REGISTERED COMPANY NUMBER: 11674014 (England and Wales)
REGISTERED CHARITY NUMBER: 1192007
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2024
for
PORINGLAND FUEL ALLOTMENT
Quinneys
Chartered Certified Accountants
Saxon House
Hellesdon Park Road
Norwich
Norfolk
NR6 5DR
PORINGLAND FUEL ALLOTMENT
Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024
|
Page |
Report of the Trustees |
1 to 2 |
Independent Examiner's Report |
3 |
Statement of Financial Activities |
4 |
Balance Sheet |
5 to 6 |
Notes to the Financial Statements |
7 to 13 |
PORINGLAND FUEL ALLOTMENT (REGISTERED NUMBER: 11674014)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheyearended31March2024.Thetrusteeshaveadopted the
provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charitywas establishedby Trust Deed in 1805.The objectivefor which the Charitywas establishedis the relieving
ofneed,hardshipordistressoftheresidentsoftheparishofPoringland,Norfolk.InMay1996theobjectives were
widenedwithCharityCommissionapprovaltoencompasstheapplicationof fundsnotrequiredfortheabovefor the
general benefit of the residents of the parish.
On1December2020thefundsoftheoriginalcharity(CharityNumber246265)weretransferredtothis charitable
company. The charitable company's objects are now defined as:
For the benefit of those living in the parish of Poringland by the provision of grants to further the following purposes:-
- the relief of poverty, in particular by the provision of winter fuel payments to those in need
-suchcharitablepurposesforthepublicbenefitasareexclusivelycharitableaccordingtothelawsofEngland and
Wales as the trustees may from time to time determine.
Significant activities and public benefit
Income will be distributedto those living in the parish of Poringlandwho are in need through hardship or distress. This
will include:-
- winter fuel payments to those in need
- social grants to those in hardship or distress
- grants to students to support the cost of their further educational needs
- grants to communityorganisationsfor projects which provide sports, leisure, educationalor related facilities primarily
benefitting Poringland residents.
Financial review
The Statementof FinancialActivitiescovering the period from 1 April 2023 to 31 March 2024 is set out on page five. A
£21,577unrealisedgainoninvestmentshasbeencreditedtotheCapitalFund.TheTrusteesareconfident that
investmentsshould,inthelongterm,yieldbothasatisfactorylevelofincomeandcapitalappreciation.The Capital
Fund is retained to generate income into the future in order to fulfil the objectives of the Charity. During the period the
Charityreceivedinvestmentincomeamountingto £31,742andexpended£22,665on grantsto individualsand grants
of£1,958totootherbodies.Charitablesupportcostsamountedto£6,844.Thisresultedinnetincoming resources
intotheGeneralFundof£400.Thereforetotalincomingresourcestotalled£21,977and,consequently,at31 March
2024, total funds stood at £702,947. Of this, £30,022 is held in the unrestricted general fund.
Property and investments
The Charityretains12.818acres of grazingland which has been includedat marketvalue of £50,000and a residential
propertyincludedat valuationof £200,000.At 31 March2024 the Charityheld cash reserves of £30,698..Investments
withFidelityManagementhadamarketvalueat31March2024of£422,925,experiencinganunrealisedgain of
£21,577 over the value at 1 April 2023.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limited by
guarantee, as defined by the Companies Act 2006.
Page 1
PORINGLAND FUEL ALLOTMENT (REGISTERED NUMBER: 11674014)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The Trust Deed stipulatesthat there shall be not fewer than three directors.All directorsmust contributeto the day to
day running of the Charity.
Reserves policy
The Trustees have decided to hold unrestricted reserves sufficient to meet up to one year of charitable expenditure.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
11674014 (England and Wales)
Registered Charity number
1192007
Registered office
59 Norwich Road
Poringland
Norwich
Norfolk
NR14 7QX
Trustees
D R Gooderham
Rev'd R H Parsonage
Mrs A J Randall
A C Wright
Mrs S Wilkinson (resigned 24.8.23)
Revd K Long (appointed 20.11.23)
Mrs J Newby (appointed 22.1.24)
J Joyce (appointed 22.1.24)
Independent Examiner
Quinneys
Chartered Certified Accountants
Saxon House
Hellesdon Park Road
Norwich
Norfolk
NR6 5DR
Advisers
Alan Boswell & Company Ltd
Prospect House
Rouen Road
Norwich NR1 1RE
Approved by order of the board of trustees on 16 September 2024 and signed on its behalf by:
D R Gooderham - Trustee
Page 2
Independent Examiner's Report to the Trustees of
Poringland Fuel Allotment
Independent examiner's report to the trustees of Poringland Fuel Allotment ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity'strusteesof the Company(andalsoits directorsfor the purposesof companylaw)youare responsible
for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accountsof the Company are not required to be audited under Part 16 of the 2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccounts as
carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examinationI have followed
the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the
examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
M Lamb
Quinneys
Chartered Certified Accountants
Saxon House
Hellesdon Park Road
Norwich
Norfolk
NR6 5DR
17 September 2024
Page 3
PORINGLAND FUEL ALLOTMENT
Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted
Endowment
fund
fund
Notes
£
£
INCOME AND ENDOWMENTS FROM
Other trading activities
2
125
-
Investment income
3
31,742
-
Total
31,867
-
EXPENDITURE ON
Raising funds
4
6,844
-
Charitable activities
Charitable activities
24,623
-
Total
31,467
-
Net gains/(losses) on investments
-
21,577
NET INCOME/(EXPENDITURE)
400
21,577
RECONCILIATION OF FUNDS
Total funds brought forward
29,622
651,348
TOTAL FUNDS CARRIED FORWARD
30,022
672,925 |
2024
Total
funds
£
125
31,742
31,867
6,844
24,623
31,467
21,577
21,977
680,970
702,947 |
2023
Total
funds
£
-
31,144
31,144
15,979
27,153
43,132
(20,428)
(32,416)
713,386
680,970 |
|
|
|
The notes form part of these financial statements
Page 4
PORINGLAND FUEL ALLOTMENT (REGISTERED NUMBER: 11674014)
Balance Sheet 31 MARCH 2024
Notes
FIXED ASSETS
Investments
Investments
8
Investment property
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds
Endowment funds
TOTAL FUNDS |
Unrestricted
fund
£
-
-
-
1,092
30,698
31,790
(1,768)
30,022
30,022
30,022 |
Endowment
fund
£
422,925
250,000
672,925
-
-
-
-
-
672,925
672,925 |
2024
Total
funds
£
422,925
250,000
672,925
1,092
30,698
31,790
(1,768)
30,022
702,947
702,947
30,022
672,925
702,947 |
2023
Total
funds
£
401,348
250,000
651,348
-
31,190
31,190
(1,568)
29,622
680,970
680,970
29,622
651,348
680,970 |
|
|
|
|
|
The charitablecompanyis entitledto exemptionfrom audit under Section 477 of the CompaniesAct 2006 for the year
ended 31 March 2024.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 5
PORINGLAND FUEL ALLOTMENT (REGISTERED NUMBER: 11674014)
Balance Sheet - continued 31 MARCH 2024
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
The financialstatementswere approvedby the Boardof Trusteesand authorisedfor issue on 16 September2024 and
were signed on its behalf by:
D R Gooderham - Trustee
The notes form part of these financial statements
Page 6
PORINGLAND FUEL ALLOTMENT
Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been
prepared in accordancewith the Charities SORP (FRS 102) 'Accountingand Reportingby Charities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CompaniesAct2006.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention, with
theexceptionofinvestmentswhichareincludedatmarketvalue,asmodifiedbytherevaluationof certain
assets.
Income
All income is recognised in the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it
is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis
andhasbeenclassifiedunderheadingsthataggregateallcostrelatedto thecategory.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Grants offered subject to conditionswhich have not been met at the year end date are noted as a commitment
but not accrued as expenditure.
Investment property
Investmentpropertyis shown at most recent valuation.Any aggregate surplus or deficit arising from changes in
fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
PORINGLAND FUEL ALLOTMENT
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
2. OTHER TRADING ACTIVITIES
Bank compensation
3.
INVESTMENT INCOME
Rents received
Grazing land rent
Fixed term interest
Dividends
4.
RAISING FUNDS
Raising donations and legacies
Support costs |
2024
£
125
2024
£
9,240
1,138
681
20,683
31,742
2024
£
6,844 |
2023
£
-
2023
£
9,990
1,138
288
19,728 |
|
|
31,144 |
|
|
2023
£
15,979 |
5. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2024norforthe year
ended 31 March 2023.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2024norfortheyear ended
31 March 2023.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
No employees received emoluments in excess of £60,000.
continued...
Page 8
PORINGLAND FUEL ALLOTMENT
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
|
|
Unrestricted |
Endowment |
Endowment |
Total |
|
|
fund |
fund |
|
funds |
|
|
£ |
£ |
|
£ |
|
INCOME AND ENDOWMENTS FROM |
|
|
|
|
|
Investment income |
31,144 |
|
- |
31,144 |
|
EXPENDITURE ON |
|
|
|
|
|
Raising funds |
15,979 |
|
- |
15,979 |
|
Charitable activities |
|
|
|
|
|
Charitable activities |
27,153 |
|
- |
27,153 |
|
Total |
43,132 |
|
- |
43,132 |
|
Net gains/(losses) on investments |
- |
(20,428) |
|
(20,428) |
|
NET INCOME/(EXPENDITURE) |
(11,988) |
(20,428) |
|
(32,416) |
|
Transfers between funds |
8,043 |
(8,043) |
|
- |
|
Net movement in funds |
(3,945) |
(28,471) |
|
(32,416) |
|
RECONCILIATION OF FUNDS |
|
|
|
|
|
Total funds brought forward |
33,567 |
679,819 |
|
713,386 |
|
TOTAL FUNDS CARRIED FORWARD |
29,622 |
651,348 |
|
680,970 |
8. |
FIXED ASSET INVESTMENTS |
|
|
|
|
|
|
|
|
|
Unlisted |
|
|
|
|
|
investments |
|
|
|
|
|
£ |
|
MARKET VALUE |
|
|
|
|
|
At 1 April 2023 |
|
|
|
401,348 |
|
Revaluations |
|
|
|
21,577 |
|
At 31 March 2024 |
|
|
|
422,925 |
|
NET BOOK VALUE |
|
|
|
|
|
At 31 March 2024 |
|
|
|
422,925 |
|
At 31 March 2023 |
|
|
|
401,348 |
There were no investment assets outside the UK.
continued...
Page 9
PORINGLAND FUEL ALLOTMENT
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
8. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 March 2024 is represented by:
|
|
|
Unlisted |
|
|
|
investments |
|
|
|
£ |
|
Valuation in 2023 |
|
(29,131) |
|
Valuation in 2024 |
|
21,577 |
|
Cost |
|
430,479 |
|
|
|
422,925 |
9. |
INVESTMENT PROPERTY |
|
|
|
|
|
£ |
|
FAIR VALUE |
|
|
|
At 1 April 2023 |
|
|
|
and 31 March 2024 |
|
250,000 |
|
NET BOOK VALUE |
|
|
|
At 31 March 2024 |
|
250,000 |
|
At 31 March 2023 |
|
250,000 |
|
Fair value at 31 March 2024 is represented by: |
|
|
|
|
|
£ |
|
Valuation in 2022 |
|
34,138 |
|
Valuation in 2023 |
|
22,249 |
|
Cost |
|
193,613 |
|
|
|
250,000 |
10. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Prepayments |
1,092 |
- |
continued...
Page 10
PORINGLAND FUEL ALLOTMENT
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Endowment funds
Permanent Endowment fund
TOTAL FUNDS
Net movement in funds, included in the above are a
Unrestricted funds
General fund
Endowment funds
Permanent Endowment fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Endowment funds
Permanent Endowment fund
TOTAL FUNDS |
s follows:
Incoming
resources
£
31,867
-
31,867
At 1.4.22
£
33,567
679,819
713,386 |
At 1.4.23
£
29,622
651,348
680,970
Resources
expended
£
(31,467)
-
(31,467)
Net
movement
in funds
£
(11,988)
(20,428)
(32,416) |
2024
2023
£
£
1,768
1,568
Net
movement
At
in funds
31.3.24
£
£
400
30,022
21,577
672,925
21,977
702,947
Gains and
Movement
losses
in funds
£
£
-
400
21,577
21,577
21,577
21,977
Transfers
between
At
funds
31.3.23
£
£
8,043
29,622
(8,043)
651,348
-
680,970 |
|
|
|
|
Accrued expenses 12. MOVEMENT IN FUNDS
continued...
Page 11
PORINGLAND FUEL ALLOTMENT
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
31,144
(43,132)
Endowment funds
Permanent Endowment fund
-
-
TOTAL FUNDS
31,144
(43,132)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1.4.22
in funds
£
£
Unrestricted funds
General fund
33,567
(11,588)
Endowment funds
Permanent Endowment fund
679,819
1,149
TOTAL FUNDS
713,386
(10,439) |
Gains and
Movement
losses
in funds
£
£
-
(11,988)
(20,428)
(20,428)
(20,428)
(32,416)
Transfers
between
At
funds
31.3.24
£
£
8,043
30,022
(8,043)
672,925
-
702,947 |
|
|
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
|
Incoming |
Resources |
Gains and |
Movement |
|
resources |
expended |
losses |
in funds |
|
£ |
£ |
£ |
£ |
Unrestricted funds |
|
|
|
|
General fund |
63,011 |
(74,599) |
- |
(11,588) |
Endowment funds |
|
|
|
|
Permanent Endowment fund |
- |
- |
1,149 |
1,149 |
TOTAL FUNDS |
63,011 |
(74,599) |
1,149 |
(10,439) |
continued...
Page 12
PORINGLAND FUEL ALLOTMENT
Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 13