2024-12-31-accounts

REGISTERED CHARITY NUMBER: 226134

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Scarborough Trinity House Seafarers' Trust

Ashby Berry Coulsons Ltd 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB

Scarborough Trinity House Seafarers' Trust

Contents of the Financial Statements for the Year Ended 31 December 2024

	Page
Reference and Administrative Details	1
Report of the Trustees	2 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Financial Statements	7 to 15

Scarborough Trinity House Seafarers' Trust

Reference and Administrative Details for the Year Ended 31 December 2024

Trustees P Holtby MN (Chairman) S Kennington MN D Richardson A Locker M Donnelly J Dyson J Robinson R Taylor G Kell M Normandale (appointed 7 March 2025) Clerk Mrs M Livingstone Holder of title to property The Official Custodian Principal address 43 Newlands Park Grove Scarborough North Yorkshire YO12 6PT Registered charity number 226134 Independent examiner Ashby Berry Coulsons Ltd 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB Solicitors N P Tubbs 106 Victoria Road Scarborough North Yorkshire YO11 1SL

Page 1

Scarborough Trinity House Seafarers' Trust

Report of the Trustees for the Year Ended 31 December 2024

The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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

The general objective of the charity is to provide Almshouse accommodation to persons of limited means, principally retired seafarers and their dependents. The Charity maintains two properties for this purpose. The policy is to continue to provide comfortable accommodation for qualifying persons with constant review of maintenance and upgrade of properties.

The trustees have given due regard to public benefit guidance published by the Charity Commission and consider that in fulfilling its above objective, the charity meets its responsibilities to provide benefit to the public.

Achievements and performance

The trustees are satisfied with all the affairs and management concerning the trust through this period.

As in 2023 we had one occasion when we did not have sufficient trustees to form a quorum at our meeting.

It was decided that if an important issue arose then trustees not able to attend a meeting the chair would accept their vote and comments by email.

I believe that a number of charities are experiencing the same difficulties with recruitment of trustees.

We have late in this year, managed to find two new trustees who will attend our meetings in 2025.

Through this year we have had 100% occupancy of our flats. The two flats occupied by our Ukrainian guests under the Homes for Ukrainian Scheme are still with us.

When their present visa expires in the mid part of 2025 the guests can apply for a visa extension of eighteen months. After that time, it is presently unclear what will happen regarding their visa status within the UK.

We have continued to use Utility Aid to manage our Gas and Electricity contracts with SSE. However, we are considering a necessary increase in our Weekly Maintenance Charge in 2025.

With the aid of a grant from the Seafarers Charity our planned upgrades and improvements mentioned in the 2023 report have all gone ahead and proved successful.

At our Tollergate flats a new gas boiler was fitted and the old piping system was replaced up to modern standards with new control and monitoring system. We are expecting some savings on this new system. Approximately fifty square meters of pointing was renewed at Tollergate. At Trinity House both large chimney stacks have been rebuilt and new lead flashing applied.

Four fire escape doors at the rear of Trinity House leading onto the fire escapes have been renewed.

Planning for 2025 has been discussed which will include further pointing at Tollergate plus cleaning and repairing of stonework at Trinity House.

One large sliding sash window to replace and one to repair at Trinity House. Both outside metal fire escapes will be assessed for repairs or replacement.

We are satisfied that the management of our trust and care of our residents is in line with the aims and objects of Alms-house charities.

Page 2

Scarborough Trinity House Seafarers' Trust

Report of the Trustees for the Year Ended 31 December 2024

Financial review

The statement of Financial Activities shows a surplus for the year of £4,065 before investment gains and losses (2023: £23,057) and net income of £10,855 (2023: £36,934). It is necessary for the charity's reserves to be sufficient to cover major repairs to the two properties as and when the need arises. The charity is restricted by its membership of the Almshouse Association as to the level of rent it can charge to residents, which limits the scope for the charity to raise the rents in line with utility and other costs. The charity therefore needs to maintain additional reserves to underwrite any significant increase in costs which is unlikely to be capable of being matched by an equivalent increase in rent. Liquid reserves (net current assets plus investments) amounted to £265,710 at 31 December 2024 of which £145,150 was held within the designated extraordinary repair fund. The trustees consider that these reserves will be adequate to meet anticipated needs. The trustees consider that specialised investments designed for the charity sector meet their requirements to generate both income and capital growth in the long term.

Structure, governance and management

The charity was founded on 21 December 1602 and was registered with the Charity Commission in 1963. It is governed under Charity Commission schemes dated 4 June 1971 and 2 October 1998.

The administration of the charity is controlled and directed by a body of trustees consisting of no more than fifteen members. Under the trust deed, trustees must be owners, masters or commanders of ships, master mariners or holders of Her Majesty's Commission in the Royal Navy. New trustees are appointed for a period of five years at a special meeting of the trustees.

Statement of compliance with prevailing laws and regulations

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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) issued in October 2019.

Approved by order of the board of trustees on 3 October 2025 and signed on its behalf by:

P Holtby MN - Chairman

Page 3

Independent Examiner's Report to the Trustees of Scarborough Trinity House Seafarers' Trust

Independent examiner's report to the trustees of Scarborough Trinity House Seafarers' Trust

I report to the charity trustees on my examination of the accounts of Scarborough Trinity House Seafarers' Trust (the Trust) for the year ended 31 December 2024.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Anna Wiffen FCCA

Ashby Berry Coulsons Ltd 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB

8 October 2025

Page 4

Scarborough Trinity House Seafarers' Trust

Statement of Financial Activities for the Year Ended 31 December 2024

Notes Income and endowments from Donations and legacies 2 Charitable activities Contributions from residents Investment income 3 Total Expenditure on Charitable activities 4 Accommodation and support Net gains on investments NET INCOME Reconciliation of funds Total funds brought forward Total funds carried forward	Unrestricted funds £ 25,650 102,468 3,883 132,001 127,936 6,790 10,855 323,635 334,490	Endowment fund £ - - - - - - - 1,070,000 1,070,000	2024 Total funds £ 25,650 102,468 3,883 132,001 127,936 6,790 10,855 1,393,635 1,404,490	2023 Total funds £ 11,350 90,728 4,929 107,007 83,950 13,877 36,934 1,356,701 1,393,635

The notes form part of these financial statements

Page 5

Scarborough Trinity House Seafarers' Trust

Balance Sheet 31 December 2024

Notes Fixed assets Tangible assets 9 Investments 10 Current assets Debtors 11 Cash at bank Creditors Amounts falling due within one year 12 Net current assets Total assets less current liabilities NET ASSETS Funds 14 Unrestricted funds Endowment funds Total funds	2024 £ 1,138,780 175,079 1,313,859 4,989 91,947 96,936 (6,305) 90,631 1,404,490 1,404,490 334,490 1,070,000 1,404,490	2023 £ 1,138,780 162,828 1,301,608 4,965 93,351 98,316 (6,289) 92,027 1,393,635 1,393,635 323,635 1,070,000 1,393,635

The financial statements were approved by the Board of Trustees and authorised for issue on 3 October 2025 and were signed on its behalf by:

P Holtby MN - Chairman

The notes form part of these financial statements

Page 6

Scarborough Trinity House Seafarers' Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

1. Accounting policies

General information

Scarborough Trinity House Seafarers' Trust is a unincorporated charity in England governed under Charity Commission schemes. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to provide Almshouse accommodation to persons of limited means, principally retired seafarers and their dependents.

Basis of preparing the financial statements

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

Statement of compliance with prevailing laws and regulations

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

Accounting policies

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Judgements and key sources of estimation uncertainty

The trustees consider that no judgements, apart from those involving estimates, have been made in the process of applying the above accounting policies which have had a significant effect on amounts recognised in the financial statement s.

The trustees consider that no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date have been made which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year .

Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the 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 extraordinary repair fund is a designated fund to which a credit is made each year under the Charity Commission's scheme of 1971. Under the scheme, any investments standing to the credit of the fund may be applied for the extraordinary repair, improvement or rebuilding of the almshouses.

continued...

Page 7

Scarborough Trinity House Seafarers' Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

1. Accounting policies - continued

Funds- continued

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

The Endowment Fund has arisen from the original endowment of the charity and is represented by the value of the two properties owned by the charity.

Comparative information

All movements in the current and previous year relate to unrestricted funds and therefore full fund movement and comparative information is available from the Statement of Financial Activities and Balance Sheet.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised at fair value when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of specified services is deferred until the criteria for income recognition are met.

Donated services and facilities

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

continued...

Page 8

Scarborough Trinity House Seafarers' Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

1. Accounting policies - continued

Expenditure and irrecoverable vat

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 settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.

Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administrative and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Recognised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Land and Buildings	No depreciation
Pictures, ship models and furnishings	No depreciation
Fixtures, fittings and equipment	20% on cost

Freehold land and buildings and pictures, ship models and furnishings are stated at deemed cost (2014 valuation) following the transition to FRS102 as agreed by the trustees. Additions of equipment and furnishings following the transition are capitalised at cost. The trustees consider that the ongoing property refurbishment programme and the nature of the donated assets is such that their residual value is at least equal to their net book value. Any corresponding depreciation would not be material and therefore is not charged in the statement of financial activities. Due to nature and age of the fixed assets the original cost is unknown. The trustees will continue to revalue fixed assets periodically to ensure there is no impairment.

Investments

Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities.

continued...

Page 9

Scarborough Trinity House Seafarers' Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

1. Accounting policies - continued

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Staff costs

When staff have rendered service to the charity, short-term benefits to which they are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. They expect that the income received by the charity going forward, together with its existing reserves, will be sufficient to enable it to continue as a going concern for a period of at least 12 months from the date of signing of these financial statements.

2. Donations and legacies

Donations 3. Investment income Income from COIF shares Deposit account interest Income from National Savings Bond 4. Charitable activities costs Accommodation and support	Direct Costs £ 115,946	2024 £ 25,650 2024 £ 2,960 546 377 3,883 Support costs (see note 5) £ 11,990	2023 £ 11,350 2023 £ 2,867 1,760 302 4,929 Totals £ 127,936

continued...

Page 10

Scarborough Trinity House Seafarers' Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

4. Charitable activities costs- continued

Comparatives for Charitable activities costs

Direct costs £ Accommodation and support 72,634 5. Support costs Management £ Accommodation and support 10,190 Governance costs, included in the above, are as follows: Independent examination Comparatives for support costs Management £ Accommodation and support 9,540 Governance costs, included in the above, are as follows: Independent examination Independent examiner's remuneration Independent examination and accounts preparation current year	Support costs Total £ £ 11,316 83,950 Governance costs Totals £ £ 1,800 11,990 Governance costs £ 1,800 1,800 Governance costs Totals £ £ 1,776 11,316 Governance costs £ 1,776 1,776 2024 2023 £ £ 1,800 1,776 1,800 1,776	Support costs Total £ £ 11,316 83,950 Governance costs Totals £ £ 1,800 11,990 Governance costs £ 1,800 1,800 Governance costs Totals £ £ 1,776 11,316 Governance costs £ 1,776 1,776 2024 2023 £ £ 1,800 1,776 1,800 1,776	Support costs Total £ £ 11,316 83,950 Governance costs Totals £ £ 1,800 11,990 Governance costs £ 1,800 1,800 Governance costs Totals £ £ 1,776 11,316 Governance costs £ 1,776 1,776 2024 2023 £ £ 1,800 1,776 1,800 1,776		Total £ 83,950
		1,800

continued...

Page 11

Scarborough Trinity House Seafarers' Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

6. Trustees' remuneration and benefits

No remuneration was paid to any of the trustees (2023: £Nil).

Trustees' expenses

No trustee had any expenses reimbursed (2023: £Nil).

7. Staff costs

Wages and salaries	2024 £ 17,270 17,270	2023 £ 16,510
		16,510

The average monthly number of employees during the year was as follows: Clerk (part time) Caretakers (part time)	2024 1 1 2	2023 1 1 2

No employees received emoluments in excess of £60,000.

Full time equivalent is not appropriate as work only minimal number of hours.

8. Comparatives for the statement of financial activities

Income and endowments from Donations and legacies Charitable activities Contributions from residents Investment income Total Expenditure on Charitable activities Accommodation and support Net gains on investments	Unrestricted funds £ 11,350 90,728 4,929 107,007 83,950 13,877	Endowment fund £ - - - - - -	Total funds £ 11,350 90,728 4,929 107,007 83,950 13,877

continued...

Page 12

Scarborough Trinity House Seafarers' Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

8. Comparatives for the statement of financial activities - NET INCOME Reconciliation of funds Total funds brought forward Total funds carried forward 9. Tangible fixed assets Freehold property £ Cost At 1 January 2024 and 31 December 2024 1,070,000 Depreciation At 1 January 2024 and 31 December 2024 - Net book value At 31 December 2024 1,070,000 At 31 December 2023 1,070,000 10. Fixed asset investments Market value At 1 January 2024 Additions Revaluations At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023	continued Unrestricted funds £ 36,934 286,701 323,635 Artefacts & pictures £ 68,780 - 68,780 68,780	continued Unrestricted funds £ 36,934 286,701 323,635 Artefacts & pictures £ 68,780 - 68,780 68,780	Endowment fund £ - 1,070,000 1,070,000 Fixtures and fittings £ 3,698 3,698 - -	Endowment fund £ - 1,070,000 1,070,000 Fixtures and fittings £ 3,698 3,698 - -	Total funds £ 36,934 1,356,701 1,393,635 Totals £ 1,142,478 3,698 1,138,780 1,138,780 Unlisted investments £ 162,828 5,461 6,790 175,079 175,079 162,828

continued...

Page 13

Scarborough Trinity House Seafarers' Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

10. Fixed asset investments - continued

There were no investment assets outside the UK.

Cost or valuation at 31 December 2024 is represented by:

Valuation in 2024 11. Debtors: amounts falling due within one year Trade debtors Prepayments and accrued income 12. Creditors: amounts falling due within one year Trade creditors Other creditors Accrued expenses 13. Analysis of net assets between funds Unrestricted funds £ Fixed assets 68,780 Investments 175,079 Current assets 96,936 Current liabilities (6,305) 334,490	Endowment fund £ 1,070,000 - - - 1,070,000	2024 £ 1,867 3,122 4,989 2024 £ 35 - 6,270 6,305 2024 Total funds £ 1,138,780 175,079 96,936 (6,305) 1,404,490	Unlisted investments £ 175,079 2023 £ 1,927 3,038 4,965 2023 £ 1,139 12 5,138 6,289 2023 Total funds £ 1,138,780 162,828 98,316 (6,289) 1,393,635

Comparatives for analysis of net assets between funds

Fixed assets Investments Current assets Current liabilities	Unrestricted fund £ 68,780 162,828 98,316 (6,289) 323,635	Endowment fund £ 1,070,000 - - - 1,070,000	Total funds £ 1,138,780 162,828 98,316 (6,289) 1,393,635

continued...

Page 14

Scarborough Trinity House Seafarers' Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

14. Movement in funds

Unrestricted funds Extraordinary repair fund General fund Endowment fund Unrestricted funds Extraordinary repair fund General fund Endowment fund	At 1 January 2024 Incoming resources £ £ 133,340 2,960 190,295 129,041 323,635 132,001 1,070,000 - At 1 January 2023 Incoming resources £ £ 116,271 2,332 170,430 104,676 286,701 107,008 1,070,000 -	Resources expended £ - (127,936) (127,936) - Resources expended £ - (83,951) (83,951) -	Transfers Gains/ (losses) £ £ 2,500 6,350 (2,500) 440 - 6,790 - - Transfers Gains/ (losses) £ £ 2,500 12,237 (2,500) 1,640 - 13,877 - -	At 31 December 2024 £ 145,150 189,340 334,490 1,070,000 At 31 December 2023 £ 133,340 190,295 323,635 1,070,000
			- Transfers £ 2,500 (2,500) -
			-

15. Related party disclosures

There were no related party transactions for the year ended 31 December 2024.

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