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2022-09-07-accounts

REGISTERED CHARITY NUMBER: 220331

Report of the Trustees and

Financial Statements for the Period 2 September 2021 to 7 September 2022

for

Hull Trinity House Charity

Hull Trinity House Charity

Contents of the Financial Statements for the Period 2 September 2021 to 7 September 2022

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Statement of Financial Position 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14 to 24

Hull Trinity House Charity

Report of the Trustees for the Period 2 September 2021 to 7 September 2022

The trustees present their report with the financial statements of the charity for the period 2 September 2021 to 7 September 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Trustees confirm that they have complied with the duty specified in the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The objects of the Charity, for the public benefit, as set out in the scheme are :-

Hull Trinity House Charity

(iii) Making grants of money to other persons or bodies who provide goods, services or facilities to those in need;

or

(a) Firstly to brethren, seafarers, their spouses and dependants and spouses and dependants of deceased seafarers; and

(b) Secondly to other persons who are over 60 years of age.

(6) In the interests of social welfare, to improve the conditions of life for young persons without distinction of political, religious or other opinions by the provision of facilities for training, recreational and leisure-time activity in sailing and other water sports.

(7) The land identified in part 1 of the schedule to this scheme must be retained by the trustees for use for the objects of the charity specified in the table.

Hull Trinity House Academy

The object of the charity is the provision of items, services and facilities for the Academy.

Hull Trinity House Academy Prize Fund

(1) The object of the charity is to further the education of pupils attending the Academy by the award of prizes (or other suitable reward).

(2) The prizes must be awarded on the recommendation of the Academy Principal.

The trustees carry out these objects by :-

providing financial grants on a quarterly basis;

providing housing at the Rest Homes;

providing financial and other support to Hull Trinity House Academy; and

providing an educational facility at Welton Waters Adventure Centre

The trustees established these policies to achieve the charity's objects for the public benefit to improve the lives of persons who are in need, hardship or distress and as a means of assisting the Hull Trinity House Academy. Persons in need are invited to apply for the financial grants or housing and are awarded them, or not, based on the criteria set by the trustees.

Page 1

Hull Trinity House Charity

Report of the Trustees for the Period 2 September 2021 to 7 September 2022

ACHIEVEMENT AND PERFORMANCE

At 7th September 2022 grants were being paid to 384 (2021: 406) retired mariners or their dependants. The number of residents in the Rest Homes at the same time was 67 (2021: 67). Nautical Charities are noticing a reduction in beneficiaries due to the contraction in maritime services over the past four to five decades.

Following the scheme dated 4th November 2010 the Trustees are able to offer relief to persons who are not from a seafaring background, which has boosted occupancy in the Rest Homes.

Following agreement with the Local Council and the Local Education Authority concerning the expansion of Hull Trinity House School, which converted to an Academy in April 2012, under the Building Schools for the Future project, it has now relocated to a more modern building, which is still within the Hull city centre.

The future of the unoccupied rental properties is not helped by the current economic climate and general decline in retailing nationally. Also, it is felt that Hull has too many retailing outlets for its size but although enquiries are few some tenants have renewed their leases.

FINANCIAL REVIEW

The Trustees have reviewed the reserves of the charity. Reserves are needed to

maintain the Rest Homes, provide grants for the retired mariners and their dependants, protect and maintain the income producing properties and to support the Hull Trinity House Academy.

Expenditure on maintaining properties is high particularly as most of the properties are listed buildings. Empty properties still need maintaining to some extent. Consequently, the reserves are kept at a high level although this is having no impact on the beneficiaries.

The surplus of income over expenditure has been credited to the reserves in the following ratio :- Reserve Fund 40% Rest Homes Fund 20% Property Repair Funds 40%

The investment objective that the Investment Managers have to follow is that of achieving a balance between income and capital growth. There were no restrictions concerning countries or commercial activities that had to be considered.

The performance of the funds is reviewed on a monthly basis and twice a year the Investment Managers attend the Hull Trinity House and report on the previous six months.

The market value of the investments has decreased during the past year as global financial markets were impacted by the Ukraine conflict and global market pressures. The Trustees are satisfied with the level of investment income achieved recognising its contribution to the total overall income.

The value of the quoted investments decreased by £601,362 to £8,345,331. The commercial properties have been revalued at the year end, increasing in value by £4,023,000 to £19,170,000. £3,383,000 of this increase related to the farms, all of which were revalued by Cundalls, the new agricultural agents. There was also a increase of £200,000 in the value of freehold land and buildings used by the charity, which after the £5,000,000 disposal of Land at Calvert Lane was now valued at £3,950,000 compared to £8,750,000 in 2021.

Rental income increased slightly compared to the previous year. There was a decrease in investment income as stock markets were impacted by the Ukraine conflict and high inflation. Expenditure on grants decreased slightly as the number of grant recipients decreased again in the year. There was an increase in the running costs of the Almshouses because of higher maintenance costs and higher administration costs. The Welton Waters Adventure Centre continued to provide a valuable educational resource for many local schools, colleges, businesses and charities as well as for members of the public.

The Corporation of the Trinity House in Kingston upon Hull contributed the sum of £8,158 towards the upkeep of Trinity House, a lower figure than 2021.

Page 2

Hull Trinity House Charity

Report of the Trustees for the Period 2 September 2021 to 7 September 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is governed by three schemes which were sealed by the Charity Commission on 7th October 2005 and amended on 4th November 2010. The Trustees Board consists of not less than 10 and not more than 20 trustees.

The first Trustees were listed in the Scheme documents and those Trustees are responsible for appointing new Trustees. The maximum period a trustee can serve is four years but they may put themselves forward for re-appointment. The Trustees meet very regularly, on average more than once each month as the business dictates. There are several advisory committees each consisting of three Members of the Board of Trustees. These committees proffer advice but all decisions are taken by the full Board. The implementation of those decisions is delegated to the Secretary and his staff. Certain levels of expenditure can be authorised by the Secretary and the Estates Manager as detailed in the Financial Procedures.

The Board keeps the skill requirement for the Trustee body under review and in the event that a new Trustee is appointed, an induction pack is provided. This contains documents such as the Charity's schemes, latest reports and accounts, Minutes of recent Trustee meetings and the Charity Commission booklet "The Essential Trustee: what you need to know" and "Charities and Public Benefit". A new Trustee meets the Secretary who explains how the charity operates, its finances, investments, the powers and responsibilities of the Board of the Trustees and the use of the advisory committees. By sitting in on a committee and Board meetings a new Trustee soon amasses the knowledge necessary to contribute to the Charity.

All Trustees give their time freely and no Trustee remuneration is paid. Details of the Trustee expenses are disclosed in the accounts. Trustees are required to disclose all relevant interest and register them with the Secretary and, in accordance with the Charity’s policy, would have to withdraw from any decision where a conflict of interest arose.

Grants Receivable

During the 53 weeks ended 7th September 2022 the Charity has received grants from Hull City Council amounting to £435,655, of which £103,731 relates to the Humber High Street Challenge Fund and £331,924 relating to the High Street Heritage Action Zone Fund. These grants are to assist with the works being carried out on various properties throughout the Ferres Estate.

The Trustees wish to express their gratitude to Hull City Council for their generous support.

Principle risks and uncertainties

The Trustees have carried out an exercise to identify the major risks facing the Charity's operations and confirm that they are satisfied that systems exist to lessen exposure to those risks. Those risks are:

Page 3

Hull Trinity House Charity

Report of the Trustees for the Period 2 September 2021 to 7 September 2022

REFERENCE AND ADMINISTRATIVE DETAILS Address Trinity House Trinity House Lane Hull HU1 2JG

The Trustees are:

Captain C Adams Captain D H Atkin Captain J D Coggin, B.Sc. (Hons), B.A. Captain P J Cowing Captain S L Gamble Captain R J Hancock Captain M E Kelly

Captain B M Mitchell Captain G J Rawding Captain J D Robinson Captain D M Shaw Captain J Tindall Captain C C W Towne Captain P A Watts

Secretary Mr P Shearsmith

Bankers Barclays Bank PLC 1 - 5 King Edward Street Hull HU1 3RL Solicitors Bridge McFarland Solicitors 19 South St. Mary's Gate Grimsby DN31 1JE

Investment Advisors

SG Kleinwort Hambros Bank Limited 5th Floor, 8 St. James's Square London SW1Y 4JU

Auditors

Harris Lacey and Swain Chartered Accountants and Registered Auditors Suite 1, The Riverside Building Hessle HU13 0DZ

Page 4

Hull Trinity House Charity

Report of the Trustees for the Period 2 September 2021 to 7 September 2022

TRUSTEES' RESPONSIBILITY STATEMENT

The Trustees are required by charity law to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity as at the end of the financial year.

The Trustees confirm that suitable accounting policies have been used and applied consistently, and reasonable and prudent judgements and estimates have been made in the preparation of the financial statements for the 53 weeks ended 7th September 2022. The Trustees also confirm that applicable accounting standards have been followed and that the financial statements have been prepared on the going concern basis.

In preparing these accounts, the Trustees are required to observe the methods and principles in the Accounting and Reporting by Charities:

Statement of recommended practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Trustees are required to act in accordance with the Schemes approved by the Charity Commissioners and within the framework of trust law. They are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Hull Trinity House Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Hull Trinity House Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 14/06/2023 and signed on its behalf by:

Captain D. H. Atkin Trustee

Page 5

Report of the Independent Auditors to the Trustees of Hull Trinity House Charity

Opinion

We have audited the financial statements of Hull Trinity House Charity (the 'charity') for the period ended 7 September 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 6

Report of the Independent Auditors to the Trustees of Hull Trinity House Charity

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 7

Report of the Independent Auditors to the Trustees of Hull Trinity House Charity

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

Page 8

Report of the Independent Auditors to the Trustees of Hull Trinity House Charity

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Harris Lacey and Swain

Date: 20/06/2023

Page 9

Hull Trinity House Charity

Statement of Financial Activities

for the Period 2 September 2021 to 7 September 2022

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Grants and donations
2
436,042
Other trading activities
3
1,632,029
Investment income
4
282,166
Other income
50,000
Total
2,400,237
EXPENDITURE ON
Raising funds
5
33,232
Charitable activities
6
Grants payable
398,801
Running costs, HTH Academy
management & admin & invest
property repairs
1,313,350
Total
1,745,383
Net gains/(losses) on
investments
(378,292)
NET
INCOME/(EXPENDITURE)
276,562
RECONCILIATION OF
FUNDS
Total funds brought forward
17,074,978
TOTAL FUNDS CARRIED
FORWARD
17,351,540		 Restricted
fund
£
-
-
3,453
-
3,453
-
-
-
-
(6,068)
(2,615)
145,995
143,380		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
3,689,735
3,689,735
17,903,869
21,593,604		 Period
2.9.21
to
7.9.22
Total
funds
£
436,042
1,632,029
285,619
50,000
2,403,690
33,232
398,801
1,313,350
1,745,383
3,305,375
3,963,682
35,124,842
39,088,524		 Period
3.9.20
to
1.9.21
Total
funds
£
59,265
1,330,995
291,187
-
1,681,447
35,101
323,080
1,160,018
1,518,199
1,363,281
1,526,529
33,598,313
35,124,842

The notes form part of these financial statements

Page 10

Hull Trinity House Charity

Statement of Financial Position

7 September 2022

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
11
2,581
Investments
Investments
12
7,953,640
Investment property
13
473,014
8,429,235
CURRENT ASSETS
Debtors
14
2,889,672
Cash at bank and in hand
6,195,754
9,085,426
CREDITORS
Amounts falling due within one
year
15
(163,121)
NET CURRENT ASSETS
8,922,305
TOTAL ASSETS LESS
CURRENT LIABILITIES
17,351,540
NET ASSETS
17,351,540
FUNDS
16
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
fund
£
-
126,041
-
126,041
-
17,339
17,339
-
17,339
143,380
143,380		 Endowment
fund
£
3,950,000
1,824,968
18,696,986
24,471,954
-
(2,878,350)
(2,878,350)
-
(2,878,350)
21,593,604
21,593,604		 2022
Total
funds
£
3,952,581
9,904,649
19,170,000
33,027,230
2,889,672
3,334,743
6,224,415
(163,121)
6,061,294
39,088,524
39,088,524
17,351,540
143,380
21,593,604
39,088,524		 2021
Total
funds
£
8,755,163
10,372,069
15,147,000
34,274,232
103,136
891,217
994,353
(143,743)
850,610
35,124,842
35,124,842
17,074,978
145,995
17,903,869
35,124,842

The financial statements were approved by the Board of Trustees and authorised for issue on 14/06/2023 and were signed on its behalf by:

Captain D. H. Atkin Trustee

Captain D. M. Shaw Trustee

The notes form part of these financial statements

Page 11

Hull Trinity House Charity

Statement of Cash Flows for the Period 2 September 2021 to 7 September 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Purchase of investment property
Sale of tangible fixed assets
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 Period
2.9.21
to
7.9.22
£
(2,441,889)
(2,441,889)
(38,520)
(1,224,943)
(473,014)
5,050,000
1,420,214
2,779
282,840
5,019,356
2,577,467
2,316,593
4,894,060		 Period
3.9.20
to
1.9.21
£
(174,069)
(174,069)
(7,745)
(2,393,816)
(160,150)
-
2,848,705
141
291,046
578,181
404,112
1,912,479
2,316,591

The notes form part of these financial statements

Page 12

Hull Trinity House Charity

Notes to the Statement of Cash Flows for the Period 2 September 2021 to 7 September 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Gain on investments
Profit on disposal of fixed assets
Interest received
Dividends received
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operations		 Period
2.9.21
to
7.9.22
£
3,963,682
2,582
(3,305,375)
(50,000)
(2,779)
(282,840)
(2,786,536)
19,377
(2,441,889)		 Period
3.9.20
to
1.9.21
£
1,526,529
4,633
(1,363,281)
-
(141)
(291,046)
1,830
(52,593)
(174,069)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Investments – designated bank deposits
Total		 At 2.9.21
£
891,217
1,425,376
2,316,593		 Cash flow
£
2,443,526
133,941
2,577,467		 At 7.9.22
£
3,334,743
1,559,317
4,894,060

The notes form part of these financial statements

Page 13

Hull Trinity House Charity

Notes to the Financial Statements for the Period 2 September 2021 to 7 September 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

Income received for services provided is accounted for on an accruals basis.

Cash donations, gifts and legacies are included in full in the income and expenditure account as they are received. Any significant non-cash donations are included in the income and expenditure account at the trustees' estimate of their market value when received. The value of voluntary help is not included in the accounts.

Grants and other funding of a revenue nature are deferred and released to the income and expenditure account over the period to which they relate.

Bank interest is included in the income and expenditure account on an accruals basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Fixed assets - office equipment and pontoons

Depreciation is calculated by reference to cost after the deduction of estimated residual value at a rate estimated to write off the relevant asset over its expected useful life, taking into account normal commercial and technical obsolescence.

The expected useful life is:
Pontoons 5 years
Computer equipment 3 years
Other equipment 5 years

Individual fixed assets costing £500 or more are capitalised at cost.

Fixed assets - freehold land and buildings for own use and investment properties

Freehold properties both for own use and investment properties have been valued by Messrs Penrose Commercial and Messrs Cundalls, both qualified Chartered Surveyors, on an open market value basis. Freehold properties for own use are valued every 5 years but due to the fluctuation in the market valuations it was decided to revalue at this year-end. Investment properties are revalued annually.

The valuations were undertaken in accordance with the Royal Institution of Chartered Surveyors Appraisal and Valuation Manual.

continued...

Page 14

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 2 September 2021 to 7 September 2022

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Freehold land is not depreciated.

Depreciation is charged by equal annual instalments commencing with the year of acquisition for a period of 50 years being an estimate of the expected useful lives of the buildings, except for the investment properties which are not depreciated.

The following properties are not held for investment purposes.

Offices, Workshop and Chapel

These front onto Trinity House Lane and on the north side of Posterngate and are used for the general administration of the House.

Rest Homes, Anlaby High Road

These are occupied by the persons in need who meet the criteria set by the Trustees.

The Welton Waters Adventure Centre

This property has been used by the Charity in accordance with the powers for such use.

Fixed Assets - quoted securities

The quoted securities are valued at market value, based on the mid-point of the quotation in the Stock Exchange Daily Official list or similar recognised market value. Realised and unrealised gains and losses on sale or revaluation of investments are taken to the Statement of Financial Activities in the period in which they arise.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds are those available for use at the discretion of the Trustees in furtherance of general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or by the Scheme approved by the Charity Commission. The aim and use of each restricted fund is set out in the notes to the financial statements.

The Endowment fund represents those assets which much be held permanently. Income generated by the Endowment fund is unrestricted.

Investment income and gains/(losses) are allocated to the appropriate fund.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 15

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 2 September 2021 to 7 September 2022

1. ACCOUNTING POLICIES - continued

Resource expended

All expenditure, including any irrecoverable VAT, is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent white the use of the resources.

Grants payable

Grants payable including the amounts paid to retired mariners and their dependants are accounted for in full as liabilities of the charity when approved by the Trustees and accepted by the beneficiaries.

Support Costs

Support costs comprise the direct costs, including staff, attributable to charitable activities. Support costs have been apportioned on the basis of staff time.

Governance costs

Governance costs include expenditure on administration of the Charity and compliance with constitutional and statutory requirements, including audit and legal fees.

Estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Directors do not consider there to be any material estimates and judgements.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors, are initially recognised at transaction value and subsequently measured at their settlement value.

2. GRANTS AND DONATIONS

Donations
Grants		 Period
2.9.21
to
7.9.22
£
387
435,655
436,042		 Period
3.9.20
to
1.9.21
£
50
59,215
59,265

Grants received, included in the above, are as follows:

Grant Period
2.9.21
to
7.9.22
£
435,655		 Period
3.9.20
to
1.9.21
£
59,215

continued...

Page 16

Hull Trinity House Charity

Notes to the Financial Statements - continued

for the Period 2 September 2021 to 7 September 2022

3. OTHER TRADING ACTIVITIES

Rental income
4.
INVESTMENT INCOME
Income from quoted investments
Bank and other deposit interest
5.
RAISING FUNDS
Investment management costs
Portfolio management
6.
CHARITABLE ACTIVITIES COSTS
Grants payable		 Period
2.9.21
to
7.9.22
£
1,632,029
Period
2.9.21
to
7.9.22
£
282,840
2,779
285,619
Period
2.9.21
to
7.9.22
£
33,232		 Period
2.9.21
to
7.9.22
£
1,632,029
Period
2.9.21
to
7.9.22
£
282,840
2,779
285,619
Period
2.9.21
to
7.9.22
£
33,232		 Period
3.9.20
to
1.9.21
£
1,330,995		 Period
3.9.20
to
1.9.21
£
1,330,995		 Period
3.9.20
to
1.9.21
£
1,330,995
Period
3.9.20
to
1.9.21
£
291,048
139
291,187
Period
3.9.20
to
1.9.21
£
35,101
Grant
funding of
activities
(see note
7)
£
398,801		 Period
3.9.20
to
1.9.21
£
291,048
139
291,187
Period
3.9.20
to
1.9.21
£
35,101

continued...

Page 17

Hull Trinity House Charity

Notes to the Financial Statements - continued

for the Period 2 September 2021 to 7 September 2022

7. GRANTS PAYABLE

Period
2.9.21
to
7.9.22
£
Grants payable
398,801
The total grants paid to institutions during the period was as follows:
Period
2.9.21
to
7.9.22
£
Grants to institutions
500
8.
SUPPORT COSTS
Governance
Management
Other
costs
£
£
£
Other resources expended
1,296,741
2,582
14,027		 Period
3.9.20
to
1.9.21
£
323,080
Period
3.9.20
to
1.9.21
£
500
Totals
£
1,313,350		 Period
3.9.20
to
1.9.21
£
323,080		 Period
3.9.20
to
1.9.21
£
323,080
Period
3.9.20
to
1.9.21
£
500

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 7 September 2022 nor for the period ended 1 September 2021.

Trustees' expenses

There were no trustees' expenses paid for the period ended 7 September 2022 nor for the period ended 1 September 2021.

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2022
£
765,750
65,577
61,960
893,286		 2021
£
652,711
59,317
64,057
776,085

The number of employees whose emoluments, excluding pension contributions, fell within the following ranges:

2022 2021
£60,000 to £70,000 1 1

continued...

Page 18

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 2 September 2021 to 7 September 2022

10. STAFF COSTS - continued

The average monthly number of employees during the period was as follows:

Rest homes
Support staff		 Period
2.9.21
to
7.9.22
4
28
32		 Period
3.9.20
to
1.9.21
4
29
33

.

11. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 2 September 2021
Additions
Disposals
Revaluations
At 7 September 2022
DEPRECIATION
At 2 September 2021
Charge for year
At 7 September 2022
NET BOOK VALUE
At 7 September 2022
At 1 September 2021		 Freehold
property
£
8,750,000
38,520
(5,000,000)
161,480
3,950,000
-
-
-
3,950,000
8,750,000		 Fixtures
and
fittings
£
125,458
-
-
-
125,458
125,458
-
125,458
-
-		 Pontoons
£
27,063
-
-
-
27,063
27,063
-
27,063
-
-		 W.W.
adventure
centre
equipment
£
43,585
-
-
-
43,585
38,422
2,582
41,004
2,581
5,163		 Totals
£
8,946,106
38,520
(5,000,000)
161,480
4,146,106
190,943
2,582
193,525
3,952,581
8,755,163

continued...

Page 19

Hull Trinity House Charity

Notes to the Financial Statements - continued

for the Period 2 September 2021 to 7 September 2022

12. FIXED ASSET INVESTMENTS

Regional Breakdown

Extraordinary Repair Fund
UK
North America
Europe
Other
Rest of the World
Endowment Fund
UK
North America
Europe
Other
Rest of the World
Reserve Fund
UK
North America
Europe
Other
Rest of the World
13.
INVESTMENT PROPERTY
FAIR VALUE
At 2 September 2021
Additions
Revaluation
At 7 September 2022
NET BOOK VALUE
At 7 September 2022
At 1 September 2021		 44%
28%
8%
8%
12%
49%
26%
7%
7%
11%
48%
26%
8%
8%
10%
£
15,147,000
473,014
3,549,986
19,170,000
19,170,000
15,147,000

continued...

Page 20

Hull Trinity House Charity

Notes to the Financial Statements - continued

for the Period 2 September 2021 to 7 September 2022

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
VAT
Accrued income
Prepayments
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors
16.
MOVEMENT IN FUNDS
At 2.9.21
£
Unrestricted funds
Reserve fund
17,074,978
Restricted funds
Prize funds and bequests
145,995
Endowment funds
Endowment fund
17,903,869
TOTAL FUNDS
35,124,842		 2022
£
19,448
2,533,955
17,469
255,300
63,500
2,889,672
2022
£
128,296
-
34,825
163,121
Net
movement
in funds
£
276,562
(2,615)
3,689,735
3,963,682		 2021
£
32,909
7,737
-
-
62,490
103,136
2021
£
47,389
38,627
57,727
143,743
At 7.9.22
£
17,351,540
143,380
21,593,604
39,088,524

continued...

Page 21

Hull Trinity House Charity

Notes to the Financial Statements - continued

for the Period 2 September 2021 to 7 September 2022

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
Reserve fund
Restricted funds
Prize funds and bequests
Endowment funds
Endowment fund
TOTAL FUNDS
Comparatives for movement in funds		 Incoming
resources
£
2,400,237
3,453
-
2,403,690		 Resources
expended
£
(1,745,383)
-
-
(1,745,383)		 Gains and
losses
£
(378,292)
(6,068)
3,689,735
3,305,375		 Movement
in funds
£
276,562
(2,615)
3,689,735
3,963,682
Unrestricted funds
Reserve fund
Restricted funds
Prize funds and bequests
Endowment funds
Endowment fund
TOTAL FUNDS		 At 3.9.20
£
16,078,250
123,015
17,397,048
33,598,313		 Net
movement
in funds
£
996,728
22,980
506,821
1,526,529		 At 1.9.21
£
17,074,978
145,995
17,903,869
35,124,842

continued...

Page 22

Hull Trinity House Charity

Notes to the Financial Statements - continued

for the Period 2 September 2021 to 7 September 2022

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
Reserve fund
Restricted funds
Prize funds and bequests
Endowment funds
Endowment fund
TOTAL FUNDS
Endowment fund
Restricted funds
Prize funds and bequests
Unrestricted funds
Reserve fund
Rest home funds
Property repair funds		 Incoming
resources
£
1,678,091
3,356
-
1,681,447
Tangible fixed
assets
£
8,400,000
-
2,051
-
-
8,402,051		 Resources
expended
£
(1,518,199)
-
-
(1,518,199)
Investments
£
16,896,368
123,015
2,524,335
1,758,842
3,548,115
24,850,675		 Gains and
losses
£
836,836
19,624
506,821
1,363,281
Net current
assets
£
(7,899,320)
-
3,555,865
1,455,741
3,233,301
345,587		 Movement
in funds
£
996,728
22,980
506,821
1,526,529
Total
£
17,397,048
123,015
6,082,251
3,214,583
6,781,417
33,598,314

17. RELATED PARTY DISCLOSURES

Hull Trinity House comprises three separate legal entities, The Corporation of Trinity House in Kingston upon Hull, Hull Trinity House Charity and Hull Trinity House Fund. The three organisations share a secretariat which carries out common administration of the entities. Costs are shared between the Charity and the Corporation. In each instance a Board of Trustees oversee the organisations. The boards comprise of the Warden, Elder Brethren and Assistants of Trinity House in Hull.

continued...

Page 23

Hull Trinity House Charity

Notes to the Financial Statements - continued

for the Period 2 September 2021 to 7 September 2022

18. ENDOWMENT FUND

The fund is implied by the Schemes approved by the Charity Commissioners and was initially equivalent to the value of the originating investments.

The capital cannot be used except under a special Scheme approved by the Charity Commissioners but the income can be used for general purposes.

The endowment fund represents those assets which much be held permanently, principally the freehold properties both for investments and own use. Income arising can be used in accordance with the objects of the Charity. Any capital surpluses or losses arising on the investments form part of the fund.

19. RESTRICTED FUNDS - PRIZE FUNDS AND BEQUESTS

These funds represent donations and bequests to provide annual prizes for the pupils at the Hull Trinity House School out of Capital and/or income.

20. UNRESTRICTED FUNDS - RESERVE FUND

This fund was set up under the Schemes approved by the Charity Commissioners, being the accumulations of income from earlier years to which additions have been made out of later income surpluses.

The capital and income can be used for general purposes.

The reserve fund represents the free reserves of the Charity which are not designated for particular purposes.

21. UNRESTRICTED FUNDS - REST HOMES FUND AND PROPERTY REPAIR FUND

These designated funds are subject to the Schemes approved by the Charity Commissioners.

The capital and income can be used for the designated purposes.

The funds are maintained to ensure that an appropriate level of resources are retained to meet the costs of the extraordinary repairs, improvements or rebuilding of the Rest Homes and the other property of the charity.

Page 24