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← Northern Ladies Annuity Society

2023-03-31-accounts

Company registration number: 04699895 Charity registration number: 1097222

NORTHERN LADIES ANNUITY SOCIETY

(A company limited by guarantee)

Annual Report and Financial Statements for the Year Ended 31 March 2023

Northern Ladies Annuity Society

Contents

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|||||||| |---|---|---|---|---|---|---| |Reference|and|Administrative|Details|1|to2| |Trustees’|Report|3|to|11| |Independent|Auditors’|Report|12|to|15| |Statement|of|Financial|Activities|16| |Statement|of|Financial|Activities|17| |Balance|Sheet|18| |Notes|to the|Financial|Statements|19|to|32|

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Northern Ladies Annuity Society

Reference and Administrative Details

Trustees Mrs F E Emmerson, Chairman Mrs C Morgan Mrs A J Dickinson Mrs S W Crone Mrs AL Bryant Mrs C M Wood Mrs D M Braithwaite Mrs D MA Barkes Mrs U E Martell Mrs S E Armstrong, Vice Chairman Mrs J F Swales

Key Management Personnel J Ferry A Gray (retired May 2022) S Blockley (appointed April 2022) Registered Office MEA House Eltison Place Newcastle upon Tyne NE1 8XS Charity Registration Number 1097222 Solicitors: Eversheds Central Square South Orchard Street Newcastle upon Tyne NE1 3XX Auditor Azets Audit Services Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS Investment Manager Brewin Dolphin Time Central Gallowgate Newcastle upon Tyne NE1 4SR

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Northern Ladies Annuity Society

Reference and Administrative Details

Bankers

Lloyds National Clubs & Charity Centre Sedgemoor House Deane Gate Avenue Somerset TA1 2UF

Company Registration Number 04699895

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Northern Ladies Annuity Society

Trustees’ Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2023.

Structure, governance and management

Nature of governing document

The Northern Ladies Annuity Society (the Society" or "the Charity") is a company limited by guarantee. It was incorporated on 17th March 2003 and registered as a charity with the Charity Commission on 25th April 2003. Its memorandum and articles of association were last amended on 3rd June 2003.

The charitable company took over the operations, activities, assets and liabilities of Northern Ladies Annuity Society (formerly the Northern Counties Society for Granting Annuities to Governesses and Other Ladies in Reduced Circumstances), an unincorporated charity set up in 1868.

The trustees are the company directors for the purposes of the Companies Act 2006 and are also the sole members of the company. On retirement as a director, each trustee ceases to be a member.

Recruitment and appointment of trustees

In accordance with the Articles of Association, the trustees must be at least 5 and not more than 18 individuals and all must be directors. The trustees may at any time co-opt any person duly qualified to be appointed as a trustee to fill a vacancy in their number or as an additional trustee. Every trustee must sign a declaration of willingness to act as a charity trustee of the charity before they are eligible to vote at any meeting of the trustees. There are no persons external to the charitable company who are entitled to appoint new trustees. Prospective new trustees are identified by the existing trustees to fill vacancies or to bring special skills to the board. The prospective trustees are invited to attend a monthly meeting as a guest and are briefed by the existing trustees as to their roles and responsibilities with respect to the Society and their legal duties under the Companies Act and the Charities Act.

Organisational structure

The charitable company is administered by a board of trustees, numbering 11, which meets monthly. The board appoints two staff to run the day to day operations of the charitable company.

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Northern Ladies Annuity Society

Trustees’ Report

Memorial to all those who left legacies which helped create the Society's Funds Ash 1874: Adamson 1875; Hutchinson 1875; Abbott 1882; Hodgson 1882; Sunderland 1882; Armstrong 1886; Lady Beatrice Armstrong (Jesmond) 1887; Jesmond 1887; Victoria Jubilee 1887; Mather 1888; Oak 1888; Margaret 1889; Ivy 1889; Singers 1889; Straker 1889; Fleming 1891; Betsy Jackson 1891; Elm 1892; Lady Margaret Armstrong 1893; Elizabeth Harrison 1893; Heartsease 1894; Rowan Tree 1894; John Coppin 1894; Blackett 1895; Diamond Jubilee 1897; Sarah Dale 1898; John Henry Burn 1899; Primrose 1899; Elizabeth Hood Henderson 1899; E. Kersey 1899; Mary S. Woods 1899;

Jane Dunford 1900; Appleby 1900; Lady Joicey 1900; Anne Mitchell 1900; Ralph Atkinson 1900; Margaret Agnes Bartram 1901; Lucy Henderson 1901; Queen Victoria Memorial 1901; Catherine Abbott 1902: Easton 1902; Hannah Ochiltree 1904; Norman Wilson 1904; Collingwood Wilson 1904; Scarborough Collingwood Wilson Memorial 1904; Durham 1905; George Handyside 1905; Elizabeth Buchanan Adamson 1907; Russell Brown 1907; Margaret Elizabeth Brown 1907; Adelaide Daglish 4907: Swanston 1907; Caroline 1908; Marguerite Joicey 1908; Ruffman 1908; Hugh Taylor 1908; Mary Jane Tennant 1910;

Dorothy Joicey 1911; Jane Sutherland 1911; Allison Johnstone Sutherland 1911; Edward Armorer and Margaret Hedley 1911; Lady Oliver 1912; Mrs. Agnes Black 1913; Mary Ann Pigg 1913; Ann Bartram 1914; Mary Lilburn 1915; Isabella Straker Memorial Bequest 1915; Isabella Straker Memorial 1915; Sarah Hall 1916; Anna and Eliza Cail 1916; Wolsingham 1916; Joseph 1917; St. George's 1917: Frederick Milburn 1917; Margaret Taylor 1917; Margaret Garbutt 1918; Major James Leadbitter Knott, D.S.O. 1918; Captain Basil Knott 1918; Lady Doxford 1919; Byethorn 1919; Eleanor Jane Garbutt 1919; Joseph Henry Straker 1920; Thompson 1920;

Miss Isabella Mordue 1921; Aline Doxford 1922; John hunter Richardson 1922; Anne Adamson (Sunderland) 1923; Annie Catherine Burn 1923; Mabel Edwards 1923; Lady Stephenson 1923; Jane Eeles 1924: Mary Margaret Cooper 1924; Maude Forster 1924; Lady Sutherland 1925; Marion Loudon Constantine 1926; M. 1926; S. 1926; Frances Sybil Cochrane 1927; Elinor Frances Youll 1927; Mary Wilkinson Mccartney 1928; Moor-Lee 1928; Mary Elizabeth Chalder 1929; Jane Hill Murray 1929; Lady Noble Of Kirkley 1929; Tynemouth 1929; L. V. Gray 1930; Lady Knott Fund 1930; Sir James Knott 1930; Alexander Laing 1930; Anne Mitcalfe 1930;

Georgina Isabella Cooper 1931; Emma Richardson 1931; Wallis Bequest 1931; John Winship 1931; A. C. 1932; F. M. Moore 1936; Ida Mcallum 1936; Ryder 1936; George VI Coronation 1937; Lindisfarne 1937; Theophilus Storey 1937; Elizabeth Sutherland 1937; Winship Trust 1937; Frances Isabella Duncan 1938; H. A. Kersey 1938; Todd 1938; Hunter 1939; Mona Taylor Fund 1939; Emily Fielding 1941; Isabella Mary Reed 1941; William Robinson 1941; Mary H. Frazer and Frances Gibson 1942: Violet Short 1943; Thomas Burdon and Kate !da Frazer 1943; Sarah Catherine Mather Bailey 1944; Helen Bell 1944; Mary Frazer 1944; Annie Ramsay 1944; William Dixon 1946; Gibson 1946; Charles and Annie Scott Humble 1946; George Hurst 1946; William Turnbull 1947; Alex Waugh and Margaret Dent Bequest 1947; Robert Watson Cooper 1948; William James and John Robinson 1948; J. E. Tully 1948;

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Northern Ladies Annuity Society

Trustees’ Report

George A. Cowieson Bequest 1951; Josephine Agnes Hogg 1951; Lady Cochrane Fund 1952; Hornsby 1952; Mary Mitcalfe 1952; Elizabeth Hall Viney Fund 1952; Marion Angus 1954; Eleanor Scott Briggs 1954; Margaret and Patricia Forster 1954; Miss E. J. Stephenson Fund 1954; Mary Elwen 1955; Margaret Ellen Elwen 1955; Eliza Ellen Elwen 1955; Catherine Irwin 1955; Arthur 1956; Mary Cleland 1956; Ridley 1957; Jessie Whyte Archbold 1958; Gertrude Arthur 1958; Eaglescliffe Fund 1959; Freeman Fund 1960; Westoll Priston 1960;

Sir Cecil Cochrane 1961; Edna Hayton 1961; M. Eva Fledley 1961; Constance Eleanor Bird 1963; J. Beckworth Lauderdale & Edith M. Lauderdale 1963; Mrs. E. B. Thompson 1965; Walter Sacker Hill 1967; E. K. Devey 1970;

Sykes Bequest 1971; Mary Joicey 1972; Elizabeth and Gladys Margaret Tindle Fund 1972; Knavesmire 1973; J. H. Edwards Fund 1974; Axel Frederick Ericcson 1974; Straker Smith 1974; Miss E. C. Scott Christmas Fund 1976; Seymour Bell 1979; Agnes Bell 1979; Craig Bequest 1979;

Kitcat & Robson 1987; Nora Hogg Fund 1988; Granger Holiday Fund 1989; Northern Counties Ladies Work Society 2000; The Pybus Fund 2005; Miss Dawson 2006; Mrs G Larby 2005; Miss L Winckler 2008; Mrs D Benson; Mrs A Ellis 2010; Mrs Burgess 2009; W A Handley Trust; JFT Fenwick Settlement CM Charitable Trust; Mrs A Swallow 2011; Mrs N Hogg 2013 - 2021; Mrs J Holden 2015; Mrs Britton 2016; Mrs R C Speires 2019.

Objectives and activities

Objects and aims

The objective of the charity is the relief of poverty by giving assistance to governesses and other ladies who meet the Society's criteria.

There have been no significant changes in the principal activities of the company since last year which are those of providing annuities, grants and subsidised accommodation for ladies in reduced circumstances.

These are provided at the discretion of the trustees, in accordance with criteria which they set. The trustees set the criteria in order to take account of the minimum amount of money that the Government says, via the Department of Works and Pension, that a person must have each week taking account of specific circumstances. These criteria are as follows:

Fundraising disclosures

The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set out by the Charity Commission and UK law in every respect. We respect the privacy and contact preferences of all public donors.

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Northern Ladies Annuity Society

Trustees’ Report

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Grant making policies

In addition to the annuities that the charity pays out to beneficiaries, the trustees also consider applications for special grants from annuitants maintained by the charity. Applications are considered and measured against the charity's objectives at monthly trustee meetings. Successful applications are paid after approval. Grants are included in the accounts when the trustees have made an irrevocable commitment to pay.

Achievements and performance

Chairperson's statement

The year to March 2023 has been another busy year for the Society.

At the beginning of the year in April 2022 the Society was supporting 82 full annuitants and 9 half annuitants. In addition, there were 62 suspended annuitants of whom 4 were in residential care.

During the year, the Society welcomed 8 new annuitants and by the end of March 2023, the Society was supporting 96 full annuitants and 57 suspended annuitants of whom3 are in residential care.

Given the financial difficulties facing annuitants due to the increasing cost of living, the Society has decided to pay full annuities to all half annuitants and review the current financial criteria for eligibility. Furthermore, a winter grant of £250 was paid to all annuitants.

To celebrate the late Queen’s Jubilee, £20 was given to all annuitants to help them to celebrate the occasion in whatever way they chose.

The Society pays general grants to help annuitants with unexpected expenditure. These usually cover essential items such as replacement cookers and fridges, but the Society also considers applications for items which may not be essential but will improve annuitants’ quality of life.

Holiday grants were increased from £250 to £300 in January. This grant helps with holiday costs whether it is for a weekend in the Lakes or to visit family on the other side of the world.

Our twice — yearly newsletter remains very popular as do our Open Days. Following lockdown, the Open Days were very well attended particularly the Summer Open Day which fell on one of the hottest days of the year.

Annuitants are offered the opportunity to receive a Christmas Hamper. This year we used a new supplier who is locally based and uses local produce. 90 hampers were distributed, and these were very well received. We continue to support the Mouth and Foot Painting Artists distributing their Calendars to annuitants at the Christmas Open Day and sending the remainder by post.

The Society continues to make considerable expenditure to ensure that our properties are maintained to a very high standard. Most of the properties are rented to annuitants. It is the Society's aim that as commercial tenants leave properties they will be replaced by annuitants. While over time unsuitable properties will be sold. To this end the Society has sold 9 Trewitt Road and plans to use the proceeds to buy a more suitable property.

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Northern Ladies Annuity Society

Trustees’ Report

The terms of the leases for the properties in Homeprior House were clarified. All properties in Homeprior are now let.

Brewin Dolphin continue to look after our investment, but the day-to-day care has been handed over to their dedicated Charity team. Our thanks go to James Rainbow who previously looked after the investments.

The Society is indebted to Jean for her committed and loyal service to the Society and the annuitants. Ann retired in May 2022 and was replaced by Mrs Susan Blockley. Ann has been missed but Susan has proved to be a great addition to the Society.

The war in Ukraine continues to cast a shadow on world markets. Although the cost of fuel may not be accelerating the way it was, it is still high and concerns about inflation remain. But the investments and rental properties are well managed and therefore the Society does not see any material impact on its ability to maintain payment of the annuities and grants. We are therefore happy to confirm that the Society remains a going concern.

Annuities

During the year, the society supported 96 (2022 - 90) annuitants with full or half annuities of £1,300 and £650 as follows:

2023 2022
No. £ No. £
Full 359 116,675 335 108,875
Half 18 2,925 46 7,475
Grants
During the year, the Societymade additional discretionary grants as follows:
2023 2022
No. £ No. £
General 11 4,453 17 7,763
Holiday 45 11,700 17 4,250
Hampers 90 4,600 85 3,846
WinterHeating grant 101 25,250 90 11,200
Queen'sJubilee 60 1,200 - -

Grants

Accomodation

The society made available 32 (2022- 32) properties as subsidised accomodation to ladies of reduced circumstances. In total, 34 (2022 - 34) people were tenants of the Society of whom 22 (2022 - 22) were annuitants and subsidised tenants.

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Northern Ladies Annuity Society

Trustees’ Report

Financial review

The financial activities of the charitable company are set out in the attached financial statements. The Trustees consider that the results were satisfactory given the activities performed.

Core activities focus on the provision of annuities, grants and accomodation for ladies in reduced circumstances. Funding for these activities comes from an investment portfolio managed by the charitable company and from rental contributions from tenants, including annuitants, who occupy the accomodation.

Key Management Personnel

The board, who give their time freely and no trustees received remuneration in the year, have considered who the key management personnel (KMP) of the charitable company are, as noted in the Reference and Administration section. Together with the board, these KMP are those in charge of directing and controlling, running and operating the activities of the charity on a day to day basis.

The pay of the KMP is reviewed annually and normally increased in accordance with average earnings. The trustees benchmark against pay levels of other charities and similar organisations within the sector and the region. Pay levels are set using this information together with budget and forecast information, ensuring that the charitable company can afford any proposed increases. The board then agree any uplift to remuneration.

Policy on reserves

It is the policy of the Society to maintain a level of funds sufficient to meet the ongoing annual obligations of the charity to existing and future annuitants and to ensure that the properties can be maintained to the highest order.

The calculation of free reserves is based on the definition included in the charity statement of recommended practice (SORP), which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charitable company to hold free reserves - those reserves not invested in tangible fixed assets, excluding long term liabilities, or designated for a particular purpose. This exercise considered both the normal requirements for working capital and the loss of income of a hypothetical but reasonable reduction in the scale of operations. Accordingly, the trustees consider that free reserves of around £300,000 will allow the Society to pay the annuitants and administrative overheads for one year.

At the year end, free reserves were £270,708 (2022:£21,560), an increase of £249,148 in the year as a result of a property sale just before the year end. The trustees acknowledge availability of being able to easily realise further cash as required from cashing in some of the investments which were stated at a market value of £3,967,970. Whilst the board would ideally aim for a breakeven budget each year, they acknowledge that refurbishment of existing properties as they become available for re-let can give rise to additional expenditure. The provision of the property inline with the charitable objectives and the board accept that short term deficits are ultimately supported by the capital growth of other investments.

Going concern

Following the continued uncertainty arising from the ongoing conflict in Ukraine, the investment values have largely returned during the year to be in line with stock markets across the world. In the view of the Trustees, there are no uncertainties about the Trust’s ability to continue as a going concern because of the high level of reserves.

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Northern Ladies Annuity Society Trustees’ Report

investment policy and objectives

The trustees have delegated discretionary management of the investment portfolio to the investment managers. The terms of this delegated authority are that the portfolio should aim to provide both an income and capital growth from a diversity of investments across suitable asset classes in conjunction with the Charity's risk profile. The objectives should have a slight bias towards providing a good income and relative security of capital so as to meet the Charity’s own objectives and activities. Investment manager's report

As markets grappled with rising inflation prints and tried to establish the likely pace and trajectory of interest rate hikes, we saw some big swings in 2022 and global bonds suffered their worst drawdown on record as central banks were forced onto a more and more aggressive path of monetary tightening. Whilst it does seem likely that inflation has peaked, it is still proving to be more ‘sticky’ than perhaps anticipated and the focus has shifted to concerns about a global recession.

In the UK, the pound hit a record low at the end of September as investors reacted to short-lived Chancellor Kwarteng’s mini-budget, which included a much bigger package of tax cuts than had been expected and raised concerns about a surge in government borrowing. More recently, global equities experienced a challenging few weeks in March as the failure of a US regional bank was enough to create some alarm in markets that still remember the 2008/09 Global Financial Crisis. The banking turmoil has the scope to affect the future path of monetary policy, through tighter credit conditions, and there was a sharp drop in the projected path of interest rates around the world. The style rotation we have seen, as a result of the rise of inflation and interest rate expectations, saw investors switch into the value and income producing sectors that dominate the UK market. Banks, food retailers, and pharmaceuticals, have all produced positive returns but all sectors have substantially underperformed the huge gains from energy and it has been hard for balanced portfolios to match this narrowly-based trend. Europe has beena relative bright spot as the energy crisis abated and from signs that China’s reopening is boosting European firms. A weak dollar and softening inflation have also been benefits for the region. During the year to 31st March 2023, the investment portfolio fell by 5.8% compared to a 2.7% fall in the RBC Brewin Dolphin benchmark. Over the same period the FTSE All Share gained 2.9%, the FTSE World ex UK fell 1.2%, and the FT Gilt (All Stocks) Index fell 16.3%. While it is disappointing to fall behind the benchmark over this period, we are confident in the long term strategy and leaning to quality and growth. When we look at the companies that we own in the portfolio, they have the size, global reach and pedigree to emerge on the front foot from here. Markets will remain volatile, however we believe much of the worst is now behind us, and are cautiously optimistic for the year ahead. {f inflation does calm down and interest rates peak, then markets will feel more confident looking to the future. All eyes will be on companies, their announcements and the degree to which profits meet expectations. It is likely that earnings will lose some ground, but if this can largely be contained, reflecting a mild recession, then markets will take real heart. We also acknowledge that the UK market has done better than most, owing much to its huge energy sector, and so we are trimming this back and redeploying the money in overseas markets.

Plans for future periods

The Chairperson's statement covers the future plans of the Charity.

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Northern Ladies Annuity Society

Trustees’ Report

Risk Management

The trustees have assessed the major risks to which the charitable company is exposed, in particular those related to stock market fluctuations and the maintenance of the company's properties to let. The trustees are satisfied that there are systems in place to mitigate exposure to the major risks.

The properties are continually maintained to a high standard to avoid any fall in value, random visits are carried out to ensure this is the case. In addition, there is an annual roof inspection for all properties.

The trustees are advised on a regular basis by the Charity's fund managers on the various procedures to follow to ensure the investment portfolio is maintained to mitigate any losses due to stock market fluctuations.

There have been significant falls in the value of the investment during the year because of falls in stock markets across the world caused by the coronavirus outbreak Although It is not possible to quantify the level of any future losses due to the fluctuations of the stock market performance, the Society has sufficient levels of funds to support current and future annuitants.

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Northern Ladies Annuity Society

Trustees’ Report

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Northern Ladies Annuity Society for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditor

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the charity is to be proposed at the forthcoming Annual General Meeting.

The annual report was approved by the trustees of the charity on aafe.{23 and signed on its behalf by:

ae. _” Mrs F E Emmerson

Chairman and trustee

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Northern Ladies Annuity Society

Independent Auditor's Report to the Members of Northern Ladies Annuity Society

Opinion

We have audited the financial statements of Northern Ladies Annuity Society (the ‘charity’) for the year ended 31 March 2023, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Northern Ladies Annuity Society independent Auditor's Report to the Members of Northern Ladies Annuity Society

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 11, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Northern Ladies Annuity Society

Independent Auditor's Report to the Members of Northern Ladies Annuity Society

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act and Charities Act.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Northern Ladies Annuity Society

Independent Auditor's Report to the Members of Northern Ladies Annuity Society

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

¢ C | ive Exe Simon Brown BA ACA DChA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

pate. 372-423

Azets Audit Services is a trading name of Azets Audit Services Limited

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Northern Ladies Annuity Society

Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

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|||||||| |---|---|---|---|---|---|---| |2023|2022| |Unrestricted|Total|Total| |Note|£|£|£| |Income|and|Endowments|from:| |Donations|and|legacies|3|4,584|4,584|4,985| |Charitable|activities|4|157,662|157,662|144,567| |Investment|income|5|95,071|95,071|91,945| |Other|income|6|160,230|160,230|-| |Total|Income|417,547|417,547|241,497| |Expenditure|on:| |Raising|funds|7|(22,218)|(22,218)|(24,672)| |Charitable|activities|8|(367,248)|(367,248)|(340,085)| |Total|Expenditure|(389,466)|(389,466)|(364,757)| |Gains/(losses)|on|investment|assets|(353,558)|(353,558)|176,158| |Net|(expenditure)/income|(325,477)|(325,477)|52,898| |Net|movement|in|funds|(325,477)|(325,477)|52,898| |Reconciliation|of funds| |Total funds|brought|forward|5,876,759|5,876,759|5,823,861| |Total funds|carried|forward|20|5,551,282|5,551,282|5,876,759|

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All of the charity's activities derive from continuing operations during the above two periods.

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Northern Ladies Annuity Society

Comparative Statement of Financial Activities for the Year Ended 31 March 2022

(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Recognised Gains and Losses)
Total
Unrestricted 2022
Note £ £
Income and Endowments from:
Donations and legacies 3 4,985 4,985
Charitable activities 4 144,567 144,567
Investment income 5 91,945 91,945
Total income 241,497 241,497
Expenditure on:
Raising funds		 7 (24,672) (24,672)
Charitable activities 8 (340,085) (340,085)
Total expenditure (364,757) (364,757)
Gains/losses on investment assets 176,158 176,158
Net income 52,898 52,898
Net movement in funds 52,898 52,898
Reconciliation offunds
Total funds broughtforward 5,823,861 5,823,861
Totalfundscarriedforward 20 5,876,759 5,876,759

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Northern Ladies Annuity Society

(Registration number: 04699895) Balance Sheet as at 31 March 2023

2023 2022
Note £ £
Fixed assets
Tangible assets 14 1,312,604 1,381,782
Investments 15 3,967,970 4,473,417
5,280,574 5,855,199
Current assets
Debtors 16 35,179 24,062
Cash at bank and in hand 17 254,543 20,986
289,722 45,048
Creditors: Amounts falling duewithin oneyear 18 (19,014) (23,488)
Netcurrent assets 270,708 21,560
Net assets 5,551,282 5,876,759
Funds ofthe charity:
Unrestricted incomefunds
Unrestricted funds 5,551,282 5,876,759
Totalfunds 20 5,551,282 5,876,759

The financial statements on pages 16 to 32 were approved by the trustees, and authorised for issue on29...,a.f23 and signed on their behalf by:

laa : var . \ rsN ChairmanMrs F E Erkmerson

4 TM r ustees C Morgan

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Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

1 Charity status The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: MEA House, Ellison Place, Newcastle upon Tyne, NE1 8XS

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared 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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets, liabilities and investments measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Northern Ladies Annuity Society meets the definition of a public benefit entity under FRS 102.

Going concern

The trustees have considered the financial position in light of the ongoing situation in relation to the Ukraine war on investments, and planned property repairs and on conclusion of this work, given the strong cash and investment balance, consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Exemption from preparing a cash flow statement

The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

19

Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

Estimation uncertainty and judgements

The preparation of the financial statements requires management to make[judgements,][estimates][and] assumptions that affect the amounts reported.

Management have approved depreciation, prepayments, accruals and other cut-off adjustments. Whilst management believe that these estimates and judgements are accurate, there is every likelinood that they will not be exact.

The trustees include an investment portfolio at market value and annually consider the market value.

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.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Charitable activities

Rental income is recognised for the period the rent is due and properly receivable.

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Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

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 be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Rents Receivable

Rents are recognised on a monthly basis and are billed to clients based on their agreed rental terms.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

21

Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

All fixed assets are initially recorded at cost.

Freehold and leasehold properties held by the charity in the course of achieving its aims and objectives are not considered to be investment properties and are held at historic cost.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Freehold Property 2% straight line
Leasehold Property 2% straight line
Fixtures,Fittings &Equipment 10%-25%straightline

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 carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Trade debtors

Trade and other debtors are amounts due to the charity in the ordinary course of its charitable business. Trade debtors are recognised initially at the transaction price.

22

Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 Income from donations and legacies

==> picture [431 x 123] intentionally omitted <==

----- Start of picture text -----
Unrestricted
funds Restricted Total Total
General funds 2023 2022
£ £ £ £
Donations and legacies;
Donations 2,250 - 2,250 2,750
Legacies 2,334 - 2,334 2,235
Total for 2023 4,584 5 4,584 4,985
Total for 2022 4,985 Z 4,985
----- End of picture text -----

23

Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

4 Income from charitable activities

==> picture [432 x 411] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted| |funds|Restricted|Total|Total| |General|funds|2023|2022| |£|£|£|£| |Income from|non-investment| |property|in|furtherance|of the| |charity's|objectives|157,662|-|157,662|144,567| |Total|for 2023|157,662|-|157,662|144,567| |Total|for 2022|144,567|-|144, 567| |5|Investment|income| |Unrestricted| |funds|Restricted|Total|Total| |General|funds|2023|2022| |£|£|£|£| |Interest|receivable|and|similar| |income;| |Interest|receivable|on|bank| |deposits|3|-|3|z| |Other|income|from|fixed|asset| |investments|95,068|-|95,068|91,945| |Total|for 2023|95,071|-|95,071|91,945| |Total|for 2022|91,945|-|91,945| |6|Other|income| |Unrestricted| |Total| |General|2023| |£|£| |Gains|on|disposal|of tangible|fixed|assets|160,230|160,230|

----- End of picture text -----

24

Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

7 Expenditure on raising funds

a) Investment management costs

Unrestricted
funds Restricted Total Total
General
£		 funds
£		 2023
£		 2022
£
Investment management costs;
Portfolio management costs 22,218 - 22,218 24,672
Total for2023 22,218 - 22,218 24,672
Totalfor2022 24,672 - 24,672

8 Expenditure on charitable activities

Activity
undertaken		 Grant
funding of		 Activity
support
directly
£		 activity
£		 costs
£		 2023
£		 2022
£
Annuities for relief of
poverty - 119,600 36,951 156,551 157,951
Special grants - 46,003 - 46,003 27,909
Subsidised accommodation 118,013 - 38,581 156,594 148,165
Governance costs - - 8,100 8,100 6,060
118,013 165,603 83,632 367,248 340,085

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Notes to the Financial Statements for the Year Ended 31 March 2023

Northern Ladies Annuity Society

9 Analysis of governance and support costs

Support costs allocated to charitable activities

Annuities for
the relief of Subsidised Total Total
poverty
£		 accomodation
£		 2023
£		 2022
£
Staffcosts 25,720 38,581 64,301 57,535
Premises 5,740 - 5,740 13,032
Communications and IT 810 - 810 1,237
Travel costs 88 - 88 158
Office costs 2,565 - 2,565 2,392
Sundry expenses 2,028 - 2,028 1,768
Audit fees 8,100 - 8,100 6,060
45,051 38,581 83,632 82,182

Governance costs

Unrestricted
funds Restricted Total Total
General funds 2023 2022
£ £ £ £
Audit fees
Audit ofthe financial
statements 8,100 - 8,100 6,060
Total for2023 8,100 - 8,100 6,060
Totalfor2022 6,060 - 6,060

26

Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

10 Net incoming/outgoing resources

Net incoming/(outgoing) resources for the year include:

==> picture [432 x 76] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2023|2022| |£|£| |Audit|fees|8,100|6,060| |Profit on|disposal|of tangible|fixed|assets|(160,230)|-| |Depreciation|of fixed|assets|49,242|47,947| |Employer|contributions|to pension|plans|2,838|1,741|

----- End of picture text -----

11 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

12 Staff costs

The aggregate payroll costs were as follows:

==> picture [431 x 97] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |2023|2022| |£|E| |Staff|costs|during|the year were:| |Wages|and|salaries|59,599|53,920| |Social|security|costs|1,864|1,874| |Pension|costs|2,838|1,741| |64,301|57,535|

----- End of picture text -----

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

==> picture [430 x 35] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |2023|2022| |No|No| |Number|of staff|2|2|

----- End of picture text -----

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the charity were £64,301 (2022 - £57,535).

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Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

13 Taxation

The charity is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

14 Tangible fixed assets

14 Tangible fixedfixed assets
Land and Furniture and
buildings equipment Total
£ £ £
Cost
At 1 April 2022 1,749,603 239,816 1,989,419
Additions - 33,368 33,368
Disposals (71,039) - (71,039)
At 31 March 2023 1,678,564 273,184 1,951,748
Depreciation
At 1 April 2022 450,130 157,507 607,637
Charge fortheyear 34,992 14,250 49,242
Eliminated on disposals (17,735) - (17,735)
At 31 March 2023 467,387 171,757 639,144
Net book value
At 31 March 2023 1,211,177 101,427 1,312,604
At31March2022 1,299,473 82,309 1,381,782

Included within the net book value of land and buildings above is £406,617 (2022 - £472,297) in respect of freehold land and buildings and £804,560 (2022 - £827,176) in respect of leaseholds.

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Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

15 Fixed asset investments
2023 2022
£ £
Investments 3,967,970 4,473,417
Investments
Listed Cash or cash
investments equivalents Total
£ £ £
Cost or Valuation
At 1 April 2022 4,444,063 29,354 4,473,417
Additions 562,716 145,264 707,980
Disposals (901,157) - (901,157)
Revaluation (312,270) ~ (312,270)
At 31 March 2023 3,793,352 174,618 3,967,970
Net book value
At 31 March 2023 3,793,352 174,618 — 3,967,970
At31March2022 4,444,063 29,354 4,473,417

The market value of the listed investments at 31 March 2023 was £3,793,352 (2022 - £4,444,063).

With cash held by the broker totalling £174,618 (2022 - £29,354).

All investments shown above are held at valuation.

The movement in cash or cash equivalents is recognised within additions.

The historical cost of the investments as at the balance sheet date was £3,265,894 (2022: £3,393,243) At the year end, the following investments represented more than 5% of the total value of the investment portfolio:

iShares Physical Metals Plc - £197,523, (2022- n/a none more than 5%).

29

Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

16 Debtors
2023 2022
£ £
Trade debtors 6,073 1,605
Prepayments 19,615 18,691
Accrued income 9,491 3,766
35,179 24,062
17 Cash and cash equivalents
2023 2022
£ £
Cash on hand 200 12
Cash at bank 40,304 20,258
Short-term deposits 214,039 716
254,543 20,986
18 Creditors: amounts falling due within oneyear
2023 2022
£ £
Trade creditors 1,912 9,145
Othertaxation and social security 1,347 1,291
Other creditors 2,582 894
Accruals 13,173 12,158
19,014 23,488

19 Commitments

Other financial commitments

The total amount of other financial commitments not provided in the financial statements was £7,455 (2022 - £2,673).

30

Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

==> picture [433 x 194] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |20|Funds| |Balance|at|Other|Balance|at| |1|April|Incoming|Resources|recognised|31|March| |2022|resources|expended|gains/(losses)|2023| |£|£|£|£|E| |Unrestricted| |General|5,876,759|417,547|(389,466)|(353,558)|5,551,282| |Balance|at|Other|Balance|at| |1|April|Incoming|Resources|recognised|31|March| |2021|resources|expended|gains/(losses)|2022| |£|£|£|£|£| |Unrestricted| |General|5,823,861|241,497|(364,757)|176,158|5,876,759|

----- End of picture text -----

21 Analysis of net assets between funds

==> picture [436 x 244] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Total funds| |funds|at|31|March| |General|2023| |£|£| |Tangible|fixed|assets|1,312,604|1,312,604| |Fixed|asset|investments|3,967,970|3,967,970| |Current|assets|289,722|289,722| |Current|liabilities|(19,014)|(19,014)| |Total|net assets|5,551,282|5|551,282| |Unrestricted|Total funds| |funds|at|31|March| |General|2022| |£|£| |Tangible|fixed|assets|1,381,782|1,381,782| |Fixed|asset|investments|4,473,417|4,473,417| |Current|assets|45,048|45,048| |Current|liabilities|(23,488)|(23,488)| |Total|net assets|__5,876,759|__5,876,759|

----- End of picture text -----

31

Northern Ladies Annuity Society

Notes to the Financial Statements for the Year Ended 31 March 2023

22 Analysis of net funds

At 1 April Financing At 31 March
2021 cash flows 2022
£ £ £
Cash atbank and in hand 53,692 (32,706) 20,986
Netfunds 53,692 (32,706) 20,986
At 1 April Financing At 31 March
2022 cash flows 2023
£ £ £
Cash at bank and in hand 20,986 233,557 254,543
Netfunds 20,986 233,557 254,543

23 Related party transactions

There were no related party transactions in the year.

32