REGISTERED COMPANY NUMBER: 03226191 {England and Wales) REGISTERED CHARITY NUMBER: 1057601 Trustees, Report and Unaudited Financial Statements for the Year Ended 31 December 2024 for Great Yarmouth Minster Preservation Trust Stephenson Smart (East Angli31 Limited East Coast House Galahad Road Gorleston Great Yarmouth Norfolk NR317RU
Great Yarmouth Minster Preservation Trust Contents of the Financial Statements for the Year Ended 31 December 2024 Page Trustees, Report Independent Examiner'5 Report Staternent of Financial Artivities Balance Sheet Notes to the Financial Statements 9 to 16 Detailed Statement of Financlal Activities 17
Great Yarmouth Minster Preservation Trust Trustees, Report for the Year Ended 31 December 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. Objectives and activities Objectives and aims The Trust is a secular organisation. Its principal activities are to restore, repair and maintain, for the benefit of the public, the fabric of 5t Nicholas Church IThe M insterl Great Yarmouth. The fabric of the Minster includes the building. fixtures, organ and any other area which the Trustees deem to be appropriate. However, after 28 years the Trustees unanimously agreed on 26th September 2024 to close the Trust. The Trust has closed after making good progress with grant applications and the lack of future Trustees coming forward. The Trust has therefore transferred the funds and assets to the Norwich Diocesan Board of Finance Limited. Thus, it is paramount to view the financial statements as an exceptional circumstance, and where possible care has been taken to highlight the significant differences. Recruitment, appointrnent and training of Trustees Trustees shall be persons who through residence, occupation, employment or otherwise have special knowledge of the area of benefit or who otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects of the charity. On appointment, Trustees are provided with copies of.. al The Memorandum and Articles of Association bl Charities Commission Guidelines 'The E55ential Trustee What you need to know, cl A copy of the latest full accounts In addition, the Trustees are encouraged to read Charity Commission and other newsletter5 and to artend courses designed to keep them abreast of their duties and responsibilities. Public benefit As set our in the primary objective, the work carried out by the Trust is for the benefit of the public of Great Yarmouth and Norfolk as a whole. Its work conserves the St Nicholas Church through restoration and repair, and maintains the building. We have referred to the guidance contained in the Charity Commission'5 8eneral guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Great Yarmouth Minster Preservation Trust Trustees, Report for the Year Ended 31 December 2024 Objertives and artivities Trustees The Trustees are directors within the meaning of the Companies Act 2006. During the year under review. the Trustees were as listed on page 3. In accordance with the Articles of Association all the Trustees will retire at the Annual General Meeting and, being eligible, will offer themselves for re-election. The Trustees are responsible for the preparation of the annual accounts. The Trustees consider that neither an audit nor an independent examination is required for this year under the Charities Act 2011. Achievement and performance Fundraising activities We are all aware that Covid-19 has had an unprecedented impact on the working environment. Our focus since Covid- 19 has been on taking the steps necessary to safeguard the health and safety of the community in which we operate. Fundraising activities were fully resumed in 2021. Income from fundraising events and collection amounts to £35,561 12023 £9,532> of which £30,000 had been bequeathed to the Trusr. Financial review Financial position The Trust had net income resource5 in the year totalling a loss of £288.47412023 £1,5601 as shown on page 6 of the accounts. The trustees consider the results for the year and the year end position to be satisfactory. Reserves policy The reserves fund represents both unrestricted funds arising from past operating results and designated funds set aside by the Trustees for future projects. Restricted funds are where funds have been received for a specif ic purpose and utilised accordingly. At the year end the charity has NIL unrestricted funds and NIL restricted funds, due to the Trust closing down. The charity's policy is to match applicable expenditure to its restricted income, with any shortfall being made good from unrestricted funds. Small company provision This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. Future plans The Trustees acting for the Trust unanimously agreed to close the Trust down during the annual general meeting held on 26th September 2024. This has led to the Trust transferring the assets and funds to the Norwich Diocesan Board of Finance Limited. This has come from much deliber3tion. but due to the good progress made with the gran applications for the Fabric of the Minster and the lack of future Trustees coming forward.
Great Yarmouth Minster Preservation Trust Trustees. Report for the Year Ended 31 December 2024 Structure, governance and management Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a lirnited company, limited by guarantee, as defined by the Companies Act 2006. Risk appraisal The Trustees have reviewed the major risk5 to the charity in accordance with the Statement of Recomrnended Practise and do not consider there to be any significant matters of concern. Reference and administrative details Registered Company number 03226191 (England and Wales) Registered Charity number 1057601 Registered office 74 Marine Parade Gorleston Great YarTnouth Norfolk NR316EZ Trustees Mr J M 8urrou8hs (deceased 1411/20241 Dr P P Davies (Chairman) Mr I C Miller Mr M J Muskett MBE Mr R E Price M8E Iresi8ned 2619120241 Mr E J Carter Mr H G Cator OBE President Mr D McDermott Mr P G Scott Mr Csmith Mr C W Stanley (resigned 261912024} Mr H G Sturzaker MBE Vice President Rev'd S W J Ward MrPAGWells Mr P Spychal Company Secretary Mr EJ Carter
Great Yarmouth Minster Preservation Trust Trustees, Report for the Year Ended 31 December 2024 Reference and administrative details Independent Examiner Stephenson Smart (East An8li3l Limited East Coast House Galahad Road Gorlesron Great Yarmouth Norfolk NR317RU Approved by order ofthe board of trustees on 18 February 2025 and signed on its behalf by- Dr P P Davies - Trustee
Independent Examiner's Report to the Trustees of Great Yarmouth Minster Preservation Trust Independent examiner'5 report to the trustees of Great Yarmouth Minster Preservation Trust {Ihe Company'l I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companie5 Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 {bl of the 2011 Act. Independent examiner's statement I have completed my exarnination. I confirm that no matters have corne to my attention in connection with the examination giving me cause to believe: accountin8 records were not kept in respect of the Company as required by Section 386 of the 2006 Act,. or the accounts do not accord with those records,. or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accotjnts give a true and fair view which is not a matter considered as part of an independent examination,. or the accounts have not been prepared in accordance with the methods and principle5 of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repu blic of Ireland IFRS 10211. 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 accounts to be reached. Mr H Pettitt FCA CTA Stephenson Smart (East Anglial Limited East Coast House Galahad Road Gorleston Great Yarmouth Norfolk NR317RU 18 February 2025
Great Yarmouth Minster Preservation Trust Statement of Financial Activities for the Year Ended 31 December 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Notes Income and endowments from Donation5 and legacies 33,473 1,713 35.185 9,532 Expenditure on Raising f unds 967 967 23,456 Charitable artivities Transfer to Norwich Diocesan Board of Finance Limited 215,895 107,390 323.285 Other 14,364 14,364 5,894 Total 231,226 107.390 338.616 29,350 Net gains on investments 12,753 2,203 14,956 21,378 NET INCOME/(EXPENDITUREI 1185,0001 1103,4741 1288,4741 1,560 Reconciliation of funds Total funds brought forward 185,000 103,474 288,474 286,914 Total funds carried forward 288,474 The notes form part of these financial statements
Great Yarmouth Minster Preservation Trust Balance Sheet 31 December 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Notes Fixed assets Tangible assets Investments 14.194 278,592 Current assets Debtors Cash at bank 292.786 306 5,764 6,070 Creditors Amounts falling due within one year 110.3821 Net current assets 14,3121 Total assets less current liabilities 288.474 NET ASSETS 288,474 Funds Unrestricted funds Restricted funds io 185,000 103,474 Total funds 288,474 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the Sfate of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far a5 applicable to the charitable company. Ibl The notes form part of these financial statements
Great Yarmouth Minster Preservation Trust Balance Sheet - continued 31 December 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to rhe small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 18 February 2025 and were signed on its behalf by.. Dr P P Davies Trustee The notes form part of these financial statements
Great Yarmouth Minster Preservation Trust Notes to the Financial Statements for the Year Ended 31 December 2024 Accounting policies General information The f inancial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 74 Marine Parade. Gorleston, Great Yarmouth, Norfolk, NR316EZ. Going concern There are no material uncertainties about the charity's ability to continue. Income All income is included in the statement of financial activities when entitlement ha5 passed to the charity, it is probable that the economic benefits associared 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. investment income is included when receivable. Expenditure Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.. al Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can directly allocated to such activities and those cost of an indirect narure necessary to support them. bl All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designated to reflect the use of the resource. Cost relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. Tangible fixed assets Tangible assets are initially recorded at C05t, and subsequently stated at cost le55 any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Great Yarmouth Minster Preservation Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 Accounting policies- continued Tangible fixed a55ets An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and10sse5 on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful economic life of that asset as follows:. Hauptwerk or8an system - IO% reducing balance Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carryin8 value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it Is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-8eneratin8 unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or 8roups of assets. For impairment testing of goodwill. the goodwill acquired in a business combination is, from the acquisition date. 311ocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Taxation The charity is exempt f rom corporation t3x on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objective5 at the discretion of the trustees. Restritted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Financial instruments A financial asset or a financial liability is recognised only when rhe entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initi311y recognised at the amount receivable or payable 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. 10
Great Yarmouth Minster Preservation Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 Accounting policies - continued Financial instruments Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of irnpairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. Any reversals of impairment are recognised immediately, to the extent that the revers31 does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Raising funds Raising donations and legacies 2024 2023 Support costs 967 164 Investment management costs 2024 2023 Support costs 23,292 Aggre8ate amounts 967 23,456 Net income/lexpenditurel Net incomellexpenditurel is stated after charging/lcreditin81: 2024 2023 Depreciation owned assets 1,577 11
Great Yarmouth Minster Preservation Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 Trustees. remunÈration and benefits There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. Comparatives for the statement of financial activities Unrestricted fund Restricted fund Total funds Income and endowments from Donations and legacies 9,532 9,532 Expenditure on Raising funds 23,456 23,456 Other 5,894 5,894 Total 29,350 29,350 Net 8ains on investments 21,378 21,378 NET INCOME 1.560 1,560 Reconciliation of funds Total fund5 brought forward 183,440 103,474 286,914 Total funds carried forward 185,000 103,474 288,474 12
Great Yarmouth Minster Preservation Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 Tangible fixed assets Hauptwerk organ system Cost At l January 2024 Disposals 22,000 122,000) At 31 December 2024 Depreciation At l January 2024 Eliminated on disposal 7,806 17,8061 At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 14,194 Fixed asset investments Listed investments Market value At l January 2024 Revaluations Transfer to Norwich Diocesan Board of Finance Limited 278,592 14,956 1293,5481 At 31 December 20234 Net book value At 31 December 2024 At 31 December 2023 278,592 There were £010 %112023 - £34,908112.53 Yoll of listed investments within the United Kingdom, in 2024 There were £010 %)12023 £243,684187.47 %}? of listed investments outside the United Kingdom, in 2024. All investment5 were transferred to the Norwich Diocesan Board of Finance Limited. 13
Great Yarmouth Minster Preservation Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 Fixed asset investments- continued Cost or valuation at 310ecembef 2024 is represented by.. Listed investments Valuation in 2022 Valuation in 2023 Va5uation in 2024 Cost Transfer to Norwich Diocesan Board of Finance Limited 7.214 21,378 14,956 250.000 1293,5481 Debtors: amounts falling due within one year 2024 2023 Other debtors 306 Creditors: amounts falling due within one year 2024 2023 Other creditors 10,382 io. Movement in fund5 Net movement in funds At 31.12.24 At 1.1.24 Unrestricted funds General f und 185.000 1185,0001 Restrirted funds General fund 103,474 1103.4741 TOTAL FUNDS 288,474 1288,4741 14
Great Yarmouth Minster Preservation Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 io. Movement in funds- continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 33,473 1231,226} 12,753 1185,0001 Restricted funds General fund 1,713 1107.3901 2,203 1103,4741 TOTAL FUNDS 35,186 1338,6161 14,956 1288,4741 Comparative5 for movement in funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 183,440 1.560 185,000 Restricted funds General fund 103,474 103,474 TOTAL FUNDS 286,914 1,560 288,474 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 9.532 129,3501 21,378 1,560 TOTAL FUNDS 9,532 129,3501 21,378 1,560 15
Great Yarmouth Minster Preservation Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 io. Movement in funds- continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.12.24 At 1.1.23 Unrestrirted funds General fund 183.440 1183,4401 Restricted funds General f und 103.474 1103.4741 TOTAL FUNDS 286,914 1286,9141 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows-. Incomlng resources Resources expended Gains and losses Movement in funds Unrestricted funds General f und 43,004 1260,5751 34,131 {183,4401 Restrirted funds General fund 1,713 (107,3901 2,203 {103.4741 TOTAL FUNDS 44,717 1367,9651 36,334 1286,9141 The purpose of the restricted funds are as follows.. The Organ restoration fund is used for the restoration of the organ. The Clock restoration fund was used for the restoration of the clock. ii. Related party disclosures There were no related party transactions for the year ended 31 December 2024. 12. Independent examination fees No fees were charged for the independent examination of the financial statements. 13. Limited by guarantee The charity is a company limited by guarantee and does not have any share capital. The liability of each member in the event of winding up is limited to £1. 16
Great Yarmouth Minster Preservation Trust Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 2023 Income and endowments Donations and legacies Donations and legacies Third party events Grants 31,966 3,220 3,355 1,987 4,190 35,186 9,532 Total incoming resources 35,186 9.532 Expenditure Charitable activities Transferred to Norwich Diocesan Board of Finance Limited 323,28S Other Transferred to the PCC of the Ecclesiastical Parish of Gt Yarmouth 14,194 Support costs Management Postage 2nd stationery Costs of generating vol income 127 164 967 967 291 Finance Depreciation of tangible fixed assets 1,577 Information technologi Repairs and renewals 170 4,190 Governance costs Accountancy and legal fees 23,292 Total resources expended 338,616 29,350 Net expenditure before gains and losses 1303.4301 119.8181 Realised recognised gains and losses Carried forward 1303,4301 143,110) This page does not form part of the statutory financial statements 17
Great Yarmouth Minster Preservation Trust Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 2023 Realised recognised gains and losses Brought forward Realised gains/llossesl on fixed asset investments {303,4301 143,1101 14,956 21.378 Net lexpenditure)/income 1288,4741 1,560 This page does not form part of the statutory financial statements 18