CHARITY REGISTRATION NUMBER: 1043557
# Lowestoft Charity Board Unaudited financial statements 5 April 2023
“
## Lowestoft Charity Board
## Financial statements
## Year ended 5 April 2023
||Page|
|---|---|
|Trustees’ annual report|1|
|Independent examiner's report to the trustees|6|
|Statement of financial activities|7|
|Balance sheet|8|
|Notestothefinancialstatements|9|
"
## Lowestoft Charity Board
## Trustees' annual report
## Year ended 5 April 2023
## i
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2023.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 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 published in October 2019.
## Reference and administrative details
Registered charity name Lowestoft Charity Board Charity registration number 1043557 Principal office 148 London 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)/ Ex Officio Mrs J Collins - Co-optative Miss G P Buckley - Co-optative Mrs P Shaw - Ex Officio Mr P Knight - Nominative Mrs M Eccles - Co - optative Miss R Patterson - Nominative Mrs C Leech - Nominative Mrs E Youngman - Nominative Mr M Gall - Nominative Mrs A Battrick - Co-optative Mrs G Battrick - Nominative Rev S Stokes - Ex Offico (Appointed 08/03/2023)
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## Lowestoft Charity Board
## Trustees’ annual report (continued)
## Year ended 5 April 2023
Clerk Mr M Breeze Norton Peskett Solicitors 48 Church 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 Educationa! Foundation - 310460 Independent examiner Matthew Waters ACA FCCA Lovewell Blake LLP Chartered accountants Excelsior House 9 Quay View Business Park Barnards Way Lowestoft NR32 2HD Bankers Barclays Bank Plc 61 London Road North Lowestoft Suffolk NR32 1LT Stockbrokers Barrett & Cooke 5/6 Opie Street Norwich Norfolk
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## . Lowestoft Charity Board Trustees' annual report (continuea)
## Year ended 5 April 2023 aEE
## Objectives and activities
The objectives of the Charity are to provide financial assistance to those in need and to promote education of persons under the age of 25.
## Detailed objectives are shown in the aims and strategies paragraphs mentioned later.
The Trustees meet every two months to review the results and progress of the individual charities with a view to maximising the benefit they can provide to others.
## Achievements and performance
1) The Lowestoft Church and Town Estate Charity received income of £109,099 and spent £53,189 (including the £27,955 St Margaret's PCC reallocation) during the course of the year.
The financia! position of the Charity at the year end was satisfactory, with the surplus for the year being allocated in accordance with the Trust Deed.
2) The Lowestoft Church and Town Educational Foundation continues to make educational grants made especially to higher education students. Income for the year amounted to £6,909 and expenditure of £12,250. The investments held in accordance with the trust deed (excluding its share of the Estate Charity Surplus) were revalued during the year resulting in an unrealised gain of £14,480. The financial position at the year end was satisfactory with the balance of distributable funds being £168,631.
3) The Lowestoft Church and Town Relief in Need Charity continues to pay grants to relieve hardship and stress. income for the year (excluding its share of the Estate Charity Surplus) was £3,941 and expenditure amounted to £3,113. The investments held for generating income for distribution were revalued at the year end resulting in an unrealised gain of £5,471. The financial position at the year end was satisfactory with the balance of distributable funds being £160,606.
## Financial review
The results of the Charity are set out in detail on page 8.
## Reserves Policy
The Estate Charity holds sufficient reserves to generate income for its charitable purposes.
The Relief in Need Charity and The Educational Foundation maintain sufficient funds to pay annual grants.
The General Benefit fund is maintained in accordance with the trust deed and retains sufficient funds to meet the cost of any exceptional expenditure or otherwise to distribute as the trustees see fit.
## Risk Management
The trustees have assessed the major risks to which the charity is exposed and are satisfied that there are systems in place to mitigate those risks.
## Plans for future periods
To continue to maintain and upgrade its stock of investment properties.
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## . Lowestoft Charity Board Trustees' annual report (continuea Year ended 5 April 2023
## Structure, governance and management
Trustees are either nominated by Lowestoft Town Council, Oulton Broad Parish Council or St Margaret's Parochial Church Council, co-opted by existing trustees or are ex-officio.
The Lowestoft Charity Board incorporates various registered charities (as detailed on page 1). These charities share common Trustees and are operated as one administrative unit. The Lowestoft Church and Town Almshouse Charity produces separate financial statements although it is operated from the same administrative unit.
The day to day administration of the Board's activities is undertaken by the Clerk under the supervision of the Trustees who meet bi-monthly and review all the expenditure.
The trustees meet on a bi-monthly basis to monitor the results and progress of the Board with a view to maximising the delivery of its charitable objectives.
## Purposes and aims
Our Charity's purposes are to benefit the public by:
- 1) Providing financial assistance to people in need, and 2) Promoting education of persons under the age of 25, and 3) Relieving need, hardship and distress, and 4) Supporting financially the work of St Margarets Church, Lowestoft
## Ensuring our work delivers our aims
We review our aims, objectives and activities each year. This review looks at what we have achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aims, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
## How our activities deliver public benefit
Our main activities and who we try to help are described above.
## Significant activities undertaken
The charity continues to maintain its properties to a high standard.
## Aims and Strategies
1) The Lowestoft Church and Town Estate Charity manages and administers a portfolio of stock exchange investments and a number of investment properties with a view to producing an annual surplus for division pursuant to the Trust Deed of 14 March 1985,
2) The Lowestoft Church and Town Educational Foundation administers investments and pays grants to state schools in the Lowestoft area and also promotes the education of Lowestoft residents aged under 25.
3) The Lowestoft Church and Town Relief in Need Charity administers investments and pay grants to Lowestoft individuals and organisations with the object of relieving need, hardship or distress.
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## Lowestoft Charity Board
## Trustees’ annual report (continued)
## Year ended 5 April 2023
## Structure, governance and management (continued)
## Charity's achlevements in relation aims for public benefit
1) The Lowestoft Church and Town Estate Charity is continuing with its programme of improving its stock of investment properties.
2) The Lowestoft Church and Town Educational Foundation continues to make educational grants especially to higher education students.
3) The Lowestoft Church and Town Relief in Need Charity continues to pay grants to relieve hardship and stress.
The trustees’ annual report_was approved on ob. and signed on behalf of the board of trustees by: we
Mr R Stebbings - Nominative (Chairma Offici Trustee
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## “ Lowestoft Charity Board Independent examiner's report to the trustees of Lowestoft Charity Board
## Year ended 5 April 2023
{ report to the charity trustees on my examination of the financial statements of the charity for the year ended 5 April 2023 which comprise the statement of financial activities, balance sheet and the related notes,
## Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination { have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## Independent examiner's statement
| have completed my examination. | confirm that no material 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 charity as required by section 130 of the Act; or
2. _ the financial statements do not accord with those records; or
3. _ the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
| have no concems 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 accounts to be reached.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
| understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 4 Til 2015.
Matthew Waters ACA FCCA Independent Examiner
Lovewell Blake LLP Chartered accountants Excelsior House 9 Quay View Business Park Barnards Way Lowestoft NR32 2HD
## [2, JOLY 2005
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## Lowestoft Charity Board
## Statement of financial activities
## Year ended 5 April 2023
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|
|funds|Totalfunds|Total|funds|
|Note|£|£|£|
|Income|and|endowments|
|Charitable|activities|4|76,239|76,239|73,073|
|Investment|income|5|43,710|43,710|47,830|
|Total|income|119,949|119,949|120,903|
|Expenditure|
|Charitable|activities|6|(96,507)|(96,507)|(84,847)|
|Total|expenditure|(96,507)|(96,507)|(84,847)|
|Net|income|and|net movements|in|funds|before|gains|and|
|losses|on|investments|23,442|23,442|36,056|
|Net|gains|on|investments|8|29,871|29,871|301,824|
|Net income|and|net movement|in|funds|53,313|53,313|337,880|
|Reconciliation|of funds|
|Total|funds|brought|forward|3,793,650|3,793,650|3,455,770|
|Total funds|carried|forward|3,846,963|3,846,963|3,793,650|
**----- End of picture text -----**
The statement of financial activities includes ail gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 15 form part of these financial statements.
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## Lowestoft Charity Board
## Balance sheet
## 5 April 2023
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|Note|£|£|£|£|
|Fixed|assets|
|Tangible|fixed|assets|11|1,610,359|1,661,434|
|Investments|12|1,460,036|1,534,396|
|3,070,395|3,195,830|
|Current|assets|
|Debtors|13|403,248|396,641|
|Cash|at|bank|and|in|hand|411,099|240,596|
|814,347|637,237|
|Creditors:|Amounts|falling|due|within|
|one year|14|(37,779)|(39,417)|
|Net current assets|776,568|597,820|
|Total|assets|less|current|liabilities|3,846,963|3,793,650|
|Net assets|3,846,963|3,793,650|
|Funds|of|the|charity|
|Unrestricted|funds:|
|Revaluation|reserve|1,511,167|1,511,167|
|Other|unrestricted|income|funds|2,335,796|2,282,483|
|Total|unrestricted|funds|3,846,963|3,793,650|
|Total|charity funds|15|3,846,963|3,793,650|
**----- End of picture text -----**
The nancial statements were approved by the board of trustees and authorised for issue on ~~ >~~ wad if 22..., and C< of the board by: Mr R Stebbings - Nominative (Chairman)/ Ex Officio Trustee
The notes on pages 9 to 15 form part of these financial statements.
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## . Lowestoft Charity Board Notes to the financial statements
## Year ended 5 April 2023
1. General information
The charity is registered charity in England and Wales and is unincorporated.
The address of the principal office is Norton Peskett Solicitors, 148 London Road North, Lowestoft, NR32 1HF.
This charity manages a portfolio of residential properties and investments with a view to generating income for distribution in pre-determined shares to St. Margarets Lowestoft PCC, a relief in need charity, an education foundation and a reserve for general benefit charity.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of ireland’, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The financial statements have been prepared to give a 'true and fair’ view and 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 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity constitutes a public benefit entity as defined by FRS 102.
3. Accounting policies
{a} Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b}) Going concem The financial statements have been prepared on a going concern basis, as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## (c) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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## : Lowestoft Charity Board Notes to the financial statements (continueg)
## Year ended 5 April 2023
3. Accounting policies (continued)
## (d) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
## {e} Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
- income from donated goods is measured at the fair value of the goods unless this is impracticle to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliabily measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## {f} Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- ° expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
- e expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- . other expenditure includes al! expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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## Lowestoft Charity Board
## Notes to the financial statements (continueg)
## Year ended 5 April 2023
## 3. Accounting policies (continued)
## {g) Tangible assets
1) Land and buildings are revalued every three years and the aggregate surplus or deficit is transferred to the Statement of Financial Activities. The amount by which the valuation of individual properties is less than their cost and considered to be permanent is charged to the Statement of Financial Activities.
## 2) No depreciation or amortisation is provided in respect of buildings.
This treatment, is a departure from the requirements of the Statement of Recommended Practice concerning depreciation of fixed assets. However, these properties are not held for consumption but for the purposes of the charity and Trustees consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
## (h)
## Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
(i)
## Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
## 4. Charitable activities
||Unrestricted|TotalFunds|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|2023|Funds|2022|
||£|£|£|£|
|General and ground rent
Rental write ons/(offs)|76,274
(32)|76,271
{32)|77,348
(4,275)|77,348
(4,275)|
||76,239|76,239|73,073|73,073|
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## Lowestoft Charity Board
## Notes to the financial statements (continued)
## Year ended 5 April 2023
## i
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|§.|Investment|income|
|Unrestricted|TotafFunds|Unrestricted|Tota!|Funds|
|Funds|2023|Funds|2022|
|£|£|£|£|
|Bank|interest|448|448|282|282|
|Other|loan|interest|received|7,380|7,380|7,415|7,416|
|Investment|income|35,882|35,882|40,133|40,133|
|43,710|43,710|47,830|47,830|
**----- End of picture text -----**
**----- Start of picture text -----**
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|6.|Expenditure|on|charitable|activities|by fund|type|
|Unrestricted|Total|Funds|Unrestricted|Total|Funds|
|Funds|2023|Funds|2022|
|£|£|£|£|
|Grants|15,233|15,233|16,550|16,550|
|Transfer|to|St|Margarets|PCC|27,955|27,955|32,087|32,087|
|Insurance|2,485|2,485|2,624|2,624|
|Light|and|heat|572|572|211|211|
|Council|rates|2,830|2,830|-|-|
|Support|costs|47,432|47,432|33,375|33,375|
|96,507|96,507|84,847|84,847|
|7.|Analysis|of support|costs|
|Unrestricted|
|Funds|Total|2023|Total|2022|
|£|£|£|
|Premises|34,004|34,004|20,560|
|General|office|475|475|490|
|Finance|costs|6,006|6,006|5,568|
|Management|fees|6,947|6,947|6,757|
|47,432|47,432|33,375|
|8.|Net gains|on|investments|
|Unrestricted|TotalFunds|Unrestricted|Total|Funds|
|Funds|2023|Funds|2022|
|£|£|£|£|
|Gains/(losses)|on|investment|property|104,231|104,231|-|-|
|Unrealised|(loss)/surplus|on|revaluation|
|of|investments,|held|for|charitable|use|(74,360)|(74,360)|301,824|301,824|
|29,871|29,871|301,824|301,824|
|9.|tndependent|examination|fees|
|2023|2022|
|£|£|
|Fees|payable|to|the|independent|examiner|for:|
|Independent|examination|of the|financial|statements|6,006|5,568|
**----- End of picture text -----**
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~
## Lowestoft Charity Board
## Notes to the financial statements (continueg
## Year ended 5 April 2023
## 40. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
## 11. Tangible fixed assets
||Land and|
|---|---|
||buildings|
||£|
|Cost||
|At 6 April 2022|1,661,434|
|Disposals
Revaluations|(105,625)
54,550|
|At 5 April 2023|4,610,359|
|Depreciation||
|At 6 April 2022 and 5 April 2023|-|
|Carrying amount||
|At 5 April 2023|1,610,359|
|At 5 April 2022|1,661,434|
|The fixed assets stated above are used for direct charitable purposes only.||
|Land and buildings were revalued by the trustees and by East Commercial Chartered Surveyors at||
|July 2023 on the basis of open market value. The historic cost of land and buildings is £589,525||
|(2022: £598,592),||
|investments||
||Other|
||investments|
||£|
|Cost or valuation||
|At 6 April 2022|1,534,396|
|Additions
Disposals
Net cash movements|130,896
(137,492)
164|
|Other movements|(67,928)|
|At & April 2023|1,460,036|
|Impairment||
|At 6 April 2022 and 5 April 2023|-|
|Carrying amount||
|At 6 April 2023|1,460,036|
|At 5 April 2022|1,534,396|
|Allinvestmentsshownaboveareheldatvaluation.||
## 12. investments
The historic cost of investments is £916,044 (2022: £884,051}.
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.
## Lowestoft Charity Board
## Notes to the financial statements (continue)
## Year ended 5 April 2023
## 13. Debtors
||2023|2022|
|---|---|---|
||£|£|
|Prepayments and accrued income|1,717|2,427|
|Other debtors|401,531|394,214|
||403,248|396,641|
Other debtors include £376,392 due from the Lowestoft Church and Town Almshouse Charity, a connected charity, repayable over 25 years. £20,000 is due in tess than 1 year, £356,392 is due in more than 1 year. The total balance includes interest receivable of £7,380 (2022: £7,415) at 2% on the loan.
## 14. Creditors: Amounts falling due within one year
||2023|2022|
|---|---|---|
||£|£|
|Accruals and deferred income|8,722|7,330|
|St Margarets PCC|27,955|32,087|
|Other creditors|1,102|-|
||37,779|39,417|
## 15. Analysis of charitable funds
## Unrestricted funds
|Unrestricted funds||||||
|---|---|---|---|---|---|
|||||Transfers/||
||At 6 April|||Gains and|At 5 April|
||2022|Income|Expenditure|losses|2023|
||£|£|£|£|£|
|General funds|2,101,572|119,949|($6,507)|18,689|2,143,703|
|Reserve for general||||||
|benefit
Revaluation reserve|180,911
1,511,167|~
~|-
-|41,182
-|492,093
1,511,167|
||3,793,650|119,949|(96,507)|29,871|3,846,963|
|Unrestricted funds||||||
|||||Transfers/||
||At 6 April|||Gains and|At5 April|
||2021|Income|Expenditure|losses|2022|
||£|£|£|£|£|
|Generalfunds|1,776,527|120,903|(84,847)|288,989|2,101,572|
|Reserve for general||||||
|benefit
Revaluation reserve|168,076
1,511,167|-
-|-
-|12,835
-|180,911
1,511,167|
||3,455,770|120,903|(84,847)|301,824|3,793,650|
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° Lowestoft Charity Board
## Notes to the financial statements (continueg)
## Year ended 5 April 2023
## 16. Analysis of net assets between funds
||As at 5 April 2023|||||
|---|---|---|---|---|---|
|||Tangible fixed
assets|Investments|Net current
assets|Total Funds
2023|
|||£|£|E|£|
||Unrestricted Income Funds|||||
||Designated Funds
General Funds
Revaluation reserve|-
708,975
901,384|-
850,253
609,783|192,093
584,475
-|192,093
2,143,703
4,511,167|
|||4,610,359|1,460,036|776,568|3,846,963|
||As at 5 April 2022|||||
|||Tangible fixed||Net current|Total Funds|
|||assets|Investments|assets|2022|
|||£|£|£|£|
||Unrestricted Income Funds|||||
||Designated Funds|-|-|180,911|180,911|
||General Funds|760,050|924,613|416,909|2,101,572|
||Revaluation reserve|901,384|609,783|-|1,511,167|
|||4,661,434|1,534,396|597,820|3,793,650|
|17.|Designated fund|||||
||Reserve for general benefit|||||
||||2023||2022|
||||£||£|
||Accumulated fund at being ofperiod||180,911||168,076|
||Allocation ofestate surplus||11,182||12,835|
||||192,093||180,911|
## 18. Related parties
In 2013, the charity provided a loan of £315,000 to the Lowestoft Church & Town Estate Charity, a charity which shares the same trustees as this charity, to fund the acquisition of the Longs Dairy site. An informal loan was also issued when Lowestoft Charity Board opened a new separate bank acccount and left some of its funds in the charity's bank account. At the balance sheet date £376,392 (2022: £369,012) was due to the Lowestoft Charity Board. The balance is secured by a legal charge over some of the charity’s freehold property. The entire amount is repayable by instalments over 25 years with interest currently at 2%.
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## Lowestoft Charity Board
## Summary of management information
## Year ended 5 April 2023
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Surplus/(deficiency)|
|Estate|charity|55,910|64,174|
|Relief|in|need|charity|828|599|
|Educational|foundation|{5,341}|3,370|
|51,397|68,143|
|Less|appropriations|
|Payment|to|St|Margarets|PCC|(27,955)|(32,087)|
|Surplus|for the|year|23,442|36,056|
**----- End of picture text -----**
-17-
## Lowestoft Charity Board Detailed summary of management information
## Year ended 5 April 2023
|i|i|i|||||
|---|---|---|---|---|---|---|
||Estate
Charity
2023
2022||Relief
In Need
Charity
2023
2022||Educational
Foundation
Charity
2023
2022||
||£|£|£|£|£|£|
|incoming resources|||||||
|General and ground rent|76,239|73,073|-|-|-|-|
|Investment income|25,032|34,882|3,941|1,881|6,909|3,370|
|Loan interest receivable|7,380|7,415|-|-|-|-|
|Bank interest|448|282|:|-|-|:|
|Total incoming|109,099|115,652|3,941|1,884|6,909|3,370|
|Resources|||||||
|Resources expended:|||||||
|Direct charitable expenditure|||||||
|Grants|1,000|16,300|41,983|250|12,250|-|
|Property expenditure|||||||
|Light and heat|572|211|-|-|-|-|
|Repairs to premises|34,004|20,560|-|-|-|-|
|Council rates|2,830|-|-|-|-|-|
|Insurance|2,485|2,624|-|-|-|-|
||39,891|23,395|-|-|-|-|
|Governance costs|||||||
|Audit and accountancy fees|6,006|5,568|-|-|-|-|
|Management fee|5,807|5,725|1,140|4,032|-|-|
|General|475|490|-|-|-|.|
||12,288|11,783|4,140|4,032|-|-|
|Total expenditure|53.189|51,478|3,113|1,282|12,250|:|
|Net surplus/(deficiency)
fortheyear|55,910|67,174|828|599|(5,341)|3,370|
|Allocation ofestate charity|surplus||||||
|Distributable|||||||
|Relief in Need Charity||5,591|1/10||||
|Educational Foundation||11,182|1/5||||
|Reserve for general benefit||11,182|1/5||||
|St. Margarets PCC||27,955|1/2||||
|||29.910|||||
-18-
## Lowestoft Charity Board Schedule of charities interests in investments
## Year ended 5 April 2023
|(a)|The Lowestoft Church andTown Estate Charity||||
|---|---|---|---|---|
|||||Gross|
|||Market||Income|
|||Value|Cost|receivable|
|||£|£|£|
||Esiate Investments|4,087,922|791,544|25,032|
||Cash held for investment|41,734|41,734|-|
|||1,129,656|833,278|25,032|
|(b)|The LowestoftChurch and Town Relief In Need Charity||||
|||||Gross|
|||Market||income|
|||value|Cost|recelvable|
|||£|£|£|
||3,239.1 Income securities M&G charifund|48,216|45,837|2,705|
||2,281.43 Income Shares Charities Official||||
||Investment Fund|42,372|7,144|1,234|
||1,010 Treasury 0.125% index linked stock|1,508|1,372|2|
|||92,096|94,353|3,941|
## (c) The Lowestoft Church and Town Educational Foundation
||||Gross|
|---|---|---|---|
||Market||income|
||Value|Cost|receivable|
||£|£|£|
|12,773.68 Income Shares Charities||||
|Official Investment Fund|237,239|17,080|6,908|
|700 Treasury0.125% index linked stock|4,045|963|4|
||238,284|18,043|6,909|
-19-