VirtualSignature Transaction Ref. CV3J-ND48-L9N3 12 Jun 2025 14:34:37 BST (UTC +1) D 1/3 P 1/21
THE TYNE MARINERS BENEVOLENT INSTITUTION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
CHARITY NO: 229236 HOMES ENGLAND NO: A3721
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THE TYNE MARINERS BENEVOLENT INSTITUTION
ASSOCIATION DETAILS
Secretaries and Principal Office
TMBI Management Company C/O The Newcastle upon Tyne Trinity House Broad Chare Newcastle upon Tyne Tyne & Wear NE1 3DQ
Reporting Accountant
Simon Brown BA ACA DChA Azets Audit Services Chartered Accountants Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS
Solicitors
Hay & Kilner The Lumen St James Boulevard Newcastle upon Tyne NE4 5BZ
Managing Agents
Tyne Housing Association Limited St Silas Church Building Clifford Street Byker Newcastle upon Tyne NE6 1PG
Bankers
CAF Bank Limited 25 Kings Hill West Malling Kent ME19 4JQ
Registration
Registered Charity Number 0229236 Homes England Number A3721
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THE TYNE MARINERS BENEVOLENT INSTITUTION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees presents their report and the financial statements for the year ended 31 December 2024.
Principal Activity
The principal activity of the Association is the provision of housing for occupation by ex-seafarers or their widows, and the provision of monthly grants and other sums to ex-seafarers or their widows.
Members of the Board of Trustees
The Members of the Board of Trustees during the year ended 31 December 2024 were:-
R.I.D. Souter M. Bird Captain S.C. Healy
K. Barrie Captain A.J. Hogg Captain R. D. Nelson P. A. Dade
Resigned 30/07/2024 Resigned 30/07/2024 Resigned 30/07/2024 Resigned 30/07/2024 Resigned 30/07/2024 Resigned 30/07/2024 Resigned 30/07/2024
The Sole Charity Trustee from 30[th] July 2024 was:
TMBI Management Company
Appointed 30/07/2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Tyne Mariners Benevolent Institution is a registered charity, registered with the Charity Commission (number 229236) and a Registered Social Landlord (number A3721) registered with Homes England.
The Tyne Mariners Benevolent Institution was established in accordance with the requirements of the Trust Deed dated 8[th] July 1902, last amended on 26[th] April 2006.
The Tyne Mariners’ Benevolent Institution is now administered by a Sole Charity Trustee, being the TMBI Management Company (company number 15865461) , incorporated on 30[th] July 2024 for that sole and specific purpose.
OBJECTIVES AND ACTIVITIES
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To provide monthly grants and other sums to ex-seafarers or their widows who have satisfied the criteria of financial need, period of sea service and residential qualification.
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To make available residences at the Master Mariners Homes, North Shields for ex-seafarers or their widows who satisfy the criteria under objective 1 above or other persons in need who satisfy criteria approved by the Trustees.
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To maintain the Master Mariners Homes to the necessary standard.
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To administer the charity in accordance with Charity Commission guidelines, to keep proper accounting records and be responsible for investment policy.
The Tyne Mariners Benevolent Institution may not charge rent for dwellings, only a maintenance contribution sufficient to manage them and keep them in good repair. Wherever the terms "rent" and "tenant" are used, it is for convenience only and has no other significance.
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THE TYNE MARINERS BENEVOLENT INSTITUTION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
The Tyne Mariners’ Benevolent Institution is now governed by a Sole Charity Trustee, being the TMBI Management Company, whose directors are voluntary individuals, headed by the Chairman of the Company.
Aspects of the administration are contracted to the Newcastle upon Tyne Trinity House, which receives an appropriate annual payment from the Charity in recognition of their work for the year.
ACHIEVEMENTS AND PERFORMANCE
The Tyne Mariners’ Benevolent Institution continues to provide accommodation at The Master Mariners’ Homes for seafarers, ex seafarers, their families and others in need. Although we continue to receive applications from individuals who wish to take up occupation, vacancies do occur from time to time. These averaged 3 in the year, with two vacant at year end.
The TMBI Management Company continues to carry out ongoing repairs to the property and to maintain the gardens. Although not required in a property of this age, the TMBI Management Company has resolved to update the property to comply with current Fire and Safety regulations which will involve considerable works in the roof space. These works continue in 2025.
A full survey is currently underway, with the assistance of the NAUTILUS Welfare Officer (Tyne and Wear), to determine the ongoing needs of all TMBI grant recipients.
The TMBI Management Company have agreed to share matters of common interest with the Shipwrecked Mariners’ Society and have established an active engagement with the Almshouse Association.
The directors of the TMBI Management Company, on behalf of the Charity, are grateful for the continued support provided by The Merchant Navy Welfare Board and Trinity House.
The Charity continues on a sound financial footing and continues to pay annuities to a regular number of recipients.
The Charity continues to provide accommodation and financial support for seafarers within the North East region.
FINANCIAL REVIEW
The financial statements presented for the year, show a surplus of £34,841 (2023: 37,526)) after accounting for the gain/loss to the value of investments held which totalled £88,420 (2023:78,660). Transfers from designated reserves totalling £32,945 (2023: Transfers to designated reserves £1,056) were made whilst transfers from the revaluation reserve were made to reflect the year end difference between historic cost and market value of investments.
The directors of the TMBI Management Company, acting on behalf of the Charity, consider the financial position of the Institution to be satisfactory.
The financial statements, which have been prepared in accordance with the Statement of Recommended Practice: Accounting by Registered Social Landlords (Update 2018), conform to current statutory requirements and comply with the Institution's governing documents.
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THE TYNE MARINERS BENEVOLENT INSTITUTION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
VALUE FOR MONEY
The Registered charity is committed to being an effective and efficient social business achieving Value for Money (“VFM”) in all its activities.
As the charity only has 30 units to achieve VFM, it benefits from the policies and procedures of Tyne Housing (the managing agent).
Regular inspections of the units are carried out to schedule planned maintenance, although that said, many of the improvements are carried out during void periods in order to avoid disruption where possible to the tenants.
Through the management agreements The Tyne Mariners Benevolent Institution have a cost-effective process of managing day to day repairs and the collection of the weekly maintenance charge.
Additional VFM is achieved by using, where appropriate, local contractors.
The regulator requires publication of The Value for Money (VfM) Metrics. which all registered providers are expected to publish within their annual accounts.
The metrics have been applied to The Tyne Mariners Benevolent Institution, which for the year ending 31 December 2024 are as follows:
| Metric | 2024 | 2023 |
|---|---|---|
| Reinvestment | 0.00% | 0.00% |
| New supplydelivered | 0.00% | 0.00% |
| Gearing | 0.00% | 0.00% |
| EBITDA(MRI) | 0.00% | 0.00% |
| Headline costper unit | £4,999 | £5,099 |
| Operatingmargin(social) | (0.70)% | (0.83)% |
| Operatingmargin | (0.42)% | (0.58)% |
| Return on capital employed | (0.08)% | (0.08)% |
RESERVES POLICY
The directors have established a policy to ensure that the Charity’s unrestricted revenue reserves funds, which are the free reserves of the charity, do not fall below the amount required to run the charity’s activities for a year (approximately £210,000 to £225,000) should there be any call on the funds of the charity. The current balance of the charity’s reserves is considered to be satisfactory by the Trustees.
The directors have considered the financial position and given the strong cash and investment position, consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
RISK POLICY
Risk factors faced by the Charity moving forward relate to the maintenance and repair of the building at the Master Mariners Homes Tynemouth Road being a listed building of substantial age. The Trustees are aware of the continuing requirements to maintain the property which is subject to constant review. No substantial refurbishments will be required in the near future and the Charity is satisfied that the sound financial footing of the Charity mitigates any risks substantially.
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THE TYNE MARINERS BENEVOLENT INSTITUTION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
The ability to pay annuities is a further risk faced by the Charity. With the continued support of Trinity House and the reserves held by the Charity and the decreasing number of recipients due to age factors the Charity is confident that payments will be maintained and the risk restricted.
PUBLIC BENEFIT STATEMENT
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning future activities. The charitable objectives also are set in order to provide a clear and demonstrable public benefit.
PLANS FOR THE FUTURE
The institution will continue to provide support to retired seafarers and their families and will continue with the rolling programme of property maintenance alongside the major works mentioned above.
The directors of the TMBI Management Company are in the preliminary stages of examining possible enhancements to the grounds of the Mariners’ Homes, with a view to adding value to the facilities, both from welfare and management aspects. Developments will depend on both cost and available funds moving forward
The Charity and the TMBI Management Company are fortunate in having Tyne Housing Group as managing agents. Their staff are both very experienced in looking after elderly residents and have the necessary skills and resources in their office to assist greatly with compliance and advice on changing regulation. It is hoped that this relationship continues well into the future .
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Charities Act 2011 and Registered Social Housing legislation require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Institution and the result of the Institution for that period. In preparing those financial statements, the Trustees are required to:-
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed;
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prepare the financial statements on the going concern basis where it is appropriate to do so.
The Sole Charity Trustee, being the TMBI Management Company, is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Institution and to enable them to ensure that the financial statements comply with the ‘Accounting Standards in the United Kingdom, Financial Reporting Standard’ (FRS 102), Housing and Regeneration Act 2008, the Accounting Directions for Private Registered Providers of Social Housing 2022, the Statement of Recommended Practice Accounting by Registered Social Landlords, update 2018 (SORP2018) and the Charities Act 2011.
The directors acknowledge their ultimate responsibility for ensuring that the Institution has in place a system of controls that is appropriate to the business environment in which it operates. These controls are designed to give reasonable assurance with respect to:
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the reliability of financial information used within the Institution or for publication;
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the maintenance of proper accounting records, and
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THE TYNE MARINERS BENEVOLENT INSTITUTION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
- the safeguarding of assets against unauthorised use or disposition and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
It is the responsibility of the directors to establish and maintain systems of internal financial control. Such systems can only provide reasonable and not absolute assurance against material financial misstatement or loss. Key elements include:
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formal policies and procedures are in place, including the documentation of key systems and rules relating to the delegation of authorities, which allow the monitoring of controls and restrict the unauthorised use of the Institution’s assets;
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experienced and suitably qualified staff take responsibility for important business functions. Annual appraisal procedures have been established to maintain standards of performance;
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forecasts and budgets are prepared which allow the directors to monitor the key business and financial objectives and risks and the progress towards financial objectives set for the year and the medium term; regular management accounts are prepared promptly providing relevant, reliable and up-to-date financial and other information; significant variances from budget are investigated as appropriate;
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all investment projects are subject to formal authorisation procedures by the Trustees;
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the Trustees reviews reports from the managing agents to provide reasonable assurance that control procedures are in place and are being followed. This includes a general review of the major risks facing the Institution;
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formal procedures have been established for instituting appropriate action to correct weaknesses identified from the above reports.
The financial statements were approved by the by the directors of the TMBI Management Company, acting for the Charity, on ……………………….... and signed on its behalf by:- 12 June 2025
John Mcgee 12 Jun 2025 10:29:26 BST (UTC +1)
.................................................................... Mr J McGee, Secretary of the TBMI Management Company
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THE TYNE MARINERS BENEVOLENT INSTITUTION
INDEPENDENT REPORTING ACCOUNTANT’S REPORT TO THE TRUSTEES OF THE TYNE MARINERS BENEVOLENT INSTITUTION
FOR THE YEAR ENDED 31 DECEMBER 2024
We report on the accounts for the year ended 31 December 2024 set out on pages 8 to 20
Respective responsibilities of the board and reporting accountants
The board of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they considered that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.
Basis of opinion
Our procedures consisted of comparing the accounts with the books kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.
Opinion
In our opinion:
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the accounts for the year ended 31[st] December 2024 are in accordance with the accounting records kept by the Registered Social Housing Provider under section 340(2) of The Housing and Regeneration Act 2008
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having regard to, and on the basis of the information contained in the accounting records: the accounts comply comply with Section 341(3) of The Housing and Regeneration Act 2008
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the charity has satisfied the conditions for exemption from an audit of the accounts for the year ended 31 December 2024 specified in section 341(3) of The Housing and Regeneration Act 2008.
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the accounts comply with the requirements of The Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022 and the Statement of Recommended Practice accounting by Registered Charities (SORP 2018) in accordance with 1.18 FRS 102.
Simon Brown 12 Jun 2025 14:34:35 BST (UTC +1)
Simon Brown BA ACA DChA
Azets Audit Services Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS
12 June 2025 Dated: ...............................
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THE TYNE MARINERS BENEVOLENT INSTITUTION
STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
AS AT 31 DECEMBER 2024
| **2024 ** | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| TURNOVER | 2 | 326,802 | 238,044 |
| Operating costs | 2 | (383,425) | (281,045) |
| ------------------------------- | ------------------------------- | ||
| OPERATING DEFICIT | 2/5 | (56,623) | (43,001) |
| Interest receivable | 4 | 3,044 | 1,867 |
| ------------------------------- | ------------------------------- | ||
| DEFICIT BEFORE TAX | (53,579) | (41,134) | |
| Taxation | 6 | **- ** | - |
| ------------------------------- | ------------------------------- | ||
| DEFICIT FOR THE YEAR | (53,579) | (41,134) | |
| Other recognised gains / (losses) in the year: Change in fair value | |||
| of investments | 88,420 | 78,660 | |
| ------------------------------- | ------------------------------- | ||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 34,841 ------------------------------- |
37,526 ------------------------------- |
The results for the year relate wholly to the continuing operations of the Association.
12/06/2025 Approved by the Board and signed on its behalf on ……………….……………
John Mcgee 12 Jun 2025 10:29:26 BST (UTC +1) .................................
Mr J McGee, Secretary of the TBMI Management Company
The notes on pages 11 to 20 form part of these financial statements.
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THE TYNE MARINERS BENEVOLENT INSTITUTION
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
| **2024 ** | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Housing properties | 7 | 244,345 | 258,088 | ||
| Other tangible fixed assets | 8 | 3,597 | 4,232 | ||
| Investments | 9 | 1,398,366 | 1,310,813 | ||
| --------------------------------------- | ---------------------------------------- | ||||
| 1,646,308 | 1,573,133 | ||||
| CURRENT ASSETS | |||||
| Debtors | 10 | 53,852 | 18,841 | ||
| Cash and cash equivalents | 95,685 | 154,963 | |||
| ------------------------------- | ------------------------------- | ||||
| 149,537 | 173,804 | ||||
| CREDITORS: Amounts falling due | |||||
| within one year | 11 | **72,534 ** | 41,351 | ||
| ------------------------------- | ------------------------------- | ||||
| NET CURRENT ASSETS | 77,003 | 132,453 | |||
| --------------------------------------- | ---------------------------------------- | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 1,723,311 | 1,705,586 | |||
| --------------------------------------- | ---------------------------------------- | ||||
| CREDITORS: Amounts falling due after | |||||
| more than one year | 12 | 239,485 | 256,601 | ||
| --------------------------------------- | --------------------------------------- | ||||
| TOTAL NET ASSETS | 1,483,826 | 1,448,985 | |||
| --------------------------------------- | --------------------------------------- | ||||
| CAPITAL AND RESERVES | |||||
| Revaluation reserves | 15 | 49,568 | 12,282 | ||
| Designated reserves | 14 | 282,739 | 315,684 | ||
| Revenue reserves | 1,151,519 | 1,121,019 | |||
| ------------------------------- | ------------------------------- | ||||
---------------------------------------- |
---------------------------------------- | ||||
| TOTAL CAPITAL AND RESERVES | **1,483,826 ** | 1,448,985 | |||
| --------------------------------------- | ---------------------------------------- |
12/06/2025 The financial statements were approved by the Board on …………………..….. and signed on its behalf by:-
John Mcgee 12 Jun 2025 10:29:26 BST (UTC +1) ................................. Mr J McGee, Secretary of the TBMI Management Company
The notes on pages 11 to 20 form part of these financial statements.
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THE TYNE MARINERS BENEVOLENT INSTITUTION
STATEMENT OF CHANGE IN RESERVES
AS AT 31 DECEMBER 2024
| Revaluation | Designated | Revenue | Total | |
|---|---|---|---|---|
| reserve | reserves | reserves | Reserves | |
| Balance at 1 January 2023 | 10,879 | 314,628 | 1,085,952 | 1,411,459 |
| Surplus / (deficit) from statement of | - | - | 37,526 | 37,526 |
| comprehensive income year ended 31 | ||||
| December 2023 – Total Comprehensive Income | ||||
| Transfer from unrestricted reserves to | - | 1,056 | (1,056) | - |
| designated reserves | ||||
| Transfer from revaluation reserves to | 1,403 | - | (1,403) | - |
| unrestricted reserves | ||||
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| Balance at 31 December 2023 | 12,282 | 315,684 | 1,121,019 | 1,448,985 |
| Surplus / (deficit) from statement of | - | - | 34,841 | 34,841 |
| comprehensive income year ended 31 | ||||
| December 2024 – Total Comprehensive Income | ||||
| Transfer from unrestricted reserves to | - | (32,945) | 32,945 | - |
| designated reserves | ||||
| Transfer to revaluation reserves from | 37,286 | - | (37,286) | - |
| unrestricted reserves | ||||
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| Balance at 31 December 2024 | 49,568 | 282,739 | 1,151,519 | 1,483,826 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- |
The notes on pages 11 to 20 form part of these financial statements.
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THE TYNE MARINERS BENEVOLENT INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. PRINCIPAL ACCOUNTING POLICIES
The Tyne Mariners Benevolent Institution is a registered charity in England and Wales, registered with the Charity Commission (number 229236) and a Registered Social Landlord (number A3721) registered with Homes England. Its registered office is TMBI Management Company, C/O The Newcastle upon Tyne Trinity House, Board Chare, Newcastle Upon Tyne, Tyne & Wear, NE1 3DQ.
The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom, Housing and Regeneration Act 2008, Financial Reporting Standard 102 (FRS102), the Charities Act 2011, the Accounting Directions for Private Registered Providers of Social Housing 2022 and the Statement of Recommended Practice Accounting by Registered Social Landlords, Update 2018 (SORP2018).
In accordance with FRS102 PBE3.3A the Trustees confirm that this Registered Social Housing Provider is a Public Benefit Entity (PBE).
The trustees have considered the financial position and on conclusion of this work, given the strong cash and investment position, consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
The Trustees have chosen to utilise the exemptions available under paragraph 1.11 of FRS102 and have therefore chosen not to prepare a cashflow statement and supporting notes.
A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgements and key sources of estimation uncertainty, are set out in paragraphs (a) to (i) below:
- (a) Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include investments at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
(b) Turnover
Turnover represents resident contributions and service charges receivable net of any losses from voids. IT also includes income received from investments and grants. Turnover is recognised in the period that the income is due.
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THE TYNE MARINERS BENEVOLENT INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES (continued)
(c) Housing Properties, Fixed Assets and Depreciation
Tangible fixed assets are stated at cost, less accumulated depreciation.
Major components of housing properties, such as the internal fittings and heating components, have been accounted for and depreciated separately from the housing structure, over their expected useful economic lives.
Depreciation is charged on a straight line basis at rates anticipated to write off the cost of the asset, over the expected useful economic lives of the assets as follows:
| Land | Not depreciated |
|---|---|
| Housing Properties | |
| Structure | 50 years |
| Roof | 50 years |
| Kitchens | 15 years |
| Bathrooms | 15 years |
| Doors | 40 years |
| Windows | 40 years |
| Boilers | 10 years |
None of the Institution’s housing properties are considered to be investment properties.
(d) Other Fixed Assets
Fixtures & Fittings 15% Reducing balance The useful economic lives of all tangible fixed assets are reviewed annually.
(e) Social Housing Grant and Other Grants
Social Housing Grant (SHG) received as a capital contribution, in line with SORP2018 and the ‘accruals method’, is held separately as a creditor due more than one year, unless part of the SHG relates to a disposal of property and becomes recycled or repayable, in which case it is apportioned to creditors due less than one year accordingly. The ‘accruals method’ is applied as the RSHP holds all social housing properties at their historic cost.
The SHG is then amortised in line with the depreciation of the ‘structure’ component of the housing properties and released over 50 years (2%). The amortisation released in respect of the SHG is recognised in the Statement of Comprehensive Income as ‘income’.
SHG received towards revenue expenditure is matched against that expenditure by being included in turnover in the income and expenditure account. The related expenditure is included under operating costs. SHG is recognised in the same period as the related expenditure provided the conditions for its receipt have been satisfied and there is reasonable assurance that the grant will be received.
SHG received and not matched by development expenditure or relevant expenditure in the income and expenditure account is included in current liabilities. The amount of SHG in advance is calculated by reference to the aggregate of all schemes in the SHG funded development programme.
Other grants received (in respect of costs incurred) are shown as donations and recognised as income in the year of receipt.
(f) Taxation
The Institution is exempt from paying tax.
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THE TYNE MARINERS BENEVOLENT INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
(g) Designated Reserves
Designated reserves are part of unrestricted reserves which have been earmarked by the Board for a particular purpose. Such designations may be reversed by future Board decisions. Expenditure cannot be directly set against designated reserves but is taken through the income and expenditure account. A transfer is then made from designated reserves as appropriate.
The Registered Social Housing Provider (RSHP) designates those reserves set aside for future major repairs on all of its housing properties. The amounts set aside are based on a stock condition survey of the RSHP’s housing properties and represents the expenditure that cannot be met from the RSHP’s future rental income stream. The designated reserve is the amount that the Board estimates is required for future major repairs.
- (h) Revaluation Reserve
The Revaluation Reserve, whilst shown separately, is part of the general revenue reserves and is a memo of the difference in investments value between the historic cost and the fair value. The reserve can be both positive and negative as a result.
- (i) Financial Instruments
A financial instrument is a contract that gives rise to a financial asset or liability within the financial statements of the Institution. The committee of management have reviewed the financial instruments held within the Institution’s financial statements and consider them to be ‘basic’ and as such are recognised at their transactional value.
- (j) Rent Arrears and Advances
In accordance with the Accounting Direction 2022, rent arrears and advances are not net-off and are presented as part of debtors and creditors respectively. Where a payment plan has been entered into for rent arrears, which are considered to be material, then the rent arrears debtor is adjusted to its net present value.
2. (A) TURNOVER, OPERATING COSTS AND OPERATING SURPLUS FOR THE YEAR
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Operating | Operating | Operating | Operating | |||
| Turnover | costs | surplus | Turnover | costs | surplus | |
| £ | £ | £ | £ | £ | £ | |
| Social Housing Lettings | ||||||
| (note B) | 197,817 | (248,362) | (50,545) | 166,094 | (167,470) | (1,376) |
| Activities other than | ||||||
| Social Housing Activities | ||||||
| (note C) | 128,985 | (135,063) | (6,078) | 71,950 | (113,575) | (41,625) |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| TOTAL | 326,802 | (383,425) | (56,623) | 238,044 | (281,045) | (43,001) |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- |
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THE TYNE MARINERS BENEVOLENT INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
(B) PARTICULARS OF TURNOVER AND OPERATING EXPENDITURE FROM SOCIAL HOUSING LETTINGS
| 2024 | 2023 | |
|---|---|---|
| Income | **£ ** | £ |
| Rent receivable net of voids | 180,701 | 148,978 |
| Amortised social housing grant | 17,116 | 17,116 |
| --------------------------------- | --------------------------------- | |
| Turnover from Social Housing Lettings | 197,817 | 166,094 |
| --------------------------------- | --------------------------------- | |
| Operating expenditure | ||
| Management | 46,649 | 39,120 |
| Bad debts | 972 | (235) |
| General repairs | 26,861 | 30,165 |
| Major repairs | 84,001 | - |
| Planned repairs | - | 7,307 |
| Services | 75,501 | 76,623 |
| Depreciation on housing properties | 13,743 | 13,743 |
| Depreciation on other fixed assets | 635 | 747 |
| -------------------------------------- | -------------------------------------- | |
| Operating expenditure on Social Housing | ||
| Lettings | 248,362 | 167,470 |
| -------------------------------------- | -------------------------------------- | |
| Operating surplus on Social Housing Lettings | (50,545) | (1,376) |
| -------------------------------------- | -------------------------------------- | |
| Void Losses | 8,657 |
16,020 |
| (being rental income lost as a result of property | -------------------------------------- | -------------------------------------- |
| not being let) |
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VirtualSignature Transaction Ref. CV3J-ND48-L9N3 12 Jun 2025 14:34:37 BST (UTC +1) D 1/3 P 16/21
THE TYNE MARINERS BENEVOLENT INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2. (C) PARTICULARS OF TURNOVER AND OPERATING EXPENDITURE FROM OTHER ACTIVITIES
| 2024 | 2023 | |
|---|---|---|
| Income | **£ ** | £ |
| Donations: Trinity House, London | 40,800 | 38,850 |
| Donations: Seafarers | 50,000 | 1,015 |
| Legacy | - | |
| Investment income | 38,185 | 32,085 |
| --------------------------------- | --------------------------------- | |
| Turnover from other activities | 128,985 | 71,950 |
| Operating expenditure | ||
| Grant payments | 80,713 | 84,272 |
| Management | 20,236 | 27,584 |
| National association fees | 1,374 | 806 |
| Other legal fees | 31,463 | 40 |
| Sundries | 1,277 | 875 |
| -------------------------------------- | -------------------------------------- | |
| Operating expenditure on other activities | 135,063 | 113,575 |
| -------------------------------------- | -------------------------------------- | |
| Operating (deficit)/ surplus on other activities | (6,078) -------------------------------------- |
(41,625) -------------------------------------- |
3. STAFF, KEY MANAGEMENT PERSONNEL, DIRECTORS' EMOLUMENTS AND RELATED PARTIES
No employee earned more than £60,000 (2023: £Nil) or had any expenses reimbursed (2023: £Nil).
The Institution has no employees and no Key Management Personnel as its sole corporate trustee is a management company which is governed by a Board of Directors. The Institution has no other paid Executive Officers.
The administration and management of the Association was carried out by Trinity House and Tyne Housing Association Limited.
There were no related party transactions.
4. INTEREST RECEIVABLE
Bank interest receivable
| 2024 | 2023 |
|---|---|
| £ | £ |
| 3,044 ---------------------------- |
1,867 ---------------------------- |
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VirtualSignature Transaction Ref. CV3J-ND48-L9N3 12 Jun 2025 14:34:37 BST (UTC +1) D 1/3 P 17/21
THE TYNE MARINERS BENEVOLENT INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
5. OPERATING DEFICIT
| OPERATING DEFICIT | ||
|---|---|---|
| 2024 | 2023 | |
| The operating deficit for the year | £ | £ |
| is stated after charging: | ||
| Depreciation on housing properties | 13,743 | 13,743 |
| Depreciation on other fixed assets | 635 | 747 |
| Amortisation of social housing grant | (17,116) | (17,116) |
| Reporting accountant’s / Auditor’s remuneration | 7,200 | 9,720 |
| ---------------------------- | ---------------------------- |
6. TAXATION
No liability to taxation arises from the surplus arising from rent from members as the Institution is entitled to relief under S642 of the Corporation Taxes Act 2010.
7. TANGIBLE FIXED ASSETS
| Housing properties – freehold | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| Gross cost | |||
| At 1 January | **801,210 ** | 801,210 | |
| Additions | **- ** | - | |
| Disposals | **- ** | - | |
| ----------------------------------------------- | ------------------------------------------- | ||
| At 31 December | **801,210 ** | 801,210 | |
| ----------------------------------------------- | ------------------------------------------- | ||
| Depreciation | |||
| At 1 January | 543,122 | 529,379 | |
| Charge | 13,743 | 13,743 | |
| Disposals | **- ** | - | |
| ----------------------------------------------- | ----------------------------------------------- | ||
| At 31 December | **556,865 ** | 543,122 | |
| ----------------------------------------------- | ------------------------------------------- | ||
| Net book value 31 December | **244,345 ** | 258,088 | |
| ----------------------------------------------- | ------------------------------------------- | ||
| 8. | OTHER FIXED ASSETS | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Cost | |||
| At 1 January & 31 December | 41,867 | 41,867 | |
| ------------------------------ | ------------------------------ | ||
| Depreciation | |||
| At 1 January | 37,635 | 36,888 | |
| Charge | 635 | 747 | |
| ------------------------------ | ------------------------------ | ||
| At 31 December | 38,270 | 37,635 | |
| ------------------------------ | ------------------------------ | ||
| Net book value 31 December | 3,597 | 4,232 | |
| ------------------------------ | ------------------------------ |
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VirtualSignature Transaction Ref. CV3J-ND48-L9N3 12 Jun 2025 14:34:37 BST (UTC +1) D 1/3 P 18/21
THE TYNE MARINERS BENEVOLENT INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 9. | INVESTMENTS | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Fair value: | |||
| As at 1 January | 1,310,813 | 1,230,458 | |
| Additions | 165,776 | 473,203 | |
| Disposals at opening market value | (174,281) | (465,033) | |
| Unrealised gain/(loss) in period | 37,286 | 1,403 | |
| Difference between gain on market value and gain on | |||
| historical cost | 58,772 | 70,782 | |
| ------------------------------ | ------------------------------ | ||
| At 31 December | 1,398,366 | 1,310,813 | |
| ------------------------------ | ------------------------------ | ||
| UK Equities | 365,569 |
322,833 | |
| Non UK Equities | 123,537 | 123,458 | |
| UK Bonds | 240,747 | 253,175 | |
| Global Funds | 641,486 | 597,141 | |
| Money Market Time | 27,027 | 14,206 | |
| ------------------------------ | ------------------------------ | ||
| 1,398,366 | 1,310,813 | ||
| ------------------------------ | ------------------------------ | ||
| (b) Historic Cost | |||
| As at 1 January | 1,390,754 | 1,357,115 | |
| Additions | 165,776 | 473,203 | |
| Disposals | (159,855) | (439,564) | |
| ------------------------------ | ------------------------------ | ||
| As at 31 December | 1,396,675 | 1,390,754 | |
| ------------------------------ | ------------------------------ | ||
| (c) Realised Gain / (Losses) | |||
| 2024 | 2023 | ||
| £ | £ | ||
| On Cost | 51,134 | 77,257 | |
| Less: Difference between gains / (losses) arising in both | 7,638 | (6,475) | |
| cost and fair value | |||
| ------------------------------ | ------------------------------ | ||
| Gain / (loss) realised: Difference between proceeds and | 58,772 | 70,782 | |
| fair value disposals | |||
| ------------------------------ | ------------------------------ | ||
| (d) Unrealised Gain / (Loss) on Fair Value | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Per investment note | 37,286 | 1,403 | |
| Realised gain / (loss) on cost | 51,134 | 77,257 | |
| ------------------------------ | ------------------------------ | ||
| Other recognised gains / (losses) in Statement of | 88,420 | 78,660 | |
| Comprehensive Income | |||
| ------------------------------ | ------------------------------ |
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VirtualSignature Transaction Ref. CV3J-ND48-L9N3 12 Jun 2025 14:34:37 BST (UTC +1) D 1/3 P 19/21
THE TYNE MARINERS BENEVOLENT INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9. INVESTMENTS (continued)
At the 31 December 2024 the following individual Investments market value exceeded 5% of the total portfolio market valuation:
| Columbia Thread Inv UK Fund Class Z | £162,528 | ||
|---|---|---|---|
| Artemis Income FD Units | £161,245 | ||
| Baillie Gifford Managed Fund B Income | £641,486 | ||
| 10. | DEBTORS | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Rent arrears (gross) | 21,967 | 16,286 | |
| Less: bad debt provision | (12,787) | (11,815) | |
| Other debtors | 31,646 | 1,396 | |
| Prepayments and accrued income | 13,026 | 12,974 | |
| ------------------------------ | ------------------------------ | ||
| **53,852 ** | 18,841 | ||
| ------------------------------ | --------------------------- | ||
| 11. | CREDITORS: Amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Rent in advance | 3,803 | 4,563 | |
| Accruals | 68,731 | 24,363 | |
| Other Creditor | - | 12,425 | |
| ------------------------------ | ----------------------------------- | ||
| **72,534 ** | 41,351 | ||
| ------------------------------ | ------------------------------ | ||
| 12. | CREDITORS: Amounts falling due after more than one year, including convertible debts | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Social Housing Grant (amortised cost) | **239,485 ** | 256,601 | |
| ------------------------------------------- | ------------------------------------------- |
The Social Housing Grant is amortised in line with the life of the ‘structure’ component, at a rate of 2%, and released as ‘income’ to the Statement of Comprehensive Income on that basis.
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VirtualSignature Transaction Ref. CV3J-ND48-L9N3 12 Jun 2025 14:34:37 BST (UTC +1) D 1/3 P 20/21
THE TYNE MARINERS BENEVOLENT INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| SOCIAL HOUSING GRANT | ||
|---|---|---|
| 2024 | 2023 | |
| Amounts received: | £ | £ |
| At 1 January & 31 December | 855,818 | 855,818 |
| Amortisation: | ||
| At 1 January | 599,217 | 582,101 |
| Released during year | 17,116 | 17,116 |
| ----------------------------------------------- | ----------------------------------------------- | |
| At 31 December | 616,333 | 599,217 |
| ----------------------------------------------- | ----------------------------------------------- | |
| Carrying value: | ||
| ----------------------------------------------- | ----------------------------------------------- | |
| At 31 December | 239,485 ----------------------------------------------- |
256,601 ------------------------------------------- |
13. FINANCIAL INSTRUMENTS
The Institution considers that its financial instruments comprise the Social Housing Grant (SHG); as such it is included as a liability within the financial statements. As the Institution has no intention to dispose of its housing properties the SHG will not become repayable. As a result, the total balance of the SHG creditor is presented as falling due in five years or more. The financial instruments are repayable as follows:
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| In five years or more | 239,485 | 256,601 | ||||
| ------------------------------------------- | ------------------------------------------- | |||||
| 14. | DESIGNATED RESERVES | |||||
| 2024 | 2023 | |||||
| Cyclical | ||||||
| Capital | Repairs and | Contingencies | ||||
| Account | Maintenance | Fund | Total | Total | ||
| £ | £ | £ | £ | £ | ||
| As at 1 January 2024 | 137,480 | 110,774 | 67,430 | 315,684 | 314,628 | |
| Transfer (To) / from | (34,001) | 1,056 | (32,945) | 1,056 | ||
| revenue reserve | ||||||
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| As at 31 December | 103,479 | 111,830 | 67,430 | 282,739 | 315,684 | |
| 2024 | ||||||
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- |
From time to time, the Institution received donations in the form of legacies. Where the amount received is £1,000 or more, the Trustees consider it appropriate to credit the amount received to a designated reserve entitled Capital Account. No legacies were received this year (2023: £Nil). During the year £34,001 was expended from this fund (2023: £Nil) in respect of roof repairs.
Cyclical Repairs and Maintenance
The annual transfer of £3,480 has been made from the revenue reserve, to be utilised 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 the recently purchased boilers.
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VirtualSignature Transaction Ref. CV3J-ND48-L9N3 12 Jun 2025 14:34:37 BST (UTC +1) D 1/3 P 21/21
THE TYNE MARINERS BENEVOLENT INSTITUTION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Contingencies (Extraordinary Repairs) Fund
The contingencies (extraordinary repairs) fund was established under an Order of the Board of Charity Commissioners of England and Wales, dated 10[th] November 1982.
15. REVALUATION RESERVE
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Opening Balance | 12,281 | 10,879 |
| Unrealised gains / (losses) in period | 37,286 | 1,402 |
| ----------------------------------------------- | ----------------------------------------------- | |
| Closing Balance | 49,568 | 12,281 |
| --------------------------------------------- | --------------------------------------------- |
The Trustees have transferred the unrealised gains / (losses) on the investments (as per Note 9) from the revaluation reserve in line with the current accounting policy.
16. CAPITAL COMMITMENTS
There is no capital expenditure which has been contracted for, but not provided in the financial statements (2023: £nil).
17. CONTINGENT LIABILITIES
There are no contingent liabilities (2023: £nil).
18. RELATED PARTY TRANSACTIONS
During the year the charity paid management fees to The Corporation of The Newcastle upon Tyne Trinity House to the amount of £28,836 including vat (2023: £nil).
19. ACCOMMODATION MANAGED BY OTHERS
| ACCOMMODATION MANAGED BY OTHERS | ||
|---|---|---|
| 2024 | 2023 | |
| General needs housing units | 30 |
30 |
| ------------------------------------------ | ------------------------------------------ |
20. ULTIMATE CONTROLLING PARTY
In the opinion of the Trustees there is no ultimate controlling party as the sole corporate Trustee is managed by a Board of Directors.
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