REGISTERED CHARITY NUMBER.. 211869 THE CORPORATION OF TIUNITY HOUSE OF DEPTFORD STROND REPORT OF THE CORPORATE BOARD AND GROUP ACCOUNTS OF THE CORPORATE CHARITY AND ITS SUBSIDIARIES, INCLUDtNG THE TRy HOUSE MARITIME CHARITY FOR THE YEAR ENDED 31 MARCH 2024
THEC OR TION OF TIUNITY H USE OF DEPTFORD STROND The members of the Coryjorate Board, a$ TNst¢¢s present their Annual RerI and Group AGrounts foT thE ar ended 31 March 2024. THE CORPORATION'S OBJECTIVES AND AcfiviTIES The Corporation of Trinity House of D¢ptford Strond C'the Conjorl0" or'yrinity House.) was incorporated by Royal Charter in 1514 and its primary airns are to.. serve th¢ m3rin¢r with support to those in need., provide educa¢ion and training in seamanship. atyi prornote safe navigation at sea. With this in mind, the Corporation'$ Yision is.. To be a key. influendng mirltlme organis#tl•n tht XAfegu4rdJ ihlpplrtg #nd se#farerJ by PTovldlDg WelfAr4 Youth Opportunltle4 gnd TralDlg to the afrlng ¢ommM41ty, And advfjnccs Publlc Safety and Education In th• rnarttlme dom*ln The Corporation's Pri1paI Iharity is the Corporate Charity, whi¢h is responsible for.. maintaining the fg4bri¢ and heritage of Thnity Hou8¢. Tower Hill. London. the licensin ofDeep Sea Pilots., aTLd thc PTOV15ion of expertise on maritime matters, includin8 the appointsnent of Nautic&l Assessors, ¢0 assirt th¢ Admirnlty Court. Und¢r its Royal Charters, the Corp¢)Tation is also responsible for the rnajntena¢ and 8ood governancr of thE Trinity How Frhlemity, whi¢h now tsumbeT8 mor¢ than 500 Eldcr And Younger Breihren. The Cory)org1¢ Charity's subgidiory Gharity, the Trinity Hou8¢ Maritimc Charity (THMC). is 8ov¢rned by a Kheme of the Charity Commi99ion. Its primary obje¢ts are-. thc provision of almshouse CoMModUll0n for needy mariners and their depertdan¢3: the paym¢nt of amulties. The scheme also provides for A numberof other ¢haritable objects ¢on¢eming'. the relief of need and the promtslion of welfare arnon8St mariners Hnd their dependants., education and training in navigation And seamanship; th¢ adVAement of public 8Df¢ty. in particular the safety ofmarin¢rs and Jhipping g¢nerv4lly,' aThJ the eduration of the publi¢ in matt¢rs r¢latin8 to Mvigation, shippin8 and $eAmanship. The c.orporalion's llctivitics. as Sel out below, d¢mon$trate that Trinity House operate¥ for the publi¢ beneflt under four charitthblc purposes as defined in the Charities Act 2011. These ar¢.. the r¢li¢f of ihose in need. the advan¢¥m¢nt oleducition: the advancement of health and savith$ ILve8; the advanc¢m¢nt of the art5, culture, herita8e or xi¢n¢e. The Tntstees confirm that th¢y have ¢omplied with the duty in Section 17(5) of th¢ Chthritics Act 201 I to have thie regard to the public benefit 8uidonce publithed by the Charity Cornmission.
The Corporation's actiwties for the year eThJed 31 March 2024. in relation to the above objectives are as follows.. Welfare THMC operates 18 &lmshotsses in Walmer, Kent, which are purpose-built and fitted out (or the older P¢TSOn. Oth¢rwis¢ &5 Trinity Hom¢s, each bunloW overlooks attractive. lands¢aped garden& And a sp8¢ious eommonldining room 15 a150 available to all residet)ts. The alTnshouse5 do not cornpri8¢ a ¢ar¢ home and residents are expected to be capable of living indepeTrJently. but the G¢n¢ial MaE)ager is rnindfvl of their w¢llbein8 ond is usually avY4ilable on w¢ekday$ for ¢onsultaiion and advice. Nighi Att¢ndants arc a150 on duty overnight every day of the week, and an ¢mer8ency call system is in pla¢¢ where, in the event of sudden illthess or a fall, o resident can quickly eall for help. A midday me81 is provided by the Resident Services CoorditOr on Mond&y to Friday, for thos¢ who would like one. sub9idised by THMC. To be eli8ibl¢ to liv¢ in th¢ Homrs. residents must be retired marin¢r5 and their p8rtner& or the widowslwidowers of Tnariners, in financial need. who have M)Tmally had over 15 y¢ars' s¢tvi¢e 0¢ a. R¢sid¢nts are typically 60 and bove. In additiory THML makes re8ular payments to oround 60 athnuitants. som¢ of whom ar¢ residents of Trinity Homeg. THMC'S othrr signific&nt activity within the welfare scctor is the #ward ot'8rRnts to marilime welf4r¢ chAftlies. Given th¢ number of well.csthblished maritime Charities providirtg wrlfaTe Services directly to those in need, Ihe Tru3trcs wnsider thai it would be an inefficient use of T¢sour¢¢$ to duplirale thcir effort¥. They th¢r¢for¢ PT¢ftr lo fulfil lh¢ Corporation's objectiycs through support for these charities by giving grants. To improv¢ furth¢r IL8 efficiency in this area, THMC is a member of a numbcr of sectOT-wide coll&borDtive Workin groups designed IL) ensure ihai the nEeds of seafarerb. both serving and r¢lired. and their fthmilies hre mct. These include the Merchant Navy Welfare BDard's Scrvin8 Seafarer, and Old¢r S¥afarer Famili¢5. worki Group5 and th¢ Maritime ChaTlties Group (MC(31. The MCG fosters collaboration acro the mAritime ¢harity 8CCtor by Sharing inf0mlion, commi5¥Lonin¥ r¢s¢or¢h, 8UPPOrting the eduLation and welfare of s¢afarers And their families. and by the promotion of best Practice within the sector. THMC 15 also a member of the Equality. Equity, Diversity and Inclusion IF,F.DII WOTkin8 group, currently ¢ompri$ing six maritime charities. This group is d¢v¢loping a seclor-wide projcct to Support m&ritimc welfgre cknrities on theirjourney to incrc&5e diversity and i1$10. Youth Opportunltlu amd Tralnlnl THMC'S chariiable activity ethables youn8 peopl¢ to experi¢nc¢ lif¥ at sea with a thre•-fold aim. Firstly, they gain confid¢n¢e at by hAndlin&> 8rnDII &nd large craft; this, in ttrn, enhances publi¢ safety. Secondly, such activitie8promot¢ ¢ducation and trAit)ing for those who seek to pursue y ¢4r¢¢r at Sea. Th¥ ronfidence gained can often open young people's eye8 1(J th¢ wealih of opportunitie5 availablc Ihat they may not hAve ¢onsidered vr known &lx>ut. Finally. this a¢tivity improve8public &wArenes.4 of naviBatiort. $hippin8 and Seamanship while highlighting thr rolc ofTrinity IIou5e and oth¢r sencies in promoting the safety of shipping. THMC provides an annual granl to the mlne Society & Sea Cadets, J moriiime ¢hariiy. The Corporation &150 fjjnds ¢areer developmeni bursarie$ awarded by the Association ol Suil Troining Organisaiions IASTOI, Royal Yachiin Association {RYA) Yachtma8t¢r Scholarships for those working in tk small commerciol v¢$5¢1 s¢¢tor, a supcryacht cadetship through the United Kingdom Sailing Academy {UKSA). Eduration tr8inin8 in navigati¢)n, s¢&manship and marine en8ineering are mainly provided through THMC'S Merchont Navy Scholarship S¢h¢m¢ (MNSS). whereby young people training to becom¢ offirKr5 in the Merchant Navy are supported with burrieS for th¢ir acad¢mi¢ courscs and 5ea-80ing tr&inin8, Candidates, who ¢ usually between 16 aj 18Yi years old, undertake a three-y¢or progromme split b¢twe¢n nautical college and tirne &l sva in a variety ofsea- 80ing ve&5¢15. CHd¢t5 ran train as Decl Engin¢¢r or El¢¢tro•TeEhni¢al Officers IETO$). Pubile SAftty ind Edllc&do The safety of Tnarin¢r5 and shippin8 generally, and of the public who travel by Sea, is the core a¢tivity of Trinity Hous¢ in its Caplty a5 a Gener41 Lighthouse Authority- It i$ a130 8n obj¢tt of tht Corporation'5 charit2es, which provide a number of major gr&nt8 for ihis purpose. THMC a150 rnakes 8rants towards the adYatKement of edatIOn in rnaritime matters such as s]nnShIp.
M4lDtalnlthg tbt Fbrit Artd Heiitge of Trinity Houae The mainteDance of the fabric and heritage of Trinity House, Tow¢r Hill, tndn is an essential part of the Corporate Charity's a¢tivities. This Grade I listed building dates from 1795 and was r¢siored and re-ow)ed in 1953 followin W8rtim¢ d&m&g¢. Although it continues to be the headquarters buildin8 of the General LIht0Ust Authority and of the Corporation. charities. its ceremonial rooms are nornially seen by well over 20,0(M> visitors eo¢h year who ai¢¢nd for ¢onf¢rcn¢e4 r¢¢epiions. weddings and other events. These includ¢ th¢ annual get)eral m¢¢tin89 of other choriti¢& both in the maritime and wider se¢iors. as well As production companies. investment bonks. law firms and non-¢horitabl¢ mariiime ¢ompanies due to Iht Hous¢'5 loration within the Square Mile ofthe City of knndon. For the same reason, it is popular with livery companies lacking hall$ of their own, who choose to h05t cercmonial court meetin88, lunches and dinner5 there. Although the buildin8 is used exten8iv¢ly for ihe Corwration'8 own adTnilli5trativ¢ and operational purposes. its 5uece5sful promotion to external users not only enh4nG¢5 public under5taTLdin8 of the important rol¢ of the Corporution but a150 Optimises the use of its assets,. contributes to conservation. preservation, soGial valuc and financial 5U5tainability,' nd rnaintains a eomplex balanc¢ of histori¢ value and ¢ontcmporAry. foTWY4Td-looking authority and r¢levanGe. Th¢ majority of the costs of maintaining Trinity HOe, Tower Hill, IA)t)don is found from room-letting incom¢, and the building 1$ nomially available for use cach day thTOU8hout ihe year apart from a fow-w¢¢k maint¢nan¢¢ p¢riod in Augu and the d&ys of, und tW¢¢n, Christrnas and New Year. Deep SeA PU•tARe And Provlilott •fNutltAI The Corporation ho$ a strong ini¢r¢si in Deep S¢& Pilotage and. by Section 23 of the Pilotagc Act 1987, is authorised to grant Decp Sea Pilol8ge certificates to persons who satisfy the necessary criteria for cnty Und exarnin&¢ion. The Corporation is encouT#gin& more ¢8ndidates to se¢k De S¢& Pilotage lirenGe$ because thi$ plays a vital role in the s&fety of n#vigJtion in the En81ish Channel, North S¢& and around our ¢0#s1S. ond consequently in th¢ prottctivtt of ow envimnment. Whilst not Mandatory, the si8nifL¢pnt risk mitl8ation hfford¢d by ihe of Deep Sea Pilots 1$ w¢ll r¢¢ognised. The over&ll cost of obthininby o licence can be consider&ble. 8rJ the Corpora Charity award8 bursaries to 8uc¢ebyful ¢andidatQ5 to help with the purch of neLe364ry ¢quipm¢n¢ and with th¢ costs involved in pr¢paration for the To1¢. In addition, the Corporation is required to appoint Nautical A8se&qors to aS5iSt the Admir<y Court where the Jud require5 sp¢cialised nayi8all0n ¢xpertis¢. Cases moy involve Complex technical artd professionttl issues st he8rin8J may last s¢veral w¢¢k$. TrvJttt$' Revlew of Cbarltthble endItUre And Gr*nt-M•ldng Pollcy review of THMC'S 8rant-making pro¥¢dur¢ wis completed during the yeat ended 31 March 2021 and fully implementcd Shortly afterward8, brin8Ln8 ¢8t¢r ¢larity to the application pro¢¢ss for the organi¥ations ¥upported, und resulting in a more strcamlined 8rnnt pro8r8mme. The reluiionships TIIMC with the or8anis&Lion8 it 8UPPQrty r¢moin At th¢ cor¢ of our work And are valued on both sides. Visits to grant recipien15 play an importslnt part not only in k¢¢ping the TTUSt¢es bri¢f¢d on th¢ impa¢1 of THMC'$ ndit)g but a150 in ensuring they are aware of thc cmer8in8 challenges faced by the Sector. These visits #Iso mak¢ rnanif¢st Trinity Houge's abidin8 interest in those it 5UPPOrts. Th¢ Trustees maintain a policy of allocating THMC granis in the ratio 6-.4..1 b¢tw¢¢n Youth Opportunities and TrAinin& Welfare, arKi Public SHftty a5 fw 88 p058iblc. whilc reco8nisin8 that the fundin8 needs across these ar¢¥s will vary from year to yeor.
Svbsldiary Companles The rnark¢ting and management of room lettin88 Ig undertaken by Trinity House Events Limited (THEL). a wholly owthed subgidiary company of the Corporate Charity. Any profits g¢n¢rat¢d by thr ¢OTnpany. whctt Thot requir¢d to b¢ r¢tain¢d, are directed towards the Corporation's charitable objects. Th¢ Corporate Charity is ai80 th¢ sole owner of Trinitas SeTvices Limit¢d, th¢ principal activity of which is the managemrnt and operation of 37 fOrnr li8hthou5e k¢eper5' cottages that are as holiday MmodatIon and short- temi letting. The day-to-day manag¢m¢nt of the company is carried out by staff ¢mploy¢d by the General Lighthouse Authority (see page l4). ACHIEVEMENTS AND PERFORMANCE WeNArt Durin8 the ye, the Corp)rAlion sp¢nt £1.8 million towords the welfare of mariners and their dcTKndonts compared with £1.6 million in the previous ye¥r Isce note 71. Includin8 SUPPOrt C08ts, this ¢quaie8 to 33V• LTrf (he total charitable expendiiurc in the year (ex¢ludLng res¢ri¢ted grants made frotn the THMC/Depat1menL for Transport ITHMCIDff) Fund see 'Public Safety 8nd Trainin8' b¢low) compared with the TrLLStee8' tar8e¢ of 36./0 of ¢xp¢nditure. Expenditure in the yw included: The m&int¢nance and upkeep ofthe Trinity Hom¢9 Almshoe5 in W4lm¢r(£438.1)00). The Homes are inspe¢ied p¢riodiGally by the Lorporation'8 surveyor and 01118 bung#l¢)w5 and the communal buildin$ ¢(Trn¢inue to k in good repair. QuiT4uennial surv¢y$ of all buildiTh&s wcrc completed in November 2023, re8uliing irt the produ¢tion of& planned mgintenance pro8ramm¢. Minor improvcmcnts to iTHlividuDI propcrtl¢5 ¢ontinue &$ part ofrouiine maintcnance. The 8ardens r¢main well maint&inrd and are much apprecigted by lh¢ r¢8id¢nt8. Three vacant prop¢nie$ were occupied durinx the course of the finon¢ial yeAr- two in Junc 2023 and one in J&nu8ry 2024- r¢sultin¥ in the Homes bcing at fi]11 oCCuy. An1 grants lo twelve welfare chAriti¢s in ¢h¢ maritime sector totalling £600.000. O¢her grants to welfare charities and individuals totalling £300.0{. in¢ludittg annuities to 24 r¢tired seafarers in finan¢ial ne¢d ai a rate of £994 pcr annum and tiv¢ grants totsllin¥ £30.000 awarded from an cmer8ency fund sei up in response to the Cost of livin¥ cri5lS. THMC supports & wide ran8¢ of rnaritime wclfare or8anisations. During the year, a grant of £ 110.000 was given io thc ShipwTecked Mariners, So¢i¢ty. The Slety exists to provide flnfincial support to rnariners18nd their fomilies) who Are in need throu8hout the British 181es. They provide regulAr and on¢ryoff grAnts for thosc livin8 on low ineom¢8 and d¢liver thrir Support through u n41iot)wide n¢¢work of caseworkers. A grant of£lOO,0(l WH5 awarded to the Royal Alfred SeafArer3 Society. Based in Banst¢ad. the siety provide¥nursing> sp¢¢iali8t dementia and respite car¢ for 8¢afar¢rs. their widows And dcpcndants at Belvedere Hous¢ alon8side sheltered accommodation at Weston A¢rc5. Thc Sailors. Childn'S Society was awdrded a grant of £fj8,O. Tlw yupport the families of Royal Navy, Royal Marines, M¢hant Navy and Fishing Flect pcrsonnel when they ar¢ in crL515. Thc Society provides monthly $upport grants alon8side help to buy school uniforms. laptops and other items throughout the year. They also Provide respite bTeak5 in th¢ir ¢i8hi c8r&vans. The Nautilus Welfare Fd offers a range of specialist services to 8UPPOrt retired seAfarers and their dependants, for thos¢ reqtsirin8 residential or nursing Care, as well as retirement 0MModation for proplc living independently. and 8150 ¢Ar¢ at home to help p¢ople live independently ift their homes for longer. During ihe yeAr, it received a wnt of £83,000 towards its servlces. The Fish¢m)en's Mission. which h85 been supporting thc Fishing Fleet and their families for over a hundred years* r¢ceiv¢d & nI of £62,000. The Mission provid¢s prn¢ti¢al, welfare. health, pastoral and financi81 support through its etwork of port team5 around the country as w¢ll as A 2417 respons¢ to all f15hin8 emerg¢n¢ie$ 81 sea.
Youtb OpportwnltleA and TrHJlnlng Expenditure on this charitxble object totalled £3.4 million, in¢luding support ¢05t4 compared with £3.1 million in th¢ previous year (see note 8), and ¢qu&ies lo 65Yo of the total charitsble expendjture in the y¢ar cornpartd with the Trustees, tsrgei of 55°h. These figures ¢x¢lud¢ Te8tri¢t¢d grants made from the THMCIDrr Futtd (see below). The cost of the M¢r¢hant Navy Scholarship Scheme (MNSS) was the largest item in the year. totallin8 £2.4 million. a sum partially off8et by government grts of £l.I million. Th¢ operation of the MNSS coniinues to improve under th¢ 8¢nd yeor of delivery by Just Be Marstime Ltd. with improved mana8ernent ofresour¢¢$and efficicnt utilis&tion ofbudgets contributing to su¢¢essfvl mairttenance of excellent training opportunities for the cadets Wlthin the scheme. and helpin8 to eA¥ur¢ th¢y quality and s¢¢vre employment opportunities at the conclusion of their cadetship. The succex8 rate for cadct5 qualifyhn8 15 well abov¢ the industry 5thr¥Jard. and Trinity HOe'S re]ationship$ wilh thipping COrnP8nies and Joint Vcnture partncrs have resulted in good employment opportuntties. The NfNSS d¢mon$trates a good return on investment and. betterstill. gives youn8, aspiringM¢rrhant Navy otTicer5 theopportunityto follow a worthwhile arcer within the maritime seGtor. One ch&llenkTe in the year has been a fall in retention rate which is. perhaps, an ¢ff¢¢t of the current intake of candidates hAvin8 been impac*d by ih¢ C-19 pandcmic as they completed their secondary education. This has not only b¢ a problern within the marilime sttior bui also with other profe&sions, apparently r¢suliirtg from students [king confidence and. as a resul¢. the obility to pas5 cxaminlltions. However. thc most recent inthke of candidales has demonstyaied a recovering and reuring ability, ¢ommiiment and willin8ne&s to fulfLI their ambitions Wlthitt maritime. During the year, Trinity House receiv¢d new Brani fvndin8 frorn the Dff to sponsor 20 Ukrainian n&iiona15 through th MNSS. While there has been a hiuh number of applicanis, li has been a challenge to identify suitable candidates with the necessary &cemIC qlifICatIOnS and a suffi¢i¢ni level of written and spoken English, sin¢e Ukroinian is their n&tive iangua8e. To dale, four cadets comm¢n¢¢d training in jAnry and the rcmainder 5thrted their course5 in Sepiember2024 or are due to Start in JAnuAry 2025. Thv other major area of expenditure tsnder Youth Opportuniti¢$ and Training comprised three annual grgnts totslling £195.000 to chariticsofftring opportunities for youn¥ people to ¢xperi¢n¢¢ sailing and other maritime activities. includin training.. the Marine Society & Sea Cadetx (£130,011- the iK)ndon Nautical School I£40,0(1)- and the Int¢tIOnaL Association of Lighthou Auihorities, (IALA- AISM) World Wid¢ Academy (£25,000). Other 8fAnts in¢luded £15,000 to the Portsmouth S&il Training Trust, £24,000 to UWC Atlanti¢ Coll¢8e. £lO.O(N) to the Cirdan Tftl. £6,000 ttTr the (k¢an Youth Trust Souih. £7.000 to the Rona Sailin8 Project and £21.000 to the Association ofsail Truining Or6ani5alion8.
Publlc Safety Edue(ion Including support costs, grant expendittw¢ from UTJre5tTiCted fund5 on Publi¢ Sofe¢y And Education totalled £93.1)00 compared with £84.000 in the previous year (see not¢ 9). This equates to 2•/0 of Lhe total chariiable exp¢rtdiDJr¢ in the year ¢ompar¢d with thc Truslee5' target allocatiot) of 9°/• while lower than the tar8et, il 1$ supplemented by grants from the restricted THMCIDrr fithd d¢tY4ilod below. CHIRP Maritime (Confidential Human Factors Incident Reportin8 Programmel was awarded £20,000 to help encourd8e incideni reporting 50 that safety lessons Can be lettrned and disseminated. CHIRP aims to encomp5 cvery aspect of s¢amanship where safety has a criiicai role, including leisure boating, the fi%hin8 indwty, ¢omm¢rrial rnaritirnc, offshore. pilo(ag¢, military, and pori operations. Their vision seeks a world in which maritime 8af¢ty is ¢oniinu&lly improved by tacklin8 the humon fa¢iors that underpin safety-relad issues. The Royal Institute of Navigation wa5 awarded a grant of £18,000. The In¥litLrte's core objective 18 to unite in on¢ body, those interested in navigation, and to advance the scie¢ and prActice of nhvibyation. promoting kwI¢d8¢ of navlgation and its a580¢iat¢d s¢ienc¢s. A grAnt of £21.000 was awarded to ihe NaiioMI Coa5twHtch Institution. Sin¢e 1994, National Coa5twalch has been our yes Along thc Coast. It is staffed and managcd by voluntecrs who as8lSt in preserving life at sea Arourtd the UK coastline. NCI 1.8 currerttly op¢r&tin8 fjfty-nine sthtions along thc coast of F4n8land and Wales, Staffed by wmc 2,600 watchkeepers. Publ1¢ S#f•ty •lld Edu¢4tlon granti dlgburied from the THMCIDrr hnd In addition to ant expcndiThtre from unrestricted funds, 8rants ioialling £721,000 were disbursed frorn the restricted fijnd administered by THMC jointly with the Dep&rtm¢nt for Transport (Dffl. As Set out in previous Reports and AccouTht4 a Orant Funding Agreement with ihe DIT approving a granl to THMC of £3.0 million was Signed on 27 Mareh 2Q19. This 8rani, re¢eived in April 2019. was in support of 8fety and training" relAted mattcrs Within THMC'S objects. A further award of £l.O million was $ubyrquently added to the fid by the D. Disbursements in the year w¢r¢ rnade m&inly to the Royal Society for the Prevention of Ac¢ideni8 (ROSPA) (£41YJ,000), the International Seafar¢r5' W¢lfatt A¥isian¢e Network l£119.0001 and the University of Aberdeen (£59.000). ROSPA (as part of the National Water Safety Fonun or NWSF. cornprising over fifty or8anisations) d¢liv¢rcd a successful Respect the W&ter 999 campai launched on World Drowning Prevention Day in 2022. This additional fundin8 embled the NWSF to build on it5 succcss and ¢xt¢nd the projecl for a further two years. Funding provided to the International S¢afarers' Welfare Assistsn¢e Nctwotk (ISWANI wa8 in 5UPPOrt of The Social InLer&ction Matt¢rs (SIM) project as a continuing initiative with the S[ of improvintsy tho lives of 3eafar¢rs And their familie5 worldwide by increasing awar¢n¢$s of ih¢ importanc¢ of social intcraction for se&f8rer health and 5Af¢ty and ¢ampaI1n8 for improved standArds. The Univcrsity of Aherdeen's Illl1 will allow the production of o sel of trllining and assessment rn&teriRl4 ground¢d in a behaviourdl m¥rker $yslem, to ¢r]able the MCA 8nd other fishin organisaiions to implement non-teehnical skills (NTSI trHinin8. NTS ar¢ thr thinking {c.8. Situational awar¢ne8s, de¢ision-makin) aTHI Social {e.& tearnwork, l¢ad¢rship) skills considered neCeary for safe and effectivc work pcrfonnance, particularly irt high risk industric5. Other Brants were aW4Lrded io Hull M#ritime Fouttdation, the Fi5hernwi'y Mission. CHIRP (see above). the Merchan¢ Navy Wrlfare Board and the S•ilors' So¢iety. Mlrttets*nce of tbe FAbrfe and Herltage Df Trlnlty Houoe Expenditurt in the year on this 181h centt. Gradv I listed buildin8 totalled £824.000 ¢ompar¢d with £944,000 in th¢ previous year (See note 10).
Investmen¢4 Trinity Yilluge (value £214.8 million {2023-. £233.5 million}).' the primary obje¢tive for th¢ y¢ar conG¢ming THMC'S rnain investment property portfolio was to minimise the number of residential voids at any one tim¢ ilst optimising the levels of retrtal income for both new lets and renewdls. Key componcnts of this Straiegy were the maintenan¢¢ of the estate at a 8uffi¢ienily hi¥h slandard to arhitvc the best possible rental levels. bringing below-market rents UP to an appropriate level in a fair And measured fashion. and agile marketing. THMC continue5 to prioritise its reputation as a fair and considcratt landlord. The Tnte¢S report th&t the value of the estate decr¢&q¢d by 8.OY• in the year du¢ to a disJx)sal of a lease interest in one of the Commercial properties. and continued challenging conditions in the residential proputy market resulting in a de¢r¢as¢ in the portfolio valur. Given the proa¢tiv¢ manag¢m¢ni of the portfolio, it is ple&sing io report that gro rental income for Trinity Village w&8 up by 12.0% in the year. Porifoliu inve.flments Ivaiu¢ £19,928,000 (2022.. £12.115,000)1. Th¢ PTiTnHry portfolio i5 the p¢rnan¢nt endowTh¢ni {'Capi¢MI'I fuThJ And thi9 Corded a tAl reDJrn in the fitsancial year of l 8.10/0 compared wilh the benchmark of 17.92D/o. Perf0mnce ¢oniinues io be moniiored by the Investmrnt and E5thtes Committee and the Corporat¢ Bo8rd on a r¢gulgr bosis. The increasc in ¢h¢ valuc of the portfolio during the year was primarily a resultof the lnVeM¢nt orth¢ a(or¢m¢ntioned l¢ase interest disposAI proceeds. The Trlnlry Houie Corpormt• Pelljlon Schemo ("Ih¢ S¢h¢me-) Tr Scherne is adefined b¢netit8 scheme and was approv¢dgs 'eXeMpl approved 5chcme' under the termsof th¢ In¢orne And corportion T8xes A¢t 1988. 11 1$ now a regi8tered pension scheme under P&rt 4. Chapt¢r 2 of the Finance Act 2004. The Scheme wa5 established on l Oc¢ob¢r 1977 and i5 governed by a D¢finiiive Trust Derd and Rule5 d&ted 3 October 2008 a5 arncndcd 27 July 2011. The sponsoring employer of th¢ SGh¢me is the CorpDfV4tion of Trinity House ofDeptf()rd Strond (the CorpoTaiion). The Schcme waB c108ed to n¢w members of staff with effe¢1 from 18 July 2006. Thc Scheme w88 also closed from I September 2006 ¢0 exi8tin8 stsff who were not already member8. Th¢r¢ Are 5 aEtive, 8 defeffed And 32 Pe10n¢r8 in the fid. Under ihe rules of the Scheme, appointtnent and removAI of pension trustees is the responsibility of the Corporation. Appoinlments ar¢ rnmde by aeMentOriht Corporate Board. The pension trustee board ¢ompris¢¥ th¢ Chair, Mr Richard Sadler {Elder Brother and mrmbrr ol'ihe Corporate Board Uniil 20 September 2022}. Zo¥ Tumer {a deferred member and Head of Evcnts at Trinity Houie) and Mr William Everard (an external independent advisor and p¢nsion tru$t¢e specialist). Quantum Advisory LLP r¢m8in 08 the xheme's acwarial, secrethri41, Administrative aTKI invcsimcnt advisors. Hymans Robertson LLP remain a8 the Corporg4tion's independent advisors. The fund is audited by Bur24¢0tt LLP and th¢ S¢heme'$ Annual Rcport and Financial Statements for the year ended 30 September 2023 are available. The recent actuarial valuNtion, at l (ktober 2023, showed a surplus of £169.000. wth fimdit)g level of103UA. Th¢ invgslment strategy a¢¢ in 2022. bel¢ th¢ Corporation and the pen5Lon trustees. with support from the advisor4 remains in place to protect this surplus in t ¢omin¥ y¢#r& With the current surplu& it is ¢on¢luded that the pcnsion scheme is in a healthy fLnon¢ial and or8anisalional position. See note 25 for pcn5ion commitment5 under'Finan¢ial RcportiD8 Stsndard 102- Retirement Benefits,.
FUTURE PLANS During the comin8 y¢ar thE Trustees will seek kn.. Disburse £843,000 in annual grants from the ¢hariti¢s' uJJr¢stTiCted fund8, and a fijrther £645,)0 in Brants and aMuitie8 to other maritim¢ ¢haritie& organis&tions and individuals. Continue to disburse 8rants from tlJeTHMCIDtT fitnd towards sfifety and training-Telated matters, in ac¢ordanc¢ with THMC'5 objects. Continue to maint8in th¢ almshouses to a high Standard and at th¢ fullest oc¢upAnry possible. Continue to attract htgh-quality ¢andidai¢s io the MNSS. to monitor lh¢ suip¢ontra¢ied manogement of the sch¢mc following its recent review- at)d to explore Telllted new opwrtunilies with other charities and otganisation$. Continue with the enrolrnent 4TH1 sponsorship of Ukrainian cadets (brinwn8 the total to 20) under thc 6Tant 88reem¢ni. dated 29 February 2024. ¢stablt8hed wilh the Dn. Agree and impleTnent the actions arising from the Investment Strgte8y Review (ISR) of all of THMC'A IDV¢$tm¢nts held within its Capital Fund, both prop¥rty and Tron-prorty, to ¢nBure that it is CortlY posiiion to Optimi the yield Hnd return on th¢ und¢rlying ossels. at thc minimum rhsk deemed accepiable. Subject to the outcome of the ISR. consider the extent to which the discrete el¢m¢nts of the Trinity Village Business Plan ITVBP - prepared by Knight Fr8nk in June 2020, with th¢ objectives of8rowing ihe net incom¢ of the e8tRte 2nd as¢ertaining the options for inYe$trn¢nt diversifiGationl are still appropriate for implementalion or rnay n¢¢d am¢ndm¢n¢. MaxiMi8¢ tho in¢om¢ earned by the Corporate Cltarity'a yubsidtary. THEL. to Provide etial fiLndin8 for the principal object of m&in¢aining t fabric and heritage ofTTinity House. Continu¢ to maint#in ihe Trinity House Grade I listed building to an appropriately hi8h 5tsnd4rd. Consider the incr¢a8ed deploymcnt of fimds tQW8rd$ the provision of expertise on rItiM¢ mptt¢r8 land specifically Deep S¢0 Pilot#gel by the Corpor&te Charity. Followin8 the impl¢menlation of the new Ent¢rprise R¢source Planning IERP) system (repl)ng ¢h¢ previous accountiny softw8Te), TCVICW and update the appropriate relad policies. proces5e5 and proc¢dures for application and consistency a¢rosg the or8anisalion. Conlinue to ¢x&mine, develop and itnprovc the chtIeS, Environm¢tytal, Social and Governllnce IESG} profil¢. with an enhanced approach in particular to Sustainability where appli¢able, and an inCread focw on risk derivin8 from Clima* a8¢. Continue to assess options for recommendation to the Court to ensure that the Corporation's Charters r¢main fil for prSe. Continue to develop the Risk Mana8ement proc¢ss and to refresh the Risk Register followin80 review involving Staff from o¢ross the Corporate Department. ¢ontinue to en¥og¢ staff in the process. CoTMluct the quiwu¢ntJial valuation of the Corporate Charity's Treasurrs, for in8ufdnce purpo& Continue driving to ensure thBt the ¢hJritl¢s are fundamcntally imbued with the Corporation's va]u¢4 and in parti¢ular EEDI. Scope and initial¢ a rang¢ of Change projKts aimed, in the first instaNe. at makin8 better use of the Frnternity as a strategic asset.
FINANCIAL REVIEW Flnanchl Commentary The a¢counts following this Annual Report show the combined accounts of the Corpor&tc Charity and THMC (tO8ether 'the cornbined charities'l. and th¢ Group Account5 which al80 includ¢ th¢ results of the Corporate Charity'5 two subsidiary companies, Trinita5 Services Limitrd wjd THEL. The followin8 narrative relates to the Group A¢¢ounts only. Sthrting with by far the larger of th¢ two Chlties, THMC'S uiirestrieted funds resulted in net income (before investment 82insllos$e$l in the year of £589.000 compared with the previous ytaT which produced net expenditw¢ of £173,000. THMC'S unrestricted inwm¢ rose from £7.9 million to £9.0 million, primarily as a r¢$ult of a 12.7(A* incTease in Trinity Village est4t¢ Inrne, whi¢h totallcd £8.6 million for th¢ ar {2023.' £7.6 million). Unrestricted charitabl¢ ¢xp¢nditur¢ totall¢d £4.1 million compared with £3.9 million the previous yeor. This comprised £1.700.000 on welfare aclivLties, £2,303.000 youth opportunilies and trainin& and £93,000 public safety and education. Unrestrict¢d ¢xp¢nditure on raising fuTLds (principally in T¢l8thon to th¢ generntion of investmeni property in¢ome) was £4.3 million in the year compAr¢d with £4.2 million the previous year. Overall, aft¢r taking account of an actuartal lo¥$ on the pension sGh¢rne (under the provisions of FRS 102) of £641,000. THMC'S unrestri¢ted reserves decreas¢d by £52,000 to £2,292,000. With regard to THMC'S r¢stri¢ted funds. nolable activity in¢lud¢d a fUrtr £721,000 of Brants that were disbursed from the THMC/Dff Fund,. the balance of the Fund at the year end w4$ £278,000 (see note 22). Thcr¢ was a150 £60.000 of ¥rant funding from the Dff in relation to the newly ere4t¢d Ukrain¢ Moritime Officrr Cbdr15hips fund, with £29.000 of expenditur¢ ¢0 dale. THMC'S restri¢ted fid$ at th¢ y¢gr ¢nd stood at £611.000 ¢ompAred with £1.265,000 at 31 March 2023. rHMC's pernianent endowrynent {'Capitsl') ndS decrrued by £1 1.6 million in ¢h¢ y¢ar to £240.3 million (see note 23). This was mainly a resul¢ of a 5.9Y• revalutttion1088 on the Trinity Village investment propety portfolio which, at th¢ year end, was valued at £214.8 million. Turning io ihe Corporate Charity and its 5ubsidiarie% r)M Icttin8 incorne decreaged tr) £482,000 during th¢ y¢8T from £559,000 in th¢ prioT year refleclin¥ a slight dowmtum in tradin8 ¢onditions compared with the previous year, which may have benefit¢d from A rebound cffect with postponed events laking placc followbng the Covid-19 pllndemic. The li8hthous¢ ¢ottag¢ letting inGome of Trinitas 8¢rvi¢¢s Limited deLrea8ed from £1,095.000 in the pr¢viou5 year lo £923,000 with a softening of the UK holiday Ict market. As a r¢suli. th¢ C.orporat¢ Charity'5 overall in¢ome decreased sli¥htly from £2.2 million in the previou5 year to £2.1 million. Th¢ Coryorute Charity's expendimre de¢r¢a5cd from £2.S million in the previous year to £2.2 million. As a result, the Corporate ChArity incurred net Expenditure of £172,000 b¢for¢ investment 8ain31108se3. OvrTall, after invrslfftcnt yins of £69,ono And An actuthrial loss of £239.000 on the pen8Lon 8cherne, the Corporate Charity showed A thet dccrea5c in funds of £342,000 to £10.2 million. Overall. the total combined funds of the two ¢haritiC5 gnd their subsidiaries stood ai £233.4 million ¢ompored wilh £266.0 million at 31 March 2023.
IwJvutMent Polley THMC'S investment p)rtfolio is compriseil of residential and commercial property {'Trinity Village,) whi¢h was valued At £214.8 million at 31 March 2024- a8ri¢ulNral holdings valued at £5.3 million.. and portfolio investments lincludin8 cash awaitin¥ inve5tTnent) valued at £19.3 million. The Corporate Charity also ha5 porrfolio invcstments which wer¢ valued at £0.7 million. The TnJ5tee$' poli¢y wilh r¢gard to Trinity Village iy to. Seek the optimal level of 5U5tainable rental income con8islent with good $teward8hip as a landlord: Und¢rtake heduled and periodic property rnaint¢n8n¢¢ obli8aiions as they arise in accordanc¢ with high stsndards of workmanship and safe workin8 praclice in the interests of preserying ihe value of the property as an investment. Enhance further, where appropTiat¢. th¢ prime r¢sid¢ntiAI areas of Trinity Villagc internally and externally,. Examine opportunities for strategic redevelopment of fOTnTnCll properties. wually upon r¢v¢rsion of leases. During the y¢areTed 31 March 2021. theTruste¢s re¢¢iYed, and agrecd to implcrnent. the recommendations ofa business plun (the TVBP) prepared by Knight Frank, the estate mMnag¢r8, following their strategic rcview in the preceding ye8r. Whilst th¢ implementatioh of the plan wa5 delay by ihe pand¢mi¢, a nUMr of p1f1¢, discrete feasibility xtudi¢$ w¢re prO¢S$¢d last year and in the year under review in order that they could be presented for Approval by the TTU51oc as soon 08 appropriat¢. The obje¢lives of the plan remained th¢ $u5tsinabl¢ groth of n¢t income from thc c5¢Y4te, and investment dÈv¢r.9ificAtion to miti¥atr risk and incTC&SC income. Th¢ discrete el¢m¢nts of ihe plon th&t remain Are, however, now under revi¢w as 10 their continued applicability, 8iven th¢ wid¢r review (the ISR) referred to abovr of THMC'S inve$trnent8 held within its Capiial FUNA. T)urin8 the year, th¢TntCe&, policy with r¢wd to thc Primary invcstmenl portfolio ItheTHMC'Capital Fund,) remttined to grow the Fund in order to 8UPPOrt cApit&l ¢xpendiNre on Trinity Villagc. Accordin8ly. BlackRr*ck was in8¢ry¢ted to mainlain a primarily passive approa¢h to provide a cost-effi¢ieni w&y of gaining exposurc to developed liquid markets {i.¢. ¢quiii¢& bottd5 and 8iltsl. The agreed assei allocations arc a8 follows.. {Notc 16) ShDres D¢v¢loped World Index Fund GBP Hedged MSCI World Net TR Index 67.5V• 6¥.3% Shares UK Credit Bond Index Fund iBoxx Sterlin8 Non41ilt8 Index 17.OV• 16.3UA Shares Indcx Linked Gilt Index Fund FTSE ActuDries UK Index-Linked Gilts over 5 years 8.OY• 8.oyo Shares Em¢r8in8 MBrkets Index Fund MSCI Emerging Markcts Index, Ne¢ Renmi8 in GBP 7.5Yo 7.4Y. Prlrttlpl rknkj •nd yn¢¢rt8kntlei The Corporation's Ri8k Register 15 reviewed a year by the AJIt aThJ Risk Cornmittee. The Re&Y%ter is th¢n submitted for TutinY and endorsement by the Corporate BoArd iogeth¢r with ihe mitjutes of the Audit and Risk Committee. The Register covers all aspe¢ts of Corporate operations, in¢luding propetty and portfolio invc5tmcnt management. the Trinity House building and rontents. income levels, financi&l m&nagem¢nt, human resowces. pensiort provision, inforntIOll technology, r¢gvlatLoll> gDvernanc¢ and reputstion. All potential risks or¢ a$s¢ssed on th¢ir probability of occurrence and impact upon the Ctsrporation both prior to mitigation and post-miti8ation on a ycalr ta81¥ fr(Fm 'low' (less than 21Y/o chance) likelihood to 'very high, (Tnore than 80Yo chance). 10
The Re8jSter identifies the key risks to the ¢harities and 5ubsidiAry Gompanic5 a5 follow5= Triprity Yulage Eslale." loss or diminution in value of propetry assets: flood risk (both plvvial ond fluvi81)' loss of incotne for charitable purposes. litigation by tenants and leaseholders. prosecution by statutory authorities. foilurc to ¢xploit asset value. insuifici¢nt diversity in the property and investmen( portfolio. Tr rrusto¢s believe that ihe above risks have been mitigated by the retention. and superinMden¢< of suitably qualified and experieneed property mandgemenl ag¢nts and sutv¢yors, legal 8dvis¢rs and insurance brokers. The anagin8 a8enls and lawyers provide re8ular detahled reporis that are discussed at quarterly monilorin8 mectings. and the Executive also report, both throu8h the Management Committee and Investment and Estates CoTnmittee and directly. to each meeting of the Corporale Board. Other less fornial meetings are 8180 regularly held, often on the estate itself. The Trustees retain an Honorary Surveyor who &Lltends the Invesimeni and Estates Commiiiee. is iDdep¢ndcnt of th¥ profr5sional advisers, and from whom they ¢xcasionally 5cck advice; he is fully involved with the current ISR. The Tr¥tee$ m&intain sulble levels of reseryes io mitigate against a loss in r¢ntal income from the esthte. Estate incom¢ ond expenditure 0190 monitored by the Board thTtsu¥h thr productioTh of quart¢rly management accounts and budgets. Notwithstanding ihi5 miti8ation, the TnL8teeg' ISR of THMC'S investments held within its Capital Fund, bot property Hnd non-property. aims to ensure that it is wrr¢¢tly p051tioned to optirnise the yield and return on ihe undcrlying as¥cts. al thc minimurn acceptable risk. Triprlty Hou.fe Bulldlng.. 1055 of Toom leiting income (through the Corporation's subsidiary cornpDny. THEL - 8¢e b¢low); poientLAI loss of life or injury aE)d damage to property throu&Th fire. flood. terrorism or inhdequthte maintenan¢¢' failurc of thc buildin8 rnanagemcnt 5y5tem' 1085 of heritP8e. Thc TnLsiees believe that the ubovc risky ar¢ miligated by regular propcrty m&intenancc and saf¢ty check5, firc drills and reviews of eva¢u8tion pro¢¢dure8. In8urance is reviewed Annually and A planned mAinlenan¢e pro8ramme, drown up and Managed by ¢h¢ Coryor&tson's second Honorary Sury¢yor at ClultQll8, is ¢orried out eaLh y¢ar. Th¢ surveyor Also ensures that full ¢omplianL¢ wilh building and other regulations 18 mainiained. The Tower of London has kindly a8r¢¢d io provide ¢m¢rgen¢y consetar and storag¢ $uppon for the flne art trer¢S in th¢ ¢v¢nt of on incident. Incofflc from thc letting of thc Lercmoniaj r(m3 and the buildin8'3 maintcnance costs are monitored by th¢ Board by mcan3 ot. quarterly mana8ement accounts aThJ bud8ets. In addition to free Te5erves, tho Trustees maintain & designated fund ('Hou5e De&ignAted Fund,) to ensure that suflicienl monic8 arc available for major repairs and r¢fitrbi5hrnents to the buildin8, both emer8ency gnd plgnned. Pandemic Lewl DiFease.' whilst thought largely to have p&%sed. thc effects of the Covid-19 parLdeTllic p05cd (and, to A limitcd dvisrce. still po8cl differin8 T15k5 to the Corporate Charity aTtd THMC, as well &8 to the health and safcty of staff and vi5ltors. The biggest risk is CUTrenily a85e55cd a5 the emergence of & 5ignifLc&nl new v#riant of Covid-19 bringin8 Wlth it substantial re-imp051tion of restrictions and constraints. The rne risk applir$ lo the emergence ai pandemic level of any similar type of restrictive or incapaLi¢ating disease. For th¢ Corporatc Charity.- thr risk to inwme lay50fi&ted wyth the illability to let roorti in th¢ building due to complian¢¢ with related legislaiion and guidan¢e. and diminished public appeii for events) would Again lead to depl¢tion of reserves and potential failure of THEL a9 a golng concenL The Trustees belieye that th¢% risks would b¢ Tnitigated by 51milar rout5¢5 of artion a5 Ptrviowly wh¢r¢ Bpplicabl¢. and obviously dependant on the nattwe of (he disease, including acceptance of govemment suppo the rc8u18T and frequent monitoring of the company's c4sh flow¥, both actyal and foreLaSI, And operaiion requiTements', ond the minimisation of any appropriale variobl¢ costs. Th¢ di10r$ of THEL r¢main al¢rt to th¢ need to ensure that the company remains a going concem. Depending a8ain on the nBture of the diseage, risks to staff And vi8ltDrs would include the possibility of an outbreak in Trinity House leadhng to enforced closure of the building (also depending on prevailin8 requirements). fiher loss of income. liability and reputational d¥4magc. This would be mitigated by a full risk Assessment resulting in all mcasuTes having been tsken, as and when necessary, to render and sustain Trinity House as u Covid (or other disease)-safe environmeni. Ottgoing arrangetnents within the House would be compliant with1¢8islaiion.
For THMC.. ri$k5 to income from Trinity Village associated with the inability of r¢sid¢ntial teTbants to pay rent. cotnmercial tenont business failures, excessive voids ai lockdown, government con5tr8ints landlords. and broader impact on lh¢ rental market in London in getteral and in the area of Trinity Villag¢ in particular. Any impact upon income would again affect charitable disbursem¢Dts and Estate hbandry. The Tn]8t¢es b¢lievc that these risks would be mitigated by carefvl superintendence froTll thcir estate managers (Knight Frank), advice from thetn and others gnd toking carefvl account of lessons l¢amed so far from the Covid-19 pandemic. The Trustees havo as5¢s5¢d th¢ major risks to which the ¢hariti¢s ir¥ exposed and are satisfied ihal thesr have been identified, and that appropriate m¢a5ure5 and efflive 8y8t¢ms and Controls are in place to mitigate them. As noted above wthin Futhre Pluns, work ¢ontinues with regard to th¢ risk management process and to ¢nsure thDt the risk register 15 a practical mana8¢nwnt tool with risk OMer1P embedded throughout the organisation. RettrveB Poll¢y Corpornle Charlty The Corporate Charity rc5eTves totalling £9,372,IM)0 (2023.. £9,451.000} and ¢omprisirtg d¢518nated lund$ (£9,068,000). 8 pension resetve {£23.000). restricted funds {£60.000) Nnd unrtrICted fund$ (free reserves) of £221,}0. The designated funds ar¢ mad¢ up as follow5.. Hous¢ Dejignaied Fund: to unsure that th¢ Corporat¢ Charity can rnaintain the fabric and heritage (Trf Trinity HO. Tower Hill, London, 5p¢cifically including any mr4jor refiwbishments of th¢ building io be ¢arricd out in a¢¢ordance with long-terni maintenance plam drawn up by the Corporale Charity's suryeyur. The ¢osts ()f mainiMinin8 a GT4d¢ I lisl¢d buildillg Are high and th¢ plan has identified the requircment for con$idcrable mainienathcc cxpenditur¢ ov¢r the next 5 to 10 years. This is e8s¢ntial in light of th¢ buildin8's listing and the need to maintain it to o high siandard attract clients wishing to hire th¢ function rooms. thu8 susiainin¥ the Corporat¢ ChArity'8 room lettin8 income. Thc b914Te of th¢ Fund is £443,000 (2023.. £410,000). F&xedAssels Fund.. this is represented by tan8ible fjxed assets not readily av&illlble to meet ¢xpendittwe, the balanc¢ al thc year end was £8.7 million {2023.. £8.7 million). Th¢ Trustees review the Corporate C.harity'5 free res¢tVe5 poli¥y annually and the current poliLy is lo maintain frce re8¢rv¢s ai a levol equival¢nt to between 6 And 9 months, operating expenditurc. This w&s in¢r¢88ed from betw¢en 3 and 6 months in order io bolster resilience as a lesson Icarned from ih¢ C-19 pandemic. The bolance of free re8etV¢8 At the yeHr end was £221,00012021.. £10,000) which 18 4 month5, budgeted op¢rating expenditure. This position is below the re5ervcs policy, principally a result of the losi r¢venuc5 experienLed by the Charity'5 tradirjg subsidiary THEL dwing the pandemi¢. Through pnent bud8el&ry control, progrcss continues to b¢ made in restoring reserves to 8 l¢v¢l thal is in line wilh policy, with the expectation ¢urr¢nily Ihat the free re5crves balance will reNrn io bein8 in line wilh policy no iat¢r tn 2026127. Trlnlty HowJ¢Morlilme Chorlty (THMC) THMC ha5 r¢s¢rv¢s toiallirtg £243.2 million 12023.. £255.5 rnillion) ¢omprising p¢rnianent cndowment fund {£240.294,0001, d¢signatcd funds (£677.0001, a pension reserve {£62.0001, restriil¢d funds {£611.000) and unre¥tri¢t¢d fimds (free re5crvesl of £1,552,000. Income receiv¢d from (he pennanent endowm¢ni nd¥ 15 available for general purposes in acCOrd8n with THMC's 8overnin8 documents. The designated funds are made up as follows: Exlrdord1llry Repair Fund.. to meet the requirement of THMC'S governing document to provide for extraordinary r¢piiif5, improvement and r¢buildin8 at Trinity Homes, Walm¢r. Ai the yeDr end. the bala¢ of this fund was £177,00012023.. £177,000). Mercknnt Novy Scholarship SchÉme fiind (MNSS)". the TnL8tees' FX)li¢y is to maintain this fund at 4 l¢v¢l equivalent to between 3 and 6 months of the operDting costs of the MNS8. The balancc of the fund at th¢ year end was £500,000 {2023= £500,000) which WAS equivalent to approximat¢ly 3 month5, operating costs. As with the Corporate Charity. the Trustees r¢view THMC'5 fr¢e r¢s¢rves policy annually and the current policy 18 to maintain reserves at a level equivalent to between 6 and 9 mot]th5' operatin8 expEnditur¢. The balance of free res¢rv¢s at the year end totalled £1,553.000 (2023.. £998,000) which hs equival¢nt to approximately 4 months, operating xpendilure. The current expectation is that the free r¢s¢rves bal#rKe will return to being in line with policy no later than 2026127. 12
STRUCTURE, GOVERNANCE AND MANAGEMENT As explained earlier, Trinity Houx was inGorpor3trd by Royal Charter 1514. A Chartcr of Confjrmation was 8ranted in 1685 and. although supplementsl Ch&rt¢r$ wrre granted for$p¢cifi¢ puyposes b¢hve¢n 1870 and 2022 (the latest having b¢¢n granted on 31 Janlljry 2022). th¢ 1685 Ch8rt¢r r¢mains th¢ Corpor8tion's principal governing doGumenL The Corporation's duties as a Genera] Lighthouse Authority are conducted under powers given by the Mer¢hant Shippin Acts. Howcvcr, the fundin& opcrations and rnanag¢m¢nt of the Lighthouse Authority ar¢ ¢ntirely s¢pzrate from those of the Coryoraiion's chariry undertakings and. as a resul¢, Are not dealt wth in these a¢¢ounts. The Corpordt¢ Charity 1$ th¢ principal Charity IR¢wstr&tion Number 2118691. THMC is a subsidiary of the Corte Charity (Registration Number 211 ¥69-23) and is 8ovemed by a Scheme of ihe Charity Commission dated 7 Au8U8t 1995. The Charity Commission 8ranted a Unitin8 Direction on 24 May 2004 to enable the two charitles to be ¢ombined for the purposes of reporting and the presentation of account$. The members of the coTY11¢ Board are elected by the Court of the Corporation Hnd act a5 TTUStc#s of the ¢hariti¢$. Th¢ Tru5tcEs who scfftd during the pcri¢Jd from l April 2023 ts) the dote of this Report were as follows.. Rear Admir&1 Jain Lower CB MA AFNI (Dep#ly MuJ¢er) (uppolnled 13 Febrnary 2024) Captain Sir lan McN&ught KCVO MNM FNI (D¢puty hla$iEr) (reiired 13 Febryary 2024) Capiain Ror Barker MNM FNI Capiain St¢ph¢n Gobbi MNM FNI JP MA LLB Captain Nigel Hope RD MNM FNI RNR Commodore William Walworth CBE MNM RFA Commodore Robert Di>rey RFA Commander Nigel Hgre MA FRIN Malcolm Gl&ister Esq. ReHr AdmirF41 lan Moncrieff CBE DL Hott. Capiain Lance Bai¢helor BJ4R (re.figned 19 March 2024 being appoinfed Chair fjfjihe Lighihf)M.¥e B(pard) A.B,C,D A,B.C.D A,B,C B,C,D Copnmliree membershlp.. A Member tsfihe Manugemeni COMM1¢ IJ Member Dfihe Investmenl ondE&lote.f Commitlee C Member ofthc Audil und Risk CDmmlltee D MErnber ofihe Remunerullon Commlllee The BoArd meets four lime9 a yeAr and ha5 appointa a number of commitkes to di8charg¢ certain fimctions. Th¢ Committees are constiNied as the Investment and Estates, Audit and Risk, and Remuneration Committee8. The Management Committee is constituted with its au¢hority parlpulsu with the other committees and m¢ets fow lim¢s ye8r, in the interv&l8 between Board meelin&s. Commodore Martin Atherton OBE MA FCMI FCILT RN is Secretary to the Corporalion. The S•crctary 15 the Chicf ExeKutive Offi¢¢r of th¢ two ch8n.ties with day--daY Tespon8ibtlity for th¢ir eff¢ctiv¢ oper4tion and administration. he 19 also responsible (or the administration 8nd co-ordinalion o(Lhe Fraternity of Elder and Youn¥er Brethren. The Corporation's Royal Charters provide for the election of 31 active Elder Brethren who collectively constitute the votin8 rnembersof the Court. it8govcrnin¥ body. All theTn(eeS ofthe charlticsare ElderBrethren and Court Assistants. The Court is supported and advised by a fraternity of Youn8er Brethren. both women and men. who represent the broad constituencies with which thc Corpordtion is a5sociatcd. They are likely to bc senior professiona15 froTll the Royal Navy or the Merchant Navy, Pilots or Harbour Ma5ter4 or those en8a8ed in other areas of Maritime inGludin8 th¢ shipping indu5ty and associated busin¢e5 or statutory agencies. others may have a background in sailing or the voluntary 5¢Ctor. Those s¢l¢¢ted to krve as Tntstees r¢fleGt thts broad range ofskills and experience, and th¢ Board ther¢fore comprises ¢Xn91ve knowledge and ¢xprri¢nce of the maTitiTne Kctor in its widest sens¢. All are. or hav¢ been, s¢nior figures in the rtOr. Most a150 5fTV¢ on thc govcrning bodi¢5 of, or ar¢ as50fiF4ted with, othcr Agr1¢5 and ¢haTiti¢s. Two m¢mb¢rs of the Bwd hav¢ parti¢ular busin¢s$ or investinent exp¢rien¢¢ respectively. Since Trustees are elected from the Fraternity, they will nornially already have an u[erStandIng of the function5 and operation of Trinity House'5 charities. Nevertheles5. new Trustees are rnade awore of their statutory responsibilities and are briefed formally by the Secretsry on their role. on the charitle5' governing docuTnents- thE way in whirh thE Trustee body op¢r#te$' and on the a¢tiviti¢s of the Charities. Tnts¢s are also priSed old¢velopments within the s¢ctor. 13
The staff of the Charitie5 are led by the Se¢r¢tary. They are cn8a8ed in financial and opcrational administralion. income g¢ner8tion and the provision of support seryices at the CoTporalion's headquarters building at Towcr Hill. THMC employs a small staff at Trinity Homes. Walm¢r, WI also report to the Secretary. The key pcr50nnel are the Ttijstees, th¢ Se¢retary, the Finance atxl Commercial D1ctOr (who is also a Deputy Secretary to th¢ Corporatiun). the Head of Events and the Head of Choritable Givin8. Staff Salaries are reviewed annually by the Corporate R¢muoerAtion Comtnittee. comprising the tkputy M&sier And the two Bu.%iness /lnve.8imcnt TnlE¢s. onc ofwhom acts 8s Chair. Th¥ Corporation believes in attracting and retaining high quality stsff for the long tenn, and a compreheTLsive quinquennial bthchmarking review was undertaken during lh¢ year. AS mentionrd above. the Corporate Charity has two wholly owned Bub8idiary companies. Th¢ fir5L Trinit8s Services Limit¢d. wa$ incorporatsd 1993 and its principal activity i$ the operation of 37 fonner li8hthouse keepers. cottagcs as holiday accommodation and short terni lets. Two of the five dire¢iors ofihe company arc also memb¢rs of thc CoTpora(¢ Board and a third dir¢¢tor is th¢ Secretary the Corpor4tion and Chief Exe¢utivc ot'the charities. The principal gcÈivrty of th¢ second company. THEL is th¢ generation of income for the Corporyt¢ Charity by l¢tting of th¢ function rooms at Trinity House. Two of the coryany'g three directors Ar¢ membcrs of the Corporate Board and the third is the Sccretary to th¢ Corporation. Durin8 th¢ prior y¢Ar vlnd the yeir under review, the charities did not actively solicit donations with the exception of a lirnited fundraising campaign in aid of the Worcester M¢rGhant Navy Cadet Scheme IWMNCS). No public tundraising has been, or will be involved. A substantial part of (he iotsl sum raised to date come from v(plunlary doMIion5 by alumni of the Merch¥nt Na&y Trainin¥ College, HMS WeSter, which closed in 1969. Other fundin8 for WMNCS has ari.$cn froTn the sponsorship of four by thc TK Foundalion, one ¢ad¢i by the Goslin8 Foundation. un¢ partially by the Swire family foundation and one by the Woods family. Otven that thcre ha5 been no public fundraising and the narrow 0pe of this 8¢tiYity. the ch&ritie5 have not rcgi5tered with th¢ Fundraisin¥ Re8ul8tor: and did noi gubs¢ribE to any fundraising codes of prAGiice. When donations from individuals are r¢ceivcd, Ihe charities Jim to protrrt PfT50nal daia and never sell d81¥ or swap daia with othcr orswni8wlions. During ihe year. the charities received no complgints about fundraisin8 4ctivitie5. 14
THE CORPORATE BOARD'S RFSPONSIBILITIES RELATION TO THE ACCOUNTS The Corporate Board is r¢sponsibl¢ for preparin8 the Rewjrt of ¢he CorporAt¢ Board and Group Accounts in a¢¢ordan¥e with applicable IAW and United Kingdom Accountin8 Standards (United Kingdom Gcnera]ly Accepted AccountitlB PraGtice). The law applicablc to charitie5 in En8land and Wales r¢quiTes the Colporate Board to prepzre accounts fur ¢a¢h fJtwi¢ial y¢ar that giv¢ a fair view of the state of affairs of the ¢ombined charities and the 8roup (the combined chariti¢s and subsidiary ¢ompani¢sl and of the income and ¢xpenditur¢ of th¢ Gharities and the group for that period. In preparin8 th¢8¢ aOUnts, thr Corporate Board is required to.. Solect suitsblo ¢¢)untIng policies and then apply ihern con5iStently: Observe the rn¢thods and principles in Accounttng ar¥{ R¢porting by Charities- Statement of Recommended Practic¢ applicable to charities preparing theiraccouftts in accordance with the Finan¢ir41 Reporting Standard applicable tn the UK and Republic of Ireland (FRS 102). Make judgements pnd ¢slimate$ that are Nsortoble ond prudent; Stsie whether applicabl¢ United Kingdom Accounting Standards have been followed, subject io any material departures disclosed ond expioined in ihe accourtts.. and Prepare the accouhts on the Boing ¢0Crn basis urtless it 15 inappropriate to pr¢sum¢ th&¢ the chhrilies and ihe 8roup will continue in operation. The Corporate Board L8 ruponsible for keeping 8d¢quAte aceowiting records th¥¢ di8close Thith reg8onable accuracy at any lim¢ the financial position of the chan'ti¢$ and the wup And enable it to ensure ihat th¢ OnIS comply with the Charities Act 2011, appli¢ablc Charity (Accounts and Report$l R¢gul8tlOll5 and thc provLSLons of the charitie8' governing docum¢nts. It 18Also responsible for s#fe¥uaTdin8 the a99et$ ofthe ¢harities and thc uP and hence (or takEn8 r¢asonabl¢ steps for the pr¢v¥ntion and detection offraud &nd other ifTegulariii¢8. Approved by the Corporate BoArd on 26 November 2024 and sign¢d on 118 behalf by R¢or Admiral lain knwcr CB MA AFNI Deputy Mast¢r and Chhir of TrLL4tees 15
REFERENCE DET PrfryclpAI OftI Trinity Hous¢ Tower Hill tA)ythn EC3N 4DH Telephottc: Website: 020 74816900 Auditor.. Buzzacott LLP 130 Wood Street LKJndott EC2V 6DL Managin8 A8ents.' Knight FrAnk LLP 35 Baker Street LoThJon WIU 8AN Sovills Ltd 33 MargAr¢t Street L4)ndon Wl(3 OJD Surv¢yors to th¢ Corporate Charity.. Cluttonj LLP Yamwicke 119.121 CarthottStr¢ L£sndon EC4N SAT Solicitor8'. For5ters LLP 31 Hill st¢t London WIJ 3LS Stone Kin8 LLP BoundAry Hou 91 Charterhouse Street London L,CIM 6HR The Le8al Partners Limited Park5hot Hous¢ 5 Kew Road Richmond TW9 2PR Investment Manw8ers: B1kRock UK Retsil Cli¢n¢ M8na8ement 12 Throwrton Avenu¢ London EC2N 2DL Bankers.. Bar¢layg Bank PLC Level 28, 1 Churchill Place ndon E14 5HP Pension Advisers.. Hyman$ Rob¢rt8on LLP One London Wa]1 ndon EC2Y SEA 16
tNDEPENDENT AiJDITOR'S REPORT TO THE CORPORATE BOARD OF THE CORPORATION OF TRtNrrY HOUSE OF DEPTFORD STROND Opknlon We have audited the aecounts of th¢ ¢ombined ¢hariti¢s of the Corporalion of Trinity House of Deptford Strond (the 'combin¢d charities,) ar their 8ub5idiari¢s {the 'group') for th¢ year ended 31 March 2024 which compris¢ the group and ¢ombined charitle5' Statement of finaneial activities, group and cornbined charities, balate shttts, the group 8tai¢m¢nt of cash flows. th¢ PTin¢ipal oUnt1ngpolIclts and the rtotes to the accounts. The financhal reporting framework that has been applied in their preparation is appltcable law and United Kingdom Accounting Stand8rds. including Finon¢i&l Rcporting Stsndard 102 'Th¢ Financial Reporting Slandard applicable in the UK and Republic of Ir¢i8nd' {Unitrd Kingdom Generally Accepted Ac¢ountin8 Pra¢ii¢e). In ow opinion. the ac¢ourtts'. • give a true and fair view of the state of the 8roup'8 and of the combined Ch)116, aff8iTS a5 at 31 March 2024 and of Iheir incoming resourccs and application of r¢sour¢¢8 for the year thEn ¢Ted. • have been properly prepared in accordance with United Kingdom Generally Aepted Accountin8 PradirK: and • hav¢ been prcparcd in accordance with th¢ r¢quiT¢m¢nt$ of the Charilic5 Act 2011. Basls for oplthlon We conducl¢d our audii in accordancc with International Siandards on Auditin¥ (UK) (ISAS (UK)) and applicabl¢ law. Our re8pon8ibilities under th05C Standards are furth¢r described in the audiior's respoTisibilities for thc audit of the 8¢¢ounis s¢¢iion of our report. We are ind¢p¢ndent of the group in Ac¢ord&n¢e with the ethical requirements th8t are r¢levant to our Audit of the Bccount5 Ln the UK, including the FRC'S Ethical S*andord Ind we have fulfilled our other ethical re8ponsibilities in ordance with these requirem¢nis. We believe thai the audit cvidence we hwve obtained is sufficient and thppropri#te to provide a b45is for ow opinion. Coo¢luilon# relgtlllg to gol#¥ ¢onc¢r• In auditin8 the accounts, we have concludcd that the CorporRtr Board's of the going ¢oncem basis of accountin8 Ln the preparation of the accounts 18 appropriate. Based on th¢ work w¢ have p¢rfomied, we have rtot identifted Bny maierial un¢¢rtaintie8 relating to events or conditions that. individually or colle¢iiYely, m&y cast 5iwh1ficI doubt on th¢ Broup and Combined charilics, ability to continue as 8 80ing ¢on¢ern for a period of at leas( twelve months from wh¢n the Count$ are authorised for i&8ue. Our rcsponsibtlities and ihe responsibilities of the Corwrate Board with r¢sp¢ct to going con¢em are described in the rel¢v¢ 5¢Ctions of thi8 reporL Other InformAtlon The othtr in(orni&¢ion Comprises the infomation included in the R¢port of ihe Corporate Board and Group AecourJt$ other than the a¢¢ounts and our auditor's report thereon. The CoTpofoL¢ Boord is r¥sponsiblc for the other infomatLOn. (hjr opinion on the ft¢CoUT does not cover the oth¢r inforniation and w¢ do not cxpr¢&4 any forn] of assUrce conclusion thereon. Our respon8tbility 1$ to read the other information and, in doin8 $0, wnsithr wh¢th¢r the othcr infonnation is materially inconsistenl thr accounts or our knowledge obtained in the course of the audit or otherwise appefftrs to be materially rnisslgt¢d. Irw¢ id¢ntify such Tnaterial inconsistencies or appar¢nt mokrial mi5Sthtements, we are required to deterniine whether this gives rise to a material misstatement in the accounts themselves. If. based on the work we have perfomled. we conclud¢ that there is a material misslatement of this other infomation, we are requited to report that fact. We have nothing to r¢port in this regard. 17
Matter8 oll whleh we #re required to report by exceptio In ¢IK light of the knowledge 2nd understandittg of the 0Up and combined charities and their environment obtaitd in the ¢ours¢ of the audiL we have not identified material missiatem¢nts in the Rcport of the Corpordte Board. We have nothing to r¢port in SpeCt of the following matters in relation to whi¢h th¢ Charities (A¢¢ounts and Reports) Regulations 28 r¢quires io reN)rt io you if. in our opinion.. the infornution given in the Report of the CorpoMt¢ Board 15 inconsistent in 4ny mat¢rial respect with ihe ac¢ount3' or guificient accountin8 records have not been kcpt by the combined chariti¢s; or th¢ combined chari¢i¢s' aunt$ hre not in agrccTncnt wilh the accounting records- or we h&ve not e1Ved all the inf0mlIn and explanations w¢ r¢quire for our audit. ReipoDslbillilei of th¢ C•rpori¢e Board As explained more thlly in the Corporat¢ BoArd's responsibilities statemertt set out on pag¢ I S. th¢ Corporat¢ Board is r¢$pon5ible for the preparation of the &ccounl% and for ]ng satisfied that they 8ive a trne and f&ir view, ynd for such inm&l control as thc CorpoTat¢ Board d¢t¢m)in¢s is necessary to ¢nabl¢ the preparation of atsunts that arc tree from maicrial mi55tatemen¢ whether due to fraud or error. In preparingthe &ccounts. th¢ Corporak Board is responsible for assessing the up,5 and the combined ch&rities' ability to GontiiJUE going con¢¢m, disclosing, as applicable. matter¥ related to ¥oin8 concern and usin8 the 8oin8 ¢on¢ern basis of aG¢ounting Unle the Corporate Board eiih¢r intends io liquidate th¢ xroup or the combined charities or to cease operation& or h19 no r¢gii51i¢ 4lt¢rn&tiv¢ but to do 80. Audlior'i rewnalbllltles ftsr the audlt of the Aeeouthti W¢ hav¢ been Appointed as Huditor under section 151 of the Charilies Act 2011 and rcport in cordanCe with the Act and relevanl regulations made or havin8 effeLt thereunder. Our objectives are to obiaiii Te8sonablo aUrnCL abour whether the aOlt4 as & whole are free from material missiatement, whether duc to fraud or error. a[ to Iye an audiior's report that inrludes our opinion. Reasonable SSUr8¢ IS A high level of a5surBnce, but is not a guarantee that an Audit conducted in accordance wilh ISA5 (UK) will always dde¢¢ a material rnisytatement when 1¢ gxis¢s. Mis8t&iements ¢Bn &rise from frAud or emTrr aTHI aT¢ ¢onsid¢red ma¢¢rial if, individually or in the a8w¥at¢, Ihey could reasonably b¢ expected to irtfluettcc the ¢wnomic decision& of users taken on the b815 of th¢8¢ ac¢ounts. ItT¢gulariti¢$, in¢luding fraud. are in5tshn¢es of non.¢omplianLr with laws #nd regulations. We dcslfj procedures in line with ow responsibilities, outlined above. to d¢tt mat¢rial mi55t#t¢mrnts in respeGt of irregularitics. includin8 fraud. The ext¢nl to which procedures are capable of detecting irregularities. in¢ludtrt8 fraud is detailed below.. Our approach to identifyin8 and as8es5ing the risks of material misstatemenl in respcct of irre8ularitie4 includin8 fraud and non-compliancr with law¥ and re¥ulations. was as follows.. • th¢ engagement partner ensured that the engement team Gollectively had the appropriate competence, c4p4biliti¢s and skills to identify or re¢o&yni¥e non-mplIancC with applicable law5 and regulations,. identiflcd the laws and r¢Bulalions appli¢abl¢ to the coThbincd charitie5 and the Jsroup throu8h di5¢ussions with man#gement and from our knowledge and experience of the Sector. wc focused on sp¢¢ifi¢ laws and r¢¥ul4tions which we considered may have A direct m&leriul ¢fY¢ct on the accounts orthe operati¢)ns of the ¢ombin¢d rhariiiesand the Bro, includin8 the CharitiesAct 2011 atd th¢ finan¢ial r¢porting framework r¢ferred to above. and we understood how the Gornbined charitics and the group are complying with those legal and regulatory frameworks by makin8 enquiries of management and those responsible for legdl and compliance procedures. We rorrotM)rated our enquiries thtQU8h our review of the minute5 ofmeetin8s of thos¢ ¢harBed with gov¢rnanc¢. 18
We assessed the suscrptibility of the combtned charities. and group's accounts to nMterial mis5tat¢ment. includin8 obtaining an UterStandIng of how fraud might occur. Audit procedures perfornied by the engagement team ittcluded: making enquirits of management and those charged with governance as lo their knowledge of a¢ttMI, $uspe¢ted and allegrd fra1., and ¢onsidrring the internal controls in place to miiigAte risks of fraud and non-compliance with laws and r¢8ula(ithJs. To &ddress the risk of fraud through management bias 8nd ov¢nid¢ of controls, . • perfornied analytiral proc¢durc5 to idenlify any unusual or un¢xpeci¢d financial rellltion5hips' tcst¢d journal ¢ntri¢s to identify unusual transactions, • perforn)ed substantive t¢$tithg of expeTwJiture including te8tin8 the authoris&tion ther¢oP and aSSed wh¢ther jud8emettt5 and a5sumption5 mad¢ in det¢rniining thr arcDunting estimates were iTLdicative of potential bia8. In response to the risk of irr¢8ulariti¢s and nonrfoTnpliance with law5 r¢gulatiory% we d¢siBned pro¢¢dures which in¢lud¥d. but were not limited to.. rcadin8 the minutes of me¢lit)8s of those Charged with 8overnance: and rnquiring ofman88¢m¢nt and truste¢s As ¢0 actual and potential liti8ation And claims. There are inherent Ilrnltations in our ?udil procedwes des¢ribed abuve. The rnore removed that laws and re8uIAtions Are from finBnrial tran8actions, th¢1¢8s likely it is thai we would become aware of non-¢ornplianc¢. Auditing $¢AndArd$ also limit th¢ Audi( pro¢edur¢s required to idenlify non•complian¢c with laws and re8ulations ¢0 enquiry of tho Corporate Bottrd and other m8na8ement and the inspeclion of r¢ultory and le8al correspondence, if any. Moterial mi8Staiements that grise due to fraud CAn be harder to dctcct than those that 1$¢ from ¢rror as they may involve d¢lib¢rat¢ ¢on¢ealment or coll10n. A fih¢r d¢8¢ription of our rewnsibilities for the iudit of the accounts ig located on tho Financial Reportin8 Coun¢il'$ website at www.fr¢.org.uk/auditorsresponsibililies. This d¢s¢ription fomis part of ow Auditor'g report. of0r r¢port This rew>rt is made solely to th¢ Corporate Board. ax 8 tr*)dy, in CordAnce wth Part 4 ofthe cties {A¢¢ounts and Report5) RelatiOnS 2008. Our audit work h4$ b¢¢n undertaken so that we mighl state to thc Corporate Board. those matter5 we are required to state to it in an auditor's report and for no other purpose. To the fvlle5t extertt P¢rniitted by law. we do not ac¢ept or assum¢ re8pon#ibility to anyone other ihan the combin¢d ¢hariti¥s and thc Corporate Boprd a body. for OUT audil worK for ihis reN)rL OT for the opinion¥ we have fornied. 27 November 2024 BuT.7.awtt LLP Statulory Auditor 130 Wood Street London EC2V 6DL BuzTacott LLP is eligible to act &% an audilor in tern of sKtion 1212 of the Companic5 Act 2006 19
CORFOIL4TION OFTIUNITY HOUSE OFDEvfFORD sfROND GROUP sfATEMENT OF FINANCIAL ACTIViTILS Forthe yor Ènd 31 Maryb 2024 Ctyp(yrHte TriDityHou5e Marilne Charity Charity lJTrre5thcted Re5trict¢d Pem)anen¢ fundy fund8 Endowment Totsl 2024 Tota] 2023 lin¢ju1nX gubAidiariL41 £(XbD £000 £000 Eo(K) INCOME FROM: 18 Charitablr LIvi1)ES 17 1,762 2,423 1,654 Othcr trBdin¥ adivilics Othe¢ op¢riikn8 irtcomc Tttv¢gim¢nty 1,4QS 17 8.930 27 &974 7.915 TOTAL INCOME 2.071 8,953 1,2¢K 27 112S3 12.11)6 XPENDJTURE ON: R8tsln$ fjjnds Chari¢Eblc oL'llvilkn.. 4.268 20 $629 W4lf8re 1.700 2.303 93 44 1.739 1438 814 Youth (yportunili¢% and trainin8 Public Jaf¢ty 4nd e(iuution MA4ntsihin¥ th¢ fAbri¢ othd heritw or TA Thlry H(w¢ RolcAJ o Deèp pIlOt&S¢Aul0Aty pr0vvdiL OINauticDI Axw¥w¥ 3.139 426 io 824 014 944 46 17 TOTAL EXPENDITURK 2,243 11.364 1,850 12J27 NET IF.XPF.NniTUREI I INCOME BEFORE INVE2YMBf4T GAINS AND L(LE5 1172) 589 16541 (371 (2741 276 on tILC tr¥alu•ll¢x diB]ThRI of investsncftt prw¢lE¥ (iains I{ltswl ort th¢Tevahatl and dltstxJslll ofwtfolio investsn¢nts io {iJJ14) (9.0871 2,313 {1.¥221 NET xENDvRE) I INCOMF. 589 16J41 111,6071 (11.7751 111233) OTHER RECOf•NtSKD ILO&SES)I GAif4S: A¢tuuriRI1105yI 18ain deflld b¢n¢fii F¢n$lon hcrne 25 12391 16411 1880) 103 NET MOVEMENT IN FUPIDS {3421 1521 16541 {] I.)7> 12ffj55) BALANCE AT I APRIL 2023 10.512 1,263 251.901 206.021 277.152 BALANCE AT JI MARCH 2024 10,170 2.292 24().294 25JJ67 266.022 D¢tsikd ¢omw8dv¢ tIxuTeA EtE di4cio8td itt tothe atcwnts. 20
CORPORATION OFTtUNfTY HOUSE OF DEiryFORD.8TROND
COMBINED CHARtTIES' STATENT OF FINANCIAL ACTIVITIES
WDr the yr ended JI Marth 2•14
Trinity Hou8e Chority
Chorty Unr£ited Restr]L] Pennaneni
funth Ejthmcnt
TotDI
2024
2023
£000
£(M)o
INCOME IFROM:
IknTh&tiOD$ and ltyo¢ies
Charitablc 4ctiviti
14
88
631
1,763
2,42)
¢Jhct tradin8 actkYitia4
Investments
601
269
17
B,9JO
27
4Y14
7.915
TOTAL INCOME
1.263
8,953
27
11,44S
10.719
EXPENDITURE ON:
RaisiTh8
Chtrithblc 4¢livili¢J'.
W¢lfar¢
270
4.268
20
4958
4.451
44
1,7S9
3.431
Yth 8nd tr4lniTrg
Publi¢ frfY Omd edu¢aii
CORPORATION OF TAINTTY HOUSE OF DEPTFORD STROND BALANCE SHEETS at 31 March 2024 Group ComblDed Chxrttl 2024 £000 Group Combined Charities 2023 2024 2023 £000 FIXED ETs Tangible fixed Investments 15 16 10.971 IOJ91 240,041 240,641 251 12 251,032 11.099 251.825 262.924 10,50B 251.825 262.333 CURRENT ASSETS stks 45 2045 2060 JJ50 38 28 D¢biorg 17 2,789 2,100 4.925 1,652 3,635 S J25 1.585 2.796 C&4h at bothk 4nd on deposit 4,409 CURRENf LIABILITIES Amounts f)Ilingd¢ within one year J¥ (3,88111 13.473) 13.145) {2,699) NET CURRENT AEr 1,670 1.452 2.180 1.710 NET ASSETS EXCLUDING PENSION ASSET 253382 251,484 26S,104 264,043 Defln¢d kn¢frt Frfnsion •1 25 918 918 NET ETs INCLUDING PENSIOLY ASSET 253J67 252.569 266.022 264.961 VUNDS CorporAt¢ Chlrlty JncomefundJ.' Deai8hatcd fundJ (Mher untricted fund5 P¢n8lOrt re R¢stri¢¢¢d fund5 19 9,132 10 249 9,lJ2 io 249 60 221 23 60 221 23 60 20 9J72 9J72 9,451 9,451 Trlnlty Hoys¢ Marl1¢ Cknrlty Incume Designated fvttds Other UllTe3tric*d futsds Pension rcserve Restri¢led funds 2J 677 lJ53 02 677 677 677 998 069 1,265 3.009 62 669 1265 3.609 22 2,903 2J03 pl¢alfiiMds.' Pernwient etthwTh¢nt fvnd5 23 240294 240394 251,901 251.901 243,197 Z43,197 255,510 255,510 N•nbrItAble TrAdlng Futtd8 24 798 1,061 TOTAL FUNDS 253J67 252.569 260.022 264.961 Approved by the Corpo te Board on 26November2024 athd slwd on its iKhaif by AdttLirBI laitt Lo rCB Deputy Mast¢r and Chair of Trustcrs
CORPORATION OF TRINITY HOUSE OF DEPTFORD sfRof4D GROUP STATEMENT OF CASH FLOWS For the year ended Jl Mar¢b 2Q24 21n4 2023 £o(M) NET CASH USED IN OPKRATING ACTIVITIES (A) 8,788 6.928 CASH FLOWS FROM ILYVESTING ACTIVITIES: Pdyment5 to quir¢ trgibIC fix¢d assets Pdynents ts) improve ittve¥ttn¢nt pr(wrti¢5 Pro¢dS from sales of investment pruperti¢s Payment5 to acquire portfolio investhients Pr¢Jceeds fn)m sales of portfolio inv¢stments Repayment of pr0Mme.ell1ed Inv¢skn¢nt InGom¢ from iDve8lments {2021 11,7391 6089 1SJ33) 333 {236} (26) 2,176 8.974 7.915 NET CASH PROVIDED BY INVESTING ACTIVITIES 8M65 7.916 Repym¢ni of CoraVITU# Busines8 Intemwiioti Loa 50 so NET CASH USED IN FINANCING ACTIVITIES 50 CHANCE IN CASH AND CASH EQUIVALENTS (3731 938 CASH AND CASH EQUIVALENTS AT I APRIL 2023 J.978 3.040 CASH AND CASH EQUIVALENTS AT 31 MARCH 2024 {B JhOS 3.978 (A) RECONCILIATION OF NET EXPENDITURE TO IYET CASH USED IN OPERATING ACTIVITIES: 2024 2023 £000 276 Ne¢ l¢xpendilureYinc¢Jme the yw b¢for¢ invcsljnqnt gains and loueB AdJu$lm¢n15 for. Depreciation Loss un disposal of tsrtglb fixed a55¢ts Chan8¢ in Stocks Chan8¢ in dobior5 Chan8e in cr¢dilors Income from invcskncttts FRS 102 pension cost adjthent Nel c&8h In owatin8 a¢livitle8 (2741 326 297 17) (6011 785 (8,9741 147) 15) Il64} 603 17.915) 122) IB) ANALYSIS OF CASH AND CASH EQUIVALENrs: 31 31 March 2014 2023 £o(MJ 3,635 134 Cjsh at bank on deposit Cash held on deposit by eslatc rnanaging AentS (*te 171 Cash held dEISit by marjal[L8 a8¢nts ofmerchant Navy Scholarship Scheme InDte 17} Cash h¢ld by investmcnt mana8eTs (note 16) 2,661) 726 177 42 177 32 {CI ANALYSIS OV CHANGVS Viy iYET DEBT: l April Cash flows 31 Mjreh 2023 21124 £wo (373) 50 Cash and cash equivalents Coronavirus 81¢&5 Int¢rnWioJh LrAn Total 3.978 150) 23
CORPORATION OF TRINrrY HOUSE OF DEPTFORD STRUP4D NOTES TO THE GROUP AND COMBINED ACCOUNTS For the yehr ettd¢d 31 Mr¢b 2024 ACCOUNTING POLICIES The principal accwniingpoliciES Ndopted. judRomqnts and keyBources of e81imatiort UTl¢ertainty in the preparation of the Accounts 4r¢ laid out below. of Prep¥Tatlon These A¢cowits have been prepAred for the year to 31 M8rth 2024 with compa1Ve informsuon present¢d for the year to 31 March 2023. Thesc Accounts have been prepared under the hi5toriGal wst ¢onven¢ion with items recognised at cost or transaction value unless olhetivise stated in thr r¢lrvant aoUntIn policies below or th¢ notr$ w thu¢ Accounts. The Accounts have w¢phrEd in llcGordance with Accountin8 and R¢tin% by Chiriti¢$'. Stutcrncnt of ReMMended Pr•rtic¢ applicable to charitie5 prepArhng their ttc¢ounts in a¢¢ordence with the Financial Reponing Standord applirllbl¢ in the UK and Republic of Ir¢lwd (Chari¢i¢$ SORP IFRS 102)). the Finan¢ial RepLtIn& Standard Bpplicable in the UK and R¢publi¢ of Ircland IFRS 1021 llnd the Charities Act2011. Thp charities constitute public ben¢fi¢ ¢niiii¢s d¢fitt¢d by FRS 102. The Accounls are pr¢s¢nt¢d in slerlins prtd Tounded to the Iest one thtyjsand puttds. BASIS of Co&11dtIO Thc a5set5 liabilities and the incomr 4nd ¢xpehditure of the Corpornlion as Gen¢rnl Ll%hihi)us¢ Ahority for Engld Wales ue administ¢rd by It under s¢&tutory authority and are de411 wlth irt 9¢parate ae¢ounts. Group.. Th¢ Group siaiem¢rtt of finllncial activitie5 and fjroup balan¢¢ Sheet consolidate the ac¢ounts of the &ubsldi8ry wJd¢rtakings with those of the combined ¢h8riti¢s. Com&lned¢lWiil.' In aordall¢e with the Unitin8 Dircr¢lon &pproved by thc Charity Cotnmission on 24 Moy 2004, Ihe ¢ombln¢d charities, a¢¢ount8 deal with th¢ 4y5cts and liobilities. the income and expenditu of th¢ CorprTBtion of Trinity House of Dwford Slrond lin its Corporate capAcily, Ihe Coryx)rat¢ Charity) Hnd the u55Cts and liabilitie4 the income and the exndIture of the Trinity Hou8e Nloriiim¢ ChHrity, which is also under the tnjsteeship ofthe CowAtiOII. A5 the restrictcd funds of the Corporate Ch&rity Arr mBtcrilll. their income eXditUre are not shown separately in th¢ t¢M¢t of finAla1 AclLVLties but are disclosed in the nirtes. CrlllcJ A¢eollDthLg FJtlma¢eJ And AreJ o¢Judgeme•t Preparation of the AccouDt5 requires the trustees and mAnsgemettt to mak¢ silfICant judgements and estimates. Thc tnore silficant arell5 in thc a¢¢ounts where th jud8¢rnents and estimate5 have been made inelude.. . gllwation of sUPPOrt CDYts acr1>s5 chBril4ble aGtivitl¢5 investment preperty valuation (see ttotc 16) . pcnsion surplus or dcfLCjt vglulltion - useful economic life of ¢anBible r)xed assets, and consequent rate$ ofd¢pr¢Giation recoverBbility of programme-relaled investments 24
CORPORATION OF TRINITY HOUSE OF DEPTFORD STROI¥D NOTES TO THE GROUP AND COMBINED ACCOUNTS For tbe year ended 31 Matth 2024 AccolTING POLICIES (continued) kneMmeDt ofGolDg Coneer The Trustees have a8sessed whether the use of th¢ going concem assumption is appropriate its prep4rlnB th¢se Accounts. The TrLL%tees have mad¢ ¢nent in res1 of a period ofat le48t one y¢w from th¢ date of approval of these Accounts. The Tnjstees of the charities hHve concluded that there are no m?teri41 urrtH1li¢s r¢lR¢a to ¢v¢nts or ¢ortditionJ that may ca51 significani doubt on the ability of th¢ Griwp to Con¢1Th as • 80inB concern. The Trustecs are of the Opinion Ihat the Grwp memb¢rs will hav¢ sufficient resources to meet their liabilities L% they fall due. Th¥ most Si1r1¢ant are of jud8eTh¢nt that hff¢ct il¢m¥ in ihe accouThts are detsiled aVe. With regard to the next accoiLniin8 period, th¢ y¢4r ¢nding 31 March 2025. the mos15Lgnificant areas that affe¢1 th¢ carying value of the asseis held by lh¢ chHri¢ie5 are the level of inv¢stment relum and the perforniarttt oCth¢ iThveslment ma¢t$ (see th¢'InSIm¢Trt Policy and'Principal Risks and Uncenatttiies, S¢¢¢ions of th¢ Ar)nOAI Report of the Corwr4t¢ Brd for more informailon). IDeon Reco¥DItIoD Income is rccognised in the period in which ihe Group h4¥ rntitlqmeni 10 the income, when that incorne ¢#n k mell5ured reliably and when it is probAbl¢ thal it will be received. Grllnts fmm government and oth¢r hAvr betn included as income from charitabl¢ ac¢ivi¢i¢s wh¢rt these amouni to A contract for r¥I¢¢ but donations where the money is given with MreAier freedom ofux. Donations are [0nI5¢d whon th¢ chHriti&% have confimialion O[L ihe amount and settlemertt d#. For donatLons pled¥¢d but not re1Ved, the amount is accrued when th¢ r¢¢¢ip¢ is ¢on$id¢T¢d pmbablr. Jncome from ¢haritabl¢ tIVitIeS Comprises from &¥Mm¢1 ond ¢¢ 88enci¢& r¢laliThgto cad¢t trairtin& and on annual contribution from the General Li8hlhou3¢ Au¢hority. GrAnig 4rc HC¢Tued rty when th¢ r¢¢eipt i5 considered probable. Other trading activities relat¢ to in¢om¢ from the charl¢$, two subsidiariw Trinitas Ser¥l¢e8 Limited 8nd Trinity Hou8e Ev¢nts Limited. Investment income compri& dividcnds fr( the thRTltleB' listed iThve5tment portfojios r¢ntal In¢om from the investthlent propcrty portfolio. Dividends are recoBniged once the diviJ¢ftd hH5 bE¢n d[red and nlf1¢tIO has becn re1Ved of the dividend due. Rentil inoom¢ l¥ Tolised throughou¢ the year as and wheth r¢nts fall due. E%peDdffitre Rttopltloll All expenditure i& Aceount¢d for 4n a¢¢nlS bA5is. Expenditure compri8es direct and support ¢08ts. All expenses. in¢ludinB SUPW)rt costs. ar¢ &llocated or apportioned to the applic4bl¢ ¢xp¢ttdilur¢ ldIn. The ciJLssifi¢atittn brtwe¢n a¢tLVities 15 As follows.. The costs of raisin¥ fijnds include the salaries. dlrtct ¢0515 and overheads a580CiAted with 8eneratin8 ntal income from Trinity Ho, Tow¢r Hill, [LdOn and thc lighth¢ cottw which are let by Trinits8 Services LimiLed. the mainiensnre 005¢ of the investmen¢ propcrties. fees paid in connection Yrith th¢ man8Kement of thc rharitlC5' inve5tmenls and related SUFVOrt costs. b. The costs of ¢haritable aclivities compri¥e expendiiure OTh the ¢haritie$' pritnary ¢haritsblo purp05¢5 as de5crib¢d in thc Armual Report of the Corrate Bogrd And inGlud¢ Hn NPFYQPTiat¢ proportion of511PPOrt costs. cts arc analysed by ihe principal activities ofw¢lfar¥p youth opportunilie5 and trdiThin& public fety and education. maintaining the fdbric ond b¢rlt8gc of Trinity House, role a5 a Deep Sea Pilotage Au(hority gnd provision of Nauucal Assessor%. 25
CORPORATION OF TWNITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBIf4ED ACCOUNTS For the yeAr eDdcd 31 Marcb 2024 ACCOUNTING POIJCIES (contlnued) OianLs aT¢ ched to th¢ statement offinancial aciivities when the beneficiAry has been infornJ¢d of th¢ 8ranl ard there are no conditions that enable the charities to avoid the exFrtditur¢. Wh¢r¢ th¢ tharitie5 retain the discrctlon to avoid the expenditure. such ArtiS Are thoted a5 flnanciol c¢Nnmitm¢nts in the note5 the coUnts. Oran¢s are classtfjed Brants ptsid- ATthu&I' grant5 paid. othe¢, d. Suppjrt COSts comprise Ihe cosi of stAff employed under jOiDt contrt5 of emplo)rynent and administrAtion Costs. The Corpordle Ch&rity meets ill of these ¢ost5 which are Subsequently allocated beNeen the Corrxjrate Charity And ihe Trinity Hvw Maritime Charity. The basis of apw1ionment of these SUPPDrt costs bettveen the Corporkte Charity and the Trinity House Maritime Clwity is reviewed peri(xli¢Aily in th li8ht of th¢ i¢vel of tivity of each charity during the ye4r. T4nglbl¢ Flxed kn¢ts All H&4els with a c(k%t of over £500 and with an expected useful lif¢ of more th&n one year are c&pitalised. Freehold prop¥rti. Ira3¢hold improvements, trea5UTe5 and plAnt and rquipmmt and lixtUr and fittings &r¢ siaied at Ir55 d¢weciation or impairn)ent. Depreciatlon Is ryoyided &¢ the following rotes in order to write off e&ch a&%t over iLq timted u¥¢thl lif¢.' Fr¢¢hold propcrtie5 Plant and equlpment Fixtures And fittin tL35ehold improv¢m¢nt$ No dq>Teciation is charBed in respect of the ¢reawt¢S H5 Itls de¢med to be material after taking accounl of thcir expectod usefijl lives 8nd expeck4 rt$idual vg41ucs. Whern there is an indicalion of o decttase in value, an impairnient review ij Frfomied and an impairment Charye ia made where necessary. 25Vo 10-21Ph SV• Invutmettti Investm¢rtt propcrtics are included in the accounts at opeTh mirk¢t volu¢ and Ar¢ revalued periodically by the CorpDratc Board bllyed on professional advice. Portfolio inv¢$¢m•nts l#¢ludcd in thc counts at their mat VAlue al the end of the finonci&l porlod. Th mwk¢¢ valw of flxod bntcrest securities refleLts accrued in(erest Qt the bo141 gh¢¢t da¢c. Roaliscd and unreAlised Bains or losses on inveJtm¢rt 455etJ are credited or charged to the slatement of financial activities in the year in which they rtcur. Progra¢ related investmenL8 8re assets held by th¢ ¢hArltl¢s In order to dire¢¢ly furthcT the charitable purwses of Ihe charities.. any financial retum obtain¢d is n(rt a primary rcason for making the investment. Programme related investmpn15 GompT15e concc&5ionary IanS third parties inte$1 free or 8t below prevailing mat*th rales snd are ittitially T¢]5¢d al the amounl paid with the c8rryingAmount adjusied in subscquenl ye8rs to reflt repHym¢nts and any accrued interest and adjusted for impairmertt, if Applicahle. Any impaimi¢nt Ioss i5 t¢¢075 a5 expenditure on charitable Aelivities the stktemttst of finAM¢ial udivitics. StkS 8Cks of publi¢atiOll5 and ¢ortgllmables f( valued at the lower of c05t and net realisable value. D¢bton tkbtor5 are reco)iSed at their settlement &mourt le55 ary provision for n¢Jn-recoverability. Prepayrnents ore valued at the amount prepAid. 26
CORPORATtOiY OF TRtr4ITY HOUSE OF DEIryFORD STROM) NOTES TO THE GROUP AND COMBINED ACCOUNTS For the y¢aT ¢nded 31 March 2024 ACCOUNTINC POLICIES ItondDu¢d) Caah At BgBk aad HRd Cash at bank and in hand repres¢nts $u¢h a¢¢ounts and instruments th&t are available on demand or a turity of le&8 than t[ee montlk8 from the dat¢ of acquisltion. Creditors and ProvA•lons Creditors and proviJion5 r¢cOlSed.. where there ts An obli8ation at the b&lAnrc 5httt date os H resuli of a p&8t eveni.. whw¢ 1¢ 1$ Probable that a transfer of eeonixnit bertefit will be rcquired in s¢ttl¢ment,' and, where th¢ wnount of the oblig&tion can b# estimated reliably. CTeditors and provisions are reLoMnised at the amount th¢ ¢harity Anticipates it will to wil¢ lh¢ debt. P¢non Cobt The chaTiiies' defined benefit p¢nyioth s¢h¢mc assets are measwed usin¥ market values. Pethsioth hern liabilities are measured usin& th¢ projcctcd unit actuarial mdhod and are discourrted at th¢ rurr¢nl rak of return on a hi8h quility ¢oryx)rok l%)nd of equivalent terni and currency 10 the liability. If the pension 8¢h¢me assets exceed the liabilities. an 1$ r¢¢413 thr blllance sheet to the extent it is recov¢r&bl¢ through a reduction in fvtur¢ contributions or by repN>Trcnt. Arty inGr¢Nse in thc present valu¢ of th¢ liabilili¢s wthin the Scheme expected to ar1 from employee servi¢¢ in lh¢ perifyl 15 all(ated a¢rw exp¢ns¢ ¢at¢8orl¢y on a fair and conshslent basis. Actuarial gains and 10¥g¢s Ar¢ in¢ludcd in the Ststernt of tlnancial &CiLVLties in other gBins and losses the p¢riod. Coniribuliffi$ ti TP¢cl ofthe charities, Group P¢r8on41 P¢nsian S¢h¢m¢ rnC0used in the statement of fiknonGi41 tiv11b¢s when they ¢0m¢ due. Fund Str¥rture Uryre.virl¢fedfynds The unrestricted funds hr¢ r¢v¢nuc fund5 which Are expendable Qt the di80¢i0 of thE Corporate Bollrd in further8nc¢ orth¢ obj¢¢¢s of the charities. Included within unrestrictrd fvnd5 ar¢ thsi8nated funth which are fid$ s¢t osid¢ out of unrestricted fi]nds and desiwtsd for sp¢¢lfl¢ purposes by the Cotporate Board. Reitrl¢l¢dfvnd$ Th¢ T¢Stri¢ted fimds c8n rAJly be oppli¢d in ordJ]e with the donors, explicit terms. Permonenf endownrenifynds Permanent ertdowmcttt funds are fid$ where ther¢ 18 no povKr to nVert the cllpital into incrxne and whi¢h musi gonerally be held indefjnitely. Income arisingon thE fvnd5 is creditrd to unrestrtcted fiJtwJ8. Fln*nclAI IDstrnmentB The charitie8 only have fJnan¢i8] assets and liabilities that qualify as bosic finanGial instrum¢nts. Exc¢pt for Ifolio i¢Jvegth)ertts which are measured at their fair value as 4t th¢ 51L¢¢t dat¢. basic financial iTh8trumenL8 are ittitiaily re¢o8nised at theirtransoction vol and subs¢qu¢ntly mured at their Settlement value. 27
CORPORATION OF TRIIYITY HOUSE OF DEPTFORD STRof4D NOTES TO THE GROUP APID COMBINED ACCOUNTS For the year ended 31 Marth 21124 INCOME FROM CHARtTABLE ACTivfTIES: Group And Combloed Cb•rltl Trinity Hous¢ Charity Maritime Charity Unrestricicd Unrestriet¢d R¢$tri¢t¢d fi]nds fijnds fithd$ £000 £(K)o Tot41 2023 £000 Welfare 17 17 16 877 Youth opr111¢5 and training Publ1¢ saf¢ty & education Contribution from Tmnity Hou5f Li¥hthous¢ S¢ryi¢¢ 430 201 340 201 Total 2024 631 17 1,762 2,423 Total 2023 530 16 1.877 2.423 INCOME FROM OTHER TRADING AcfIviTIES.. 1024 2023 £000 Grnup: Lettin8 of fvnCtIr rcA)nLS by Trittlty House Ev¢Th¢s Limited Lettin8 of lighthouse eottN8¢s by Trinilas Services Limited 482 923 559 1,095 1.654 ComblDed Cbgrlllu: Jncome from Trinity Hou1¢ Evttt Limlted.. Corwrate Ch4rity MNIgement chv Clift Aid donations 269 343 269 The alyove Combined Charltles, Income for the years ended 31 March 2024 31 Mah 2023 related Corporate Charity unre$tri¢tsd futtds. OTHER OPERATING INCOME 2024 2023 Group: Other oper81in8 Inoom¢ {Trinity Houjc Events Limited) 28
CORPORATION OF TRINTfY HOUSE OFDEPTFORD STRor NOTES TOTHE GROUP AND COMBINEDACCOUNTS For tb¢y¢nr rudeil 31 March 2•24 INCOME FROM TNVESTMENTS: Gvoup Combilled Cb•rilies CoTporat¢ Trinity Chariiy Marilimc Charity UMe&triLlcd Unr¢stri¢trd Rrstricted Endowjnffll fund fijnth £0 £0 2024 2023 000 (M)0 Inv&thent prop¢rti¢J Portfdio invcstsn¢nts Bunk inteTeÉt )d dh¢r finan¢¢ income 8,579 271 80 27 8116 285 7,635 263 14 T12024 Tthdl 2023 19 EXPV,NDITURE ON RAISING Fuf4DS: Group Ind CoThblned ChATItI¢i Trit>lty Houyc LhArily Maritim¢ ('.hgn'ry unresrriL Unre9trickd RthcJ kndowm¢DI fijnd funth £IK)D Total 2024 Totsl 2023 £0 I(IOD £0 lo (KJO txllin¥of fi11 nyjms MAn•8emeni of inv¢Jlm¢Thl asxl¥'. FAlaLC ma$s, f¢e& 4nd (ther adMIntslOn fe¢ Inv¢stm¢nt manaBerg' fees Mllinl¢nanc¢ of inv&8tmMt 198eis.' RepAkn mainlengnce And rbI¥hM¢nt of u¢#t¢S 270 270 269 814 727 313 328 342 2.rJ84 1,057 2m4 IOS? 2,120 991 Support L'u¥¢8 ComblNed Ch•rttlt 270 4268 20 4J58 4,458 Lettin8of liuhihous¢ C¢8¥ Lffjingof fvnc¢ioth rwms 999 72 1.153 49 72 Grnup 4,268 20 5ffj19 T(Al 2023- Combined ChltieS 209 4,458 T(ts12023- Or( 1.471 5.660 29
CORPORATION OFTRtP4TTY HOUSE OF DEPTFORD STRor NOTES TO THE GROUP AND COMBINED ACCOUNTS FDf th¢ yr rnded 31 Mar¢h 2024 7. EXPENDITURE ON CHARITABLE ACTIVITI. WELFAR Gro¥p And Combioed Ch•trlt Corrwate Trinity House Charity MHriiime Chllrlty Unr¢3triaed Unrtstrickd FJndowbcnt fjJnd¥ funds £¢NJo 44 Total 2024 TOIRI 2023 £Mo £(M)o 421 600 212 3¥0 MAiTrtenanc¢ and upkeep of the Trinity Homes Uranls pwd- aMu#I (Iranls paid- oilKr Support UJ815 Total 2024 394 6(X) 285 421 60D 1,7LV) 44 Tthal 2(>23 43 Durin8 the yeur. wcifar¢ grohts lotolliog 191)O,UIK) w¢rc awarded 10 other ¢h4rities. urgattl81ons Hnd individulJ. Of th¢ ant& p#ld. annual 8ronL8 am¢)unted ¢0 £60U.OIK> aNI crth¢r wants amound 10 £3UO.000.. The Shipwryecked M8riTkn' %rKiery Rtry41 AifrLd Sertfarer8 $0¢1#ty Nauillu5 Wel(arc Fund .¥4llws' Children's Socicty Thc Flshermon's Mi$5ion NAvol Childrcn's Charlly Tyn¢ M8rin¢rJ' BcnLyoleni Ihytltuts I IU Toward5 theiron¢ otTand r¢¥ulor wan15 to b¢ri¢lat{lv. 100 Towards the co&1 of care to ihcir redidvrti. 83 Tow&rd5 the Kupprrt offered 10 ttyidenl4 and the Admiral Nurse. 68 Towarth Ihc Brnnts uw8rded dircclly io fgmllies. 62 Towllrds their cwe costs. 47 Ttrwtrds tho awardd dirc¢tly lo famillcy. 39 Towgrd5 thc c1 ofm4int¢nin¢e on ihc h(¢1 4ttd pmvidin PCTL4iUn3, 35 T(wrds th, nts llWgrd directly to fomllles. 31 1 owyrds the Vchfficle Replacement ProRrumme. 10 Annual memixrship f¢e. 10 Towards thc c(kgt of provldin8 th¢ir mixed r¢h¥blli18Lion 3ff¥lLe for se4farin8 b¢n¢ficiaiies. 5 Toward¥ th¢co81 uf the Service at St Paul's Cathedral. R¢yyal Llverpool SeAm¢n'5 (hphan Instltution Mer¢hgnt Na Welfare Board Marilimc Charliics (Irwp for Veter Annual Nthtlffi*l Servi¢¢ for &8fAr TotHI grdnts paid. nnual S¢aforns 14ospital 8o¢iety Stclia MHrii Brou8hton Ho 32 T(wiord5 Ihe expth5ion of the 8Fil pmygmme lo new Ir110t4. 25 TowArd¥ the LivLYpooI and North West Chaplaincy 5ttvi¢e. 17 Towanlg Iht top up home fecs ts th¢ir Jeafarin¥ knid¢nls. 15 Towards memtal health 8uptx)rt for s¢afaring vetenL8. 15 Towards th¢lr wrworking 8wicc forseafadn8 ben¢fJ¢iarles and thcir fllmilies 12 Towgnls the UK ¢IonI of provldingthelr wwllih8 gttvIG to yeafar¢rs. 50 Fivc org&nL5&tiTh15 were awotded ¢m¢r8ency fimdlng &5 Part of a c051 ofiivingrri3iN futLd. 134 V8rious welfare 8tsnts. of £IO,QOO or le&q. 31M cornb Sltes$ SSATr the Arrn¢d Forces Chorlty ISWAN Cost of livingKrants Othtt weltare8ranls Trtal granls pllid. other 30
CORPORATION OF TRINITY HOUSE OF DEpfFORD STROND NOTES TO THE GROUP AND COMBIP4ED AccouTrrrs For tkn year ¢Dd¢d 31 March 2024 B. EXPENDITURE ON CHARITABLE ACTivfTIES: YOUTH OPPORTUNITIES AND TrAINING Group Cumblned CbrllleJ Trinity House Moritimc Ch4rity Unr¢JtriG¢¢d Rtricted ruDds Tthtl 2024 2023 £000 £0( 2,226 195 187 53) Mercbknt Navy Scholarship Scheme arartts paid. Inrtual Qrant5 paid- other Support C05ts TL*al 2024 1289 195 249 570 2,424 195 2451 370 Trfal 2023 892 3,139 Durin8 the y¢Ari yLth opportunities and tT8ining grants totsllln8 £444,OLK) W¢T¢ &wd¥d tu other Gh8Tities, OrganitionS and individv&ls. Of the Xrnll¢s ppid, armual gTan¢s amounled to £195.000 8nd thr arrtOUn to £249,000.. £000 130 Foru8¢ wlthlrt MSSC's PrnmlseB Fund f urgent YeIrS 8nd upKrnde$ to Units •nd th¢ (kn Th¢ W•i¢r pro¥rBmm¢. 40 Towards the COBt of a staff memixr in the Msriiim¢ d¢pt. 25 Toward5 ¢he cost of educatin¥ and eng88ing with vl8atlon profcygional$ WOTldi¥id¢. MArlfte SoGi¢ty & Sea C&detS Ld0 Nautical SchoDI IALA. AISM Tot81 grgnts paid- onnuNI 195 Unitd KiThgdom Sailinm Acad¢my UWC A¢Janlic College Association of Sail Tr4inlnB Orwisations Portsmouth Sall Tro1rt1tt8 Trust 55 Towards the TAnlty House Superyachl Cadetshlp. 24 Towarth thc Nautical Lcaderthip ExperierKe. 21 Towards Sail TrAlrtbJB Bursarics for sell staff. 15 Towards the ¢(t of providing th¢ prOgrNn¢ f young pcople. 15 For ¢hv Trinity H¢JJge Y4chtsnasteT Sctlolarship. 119 VaTiIM]s youth opw¢wiiti¢u & training 8TOn¢g, of £IO.000 or less. R1 Yh¢18 Auociation Other youth tyrthuttitie¥ & trjlning Tot&] 8t4nt¥ ld- Lxh¢r 249 31
CORPORATION OF TRINITY HOUSE OV DEFTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUIYTS FDr Iheyearended 31 Mrch 2014 9. EXPENDfTURE ON CHARITABLE ACTivfTIES: PUBLIC SAFETY AND EDUCATION GropAnd Combineit Chbrilie Trinity HINJsc MlI1¢ch8rity Unr£8tricled Rulrictl fidS Totsl 2024 T()thl 2023 £000 342 38 26 20 THMCIDtT wL8 GrHnls p8id_ anThu (Irunls paid- (her Support costs Yal 2024 721 721 38 31 23 38 32 23 93 721 814 426 T1 2023 84 342 426 Durlnmthe ye8r. publir Eatoty ond ¢ducotion totsJlirt8£7LI,OOts were awtrdcd to rtherchHrÈlies. 0rBHnl•9n3 and ind¢vidu8ls. ofthc bT4nts paid. annu41 ¥rJnts amount lo £38,000 and other &tants amounlLxi w £32.000-. £000 CHIRP- confldenliHI rcportin8 fcrf Aviation & maritime Towwd5 tht COSt of ryovidin8 theirconfidcnliHI rcpDrting Byytcm. 18 Towwd¥ thr co8t of d¢livrring thelr pro8rany uf activiiles. ROYAI Tnjtiiuleof Navi8thtion I'otsj p&id- hnnu 3¥ NlonL CoNshvah INiiiuuon OthL youth public & 3Afw 8r4nts 21 Towd the dcv01menl gj)d launch of a new w%bslitt vWiDpblic sllf¢ty & uCation 8r8nts, of £lQ.IIW lu%. Tot#1 y4rt¢s paid- othor 32 Dvrin8 theyeBr, the follown8 wert mAdo frorn th¢THMLIDrr rund.. Thc Royal S()cie¢y fLwthe prtV110n ofA¢cidLt8 IniernationMI S¢wfaTeri' W¢if¥xL'¥ffid Asaiathn¢eNthw(A 41M) TL1wHTds ixtffjsion ofthe Resp1 th¢ WAttY compli1. 119 TowHrd& Hn ¢xl¢nyion ot'their So¢inl Intgraction. M4tlcrJ ISIMI Projfcf. 59 Towwds explorith¢ key l#bni¢ai skills uJed by ¢0mMl91 fish¢rnm. 48 Towgrds exl¢nsivn of the M4ritsme Fu¢uTe5 priTh8rTh. 44 Towgrds mentgl health Supr for fi$h¢rnwl¥illff. 26 TDwgrds te5epr¢tL inloth¢ nwst fr¢qu¢nt T¢asons r hutnan incidcnlj. 15 Towards conv¢rtin¥ the C188 Fighin8 sAf¢ty Ur1e into onlinc modulc. 10 Towards peer &upp(>rt8roup¥ on¢J rnentai health SUPPt f(* IJK rruLrilirne pilots. University of Ab¢rde¢n Mull Marftime Trou[RI10n ThL FlthetmEn'8 Mis$ion CHIIIP. £tIdential rep(wlin¥ foraviation & mariti merehthtNa Welfare Board Sailco, SoLi&y 721 32
CORPORATION OF TRINITY HOUSE OF DEFfFORD STRofyD N(yfES TO THE GROUP AND COMBINED ACCOUNTS For th¢ year ended JJ MAreh 2024 111. EXPENDITURE ON CHARtTABLE ACTIVITIES: MAINfAJNING THE FABRIC AND HEIUTAGE OF TRINITY HOUSE Group glld Combined Ch*rltle# Tol81 2024 £000 Total 2023 ststT4nd p¢n$ion G05ts RepAir3. renewals atsd plam)ed maintenAn¢¢ Li8hL heoi. inSurAe and oth¢r runnillg costs Depreciali Support costs 186 205 190 136 134 237 290 824 944 The abovc cYpenditUTe for the years ended 31 March 2024 4nd 31 M4r¢h 2023 r¢iAi¢d Corpor&¢¢ Charlry unrestricted fvhd5. 11. EXPENDITURE ON CHAIUTABLE ACTJVITIKS: ROLE AS A DEEP SEA PILOTACE AuTHORf AND PROVtSIOlY OF NAUTICAL ASSEoRs Exprndituro on these categories in the two yeArs ended 31 MArth 2024 artd 31 MarGh 2023 wa¥ from Corporatv Charity unrostricled fijnds. 12. ANALYSIS OV SUPPORT COSTS Offlc staff Athnin ¢o$i Total 2024 Total 2023 £000 sliff £000 59 23 31 £000 613 Roi$ln8 fvnds Welfar¢ Youth op])lI1eS 8nd trainln Public s8fety gnd edu¢8ti(m Maintxinirtg the f•bri¢ 8NI heritagc of Trinity House 385 154 1,057 42A 991 380 331 13 570 531 20 237 237 290 755 1.438 1212 Support COBts include govemsnc¢ costs of £201,000 (2023.. £175,(W). which include audityI8 Temuneration or £56,000 (2023.. £45,0(X)I for Hudit S¥j¢c5 and £4,000 {2023.. £nil} for non-audit services. In addition io the fees noted above, audit f¢¢$ of £22,IM>O12023.. £26.0(bO} and other fees paid audi(ws of£2.(MJO {2023.. £20,000) in relation kn Trinitas servi Limited and Trinity House Events Limiled Are included in expenditurc ots t4i&ins funds. 33
CORPORATION OF TRINITY HOUSE OF DEYfFORD sfROND NOTES TO THE C¥RQUP AND COMBINED ACCOUNTS Forthe year ¢DO¢d 31 Ma ZiIZ4 13. STAFFcosfs ANDTRUEEs, RFMUNERATION 2024 Wu8es and la1 SOCI serurty ci)Jt Othttr nsIOn c(th. d¢fihd b¢n¢fil . JW8thal penjion p]Dn 1,191 iJ• 2 56 7U 180 Oth¢r Tho numb¢r of 3tsff durinsthcye4r 23 12023.. 211. bluded within the the abDveKo1 f¢r Ih¢ prboryw is a knNytl0n YMlI of £34.0 that wu m4dc toon¢ individual during the yoor. The numher Df employtto whoa¢ cmolunwLts. ¢x¥luJin#p¢rk%loTh ¢MtrlbuiioN L¥npioycls n¥AionEJ I¢ LoDtribulLDM. includin8twbl¢ b¢nef¢ts. f¢U withlD tho foliowith8 runsc8.' 2024 2023 £120.LN)0 - £129,999 £I10.000 . £119.999 £90,(KX) _ £99.999 £80.OCO - £89.999 £60,0(K> - £69.9YY Of the hi8her p&id cmployco4 Contr1tr1lc wty¢ de ¢0 the dennrd bEncfil ychcme 112023.. 11 kLdividw. The ¢moiument4 of th• hi¢ w)d dIvIdual in¢lud¢s pay in tsou of pon%ion £trIbUtiOn¥. Th¢ coli of employin8 knyrnanE¥L'mcnl. c(xnpri$ingth¢ S¢¥ra4ryto the Cffp(rfi(m, the fthnnL¢4nd Cvmmer¢l41 Dlr&iur (who ii DEputy SeLTetsry kn the c(Kr)rAll0tt), th¢HeJ Or.ventS and the Ilead thf Charitsbk (nvin& in¢hdin8¥mplry&s PEThsi ¢wty&b(4UM ond tynployees thli¢Md InwrcE ¢Lmtril)ulioM w¥3 £491,Ol2023.. £456.1KKII. Tr•v¢l •nd wLnCe penSeS t¢¢llllSn8 £28.00012023.. £19.fth}wcrc rcimbuvrtd 10612023.. 51 mwbrrs or th¢ CorrwA¢¢Bogxd ID the. FLS Ind tL¥ablB exp¢n3 p4id to membus Cojpmts Boud by the chEritioJ Ountl to £121.ofAI 12023.. £107.0001 in th¥ yw. These COMSed,. lul Fee$ 4nd Expen& of £69.WO12023.. £65.0001 C•ptHin Hty¢ h1¥ ¢wEity th¢ of Matliirnc training. Theye Bf¢ pmu4nl to Llawe 44 111 tyfth¢ Trtnlly House Mayiikne ChErity ChErity Sch¥mc of 7 Auwt 1995. (bl AJ¥iststh¢t to the Admiralty Cowt in the proviiion ofNiuli¢MI Fees we 8rt by the Pr•¢il¢e DlvlslL of the R¢8islTrt of Civu Appeth and the AdmirAIty ReKistsr Hnd ur< payablr by thr paty &dtULg an xtion. The Corporllte Churilli thini5trAtive ¢oJt$ In Ih¢¥¢ ¥Jr0m8nentN are met from the r¢inLbuTsed. Total ftt expdeS of £15.(K)0 {2023.. £31.UiNJI pHid in thcyc4r as followy.. Captsin aobbi £6,0(W)12O23.. £5,WOM Captsin B4rkty £l.O(M)12023." £10,0(K)X CommodoTe worth £7.000 12023.. £5,(thl. L'BPthin Ilop¢£nil 12023.. £6.0(M)l. CojOYe Dorcy £l.OW12023.. £nill gnd Rear Admiral £nil12t)23.. £J,(N)01. (c) Fees and eXp¢n of £30,QW12023.. £8.0001 and £7,O¢M)12023.. £3.0001 w<rL'paidlo LBPtain G¢bbi and Captllln Bwku rw*ilvrly kn thEir LgpKty Es Exarninerj ofDttp Sca PilDtsBe purguant Ordyt madeby th¢ ChErity CTrmmi&8ioti d&ed lojllry 2Th)7. A pY¥niu uf £l,OQO12023.. £1,0) paid in th¢y¢w to [vId¢ th¢ trosl¢es wlth itthnity On his DeputyMH8trr Captain MoNauthiwu kn re¢dptofr¢ith¢nt glfts under£l.000. 14. TAXATJON The Cbllritie5 4re ¥pE frwj Coryomiim attd I()eT theiT¢haritable &ctiviti¢s by of theStAS regiytered Lharitits. Trnit&% Sl¢¢5 l.imited and friDityHowe Events Linited aresubjeel LO Tax ¢Jn wtsxablc profitsattsD 34
CORPORATION OF TRTNtTY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For Ibt year kndtd 3A M#rch 2024 IS. TANGtBLE FIXED ASSETS GROUP Lea5¢t[d improvements Freehold prqrties Trinity Treasures Plant and equipm¢nL flxtures aftd rittin88 TOTAL Trinity Housc Walmer £000 £000 £(vJo At l April 2023 Additlon5 in year DispDsals in year At 31 March 2024 6,264 2,175 4,094 Is 879 160 (24) 14315 202 1341 14J83 27 (io) 820 6,204 2.175 4.109 At l April 2023 Ch*r8e for th¢ y¢aT Di$po$#l$ in ycttr At 31 March 2024 379 1.330 125 522 44 287 598 3.116 326 (30) 67 (9) 437 566 287 667 AI 31 MMrLh 2024 383 4.809 1.609 3022 348 At 31 March 2023 424 4,934 3,807 281 COMBtNED CHAIUTIE21 Fr¢¢hold properti Trinity Homes. Walmer £oou Tr¢a8urns Plant and equipment. fiXr¢S and fittin85 £000 TOTAL Trinity House £000 £(KJO At l April 2023 Additions in year At 31 MBrth 2024 6,264 2.175 4,094 403 89 12.936 104 6.264 4.109 492 A¢ i April 2023 Charge forthe year At 31 Marnh 2024 1,330 125 522 287 289 52 2h28 221 566 287 341 At 31 March 2024 4809 3,822 151 IOJ91 Ai 31 Mar¢h 2023 4.934 1.653 3.807 10.508 35
CORPORATION OF TRif4iTY HOUSE OF DEPTFORD STROM) NOTES TO THE GROUP AND COMBINED ACCOUNTS For tbe yeAr ended 31 Mareh 2024 I& FIXED ASSET INVESTMENTS 2024 2023 £O(M> Invc5thient properties (see b¢low) Portfolio inv¢$tmcnt515cc below) Cash hcld by inve5tmctLt managers 220.464 19.928 42 240.4J4 207 239.428 32 251.575 250 Prowmme-related investmentB18¢e below) 251 825 Fvcchold Portfolio lThvutrneDt iNveJtmenti propertle £000 £0 Market v4lue Bt 31 March 2023 239,421 (60891 12,JlS Sale of leasehold interests Dispasals Capitol improvemenis Acquisitiots8 al r(w¢ Gaitts on ttvaluations thd dlspaMIs M8rket value at 31 Mar¢h 2024 (333) 1.739 {13*14> 220 464 2J13 Hi8tori¢al ¢tht IOJ44 10,715 Th¢ m4rket valuè of the freehold investment PToperlLes 18 based on valu8tion8 cwried out by Cluiton8 Surveyors nd Savi115, Chartered Surveyor& at 31 March 2024. The portfollo inv¢¥lm¢nts Inves¢ using UK &uthorised insiitutional pooled fijnds. These fund5 are hi8hly diversified across a wide ranBe of underlyin8 Lnvestments 2nd eomprise the followiTh8 materi81 holdings.. Security Holdlng Total PercEntab Drket value oftotal £OOfy markel value BLACKROCK ISHRS DV WLD IDX {IE) D DS GBP HDG BLACKROCK ISHR UK CRDT BD IDXIIE) INS GBP DS BLACKR(KK ISHRS IDX LK GLT IDX FD (UK) X NC BLACKROCK ISHARES EM IDX FD IIEI FLX DS GBP 9.653.112 3.666.399 1.948.248 1.447,236 13,607 3.248 1.592 65.3V• 16.3% 7.4% 19,928 The programmreLated investments comprise loan8 to maritime charities. The loatL8 are repayable after more than one year. 36
CORPORATION OF TRir4rrY HOUSE OF DEYfFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUr[S For tbe year eDded 31 March 2024 17. DEBTOKS Due WitblD On• YeAr: Group 2024 Charltl 2024 Group 2023 £000 Charities 2023 £frJo £000 Trilty Yillage.. Rwl aTf¢NT5 Ir$$ provisi¢)n for doubtful debL8 Morties held by est&te manAwnA agents 993 993 314 134 314 134 726 726 Other.. Trade debtors 45 Monies held by managing agent of the Mrrchant Navy Scholarship Scheme Amounl owed by Trinity House Events Limited Prepayments Bnd accrued income sla1 Security and other tsxes Other d¢btors 177 177 177 177 50 645 812 664 132 104 26 2.845 2.789 1,652 1.585 18. CREDITORS Amounts Fllllng Due WlthlD OD• Ye•r: Gr0P 2024 00 ChaTltle• 2024 £0 Charities 2023 2023 £0 Trade ¢r¢ditor Rents in adv•n¢4 Triniry Villa8¢ D¢f¢rred inrome Social Sc¢uTity and other tax¢5 Other creditor5 AccruBI8 - Trinity Vhllage 661 651 1.234 279 1,208 279 21VJ 221 133 16 91 150 85 16 21 496 448 496 448 750 750 Amounts owed to Trinlty Hous¢ LIMhthouse Service Amounts owed to Trinity House Evgnts Lunit¢d Corotlavirus Busine55 IThtemJptim Loan 224 82 81 50 3,8 3,145 2.099 On 3 F¢bnwy 2021, THEL ¢nred into • Coron8Vitus Business Int¢miption rllity for £11,000. The farlllty is for & maximum of 3 yews and is unsecured. It 1$ repAyable in equal quarterly instalment comm¢n¢ing 15 months from the dak of dMwdown118 F¢bru4ry 2021). Th¢ r¢m8ininx b41gnc¢ repayable of £50.000 wa8 repaid in fvll durllLg the yeAr. The ternis of the facillty were that no itttCTe5t is pay8bl¢ by the ¢omp4ny for lh¢ rt y¢or. After one year. interest was fjxed at 2.33(h per allUm. The cotnpanydid not Incur 8ny f¢¥5 Lfi ¢otLTie¢tiott with th¢ in¢¢ptiOD of th¢ f#eility. 37
CORPORATION OF TRINITY HOUSK OF DEIryFORD STROND NOTES TO THE GROUP AND COMBL¥ED ACCOUNrs For the year ended 31 M#reh 2024 19. CORPORATE CHARTfY. DESIGNATED FUNDS Now l April 2023 thsi8nation5 £000 £OLHJ utilised I Balalle* llt rele&8ed 31 Mar 2024 £o(x) £0 Houqe tksi8nated Fund Fixed A55cts Fund 410 8.722 9.132 33 39 1361 (136 8,025 9,008 72 House DeJIal¢ Fund Thi$ fvnd is dc5iBnated by the Cotyorat¢ Board for mNiDtaining the fabric and heTitaBe of the Gt¥(k I, Trinity Hou8¢ building. F¢dAse1$ Fmrtd This fvnd repre8ent$ the book valuc of the tangible fixed assets excluditt8th05e that are re51ricted fimds and L8 (k518ted a8 th¢ fvnds thr¢ not rckdlly availabl¢ to ¢xp¢Dditur¢. 2(1. CORPORATE CHAIUTY- RESTIUCTED FUNDS Balance 8¢ l April 2023 £o(M) In¢om¢ Expendiiure B•liD¢e At 31 MAr 2024 £000 £0 £000 Warden'8 Trinity Ho¢ Relief Fund Brethr¢n'8 Covenknt and Qlft Scheme 58 60 60 WardeA'& Trlnity Howe RellelFund This fvnd was est8blished lo provide di8erdlon8ry grantg thnd loans to employeeB of th¢ Corporaiion of Trinity House in cirturnstsnces of uryent domestic n¢F¢55ity. It 15 Tepresented by net current &¥s¢ts. Brethrrfn'J C¢11&t GUIS¢heme C'The Fttbr Fund") This fimd ¢5¢ablished for the 5rrtifi¢ of renew&l and improvement offirniture dec ofTrinity Hi)we. It 1$ r¢pr¢s¢nted by fixed and net curmt Awts. 38
CORPORATION OF TRINTfY HOUSE OFDEIryFORD STROPID NOTES TO THE GROUP AND COMBINED ACCOUNTS or thty¢4r tDdtd 31 March 2024 21. TRINITY HOUSE MARITIME CHARITY- DESIGNATED FUNDS Th¢ unTulrict¢d fvnds of the Trinity House Maritirne Ch4rity irIU¢ lh¢ followit)g des¢blled fynd8 which have bcen s¢t id¢ by th¢ c f4o&rd f(spteific purwy¢s.' Balgm¢e New l Awil 2023 desi8110$ £000 £IM)O Uliliscdl BAlai¢¢ it rL.l%LYJ JI MAr 2024 £wu Exirwrdinary RepwrFund MuchontNavy Scholarship S¢kYn¢ 177 177 500 soo 677 677 Erlraordlnthry R¥wirFNnd This ftK'el&llTequiremcnt of thcl'vinity House MarliimeCharity'8 Schemc tliulablish and maintsin a Merve fiJnd to provlde for ¢xtr4ordinary r¢palr4 Improvemthi tebyiidin¥of Ih¢TTinity Hotw, Walrw. The kler¢ho•i Schvl(w¥hlp Schenre The OP¢llLtion of thi8 schttne transferred from th¢ COOrte Lharity to th¢Trinity FIou8e Morilime Ch&rfiy 1995. AI 31 MBr¢h 2024. ther¢ were 145 12fj23.. 1321 cadets undv sronsorshtp fortroinin8 De¥k or Ewne orricers. The4mount d¢siww¢¢d 10 th18 Fund repvesenL8 bttwwj th¢ Nnd six monthN' trAtin8 COM5 of th¢ merc1w Navy SctLoIHr8hip s¢hL. 22. TRINITY HOUSE MARITIME CHARITY- RESTRICTED WUNDS B8lan¢e at l AtM412023 Movrnt in BAlai¢¢ at Irteomt Exwmd]¢U 31 MMr2024 £)0 000 8wlrcScholornhip Fund Swire Ye•mnn supp Ftsnd Captain John Bury M¢mor1 Prize fw Grthis for MttL'hllnl Navy Schnlarship S¢hwne.' Oov¢mmeni fidIn8 British Morinc Prlzc Fund Dewmttni forTmsp(xt FU[j Ukrttin¢ Nlthiimc Officor CBdetshipA Wor¢e8trr Merchanl Cad4ship Scheme 105 i¥ 12 {10) 95 12 1,039 {1,0391 46 91)9 {7211 1291 1571 27B 31 85 I03 1,265 The Swire Schol3b}P Fund WAJ estsbllthd in MHrch 2012 to wisl ¢adelsundry)in8trniningin th¢ Mtsrhani Navy Scholllrxhip Sthcm¢ to siudy for a Full Honour8 DL¥ree. Such ltance ix awwded lo th08e ¢adetswho have demon&trAled eJÉ¢wional pro8re8N bolh [nICE]IY and prnL'licHlly throu8boul thcir tywnin¥. The Swir¢ Supwri Fund esillblistd in October2017 lo provi(k yuldon¢e and mmtoriD81o cadets who have qulifi¢d ftuttL the M¢rih8ntN4y schol$hip S¢httne. The C4p¢gin John Bury m¢mla1 PriyE Fund wag <8tablhpj to provid¢ aw8A¥ furoutstandtng&ievettwii for cts undery01 tswning in the Mer¢hnl N4Yy ScknillTStup sch. The Fund wa8esiablished in nory of the Lqte Cllptain Hury. Elder Brothcr of I ritLity Hou8c. Th¢ Brili¥h M8rine PtiZeFUt was e5tablishtd kn Provideprizes th cets undctBoingtraining in the Merchant S¢hoLqrshlp Scheme. The priz¢ iSYW8Td¢d to the thl prtyJucln¥the be81 complded trwnitt8re£ord bwk. The Dcpartrnt for Trgn5POrt Fund rrl81¢5 to fvnd5 fr(xn the DcpArtment rTrnSport in ¥upportof safrty and tratiJingtcl&ted rnattets within the Charity's obje¢ts. Th¢ Ukngin¢ Maritime OffJcttCadeL¥hip fijttd reJ#testyBfwLtfuThJingfr(xnthtDq)artswt for TrJsp)rtkn supp of the SPDnsarthip of 20 Ukrainian ¢ade(s onto th¢ MerChantNll Schol(wslup S¢h#ne. The Wor1¢[ Merchattt Navy C&detship Schctne fvnd was ¢5tAblish¢d oh 6 Awl 2022 tO3UPPDrt the esf&bli%hment and operation of a Mer¢hl Navy Cadaship S¢heme in collthrntion The As8(Kiatiots ofoid Wot¢¢5t¢ts. 39
CORPORATIOIY OF TNITy HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For Ibeyor endtd JJ MaT¢h 2124 13. TIUNtTYHOUSE MARITIME CHARITY. PERMAf4ENT EP4DOWMENT FUNDS Bl•n¢t al IL035} 31 Mar2024 Éoo 00 l A11 2023 £000 TrinTty Villa8V Chureb aAI Wwi Fan, Goxhill M#rtin¢s Farm, Fs¢X Trknity lIne. 244,296 3.563 2.200 1.842 27 1201 233,171 3ffj47 1ffj78 84 15221 1441 251.901 240 Trllllty Yillu¥e Th¢ freehow ufthi5 ale. Iiw&ted in South [Kdon. WA¥ ¢wJvwd lo the Chllrlty by ChrhEiwher Mttrlck in 1660. Tho fid i8 MIY r¢pr¥¥¢tyted by t¢sidoniIald cornmereiol whi¢h wert valw¢d Rt £214.777,500 al Jl March 2024 and rA)rtfolio ond ¢Dsh w¢r¢ vthjed 11£19,277,000. Undcr tho tern o(th¢ conv¢y•4 In¢onw ¢ar1 fr1 Ihi¥ JIWA ts availabi¢ for saL¢ral purp(K4CS. Chur¢hond WwlFarnr. Goxhill This ex lo thcchorlty Und thcwu) of Captyin liobert SAthd¢8 d•Ted 1720. Th¢ fund Lp r¢prCKnt by 4sri¢ultwil nd, nowof $46 aGrgJl221 in Nonh l.inc01hWcI ¢. Und¢rth¢ i¥my of th¢lye81, rEmed fmmthis av4ilable pwpow. Th¢ rOmere vAllled HI £3.575.0(KJ al 31 Mor¢h 2024. Thiy ¢athl¢ w8J b4uYathcd lo the Chlty bycaplain Roben F58htt in 1714. Tr is pr¢Sk by rteehoid U8Ticultwal now of 65.7 4¢r¢s120.6 h1). Undvthe turns of tho b¢4U¢Sk inwnK¢4nd frc4n thii t1 i¥uvlliJubb for¥aw pwpoxs. The fDrm w•¥ valu¢d •¢ £1,679,0(M) Al 11 ma2011. TrlnltyHumtM, Wolm¢r Thme 11ornA whl¢h ar frechold chDritypropcrty, b¢ion¥lo thecOorAliThTh fcar the usv of riNidEnts th EDTrf¢)muty wilh Ihr proviJion of th¢Chvityy thme. They v¢ ¥ilvakd n¢oJ tkal. in KonL and provido occommrJotlon for who ¥t¢ or wer¢ fomL¢rty Brliiih Scomon ond MHrincrJ MLqtttA WHI Pilo¢&l their &pcnthts whtt4re I need. Tho Homes comrfflye 18 $¢lf ¢ttnthln¢d units of ¢0mdl1On And the only inE(xiJe rtt¢iv¢d 1$ # contributlon tt(¥n cach Tv3ident loWdI ho&lll¥of the dw¢lltiw. Thij fu1 is t¢prcir4lt in Ihc bDl&w¢ iheetbytynb1¢ A1•$8¢11 I]¢ 1$) and An inveKkncnl PWP#ty. 24. ANALYS15 OF GROUP NET AET$ BITW¢fN Vi)NDS CorporoteChaTity Trinity H¥¢ Mwiiime Chrity unritte0 Regtrl¢¢ed UMcJtriricd Rutrided Eadt clwitsbl¢ fund5 tbnd IlJnd& Tr4diD8tlJnd8 £000 £000 Non- T•tl 2024 £000 orA) Fund 1•¢ At 31 Mwrcb 2lJ24 Repremited by: TAngible tixcd B8J¢ts 8.625 692 381 1416} 23 IL>3 1.609 239.949 580 10.971 240Wi SJJO JO801 3.589 11.4621 62 895 12841 672 14541 Liabilities {1,2641 Tol1 ¢t Jl¥ 9,312 60 2.292 240,294 798 25JJ67
CORPORATION OP TIUNITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP ATr4D COMBINED ACCOUNTS For the yt•r ¢tsded 31 Marcb 2024 25. PENSIOf4 COMMrnNrs The CoTpor8tion operates a defjned benefjt seh¢m¢ (tk scheme) in the UK for certain current Attd fornier nployees. This Scheme w&8 closed to tew n)¢Jniws on 18 July 2000. A defined ¢trIbUtion scheme Iwup perse1 pension plan) w&8 estAblished fot Jmv staff joining 8fterthat date. The Corporaie Chèrity is th¢ sporwTLng employer to tbe defined benefit s¢lwn¢. Th¢ as8Qts of the Se are held Beparitely from thos¢ of tlLe combined charities. The conlributions are delirted on th¢ basis of tr1etl&l valuationg by an acttwry u51n8 the Attained A method. Followll the valuHlion as at l (kiober 2023. the employees cuyr¢nt contri10n rate will remain at 34.8Jh of pBn8ionRble pay. The employees, contribution rAie remAined It 1.5D/• of pensionable pay. Th¢ valuBlian show¢d that the market value of the Scheme's I5t5 was £5,392,IW and thai thr ongoing funding level 103%. The iotdl contribulions for thc yeNr in these accounts were £76.000. The assumptions whi¢h had th¢ mosl #ilf1¢&nI effe¢t otl the results of the v8lualioti were os follows.. 3.6%p.8. 3.l%p.a. 3.50h p.a. 4.7%p.4. Earning5 incre&9 Pre.reiiremet)t dl$¢ounl rnie Pogt-r¢¢lr¢m¢rf dis¢ount rate Fln¥ncknl ReportSn8 StndArd 102- Retlr¢th¢Dt Beo¢nts Th¢ following infonnation h&8 been t£ll[8¢¢d by a qualified. independent acrllary for the purpose of inclusi in theJo &ccounts. It 8hth]Id bc ¢mphN5i3d thal in accordance with the requirements of FRS 102. th¢ and liabilities of the S¥h¢m¢ ar¢ v8lu¢d with reference to currenl market condiltotL% and mly) thqr¢for¢. vary widely from year Yr. 21124 2023 £000 Mark¢¢ valui of assets tkfined beneflt obligation Surplu8 Ltt th¢ SGheme- net pension 898et 5.731 {&6461 6.002 15.0841 918 The assets in th¢ S¢h¢m¢ wcre.. 2024 2023 £ooD 1,975 Liability drlven inve8tsnents Diversified yowth Bonds ItL8ured ptn510ry5 lannuitles) CA&h 1085 2,497 2.714 371 Total mRrket Val of ets 41
CORPORATION OF TRINrrY HOUSE OF DEvfFORD STROND NOTES TO THE GROUP AND COMBINED ACCOiINTS For tbe year eAded 31 M*r£h 2024 25. PENSION COMMITMENTS (condDuedl Th¢ major issumptions used bythe actuary were.. 2024 2023 Inflation- RPI Ratc of Incre in salari Rate of Incre for pensions Dl8coun¢ rate for liabllities 3.O•A 3.7% 3.7% 3.5% 4.7% 3.5•A 4.7% The mortality tsbles ed ate the S3NA brtse thbl¢$ projected by year of birth in line with the CMI 2022 'core' mortality projections with & long.t¢nn rate llssumption of 1.25% per annum. To wv¢ indiutson of Ilfe expectancies. B p¢rson who is CUrrllY B8ed 65 15 assumed lo live on aw¢r8K¢ urttil th¢ of 87 y¢irs in the ¢ of a m&n and 89 years in thc we of a wom8n. Reeondlknllon of the FAlr V•lue of Plan Ov¢r tht Y¢•r 2024 2023 Fair value of plan assets At l Aptil 2023 Interest incom¢ i>n p14n W¢L¥ Remeasurement. retum i)n platy assets CludIng inleresi Income Contributiot)s by th¢ GharitL¢5 Corttribution$ by thr m¢mbcr5 Bethefits paid lincludingoxpenws) Nott•inveytrnent expenses Fair value of platt as8¢tJ at 31 MBrch 2024 oi 270 (2991 70 6.323 214 (2.348) 73 (3031 {241 4731 1263} R¢twn ott plan 2.134 RecoDclll•tlon of Dtfined Benent Obll8atloDi Over the YeAr IOZ4 2023 DEfltt¢d b¢nefit obligations at l April 2023 Currcnt scrvice ¢05L CoThtributsons by the members Inlere5t expeN8e on defin¢d bEn¢fit obligAiith) Keme8Jurement- effect of cxpcricnrc adju5¢menls I0(ain) Reme&4uremertt- rffert of ¢han8es in assumptions (8ainyJoss ¢nrfits paid DefLn¢d b¢n¢tl¢ obl1110n5 ut 31 M8rch 2024 7.530 233 193 {991 12.352} 12631 5.084 (2Z3) (303) The Movement In lh¢ Schem¢'• Auel DurlDg tht YeAr ts MAd• ttp Ai F(bll•w•' 2024 £0 918 129) (880) 76 2023 Net pEnSLon auet at l April 2023 AmouTht re8lled in expcnditure (LOsseSFa1ns recoBnised in oLh¢r r¢Cols¢d g•ins and losses Contributions by th¢ ¢hari¢i¢$ Net pcnsi(m et at 31 March 2024 793 103 73 918 The asset or li4bility in th¢ Schcmc llnd the movements in the year have been allocated Ixtwcen tk tswo Chhritiu ba5cd on the contributions payable in the year. 42
CORPORATION OF TRJNrrY HOUSE OF DEvfFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the year ended 31 M#r£h 2024 25. PENSION COMMITMENTS (continued) The followirtg amounts havc bccn inGlud¢d in th¢ statement of fin8ncial activitie8'. of tb¢ Awoynt Cb4r8ed ¥JJ EApeDdlture 21124 2023 £IKJo Curr¢nt 5eryiC¢ ¢OJt Non-investm¥nt ¢xp¢nses Its¢¢91 inGom¢ ort Schcme asscts Interest ¢xperL5¢ dcfined trKnefit ohliWion TotAI th•rye to expondltvre (72) (24) 270 1233) 29 214 {l93) R•m¢a•¥r¢thents R¢co8Nl¥ed In Other R•cogml8•d G•lDi ••d IAX 2024 £000 18041 223 12991 2023 Remea5urement- Ilos5ygain effeet of ¢xp¢ri¢n¢¢ odiusim¢n¢g RemeR5uremeni- effect of ¢h•n&¢s in a55urrLPtions Remeasuremeni- loss return on p14n &55¢ts Iluding inlerest income Total reme85urement {IoB8esy84iM r¢wlxd in other recognlsed gain8 and 10s¥es 2.352 12.3481 103 20. SUBSIDIARY COMPANIES la} TrlDltss Setvlcel Llmlted is a wtholly-owned subsidi4ry of th¢ Corporati ofTrinity HouBe, incorporated on 19 Mwoh 1993 and is rc¥is¢cTed in En8land. number 02801613. The address of its Re8istercd Officc 15 Trinity Hou5¢, Th¢ Quay, Harwich, E55ex C012 3JW Jnd its prirt¢ipil a¢tivity is th¢ l¢ttih¥ of lithoUSe cottaBes. A SUMM of the results the year is &8 followB'. 2024 2023 £000 Turnover 923 1,095 Total expendiwr¢ Log8 8fter 19991 76 58 Totsl a55¢ts Total liabilitles 1,082 12851 797 1,192 1319) 873 Nei 88sets 43
CORPORATIOPI OF TRD41TY HOUSE OF DEFTFORD STROND NOTES TO THE GROUP Af4D COMBINED ACCOUPllS For the year tnded 31 MAr¢k 2024 26. SUBSIDIARY COMPANtFS {tontlDued) (b) Trinity Hou8e Events Llkni¢cd 15 a wholly owmed Jub5idiary of thc clp[ratIon of Trinity HOL, incorpoTad OTh 26 Jgmuary 201 l and re8i8iered its En8land, number 07506615. The athlress ofits Registered OffiL'e is Trinity House, Tower Hill, EC3N 4DH and its principal aclivity is the letting of the fLLttCtion roJnJs at Trinity House. A swnmthy of thc rc5ults fc< the year is A8 folli)w&.' 2024 2023 Turnover Total exp¢nditur¢ {Lossllwofit for th¢ year 561 {3181 243 (6731 (18 Totsl 8¢1$ Total liabilit1¢5 Net liabilities 170 (1701 446 {2591 187 27. GRANTS AND COMMITMENTS Orsnts pgid w instiftitions In thc year tot8Jled £2.098.012023.. £1.S72,000} whilst pllid to individuals totall¢d £36.000 (2023.. £28,(th). Full details of 8118T8nts plld can b¢ obtained from the Secretary to th¢ CorlI0n. At 31 March 2024, nt ¢ommiiment8 from future incrxne w¢r¢ £nil (21Y23'. £nil), At 31 mOh 2024, the Trinity House M8ritim¢ Chority waj ¢ommitd to paymeTht8 of approximg¢¢ly £2.300,000 12023.. £2,440,OIYJI in re5rkct of the Mer¢hAntNavy Scholarship Scheme. 2& RELATED PARTY TRANSACTIONS Owng to the Charitlcs, operation5 and the composition orth¢ CoTPDT¥te Board, it Is incvithble that ants will be mAde to orgunisatiLW in wthich a tnjstee may ho Jn int¢r¢$t. Similarly Pn)perties may be leased to In1¢¢ or other rtlatcd parties. All grants and trArL¢t10mS iryvolving Such or8ani8ation8 And related pAni¢$ or¢ onducted at arni's len8th. Except for tran$tiOnS with 1rn5t¢¢5 included in note 13, thue are no oth¢r r¢lat¢d pw trons¢tLI) requiring disclosure.
CORPORATIONOP TRINITY HOiYSE OF DMTORD STROND PIOTES TO THE GROUPAf4D COMBINEDACCOUNTS Vortheyewr ende4131 m4v¢& 2024 29. COMPARATIVES (•) GROUP STATEMENT OF FINAPICIAL ACTIVITIES FortheyeAr eDd•d 31 M•r¢k 2023 COryat¢ Trinity Hous¢ Mgrillmechthty Chwity UnMtsi¢d Rttiricie41 Pcmwjrnt fut5 funds kn¢ts Endowment {in¢ludin¥ ft]nd8 6ubsiditiri¢J) To 2023 £000 £fjoo INCOME FROM: Don81i(m5 •nd ItBa¢ie4 Chari¢able activjiie5 530 16 1.877 2.423 1.654 (Aher Iradin8Hthiwties 1.654 Inve3knMIls 19 ?87 7.915 TOTAL INCOME 2216 7.904 1,978 12,1( EXPENDITURE ON: 4,181 5.660 Chui¢ableaL%Ivlti.' W¢if4 Youth oppotht)111¢$4nd trBinlThB 14Jblic illfoty 4nd ethjtthlon Malntsiningthe fabtk wnd h¢tits8eof I'rinity House Role A D¢ep Se4 PII*AuthoYity Prowl$i(#J of Nautlcal AS&¢0[$ 1,565 2,247 84 43 892 3,lJ9 426 342 944 944 40 40 TOTAL KXPENDMJRE 2,468 8.077 1,234 51 11.830 NET IEXPENDTfuREI IINCOME BEFORE INVESTMEKT GAINS AND LOSSES (252) 744 (43) 276 L(w¢s on the r¢vU01]On and dpu$ll ofinv¢Stmt prop¢rti {9.687) (9ffi87) diyp(wJ orw9]]0 invesknry 1138) 11.6841 11,822) NET IEXPENDITVRE) I INCOME {3901 (173) 744 OTHER RECOGNISED GAINS AND LOSSES: A¥¢uBrial Bain an defined benBfrt nB1 sch¢nK 24 79 103 Nrr MOVEMENT IN FUNDS {3661 194) 744 BALANCE AT I APRJL 2022 10,878 2,438 521 263J15 277,152 BALANCE AT JI MARCH 2•23 10 45
CORPOIi4TION OF TRIIYTTY HOUSE OV DEPTFORD SIIIOND NI)TES TOTHE GROUPAND COMBINED Accour VortbEyuro•dod 31 MTeh 2•24 29. COMPARATIVES{tofjtlnued) (b) COMBINED CHARITIES, STATEMIP4TOF FIPIANCIAL AcfiviTIES For tht yurtttdtd Jl Mrth 2011 Trinty Howe mltIM¢Cher1lY Chlty Unrtgtricled R&ricted fid& fid$ Enth)Wrn1 fwjds Totsl 2023 £o(MJ £o(x) £o(M) £(xJo tNCOMK FROM: Dc1101 leuaci Choritoblt4Lxivliles loo $30 16 1,877 L423 209 oth Ir4ding &rtivlli¢5 Inve4imtnts 269 19 7.887 7.91S TOTAL INCOME 829 7.904 1.978 10,719 KXPENDITURE ON: RaiJin8 ChlIable a¢tivi¢ieJ'. 269 4.181 4.458 Weifarc l.S65 2247 43 1.613 3,139 426 Ywth opportunllle8 knd kninin8 Public 8afty and educ&(ion M&lnt&inin8th¢ fabrie And herft¥e of Trinity Hous¢ Role¥ 4 D¢¢p sPIlOt AUthty ProvisithL ofNwiltAI 892 342 944 944 40 40 TOTAL EXPENDITURE 1266 8,077 1,234 10,628 NET (EXPENDmJRE)I INCOME BEFORE II¥VESTMKwf GAINS A14D WSS 14371 (173> 744 (43) 91 Owns I (l9eI the ftvllluxtion #ttd di¥1 ofinvesiment pr(WErtiea 011{10$3¢5I on the r¢¥Alutttion is[ orpf0]Io invesrnts 19.687) 19.687) 11,684) 11.822) NET (EXPEPIDfnTRK) lll¥COME (575) 744 OTHER RECOGNISED CAINS Af4D U)&SES: A¢luariai 81 0nder knefli pth&10rt5rhe 79 103 NET MOVEMENT IN FUNDS 15Jl} {941 744 (IlJ15) BALANCEAT I APRtL 2022 lo.02 2.438 521 263.315 276276 BALANCE AT 31 MARCH 2023 9,451 2,344 1,265 2SI,901 264.961 46
CORPOPATJONOF TRINITY HOUSE OF DEPTFORD STRof4D NOTFS TO THE GROUP AND COMBINEDACCOUI4TS Vor Ihc yureDde4 JI MAr¢b 2024 19. COMPARATIVES {totttl#utd) (t) COM& TrIiOM CHARABLE Ac[8. Group4nd Comblned Ch•TItItJ Trinlty Morltitne cth1ty Chthty 2023 rLmds ruhds £0 16 £000 £o(M) 16 8771 Wej Youth app>rtwiitits and trAiDln8 Publlc sofcty & e41wation Contribulioh frorn Thnlty Hrw8¢ LIShthse Seryite Olher 877 I,0 340 190 340 Total 2023 530 16 2.423 (dl COME FROM INVESTMENTS: Group Comblned Cbirltl Trinity14ous¢ Charity ChNdiy Unrtstri¢ied UnrethI¢1 Unrestrictcd FndOwMrf ruttdj fid& fwOs £0(j £00 2023, £0 Inve41 prop¢rtl¢s Portfolio investment8 B•nk 5nt¢r¢st and otherfinance Income 7,627 245 7.635 263 IB 15 Totsl 2023 It) EXPENDITURF. ON RAISINC FUNDS Grnyp •nd Cornblned Ch#rith CorporAte Trltllty Hou Chmrjty mltime Charity Unre8rri¢ted Unrtstrltkd Endowment funds fid$ £(K)O 2023 £000 £000 Lettingof roclns Managemcntof inv¢slmenla8¥eis'. 269 269 727 337 727 342 Legal and othcradmlnistralion fet4 Invckni ftts MainlctWQf inves¢Mt aw¢ts'. Rcpair8. miin¢uw¢eand Tefijrbishment of cstate Support eo¥ CoThblD¢J fh•rltl¢s 2,126 2.126 991 269 4,181 4.458 Ldtingof liBhthous¢cottag<8 Ldtirjgof fyncti¢)nrnoms 1,153 49 1.153 49 47
CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND NOTES TO THE GRoifp AfiD COMBINED AccOur$ For the ygr ¢xd¢d 31 M•r¢h 2024 29. COMPARATIVES (contlllued) {0 EXPENDrruRE ON CHARITABLE ACTIVITIES: WELFARE Groyp ind Coubln•d ChrltitJ Trinity Hous Charity M1¢1m¢ Charty UtW¢5tridd Unrestricted EndOn¢t fuThd8 Tot41 2023 £000 £000 Maint£nce and upkeep of th¢ Trinity Hom¢s Grants p8id- Grants paid- Lthr Support Gorts Total 2023 378 43 421 60D 207 380 600 212 380 565 43 ts) EXPFNDVTURE ON CHARITABLE ACTIVITIES: YOUTH OPPORTUNITIES AND TRAINING Gronp ADd Comblned CbNrllle• Trinlty Ho Mwiilm¢ Charity UnNITiGted R¢s¢rictcd funds fid3 £000 T¢)lal 2023 Mer¢hwEtNavy Scholarship S¢hem¢ 0[)ts pald. anThual Grants PAid- othtr Support co&ts Totsl 2023 1.334 195 187 531 2,226 195 187 531 ) EXPENDITURE ON CHARrrABLE ACTivrriEs: PUBLIC SAVKTY AND EDUCATION Group *Nd ComblDed CbArldtJ Trinity House Maritime Charity Unr¢stti¢ted Rrstrirl¢d fimds Tol81 2023 £000 £000 342 38 26 20 THMc1D grants OTaThts paid- Grnnts paid- other SUp[rt costs Total 2023 342 38 26 20 84 342 426
CORPORATION OF TRINITY HOUSE OF DEIryFORD STROND NOTLS TO THE CROUP AND COMBINED ACCOUNTS For the yr ¢Dded 31 March 2•24 29. COMPARATIVES (eomtio¥td) {1) ANALYSIS OF SUPPORT C(KSTS Office 5¢aff S¢rvi T1 2023 £OLNJ RabsinB hjthds Welfare Yolth opportunilies and training Publi¢ saf¢ty cdu¢&tion Mainlainingthe fAbric And hpritsgr of ThThityHouge Totsl 2023 330 127 45 17 24 616 236 330 12 991 177 531 20 2YJ 290 641 87 1,484 2,212 UI CORPORATE CHARITY- DESIGNATED FUNDS Utilised I Balance at relegsed 31 Mar 2023 £000 £o(K) 410 l Aprll 2022 deSitionS £000 Ho¢ D¢si8nated Fund Fix¢4J Assets Fund 444 8,819 9,263 37 1134) 168 8.722 (k) CORPORATE CHARITY. RESTRICTED Fuf4DS Balance at l April 2022 £OOD Inwme Exr*nditur¢ 31 Mar 2023 £000 £0 Warden's Trinity House R¢lief Fund Br¢thn., CovenRnt and Gift Scheme 58 60 58 01 TRINrfy HOUSE MARITIME CHARITY- DESIGNATED FUNDS Ba1ce At l April 2022 d¢sl8Th41ions £0 £000 Utili5¢d I telrd 31 Mllr 2023 Extraordinary Repair Fund Merchant Navy S¢hol4tshsp Sththi 177 177 5(K) 500 677 677 49
CORPORATION OFTMJNtTY HOUSE OF DEPTFORDsfROND NOTFS TOTHK GROUP Af4D COMBINED Accourns For ibe yeAre•ded 31 M•Tr& Z124 29. COMPARATIVES Itomtiiuedl (ml TRINITY HOIISE MARI CHARITY- RFSTRICTED Fuf4DS B41anw l Aprfl 2022 Mov¢m•rt in fijn Balance at Income ExpEnditiue 31 Mar 2023 £0 £000 SWI S¢hol&r8hip Swwc Ya)mDn Supwrt Tr)u C•ptsiD John Bury Me4noril Pri2¢ Fund GTrnts fly Merchèhi Nllvy SchoJ¥ship S¢h¢m¢.' (JthverwnEnt fuThdtllg Br¢ii$h Mar2 Pri Fund Dcprtnt for Tfawport Fw Mer¢honi Nlvy Cadr¢shlp Sche4ne 105 18 12 (4) 105 12 872 18721 46 13d21 85 (n) TRINITY HOUSE MARITIME CHARITY. PERMAP4EfT F.NDOWMENT FUNDS Tl•knne¢ at In¢omth¥ Movernont in l A1 2022 RtsourctB Expcndilure QBiThi And 31 M#r2023 £000 £000 £Lo Trinlty Vll Church ond We81 Forn)4 (bxhlll Mfirtlnu FArni. Ess¢x Tiinity Homc5, Walmcr 255.667 3.563 2,200 1,885 263315 18) 244296 3J63 22 1,842 251,901 1431 lo) ANALYSIS OFGROUP NET ASSETS BETWEEN VUP4DS Cwtc Tharity Trinty H(w8¢ M•xS¢im¢ CTh•Aty Unrutrkted KeAtrKt¢d Unreitrkled RMtri¢kd Eftdowmt ¢knd¢dblE ds tkndj ¢14 Ibnd8 TrAdlng flthdg £0 Totsl 2022 h•d B•l•ncu al JI MArth 2122 Repnmllted by.. Tble rtxt41 Invextments 1,653 251.199 S90 11.099 251,825 5,325 {3.1451 918 626 472 16791 249 Z.47J 1877) 1.326 (61) 1,048 {5 1951) Dellned t*i¢fii Totsl •èt 60 266 022 50