V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 1124 THE TYNE MARINERS BENEVOLENT INSTITUTION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CHARITY NO,. 229236 HOMES ENGLAND NO: A3721 V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P Y24 THE TYNE MARINERS BENEVOLENT INSTITUTION ASSOCIATION DETAILS S*¢rètari¢s and Prlnclpal Offlce Hadaway & Hadawav Midlantt Chambers 58 Howard Street North Shield5 Tyne & Wear NE30 IAL Auditor Azets Audit Service5 Statutory Audltor Chartered Accountants Bulman House Regent Centre Goglorih Newcastle upon Tyne NE33LS Sollcltors Hadaway & Hadaway Midland Chambers 58 Howard Street North Shield5 Tyne & Wear NE30 IAL Managing Agent5 Tyne Houslng Associ3tion Limlted St Silas Church BuildinE Clifford Street Byker Newcasiie upon syne NE6 IPG Bankers C4F 8ank Limited 25 Klngs Hlll West Malling Kenr ME194JQ Reglstration ReEigtEred Charity Number HDmes En8land Number 0229236 A3721 V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P Y24 THE TYNE MARINERS BENEVOLENT INSTITUTION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees preseNt their repoft and the audited financial statements for the year ended 31 December 2022, Principal Artivity The principal activity of the Asso¢latlon Is the provl.OO°A 0.00% O.OOYtr 0.00% o.ooY. 0.00% V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 5124 THE TYNE MARINERS BENEVOLENT INSTITUTION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 Headline c05t per unit Operating marRln Isoclall Operating margin Return on capital employed £3,736 16.65Y. 12.11% 1.61% £4,130 16.99% i 10.72% 1.27% RESERVES POLICY The Trustee5 have established a policy lo ensure that the charit¢5 unrestricted revenue reserves lund5, which are thè free reserve5 of the charity, do not f311 belaw the amount required to run the charity's 3Ctivitle5 for a year lapproKimately E210,000 to £225.0001 should there be any call on Ihe funds ol the charity. The currènt balan￿ of the charity's reserves 15 considered to be sa1i5fattory by the T¥ustees. The truste￿ have considered the financial position and Biven the strong cash and investment position, Ccinsider that there arp no matetial uncertainties about the Charity'5 ability to continue as a going concefn. RISK POLICY Risk factors faced hy the Charity movin8 forwArd rglAtF to thp mxint9nAnr.p and rgpa*r rtf thg hijilding at thp Master Mariners Homes Tynemouth Road being a lisied building of substantial age. The Trustees are aware of the continuing requirements to maintain the properly which Is subject to con5ranl revlew. No substantlal refurbishmpnt5 will be required in the near future and the Charity Is Satlslied that the sound financial footing of the Charity mitigales any risks subst3ntially. On the b8S15 of a profes510ffl81 report. the Trustees have decided that they will Install fire resistant partillons above each individual top floor flat which wlll bring the property up to the standard required in new builds. The estimated cost is £120,000 which, happily, can be financed from tssh and investments hèld. The ablllty to pay annuities Is a further rlsk faced by the Charity. With the continued SL5pport of Trinify House and the reserves held by the Charity and the decreasing number ol reclplents due to age faaors the Charily is confident that payments will be maintained and the risk restricted. PUBLIC BENEF￿ STATEME The Trustees have referred to the 8uidance contained in the Charity Cornmission's general guidance on publi benefit when reviewlng thè aims and objectives and in planning future Ectivities. Thp charitable objectives als re set In Drder to provide a clear and dernonstrable public benelit_ PLANS FOR THE FUTURE The Institutlon will continue to provide support to retired seafarers and their familles and wlll continue with the rtslline programme of property maintenance alongsSde the major Works mentioned above. TMBI is fortynatg in hxvin8 Tynp Housing 3s managing 8g8nts. Their staff are ver¥ experienced in looking after elderly residents and have set up airangemÈnts to ensure they receive arty extra help rÈquired as 3 result of the pandemic. V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P PX24 THE TYNE MARINERS BENEVOLENT INSTITUTION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Cooperative and Communlty Beneflt Societies Act 2014 and registered social housing legislaiion requlre the Trustees to pippare financial statements for each linanci81 year which give a true and fair view ol thE Stale ol allairs of th& Institution and the result of the Institution for that period. In preparing those financial statemenfs. the Trustees are required to:_ select Suitable accountin8 policies and then 3pply them CDnsistently,' makeludgements and estlmates Ihai are reasonable and prudent., State whether applicablE accounting standards have been followed,. prepare the tlnancial sr3rements on the going concern trsa515 where it 15 appropriate to do so. The T¥u5tees are responslble for malnt31nlng proper accounrlng records which disclose with reasonable accuracy ai any time the financial position of ihe In£tltution ènd to enable them io ensure thèt rhe fin3ncial siatements comply with the 'Accounting Standards in the Uniled Kingdom, Financial Reporting Standard, (FR5 1021. Cooperativè Jnd Communlty Bonefif So¢letl@5 Jl(t 2014, thè Accountlng Dir@ctlorE For Pr5v31e Roglstored Providers of Social Housing 2019, the Statemeni of Recommended Practlce Ac¢ountlng by Reglsiered Social Landlords, update 2018 ISORP20181 and the Charities Act 2011. The Tfustees acknowledge theli ultlm3te responsibilityfor ensufing that the Institution has in place a system of coniro15 that is appropriate to the business environment In which It operares. These controls are deslgned to give reasonable assurance with respett to.. the reliability of financial inlormatlon Used wiihin the Institution or for publication., the maintenance of proper accounting records, and the safeguarding of assets a83inst unauthtsrised use or disposition and hence for takins rea5Dnablp steps for tho prevention and detection of fraud and other irreeularities. It Is the re5ponsiblllry of the Trustees to esiabllsh and malntaln systems of internal flnancial control. such 5YStems can only provide reasofiable and not absolule a55urance against material financlal mlsstatement or loss. Key elements Include.. formal policiès and procedures are in place, includin8 the documentatic>n of key 3y2tern5 and rule5 rel3tin8 to the dele6atiun of authorities. which allow the monitorin6 of controls and restrict the unauthorised use of the Institution's asset5,' experienced and sultably quallfled staff take responsbbllity for important business functions. Annual appraisal procedure5 have been e5tabllshed to malntaln standards of performance,. foreca5t5 and budsels are prepared which allow the Trustees to monitor the key business and finan¢l31 Dbjectives and rlsks and the progre55 towards financial objectives sei for the year and the medium term,. regular management accounts are prepared promptly providing relevant, reliable and up-to4ale flnancial and other information,. significant variance5 from budget are investisated a5 appiopriète,. all investment projects are Subject to formal aJthor15alion procedures by the Trustees,. the Trustees review5 reporis from the manaAlng agent5 and from the external audirof5 to provide reasonable assurance that control procedures are In place and are belng followed. Thi5 include5 general revlew of ihe major risks facing the Institution,. V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 7124 THE TYNE MARINERS BENEVOLENT INSTITUTION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 formal procedures have been established lor instituting appropriate Bction to corrert weaknesses identified from the above reports. The Trustees have reviewed the effectiveness of the system of in1ernal flnancial control In eKlstence in the Instllutlon for the year ended 31 December 2022 and no weaknesses in Internal financial control resulted in aterial losses, contingencie5. or uncertainties which require disclosure in the financial statements or the auditors, report on the financial statements. Statement of Dlsclosure of Informatlon to Audttors We, the 8oard members of the Institution who held office at the dale of approval of these Financial StatEment5 a5 set Dut above each confrirrn, sc far as we are aware that.. there Is no relevant au*Yil Information ol whlch the Institutlon's audirors are unaware: and we have taken all the steps ihat we ought to have taken as Board members in order to make our5elYes aw3re OF any relevant audit informBtian and to establish that the Institution 5 auditors are 3ware af that information. Auditor ALets Audit Services have indicated their willingness io Stand for re2ppointment at the forthcomin8 Annual Gener31 Meeting. The financial statements wpre approved by the Trustee5 on 27.lQfj12Q23...... and signed on it5 behalf by:_ R. l. D. Souter- Chairman M Bird - Trga5urer / Vice Chairman V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 8124 THE TYNE MARINERS BENEVOLENT INSTITUTION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TYNE MARINERS BENEVOLENT INSTITUTION FOR THE YEAR ENDED 31 DECEMBER 2022 OpFnion WE have audited the financial stzternents of The Tyne Mariners Benevolent Institution for Ihe ye3r ended 31 December 2022 which comprise the Statement of Cornprehensive Income, Statement 91 Financial Position, the siaiement of Changes In Reserve5, and the related llDte5. The financial reportin8 Irarnework that has been applled in their preparation Is applicable law and United Klnsdom Accounting Standards, includin8 Financial Reporting Standard 102 The Financial Reporting siandard applicable in ihe UK and Republic of Ireland (Uniied Kingdo￿ Generally Accepted Accounting Practice). In our opinion, the flnanclal statements.. give a true and falr vlew of the state of the assoclatlon's affairs as at 31 December 2022 and ol its ncoming resources and applitation of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance wlth United Kingdom Generally Accepted Accouniing Practice., and have been prepared in accorcjance wlth rhe requirements of the Charities Act 2011, the Housing and Regeneratlon Aci 2008 and the Accounting Dlrectlon for priwaie registered providers of social housin8 in Engl3ftd 2019. Ba51s for oplnlon We conducted our audit in accordance with International Standards on Audiling IUKI IISAs IUKII and appllcable law. Our responsibilities under those standards are further described in the Auditor'5 responsibilitles for the audit of the financial Statements section of our report. We are independent of the association in accordance wilh the ethical requiremenis that are relevant to our audit of the financial staternent5 in the UK, including the FRC'S Ethlcal standard, and we have fulflllad our other ethical responsibilitlès in accord3nce wlth these requirements. We believe th3t Ihe audii evidence we have oblalned 15 sufficlent and appropriate to Provide a ba515 foi our opinion. Conclusion5 relating to going ¢on¢erM In auditing the financial 51atements, we have concluded that the dlrector's use of the £olng concern basis of accountin8 in the preparatlpn ol the financial sialementS IS appropriate. Based on rhe work we h3V@ performed, we have not idJntified any material uncertainties relatlng io events or cpnditions that, individually or collectively, may cast slgnlflcant doubl on rhe company's ability to continue as a going concern fDr a period ol at least twelve monihs from when the financial statements were authorlsed for Issue. Our responsibilities and the responsibilities of the directofs Wlth respect to golng concern are descrlbed in the relevant sections of this report. V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 9124 THE TYNE MARINERS BENEVOLENT INSTITUTION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TYNE MARINERS BENEVOLENT INSTITUTION FOR THE YEAR ENDED 31 DECEMBER 2022 Oiher information The other information comprises the information lftcluded In the Report of the Trustees. other than the financial Statements and our audltor's report thereon. The board 15 responslble for the other informaiion. OUT opinlon on the flnanclal statements does not cover the other information énd, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the gther inlormation and. in doing so, consider whether the other inlormztion is materially inconsistent with the fin3ncial Statements 01 our knowledge obtained In the course of the audlt, or otherwise appeals to be materially mi55tated. If we idenilfy such lilalerial iiico)ri>istencle5 or apppreni mBterlal m15Statements, we are requlred to determlne whether this gives rise to a material rnisst8temerFt in the financial 5t3tements themselves. If, b35ed on the work we have pertormed, we conclude that there is a materlal misstaiement of this other information, we ?re required to report that fart. We have nDthin8 to rèport In this rÉ8èrd. Matters on which we are required to report by exceptlon In the light ol the knowledge and understandlng of rhe Instltutlon and it5 environment obtained in the course ol the audlt, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the followlng marter5 where we are reoulred to report to YDU if, in our opinlon.. dequate accountinB record5 have not been kept by the associatlDn,' 8 satisfactory system of control ha5 not been maintained Dver tran5aCtion5,' or the association's financial statement5 are not in a8reement with the accaunting record5 and returns,. or we have not received all the information and explanations we require lor our audit. Rèsponsibilitles ol ihè board A5 explained more fully in the Statèment of Trustees, Responsibilities, the board is re5pon5ible for the preparation OF the financial slatemenls and fDr being Satisfied that they 8ive 3 true and fair view, and for such internal control as the board determSnes Is necessary to enable the preparatlon of financlal siatements tt)at are free from materlal misstatement, whether due to fraud or error. In preparing the financial statements, the board is responsible lor assessing the institution's ability to continue s a 8oin8 Concern, disclD5ing, as applicable, matters related to goin8 concern and using the goin8 concèrn IF of atcounting unl?ss the board @ithor intends to liquidate the associ8tion Dr to c@3se operations, or h35 no reallsiic alternatlve but to do so. V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 10r24 THE TYNE MARINERS BENEVOLENT INSTITUTION INDEPENDEMf AUDITOR'S REPORTTO THE TRUSTEES OF THE TYNE MARINERS BENEVOLENT INSTITL￿1ON FOR THE YEAR ENDED 31 DECEMBER 2022 Auditor's responslbllttles for the audit of lh* flnan¢lal 5taiements Our objectives are to obtain reasonable assurance about whether the flnancial siatements as a whole are free from material mi5St3tement, whEther due to fraud or error, and to iss¥e an euditorfs report that includes our Dplnion. Reasonable assurance 15 a hi6h level of assurance, but is not a guarantee that an audit condurted in accordance wlth ISAS |uKI will always detett a materl-l m155tatement when it exi5t5. Mis5taletnents can arise from fraud or error and are considered Material if, individually or Sn the aggregate, they could reasonably be expected to influenc& the economic decisions ot user5 taken on the basis of these financlal stalements. Irregularitles, Including fraud, are Insiances of non-compliance with laws and re8ulatior15. We design procedures in line with our responsibilities, outlined above, to detect m2teri21 misstatement5 in respect of irregularilies, including fraud, The exrent 10 whlch our procedures are c3pablE of detEctill8 irre£ularities, includlng fraud Is detailed below.. Enqulrle3 Wllli maiia8einent about any known or suspected instances of nonupporting documentatlon to asse55 compliance with applicable law5 and regulatiOn5,' and Auditing the risk of m3nag¥m¥ni override of cuiiliu15, Jncludirig ilirough iestlng journal entries aiid other adju5tment5 lor appropriateness. Because of the field in which the client operates. we identlfled the lollowing area5 a5 those most likèly to have materlal Impact on the flnanclal statements.. the Charitie5 Act 20JI, the Housing and Regeneratlon Act 2008, the Accounting Direction for private registerpd providers of social housing in England 2019 and the Statement of Recornmended Practice Accounting by Registered Sc(ial Landlord5, UPLlate 2018 ISORP 20181. We performed a review of the laws and regulations above and did not identify any breaches of these or adverse correspondence with the regulator5 Wlthin the finantial year. OwSn8 to the Inherent limitatSons of an audit, there is an unavoidable risk that sorne material misstaternent5 in the financi315tatements may not be detected, even though the audit is properly planned and performed in accordance with the ISAS |uKI. For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less lil(ely the auditor is to become aware of It or to recoenise Ihe no￿￿OmplI￿n¢É. A further descfiption of our responsibilities is available on the Financial Reporting Ctsuncil's website at.. www.frc.org.uklauditorsresponsibilities. This descriptian forms part of Dur auditOT'S report. y￿u3￿n￿tLleTta[￿a￿l￿￿ Ref 55WPHF-GBC227 UL￿￿23 11"32"42 BST iurc +11 D111 P 1ir24 THE TYNE MARINERS BENEVOLENT INSTITUTION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ThNE MARINERS BENEVOLENT INSTITUTION FOR THE YEAR END£D 31 DECEMBER 2022 Use of th& report Thls report is made sololy 10 the institutiON'S mombgrs, 3£ 3 body. in accordance with thp. fhAritip£ Art 2llll. s. 87 and the Accounting Dlrectlon for Prlvate Registered Providers of Soclal Housing 2019 and the Statement of Recommended Practlce Accounting by Registered 5oclal Landlords, update 2Q181SORP20181. Our audil Work ha5 been undertaken so that we might state to the association's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fulles1 extent permitted by law, we do not accept or assume responsibility to anyone other than the association and the associaiion's members a$ 3 bodyi lof our aud11 work, lor thls report, or for Ihe opinion5 ￿e have furmEd. Simon BrDWn BA ACA DChA (Senior Statutory Audltorl For and on behalf Df Azets Audlt Services Statutory Auditor Charterd Accountant 8ulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS Date. 2710612023 Azets Audit Servl¢es is a tradine name OF Azets Audit Services Limited. AEeis Audit SeNices Llmited is elisible to act a5 an audittsr in terms of ￿etti￿n 1212 of the Companies 2006. 10 V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 12r24 THE TYNE MARINERS BENEVOLENT INSTITUTION STATEMENT OF COMPREHENSIVE INCOME IINCLUDING INCOME AND EXPENDITURE ACCOUNTI AS AT 31 DECEMBER 2022 2022 2021 Note TURNOVER Operating costs 227,616 1236,6221 {9,006) 233,473 1246,5191 113,0461 OPERATING IDEFICITII SURPLUS Interest receivable 855 29 IDEFICITIISURPLUS BEFORE TAX (8,1521 113,0171 Taxation IDEFICITI15URPLUS FOR THE YEAR (8,1521 113,0171 Other reco8nised gains I110ssesl in the year.. Change in fair alue of investments 1254,6871 134,074 TOTAL COMPREHENSIVE IEXPENDITUREIIINCOME FOR THE YÉAR 1262.8391 121,057 The results for the year relate wholly to the continulng r>per3tlrtrns of the Assoclatlon. Approved by the Board and signed on it5 behalf on 27JQfjRQ2a.......-.. R. l. D 5outef Chairman M. Bird TreasL4rer I Vice Chairman The notes on pag?s 14 to 23 fom7 part of these flnanclal statsments. V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 1￿4 THE TYNE MARINERS BENEVOLENT INSTITUTION STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 2U22 2D21 Note FIXED ASSETS Housing properties Other tangible fixed assets Investments 271,831 4,979 1,230,458 285,574 5,858 1,516,740 1,507,268 1,808,172 CURRENT ASSETS Debtors LO 15,008 213,079 12,752 239,477 Cash and cash equlvalents 228.087 252,229 CREDITORS- Amounts fallin8 due wlthln one year 50.179 95,270 NET CURRE￿ ASSETS 177,908 lJG,9Jg ToTALASS￿5 LESS CURRENT UA8ILmES 1,685,176 1,965,131 CREDITORS: Amounts fallin6 due after more 1han one year Iz 273.717 290,833 TOTAL NET ASSETS 1,411,459 1,674,298 CAPITAL AND RESERVES Revaluation reserves 15 10.879 314.628 1,085,952 83.38d 313,572 1,277,342 Desi8nated reserves Revenue reseryes 14 TOTALCAPITAL AND RESERVES 1.411,459 1,674,298 The financlal s te were approyed by ihe Trustees on 2710FJ2023... and 518ned Dn it5 behalf by'.- R. l. D Souter Chalrman M. Bird Trea5urÈr I Vice Chairman Th• not•s on page$ 14 to 23 fomi part ot th0s0 Ilnancial statements 12 V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 14r24 THE TYNE MARINERS BENEVOLENT INSTITUTION STATEMENT OF CHANGE IN RESERVE5 AS AT 31 DECEMBER 2022 Revaluation reserve Designated reserve5 Revenue reserves Total Reserne5 1.553,241 121,057 Balance at l January 2021 Surplus / Ideficitl from statement of comprehensive income year ended 31 December 2021 - fot81 Comprehensive Income Transfef from unrestricted reserves to de5i£nated reserves Transfer from revaluation reserves to unrestricted reseroes 28,437 350.586 1,174,218 121,057 137,0141 37.014 S4.947 154.9471 83,384 313,572 1,277,342 1,674,298 Balance at 31 De¢ember 2021 SL4rplus I Ideficlil from statement of comprehensive Income year ended 31 December 2022- Total Con)Pfehenslve Income Transfer from unre5tricied reserves to designated reserves Transler to revaluatlDn reserves Iram unrestricted reserve5 1262,8391 1262,8391 1,056 11,0561 172,5051 72,505 Balance at 31 December 2022 10,879 314.628 1,085,952 1,411,459 ThE notE5 on page¥ 14 to 23 form part or the3e fTnanclal staiements. 13 V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 1￿4 THE TYNE MARINERS BENEVOLENT INSTITUTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 PRINCIPAL ACCOUNTING POLICIES The Tyne Marlners Benevolent Instilution is 3 registered charity in England and Walps, rgglstered with the Charity Commi55ion (number 2292361 and a Registered Social Landlord (number A37211 registered with Homes England. Its registered office is Hadaway & Hadaway. Midland Chambers, 58 Howard Street NoTth Shield5, Tyne & Wear, NE30 IAL. rhe financial statements have been prepared in accordance with applicable Accounting Standards in the Ljnited Kingdom, Financial Reporting Standard 102 IFR51021, the Charitie5 Att 2011, the Accounting Directions for Private Re81Ster2d Providers Df Social Housing 2019 and the Statement of REcommended Practice Atcounting by Re£istered Soclal Landlords. Update 20181SORP20181. In accordance with FRS102 PBE3.3A the Trustees confirm that th15 Registered Social Housing Provider is a Public Benefit Entity IPBEI. The trustees have considefed the financlal positlon in light of the ongoing situation in relation to the Covid-19 vlrus and on conclusion of this vvork, ￿Ven the strong cash and Investment POSltion, conslder that there are no material uncertaintles about the CharitV'5 ability to continue as a going concern. The Trustees have chosen to utilise the eKernptions available UFEder par8graph 1.11 of FRS102 and have therefore chosen noi to prepare a ca5hflow statement and supportin8 note5. A summary of the principal accounting policies adopted (which have been applied con51Stentl¥. except where noted), judgement5 and key sources of estimation uncert31nty, are set out in pÈragraph5 lal to lil below.. lal Basis of a¢countlng The financial statements have been prep2red under the historical cost conventlon, modltled to include inve5tment5 at fair value. These financlal statements are prepared in Sterling which Is the functlonal currency ol the entity. Ibl Turnover Turnover represents resident contributions and servlce charges receivable net of any 1055es from volds. IT also includes income recelved from Investments and grants. Turnover is reco8nisÈd In the period that the Income is due. Icl Housing Properties, Fixed Assets and Depr¢¢iatlon Tangible fixed assets are stated at Cost. less accumulated deprecSation. Major components of housing properties, such as the internal fitting5 and heating components, have been accounted for and dppreciated separately from the housing Structure, over their expected useful econllmic lives. Depreciaiion 15 clièrged on a straight line bisls at rale5 anticipated to write gff the cost of the asset over the expected useful economic lives of Ihe assets as follows.. Land Not depreciated Housing Properties Strutture 50 years Roof 50 years Kitchen5 15 years Bathrooms IS years Doors 40 year5 Wlndows 40 ye3rs Boilers 10 years None of the Instilutitsn's housing properties are considered to be investment propertles. 14- V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 16r24 THE TYNE MARINERS BENEVOLENT INSTITUTION NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR EP4DED 31 DECEMBER 2022 ACCOUNTING POLICIES ciation fees OthÈr legal lees Sundrie5 85.780 21,562 447 80,792 22,131 595 1.545 583 355 640 OperatSng expendlrure on other actlvltles 109,917 104,513 Operating Ideficitll surplus on other activities (36,128) 138,0741 STAFF. KEY MANAGEMENT PERSONNE4 DIRECTORS. EMOLUMENTS AND RELATED PARTIES No employee earned more than £60,000. As the Institution has no employees, it has no Key Management P8r50nnel. The Trustees are defined as the Board of Management and therefore could be cl855ed as Kev Mana8ement Personnel. None of the Board OF Management received any emolvments during 2022 12021..£Nill. The Institution has no other paid Executive Offi¢er5. The total expenses reimbursed to the Trustees durln8 2022 wa5 £Nil, which was paid to one Irustee 12021.. £6401. Where Trustees are tenants, tenancies are on normal commerci31 terms. The administration and management of the Association was caTried out by Hadaway & Hadaway Tyne Housing AssociatiDn Limited. There were no related party transactions. ITrThEREST RECEIVABLE 2022 2021 Bank interest receivable 855 29 18 V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 20r24 THE TYNE MARINERS 8ENEVOLENT INSTITUTION NOTE5TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 OPERATING IDEFICIT)I SURPLUS 2022 202L The operating Ideficitl/surplus fur the year 15 stated after charging-. Depreciation on housing propertles nepreciation on other fixed assets AmDrtisation of social houslng gr3nt Auditor'5 rpmuneration 13.743 879 {17,116) 6.420 13,732 1,034 117,1161 6,120 TAXATION No liability to taxatlon arises from the surplus arising from rent from members as the Instttution is entitled to relief under S642 01 ihe Corparation Taxes Act 2010. TANGIBLE FIXED ASSErs Ovsing propertSes- freehold 2022 2021 Gross c05t Al I January Additions 801,210 801,210 Disposals At 31 Decembei 801,210 801,210 Oepreciation Af i January Charge Di5posa15 515,636 13,743 501,904 13,732 Al 31 December 529,379 515,636 Net book value 31 December 271,831 285,574 OTHER FIXED A55ET5 2022 2021 Cost At l January & 31 December 41,867 41,867 Oepreciation At l January Charge 36.009 879 34,975 1,034 At 31 Decembe 36,888 36,009 Npt botsk value 31 DecembEr 4,979 5,858 19 V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 21r24 THE TYNE MARINERS BENEVOLENT INSTITUTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INVESTMENTS 2022 2021 Fair value.. As at l January Addilitsns Disposals al opening market value Unrealised gainllloss) In perlod Difference between gain on market value 8nd ga1n on hlslorical cost 1,516.740 147,616 1199,718) {72,505) 1,208,500 843,269 1657,0431 54,947 1161,675) 67,067 At 31 December 1,230,458 1,516,740 UK Equltles Non UK Equities UK bonds 344.663 101,390 131,402 553,003 394,215 139,939 218,526 740,016 24,044 Global Funds Money Market Time 1,230,458 1,516,740 Ibl Hlstorlc Cost A5 at l January Additions DispD5315 1,383,884 147,616 1174,3851 1,180,065 843,269 |639,4SOI A5 at 31 Decernber 1.357,115 1,383,884 Icl Realised Gain / (Losses) 2022 2021 On C05t Less.. Difference between gains111055esl arlsing in both cost and lair valve 1182,1821 20.507 79,127 112,0601 Gain /1105sI realised.. Difference between proceeds and tair value disposals 1161,6751 67,067 Idl Unreallsed Galn / ILossl on Falr Value 2022 2021 Per investment note Realised gain J Ilossl on cost (72,5051 {182,1821 54,947 79,127 Other recognised gains I Ilossesl In Statemant of Comprehensive Income 254,687 134,074 -20- V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 22r24 THE TYNE MARINERS BENEVOLENT INSTITUTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INVESTMENTS Icontinuedl At the 31 December 2022 the following individual Inve5tment5 market value exceeded 5% of the total poitfolio rnarket W31uation'. Columbia Thread Inv UK Fund Class Z Jo Hambro Cap Mgmt UK Equlry Baillle Glfford Managed Fund 8 Income £150,151 £152,485 £553,003 10. DEBTORS 2022 2021 Rent arrears Igrossl Les5.' bad debt provision Other dèbtors Prepayments and accrued In£ome 19,310 112,0501 219 7,529 16,238 111,1401 219 7,435 15,(K18 12,752 11. CREDITOR5.' Amounts falling due withln one year 2022 2021 Rent in advance Accruals 3,888 14.564 31,7Z7 3,807 15,273 76,190 Other Creditor 50,179 9S,270 12. CREDrroRS.' Amounts fzllln8 due after more Ihan one year, includin¥ convertSble debts 2022 2021 Sotial Housing Grant lamort15ed costl 273,717 290,833 The Soci31 Housing Grant Is 3mort15ed in line with ihe Ilfe ol the 'structure' component, at a raÈe of 2%. and released as'income, to the Statement of Comprehenslv& Income on that basi5. 21 V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 2Y24 THE TYNE MARINERS BENEVOLENT INSTITUTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 SOCIAL HOUSING GRANT 2022 2021 Amounts received: At l January & 31 December 855,818 855,818 Amortlsai50n: At l January Released during year 564,985 17,116 547,869 17,116 At 31 December 582.101 564,985 Carrying value: At 31 Oe¢ember 273,717 307,949 13. FINANCIAL INSTRUMENT5 The Instilulion considers that its financial Instruments comprise the Social Houslng Grent ISHGI,. as such it is included as a liability within the financial statements. As the Institution has no intention to dispose ol Its housing properties the SHG will not become repayable. As a re5uIt, the ttstal balance ol the SHG creditor 15 presented as falling due in flve year5 or more. The linancial instrurnents are repayable as follows.. 2022 2021 In five years or rnore 273.717 290,833 14. DESIGNATED RESERVES 2022 20ZI Cydical Capital Repairs and Contingencies Account Maintenance Fund Total Total As at l January 2022 Transfer (Tol I from revenue reserve 137,480 IC,8,602 1,056 67,430 313,572 I,OS6 350.586 137,0141 As at 31 December 2022 137,180 Ic￿,718 67,43 314,628 313,572 From time to time, the Institution re￿Ived donatlons In the form of leg3cles. Where Ihe amount recelved is £1,000 or more, the Trustees consider It appropriate to credit the amount recelved ID a designated reserve entitled Capital Account No le8acies were received this year12021.' £Nill. During the year the planned roof repairs of £Nil12021'. £10,860 were paid from here). -22- V*luaWnatLveTTa[￿￿￿ Ref 55WPHF-GBC227 UL￿2￿23 I1"￿"42 BST iurc +11 D111 P 24r24 THE TYNE MARINERS BENEVOLENT INSTITUTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Cycllcul Repoirs L7nd Mointenonce The annual transfer of £3,480 has beell made Irvm the revenuè rèserve. to be utili5ed when the cyclical repairs are undertaken. The Trustees have reduced the fund balance by £2,424 which relates to the depreciation charge incurred annually in relation to Ihe recently purchased boilers. Ouring the previou5 year the fund paid for the cyclical palnting and decorating of the homes amountin to £27,210 Irorn thi5 reserve. Contingencies (Extmordlnory Repoir5J Funcl The contingencies lextyaordinary repairs) fund was established under an Order of the Br>ard of Charity Commissioners ol England and Wales, dated 10 NDvembef 1982. 15. REVALUATION RESERVE 2022 2021 Opening Balance Unreallsed gains / Ilosse51 in period C1051n8 Balan 83,384 172,5051 28,437 54,947 10.879 83,384 The Trustees have transferred the unre8li5ed gains I Iloss#l or) the investments la5 per Note 91 from the revalL4ation reserve In line with the current accounting policy. 16. CAprrAL COMMITMENTS There 15 no capirèl expeiidilurE whlch ha5 been coniracte¢ for, but noi provided in the Ilnan¢ial siatements12021.' £nill. 17. CONTINGENT LIABILITIES There are no contingent IiBbilities12021.. £nill. 18. RELATED PARTY TRANSACTIONS Theie have been no transactions with any related Jarlles in the year. 19. ACCOMMODATION MANAGED BY OTHERS 2022 2021 General needs housing unit5 30 30 20. ULTIMATE CONTROLUNG PARTY In the oplnion of the Trustee5 there is no ultimate controlling party. 23-