CHARITY REGISTRATION NUMBER: 1043667 Lowestoft Charity Board Unaudited financial statements 5 Aprfl 2022 Lowestoft Charlty Board Financial statsm•nts Year ended S Aprfl 2022 Tru8lees' annual report Independent examine¢$ report to the trustees Statement of financial &tNrfiè$ Balance shgot Notes to Ihe financial slatemenls Lowestoft Charity Board Trust•ts' annual report Year ended 5 Aprll 2022 Th9 trustees thgir report ond the una￿j11ed financial Statements of charfty for t￿ year ended S April 2022. The financlal stalemgnts have been prepared In a￿or￿anC0 with Ihe accounting poliaes set out in note5 to the accourts and comFAy with the ch8rity8 goveming document, the Charitigs Act 2011 and Accounting and ReportiThJ by Charrties.. Stalement of Recommended Pradi¢è appl￿￿ lo charill88 prepa￿n9 theSr accounts in accordan¢e with the Financ¥al Reporting Standard appIl￿ble in th& UK and Republ￿ of Ireland Publish￿ in Odober 2019. Ref¢f¢nc• and admlnhtratlv• dots118 R•glstsr•d ¢harfty n•m• Lthvestoft Chwty Board Ch•rlty r•gistrntion fftumb•r 1043557 Prfnclyl offl 14B London Road North Lvwestoft Suffolk NR32 1HF The trustees who served during the yèar and at th8 date of approval wero as follows.. Mr R Stebbings- NominaiNe Ichainnany Ex Offi Mrs J Colling- Co-optslive Miss G P Bucklfry- Cwtalp Mrs P Shaw- Ex Officio Mr P Knight- Nominative Mrs M Ecdes- Co- optative Miss R Patterson- Nominative Mr8 C Lèèch . Nomlnative Mrs E Youn9mon- NominalNe Mr M Gall- Nominati Mrs A Battrick- C04)ptati4* Mrs G Battrick- Nominative Lowestoft Charlty Board Trustses. annual report (¢othu• Year ended S Aprll 2022 c￿rk Mr M Breeze Norton Peskett Selcitors 18 Church Plain G￿8{ Yamiouth NOrf￿k Ch•rlty numb•r L￿&stort Chur¢h and Town Estate Charity- 1043557 Lowestoft Chur¢h and Town Rolief In Need Charity- 1015039 Ltrwe5toft Church and Town Educational Fr￿nda￿on- 310460 knd•p•nd•nt oxamin•r Matthew Water3 FCCA Lovewell Blake LLP Chartorod 8￿ntants Excelsior House 9 Quay Busines8 Park Bamards Way Lowestoft NR32 2HD B•nk•rn 8ardays Bank PIC 61 London Road North Suffdk NR32 ILT Sto¢kbrok•r• Barrett & C¢)oke 516 Opie Street Norwich Norfolk Lowestoft Charity Board Trustee8' annual report (coftJnu8dJ Year ended 6 Aprll 2022 Obj•Gliv•s and aGlivit The objectives tsf the Charoty are to pmmde fin*Kial 8$8iSt8n¢e to those in need and to womott education of parsons under the age of 25. Oetailed obi8thes are in the aiffls and stratsgies paragraphs mentioned earfièr. Thè Trustees meet every months to revSew the results and progre88 of the Indl¥idual charibes wNh ew lo maximlsing Ihg bengfft Ihey can pwde to others. Achhv•ments and porfomianc• 11 The Lowesloft Church and T¢)wn Eslale Charity re¢eived income of £115,652 and spent £83.565 ilncluding the £32.087 St Margarefs PGC reallocation) during the courne of the year. The financ6al posttIc￿ of the Charity at thè year end w8S satisfadory, wllh the surplus for th8 year bèlng all¢xaled in accvrdance wilh the Trust Deed. 2) The Ltswèstoft Church and Ttr￿n Educational Foundation conllnues to m*(e educatlonal gran18 OSP8cially to high8T educalKJn studonts. Income for the year lrnounted lo £3,370 and expenditure of £Nil. Th& investments held in accordance with tru$l deeil (¢xcJuding it$ share of the Estate Charrty Surplus} were rèvalued during th6 year resuhing In an unr•ali8ed gain of £23.284. The financlol Foslilon 81 the year nd was satisfactory wth the balance of distributable funds being £133,830. 3) The Lowe5toft Church and Town Relief in Need Charity continues to pay wants to relieve hardshlp and stres5. Income for the year {exduding its share of the Estate Charity Surplus) was £1,881 and expenditurg amounted to £1.282. The invoslmgnls h8ld for 98n8rgting incom8 for d18tritr￿l￿ were ravalued at the year end resulting in an ￿￿alised gain of £7,714. The financlal position at Ihe year end was $ati$fadory with the balance of distsibutable funds being £143.245. FIMn¢lal rw The re8uIts of the Chwity are set out in detsil on page 8. R•Mrv•¥ Policy The Estate Charity hokls suffid•nt r•serves to g•nwate incomo for tts thoritabla purposes. The Relief in N•gd Charity and Th8 Edu¢ational FouThJali¢)n fflaintsin $uffi¢iont funds lo pay annual grants. The Ggneral Ben8frt fund is maintained in a￿[dance wrth the trust deed and retains sufficient funds lo meet the cost of any gx¢¢ptKJnal exwndituro or otherwisè lo distrtiutè as the trustees see fft. Ri•k M*n*g•m•nt The trustees have assessed the rnaior risks lo which the ctharlty Is exposed and are salisfiod that th•rn a systems ￿ place to rnitigate those riskts. Plan• forfuturn p•riods To oxrtinue to maintain and upgr**Je its stock of Investment propertle8. Lowestoft Charlty Board Trustees. annual report(¢onUnwd) Year ended 5 April 2022 Slructyr•. gov•rnanc• and manag•m•nt Truslegs arg erfher nominated by Lowestoft Town Council. Oulton Broad Parish Cour*il or Sl Margarels Paro¢hlal Churth Coun¢il, wpted by ￿$s11ng Iru$tges or ar8 8x41fficio. The Lowestoft Charity Board incorporal88 various regiylered charities la8 detailed on page 1>. The8e cha11t￿$ share common Truslees and are operated as one administratlve unll. The Lowestoft Church and Town Almshouse Chartty woduces separnte fin4nd81 slalemwrts although il 1$ opgralod from the samo administrative uniL The day lo day administration of the Board's actiwbes Is undertaken by t￿ Clwk und•r Iho supeN$ion of the Twstees vkno meet bi-monthly and review all the expenditure. The t￿￿tee5 meet on a b￿￿•)nthty basis lo monotor re8utt8 and ￿YO￿a$S of the Board wilh a viww to M￿l￿81ng the delivery of Its choritobtg objeclives. PurpoM• and akn• Our Chathls pu￿583 are to benefSt the publc by.. 11 Prwding financial assistartt lo peowe in need. and Promting education of persons under the ago of 25. gnd 3) Reli8Mng need, hardship and dislrv35. and 4) Swting finan¢ialy the work of St Margarets Chjrch. Lowestoft Emurlng ourwork d•llv•rn our •lm¥ We re￿eW our alms. obpdives 8nd actiwbes each ￿ar. This rnvi8w looks at what we have achieved and the ouicome$ of our work in the wev*)us 12 mnlhs. The looks at the $urK8ss of aoch kgy activity and tho b8n8fts they have brought to thos• groups of people we are 8È1 up lo help. The r￿tW also helps us en$urt our alms. objectives and afAiwtk*s remained focu￿ on our ststed purposes. We have referred to the guidance contained in Ihe Chaiity Commission's genèral guidatKe on publk ￿ne15t when rgwwing our aim and objgctives and in planning our fulure activities. In partirJJlar, the tru8tee$ consider planned acti￿11￿5 will c￿rtribute lo the aims and objectives Ihey have seL How our *ctivltl•• dèllver p￿11¢ lJen•fft Ow main actiifjtses arkl who we tyto help are d@s￿bed atrth•. Slgnllk•nt a¢lfvltkn und•rtak•n Th• ¢harity ￿nIinueS to maintain its prop8rti8s lo a high standard. Alm# #nd Stratsgl•s 11 The Lwloft Church and Eslole CW manages and administers a PDrtfolio of sto(* 8xthange investments and a nun*er of inveslm&nl prcperti&s wilh 8 Vi•W to produang an annual suwus for division pursuant to the Twst Deed of 14 March 1985. 21 The Lowesloft Church and Town Edu¢allonal Foundatk)n administers Investmènts and pays grants lo state schools in the Lowesloft area and also pro￿￿1$$ tho ￿uCa￿On of Lowostoft r8$idants agad under 25. 31 Thg Lowestoft Church and T(bwn Relisf in Need Charity administers inveslments and pay grants to Lowestoft indr¥idual8 and orgardsations wth the obie¢l of relieving need. hardship or distress. Lowastoft Charlty Board Trustees. annual report (conJnu8 Year ended S Aprll 2022 Structurn. gov•manu and maMg•mont {¢•nthu•rfJ Charftys xhhv•m•nl8 In relatlon alm• for publlc b•nofft 1) The Lowestoft Church and Town Estsle Chartty is conlinulng w6th Its prtsjramme of Improving 118 slo¢k of In¥eslmgnl propertigs. Grants of£16.300 WOT¥ paid (Nrt during the year. 2) The Lowestoft Church and Educational Foundation continues to makè educational grants espe¢ialty Ic* Iwghw gducalion stthyents. 3) The Lowestoft C￿[Ch and Refief in Nt8d Charity continues to pay grants lo relieve hardship and stre$$. Grants of £250 were paid out during the year lo indiwidugls. Tha Iruste8s' annual re￿￿ was approved on ... IN$le8s by.. and spaned on behall of the board of Mr R Stebb4ng$- Nomknalfve (Chalmany Ex Officio Tntstee Lowestoft Charity Board Independent examinerf$ report to the truste￿ of LoW￿t0ft Charity Board Year ended 5 April 2022 I report lo the charity twstees on my examlnalion of financlal ststements of the charity for the year ended 5 April 2022 which coryri8e the statement of financLql actiwtles. balance sheet and the rdated notes. RO4￿￿1b11lllo$ and balls of rnport AS the chWs tr￿188$ you are r￿ponSIble for the weparallon of the fIn￿da1 8tat•mènts in aec¢fdan¢e with the requirements of the Charities Act 2011 (the Acfl. I rewl in respe¢t of my ex8minalion of the than￿5 financial ststements ¢arried out undèr section 145 of the Ad and In carrying out my ex•minalh)n I have followed all app￿Cable Directions ￿Ven by the Charity Commission under sgction 14515}(b) of the Acl. ￿d&￿nd•￿t •xamln8t• •latsmont 1 17ave completed my examlnation. l ts)nfflm that no material matters ha* come to my 8ttentitin In connfj¢tion ￿￿th tho ¢xamindon gi¥lng mg ￿U8￿ to bglievo Ihal In any matorial resF*cl". accounlng records were not k8pt In respect of the dlarity as rewired by 8edon 130 of the Ad; or the finwK4al slatements do not acctyd wilh those record8,' or thg financial $latgm8nls do not Comply wlh thg applicablg roqulrgff￿Trts con¢eming thg forni and content of a¢counl$ yel out in the Charrties {Ac¢ounl$ and Reports) Regulation$ 2008 other than any requirement that the accounts give a 'true aThJ falrf vivw whith is not a matter consldered 88 part of an ind8pendgnt exanwnalion. I have rK* concerns arHI have come acr06s no other matters in eonr*ction wrfh the examination lo which attenlion should be drawn in this report in ord8r to 8nabl• a prop8r Ltndarslandin9 of the accwnts to b8 reached. Your attgnlion Is dr8wn to the fact th8t the Charty has prepared the accounts lfinano81 Statements) In accordance wlh A¢¢ounllng and Reportkng by Charltie8.' Statement of R8¢ommended Prathe ap￿1¢&ble lo charities preparing their accourts in accordance wth the Finan￿al Reporting Standard applicable in the UK and Republic of lieland IFRS 1021 In preference lo the Accountinp and Reporllng by Chariti98.' Statement of Rewmmended Prathce issued on 1 April 2005 which is referred to in the extant regulations but has since been withjrawn. l understand that this has been done in order for the a￿unt$ to Pfovide a true and fair in acctydan¢• with the Generally Accepted AcoJuntSng Practice effective for reporting peri¢Jds b￿InnIn9 on or after 1 January 201 S. Motthv44 Walgrn FCCA IrKlependent Examiner Lovewell Blake LLP Chgrtered a￿u￿￿nts Excdslor Hous• 9 Quay View Busine$8 Park Bainards Way Low8$toft NR32 2HD 14 July 2022 Lowestoft Charity Board Stat•m•nt of financlal actlvltles Year •nd•d 5 Aprfl 2022 2022 Unrestsicted fvnd$ Total fund• T(lal fund 2021 Not• Income and endowm•nts Charitable activities Investmonl income n,073 47,830 73.073 47.830 77.921 45.015 Tt)t•l I￿orn• 120,903 120,903 122.936 Expendlturn Charitable a¢ti¥Aties (84.84D (84,84D 184,847) 184.8471 (92,090) 192,090) Tolal •xp•ndltur• 11gt Ineom• and net m¢)v•m•nts in lund• bofore o•ln• and lou•$ on In¥•slm•nts 36.0 30.848 Net galns on in¥¥str￿nts 301,824 301.824 193,500 Net In¢om• and n•t in fun 337,B80 337.880 224,346 Re¢on¢lllatlon of funds Tolal fund¥ brought forward Total fund8 ￿l￿¢d fotward 3.455.Th0 3,45S,770 3,793,650 3.231,424 3,4S5,770 3.793,650 The $ts1omont of financial actiwlies includes all gains 8nd losses recogni$8d in th8 year. All income and eX￿n￿lI￿ra doriva from continuing act￿lt*s. Th• not•s on p*ge• 9 to 16 lomi 01th￿ fln•￿￿1 •t•tements. Lowestoft Charlty Board Balance sheet S April 2022 2022 2021 Flxod a¥Mts Tangible fixed assets Investrnents 11 12 1,661,434 1,534,396 3,195,830 1,499,946 1.369.109 2.869,055 Currènt a•Mts Debtors Cash at bank and in hand 13 396,641 240,596 387,157 250.169 637,237 837,326 Credltors: Amounts f•lllng duo wlthl •)n• y••r ¢urr•nt a¥s•ts 14 {39,417) (50.6111 597.820 586.715 Totsl ass•ts Iw euvr•nt liabilitie# 3.793.650 3,455,770 3,455.770 N•1 ••8•ts 3.793.650 Fund• of th• charfty Unrestricted fijnds.. Revaluation rese othèr unrestrided Irwme funds 1.511,167 2.282,483 3.793,650 1.511.167 1.944.603 T¢)tal unr••lrf¢tsd fund¥ 3.455.770 Total ¢havlty tsnds 15 3,793.650 3,455.770 These finan¢ial stalernnts were approved by the board of Irusteos aUlI￿rised for issue on 13 Juty 2022. and are signed on b8halfof the board by.. Mr R Slebbings- Nominative Ichainnanll Ex OffirAO Twslte Th• not•* on pag•s 9 to IS f*)rn) part ofth•s• fin•n¢ial •l•tsm•nts. Lowestoft Charlty Board Not•s to tho financlal statements Y￿r onded 5 Aprfl 2022 G•n•v•l Infonn•tlon The ¢harity is registered charrty in Engl*KI and Walos is unI￿rP(Watsd. The address of thè princ￿al Off￿ is Ncffton Peskett SolKitor5. 148 London Road North, L¢xostoft, NR32 1HF. This ¢hanty manages a p)rtfolio of TesKlential properties and inv8stm8nls with a view to ggnerating in¢orne for distribulion in pre-delemined shares lo Sl. Mar9aret8 Lowesloft PCC. a relief in need charity, an edu¢ation foundation and a re8erve for general benefrt chaiity. Statsm•nt of ¢ompllanc• The86 financ4al sLgtèm8nts have been prepared in compliance wilh FRS 102. Th8 Flnancial Reporting Standard applicabl• in th8 UK and Iho Republic of Irelanrf, the Statement of R•¢ommended Practic* applicable to tharities prepafing th8K accounts in accordance wilh the Finaft￿al Rep)rting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP IFRS 102)) and Ihe Charities Act 2011.The thaTity has applied Updat8 Bulletin 1 a$ publi$had on 2 February 2018 and does not indude a ￿$h fiow stslemenl on ￿ grounds that tt Is apptylng FRS 102 Secllon 1A. The financial ststemenls have been prepared lo a True and foirf view and have departed frc4n the Charitigs {A￿unIS and Reports) R•gulaUons 2008 onty lo the extent regul￿d to prowde a Injt and fair wevl. This depariure has invofved ftsllo￿ng th8 ArLounting and Reporb'ng by Chaiitie$.' Slatomgnl of Recommended Practlce applicable to d￿r￿leS preparing t￿11 accounls in acc4JTdance wNh th& Finandal Ropthr¥J Stsndard applicable in the UK and Reput4ic of IrelarKS IFRS 1021 issued on 16 July 2014 rather than the A¢counling and Reporting by Charilies.. Statement of R8conNngnd9d PractKe effe(*¥e from 1 Aprl 2005 which h88 SI￿ been ¥￿(h¢jIaWn. The chaiity con8thute8 8 public benefit entlty as defined by FRS 102. counting poll¢le• {•} B••l• of pr•p•r4 The finawal statements have been prepared on the historical cost basis. as modified by the revaluation of certain finanaal a5sel$ and liabilitsK and inveslmont prwli8s M￿Ul￿d at falr Vdue Ihrough Income or gxpendllure. The fin￿la1 ststgments arfj prwargd In slgrfing. *thlch 1$ tho funclional currwjcy of the gnllty. (bl Golng conc•rn The financial ststements havg bgon Prepared on a golng concern ba818, as the Tru8t8e8 beliève that no material uncertainties exist. The Tru51ees have considered the level of funds held and the expected level of income and expenditurè for 12 mnths from authorising th￿0 finan¢ig1 $tslements. The budg8t8d IncL)ma and oxpenditure is sufficient vAth tho level of resgr¥es for the ¢hartty lo be ablè to ¢onlinue as a golig concem. 1¢) JudgDm•nts and key sourc•s of•s￿MI￿on un¢•rt•lnty The preparation of the finanrAal statements requires rnanogement to make jL*Jgemen15, 95timalo$ ond assUmpt￿nS that affecl th8 amounts rgported. These e$timato$ and judg•m¢nls are conlinualty reviewed and are based on experlence and other factors, induding expectations of futurè events Ihal are belitived lo ￿ rtasonable undorthe arrAmstanc4s. Lowestoft Charlty Board Not•s to tho financial statements (¢MJnu• Year ended 5 Aprll 2022 A¢¢ounllng poll¢le• (conthwd) {0 Fund •¢counting Unrestricted funds are available for use at the (*s(¥el￿n of th8 trustegs to further ￿Y of the ¢h8dty8 purposes. {•) Incom• l in¢¢)me 1$ induded in the ststement of financial acti¥ll￿S when enlitlemenl has passed lo the dlarity. it is probable thal the e(J)r￿MIG benefrts as%Jciated with the transaction wll flow to the ¢h8nty and the amount can b8 rgliabty measured. The followlng Sp￿r￿ polici08 are applied to particular ¢at¢gories of income: income from donat￿n$ or grants Is recc•)nised when there IB evijence of onl￿8M￿nI to the gift. recèipt 18 probablè and ils amount can be measured feliabty- - legacy income is racognisod whon ro¢eipt 1$ probable arKJ entitlèment is established. income from donated goods is measured at the fair Y41u8 of thg good$ unle$$ thi$ 1$ Impr8clide to measure reliably. in whl¢h ¢ase the valuo is derived from the cost to the donor or the 88timaled resale value. Donated fa¢ilitie8 and ser¥ice3 are recognised in the accounts when receivgd if the valug can be reli4bity me￿U[ed. No *mounls are indudad for the eontribulion of 9gngr41 volunlgers. - in¢om from ¢ontr¥¢t$ for the supply of seNice8 is recognised with th8 delNery of the contra¢tsd serv￿. This is dassif￿d as unrestricled funds unless Ihere is a contractual requirement for it lo be spent on a particular purposa and r&lum8d if unspent, in whlch case it may be regar￿d as restsicted. (fj expoDdltur• Exw)diture Is reccsnis8(l on an acc￿￿1$ basis as a lialMIty 15 incurred. Expenditure I￿ludeS any VAT which cannot be fijlty recovered, and is classifi•d under haadings of th• $tslemenl of financial actrwties to whth il refotes.. expenditure on raising fttnds indudes the costs of all fundralslng ac1￿￿08, eb*nl8, no charrtable trading acti￿lIeS, and the sale of donated goods. expenditure on charrtable athties indudes all costs incurred by a charity in undertak6rwJ acti111￿$ that fvrthw ils ¢h*ltablo aims for the bonefrt of its bgnefKiaiies, including those support ¢osts and ¢08ts relating to tho govern&￿t of the charity apportioned lo charitabl8 a¢tiwt￿s. oth8r 8xpenditur8 indudes all expenditur8 thal is n8ilher r•lated lo MslThJ funds for the chaiity nor part of Ils expenditure on dlaritable actiwties. All costs are allocatsd to expendilurg categories relle¢ling the u8e of the re80ur¢e. Direct costs attributable 10 8 single activty are allocated diredy lo that actimty. Shared costs are apport￿ed belween the acliwties t1￿Y conlributs lo on a r8a$onable. ju$tifpble and ¢onsistont basis. 10. Lowestoft Charlty Board Notos to the flnanclal statements (conthwd) Year onded 5 Aprfl 2022 A¢countlng polkl•* Igl T*nglbl• ••••ts 11 Land buildings are rwalued èvery three yèars and the aggr8gate suwus or deficit 18 transferred lo the Stslement of Financial AcilvI￿g$. The 2021 revaluation has bggn doferrgd lo 2022 88 a result of the COVltk19 pandemic. The amount by which the valuation of indiw(lual prope￿"e8 18 1g$s than their ￿st ond Gonsidered to be pennanent Is charpj lo Ihe Staternenl of Financial Actiwties. 21 No doprocialB)n or al￿)rtISa￿9n 1$ prowded in respgd of buildings. Thls trealrnenl, is a departuré from the requiremènts of the Stalemnl of Recommended Prndlce cMc•ming d9preoa1￿ of assets. However. Ihese properties are not held for consumpts'on tr￿t for the purptsse8 of the ¢harity and Trustees ￿l$l￿er that 8y8temallc annual deprnaauon would be inappropriate. The accounting policy adopted is thereforo necessary for the a¢￿UnIS lo give a tru& and fair wew. Depr8rAation or aM￿tisatIOn is only one of the many factors refiected in the an1*￿1 valuation and amount whlch mlght olhwwi8e have been shtrwn cannol bg 8epar*ty iden11f￿ or quantffied. (h} Inve•lm•rbt8 Listed invasthwnls ar• measured at fgir value ￿th thanges in fair Wdlue being recognlsed in profit or 108S. lil Financial Instruments A financAal asset or a financlal liabilty is re¢ogni8ed vthen the becomes a party to the contractual pro¥ishJns of the instrument. Basic finanaal instruments *6 inrlialty recognised at the amount reCalvab￿ Of pa8bl& Indudlng any related Iransa¢tion ¢o$ts, unle$$ the arranggmgnt ¢onstitute5 a finanrAng transaction. where il is recognised at thtr present value of the fulure payments discounted 01 a market rate of intere$1 for a $imilar debt intstrumènl. Current assets a￿j current liabililles are subsequonlly mgaslxed al ts cash or othgr MnsKleration eXP8ctsd lo bo paid or reCeI￿d arKI not discounted. Charitablè actmtl Unreslrf¢ted Total Fund• UnrgStn¢led Totgl Funds Funds 2022 Funds 2021 General and ground rer Renta] write on8l