**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:
- for the benefit of the alms-people of the charity or any of them in such manner as the Trustees think fit from time to time;
- in or towards providing benefits at any school or schools substantially serving the ancient parish of Littleport, Cambridgeshire, which the governors of the school concerned are unable to provide from the school's budget allocation or from other public monies available to them;
- in promoting the education (including social and physical training) of persons under 25 years who or whose parents are resident in the ancient parish or who have at any time attended as a pupil at the school in the said parish and who are in need of financial assistance;
- for the relief of persons resident in the parish of Littleport who are in need, hardship or distress;
- in exceptional cases, the Trustees may decide to assist someone (who is otherwise qualified) who is either resident outside the parish of Littleport or who is only temporary resident in the area of benefit.
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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:
- Housing Properties 100 years, on a straight line basis - Office equipment 20% reducing the balance
## **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