(s are a5ts held by th¢ charttics in ordcr lo dirccily th¢ charilable purposes of the charities. any financial retum obi&incd is not a Primary reawn for making th¥ invesiment. Programme .101¢d InvementS comwise ¢onc¢551on lowns ihird p¥rti¢s intcresi free or sjt beluw prLvlliling mArk.i Tatrs und urc iniiially r¢cogniged Rl the aThun¢ paid with th¢ carrying arnounl adjusd in 5ub8¢4uent urs to r¢Jl¢GI rcpaymtnts llnd any accrucd inlcresl and adju5tcd fur impain( if appli1. Any im¢Mnt Ioss is r¢wgnised as ¢xp¢nditurL on ¢ltabl¢ activili¢5 Within ihe stalcmcnt orrinantyiiil activities. Sto¢k¥ Slorks ofpubliutions and consumablcs for res¢ are valu¢d at th¢ lowerofwst and nct r¢alisabl¢ vll1. Debton Debtvrs are reLognl¢£d at thcir scttlenKnt amount Ic&s any provision for non-recvrabIllLy. PpIYMentS ar¢ valu¢d ai the amuuni preid. 26
CORPORA TION OF TRINtTV HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For th• year ended 31 March 2023 ACCOUNTING POLICIES {¢ontlnuedl Cash At Bank and In H¥nd Cash ai bank and ith hund repTcsenL8.wch accounts and in8trum¢nts thal er¢ evailablc ott dcmllnd or have maLurity of l¥$¥ thats thTCe Tnonih% from ihc date of acquisiiion. Credlton •nd Provknlon• LrL'dits?T5 and provision5 are recold.. where there ].% an obligBtion at the balan shcct da &$ a K$ull of pas¢ ¢vcni', whcrc it is prohabl¢ thal M tro5[CrO1.¢GonQrnIc bcnefit will ix TLqULrcd in settlemertt.. artd. wh¢Te thc amuunt of the obligaiivn h¢ ¢51irnaicd rcliably. Credits)rs provisions are rccn¥niscd at Ihc amount thc chry anti¢ipus it will Y10 s¢tilc thc debt. Peffiilon Colts Thc ch8ritie%' .fin¢d benelit pension 5chcmc &88eL8 arc mcasur¢d SIng rnaTke( values. Pcnsion 5chcmc lihbiliii¥s Mrc m¢&surcd using ihc projeeied unit u¥tuariEI mrthod und urc discouThted at th¢ ¢urKni or rdum on a high qualiiy cotporate ix)nd vfcquivalent tcrm and currcncy to Ihe liahiliiy. If thc pensiun hcme ass¢ts ¢x¢rbd thc li&billtic& an ¢( is reco8nised on ih¢ bal4n¢¢ sheet to the extent il is recov¢Tabl¢ IJwou8h a red'tiOn in ITe cuntributions or by repaym¢ni. Any Incr¢ in ihc prcscnl vDluc of the lillbilities within the 8chcm¢ cxpcGtcd to 4riJc from cmploycc SCTvi¢e in th¢ F¢r1 is allocatcd rosS expcnse cate8oriE8 on a fEir consi5tcnL busi5. A¢iuuTial g&ins 4nd 1088¢8 ay¢ in¢luded in Nment of financiul acliviiics in other r¢¢tTrwJid gains dimi lows for the period. Luntribuliuns in respect of thc chllrilics. Group krxynal Pcnsion 8cheme rrGogthid in the Btlllcmcnt ur rinanci41 aciivilies when thcy Eccome due. Fund Structu Unresiriciedfyndf Thc unrcstricd funds ar¢ revenue fvnd5 which are expendobl¢ ul th¢ discreiion ot th¢ Corwratc Board in futthcrance orth¢ vbj¢rts ofthe chaTi(IL& Included within unrcstrieted fiJnd$ irc dLsignlld fund5 which ar¢ runds set asidc oul ofunrc5triclcd funds and dc$ign8t¢d for 5p¢rili¢ by thc Corwratr Board. Reslrictedfvndts The rc51ricLcd tund8 can only br applied in acrdn¢C wilh the donors, ¢xpli¢it l¢rnu. PerMaent endowmeprifmp Pcrnianetlt cndowmcnt funds arc capita] fiJnd8 whrrr Ihrr¢ is no Pr tn convcrt ihc pital into incom¢ and which must gcn¢rally be hcld indefinitely. arising on thc funds 15 ucdikd to unrc5tri¢l¢d furtds. Flnanclal Instruments The charilies only havc financial &g8¢ts Mnd liabilltics ihat qllalify as basic tir2ancial in.trumcnts'. Lxccpt li rtfolio inve8imcnt5 whiGh arc mca5Lwcd ai their f&ir as Al th¢ b&lance.sh¢et da*. basic flnancial instrumenL$ arc ittitially rec015Cd at their transa¢iiffi valuE and sub%qucntly mcasurcd at their scLtl¢m¢ni value. 27
CORPORATION OF TRtNJTY HOUSE OF DEFfvoRD STROND NOTES TO THE GROUP AND COMBJNED ACCOUNTS For the year ended 31 March 202J L INCOME FROM CHARITABLE ACmryTILS: Group Combln¢d Chirltl Cffjxjratc Trinity Hou5C Charity MaTilime Chariiy IlnTCSlri¥tLd Unrestricted Rrs¢rict¢d funds li]nd5 £000 £000 Tot1 2023 Total 2022 £frf)O £ooD £0 WcifaTC Youih opprtuniti¢$ and training Public safety & cducation Coniribution tinm Trinity Tlou8¢ l.ighthou5t S¢r¥i¢¢ Uther 16 16 15 877 1.000 877 720 1000 340 340 190 320 145 Tothl 2023 530 16 1.877 2.423 1.2LN) Tothl 2022 465 IS 720 INCOME FROM OTHER TRADING ACmryTtES: 2023 £000 2022 £[0 Group.. tKtlin8 of fun¢tivn room5 ty Trlniiy Fluusc P.vent5 Limit¢d Ixtlin8 ofiighthous¢ cott4ge5 by'rrinlt ScTViC&i iimit¥'¢J 559 lJJ95 276 1.468 1,744 Comblned Charltles: Income trom'frinity House V.vcniY l.imited.. CoryvaK. Chlty mana8cment char8e 269 238 269 238 The abovc Cofflhincd Charitie¢ income for ¢hc cnded 31 March 2023 and 31 March 2022 .1#d (v Cvtp)rat¢ Charity unrcstrickd fvnd$. OTHER OPERATING INCOME 20Z3 £000 2022 Group: olhrr Dpctating irKomc I'frinity FvrtLty l.imit¢d) Other OF¢rEtin8 incom¢11 rinitsa Setrwice.$ Limi*d) 29 12J Included within th¢ abDVC Other orKraiinB income urL Cownavins Jvb Rctsntion Schemc and tA>LuI Restrictions SuppDn ¥rants [cly¢d durin8 the period by TriniLy House Evbnts Limit¢d totalling £nil12022.. £29.0001 and'ftinitss SErviLC5 Limited £nil {2022.. £9AOOOI,
CORPORATION QF TRVPIITY HOUSE OF DEIryFORD S7RnND NOTES TO TIIF. GROUP AND COMBINED ACC.(JUNTS For tht yÈArndtd JI Mirch 21ll3 INCOME FROM INVESTMF.T4TS: C.oThblDed Chriliti Corwtc Trinity Housc Charity Moritirne ChAmy UreStriCd UnreskniLed Rri¢l¢d F)Wl fun ruftlts £000 £Doo Tothl 2r12J Tolal 2022 £000 £000 Inv¢stmeni FOPErti Pofltoliv ULVaStmcnts Bank intsre81 andulhrr fLn&Trc¢ 7,627 245 7,635 263 17 7,342 271 Tolal 2023 19 To1412022 7.549 7.017 EXPENDrriiRF. ON K41SINfv FUNI)S: Group A Thd CuThblntd Chgrlll¢• Triniiy Hvu8e Ch¥Jity MarJlLme LThvity Unr¢¥tri¢Kd Unrcstrlcd RestriGlcd Ehdowmu fi]ndy rwJd8 runds £000 £ono TotAI 2013 2022 £000 £000 Ldtill8uffvnc4ion Toon mana8cm¢ ol'inv¢Jlrncnl Cl5.. F.stalc mul8(X5' (1 Ix8Ji ond uthcr 4thini¥troli¢n r InvthcThL man4crA' tc Mllinlcnancc of iTrV<Atmtnt a551%J'. ftq)ir4 rnllintenlnce and refurbth¢ni oftstakx 209 269 163 727 717 526 337 341 Z08 2.126 2,116 991 SuppDrt cujts 991 729 ComblD¢d C.hArltlei 269 4858 3,540 L¢ttin8ofiighth(XL wttag LEilinguf funuiw r(A)mi 1,153 49 1,153 49 1,363 Cvoup 1.471 4.181 5,660 4.912 Tlltal 2022_ combin 163 3,374 3.540 Total 2022. Oroup 3.374 4.Y12
CORPORATION OF TRINITY HOUSF. OF DF.PTFORD STROND NOTES TO THE GRO[ AND COMBINED AccoiINrs For tb¢ y¢wr¢Mdtd 31 March 23 7. EXPV.NDITMiE ON CHARITABLE ACTIVITIES: WF.I.Tr AR firnup and ComblThtd I:hAritiu Triniiy I ILW8e Churiiy kniime CThBrity Unr¢slri¢l¢d [JISIr1¢i¢d F.ndowneni lun £0 Total 2022 2023 £000 378 600 207 380 £000 43 £(K)o 378 526 196 251 MaintsnAn<¢ ond upketp of Iht Trinity Home8 Granls p&id- nal Cirants pttid- oihu Support eosts Tal 2023 421 212 J#0 43 TO( 2022 44 thJrin8 thc y¢, wclfue 8rJnts ily1lin8 £812.0(K) were awoJded 10 thh¢r chriLie%, or8OtL18alLOllS and individ1[8. Of the paid. gnnuol 8T1& amounitd 10 £6(X).000 h¢r Bran18 amounted lo £2l2.000.. £()00 110 T¢)waTd¥ thgiT onc off wnd Tcgulor to b¢ncficwi¢i. IIK> row4Tds the ¢oJ¢ ufcarc tsj thcir Tcsidents. 83 Towarth th¢ iuppori offered lil rL'yiderbts and Ihe Admiral Nunt. 68 Tow&Tds the 8Tttni$ awgrded diieclly to f8milie% 62 fowarth thrir cur¢ costs and th wwJcTpin thEiT UK widt outreach priwAmme. 47 Ihc 8rynl8 •W4rdrd th"r¢Gdy lo f111¢5. 39 Towuds thc co&t of mainienBn¢¢ on Ih¢ horr and thc NiOnS. 35 TowJTds Ihr 8rpmis awar¢kd dir¢£ily ID familioi. JI I'mvo th¢ VLhiLl¢ RLpl&LimcTri PruBramrne 10 ConiTLbu¢ion (owards core ¢thsts. 10 Towards the crk8t of providin8 their mixed rehahilitatiun Swvi, 5 'r(pwards ItK' cvst ul'thc acrvicc. Th¢ Shipwrxkd MHriners'.8ocieiy ROY Alfrcd ScafaTtr$ Society Naulslu8 Welfare Fund Soiltrr3' Childrcn'8 Society 'The bishemiert's Mis$io N•41 Chilthn's aJDTity Tync MaTincrs' B¢ncvolMI lTrsliiulion R(byal l.iv¢rpool 8cllttxn'i ()rphan InsiiiuiLiXI Merch1 Na%y W¢ll&fe Board Mariiime LThariiiex (Iruup Cthr¢ for Vclcrans Anrtu81 N&ti(myl Srryir¢ for bcafllrrrs TotNI grants paid. atMU81 fio S&iloTB' Siety 34 Towd% th¢ develonI of# onlinc 4nd offline lIne e•l¢arnin¥ pro8rurnrn¢. 20 Towvds their ¢¢wolng scrYir¢ for Se•fttrin8 btntfieiaries. 25 TowBrds the exlemion of the.%eaFil pro8rammc tDncw lo(4lion&. 20 TowBrd8 the Bristol Chaplaincy scrvicc. 16 Tuwdrds mentsl hexlih 5pport fot xeafyrin8 V¢t¢raTW. Is 'fvwEr& thr l(>p UP f8TC knm¢ f¢¢5 fur thcir Mcrchpnl Navy R¢8id¢nti. 10 'rowd8 their 8ranLi fwnilirs. 72 Various ]fIre 8mt8. les8 than £lQ,000. 212 SSAF the Arnd Forc¢8 Tharity Siafarcrs Hospi1 Society SIL'lla Maris Combat Stress Hrou8hth Ilous¢ Sailors, Children's Socicty Olhl'r lf8r¢ BraTJIS p&id- uil*r 30
CORPORATtON OF TRINITY HOUSE Ofr DEYTTr"ORD STROND NOTF.S TO TJIE CTROUP ANI) COMBINED ACC.ouwrs For the y¢r ¢nd¢d 31 Mirch 2023 EXPENDII'URb. ON CFL4RITABLK ACJ'lVtTIF.S: YoirrH OPPORTUNITIES AND TRAINING Gyoup 4ad Combintd Charitiei Trinily House MHrilim¢ LhHrily Unrestricted R¢striLd fund5 funds £0 1.334 195 187 531 Tol41 Tot 2023 2022 £0 2326 £0 2.326 247 226 409 M¢r¢hunt Scholgrship Grnntg paid. tVal Grants paid. thth¢r Supp)Tl casL% Tothl 2023 892 J87 531 892 'r$J1 2022 2,484 724 3.208 During thc yc¥r. youth opwtfvnilies ind iraining gTaiils lot&llin8 £382,000 Te &w4rdcd uther charilies, oraani8alioni and individual¥. Of th¢ 8ranti plli& thnnuul 8Tunls aft)ounted th £195.000 and oihEf 8T4tt15 to £187.(KKJ- £000 13LI bor usc wihin MSSC'S Premi8es Fund foT ur8enl repfylTS J UPKTadc5 lo Uni15 and the nTh Th¢ Watcr prTr8Nmmc. 40 TowMrd8 Ihv cosi ora slKIfmcmber in the m1ritin 4k 25 'foward¥ Ihl Lost ufLduiling and engaKinK wth EVl8alion PTOtes$ion•lJ wrKldwide. Marinc Society & 8ea CeL4 Ltsnd(¥rt NMuli¢ul Schwl IALA- AISM TolBI Krants pBid- annual 195 Unitcd KId0M 8oilin¥ A¢lld¢my UWC Ailaniic LvllLBC As51&(10n ofsrtll Trainin8 0ry8ni8atioh¥ Thttmes RllTg¢ Sailing Truit Royal Yafjhtin8 Assl8110n The Ahoy Lcnirc nther yLlUth opportunities & trRirtits¥ gtantB 32 'row the Trlntty Iloule Sury&r1 c¢1$hap. 24 Towards the Nautical Lexdcrship l.'.xrrtrient¢. 21 Towarth 8ail TrAinin8 Aursuics. 20 Towthi8 Ihcir bargc ffl&%lcr training rffograrnffK. 14 For the Trinity HOt Yth¢htmbst¢T Scholarship. 10 Tow4rd8 iheir pro8Tagnmc delivery cth8t8. 66 Variuus yvuth opwlunities & trainin8 8rant4 Icss thah £l0.000. Total gran18 pxid. oth¢r 187 31
CORPORATIOPI OF TRINrrY HOUSE OF DEvfFORD STROT4D NOTLS TO THE C.ROUP AND COMBINED AC:c.ouf4TS Foy the yr•r 31 Mllrch Illl3 9. FJ(PF.NDITIIRE ON CHARITABLE ACTivrriKs: PUBI.IC SAFETV AND DUC.ATION Group and ComblAtd ChAvhkJ Tnnity Hous¢ M8nlimc Charity UnTC5triclcd Rcslri¢t¢d lund5 funds Tol 2023 Tll1 2022 £wo 342 38 26 20 £000 ,569 36 18 IIIMCIDIT 8r4nis Grants paid. nU Cyranl$ paid- oih( Support CDs1 Tuial 2n23 342 26 20 342 426 TolEJ 2022 83 Durin8th¢ y#u, publsc Safety attd educuliun Brun18 lotBllin8 £64.0(K) wer¢ awqrded oiher ch4vit1¢8, wwiaalion8 atsd individudjx. ()fih¢ paid, Ual arnounlcd to £38.0(X) And rjihcr •muund lu £26,000 £0 LIIIRP. cthtS&ntiai rcp(xtin8 for llviaLioTr & mwitunc 20 Towllrdj thc cost ofprovidin8th¢tr C¢XLfLdrnliAI t¢rtInlYyICrn. 18 TowArds the eoAI of deliverinltheir ptQ8rthmc Royal Ins1iDJie DfN•vi8•lion Tolal pa¢d- Othcr uth public & 8rllnt 26 V0# publi¢ AJf¢ty & thJ¢qlLon 8WtJ. l#x ihan £10,000. 'rotsl BtEnts paid- (rthe¥ 26 l)uriThBthe yur. thc fojlownm an18 math from ih¢THMcmiT nd.. £tMJO 125 'foward$ the extenNiots fjfihc Fiihin8 biTJt S4f¢ty Manawncnt Progrsmmr 75 T0rdS Ihe Mlltilime FuluTeR Pro8rsmm¢. Ycsr 2. 70 TM¥ards rcKor¢h in rdalion lo Aut(xllil¢d V¢ss Stsbility Tesiin 55 Toward5 thc cost of th¢irAtrtcyc proBrarnmr, Spttificgily in ib¢ ¥r¢Es fiKuiinB (In wrytcr safety llnd PT¢v¢ni¢ott thd ¢1oser lIneThi with HMCCI. 8 Towards th¢ Sil¢ visi¢¥ ¢nvironMrntsl risk flldOTS. 5 Tmv¥xds rc5rtrrh into thr I111n8 from HMCG valunt¢rys. 4 TOwd$ in exl¢n8ioti to Sts8¢ 3 ofthcirknci&l Jni¢rac¢ion Mit¢¢r81SIMI Prtiied. Th¢ Seafarux, Chwity Ilull Ml11M¢ Foundxiion Hcr¢oi-WAtt UnivEts NalionBJ CothatdL 1ft8tituliort L<ds Trinity lln181ty TJniv¢rsty of Duftd¢c Inmauonul S¢Afar¢rs' Weir¢ Ld Alsist N¢lwork 342 32
CORPORATION OF TIUNITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the y¢•T tnded JI March 2023 10. EXPENDITURE ON CHARITABLE ACTJVITVES: MAifffAINING THE FABIUC AND HERITAGR OF TRtIYlTV HOUSE Group and Combined Chirititi Tot•] 2023 Tutal 2022 SIDITand pcnsion coms R¢paiTS, rcnewals and planncd mainlenance l.ight. heaL Tnsur4LnLL and olher nJnnin8 Cthsts D¥'preciation tsupFQrt Gos¢s 270 142 99 190 134 290 154 128 120 114 'The above expendiiwc fur ilK ycar5 3 l March 2023 and 31 M4r¢h 2022 l&trd ¢0 Corp)r&te LhDriiy 11. EXPENDITURE ON CHARITABLE ACTIVITIES: ROLE AS A DEEP SEA PILOTAGE AUTHORITY AND PROVISION OF NAUTICAL A&S8&SOK8 .XPLnditure OTh Ih¢x' ¥thts8url¢s in the No Iror8 Lndcd 31 March 2U23 31 March 2022 wa8 from Cvrwa ChILY unre81ri¢t¢d funds. 12. ANALYSIS OF SUPPORT COSTS oirice arr £000 330 Scrvicc stati. £000 4J 17 24 Admin ¢0919 £OL 616 236 330 12 Totsl 2023 £000 Tol&1 2022 £OOD Rai%lng funds Welfarc YOth upporfunitics and truininK Publit %&fety and cducalion Maintaining thc fabric and I.rIt8C or Trinity Hou 991 729 251 409 29 127 177 380 531 290 120 641 87 1.484 2,212 l.J38 Support to$ts inbludc governance wsts of£175.00012022.. £125.0001. which includc auditsir's rcmuncration of £45,011012022.. £46.0001 ror ttudiL scrvices and £nil12022.. £6.0001 for non-audit 5Lrviccs. In addttion io the fees nokd aVe. audit fccs of£26.MO12022.. ll3.OUOI and oth¢T fees paid to audiiors of £20,MO (2022.. £2.(K)01 in relalLOh to Trinitas Servi¢¢$ Limited artd Trinily Housc Events Limited arc inclu(kd in expendittwe on taistn¥ funds. 33
CORPORATiof4 OF TRINITY HOUSE OV DFPTTrORD STROND NITI'LS TO TIIL fiRC)UP AND LMBIND ACCOUNTS FOT the y¢or ¢Dded JI 2023 13. STAFF COSTh AND IIIUSTF,F.S' RF.MUNF.RATION 2023 2022 Wages gnd saiarK8 SuLial se¢urity Lts Othcr pension Cots- d¢fin¢d b¢n¢fit ythemc - 8TUUP prN>nal prnsion plan 9RI 107 64 67 130 70 Othcr staifcth 'lThe average nllmbrr ofstaff duringthe ycar was 21 12022.. 21). InLluded within thc abov¢ co%1 IA a terniinal¢i)n paymeni nf £34,000 ikni made Ln on¢ individuthl duTillB the yellr. The number of mployLxs whoK ¢molumMt4 ¢x¢ludin8 pthsion eonitibulLvn¥ gnd emplOS nB¢ionlll Insuran¢c c4)ntributiuns, bui includin8 t&%thlc bllner1 tell within th¢ following ranges.. 2023 2022 £1 10,OQO - £1 IY,999 £100,000 - £109.999 £80.000 - £89.999 £70.(KJO - £79,999 £60,(K)0 - £69,999 orthe hi@hcr wid ¢mploy¢c4 contribuiions ma41e ts) thL' dcfined l>cnefil sthcm¢ for 112022.. 21 individual. The ¢mvlumenis of the hiBheAI paid irtdividu in¢ludi¥ pay in li¢u orn51n Loniribulions. 'rhe total ojsi ofEmployiTh8 kry mNna8¢mcnl. comprisin8 ¢hc Sccreiiry tD the Corpurutivn, Ihc Illn¢¢ Ind Commela] Dir¢¢loT (who IA Al¥0 A Tkpuiy tre(ry tu thc Coo)or&tioThl. the H¢ad uf I v¢nls and lh¢ 11¢ of Charithble Givin& in¢Jllding employ&8 Fth5Lon cortribuli¢m8 and L¥nploy&s n81i•nal in8UTthCf wniributsonj £456.00012022.. £430,(M)01. Travel and wbsislcn¢c expe1 tolalling £l9,00012022.. £1.ODOI w¢ reimburned to 512022., Jl m¢mbL¥B of the Corporate Boyrd in Ihr yw. Fee& iable ¢xp¢rLXS pllid lo member8 orth¢ Corporate BoArd hy thc thtIes Lunounted to £107,1100 {2022.. £65,(bOO) in thL yL'8r. Thtte comprised.. {4) f5 Expensc8 of£65,0(KI12O22-. £47.000) paid to Captain Hopc in his capacity 18 the J)irector ¢)f Matiiimc trllinin8. Th¢5c arc PUrBu1 tTr clu 44 (31 of the Trinity Ilousc Marilimc Cherity Chority S¢hcm¢ of7 Au8usL 1995. b} Assi%tqnL¢ lo th¢ AdmI]ty Court in the provixion of Nlluli¢al A%se5wr& FeeB an get by the PraLi¢e Division of the Rcgi5trHr of Civil Ap115 ond the Admiralty R¢8i8lrr ond art payabl¢ by thc pariy sclling action. 'The Ct>TP¢)rH(¢ Chfyrily's administTuiiVC C05Lq in thcs¢ Brrangcm¢nts m¢1 Irom thc fc¢s rE¢mburs¢d.'folal tees gnd expLn8t8 of U l.O(K) 12022.. £8.0001 were paid in Lhc ycar a8 tollows.. Caplain GDbbi £5.00012022.. £1.OIJDX CapIn Bwk¢r£lQ.(MJO (2022.. £3,000), Commodore Wdworth £S.00012022.. £4.OOOX Captain NO £6.000 12022.. £nilA Rear Admiral SnL'lsun £5,00012022.. £nil). IE) and cxp¢ruw ol'£8.000 (2U22-. £6,OODI and £3.012022= £4,000) wcr¢ pwd lo Cjplain (3Jbbi gJLd Captain B&Tk¢r Spective]Y in IhEir cycity Examinws of ¢ Seo PilTrMge pursuant its an Order made by the Lharily Commission d8Led I0Jattu 2007. A total premiunj vr£i.000 (2022.. £1.IX)01 w&8 paid the ycsr provid¢ th¢ ttwtees wryth indemnity insuranL. 14. TAXAIION 'rhc ChJritie5 aTC cxcmpt from Cwpwllti(pn.r and Incomc Tax on th¢ir chgrithbl¢ aL%iviii¢s by virtu¢ trftheirsttttus r¢g1St¢r ¢harili¢8. Tiinittq Selviccs Limited and Trinity Hou8c l=.vents l.imited are subjcct to CorpDrali(m Tax on any taKable profits arising. 34
CORPOK4TIOP4 OF TRINITY HOUSE OF DEPfFORD STROND NOTES TO GROUP AND COMBINED ACCOiINTS For the year ended 31 Marth 2023 I& TANGIBLK FIXED AETs GROiIP Izaschold improvemcnts Frcchold PronIeS Trirtity Homc5. WalThcT Planl 4rLd cquipmcnL tixturef arld rittings TOTAL Trinity £(N)O £(Jno £000 £IK)O 00 At l April 2022 Athliiions in y¢4r DisrX)sS in Ai 31 MrLh 2023 714 91 121 803 6.264 2.175 4,094 765 145 {31) 879 14,OJ2 236 133) 6,264 2,175 4.094 At l April 2022 Chlrgc fly thc DispLX4llli in ycllr At 31 M4rGh 2023 324 1,205 125 479 43 287 555 73 56 297 (3]) 130) 598 379 1.330 322 287 Ai 31 March 2023 424 4,934 281 At 31 March 2022 3YO 5.059 1.696 3.807 210 11,162 COMBINED CHARITIES FrcchLild PTOPCrties Trinity IIDmcs, rreL8ure Plani And quipm¢nL lix¢uT¢S 4Lnd ritLing8 TOTAL Trinity Hous¢ £000 £000 £(KJo Ai l April 2022 Additiunb in ye Al 31 Mtr¢h 2023 6.264 2.175 4,094 325 78 403 12058 6,264 2,175 4,094 DEP At l April 2022 Lhwge forthc ycar At 31 MYh 2023 1,205 125 479 287 252 2323 205 43 37 1,330 522 287 289 NETB Ai 31 March 2023 4,934 1,653 3.807 114 10,508 At 31 Marth 2022 5.059 1,696 3.8n7 73 10.635 35
CORPORATION OF TRJNITY HOUSE OF DEPTFORD STROIYD NOTES TO THE CROUP AND COMBINED ACCOUNTS For the y¢aT ended 31 March 2023 10. FIXED ASSET ImsTMENTs 2023 2022 £000 Investment prtl¢S (s¢¢ b¢lowl PL)rtfolio inve%Lmenis (see below) Cash held by invrsim2nt MatgerS 239J28 12.115 32 251575 250 247.202 16.087 32 263.321 250 PrD8ramrrK-Id invthnts (see frKlow) 251 25 263 571 Frtehold Portfollo l*vesem¢nt Investments propertles £000 £0 Markei valur &131 MurLh 2022 r)ispothl$ Cupiilll impTovemcnls Acqui51tion5 At CQ81 Gain5 on revalua¢ivns disposals Market vttluc at 31 March 2023 247302 16,097 12,176) 1.913 26 (1122) 19h87) Historical w8t 14h05 Thc maTket value freehold invc51mcnl propertie5 is b&xed on valu10n$ catTied ou¢ by Cluttons Sur¥¢8 and Savills, LhwJt¢r¢d 8urvLyurs ai 31 M8T¢h 2U23. Thc prOllO invrsimrhts Nrc inStli u5iThg UK authorised instiiulion¥l ptxTrl¢d f{L%. Th¢sr funds highly diverqificd a widc fIC ufunderlyin8 inv¢stm¢ni$ atld wmpris¢ th¢ li)Ilowin¥ malcrial hDldin88.' eeurity Iloldin8 To¢•1 .r¢nIuB¢ mirk¢t v•lyr Of1 £000 mdrkct value BLACKROCK ISHRS DV WLD IDX {IE) D r)S GnP 14DCI EIIACKROLK JSHR UK CRryr IID IDXIIEI INS GBP DS BIACKROCK18HRS Inx IK GLT tDX FD {UK) X INC BLACKR(XK ISHARF.S EM IDX Ff) (Ip.) DS CJBP 6.335.649 2.6(k2.270 1,234,434 950.790 &137 2.127 929 922 67.2% 17.6Vo 7.6% The prnBrftmme-r¢lNted inve5tmrnts comprisc IL)8ns to maritim¢ rharittcs. Thc loan5 arc rcp8y&blc aftcr ffl¢ thim one year. 36
CORPORATION OF TRINrrY HOUSE OF D&vfFORD STROND NOTES TO THE CROUP A]YD COMBINED ACCOUNTS For the ytr tttdtd 31 March 202J 17. DEBTORS Due Withln Ome Ye•r: GTOUP 2023 £0 Ch•rltltJ 1023 £OL Group 2022 £000 Charities 2022 £0 Tpinity Vlllage." Rent atTcars less provision for dcbts Monies held byesiilc manugihg ugcnts 314 176 523 176 523 134 Trade d¢Murs 45 30 M¢)ttic5 held by managing agent of ihe MerchantNavy Scholarship Schcmc ATmunt owcd by Trinity Hou8¢ F.v¢nts l.imiied PTeP&)Thents and llLLrued income &K'ial SL'curity and oihrr X¥S (hher d¢bwrs 177 177 113 064 645 744 58 88 729 88 lJ85 1,738 18. CREDITORS Amounts F&115n8 Due Wllhln OnE Yeit: Group Ch4rl¢l¢• 2023 2023 £000 £000 Gwup 2022 £000 Chtirities 2022 £0 Tr4d¢ veditors R¢nts in advan¢c, Trinily Villa8e DetenL.d ittcomc ial S¢curi¢y and other (Xhcr Creditors Arual5 - Trinity VillaB¢ oiher 1,134 279 1308 279 169 152 221 150 286 226 57 21 li 471 220 873 346 496 496 873 346 448 Amounts io Trinity Housc IAghthouse Ser¥ice Amounls owcd to Trinity Ilouse Events Limiled Con)n&virus Bu8Lness Iniettypuon Loan 246 50 3.145 2.699 2,542 1,777 Amount Falllfvg Du• After Mort Than OTrÈ Y•ar. Group 11123 £000 Ch•rltkJ 21123 £0 Grnup 2022 £000 Chorities 2022 £000 Coronavirns Busit)ess Intcrruptlon LA)an 50 so 3 February 2021, THF.L entered into a Loronavitus Bu5inc%% Intcrruption Jxjan facility for £lOO.000. The fllcility is maximum temi of 3 ycaTS and 15 unsccuTed. It is repayable in equal quaricrly instalm¢n commencing 15 month$ from thc dthe ofdrllwdown {l8 Fcbrullry 2021). £50.UQO was tBpThid in Gury¢nt firn¢la1 year. wilh the ance due to rcpaid in full in the ncxt financial ar. Th¢ rms of the facility arc that n¢J interest is payAbl¢ by thc cornpgJLy for fjrst ycar. Aftcr onc ar. interest 18 fix¢d at 2.33Vo tr annwn. llJ¢ compAny did t1 incur athy fees Ln c¢JnrKction with thc inccption of thc facility. 37
CORPOILITION OF TRJNJTY HOUSE OF DEPTFORD STRO]YD NOTKS TO THE GROUP AND COMBJIYED ACCOUNTS FDr the year ended 31 March 2023 19. CORPOIL4TE CHARJTY- DKSIGNATED FIJNDS Balllnce al New l April 2022 desiwjations £000 Uiilised I BAJ•nte ai rcleased 31 Mar 2023 £OOD £000 Hou8e D¢3igna*d Fund Fix¢d Awts Fund 444 8,819 9.263 134) 1134) 116R) 410 8.ni 9.131 37 37 110se DeslgAtJied Tr¥nd This fvnd is d¥'$i¢¢d by the Roard for rnainlaininB the fabric and herita¥¢ uf th¢ Gra& l. Trinily Hou5C building. Fu¢dASlI Fmnd This fund j¢rtts thc bLW)k value of the tangible fLXtd &&qet¥ c¥cludiNg thosc ihat aTC rL4¢rictcd fi]nd% Hnd is des1)tcd a5 the tknds aTC not readily avv4il8bl¢ io meet exnditur¢. ZII. CORPORATE CHARITY- RKSTRicfKD FUNDS Bglan¢¢ 8l l April 2022 £(KJo In¢4Jmc P4xpcndilurc BAl#nce at 31 Mgr 2023 £000 Worden's Trinity HOe Reli¢f Fund Br¢thrcn'B Covengnt and Gill S¢h¢m¢ s# 60 Wurdepr'.v Trinrty Ilotut RtlieJ'Fund This l)Jnd w&8 eslabllshed to provid¢ discretionary grnnts loans to crnployees of Lhc LoryKtrrAtion of Trinity Holl in circumsl#nws ofurgrnt domcstlc nc¢c&1(y. Il li reprcscnt¢d by nct Cunertt &ts. Bré1h'& Coveno4Y¢ andGrfi Scheme fTh¢ FabTri¢ F¥Trd') ThL5 fund W&A estsblished for the %cIfi¢ putyose of renewal and improvcment of fi]miture and decur of Trinily Ilouse. It is rcprcsenled by fixed gThd t1¢t assets. 38
(.'ORPORATION () TRINITY IJOUSE OV Db'PI'TrORD STROND NOTES 1.0 THE GROUP AND I".OMBINED AC(:OUNI'S For the ytar end 31 Marcb 2023 21. TRINITY HOIJSE MARITIMF. LHARITV. DE8IC>NAfb:D FUNDS The unre5tricled funds of lh¢ Ttiniiy House Maritimc Chyrity include the follown8 d¢si8nad fund5 th1¢h have brrn Ki aside by ihe CDrpur&le RoArd for ScifiC pwPo5'. B&l&n¢c at New l April 2U22 d¢signalions Utili¥edl r¢kHsed 31 Mar 2023 £O(K) £0 Extraordinary Repairvund Mcrchani Scholarship Scheme 177 177 5110 677 677 Jlr¢wpdinary R¢wir I'hi& Tnccls & rcquircmcnl orth¢ TriThity ITDu8e M4Lritim¢ Charily'5 Scheme its e¥tMblL5h and mlliniwin & 5¢r rund lo provide fijr cxifHuTdinary repair%, impTovcrncnt and rebuildin8 Ipf thc I rihiiy HIHneB, Walmer. The MerchoMI Navy,Scholarshlp Scheme The optrlliion Df this schemc wd5 tyansfcry¢d fmm the CorwralL Lh&riiy lo the Trinity IIOL¢ MHritim¢ LhNrily in 1995. Ai 31 Mllr£h 2023. Iherc re 13212022.. 1071 clldels under spunsutship tor IrAinin8 aj fkck or EnBirteer oni¢er& The umouni designated lo ihi8 I'und preS¢nI8 thTX ond six month8, op¢rotitl8 of thc Mtrch4nl Nay Scholarship Scheme. 22. 7'RINITY HOUSTr. MARITIME LHARII'Y- RESTRifrED VUNDS BalAn¢¢ &¢ April 2022 £000 Movcmenl in funds Ineome ExpertdittLre 31 Mr 2023 £00 £000 Swirc Scholarship Fund Swire YLumRn Suppjrt Fund Captthin Jvhn Bury M¢Jnuri¥l Pri/.¢ Fund (irAnts for M¢rch4nl Navy Scholarship 8Gh¢m¢'. Government fundiTh8 Rritish MariTLe PTri.¢ Iptrent f(¥r'frllnypDrt bur W0¢5$¢T M¢h91 Navy Cadetship Schcm 105 18 12 14) 18 12 872 (H72) 46 34U 1342) {ifi) 11.234) 999 521 1.978 1265 The SWTC SEholar%htp Fund w45 ¢Stoblish¢d in Mir¢h 2012 lo assist cadets under8oing tNinin8 tti Ihc Mcrclwit Navy S¢holHT5hip Schemc io study tor & Full ITonouTS n¢gr¢¢. Such assi$t8ntt is MwArd¢d to thos¢ ¢adcls have dcmon.4trRted cxccpliondl pro8Tess knth aCadCmi1IY and prnclifjally Ihroughout ih¢ir training. The Yeoman Support %w#s estsblished in (.ber 2017 to provide guidance and menwring w La&ts who have qualifd from the Merchanl Nuvy Scholarship ScILen. Th¢ Capthin JL)hn Bury Memorial PriLc Trund was establi8h¢d to providc awards for OUtslallth"n8 8chievemEttl for cidets und¢ryoing training in thc MLrchat)i Na%y S¢holHrBbip schC. Th¢ Fvnd WBS cstsblish¢d in mcmory ofthe late CdrnRin Bury, Eld¢T F4roth¢T of Trinity House. Th¢ BTLlish mari PriLe Futhd WA5 est¥blish¢d to provide prizes to cadets undergoing tylining in Ibe Merchani NBVY Scholgrship Sch¢me. The wiLe is arded to the prudu¢ing lh¢ b¢s¢ completed training rewrd book. Tk DcpartmBnt fur Transr Fund relaks tsi funds from Ihe DePThnt of Transwrt in suppDrt iTrf safely and trainin8 T¢2ad tnalters within ihe Lh4riLy's objccts. Worcesicr Mercht Navy C&&tship S¢h¢mc fund was ¢stablishcd 6 April 2022 to SUPPDrt the establi5hrneTrt Rnd opcration of a McrchantNavy Qdeiship SchcmE Ln cTrll&borati(>n wryth 111¢ Association of Old Wor¢¢slcrs. 39
CORPOIIAYION OF TRif4TfY HOUSE OF DEFfFORD STROPID NOTES TOTHE GROUPAYD COMBINED ACCOUNTS FTrr tbt yrr endtd31 M¥rrb 2023 21 TRJNITV IIOUSE MARITIME CHARITY. pfRMANENf IPlD0WMT FIJNDS movem in tuftds Ralancc al l April 2022 £o(x) Incl19 Regotsr¢¢s Exp¢thdinJr¢ £000 £(x)o TAJ$ JI MAr 212J £o(xi £•00 Trinity Vill¢ Church and Wui FAnn$, Goxhill Monines Fann. TrinJty HoM¢y.Walrner 255,667 3.563 2.2(K) 1.815 244.296 3.S63 2,20• 1042 263315 Trlxliy ¥llla8 The fredld Dfthij ¢JlDIc, Jllu&t¢d In Souih Indon. wlli ¢onv¢ycd kn the Charity hy Lhri&lopher Mcrrick ill 1660 Thc fumd is moinly represend by ic%idonLlul ¥nd ciThm¢rcial prop¢rti¢$ whi¢h werr al £233.520,(XM) u131 Maicth 21)23 And purtfiilwj invC&lme Bnd C4$h which 4vcrE valued Al £l1.523.(X)0 lJrdLt ihtt tennx of th¢ ¢wv¢yn¢¢. In¢Dme ¢arncd fmm ihis Iljnd Is v4ilAble for8¢r•I C'htsr£h aKd Wvsi Firn& Guxhill 'rhiBisiq ¢•x¢ 10 Chiity undrr thr wll Dfcaplain Robrrt Sandrjdalrd 1720 ThB tljnd ¢1 by wrullural land, now of 546 tt¢T¢J1221 h¢¢thr¢$l. in Nthth l.1nlol$hlrE lJnd¢i IFK 1¢¥rn8 af thr Fquc51, Inromr ¢RrnrJJ thls Djnd Is availabl¢ lor ¥cncrul puryx>MJ. f4rmJw¢r¢ VAlu¢d 4t £3.491.(K)O•131 M4r¥h ZUZ3. MJriive¥hi7rn. Eme Thil WIthI¢WOs lo thr Ch&rity by Caplllin knbert Fithcr in 1714 Th¢ fu1 ij r<pr¢stnkd by frtth)Id aBriLuliurDI iAnd rK)w oY65 74¢T¢S126.6 h¢¢tsrul. Und¢rihc Im oft brqurii. inromo Ullrncd fTOrn thii tljnd 1l4vlliLryblo tor purpiKw Thc farm wai valued #1 £2.200.MrJ ai I l Mv¢h 2023 The Ilom¢¥. whi¢b w¢ frerhuld (rItY property. b¢lons to Ihc CorporDiion forthE of rEsIdts ia confrnity with thr provisions rthe Lh#rLLy'J5¢htm¢ Th¢y Sil DE41. in KCDI, Jnd pr¢)vid¢ fvTp¢fsDry$ who ar¢ w wcre rmerlY Ilritiyh Mnd MurinerA lincluditl8 M4&trr8 Ind Pilots) thÈirdtpEtkdllnLq whu llr¢ iti Dvrd 'fhc IIDmcs c(JmpriJv 18 xirtained units ol'accomrnod4Lion 4nd th¢ (lY inL'Orn¢ rtccived IA D contribuiion frun e4L'h rt4idcnl iowordi heoiin8of th¢ dw¢111n8J. Thi$ fu IN r¢Nrrtcrfcd in Ihc ]rc]hc¢I by t4n8iblc fixcd Inol¢ 15land an iThvesimeni pny¢rty 24 ANAI.VSIS OF GROUPN£T AET9 BETWF.EN FUNDS Corporatc Charity TriTbity House Marilirne ChoTIiy UrKcstsictcd Restricled lJnr¢xtri¢trd Ruirith& 13ndthwThenl chllritahl< fuThli f3 fuad& fundy TrlldinB funds £000 £000 £0 Non- Tot•1 2023 Fund Bila•£ At JI M4r¢lL 2023 r¢ Rtpruented by: TRnBible fixcd U8L TDvEsimwIs Current&XIEts 8.723 620 472 16791 24Y 79 1.653 5WJ 1s125 SJ2S 13,145) 918 2.473 {8771 669 lJ26 1.048 15771 Dcfin¢d benefit 110 Tot1 •tt 9,391 60 2J44 1265 251,901 266.022
CORPORATION OF TRIMTY HOUSE OF DEPTFORD STROIYD NOTES TO THE GROUP AND COMBINED ACCOUNTS FOT ihe year ended 31 March 1023 25. PENSION COMMITMENTS The LuTTX)raiion orKrates a defincd bEncfil 5chcme (the Schemc'l in the UK for certain current and f(Ther cmployccs. This Schemc w&8 closcd lu ncw rncmbcrs on 18 July 2U06. A deflned contribution sch¢me18roup rrtrwnal pensiot) plan) ¢stsblish¢d for 5taffjoining afler thai datc. Thc Cotyora Choriiy is ¢h¢ sponsoring emplor tu the thfined benefit sch¢m¥. Tho llss¥ts orth¥ S¥hcm¢ held seprtr&ly frum thos¢ of the combined charities. The LDntribuLiutss arc detcrtnined on thL basi5 vf triennial valuations by lln aciuary gi8 the Attsintd A8e mrthu(J. Folluwith8 thE valudlion us ai l UltoT 2020. Ihc emplu>¢Vs CLhrrent corttribuiion ra remdined a¢ 34.8Q/(of p¢n5ionabl¢ pay. Th¢ Lmployee5' contTLbution T4Lte remained ai 1.5Vo of pensionabk prty. Th¢ tal contribulion5 fur the year in these accounis were £73,ODD. Tht yu&lln shvwLd th&1 th ket V8luc uf thr SLhemc'5 a55els w&s £6,002,(M)O and th4 th¢ ¢)nBOiJ)g fvnding ILVLI wus IOLYA 'nK assumptions which hud th¢ mosl $ignifi¢ani ¢ffr¢t on thc rcsu115 ofthc valuatiim werc &8 follow5.. 3.7%p.a. 3.7•A p.a. 3.5% p.a. 4.7%p.a. Earning8 inwr¢#s Pre-N'iir¢m¥'n¢ discount rate Posi-r¢iir¢ment diseowit rn Fln4nclal Reportln% Standard 102- Retlrem¢nt B¢n¢fit• ThL fvlluwing inf(ttThatian h&s calculatsd by 2 qlif1¢d. indLpcndent acluary for thc PUTlS¢ of incluSLun in ihcsc pLLuunts. Jt should be emphasixd ihat, in acGordanc¢ Iviih thL fcquiTcmcnts ofFRS loi the ossets d liabilili¢s ofth¥' S¢h¢rrt oJ¢ valwd with ref¢T¢nL¢ iu cuTnt markct condiiiuns and may. Ihcrcfurc. vury widLly In)m year to y¢ar. 2023 2022 £10 8.323 17.530) 793 Markni vHluc of ¢8 rincd I[rIt ubligation Surplus in th¢ khcmE- nct pensi &( 6,002 15,084) 91B The in ¢h¢ S¢h¢me w¢r¢'. 2023 2022 £000 1.699 l.721 I,iability drivcn Lnvcstments Equitie5 Diversified 8rowth Bonds Insurrd prn5ions IUl11¢S) Lash 1.975 2,714 2,796 371 2.101 To1 markct vNluc ofass¢tS 41
CORPORATION OF TRINITY HOUSE OF DEwfFORD STROiYD NOTES TO THE GROUP AND COMBINED ACCOUI¥TS For thc yeAr ¢nded JI March 2023 25. PENSION COMMITMENTS IcontiTrued Ihr rnajor a5sumptii>ns u%d by thc actuary werc". 21123 2022 Intlatl- RPI Rate urinCre in s&laTies Rate of incrc&8c for pcnsions Discount rak fur li4bili¢ics 3.W/o 3.5'A 4.7% 3.5• 2.6% Thc murtaiLty tAbles used att thL' S3NA basL' tsb1¢5 PTOj¢Ctcd by yellrof birth in line with thc CMI 2020 'tore' mvrtulity projcctLOTL5 With & long-trrrn Talc Jssumption of 1.5V• per annum. To give an indicdLiOn (Jf lil¢ ¢xp¢ciunLic5. a pcrson who i& cUentlY aged 65 is &5sumed live on Jvcrage uniil the 88e 01.117 year$ in ihe ease ora man and 90 year& in the c&%c nra woman. Recontlll•tlon of the Flr VAlyt of PIAn Au¢ts Ov¢r the Y¢ir 202J £000 2022 £000 rairvAlue of plon asls ai l April 2022 Inr¢s1 in¢ome on plan aJsc15 Rem¢asuMen1- Tctum on plan asscls cxcluding initresL incrxne Contributions by ihc chwi(ies Lontribution$ hy thc mLMr8 BcrKfits paid lineludin8 eXn<£8) Fmir value ol"pllln ats &t JI March 2023 8J23 11.165 (2,348) 73 193 64 12631 6,(4)2 12631 ,323 Rclurn on pllln 1cL8 2,134 J54 R•e0n¢lll•tlo ofDeflntd Beneflt Obll8Adons Over ¢h¢ Y¢ir 2023 £000 2022 £(KJO Tkfincd bcnetit obligationy •t l April 2022 Current scrvicc eosl Contributions by ihc m¢mr6 Jnlcrcm expense on dcfittcd b¢ncfii obligation Rcm¢asurcrn¢nt- clY¢L of cxpericncL ¥dju5tfflcnts {8alnyi(Jss K¢m¢asuTcrncnt- eifcct ol'change% in assumptions Igairtl BchefiLs patd Dcllnd knefit ublL8aLion5 ut 31 March 2023 7,970 108 72 193 {991 {2J52 {2631 5,084 ISA 164 (610) (263) 7,530 Th¢ Mfjvcment In the Scheme's Aslet During tht Year li Made up Al FolloTWa: 2023 £0 793 151 103 73 2022 £(KJO IY5 (105) 639 64 Net pensi¢)n dSSLUlliabilityl at l April 2022 Amount reco8nid in cXnditur Gain rccogtLised in other rKogni%d gain5 End105SCS Coniribuiion5 by th¢ ch11)¢5 Nrt VSLon a&8Ct at 3 1 Mareh 2023 918 793 Et or liability in the Scheme and the movcmcnts in th¢ ye8r hav¢ b¢¢n ellocated b¢twKrt thr two ¢h•rities bNscd on the contributions payable iTh thc )rar. 42
CORPORATION OF TIUNITY HOUSE OF DEvfFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the yeAr ended 31 Mgrrh 202J 2& PENSIOiY COMMITMENTS {tontiny¢d) Thc followin8 amourtts havr br¥n includcd in the statcmcnt orrinancial actlVLties'. AN&lyilx of tho Amount Chmrged aj E¥peDditure 2023 2022 £0 Cutyent stryi 5( Inirrcsi incorrK on Schcmc aLs Iniercsi cxpcn5c on defined kncfil obliRation To¢al charye to eip¢ndliure {n) 1108) 161 1158) 105 1193) 51 Rtmei•¥rwll¢ntJ ReroylKd In Olher Recowi1 GAlni •nd IffjM¢• 2023 £000 99 2J52 {2J48) 103 2022 £uoo (1641 610 193 RernErernenl- effecl of experiertt adju¥im¢nts inl(lo86) RCmcurCrnCnl- etfect ofchange8 in #ssumpiions R¢nlSUreMent- r¢lum vn plun a55¢15 including in¢uL5t incomc Ilos$YBain 'rutal rcmc&suremeni Bain r¢ivgniscd ill othcr r¢cogniscd g&in5 and lu3 639 26. SUBSIDIARY COMPANIES la) TTinita¥ St1¢ca Llmited is a W&Ily-OWned subsid1 ofilK. Lorporalivn of Trinity Hou8e, ithcorwruied o 19 MaKh 1993 and 1% rcgiskrcd in F.n8land. nurnbcr 021101613. ThL adsS ¢Jfiis Re8i*red Otlice 18 Trin5ry IIi)u¥ The Quay, Harwich. F.ssex C012 3JW and its principal 4¢1ivily 18 the l¢¢ting ofiighth(4J%e ¢ottA8e A summaryof the results for thc )rllr is as follows- 2023 £fjoo 2022 TuT[Kr rotlll cxpcndilur¢ (LossyPTofit after 1.564 11.363) 201 Tolal 45s¢1$ 1,421 1490) 931 Totsl liabiliti¢s {319) 873 43
CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND NOTES TO THE CROUP AND COMBINED ACCOUNTS For the year ended 31 MArth 2023 26. SUBSIDIARY COMPAIYIES {tontlnutd) (bl Trinity Howc Events Limited is d wtwlly owned subsidiary of the CotTA)ratiun ofTriniiy HUSe, incorrx)rated 26 Jnuary 2011 and reLiiStthrd in Englatld, numkr 07506615. TtK &ddTe5s of its Registered OtTiLe 15 Trinily Housc, Tuw¢r Hill, ixJt)dDn EC3N 4DH 4nd ils principal wctivity is the letting uf the function nM)ms &i Trinity Ho. A sumtnary ot thr rcsul¢ts' f(r tk )rar is &$ tollows.. 2013 2022 £0 305 1247) 58 'rumover 'rotsl expenditur¢ Profit lor th¢ at J61 (3181 243 Totsl assets Totsl liabiliiies N¢t liubiliti¢s 446 (2591 347 (4031 56 17. GRANTS AND COMMITMENTS Grants paid to insLi¢uli¢mi in the year totaJl¢d £1.572.00012022.. £I.226.1>) whilsl grnnts puid to individuals totallcd £28.00012022.' £23,otKJI. Full dctsil# ofall grt% Faid ix L&tainLd frum ihc StcretBry to the Coryxiraiivn. A( JI March 2023. nt ¢urnrniim¢nL¥ from luture i¢JLumc wcrc £nil12022.. £nill. At 31 Mur¥h 2023, thr Trinity Huw Mari¢ime Charity wa5 ¥ommiii¢d Lu p#yn¢nts of£2.440,000 {2022.. £2,061,000) in res1¢( uf thc Merchllnt Navy S¢hvlarship S¢hcmc. 28. REIATED PARTY TRANSACTIONS Owing tu thc Chariti¢l op¢raiiorts &nd the composition uf thc Curroralc Roard. it 15 inevithhle that EranL8 will Ix. madc to OTRsnisaiions in which a trustee may hAVC in(cres(. Similarly, pmrKrties may k Icascd to tn¢3 or oiher related parti¢s. All Brant% and trlnsaclions involving such organisatiDn8 and rclalcd rtIeS ar¢ conduckd at 4rm'5 IEngth. Excepi for iransactions with tTU5tccs included in note 13. th¢r¢ ay¢ no oth¢r r¢lal¢d pty trangA¢liOn8 quiring dlsc105u.
CORPORATION OFTRINTfY HOUtsiK OF DEPTFORD STROND P40TES TO THE GROUP AND COMBIIYED ACCOUIYTS Fur th¢ ymrtnded 31 M4rch2022 29. COMPARATIVLS () GROUP STATEMENT OV FINAT4CJAL AfTIVITIES For ¢h¢ yurend¢d 31 2022 Trinity Hse M8Tilune Charity Chatity Unrcstriclcd Restrictcd Pcrnianent lund$ fijnth EndowTncnt I22 5ubsbdi4rie8 £000 £0 £000 £000 £000 INCOMF VROM: ChAritable 1vill¢S 465 720 1.200 1.744 12S Othet tradin8 1vIr$ Othc¥ OPEruting ujwme Inveslmcnls ,744 125 18 7.599 7,617 TnTAL INCOMF. 2,356 7,015 720 10.691 EXPEf4DITURE ON: RaJ8lh8 ti]nds Choriiable activiiiK'. l.J35 3.J74 4,912 Welf 1299 2.484 Youth opp(xtvnitics and trAiniD$ Public Mf¢ty aDd educatiDn Miintsinittgihe labric #nd httitB4r of Tritiity Hou8 Rolc a Deep S¢ Pl108r Authurity Provi4icd tsl'Nouli¢*l As8es 724 3,2(k 1.052 1.569 814 814 18 18 TOTAL EXPF,NDITUR 2.386 7.240 2.293 47 11,966 NPT (EXPENDlIREl I INCOME BEFORE INTrUTMENT GAJNS AND LOSSVS (Jo) 373 11.5731 1471 11.275) Losw on th¢ r¢Vglvlon dilposal ofirtve5¢tnM¢ prop¢TU¢5 Gains on the revduiiiott diArthal 0¢.rtfolIO inVestmeth 5.181 25 813 838 NET (F.xPNDURE) I INCOMF 15) 375 11.J73) J,947 4.744 OTHF.R RKCOC.NI8ED CAINS AND LOSSES: ActuJrial Bain on defujed benefit p¢nsiort Bchcmc 192 447 639 NET MOVfMEP4T JN FUNDS 187 822 11.573) 5.947 5,383 BALANCE AT I APRIL 2021 10.691 2.094 257.368 271,769 BAL4NCE AT31 MARCH 2012 521 263315 277 152 45
CORPORATION OFTRINITY HOUS& OF EF0RD STROND N4YTES TO THE GROUP AND COMBINED ACC.OUP4TS For the y¢•r¢ndtd31 Mah 2012 2J. C.OMPARATIVKS 1eon1lhuj Ibl l.'OMBINED LIIARITIES, STATEMENT OF FINANCIAL AcfiviTTFS For th¢ ye8rtMdtd 31 M4rch 2022 Coryk¥AI¢ Trin>ty Hous¢ Matilime Cbafity Charity lJnrestricE¢¢J RuiriLlcd Perm4n¢Trl fithds F.ndown¢DI funds To¢al 2022 £ooD £000 £000 INC.OMK FROM: rknll¥ and lesacirf Ch4ritsblc 465 720 ijoo 238 Other Irodin8 ar¢ivilies InvestnIS 23LI 7.599 7.617 TOTAL INC.OME 725 7,615 720 9,060 FXPENDITURE ON., RaiAin8 fijr Chari¢ible a¢lLviIiN'. WellAr¢ 163 3,374 3,S40 1.299 2,484 83 44 Y111 OpwnIIle8 and tr¥in¢n8 lknblLG sllfcty qnd Edll¢&tio deintsininB lh¢ tiibric Bknd hcr11• of Tiinity HLr Role os u D¢ep.8ca Pilotll Authority Provisi of N4utiLul Ass¢Mfn 724 3,208 1.652 1,569 814 814 TOTAL EXPENDITURF. 1.014 7,240 2,293 47 10,594 P4ET IEXPET4DITUREI I INCOME BIFOHE INVESTMETrrr GAINS AND LOSSES fjaini I Iluu4} on the rev4luBlJon and diswI ofinv¢slJn¢nL PtopertiEB (i&illS I1105%5) (>n the r¢valuali llrtd ofp(Krfnlio 12891 375 11,5731 {47 {1.534) 25 813 ¥31 NET IEXPkNDrrvREI IVNC.OME 12641 375 {1.573) 5.947 4,485 (YfHER RECOGNItIVD GAINS AND LOSSES: 8Ath Thj (kfined brttcfit prn*on $¢h¢me 192 447 639 NET MOVEMENT IN FUNDS 1721 822 11.573) 5,947 5.124 BALANCE AT I APRIL 2021 10.074 1.616 2.094 2J7.368 271,152 BAL4NCE AT31 MARCH 2022 10,IM)2 2.438 521 263.315 276,276 46
CORPORATION OF TIUP41TY HOUSK OF DEPTFORD STROND NOTLS TO THE GROUP AND COMBif4ED ACCOUNfS For tILè ytr tudod 31 MA1 2023 29. COMPARATIVL8 IttshllnuNII 1¢) INC.'OMF FROM CHARfTABLE Acrivn'ivts: Group And Comblned Chidll CorporA¢¢ Trinity How¢ Ch8rity Mariiime Charity Unrwrri¢l¢d Unr¢sEri¢l¢d R¢strirt¢d fun(15 tunds tunds £0 £O(K) £000 2022 £(NJO 15 720 320 145 W¢ifar¢ Youth OP[u1C& End tr•ininB Contribuiion frum Trtnity HouLI8hthtsU$t Servict Other 72n 320 145 Toial 2(ll2 465 720 1,200 Idl INC'.OMF. FROM IPIVF.STMF,NTS.. Group And Combln¢d Charltl C¢xpora Trinity House Charity Mlriiime ChAr UnT¢8tricicd Unrestyscted Re8tri¢l fvDds fimds fvnds £Q(K) £000 £(NJo Ti>lBI 2022 knwuimcnl properti P[01¢0 investmen 7.342 253 7,342 271 B•mk interest ¢Jthu fLnan¢e irtL¥Jm¢ TolAf 2022 (el UPENDITURE ON RAISING FUNDS GrP Combloed Chrtiit C(xporaie Trinily Ilnuse LThority Mwilim¢ Chqrity Unrcstricted Unrutricted En(1074ryncttt fid¥ £o(K) Tiit¥l 2022 £O(K) £ix)o £(M)O L¢iiin8 of fvn¢lion rooms Man•g¢m¢ni i)f invuiment wts'. slatc manaBcrs' ft¢s L¢KBI oth¢r adminiJ¢rntion fcc# Investm¢ntmdnqws' Mwnknan¢¢ of inv¢sIml qs8rAs'. Rcpllirs, rnaillt¢wc¢d r¢fvrbhMtD1 ol'eslales Support co¥ CoThblN¢d ¢h•rlll¢i 163 163 526 208 516 208 729 72 163 3.374 3.540 Ldtin8 of lighthou COlla8¢8 Letting of fvn¢lion rwms Group 1.363 1.363 535 4.912 47
CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND NOTES TO THE CROUP AND COMBIJYED ACCOUNrs For ihe yewr ended Jl M%h 2023 29. COMPARATtVES (contlDutd) Ifj EXPEP4DITURE ON CHAIUTABLE ACTIVITJES: WELFARE Group and Combintd Ch•rltl¢• Lorporatc Triiii(yHou8e LhaTLty Maritime Charity unlrICted Utv¢$iricied [dOWm¢t funds funds funds Total 2022 £otx £000 £000 £000 upkttp of the'frinity Homes Grants paid- annual Grants paid- desited Grants paid- other Support costs Tothl 2022 334 44 378 526 526 IBII 251 196 231 (8) EXPENDITURE ON CHARITABLE ACTMTIES: YOUTII OPPORTUNITIES AND TRAINING Group and cornb1n ChArl¢l•i Trinily IIousL' Muritime Churity Unrestriaed Resiricted fun(L8 fimds £O(K> £000 To*1 2022 Merchant S¢holthhip Schcmc CJrants phid- annual Grants P8id- oth¢r Support custs Tothl 2022 1,606 243 126 409 72 1326 247 226 4119 724 {h) EXPENDITURE ON CHARITABLE ACTIVITIES: PUBLIC SAFETY AND EDUCATION Group 4fftd Comblned Ch4ritit4 Trinity Hou5C Maritime Charity UnTCStricted Rcstricted fijnds fijnds £0 £O(K) 1,569 Tutsl 2022 £000 l.S69 36 THMCA)rr grgnts Grants paid- Hnnulll Grnnts paid- dcsignatcd Clrnnts paid- othcr Supwrt costs Totsl 2022 36 18 29 18 29 83 .5119 48
CORPOIL4TION OF TRINITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUI¥TS For tle year ended 31 Mrth 2023 29. COMPARATIVES l¢owtlhu¢d) (I) ANALYSIS OF SUPPORT COSTS otrice si&ff £OIK) Suvice 5tar( £000 Athnin Totsl 2022 £0( Ratsing (und8 Welfar¢ Youth opportunitlf5 Nnd trainlng Public safety and edU¢10n Mthinlaining t1 latrffic and herits8e of Trinity Hou5C Total 2022 365 125 205 14 46 16 26 318 110 178 13 729 251 409 29 120 120 829 619 1.538 IJ) CORPORATE CHAIUTY- DESIGNATED FUNDS B&lEncc Ht I April 2021 d¢¥i8nutions £000 UtiliEed I Bol8ncc ot relea8ed 31 Mar 2022 £0 £000 Iluuse Designated Fund Fixed AsseL% Fllnd 444 444 8,919 9.363 28 11281 8,819 ) CORPORATE CHARITV. RESTRICTED FUIYDS B41on¢¢ Al April 2021 £000 Ino)me Expenditiire Balan¢¢ tht 31 Mar 2022 £000 £(yJo Warden'5 Trinity Hou5c Relief Fund Flrcthren's, Cov¢n•nt And Gift Sch¢rn¢ 5B 58 60 {1> TRINITY HOUSE MARITIME CHARrrY- DESIGNATED FUNDS BAIBn¢e At New l April 2021 d¢signAtion5 £000 £tXKJ Utilis¢d / Balance at ie&8cd 31 Mar 2022 £000 £0 Exiraordlnary Rcpair Fund Mer¢hantNay kholgrship S¢h¢m¢ 177 500 177 500 677 677 49
CORPORATION OF TKINITY HOII.SE OF DEvfFORD STROND NOTVSTO THE GROUPAND COMBJNED Acc[ For Iht yt4r JI Mayeh 2023 29. COMPARATIVES (tlINeI I) TRINITY HOIISE MAR]mE CHARITY-RESTRICTED nlNDS IDll¢C ai l Apwil 2021 Movcmenl in (uTrds Balonce al Tncomc ExpEnditsre 31 Mar 2022 Swir¢ S¢hrJlwship Fund 8wire Yerxllan SupJx>rt Fund Capt4in John Bury McnMyiil Prize Fund Orants for Mu¢haDINiTry S¢hDJarthip Schcmc.. 105 22 12 105 {41 720 7201 Briiish movi Priz¢ fund DEPFJtnKnl for Tr4mPXt FThd 46 1.909 40 340 11.5691 (Jl TKINITY HOUSE MARVTJME CHARITV- PERfvIANENT ENDOWMENT FUNDS Mov¢mvni In fvThds Balw¢¢ at ini amd 31 MAr 2022 Apvil 2021 £noo £(AKJ Trinity Vil Church ond W1 Forn. Qoxh511 MartinH Farm, Es% rriTrity HorrKs, Wllnwr 250.569 3.556 1.337 1.9)6 257.30% 255,7 3.563 2,200 1,8YJ 263 J15 1441 47 23 5.9f)4 lol ANALYSIS OF C.IIOIIP NET ASSETS BETWEF.N FUNtks Corporote Charity Trifftity Hfw¢ M1¢1M¢ Chirity Nuts. urttriCted R¢5triGt¢d UnrMiri¢trd R¢8trJcied Endowmrnt criLAbl0 funds fund5 TTIn8 hjnds £000 Totsl 2022 £000 %(h) (H)0 £0 Fulld BlaD¢t4 ¢ JI Mirtb 2022 RepreieTrttd by: Tin8Lble fix¢d ass¢ 8,822 54 63 1,696 262,JJ8 214 527 203.571 4211 12.5921 793 Cuff¢nl &4SQLS CUtTl liibilili D¢fits bcIsI penlion Tol*l ntt •¥KI• 293 14061 zzo 2.05fj 12541 573 321 17791 00 263 31.5 876 50