| Page | |||
|---|---|---|---|
| Trustees' annual report |
|||
| Independent examiner's |
report to the trustees | ||
| Statement offinancial | activities | ||
| Balance sheet | |||
| Notes to the financial | statements | 10 |
| Year ended 5April 2021 | Year ended 5April 2021 | Year ended 5April 2021 | |||||
|---|---|---|---|---|---|---|---|
| Reference and administrative | details | ||||||
| Registered | charity | name | Lowestoft Charity Board | ||||
| Charity registration | number | 1043557 | |||||
| Principal office | 148London Road North | ||||||
| Lowestoft | |||||||
| Suffolk | |||||||
| NR32 1HF | |||||||
| The trustees | |||||||
| The trustees | who served during | the year and at the date of approval | were as | follows: | |||
| Mr R Stebbings - Nominative | |||||||
| (Chairman) | |||||||
| Mrs J Collins - Co-optative | (Vice | ||||||
| Chairman) | |||||||
| Miss G P Buckley - Co-optative | |||||||
| Mrs P Shaw - ExOfficio | |||||||
| Mr P Knight - Nominative | |||||||
| Mrs M Eccles - Co - optative | |||||||
| Rev M Asquith - Ex Officio | |||||||
| Mr A Sparkes - Ex Officio | |||||||
| Mrs J Hardie - Nominative | |||||||
| Mrs C Leech - Nominative | |||||||
| Mrs G Battrick - Nominative | |||||||
| Clerk | Mr M Breeze | ||||||
| Norton Peskett Solicitors | |||||||
| 18Church Plain |
|||||||
| Great Yarmouth | |||||||
| Norfolk | |||||||
| Charity number | Lowestoft Church and Town Estate Charity - 1043557 | ||||||
| Lowestoft Church and Town Relief In Need Charity - 1015039 | |||||||
| Lowestoft Church and Town Educational | Foundation | -310460 | |||||
| Independent | examiner | Paul Briddon BScFCA | |||||
| Lovewell Blake LLP | |||||||
| Chartered accountants |
|||||||
| Excelsior House | |||||||
| 9Quay View Business Park | |||||||
| Barnards Way | |||||||
| Lowestoft | |||||||
| NR32 2HD | |||||||
| Bankers | Barclays Bank Pic | ||||||
| 61 London Road North | |||||||
| Lowestoft | |||||||
| Suffolk | |||||||
| NR32 1LT |
| 2021 | 2021 | 2020 | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | |||||||
| funds | Total funds | Total funds | |||||
| Note | R | ||||||
| Income and endowments | |||||||
| Charitable activities |
4 | 77,921 | 77,921 | 68,954 | |||
| Investment income |
5 | 45,015 | 45,015 | 51,509 | |||
| Total income | 122,936 | 122,936 | 120,463 | ||||
| Expenditure | |||||||
| Charitable activities |
6 | (92,090) | (92,090) | (98,976) | |||
| Total expenditure | (92,090) | (92,090) | (98,976) | ||||
| Net income/(expenditure) | and net movements | in funds | |||||
| before gains and | losses on investments | 30,846 | 30,846 | 21,487 | |||
| Net gains/(losses) | on investments | 8 | 193,500 | 193,500 | (149,875) | ||
| Net income/(expenditure) | and net movement | in funds | 224,346 | 224,346 | (128,388) | ||
| Reconciliation of | funds | ||||||
| Total funds brought | forward | 3,231,424 | 3,231,424 | 3,359,812 | |||
| Total funds carried forward | 3,455,770 | 3,455,770 | 3,231,424 |
| Balance shee 5April 2021 |
t | |||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| Note | ||||||||
| Fixed assets | ||||||||
| Tangible fixed assets | 11 | 1,499,946 | 1,499,946 | |||||
| Investments | 12 | 1,369,109 | 1,150,943 | |||||
| 2,869,055 | 2,650,889 | |||||||
| Current assets | ||||||||
| Debtors | 13 | 387,157 | 413,965 | |||||
| Cash at bank and | in | hand | 250,169 | 208,869 | ||||
| 637,326 | 622,834 | |||||||
| Creditors: Amounts | falling due within | |||||||
| one year | 14 | 50,611 | 42,299 | |||||
| Net current assets | 586,715 | 580,535 | ||||||
| Total assets less | current liabilities | 3,455,770 | 3,231,424 | |||||
| Net assets | 3,455,770 | 3,231,424 | ||||||
| Funds ofthe charity | ||||||||
| Unrestricted funds: |
||||||||
| Revaluation | reserve | 1,511,167 | 1,352,239 | |||||
| Other unrestricted | income funds | 1,944,603 | 1,879,185 | |||||
| Total unrestricted | funds | 3,455,770 | 3,231,424 | |||||
| Total charity funds | 15 | 3,455,770 | 3,231,424 |
| Unrestricted | Total | Funds | Unrestricted | Total | Funds | ||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||||||
| R | |||||||||
| General | and | ground | rent | 80,049 | 80,049 | 68,954 | 68,954 | ||
| Rental | write | ons/(offs) | (2,128) | (2,128) | |||||
| 77,921 | 77,921 | 68,954 | 68,954 |
| Investment | income | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| F | |||||
| Bank interest | 113 | 113 | 95 | 95 | |
| Other loan | interest received | 7,922 | 7,922 | 8,257 | 8,257 |
| Investment | income | 36,980 | 36,980 | 43,157 | 43,157 |
| 45,015 | 45,015 | 51,509 | 51,509 |
| 6. | Expenditure | on charitable | on charitable | on charitable | on charitable | activities by | fund | type | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||||||
| Funds | 2021 | Funds | 2020 | ||||||||
| F | R | F | |||||||||
| Grants | 29,244 | 29,244 | 17,962 | 17,962 | |||||||
| Transfer to | St | Margarets | PCC | 42,232 | 42,232 | 29,621 | 29,621 | ||||
| Insurance | 2,293 | 2,293 | 1,979 | 1,979 | |||||||
| Light and heat | 145 | 145 | 163 | 163 | |||||||
| Support costs | 18,176 | 18,176 | 49,251 | 49,251 | |||||||
| 92,090 | 92,090 | 98,976 | 98,976 | ||||||||
| 7. | Analysis ofsupport | costs | |||||||||
| Unrestricted | |||||||||||
| Funds | Total 2021 | Total 2020 | |||||||||
| Premises | 7,574 | 7,574 | 32,722 | ||||||||
| General office | 1,718 | 1,718 | 1,972 | ||||||||
| Finance costs | 5,272 | 5,272 | 5,180 | ||||||||
| Management | fees | 3,612 | 3,612 | 9,377 | |||||||
| 18,176 | 18,176 | 49,251 | |||||||||
| 8. | Net gains/(losses) | on investments | |||||||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||||||
| Funds | 2021 | Funds | 2020 | ||||||||
| F | E | F | |||||||||
| Unrealised | (loss)/surplus | on revaluation | |||||||||
| of investments, | held | for | charitable use | 193,500 | 193,500 | (149,875) | (149,875) | ||||
| 9. | Independent | examination | fees | ||||||||
| 2021 | 2020 | ||||||||||
| E | |||||||||||
| Fees payable | to the | independent examiner for: |
|||||||||
| Independent | examination | ofthe financial | statements | 5,322 | 5,120 |
| by the tru Tangible |
stees. fixed assets |
|
|---|---|---|
| Land and | ||
| buildings | ||
| R | ||
| Cost | ||
| At 6April | 2020 and 5April 2021 | 1,499,946 |
| Depreciation | ||
| At 6April | 2020 and 5April 2021 | |
| Carrying | amount | |
| At 5April | 2021 | 1,499,946 |
| At 5April | 2020 | 1,499,946 |
| Other | |||
|---|---|---|---|
| investments | |||
| R | |||
| Cost or valuation | |||
| At 6 April | 2020 | 1,150,943 | |
| Additions | 219,268 | ||
| Disposals | (148,847) | ||
| Net cash | movements | (26,657) | |
| Other movements | 174,402 | ||
| At 5April | 2021 | 1,369,109 | |
| Impairment | |||
| At 6April | 2020 | and 5April 2021 | |
| Carrying | amount | ||
| At 5April | 2021 | 1,369,109 | |
| At 5 April | 2020 | 1,150,943 | |
| All investments | shown above are held at valuation. |
| Debtors | |||
|---|---|---|---|
| 2021 | 2020 | ||
| Prepayments | and accrued income | 3,138 | |
| Other debtors | 384,019 | 413,965 | |
| 387,157 | 413,965 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| F | ||||
| Trade creditors | 714 | |||
| Accruals and | deferred | income | 7,012 | 11,964 |
| St Margarets | PCC | 42,232 | 29,621 | |
| Other creditors | 1,367 | |||
| 50,611 | 42,299 |
| Unrestricted | funds | |||||
|---|---|---|---|---|---|---|
| Transfers/ | ||||||
| At 6 April | Gains and | At 5April | ||||
| 2020 | Income | Expenditure | losses | 2021 | ||
| f. | F | |||||
| General funds | 1,728,002 | 122,936 | (92,090) | 17,679 | 1,776,527 | |
| Reserve for | general | |||||
| benefit | 151,183 | 16,893 | 168,076 | |||
| Revaluation | reserve | 1,352,239 | 158,928 | 1,511,167 | ||
| 3,231,424 | 122,936 | (92,090) | 193,500 | 3,455,770 | ||
| Unrestricted | funds | |||||
| Transfers/ | ||||||
| At 6 April | Gains and | At 5April | ||||
| 2019 F |
Income | Expenditure | lossesf | 2020 | ||
| General funds | 1,721,811 | 120,463 | (98,976) | (15,296) | 1,728,002 | |
| Reserve for | general | |||||
| benefit | 139,335 | 11,848 | 151,183 | |||
| Revaluation | reserve | 1,498,666 | (146,427) | 1,352,239 | ||
| 3,359,812 | 120,463 | (98,978) | (149,875) | 3,231,424 |
| 16. | Analysis of | net assets between fund | s | |||
|---|---|---|---|---|---|---|
| As at 5April | 2021 | |||||
| Tangible fixed | Net current | Total Funds | ||||
| assets | Investments | assets | 2021 | |||
| Unrestricted | Income Funds | |||||
| Designated | Funds | 168,076 | 168,076 | |||
| General Funds | 598,562 | 759,326 | 418,639 | 1,776,527 | ||
| Revaluation | reserve | 901,384 | 609,783 | 1,511,167 | ||
| 1,499,946 | 1,369,109 | 586,715 | 3,455,770 | |||
| As at 5April | 2020 | |||||
| Tangible fixed | Net current | Total Funds | ||||
| assets | Investments | assets | 2020 | |||
| Unrestricted | Income Funds | |||||
| Designated | Funds | 151,183 | 151,183 | |||
| General Funds |
598,562 | 700,088 | 429,352 | 1,728,002 | ||
| Revaluation | reserve | 901,384 | 450,855 | 1,352,239 | ||
| 1,499,946 | 1,150,943 | 580,535 | 3,231,424 | |||
| 17. | Designated | fund | ||||
| Reserve for | general benefit |
|||||
| 2021 | 2020 | |||||
| R | f | |||||
| Accumulated | fund at being of period | 151,183 | 139,335 | |||
| Allocation ofestate surplus | 16,893 | 11,848 | ||||
| 168,076 | 151,183 |
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| 2021 | 2020 | ||
|---|---|---|---|
| R | |||
| Surplus/(deficiency) | |||
| Estate charity | 84,464 | 59,241 | |
| Relief in need charity | 1,244 | (428) | |
| Educational foundation |
12630 | 7705 | |
| 73,078 | 51,108 | ||
| Less appropriations | |||
| Payment to St Margarets | PCC | 42 232 | 29621 |
| Surplus for the year |
| Relief | Educational | Educational | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Estate | In Need | Foundation | |||||||
| Charity | Charity | Charity | |||||||
| 2021 | 2020 F |
2021 | 2020f | 2021 | 2020 | ||||
| Incoming resources | |||||||||
| General and ground | rent | 77,921 | 68,954 | ||||||
| Investment income |
31,546 | 32,721 | 2,064 | 2,891 | 3,370 | 7,545 | |||
| Loan interest receivable | 7,922 | 8,257 | |||||||
| Bank interest | 113 | 95 | |||||||
| Total incoming | |||||||||
| Resources | |||||||||
| Resources expended: | |||||||||
| Direct charitable expenditure |
|||||||||
| Grants | 13000 | 800 | 244 | 1 912 | 16000 | 15250 | |||
| Property expenditure | |||||||||
| Light and heat | 145 | 163 | |||||||
| Repairs to premises | 7,574 | 32,722 | |||||||
| Insurance | 2293 | 1 | 979 | ||||||
| 10012 | 34 | 864 | |||||||
| Governance costs | |||||||||
| Audit and accountancy | fees | 5,272 | 5,180 | ||||||
| Management fee |
3,036 | 7,970 | 576 | 1,407 | |||||
| General | 1 718 | 1 | 972 | ||||||
| 10026 | 15 | 122 | 576 | 1 407 | |||||
| Total expenditure | 33038 | 50 | 786 | 820 | 3319 | 16000 | 15250 | ||
| Net surplus/(deficiency) | |||||||||
| for the year | |||||||||
| Allocation ofestate | charity surplus | ||||||||
| Distributable | |||||||||
| Relief in Need Charity | 8,446 | 1/10 | |||||||
| Educational Foundation |
16,893 | 1/5 | |||||||
| Reserve for general | benefit | 16,893 | 1/5 | ||||||
| St. Margarets PCC |
42 | 232 | 1/2 |
| Gross | |||||
|---|---|---|---|---|---|
| Market | Income | ||||
| Value | Cost | receivable | |||
| R | |||||
| 19,7000.125%GILT 22/03/26 | 26,335 | 24,985 | 28 | ||
| 24,550Treasury 1%index linked stock 07/09/2017 | |||||
| 19,0500.125%index linked GILT 22/03/24 | 25,581 | 24,973 | 31 | ||
| 142,250 Income Shares National Association |
|||||
| ofAlmshouses Common Investment fund |
122,235 | 42,405 | 9,743 | ||
| 1,942.32 Units - Income Share Charities | |||||
| Official Investment Fund |
34,751 | 6,075 | 4,741 | ||
| 22,500 Units in Charinco | 41,828 | 38,637 | 2,138 | ||
| 8,000 units Blackrock Charities UK Equity Fund |
A Income | 52,860 | 12,739 | 2,449 | |
| 610Rio Tinto Pic ordinary 10p (registered) shares |
33,428 | 8,436 | 1,813 | ||
| 440 Reckitt Benckiser ordinary 1010/19p shares | 28,587 | 6,203 | 768 | ||
| 1,250 BHP Billton. ordinary US$0.50 |
25,850 | 7,603 | 1,439 | ||
| 2,549 National Grid 204/473p shares |
22,011 | 12,110 | |||
| 585 Unilever pic ordinary 3 1/9p shares |
23,529 | 10,931 | 867 | ||
| 1,345 United Utilities grp ord 5p shares |
12,487 | 7,958 | 576 | ||
| 1,243 Royal Dutch Shell | 16,599 | 14,358 | 767 | ||
| 15,800 National Grid 1.25% RPI 06/10/21 |
20,034 | 16,240 | 1,499 | ||
| 2,950BPPic Ordinary $0.25shares | 8,549 | 13,385 | 592 | ||
| 270Astrazeneca Pic Ordinary $0.10shares |
19,364 | 13,282 | 559 | ||
| 1,150Experian Pic Ordinary $0.10shares | 29,279 | 13,387 | 177 | ||
| 880 Prudential Pic ordinary 5p shares |
13,653 | 11,797 | 220 | ||
| 372 Gold Bullion Ltd Sec Undated Zero CPN |
NTS | 43,353 | 29,950 | ||
| 220 Novartis AG CHF 0.50(REGP) |
13,707 | 11,952 | 331 | ||
| 405 Intertek Group Ordinary 1p shares |
23,166 | 19,780 | 428 | ||
| 23Amazon. corn Inc common stock | 53,355 | 29,837 | |||
| 234 Umicore SA Common Stock No Par Value | 9,243 | 9,962 | 35 | ||
| 271 CHR Hansen Holdings A/S Common Stock |
DKK10 | 17,835 | 19,979 | ||
| 410 Novo-Nordisk AS DKK0.2 Series B |
20,118 | 19,785 | 306 | ||
| 302 Schroders Pic Voting Shares E1 (disposed | of) | 239 | |||
| 4,100 Domino's Pizza Group Ordinary 25/48p shares |
14,268 | 12,648 | 228 | ||
| 3,144 Rightmove Pic Ordinary 0.1p shares |
18,726 | 19,998 | |||
| 17,225 JPMorgan Global Emerging Markets |
Inc | 24,976 | 22,324 | 172 | |
| 1,700 Relx PLC Ordinary 1451/116pshares |
31,195 | 8,267 | 777 | ||
| 134Microsoft Corp'n US$0,0000625 | 23,995 | 19,917 | 134 | ||
| 5,750TR Property I/T Ordinary 25p shares |
22,713 | 22,483 | 299 | ||
| 200 Pepsico Inc Cap $0.01 | 20,584 | 22,240 | 125 | ||
| 135Ecolab Inc USD1 | 21,244 | 21,515 | 39 | ||
| 140Visa Inc Class A Common Stock USD$0.0001 | 22,047 | 22,334 | 26 | ||
| 250 Nike Inc Class "B"Common Stock NPV | 24,286 | 23,940 | |||
| 8,450 Spirent Communications Ordy 3 1/3p shs |
20,145 | 22,524 | |||
| 885 Bunzl Pic Ordinary 32 1/7p shares | 20,886 | 21,992 | |||
| 19,736 Cordiant Digital Infrastructure |
19,657 | 19,999 | |||
| Cash held for investment | 27318 | 27318 |
| The Lowestoft | Church a | nd Town | Relief In Need Chari | ty | ||
|---|---|---|---|---|---|---|
| Gross | ||||||
| Market | income | |||||
| value | Cost | receivable | ||||
| R | ||||||
| 3,239.1 Income securities | MBG charifund | 47,679 | 45,837 | 1,166 | ||
| 2,281.43 Income Shares | Charities | Official | ||||
| Investment | Fund | 40,818 | 7,144 | 898 | ||
| 1,010Treasury | 0.125%index linked stock | 1 356 | 1 372 |
| The Lowestoft Churc | h and Town Educational Foun |
dation | ||
|---|---|---|---|---|
| Gross | ||||
| Market | income | |||
| Value | Cost | receivable | ||
| R | R | |||
| 12,773.68 Income Shares Charities | ||||
| Official Investment | Fund | 228,540 | 17,080 | 3,370 |
| 700Treasury 0.125% | index linked stock | 940 | 963 |