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 TR￿￿y 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 Re￿rI 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 Conjor￿l0￿" 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 th*t XAfegu4rdJ ihlpplrtg #nd se#farerJ by PTovldlDg WelfAr4
Youth Opportunltle4 gnd TralDl*g to the *af*rlng ¢ommM41ty, And advfjnccs Publlc Safety and Education In th•
rnarttlme dom*ln
The Corporation's Pri￿1paI 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¢ adVA￿ement 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 bun￿loW 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
Coordi￿tOr 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
inf0m￿lion, 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 i￿1￿$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. $hippin8 and Seamanship while highlighting thr rolc ofTrinity IIou5e and oth¢r
sencies in promoting the safety of shipping.
THMC provides an annual granl to the m￿lne Society & Sea Cadets, J moriiime ¢hariiy. The Corporation &150 fjjnds
¢areer developmeni bursarie$ awarded by the Association ol Suil Troining Organisaiions IASTOI, Royal Yachiin
Association {RYA) Yachtma8t¢r Scholarships for those working in tk small commerciol v¢$5¢1 s¢¢tor, a supcryacht
cadetship through the United Kingdom Sailing Academy {UKSA).
Eduration tr8inin8 in navigati¢)n, s¢&manship and marine en8ineering are mainly provided through THMC'S
Merchont Navy Scholarship S¢h¢m¢ (MNSS). whereby young people training to becom¢ offirKr5 in the Merchant Navy
are supported with bur￿rieS for th¢ir acad¢mi¢ courscs and 5ea-80ing tr&inin8, Candidates, who ￿¢ usually between 16
aj￿ 18Yi years old, undertake a three-y¢or progromme split b¢twe¢n nautical college and tirne &l sva in a variety ofsea-
80ing ve&5¢15. CHd¢t5 ran train as Decl Engin¢¢r or El¢¢tro•TeEhni¢al Officers IETO$).
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 Cap￿lty 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 ed￿atIOn in rnaritime matters such as s￿]n￿nShIp.

M4lDtalnlthg tbt F*brit Artd Heiit*ge of Trinity Houae
The mainteDance of the fabric and heritage of Trinity House, Tow¢r Hill, t￿nd￿n 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 LI￿ht￿0Ust 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 HO￿e, 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 •fN*utltAI
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&lty 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 fOrn￿r 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 Almsho￿e5 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 oCCu￿￿y.
An￿￿1 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 S￿lety 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 s￿iety 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. Child￿n'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 $upport
grants alon8side help to buy school uniforms. laptops and other items throughout the year. They also Provide respite
bTeak5 in th¢ir ¢i8hi c8r&vans.
The Nautilus Welfare F￿d offers a range of specialist services to 8UPPOrt retired seAfarers and their dependants, for
thos¢ reqtsirin8 residential or nursing Care, as well as retirement ￿0MModation for proplc living independently. and
8150 ¢Ar¢ at home to help p¢ople live independently ift their homes for longer. During ihe yeAr, it received a wnt of
£83,000 towards its servlces.
The Fish¢m)en's Mission. which h85 been supporting thc Fishing Fleet and their families for over a hundred years*
r¢ceiv¢d & ￿nI of £62,000. The Mission provid¢s prn¢ti¢al, welfare. health, pastoral and financi81 support through its
etwork of port team5 around the country as w¢ll as A 2417 respons¢ to all f15hin8 emerg¢n¢ie$ 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 gr￿ts 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¢¢$and efficicnt utilis&tion ofbudgets contributing to su¢¢essfvl mairttenance of excellent
training opportunities for the cadets Wlthin the scheme. and helpin8 to eA¥ur¢ th¢y quality and s¢¢vre employment
opportunities at the conclusion of their cadetship.
The succex8 rate for cadct5 qualifyhn8 15 well abov¢ the industry 5thr¥Jard. and Trinity HO￿e'S re]ationship$ wilh thipping
COrnP8nies and Joint Vcnture partncrs have resulted in good employment opportuntties. The NfNSS d¢mon$trates a good
return on investment and. betterstill. gives youn8, aspiringM¢rrhant Navy otTicer5 theopportunityto follow a worthwhile
arcer within the maritime seGtor. One ch&llenkTe in the year has been a fall in retention rate which is. perhaps, an ¢ff¢¢t
of the current intake of candidates hAvin8 been impac*d by ih¢ C-19 pandcmic as they completed their secondary
education. This has not only b¢￿ a problern within the marilime sttior bui also with other profe&sions, apparently
r¢suliirtg from students [￿king confidence and. as a resul¢. the obility to pas5 cxaminlltions. However. thc most recent
inthke of candidales has demonstyaied a recovering and re￿uring ability, ¢ommiiment and willin8ne&s to fulfLI their
ambitions Wlthitt maritime.
During the year, Trinity House receiv¢d new Brani fvndin8 frorn the Dff to sponsor 20 Ukrainian n&iiona15 through th
MNSS. While there has been a hiuh number of applicanis, li has been a challenge to identify suitable candidates with the
necessary &c￿emIC q￿lifICatIOnS and a suffi¢i¢ni level of written and spoken English, sin¢e Ukroinian is their n&tive
iangua8e. To dale, four cadets comm¢n¢¢d training in jAn￿ry and the rcmainder 5thrted their course5 in Sepiember2024
or are due to Start in JAnuAry 2025.
Thv other major area of expenditure tsnder Youth Opportuniti¢$ 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 (£130,01￿1- 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 Tft￿l. £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 encomp￿5 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-rela*d 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 k￿wI¢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 8￿fety and training"
relAted mattcrs Within THMC'S objects. A further award of £l.O million was $ubyrquently added to the fi￿d by the D￿.
Disbursements in the year w¢r¢ rnade m&inly to the Royal Society for the Prevention of Ac¢ideni8 (ROSPA) (£41YJ,000),
the International Seafar¢r5' W¢lfatt A*¥isian¢e Network l£119.0001 and the University of Aberdeen (£59.000).
ROSPA (as part of the National Water Safety Fonun or NWSF. cornprising over fifty or8anisations) d¢liv¢rcd a successful
Respect the W&ter 999 campai￿ launched on World Drowning Prevention Day in 2022. This additional fundin8 embled
the NWSF to build on it5 succcss and ¢xt¢nd the projecl for a further two years.
Funding provided to the International S¢afarers' Welfare Assistsn¢e Nctwotk (ISWANI wa8 in 5UPPOrt of The Social
InLer&ction Matt¢rs (SIM) project as a continuing initiative with the S￿[ of improvintsy tho lives of 3eafar¢rs And their
familie5 worldwide by increasing awar¢n¢$s of ih¢ importanc¢ of social intcraction for se&f8rer health and 5Af¢ty and
¢ampaI￿1n8 for improved standArds.
The Univcrsity of Aherdeen's Illl￿1￿￿ 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 neCe￿ary 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.
M*lrttets*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 Tn￿te¢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. Perf0m￿nce ¢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 lnVe￿M¢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 corpor￿tion 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 Pe￿10n¢r8 in the fi￿d.
Under ihe rules of the Scheme, appointtnent and removAI of pension trustees is the responsibility of the Corporation.
Appoinlments ar¢ rnmde by a￿eMentOriht 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-pro￿rty, to ¢nBure that it is Cor￿￿tlY 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$trn¢nt diversifiGationl are still appropriate for implementalion
or rnay n¢¢d am¢ndm¢n¢.
MaxiMi8¢ tho in¢om¢ earned by the Corporate Cltarity'a yubsidtary. THEL. to Provide e￿￿tial fiLndin8 for the
principal object of m&in¢aining t￿ fabric and heritage ofTTinity House.
Continu¢ to maint#in ihe Trinity House Grade I listed building to an appropriately hi8h 5tsnd4rd.
Consider the incr¢a8ed deploymcnt of fimds tQW8rd$ 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 rela￿d policies. proces5e5 and proc¢dures for
application and consistency a¢rosg the or8anisalion.
Conlinue to ¢x&mine, develop and itnprovc the ch￿tIeS, Environm¢tytal, Social and Governllnce IESG} profil¢.
with an enhanced approach in particular to Sustainability where appli¢able, and an inCrea￿d focw on risk
derivin8 from Clima* a￿￿8¢.
Continue to assess options for recommendation to the Court to ensure that the Corporation's Charters r¢main fil
for p￿r￿Se.
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 Ch￿lties, 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¢$ult of a 12.7(A* incTease in Trinity
Village est4t¢ In￿rne, whi¢h totallcd £8.6 million for th¢ ￿ar {2023.' £7.6 million).
Unrestricted charitabl¢ ¢xp¢nditur¢ totall¢d £4.1 million compared with £3.9 million the previous yeor. This comprised
£1.700.000 on welfare aclivLties, £2,303.000 youth opportunilies and trainin& and £93,000 public safety and
education. Unrestrict¢d ¢xp¢nditure on raising fuTLds (principally in T¢l8thon to th¢ generntion of investmeni property
in¢ome) was £4.3 million in the year compAr¢d with £4.2 million the previous year.
Overall, aft¢r taking account of an actuartal lo¥$ 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 fUrt￿r £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 fi￿d$ 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 $teward8hip as a landlord:
Und¢rtake ￿heduled and periodic property rnaint¢n8n¢¢ obli8aiions as they arise in accordanc¢ with high
stsndards of workmanship and safe workin8 praclice in the interests of preserying ihe value of the property as
an investment.
Enhance further, where appropTiat¢. th¢ prime r¢sid¢ntiAI areas of Trinity Villagc internally and externally,.
Examine opportunities for strategic redevelopment of fOTnTnC￿l￿l properties. wually upon r¢v¢rsion of leases.
During the y¢areT￿ed 31 March 2021. theTruste¢s re¢¢iYed, and agrecd to implcrnent. the recommendations ofa business
plun (the TVBP) prepared by Knight Frank, the estate mMnag¢r8, following their strategic rcview in the preceding ye8r.
Whilst th¢ implementatioh of the plan wa5 delay￿ by ihe pand¢mi¢, a nUM￿r of ￿p￿1f1¢, discrete feasibility xtudi¢$
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¢Tn￿tCe&, 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 A￿JIt 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,
inforn￿tIOll 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 ta￿81￿¥ 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 sul￿ble 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 conse￿￿tar and storag¢ $uppon for the flne art
tre￿￿r¢S in th¢ ¢v¢nt of on incident.
Incofflc from thc letting of thc Lercmoniaj r(￿m3 and the buildin8'3 maintcnance costs are monitored by th¢
Board by mcan3 ot. quarterly mana8ement accounts aThJ bud8ets. In addition to free Te5erves, tho Trustees
maintain & designated fund ('Hou5e De&ignAted Fund,) to ensure that suflicienl monic8 arc available for major
repairs and r¢fitrbi5hrnents to the buildin8, both emer8ency gnd plgnned.
Pandemic Lewl DiFease.' whilst thought largely to have p&%sed. thc effects of the Covid-19 parLdeTllic p05cd
(and, to A limitcd dvisrce. still po8cl differin8 T15k5 to the Corporate Charity aTtd THMC, as well &8 to the health
and safcty of staff and vi5ltors. The biggest risk is CUTrenily a85e55cd a5 the emergence of & 5ignifLc&nl new
v#riant of Covid-19 bringin8 Wlth it substantial re-imp051tion of restrictions and constraints. The ￿rne risk
applir$ 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¢ di￿10r$ 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). fi￿her 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$k5 to income from Trinity Village associated with the inability of r¢sid¢ntial teTbants to pay rent.
cotnmercial tenont business failures, excessive voids ai lockdown, government con5tr8ints landlords. and
broader impact on lh¢ rental market in London in getteral and in the area of Trinity Villag¢ in particular. Any
impact upon income would again affect charitable disbursem¢Dts and Estate h￿bandry.
The Tn]8t¢es b¢lievc that these risks would be mitigated by carefvl superintendence froTll thcir estate managers
(Knight Frank), advice from thetn and others gnd toking carefvl account of lessons l¢amed so far from the
Covid-19 pandemic.
The Trustees havo as5¢s5¢d th¢ major risks to which the ¢hariti¢s ir¥ exposed and are satisfied ihal thesr have
been identified, and that appropriate m¢a5ure5 and eff￿live 8y8t¢ms and Controls are in place to mitigate them.
As noted above wthin Futhre Pluns, work ¢ontinues with regard to th¢ risk management process and to ¢nsure
thDt the risk register 15 a practical mana8¢nwnt tool with risk OM￿er￿1P embedded throughout the organisation.
RettrveB Poll¢y
Corpornle Charlty
The Corporate Charity rc5eTves totalling £9,372,IM)0 (2023.. £9,451.000} and ¢omprisirtg d¢518nated lund$
(£9,068,000). 8 pension resetve {£23.000). restricted funds {£60.000) Nnd unr￿trICted 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 b914T￿e 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 pn￿ent 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 t￿n 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:
Exlrdord1￿llry 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 Cor￿￿te
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$.
The members of the co￿￿TY11¢ Board are elected by the Court of the Corporation Hnd act a5 TTUStc#s of the ¢hariti¢$. 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 Ro￿r 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 COMM￿1¢
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
¢X￿n91ve 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 Agr￿1¢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 D1￿ctOr (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 Tn￿lE¢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 W￿￿eSter, 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¢ a￿OUnts, 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 ¢0￿Crn 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¢ ￿￿O￿nIS 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:
B1￿kRock 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, balat￿e 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 ¢T￿ed.
• have been properly prepared in accordance with United Kingdom Generally A￿epted 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 5iwh1fic￿I 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 assUr￿ce 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 obtait*d 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 2￿8 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' a￿￿unt$ hre not in agrccTncnt wilh the accounting records- or
we h&ve not ￿e1Ved all the inf0m￿lI￿n 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¢$pon5ible for the preparation of the &ccounl% and for ￿]ng satisfied that they 8ive a trne and f&ir view, ynd for such
in*m&l control as thc CorpoTat¢ Board d¢t¢m)in¢s is necessary to ¢nabl¢ the preparation of a￿tsunts that arc tree from
maicrial mi55tatemen¢ whether due to fraud or error.
In preparingthe &ccounts. th¢ Corporak Board is responsible for assessing the ￿up,5 and the combined ch&rities' ability
to GontiiJUE going con¢¢m, disclosing, as applicable. matter¥ related to ¥oin8 concern and usin8 the 8oin8 ¢on¢ern
basis of aG¢ounting Unle￿ the Corporate Board eiih¢r intends io liquidate th¢ xroup or the combined charities or to cease
operation& or h19 no r¢gii51i¢ 4lt¢rn&tiv¢ but to do 80.
Audlior'i rewnalbllltles ftsr the audlt of the Aeeouthti
W¢ hav¢ been Appointed as Huditor under section 151 of the Charilies Act 2011 and rcport in ￿cordanCe with the Act and
relevanl regulations made or havin8 effeLt thereunder.
Our objectives are to obiaiii Te8sonablo a￿Ur￿nCL abour whether the a￿Ol￿t4 as & whole are free from material
missiatement, whether duc to fraud or error. a[￿ to I￿ye an audiior's report that inrludes our opinion. Reasonable
SSUr8￿¢ IS A high level of a5surBnce, but is not a guarantee that an Audit conducted in accordance wilh ISA5 (UK) will
always dde¢¢ a material rnisytatement when 1¢ gxis¢s. Mis8t&iements ¢Bn &rise from frAud or emTrr aTHI aT¢ ¢onsid¢red
ma¢¢rial if, individually or in the a8w¥at¢, Ihey could reasonably b¢ expected to irtfluettcc the ¢wnomic decision& of
users taken on the b￿815 of th¢8¢ ac¢ounts.
ItT¢gulariti¢$, 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¢t￿t 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 en￿gement 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 Ut￿erStandIng 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, $uspe¢ted and
allegrd fra￿1., and
¢onsidrring the internal controls in place to miiigAte risks of fraud and non-compliance with laws and r¢8ula(ithJs.
To &ddress the risk of fraud through management bias 8nd ov¢nid¢ of controls, ￿.
• perfornied analytiral proc¢durc5 to idenlify any unusual or un¢xpeci¢d financial rellltion5hips'
tcst¢d journal ¢ntri¢s to identify unusual transactions,
• perforn)ed substantive t¢$tithg of expeTwJiture including te8tin8 the authoris&tion ther¢oP and
a￿SSed 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¢￿ul￿tory and le8al correspondence, if any.
Moterial mi8Staiements that grise due to fraud CAn be harder to dctcct than those that ￿1$¢ from ¢rror as they may involve
d¢lib¢rat¢ ¢on¢ealment or coll￿￿10n.
A fi￿h¢r d¢8¢ription of our rewnsibilities for the iudit of the accounts ig located on tho Financial Reportin8 Coun¢il'$
website at www.fr¢.org.uk/auditorsresponsibililies. This d¢s¢ription fomis part of ow Auditor'g report.
of0￿r r¢port
This rew>rt is made solely to th¢ Corporate Board. ax 8 tr*)dy, in ￿CordAnce wth Part 4 ofthe c￿￿ties {A¢¢ounts and
Report5) Re￿latiOnS 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 yo*r Ènd￿ 31 Maryb 2024
Ctyp(yrHte
TriDityHou5e Maril￿ne Charity
Charity lJTrre5thcted
Re5trict¢d Pem)anen¢
fundy
fund8 Endowment
Totsl
2024
Tota]
2023
lin¢ju￿1nX
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
$629
W4lf8re
1.700
2.303
93
44
1.739
1438
814
Youth (yportunili¢% and trainin8
Public Jaf¢ty 4nd e(iuution
MA4ntsihin¥ th¢ fAbri¢ othd heritw or
TA Thlry H(w¢
RolcAJ o Deèp ￿pIlOt&S¢Aul￿0Aty
pr0vvdiL￿ OINauticDI Axw¥w¥
3.139
426
io
824
014
944
46
17
TOTAL EXPENDITURK
2,243
11.364
1,850
12J27
NET IF.XPF.NniTUREI I INCOME BEFORE
INVE2*YMBf4T GAINS AND L(L￿E5
1172)
589
16541
(371
(2741
276
on tILC tr¥alu•ll¢x
diB]ThRI of investsncftt prw¢lE¥
(iains I{ltswl ort th¢Tevahatl￿ and
dltstxJslll ofwtfolio investsn¢nts
io
{iJJ14)
(9.0871
2,313
{1.¥221
NET ￿x￿END￿vRE) I INCOMF.
589
16J41
111,6071
(11.7751
111233)
OTHER RECOf•NtSKD ILO&SES)I GAif4S:
A¢tuuriRI1105yI 18ain defll￿d b¢n¢fii F¢n$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' STATE￿￿NT OF FINANCIAL ACTIVITIES
WDr the y￿r ended JI Marth 2•14
Trinity Hou8e Chority
Chorty Unr£￿i￿ted 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
Y￿th 8nd tr4lniTrg
Publi¢ ￿frfY Omd edu¢aii<xL
MabLtlliniTh¥ th¢ fabrlc rtt￿ h¢titw or
Trinily How¢
Rol¢ •8 a De4) Sea Pliotw Authority
Prnvlyion of Nguib.al A55CSWrt
2.3Q3
93
3.139
426
721
iu
824
46
17
40
TOTAL EXPENDITURE
8,364
11.456
10,628
NET INCOME IIEXPENDITURF,) BEFORE
JNVESTMFNTGATNS AND LOSSES
91
589
1654)
J7)
th¢r¢v*iuailth and
d￿p￿&1 ofinveskneni
Glli￿ I (k*￿) ￿ th¢Tcvalullon and
d1#poj￿ of portfolio inv¢5bn¢n
io
1130141
19,687)
io
69
2.244
2a13
11.822)
NET 114COMEI(EXPENDITUREI
160
589
16541
111,&)7)
IiiJiz)
OTHER RECOGNIYED ILOSSKSI If¥AVNS:
ActuHri&l (lou) l ÉAin on d¢r￿ed bETrcfit p￿%1￿￿
bem¢
25
12391
(Mi)
NET MOVEMF.f4T JN FUND8
1791
(521
16541
(11.607)
112J92)
BALANCE AT I APRIL 2023
9,451
2.344
1.265
251.4Y>I
264,961
276.276
BALANCE AT 31 MARCH 1024
Y.372
22YZ
611
240,294
25U69
264.961
i)thiie4 ¢ornpErnlive distjosd ID nvtc 29 to thc acc￿nts.

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
st￿ks
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 A￿Er
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 un￿￿tricted 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¢ Marl￿1*¢ 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•n￿b￿rItAble 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¢ tr￿gibIC 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 pr0￿Mme.￿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 Cor￿aVITU# 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 A￿entS (*￿te 171
Cash held ￿ dE￿ISit by marja￿l[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 8￿￿1￿¢&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 M*r¢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 compa￿1Ve 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 a￿oUntIn￿ policies below or th¢ notr$ w thu¢
Accounts.
The Accounts have w¢phrEd in llcGordance with Accountin8 and R¢￿tin% by Chiriti¢$'. Stutcrncnt of
Re￿MMended Pr•rtic¢ applicable to charitie5 prepArhng their ttc¢ounts in a¢¢ordence with the Financial
Reponing Standord applirllbl¢ in the UK and Republic of Ir¢lwd (Chari¢i¢$ SORP IFRS 102)). the
Finan¢ial RepL￿tIn& 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 I￿est one thtyjsand puttds.
BASIS of Co&￿11d￿tIO
Thc a5set5 liabilities and the incomr 4nd ¢xpehditure of the Corpornlion as Gen¢rnl Ll%hihi)us¢ A￿hority for
Engl￿d 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 a￿ordall¢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¢ Corpr*TBtion of
Trinity House of Dwford Slrond lin its Corporate capAcily, Ihe Coryx)rat¢ Charity) Hnd the u55Cts and liabilitie4
the income and the ex￿ndIture 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 eX￿ditUre are not
shown separately in th¢ ￿t¢M¢￿t of finA￿la1 AclLVLties but are disclosed in the nirtes.
Crlllc*J A¢eollDthLg FJtlma¢eJ And Are*J o¢Judgeme•t
Preparation of the AccouDt5 requires the trustees and mAnsgemettt to mak¢ si￿lfICant judgements and estimates.
Thc tnore si￿lficant 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
Accol￿TING 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 res￿1 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 ur￿￿rtH1￿li¢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 Si￿1r1¢ant are￿ of jud8eTh¢nt that hff¢ct il¢m¥ in ihe accouThts are detsiled a￿Ve. 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¢'In￿SIm¢Trt Policy and'Principal Risks and Uncenatttiies, S¢¢¢ions of th¢ Ar)nOAI
Report of the Corwr4t¢ B￿rd 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 [￿0￿nI5¢d whon th¢ chHriti&% have confimialion O[L￿ ihe amount and settlemertt d#*. For
donatLons pled¥¢d but not r￿e1Ved, 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
n￿lf1¢￿tIO￿ has becn r￿e1Ved of the dividend due. Rentil inoom¢ l¥ T￿o￿lised throughou¢ the year as and
wheth r¢nts fall due.
E%peDdffit*re Rttopltloll
All expenditure i& Aceount¢d for ￿ 4n a¢¢n￿lS bA5is. Expenditure compri8es direct and support ¢08ts. All
expenses. in¢ludinB SUPW)rt costs. ar¢ &llocated or apportioned to the applic4bl¢ ¢xp¢ttdilur¢ l￿dIn￿. 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, [L￿dOn 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 Cor￿rate Bogrd And inGlud¢ Hn NPFYQPTiat¢ proportion of511PPOrt costs.
c￿ts 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¢ ch￿ed 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 contr￿t5 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 ￿tim￿ted 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 ma￿t 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 I￿anS ￿ 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 refl￿t repHym¢nts and any accrued interest and adjusted for impairmertt, if Applicahle. Any impaimi¢nt
Ioss i5 t¢¢0￿75￿ a5 expenditure on charitable Aelivities the stktemttst of finAM¢ial udivitics.
St￿kS
8￿Cks 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 H*Rd
Cash at bank and in hand repres¢nts $u¢h a¢¢ounts and instruments th&t are available on demand or a
turity of le&8 than t[￿ee montlk8 from the dat¢ of acquisltion.
Creditors and ProvA•lons
Creditors and proviJion5 r¢cO￿lSed.. where there ts An obli8ation at the b&lAnrc 5httt date os H resuli of
a p&8t eveni.. whw¢ 1¢ 1$ 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¢n￿on 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¢¢4￿13￿ 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 Ststern￿t of tlnancial &CiLVLties in other gBins and
losses the p¢riod.
Coniribuliffi$ ti T￿P¢cl ofthe charities, Group P¢r8on41 P¢nsian S¢h¢m¢ rnC0￿used 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 di8￿0¢i0￿ of thE Corporate Bollrd in
further8nc¢ orth¢ obj¢¢¢s of the charities. Included within unrestrictrd fvnd5 ar¢ thsi8nated funth which are
fi￿d$ 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 ￿￿ord￿J]￿e with the donors, explicit terms.
Permonenf endownrenifynds
Permanent ertdowmcttt funds are fi￿d$ 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 m￿￿ured 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 opr￿111¢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 MNI￿gement chv
Clift Aid donations
269
343
269
The alyove Combined Charltles, Income for the years ended 31 March 2024 31 Ma￿h 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
T￿*12024
Tthdl 2023
19
EXPV,NDITURE ON RAISING Fuf4DS:
Group Ind CoThblned ChATItI¢i
Trit>lty Houyc
LhArily
Maritim¢ ('.hgn'ry
unresrriL￿￿ Unre9trickd Rthc￿J kndowm¢DI
fijnd
funth
£IK)D
Total
2024
Totsl
2023
£0
I(IOD
£0
lo
(KJO
txllin¥of fi￿￿11￿￿ nyjms
MAn•8emeni of inv¢Jlm¢Thl asxl¥'.
FAlaLC m￿a$￿s, f¢e&
4nd (ther adMInts￿￿lOn 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(A*l 2023- Combined Ch￿ltieS
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¢ y￿r 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. urgattl8￿1ons Hnd individu*lJ. Of th¢ ￿ant&
p#ld. annual 8ronL8 am¢)unted ¢0 £60U.OIK> aNI crth¢r wants amoun*d 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$5ion
NAvol Childrcn's Charlly
Tyn¢ M8rin¢rJ' BcnLyoleni Ihytltuts
I IU Toward5 theiron¢ otTand r¢¥ulor wan15 to b￿¢ri¢lat{lv.
100 Towards the co&1 of care to ihcir redidvrti.
83 Tow&rd5 the Kupprrt offered 10 ttyidenl4 and the Admiral Nurse.
68 Towarth Ihc Brnnts uw8rded dircclly io fgmllies.
62 Towllrds their cwe costs.
47 Ttrwtrds tho awardd dirc¢tly lo famillcy.
39 Towgrd5 thc c￿1 ofm4int¢nin¢e on ihc h(￿¢1 4ttd pmvidin
PCTL4iUn3,
35 T(wrds th, ￿nts llWgrd￿ directly to fomllles.
31 1 owyrds the Vchfficle Replacement ProRrumme.
10 Annual memixrship f¢e.
10 Towards thc c(kgt of provldin8 th¢ir mixed r¢h¥blli18Lion 3ff¥lLe
for se4farin8 b¢n¢ficiaiies.
5 Toward¥ th¢co81 uf the Service at St Paul's Cathedral.
R¢yyal Llverpool SeAm¢n'5 (hphan Instltution
Mer¢hgnt Na￿ Welfare Board
Marilimc Charliics (Irwp
for Veter￿￿
Annual Nthtlffi*l Servi¢¢ for &8fAr
TotHI grdnts paid. ￿nnual
S¢aforns 14ospital 8o¢iety
Stclia MHrii
Brou8hton Ho
32 T(wiord5 Ihe expth5ion of the 8￿Fil pmygmme lo new Ir￿110t￿4.
25 TowArd¥ the LivLYpooI and North West Chaplaincy 5ttvi¢e.
17 Towanlg Iht top up home fecs ts th¢ir
Jeafarin¥ knid¢nls.
15 Towards memtal health 8uptx)rt for s¢afaring vetenL8.
15 Towards th¢lr wrworking 8wicc forseafadn8 ben¢fJ¢iarles and
thcir fllmilies
12 Towgnls the UK ¢I￿onI of provldingthelr wwllih8 gttvIG
to yeafar¢rs.
50 Fivc org&nL5&tiTh15 were awotded ¢m¢r8ency fimdlng &5 Part
of a c051 ofiivingrri3iN futLd.
134 V8rious welfare 8tsnts. of £IO,QOO or le&q.
31M
cornb￿ Sltes$
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 Cb*rllleJ
Trinity House
Moritimc Ch4rity
Unr¢JtriG¢¢d
R￿tricted
ruDds
Ttht*l
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 yL￿th opportunities and tT8ining grants totsllln8 £444,OLK) W¢T¢ &w￿d¥d tu other Gh8Tities, Organi￿tionS 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 Ye￿IrS
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
L￿d0￿ 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¢ prOgr￿Nn¢ 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.
R￿1 Y￿h¢1￿8 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 M*rch 2014
9. EXPENDfTURE ON CHARITABLE ACTivfTIES:
PUBLIC SAFETY AND EDUCATION
Gro￿pAnd Combineit Chbrilie
Trinity HINJsc
M￿lI1￿¢ch8rity
Unr£8tricled
Rulrict￿l
fi￿dS
Totsl
2024
T()thl
2023
£000
342
38
26
20
THMCIDtT wL8
GrHnls p8id_ anThu
(Irunls paid- (￿her
Support costs
Y￿al 2024
721
721
38
31
23
38
32
23
93
721
814
426
T￿1 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¥
N￿lon￿L CoNshva*h INiiiuuon
OthL* youth public & 3Afw 8r4nts
21 Tow￿d￿ the dcv01￿menl gj)d launch of a new w%bslitt
vWiD￿p￿blic 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 prtV￿110n ofA¢cidL*t8
IniernationMI S¢wfaTeri' W¢if¥xL'¥ffid Asaiathn¢eNthw(A*
41M) TL1wHTds￿ ixtffjsion ofthe Resp￿1 th¢ WAttY compli￿1.
119 TowHrd& Hn ¢xl¢nyion ot'their So¢inl Intgraction.
M4tlcrJ ISIMI Projfcf.
59 Towwds explori￿th¢ key l#bni¢ai skills uJed
by ¢0mM￿l91 fish¢rnm.
48 Towgrds exl¢nsivn of the M4ritsme Fu¢uTe5 priTh8r*Th￿.
44 Towgrds mentgl health Supr￿ for fi$h¢rnwl¥illff.
26 TDwgrds te5epr¢tL inloth¢ nwst fr¢qu¢nt T¢asons r
hutnan incidcnlj.
15 Towards conv¢rtin¥ the C188 Fighin8 sAf¢ty ￿Ur1e
into ￿ onlinc modulc.
10 Towards peer &upp(>rt8roup¥ on¢J rnentai health SUPP￿t
f(* IJK rruLrilirne pilots.
University of Ab¢rde¢n
Mull Marftime Trou[￿RI10n
ThL FlthetmEn'8 Mis$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$ion G05ts
RepAir3. renewals atsd plam)ed maintenAn¢¢
Li8hL heoi. inSurA￿e and oth¢r runnillg costs
Depreciali
Support costs
186
205
190
136
134
237
290
824
944
The abovc cYpenditUTe for the years ended 31 March 2024 4nd 31 M4r¢h 2023 r¢iAi¢d ￿ Corpor&¢¢ Charlry
unrestricted fvhd5.
11. EXPENDITURE ON CHAIUTABLE ACTJVITIKS:
ROLE AS A DEEP SEA PILOTACE AuTHORf￿ AND PROVtSIOlY OF NAUTICAL ASSE￿oRs
Exprndituro on these categories in the two yeArs ended 31 MArth 2024 artd 31 MarGh 2023 wa¥ from Corporatv
Charity unrostricled fijnds.
12. ANALYSIS OV SUPPORT COSTS
Offlc
staff
Athnin
¢o$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 ANDTRU￿EEs, RFMUNERATION
2024
Wu8es and la￿1
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.
b*luded within the the abDveKo1 f¢r Ih¢ prboryw is a knNy￿tl0n ￿YM￿lI 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 Contr1tr￿1lc￿ 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$ingth¢ S¢¥ra4ryto the Cffp(rfi(m, the fthnnL¢4nd
Cvmmer¢l41 Dlr&iur (who ii DEputy SeLTetsry kn the c(Kr￿)rAll0tt), th¢He*J Or￿.ventS and the Ilead thf
Charitsbk (nvin& in¢hdin8¥mplry&s PEThsi￿￿ ¢wty&b￿(4UM ond tynployees th*li¢Md Inwr￿cE ¢Lmtril)ulioM
w¥3 £491,O￿l2023.. £456.1KKII.
Tr•v¢l •nd w￿L￿nCe ￿penSeS t¢¢llllSn8 £28.00012023.. £19.fth}wcrc rcimbuvrtd 10612023.. 51 mwbrrs or
th¢ CorrwA¢¢Bogxd ID the￿.
FL*S Ind tL¥ablB exp¢n￿3 p4id to membus Cojpmts Boud by the chEritioJ ￿Ount￿l to £121.ofAI
12023.. £107.0001 in th¥ yw. These COM￿Sed,.
lul Fee$ 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¢¥¢ ¥Jr0m8*nentN are met from the r¢inLbuTsed. Total ftt
exp￿deS 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 w￿￿orth £7.000 12023.. £5,(thl. L'BPthin Ilop¢£nil
12023.. £6.0(M)l. Co￿￿￿jOYe 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 loj￿ll￿ry 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 the￿StA￿S
regiytered Lharitits. Trnit&% S￿l¢¢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 prq*rties
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.
fiX￿r¢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
D￿rket 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 programm￿reLated 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
Tri￿lty 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
s￿la1 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:
Gr0￿P
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 ¢n*red into • Coron8Vitus Business Int¢miption r￿llity 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¢ r￿t y¢or. After one year. interest was
fjxed at 2.33(h* per a￿llUm. 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 DeJI￿al¢￿ Fund
Thi$ fvnd is dc5iBnated by the Cotyorat¢ Board for mNiDtaining the fabric and heTitaBe of the Gt¥(k I, Trinity Hou8¢
building.
F￿¢dA￿se1$ Fmrtd
This fvnd repre8ent$ the book valuc of the tangible fixed assets excluditt8th05e that are re51ricted fimds and L8
(k518￿ted 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 i￿rIU￿¢ lh¢ followit)g des¢b￿lled fynd8 which have
bcen s¢t ￿id¢ by th¢ c￿ f4o&rd f(*spteific purwy¢s.'
Balgm¢e
New
l Awil 2023 desi￿8110￿$
£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¢ CO￿Or￿te 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 E*wne
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 fi￿dIn8
British Morinc Prlzc Fund
Dewmttni forTmsp(xt FU[￿j
Ukrttin¢ Nlthiimc Officor CBdetshipA
Wor¢e8trr Merchanl Cad4*ship 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 Schol￿3b}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 ￿l￿tance ix awwded lo th08e ¢adetswho have
demon&trAled eJÉ¢wional pro8re8N bolh ￿[nICE]IY and prnL'licHlly throu8boul thcir tywnin¥.
The Swir¢ Supwri Fund esillblist*d in October2017 lo provi(k yuldon¢e and mmtoriD81o cadets who
have qu*lifi¢d ftuttL the M¢rih8ntN4y schol￿$hip S¢httne.
The C4p¢gin John Bury m¢m￿la1 PriyE Fund wag <8tabl￿hpj to provid¢ aw8A¥ furoutstandtng&*ievettwii for
cts undery01￿ tswning in the Mer¢h*nl N4Yy ScknillTStup sch￿￿. The Fund wa8esiablished in n￿ory of the
Lqte Cllptain Hury. Elder Brothcr of I ritLity Hou8c.
Th¢ Brili¥h M8rine PtiZeFUt￿ was e5tablishtd kn Provideprizes th c￿ets undctBoingtraining in the Merchant
S¢hoLqrshlp Scheme. The priz¢ iSYW8Td¢d to the thl prtyJucln¥the be81 complded trwnitt8re£ord bwk.
The Dcpartrn￿t for Trgn5POrt Fund rrl81¢5 to fvnd5 fr(xn the DcpArtment r￿Tr￿nSport in ¥upportof safrty and
tratiJingtcl&ted rnattets within the Charity's obje¢ts.
Th¢ Ukngin¢ Maritime OffJcttCadeL¥hip fijttd reJ#testyBfwLtfuThJingfr(xnthtDq)artswt for Tr*Jsp)rtkn supp
of the SPDnsarthip of 20 Ukrainian ¢ade(s onto th¢ MerChantNll￿ Schol(wslup S¢h#ne.
The Wor￿1¢[ Merchattt Navy C&detship Schctne fvnd was ¢5tAblish¢d oh 6 Awl 2022 tO3UPPDrt the esf&bli%hment and
operation of a Mer¢h￿l Navy Cadaship S¢heme in collthrntion The As8(Kiatiots ofoid Wot¢¢5t¢ts.
39

CORPORATIOIY OF T￿NITy HOUSE OF DEPTFORD STROND
NOTES TO THE GROUP AND COMBINED ACCOUNTS
For Ibeyo*r endtd JJ MaT¢h 2124
13. TIUNtTYHOUSE MARITIME CHARITY. PERMAf4ENT EP4DOWMENT FUNDS
B*l•n¢t al
IL035￿} 31 Mar2024
Éoo
00
l A￿11 2023
£000
TrinTty Villa8V
Chureb aAI Wwi Fan￿, Goxhill
M#rtin¢s Farm, F*s¢X
Trknity lI￿ne￿.
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 [K￿don. WA¥ ¢wJvwd lo the Chllrlty by ChrhEiwher Mttrlck in 1660. Tho fi￿d i8 ￿MIY
r¢pr¥¥¢tyted by t¢sidoniIal￿d 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 ¢ar￿1 fr￿1 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.inc01￿hWc￿I ¢￿. Und¢rth¢ i¥my of th¢lye81, rEmed fmmthis
av4ilable pwpow. Th¢ rOm￿￿ere vAllled HI £3.575.0(KJ al 31 Mor¢h 2024.
Thiy ¢athl¢ w8J b4uYathcd lo the Ch￿lty bycaplain Roben F58htt in 1714. Tr is ￿pr¢S￿￿k￿ by rteehoid U8Ticultwal
now of 65.7 4¢r¢s120.6 h￿1￿￿). Undvthe turns of tho b¢4U¢Sk inwnK¢4n*d frc4n thii t￿￿1 i¥uvlliJubb for¥aw
pwpoxs. The fDrm w•¥ valu¢d •¢ £1,679,0(M) Al 11 ma￿￿2011.
TrlnltyHumtM, Wolm¢r
Thme 11ornA whl¢h ar* frechold chDritypropcrty, b¢ion¥lo thecO￿orAliThTh 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 occommr*Jotlon for who ¥t¢ or wer¢ fomL¢rty
Brliiih Scomon ond MHrincrJ MLqtttA WHI Pilo¢&l their &pcnthts whtt4re I￿ need. Tho Homes comrfflye
18 $¢lf ¢ttnthln¢d units of ￿¢0m￿￿d￿l1On And the only inE(xiJe rtt¢iv¢d 1$ # contributlon tt(¥n cach Tv3ident loW￿dI ho&lll¥of
the dw¢lltiw. Thij fu￿1 is t¢prcir4lt￿ in Ihc bDl&w¢ iheetbytyn￿b1¢ A￿￿1•$8¢11 I]￿¢ 1$) and An inveKkncnl PWP#ty.
24. ANALYS15 OF GROUP NET A￿ET$ BITW¢fN Vi)NDS
CorporoteChaTity
Trinity H￿¥¢ Mwiiime Ch*rity
un￿ritte0
Regtrl¢¢ed UMcJtriricd
Rutrided Ead￿￿t
clwitsbl¢
fund5
tbnd
IlJnd& Tr4diD8tlJnd8
£000
£000
Non-
T•t*l
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
Tol*1 ￿¢t *J*l¥
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 t*ew n)¢Jniws on 18 July 2000. A defined ¢￿trIbUtion scheme Iwup
perse￿1 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 S￿￿e are
held Beparitely from thos¢ of tlLe combined charities.
The conlributions are de￿￿lirted on th¢ basis of tr1et￿l&l valuationg by an acttwry u51n8 the Attained A
method. Followll￿ the valuHlion as at l (kiober 2023. the employees cuyr¢nt contri￿￿10n 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 I5￿t5 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 #i￿lf1¢&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 St*ndArd 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 ￿ Y￿r.
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 CUrr￿llY 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¢ obl1￿110n5 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 re￿8￿lled in expcnditure
(LOsseSF￿a1ns recoBnised in oLh¢r r¢Co￿ls¢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 I￿luding 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 li￿thoUSe 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 cl￿p[ratIon of Trinity HOL￿, incorpoTa*d
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 £2.098.0￿12023.. £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¢ Cor￿lI0n.
At 31 March 2024, ￿nt ¢ommiiment8 from future incrxne w¢r¢ £nil (21Y23'. £nil),
At 31 mO￿h 2024, the Trinity House M8ritim¢ Chority waj ¢ommit*d 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¢$t. Similarly* Pn)perties may be leased to In￿1¢¢￿
or other rtlatcd parties. All grants and trArL￿¢t10mS iryvolving Such or8ani8ation8 And related pAni¢$ 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
COry￿at¢
Trinity Hous¢ Mgrillmechthty
Chwity UnMtsi￿¢d Rttiricie41 Pcmwjrnt
fut￿5
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¢v￿U01]On and
d￿pu$ll ofinv¢Stm￿t prop¢rti
{9.687)
(9ffi87)
diyp(wJ orw￿9]]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 M*Teh 2•24
29. COMPARATIVES{tofjtlnued)
(b) COMBINED CHARITIES, STATEMIP4TOF FIPIANCIAL AcfiviTIES
For tht yurtttdtd Jl M*rth 2011
Trinty Howe m￿ltIM¢Cher1lY
Ch￿lty Unrtgtricled R&ricted
fi￿d&
fi￿d$ Enth)Wrn￿1
fwjds
Totsl
2023
£o(MJ
£o(x)
£o(M)
£(xJo
tNCOMK FROM:
Dc1￿101￿ 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
Ch￿lIable 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 s￿PIlOt￿ AUth￿ty
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 (l￿9e￿I the ftvllluxtion #ttd
di¥￿1 ofinvesiment pr(WErtiea
0￿1￿1{10$3¢5I on the r¢¥Alutttion
is[￿ orp￿f0]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.0￿2
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 CHAR￿ABLE Ac￿[￿8.
Group4nd Comblned Ch•TItItJ
Trinlty
Morltitne cth￿1ty
Chthty
2023
rLmds
ruhds
£￿0
16
£000
£o(M)
16
8771
Wej
Youth app>rtwiitits and trAiDln8
Publlc sofcty & e41wation
Contribulioh frorn Thnlty Hrw8¢ LIShth￿se 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 FndOwM￿rf
ruttdj
fi￿d&
fwOs
£0(￿j
£00
2023,
£0
Inve4￿￿1 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
m￿ltime Charity
Unre8rri¢ted Unrtstrltkd Endowment
funds
fi￿d$
£(K)O
2023
£000
£000
Lettingof roclns
Managemcntof inv¢slmenla8¥eis'.
269
269
727
337
727
342
Legal and othcradmlnistralion fet4
Invckni ftts
MainlctW￿Qf inves¢M￿t 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 y*gr ¢xd¢d 31 M•r¢h 2024
29. COMPARATIVES (contlllued)
{0 EXPENDrruRE ON CHARITABLE ACTIVITIES:
WELFARE
Groyp ind Coubln•d Ch*rltitJ
Trinity Hous
Charity
M￿1¢1m¢ Charty
UtW¢5tridd Unrestricted EndO￿n¢￿t
fuThd8
Tot41
2023
£000
£000
Maint£n￿ce 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
fi￿d3
£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 y￿r ¢Dded 31 March 2•24
29. COMPARATIVES (eomtio¥td)
{1) ANALYSIS OF SUPPORT C(KSTS
Office
5¢aff
S¢rvi
T￿￿1
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 deSi￿tionS
£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¢th￿n.￿, CovenRnt and Gift Scheme
58
60
58
01 TRINrfy HOUSE MARITIME CHARITY- DESIGNATED FUNDS
Ba1￿ce At
l April 2022 d¢sl8Th41ions
£0
£000
Utili5¢d I
tel￿rd 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 Me4nori*l Pri2¢ Fund
GTrnts fly Merchèhi Nllvy SchoJ¥ship S¢h¢m¢.'
(JthverwnEnt fuThdtllg
Br¢ii$h Mar￿2 Pri￿ Fund
Dcp￿rt￿nt 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. PERMAP4Ef*T F.NDOWMENT FUNDS
Tl•knne¢ at In¢omth¥
Movernont in
l A￿1 2022 RtsourctB Expcndilure
QBiThi And 31 M#r2023
£000
£000
£L￿o
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 Eftdowm￿t
¢knd¢dblE
ds
tkndj
¢14
Ibnd8 TrAdlng flthdg
£￿0
Totsl
2022
h•d B•l•ncu al JI MArth 2122
Repnmllted by..
T￿￿ble 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