REGlS'fERED CIIARITY NUMBER: 21 1869 THE CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND REPORT OF THE CORPORATE BOARD AND GROUP ACCOUNTS OF THE CORPORATE CHARITY AND ITSSUBSIDIARIES, INCLUDING THE TRINITY HOUSE MAIUTIME CHARITY FOR THE YEAR ENDED 31 MARCH 2025 THE RPO ION F TRIN YHOU E OF DEPTFORD TR ND The rnemb¢r5 ofthe CortxTrrale Board, &8 TrusTr¢s. wtsent their Annual Rewrt and Group knrounts fur the year cnded 31 March 2025. THE CORPORATION'S 0￿EcTIVEs AND ACTIvrrJES 'lThc Corporation ofl-rinity Hous¢ of Dcptford Strond {Yhc Corw>ralion" op"TriThiiy House") was iDcurporaLed by Royal Charter in 1514 gnd its primary aims are to.. serve ihe mariner with supwrt ￿ those in need. provide education dnd IrAining it) Seam￿shIp. and promote ￿re navigation at %ea. With this in mind, Ihe Ci)rwration's vi8ion IB-. TD be a l¢idlng* Innutncing Tharltlme orynlsatlon th*t iafcgu•rds shlppln% ind stifAreri by provldlA£ W¢lfire, Youth Opportunltles, and Training to the JtAf#rin8 ¢ommuthlty, and advantes Public Safety And Edutatlon In thc rnBrltlme domAID The Corporation's principal chariiy is ihc CoTW)ratc Charity, which is r¢spunsible for.. maintaining th¢ fdhri¢ and hcriiage L)f'l'rinity House.'l uwer Hill, l.ondun- thc licensinB ofDecp Sca l>jlLIts,' and Ihc pn)Vi5iun uf ¢xpcrti8¢ mariiimc matteN includin8 thc appointhienl of N&uti¥al Asscsii)rs, to ES51￿ the Admirdliy Court. lJnder its Royal CharicrN. (hc Coryjoralion ix a150 rcsrrt)n4ihle for the mairtienancc ond 8ODd 8uvernanie ofthe Trinlty Hous¢ I'.rai¢rnily, whiLh ni)w nurnkrs more th￿ 500 F.Idcr And Yvungcr Hrcthrcn. The Corporal¢ Charity's sub$idiAry ¢harily. thc'frinity House Marilime Chanty ('I'IIMC), 15 8ovcrncd by x SLheme orth¢ Charity Commisyiun. ILS primory objcLL4 arc.. Ihe provision of #lm.8hi)use acc¢)mmod*iiun for nccdy mariners and thcir de￿ndant& And the paymcnl of annyiLies. The ￿h¢me also providcs for a numbcr of othcr Lharitablc objccts cunLernin8.' th¥ relTcI'of nccd *Lnd the promotion ol'wellure amongsi mllrincn and thcir dependants., educalitsn and training in navi8alion und.4eaman5hip' the #iivdni¢mcnt of publiL 5ulcty. in particulmr the %¥f¢ty ofmllrincrs 3hisyin8 8enenLlly; Hnd the educ&titsn of thc public in m&ttcrs r¢I￿1n￿ Lu novigition, shipping thttd ￿arna￿sh1p. lThe Corporation's 4LiiviLie4 as sel uul bcl()w, dcmon8truLe thal Trinity House tsperAtes for the publiL bLnefil under four Lharitablc purposes delincd in th¢ Ch¥xilie5 Act 2011. 'fhc5C 8r¢.' the rclicl'of thn5c in need. thc advanccmenl (?I'¢ducation,' th¢ advan¢¢menL ofhcHlth and ¥aving liv¢s' and th¢ advanccmcnt ol'the thTl$, ¢uliur¢, hLYiW¢ or scS¢nc¢. The-frllsle￿ ¢onfimi thai they havc cornplied with th¢ duty in S¢dion 17{51 of th¢ ChaTitiG8 Act 2011 to havc due re8ard (u the publi¢ ben¢fit guid￿¢,¢ publish¢d by thc Charity CommiS%iL)n. lljc CoTPOT&tion's activittes for theyw ¢ndcd 31 MaTch 2025. in relation to the akx)ve (TrbjecLives are as fullow5'. Welfare THMC oper&t¢s 18 almshouscs in Walmer. Kenl which are purpt)se-buili and fitted out for th¢ older peT50n. Oihcrwise kni)wn as Trinity Ilomes. ¢aeh bungAlow overlooks 8ttraciiVe. landsc&pcd gardens, and a spacious ¢ommonldirting r￿rn is also availablc to all residents. 'rhc alrnshou%es do not cornpri5e a care home and residcnts &rE expvcled to be capable of living independthily, but the G¢ncral ManagLY is mindtiil of iheir wellbcin8 and 18 usually available on weckdays for consullaiion and advice. Night Att¢ndants urc alb(? on duty ovcrnight every ddy of th¢ week, and An ¢mcTgcncy call systcm is in placc which, in the event 1- sudden illness, d fall, or oiher UTgent ne￿, a resident may u8¢ to call for help. A midday mcal 15 provided by the Rc5ident.Serviccs CuDrdinalor un Mondays to l.riday4 for those who w4)uld like one, subsidisd by THMC. To bc eligibl¢ to livc in the Ilomei, residcnts must b¢ wtir¢d marin¢ri and their partners. ur the widowslwidowers of marineT5. in financial need, who h&v¢ normally had ovcr 15 yesrs. Servi￿ o(3ca. Residents ore typically aged 60 and alKJVe. In addiii(?n, THML rnakes regular paym¢nts to ar(>und 30 annuilanls, ￿fflC of whom are residents or'rrinity Homes. THMC'S other si8nifiLunL uLtivity within thL' weifurc 8ecwr is lh¢ *Lward of8ranls to marilime weltare ¢hari¢ics. Giv¢ thc numh¢r of well-rslabli%hed maritime Lharili¢$ providin¥ wcllwe scrvicc5 dircLily to tho%e in nccd, the TnJ%te¢s c(Insider that it wvuld br Inc￿lc1Cnl u$c nf rcsources LO dupli¢aic Ih¢ir ¢fivrt$. 'fhcy thcrcforc prcfcr to fulfil the Coryx)ration's ohjectlV¢8 Ihrough SUPPLirl lor thcsc charitie.s hy giving 8ranii. T(? improvc further iL¥ eificien¢y in thib arra, THMC is H member of a numkn of xcior-wide collAborAtive working group5 d¢siBncd to cnsurL th&1 the needs of sealar¢r.%. both scrvinu retired. and ih¢ir farnilirs mc¢. 'I'hcK includc thc Mcrbhani Nay Wcllare Board's S¢rvin¥ %cafarcr5, and Older .Seafarers and F#milies. Workin8 amups attd th¢ Mariiime Charilics Gruup {MCCJ). Thc MLCJ fosicrs collutM)Tiltii)n across the marilime Lhurity s¢dor by sharin¥ inlornidLion, commi%siLTrnln￿ rcscarch. supwrting Ihe cdu¥aLi()n athd wclfarc of seularer% and Ihcir familic8. and by the promotiun i)I' kyt pra¢ti¢¢ within ihc ycctor. 111ML is Mlso * mLmb¢r 4)r thc bquality, F.quity, Diversity and Inclusion {F.F.l)11 w()rkinBgmup, Currcnily compri5ingO marilim¢ ¢h4riti¢$. l-his ¥roup hds delivertd a pilLII project In Port Wclfarc Cumrnilt¢¢s uruund thc Country 10 whul or8aniJalion8 are alr¢Ady dcliv¥rin8 in ihi8 aTca. 'lThc outcorn¢ ul'this will bc uscd to develop o 5C¢tor-wid¥ projcct (o suprA)rt maritimc w¢lfarc ¢hariti&i on ¢hcir joumcy to in£T￿led c4uity, ¢4ualiiy, dlvernily und inclusion. Youth Opportunlilu Tralnlng THML'J ¢haritabl¢ uLiivily enablcs youn¥ wpl¢ to experi¥nc¥ life ai 5eA With u thre￿r01￿ aim. firJ(ly. they Confid￿Le at sca hy hHndling small and larBer ¢raft,. this, in iurn. enhaty¢¢s publiL salcly. Scu)ndly. sueh actlVLti&4 pr()m()le cducatitsn and tr8ininB for those who io pursue a Ldr¢¢r a¢ s¢a. Th¢ ￿?￿li￿r￿￿¢ gdincd oftcn opcn yuun pwple's cyc5 lu the wealih of opporlunilics availablc that they moy tM)t havc ti?n%idered or known alxbut. Finally. thi activiiy iinpruvcs publiL uwurene&% uf naVIg￿lon, shippin8 ond seumanship whilc highlighling ihe role ol'frirtity House #nd uthcr aBcncic5 in prvmoLinx.%afcty. TIIMC tffovidc8 an annual grnnt to thc Marine Socidy & .Se# L4d¢t& a maritimc charity. Thc I'.orix)Tation also fun&8 carecr devel()pm¢nt bursarirs awardcd by the A.4%0¢iaiion of ?i&il 'fraining Orgallisutions IAS'I'()l. R(iyal Yachting As50Ll#ltiun IRY Al Ya¥himHsl¢r SGhularship5 lur thosc working in th¢ ymall ¢ommerci&l ve￿] Sector. and a supcryacht dctship thrvu8h th¢ Unit¢d Kingdvm Sailin8 ALademy IIJKSAI. Education training in navigation, s¢sTh&nship and marine engin￿rIng mainly providLxI throuBh 'fiiMC' M¢r¢hant Navy Scholarship SLheme IMNSSI, wh¥rehy youn8 people (raining lo bccomc orriccTS in ihe Merchant Navy arc SUPPDrlcd with bursuries for Ihcir aL4demi¢ ¢ours¥s Hnd sca"8oin8 trainin8. CandidaLe5. who ar¢ usually b¥¢w¢¢n 18 and 21 y¢ors Dld. undcrtakc a t￿Tc￿year programme split bdwccn nauliral Lollege and limc at sca in a vaTiety of $e4- 80in8 ¥￿￿e1￿. Cadcts train Ns Dcck. F.n8ineer or F.IKtro&'l'¢thnical l)ffiGer5 (F.TOs1. Publie Safety And Edw¢4do The safety of mariners and shippin8 8enerally. and of the public who travcl by sw is the core activity of Trinity Ilouse in ils capacity ab a General Lighthouse Authority. It is also an object of the CO￿OratIOn'S charitics. which provide a nurnbcr ofmajor8rdnts forthis puryKTrse. THMC ajso mxkes grants towards thc advancemcnt of cducation in maritimc mattcrs such ￿ scamanship. Mathtxlnlng th¢ F8brlc Heritage of Trlnlty Houst The maintenance ofthr fabric Bnd heritage of Trinity House, Tow¥r Hill. Lonthn 15 an essential pan of ihi Cvrp()r&te C.harity's activitics. This Cjrade J listed lyJildin8 datrs fft)m 1795 and w&4 rcslored and rt￿pened in 1953 tullowiTh8 wurtim¥ darnage. Mosl of the costs found room-letLin8 income 8cn¢ral¢d by its trading subsidiary, Trinity Hvuse EY¢nts Ltd I'ri11-.Ll. and the building 1.% normally available for use cach ddy IhToughoui the year apart from a four-week maintrnance pcriod in Augus( And the days of, and belwccn, ChrisDnas attd New Year. Although il continues ts) be the headquarters building of th¢ Genwal Lighthou5c Authority and of th¢ Lor￿)r&I10n,S charities, its ccrcmonial r¢MJms are nomially scen by well over 20,000 visitsjrs each year whu uiicnd for conlerences, epiiiin% weddin8B and OLher eveni$. Thcsc includc thc Innudl 8cn¢ral mLeLin8si)f uthcr Gharitie5. Ix)Lh in the maritime and widcr scLts)rs, a5 well a8 tilm produLlion companies, invcstmeni ljdnk$, law firms and ttun-charitablc mariiime compdnies, duL lu the Housc's locaiion wiihin the Squarc Mile ol-the City of Li?nth?n. FUT thc 5arnc rea%nn. i( is populor with liv¢ry companies lackin& halls of ih¢ir own, who Lh￿se Lo host ceremonial courn mceting& lunchG4 and dinners thcr¢. Alth(Tru8h the building is usd extensively for thc Liiry¥irotion's own odminiitrutivc ond op¢ratinnal purp(?scs. its .SUCCC55ful pr()molion tsb ¢XL¢mo1 u5cr5 nol nnly cnhdnce8 public undcr&tandin8 of thc impurtanL rule of the Ci)rporation but al.¥<) ()ptimis&8 lh¢ us¢ (Trf ilg asjcts. contributes to ¢ons¥rvaiiun, prcscrvation. soL'ial valuc and financi￿ susthinabilily1 and mainl&in5 a ¢ompl¢x balan¢e ofhistOriL valuc and L(Trnlemporary, forward-li)okin8 authority dnd relevat)¢¢. Deep Se• Plloth%* #nd Prowtslon ofN8vlle*l A8Jeisori The Corp)ratii)n has Y4 Strong intcrest In Deep Seo Pilulagc and, by Section 23 of Ihc Pilo¢ttg¢ A¥1 1987, Is Authurised io 8rant Deep Scu Pilo(N8C Ccrtificalei to p¢rsi)nq who 5ali¥ly the ncccssary Lriteria fr)r cntry and ¢xumination. Corporation 13 ¢n￿u￿81nX more cundidlltcs 1() 8eek lic¢nbc4 bccaulc ihi5 plays a vi￿1 rolc in ihc sufcly f>f navigllliun in thr Ln8li¥h Channel, North around our co85ts. uin$e4UClltly in ihe pr(ILccLion of our environmcnt. Whil niil mandatory. th¢ si8nili¥anl ri¥k mili8a(ion atfordLd by Ihe us¢ ofi)e¢p Sca Pilots 15 WCII reu)gnised. Thc ov¢rull co of obtuinins a licenee ¥an b¢ ¥i)n$idcrubl¢, su the CorporaK. C'.harity awards bursJrLfS L() ¥ucccssful ￿ndid￿lL$ to help with ihe purch&se ofn£¢¢ssary ¢quipmeJi And wilh thc coyts inv()Ived in pr¢par&tion lor thc rolc. In addition, the Lurt)oration aprrt)inl% NAutlcwl A￿c850r5 to assist the AdmirAI(y Court where thc Jud&e r¢quirc8 spccidlised navi8&lional cxrKrtise. c￿<¥ may inVI)Ivc wmplcx ¢eLhniLal and pyofessionul ixsu¢s and hrurin&% may1&8t scvcrul week3. Truiteti, Revl¢w Of Chgrlt#blt Expendlture and Gr•nt-MAIKlbxg Pollcy A review of TTIMC'Y 8rani-making proLcdurc W4LY U)mplet¢d during ihc Ye￿ cndcd 31 MarLh 2021 #nd fully implem¢nted shortly utlerwurds. bringing grcatcr elarily lo thc appli¢ali(Trn pro¢¢%8 for the vrganisation5 SUPPUrted. rosulting in M more sircamlincd 8rant prib8rarnme. 'rhe relotionship8 THMC ha% wilh thc or8anis•tions il suppJrLs rcrnain at the Lure ufour work #nd thr¢ VAlucd vn both 5idcs. Visi1$ w 8rtht recipicnts play un importHnL pllrt not only in k¢¥pin8 ihc TrnstcLs brieled on th¢ imp￿1 (?f THMC. lunding bui also in cnsuring they Arc aware of ihc emerging ¢hall¢ngcs faced by thc scctsTrr. Th&%¢ visits also makc m#nif¢si'l rinity I lou%'s abiding Intere￿ in those it 8UPPOrts. Th¢ Trustr&* rnaintwn a policy of 411ocating TIIML grants irb (hc ralio 6..4..1 b¢twc¢n Yvuth ()pportunilies 4Lnd'frointn& Wclfare, and Public S&fcty far ss po8$ibl¢, while rcco8nisin8 that ihe funding n¢cds thc3c arcas will vary from ye¥r to yC8r. SubBldl8ry Compani¢s I'hv murk¢lin8 and man#gem¢ni tsf r(%>m l¢(lin8s is undertuken by THF.T., A wholly 0￿￿cd subsidiary wmpany of th¢ Corwirat¢ Charity Isce *buvel. Any profits g¢neTated by the comp9ny, wher¢ not required to be r￿ll£d, llrc directed towards th¢ Lorporation's chariiablc objcGt5. The Corpor￿Le Charily 15 also the sole owncr of Trinilms Services l.imited ITSLI. thc principal activity of which 15 thc manBgcmcnt and OPLYdtion of37 formrr lighthouse keepers, cottaBes thai ￿ rurb 85 holiday accommodatiun tthd 8hort- tcrm l¢t$. "fhc day.tsJ-day management of the company 15 varried by s¢aff emplvy¢d by the Gener￿ Lighthous¢ Authority (8¢¢ page 14). ACHIEVEMENTS AND PERFORMANCE Welfare During th¢ year, the Corporation spcnt £1.7 million towat41$ the wclfarc ot mariners and thcir depcndants compared with £1.8 million in th¢ prEVIUUS year (see now 71. Including suppi)ri ￿?￿ts, this CqUE to thc AssoLiation of Sail Trainin8 Organis#tions. Publ1¢ Safety aDd Edutition Including supFrf)rt Lusts, grdnl expenditure from unr¥'btri¥t¢d fund5 on Public Safety and F.ducation totalled £125,000 comparEd with £93.000 in Ihe previou5 ycaT Istt note 91. This equalts to 2% of th¢ totsl charitable exp￿ditUre in th ycar compared with thc'l'rust¢cs' target allocation u1.9Qh but, whilL' lower thdn Ihe tar8¢t, il is subslantially supplemented by grants from the rcs(rictcd THMCIDff fund detailed immediatcly below. C.HIRP {Lunlidcntial I luman Faclors Incident Reporting Programme) Mariiime wa5 awarded £2),IXIO to h¢lp encourage incidL￿t rcpTrrting so ihat safcty Icssons can be leamd atid di55¢minat¢d, CIIIRP aims lo enL￿mPa$S every uspeLt or 5camanshipwherc safc(y has a CTltical r()Ic, including lei8urc boatityg, thc fishing indu5ty, commercial maritim4 o1yshn￿, pilotage. military, 4nd portl)PCTalion5. Theirvision is one of mariiime safety eoniinually improved hy iacklirtg th¢ humlln laLwrs IhaL give rise Lo 8afety-relaled iSSULk The Royal Institute nfNavi8ation was awarded a grantof£21,000. The In.sLitsJl¢'s mrc ubjedive 15 to bring iugethcr those with an ini¢r¢$i in navigation, and ts? advAncc the art, BcicncL' and prthLtlLe ()[ navi8aii()n. Promotin8 knuwledg¢ of n3vig4tion 4nd its as5uciated sciences. Public SAf¢ty and Educatlon granti dlaburied from the THMCmn In addilion to 8rdnt expendiiure from Unrchirtc￿d tiinds, 8ranLg ts)tHlling £185.000 were di8burscd trom the re￿n¢t¢d fund administwed by THMC jointly with the t)rr. rhis figure w88 Purtiully o(faei by thc return to THMC tsf £123,(￿ of unuscd ¥Tant fund8. leaving (he ncl cxpcndilure from ih¢ fund 111 £60,0￿). As set out in prcvinus Rcrx)rLI And A¢LyTrunL8. a Grant PundinR ABr¢¢mcnt wilh the Drr ￿proving a grant to TrIMC or £3.0 milli(?n WAS Signed on 27 m￿Ch 2019. 1'hi% 8rant. rcccivLd in April 2019, WAS in lUp￿rt of salety and training" rilat¢d maii¢rs within THMC'S objects. A furthcr award of £l.O million wos subscquenily addcd ￿ the fund hy thc I)￿. isbursemenis in ihc ycar wcre mad¢ mainly io Ilcriot-watt lJnivcrsity 1£69.0001, the Intematiothal Maritime Rcscuc Fcderution {£45,0001 Mnd the Univer%ity of Ab¢rdeen {£29,000). Funding pruvid¢d to ¢h¢ Inlemaiiunul 8cafarcr5' Wellare A¥sistartc¢ N¥twvrk118WANI w&s in support of thi Lx)nlinuin8 SociAI Inier4LCtion Malter8 ISIMI pmjcct llimcd at improving th¢ liv¢% i)r %cafar¢rs and Ihcir lamilicy wiyrldwi(k. by inLfC￿8jng awarenebs of the importanvL LTrl'*)cial intcraction lor s¢afar¢r hcalth &nd sAfcty and LampJt8ning lor impmv¢d ¥tandwds. Thc University of Abctdccn's fundin8 will ¢nabl¢ them to l)uild un thc fi)undation of their inilial research Into thc kcy nun-lechni¢dl ski118 US￿ by u?mmercial li.¥hermcth by ¢xpli)ring ihc f&ctors th*Lt miJJhi influ¢n¢¢ skill pcrforynanLL, und ihc cxtcnt to whi¢h non-(rchnical skills mi8ht dirr¢r a¢N)48 Skippcr ortd DcLkhand rolcs. 'I'hey will also Li)rnparc sULk¢hol¢Jer rrtrspeLIiv¢$ ￿ yuin inBi8hi into work-as-im#¥inrd v¢rsu5 WOrk.&￿done in ord¢r io develop ¢ailorcd training ma(criBlJ sp¢¢ifi¢ ti) ttTrlcs and articuldte factors th81 might Ail as barriers to skill$ pcrforniance. Other 8rants wcre awardcd Lu L¢cds Trinity Ilnivcrsity the Marilim¢ Sktlls Allian￿. MAIntell*￿e¢ of the F4brle Il¢rl¢ig¢ ofTrlnlty Htsu LxpcndiLurc in the y¢ar on thi.% 18 century. Grad¢ J listcd building totalled £￿0.￿KID comparcd with £824,0(Xb in thc previ(TrUS ycdr (sce note 10). TTlnity Village IvaJu¢ £216.9 million12024: £214.4 million)).. thc primary obje¢tiv¢ for ihe year wnccmin8 THMC'S main investment property I￿r0]i0 wos to minirnise thc nurnbcr of residcntial voids at any one time whilst uplimi5ing th¢ lev¢ls ot. rental inLume lur IM)ih new lets Artd Irnewa15. Key components ofthis Stra￿gY We￿ thc maintenan¢e of ¢hc cslate at a 5ufficicntly hi8h standard io achievc the b¢sl possible ￿n(al levels- bringing below-markei rcnts up ¢0 an llpproprilltc Icvel in a 18ir and mcasurcd l&ishion.' and a8ile markct¢n8. THMC L<)ntinue5 to prioritisc r¢puiation fair and considera* landlord. The TTU51ees report thAI the vdue of the estate ha8 not changed significantly, wth a small incr¢￿e of ]% in thc yeor. Given the proaciive rnanagernent ot the p)rtlolio, it is pl¢usin¥ lo retM)rt that gros5 rent41 incom¢ tor Trinity Village was up by 6% in the year. Porlfnlio inve51menl% Ivaluc £19.539,￿0{2024.. £19,92¥,uwI). Thc primary portfolio is th< permanent cndownent I'capiial.) fund this rccorded & lotal return in th¢ rinancial year of 5.140A LumpAred with the b¢nchrnork of 5.18%. Perfomignce ¢on(inu&% iu be mi?nits)red by thc Lorw>rate Hudrd's Invcs(mcnt L.3latC5 cornrni(￿e II&P.Cl ond by th¥ BU￿rd itsclf on a remular basi5. The Trlnlty HDUie Coryorote Pen$lvn Srbeme 1.the Stheme") The Scheme is a definrd bcncfits sLheme and wgs approv¢d as an'exemplappruved SLheme' und¢rthe terms ul'the Incomc and C()rporation l ALt 19#11. 11 18 now d re8iStcrcd pen%ic)n s¢hcmc undu Part 4. ChaptL'r 2 vfthe l.indnLe A¥t 2004. Thc SL'heme wa¥ ¢stoblishcd on l OLI0￿r 1977 und is 8ovrmrd hy & t)cfinitivc TN51 Dccd Hnd Rulcs datcd 3 ULti>h¢r 200¥ as 4Lmend¢d 27 July 2011. The %￿)n￿(PrIn8 cmploycr ul'the SLhcmc is ¢hL Lor￿rat7Un of Trinity I louse ot'Dep(tord StiDnd Iihe Lurporatsonl. 'I'h¢ Schcmc wus LIu5ed li) new m¢mb¢rs o1's￿r[ with CIT￿[ trum l 8 July 2006. Th¢ Schem¢ w&$ al81) closcd frum I S¢pt¢mb¢r 2006 to cxisiing siall-wh(? wcrc nol already members. There are 3 Actlvc. 9 delerred Und 315xn$ioner8 itt thc fund. Undci thy vf thc SLhrrnc, appointrnent #nd remuval of p¥nsiLTrn trustces is thc rexrA)n4ihility of th¢ Corporuli(In. Apr￿)inIM¢nts 4￿Made by a8iYement ()I'ih¢ Corporoli Buurd. Thc pcn5ivn Irusi¢¢ b()ard comprises the Lh¥irlMr Richard Sadler. Llder RrothLY und mcmbcr (Il'the L(l￿()ratc Hoard until 21) Stp¢cmb¢r 20221. Ms /ATre Tumerla dcfcrrcd member and Hcad ol"LvenLs at Trinity IIuu5c until Junuary 20251 ynd Mr Willi¥m Lver#rd lan Cxlunal indcpmdcnt 2dvi50r and pcn5ion lrnytec %pccialistl. Quanlum Advisory LLP rcmain ￿ the ¥cheme's a¢tuwiAI, SCLreiari&l, adrninis(ra(ivc und invcitrncnl advijvrs. I lymans Rub¢rt3on l.I,P remaln ￿ (he C'oryx)r4tion's ind¢p¢nd¢nl advisors. -I'h¢ fund is audil¢d by John5ts)n L*Lmiicha¢l and the S¥herne's Annual ReEX)rt and I,inancial StxtemenL8 ltir Ihe y¢or ¢ndLd 30 Septcmh¢r 2024 are availablc. Thc rcccnt aLluurial valuation. al l ()LlobcT 2023. showed u yurplus of£169.000, with a lunding l¢v¢l ot. 103%. 'Thc inveslmenl str*t¢gy agrc¢d in 21122 bdw¢cn th¢ Lorpuration and Ihc pension trustee8, with support from the lldvi￿r$, r¢main¥ in placc to protccL thi% *urplus in ihv ycar5. The tritnnial review of th¢ Invcstmcnlslrate8y is Lurrcnily underway. With thc cu￿ent.1Urp1U5. it l5 concluded thit the pcn.%inn %chemc is in a he4lihy rinancial and organisatiun41 ￿sition. e notc 25 for pcnsion commitmenL4 und¢r'Finan¢ial Rty(Trrtin8 Standard 102- Retir¢ment B¢n¢fiis'. FUTURE PLANS During the comin8 ycar the Trustees will seek (v.. Disburse £8411.000 in Ennll￿ grants Irom thr charitl¢s' unr¢siricted funds, and a further £762,000 in 8fAnis and annuitics to other maritirne charitios, or8anisations and individual5. Cuntinue to di5bursc grants from th¢ THmc￿rr fund while it rffilains in being. toward5 safcty and training- relaled motters. in aceorddnce with THMC'S objects. CothLinur (o mllintain the almshouse8 lo a hi8h stsndard and at the fullcst occupsncy ￿)sSIble. Continue L(> at(raci high-quBliiy candidaEcs lo the MNSS; to monits]r Ihc %u&conlrar¢ed man&gernent of the schL¥nc; and kn) explore related new Op￿rtunitI¢S with other ¢hariti¢s and orgahi5alion5. ImplcmLni th¢ acli()ns aTisinB frum the str8tcgic rcvicw i)r all inveytm¢nts hcld within 'l-IIMC'.% Capital Fund, Ihc Investment Strdtegy Rewitw IISRI, lu ￿sUre thaithc invesLmenl portfolio is corrc¢tly ￿S1[10￿clI tv ()pumisc the yield and return on lh¥ undcrlying &s￿t5. ai lh¢ minimum risk dttm¢d &cc¢ptablc. Further delail on th¥ PT()gr¢ss of lh¢ ISR is detailed within th¢ Invcslmcnt Policy 5CCtion below. l.ollowin8 th¢ agrc¢d sla¥¥d implcmcntation vl. the ISR. ¢on3id¢r thr ¢x¢¢nt t(} whiLh th¢ dis¢rct¢ clcmcnls L)I' ihe I rinily Villa8c Rusinek% Plon (TVFIP- prepared hy Kni8htFrwik in June 2020, WLth thc obj¢¢tivcsof gri)wing thc nct incomc vf the eslul¢ ond &%¢¢rtttinin8 the vplion5 for invc51men( div¢r$ificationl 3Lill k4)proprial¢ for implcmcnlativn or m&y necd gm¢nJmenl. Lon8idcr and, ifdcLmed appropriatc. implemeni a Frf)Il¢y of Tothl Return Inv¢Jtm¢nt. Maximisc th¥ in￿)me eamcd by the Li)rw)rat¢ ChAriiy'S subsidiy%'fHF,I. to PTovidc e&senlial lundin8 Irjr thc princip&l objcLlofmain(ainin8 the fabrii and hcritsg¢ ul'Trinity House. Lonilnu¢ to maintsin thc'frinity House Gr￿¢ I I1￿¢d E￿ildIng tu appropriatcly hi8h slllndard. Consid¢r thr fundin￿ rrguircmcnts ol'Lhe abov¢ and d¢viie and implemenl an appropriaic JtTaLeBy ts) mect thcm. Consider th¢ in¢rcascd dcpluym￿l of funds tOWHrds the provision of ¢xp¢rtiJ¢ on mariLirnc rnottcr3 (and speLifically Deep Sca Pilotay¢l by the CoryK*rdie Lharily. Coniinuc tu review upda* ¥4pprvpriai£ TX)lieic8, pfoLe&qeA ond Pro￿dUreS for appli￿u(In and wnBistcney a¢roJs the uryanisation. Continuc to cxaminc, devclop and improve ¢he chaTili&8' P.nvironmcntal, SuLixI and Cirivemancc IFSGI profil¢, with an cnhunLed aPPToll¢h in partirular to Su5tainobility where appli¢abl¢. 8nd in In￿¢4¥¢d li?¢uq risk dcrivin8 fr()m Clirnatc Changc. R¢wur¥¥ and drvclop a ranye ol'chdllg¢ initi&tLV¢Y, in¥luding A major project to muke bdtsr use orth¢ potcnlial iDhcr¢nl in Ihc FTatcrnity ot. Youn8er Tjrethren Sa a %Lral¢gi¢ &s8¢t. Continuc ￿ ass¢ss optlon5 for rceommenda¢ion to lh¢ Lourt to cn5urc that thc Corporation's Charters remain fit for PUTPOS¢. Continue Lu dev¢lop the Eiisk ManagcmcnL prol￿8 and ￿ maintsin th¥ Ri.sk Regi%ter with the ongving involvcmcnt ul'sknLIi'frtJm aGr055 th¢ Lvrporatc J)cpartmcnl; u)nduLt in-d¢pth r¢views of s¢l¢Ll¥d risks ts) ensure that mitigotin8 action8 &pc¢ifi¢d ulld￿ thc 'Control and I'realmcnt. of risks in thc ReBiSlcr are valid and undcrtakch. Conduc¢ th¥ quinquennial v&luaLion ofthe Cotyorate Ch4rily'B Treasure8. for itssurance purposes. Lontitsuc driving tD ensure that the charities are fundamentally imbud with the Corpordtion's value& and in particular EEDJ. Conduct a review of the THMC'S Charity Commissiots schcme {7 August 1995) to cnsurc lh* it remains fit for purws¥. FINANCIAL REVIEW The accounts followin8 this Annual Report show the combincd accounts ofthe Corp)rat¢ Charity thd I'IIML ItO8cthcr 'the combined churi(ie5'), and the GTOUP Aceounrs which al.sTr includc thc results of the Corp)ra¢¢ Charity'i two subsidiary Lompanies, TSI. ￿nd 1'FILL. -rhe followin8 nartxtsve r¢lai¢s ￿ ihe Group Accounts only. Startill8 with by far the larger of thc two charitie&'fiIMC's unr¢Slri¢￿j futtds rcwltcd in nct incoTnc (before inv¢stm¢nt gainsllosseyl in th¢ year of £875.000 c()mparcd with th¢ pr¢viou% ye&r which PToductd nci ineome of £589.0(JO. 'IIIML's unrcstricted inLxJme r05¢ from £9.0 million to £9.6 million, primarily as a resuli of a 4.6% Increase in Trinily Village esta* incomc. which totslled £9.0 million for thc ycar12024.. £8.6 million). UnresiriL(¢d Lharilable expendilure toialled £4.3 million compared with £4.1 million th¢ pr¢vious year. 'fhis eompriscd £1,6S9,000 on wclfare &Lliwilie& £2.5I4,000 un youth opporiunilies and trainin8, and £125.￿0 On public safcty and cducatitsn. UnTcslrictcd cxpcnditure raisirtg fund5 (principally in relkLtion lo the generation of inveslmeni propcT¢y incomc) WAS £4.4 millinn in the year compar¢d with £4.3 million the PTeVlOU% ycar. Ovcrall. aft¢r taking a¢¢ounl ofin BctUATial 8aln on the ￿nsion schcmc lundLY ihc provis1(Trns of FRS 1021 of£142.(M)O. THMC'S unre8lri¢i¢d r¢srrvr$ incr¢a5cd by £1,017.000 w £3,309,OUO. With regard to THMC'S restric￿d funds. n<)tshlc activily includ¢d 4 furth¢r £1115,0()U ol'grthnti that werc disbursed Ir(im Ihe Tl [MCll)￿ l.'und: th¢ balancc ol. the Fund ai ihe year end was £218.IX>O (see nctrie 221. Th¢rc w&$ al*? £371.oon of grani fundin8 from the Dl'r in relation ¢0 ih¢ Ukrainc Marilime ()IfiLeT Cad¢¢ships Fund, with £199,000 of cxpendiiurc in thr year. THMC'Y resiricl¢d fvnds 8¢ ih¢ yw end sioud al £716.OOQ compared with £611,00() al 31 March 2024. THMC'S pennanctli Lndi?wmenl ('Cgpital') fut)dq incrc88ed by Ll.8 million in thc ycar lo £242.1 million (Jcc notr 231. This wus mainly as M rcsull (?la 1.0% TcvaluJti(Trn 8ain un the'l'rinily Villa8c investrftenl property pi)rtfolio which. #i (he ycar cnd, w&5 v8IuLd IL £216.9 million. Tumirtg ￿ Ihe Corporote Lhority and its subsidiarics, room Icttin8 incorne in¢rcascd to £531,1100 duTill8 thc ycar trom £482,000 in the prior ycar r¢flccling ll slight irnprovem¢nt in Irading wndilii)n8 ciJmpAr¢d with the p￿lOu￿ ycar. hiiwcvcr, pcrlunnancc rCma1￿ beluw levels achievcd prior to thc Covid-19 pand¢ml¢. The li8hthuusc rvlta8c Icttin in¢om¢ of I'SL incTc&scd trum 1923,000 tn th¢ prrviou5 ycar tv Ll.U34.IK>O. a result of impruved oLxupan¢y rai¢s throughou¢ the ycar. Additii)nally. thc Corporaie c.harity rL￿riVed a bu.%inc5s intcrruption in%uTance s¢¢¢l¢m¢ni ur £IOll.aQO in Ihc y¥¥r in rc5PCCt of Iu31 ro(Im Idling ¢urning4 during the Covid-lg pandemic. As a rcsulL, the CortxTrrat¢ Charily'5 OVLrull in¢41m¢ itt¢reasLd IrL)m £2.1 millii)n In thc pr¢vious ycar iv £2.4 million. Thc CurtM?rllLe Ch4riiy' cxpenditure in¢rw¢d Iri)m £2.2 million in ihc prcvious y¢xr lo £2.4 million. As a rLsult, thr Lvrwratc Charily aLhieved inLomc of £12,0(Kl hefore inveslmcrtt Muinsllos5cs. Uverall, afler invcstsncni guin$ É)r£9,0011 and an actuuridl Bain of £53.000 on thc pension &ch¢m¢, th¢ Corwrate Charity Ahowed a net incrc&4c in funds o1'£74,DOO to £10.2 milliun. Ovcrall, thgtsital combined fund%r)t'thc Iwo ¥hwiti¢s and th¥ir subsldiarlcs stood at £256.4 million compored with £2S3.4 milli(Trn ai 31 March 2U24. Inveslmettt Poli THMC'5 investsM¢nt PL)rtfolio is comprised of residenlial and commercial Propty I'TriniLy Vi114¥¢') whi¥h was valued at £216.9 million at 31 March 2025: agricultural holdin8s valu¢d at £5.3 milliL)n: and portfolio investments lin¢luding cash awaiting invtsimerti) valued at £18.9 million. 'tb¢ Corporate Charity also ha5 POrtti)lio invcstmcnts whiLh wer¢ valued at £0.7 million. The Trustecs, rA)licy with regard to Trinily Villa8e l5 to.. Seck thc optimal level of Suslainablc rcntal inLxJme ¢onsistcnt with good st¢waTd5hip a5 a landlord- Under&k¢ 8¢heduled And pcriimlic Propcrty maintenance Oblig￿10￿$ as ihcy arise and in accordance with high 5tanddrdy ofworkmun%hip and safe working pra¢ii¢¥ in the inieregts of pr¢scrving the invcJtm¢nt v8lu¢ ofthe propttrtics, Lapilal and in ierm% of rental income,. LnhAnc¢ furthcr, wheTe appropriatc. the prime residerttial A￿aS ofTrithiLy Villa8c internally and ext¢rn&lly: Lxamin¢ op￿rtunitIeS for slrat¢gic redcvelthpmcnl of cornmercial properl1￿. usually uwn r¢versioll oficascs. Durin8 theyearcnded 31 March 2021, the Ttw$t¢cs rc¢cived, and agTccd to implcmenl. the r¢¢omm¢ndaiions ()fa business plan Ith¢ TV14PI prcpared by Kni8ht Frank, Ihe estatc manag¥rs. folluwin8 thciT Strategic revi¢w in ¢hc pr¢L¥ding ycar. Whilst thc implementotion ol. thc plan delay¢d by the pandemic. & number of &pecifLC. discrctr fcdyibiliLy siudics were pro8rcss¢d in thr prcviou5 Iwo ycars and in the year und¢r r¢vi¢w in ()rdcT that thcy Lx)uld be pres¢nkd for 4ypruvaJ by ihc I'ru.%lee5 &9 soon as opptopriat¢. The objcclive% ol. th¢ pldn r¢main¢d th¢ su¥tainablc growth ofnel income trom thc cstaLc, and investmLnt divcrsificalivn lo mili8Utc risk and inLrea8e incom¢. Th¥ diALTcle clcmcnts ul. the plan IhAI remain cotttinuc kn bc under revi¢w as Iiy thclr conlinucd applicability. givcn thc uu¢¥x)m¢ ofthc first sia&¥e of Lhc widcr review lih¢ ISR) rcf¢rr¢d tu alx)v¢ and below vr'riiMC'5 invcslments held within its CapiLul Fund. On 13 Moy 2025. ag part of the ISR, the corpuru￿ Board requcstcd and received opprovul fri)m ihe Court ol. Llder Brcthrcn of the Corwrxtioth for thc di%TX)sal nf fiv¢ of th¢ Tl IMC'S invesimertl propertic& totallin8 ll hook valuc of £10.7m, ￿ at 31 Mrtrth 2025. bvuT of ihcse pri>periies w¢r¢ put thc murkct in Scptemher And O¢lober 2(>25. The l N&iccs arc in di.8cussion wilh ihc tcnant ul'ihe lillh ryopcrry wilh d virw lo negoii81inx a.￿IC al an opcn market valu¢, failirt¥ whi¢h li will 0180 bc pui on thc ffla￿Ct. 'I'he I￿¢trIC propcrti¢s niil lislcd fur re*Lwns of ¢ommYriilll cvthfidcnlialily. Durin8 ihcycar, the TTUStce5' policy wilh reggxd ts? Ihe primary invcslmenl pnrtfolio lthc'fiiMC'Capital Fund')rcmaincd ¢0 grow ¢he Fund in order to 5UPP()rL capital cxpcrtditur¢ i)n 'frinity Villa8c. AcL(Frdingly. Fll8¥kRvLk in5truct¢d Lo maintain a primarily ￿sSivC appr()ach ty providc a ¢o$l.erricient way of xaining cxpoBurc ￿ developed liquid markcLi li.c. qui¢i¢8 tM)nds and gilts). Thc agrLYd Allo¢#ii()ns arc as folli)wq.' cnchmark Actual ca ofBithckR ck P INotc 161 8har¢s T)evelopcd World Ind¢x Fund GEIP Hedged MSCI World Net TR Index 67.5% 611.4% Shares UK Credit Bond lttdex I,"und iBuxx Si¢rling Non-Gilts Index 17.0% 16.4% Shares Indcx Linked Gilt Inthx l und FTSL. Actugirics UK Inthx-Linkcd Gilts ovcr 5 years 8.0% 7.3% Shares F.m¢rging Markct5 Index bund MSCI b.mcr8in8 Markcl Indcx. N¢1 RElurns in GFIP 7.5% 7.9% On Tcceipt of (he proc¢¢ds of th¢ propcrtics disros￿ of in accord￿¢# with the approval 8rantcd undcr thc ISR {tts noted aLx)vcl, it 15 the Tru5tecs' intcntion to review iL% invtstsllcnt poliey and ynvestmcnt manaBem¢ntstNctur¢. Thi5 will cover both thL8e furtds and those currently h¢ld by BlackRock lthc THMC'Capital Fund.). 10 Prlnclp41 risks xlld uneertaltttles The Curporotion's Ribk Re8isier is reviewed twirE a y¢ar by the Audit and Risk committ￿ IA&RC}. The Register is submitted for scruliny and endorsement by the Cotwr* BDard to8etheT with thc minules octhe A&RC. The Register covcrs all aspc¢ts' of CfjTporatc operation5. includin8 propcrty and pottlthlio ihvc5tm¢nt mana8cmcnt. thc 'rrinily HOU￿ buildin8 ¢oni¢nts, inLomc Itv¢15. financiul managemenl hum￿￿ rts()UT¢C4 pcn5ion provision. infnrmation ¢echnolo8y. rc8ulation, ¥uwernance and reputation. All potential risks are asseued on thcir probabilily of o¢¢urrencc and irnp&ct upon the Lorporatiort EK)th prior lo mitl8ation and p)si-mitigaLiDn un a s¥alc ranging fr(￿ 'Ivw' (less than 20% chanccl likelihood to 'vcry high, (miire than 80'/a chancel. Thc Rc81sLer id¢ntilics the key risk5 to Ihe charitics and subsidiary companies as follows.. Tr'i￿1ty wil1t￿e Lflale.. loss or diminuiion in valv¢ ofpr0￿rtY a55Cts' Ilood risk (both pluvidl and lluviall,. loss of inwmc fi)r charilablc purtM>SC5: lili88tion by lendni$ and Ic&scholder.%,' pr05ccuiion by .4taiultsry authoriiics. fwlure ¢0 ¢xplvit uJsct valu£.' insurrjcicnt diversiry in the rmpcrty and investment portfolio. Thc Trustee% b¢licve thlii ihc aknvc risks have bcen mitl8ated by thL rcteniion uf buildbly qualificd and expcrienced property manigcmenl agents and su￿ty0rs. It8al adviws and in$urancc brokcrs. Thc man88in8 gcnts 4Lnd lawy¢rs provid# regulur dctailcd Tcporis thal arc dis¢uss¢iJ a¢ qu#rtcrly moniliFring meetings, and thc kxcculive al￿ rcport through the Managuncni Cornmillcc IManLDml and thc T&LL, and dircctly. to c4th mtttin8 of the Ci)rp)rat¢ 1kn￿d. Othcr 1¢55 fomiHI m¢eiin8s arc ulso regularly hcld. often vn the ¢itsLLc iL8cIf. The Tru.4lces Telain an I Innordry Sutrweyi)r who aiiends ¢he l&l".C. 15 indepcndenl of Ihe prof¢ssiondl #dvi¥e and frvm wh(Im ihcy Ucc￿L￿n￿llY s¢ck l￿Vil¢. he is fully involved with thc cutT¢ni ISR. 'Th¢ Trusk¢& m#intain suilable l¢vcls of wscrvly miiiga(¢ o¥aitssl u l()%8 in rcnllll income fr(?m thc cstatc. Lstate inL(Jmt and ¢xpendilure arL also moniliired hy Ihe Roard thr()ugh the PT(>duclion ol-quarlerly manAgcm¢nt un13 and budgr¢8. N(Ilwithstundin8 this miiigmtithn, the Tru￿¢¢S, ISR vr'riIMC'3 invutmenl8 h¢ld withtn i(5 Lapitsl Fund. hoth propcrty and non-propcrty, will ¢onlinu¢ iv eth%urc thal (I is COTrectly p(k8iLioned to oplimise Ihe yicld ond T¢￿rrt LTrn thr undcrlying a.vJeLs, at th¢ minimum arccptabl¢ risk. Trinity HoM¥e H￿l/dIng.. 1(h¥s of rovm-l¢ltlnB incornc (through th¢ Corporation's $ubJidiury Company, THF.L - se¢ bclowl* Pl)tential 1055 uf lif¢ or injury 4nd dornage lo prop¥r(y Lhn)u¥h fire. flood, tcmTrrism or inAd¢qu&t¢ M¥in*n￿￿e, fuilur¥ vlth¢ buildinJ3 mun&8em¢ni sy8￿m. Ivss vf hcrith8L. The l NsteEX bcli¢vL thu( ¢hc abovL risk5 mili8aled by ￿.￿ul￿r plvpcrty rnY4inl¥nanLe and satcty chccks. tir¢ drilly and r¢vi¢w3 ol eva¢uAtion proLcdurc%. In%urancc ix revi¢w¢d annudlly and a planned m*inlcnance PTU¥lWlJmC. di?wn up and MAn￿rd by the C()rw>ration's stc()nd Honorgry Survoi)r d¢ Cluttons, is LYJTicd (?ut ¢llLh ycar. Thc surveyor alw ensur¢.4 ¢hHL full complianLc with buildin8 und oiher rcBulaiions i¥ MaIn￿l￿¢d. Thc Tower ot-l.ondon has kindly #grewi tv pri)vid¢ emcrgcnLy Lunscrvutor and JiorM¥¢ suppi)rt for thc fin¢ art tr¢asures in thc cvenl of an incid¢nt. In¢um¢ fN)m the leitirtg ul. the ccrcmonial room% dnd the building's mainlenancc cost5. llre m()nitsJr¢d by th¢ Board by medns of quart¥rly rnanagcmLnl acwunL5 dnd budg¢ls. In addilivn to fr¢c res¢rves, thc Trustccs hav¢ ainiaincd a dcsi8naied fund I'HousL Dcsignaled Trund.) to en&ure thit 5uffJGi¢nt moni¢% are availablc for major repaijs and rcfurbishmenL$ to the buildin& tK>th cmcrgcncy and plann¢d, in th¢ immcdiY4tc futurc. To th¢ exlcnt that morc maLerial funding is required fTrr a lon8er-ierni Prewen¢lllivc M8intensLnLe Plat), and th suGh funding 15 not availablc trvjm eithcr the Hl)F or thc non-dcsi8natLd free rexer¥ey of th¢ Corwr#l¢ Lhariiy. thc Trusle&4 will nccd ￿ devisc and implement an appropriatc 8tratC8y tD fund such requirements. P¢Jnd¢mk L¢vel Dlstaw.. whll8t thought larBcly to have paucd. the cffccts of thc CoYid-19 pandemic pnsed land. lo # limii¢d d¢¥r¥c, still po￿) dillering risks lo th¢ Cvrwrato Charity and TIIMC, as WCII as to thc hcalth and %alcty of st&ft' and visitors. Th¢ bi88C5t risk i% currLYJily &8s¢ss¢d as the emergenLe of a si8nificant new variant of Covid-ly, hringing with il $uhsianlial r¢.imFK)Sition of rcstrictions and LunsLraint5. Thr samc risk Appli¢s to th¢ emergence at pandLmiL level of any similar typc of rn7trictivc or incapacitating discosc in thc luture. For the Cotp)r&te Charity- thc risk to incomc laSSOCLated with the inability ti) rooms in the building due to ¢omplianc¢ with related Icgisldiii)n and guidartce, and diminishcd public appelite for ¢vcnts} would again lead L() depletion of r¢s¢TV¢S and potenlidi Idilure of THEL ¥vin8 conrKrn. The Tryace5 believe that these risks wtsuld b¢ mitigatcd hy sirnilar COUT%CS of action ￿ prcviously, whcre pplic#bl¢, and obviously de￿ndant on the (If the discase. includin8 aceeptance of8ovemment support. the regular and frequent muniiuring of the company's ¢osh fluw¥ both actual and forecasL and operati￿01 rcquiremcnis,. and the mittirnisation of any appropriate variable costs. Th¢ dir¢clors ofTHEL remain alert tu the need to en%urc that thc company remhins Y4going cnncern in all CiTcumstan¢¢s. Dependin¥ again on the nature of the dis¢as¢, risks 10 siatT and visitors would in¢lud¢ ¢he po&%ibilily of an Dutbre&k in TriniLy Ilouse Icading io enforced clvsur¢ of the building {al80 depending on prcvailin rLyuirementsl. furthcr lo.￿ of incomt. liability and rrpuialion￿ damage. l-his would be rnitigaLed by a tull tiyk $¢53m¢nl r¢5ulting in all mca5ures having been taken, as and whcn nccc5sary, to render and sumain Trinity Ilouse &¥ a Covid (or oih¥r dise&%cFsafc environm¢nt. Ongoin¥ a￿angeMents wiihin thc I louse would Lompliant wilh legislation. ror'fiimc: risks ts) incomc from'l rinity Villa8c asJoLiated wilh th¢ inabilily ofrc5idcntial tcnants to PHY renL c()rnmercial tenant busincss failurc5, CKCC55ive voids ai lo¢kdown, government consirAints on landl()rd%. and bru4Lder impaet on the rental mArk¢l in Lvndon in 8eneral and in the vf 'fTinily Vi1108c in particular. Any imp&ci U￿}n income would 88ain affecl ¥hiiritabl¢ disbur5ement5 and estate husbandry. Th¢ Trustre% bclicve th&t these rijks would br mitigatcd by C￿¢[￿1 wp¢rint¢nd¢n¢¢ frotn their e$t8ie managcrs (Knight FNmkl. advic¢ ITOM them ond others, (uking careful thccounl of l¢syons Icamed so t￿ Irom the Lovid-19 pandemic. The'fru$tee$ Also bclicve ¢hat ihc disposal ofthe fivc propcrties, and the reinvcstmcnl ol-the procccds rcccived into morc liquid Mss¢ts (￿[Crr￿1 ts) abovcl will 415¢) serve io miiiBate 11$ ¢xrA?surc to CUTrcnt risk5 Ln re8ard iij it% holdin8s in pro¢xrty. 'I'hc Tru5tccs have a8scsg¢d thL maji)r risk5 lo whiLh the charilics are eX￿)ged and are sati$fiLd thal ihc5c havc been idcntificd, and that apprupriate mcasurcs #nd cff¢c(ivc Systems u)ntml$ ar¢ in pla¢¢ iv miti8ul¢ Ihcm. As noted ub()vc wiihin Fulure Plttns, work ¢onlinues wilh regard Ihc risk mana8cmcnL PTOLess and tn ¢nsurc th41 th¢ risk rc￿lSle￿ i¥ a practical mkLn&B¢mkni kN)I with ri8k iiwncr5hip embedded ihft)u8hou¢ thc org4ThisuLlOn. Revrv¢4 Pollcy Cvrporots Chorlty The C.OTporaLe LhAriry has rcs¢rve% tolallin8 £9,462.000 12024.. £9,372,000) and Lomprisinx de%ixnalcd fund$ (£8,Y55.utM)A a p¢nsion re*rv¢ {£87,OOUI. rc8Lri¢t¢d funds1£60,IKID) and unr¢JtriLtcd lundB Ilrcc rc5crvc51 ul'£360,000. Thr d&4ignated fund¥ are madc up as folli)ws'. Ilouse Desi8n(u¢d Fuvd.. to en.4ur¢ thaL thc Cvtporatc Charity Lan maintain th¢ fabri¢ and heriLa8e of Trinity Ilouse, Tow¢r I lill, London, $pLiifically including any muj()r wfiJrbi$hm¢nts i)fthe huilding to bc cttrrid vui ITh accordancL with lon8-t¢nn mainlenanrc plHns drawn up hy thc CorrAJr#le Lhlrily's surv¢yor. 'I'hc ci?&lf or mUin￿lnIn8 a Grude I li4ied buildin¥ Jrc high Rnd the plan hug id¢ntifiol thr rvqvirrm¢Di for Gon3idcruble mxinicnancc cxp¢ndiLurtt over the nexL 5 to 10 y¢&rs. I"his is cwntial in light ulthe building's listing thc n¢¢d tu maintrain it lo a high standard ￿ attruLt rlicnt5 W15hin¥ ti) hire the funciion rooms. thus su8taining the Lorwrolc Chllrity'.I r￿rn Icttin8 incornc. Thc balance of th¢ Fund is £444.(h)012024.. £444,000). 'tsedA5sels fv-mnd.. this is rcpresenl¢d by ththgiblc fixcd a￿cts not relldily availabl¢ to m¢¢t cxptthditurr. And thc #t thc ycar end £8.5 milli()n {2024: £8.6 million). Thc TtU51ee3 rcvicw the Co￿{￿rat£ Charity's free r¢s¢rv¢s pi)li¢y annually and the Lurrenl tx)licy is to mILin￿1n free Teservcs at a level equivalcni to bctween 6 and 9 months, opcrAlin8 ex￿ndIturC (upliftcd from a previous policy of bL'tween 3 dnd 6 monLhs fi)Ili)wing lessons leRrncd about reyili¢nc¢ dumng thc Lovid-19 pvmdcmic). Thc balance or rr¢c re%¢Tves al thcycarend was £360,00012024.. £221.000)whith is 6 months. budgeied operaling cxpcnditure. Thi5 position rcprc5cnts a return to bcing in lint with the r¢s¢r¥e5 policy tw(Tr years earlier than previously anlilipakd. 12 Tplnlty Ho4se Murliime Charity (THMC) 'IIIMC has re￿rVeS LO￿lI1ng £246.1 million 12024.. £243.2 million) comprising pern)anent endowrnent funds 1£242.113,tKKbl. designalcd funds1£677.DOOI, a pcnsiun rescrve1£233,o￿). T¢siriLted funds (£7l6.0(X>l and unreslriLled funds Ifrce rLservesl ()f £2,399,IX)O. Incnmc rcccivcd from thc pcrmancnt cndowmenl funds is availabl¢ for general PUTtx)ses in aLa)rdance with THMC'S guverning documents. Th¢ d¢sign8ted funds are made up as follows: FuiraordinL7ry Repair to meet th¢ requirement of THMC'S goveming docum¢ni to provide for cxtraoTdinary repairs, improvemctti and ￿bUildIng ul'frinity Homes, Walmer. Al the year end, the bAlanL¢ or Ihis lund wa8 £177,00012024.. £177,000). Merchani Navy .Scholarihip Scheme (h4TrT,kS)'. ¢h¢ Trustccs. p)liey is to maintain this fund at a level qutvalent to between 3 And 6 munths (Trfthc operaling cost5 of lh¢ MNSS. Th¢ bull￿￿¥ iifth¥ fund oi thc year cnd wa5 £500.00012024.. £500,000) which was equivalent to approximately 3 months. operaung ￿Sts. As with thc Corporat¢ Charity, th¢ Tru8lce$ rEview THMC'8 free r¢s¢rv¢s policy AnnU￿lY thc rurrcnl policy i5 10 mainl&in rC￿cS at a level equiva]ent ti) bclwccn O and Y monihs, opcraling ¢X￿ld1turt. The balance of fTCe tC5crve8 ai the ycar end ts)[￿l￿d £2.399.ODO 12024: £1.553.000) which 15 cquivalLtit to approxim91cly 6 months, op¥rulin8 ¢xp¢ndiiur¢. As f(Ir thc CoTpurate Lharity Ihis pusilioll reflect& a relurn io reserves bein8 in linc WiLh wliLy Iwo ycars earlier ihan expectcd. STRUCTURE, GOVERNANCE AND MANAGEMENT As cxplaincd earlier,'frinity Hous¢ w￿* incorpor&tL£i by Royal Chatter in 1514. A Churter ofconf)rmaiion w&$ 8run¢¢d in 1685 and. alih()U8h 4uppl¢mrnthl Charicrs wereKranted for SPeLiIiL purrM>¥es belweert 1870 artd 2022 lthc lutc%l havin8 b¢en gTMnlcd on 31 Janll￿ 20221. th¥ 16115 Chartcr remains thc Corp)ration's prinLipal giivcrnin8 documcnt. 'Thc LurpÉ?r8tion'8 duliLs as a G¢n¢ral Lighthousc Authorily are conducicd undcr puwers Biven by the Mcrchant Shippin8 ALts. Iluwcvcr. the fundin8. ()rKraiions mana8crncnL ul'the Li8hihous¢ Authori¢y arL ¢ntirely separmlc from ¢hos¢ or Ihr Lorpi?ration's ch&rity und¢rtakingy #nd, a¥ & resuli, Arc nuL dcalt with in thcsc accounts. I'he Cotwro¢¢ Chmrity is the prlnLlpal iharity (Rcgisiralion Numbcr 2118691. 'I'IIMC im a Subsidiary of thc L'uTrx)raic Charily IRe¥islrilion Numlxr 211869-231 und 18 8uvcrncd by ￿ %¥h¢mc ()f thl Charity Commission da￿d 7 Au8Us¢ IY95. 'rhe Churily Commisjiun granted a Unilin¥ DircLtion on 24 M*y 2004 tu ¢nabl¢ th¢ twt) thHriLie5 ts) bc combincd for the purwsc5 of rwx)rLin8 and thi prcscntation of UCLuunlA. The mLmbcrs ofthc CoTporute Board ar¢ ¥I￿l¢d by the Court of the und ac¢ as'l'ruitees urihe chiriiics. I'h¢ Trust¢¢s whil served durlnm thc p¢riod fr()m l April 2024 lu ihc d&lc of this Rcport WCTC folli)ws'. R¢Ar Adrnirol lain Lowcr CB MA AFNT (l)eptsty Mo.fiér) Caplain Ro8¢r Elark¢r MNM FNI Ire5ign¢d I l Junc 2V25) Caplain Slephen CIubbi MNM FNI FIMaTL%I' JP MA I.I,FI MBA {re$igned I l Junc 20251 Cllplain Ni8cI Iltjpe RD* MNM I.'NI RNR Commodorc William Walworth LBI.: MNM RFA Cvmmudorc Robcrt Dorey RFA Irc.8i¥n￿ 18 March 2025. re-lppoinid 24 Jun¢ 2025) Malliilm Glaislcr F.5q. {rcsi8ncd 26 Ni)vemb¢r 20241 Command#r Nigel Harc l.'RIN RN Ir¢sign¢d 30 %rptembcr 2025) Rcar AdmirAI lan Moncricff CBL DI. Captain Andrcw Holt {apppintcd 22 ()ctoher 2024) Sarah Kcnny lappTrinled IR March 2025) JcrL)ny Benneit W18ppoIni￿ 18 MarLh 20251 A,H,C .c,r) I,'ommiflee membership.. A Member olihe M0nLigenK￿I Comniillee B Member ofihe F￿laleS Commiiiee (.' Membyr ofihg Audil andRisk C'ommillee D Memljer oJihe Remwheralion Commillee The Board meets fuur limes a year and h4S 8ppoini¢d a number of commlttees (o dischar8e certain functions. The committces arc constitutcd a5 the InvcstmL'nl and Lst41e$ II&F.L}, Audil und Risk IA&RC), and Rtmuneration (Remcoml Committccs. lThe Managcmeni Committtc (Mancom) is constituled with its authority pari pasJu with the othtr eornmitiees and rnccts four lim¢8 a ycat. in the interva15 betweem B0￿d meetin83. 13 Lommodorc Martin Atherton ORI.- MA FCMI FCIL'I. RN is 8ecretary to thc Corpurdtiuts. rhe Sec￿lary 15 the Chiel Execulive OtTJcer of the two charities with dAy-tO-day ￿%￿n$1bility for their cffcetivc operdtion and adminis[￿10￿. he is also reswnsible for the administration and w-(Trrdination of Ihc Fraternity of Llder and Youngcr Rrethren. 'lthe Corpor&tion's Royal LhartCT5 provide for the election 31 adtvr F.Idv Rrethren who collectively constitute the voting membersof thecourt. ILS gnveming tx)dy. All Ihc Trustecs ot.the charitits are Llder Elr¢ihr¢n and CourtA&si%tants. Th¢ CL)url 15 5UPIX>rted and adviscd by th¢ Y<)ungcr Flrethren among Ih¢ Fr8t¢mity, TrK>ih women and mcn, who repreS￿t thc hroad c0tt5tiluencies with which the Corporatiun is a5SUCiated. They are likely to be senior profcssionuls frum the Royal Navy or thc Mcrchanl NJLVY, Pilols or IldThour M&st¢TS, Lir tho5c engaged in other areas (>fMMritime in¢ludirt8 th¢ .%hipping indu$try and associated busines$e8 nr statutory aB¢n¢ics' others may havc a back8ruund in Lhc law or sailin8 or thc volunlory se¥iur. 'Ibu5e 5elec*d to s¢rv¢ as'fru5tccs ￿A¢Cl Lhis broad ran&e of skills and experiert¢< an¢J th¢ Board thereforc comprises cxten8ivc knowlcdge and expcriencc ol-the maritime %eclor tn iL% wid¢si Scnk. All arc, OT havc bcen, senior tiguT&S in thc seclor. Many also scrv¥ iin ihcgovcrningbodics of, or are thss(iciaicdwith, other d8¢nci¢8 andcharities. Two mcmbers i-lhe Board are r4uired ￿ have particular business or investment ¢xp¢ri¢nc¢ respe￿1￿clY. SinLc Tru%icc5 arc clccied fmm the l.'raiemity. they will n<)rrnally alrcady have an under%tgnding of the funLtiuns and uperalion of Trinity I l()u%¢'5 charilies. N¢v¢rthcl¢ss, th¢w'fru.%icc5 aTC made uwllre ofiheir Statutory r¢swnsihili¢i&8 are bri¢f¢d fam14Llly by the ScLretary on thcir role.. un the chariiies, 8UVCTnin¥ d(?Luments: Ihc woy in which th¢ TNstc¢ budy oper8L¢s' and on ihc a¢¢ivitics ul'the charities. TrusL¢¢s albo Apprisd of dcveluTThents wi¢hin ih¢ s¢dor. Thc s￿1].01.1ht ch4ritlC8 #rr Ird by the Secretary. Th¢y ar¢ ¢n%￿rd in finthrial and OPLrali(?nal administration, inLOm¢ 8cncTa¢ion and the provision of $upport s¥rviLe5 at Lhe C.OTpor&tiun'.% headquarler8 buildin8 ui fLIWCT Hill. THMC ¢mpli)ys u Sm￿1 slall'al'frinity Hvmr%, W&lmcr, whu &1%) report ￿ Ihc S¢crciary. Thi kry p¢r8()nncl aTC the frust¢cs, the %e¢r¢tary. the Finance and Comm¢￿181 J)irc¢tor {who 13 #Iso a T)¢puty S¢¥rdary to th¢ Lorwrationl, the Ilead of F.v¢nls and the Hcad of ChEtritsble CJivin8. Slall'%alari¢s ar¢ rL'vi¢wed annually by thc CoTporate Remuneralion Commiltc¢, wmprising thc l)cpuLy M&8ter and the Iwo Busines8 I Invcstmenl'l'ru8tCC5, onci>fwhi)m a¢ts ￿ Chair. 'I'he Li)rp(Iration believ¥s in altr4iclinB and rciainin8 hi&h quality li(alTfnr the lond tem. and & Ll)mprchcnsivc quinqucnnial benchmarking r¢vi¢w Wil¥ undcrtakcn durin8 ihe prior ycar &8oinst uppriJpri&ts ¢xi¢mthl Secior compurul(TrT%. As mcntioncd alxTrve. the Corpor4tr Lharity has (wo whvlly Owned 5ubJidi¥ry wmp¥ni¢J. -rhc firs¢, Triniias %etvi¢cs ljirniled {'rsi.I, w45 in¢(Frptsrated in 1993 and ii$priNLipal activity hstheoperati()n (If 37 fomier li8hthousc keeper¥' ¢¢)iiagcs a5 hi)liday acLumm(Trdaii()n and Shon Irts. Twu (Ifthc five direLLur% i>fthc wmpony arc uIBo memhcr5 of th¥ Lur5M)ratc Board and a third dir¢ilur is th¢ %¢¢r¢tAry ￿ thc Lvrpvraliun and Chicl. LxeLulive <)fthe choritlC8. The prlnelpal aLliviLy of ihL ¥eLond company, I'ritsily Ilou%c F￿vL￿ts l.td ITI IEL). 18 lh¢ Bcncralion of income for the C.orpL)ral¥ Lharity by leLtin¥ vt'¢hc lunblion y￿rn8 At Trinily Ilvu%c. Two of thc compuny's ihr¢¢ dir¢cturs ar¢ rnemlKrs i)f ihe Lor￿)ratc Roard and thc ihird 1.% the S¢¢r¢tary t(i Ihv Liirpiiration. I)UTin8 ihe prior year and th¢ Y￿ under revicw, the chdrities did nol g¢1iv¢ly soli¢ii dunali(?n5 with the cxLep(iun or lirnitcd fundrai%in8 cornpaign in aid of the Worce8tCT Mcrch&nt Navy C#det Scheme IWMNC%). N() public fundTai5in has been. vr will bc involved. A SUbS￿nI1￿1 parl of thc total sum raised io dat¢ has ¢omc Irvm volun¢ary donations by alumni vfthc MvrLhantNavy Truining Collc8L, IIMS Worces(cr, which closed in 1969. Othcr funding for WMNCS hNs ari4en frorn thc Sponsorship ot. li>ur cad¢l$ by ihv-I'K I'oundalivn, onc ca4Je( by ihe Gosling Founduliijn, one partially by the 8wir¢ family loundairon and Onc by the w￿￿S larnÉly. Given that there hgs b¢¢n no public fundraising and thL narrttw sci)pe of this activity, the chllritlcs have not registered with the bundrdi5iny ReBulator' #nd did not 5ub5crib¢ to any fundraising ¢￿¢¥ of prnilice. Whcn donations from individuals are reccivcd, the chaTitIC5 aim lo protect pcrsonal dats never sell dotH vr swap dY4ta with other organisaiiorts. During thc yegr, the ¢hariti¢s r¢rKiv¢d no cornplaints aboui fvndrdising actlVlLIts. 14 THE CORPORATE BOARD'S RESPONSIBILITIES IN RELATIOIY TO THE ACCOUNTS The Cortx)rdle BoArd is reswn5ible for preparing th¢ R¢pN)rt of th¢ Curwratt Board and Group A¢¢ounts in a¢¢ordane¢ with applicable law and Unilcd Kingdom Accounting Standdrd& IUn2ted Kingdom Generally Accepted Accounting Practice). The law applicable (u chaTilics in E￿818nd and Wll]￿ requires the CoTrxTrrate Board to pr¢pdre a¢counts for each finmcial year that 8LV¢ a irue and fair view ofthe state of affaits ofthe combintd charilies and the Mroup (th¢ ¢ombined chotitLCS and subsidiary companies) and ot'the income an4 ¢xpendilure olthe charitic5 and the 8roup for that pcriod. In prcparinu thes¢ a¢￿u￿¢s. the Corporate Board is required ￿.. Selecl suitable aLYountin8 poliLies and then apply them consisten¢ly' Obwrve th¢ methods and prihciplcs in Accountittg and Rrpvrtittg hy Charities.. Siatem¢nt of R¢¢omm¢nd¢d Pr&c¢i¢e appli¢ablL io GhaTitjC5 PTcparing their ￿COUnts in &c¢ordanc¢ wilh thc liinancial ReportinB %tandard oppli¢obl¢ in the UK and RepubliL ofIreland ffRS 1021. Make judg¢mcnts and c$timatcs thul are r¢ayA)nabl¢ *t)d prudent. iat¢ whcther applicable Ilnited Kin8dom Acc(>unting Stsndards have bcen followed. subject Io Any malerial dcparturcs disclos¢d and cxplaincd in ih¢ A¢counts' und PrepaTQ ih¢ aicuunts on the Xuing conecm b￿1& unl¢8s it is InopF￿pn.Uic ts) prcJumc thal the charities and the will continue in (Trp¢wion. Th¥ Lvrporatc Rodrd is r¢5ponsibl¥ fur kccping adequaie a¢mun¢ing records Ihat dis¢l¢ise with re￿)￿abIC accuraLy thL ny ¢imc the finun¢ial position ol. lh¢ ehuritl&8 and ihc 8roup und cnabl¢ it io ensur¢ that Ihc llccounls LM)rnply with th¢ Lhdrities Acl 2011. applicable Charity IA¢¥oun¢b' and ReFrf)rts) RcBulali(Trns Ihc proviyiot)$ ofthe chariti¢s' governing d￿um￿n¢5. It 15 als(> rcstrfinsiblc for sthleguarding the ass¥ts ul'thc chariLic5 and ihe group and hen¢r Ivr trdkin8 rcasonable 8¢¢p¥ lor the pr¢v¢ntivts and dctcction ol. Iraud and uihcr irrc8ularl¢ics. Th¢ Flogrd ￿n41derS ihai i( ha3 di5char&ed these r¢sponsibiliti¢s and ¢¢)mpllcd with th¢ 4&WCi&tcd rcquir¢m¢nL8. AppTovcd by ihc Cotp)rale Board on 25 Novcmbcr 2025 and sign¢d on ils b¥hAifby RcaT AdmirAI lain Lower CR MA AFNI I)cwty M8Stcr and CThy&iri)f Trustces 15 OThER RE CK DETAILS Prlvlp•l Offlee Trinity House Tow¢r Hill London EC3N 4DH Tekphonc.. Website.. 02074816 Advlm Auditor. BU￿￿Ott Audit LLP 130 W(Kid Strc¢t London EC2V 6DL Manw8Lll8 A8¢nts: Krtl8hi Fr￿k LLP 55 Bakcr Street London WIU 8AN S&v1119 Ltd 33 mArg￿tI Streét imdon WIG OJD Surveyors to the Cor￿rat¢ Charity.. Cluttons LLP YArnwi¢ke 119-121 Cannon Strf Lottdon EC4N SAT Soll¢liors'. Forsters LLP 31 Hill Street London WIJ JLS Stiyne Kin8 1.l.P Roundary House 91 Charterhous¢ S¢r¢ct London ECIM 6HR The LeBal Partn¢r6 Limited Parkthot House 5 Kew Road Richmond TW9 2PR Invejtment Man4cn: Bl•d¢Ro¢k UK Retail Client Management 12 Thro8morton Av•iue IA>ndon F.C2N 2DL BankoTB: Bar¢lAyS Bank PLC Level 28. 1 Churchlll Place London F.14 5HP Pcnxlon Advijern.. Hymans RoberL8on LLP One tA)ndon Wall Lundon EC2Y SEA 16 INDEPENDENT AUDITOR'S REPORT TO THE CORPOIL4TE BOARD OF THE CORPORA TION OF TRINITY HOUSE OF DEPTFORD STROND OplDIo Wc have audited the &Gcounts of thc combincd ehariticj of the CurFX)ralion of Trinity Ho￿￿ ol Deplford Strond (the 'Lumbined charilies'l and th¥ir subsidiaric5 lthc 'group'l for the y¢4r ¢nd¢d 31 March 2025 which cornpri%e the group and u)mbincd charities, gtalernent or finunLial activitLe5, Ihe group dnd combined chHriti¢s' balance 8htcL8, the group sthtementof¢83h nows, thcprirtcipal accountin8 trf)licicsand the notes ￿ the a¢￿U￿￿.,1.he financial TCPOrtin¥ Iramework that ha5 been applied ith iheir prepara¢iun is appliLable law and UniLed Kingdom Aciy)uniing StandaTd5. including Financial RC￿rtIng Slartdard IQ2 'Ihc F irfancial Rcw>rtin8 Sthndard appli¥abl¢ in thc IJK and Rcpublic of Ireland, (Unite41 Kingdom G¢n¢rally Acrcptcd Accounting Practi￿1. ln our opinion, thc accounts.. * givc a Irue and fair vi¥w <)f Ihe $taic of thc group's Dnd of th¢ ¢ombined ¢haTili¢s' &ffairs as £t 31 March 2025 and of Ihcir inLorning rwvr¢es And appli¥ution ulresi)urces for ihe yvdr then ¢nd¢d', • hllvc prnp¢rly prepared in accordaDCC wilh Ilnitcd Kin8dom tienttally A¢¢¢ptsd A¢¢ounLinB Praclice. and • hAve becn Prcpared occordancc with lh¢ requircmcnt5 ofihe Lharitics Aci 2011. B9$1* for opinlon We Londucicd our audit in accurdance wilh InicmationMI St&ndardB on Auditin8 {IIK) {ISAs IUKII an(J a￿11(&bIt law. Our r¢sp()nsibilitiL5 under ihoy¢ stand4rds ar¢ furthcr dcscribL'd in th¢ audilor's r¥Yp)nsibiliti¢.8 for ihc audit of ¢h¢ &C¢DUnL8 Section of our rcport. W¢ urr indcpcthdcnt of thc in accordan￿ with the eihiLal r¢quirem¢n¢s that arr rcl¢vAnt iv LTrur audit ufihe aL¢uunt5 in the IJK, inLludin8 thc FRC's Lihieal Stsndgrd. W¢ k.li¢v¢ th41 thc audi¢ evid￿¢¢ we hav¥ iTrhiaincd is %ullieient and appropriate tt> pmvidc a basis lur our opinion. Con¢lu$lon8 relatlnl to Kolng contern In auditing thr aic()un¢s, wc huve L()ncludcd ihai ihc Corporate Bwd's use ot'thc conccrn b￿13 (Trf aLciJunlin¥ in thc prLpuration of ihE aLcoun15 IJ Bppropri#te. Rasrd on thc work we have pcrfornird, wc havc not idcnlified any matcrial un¢cNainiirs re181ing ￿ cvcnts or condition thal. individually or ei)Ilcclivcly, muy Lait 318nilicanl doubt vn the 8roup and ¥umbinrd bhuriiic3' ability io wntinuc us a LX)nccrn for u p¢riod of ui I¥￿81 twclvc months frvm when th¢ accounts thre authorised for issu¢. l)ur r¢spon¥ibililicB and the r￿￿)nSibIliti¢5 of the Corporaic Board with respeeL In 80in8 ¢onc¢m Iwe deA¢ribed in the r¢l¢vAnt s￿LI0ft8 of thiB repurt. Other IDfomitlo Tht oiher infomiaiion comprisc5 Ihc infornialion in¢lud¢d itt lh¢ Report of Ihc Corporate Board and Group Accounts uiher ihan thc A¢¢vunl8 and OUT audiLor's rcport thcrcon. The Ci)rporat¢ Floard is r¥sp(Trn8iblc for thc othcr infomiation c(Trntain¢d withiD th¢ annual rcrmri. ()ur (Trpinion on the atidurtt% docs not Lvvcr (hc i?¢her infomatiotl dnd we nol expres3 any fumi ofa&8urancc conclusion thLYCOn. Our rcspon8ibility is to Te#d the other information und, in dTrin8 50, cunsider whether ihe other infvrmaliun is Ma￿rIallY inconsis(ent with thc llccuunts i)r rthur knowledge obtained in thc course of the audil or oth¢rwisc to bc mNtCTi8IIy mi551atcd. If we identity 3u¢h mukrial inwn51Jtencie5 or apparenl mat¢rial misst#l¢m¢nls, we are requircd ￿ d¢lemLitiC the1h￿ this 8ivcs rise to a m&t¢rial misst#t¢m¢nt in ihc acrount5 them5clvcs. If, based on the Work w¢ havc pcrformcd, we ¢LmLlude that there is a material misst8￿ment of this olher infornjation. wc arc rcquircd ts) re￿)rt that faci. We hav¢ nothing ts) rrport in thi5 reKard. 17 Ma¢¢¢r5 whlch we 8re reqDtred to report by eiteptio In the liyhL uf the knowledge and underst￿din8 of th¢ ¥rvup Und cornbined chariii¢s Mnd thLir ¢nviwnmcnt obtained in Ihe cour%e of th¢ audiu we hav¢ not identificd mattrial mi$stai¢mcnis in thc Report of the CO￿orate Board. We have nothin8 to rcwrt in respe¢t of th¢ following matLers in relation to which the Charilies (Accounts and R¢port8) Rcgulaiion5 2008 rcquires us th report ID you if, in our upinion.. • the irtformulion given in ihe Repoyt of th¢ Corporatc Floard is inconJistgDt in any maicrial rG%pect with (he accounts; or ufficient accounLin8 r¢cord.8 hove not bceft kcpi by thc combined chariti¢s' or th¢ combined LhariLies' accounls are not in agreemenl with the dcLounling recon15' or we h&ve not received &ll ihc infomLii¢iDn and cxplJLnalion% w¢ r¢quiK fc)r OUT audil. Rtiponilbllltles ofthe CorporAte Board AS ¢xplAin¢d m()rc tully in the L()rporat¢ Buurd's rcspon5ibililies St&t¢m¢nl s¢t uut on PABe 15, the Curporate Board is r¢$ponsibl¢ l(Ir thc preparalion of the llLL(wnts and lor bein8 sA¢isfi¢d Ihat Ih¢y give a IT￿ and lair vicw. and for such int¢mHI cunlrul as the Corpora* Bu4rd d¢lcm)ines 15 neLG4sary Lo enable th¢ prepara(iun ofaccounL8 thal are Iree from moierial mi*%thtemcnt, whether du¢ w Ir#ud nr ¢Tror, In prcparing the a¢¢ounts. the C(TrTfAiratc Eloard is responsibl¢ for &4scssin8 the 8roup'J and th¢ comhincd ¥huritlC5' ability to ¢ontinu¢ a going c()nLcrn. disclosin￿, a$ appli¢able. malters rclated ti) 81)ing wnc¢m the going conLern b4515 ol.￿,¢￿unI1n8 unl¥&8 the Corpurole Bo4rd either int¥nd¥ (o liquidate lh¢ 8TOUP or th¢ uJmbin¢d ¢hthritics or lo LCUSC 0￿r*I101)s, or has N) rcalistic altcrnuLive but ￿ do su. Audltor'l relponslbllltlu for ihe ¥udlt of the aetounts Wc have bccn aprrtTrinl¢d as undcr sLLtii)n 151 of th¢ Chri¢iey Ac¢ 2011 and repoTt in acwr(lan¢e with ihc Aci and rclcvant rc8u14LLii)n¥ madl vr havin8 cffcLi ther¢undv. Our objcclivcs Lo obiain reasvnthlc ￿ur￿nCe &bout wh¥iher the accounL8 ￿ a wholc arc firc Irom mAkrial misstai¢rn¢nl. whcthcr due to fraud i)r rrror, And i() issuc an 8uditur's re￿rt Ihat inLlu¢Jr$ our (?pinion. RL'4Lsunuble assuranbv if a hi8h level (Ff assuran¥e, but is not a 8uarantec that un audil condu¢tcd in a¢ci)rdancc with ISAS IIJK) will alway.% dct¢ct a m4LLerial missta¢¢menl when il cxisL4. Mi5StalcmenLs c4n orisc from fraud or crroT and are LU)nsidcrcd maierial if, individulllly or in the agBr¢B&te. th¥y could rc&%on&bly be expc¢tLxl tv intluen¢¢ thc c¢onomiL decisions of s¢r8 Lakcn ort the bosis of ihLSe aLLnunis. Irregul&ritie¥, including fraud, arL' insian¢¢s of nun-Li>mplianc¢ wilh law% und r¢gul¥tiuns. We de4ign piDe¢durcs in line with our reypL)n4ibiliti¢s, uuLlitted above. ti) dc¢¢¢¢ mul¢riul miistatcmcn(5 in re%pccLof irrc8ularilies, inLluding fraud.'Thc cxtcnt to which our pr4)LdurG8 arc Lapable uf dct¥¥iing irregularilics, includin8 fraud is deL*ilgd beli)w: ()ur approHch io tden¢ifying omd a55C55in8 the risks of mxt¢rial misstAt¢mcnt in rcspcct of irrc8ularitie4 including Iruud nd n()n-cnrnplianLe wiihlgws and rc8ulatlOn5. as follows: • the cngagcment par¢ncr ¢n$urcd that thc cnga8cmcnt tedm ¢ollecLiv¢ly had thc appropriatc compclcnLe, capabilities #nd 5kill% to idcntify ()r recognise nun-complillnce with appli¢abl¢ laws Nnd rcgul&tions' wc idcntilied thc laws and regulations applicablc tu the Lumbincd ¢hari¢ies ihc group thn)u8h disLussions with mantsBcmcnt and from vur knowlcdgc and cxpcrienee nfthe s¢¢tor' we locuscd on spetili¢ laws re8ulatiun5 which w¢ consid¢r¢d may h*ve a direct malcriai ctlcet on the accounts orthc operationsot.the combincd rharitics andthegroup. includin8 the Charitirs AGI 201 l and the financial TePUttin8 fr￿M￿Vrk refcrred ￿ abov¢., an(J w¢ understood how the combincd chariLic5 and the group are complyin& wiLh those l¥gal regulatory frameworks by making ¢nquirics ofmana8cmttnl and Iho8¢ Tesponsiblc for Ic881 and compli8n¢c prowlurrs. We corroborated our cnquiries through L)ur TevLCW of the minuies of m¥¢lings of (hose ch#irged with 8ov¢rnan¥¢. 18 Audltor'5 responsibilities for the *udlt of the iccounts Icontinutd) We 855e6sed ¢he susceptibility uf the ¢ombin¢d charilie5' and group's accounts to matcria] mi￿l¢m¢￿￿ iniludin obtaining An understanding of how fraud might occur. Audit procrdurc.s pcrforncd by the cngagement team included.. moking enquiries ofmanagemenl and thos¢ Char¥￿ with govcmancc lls to their knowled8c of a¢tUo1. susp¢¢ted and all¢g¢d fraud. and considerin8 th¢ intemdl controlg in place to mitig81¢ risks offraud and n(ffi-compliancc with laws and re8ulations. To address the risk offraud through TtLanag¢meni bia5 and override ol'Lonir(Trls, we.. • perfomicd anAlyti¢al pro¢cdurc8 tts id￿li[Y any unusuAI or unexpe¢ic4 financial relationship • tested journal entrics to identify unusual tran&wlions' • pcrfonned substantivc tCSlin8 ofcxpcnditure including t¢3ting thr authori$aiivn thcreof- And asseyjed whether jud¥LTrents and assumption5 madc in d¢temiining the accounting cstimaies were indicutiv¢ of potential bia$. In Tespon3C to the risk of irr￿ul￿ritIcs and non-compliancg with l&w$ and regulg41ioll8, we dc$igncd procrdurcs which includcd. bui were noi limit¢d tsj: T￿dIng the minuks of m¢¢ling4 ofthose charged with 8ovcrnance; enquiring of mgn*Lg¢ment and th¢ Corporlltc Board ￿ to ond potutial litl8atiun llnd clairn5. I'here are inherent limitations in our audit proccdurc5 dc5cribed abovc. lThe more remuved ihat laws and r¢gulaliun$ Are Irom financial tran%*ctions, Ihe le55 lik¢ly it is ¢hut wc would b￿￿)me aware 01.non-￿)mp1iqn¢C. AuiJi¢ing s￿nd￿rdI 8150 limit th¢ audil proccdurcs requir¢d to idrntify nvn-complianLe wilh luws un¢J r¢gulations i(F ¢nquiry uf the Corporatc oard llnd uihcT mana8emenl and th¢ inspcLtii?n of rc8ulatury and 1¢8al wrrcswndcn¢¢, il'4ny. Material missthi¢m¥n¢S that &ri8c due tr) Iraud can bc h#rder ￿ dctce¢ thon thosc th&1 arise from error as th¢y invulve dclihergtc ¢on¢¢&lmcn( i?r ￿llusion. A further d￿rip¢lOn ol'uur rcsFonsibilitie% lor thc audii ul'the uccounts i& locA￿d on th¥ FinanLial Rcportin8 Council. wcbsitc llt www.rrc.org.ukldud1￿I5rc5pQn$lbll1liC8..Thl5 dcscrip¢ioD fvrms P4Lrt ufuur auditor'g report. Uie of our report 'rhi% rcwkrt 15 mudc aolcly tu the corpora￿ Roard. a body. in accurd¥nLe with 4 of thc Chorilies (Aiwunls and R¢portsl ReBulA(ion3 2008. Our audil wtrrk has b¢¢n undcrtsken yi) ihol wc mi8ht stale ti) Ihe Corporal¢ IloArd ¢hLTrSC m#iier$ we Mrc required to state to IL in an aUdI￿r'S rEy￿rt and for no othcr purJx>Bc. To the fulleBt cxlcnt wmiit¢d by law, wc do nol aLC¢Pt or assume re4)on$ibility 14) unyonc oihcr ihan the Li>mbineAI Lhwilics and the Lurporuk Bi)ard as * ror (iur oudii work. for this rcp)rt. or for thc opinivns we h￿C formcd. 27 November 2025 BuLuu)tt Audil LLP SLalutory AUdi￿r 13Q Wood Str¢ London LC2V 6DI. Bu728¢0tt Audii LLP is eligible to a¢t gs an #uditor in temis ofsection 1212 ofthe Comp3ni¢s Act 2006 19 CORPOtL4TION OF TRINITY HOUSE D￿pTFoRD3TROTrID GROUP sfATEMF.PIT OF F￿ANCIAL ACTtvrrJES Fortht ytir tnded 31 mA￿h 2025 Co￿r* Trinity HaUseMariiin*Ch￿1ty Chwily UnTThent of curonavln￿ Busincss Iniemimiiin 50 50 NET CASH USED IN FIT4AiYCING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS 1373) CASH AND CASH RQUIVALEwfs A T I APRIL 2024 3.978 CASH AND CASH EQUIVALENTS AT 31 MARCH 2025 IBI 4,23B 3.605 {AI RECONCILIATION OF NET EXPENDITURE TO NET CASH USED IN OPERATING ACTIVITIES: 2025 OD 941 2024 Nct IcxpcndilureyincrAn¢ fL* ih¢ ￿ar befuTC Investment gainy ¥nd lo&Ys Adj￿￿lm¢nts lor.. Dcprccialion on di8p)sal Ol'lan￿bIC fixcd assets Lh8ll8e in b¢v¢k5 Chatt8e in (Jcbtor CknangL in creditors IntonK. from invcblnKn15 FRS 102 rKn%ion Losl adju.4tment Nei uscd in o￿Tating acliviiit% 1274) 337 326 141 92 {774) 19J30) 141) 97 171 {6011 7B5 18,974) 147 IB) ANALYSIS OW CASH AND CASH EQUIVALENTS: 31 M•r¢h 31 March 1025 2024 £000 £ow) 3,020 2,660 997 726 Cllsh ai b8nk and on thwsit Cllsh held Dn dcposit byestalc m&n&Bin8 a8enls InotE 17) C&th hcld on d¢w)sil by mana8ing ug¢nts ot'merchant Nllvy 8tholwship.%chcmc Inoie 171 C&qh hcld by inwcsimcnt mat￿tr$ 16) 177 43 42 (C) ANALYSIS OF CHANGES IN NET DEBT: l April Cash tIow5 31 Mgrth 2024 2025 £000 3,605 £000 632 C8sh and C￿ equivalents 4.237 23 CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the yL4r ended 31 Mareh 2025 ACCOUIYTING POLICILS Th¥ principBI accounting policies ath)ptcd. Judg¢m¢nts and key s)urGcs of estimati￿ uncertainty in the prtpHMtion of thc Accounts are laid out IKIOW. BASIS of Pr*p*r•tion Thtrye Accounts hav¢ been prepared for the 31 2024 with compHrlltivc infomiation presented for the yeurto 31 March 2023. Thes¢ A￿punIS have bLYn prepgred under thr hisiuriL&I cost conv¢nlion with iL¢ms recognised al C￿81 or tran￿GlI￿n valuc unlL&S utherwisc stakJ in ¢h¢ r¢l¢vani a¢¢ouniing policies trKlow or lh¢ noks io these Accounts. Thc Accounts h4v¢ pr¢pared irt accordNncc with AccountinE Ind RerA)rtinB by Lhuri¢i¢s.. Ststcm¢nt ol. Rccommend¢d PruGii¢¢ applicllhlc lu ch&ri¢ics preparin8 thLir aLcounts itt with thc financial RcpkJrtin8 SiJn4Jard applicahlc in thc UK and RcpubliL uf IrLl8nd Icharilics SORP IFRS 10211, thc inancial R¢wffing Standard upplicable in the IJK R¢publi¢ of Irel4nd ITrT¢S 102) and thc Chariiies Act 201 Th¢ ¢harili¢s vun51itule publi¢ ￿nCr1( cniilies as d¢finLd by ￿ThS 102. Ihc AccounL% arL pfLS¢llted in strrling and arc rounded lo thL ncurcsl one IhwsAnd pound BIJIJ of Consolld*tlo The 4sscl¥ llnd liabililiLs and the incotr #thd ¢xprndlturc ofthc Lorwrnlion &% (]eneNI I.iKhih)u8¢ Aulhority lor 4ngland and Wal¢s ¥re admlnisiered by li under 51atuiory authurity and ore dealt wilh in S¢par￿¢ dccounis. Gm¥.' 'nJe Cimup stat¢m¢rti tsf finanLial wtivitie5 llnd CTTnvp hilwLC¢ she¢1 conwlidu* thc ￿COUnts ofthc subsidiary undertakings wilh tlLO%C of thc Lumbined chariiie Lombined¢knrilie$.' In acvurdllnce with thc UniLing r)ireciitsn 4pprvvLd by the Chllrity Lomrnlysion on 24 May 2004, lh¥ wmbin¢d ch*ritiLs' uccounts (klll with the aiYi.q •nd liubililics. thc incom¢ and ¢x￿ndItUre ot'the CorpvryliiTrn LTrr Trinily Ilouse ot'Dcpiford Strond lin ils LvTwrNlc c￿￿e1ty,,[hc Lon)orate Ch8rity'l and th¢ assds liabililie5, IhL incume and th¢ ¢xwndiltire oftho'friTrily Ilouse mari11n￿ Lhariiy. which is alw utulir thc tTU51ccthip of the LorwraiLOn. As the restriLlrd fwids ofthe Corrrt>rlltc Charity are m#l¢riil, their irhU)mc and cxpcndiluTe art not shown sep4tat¢ly in the 5tatenKnt offlnancia] activiii¢s but are dls¢los¢d in thc notcs. Crbtleil Accountlng ￿lIMatel And Artu of Jydg¢mcllt PrepaTatiutt of the Accounis rc4uire& tht tru￿¢¢$ and Tnanagemcnt to makc significant judgemEnts and ¢stimat¢s. ThL morc Significant arLas in the atCOUttts wh¢rc thcse judgements &nd cstimotes have been ma(k includ¢'. - allocation of Sup[￿ C&8L8 aCmt4 ￿harl￿ble ￿LivitI - invesimLni pmperty vaJu&iion18¢e note 16) pLnsiun sury)1￿% or d¢fLGiI valuats.on - U8Lflll cc4>nomic lifE of thngiblc fjxed assets, and consequent roiGs of dr￿cl￿tion . rLcuv£rMhiliry of programm¢.￿lated invcstmcnts CORPORATION OV TIUNtTY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the yeAr endtd 31 March 2025 ACCOUNTING POLICILS ItoThtlnu•d) Ajiusmtnt of GDing Concern The T￿Sic¢S havc whcthcr ihe use ofthe ying ronccrn aswmplion is apwowiale in preparin¥ thcse A¢ctwn15. Thc Tr￿*.4 have m*le tht$ L8s¢i%mctt¢ in rcspcct of u period ofat Icast onc Jrar frorn tht date ofapproval ofihcsc AccnunL$. Thc Trustces ofthe chAritics havc cnnclu(kd thllt there are ￿ mat¢ri&l unc¢￿1n11t$ r¢lated 10 cvcnts or condiiions that m&y casi wgllitiGani doubl on thc ability of lh¢ Group to ClM)linue ￿ a going conccrn. Thc T￿S￿eS are of Ihc upinion thal the Group mcrnhers will havl 5ufticicnt rewurce% lo mcct Ihcir liabiliiies as thcy fall duc. The rrLn%t signifjcani are&$ uf Jud￿'m¢nt that atyccl itcms in the a￿OUnts ar¥ (￿￿1¥11¥d Wilh Tcwd kn tlle next aLcouniing ￿ri0￿. tIK' ylur ¢nding 31 March 2025. Ihc most Si￿lf1￿1 that aJl¢¢i Ihe ca￿)￿ng valuL of ihc 8sseis htl¢J by ihi ch￿111¢$ are Ihc Icvel ofinvestmcnt ￿TUrn Jnd th¢ p¢rformanc¢ 01the inve51meni markcis {see ihe'lnvcstTncnt l>Trlicy' and'Principal Ki8k% and Uni¢rtaintl¢s' s¢£iions ol'the Annuol Re￿rt of Ihc aJrrx)rate ￿ard for morc inf(rntion}. In¢omt R•¢ognltlon In¢omL is rwiFzd in thc rLriod in whi¢h ihi Gruup h&5 cntitlLmcnl lo thc incornc. when that ¢an bb n￿&￿Ted relillbly llnd when il i$ prub#blc ¢hal it will bL rc£civcd. Granti tri￿ ¥uv¢rnrnent and wnci¢5 hav¢ tK'Ln included &8 in¢m. from Lh4riiubl¢ adivliie$ whLr¥ thcse 4muunl to a LwiifAcI fur b¢rvic¢ bul a% 4Junlllions where ihe mon¥y is 8ivLn wtth 8￿8¢¢T frc¢dum Ur￿.. Donttlionh arc rc¢ogthis¢d whcn Ihc chariiiLS havL confimiaiion vfboth wnvun¢ and x¢ilemin¢ dthlc. Fur dondtions pledged hut nol rcccivcd. thL' amouni iy Acctued wh¢n ￿￿1p1 IJ ¢on5idercd probublc. InLom¢ fNxn ¢haritRbl¢ ULtivilies cumwiye& grants from gvvcrnTn¢nt and othcr ag¢ncic5 rrlulinB to C8det Iriining, and ath annuul cuntribulion from the C￿neral Li¥hthou% Authorily. Cjranlf are aLLrucd fur when th¢ receipt 1$ ¢¢m&idcrcd pmbabl¢. OthLr ¢rading activilics r¢lAk to frvm ihc Charille￿ two Jub8idiaric& Triniias ServLce8 1.imii¢d and Iriniiy llou￿ Ivcnts l.imi*d. Inv&MmLnl income compriJ¥5 divi(knds from thc chllritiel lirfed inv¢sim¢ni pnfoli08 and renial incomL fmm IhL invL51meni pr()pLrty portlsts, arL' allLKatcd or apwrtionLd to thc applicAblc ¢X￿ndilllre hcading5. Th¢ c1th55ific41ion ￿lwe¥.n #¢Liviiie% is follows.. The cosL4 ofrai$inB fvnds includc the 5alarics, dirc¢l costs and thverhe8d.q &isociai2d wilh gcncratin nial in¢()mi from Trinily TIou5e, Tower Hill. tAJndon xnd the lighth(￿ge cottll¥es which arc let by Trinilas ts¥'rvir¥5 Limile(L ihc mainknsllKL' Ci>SL ofthe investml'nl propcrtic& f¢c5 paid in conneLiion with ihc moou8¢mCnt ofthe chariiiel inv¢stm¢nis Ind rtlatcd support custs. b. Thc c0515 ofcharitablc aciiviiie8 ctsmprisc CXFcnditure on thc charitics, primary chorilablc purI￿g as de5crJtrKd in thc Annual Rcwrt ot-the Colwratc Hoard and inclu(k an appropriak prowrtion ot'supwt fQ5Ls. Costs are ￿l)￿cd by ¢hc principlll &ctivilie5 01"wclfarc, youth opwrt1untties and irainin& publi¢ 5al¢ty and educaliun. m&int8inin8 thc fabric and heritage of'frinity HOLK role ￿ a Deep PilotsgE Authority and prnvision ufNautical A*c&wr& CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the year endtd 31 Mxrch 2025 ACCOUNTING POLICIES (contlnwedl Grnnls or¢ charg¢d ￿ ihc stalemeni of fjnancial artivilie5 when the kneficiary bccn ill[￿ vf th Bratsl and th¢r¢ are no conditiibns thai enable (h¢ tharities to avL)id iht expendiLurc. Where the LhHtiii15 retain th¢ di5CTetion lo avotd ihe ex￿nditUTe, Such grants gre twtrd as financial commithiettis in thc wt¢s to ¢hc accounts. Grants are clI￿lfI#d as grants paid- JnThual' and R￿tS paid- othev. d. Supwrt th)sis comptis¢ the cost ot'st¥ifemplo>Yd undb'r juiknt of¢mployment and admini5trntion CUSL8. The Corw)ruiL' Charity dll ofthest CU￿s which Arr Subsequently ajluculcd IKlwttn the corpora￿ Clwiiy and the Triniiy Flouse m￿ll1￿6 Ch￿iLy. The b&sis of &woruonmcnt of th¢Y supwrt custs btlWL￿'n thc CoTp0rd￿ Cherity artd thL'I'rinity House M&TiiirnC Chorily iy rcviewed tKriudiGdlly in th¢ light of th¢ l¢vcl ot'aLiiviLy of ¢¥h chariiy during the ￿llr. Txnglble Flxed Ameti All assets wilh u ¢031 of ￿￿'r £JIK) and wilh an Lxsxcted useful lifL ufmorL' thun on¢ arc cupllaliscd. Frt'chold PTQPCrtics. Icasehold impruv¢m¢nl4 IrcM5urcs and plant and cquipm¥nl fixwres aryd filllngs at w%t1¢5s dcpreciolion or impaimKni. tk'preciation Is wovidcd lli thc followin¥ atsnuul rale5 Ln ordcr to wrile cach over its ¥siimit¢d uselul lif¢'. Fr¢chold prOr￿n1¢* Plant and LqLLipm¢ni 25•A Fixtures ¥nd fiitin¥% 10-20% Ix&*huld impmv¢Jn¢nt5 . No dcprccialien i$ ch8r¥¥d in r¢%pecl ufihc Ircu5ures ￿ it 1$ nol d¢¢m¢d lo be mal¢rial aft¢r tuking &ccount or thcir ¢Xpcc￿d useful liv¢s and cxpcL*d rcsidual valuc8, Wknr¢ th¢re is on indication of ll dc¢re￿¢ in valuL. an impaimwnt revicw is pcrfomKd and an impgirnient ¢harg¢ i¥ mad¢ wh¢r¢ n¢￿ss￿. INVe￿menta Invcsiment prupcrlic% aTC inLludcd in the a¢counl$ 41 OPLn market Vll1￿ and arc rcvalued peri￿11¢0]1Y by Ihe orporak Board b&8ed profcssional advi¢r. Purtlolio in￿.$1m¢nl$ includcd in llLLounts at Iheir m4rk¥l valuc a¢ lh¢ cnd ofthc financi41 rKrio(L The mllrke( Vaj￿. vr rixed iMLrc51 sccuriiiLS rcJlLcls accnjed intsrtst at ihc balance 5hcet d&t¢. RLRliscd ullrcalised gains or lusses on investmcni usscts arc cr¢ditcd ur chttrBcd io the statemchl pl financial iivit1¢5 in thc ycar in which thcy tsE¢ur. Pn>grMmrnc rtl*d ittvc51rKnt5 Jrc &wls held ty th¢ ¢horiii¢$ in order to dlrecily furthcr the charitabl¢ Pur￿)3¢$ ofthc chArities,' any financial r¢lurn obtained i$ nul J primory fpr making Ihc invc&tmenL Pro8rammc r¢lated inv¢Mmenls oTrmpri&' lon￿*51￿n0￿ I{w￿5 tu third partic5 intcresl frcL or ai helow prevailing markei rulk5 inilially reLogn1￿d th¢ Hfflounl paid wilh thc carying amounl in sub*qu¢nt ors Iv Tcflect rcpllJThenis and Jny aiGruEd and adjustcd for impaimKnt. if appliLabie. Any 1mFMim￿llt Io&s 15 T￿OgniSed cxpendi¢uK' utj rhoJilabl¢ ￿tiVitIcS within the &tatemcni orfindllL￿l Atiivill¢S. Stock¥ Stocks ofpublicatiotu atyi wnsurnablcs for rc5aic are valu¢d At lh¢ IDw¢r of cost And net rcalisable value. Debttr Debtsxs art r¢cognised at their 5eltl¢M￿I omouni less iny provision for ThTrn-re¢overability. PtepaymeT]ts ar¢ Va)￿ed Hi th¢ amount prepald. CORPORATION OF TRINITY HOUSE OF DEVTFORD STROIYD NOTES TO THE GROUP AND COMBINED ACCOUNTS For tht y*Ar tnded 31 Mirch 2025 ACCOUNTING POLICIES {¢Dntinued) Cash at Bank Iffjd i* Hand Cash at bank and in h￿d rcpTcsertt5 such accounts and inS(yur￿nts arc availablc on demand or have mathrityof le8s than thrtt months from ihc dat¢ ufacquisilion. Cr¢dlttsN ind Prov￿10￿1 Crrditors and pruvi8ion% arr r¥w￿lS¢d.. wh¥re there is Hn obligation at the balance slK¢i dNtc a re8ult of past cvcnl,. whcre il is prubdbl¢ that a Irun&fer ol'economiL bttncfii will bt requirL'd in &¢ttl¢m¢nt', Hnd. whcrc thc dmount ofthr obligation cun trK cstimated r¢li&bly. Creditors artd pruwisions ar¢ recogni￿d ￿ the amounl the chariiymnticipates il will pay ¢0 settle th¢ debt. Penilon CoAts 11)c charitL¢$' dcfincd herrtfil pcn.8ion s¢h¥rn¥ awts Are rnrasuTcd using market valucs. Pensian qchtm liahilitics mc45urcd u8ing th¥ prvjrclrd unil ULluarial rndhod and dr¢ dis¢owited ai Ihc LUTrcnt rate of rdum on a high 4uality cUry￿r¥￿ bond of equivalcni lern and ¢utT¢'n¢y 10 th¢ li4biliiy. If ihc pcnsiun scheme 4ts5¢1s exceed thL liabilitie5. an a￿1 i¥ ￿¢{)￿niSed on the bolu￿re sheet Lo the cx(enl it is rccovLYable thrthuBh a Kduclion in fulure contribylions or by r¢poJYneni. Any inLTC8se in lh¢ p￿sent valur ufthc liabiliti¢¥ within ¢he 8¢heme expcctcd lo aTi8e frum ¢rnpl0￿e se¢vi¢¢ in ihe perivd is ajlocatd act0￿ eXr￿n￿. ¢#*gories on u fwT and consistent b43iS. AciuariMI Bain5 and lusse5 are includ¢d in the statemcni offirwicid activiti¢8 in other r¢¢o8niscd yins lows the ￿riud. Coniributions in rLspect afihr charilie$' CITOUP PcrFA>nal Pension are re￿￿•Scd in thr statcment f¥f rithRncial activilics when Ih¢y bccomc d￿. Fund Structure U#rvsirictedfvnds 'ThL unre8iritted funds HTC rcvcnuc funds whi¢h ar¢ ¢X￿ndible ai Ihc discrctton orth¢ Corpora* Board in furthtran£e nf ihc objects uf Ihc chariLie.$. Tnrludcd within UnrLstriL￿d fund8 arc d¢siKnakd lund.% which a runds sei a%ith out of unrLsiricted fundq and th5ignaled fvr $pccific putVOSCs by th¢ co￿￿1¢ Bi)&rd. ReJlri¢¢edtMnds 'rhL rcs¢ricted lunds con only br Nppli¢d in DCCOTdance with the donors. ¢xpli¢it t¢m. Permaneni endowme￿Ifvn PeTmanenl Lndowmeni fur￿$ are capital fvnds where ther¢ is no P￿￿r Ip wnvcrt Ihc capital into in¢om¢ and which MUBI Ret￿￿1YbC held indefinitsly. Inme aTi$ing thc fund5 i% CTcdikd to unrestricted fund Thc chAriti¢s only hllvc financial assets and liabilitl¢s th&t qualify ll5 bosic tinan¥i&l inslnunents. EXC¢￿ for portfolio invcstrnents which are measured at i1￿lr lair valuc R5 at tlK b81ance shcct datc, basic firLqncial instrwments arc initially rcco8nised ai th¢ir tr&nsaGlion valuc and 5ubscqucntJy m¢￿11¢d at their ￿tt[c￿¢￿ value. 27 CORPORATION OF TRJNITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP Af4D COMBINED ACCOUNTS For the yt*r ¢nded JI Mxreh 2025 L IP4COME FROM CHARITABLE ACTIVITIES: Group #fvd Combined Charititi Corrx)ratr Trinity H￿5¢ Charity Mariiimc Charity Unrrs¢riLILd Unr¢slTiCt¢d Rcstricted funds fun(L fiJtMIs £0( £o(xJ £000 Tot91 1025 Total 2024 £0 £￿0 welf￿ 17 17 17 Youih op￿tUnitieS and irnini08 Public safcty & cducaion Lontribuiioth frimh Trinity Hou5f Lighlhausr S¢rvicc Othcr 1,490 1,490 458 218 458 283 430 65 201 'I'u¢al 2025 676 R2 1.4 2,248 1,762 1,762 Total 2024 631 17 3. INCOME FROM OTHER TRADING ACTIVITIES: 2025 2024 £irf)o Group: Ixlting ol.funLtI￿ rwms by Trinity Ilouse Ev¢n¢s Idimiicd Ithting of li¥hthou5e cotta8¢s byTtiniiAS Serwi¢es liimikd 482 923 l.q65 1,4Q5 Combln¢d Ch#rltlu: Income trom'lrinily Iloux [￿nts lJirnii¢d.. Cowa¢¢ Lhurity m&nagenKnl Lh4r8C Gitl Aid donatiohs 254 179 258 343 433 The AFxJvt Cthmbined Chllriiics, inc(ymc for ihc ended 31 Matth 2023 and 31 MarLh 2024 rcIa￿d to Curporate Charity Un￿.51￿¢*d futhds, OTHER OPEIL4TING INCOME 2015 2024 £wo Group: Othcr(VErnting incomc (COr￿rate ch￿lty) Other owaling incornc11 rinily HO￿$t Even¢s T.imi*d) 107 109 Comblned Charltl•*: Othcr opcralin8 income (Corpotak Charity) 107 28 CORPORATION OF TRINITV HOUSE OF DEPTFORD STROND NOTES TO THE fiROUP A T4D COMBINED ACCOUNTS For thr ymr rndrd 31 March 21J25 S. IiYC.QMF. FROM INVESTMENTS: Group •Trd Combbned C.h•ritieJ CoTwrai¢ Trinity Tlouse ch￿ty m￿l11M( ChaJity lJnruwi¢i¢d Unrtstsidrd Rr5tric*d Fjuknwnxnl r￿fids funds £ouA) ooo Tolal Totsl £000 £o Tol*l 2025 Tol 2024 £f)l)D £000 £Mo Ixttin8offuncllQn T(xKns M4n•8¢m¢n¢ut'inw¢5￿￿¢*S￿.. bxl•ie manJ¥ets' fe L¢8al #ndtythLY ithninisirotion fccs InvcsLmeni man88¢1S' fee4 MHinlcnnnc¢ vf invuthent al￿1.. Rcpirs, and r¢lbrbi£hmeni of ¢51alus 256 256 270 762 761 225 22S 328 2,061 309 2,061 2.OA4 Stra*gi¢ rrt)rtfDlto r¢vi¢w Sw)pDrt¢Osts J09 1,048 1,057 256 4.405 4,558 Ixnin8 ofii8hthow wtt48rs IxlluLBurrwwiion rOC￿S 1.076 74 Im6 74 72 Groyp 4.405 5,118 5,629 2024. Lomhlncdchoritics 27U 4.268 20 4.SS8 'I'ut¥J 2024- Orow¥ 4368 20 5,629 29 CORPOk4TION OF TRIPIITY HOUSE OF DEPTFORD STROND NOTFS TO THE GROIIP AND COMBINEDACCOUNTS For Ihe yexronded 31 MArth 2025 7. FXPF.T4DVTifRE ON CHARITABLE ACTMTIES.. WF.LFAR Groip Ind Comblfttd Cbjrili Corw4ie Trinily Houyc MaTi¢im¢ Lharity UnrustriGlcd u[￿1[i¢l¢d F.ndowTn¢nt fvnds fjJnd% futtds £000 £(K)o £0 447 597 243 402 Total Tot 2024 £O(K> 438 600 30Q 421 MainlenAnce 4nd upkccp of Ihe Trinity Hom GTEnrs pHid. atmu fjTJnts p4¢d- 01h¢T Support costs Totd 2025 44 491 597 259 4(12 16 16 44 2024 44 759 win8 the yeor. WL'ifxrc Brants totHlling £856.DOU were owordcd lu oihcr chllrs1ie4 org#nis&lion5 •d Individu411, Ofihe wak)is pDid. am(HJnicd lo £5917,IX)O and oihcr 8ranls amounted w £259.(K)O." £(M)O Thr ShipWT￿kCd MarinerR' lotiety Royal Alft¢d %eofaTer¥ So¢¢eiy Naulilw W¢llar¢ fund Sailor5, Children'& Soiicly ThL. FishemieJL'8 Mi4110n Navol Chilth¢n'$ Ch￿1¢Y TyJ¥E MarineT%' B¢n￿OI¢￿t Institution 115 TowaTd8 their one off and rt8ular (o bentfitiaTiO. IQ5 Towwd5 Ihc Cosi olcgre 10 their residents. 87 Toward8 th¢ sup1￿ utrLYcd iu [￿IdentS Ind the A¢JmiTHt Nwse. 72 T¢>w&rds the 8ranL$ awwded diT¥¢ily l(> f4mili¢s 65 'fow8rds thcir w81$. SO Tow4rdJ thc UWJTdL'd dIT￿llY lo faJn¢lie%. 41 Tow4rd$ th¢ rrol of mnini¢nanc¢ on thi. hvm¢s and providll Rryal l.iv¢trrt)o1,S¢￿n.1 Orphan Inliituti C￿e for V¢iLY4n8 37 Toward5 Ihc yanls iwardcd direthly io families. 10 Toward5 the olproviding th¢ir mixed rehibiliiaiiun JCTVIC fDT Stifarini beneficiaries. 10 Ann￿1 m¢mbcr8h¢p Icc. S TowJrth ihe cth*i oftht setviw ut Si Pa￿,$ LBthrdral. Moriiimc Chariiiej CYr￿p Antwnl Nailm￿l SL'rvice for Se4tyr Tdlll yJnl% paid- annual 597 sear￿￿'r¥ Hospithl SIKiety %hipwrL'ckcd fisherm¥n M￿lners, Roy¥l F mi￿1￿11 lo SLllfJrc Si¢llaNlari& Bmghton 11(w¢ SAF IhL AThed TrorceB Ch4TiIy Tow4Td8 the expAn5iuth ofthc ScaFil proKr4rnmc to ncw locallons. 27 Tmwxrdy 2nnuilHnlS. 22 a yhIp visilw in Milfi￿d 20 TowaTd¥ th¢ l.ivupool and North W¢81 Ch4)lainty seNi¢e. 20 TmvHrd5 thc lop up care home feu for thcir 8calarin8 Re%idenl8. 20 Toward% th¢ir l￿w￿king scrvice (or 8eafarin8 bcncficiaric4 Bnd their familiLs. 17 Towards the Se8Mait rrtojtc IS Towards mental h¢Elth 8upwrt lor ￿4f￿1n8￿1¢TWM. 15 'foward¥ Ihc UK clement of wovidLn8 Ihcir wv¢uellin8servire io5eAfHrers 13 Tmvsrds the￿ R¢81tyTr￿ supp￿ 10 RNIPJI. 12 Toward5 their acljvity prnBrwnm¢ fvr bentfLciarLes. 53 wclfDn grants, frf£io.(K)rJ or lo%8. 259 Sailor8 Sn¢icty Combat Strcss ISWAN 'I'hc Whilc F.nyipJ AssOCjMIIOIi Thc Not l or8Otlcn AssociaiLon Otts wr]farc grw)ts Tthai 8rBnis pwd- ￿her 30 CORPORATION OF TRINII'Y HOUSE OF DE￿.FoRD SI'ROND NOTES TO THF. GROIJP AND COMBIP4ED ACCOUNTS For tht ye*rtDdtd 31 MArch 1015 EXPENDITURF, ON CIIARJTABLE ACTIVITIES: YOUTH OPPORTUNITITr.S AND TRAINING Group and Combkntd Charitlu Triniry House MRritimc Charity UnrE$lricl¢d R¢stri¢l¢d lu funds £000 £000 .372 1.360 179 376 517 T￿11 Totsl 2025 2024 £000 2,732 £000 2.424 195 249 570 M¢rthwJtNavy Scholarship Schetne GrHn15 paid- Grants pwd- other Suppori cn%ls Total 2025 376 601 Totol 2024 2,303 Duringthe ye￿. youth oppprtunilir$ 4nd training 8f¥D15 lotallin8 £555.OLK) ￿re aw8rded h) othvr Lhartlic4 oryxnisalions And irtdividuals. ofthe 8ront8 ptti4 thnnuil 8rthig 10£179.000 and trthcr 8rnnts 4mnuntcd iu £376.000.. £￿0 MarinL SoLieiy &.SeaCad¢ts 137 1-,orusc within M8SC'A Premises Fund for urgent repair& d upArnde% In lJniL4 and Ihc On'th¢ Wai¢r progr*mmt. 42 'fvw¥rth Ik wsl ofi s14ff in lh¢ MxTiliffK dopL 179 London NNuti￿1 Srhool Totsl grants pllid- annu41 Ilnilcd Kingdom 5Biling A£Ademy UWC Ail&ntic Colle8¢ Associlliiun ufs&il Trainin¥ OrgthniJatiOllS RDyo1 Yrtthling A8so¢iatM)n Portsmouth Sail Trainini I'tu81 60 Toward$ Ihc Trinity Iloux Supcrya¢hi Cad¢tthip. 28 the Naulic41 T.¢4dcT¥hip Ex￿rIEnce. 21 'fo￿ld8 Sllil'frwning Burwi¢s l(Ir slulr. 21 Tror Ihc'friikily Flause Y8¢hlmasiL'r SLhul&tship. 20 Townrdy Ihc cost ofproviding th¢ progrAmmc r(>r 15 young penplt. 20 '1tiwardg Ihcir bttr8¢ma8tertr8ittin8 prv4rnmm¢. 19 'fuward¥ Ihcir apprentice. 16 T074wd$ their Shiwin8 Cadctship m￿lIn Fuiures Week. IS Towllrds part fuTrdin& 60 young people iukin8 PErt Ik'ir programrnc. IJ TvwErd8 Fl&iieries thd la ¢n&bl¢ 3 yuun kxopli. io join ￿ vDya¥c. 12 ToworTJ¥ a ￿r3￿ry scheme for lrninitsg l£adcTS frorn dcprived area4. I l Tomwds Ihc rcfit and upy&d¢ of Scjrlmo￿hc. I l Toward% bar8tmBs*r trllinin8. 107 Variou3you¢h VPPDrtunities & troinin8 8T*llL of £IO.000 ot Ic&q. ThoJThes II*Tg¢ Siilinq Trwt Cirdun S4ilin8 fru81 T￿ High Tl(k Foundolion Tull Shxps ytrllth'rn￿I Catzcro The Scout Asso¢i•lirrtL Sc8r8mouchc S&iling Trll S¢B Change Sailing"I"nL%t Qthcryouih opwrtuniiieB & Iraininx Tot&1 8rllnts paid. other 376 31 CORPORATION OF TRINITY HOUSE OF DEIryFORD STROND NOTTr:S TO THE C.ROUP AND COMBINbD ALcouf4I'S F•v th¢ y¢•r tnded 31 M*rch 2025 9. EXPENDTfuRE ON C.HARfT ATII.F. ACTIVITIES.. PIJBLIC.. SAFETY AND b:DUCATION Crro¥p #nd Cornbin•d Ch*riti I'rinity HDUSE M¥itimc Chatity Unrt4tricied Restriifrd funds fiJnd$ £000 £000 60 Yolgl Total 2024 TF1mC￿￿ 8tEniy peid- annu4J CTvants paid- (Ah Supptsrt Losrs Tiyal 2025 721 38 32 23 72 IJ Jo 30 125 60 18S 814 'I'otal 2024 93 721 LnnBthe year, public safely ￿deducatIon 8Tan18 ioidlLllg £95,(XM) ww¢ Jwardcd 10 thh¢rkh¥r¢ii¢s. orwiuiions and Individu￿&. Uf th¢ 8nnts pfjid. annual 8r*nts ￿￿￿ttle￿ lo £72,1)OOind othcf Dmwnlcd ts> £23.UW.. £rx)o 30 IJ support orth¢ TALA Wiirld%vidc Ac4dcmy. 21 ToW￿d$ th¢ costof providiTh&thcir confideniial r¢p)rtin8SySiW. T¥W￿￿1 lh¢•1￿ ofdel¢v¢rin8 ththr pro￿amme f ftclivjiiu fjnd to updatc thcir Elrctruni N4vwiiioD Booki*. TALA LIIIRP. ￿nfid￿lIa1 rwi1n￿ fDt dviilLun & muilim ROY￿ lttJutui¢ul'Navi8Xiiart Total p&id. annual 72 Oth¢1 yuuth public & safety Br￿t5 23 Vwious P￿blIC ￿relY & educo¢ion of £IO.000 OT IUN. 'rth￿ paid. oiher 23 Durit)8th¢ y¢4r, thE foll¢)winB wyrefflidc fmrn thel.l1mcif)￿ fvlld.. £000 ThE S¢llfnr¢r5' Charity Flcriot-wuii Ilnivusiry 1125} Rthrn of unused grani fundj 69 Towwds qn ¢xlmsion ol'd¢Y¢lopin8¢whiliiy for fithin&vcs&cl slalTrility 45 Towwdl the #S4f¢rbAR Miii•tiv¢. 29 TraininB llnd Bkill influcncing in LumrnLTL'ittI ItsicrnilioTrlll marit1r￿ Rc5¢uc Fed¢r#iion Univetsity uf Ahcrdc¢n I.SWAN 17 Tuwarth brid8e fi￿dIng farthc SIM projcct. 13 Tow8rth r¢s¢trrh ints> Hi8h-Frquency LoE&tJon8 rot I￿le￿illo￿al and Unintcntionil DrowThin8 in thr Ilnilrd Kin8dom. 12 TowBrds ￿Vb￿ln8￿d upd*tifft8 NOS & MSQ'S. 60 l.e¢ds Trinity Univgtsity Mari¢im¢ Skn'U8 Alli8nce 32 CORPORA TION OF TRINITY HOUSE OF DEpfFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For ¢h¢ y¢ar ended 31 March 2025 10. EXPENDITURE ON CHARITABLE ACTIVITIES: MAINTAINING THE FABRIC AND HERITAGE OF TRIIYITY HOUSE Group Combincd Chirities Totgl 2015 £000 Tolal 2024 Siuff ￿510￿ cost5 Repairs, Tcncwa18 and plwin¢d matnt¢nan¢e LL8ht, heal. ittsllr2nct ond oihcr running wsts Deprcciatii¥J 196 82 186 60 188 137 237 205 136 237 824 The abovr ¥xp¢nditurc fortlK' yc4r5 cnd¢d 31 Mllrch 2025 #nd 31 M4Nh 2024 relakd ￿ Corpora* Chwity unrestricied fuThd& I I, EXPLNDITURK ON CHARITABLE ACTIVJTVES: ROLE AS A DEEP SEA PILOTAGE AUTHORITY AND PROVISION OW NAUTICAL A&SESSORS Expenditure un ihcse clltcgoTiCS in tk iwo ycars ended 31 Mur¢h 2025 thd 31 Marth 2024 was frpm C()rpoTate Chwity unrL'51ric*d fund%. 12. ANALYSIS OF SUPPORT COSTS Ofiice slall. £orK) 427 Setvice sto £(K)L> 59 23 34 Athin Total 1025 £DOO Total 2024 £000 £000 562 215 322 16 Raising fund W¢llhr¢ Youth opwtunitlC5 and trainin8 P￿bliC sufrly and cducaliun Maintaillihg th¢ fabric arwj knit88e of Trinity Ho IM48 402 001 3D 1.057 421 57 23 245 237 237 237 848 1,352 2Jl8 2.308 Suppurt LOSIS include gvvCM￿cc ¢05ts of £133,UUO12024.. £201.(MKJI. which include oudilorfs ￿m￿n￿rat1￿n or £45.00012024.. £56,OVOI for audit servic1'crnployeE& crnolurn¢n15, ¢x¢ludins pension contribulio￿ #nd employ¢f8 nal￿n9[ In5ur4ncc cortribuLiofLI. lhL.1￿ln8(axlb1¢bCncr1ts. fcll within ￿ fdiowin8 ratiges 2•2S 2024 £140.IKK) - £149.999 £130. - £139,999 LI20,￿￿ . 1129.999 £9),1￿ . £99,999 £10.1￿ - £89,999 £?O.tM . £79.999 £60,000 . £69,999 urihr higkn paid ¢mploye¢%, c()ntrtbut>Qll8were m￿t ￿ the defin¢d bcnefil *L'hom¢ fly 112024 11 I￿J)VidU￿l. Th¢ ¢molum¢nts vfthr hi8h¢Jt puid Individual incl￿￿0$ in Li￿ thfptrt511Jn ¢orttribuiior Thc lotsl L'WE ofernployini m&rwrn¢nl. compnsin¥the 8ecrci4ry to ihe CorponLlkM. tht CiThmriciHI I)Ire£iur Iwkn IS Algo4 DEpuly 8eGr¢tiry ¢0 ih¢CurpDrKiiunl, thc Ile#d of F.venis and ihe H¢Ed of Lknitsblv fyivins, Includi￿eMplOy¢￿ts WDIrib￿Iffjjn1&￿J ￿p10yc￿l natlun￿ m5ur4ThL'c coniributions vju £514.￿OI2024 £491,000). TIEvcl subsistcncc cxpcjuo iotsllini£30.00012024'. £28,Ow)Wc￿ ￿1Mb￿1Cd to 612024.. 6)mem￿rAOr IhE Jloard In Iheycor. Fccs ond tsxBblCexpE￿1eI paid Ivmernben of theCorpm*B¢wfti by the Ch#r1￿ omow¥td to £141.WO 12024. £121,(￿) in thc y￿r TheseC￿￿￿11td. lal Pcei And F￿pEnS￿ of£tS1.000 Q024' £69,(M)ni paid to Captsill Ilop¥ In hiy CfiPBCILy aj ihc Dircciorof M4riiiM¢ trajnin8 Thc#¢M￿ pw1￿nI ￿ CIAwe44 (314)fthr TiinityHow¢ MarilirnL' LhHrity Charity S¢h¢mr of 7 Au8U31191¥5. Ibl Auiithnee Eothc AdmiTrltycDurt In Ihc provisionofNauiiul A&w8ors ￿￿Y ihc Pr8clir¢ niwJ1 of thc Re8iiirur lif Civil Apptsll th¢ Admiralty R¢8isi¢r8nd are pDyable by thc party seiiin¥duwn*tt 4CLlOn. The Corporatc ChBrityB4dministsxiivc coxLg in th¢￿atr4￿c￿ents orr mel fmm the ftts r¢imburJcd Tothl ftti andEXP*tstl of£22,00012O24.. £15,OOOIvdore pAid in th¢y¢4r as follows. ComttJryJor¢ Dorcy £13,000 {2024. £1.Oml. Captain Gobbi £9,(KKI12024.. £6,(￿1. LornrnthloT¢ Wolt¥orth £nil (2n24 £7.(KK>I 4nd ￿pill t5&rkcr £nil12024. £1,OCK)I Icl Feesand experLW of £46.WO12024. £30WOland E6.0(KJ12024. £7￿00)w￿ pgid t¢ C8pto¢NGobbi and CAplain BArkerieJpcclivcly In cAPA¢ity DsExamiDrApf T)ecp Sea Pilvlu8¢ purwam ord￿ rnadety tho Charity Commwion d*d Iojanuory 2￿7. A Lotsl prwniurn of£i,wo12024." £1.WOI WAY poid in tho yUTwprovidc th¢tru&i¢¢swith illdEmnity In thr prioryr4rthe ffflncr D4yuty &plain MrNaWI WDI In rettipt of retirwntnE Sins o(0 VdIL￿ under£l.(KK). 14. TAXATION Th¢Ch￿rtI¢l aTecxempt frornCorpcKotsw T&¥ and Inromr Tuon trKirthEritRbleaEtivilTes ty virtueof thtirsthu tcgi*tcd charitu Trinit&i SErvioe% tAmi*d and TrinityHowe F.*EnLx Linli￿d Subjeclio Corp(wntioD Tax on ony raxableprofits ariji 34 CORPOK4T10N OF Tiuf41TY HOUSE OF DEIryFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the year ended 31 mA￿h 2025 15. TANGIBLE FIXED ASSETS GROUP L¢&sctMTrld improvcrncnts F￿(h￿Id proFKrtiC5 Trinily Ilume& Walmcr £oth) Tr¢￿ur¢S Plani and equipmen( fix￿r¢S and rittings £o(K) TOTAL Trinity House £￿0 £000 £￿0 At l April 2024 AddilLons its yCllT Disry)suls in ycHr At 31 March 2025 820 6,264 1175 4,110 1,015 71 14.384 74 001 14.438 6.264 2.173 4,110 1.068 nF.PRECJATt At l Awil 2024 Char8¢ 1(* tk >taT Diswya15 in Irthr At 31 March 2025 437 68 1,4J6 125 566 44 287 667 100 3.413 337 505 610 2A7 749 3,732 OOK VAI. Ai 31 March 2U25 316 4,68J 1.$65 3J23 319 10,706 At 31 Much 2024 3R3 4,IIU8 1,609 3,123 348 10,971 COMBINED CHARITIK5 Freehold pMpLrtics TTinily Hom¢s. Wlllm¢r £(MJo Treasures PIAni •nd cquipmtnl lixiur¢s and riltings £oL4) TOTAL Trlnity House £000 £0 £oNJ Al l April 2024 Additiun5 in At 31 Marctl 2025 6,264 2,175 4.110 492 40 13,041 40 6,264 2.175 532 13.081 At l ApTiI 2024 Charge IOT ihc )rar At 31 M4r¢h 2025 1.456 125 566 287 341 61 2,650 230 44 1.581 610 287 402 At 31 March 2025 4,683 1,565 3123 130 10.201 At 31 Matth 2024 4.808 3,823 10.391 35 CORPOIL4TION OF TRIiYITV HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the yeAr endtd 31 M1￿h 2025 16. F￿&D ASSET INVESTMENTS Z025 2024 £000 Inv¢stnKnt rrforrtnies (see below) Portfolio inveslmenls Istt bElI￿} Cash hcld by invtslmGttt manag¢r5 222.609 19,539 43 141,191 178 220,464 19.928 42 240.434 207 Pro8ramm¢-Klttd inv¢¥LnKnls (see klowl 242 69 240641 Frtthold Portfollo liveitmtTht Inv¢itm¢thti propertl*s £000 £000 Market value 8131 March 2024 Sthle of le￿.hU)d interests 220.466 1146) 19,928 rJispLi¥als Capilal improvcmcnts A¢quisitluns at ci>st Gains on rLvuluaiions and disposuis Marke( valuc at 31 March 2025 {1.023) 1,012 22 1,267 612 Historical cus1 17J66 16,011 Th¢ market valuc ofthc freehold inw¢¥inKnt W0￿rtIC9 IJ lTrued on v¥lualion5 corried ty CIuii(ths Suwyor5 And Savill& Chirtcred Surveyr*r% at 31 Marth 2025 31 March 2024 res￿(liVelY. Th¢ pthfulio invc5tmcnts arc invLstL'd usin8 IJK authori￿ ittstlluiiODal ￿]ed fbjnds. ThLSC funds gre highly diversified acroM a wi(k' rgng¢ of undtrlying irlvc51tt￿nts and compTi5C the following msleri8] holdinB5'. Securily Holdin8 Tol41 P¢rc¢nt mxrlKet vmlue ofiotal £000 markc( value BLALKROCK 18HRS T)V WI.T) II)X ITE) D DS GAP IIDG BLACKROCK TSEIR UK CRf)T BD IDXIIE} IN5 GFIP DS BLACKKOLK ISHRS IDX LK Gl.'I' It)X FD IUKI X INL BLACKRIKK ISHARES EM IDX bD {IEI FLX Db GAP ,954.729 3,675,382 1,933,789 .447.236 13?74 3.203 68,4Y 16.4% 7.3% lJ34 19J39 Thc programm¢-T¥l&icd invcAmGnts G(vnprisc IoRns to mwitimc chuiti¢s. Thc luans are repayable after mor¢ 36 CORPORATiof+i OF TRINITY HOUSE OF DEvfvoRD gfRof40 NOTES TO THE GROUP AND COMBINED ACCOUNT5 For ilL¢ ye*r t•ded 3J March 2025 17. DEBTORS Dve WlthSn Oftt Yeir.. Group 2025 £(￿0 Charities 2025 Group 2024 £000 Ch8JitieS 2024 £000 Trinity Vill47ge.' Rctti &TfcaT& Ic.%% for di￿￿1)j1 dcbts Moni¢s held by ¢stut¢ rnana8in% 4¥¢nls Oiher.. Trade d¢btors Moni¢s hrld by man4Bittg ag¢nt ofih¢ M¢r¢hani Navy S¥'holarship Schcmc Amouni owcd by Trinily IIou5c b,v¢nts l.imi*d Amount owed hy TTinily Ho￿ LighthDu% SeNlce PrCpa￿nCnts and accrued income Social ScLuri(y und fflhLr ￿￿Ls Otherdebtr 713 997 713 997 993 726 993 726 45 26 177 177 177 177 19 12 12 704 675 812 33 79S 29 278 276 26 26 3.024 2,924 2,R45 2,719 18, CREDITORS Anwuwtj V*lllng Due Wlthln One Y¢ir.' Croup 2025 £000 ChArltles 2015 £Mo Gruup 2024 £0 Churitics 2024 EIK)O Trade Credito 763 969 740 969 661 651 RcnLs in thance, Trinity Vil￿ge Defeffed in¢om¢ 5A)cial Security and other taxes h¢T ir¢diiors A¢¢nwls - Trinity Villag¢ . other 205 133 67 18 565 259 91 16 780 7J 16 780 750 S65 259 Arnout￿ owcd tu Trinity Ilousc l.ighthousc Service Amtrunts owed lo Trinity Hou5c F.vcnt5 Limited 246 224 3.106 2,713 3.880 3.473 37 CORPORATION OF TIUNTTY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the y*•r ended 31 M8reh 2025 19. CORPOK4TE CHARITY- DESIGNATED FUNDS N¢w l April 2024 d¢siBrLation5 £000 Utilis¢d / B•l•nce at r¢k￿d 31 MAr 2025 £000 Housc fk5igna¢ed Fund Fixcd A&8ct5 Fund 444 8.625 9,069 23 511 23 {l371 1.955 Hu¥x¢ DejIgt￿lÉdFI{nrl 'lknis fund 15 desi￿¥(¢d by the CorwJrai# Board for maintaining the fabric and herita8e of the GT8d¢ l. Trinity Ho buildir FixedA$svlS hrind Thi% fund rcpreseni% th¢ n¢L book value ofihc tsngible fixed gs%¢ts ¢xiludinB ¢hos¢ tha¢ are reStric￿d fund5 and 15 dc%ignuod as Ihe funds ar¢ not rcadily avuilablc io meel eX￿ndI￿r¢. I•. CORP0114TE CHARITY- RESTRICTED FVP4DS EJ&l4nce at l April 2024 Income F.K￿ndIiUYe BAlin¢e at 31 Mlr 2015 £o(KJ £OL Wordcn's Trinity Hou* Rclicf Fund Hr¢thTCt)'s Covettani und G>tl,8chen 58 58 60 Wardeo'$ Trlnlty 110￿e Rellef F¥nd This fijnd w&8 csiablished to providc discrctiondry granLs loans to employees orihe CorporAiion ofTrirtity House in cirLurnstArt¢es (>f ur¥in( domestic nccc55ily. Tl is rcpresenied by nil Gurt'nl asscls, B￿11￿¢￿,1 Covenoni andGiftScheme Fobric Fund) lThis Ilthd wa% cstsbli5hcd for the s￿¢1r$¢ purpoK of retKwal and Smprovcment of fumilurc and dccor of Trinity Housr. It Is reprLscn(ed by fLx¢d Jnd tm ¢urr¢nt ass¢ (.'ORPORATJON OF TKINITV HOIISF. OF DEPI'YURD STROND NOTES TO THE GROUP AND COMBINED ACLOIINTS or the ytar tllded 31 Manh 2025 21. TRINJTY HOUSV. MARITIMTr. CIIARIIY_ DTr.SIGNATED FIINDS uNrL5triGtcd funds ofth¢ Tnniiy House Marliulle ChaJily include ll)e foll(wiiny deSi￿al¢d futtdE thich have bcub 4sid¢ by Ihc Cotpor4tt Roatd fvrspErifi£ purposc& RAlen¢e li l Apn"12024 deswiaUDn8 £000 £000 Utiliyedl Balanc¢ at re1cll￿ 31 M*r2O25 £000 £000 Ex￿Uurdin￿ry Rcpairfund M¢rth4ntN4vy Scholarship 5cberne 177 500 677 677 Exlraardinary RepJtrF4nd Thi$ mLYts a Icquircm¢¥Jl vfth¢Trinity Iloll* Mutilimc Charitys 5¢h￿¥ lu ulohliih wsdmainiaill aTe*rvv nd ￿ Provide for cxtrwrdin8ry Tcpairs. Improvemtni trbuildin8 olthc Trinity ITomu. Walmer. The hlerchopjt NmySchplarship.gcheme 'rhe VPEruiion of th1& 8Lthcrnewa6 Ir&tt8f¢tred from th¢ Catporllt< ch￿lty to th¢Tr￿llY HOU￿ Mwilwne Ch8ysty tn 1995. Al 31 M4Tch 2(I24. th¢r¢ weK 14912023., 1451 under5WDSOTship l(w trAinin8 a$ n¢ck or b.tt8i¢ieer Iriccrs. Ilr wnDunL deli￿aled lo thii Fthnd rcprr4¢#ts thrte und n￿lth$, yrAlin¥ ¢NL* i>fthe M¥Y¢hithi Na￿ S¢hol8r¥hip Scb¢rn¢. 21 TRINITY HOIISF, MARITIME CVIARrrY- RFtsTRILTF,D FUNDS Movcmethi funth InLom¢ ExpEnditurc JI M*r 201 £UDO £o(x) l April 2024 £(y)o SWI￿ s¥hi>1￿hlP Fund SWITC Y¥xynan Supp(¥rt trund Caplain John Bury ￿1ze Fund Gr4nts for MLY¢honi Novy S¢holtrAhip S¢h¢mc'. Crtivernmcni fvndin8 IITilish Pt17£ noartrnent fi)TITanip(xL Fvnd Manljmc l)Ifiw Cod￿Ships W(*c¢$i¢rMeJthHnt Navy Caiithxhip S¢hem¢ 95 90 18 12 12 1,078 11,U781 46 278 46 218 203 119 601 9U 192 1.434 716 'rh¢ SwiTe 8tholw¥hip fundw0J ￿tablI.¥hed in Mllrch 2012 lu ￿￿lS1 iHd¢ts undvwn¥lrainithB in th¢ M￿chan1 Navy SrhvlErship 5chcme lo Aiudy for a Full Ho￿ThirS t)c8rce. Such &isi%lllnc¢ is 8ward¢d ItTr IhT* Eadd5 who havt d¢mort8trllled cxffplion81 pr{￿￿ both ￿dEmic￿lY 4ndprAclIcally thrnu8houi th¢irwaini Th¢ 5wite Yeoman SuPJ￿ Fundw&8 ¢S¢ablishd in UctobEr2017 to provjdc 8uith¢¢ pJ]dm￿￿1tul¥tO ¢ad¢tswho h&ve quBltfi¢d from th¢ Mcrthkni Na￿ Sth4)larship ScheTh￿. The Captsin Bury M¢nWI￿ Piizc Fund w8s csthb1￿hd lo provLdEavMrth foTOUtthdin8a¢hKvLYWt ITJr C4ddg undwin8 iTath￿B in the Merch4n¢Na%y S¥holar8hw Siheme. The Fuhd establiB]Kd in ￿￿￿Ory olth¢ 141¢ C4pt•th Bory. b.IdcrBT(Aherof Trinily Huu Th¢ Briiish Muinc Pr￿C Fund wos ¢8tNblished loprovith lo cadda und¢r￿￿8 trwnin8 in th¢ M¢rdMnt Nmy S¢hol¥ship S¢hetnE. Th¢priz¢ 18 award￿ lo thc ca&t wdurih8thc be5tcomplctcdtrain1ngrec￿d hook. Thr [)cpartrn¢￿1 for'fronsrx)rt Fund r¢lu¢e¥ lu fuTrd5 theD¢pHrtsnenl forTrsm5POrt in support of¥*fety gmd traimin8r¢lakd TnattCT8 within tht Lhority'$ objcdi. The Ukr&ineMari(im¢ Offic¢rCad¢tship fimd rda(e4 togrnt fundin8 from theDq)knmetti fw Tra￿SP￿ iti supp*t Dt'the spvnsotship of 20 UkrBiniall onh> th¢ m￿Ch￿l N&vy 5ch0lorsh￿ Sthem¢, Th¢ Worc¢51cr McTthanl NO￿ CadcLship 8rhrmc fuNd e51ablished on 6 April 2022 th support tht &41ablishmcnt and opvaiion of8 MLyd￿l N&vy Caddthip Sch¢mc irt ¢ollaknaiiQR with The Ass(Kiation ol'old Wr*rKsws. 39 CORPORATION OFTRINITY IIOIISF. OF DF.PTFORD STROND NOTES TO TIIE C.ROUPAND COMBINED ACCUUNT Ptsr tho ytllr 31 March 2025 21 TRINITY HOUSE MARITIME CtL4RITY. PERMAIYKNI. ￿NDOWmE￿I. FUNDS Movem•Nt in funds Ballnre at Ewdilure £ono (tA>ss￿l 31 Mar 102S £oo• £(x)o £￿0 Trinity Vi1148e Lhurth and Weyi Farrni. Ih>xhill F4Tm, F48C Tiiniry HomE5, Walmcr 1,868 2JS,Q33 3.647 1.67 1,7SS 3,647 1.678 1,798 1431 1491 The (reehold ofthi$ IilUAl¢d In 5nuth kndon, wa3 ctsnvcyed lil the Lhority hy Chri￿Opher￿erIi￿k ih t￿(> I'he fL￿d 18 mAinly Irpresented by reiidcnlial And cornm•J¥id prupEtiI¢8v4hichvKrc vDlucd aL£216,896,(M)O at JI ￿reh 2025 And portfolio invegtmertsund ¢a$h which w¢rc vwlued ai £ll.AAI.￿O U￿1¢f th¢l¢rrns of the ronvryRnrc. Incomc carned fnim thii fund Is ivDilobl¢ for gener&1 purpo¥¢8 Ch4rch W¢Ji Farns, Gt¥xltlll Thiy uloic corncto I￿chutilY undtrthe wi11 tsfC¥lHin Robert.￿nde1 daicd 1720 The fund iy rnprvMt¢d by •Ari￿LI￿r*I land, now of546 aciu1221 he¥'ULresl. in North IAn¢olnshir¢ cuth ljndrr th¢lcnns of thc bcquoil, ineomt eBmed from thii fuhd li llvnilublc for u¢ncnLI purposcs. 'The tumks W¢￿ vilu¢d #i £J,575,000 &131 M4rLh 2024. Marlines Emex bEquuthtd to Ihv Chwityby Cgpthth Robrrt Fiahw in 1714. Thu fuThl Is reprr5tnted by Ir¢chold 28riC￿liurll uf65.7 FKrcsl26.6 htsrtueyl Ilnderih¢ l¢nns ol'th¥ b¥qu#i, IiKpmE Cllrn￿ from this Thnd ￿ uvHilEblo for ￿B￿ra1 pur￿£1 Ihe fimi vllurd il £1,679,ON 4131 March 21124 Th￿ Hthn¢*. vJhi¢h wc freehold c￿rIlY propcriy. b¢lonB ￿ th¢ LurpDr•tlon fur thE DriC5￿wBrdi hcoEillB of d￿llin￿. Thi¥ fund li repre£tnicd In thc balincc iheci by wible fixed ￿Ell Ihaie 151 ond An InvvrtTllEnl pruperty 24. Af4ALYSJS OVGRI)IIPNFT A&SF.TS BLIV¥LN VUNDS Corwralc Chariiy Triniiy Ho￿￿ MaritiMEc￿rilY Unresirictrd Rextricied Utv¢siri¢ied Ln&Jwmcnt r￿￿J1 runds rund% kndJ Tradin8 fund% £000 £IK)O £wo £000 No Tol*1 2025 B•liueei it JI 1014 #rr R¢pTestnltd by.. Tan8ilAE fi%d auets InTrKMrnofftts 70 1.567 241.668 10,700 242J69 6W93 (3,1061 701 443 1425) 85 4,068 11.0011 722 698 {3961 1241 Inlu.8rO￿ hlontt D¢firt¢d benvfil p¢ll$ion&Yct Tol•l ntl4M¢ts 233 320 9,402 3.309 716 78Z 2S6J CORPORATION OF TRINITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For the year ended 31 March 2025 25. PEI4SION COMMITMENTS The cor￿)ratiOn operaies a thfin¢d iKncfJ¢ sctL¢rn¢ (the Schcmcj in the UK for certain currrn¢ and fvnncr cmployees. This Schem¢ w￿$ clus¢d to n¢w rnerrlbc￿ (x) 18 July 2006. A defJn¢d ¢ontribu¢iVn sKhctnc (group pcrsDnal pension plan) was ¢5tablistKd for new staff joining after thatdate. The Coywratc Chllrity is the sp)nsoring ¢mp]wr to the d¢fin¢d bcncfit sch¢mE. The assets of the Schcmc a held %parntcly from th0￿ gf rh¢ ¢ombin¢d ¢h8rities. 'IIK cvnthbulions orc dc*rnined on the iwis vftri¥rthi41 Yalualions hy 4n actuary using thc Attained Age T￿thOd. FDlluwinK thc valuation 85 41 I Ik.wtKr 2023. th¢ ￿nployeES currcnl wnlribution ra* will Jrmain ui 34.8%of ￿nSiOnable pay. Th¥ rmpluyc¢&' GoiilTibulion rate rcm&incd at 1.5%of pensionahle poy. The valuation showed thai ihL markcl valu¢ of thc SclKmc's ￿Cl8 wa5 £5,392.000 and thai thc ongoin8 funding levcl 103%. Thc to¢al conlTibulions for the year in th¢s¢ ouounls K'rL' £76.IA)O. The Lwumpiivns which had Ihc Tr¥Jsl s28nificanl elTect on th¢ r¢sutts of¢h¢ valuaiion w¢r¢ AS fulluws.. 3.6%p. 3.1% p.u. 3.5% p.8. 4.7%p.a. .atnin&% incTC&gC% PTC.Klirtmcnl discount Yate P051-rctiremLnt disLount rate Flnxnclil RtportlfftR 5t*hdard ID2- Retlrement Benefit¥ The tollowinB infumiation hL¥ hetn 4alLulalcd by a qualiticd. indcl￿ndCnt acluary fur the purpose of incl￿810ll in Ihcsc uccounts. 118hvuld bc Cmphasiscd tha¢, in acwrdunLe wilh the requirem¢nL8 Or￿Rs 102, th¢ oss¢is and liabiliii¥s vf th¢ Scheme trc valucd with reterence lo ¢wr¢nt markci ¢ondtiions and may, Iher¢lvK, vmry wid¢ly Irom year Iu yLllT. 2025 £(MJo 5.233 14.9131 320 2024 £(M)o 5.731 15,646) 85 MNtkcl valuc of flncd bErKfit obli8aliDn SuTplus in the SchcnK- net pension awl IIK. a55cls itt thr 8chcrnc wcrc.. 2025 £0 l J93 910 1,400 2024 Liability drivLn invcstmcnts Diver¥ified gr￿th Bonds Insured pEn%ions {annuities1 Cash 1,885 9fj4 2,497 329 384 lolttl market value of 41 CORPORATION OF TRif4ITY HOUSE OF DEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOUNTS For ih¢ y¢*r ended 31 MArth 2025 I& PENSION COMMITMENTS IttshilMDedl Th¢ major assumptions by thc ac¢uury￿re'. 2025 2024 Intlaiiun- RPI Ratr of incre￿¢ itt sRIwic5 Raw uf irttr¢05e for rrtnsions Dixouni ratc for Ilahililicj 3.5% 3.0% 3.4% 5.6% 3.6 3. Iyo 3.5% 'nK rnortolity tgblcs used art th¢ S3NA b&gc labks woiccted by yc&r of birth in linc with Ihc LMI 2022 'corc' mortality pn>jL'¢tioos wilh a I(￿84tm7 ralc ￿uMptIOn ot'1.25% annum. To ¥iVL indication of lite LxrLclancie8. a persvn whv is currcnily S8￿ 65 is ￿umEd lo liv¢ OD thvcragc until the age ol'87 It¥rs in the c&qe of a m8n and 89 years irt the case ot'a wom￿. Ret•tttlllidoN of thc FalT Vilue of Plgn As*ts Ov¢r the Yt*Y 202S £00 2024 £O(MJ Fair valuc ofplan &%set% at l April 2024 Inlcresl income on plan assets Rcmeasurem¢ni- r¢Lum on plan excluding Inkre5t incom¢ ConlrhbutiDns by Iht £hwiiics Contributiukns by ihv rnembETS A4,￿rI15 paid lincludin8 CXF¢n8eJl Nonvinv¥sthJcnt ¢XPC115¢8 Fairvaluc ofplan Al 31 MarGh 2025 $731 6.002 276 {2991 76 1534) {303) 1303) 124) 5.731 5,23J Rctum on plan &qs¢t¥ 123 RtconeillAtlon of D¢fin¢d B¢nelh Obllgatloni Over ttht Yexr 2025 2024 £noo rkfined bencfit ublillJlion8 a¢ l April 2024 CurrLnl *TviLe ￿%1 Contributims by thr rn¢mlKr8 In*rcsi eX￿rtse on d¢fincd bcncfii d)li8atLUI tlem¢asurEmcn¢- cll¢ct of ¢xpcrience adiu¥tm¢ni$ l84inyIoss R¢m¢p5u￿Mcn¢- cffccl of changLS in ￿￿￿p(l￿n8 {gainNIo&8 IlenefJt% paid Defjned bcnrfit obligations at 31 Morch 2025 $646 37 5.084 4¥ 259 {721 1657) 13031 4,913 233 8ts4 12231 {3Q31 5,fi46 The Movem•At the S¢h¢N¢'J kn•et Durlng the Yur18 Mldt up u Follows: 2025 2024 £000 918 1291 (880) 76 Net pen8ion ￿VIllabIlIty) at l AFffil 2024 Amunl recO￿lsed in cxpcnditure Gainllloss¥s) r¥wgDis¢d in other recoBnis¢d Kjins and loss¢s ContributioDb by the ¢hariiies Nct ￿E￿￿1[1n a55et at 31 March 2025 85 132) 195 3ZO 85 The or liabiliry in the SGhcrne and thc movcmcnt8 in thc ycar havc bren alloca*d tthcn thc two charitics b&fcd on thc contrilA]tion% pY4yablc in the year. 42 CORPORATJON OF TIUNITY HOUSE OF DEwfFORD STROND NOTLS TO THE CROUP AFID COMBINED ACCOUNTS Vor the year ended JI Marth 2025 25. PENSION COMMITMENTS {tolltlhu*d) The lulluwin8 amoun15 have inrluded in the stdtrmcnL orrinancia] acLiYities.' of the Arnoynt Charged ExpeDditure 2025 £000 2024 £00 Currtni ¢£rvi¢c ¢051 Non-investhietyt expensr5 13n 148) 124) 270 1233} 29 264 Its91 32 Intere$t exrKDSL on deflncd benefLI obliy¢ion Tot•1 ¢h*v8t to ¢xpeMdlturt Rtmeawremewts Reerynlsed in Other ReeogThli¢d G*lni #nd 2025 £ooD 72 657 (534) 2024 l(KJ {8041 223 299 ReTne&SUre￿￿nI-II0syyRaIn etTe£i of exrKricncc adjut[l￿nLs Remcasurcmcnl. Kaill tfl¢¢i ot changLs in a&wmplion8 R¢m¢4surcm¢n¢- loss rr¢Um un plan inLluding interest income Total re￿¢4$ur¢M¢nI Iltsss¢%y8ains rccugnised in otk.r rty'u)gniscd R4ins #nd los#$ 880 26. SUBSIDIARY COMPANIES l&) Trlnltm Servlrej Llmlied is & whDIIy-owxd subsidiury ofih¢ Lorporniion ofTrinity Hlly owned subsidiary of lh¢ CotTMJrdiii)n of Trinily House, ttt£owJrated un 26 January 2011 Jnd rcgistcred in E[LgIa￿ ThurnFKr 07506615. The address ot its Registrr￿ oifice is rrinity Hollse, TiTrwtr HilL Lthjdon EC3N 4DII and its principal ￿tIvIty is the Ictting of the function rooms at Triniiy HDusc. A 5UW Vtf Lhc rc5ults ror th¢ ￿4t 1$ as follow5.. 2025 £ooD 533 {507) 2024 £(M)o 486 16731 Turnov¢r To*1 ¢X￿ndItUre IIA)5syprofit for thc I Total asscts 170 1170) 11651 26 Nei liubiliiics 27. GIL4NTS AND COMMITMENTS GraniJ poid to inhlitutiuns in the >rartotailed £1,649,00012024.. £2.098,(A)01 Whil￿ ￿an1$ ￿ld ¢0 Individuals lolalled £42.000 {2024.. £36,000). Full thtails ot'411 paid clln b¢ obi8ln¢d Irom IIK 8ecrctary Lu thc CorFx>ration. Ai 31 MgJ¢h 2025. grjtht commitTncnls Irum fulurc income were £nil (2024.. £nill. Ai 31 Much 2025. thL'friniLy House MAriiime Chariiy wths cvmJnii*d lo pa)Thett15 Ol'appmximukly £2.650.ULK) 12U24.. £2.5￿.0￿) in r¢5peci r>f the Merchant Na*y Sihvlatship Schvmc. 28. RELATED PARTY TRANSACTIONS awin8 10 I￿, Chgrili¢$' Oper￿lI0n$ and ihc comwsilion of thc CorwratL Fluard. il is incviiable thAi 8r8nis WLII Iv ur8uni￿tlfjn.% in whlLh a iN51cc may have an intCTe&l. Similarly. PA)PLrtILS mlly he lell¢*d 10 injs or4Ah¢r partici. All Branis and transactions involving ¢JrEdnisttiions ￿nd related partiex are ¢vnducid at arrn'& length. .xccpl tor Irangacliunb wilh thistees inclu&d in nol¢ 13, Ih¢r¢ w¢ t)0 other rela￿d party tr￿sarIl0115 rcquiring disc105ure. CORP0114TION OFTRINITY HOUSE OFDEPTFORD STROND NOTES TO THE GROUP AND COMBINED ACCOVIYTS F•r thty¢or eDdtd JI 2tll8 29. COMPARATIVES {•) C-ROUP5TATEMENT OF FINANCIAL ACTIVITIES For th¢ ye•y ¢nd¢d 31 March 2024 Trinily House M8riliD* Chsrity Chanty [J￿r￿strIcted RC5tnc￿d Pemiwml Total 2024 lin¢luding subsid¢￿¢¢$) nds £000 £000 £000 £o(K) INC.OMF. TrHQM: I)Qn￿￿9 and I¢￿CleS LhaTi¢able *￿i¥ll1¢S 88 108 631 17 1.762 IrwJin8 *c¢ivjlie$ nih¢r owa¢in8 uicthm¢ Inv¢stm¢DIS 1,405 1.405 1,930 27 8.974 TOTAL INCOME 2.071 8,953 1,202 27 12.253 F,XPENDITURL ON: Raijing funds Choritsbltlcliviiles.. 4.268 20 5.629 W¢lt4r¢ 1,700 2,303 93 1.759 1.438 Yaulh ()ppothnilic8 Bnd triittin8 Public MC¢ty and ¢d￿k8¢1￿￿ MainiEinin8 thc fAbric end h¢ri188e of 'rithily H(¥￿¢ Role &8 u DcepScll PilthaBeAuthNity Provi8iM 0fN8uti￿I A&*eggor 721 814 824 824 46 46 TOTAL EXPTrNDJTURE 2.243 8.364 1.856 04 12.527 NET ILYPF.NDITIJREI I INCOME BEFORE INVFSTMENT GAINS AND LOSSES 16541 137} 12741 thE rcvaluation and dispos￿ of investsnent propertics ains I11thss¢s1 Ibe irvalualLOTr llnd disp￿81 of portfolio tiLVC8ttncnts (13,814) 69 2.244 2.315 NLT IEXPENDATURE)I INCOM 16541 111.607) OTHF.R REC(JGN15ED (LOSS￿) I GAINS: Aciu¥i&l Ilossl 18aJn on defjnedberteftt pch6￿n g¢hLme NET MONTMENT IN FUNDS 12391 1641) 1880) 13421 1521 16541 11 I,fA)71 111655) BALANCE AT I APRIL 2023 10.512 2J44 1365 251.￿] 266.022 BALANCE ATJI MARCH 21124 240 294 253 367 45 CORPORATION OFTRIiYITY IIOUSE OF I)V.PTFORD STROND NOTFS TO THE GROUPAND COMBINED ACC01Tr4TS For¢htycRr tThded 31 Mirch 201$ 29. COMPARATIVL8 Irontlnuedl Ibl COMBINED CHARITIL8' STATF.MENf OF FtNANC.IAL ACTivrtlES For l&¢yt4f¢Dd¢d JI MAr¢h 2024 Coy Trinity H0ts5e MvLtun¢ Chlrity Chanty TJnrcstri¢trd R￿tr1thed PLYJllun￿t funds rund% EndOWrn￿l fi]llLts Total 2024 £o(x) (h) £iJoo £uoo INCOME FROM.. 14 88 IOB 1.762 O¢hu Ir￿1￿￿ aL*iYilieJ InvcJEmenis 601 8.930 27 8.974 TOTAL INCOME 1263 8,9J3 1,202 27 11.443 EXPF.NDiTIIRF ON: Raising fiJndJ ChuTilabl¢ 8aiviliM'. 270 4,268 20 4.558 Welf￿£ 15 1,700 2.303 93 44 1,739 5,438 Youth opp￿unItic8 ond Irllinin8 Public sHf¢ty andeduLBtion M8iniaining th¢ f¥hric herita￿ Trr rrinily I louse Rol¢ as o Deep Pilotsy Authority ProviJioD of N¥uii¢81 A￿¥$¥￿5 721 824 824 46 46 TOI"AL EXPKNDITURC 8,364 1.856 NEI. IEXPENDITURE)I INCOME BPTrORE INVL8TMKNT GAINS AND LOSSKS 91 S89 16541 LoAgr5on the rhYJu4¢10n a*d dIW￿ of In￿tM¢n(ptop¢tt1eS G4ins I 11￿￿) on thc r¢vulv4lion Ind dispwi ofwtfolio Jnv¢Jlmwts 69 2,244 2,313 PIET INCOMEIIF.XPENDITURE) 160 589 1654) 111,6071 OTHER RF.COCNISV.D ILOSSESI IGAINS: AL￿ana1 Ilo&%l 18llin on defjned hcmcfil p¢nsion 12391 641) 1880) NET MOVEMENT IN VUNDS 1521 16541 (11.607) 1113921 BALANCF. AT l APkIt. 2023 9,451 2,344 1365 251,gX)I 264.961 BALANCEAT 31 MARCH 2024 9.372 2292 240.294 2S2,S69 CORPORAT1014 OF TIUNITY IIOUSE OF DEPTFORD STROND NOTFSTOTHE GROUP Af4D COMBINED ACCOUNTS F•r Ibeytartndtdll 2025 19. COMPARATIVLS Icontlnu¢dl It) INCOME FROM CIIAR1TABLEAcrJvtTI￿. GTfyUP •od Comblned Chqtili Tnnity Hov Chprity m￿j￿rn¢ Charity Uj￿¢stricted un￿1￿¢¢¢d RutriL*¢d funds fun £(x)o £000 2024 £(x)o Wtifare Youth opp￿U￿1ti￿ Conknbulion from Tr￿lty Hrrt l.1$hth￿BC Scrvicc Other 430 201 430 201 TO￿ 2W24 17 1.762 Idl INCOME FROM INVESTMENTS.. Croup Combln¢d Chlrtii Corpor# Tfinity Hou8¢ Ch￿lty arilimr Charity Unrutrickd UnrewiL2tyJ Jttre&thc￿d End(bwTrKni fiJnd9 fjJnd8 ltinds Ibjn £000 £000 £000 £(N)o Tot 2024 Invumien¢proptyties Pnrttolio iTrvwth)¢nts Bonk Llkttltst ond finan¢¢ iTrcomc 8J79 271 27 8.606 285 83 T￿112024 27 It) EXPF.NDITURE ON RAISING FIINDS Group Amd LvThblNed char1t￿l Tnnity Hou0¢ Chthty M4riknmc Lbarity Unrastrlth￿ UThr£rtTicled EDd(IyThMI fund5 fvnd8 rwi ODO £Th)o 'roial 2024 £o(K) Laiiti8offvn¢lioTr TOOMJ ManaBcment ofLnv¢xtrD¢nt ame￿.. E8tat¢ munB8er3' f￿¥ l.c8d aDd other f¢¢ Invt6tmcni manBBtrA' fe￿￿uniticS Dnd trainit Public salely ittd edu¢ttiion Maintsining th¢ lthbri¢ amd h¢rillgC ol. Trinity Hous¢ 'ro(812024 385 154 208 59 23 31 613 244 1,057 421 570 23 331 13 237 237 753 2,3U8 UI CORPORATE CHARITY- DESIGNATED FUP4DS B8lAnce ai Ncw I ApTiI 2023 dE5ignation5 £iJoo £000 410 Utiliscd I B4l¥ace al 31 Mjr 2024 £wo £(MJu Il¢)uye D¢si8iiakd Fund Fixed Ass¢ts fund 33 443 8,722 9.132 3Y 8.625 9.068 136 (kl CORPORATE CHARJTY- RESTRICfED FUNDS BJJan¢¢ ai l April 2023 £UUL> Incom¢ ExrKndiluTC 14alance at 31 Mar 2024 £0 £(￿0 WaTden's Trinity Tlous¢ Rellef Fund Brethrert's, CovLIIBnt and Clift S¢li¢tt 58 58 60 TRINtTY HOUSE MARITIME CHAIUTY- DESIGNATED FUNDS B*lancc ai New April 2023 (L'si8nlltions £¢M>D £000 Utiliscd I B8IAnce ht r¢lt&Yd 31 Mar 2024 £000 Exlrnordinary R¢pair Fulld M¢r¢hFJJ¢ Nllvy SdJolHrship Scheme 177 500 177 5(M) 677 677 49 CORPORATION OFTRtPllTY HOUSE OFDKPTFORD STROND NOTES TO THE GROUPAND COMBINED Accol￿[13 For Iht year ¢•d¢dJl MNTch 2125 29. COMPARATTVESltonthiuedl {Thl TRINrrY HOUSE MARITIMF, CHARITY- RLgTRICTED FUNDS 8¢ I April 2023 M(N¢mcnl in funds Bolince 41 Imcomc Expenditijre 31 Mor 2024 £(NJo 8wir¢ Swire Yromin Suppon knd C&plain John Bury Memnrill pri￿ Fund fjronts for M¢r¢h4DI Navy5cholan8hip schen￿.. GDv¥Mnwi t￿hdID8 Brilish M4Tin¢ PrizE Fund forTran5pon Fuiid UkffiinE M?riiim¢UftK&YCAdei8hip8 Wor¢¢5tsr MerC￿￿NI￿Y Lade15hip Sch•J 95 1,039 46 178 60 85 ln) TRINITY HOUSE MARMMF. CHARITY- PERMANEf4T ENDI)WMF.NT FifNDS Al8nL¢al l Apisl 2023 M•vtmnl in fuThth Expendit￿re GAinA ind 31 Mir2014 Rcsourcc £wo £000 £000 £ow) I(￿D Tmity Vill Church Dnd W¢ii rum￿, Qoxhill M4rtin¢s F#rni, Es%¢x Trinity Hon*s. Waln%r 244,29 3,563 2,200 1.842 27 233.171 3.047 1.678 1.798 522 lol ANALYSIS OF GROUPNKT A￿Tr.1.$ BETwiwf4 fr'UNDS Cdrwri*Cliaiity Irinity IIOU￿ Mariiim¢ Chlrily Ilnr¢siiKi¢d R¢x¢ri¢ied Unreylriclcd R￿trIL.￿ LThdttwm&nl hAvitsbk Ibnds runds Tndin8 £0 2022 £tw £￿0 Fulld It31 M*rtth 2012 *ro RrprtJt*kd by: T4hRibl¢ fixEd ￿5¢￿ 8,02J 692 388 54 103 510 10,971 240,641 5.550 13.1801 85 2J9.949 Current asx¢ Curreni liubiliii Defined beTrEfil puJsvJn Totsl 3,589 11,4621 62 893 (2841 672 (4J4 113641 23 240 294 79 253 307 50