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2025-09-03-accounts

REGISTERED CHARITY NUMBER: 220331

Report of the Trustees and Financial Statements for the Period 5 September 2024 to 3 September 2025

for

Hull Trinity House Charity

HLAS Audit Limited Suite 1, The Riverside Building Livingstone Road Hessle HU13 0DZ

Hull Trinity House Charity

Contents of the Financial Statements for the Period 5 September 2024 to 3 September 2025

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 10
Statement of Financial Activities 11 to 12
Statement of Financial Position 13 to 14
Statement of Cash Flows 15
Notes to the Statement of Cash Flows 16
Notes to the Financial Statements 17 to 29
Detailed Statement of Financial Activities 30 to 31

Hull Trinity House Charity

Report of the Trustees for the Period 5 September 2024 to 3 September 2025

The trustees present their report with the financial statements of the charity for the period 5 September 2024 to 3 September 2025. 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 objectives of the Charity, for the public benefit, as set out in the scheme are:-

Hull Trinity House Charity

The Trustees may relieve such persons in need by:-

(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.

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).

The Trustees carry out these objects by:-

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 5 September 2024 to 3 September 2025

ACHIEVEMENTS AND PERFORMANCE Achievements and Performance

At 3rd September 2025 grants were being paid to 296 (2024: 336) retired mariners or their dependants. The number of residents in the Rest Homes at the same time was 69 (2024: 70). 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.

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. In this year though there has been an increase in the number of enquiries about the empty properties, and some tenants have renewed their leases.

Reserve Funds are as follows:
Endowment Fund
Restricted funds
- Prize funds and bequests
Unrestricted funds
- Reserve fund
- Rest Homes fund
- Property repair fund		 31,351,886
187,301
7,542,694
4,294,659
8,676,055
52,052,595

Grants receivable

During the 52 weeks ended 3rd September 2025 the Charity has received grants from Hull City Council to assist with the works being carried out on the Custom House building.

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

Page 2

Hull Trinity House Charity

Report of the Trustees for the Period 5 September 2024 to 3 September 2025

FINANCIAL REVIEW

Financial position

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 reports on the previous six months.

The market value of the investments has increased during the past year. 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 £56,002 to £9,462,213. The commercial properties have been revalued at the year end, increasing in value by £590,000 to £25,385,000. This increase is also after the sale of land at Tithe Farm, North Ferriby, amounting to £7,006,177.

All farms were revalued at the period end by Cundalls, the agricultural agents. There was also an increase of £460,000 in the value of freehold land and buildings used by the Charity, which was now valued at £5,285,000 compared to £4,825,000 in 2024.

Rental income increased compared to the previous year. There was a decrease in investment income as stock markets did not perform as well as in 2024. Expenditure on grants decreased this year as the number of grant recipients decreased again in the year. 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 £8,846 towards the upkeep of Trinity House, a lower figure than 2024.

The level of reserves at the end of the period was £52,052,595, of which £20,513,408 is unrestricted and is classed as the free reserves. The remaining £31,539,187 is restricted and is split £187,301 and £31,351,886 as Prize Funds and Endowment Funds respectively.

Page 3

Hull Trinity House Charity

Report of the Trustees for the Period 5 September 2024 to 3 September 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

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 4 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 requirements 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 with the Secretary who explains how the charity operates, its finances, investments, the powers and responsibilities of the Board of Trustees and the use of the advisory committees. By sitting in on committee and Board meetings a new Trustee soon amasses the knowledge necessary to contribute to the charity.

All Trustees give of their time freely and no Trustee remuneration is paid. Details of Trustee expenses are disclosed in the accounts. Trustees are required to disclose all relevant interests 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.

Related parties

During the year the Charity has received donations totalling £2,310,000 from The Corporation of the Trinity House in Kingston upon Hull.

The Charity has also received a donation from Captain J D Robinson and Captain M E Kelly, two of its Trustees, amounting to £8,912. This related to the profit generated from the sale of a boat. The Trustees wish to thank Captain Robinson and Captain Kelly for this generous donation.

Risk management

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 4

Hull Trinity House Charity

Report of the Trustees for the Period 5 September 2024 to 3 September 2025

REFERENCE AND ADMINISTRATIVE DETAILS Address

Trinity House Trinity House Lane Hull HU1 2JG

The Trustees are:

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 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

Union Bancaire Privee (UK) Ltd 1 Bank Street London E14 4SG

Auditors

HLAS Audit Limited Chartered Accountants and Registered Auditors Suite 1, The Riverside Building Hessle HU13 0DZ

Page 5

Hull Trinity House Charity

Report of the Trustees for the Period 5 September 2024 to 3 September 2025

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 52 weeks ended 3rd September 2025. 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 ............................................. and signed on its behalf by:

........................................................................ Captain G. J. Rawding

........................................................................ Captain P. J. Cowing

Page 6

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 3 September 2025 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.

Page 7

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

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.

Comparative Information - Prior Period Error

The financial statements for the year ended 3 September 2025 include comparative information for the year ended 4 September 2024.

During the current year, we identified that rental income invoices were incorrectly dated and recorded in both the prior year and current year. It was also identified that some investment income should have been brought in as accrued income and wasn't. This resulted in both debtors and creditors being materially misstated and therefore, have been corrected in the current year. The total reserves adjustment causes the opening reserves balance to increase by £114,526.

In accordance with FRS 102 and ISA 710, the prior year comparative figures have been restated to correct this error.

Our opinion is not modified in respect of this matter. The restatement is fully disclosed in Note 13 to the financial statements.

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:

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 8

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk of fraud in relation to revenue recognition, we:

To address the risk of fraud through management bias and override of controls, we:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Page 9

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

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.

HLAS Audit Limited Suite 1, The Riverside Building Livingstone Road Hessle HU13 0DZ

Date: .............................................

Page 10

Hull Trinity House Charity

Statement of Financial Activities for the Period 5 September 2024 to 3 September 2025

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
2,414,346
Charitable activities
5
Grants receivable
2,730
Other trading activities
3
1,198,094
Investment income
4
529,480
Total
4,144,650
EXPENDITURE ON
Raising funds
6
35,934
Charitable activities
7
Grants payable
290,162
Running costs, HTH Academy
management, admin & invest
property repairs
1,653,880
Total
1,979,976
Net gains/(losses) on
investments
(32,770)
NET INCOME
2,131,904
Other recognised gains/(losses)
Gains on revaluation of fixed
assets
-
Net movement in funds
2,131,904
RECONCILIATION OF
FUNDS
Total funds brought forward
As previously reported
18,266,978
Prior year adjustment
13
114,526
As restated
18,381,504
Restricted
fund
£
8,912
-
-
4,495
13,407
-
-
784
784
(5,672)
6,951
-
6,951
180,350
-
180,350
Endowment
funds
£
-
-
-
-
-
-
-
-
-
7,268,563
7,268,563
460,000
7,728,563
23,623,323
-
23,623,323		 Period
5.9.24
to
3.9.25

Total
funds
£
2,423,258
2,730
1,198,094
533,975
4,158,057
35,934
290,162
1,654,664
1,980,760
7,230,121
9,407,418
460,000
9,867,418
42,070,651
114,526
42,185,177		 Period
7.9.23
to
4.9.24
Total
funds
as restated
£
358
350,213
1,442,379
527,103
2,320,053
33,433
309,995
1,367,095
1,710,523
986,598
1,596,128
600,000
2,196,128
39,989,049
-
39,989,049

The notes form part of these financial statements

Page 11

Hull Trinity House Charity

Statement of Financial Activities for the Period 5 September 2024 to 3 September 2025

Continued…
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
funds
£
20,513,408
Restricted
fund
£
187,301
Endowment
funds
£
31,351,886		 Period
5.9.24
to
3.9.25

Total
funds
£
52,052,595		 Period
7.9.23
to
4.9.24
Total
funds
as restated
£
42,185,177

The notes form part of these financial statements

Page 12

Hull Trinity House Charity

Statement of Financial Position 3 September 2025

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
14
5,510
Investments
Investments
15
7,332,771
Investment property
16
-
7,338,281
CURRENT ASSETS
Debtors
17
4,137,636
Cash at bank and in hand
9,646,439
13,784,075
CREDITORS
Amounts falling due within one
year
18
(608,948)
NET CURRENT ASSETS
13,175,127
TOTAL ASSETS LESS
CURRENT LIABILITIES
20,513,408
NET ASSETS
20,513,408
Restricted
fund
£
-
153,748
-
153,748
-
33,553
33,553
-
33,553
187,301
187,301
Endowment
funds
£
5,285,000
2,582,216
25,385,000
33,252,216
-
(1,900,330)
(1,900,330)
-
(1,900,330)
31,351,886
31,351,886		 2025

Total
funds
£
5,290,510
10,068,735
25,385,000
40,744,245
4,137,636
7,779,662
11,917,298
(608,948)
11,308,350
52,052,595
52,052,595		 2024
Total
funds
as restated
£
4,825,000
10,385,180
24,795,000
40,005,180
500,856
2,112,899
2,613,755
(433,758)
2,179,997
42,185,177
42,185,177

The notes form part of these financial statements

continued...

Page 13

Hull Trinity House Charity

Statement of Financial Position - continued 3 September 2025

FUNDS
19
Unrestricted funds
Restricted funds
Endowment funds:
Endowment fund
Revaluation reserve
TOTAL FUNDS		 20,513,408
187,301
28,051,375
3,300,511
31,351,886
52,052,595		 18,381,504
180,350
20,782,812
2,840,511
23,623,323
42,185,177

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Captain G. J. Rawding

............................................. Captain P. J. Cowing

The notes form part of these financial statements

Page 14

Hull Trinity House Charity

Statement of Cash Flows for the Period 5 September 2024 to 3 September 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Purchase of investment property
Sale of fixed asset investments
Sale of investment property
Interest received
Dividends received
Net cash provided by/(used in) 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
5.9.24
to
3.9.25
£
(1,355,513)
(1,355,513)
(8,265)
(2,080,448)
(341,608)
1,652,002
7,006,177
79,775
454,200
6,761,833
5,406,320
2,979,864
8,386,184		 Period
7.9.23
to
4.9.24
as restated
£
785,563
785,563
-
(1,045,617)
(4,561,092)
341,172
510,000
170,260
356,844
(4,228,433)
(3,442,870)
6,422,734
2,979,864

The notes form part of these financial statements

Page 15

Hull Trinity House Charity

Notes to the Statement of Cash Flows for the Period 5 September 2024 to 3 September 2025

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
Interest received
Dividends received
Revaluation of fixed assets
Gains on reval of investment assets
Increase in debtors
Increase in creditors
Net cash (used in)/provided by operations		 Period
5.9.24
to
3.9.25
£
9,407,418
2,755
(79,775)
(454,200)
460,000
(7,230,124)
(3,636,780)
175,193
(1,355,513)		 Period
7.9.23
to
4.9.24
as restated
£
1,596,128
-
(170,260)
(356,844)
600,000
(986,599)
(227,968)
331,106
785,563

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Investments – designated bank deposits
Total		 At 5.9.24
£
2,112,899
866,965
2,979,864
2,979,864		 Cash flow
£
5,666,763
(260,443)
5,406,320
5,406,320		 At 3.9.25
£
7,779,662
606,522
8,386,184
8,386,184

The notes form part of these financial statements

Page 16

Hull Trinity House Charity

Notes to the Financial Statements for the Period 5 September 2024 to 3 September 2025

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.

Monetary amounts in these financial statements are rounded to the nearest whole £1. The financial statements are presented in sterling which is also the functional currency of the charity.

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.

Changes in the fair value of investments are recognised as income or expenditure in the Statement of Financial Activities.

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

continued...

Page 17

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 5 September 2024 to 3 September 2025

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

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.

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.

Investments

Investments both current and fixed are included at fair value within the accounts.

Fair value is defined as 'the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.'.

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.

continued...

Page 18

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 5 September 2024 to 3 September 2025

1. ACCOUNTING POLICIES - continued

Fund accounting

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.

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.

Cash and cash equivalents

As at the year end, the Charity held a portion of its cash reserves within high interest, fixed rate accounts. Due to their highly liquid nature, these have been included within cash at bank and in hand.

continued...

Page 19

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 5 September 2024 to 3 September 2025

2. DONATIONS AND LEGACIES

Donations
Included within the above is a one off donation from The Corporation of £2,310,000
3.
OTHER TRADING ACTIVITIES
Rental income
4.
INVESTMENT INCOME
Income from quoted investments
Bank and other deposit interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Grants receivable
Grants received, included in the above, are as follows:
Grant		 Period
5.9.24
to
3.9.25
£
2,423,258
(2024 - £nil).
Period
5.9.24
to
3.9.25
£
1,198,094
Period
5.9.24
to
3.9.25
£
322,131
211,844
533,975
Period
5.9.24
to
3.9.25
£
2,730
Period
5.9.24
to
3.9.25
£
2,730		 Period
7.9.23
to
4.9.24
as restated
£
358
Period
7.9.23
to
4.9.24
as restated
£
1,442,379
Period
7.9.23
to
4.9.24
as restated
£
340,268
186,835
527,103
Period
7.9.23
to
4.9.24
as restated
£
350,213
Period
7.9.23
to
4.9.24
as restated
£
350,213
a
a
a

continued...

Page 20

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 5 September 2024 to 3 September 2025

6. RAISING FUNDS

Investment management costs

Portfolio management Period
5.9.24
to
3.9.25
as
£
35,934		 Period
7.9.23
to
4.9.24
restated
£
33,433

7. CHARITABLE ACTIVITIES COSTS

Grant
funding of
activities
(see note
8)
£
Grants payable
372,628
8.
GRANTS PAYABLE
Grants payable
The total grants paid to institutions during the period was as follows:
Grants to institutions
The total grants paid to individuals during the period was as follows:
Retired mariners and their dependants
Support costs		 Support
costs (see
note 9)
£
(82,466)
Period
5.9.24
to
3.9.25
a
£
372,628
Period
5.9.24
to
3.9.25
a
£
4,600
Period
5.9.24
to
3.9.25
a
£
285,562
82,466
368,028		 Totals
£
290,162
Period
7.9.23
to
4.9.24
s restated
£
396,137
Period
7.9.23
to
4.9.24
s restated
£
500
Period
7.9.23
to
4.9.24
s restated
£
309,495
86,142
395,637

continued...

Page 21

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 5 September 2024 to 3 September 2025

9. SUPPORT COSTS

Other resources expended
Grants payable		 Management
£
1,642,313
(82,466)
1,559,847		 Other
£
2,755
-
2,755		 Governance
costs
£
9,596
-
9,596		 Totals
£
1,654,664
(82,466)
1,572,198

10. AUDITORS' REMUNERATION

AUDITORS' REMUNERATION
Period Period
5.9.24 7.9.23
to to
3.9.25 4.9.24
as restated
£ £
Fees payable to the charity's auditors for the audit of the charity's financial
statements 9,439 10,328
Auditors' remuneration for non audit work 157 3,581

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 3 September 2025 nor for the period ended 4 September 2024.

Trustees' expenses

There were no trustees' expenses paid for the period ended 3 September 2025 nor for the period ended 4 September 2024.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2025
£
884,918
83,715
64,497
1,033,130		 2024
£
828,218
71,846
60,569
960,633

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

Rest homes
Support staff		 Period
5.9.24
to
3.9.25
as
3
25
28		 Period
7.9.23
to
4.9.24
restated
4
23
27

continued...

Page 22

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 5 September 2024 to 3 September 2025

12. STAFF COSTS - continued

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

2025 2024
£75,000 to £85,000 1 1

13. PRIOR YEAR ADJUSTMENT

During the year, management identified an error in the dates and accounting for income relating to the rents received by the Charity.

In the financial statements for the year ended 4 September 2024, there should have been elements of rent received, and investment income brought in as debtors, accrued income and deferred income but wasn't. This resulted in an understatement of debtors by £182,167, accrued income of £114,526, rents received of £97,950, investment income of £16,575 and deferred income of £182,167.

This error has been corrected by restating the comparative information for the prior period in accordance with FRS 102, along with a £nil effecting adjustment whereby, £350,213 of grants received were reclassified from donations and legacies to grants receivable to be more consistent with the current year.

14. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 5 September 2024
Additions
Revaluations
At 3 September 2025
DEPRECIATION
At 5 September 2024
Charge for year
At 3 September 2025
NET BOOK VALUE
At 3 September 2025
At 4 September 2024		 Freehold
property
£
4,825,000
-
460,000
5,285,000
-
-
-
5,285,000
4,825,000		 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
8,265
-
51,850
43,585
2,755
46,340
5,510
-		 Totals
£
5,021,106
8,265
460,000
5,489,371
196,106
2,755
198,861
5,290,510
4,825,000

Properties were valued on an open market existing use basis on 3rd September 2025 by Cundalls, Malton and Penrose Commercial, Hessle.

If the properties were valued on a cost model basis, the carrying amount would be £1,984,489.

continued...

Page 23

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 5 September 2024 to 3 September 2025

15. FIXED ASSET INVESTMENTS

MARKET VALUE
At 5 September 2024
Additions
Disposals
Revaluations
At 3 September 2025
NET BOOK VALUE
At 3 September 2025
At 4 September 2024
Regional Breakdown
Extraordinary Repair Fund
UK
North America
Europe
Japan
Rest of the World
Endowment Fund
UK
North America
Europe
Japan
Rest of the World
Reserve Fund
UK
North America
Europe
Japan
Rest of the World		 Listed
investments
£
9,518,215
2,080,449
(2,137,457)
1,006
9,462,213
9,462,213
9,518,215		 Cash and
settlements

pending
£
866,965
47,737
-
(308,180)
606,522
606,522
866,965
Totals
£
10,385,180
2,128,186
(2,137,457)
(307,174)
10,068,735
10,068,735
10,385,180
36%
41%
12%
4%
7%
36%
41%
12%
4%
7%
37%
40%
12%
4%
7%

continued...

Page 24

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 5 September 2024 to 3 September 2025

16. INVESTMENT PROPERTY

FAIR VALUE
At 5 September 2024
Additions
Disposals
Revaluation
At 3 September 2025
NET BOOK VALUE
At 3 September 2025
At 4 September 2024		 £
24,795,000
341,608
(65,545)
313,937
25,385,000
25,385,000
24,795,000

Properties were valued on an open market existing use basis on 3rd September 2025 by Cundalls, Malton and Penrose Commercial, Hessle.

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Accrued income
Prepayments		 2025
£
268,633
3,616,957
185,308
66,738
4,137,636		 2024
as restated
£
253,429
74,332
114,526
58,569
500,856

18.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxation and social security
Other creditors		 2025
a
£
90,100
76,517
442,331
608,948		 2024
s restated
£
149,196
74,178
210,384
433,758

continued...

Page 25

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 5 September 2024 to 3 September 2025

19. MOVEMENT IN FUNDS

Unrestricted funds
Reserve fund
Restricted funds
Prize funds and bequests
Endowment funds
Endowment fund
Revaluation reserve
TOTAL FUNDS
Net movement in funds, included in the above a
Unrestricted funds
Reserve fund
Restricted funds
Prize funds and bequests
Endowment funds
Endowment fund
Revaluation reserve
TOTAL FUNDS		 At 5.9.24
£
18,266,978
180,350
20,782,812
2,840,511
23,623,323
42,070,651
re as follows:
Incoming
resources
£
4,144,650
13,407
-
-
-
4,158,057		 Prior
year
adjustment
£
114,526
-
-
-
-
114,526
Resources
expended
£
(1,979,976)
(784)
-
-
-
(1,980,760)		 Net
movement
in funds
£
2,131,904
6,951
7,268,563
460,000
7,728,563
9,867,418
Gains and
losses
£
(32,770)
(5,672)
7,268,563
460,000
7,728,563
7,690,121		 At
3.9.25
£
20,513,408
187,301
28,051,375
3,300,511
31,351,886
52,052,595
Movement
in funds
£
2,131,904
6,951
7,268,563
460,000
7,728,563
9,867,418



continued...

Page 26

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 5 September 2024 to 3 September 2025

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 7.9.23
£
Unrestricted funds
Reserve fund
17,188,617
Restricted funds
Prize funds and bequests
167,781
Endowment funds
Endowment fund
22,632,651
Revaluation reserve
-
22,632,651
TOTAL FUNDS
39,989,049
Comparative net movement in funds, included in the above are
Incoming
resources
£
Unrestricted funds
Reserve fund
2,315,651
Restricted funds
Prize funds and bequests
4,402
Endowment funds
Endowment fund
-
Revaluation reserve
-
-
TOTAL FUNDS
2,320,053		 Net
movement
in funds
£
1,192,887
12,569
390,672
600,000
990,672
2,196,128
s follows:
Resources
expended
£
(1,706,755)
(3,768)
-
-
-
(1,710,523)		 Transfers
between
funds
£
-
-
(2,240,511)
2,240,511
-
-
Gains and
losses
£
583,991
11,935
390,672
600,000
990,672
1,586,598		 At
4.9.24
£
18,381,504
180,350
20,782,812
2,840,511
23,623,323
42,185,177
Movement
in funds
£
1,192,887
12,569
390,672
600,000
990,672
2,196,128
a

continued...

Page 27

Hull Trinity House Charity

Notes to the Financial Statements - continued

for the Period 5 September 2024 to 3 September 2025

19. MOVEMENT IN FUNDS - continued

Endowment fund
Restricted funds
Prize funds and bequests
Unrestricted funds
Reserve fund
Rest home funds
Property repair funds		 Tangible fixed
assets
£
4,825,000
-
-
-
-
4,825,000		 Investments
£
27,022,303
180,352
2,849,185
1,925,394
3,352,946
35,330,180		 Net current
assets
£
(8,073,980)
-
3,828,884
1,959,910
4,351,312
2,066,127		 Total
£
23,773,323
180,352
6,678,069
3,885,305
7,704,258
42,221,307

20. EMPLOYEE BENEFIT OBLIGATIONS

During the period the Charity paid £64,497 (2024: £60,569) into defined contribution schemes. The expense and liability are allocated to unrestricted funds. There was £nil outstanding at the period end (2024: £nil).

21. 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.

During the period under review, the Charity received a donation from The Corporation of £2,310,000 (2024 - £nil).

22. 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.

continued...

Page 28

Hull Trinity House Charity

Notes to the Financial Statements - continued for the Period 5 September 2024 to 3 September 2025

23. 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.

24. 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.

25. 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 29

Hull Trinity House Charity

Detailed Statement of Financial Activities for the Period 5 September 2024 to 3 September 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Other trading activities
Rental income
Investment income
Income from quoted investments
Bank and other deposit interest
Charitable activities
Grants
Total incoming resources
EXPENDITURE
Investment management costs
Portfolio management
Charitable activities
Grants to institutions
Grants to individuals
Support costs
Management
Investment property repairs and expenses
Running costs - almshouses
Trinity House Academy
Support costs
Other
Depn on W.W.A.C equipment
Governance costs
Auditors' remuneration
Carried forward		 Period
5.9.24
to
3.9.25
£
2,423,258
1,198,094
322,131
211,844
533,975
2,730
4,158,057
35,934
4,600
368,028
372,628
911,181
72,852
20,247
555,567
1,559,847
2,755
9,439
9,439		 Period
7.9.23
to
4.9.24
as restated
£
358
1,442,379
340,268
186,835
527,103
350,213
2,320,053
33,433
500
395,637
396,137
643,466
26,649
22,645
574,284
1,267,044
-
10,328
10,328

This page does not form part of the statutory financial statements

Page 30

Hull Trinity House Charity

Detailed Statement of Financial Activities for the Period 5 September 2024 to 3 September 2025

Governance costs
Brought forward
Auditors' remuneration for non audit work
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net income		 Period
5.9.24
to
3.9.25
£
9,439
157
9,596
1,980,760
2,177,297
6,916,184
9,093,481		 Period
7.9.23
to
4.9.24
as restated
£
10,328
3,581
13,909
1,710,523
609,530
1,496,598
2,106,128

This page does not form part of the statutory financial statements

Page 31