Ch•rlty rngl•tratlon numb•r 225257 IEngl#nd •nd Wal•sl HULL CHARTERHOUSE TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 HULL CHARTERHOUSE TRUSTEES LEGAL AND ADMINISTRATIVE INFORMATION Tru•tee• Mrs S E ￿Thrttaker MBE Hon. Aklerman J L Faffjham Revd J Hargrea¥e Mr P Mann Counolk)T T Nèal Counulkji J Connef Counulk)r T Henry Counrylhjr S Kassim {Appointed 19 May 20241 (Appointed 3 June 20241 {Appointed 3 June 20241 Charity number (England and Wal9$1 225257 Atsdltor Srnailes Goldie Regent's Court Princes5 Street Hul HU2 8BA Andrew Jackson 15A Marina Court Caslle Streèt Hull HUI 1TJ Solicitors HULL CHARTERHOUSE TRUSTEES CONTENTS Pag• Trustees. report Slatement of trustees. r83ponsibilities Independènt auditorfs report Statement ol financial aetivilies Balance sheet 10 Note8 lo the financial stalemonts HULL CHARTERHOUSE TRUSTEES TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEIVBER 2024 The trus1￿$ pr¢sent thoir gnnual repNI and finanoal statements lor the year endgd 31 Oecemb•f 2024. The acLounts have been prepared in aLYordance wrth the accountin9 poIKies sel out in note 1 to the accounts and compty wrth the charity's trusl deed daied 7th D•cember 2015, the Charities 2011 and Iho Charity IA¢xounts and Reports) Regulations 2008. Obl•ctlv•• and *¢tlvltl•• The chanty's objects are to pro¥wJa Almshousos to -poor persons of oJod thar•￿er who are noi less Ihon $tKty years ol age" The politytrs adoptod in fvrtherance ol th¢se oty'ects ar¢ set down in th? scheme do&d 08 revis•d and approved by the Board on 7th Decembai 2015 and th8r¥ h•3 been no change in these during the y•)r. Thg #im of the charity 1$ to ￿)ntinUe lo provide 'Alm$' lo the relthts of the ¢* a$ r￿u0$18d by Iho btrnelactor Mieh¥el de la Pol8 in 1384. The Iruslees havg pa￿ due rega￿ lo guthnce iuued by t￿ Charity CoMmi￿.0n in *Y¢c4'ding what actwilie8 the Charity should undertake. Residents have thè use of vaw$ communal and landscar•d gard•n$. As the Charterhou$• li a religiou8 foundation, the residents ¥re expecled to att&rKI servicth in th¢ chapel. T￿$* are perfomed by Ihe Mast6r who musl be 'a clefgymon of the Church of EtvJl8nd OV8f thity years ol age" The Mastor is f98ptsnsible for the d8y lo day administration 01 ihe Chartèrhous& #nd reports to Ihe quarterty mèètiNJ$ of the trust893. A ￿ntinual Support $¢tyice is pro¥idei1 lor the re￿dentS by Iho Masier. Warden and staff soma ol whom liva on tho pi¢rnise8. Other chartty admini$lraiion ojntinues to be out-sour(*¢J lo Ioc81 prOfess￿n•1 pra￿￿01. Thtr Charlerhousè eonlinues to prowde 8nd m•int•n 8￿mmOdItIon foi Ihou Individ￿15 who qu•lfy und•r the crrtgfia contained within the stheme conslrtulion. On Ihe 3 Mafch 2024 the Revd Gk*ria Nayhjr was instsw as the 40th Master of ihg Charterhouse al a licensing s8rvi¢e hekl In Ihe Chapel presided over by Bishop E￿an0￿ Sandarson. HULL CHARTERHOUSE TRUSTEES TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Ach5ev•m•nts ond pgrfornianeé Mrs S E Whittaker MBE was re-elected as Ch¥ir for the year and sorved to Chair all maèlings held in the year. The Charterhotjs? has continued to provide accommodation ol good qualrty lor 113 residents. all of whom are over Sixty years ol age, of good charactèr and in need ol such accommodation. There has been an average of forty residents throughout the year and no long term vacancias, the Irustees have followed their planngd maintenance programme so that individual proparties are maintained to th¥ agreed standard. There was a good Spifil in the Hous8 durin9 the year. Tha Chapel provides s8rvieas lor Ihe resident$ and staff. Re8idenls have ragularly used the Hall and when weather has pèmrtted the garden. Th¢ Tiustees have madè Ihtrir usual grant to residgnl$ social activities. The Chapel and garden w&re open lo the public during National Hedla9e Weekend. Parti68 ol visitors have also been welcomed 8t other lime8'. the buildings and garden of the Charterhou8e are among Hull's finest and attract wide and growing interest. The firm Fawlgy Judge & Easton c4Jntinug$ lo act a8 Clerk lo the Trusl¢e8 in accordance with S¢clion 21121 ol the Charity Commi$$ion'8 scheme dated 7th Dac&mber 2015. Th8y continue to act as Agonl lo the Trustees, in accordanca wlth Section 21111 of the Schamg in rospe¢i of all administration and finance matlars. The Trustees mel in full 5e55ion four tim98 in the course of the y8ar 8nd 81 other tim85 a$ required. The Master ol the Charterhouse attended all their meetin98. All residents had also the opportunity lo meet Trustees inlorrnally lo discuss matters of the residents. own choice. The outcome ol that m6eiing sugge$l8<1 8 high level of salislaclion wllh Ilfè in this communily. Th¥ TriJ8tees count il a privileg8 lo hove Conlinued for another year lo enBuf8 Ihal the Chartarhouse providèd the b981 accommollaiion it can afford lor those who nowadays correspond with those p&r$ons 'ol good characlgr. poor and old, for whose benefit the Founder endowed il, six hundred and forty years 890. with the property which they 8dminisler loday. The continued the on90ing planned maintenanc8 programme which had bg&n approved by th8 Board. Flat refurbishmonts comprised the largest proportion of these works. As part of the Truslee3 target to achiev8 a ba18n¢ed budget lor 2024 an opèrational review was undertaken lo look at Ihg staff provision, Ihe services provided and how best to mg91 thè expectations ol th& resident5. A lengthy con$ult8lion process was undèrtakgn with re8idents and tha $18ff which eventually resultgd in chang85 to staff hours and the irnplemenlalion of external night hours cover. The Costs for Ihis in the year were £8.500. Fln•n¢l*l r•vl•w The unrastri¢t¥d and de51gnated funds a¢¢ounts ended the yaar with an operational dgfi¢il 01 £11.15112023 £144.08211. This was an improvement on the prior year and empha8i$es the continuing repair expenditure and the reorganisation ol staff cosls undertaken in the year and a150 the reduction on inveslmenl income due lo changing financial markèts. Given this the trustees arè pl&a8ed Ihal Ihe remaining income and exponditur¥ were within budget expectations. The Restricted Fund incraasgd in the year in line with th& Twsl¥è8 expectations at £5,605 on 31 Oecember 2024 12023 £5.1601 The trustoès continuèd to have the fixed as$o1 investments managod by Titan Asset Managemonl Ltd. The annual review of the reserve Structure was complatad and together with tha annual investmenl review it ¢n¥ure8 a reserve policy strvclura that meels Ihe requirements of the Trust in future years. HULL CHARTERHOUSE TRUSTEES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves are held for the following reasons". to provide income lo contribute to the Trusf s annual running Costs,. and ¢0 provide the funds to maintain and rnodemise the a￿MmOdation to a high Standard. The Trustèès meet the cost of maintaining its Almshouse property out of the incorne of the Charity bLrt is required to mainta4n an Extraordinary Repair Fund which is designad lo rneet such Éxtraordinary r6p8irs as they arise. This fund has béen fully expendèd. The trustees have 83sessed the major risks to which the charity is exposed, and arè satisfied that systems are in place to mitigate exposure lo the major risks. Specifi¢alty all property is fully insured. professh?nal advice is sought on all propety, investment and finanryal matters, règular safety cha¢ks are carried out In line with charity policies. Structur•. gov?rnanc• and m•n#gernent The Gharterhouse is a registered charity INT. 2252571 and is governed in acLord¥nce wilh the schemes established by the Charity Commissioners on 5th November 1901, 2nd April 1937, 2nd March 1962 and thè 7th December 201 S. The charity Is not incorporated. The trustaes who served during the year and up to th¥ date of signatura of the financial stalernents were.. Mfs S E Whittak*i MBE Hon. Alderman Mrs A Stanlèy Hon. Aldeman J L Fareham Revd J HaTgreave Councillor C Rand•ll Mr P Mann Mr I Shepherd Counallor T Neal Councillor J Conner Councillor T Henry Coun¢illor S Kassim (Resigned 3 Jun& 20241 (Resignéd 19 May 20241 (Resigned 3 June 20251 (Appoinlad 19 May 20241 IAppoinled 3 June 20241 IAppoinied 3 June 20241 The latter schamè provided for a body ol ninè trustees. six are nominatNe trustees, are appointed by Hull City Council and ona by the Archdeacon of thè Easl Riding and hold office for periods of fouv years. Whilst the remaining three trusteès are c(FOPtative and hold office for five years. As vacancies arise efforts are made to recruit suitable individuals who through residan¢g, occupation or employment or olherwise havg spec￿1 knowledge ol the benefit area. The Chairman is Mrs S E Whittakar MBE and the Deputy Chairman is Councillor Mrs C Randall both were appointed at the March meeting. Councillor C Randall resigned on 19th May 2024 and Hon Alderman J L Fareham was elected as Dèputy Chairman at the following trustee rneeting. The 8oard met four times during the year and at other limes to appoint beneficiaries. The Master of the Charterhousè is appointed by th* Board in acLordaneè wilh the Trust Deed and Is responsible for tho daily management of thg House aided by th8 Warden and Rel*f Wardens and Estate Supervisor. HULL CHARTERHOUSE TRUSTEES TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Suppligr payment polley The company's current policy con¢¢ming the payment ol Irade Cfadrtors is to follow tho CBI'S Prompt Payers Code (copies ar8 available from thè CBI, Cenlre P￿nt, 103 New Oyford Strèw. London WC1A 1 DUI. The company's current policy conceming the paymanl of irade Creditors is to.. sottlè the l&rms of payment wrth Suppliers whén agreeing the tems of each transaction". ensurfj that suppliers arè made aware of the tgfms ol payment by inclus￿n of th8 r¢lovant lerms in conlra¢ts'. and pay in accordance wrth the o)mpany's contTa¢lual and other le9al obligations. Tr8fJe creditors of the comp¥ny at the year ond w¢ro equr¥ab8nt to 14 day's purchases, b88od on Ihe 8v•ragg daily amount Invoiced by sUppl￿r$ during the year. Thg Iru$leo8' report was approvgd by Ihe Board of Trustees. Mrs S E Whfftaker M8E Chalr of th• Tru•t••• 15 OCto￿r 2025 HULL CHARTERHOUSE TRUSTEES STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are rgsponsible for preparing the Trustees, Report and the financi815tatements in accordance with applicable law 8n(J United Kingdom A(Kounling Standards (United Kingdom Generally Accapled Accounting Practice). The law applicable to charitie5 in England and Wales rèquir$8 the trustees to prepare financial stalernents lor each financial year which give a true and lair view of the state ol affair$ of the charrty and of the incoming ￿soUrceS and application ol resoure¢s of the charity for that year. In preparing Ihesa flnan¢ial slatemenls. the trustees are required to.. select suitable accounting policies and thgn 8ppty them consist&nlly', observe the methods and principles in the Charities SORP., makè Judgements and estimates that are reasonable and prudgnl., state whether applicable accounting standards have been followed, subject to any material dapartur85 disdosod and oxpleined in the finanaal slal8mgnls'. and prepare the financial slalernenls on the going concfjrn basis unless rt is inappropriate lo pre5um8 that the charity will continuo in operation. The trustees are rasponsible lor keeping sufficient accounting records Ihal disclose with r¥asonable accuracy at any lime the financial position ol the charity and enab19 them lo ensure that the finan¢ial sl8lemen15 c£Jmply wrth thg Chariti85 Act 2011, the Charity IAccounts and Reports) R￿ul¥ll0￿$ 2008 and th6 provisions of the trust deed. Th8y are also responsible lof safeguarding the ass&ts ol the tharrty and hencg lor taking r6a8onabl8 Staps for Ihg prevention and dètgclion ol fraud and other irTagulariti88. HULL CHARTERHOUSE TRUSTEES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HULL CHARTERHOUSE TRUSTEES OpSnlon We have audited the finanoal statem8nts of Hull Chartethousè Twstees Ilhe 'c*anty'l for the yoar ended 31 December 2024 which comprise the statement of financial actiwbtss. the balance sheèt and the noles to the financial slatements, Induding a 8ummary of significant ?¢o)unting policies. The finanoal reporting framework that has been applied in their preparation is applubk Law and United Kingdom Aeeounling Standard$. including Financial Reporting Standard 102 The Fin8nGial Roporting Sl8ndard awcablè in the UK and Repubk of Ireland IUnrt8 Kingdom Generalty Accopled A￿nIIng Practul. In our opinion, thè finan¢ApI stalements.. gwe a true and fair view ol the State of Ihg thanty'$ affairs as at 31 Oe¢ember 2024 and ol its incoming resources and application of resources. lof tho yeaf then ended". have been property prepared in accordance wrth Unrted Kingdom Generally A0￿pted Accounting Prath'ce,. and have boen prepared in accLird8nce with Ihe Chariti'es Act 2011. Ba•1$ for opinlon W8 conducl8d our audrt in awNdance with Int•ma￿n81 Stsndards on Audth"ng {UKI IISAS IUKII and appli¢gble law. Our rèsponsibililies under those standards are further described in thè Audilofs Trsponsibililies lor th8 8udil or tho finan¢181 $18tements section ol our r8POrt. ￿ are Independent of the ¢hanty in accordancé wrth th¥ ethical requiremenls Ihat are relevant to our audit of the financial stslgmenls in the UK, includin9 th¥ FRC'3 Ethical Standard. and we have fulfilled our Oih•r glhtsl rosponsibilities in aeeardanc* wilh Ihese requir8m8nts. We boliove that the oudit ovidence we have obtain8t1 is suffi¢*nt and appropriat• lo provido a basls for our opinion. Conelu•lon• rnlatlnq to golng conc•rn In audrtin9 the financial slalements. we have conC￿ded that the tTUStew' use ol the going c4nc•m basis of aLwunlln9 in Ihe preparation of the financa81 ¥latom•nt8 is appropriate. 88s¢d on the work we have perfomied. we have nol Idtrniif￿d any material unt*rtsinli&$ le￿11n9 to evonts or conditions that. individualty or collgclNety, may ¢asl s￿nIficant doubt on Ihe ¢harity'$ ability lo continu8 a$ a going ncem for a period ol al18ast ￿e1ve month$ from when the financial $lalen*nt$ 8fe authori50d for is$u&. Our responsibil￿1•S and th& responsibdit*$ ol the tru5t•es with respect to going concom or¥ 0&8crib•d in Ihts relevant Sections ol this report. Othér Infomi•tlon The olher infomiation comprises the information includ8d in th¥ ann￿1 report other than thè fin8ncial slalements and our auditor's rèport th&r¥on. The truslees are responsiblè fof th¥ other informalion containad within the annual report. Our opinion on Ihe finanual ststernnls does nol c4)￿r thg Other informalion and we do not 8Xp￿sS ¥ny form of assuranc￿ conclusion thereon. Our Tespongibility is to f•ad the other information and, in doing so, Consider whelher the other information is Mat*r￿llY incons￿tent wilh Ihe finanual stat•menlS or our knowledge obtainad in the course ol th6 audrt. or oth8￿1$￿ appears to be materialty misstaled. If we identify such material Inconsistonags or apparent material misstalemenls. we are reqUI￿d lo detemiinè whether th￿ gives rise lo a mat8rial mi$slalemenl in the finanoal $18temenls themselves. 11. based on th8 woth we hove perfomied. we condudg th81 there 18 material mis$talement of this other lnf0nnat￿n. wa arè requi￿￿ to report that fact. We have nothing to report in this regard. Matt•rn on Tftthl¢h w• •v* requlred to r•port by •xe•ptlon We have nothing to report in respÈet of the following matters in relalion to wlM¢h thè Charities (Accounts and Reports) Regulalions 2008 r￿￿110$ us to report to you rf. in our opinion.. the Inlormalion given in the finanryal Statements is inconsi$lertl in any rnaterial respect with the trustè&$' report", or sufficienl accounting ￿COrdS have nol been kept." or the financial statements aro not in agrèèmènt wth the accounlirwJ records". or we have not r¢¢eived all the inf￿nat￿n and explanat￿n$ w8 requir8 for our wdiL HULL CHARTERHOUSE TRUSTEES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HULL CHARTERHOUSE TRUSTEES R•spOn#lbilit￿¥ of tru•to•• As explained more lully in the $tst¢moM of truslees. Tesponsibilrties. thg Irusleès #re respons￿￿ for thè préparatitsn of the financial statemènts and lor being Satisfied Ihal they give a tru¥ and f81r view. and lor such internal ¢x)nlrol as the trustees delermina is n•eè$sary lo enab￿ the preparation ol ffinanLyal Slatements that are Ir&a from material mi$stalement, whether due to fraLMJ or error. In prepanng Ihe finanoal slatamenis. tho trustees are responsible lor as$e551ng the charity's ability to continuè as a going ¢x)ncem. dtsc4osing. as appli¢abltr, malter5 ￿lated to going concefn an(J using the going concem basis of accwnting un￿sS the tnJslee$ fjrther intend to ￿aSe operations, or have no realistic attemative bLrt to do $0. AudltoV• r••ponslblllll•• lor th• •udlt ol th• financ￿1 •tat•m•nts We have been appoint&d as auditor undér sect￿tt 144 of the ChaIrt￿S Act 2011 and ropon in •C￿rdanCe with the Acl and r8levant regulations m¥de Of having effect thereunder. Our obpctives are lo obt¥in r¢¥$On•b￿ a88urance aboLrt wh8th•r Ihg financial $talem¢nts as a whole are free from malafial mi$$¢al&menl. whether due to fraud Of error. and to Issue an audrioC$ report ihat Indudes our opinion. Rgasonabbe a$$uran¢t is a high level of assurance bul is not a guafanlg9 that 4n audrt conducled in accordance wilh ISAS IUKI will ahYay5 deled a matenal misstatem•nt wh8n rt exists Mi$statèmenls can arise from traud or error and are considered material if. indiwdualty or In the a99r¢g01¢. thoy coukl reasonabty be expected lo Influen¢fj Ihe e¢onomi¢ derisions of uurs lak￿ on the basis of thes8 finono•l 8lat¢ment$. The extent lo whlch our pro¢edure8 4r0 capabl8 ol d&teckn'ThJ irwul•ritb•S, ir¢ludin9 fraud. detailed below. HULL CHARTERHOUSE TRUSTEES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HULL CHARTERHOUSE TRUSTEES Our approach lo identifying and assessing the risks of material misslalgmenl in rgsp¥cl of irregularities. includin9 fraud and non-compliance with laws and ragulations. was focused on 8pecific laws and regulations which we nsidered may have a direct material effect on the financial Slatements or the operalion$ of the charity. including the Charities Act 2011. taxation legislation, data protection, anli-bribery, employment, envirtsnrnental and health and safety lègislation. An undersianding ol these laws and re9ulalions and the extonl of compliance was oblaingd through d18cussion with managemanl and Inspecting kngal and rogulatory correspondence. We assessed th& susceptibility ol the ¢harity's financial stalemanls to material mi$st8tement. including obtaining an underslanding ol h¢)w fraud mi9hl O¢xur, by makin9 enquiries of management and considering the internal contro13 in place to mitigate risks of fraud and non-o)mplian¢é wilh laws and regulation$. To add￿$5 the risk ol Iraud through managament bia5 and ov8rride of controls, we". pèrforrned analytical prtscedures lo identify any unusual or unexpected ralationships.. lestèd journal enlries lo Identify unusual Ir8n$actions'. ass¥ssed whether jud9&m¢nts and assumptions made in del&rmining Ihg a¢counling ￿tiM9t¢S were indicativ¢ of potenlial bias, and investigated the rationale behind significanl or unu8ual transactions. In response to the risk ol irregularities and non-¢ompliance with lows and regulations, wè deBignad proc4dureB which included. but wore not limiled to. agreeing financial stat¥mtrnl disclosures to undèrlying 8UPPOning documenlalion,. &nquirino of mana9oment as lo actual and potenlkil litigation and claims., and ¢onlirming membership wilh relevant r8gul81ors. Due lo Ihg inhèrent limitations of an audit, ther8 Is a risk that we will not detecl all Irregularities, in¢lutJing those leading to a matèrial misslatemenl in tho financial slatemants or ntsn-complian¢e with regulation. This risk increasas th? rnore that compliance with a law or r9gulation is removed from the 8V8nts and transaction$ rèflected in the financial stalam&nl$, as we will bo less I￿kelY to become aware of instance3 ol non-corrplianc*. Audiling 31andards a150 limit the audit procedures roquirod lo i)ntinue to adopt the going Concern ba$18 of aCcI￿ntIng in preparing the finanrial statements. 1.3 Charitsble fund8 Unreslrictgd funds arg availab￿ for at thè discretion of the tnJst&¢s in furthgrance of thoir charitabl& objectives. Rosth"¢aed funds are subpct lo Spe￿ txtrnd1t￿nS by donors or yrantors a$ to how they may be used. The purposes and uses of thè reStr￿ted funds are set OLrt Ihe notès to the financial statement5. Endowment fvnds are subject to specafic ¢Xndty"O￿ by donors that the capTtal must be maintained by the charity. 1.4 Income Income is recognised whèn the tharrty Is legally entitbed to it aftèr any perfomance ojndrtions have been met. the amount$ be mèasuied re1￿abfy. and it is probable that inwme wiu b• ￿Ceived. Cash donations are recognised on receipt. Other donations afe re￿nised onr* the chanty has beèn nolifRd of the donation. unless performance condilions require deferral ol the amount. Income tax reo)verable in 18lalion to donations receNed under Grft AKI or deeds of r*venant is Te￿gn¢Sed at ihe time of the donatron. Legaaes are recognise(l on receipt or otherwtsg ￿ the chanty ha5 been noiffied of an impending distribution, the amount is known. aTrl receipt is expected. If the amount is not kn¢)wn. tha ￿9￿cy is trèated as a ntingent asset. 11 HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountSng poll¢l•• Icorttlnu•dl 1.5 EX￿ndItUr• Expenditure is reco9ni$ed once Ihere is a legal or o)nstructwe obligation to Iransfer eo)nomic benefil to a third party. it is probable that a transfer ol &conornic benefits will be required in sett*ment, and the arnounl of thg obligation can ￿ measured Teliabty. Expenditurg is classified by a¢tivty. The costs of eath actiwty are made up of Ihe total ol direct costs 8nd sharad eosts. including support ￿)st3 invohed in un¢lertaking each aUNity. Direct costs attribulabk lo a single activity are all<)cated directty to Ih¥t aclwity. Shared c05ts which conlribule to more than one activrty and support COSIS which are not attributable lo a SirKj￿ xtmty are apportionod bghveen thos8 actiwties on a ba51S eonsislent with the usg of resources. Central staff cos13 ar& alkjcated on the basis ol time spenl. and d¥pr¢uation charges arg albcated on the pOrt￿n of tho •uet'S Use. Allocation of Resourc0$ Exp¢rKJed Expens&s asso¢ialed wrth the managemgnt of the charity's inve$tmenl and property portfolios afe charged againsl the unre5trKted and r8$lri¢ted funds as appropnale. Expenses a$sorJated with the maintanance of the Almshouse prO￿rty and the pastoral welfare of the almspersons are charged against the unre$tn￿ed fund as appropnat& Governan¢fj ¢osls comprise fees for audrt and legal seryic•s. Support co¥1$ ¢ompri¥e the remaind&r of all expendrture. 1.8 Tan9lbl• fix•d ••••ts Tan9ible fixed assets are initialty m8g$ured al 4nd s￿)58quentfy measurnd al cosl or valuats'on. net ol deprg¢ialion #nd any impaim)ent108$eS. Tangibla fixgd a$$¢i$ ar6 ￿*ted at cost d•protyotion. In this yaar the ¢honty ffjported undar FRS102 and in res￿¢1 of tharity property look th& opporlunrfy ￿ restale thè charity propety for 2019. The surplus was charged lo Fixed AsMt Rfjvalual￿n Resèrye. DepreoalKJn 1$ provided at rates Ca1￿lated lo write off the co$l less estimatod re8￿U31 value of each assel over its expected useful life. as follows.. Land and building8 Plant and equipment 2% on cost or valu¥lion 10% on co8t The gain or loss arising on ihe disposal ol an asset ts deiernined as the differenco beNYeèn the sale pro¢eed$ and th8 C8rryin9 value of Ihtr •sset. and is rewniwd in the Stateff￿nI of finanual activities. 1,7 Inv••trn•nt prop•rtl•• Inv¥$lment property. which 1$ property held lo eam rental$ andlor for capital appr&¢ialion, is initially rewgnised al cost. which includfjs tho purthase cost and any ￿l￿diY attribuiabla &xp8nditurtr Subsequently il 1$ measured at fair value at the reporting end date. The $urplu$ or deficrt on revaluation is recognised in profrt or 1¢$$. 1.8 Flxed a•••t Inv••lm•nts Fixed asset investments are Init￿lty masufe(l at tr¥n$aoK)n price exduding tr•n¥actrJn costs, and ar8 subsequentty measurad at lair ¥a￿e at eath reporting datè. Charys in lair value ore recognised in net incornellexpendilurel for thè year. TransaCt￿n costs are exwnse¢J as ￿Curred. 1.9 ImpaSrni•nt of fix•d a¥8¢ts At each reporting end date, the chanty r•viM the caryirvj amount$ of its tangible assets to dglgmine whèther there is any indicatKJn Ihat those assets have SLsffered an irnpairment loss. If any such indi￿tIon 8xist5. the recoverable amount of tha awt Is estimaled in order to delermine Ihe extent ol th8 impairment loss lif any). 12- HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢Oun￿n9 pollel•• IContlnu•dl 1.10 Ca•h 4nd cash •qulval•nts Cash and cash equivalonls include ca$h in hand. deposi18 held at call with banks. other short-tem liquid invo$tments with onginal maturities ol three month$ or le83. and bank overdrafts. Bank overdrafts are shown within borrowings in cufr&nl liabilrties. 1.11 Flnan¢lal In•trum•nts The charity has elected to apply th6 provision3 of Section 11 'Basi¢ Financial In$lrumanls' and Section 12 'Olhef Financial In8lrumen15 Issues. of FRS 102 to all of 118 linan¢ial instruments. Financial instrum¢nt8 are rocognis&d in the charity's balanc￿ she&1 when th8 Charity becom0$ porty to th contractual provisions of tha inslwmenl. FinancAal a$$et8 and liabililios ar¢ offset, with the nèt amounts prosenled in the finanaal stat•ment8, when Ihere is 8 legally enlorc8able rwJhl lo set off the focognised amount8 and ther8 is an intention lo settle on a nel basis or lo realis8 lh• asset and settle the liability simuttaneously. B•sle Iln•nclal •ss•ts Basic financial assets. which include deblor3 ¥nd ¢ash and bgnk balancos, are Inlbally m8agured al transaction pnee including transa¢lion c0816 and are $ubsequentW comed at arnortis8d ¢081 using the affa¢tive inl8resl mgthod unless the arrongèrnenl conslilules 8 financing transaction. where the transaction 13 rnèasured at the presgnl value of the lulur& re¢gipt8 di8counted al 8 market ratg ol inleresi. Financ*819$8ts18 ¢la88ified as receivable within one year arg not amortised. 8•slc fln•nehl Il•blllth8 Basic financial liabililies. includlrtg Creditors And b¥nk loans are inill81ty rocognised at Ir8n8aclion price unl888 the orrangement CA)nstitulo$ 8 financAng Iran$8¢lion, where the ¢Jebl instrument is measured at tha present valug tsl the future payments discounted al a mark&t rate of inter•81. Financial liobililies cla88ified 0$ payable within one year ar8 not amortised. Debt instrumgnls are subsèquenlty carried 81 amortised co¥1, using the eff8Cttvg interest rat8 mothod, Tiade crèditors arfj oblig¥tior18 lo pay for good$ or 8erviees that h•vts been acqLtlrg¢J in Ihe ordinary ¢our8e of operations from suppli?r3. Amounts payable #re classified as ¢urTent Iiabililias il payment is due within one year or less. If not. they are presonled 85 non.curront liabilities. Trade cr&dilors are recogni$e¢J inilialty at transaction price and s¢Jbs8quanlly mtrosured al amorti$ed cost using tha ¥flective inlor8St method. D•r•¢oqnltlon of Iln•n¢l•l Il•blllU•s Financial 11obilitio$ are derecogni$gd whtn Ihe charty'$ conlractual obli901ion8 tsxpire or ore di8¢harged or cancg11$d. 1.12 Employ0• b•ngflt• The cost of any unu$&d holiday entitlemanl 1$ rewnised in the period in which th8 employee's seryb￿S are roceiv•d. T&mination benefits ara rs¢ogni3ed immediatoly 88 an expense whan the charity is demon$lrabty wrnmitt8d to tèmiinate the employment of ¥n ernployee or to provide termination bènofrts. 13 HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountbng polleies IContlnue(ti 1.13 R•tirement benefits Payment5 to defined conlribLrfion reb"rement benefit schemes are charged as an expense as they fall due. The Charterhouse Hull participates in the Churc* of England Funded Pènsions Scheme for Stipèndiary dergy, a defined benefit pension schèmè. This scherre t5 administered by the Church of England Pensions Board, wh￿h holds the assets of the schem&s separatety from thosè RèsFrfJnsibk Bodies. Each participating Responsiblè Body in the scheme pays contributK)n$ at a common contribution rale applied to pensionable stipends. Thè scheme is considered to be a mufti-employèr stheme a5 described in sect￿jn 28 of FRS 102. This means rt 15 not Possible lo attribute the Schemè's assets and liabilities to each Responsiblè Body, and this means contribubons a￿ accounted fof as rf the Stheme were a defined ￿ntn"bUknon schème. The pensions costs chafged to the SOFA in Ihe yeaf are the c0ntn.bu1￿ns payab￿ towards tenerrts and expenses accrued in that year. Crltieal ae¢ountin9 e¥tim•tes and Judg￿nents In the application of the charity's accountsng poliaes. the trustees are requiTed to make judgements. ¥S￿mateS and assumptions aboul the carrying amount of assèis and liabilrties that are not readily apparent from othèr sources. The estimates and associated assumption5 are based on historical experiencE and other factors that are considered to be rekvanl. Adual resuhs may diffèr from these estimates. The estimates and undertying assumptKJns a￿ re￿eWed on an ongoing basis. Revisions to ae¢ountin9 estimates arè racognisèd in the pèrKKI in whth the estimate is rewsed where the rèvision affects onty that period. or in tha ￿tiO￿ ol th¥ revisi￿ and fuiure periods whefe the revision affects both (￿￿nt and fuiure periods. Incom• Irom donatlon• and kga¢i Unrestricted Restrict funds funds 2024 2024 Total UnrMtri¢t¢d Restricted fund# fvnd¥ 2023 2023 Total 2024 2023 Donations 5.486 1.CKJO Charitabl• actlvbtl•8 •lntsMrK• eofitrlbution Malnt•nan¢• rtrlbutlon 2024 2023 Chafltable income- WIAC 183.848 188,642 14_ HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Inve$bn•nts Unmtricted unrèstn.cled fund* fijnds Restricted funds Total 2024 2023 2023 2023 Commerual rentsl income Investment income trom d￿l￿endS and interest 62.467 69,662 55,584 85.153 55.584 85,247 132.129 140,737 140,831 othor in¢ome Unrestrlct•d nds Total 2024 2023 Other ineijmè 4,642 2,484 15- HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Rabsing funds Llnrestrictsd Restrict•d fundg funds Total Toial 2024 2024 2024 2023 Investment property C051s Commerci81 property 23,512 23,512 21.566 Investm mana emen 26,025 79 26,104 25.813 49.537 79 49,616 47,379 For the y&ar 31 Decemb•r 2023 Investment property cost$ Investmanl management 21.566 25.763 21.566 25,813 50 47.329 50 47,379 Do8¢riPtion of Gharltabl¢ activities Provision of supported accornmodalion for those entitkd to benefit from the chanty in accordance with the criteria set out in the trust deed and th8 maintenance of the trust property for this purpose. 16 HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 9 Charltable activitl Support•d •c¢¢)mmodatlon 2024 Prowrty malnt•n•nc• 2024 Tot•1 2024 Total 2023 Siaff ￿SIS Depre&alion and impaimient Water Council tax on voids Insurance Enèrgy ¢08ts Responsivo maintenance Planned maintenance Garden maintenan¢o Serviced maintenanc• Cleaning ¢0815 Profe55ional laas WMC written off Reorganisatw)n costs 178.786 178,766 32,306 5.748 5,636 14.130 28.835 19.092 18.582 11.000 3.540 6.377 21.380 164,810 32,306 6,961 5,180 13,482 18,803 24,319 26.427 9.620 5,124 3,762 10,236 4,4&8 5.748 5.638 14.130 28.835 19.092 18.562 11.000 3540 6.377 21,360 8.5Crf) 241.617 112.237 3S3,854 325,438 Shara ol supwrt ¢tssl$ (see nole 12) Share of govèrnan¢e ¢o$t$ lsee rtote 121 28.430 5.030 28.430 5.030 33.512 4.860 275.077 112.237 387,314 363,810 10 N•t mov•m•nt In fund• 2024 2023 The net movement in fund$ is $lal•d #ftor (*aWgi￿lIc1edit1n9}'. Fges payable for the audrt of the tharity's fin•nrial statements Depreciation of owned i¥ngiblts fixed assets 5,030 32.3C6 4,860 32,3C6 11 Trwt•e• None of the tru3teeg (or any persons conn8cttd with them} receNed any r8rThJn•ratw)n during the year. 17_ HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Support eo•ts Support Go¥•manc• ¢o•ts colts 2024 2023 B4•b• of *llocatSon Clerks lees Printin9 and stationery Telephone Subscriptions and donations Bank charges Sundry expens9$ Loan Inlere81 15.800 765 2.781 15,600 765 2,781 16,500 165 2,221 3.420 149 2.876 2.838 38,372 3,420 149 2,876 2,838 2,831 214 5,146 6,435 Audit fees 5,030 5,030 4,860 Governan 28,429 5.030 33,459 38,372 Anaty$ed belwe•n Ch8ril8bl& activllies 28.430 5.030 33.460 38.372 Governanc• cos18 indudes pgymenl8 lo the audllors 01 £5,03012023- £4.8601 lor audil fees. 13 Giln• •nd lo•••• on In¥••tm•nts Unr••trlet•d R••trf¢t•d fund• fund• 2024 2024 Totsl Unr••trict•d R••trict•d fund• fvnd• 2023 2023 Totsi 2024 2023 Gainslllossesl arising on.. Revaluation ol investments Sgle ol Inveslments 114.382 115.2121 524 114.888 115.2121 161,4051 95,328 1431 272 181.4481 95.598 99.150 524 99,874 33,921 229 34.150 18- HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 14 Emplo￿0$ Numbér of ?mploy••$ The average monthty number employ8es during the year was.. 612023- 81 2024 Number 2023 hlumber Supported accommodation Pastoral Employment ¢o¥ts 2024 2023 Wages and salantrs Social security cost$ Other pènsion costs 160.970 9.213 3,864 151.316 6.096 7,398 173.847 164.810 There wèro no employees whoso annual remunaralion was £80,(X)O or rnore. 15 Tax•tlon The charity is exempt from taxation on ils activities because all Its income is applied lor charitablè purposes. 16 Tanglbl• fixèd a¥¥gts Land •nd bulkllng4 Plant Ind •qulpffl•rbt Total Cost At 1 January 2024 1,990,000 15.087 2.005.C67 Al 31 December 2024 1,990,000 15,087 2.005.C67 Dèpr•ciation and Impalmient At 1 January 2024 Deprtrci8tion charged in the ye8r 154,000 30,800 7,530 1.5C 161.530 32,3( At 31 Decembar 2024 184,800 9,036 193.838 Carying amount At 31 December 2024 1,805,200 6,031 1,811.231 At 31 Dec8mbei 2023 1,836.000 7,537 1.843.537 19 HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Inv•?tm•nt prop•rty 2024 Falr valu¢ Al l January 2024 and 31 December 2024 675,000 In￿Stment prop8ty comprists 7 Sifver Siroei Hul. 62 and 83 Market Place Hull, 47 Han￿Y Road Hull and 149 Spring Gardons Anlaby. The fair valutr of the In￿stmen1 property has beèn attived al on the basis of a valuation carrigd out al 101h Docembef 2019 by Elvzab8th HalboT FRICS of Haller Ev8ns Chartered Survgyors. who are not wnnected with th8 chafity and additions Sin￿ thal date are valugd ai cost. The valuation was made on an open market value basts by relerence lo markel evidence ol tfans¥dion prices for similar properties. Thè trustees beligve that this valuation remains representative ol th& tsir value at 31 08¢&mb&r 2024. 2024 2023 Freehold 875,000 875,000 HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Flxed assot Investments Ligted Inv•*tments Cash In portlollo Totsl Cost or valuotlon At 1 January 2024 Additions Valual¢tsn chang&s Net Movemtsnt 1,901,115 359,248 99,673 1292.9181 22S,979 2.127,094 359,248 176,9501 1292,9181 1176,6231 At 31 Dg¢omb6r 2024 2.CQ7.11B 49,356 2.116,474 rrylng amount Al 31 Dè¢&mber 2024 2.087,118 49,356 2,116.474 Al 31 Decembèr 2023 1,901,115 225,979 2,127.094 Flxed a•g•t Snv•stm•f71• r•vilu•d Where Investments arè in¢luded al revalued amount8. 81ate Ihe bajls of the valuation and the comparable arnounls on the histori¢81 cost basi5, or the difference be￿een the book value and historical cost of each ilem. In addition, with the exception of listed inva$lmenl8. details are réquired of the years an¢J amounts of the valuation8 and in the ca$9 of invo81ments valu8E1 during the year, Iha name$ of the valuers lor particulars of their qualificalionsl. 19 O•btorn 2024 2023 Amounts falllng duo wlthln on• year.. Trade debtors Prepaymenls and a¢¢rued inryjme 8,979 8,939 16.532 9,875 17.918 26,407 20 Loan• •nd ov?rdraft• 2024 2023 Bank loans 9,735 57,065 Payable wrthin one year Psy?ble after one year 9.735 43.880 13.165 The long-term loans are unsecured and a requirement has been agreed by the Trustges to maintain th8 Investments al no less than £1 rn throughout the duration ol the loan. 21 HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 20 Lo•n• and OV•fdraft• Icontlnuodl All borrowings have been repaid in full except for Ihe loan for £75.000 with Unity Trust Bank to part fvnd ltre extraordinary repairs needod for the Chapel. Tha interest rale is 3.5% over the prevailing Bank ol England b8se rate and the final In5talm•nl Is due in 2025. 21 Cr•dltor•'. amounts falllng du• wlthln on• y•ar 2024 2023 Not•¥ Bank loans Othar taxalion and social s&curlly Trade crèditors Accruals and deferred income 20 9.735 6,040 4,578 26,292 43.880 2,520 2.513 21.329 48.645 70,242 22 Cv•dltor•: amounts f•lllng du• *ft•r mor• th*n on• y••r 2024 2023 Not•• 8ank10ons 20 13.185 23 Rttlr•m•nt b•n•nt •¢h•m•• D•fln•d ¢ontrlbutlon •¢h•m•• Th8 charity operal88 a defined conlribulion pension Schème for all qualifying &mpbyees. The 8sse15 of the $ch8me are held s8p4rately from those of the charrty in an independenlly administered fund through NEST. The chargo lo profil or1088 in r¢sp8ct ol definod contribution 8chemes was £3.66412023- £2.1141. -22- * g) HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 An4ly•l• of n•t ••¥•ts b•two8n fund• Unrestrfct•d R••trlct•d Fund Fund• 2024 2024 Totsl Unr&slricled Fund 2023 Re$tricled Funds 2023 Total 2024 2023 Fund balances at 31 Dècèmber 2024 arfj r•prè$enied by. Tangible assets Inveslrnent propartlO8 Investments Current a$$e18llliabilrti8sl Long term liabilitios 1,811.231 875,000 2.111.889 14441 1,811,231 675,000 2,116,474 558 1,843,537 675,000 2.122,934 119,0341 113,1851 1,843.537 675.000 2,127.094 116.0341 113.1851 4.805 1,000 4,160 1,000 4.597,650 5,605 4,803,261 4.609.252 5,160 4,814,412 27 R•lat•d party tr•n••ctlon• Mr A Randall hold5 Ihe posit¢on ol Warden and is the son ol 8 Tru$loe who ceased to be 8 Trugtee in May 2024. It 1$ not a key management position. His appointmenl and any ongoing matlers wer8 dgalt wilh by a fomial deelaralion ol interest and the 88id Tru3t8e kn8ving th• mfjoling al which Ihe r8lat&d mollers arè dis¢ussgd by Ihe remaining Board mambars. -24-