Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
Company registration number: 04699895 Charity registration number: 1097222
NORTHERN LADIES ANNUITY SOCIETY
(A Company Limited by Guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charitable company, its Trustees and | 1 |
| Advisers | |
| Trustees' Report | 2 - 11 |
| Independent Auditors' Report on the Financial Statements | 12 - 15 |
| Statement of Financial Activities | 16 |
| Balance Sheet | 17 |
| Notes to the Financial Statements | 18 - 32 |
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2026
| Trustees | Mrs F E Emmerson, Chairperson |
|---|---|
| Mrs S E Armstong, Vice Chairperson | |
| Mrs D M A Barkes | |
| Mrs A L Bryant | |
| Mrs S W Crone | |
| Mrs A J Dickinson | |
| Mrs C A Howe | |
| Mrs U E Martell (resigned 27 November 2025) | |
| Mrs A L McCabe (appointed 29 January 2026) | |
| Mrs C Morgan | |
| Mrs J F Swales | |
| Mrs C M Wood | |
| Company registered number 04699895 Charity registered number 1097222 Registered office Room 008 Haylofts 5 St Thomas Street Newcastle upon Tyne NE1 4LE Independent auditors Kinnair Associates Limited Chartered Accountants Registered Auditors Aston House Redburn Road Newcastle upon Tyne NE5 1NB Solicitors Eversheds 8th Floor Wellbar Central Gallowgate Newcastle upon Tyne NE1 4TD |
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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2026
The Trustees present their annual report together with the audited financial statements of the Charitable company for the year 1 April 2025 to 31 March 2026. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
Policies and objectives
The objective of the Charitable company 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 Charitable 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:
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Be a single lady, over the age of 60, whether widow, spinster, or divorced;
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Having an income of not more than £14,500 per annum;
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Reside in, or have resided in for many years, in the North of England; and
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Have savings of not more than £12,000.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
a. Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charities should undertake.
Activities undertaken to achieve objectives
The financial activities of the Charitable company are set out in the attached financial statements. Core activities focus on the provision of annuities, grants and accommodation 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 accommodation.
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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Objectives and activities (continued)
Grant making policies
In addition to the annuities that the Charitable company pays out to beneficiaries, the Trustees also consider the applications for special grants from annuitants maintained by the Charitable company. Applications are considered and measured against the Charitable company's objectives at monthly Trustees' meetings. Successful applications are paid after approval. Grants are included in the accounts when the Trustees have made an irrevocable commitment to pay.
Fundraising disclosures
The Charitable company is required to report how it deals with fundraising from the public. The charitable company 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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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Achievements and performance
a. Chairperson's statement
Trustees’ Report for the Year Ended 2026 Achievements and Performance.
In April 2025 we were supporting 82 annuitants. In addition, there were 73 suspended annuitants of whom 2 were in residential care. During the year we welcomed 8 new annuitants.
In September 2025 the Society decided to increase the income eligibility criteria for Annuity to £14,500 and increase the savings level to £12,000.
The Society continues to award general grants to help annuitants with unexpected expenditure. The grant can cover essential items such as vacuums and fridges, but the Society also considers applications for nonessential items, for example, this year we helped with moving cots and the purchase of wardrobes.
Holiday grants of £300 are awarded on application. This year applications varied from day trips to York to holidays in Turkey.
We also offer annuitants the opportunity to receive a Christmas Hamper.
In addition to financial aid, we provide a twice-yearly newsletter to which the annuitants often make contributions. Our open days are also very popular and well attended providing annuitants with the opportunity to meet each other and our staff Susan and Maria. Our thanks go to Susan and Maria for their hard work throughout the year.
We have continued to update our computer system which has become an invaluable tool. We have also set up a website which we hope will encourage potential new annuitants.
It remains our long-term aim to streamline our property portfolio with a view to increasing the number of properties which are suitable for our annuitants and reducing the number which are commercially let. However, we are taking a passive attitude towards this and review the situation on an individual basis as and when properties become vacant. The properties provide a useful income, but we charge a rent to our annuitants which is below the market average.
RBC Brewin Dolphin continue to look after our investments, and we are grateful to Anna McCready and Jeffery Ball for their help.
Political uncertainty both at home and abroad continue to affect stock markets. The conflicts in Ukraine and the Middle East continue to have a material effect on confidence. But the investments and rental properties are well managed, and the Society remains well diversified. We therefore do not see any material impact on our ability to maintain the payment of annuities and grants. We are happy to confirm the Society remains a going concern.
Achievements and performance
It is very hard to measure our achievements and performance. We are going to record feedback from our ladies at the open day and keep redacted copies of thank you cards and letters. It goes without saying that because our annuitants are on very low income any financial aid is a huge assistance to them and allows them to live a fuller life in the community.
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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Achievements and performance (continued)
b. Annuities
During the year, the society supported 88 (2025 - 84) annuitants with full or half annuities of £1,600 and £800 as follows:
Annuities
----- Start of picture text -----
2026 2025
No. £ No. £
Full 342 136,800 339 127,500
----- End of picture text -----
c. Grants
During the year, the Society made additional discretionary grants as follows:
| Grants | ||||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | |||||
| No. | £ | No. | £ | |||
| Grants | 15 | 6,341 | 15 | 5,437 | ||
| Holiday | 38 | 11,400 | 49 | 14,700 | ||
| Hampers | 73 | 4,672 | 84 | 4,260 | ||
| Winter heating grant | 7 | 1,400 | 15 | 4,500 |
d. Accommodation
The Society made available 32 (2025 - 33) properties as subsidised accommodation to ladies of reduced circumstances. In total, 32 (2025 - 34) people were tenants of the Society of whom 22 (2025 - 22) were annuitants and subsidised tenants.
e. Key performance
Main measure of performance is the number of annuitants, but because we have changed our criteria, we are not comparing like for like.
The Chairperson's statement is the best measure of key performance.
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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
The Chairperson's statement covers going concern.
Reserves policy
It is the policy of the Charitable company to maintain a level of funds sufficient to meet the ongoing annual obligations of the Charitable company to existing and future annuitants and to ensure that the properties can be maintained to the highest order. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charitable company's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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. The exercise considered both the normal requirements for working capital and the loss of income of 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 £183,934 (2025: £112,976), an increase of £70,958. 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 £4,278,566. 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 is in line with the charitable objectives and the Board accept that short term deficits are ultimately supported by the capital growth of other investments.
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 Charitable company'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 Charitable company's own objectives and activities.
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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Investment manager's report
After the slump in global equities towards the end of the previous year, risk appetite returned in May and June 2025 and the S&P 500 Index surged to a new record high, joining the MSCI World and Nasdaq 100 which had already surpassed previous peaks.
Several headwinds that had previously dampened sentiment, including geopolitical threats and trade tensions, subsided, or moderated, and markets embraced a backdrop of measured disinflation, diplomatic progress, and long-term secular tailwinds, such as artificial intelligence-led innovation. There was a reminder of the strength of technology stocks, with Nvidia reclaiming its title as the world’s most valuable company. Meanwhile, the decline of the US dollar generated headlines and lifted sterling to a four-year high.
The third quarter of 2025 was another positive period and fears over the typical weakness in September didn’t materialise. Over the previous five years, global equities had risen each month from May to August, while September had stood out as the worst month of the year for equity returns. Investors were cheered by the first US interest rate cut of 2025 or, perhaps more significantly, of the second Trump administration.
The last quarter of the year saw a sharp sell-off in a number of stocks associated with the roll out of artificial intelligence (AI) and its supporting infrastructure. Although this pattern of sharp declines and subsequent increases had been seen before, the previous market leaders are finding it harder to move forward from each consecutive setback. Investors are concerned that there may be a pivot away from AI picks and shovels plays and a move towards beneficiaries instead. This centres around the motivations of company management and, in general, investors want management who show discipline when allocating capital. The worry is that management misjudge the capital cycle but there are key differences from past capital cycles in that today's investments are deployed immediately whereas, in previous cycles, costs would be spread over extended periods. For example, when building a mine it can take years to come online but the cost is borne over a decade, or more.
The dominant theme of the first quarter of 2026 was the Iran war and its far-reaching consequences for global energy markets, risk assets, and central bank policy. Equities experienced sharp declines as the escalatory rhetoric from both Washington and Tehran rattled markets. Most equity markets have now recovered from their lows but the gains made from the start of the year to the end of February were wiped out in March.
Over the year the investments gained 9.3% on a time-weighted basis relative to a 14.9% rise in the RBC Brewin Dolphin Risk Category 6 benchmark. The Morningstar UK All Cap index gained 22%, the Morningstar Global ex UK Index rose 17%, and the Morningstar UK Gilt Index FT Gilt (All Stocks) Index was up 2%.
Until the beginning of the Middle East hostilities, markets had recovered and been relatively calm, since ‘Liberation Day’ and the imposition of trade tariffs (and subsequent U-turns) by the Trump administration at the start of April 2025. Japan, Far Eastern, and emerging markets have led the way over the year and returns from the regions have each been around 30%. Contributors to global equity market returns have broadened out but technology remains a significant driver and a diversified and balanced portfolio simply cannot allocate to highgrowth, technology, and AI-related companies, to the same extent as their weightings in main market indices and this has affected relative performance. These areas also do not contribute much to income.
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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Financial 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 charitable 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 Charitable company'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.
Structure, governance and management
Constitution
Northern Ladies Annuity Society is registered as a Charitable 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, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements are listed on the Reference and Administrative Details page.
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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Structure, governance and management (continued)
Recruitment and appointment of Trustees
In accordance with the Articles of Association, the trustees must be at least five 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 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 Charitable company 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.
Key Management Personnel
Key management personnel during the year were: S Blockley M Sutton
The board, give their time freely and no trustees received remuneration in the year, have considered who 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 charitable company 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.
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; Amstrong1886; 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 1888;
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 1907; Swanston 1907; Caroline 1908; Marguerite Joicey 1908; Ruffman 1908; Hugh Taylor 1908; Mary Jane Tennant 1810;
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;
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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Structure, governance and management (continued)
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 Ida Frazer 1943; Sarah Catherine Mather Bailey 1944; Helen Bell 1844; 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;
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.
Plans for future periods
The Chairperson's statement covers the future plans of the Charitable company.
Members' liability
The Members of the Charitable company guarantee to contribute an amount not exceeding £1 to the assets of the Charitable company in the event of winding up.
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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charitable company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable company will continue in business.
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 auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Kinnair Associates Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on 30 July 2026 and signed on their behalf by:
Mrs F E Emmerson Chairperson
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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN LADIES ANNUITY SOCIETY
Opinion
We have audited the financial statements of Northern Ladies Annuity Society (the 'Charitable company') for the year ended 31 March 2026 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Charitable company's affairs as at 31 March 2026 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN LADIES ANNUITY SOCIETY (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Page 13
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN LADIES ANNUITY SOCIETY (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 Auditors' 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:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the Charitable company through discussions with Trustees and other management, and from our commercial knowledge and experience of the sector;
-
we focused on specific laws and regulations which we consider may have a direct material effect on the financial statements or the operations of the Charitable company, including the Charities Act 2011 et seq., the Charities (Protection and Social Investment) Act 2016, the Trustees Acts 1925 and 2000 and Charity Commission regulations;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-
we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -
-
making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we: -
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
• tested journal entries to identify unusual transactions; and
-
assessed whether judgements and assumptions made in determining the accounting estimates set out in the notes to the financial statements are indicative of potential bias.
Page 14
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN LADIES ANNUITY SOCIETY (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which include, but are not limited to: -
-
agreeing financial statement disclosures to underlying supporting documentation;
-
reading the minutes of meetings of those charged with governance;
-
enquiring of management as to actual and potential litigation and claims; and
-
• reviewing correspondence with HMRC, relevant regulators and the Charity’s legal advisors.
There are inherent limitations in our anticipated audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 Auditors' Report.
Use of our report
This report is made solely to the Charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charitable company's members those matters we are required to state to them in an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
Kinnair Associates Limited
Chartered Accountants Registered Auditors
Aston House
Redburn Road
Newcastle upon Tyne NE5 1NB
30 July 2026
Kinnair Associates Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 15
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2026
| Note Income from: Donations and legacies 4 Charitable activities 5 Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities 9 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2026 £ 8,598 183,708 168,769 361,075 22,353 308,505 330,858 30,217 222,886 253,103 5,727,031 253,103 5,980,134 |
Total funds 2026 £ 8,598 183,708 168,769 361,075 22,353 308,505 330,858 30,217 222,886 253,103 5,727,031 253,103 5,980,134 |
Total funds 2025 £ 2,782 176,767 230,045 409,594 22,416 401,036 423,452 (13,858) (75,949) (89,807) 5,816,838 (89,807) 5,727,031 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 32 form part of these financial statements.
Page 16
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 04699895
BALANCE SHEET AS AT 31 MARCH 2026
| Note Fixed assets Tangible assets 14 Investments 15 Current assets Debtors 16 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Unrestricted funds 19 Total funds |
41,129 160,049 201,178 (17,244) |
2026 £ 1,517,634 4,278,566 5,796,200 183,934 5,980,134 5,980,134 5,980,134 - 5,980,134 5,980,134 |
34,783 109,700 144,483 (31,507) |
2025 £ 1,530,399 4,083,656 |
|---|---|---|---|---|
| 5,614,055 112,976 |
||||
| 5,727,031 | ||||
| 5,727,031 | ||||
| 5,727,031 | ||||
| - 5,727,031 |
||||
| 5,727,031 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 30 July 2026 and signed on their behalf by:
Mrs F E Emmerson
Chairperson
The notes on pages 18 to 32 form part of these financial statements.
Page 17
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. General information
Northern Ladies Annuity Society is a public benefit entity and a private company limited by guarantee, registered in England and Wales, company number 04699895. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the Charitable company in the event of liquidation. The address of the registered office is Room 008 Haylofts, 5 St. Thomas Street, Newcastle upon Tyne, NE1 4LE. Northern Ladies Annuity Society is also a charity registered in England and Wales, charity number 1097222.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Northern Ladies Annuity Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Charitable company has taken advantage of the provisions in the Charities SORP not to prepare an Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charitable company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charitable company's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Page 18
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charitable company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charitable company, can be reliably measured.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Cash donations are recognised on receipt. Other donations are recognised once the Charitable company has been notified of the donation, unless performance conditions require deferral of the amount.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Rental income is recognised for the period the rent is due and properly receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 19
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
2. Accounting policies (continued)
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Taxation
The Charitable company 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 Charitable company 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.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Freehold property 2% straight line - Long-term leasehold property Over the life of the lease or 2% straight line if the lease is greater than 50 years. - Office equipment
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
Investments held as fixed assets are shown at cost less provision for impairment.
2.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 20
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
2. Accounting policies (continued)
2.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.12 Financial instruments
The Charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.13 Pensions
The Charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable company to the fund in respect of the year.
2.14 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 21
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
3. Critical accounting estimates and areas of judgment
In the application of the Charitable company's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Critical accounting estimates and assumptions:
Management have approved depreciation, prepayments, accruals and other cut-off adjustments. Whilst management believe that these estimates and judgements are accurate, there is every likelihood that they will not be exact.
The Trustees include an investment portfolio at market value and annually consider the market value.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4. Income from donations and legacies
| Unrestricted funds 2026 £ Donations and gifts 2,250 Legacies 6,348 8,598 Unrestricted funds 2025 £ Donations and gifts 2,300 Legacies 482 2,782 |
Total funds 2026 £ 2,250 6,348 |
|---|---|
| 8,598 | |
| Total funds 2025 £ 2,300 482 |
|
| 2,782 |
Page 22
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
5. Income from charitable activities
| Unrestricted funds 2026 £ Rental income from property 183,708 Unrestricted funds 2025 £ Rental income from property 176,767 |
Total funds 2026 £ 183,708 |
|---|---|
| Total funds 2025 £ 176,767 |
Deferred income amounts to £2,409 (2025: £1,631). This represents one week's rent received in advance.
6. Investment income
| Unrestricted funds 2026 £ Income from listed investments 168,048 Interest receivable 721 168,769 Unrestricted funds 2025 £ Income from listed investments 229,506 Interest receivable 539 230,045 |
Total funds 2026 £ 168,048 721 |
|---|---|
| 168,769 | |
| Total funds 2025 £ 229,506 539 |
|
| 230,045 |
investment income receivable amounted to £11,738 (2025 - £11,690).
Page 23
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
7. Investment management costs
| Unrestricted funds 2026 £ Investment portfolio management fees 22,353 Unrestricted funds 2025 £ Investment portfolio management fees 22,416 Analysis of grants Grants to Individuals 2026 £ Annuities for the relief of poverty 136,800 Grants, Special grants 23,813 160,613 Grants to Individuals 2025 £ Annuities for the relief of poverty 126,925 Grants, Special grants 28,897 155,822 |
Total funds 2026 £ 22,353 |
|---|---|
| Total funds 2025 £ 22,416 |
|
| Total funds 2026 £ 136,800 23,813 |
|
| 160,613 | |
| Total funds 2025 £ 126,925 28,897 |
|
| 155,822 |
8. Analysis of grants
Page 24
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
9. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2026 £ Annuities for the relief of poverty 175,841 Subsidised accommodation costs 100,802 Special grants 31,862 308,505 Unrestricted funds 2025 £ Annuities for the relief of poverty 180,519 Subsidised accommodation costs 179,418 Special grants 41,099 401,036 |
Total 2026 £ 175,841 100,802 31,862 |
|---|---|
| 308,505 | |
| Total 2025 £ 180,519 179,418 41,099 |
|
| 401,036 |
10. Analysis of expenditure by activities
| Annuities for the relief of poverty Subsidised accommodation costs Special grants |
Activities undertaken directly 2026 £ - 48,861 - 48,861 |
Grant funding of activities 2026 £ 136,800 - 23,813 160,613 |
Support costs 2026 £ 39,041 51,941 8,049 99,031 |
Total funds 2026 £ 175,841 100,802 31,862 |
|---|---|---|---|---|
| 308,505 |
Page 25
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
10. Analysis of expenditure by activities (continued)
| Annuities for the relief of poverty Subsidised accommodation costs Special grants |
Activities undertaken directly 2025 £ - 126,151 - 126,151 |
Grant funding of activities 2025 £ 126,925 - 28,897 155,822 |
Support costs 2025 £ 53,594 53,267 12,202 119,063 |
Total funds 2025 £ 180,519 179,418 41,099 |
|---|---|---|---|---|
| 401,036 |
Analysis of support costs
| Staff costs Premises Communications and IT Travel costs Office costs Sundry expenses Governance costs 11. Auditors' remuneration Fees payable to the Charitable company's auditor for the audit of the Charitable company's annual accounts Fees payable to the Charitable company's auditor in respect of: All non-audit services not included above |
Total funds 2026 £ 65,283 16,552 3,873 199 4,102 1,002 8,020 99,031 2026 £ 6,000 1,800 |
Total funds 2025 £ 70,215 19,609 11,299 421 5,428 813 11,278 |
|---|---|---|
| 119,063 | ||
| 2025 £ 8,496 2,400 |
Page 26
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
12. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2026 £ 63,764 1,519 65,283 |
2025 £ 68,352 1,863 |
|---|---|---|
| 70,215 |
The average number of persons employed by the Charitable company during the year was as follows:
| 2026 | 2025 | |
|---|---|---|
| No. | No. | |
| Staff | 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
The remuneration of key management personnel for the year was £66,001 (2025 - £70,215).
13. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2025 - £NIL) .
During the year ended 31 March 2026, no Trustee expenses have been incurred (2025 - £NIL) .
14. Tangible fixed assets
| Cost or valuation At 1 April 2025 Additions Disposals At 31 March 2026 |
Freehold property £ 547,691 - (39,552) 508,139 |
Long-term leasehold property £ 1,345,544 - - 1,345,544 |
Fixtures and fittings £ 398,314 85,278 (8,429) 475,163 |
Total £ 2,291,549 85,278 (47,981) |
|---|---|---|---|---|
| 2,328,846 |
Page 27
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
14. Tangible fixed assets (continued)
| Depreciation At 1 April 2025 Charge for the year On disposals At 31 March 2026 Net book value At 31 March 2026 At 31 March 2025 15. Fixed asset investments |
Freehold property £ 162,984 10,164 (10,872) 162,276 345,863 384,707 |
Long-term leasehold property £ 378,190 26,909 - 405,099 940,445 967,354 |
Fixtures and fittings £ 219,976 28,427 (4,566) 243,837 231,326 178,338 |
Total £ 761,150 65,500 (15,438) 811,212 1,517,634 1,530,399 |
|---|---|---|---|---|
| Cost or valuation At 1 April 2025 Additions Disposals Revaluations At 31 March 2026 Net book value At 31 March 2026 At 31 March 2025 |
Listed investments £ 4,046,467 244,227 (699,575) 221,183 3,812,302 3,812,302 4,046,467 |
Cash held for reinvestment £ 37,189 429,075 - - 466,264 466,264 37,189 |
Total £ 4,083,656 673,302 (699,575) 221,183 4,278,566 4,278,566 4,083,656 |
|---|---|---|---|
Page 28
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
16. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2026 £ 1,719 7,200 32,210 41,129 |
2025 £ 637 - 34,146 |
|---|---|---|
| 34,783 |
17. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2026 £ - 913 302 16,029 17,244 |
2025 £ 6,630 1,469 894 22,514 |
|---|---|---|
| 31,507 |
18. Financial instruments
| 2026 | 2025 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 160,049 | 109,700 |
Financial assets measured at fair value through income and expenditure comprise bank balances and quoted investments.
Page 29
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
19. Statement of funds
Statement of funds - current year
| Balance at 1 April 2025 £ Unrestricted funds General Funds - all funds 5,727,031 Statement of funds - prior year Balance at 1 April 2024 £ Unrestricted funds General Funds - all funds 5,816,838 |
Income £ Expenditure £ 361,075 (330,858) Income £ Expenditure £ 409,594 (423,452) |
Gains/ (Losses) £ 222,886 Gains/ (Losses) £ (75,949) |
Balance at 31 March 2026 £ 5,980,134 |
|---|---|---|---|
| Balance at 31 March 2025 £ 5,727,031 |
20. Summary of funds Summary of funds - current year
| Balance at 1 April 2025 £ General funds 5,727,031 Summary of funds - prior year Balance at 1 April 2024 £ General funds 5,816,838 |
Income £ Expenditure £ 361,075 (330,858) Income £ Expenditure £ 409,594 (423,452) |
Gains/ (Losses) £ 222,886 Gains/ (Losses) £ (75,949) |
Balance at 31 March 2026 £ 5,980,134 |
|---|---|---|---|
| Balance at 31 March 2025 £ 5,727,031 |
|||
| Summary of funds - prior year | |||
| General funds |
Page 30
Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
21. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2026 £ Tangible fixed assets 1,517,634 Fixed asset investments 4,278,566 Current assets 201,178 Creditors due within one year (17,244) Total 5,980,134 |
Total funds 2026 £ 1,517,634 4,278,566 201,178 (17,244) 5,980,134 |
|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2025 £ 1,530,399 4,083,656 144,483 (31,507) 5,727,031 |
Total funds 2025 £ 1,530,399 4,083,656 144,483 (31,507) 5,727,031 |
|---|---|---|
22. Pension commitments
The Charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charitable company in an independently administered fund. The pension cost charge represents contributions payable by the Charitable company to the fund and amounted to £1,519 for the year (2024 - £1,863). Contributions of £302 (2025 - £288) were payable to the fund at the balance sheet date and are included in creditors.
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Docusign Envelope ID: 346D7497-8AF0-8BAD-8350-DB74D578B8F1
NORTHERN LADIES ANNUITY SOCIETY (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
23. Operating lease commitments
At 31 March 2026 the Charitable company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2026 £ 23,040 74,880 97,920 |
2025 £ 20,655 97,920 |
|---|---|---|
| 118,575 |
The following lease payments have been recognised as an expense in the Statement of Financial Activities:
| 2026 | 2025 | |
|---|---|---|
| £ | £ | |
| Operating lease rentals - office costs | 17,955 | 10,800 |
| - | - |
24. Related party transactions
During the year, the charity incurred legal fees of £3,185 in respect of the disposal of a property. The legal services were provided by Sintons LLP, a firm in which Amanda McCabe is a partner.
The trustee did not participate in the decision-making process regarding the engagement of Sintons LLP and was not involved in approving the transaction. The legal services were provided by other members of Sintons LLP.
At the year end, £Nil (2025: £Nil) was owed to Sintons LLP in respect of these services. No guarantees were given or received in relation to the transaction and no provisions were required for any outstanding balances.
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