Charity registration number 1156642
Company registration number 08768149 (England and Wales)
HOLY TRINITY (HULL) DEVELOPMENT TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HOLY TRINITY (HULL) DEVELOPMENT TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
J H Robinson
S Martin
R Alden
I Ogilvie
Charity number
1156642
Company number
08768149
Registered office
Hull Minster
South Church Side
Hull
East Yorkshire
HU1 1RR
Independent examiner
Fawley Judge & Easton
Chartered Certified Accountants
1 Parliament Street
Hull
East Yorkshire
HU1 2AS
HOLY TRINITY (HULL) DEVELOPMENT TRUST
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
4
Statement of financial activities
3
Balance sheet
5
Notes to the financial statements
6 - 13
HOLY TRINITY (HULL) DEVELOPMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The trustees present their report and accounts for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the the trust's governing document, the Companies Act 2006 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) (effective 1 January 2019)".

Objectives and activities

The the trust's objects are to provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social and economic circumstances with the object of improving their conditions of life; and to advance the Christian faith by the maintenance, repair or restoration of Holy Trinity Church, Hull including supporting the Parochial Church Council of the Ecclesiastical Parish of the Most Holy and Undivided Trinity Hull in the maintenance, repair or restoration of the church.

 

Holy Trinity Church was renamed Hull Minster after it was re-designated by Archbishop Sentamu of York in 2017.

 

Policies have been adopted in furtherance of these objects and there has been no changes in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the the trust should undertake.

Achievements and performance

2022 saw the completion of the main project know as ‘Phase 3’

 

The new extension housing a café and heritage interpretation and toilets were opened in October.

 

This has led to increased visitor footfall to thew church and money coming back into the church from the profits of the café.

 

The South side of the church is now completely transformed, with the vestries having been refurbished with new roofs, insulation, and internal decoration. The Broadley Chapel (lady chapel) has also been refurbished.

 

As the project ‘Phase 3’ comes to a close with the last few details being finished off, including joinery and signage works.

The trust, in conjunction with the, PCC of Holy Trinity, Hull, will set the priorities for the remaining funds and create a strategy for the next project.

Financial review

The trustees are satisfied with the financial position of the trust at the Balance Sheet date.

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a minimum level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The trust is a company limited by guarantee and registered with the Charity Commissioners on 8th November 2013.

HOLY TRINITY (HULL) DEVELOPMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

J H Robinson
S Martin
R Alden
I Ogilvie

The trustees have been recruited from the public who are engaged in the procurement of the objectives of the trust.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trust is controlled by the directors, who with the support of a project committee deliver the aims and objectives the trust.

The trust was formed to provide the fund-raising requirements for the Holy Trinity Church, Hull development scheme. The monies raised will be gifted to Holy Trinity Church, Hull who in turn will pay for the works through Holy Trinity Development Ltd, a wholly owned company of the Parochial Church Council of Holy Trinity. All organisations have common members.

The trustees' report was approved by the Board of Trustees.

J H Robinson
Trustee
Dated: 11 March 2024
HOLY TRINITY (HULL) DEVELOPMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
-
1,059
1,059
235,810
102,526
338,336
Investments
4
2,493
-
2,493
150
-
150
Total income
2,493
1,059
3,552
235,960
102,526
338,486
Expenditure on:
Raising funds
6
-
-
-
-
14,375
14,375
Charitable activities
5
13,622
178,893
192,515
52,835
1,990,187
2,043,022
Total expenditure
13,622
178,893
192,515
52,835
2,004,562
2,057,397
Net expenditure and movement in funds
(11,129)
(177,834)
(188,963)
183,125
(1,902,036)
(1,718,911)
Reconciliation of funds:
Fund balances at 1 January 2023
209,764
210,582
420,346
26,639
2,112,618
2,139,257
Fund balances at 31 December 2023
198,635
32,748
231,383
209,764
210,582
420,346

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

HOLY TRINITY (HULL) DEVELOPMENT TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HOLY TRINITY (HULL) DEVELOPMENT TRUST
- 4 -

I report to the trustees on my examination of the financial statements of Holy Trinity (Hull) Development Trust (the the trust) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no 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 the trust as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 financial statements to be reached.

Jonathan M Leathley
Fawley Judge & Easton
Chartered Certified Accountants
1 Parliament Street
Hull
East Yorkshire
HU1 2AS
Dated: 11 March 2024
HOLY TRINITY (HULL) DEVELOPMENT TRUST
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
233,269
473,035
Creditors: amounts falling due within one year
12
(1,886)
(52,689)
Net current assets
231,383
420,346
Income funds
Restricted funds
32,748
210,582
Unrestricted funds
198,635
209,764
231,383
420,346

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

 

The members have not required the company to obtain an audit of these financial statements.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 11 March 2024
J H Robinson
Trustee
Company Registration No. 08768149
HOLY TRINITY (HULL) DEVELOPMENT TRUST
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 6 -
1
Critical accounting estimates and judgements

In the application of the the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Holy Trinity (Hull) Development Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Hull Minster, South Church Side, Hull, East Yorkshire, HU1 1RR.

2.1
Accounting convention

The financial statements have been prepared in accordance with the the trust's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The the trust is a Public Benefit Entity as defined by FRS 102.

 

The the trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

2.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the the trust.
HOLY TRINITY (HULL) DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 7 -
2.4
Incoming resources
Income is recognised when the the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
HOLY TRINITY (HULL) DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 8 -
2.5
Resources expended

Expenditure is shown inclusive of any attributable VAT except for grants to donors.

2.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the the trust’s contractual obligations expire or are discharged or cancelled.

2.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

HOLY TRINITY (HULL) DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
3
Donations and legacies
Restricted
Unrestricted
Restricted
Total
funds
funds
funds
2023
2022
2022
2022
£
£
£
£
Donations and gifts
1,059
226,310
2,526
228,836

Grants

-
9,500
100,000
109,500
1,059
235,810
102,526
338,336
Donations and gifts
Public donations
-
121,060
-
121,060
Stanley Trust
-
75,000
-
75,000
Gift Aid
-
30,250
2,526
32,776
Other
1,059
-
-
-
1,059
226,310
2,526
228,836
Grants receivable for core activities
Garfield Weston Foundation
-
-
100,000
100,000
Benefact Trust
-
5,000
-
5,000
Joseph and Annie Cattle Trust
-
2,000
-
2,000
James Reckitt Charity
-
2,000
-
2,000
Ian Askew Charity
-
500
-
500
-
9,500
100,000
109,500
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
2,493
150
HOLY TRINITY (HULL) DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
5
Expenditure on charitable activities
Heading #ac982
Heading #ac982
Heading #ac983
Total
2023
2022
2022
2022
£
£
£
£
Direct costs

Hull Minster - Grants

190,715
2,023,271
-
2,023,271
Grant funding of activities (see note 7)
-
-
16,000
16,000
Share of support and governance costs (see note 9)
Governance
1,800
3,751
-
3,751
192,515
2,027,022
16,000
2,043,022
Analysis by fund
Unrestricted funds
13,622
36,835
16,000
52,835
Restricted funds
178,893
1,990,187
-
1,990,187
192,515
2,027,022
16,000
2,043,022
6

Raising funds

Total
Restricted
funds
2023
2022
£
£
Fundraising and publicity
Fundraising costs
-
14,375
-
14,375
7
Grants payable
Heading #ac983
2022
£
Grants to institutions:
Other
16,000

Grants were distributed to Hull Minster in support of the Development Project and discretionary grants for salary support.

-
HOLY TRINITY (HULL) DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
8
Net movement in funds
2023
2022
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
1,800
3,600
9
Support costs
Support costs
Governance costs
2023
2022
£
£
£
£

Sundry costs

-
-
-
151
Audit fees
3,600
1,800
1,800
3,600
3,600
1,800
1,800
3,751
Analysed between
Charitable activities
3,600
1,800
1,800
3,751

Governance costs includes payments to the auditors of £3,600 (2022- £3,600) for the independent examination and non-audit fees.

10
Trustees

None of the trustees (or any persons connected with them) received any remuneration or expenses during the year.

11
Employees
Number of employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Development
1
1
There were no employees whose annual remuneration was £60,000 or more.
12
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,886
52,689
HOLY TRINITY (HULL) DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
13
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
General funds
209,764
2,493
(13,622)
198,635
Previous year:
At 1 January 2022
Incoming resources
Resources expended
At 31 December 2022
£
£
£
£
General funds
26,639
235,960
(52,835)
209,764
14
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 December 2023:
Current assets/(liabilities)
198,635
32,748
231,383
198,635
32,748
231,383
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
£
£
£
At 31 December 2022:
Current assets/(liabilities)
209,764
210,582
420,346
209,764
210,582
420,346
15
Related party transactions
HOLY TRINITY (HULL) DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Related party transactions
(Continued)
- 13 -
Transactions with related parties

During the year the the trust entered into the following transactions with related parties:

Development Project
Discretionary Grants
2023
2022
2023
2022
£
£
£
£
PCC Holy Trinity Hull
190,715
2,023,271
-
16,000
190,715
2,023,271
-
16,000

At 31st December 2023 there were no balances due between the Trust and the PCC Holy Trinity Hull (2022 - £0).

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