Charfty reylslratlon number 1097222 Company r•gi$traUon Dumb•r 04699895 (England and Walas) NORTHERN LADIES ANNUITY SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NORTHERN LADIES ANNUITY SOCIETY LEGALAND ADMINISTRATWE INFORMATION Trusteeg Mrs S E Am)strong. ¢8 Chairman Mrs D MABarkes MrsALBry Mrs S Wcrone Mrs A J Dlckinson Mrs F E Emrner$on, Chaimian Mrs C A Hom* IAppDlntsd 26 October 2023) Mrs U E Martell Mrs C Morgan Mrs J F Swales Mrs C M Wood Charfty number 1097222 Company number 04699895 Roglstsred offlcg Hadrian Housft Higham Place Newcastle Upon Tyne Tyne And Wear United Kiwdom NE18AF Audltor Azgts Audit Services Bulman House R8gent Centre Gosforth NoWcase upon Tyne NE3 3LS Eversheds Central Square Sc Orthard Street Newcastle Upon Tyne TyneAnd Woar United 'ngdoM NE1 3XX SO1ltOrs Investment advlsorn Brewin Dolphln Time Central Gallowgate Newcastle Upon Tyne Tyne And Or NE14SR United Kingdom
NORTHERN LADIES ANNUITY SOCIETY CONTENTS P•g• Trustee$, rnFQrt Independ6nl audilo¢s report 9-11 Statement of financial activities 12 Balance sheet 13 Notes to the financial statements 14-24
NORTHERN LADIES ANNUITY SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 MARCH 2024 The trustees pre8ent their annual ryrt and finanal statemènts for t yr onded 31 March 24. The finanrAal statements have been prepared In xc¥rd8n¢e ¥th Ihe èccounling pollde5 8el out #) note 1 to financAal statements and compty with the chartW8 goveming durnent, 1he Companie5 Act 20CkS -AccountlThJ and Reporting by Charities.. Stal8ment of Recommended Pra¢ti¢¢ applicabk to thariligs preparing their accounts In accordan with Financial Reportlng Standar(l applicable in the UK and R8public of Ireland IFRS 1021. (efieGIivg 1 January 2019). Obfv¢tlves and acllvltl•¥ The objeclive of the tharty is th8 religf of p)verty by gmng a&snCe to govemes88s and other ladi8s who meet the Socie¥ criteria. There have been no signrficant d)ange$ I) the prinfapal actiWi8s of Ihe cornpany snce la8t year whid) ar• those of prowding annurties. grants and sub81d18ed acconv)dathon for ladies in rede rcUMstanCes. These are provKled al th8 discrekn of the trustees, in a¢cordgn¢& with criteria whith they set. Iruslees Set the rtieria in order to take account of the minimum amount of money that Ihe Govemmenl says, the Deparknent of Works and Ponslon. that a petson must have each week taknng a¢¢ount of sp8ryr circumstancos. These ulteri8 ar¢ a$ follows: 8¢ 8 $ingl& lady, mr the State R8tir8menl Age. whether spinstsr, or dlvu¢8d: Having an income of not more than £12.500 per annum. Reside in. or have residad i) for many years, In the North of England- and Hav$ $8ving$ ol not more than £10.OC(S. Publi¢ Iwiefft The tru8lee3 have paid due regard to guidanco is6ued by the Charity Comm1881 In deddlThJ whAI aLtio6 the charity should undertake. The thartry is required lo report ht)w it déals wrth fundraising from the public. The charity doe$ not use a professlonal fijndralser or commercial partitypator to rais8 funds. Any monies Taised direct from the pulAic flow$ all guidlines set out by the Chanty Commlssbn and UK law in gvery respect. We Spe1* the prOva¢y and rn130t preferences of all public donors. Grantmaklng polleles In addition to tha annuitS that tha charlty pay oul lo b¢nefid4rth, th& trustees alw wnsider the apph'cations for spetyal grants from annuilants maintained by the Charity. ApKAlcatlons a wi$iderod and measured against the cknarfrvs obloctlves al monthly trustees meetings. SUCCful applications ara paid aftor approval. Grants are InL4uded in the a¢¢ounts when the Iruste8s have made an irrevocable commitm1 to p.
NORTHERN LADIES ANNUITY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 A¢hlgvgmgnts and perf0mnCe Chalrperson's stsloment At the bèginning of the year in Aprfl 2023 the Sodely was supptyting * full nU1thnts. There were 56 suspended annurtants ofwh¢)m 3 were in residential care. Durlng the year. tha Sori8ty welcomed 3 new annuitants and by the end of March 2024, the Sod¢ty was 8upporbng 86 ftjll annultants and 86 $uspend•d 8nnuitanls of wh¢)m 2 are in r93idential care. Tho Sockty deaded to stcp paying half annuities. lthllsl the eligitilty fimit fcy annuities was ra18ed from £10,000 to £12,500, annurties were also increased from £325 to £375 per quarter. The soety pays general grants to help annurtants wth unexpeLed exp8ndrture. Those usually ¢ovor essential il8rns such as replacement cookers and fridges, bul the Sooety also CcsIderS appIltionS for items 4thi¢h may not be SentIal but 11 Improve annuitants. quality of lrfe. Hollday grarts of £300 we lded on apICati¢jn. This grant helps with holiday costs V+tsther it is for day trips or longer break8. Our tsvice- yearty newslettei remains very popular as do our Open Days. The Open Days were vary well attended and provide an opportunty for th& annurtants to meet and dwt each other and Jean and Susan. Annuitants are offered the opportunty lo receive a Christmas Hamper. 81 were distributed and gralefuuy rIved. Wg continue lo support the Mouth and Fool Painting Artists dlstrtbuting their Calendars lo annuilanis at the Christmas Open Day and sending the remainder by post. The Soclèty con1inues to make considerable expend6re lo ensure that our properties are m8intained to a very high standard. Most of the prop8rti88 are rented to annultants. It ¢onlinues to be the Society'8 aim that as commercw tenants leave propgrties they wll te replaced by annuriants. As of May 1& 2024. al our prop8rtle8 were oc¢upled. Mea House, where Sodety had 11$ office was sord to UnNer5ity of Northumbria, we th8rofor8 rolocated lo Hadrian House on October 9th Our thank$ go to Jean and Susan for all Ihelr hard work ensuring that the move wgnt smoothly. This year the sety commissioned a new comput8r system. This wll store all the relevant infomiation about our propertles. Ineluding repairs and tenants. 11 will a130 Indude, amongst other infomation. details of grants awarded to annultsnts. Importantly this information Y11 te Inleractlve allowing the user to move between 8creens. This I11 be an invaluable source of information and we hope it will be frlly in place by July. 8rewin Dolphin continue lo look after our Investment, we are ryatefrjl to Ann8 Mccready and Jeffrgy Ball for Ihar help. The Society 15 indebtod to Joan for her committed and loyal service lo the Sodety and the annultants. Su$an ompleted her second year us and has proved an excellent addition to tho tgam. Thore continues to be mucb rx*litical and ¢Gon¢)mio uncertainty, but the Investments and rental properbes are well Mand and therefore the Souety does not see any material Impact on its 8bilrty to maintain payment of the annuities and grants. We are therefore happy to confirm that th8 Soaety remains a going concern.
NORTHERN LADIES ANNUITY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED FOR THE YEAR ENDED 31 AIARCH 2024 Annuttles During the year, the society Supported 86 {2023 - 961 annuilants th frjll or hall annultles of £1,3001£1,5¢XI from November 2023) and £650 as fc4l0v". 2024 2023 No. Full 388 127.600 3S9 116.675 Hatf 18 2,925 Grants Duiing the year. the Soclety mod& ad(tsonal discretionary grants as follm.. 2024 2023 No. Gengral 17 7,376 11 4,453 Hc4iday 37 11.100 45 11.700 Hgmpor8 4,506 4,600 nler Heating grant Queen's Jubilee 101 25,250 60 1,200 Accomodation The souety made 8valable 33 {202& 32) properties as sub8ldlsed attom¢)dation lo ladies of reduced Cirrm3nces. In total, 3412023- 34) people were tanants of the soety of whom 22 (2023 - 221 were annuitsnts and 8ubsldlsed tenants. Flnanclal rnvlew The finanoal activities of the charriable Kmpany are set out in Ihe attachèd ffingnGIo1 stal8ment8. Core advitrès focus on tr* provision of annuiti8s, grants and accomondati¢Jn for ladies in roduced clrcumstances. Fundlng for these actNilies come8 from an Investh)enl Ftjrtfolio managed by the tharrtatAe company and from rontal contrlbutlons from tenants. inckKlirvJ annuitanl8. occupy ts acoomodafjon. Golng concern Follown9 the contlnued uncertainty 8rising from the ongoing conflict in Ukraine, the investment value$ have large returned during the year to be in line with stock markets across the worfd. In the view of the Trustees. there are uncgrtalnles about the Tru3Y5 abilty to contlnue as a gdng concem bK8use of the high level of reserves. Polky on resems It Is policy of the charity to mairrtain a level of fvnds suffiaent to meet the ongoing annual obligations of thè tharity to 9$ting and future annuitants and lo ensure that the properties c8n be maintained lo the tMghle81 order. The Iruslees consider that reserves at this Fevel will ensure IhaL in the event of a signfficant drop in fvnding, they wll be able lo continu8 th& cth8rity'8 current 8CtivitE$ vthilg wnsideration Is gen lo ways in which additional fvnds may be raised. This level of reserves has been maintained throughout th8 yeer.
NORTHERN LADIES ANNUITY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The calculation of free re5erv8s 15 based on the d8finrtion included in the Charity stalomenl of T8mMended practice {SORP), whlch prov(de$ recommendallons for accounfjng and reporting for tharities. The Trustees have examined the requlrements of the eharFtable Company lo hold fw reserves- those reserves not invested in tangible fixed assets, exduding long term liabilities, or designated lor a wtiGular purpose. The exercise considered both the nonnal requirements for working capital and the1055 of inwme of hypothetical but Teasonable reducti¢)n in the scale of cyeralions. Accordingly. the tru$tee$ consider that fr88 reserves of argund £300.000 will allow the Swaty to pay th8 annuitants and administraVe overheads for one year. At the year d. free reserves were £55,524 (2023.. £270.708). a decreaso of £215.184 due to the purchase of IA properties in the ye8r. The tnjstees acknowledge availability of being gblg to easity realise further cash 9$ required from shIng in some of the investments whid) were staled al a market value of £4.241,721. lISt the board would ideaNy aim for a breakevan trthget each year. they acknoYAedge that rofubishmenl of exlstlng properties as thoy becom& available for rtrfet can give rise to addibond expendtiure. h6 provision of the propgty intine with the charitable objectives and the board accept that short tem defeclls are ultimatety $¥sported by the capital growth of ¢ther investments.
NORTHERN LADIES ANNUITY SOCIETY TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Inves¢mentpollcyand objectlves The Trustees have delegated discretionary managemenl of Ihe investment portfollo to the Investment managers. The lems of this defegaled authority are that the portfollo should alm lo provide both an incomè and capital growth from a diversrty of inv8strngnl$ across sullablg ossel classes In conjUrtion wlh the Charity's risk proflle. The obj8ctivgs $hwld have a Slight bias towards providing a goeA income and TelatWP 3ewrily of capital so as to meet the Charity's i)wn objective$ and actrvlt1. Inv•strngnt managetrs roport The first half of 2023 larggty confounded tho forKasts with the global econ¢ generamy proving to be strongor than antocipaled. Essenllally, 2022.5 losers became 2023's wnnors a$ the lechnoitsay sector bounced ba¢k from the prevlous year'8 rout. though performance wa$ mainty powered by a handful of MegaP US tech stod(s. as the market became èxtremety excated aboutArtrficial Intelligen {AI}. After treading water for much ofthe summer. the aubjmn saw a v8ry welcome improvement as infiation continued to f1 and interest rates hxked increasingly likely to follow suit. Macroeconomlc data has been encouraglThJ. and a key part of the story 18 the consumer. Real wages are flnally back In posttivè leThitory after a COLV of tough yews whgrg wages simpty did not keep pace wth the rfslng cost of gocJs and services. and this should contlnue lo improv8. Th8 UK slipped into a 'technical recession, follL)wng quarter8 of u991$h growth la8t year, but the recovery Is probably already underway. Infflatlon is still above the Bank of England's 2% target, Ixrt it is coming down quIC and c(MJld even drop below 2% over the the coming m¢)nths as the effects of the enorgy pricfr cap fade away. The interesting polnt here 1$ that oven though the econtsmy is in good shape, and by no mean3 crying out for int8r8St rate cuts. wg are probabty still going to get them. 11 would bè very drfffcull for central banks to walk back on their piomlses, but we should fhlnk of this as 'easing off the brake, ialher puttsng their fool on the accejerator. Thal said, Ihe combination of a strong eGonomy and rate CLrts should slll be a real talN¥lnd for both equltles and bonds. Ovar th8 y8ar thg Portlollo gavied 12.9% on a lime-weighled basis compared to a rise kn the RBC Brewin DolptKn Ri8k Category 6 benchmark of 13.4%. Over the same period the SE Al Share gained 8.4%, the FfsE World ex UK rose 21.4%. and the FT Gilt (All Stocksl Index fvll marginalty. The US and Japan were well aheod of other regions although, for UK investors, relums from the latter have been affected throughout the year by significant weakness in the yen. As inv8slors s%wtth8d out of value and incom¢ producing sectors the UK was a Irelative} straggler and concems over the Chinese economy saw Far East and emerging marffels lag devebped market retums slgnlfic8nUy. arkets ar8. as ever, throalgngd by a numbgr of gconomK, political and geopolrtical risks whlch eould lead lo some turbulence ahead. Against this ba¢kdrop, maintaining a well4iversrfied portfolio is more tmportant Ihan ever. Bonds are Ilkely lo more defensive than they were in 2023. simpty bese the potenti81 relums are now botter, whi¢h should offer some protection in a downturn. For equrties. markets are still exuled by technology stocks- and the Magnlllcent 7 In particular- but we are finally starting lo see some dispersion In the group that wasn't there in 2023. Valuation$ are also looking fuller after the recent rally. so finding the areas of opptunity from here onw4rds will be morè difficult, but thi$ is where the forensic work comes in of analysing the financial strenh of companies and fvnd hou8e$ to try to optimise our returns. In this respect, we are cautlously optlmlstlc for the months ahe&J. Risk Managgment The Iruslees have assessed the major rfsks to whth the charity 1$ exposed. in particular those related to stock market Iluctuatlons and the mabnlènanee of the compan8 properties to let. The trustees are satisfied that there are Systems in place to mlllgale èxp)8ure to the major risks. The propertle$ are conlinualty maintained to a high standard lo avoid any fall in value. rar0M visib are carrled oui 10 ensurè this is the ¢ose. In addition, there is an annual roof inspection for all properties. Thg trustees are adwsed on a regular basis by the Charitys fijnd managers on the various procedL?$ lo foltr)w to ensure the inveslmatt P¢Xtfolio Is maintsined to mltlgale any losses due to stock market flUcluatns.
NORTHERN LADIES ANNUITY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 Plans for futur• porlods The Ch8irper¥on's statement covers the futur8 plans of Ihe Charity. strnctur•, governance and managem•nt Thg charity is a company limrted by guarant80. ft was Incorporated on 17th March 2003 and reglslered as a charfty wrth the Charity Commission on 25th April 2003. 11$ memorandum and articles of asssociathon were last ame(Ined on 3rd June 2003. The charilabla company look over the cperation$. 8¢tivrties, 8ssets and liabiliti88 of Northem Ladies Annuty Sou8ty Ifomerfy the Northern Counties kniety for Granting Annuities to Govemesses and Other Ladies in Reduced Circumstances), an unincorporated charity Set up in 1868. The trusteès. who are olw the directors Ihe PUTPO8e of company law. aTrJ who seNed duriThJ the year and up to the dale of signature of the financial statements were-. Mrs S EArmstrong. Mce Chaim Mrs D f41A Bark85 MrsA L Bryant Mrs Swcrone MrsA J Dicknnson Mrs F E Emmerson, Chaiman Mrs CAHowe Mrs U E Martell Mrs C Morgan Mrs J F Swal9$ Mrs C M Wood Mrs D M Braithwaite (Appointed 26 October 20231 (Reslgned 29 June 20231 Recwltment and appolntment of tntstees In a¢cordance with the Articles 0fAssociatn, the trusteas must be at leasi 5 and not mor8 than 18 WKlividuals and 811 mLt be dire¢loTS. Th• truslees may at any time co-opt any person duly qualthed to b& appointed as trustee to fill a v8n¢ancy in th8ir numer or as an additional trustee. Every trustee must skjn a declaratlon of vAlllngne88 to act as a charity trustee of the charity before they are eligable to vots at any meellng of the trustees. There are no peTsons extemal lo the charitable company who are ant8d to appoSnl naw trustees. Prospective new trustgos arg Sdentlfigd by the existing trustees to fill vacancies or lo bring Special skill$ lo the board. The pro$pe¢tive trustees are invtted lo altend a monthly meellng 88 a guest and are brlefed by the existing tru$ts&s a$ to their roles and re$ponsibilib'eg with respect to the Sodety and Ihelr legal dutles underthe Companies Act and the ChariliesAct. K•y Manag•m•nt P•rsonn81 Kèy management person1 during the year wa$: J Ferry S Blockley The board, gNe their time freety and no trustees refved mneratIOn In the year. have considered who key management Fersonnol IKMP) of the charilable company are, a8 noted In the Retsrence and Admlnlstrallon Section. Togethgr wth the board. these KMP are th0 in tharge of diredng and controlllng, runnSng and operating the activities of charity on a day to day basis. The pay of the KMP 18 r@Wed 8nnually and nomalty Increased in accordance with averagè eamings. Thè trustees benchmark agalnst pay levels of other tharities arKI similar organisalions within the sector and the region. Pay18vgls are $91 using this informab'on together wrth budget and forecast information, ensuring that the ¢haritable company ¢an afford any wopo8ed inc¥eases. The toard agree uplift to remuneration.
NORTHERN LADIES ANNUITY SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Memorial to all thos• who lfjft l•ga¢l•s whlch hdp8d cr•ats th• So¢hty'$ Fund$ Ash 1874.. Adamson 1875., Hutthinson 1875., Abbott 1882,. Hodgson 1882., Sundodand 1882.. Amistrong 1886.. Laty Beatrice Amistrong {Je$Md) 1887; Jesmond 1887.. IAotoria Jubilee 1887., PAalher 1888., Oak 1888., Margaret 1889,, Ivy 1889, Singers 1889., Straker 1889- Fleming 1891., Betsy Jackson 1891- Elm 1892,. Lady Margaret Amistrong 1893,. Elvzabeth Harrison 1893., Heartsease 1894., Rowan Tr88 1894,. John Coppin 1894,. Blackett 1895,. Diamond Jubileo 1897,. Sarah Dale 1898,. John Henry Burn 1899- Primros& 1899,. Elizabeth Hood Hender50n 1899., E. Ker8ey 1899.. Mary S. Woods 1899,. Jane Dunford 1900" Apploby 1900.. Lpdy Joi¢ey 1900.. Anne MilGhell 1900.. Ralph Alkinson 191Xs: Margaret Agrts8 Bartram 1901.. Luw Henderson 1901; Queen Mrtoria Memorial 1901. CalherineAbbDtt 1902., Easton 1902,. Hannah Ochiltree 1904.. Nomian Wlson 1904., Collingwood Wlson 1904., Scarborough Coninwod Wlson Memortal 1904.. Durham 1905.. George Hantyskle 1905,. Ellzabeth Buehan8n Adamson 1907,. Russell Brothm 1907., Margaret ElrLabeth Brown 1907.. Adelalde Dagll8h 1907.. Swanston 1907,. Carollne 1908.. Marguertte Jow 1908: Ruffman 1908- Hugh Taylor 1908.. Mary Jane Tennant 1910- D¢yolhy Joicey 1911., Jane Sutherland 1911.. Alison Jth)stcfie Sutherland 1911; Eoknrd Amorer Qj M•rga Hedley 1911., Lady Oliver 1912.. Mrs. Agnes Black 1913,. Mary Ann Pigg 1913,. Ann B8rtram 1914,. Mary Lilbum 1915.. Isabella Strakgr Memorial Bequest 1915,. Isabella Slraker Memorial 1915., Sarah Hall 1916., Anna and Eliza Call 1916.. Wolsingham 1916,. Joseph 1917,. St. George's 1917., Frederick Milburn 1917,. Margarot Taylor 1917,. Margaret Garbutt 1918,. Major Jamas Laadbitter Knott, D.S.0. 1918,. Captain Basil Knott 1918., Lady Doxford 1919,. Byethom 1919,. Earr Jane GarbLrtt 1919,. Joseph Henry Straker 1920,. Thompson 1920., Mlss Isabela Mprdue 1921.. Aine Doxlord 1922: John Iwnter Rthordscfft 1922.. AnneA¢Jam8on Isundertand) 1923.. Annie Catherine Bum 1923.. Mabel Edwards 1923. Lady Stephenson 1923.. Jane Eeles 1924., Mary Margarol Cooper 1924.. Maude Forster 1924.. Lady Sulhedand 1925,. Marion Loudon Constantine 1926., M. 1926., S. 1926., Frances Sybil Ctxhrane 1927,. Elinor Frances Youll 1927.. Mary Wlkinson Mccartney 192B,' Moor-Lee 1928., Mary Elizabeth Chalder 1929, Jane Hill Murray 1929., Lady Noble Of Kirkjey 1929", Tynemouth 1929; L. V. Gray 1930,. Lady Knott Fund 1930; Sir James Knott 1930,. Axander Laing 1930,. Anne Milcalfe 1930,. Georgina Isaballa Coop8r 1931., Emma Rlchardson 1931., Wallls BgqU8St 1931., John Wlnshlp 1931: A. C. 1932; F. M. Moore 1936., Ida Mcallurn 1936., Ryder 1936.. George Vl Coronation 1937.. Lindisfame 1937., Theophilus Storey 1937,. Ellzabeth Sutherfand 1937., Wnshlp Trust 1937. Fr$n$ Isabella Duncan 1938.. H. A. Kersey 1938: Todd 1938,. Hunter 1939- Mona Tawor Fund 1939. Emly Fielding 1941; Isabella Mary Reed 1941,. Wlliam Robinson 1941., Mary H. Frazer and Frances Gibs 1942., Viot Short 1943.. Thomas Burdon and Kate Ida Fr8zer 1943,. Sarah Catherine Mather Bailey 1944; Hglgn B811 1944; Mgry Frazer 1944., Annie Ramsay 1944,. Wlliam Dixon 1946," Gibson 1946: Chades and Annie Scott HLFmble 1948" George Hurst 1946., Vbllliam Tumbull 1947" Alex Waugh and Margaret Dent Bequest 1947., Robert Wson Coop¢r 1948,. WAliam Jam8s and John Rc*inson 1948: J. E. Tully 1948" George A. Ce80Th Bequest 1951.. Josephlne Agnes Hogg 1951.. Lady Cochrane Fun¢J 1952., Homsby 1952,. Mary Mitcaife 1952,. Ellzabelh Hall Mney Fund 1952.. Marfon Angus 1954,. Eleanor Scott Brtgg8 1954,. Marg8ret arKI Patriaa Forster 1954,. Mlss E. J. Stephenson Fund 1954,. Mary Ehven 1955., Margaret Ellen En 1955; Eliza Ellen En 1955,. Catherine Irwin 1955; Arthur 1956. Mary Cleland 1958,. Ridley 1957., Jossio Whyte knhbold 1958,. GertrudeArthur 1958., EaglesdrfFe Fund 1959., Freeman Fund 1980., We$loll Priston 1980" Slr Cecil Ccthrane 1961. Edna Hayton 1961., M. Eva Fledley 1961,. C¢)nstan¢e Elèanor Blrd 13,. J. 8eckworth Lauderdalè & Edith M. Lauderdale 1963., Mrs. E. B. Thompson 1965., Walter Sacker Hill 1967: E. K. Devey 1970., Sykes Bequest 1971., Mary Joicey 1972., Elvzabeth and Gladys Margaret Tindle Fund 1972,. Knavesmire 1973.. J. H. Edwards Fund 1974., Axol Frederick EriGcson 1974., Str8ker Smith 1974- Mi8s E. C. Scott Christma$ Fund 1978. Seymour Bg111979,' Agnes Bell 1979., Craig B8qUeSt 1979., Kilcat & Robson 1987., Nora Hogg Fund 1988.. Granger Holiday Fund 1989.. Northem Counties Ladies Work sOetY 2000,. The Pybu8 Fund 2005,. Miss Dawson 2006,. Mrs G Larby 2005," MI88 L Winchjer 2008,. Mr8 D Benson., Mrs A Ellis 2010.. Mrs Burgess 2009,. W A Handley TrusL JFr FeMck Settlement CM Charitable TTUSt', Mrs A Swallryw 2011,. Mrs N Hogg 2013- 2021; Mrs J Hold8n 2015.. Mrs Britton 2018,. Mrs R C Spaire$ 2019.
NORTHERN LADIES ANNUITY SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Stal•ment of trvst0•5' rn$ponslbllltl•s Th8 trustees, who are also the directors of Northem Ladies Annuity Socioty for the pwpose of e4)mp8ny law. are responsible for preparing the Trustees. Report and the financial Statements in accordance with applicable law and Unf(ed Kingdom Accountlng Standards Ivnited lQngdom GenerallyAcceptedAccounling PractiL¥). Company Law requKes the tru8tees to prepare financial statement8 for each flnandal year whlch gfve a true and lalr Vi9w of the stste of affalr8 of the tharity and of the incoming rgsources and application of resources. inchjding the income and expenditure. of the charitable company for that yoar. In pparing these fin8nctal statements. the tru8tee$ are required to.. - select suith accounting yjficies and then apply them rnnsistendy.. - observe Ihe methods and prirriples In Ihe Charitbe8 SORP., - M(e judgemonts arKI estimates Ihat are reasonable and pnjdert and - prepare the finandal statements on the going corKem basis unle88 It Is inapprowate to presume that the charity will contlnue In cpèralion. The trustees are responslble for keeping ad8quatg accountiryJ records that dlsdose wlth reasonable accuraey at any Ilme the financial position of the tharity and enable them lo ensure that the financial statements CoMY Wth the Companies Act 2006. They ara also responsible for &e9UardIng the assets of the charity and hence for taking reasonablg Steps for the preventith and deteGtion of fra and olhgr irregularities. Audltor In 8ccordanc¥ with the companls arbcles. a resolution proposing Ihat Azels Audbt Sgrw¢es be reappointed as athjitor of the CLynpany wll be pul al a General MeetlrKJ. Dlsclosuro of Inforniatlon lo audllor Each of tha trustees has ¢LYffirmed that there is no Infomiatlon of whlch they are aware whieh is relevant to the audFt, bul of the auditor is unaware. They have further conlknied that they have taken appropriate step$ lo i¢Jentify such relevant information and to establish that the audltcr Is aware of such infonnats'. The Iruste8s' r8wrt approved ty the Board OfTlte¢S. Mrs F E Emmerson, Chalman Dale..
NORTHERN LADIES ANNUITY SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTHERN LADIESANNUITY SOCIETY Opinion We have audlted the financial statements of Northem Ladles Annuty Sttiety {Ihe 'charty') for the year ended 31 March 2024 which compri88 th9 stslgmgnt of financial activities, the balance sheet and note$ lo the fin8nC481 slalements, including signrhcant accounting policies. Th• finanual reporting framework that has been applied thr preparation 1$ applicable law and United Kingdom Accounting Stsndards, induding Financial Reporbng Standard 102 The Fin8nci81 Reporting Standard &pplicable in the UK and Republlc of Ireland (Unlled Kngdom GenerellyAccepted AAllrj Practice). In our opinion, tho )Inan¢ial statements.. glve a true and fair vi6w of the sta18 Qf the charitable company's affatrs a8 at 31 Mard) 2024 and of rt8 incoming resour¢e$ and applicion of resources, irKluding its Income and expendlture, for the year then grKled,' have b8en propety prepared In accordance wlth Unlted Kingdom Gonerally AGc8pted ACUnting Practice., and have been prepared in aordanGe Yrith the requirements of the Companle8Act 20C. Ba$1• for opiniorb We conducted our audit in accordan¢e wrth Int¢mational StaTrJards on ALJSting (UK) {ISA8 {UKI} and appllc8Ne law. Our r9$ponsibilit6 under those standards are further de$crib8d in the AudRofs rnsponslbllllles for the audit of the fln8ncial slatem8nls section of our report. are independent of tha charity in a¢¢ordance with thg elhicol requirements that are relevant lo our audit of the finandal statements in the UK. inciudir@ th8 FRC'S Ethical standard. and we have ftjlfilled other ethical responsibilities in accorda9 wlh those reqLreMonts. We telieve that tho audit evidence we have obtalned Is suffieienl and appropriate lo provide a basis for our opinion. Con¢lu$lons relallng to golng concern In auditing the financial slalomgnts, we have conduded that the trustees. use of the going concem trgaSi$ of accounting In the preparation of the finala1 staloments 18 appropriate. Based on the work we have perform8d, we have not identified any merial uncertainties tElatiny to event8 or conditions that. Indlvldually or colleetlvely. may east Signifint doubt on the charity's ability to continue a$ a going concern for a perbd of at least h•Kfve months from when the financial ststemgnls are authorised for issue. Our r05pon$ibilitses and the responsibilities of the trustee8 wlth respect to going Goncem are describ•J in the relevant secth)n$ of this report. Othèr Inforrnallon The other informatlon comprlses the infomiation induded in th8 annu report other than the financi818tslements and our audrtorfs report Ihereon. The trustees are responsible for the other infomalion contained within the annual report. Our oplnlon on the financ4al sLitsmenls does not cover the other information and, except to the frxtent othemse expliolty stated in our report, we do not expre$5 any fomi of assurance condusion theroon. Our responslblllty is lo read the other information and, in doing so, consider wheth8r the other information is mal8rially Incons5stent with the finanGial statements or our knOwdge obtained in the course of the audlt, or 01hese appears to be materfally mi6stst8d. If we identify such material inconsistencies or apparent malerlal m188tatement8, we are roquired lo detemine whether this gives ri$e lo a material misslatement in the flnanclal statements themselves. If, based on the work we have perfomed, we nClude that th8r8 is a malarial misslalement of this cthw inf(m)ab'on, we are required to report that fact. We have n¢)thing to report In thls regard. Oplnlons on other matt¢rs preser1d by the Companies Act 2006 In our opinion. bg$ed on Ihe work undertaken in tho course of our audit.. the irfomiation glven In the trustees. report for thè financlal yèar for 1¢h financial statements are prepared, which indudes the directors, report wepared fN purpo8e$ of panY law. 1$ consistsnt wth the finÈncial statements., and Ihe directors, rewrt Included wilhin the ttee$. ropryl ha$ been prepared in accofdance 8ppllcable legal T8quir8mgnts.
NORTHERN LADIES ANNUITY SOCIETY INDEPENDENT AUDrroR'S REPORT {CONTINUED) TO THE MEMBERS OF NORTHERN LADIESANNUITY SOCIEry Matt•rs on whlch w• •r• r•quir•d to rnport by gxcoptlon In the light of the knoadge and understanding of the ¢h¥rity and its environment obtalned In the course of the audit, we have not identified material misstatemgnts in thg diredors. report induded vllhln the trustees, report. We have nothing to report in respect ol the followkng matters in relatron to which the Companies Act 20r requires us to report to you M. In our opinion.. adequate accounting records have not been kept or rotums ad8quato our authl have not been re1vj from branches not visited by us: or the financial statements are not in agrfjemgnt wth the accounting records and rgtum$.' or ortaln dlsclosures of trustees, rèmunarat1 $peryfiod by law are not made," or we have not received all the information and explanations we requlre for our audit., or the trustees were not antrtl8d to prgpara tho financial statements in &cordanrA wlh the small wmpanies regime and lake advantage of the small companies. exemptions in preparing the tnJstee$' report and from the requlrement to prepare a Strateg report. Responsibiliti•¥ of trust$ As explalned molè fvlly In th8 statement of tru$tees' responsibiles, the trustees. who are 8180 the directOTS of the charity for the purF<Jse of company law, re$pon$ible for the preparation of the financlal 8talements and for n9 satisfi8d that they gNe a twe and fair wew, and for Such intemal control as the trustees detem)Sne Is necessary to enable the preparation ol financisl statements th8t are free from material misslalement, whother due lo fraud or error. In preparing the financial ststements, the trustees are responslble for asseswng the charty's alxlity to continue as a going concem, disdosing. as applicable. matters related to going concern and using the going concem ba$is of accounting unless the trustees dther Intend lo liquidate the Chantable wnpany or to ceas8 cyerations. or h•ve no realislic altamalive but to do 80. Audilorf$ responslbllltl•s for the audlt of the flnanclal stat•m•nts Our objectives are to obtsin reasonable assuronGe about wh8th8T the fin8rrial statements as 8 vthole are free from material misstslemenl, ththether due to fraud or error, and to l$$ue an auditor's report that iidudes QLK opinton. Rgosonable assurance is a high level of assurance but is not a guarantee that an audit coniknted in accordance with ISAS IUKI wll atways detect a material mlsslatement when rt eSts. Mi$statements can arise from fraud Cf error arKI are considered malorlal , Indlvldualty or in the aggregate. they COLld reasonably be exp*cted lo influence Ihe economic decIsic5 of u5er5 taken on the basis ofth88e financaal statements. A further de¥IPtIon of our r•sponsibililie$ is available on tho FInarla1 Reporting Council'$ wob$ito at.. http$Jl bwAv.frc.org.uklauditorsreswnsibiltties. This descri.On foms part of our audltols reporL 10-
NORTHERN LADIES ANNUITY SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE MEMBERS OF NORTHERN LADIES ANNUITY SOCIETY Extent to which th• •udtt was ¢oftsld•r•d capabl• of d•tecting Irregul•riti•. including fraud Irregularities, Incbjdiry fraud, are instances of nowompliance laws and reguLqdons. I design procedures wi line th our responsibilities, outlined abovo and on the Financia Reportlng Councll's webslte. to detect material misstatements in respect of irr8gularrties, indudlng fraud. obtsln and upd$le our understsnding of the entity, acvities. its contrc4 emronment, and likety ftjture developments, including in relation lo the legal and regulatory framework applicable and how the entity 18 complying wh that fr8mework. Based on this understanding, we identify and a88ess the rfsks of m8terfal rnlsslatement of the financial $latement¥, whether due lo fraud or grror, design and perforni audlt procedures responsive lo those dsks, and obtain audrt evidenco that is suffici9nl and approFyiate to provide a baws for our opinion. This includos consideration of Ihe rfsk of acts by the enlty that were contrary to applicotrAe laws and regulations. irK1j1n9 fraud. In Tesponse to the risk of 1rregdarit$ and DOnOmpliance with laws and rggulation8, including fra, we design procedures whith induded.. Enquiry of management and those charged wrth govemance orouTrJ actUo1 and potentlol lfjgallon and claims as well as aclual. suspected and alleged fraud.. Reviewing minutes of meetlngs ofthose charged whh govemènce: Assessing th8 extent of complianee Kmth the laws and regulations con$Klered to have a direct material effect on the flnanaal slalemenls or the oper81ions of the enllty through enquiry and in8pection', R8vievring financial statement disclosures and testing to supporting do(yJmentation to assess Comlance wllh appli)Ie laws and r8gulab¢)ns', Performing audit work over tho risk of manogem•nt tias and override of controls, indudirKJ testing of loumal entries and other adjustments for approprialene88, evaluatlng the buslness rationale of slgnlficant transactions outSKle the normal Gourse of business and reviewing accounllng esllmates for kvjicators of potential bias. 8ecause of the inherent Ilmltslons ol an audlt, there16 a ri8k that we nol detect all irregularities. inGluding those lea¢Jing lo a materlal mlsstslemenl in the fin8naal statements or non-compliance with regulation. This risk incr8as85 the morg that compliance a law or regulation is removed from the events and transactions refiected in the financlal sLitements, as we wll trA18ss likety to become aware of instances of non40mpl1an. The risk of not det8ctlng a material misstatement resulting from fraud is higher than for one re8LAting fr¢)m error. 88 fraud may Invdv8 collusion, forgery, intentional omissions, misrepresentations, or the override of Intemal control. Use ofour report Thls reportls made solgty to the ¢haritablo company's members. as a booy, in accordance wlth Chapter 3 of Part 18 of the Comp8nie8 Ad 2006. Our audit work has been undertaken so that we might slate lo the dritable companls members those matters we are required lo stale to them in an auditor'8 report and for no other purpose. To the 11gst extent pemiitted by law. we do not accèpt or assume responsibilty to anyone olh8r than the charitab eompany and lh• charitable ¢ompany'8 members as a bcrfjy. for our audit work, for this repor( or for the opinions I havè formed. Slmon Brown BA ACA DChA {8onlpr Ststutory Audltor) for and on b9half of Azets Audlt Servlce8 Chart•rnd Accountants Statutory Audltor Bulman House Regent Centre Go8forth Newcaslle upon Tyng NE3 3LS
NORTHERN LADIES ANNUITY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrnstrlcted Unrestrlct•d funds fundg 2024 2023 Nolos In¢om• and •ndoYrngnts from: Donotions and legacles Ch8ritable aellwties Investsmenls Other income 26,378 152.955 194,609 4,584 157,662 95,071 160,230 Totsl Incom• 373.940 417.547 endlture on: Ralsing funds 21,386 22,218 Charitsble activitie8 381.872 367.248 Total •xpondlthr• 403.258 389.4e6 Net gainslllo$s8$1 on investmgnts 12 294,874 1353,5581 Not mov•ment in fund¥ 265.556 {325,47n Fun¢J balan5 at 1 Aprfl 2023 5,551,282 5,878,759 Fund balan at 31 March 2024 5,816,838 5,551,282 The statsmant of flnanclal activities indud96 1 gains and105ses recognised in the year. Al income and expenditure derive from continuing actNitio8. The statement of financial activiti95 abso cotnplies wlh the requirements for an Income and expenditure account under the Companles Act 21]06. 12-
NORTHERN LADIES ANNUITY SOCIETY BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Flx•d •ss•ts Tangitle assets Investments 14 16 1.519,593 4.241,721 1,312,604 3,967,970 5,761,314 5,280,574 Curnènt assets Debtixs Cash at bank and in hand 16 36,016 45.680 35,179 254.543 81,676 289,722 Cr•dltors: amounts falling du• within on• y•ar 17 126, 1521 (19,0141 Ngt current assets 55,524 270,708 Total as90ts less ¢urrnnt Il¥blllll•$ 5.818.838 5,551.282 Income fund* Unrestricted funds 5,816,836 5,551,282 5,816.838 5,551,282 The financial statements were approved ty the Truste8$ on .a.Y..:..&..,..a.4è MrsFEEm Tru$ts• Tson, Chairnan Mr8 C Morgan Trustse Company reglstrauon numb•r 04699896 13-
NORTHERN LADIES ANNUITY SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ovntlng polkles Charlty Infomiatlon Northem Ladies Annuity Soc#ety is a charfty Ilmrted by gUarrtee, Ineorporated in England and IAèles, and nsequenty does not have share capltsl. Ead) of the trustees Is Ilable to conlribute an amount not eX4xedirvJ £1 towards Ihe assets of the charity in the evan of liquidation. 1.1 A¢countlng ¢onv•ntion Th8 finandal slalemgnts have been prepared In 8ccordance with the Companies Act 20L. FRS 102 Yhe FanCIal Reporting Standard ¥plicable in the UK and Republic of Irelan {°FRS 102.1 and the Charities SORP "Accowting and Rep)ng by Charities.. Statement of Recommendod Practice applica? to chantl8S preparin9 their accounts in accordance wlih Ihe Flnancial Reportlng Sland8rd 8ppllcable in the UK and Republic of IrelaTrJ (FRS 102)" (effective 1 January 2D191. The chaYlty18 a Public Benefft Entity a$ defined ty FRS 102. The charity has tsken advantsge of the provisions in the SORP for charities not io prepare a Statement of Cash Flows. The finan¥1 statements are prepared in sterfing, whlch Is the lunctlonal currency of the charity. Monetary aMntS in these financial sL8mants are roundgd lo the nearest £. Thè financial st8tements have been prepared under the historical cost ¢VentiOn, modiffted to indude Fixed asset investments at fair value. The principal accounting poliues adopted are sel out below. 1.2 Golng concern At the tlme of approvFng Ihe financial stalgmgnls, th? trust••s havo a reasonablo expectation that the charity has adequate sourCeS lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going C£Jn¢em basis of acwunting in preparing the financial statements. 1.3 Charrtablg fund$ Unreslrrcted funds 818 ovailabl8 for u8e at the di8cretion of the trustees In furtherance of their charitst4e okiective Reslricled funds are subjttt to speofic ¢ondition$ by donors as to hthv they may b8 used. The purposes and uses of Ihe restricted fvnds are sel out In the notes to the flnanclal ststemenls. Endowment fiwKl$ are $ubigGt to SP8cific conditions by donors that the Ca81 must b8 malnlalned by the charfty. 1A In¢om• Income iy rewgnised whgn the charity is legally entided lo il after any perfomance condlth)ns have been met, the amounts ¢xn be measured reliably. and il is proba& that inwn9 WIN bg rgceived. Cash ¢S)nations are recognised on rèceipt. Other donations are recognlsed On the chorfty hos been noted of the dcfiation, Llnless performance condition5 require deferral of the amount. Incorne tax recoverable in relation lo donations re1ved under GrftAid or deeds of covenant Is recognised al the time of the donation. Legacies are rewnised on receipl or otherwise if the Gharity has been notsfied of an IMndIng dlstrlbuuon, the amount is thown, and receipt is èxpected. If the amount is not knovm, the legacy Is treatgd as 8 conling•nt asset Diwdends are recognised (we the dividend has been dedared and notmcatlon has ben receed of the dlvldend duo. -14-
NORTHERN LADIES ANNUITY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting poll¢l {Conlinu•d) Rantal income is recognised for the the rent 18 due and prop¢rly receivablo. 1.6 Expendlfyre Expenditure is recognised oncg thgrg is a logal or constructive obligation to transfer economic benefft to third party, M is Probable that a transfer of economic beneffts wrfl be required in setdemenl. and the amount of the obl'gation can be measured reliably. Expenditure Is dasslfied ty aetiwty. The costs of ea¢h adivty are mad& up of the total of ¢rect costs and shared costs, induding 8UPPOrt ts)st$ involved in undgrtaking each activity. Direct costs attributable to a single aciivty are alocated dir• to that aGtivity. Shared costs which contribute to mor8 than on8 activty arKI support costs whith are not attribLrtable to a single activty are apportioned been those adSvttSes on a ba$ls ccfiystent with the use of r&souices. Central staff costs are allocatgd on the basis of lime sp9nL aTr depreatiOn charges are allocated on the portlon of the 8sseY$ use. Ralslng Fun(ts These are costs inDJrred in attractlng voluntary Incomo, the management of Inveslments and those incurred In trading aGNibes that raise fvnds. Charftable 8etlvttl•s Charftable expendfjture comprl8e8 those costs incurred by the charity in delivery of ils attivrties 8fKI services for ils benefiaries. It induded both costs that ¢an be allocated directly to such activities and tho¥e QSts of an indiroct nature necessary to support them. Renls Rée•ivabl• Rents are recognised on a monthty ba$1¥ and are billed to dients based on their agreed rental tems. Grantpmvtslons Provisions for grants are made vthon the intention to makp a giant ha$ been mmUnICated to the rKipienl but there 1$ uncertainty about either the timing of the grant or the amunl of gr8nt payable. Governancè eosts These Include the costs attributabl8 to the tharity'$ ¢omplianc8 with constitional arKI 8tatutory requirements, including au(thl, Strat¥¢ management and lJustee'$ maetings and rgimburgd expenses. Supporteots Support indude Central fvnctions and have been alIcted to activity 8t categories on a ba318 consistent wth the use of resour, for examplg allocating property CDSt8 by floor ar8a8. or per capita. staff costs by the time $p¢nl and other costs by thoir usag8. 1.6 Tanglble flxed x$ets Tangiblg fixed assets are initially measured al cost. net of depredatSon and any impairment108808. Depre¢i8tion is recognised so as to WTFte off th8 cost or valuotton of assetslgss their residual valugs over their U88ful Iwes the followng bases: Frgehokl ProFerty Leasehold Property 2% straight Ilne Over the Ilfe of the lea% or 2% straight line if lease 1$ greater than 50 years 10%- 25% straight line Fixtures and fittlngs The galn or loss arlsing on the dlsposal of an assèt is deternined as the eSifference belween the sale proceeds and the carrylng value of the asset, and 18 recognised in the $lalemerrt of )Inoncial octivities.
NORTHERN LADIES ANNUITY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢countlng poli¢10¥ (Contlnuod) Properties held by Ihfj charity for rental are ld Inline wth the objectives to relieve poverty. provldlng good quality accomodalion at affordabie rent. As as result. Ihg properties are held as flxe(1 assats and not as investment propeles held for their camal appreclation. As 8 result the fix8d ass91$ grg hold at historic cost. 1.7 Flxod as$ot Invostmfrnts Fixed asset Investments are inltialty measured at transaction price excluding transaction ¢osts. arKI are 8ubsequ&nty measured at fair value at each reporung date. Changes in falr value are recosmised in net Incomellgxpenditure) for the year. Transaction costs are expensed as incurred. 1 Impalrment of fixgd assets At each reporting end data. the ¢harity reviews the carrying amounts of its tsnglble a$8ets to detennine Ythelher there Is any Indleation th those assets have suffered an imp8im16nl loss. If any $uch indication esIs, Ihe raVerable amount of the assot is frslimated in order to determine the extent of the impairmt 10551rf any). 1.9 C•h and cash oqulvalents Cash and cash equrvalents indude cash in hand, dew8rts held at call banks, other short4em Ilquld investments with 0ri9inal maturities of three months les8, and bank overdrsfts. Bank ov8rdrafts are shovm Ythin borrowings in curTent liabililres. 1.10 Financl•l Instruments Thè chaTriy has elethd to apply th6 w0vIOn8 of Sedion 11 'Ba$ic Finandal Instruments, and Section 12 'Othw Fina141 Instruments Issues, of FRS 102 to all ol its financial instruments. Financ4al instruments are rxognlsed in the charitys balance $heel en tho charity becomes paty to the contractual PrOViSiL3 of th8 instrument. Finanaal assets and liabilrties are offset, vJith the nel amounts presented in the finanual Statements, when there is a legolly enforceable right to set off the re¢ognis8d amounls and there 18 an intention to setue on a nel basi5 or to realise the aG8el and settla the liability Simltara0U$Iy. B•sic finan¢lal assets Basic financial assets. which indude debtors and cash and bank balancgs, ar& inltially measured at transaction prlce Including transaction costs and are subsequentty carried al am¢ytised using tho effeciive interast method unlegs the aangement constitutes a fln8nclng tran$a¢tion. ere the transaction is mga$ured at the present value of the future receipts dlscounted 8t a market rate of inthsl. Fingncial assets dassified a$ receivable 1h1n one year are not amortlsed. Basi¢ Ilnanclal IlablllNes Basic financial liabilthes. including credfftors and bw*k loans ar8 inltlalty r9cognisgd at tr8n8aciion prlce unle88 the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discoLbnted al a market rate of Inlere8t. Finanaal li8t4lil$ dassified as payabl• ilhin one year are not amorti$ed. Debt Instruments are subsequently carried at amortisad cost, usiry tho effective Interest rate method. Trade creditor8 are obligation¥ trj pay for goods or servlces that have been ocquirgd in tho ordinary course of operations from suppliers. Amounts payablg aro dassffied as current liobilities rf payment is due within one yèar or 10$$. If not, they are presented as non<urront liabilities. Trade creditGfS are recognlsod Inltlally at transaction price and $sequenY measured at amortised cost usng the effeclive interest method. Dorncognftlon of flnanclalllabllftles Flnanclal Ilabilities are derecognisod %then the charity'8 contractual obligalions expire or are thscharged or cancelled. 16-
NORTHERN LADIES ANNUITY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢countlng pollcles {Conllnuodl 1.11 T4xatlon Th6 Charity is considered to pass the tèsts S8t oui in Paragraph 1 Schedule 6 of the Finance A¢t 2010 and therefore it m•ets the definition of a charitable company for UK corporalK)n tax purposes. Accordingly, th& charitt is potentially exempt from tsxallon in rÈspe¢t of InM or capitsl gains receNed thin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeaie Gain$Act 1992, to the extent that suth Income or gain$ arg applied exclu8Nely to charltable purpo8e8. 1.12 Employ•• beneflts Teminalion banafits are recognised Immediate as an expgnse when tho charity Is demonstia)ty commlited lo temlrjate the employment of an employee or to provide termination benafits. 1.13 R•tlrnmènt b•n•llte Payments to defined contribution relirom•nt benefft Scheme8 are tharged as an oxp8n$8 as they f1 (. Crltlcal ac¢ountlng ostlmates and Judgements In the application of the charity's acwjnting poliries, tho trustees are required to make judgements. estimates and assumpuons about the carying amount of assets and liabilrties that arg not readily apparent from other sources. The estimates and associated assumptions are based on h1stori1 experience other factors that are considered to be relevant. Aclual results may differ from thèse èstimatss. Management have approved depreciation, prgpayments. accruals and other Cut41 adjustmfrnls. Whi15t management believe that these estbmates and judgemenls are accurate. there Is every likelihood that they will not be exacl. The trustegs indude an inve8tment portfolio at market value and annualty conslder the market vdue. Thè estimate$ and underfying 888umptions are reviewed on an ongolw basis. Revis¢ons to accounllng esllmates are regnised in the nCl in which the estimate is revised vthere the revi*on affects only that period, or in the period of the revision and fvrture perlods where the rw$ion affects both current and futur• periods. Donations and legaGIos Unrnstrkted Unrestrl¢l6d funds funds 2024 2023 Donations and gifts Legacies recelvable 17,375 9,001 2,250 2,334 26,376 4,584 17-
NORTHERN LADIES ANNUITY SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Chavltablo actlvltles Ch•rltsbl8 Charitab Incomé Income Headlng 1 Hoadlng 1 2024 2023 Rental incomo from propwty 152,955 157,862 Investments Unrestrlcted Unrestrlcted fund8 fund8 2024 2023 In¢ome trom Il$ted investments Inte$t re¢efv•ble 193,587 1,022 95,068 194,609 95,071 Other income Tolal Unrnstrlthd funds 2024 2023 Nat gain on disposal of langlbla fixed a88ets 160,230 Ralslng funds Unre8trlcted Unre8trl¢ted funds fvnds 2024 2023 Investment portfolio managemwtt costs 21,386 22,218 21.386 22,218 18-
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NORTHERN LADIES ANNUITY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Govornan¢e costs 2024 Support Governance costs ¢osts 2023 staff costs Promises C¢)mmunications and IT Travel costs Office costs Sundry expen8e8 63.019 15,782 1,470 177 4.252 2.tw)3 63.019 15.782 1,470 177 4,252 2,003 64,301 5,740 810 88 2,565 2,028 84,301 5,740 810 88 2.565 2,028 Audii fees Legal arKI profession 9,900 4.815 9,900 4,815 8,100 8,100 86,703 14,715 101,418 75,532 8,100 83,632 Analy8ed been Charitabl8 aclNili8s 86.703 14,715 101,418 75.532 8,100 83,632 Gov8mance sts includes payments to the audriors of £9.900 (202> £8,100) for audit fees. 10 Trustees Nong of the Iruslees {or any pwsons ry>nneGtgd Mth Ihgm) received any romuneratlon or benefft8 from th tharity during the year. 11 Employ The average monlhly number af employ995 during thg year was". 2024 Numbor 2023 Numbor Number of staff Employm•nt costs 2024 2023 es and salarfe8 Secial security costs Other pènsion costs 57.411 2,407 3.201 59.599 1.864 2.838 63,019 64.301 There were no employe88 whose annual remuneration was more than £eo,000. -20-
NORTHERN LADIES ANNUITY SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Nèt 9ainsl(loss•s} on Inv•stm•nts Unr•strictsd Unrn8tri¢tsd funds fund# 2024 2023 RevaI110n of Investrnents 294,874 (353,5581 13 Thxatlon The charity 18 exempl from tax on income and gains falling within 505 of the Taxes Act 1988 or section 256 of the Taxallon of Chargeat49 GainsAct 1992 to the extent that these are applied to ils ¢tharitsb object8. 14 Tanglble Ilxed assets Fraohold L•as•hold Fithres and Property Prop•rty Total At 1 Aprll 2023 Additions $47,891 1,130.873 214,671 273,184 49,660 1,951,748 264,331 At 31 March 2024 547.691 1,345,544 322.844 2,216,079 Dopmclatlon and Imp•lrm•nl At 1 April 2023 Depredatlon charged in the ygar 141.074 10.955 328.313 24,988 171,757 21,419 639,144 57.342 At 31 March 2024 152,029 351.281 193,176 696.486 Carrylng amount At 31 March 2024 395.682 994,263 129.668 1.519.593 At 31 Marth 2023 406,617 804.560 101.427 1,312,e04 21-
NORTHERN LADIES ANNUITY SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15 Fix•d as$•¢ Inv•$tments Listod Investments Cash In portrolio Total CO or valuatlon At 1 April 2023 Addriions Valuafjon changes Di$po$als 3,793.352 1,303.546 335,101 (1.268,6221 174,618 3.967.970 1,303,546 335,101 (96,274) 11,364.896) At 31 March 2024 4.163,377 78,344 4,241,721 rrylng amount Al 31 March 2024 4,163.377 78,344 4,241.721 At 31 M8rth 2023 3.793,352 174,618 3,967.970 The market valuo of the listsd investments at 31 MarGh 2024 bras £4,163,3771202> £3.793.352). th cash h8ld ty the brokertotalling £78,344 (202> £174,618). All investments obove are held at ValuaOn. The movement In ca8h or cash equlvalgnts Is recognised within additn$. The historical cost of the Investments a$ at th8 balan sheet date was £3.468,9921202X3,265,8941. Al the year end no Investment8 repre8ented mQfe than 5% of the total value of the investment portrolio, {2023- ishares Physical Metsls £197,523).
NORTHERN LADIES ANNUITY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 D•btors 2024 2023 Amounts f•lllng due within on• yoar Trade debtors PTepaymenl$ and aCCed income 1.603 34.413 6,073 29,108 36,016 35.179 17 Cr•dltors: amounts falllng du• withln one year 2024 2023 other t8xalion and 101 securty rd8 creditors Other Creditors Ac¢rual$ and deferred income 2,499 1,951 1,347 1.912 2.582 13,173 20,808 28.1S2 19,014 18 Anatysls of ngt assets boiw•on funds Unrnstrlcted Unrnstrletod fund• funds 2024 2023 Fund balance$ al 31 March 2024 are represented by: Tangble assets Investments Cwenl 8sseWffiabililiesl 1,519,593 1,312.604 4.241,721 3,967,970 55,524 270,708 5,816.838 5,551,282 19 Opernting 1oa8e ¢ommltments At the reporting end dats the charfty had out8tsnding commrtment8 for future minimum lease payments under non<gncetlable operating leases, whlch fall due as follows., 2024 2023 Vwhin one year Behveen two and fN8 years 13.774 20,379 7,455 34,153 7.455 -23-
NORTHERN LADIES ANNUITY SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 R•l•t¢d party transacllons R•mungratlon of k•y management ppr50nnel The remuneration of key management personnel is as follows. 2024 2023 Aggregate comp8n8afjon 64.707 64,301 Thore were no other related party transactions. -24-