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2022-03-31-accounts

Charity number: 202116

LITTLEPORT TOWN LANDS CHARITY

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

LITTLEPORT TOWN LANDS CHARITY

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6 - 7
Statement of financial activities 8
Balance sheet 9 - 10
Notes to the financial statements 11 - 28
Charity Detailed income and expenditure account and summaries

LITTLEPORT TOWN LANDS CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Mr G Norman, Chairman Mrs S Kerridge, Vice Chair Mr C Allen Mrs L Clay Mrs E Dos Santos (appointed 13 July 2022) Mr L Follen Mr J Lee (appointed 13 July 2022) Mr D Murfitt Mrs V Padgett Mr D Porter Mrs J Weaver Mr C Webber

Charity registered number 202116 Principal office 5 Victoria Street Littleport Ely Cambridgeshire CB6 1LU Clerk Mrs L Clarke-Jones Accountants Whitings LLP Raleigh House 14C Compass Point Business Park Stocks Bridge Way St Ives Cambridgeshire PE27 5JL Bankers Barclays Bank PLC 28 High Street Ely Cambridgeshire CB7 4LA

Page 1

LITTLEPORT TOWN LANDS CHARITY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report together with the financial statements of the Charity for the 1 April 2021 to 31 March 2022.

Objectives and activities

a. Policies and objectives

The principal object of the charity is to provide alms-houses for the residents of Littleport.

After meeting expenses of management and day to day maintenance of alms-houses, the Trustees apply yearly income in furtherance of the following objectives:

Policies reviewed and adopted by the Trustees to further the objects of the charity during the year included new policies relating to the operation of Feoffees Hall which opened for during the year During the year the Trustees carried out a revaluation of the Charity's land and property assets and have included these valuations in the accounts. All other policies adopted by the Trustees to further the objects of the charity remain unchanged.

b. Activities undertaken to achieve objectives

During the year the charity maintained, and made available for occupation, 28 (2021 - 27) alms-houses. The contribution towards utility costs paid by the occupants of these properties of £283.40 (2021 - £283.40) per property per calendar month remained subsidised. By the end of the year no alms-houses were empty (2021 - nil).

The Trustees awarded 3 (2021 - 3) educational grants and 2 (2021 - 1) other grants, totalling £3,869 (2021 - £2,815) to eligible applicants.

The Trustees are of the opinion that they have complied with their duties with regard to public benefit.

Page 2

LITTLEPORT TOWN LANDS CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance

a. Review of activities

In June 2021 the Trustees returned to in-person meetings holding 6 meetings during the period.

Social grants were paid out to Age UK Community Warden Scheme and the two local primary schools.

During the year, several changes in tenants occurred, thus maintaining a 100% occupancy for the year. Maintenance work was carried out on several properties to ensure that they meet current housing standards.

Having purchased the former Salvation Army Citadel in early March 2021, the Trustees carried out a comprehensive programme of works to convert the building into a meeting place, mainly for the elderly and offices for the Charity renamed as Feoffees Hall. The Trustees would like to thank Age UK Cambridgeshire and Peterborough who donated the majority of furniture and kitchen equipment for the Hall.

The Trustees revalued the Charity’s land and property at 31 March 2022, based on current values for arable land and on discounted replacement cost valuations and have included these revised valuations in the accounts.

b. Investment policy and performance

The alms-houses were self-financing during the year and the Trustees have allocated surpluses to designated funds for cyclical and extraordinary maintenance of the alms-houses.

Several land tenancies ended during the year and arrangements were put in place to re-let the land via a formal tendering process with the aim of maximising rental income for use towards the Charity’s charitable objectives.

The Trustees aim to pay all suppliers in accordance with the agreed settlement terms.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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.

b. Reserves policy

During the year, amounts designated for work to the former Salvation Army Hall were released into general unrestricted funds following the completion of the work. Amounts previously designated for land drainage were undesignated since, following retendering of the land, the new tenant has agreed to carry out the work at no cost to the Charity.

The Trustees are in the process of reviewing the maintenance requirements of the Charity’s alms-houses in the future and have created two funds, a Cyclical Maintenance Fund and an Extraordinary Maintenance Fund, to enable funds to be set aside systematically to fund future work using funds previously designated to new almshouse construction.

The balance of the Mary Cather fund was expended in this financial period to support the new Hall.

Page 3

LITTLEPORT TOWN LANDS CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

c. Results

The financial results for the year are set out on pages 8 to 9 of these financial statements.

Structure, governance and management

a. Constitution

There have been no changes in the objectives since the last annual report.

The charity was registered on 15 January 1962 and is governed by schemes of 7 December 1934, 22 June 1977 and 24 September 1991 as amended by scheme of the commissioners dated 19 January 1998. It is an unincorporated association.

b. Methods of appointment or election of Trustees

The body of Trustees, when complete, shall consist of 4 representative Trustees and 8 co-optative Trustees. The former shall be appointed by the parish council of Littleport for a term of 4 years. The latter shall be appointed by the Trustees for a term of 5 years.

c. Related party relationships

None of the Trustees received remuneration or other benefit from their work within the charity. The accounts disclose details of transactions with Trustees in note 19 to the financial statements.

d. Financial risk management

The Trustees acknowledge their responsibility to review the effectiveness of their system of internal controls. The system of internal controls is designed to manage rather than eliminate risk and can only provide reasonable not absolute assurance against material misstatement or loss. The process of identifying, evaluating and managing significant risks is ongoing and include formal risk assessments for the new Hall.

Plans for future periods

a. Future developments

The trustees aim to continue to meet the objects described above, whilst retaining any surpluses for the purpose of refurbishment and improvement of existing alms-houses.

Page 4

LITTLEPORT TOWN LANDS CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Statement of Trustees' responsibilities

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr G Norman (Chair of Trustees) Date: 29 January 2023

Page 5

LITTLEPORT TOWN LANDS CHARITY

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022

Independent examiner's report to the Trustees of Littleport Town Lands Charity ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2022.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Page 6

LITTLEPORT TOWN LANDS CHARITY

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed:

Dated: 29 January 2023

Hannah Wisbey ACA

Whitings LLP

St Ives

Page 7

LITTLEPORT TOWN LANDS CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Note
Income from:
Charitable activities
2
Investments
3
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net (expenditure)/income before net
gains on investments
Net gains on investments
Net movement in funds before other
recognised gains
Other recognised gains:
Gains on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2022
£
-
-
-
2,066
2,066
(2,066)
-
(2,066)
-
(2,066)
2,066
(2,066)
-		 Unrestricted
funds
2022
£
92,200
19,236
111,436
109,746
109,746
1,690
38,038
39,728
1,777,852
1,817,580
3,083,835
1,817,580
4,901,415		 Total
funds
2022
£
92,200
19,236
111,436
111,812
111,812
(376)
38,038
37,662
1,777,852
1,815,514
3,085,901
1,815,514
4,901,415		 Total
funds
2021
£
92,004
61,722
153,726
71,248
71,248
82,478
40,599
123,077
-
123,077
2,962,824
123,077
3,085,901

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 11 to 28 form part of these financial statements.

Page 8

LITTLEPORT TOWN LANDS CHARITY

BALANCE SHEET AS AT 31 MARCH 2022

Note
Fixed assets
Tangible assets
9
Investments
11
Investment property
10
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
14
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 8,302
73,423
81,725
(20,517)		 2022
£
2,841,650
390,471
1,683,000
4,915,121
61,208
4,976,329
(74,914)
4,901,415
4,901,415
-
4,901,415
4,901,415		 9,088
81,406
90,494
(20,788)		 2021
£
518,091
348,532
2,234,600
3,101,223
69,706
3,170,929
(85,028)
3,085,901
3,085,901
2,066
3,083,835
3,085,901

Page 9

LITTLEPORT TOWN LANDS CHARITY

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr G Norman

(Chair of Trustees) Date: 29 January 2023

The notes on pages 11 to 28 form part of these financial statements.

Page 10

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies

1.1 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 Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Littleport Town Lands Charity 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.

Page 11

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies (continued)

1.2 Income

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

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Page 12

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies (continued)

1.3 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 charitable activities is incurred on directly undertaking the activities which further the Charity'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.

1.4 Government grants

Government grants relating to tangible fixed assets and other grants are credited to the statement of financial activities when the charity is entitled to the funds.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a Charity may need to estimate fair value using an income or depreciated replacement cost approach.

Gains and losses on revaluation are recognised in the Statement of financial activities, with a separate revaluation reserve being shown in the Statement of funds note.

Page 13

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies (continued)

1.6 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

1.7 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.

1.8 Investment Properties

Investment properties are carried at fair value determined annually by the Trustees. The surplus or deficit is recognised in the statement of financial activities.

1.9 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.

1.10 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.

1.11 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 Charity 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.

Page 14

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies (continued)

1.12 Financial instruments

The Charity 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.

1.13 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 Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.14 Extraordinary Repair Fund

Section 43 of the Charity's scheme requires the Trustees to establish and maintain a reserve fund, to be entitled Extraordinary Repair Fund, for the purpose of providing for the extraordinary repair, improvement or rebuilding of the almshouses belonging to the Charity.

1.15 Mary Cather Fund

The balance of the Mary Cather Fund was expended in this financial period to support the new Hall.

1.16 Future Drainage Fund

Amounts previously designated for land drainage were undesignated since, following retendering of the land, the new tenant has agreed to carry out the work at no cost to the Charity.

1.17 Future Almshouse Construction Fund

Since the Charity currently has no plans to build further Alms-houses amounts previously designated for Almshouse Construction have been redesignated to the Extraordinary Repair Fund and Cyclical Maintenance Fundt to enable funds to be set aside systematically to fund future maintenance work

1.18 Cyclical Maintenance Fund

Section 43 of the charity's scheme allows the Trustees to establish and maintain a reserve fund, to be entitled Cyclical Maintenance Fund, for the purpose of providing for those items of ordinary maintenance and repair of the almshouses belonging to the Charity which recur at infrequent intervals.

Page 15

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies (continued)

1.19 Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The charity makes estimates and assumptions concerning the future. The resulting acounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

iUseful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimate, based on technological advancement, future investmentsm economic utilisation and the physical condition of the assets.

1.20 Cash flow

The financial statements do not include a Cash flow because the charity, as a small reporting entity, is exempt from the requirements to prepare such a statement under the charity reporting requirements.

1.21 Going concern

The accounts have been prepared on a going conern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the level of expected income and expenditure for the 12 months from the date of signing these accounts and are satisfied that the charity will continue as a going concern.

2. Income from charitable activities

Unrestricted
funds
2022
£
Almshouse Activities
92,180
Income from charitable activities - Other Activities
20
Total 2022
92,200
Total 2021
92,004		 Total
funds
2022
£
92,180
20
92,200
92,004		 Total
funds
2021
£
92,004
-
92,004

Page 16

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

3. Investment income

Unrestricted
funds
2022
£
Investment income
16,789
Interest receivable
2,447
Profit on disposal of investments
-
19,236
Total 2021
61,722		 Total
funds
2022
£
16,789
2,447
-
19,236
61,722		 Total
funds
2021
£
24,832
2,443
34,447
61,722

4. Analysis of expenditure on charitable activities

Summary by fund type

Cost of sales
Education grants provided
Total 2021		 Restricted
funds
2022
Unrestricted
funds
2022
£
£
2,066
105,407
-
4,339
2,066
109,746
-
71,249		 Total
funds
2022
£
107,473
4,339
111,812
71,249		 Total
funds
2021
£
64,723
6,526
71,249

Page 17

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

5. Analysis of grants

Education grants
Total 2021		 Grants to
Individuals
2022
£
3,869
2,815		 Total
funds
2022
£
3,869
2,815		 Total
funds
2021
£
4,550

6. Analysis of expenditure by activities

Cost of sales
Other Activities
Total 2021		 Activities
undertaken
directly
2022
£
58,742
-
58,742
51,433		 Grant
funding of
activities
2022
£
-
3,869
3,869
2,815		 Support
costs
2022
£
48,731
470
49,201
17,001		 Total
funds
2022
£
107,473
4,339
111,812
71,249		 Total
funds
2021
£
64,723
6,526
71,249

Page 18

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Charitable
Activities
2022
Investment
Activities
2022
£
£
Depreciation
195
470
Payroll costs
4,131
-
Postage, stationery and telephone
2,279
-
Sundry expenses
660
-
Depreciation - freehold almshouse
5,228
-
Salvation Army Hall expenses
31,191
-
Interest payable and similar charges
1,927
-
Audit and accountancy fees
3,120
-
48,731
470
Total 2021
13,290
3,711
7.
Independent examiner's remuneration
Fees payable to the Charity's independent examiner/auditor for the
independent examination/auditor of the Charity's annual accounts		 Total
funds
2022
£
665
4,131
2,279
660
5,228
31,191
1,927
3,120
49,201
17,001
2022
£
1,750		 Total
funds
2021
£
665
4,131
1,716
795
4,379
-
1,940
3,375
17,001
2021
£
3,375

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .

Page 19

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9. Tangible fixed assets

Cost or valuation
At 1 April 2021
Revaluations
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
10.
Investment property
Valuation
At 1 April 2021
Surplus on revaluation
At 31 March 2022		 Freehold
property
£
569,772
2,329,452
2,899,224
52,071
5,698
57,769
2,841,455
517,701		 Office
equipment
£
975
-
975
585
195
780
195
390		 Total
£
570,747
2,329,452
2,900,199
52,656
5,893
58,549
2,841,650
518,091
Freehold
investment
property
£
2,234,600
(551,600)
1,683,000

Investment property comprises farmland and other buildings not held for the purposes of the principal objectives of the charity.

Valuations have been determined by the Trustees, on an open market value for existing use basis.

Page 20

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

11. Fixed asset investments

Cost or valuation
At 1 April 2021
Additions
Revaluations
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Unlisted
investments
£
348,532
3,900
38,038
390,471
390,471
348,532

12. Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2022
£
6,545
1,757
8,302		 2021
£
7,331
1,757
9,088

Page 21

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. Creditors: Amounts falling due within one year

Bank loans
Other loans
Trade creditors
Accruals and deferred income		 2022
£
114
10,000
25
10,378
20,517		 2021
£
99
10,000
309
10,380
20,788

14. Creditors: Amounts falling due after more than one year

Bank loans
Other loans		 2022
£
9,914
65,000
74,914		 2021
£
10,028
75,000
85,028

Bank loan interest is payable at 14.125%. The loan is repayable by instalments until 2047 and is secured against 4 of the properties. The amount repayable after 5 years is £9,042.

15. Financial instruments

Financial assets
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised cost		 2022
£
79,968
2022
£
10,139		 2021
£
87,634
2021
£
10,658

Financial assets measured at amortised cost comprise trade debtors, other receivables and cash at bank and in hand.

Financial liabilities measured at amortised cost comprise trade creditors and other loans.

Page 22

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Extraordinary
Repairs Fund
Future
Almshouse
Construction &
Maintenance
Reserve
Future drainage
Fund
Salvation Army
Hall Fund
Cyclical
Maintenance
Fund
Land Capital
Fund
Freehold
Property Capital
Fund
General funds
General Funds -
all funds
Revaluation
reserve -
investments
Total
Unrestricted
funds		 Balance at 1
April 2021
£
100,657
316,000
50,000
50,000
-
-
-
516,657
332,578
2,234,600
2,567,178
3,083,835		 Income
£
-
-
-
-
-
-
-
-
111,436
-
111,436
111,436		 Expenditure
£
-
-
-
-
-
-
-
-
(109,746)
-
(109,746)
(109,746)		 Transfers
in/out
£
123,343
(316,000)
(50,000)
(50,000)
56,000
2,234,600
512,003
2,509,946
(275,346)
(2,234,600)
(2,509,946)
-		 Gains/
(Losses)
£
-
-
-
-
-
(551,600)
2,329,452
1,777,852
38,038
-
38,038
1,815,890		 Balance at
31 March
2022
£
224,000
-
-
-
56,000
1,683,000
2,841,455
4,804,455
96,960
-
96,960
4,901,415

Page 23

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Statement of funds (continued)

Restricted funds

Restricted
funds
Mary Cather
Fund 2,066 - (2,066) - - -
Total of funds 3,085,901 111,436 (111,812) - 1,815,890 4,901,415
Statement of funds - prior year
Balance at
Balance at Transfers Gains/ 31 March
26 April 2020 Income Expenditure in/out (Losses) 2021
£ £ £ £ £ £
Unrestricted
funds
Designated
funds
Extraordinary
Repairs Fund 96,757 - - 3,900 - 100,657
Future
Almshouse
Construction &
Maintenance
Reserve 316,000 - - - - 316,000
Future drainage
Fund 19,812 - - 30,188 - 50,000
Salvation Army
Hall Fund 30,000 - - 20,000 - 50,000
462,569 - - 54,088 - 516,657
General funds
General Funds -
all funds 263,672 153,726 (71,248) (54,171) 40,599 332,578
Revaluation
reserve -
investments 2,234,600 - - - - 2,234,600
2,498,272 153,726 (71,248) (54,171) 40,599 2,567,178

Page 24

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Statement of funds (continued)

Statement of funds - prior year (continued)

Balance at
Balance at Transfers Gains/ 31 March
26 April 2020 Income Expenditure in/out (Losses) 2021
£ £ £ £ £ £
Total
Unrestricted
funds 2,960,841 153,726 (71,248) (83) 40,599 3,083,835
Restricted
funds
Mary Cather
Fund 1,983 - - 83 - 2,066
Total of funds 2,962,824 153,726 (71,248) - 40,599 3,085,901
Summary of funds
Summary of funds - current year
Balance at
Balance at 1 Transfers Gains/ 31 March
April 2021 Income Expenditure in/out (Losses) 2022
£ £ £ £ £ £
Designated
funds 516,657 - - 2,509,946 1,777,852 4,804,455
General funds 2,567,178 111,436 (109,746) (2,509,946) 38,038 96,960
Restricted funds 2,066 - (2,066) - - -
3,085,901 111,436 (111,812) - 1,815,890 4,901,415

17. Summary of funds

Page 25

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

17. Summary of funds (continued)

Summary of funds - prior year

Balance at
26 April 2020
£
Designated
funds
462,569
General funds
2,498,272
Restricted funds
1,983
2,962,824		 Income
£
-
153,726
-
153,726		 Expenditure
£
-
(71,248)
-
(71,248)		 Transfers
in/out
£
54,088
(54,171)
83
-		 Gains/
(Losses)
£
-
40,599
-
40,599		 Balance at
31 March
2021
£
516,657
2,567,178
2,066
3,085,901

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
2,841,650
Fixed asset investments
390,471
Investment property
1,683,000
Current assets
81,725
Creditors due within one year
(20,517)
Creditors due in more than one year
(74,914)
Total
4,901,415		 Total
funds
2022
£
2,841,650
390,471
1,683,000
81,725
(20,517)
(74,914)
4,901,415

Page 26

LITTLEPORT TOWN LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

18. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2021
£
-
-
-
2,066
-
-
2,066		 Unrestricted
funds
2021
£
518,091
348,532
2,234,600
88,427
(20,788)
(85,028)
3,083,834		 Total
funds
2021
£
518,091
348,532
2,234,600
90,493
(20,788)
(85,028)
3,085,900

Page 27