OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

The Earl of Northampton’s Charity

Trustee’s Annual Report & Financial Statements 2024

Charity Commission Number 210291

Trustee’s Annual Report & Financial Statements 2024 | 2

The Earl of Northampton’s Charity

CONTENTS

Trustee’s Annual Report for theyear ended 31 March 2024 4
Introduction, objects and activities for public benefit 4
Provision of Housing Overview 5
Grants Overview 6
Church & Communities Programme 7
Older People & Housing Programme 8
Learning Partner 10
Funding Approach 11
Financial Review 12
Investments 12
Results for the year 13
Financial position 13
Fundraising 13
Investment policy 14
Risk management 15
Reserves policy 16
Structure, Governance and Management 17
Our volunteers 18
Related parties 18
Future Plans 18
Trustee’s responsibilities in relation to the financial statements 19
Statement of Financial Activities for the year ended 31 March 2024 25
Statement of Financial Activities for the year ended 31 March 2023 26
Balance Sheet as at 31 March 2024 27
Statement of Cash Flows for the year ended 31 March 2024 28

Trustee’s Annual Report & Financial Statements 2024 | 3

The Earl of Northampton’s Charity

Notes to the financial statements 29
1 Accounting Policies 29
2 Income from Investments 32
3 Almshouse Income and Expenditure 32
4 Expenditure 33
5 Tangible Assets 35
6 Investment Properties 36
7 Quoted Investments 36
8 Debtors 37
9 Creditors: Amounts Falling Due Within One Year 37
10 Analysis of Funds 38
11 Grant Commitments 39
12 Reconciliation of Net Income/(Expenditure) To Net Cash Flow Used In Operating Activities
40
13 Related Parties and Connected Charities 41
14 Grants 42
Legal & Administrative Information 43

Trustee’s Annual Report & Financial Statements 2024 | 4

The Earl of Northampton’s Charity

Trustee’s Annual Report for the year ended 31 March 2024

The Mercers’ Company as the trustee of the Charity (the Trustee) presents its annual report and audited financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting principles set out in note 1 to the financial statements and comply with the Charity’s Scheme of Management, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Introduction, objects and activities for public benefit

The Earl of Northampton’s Charity (the Charity) is both an almshouse charity and a grant making charity. It is responsible for the management of the almshouses at Trinity Hospital Greenwich and Trinity Hospital Shotesham. Henry Howard, Earl of Northampton entrusted the management of the almshouses in Greenwich, to the Mercers’ Company’s care in 1614. The original almshouses were for twelve poor residents from Greenwich and eight from Shotesham. In 1879 further almshouses were built in Shotesham, Norfolk (the Earl of Northampton’s birthplace) to house the residents from Shotesham. Today, the Charity continues to provide spacious, attractive and affordable accommodation with good communal facilities for beneficiaries. The Charity also makes a significant number of grants for relief in need, particularly in Norfolk.

The objects of the Charity are: the provision of housing accommodation for beneficiaries (in the prescribed areas of Greenwich and Shotesham); charitable purposes for the benefit of the residents; and the relief of those in need, hardship or distress by the provision of grants. In addition, the Charity is required to make a set number of grants as stipulated in the Scheme of Management. These are:

The Trustee confirms that it has complied with its duty under Section 17 Charities Act 2011 to have due regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives, in planning future activities and in setting the Charity’s grant making policy.

Trustee’s Annual Report & Financial Statements 2024 | 5

The Earl of Northampton’s Charity

Provision of Housing Overview

The Charity is one of three charities whose housing provision is managed by the Trustee. The Charity has two almshouse sites:

Trinity Hospital, Greenwich, London

Trinity Hospital, Shotesham, Norfolk

----- Start of picture text -----
41 units 6 units
49 residents 6 residents
----- End of picture text -----

The housing provision continues to be accredited by EROSH with reviews taking place each autumn. The accreditation was maintained at the 2023 review against the Independent Living Standards (previously Code of practice). The next EROSH review will take place in October 2024. The report highlighted the need for floating support to help the Housing Team with any cover required due to staff shortages that may occur through a staff member retiring or long-term sickness. This has been actioned.

Many regular activities take place across both sites, alongside planned events such as the annual Visitation Court in Greenwich, which is attended by residents from Trinity Hospital Shotesham and the annual Christmas visit by the Master Mercer. The Chairman of the Older People & Housing Committee joined in festivities by having Christmas lunch with the residents at Trinity Hospital Shotesham.

The Housing Team continues to work with the Parish Council and Village Association in Shotesham and successfully helped to facilitate a regular event in the on-site hall. This allows the local community to meet weekly during the cold months for warmth, refreshments and socialising. This has been well attended and appreciated by the residents and the community.

Pictured (left) - Master’s Christmas Visit to Greenwich. Pictured (right) – Chairman’s Christmas lunch in Shotesham.

Trustee’s Annual Report & Financial Statements 2024 | 6

The Earl of Northampton’s Charity

Grants Overview

The Charity is one of several charities that contribute to the people-based Philanthropy Framework co-ordinated by the Trustee, which has four major grant making programmes . This framework reflects the intentions of the participating charities’ benefactors. The programmes aim to tackle disadvantage by focusing on individuals, families and communities and supporting organisations that help people to reach their potential in several ways including: by inspiring a love of learning; strengthening self-belief and wellbeing; and creating opportunities to live a balanced, rewarding and varied life.

The Charity contributes to two of the major grant making programmes: Church & Communities and Older People & Housing . In 2023/24 it awarded:

----- Start of picture text -----
9 NEW GRANTS
totalling
of this amount…..
£875,818
£83k went to better
outcomes for
families
£184k went to £439k went to £170k went to
alleviating poverty tackling loneliness
building stronger
in older people communities and isolation in
older people
----- End of picture text -----

Trustee’s Annual Report & Financial Statements 2024 | 7

The Earl of Northampton’s Charity

The Charity makes unrestricted, core and projects grants for charitable work. At the time of application, grantees submit a plan for how they will evaluate the success of their work. Each of the grants awarded is monitored through annual progress reports (which include an update on how each is progressing towards achieving the outcomes set at the time of application) as well as other material supplied by grantees such as videos and external impact reports. These formal reports are supplemented by informal conversations with grantees throughout the year.

Church & Communities Programme

----- Start of picture text -----
Stronger
Communities
- Disadvantaged
communities
- Refugees
- Homelessness
----- End of picture text -----

----- Start of picture text -----
Better Outcomes
for Families
- Families facing
poverty & other
challenges
- Unpaid carers &
their families
----- End of picture text -----

Where? London, the North East and Norfolk.

Who? A range of church and other faith and secular based charities and social enterprises.

5 new grants were awarded to 5 recipients totalling £522,030 . Of these, 2 are based in the North East and 3 are based in Norfolk .

Spotlight grantee in 2023/24

Caring Together Charity was awarded £83,030 over two years in June 2023 towards a project that gives unpaid carers in Norfolk regular breaks from their caring responsibilities, above and beyond what is provided by statutory services. Volunteers will be recruited, trained and assigned to people in Norfolk who require care, allowing the family member who is providing the care to have a regular well-earned break for a few hours. Outcomes are focused on enabling more carers in

Norfolk to feel that they have the support they need to continue caring and to be able to focus on their own health needs, thus reducing isolation, stress and tiredness. Of the overall amount awarded £3,350 was specifically for wellbeing support for Caring Togethers’ staff and volunteers. There is also a twice monthly volunteer peer support supervision with lunch provided and a ‘thank you gift’ presented to the volunteers during National Volunteers Week.

Wellbeing Support

Concerns about the wellbeing of staff and volunteers directly from frontline charities is a current issue of concern, backed up by recent research. For example, a 2023 study by Pro Bono Economics (PBE) and Nottingham Trent University found 30% of charities saw an increase in staff burnout or exhaustion related to their work in the past year. The study also found that 26% of charities reported a rise in reports of low wellbeing among staff, while 25% had seen an increase

Trustee’s Annual Report & Financial Statements 2024 | 8

The Earl of Northampton’s Charity

in sickness absence. This is thought to be because of the increased stress and challenges faced by charity workers and volunteers through and after the pandemic, as well as the rise in demand and complexity of need of those they support.

Since January 2023 organisations applying to the Church & Communities programme can apply for up to an additional £5,000, ring-fenced to support the wellbeing of staff and volunteers to recognise the increasing pressures the sector is facing.

3 wellbeing grants have been awarded totalling £13,350

Older People & Housing Programme

----- Start of picture text -----
Combatting
poverty in older
people
----- End of picture text -----

----- Start of picture text -----
Combatting
loneliness in older
people
----- End of picture text -----

Where? London and Norfolk. Who? Disadvantaged older people (55 and over)

Our contribution means that in 2023/24 4 new grants were awarded to 4 organisations totalling £353,788 . All 4 organisations are based in Norfolk.

Spotlight grantee in 2023/24

Norfolk Community Foundation (NCF) was awarded a grant of £150,000 over three years in June 2023 to support Older People & Housing’s (OP&H) focused grant making efforts in Norfolk. Reflecting the priorities of OP&H, the programme aims to combat loneliness and poverty faced by older people in Norfolk. In Norfolk there are proportionately more smaller charities than in other parts of the UK and the partnership has allowed for many of these smaller charities to be supported by OP&H, who may not be of scale to apply directly, increasing the reach and impact of OP&H grants. Projects that have been supported through NCF include: Community hubs offering food and/or activities to older people; Projects for specific groups of vulnerable individuals (veterans and those with dementia); Specific social activities, such as sport, singing and woodcraft; Community transport initiatives; and Advice and Support services for older people. A Senior Programmes Advisor from NCF reported:

Trustee’s Annual Report & Financial Statements 2024 | 9

The Earl of Northampton’s Charity

Norfolk Community Foundation is delighted to have been able to partner with The Mercers’ Company since 2020. This year the Earl of Northampton’s Charity is helping 19 charities and community groups in Norfolk to support more than 4,000 older people experiencing loneliness and the effects of the cost-ofliving crisis – both of which are major issues in our county. Mercers’ members and staff have been a pleasure to work with. They are knowledgeable and genuinely interested in the work that local groups are doing, and we can see that working together is making a huge positive difference to older people in Norfolk.

Photos from Norwich City Community Sports Foundation supported through the grant made to Norfolk Community Foundation.

Grants impact Data

The collaborative Philanthropy Framework places emphasis on developing relationships with and between charities. This, alongside the longer-term approach of the Framework means that the Trustee is starting to see the difference made by its funding. All of the grant making programmes aim to have the following impact: improve people’s lives, strengthen the organisations that support them and contribute to societal change.

When grants are awarded, the outcomes/impacts the grant holders hope the grants will achieve are aligned to the three impact indicators for the Philanthropy Framework. In the year 2023/24, the reports submitted have shown that the Charity has contributed to:

----- Start of picture text -----
Improving People’s Lives
----- End of picture text -----

8 organisations reported developing people’s skills

12 organisations reported improving people’s wellbeing

2 organisations reported supporting people into employment

Trustee’s Annual Report & Financial Statements 2024 | 10

The Earl of Northampton’s Charity

Breaking down the data further, this means that a total of 33,969 people have been supported, of which 4,792 people are being supported on a regular basis. In addition,

2,506 people feel 2,482 people’s better connected to wellbeing has their community improved

484 people have 28 people have developed their skills been supported into employment

Strengthening organisations

7 organisations reported successfully leveraging additional funds as a result of the funding totalling £819,434

1 organisation reported being able to develop an evidence base

4 organisations reported developing new partnerships with organisations

2 organisations reported an increase to their organisational profiles

4 organisations reported the ability to develop new or expand existing services

2 organisations reported an improvement in financial stability

643 volunteers 44 leaders 38 leaders were supported reported their improved their abilities had wellbeing been developed

----- Start of picture text -----
Contributing to Societal Change
----- End of picture text -----

8 organisations reported being able to raise awareness of a particular issue

3 organisations reported that they could now influence a change in practice beyond the organisation

Learning Partner

At the end of 2023 the Church & Communities and Older People & Housing programmes agreed to jointly commission a learning partner, Swain, Frost and Weir, to conduct a five year evaluation of the funding programmes from which the Charity’s grantees will benefit. The primary aims of the learning and evaluation are to:

Trustee’s Annual Report & Financial Statements 2024 | 11

The Earl of Northampton’s Charity

Funding Approach

The Philanthropy Framework coordinated by the Trustee goes beyond supporting the grant holders financially. The aim is to enable organisations to strengthen and improve their resilience by providing peer learning opportunities, access to training and support from expert organisations such as the Cranfield Trust and Media Trust. This approach is known as high engagement funding or Funder Plus.

As well as being a living wage employer, the Trustee is committed to making sure that the charities of which it is trustee, are Living Wage Funders which encourage funded organisations to pay their staff a real living wage. In 2022 the Trustee signed up to the Institute of Voluntary Action Research’s (IVAR) eight principles of open and trusting grant making.

The Charity’s grants are published on 360 Giving, which aims to promote transparency in grant making and provides useful data to grantees about which funders fund what.

This partnership approach is increasingly recognised as good practice and has been welcomed by grantees.

Spotlight on Cranfield Trust’s work in 2023/24

Through the Philanthropy Framework, all grantees benefit from the partnership with The Cranfield Trust which empowers charities with the confidence and capability to thrive.

The Cranfield Trust delivered webinars to Church & Communities and Older People & Housing grantees over the course of the year, of which:

The Church & Communities programme is also working with The Cranfield Trust on delivering Peer to Peer Exchange groups which provide opportunities for senior leaders to participate in an independently facilitated group, providing a neutral thinking and group solving space for confidential exploration of leadership challenges. The opportunity was developed following feedback from grantees. One group of six Mercers’ grantees is underway and a further six grantees have joined groups with other funded organisations.

Trustee’s Annual Report & Financial Statements 2024 | 12

The Earl of Northampton’s Charity

Financial Review

The Charity generates income primarily from its own sources through:

2024
£		 2023
£
Propertyinvestments 49,000 49,000
Stock market investments 726,000 661,000
Bank interest 59,000 14,000

Income from maintenance charges receivable from almshouse residents was £615,000 (2023: £564,000).

Investments

Investment property

An external valuation of the properties was undertaken in 2024 and revaluation losses of £40,000 have been recognised this year (2023: nil).

Listed investments

Total net gains of £1,249,000 on stock market investments were experienced in the year (2023: £1,313,000 losses). There was a change of investment managers from Rathbone Brothers to Sarasin & Partners, who took over the management of the funds in August 2023. With the change in investment managers, the new comparators for the funds are only available since August 2023.

The Endowment Fund portfolio produced a total return, after fees, of 7.4% since inception to 31 March 2024, ahead of the CPI +4% target return of 4.3%. Strong returns were seen in major asset classes, especially equities, driven by large US technology companies. Global inflation is decreasing towards the target level, and interest rate cuts are anticipated in the UK and the US later this year.

The General Investment Fund portfolio produced a total return, after fees, of 4.9% since inception to 31 March 2024, ahead of the CPI +1% target return of 2.3%%. There have been strong headline returns from the major asset classes, particularly within the fixed income held via the Sarasin Income & Reserves Fund, as it benefited from the bond rally in December. Global inflation continues to fall back towards the target level and there are expectations of interest rate cuts in both the UK and the US later in the year.

Trustee’s Annual Report & Financial Statements 2024 | 13

The Earl of Northampton’s Charity

The Cyclical Maintenance Fund portfolio produced a total return, after fees, of 5.1% since inception to 31 March 2024, ahead of the CPI +1% target return of 2.3%. There have seen strong headline returns from the major asset classes, particularly within the fixed income held via the Sarasin Income & Reserves Fund, as it benefited from the bond rally in December. Global inflation continues to fall back towards our target level and we expect to see interest rate cuts in both the UK and the US later in the year..

The Trustee continues to monitor the performance of the portfolios and the market.

Investment Fund Since inception
August 2023
Endowment Fund 7.4%
PrimaryComparator: CPI + 4% 4.3%
SecondaryComparator: Sarasin Endowment Fund 11.1%
General Investment Fund 4.9%
PrimaryComparator: CPI + 1% 2.3%
SecondaryComparator: Sarasin Income & Reserves Fund 7.8%
Cyclical Maintenance Fund 5.1%
PrimaryComparator: CPI + 1% 2.3%
SecondaryComparator: Sarasin Income & Reserves Fund 7.8%

Results for the year

Total income for the year was £1,449,000 (2023: £1,288,000); total expenditure for the year was £1,404,000 (2023: £1,640,000) and net gains on investments were £1,209,000 (2023: £1,313,000 net losses) resulting in net income for the year of £1,254,000 (2023: £1,665,000 net expenditure).

Financial position

Net assets at the end of the year were £33,074,000 (2023: £31,820,000). These were represented by endowment funds of £19,776,000 (2023: £18,794,000), restricted funds of £1,727,000 (2023: £1,617,000) and unrestricted funds of £11,571,000 (2023: £11,409,000).

Fundraising

The Charity does not undertake any fundraising activity.

Trustee’s Annual Report & Financial Statements 2024 | 14

The Earl of Northampton’s Charity

Investment policy

In accordance with the Scheme, the Trustee has the power to invest in such stocks, shares, and property as appropriate to meet the objectives of the Charity.

The investment policies were fully reviewed during the year, alongside the appointment of the new investment advisor. The policies reflect the need to generate a sufficient financial return for the charity to fulfil its objectives, with an appropriate time horizon, while managing risk and reflecting the charities’ stance on ethical investments.

The Endowment Fund is an income generating portfolio and capital cannot be used to supplement income. The portfolios are managed on a balanced risk approach for income and capital growth.

The investment performance of the investments is compared against relevant benchmarks (see Financial Review above).

The Charity has a policy of responsible investment, positively screening to invest in companies that can demonstrate socially responsible values and sustainable growth, and negatively screening companies or sectors that are not in line with the charitable objects of the Charity. As such, the following areas are excluded from our investments:

The Trustee is satisfied that its policy and objective is being met.

Trustee’s Annual Report & Financial Statements 2024 | 15

The Earl of Northampton’s Charity

Risk management

The Trustee acknowledges its responsibility for the management of risks faced by the Charity. A review is undertaken regularly by the Trustee to identify, assess and mitigate those risks. The Trustee, in considering the governance, management, operational, financial and environmental risks, is satisfied that there is no material exposure, and that there are procedures in place to mitigate such risks.

The Trustee has agreed clear lines of delegation and authority, and the Trustee and its staff are involved in the recognition of risk in all their activities.

The main risks faced by the Charity are:

Risk Mitigation
Operational Risk in connection with almshouses
(eg fire, flood etc or injury to residents)		 EROSH certification. Complaints procedures.
Benchmarking against other providers (EROSH
and Acuity). Local Authority inspection of 50% of
schemes . Establishment of Residents’
Communication Forum.
Financial Risk - loss of asset value and
investment income		 Regular review of valuation by Executive and
Committees; reforecasting of budgets.

Trustee’s Annual Report & Financial Statements 2024 | 16

The Earl of Northampton’s Charity

Reserves policy

The reserves policy was reviewed by the Trustee during the year and the policy was developed further to build upon the objectives, responsibilities, risk management, liquidity, and reporting and monitoring processes for managing the reserves.

The primary reasons for holding the reserves for the Charity is to ensure:

The free reserves of the Charity comprise the unrestricted funds less the unavailable assets and comprise the following:

2024 2023
£’000 £’000
Total unrestricted funds 11,571 11,409
Less unavailable assets 6,809 7,007
Free reserves 4,762 4,402
Reserves:
Conditional committed grants 612 147
Next year’s grant making allocations not
otherwise covered above		 243 491
Next year’s transfer to the cyclical
maintenance fund		 203 160
Six month’s operational costs of the 215 203
almshouses
Total allocated reserves 1,273 1,001
Excess free reserves 3,489 3,401

The Trustee is planning the utilisation of the excess free reserves in coming years for its grant making programme and for its housing provision.

The Trustee reviews the status of reserves annually.

Trustee’s Annual Report & Financial Statements 2024 | 17

The Earl of Northampton’s Charity

Structure, Governance and Management

The Wardens and Commonalty of the Mystery of Mercers of the City of London (more commonly known as The Mercers' Company), which is a body corporate formed by Royal Charter in 1394, is the Trustee of the Charity and is the controlling party. The Mercers' Company’s governing body is the Court of Assistants. The Master Mercer was NAH Fenwick until July 2023, PLR Lane from July 2023 and Dr DGM Powell from July 2024. The Clerk to the Mercers’ Company is RM Abernethy.

The Mercers’ Company acts as trustee for several charities and has established a governance committee for each charity. The members of the Charity’s Governance Committee are:

Mrs XV Dennen (Chairman to 31 August 2023)

Mr SWJ Wathen (Chairman from 1 September 2023) Wg Cdr M G Dudgeon OBE DL Mr A Sedgwick (until 31 August 2023) Mr CC Scott (from 1 September 2023)

The Charity Governance Committee reviewed the Charity’s grant making strategy, investment policy and reserves policy during the year. The Charity’s Governance Committee also delegated certain matters to a number of the Trustee’s specialist committees:

Function Delegated Body
Grant making Older People & Housing Committee
Church & Communities Committee
Oversight of housing operations Older People & Housing Committee
Philanthropy Committee
Property Committee
Management of investment property Property Committee
Oversight of investment management Investment Committee
Overview of risks and financial management Audit Committee

The Charity is supported by the staff of the Mercers’ Company, who are appropriately trained and qualified. These administrative services are provided under a service agreement.

The following members of the Mercers’ Company’s senior management are involved in the provision of services:

Mr RM Abernethy (Clerk to the Mercers’ Company)

Ms SMA Hedley-Dent (Deputy Clerk to The Mercers’ Company)

Mr JRA Christie (Finance Director)

Trustee’s Annual Report & Financial Statements 2024 | 18

The Earl of Northampton’s Charity

The Standards & Appointments Committee meets on a regular basis to keep the skills and composition of the committees and succession planning under review and, where needed, to recruit new members for their experience, empathy and knowledge in charity matters.

The Trustee applies the principles of the Charity Governance Code so far as is possible given that it is sole corporate trustee. The Trustee undertook a self-assessment against the Charity Governance Code in 2023/24 and identified areas in which it can further improve its practice to reflect the Governance Code principles.

Our volunteers

The Charity relies on members of The Mercers' Company volunteering their time to sit on committees, review grant requests, visit applicants and grantees, and attend events involving beneficiaries. In keeping with recommended practice, an estimate of the numbers of hours that committee members give to the Charity free of charge during the year has been undertaken resulting in approximately 81 hours of voluntary time.

Related parties

The Charity works closely with the Trustee and the other charities with which the Trustee is involved. Details of related parties and connected charities are given in note 13 of the financial statements.

Future Plans

Phase 2 of the collaborative Philanthropy Framework started on 1 April 2023 and will run until 31 March 2028. The Charity’s strategic framework was reviewed during the year and it was agreed that the Charity would continue to contribute to:

Data and evidence is being collated to enable the Charity to report on three common impact measures: Improving people’s lives; Stronger Communities; Contributing to societal change . This year, the report has highlighted examples of where the Charity’s grants meet these three measures under each programme area.

Trustee’s Annual Report & Financial Statements 2024 | 19

The Earl of Northampton’s Charity

Trustee’s responsibilities in relation to the financial statements

The Trustee is responsible for preparing the Trustee’s Annual 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 and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that year.

In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping proper accounting records that 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 and the applicable Charity (Accounts and Reports) Regulations. The Trustee is 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.

The Trustee is responsible for the maintenance and integrity of the Charity and financial information included on the Trustee’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Dr DGM Powell Master 14 November 2024

Mr RM Abernethy Clerk to the Mercers’ Company

Trustee’s Annual Report & Financial Statements 2024 | 20

The Earl of Northampton’s Charity

Independent Auditor’s Report

TO THE TRUSTEE OF THE EARL OF NORTHAMPTON’S CHARITY

We have audited the financial statements of The Earl of Northampton’s Charity (the ‘Charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements which include the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Trustee’s Annual Report & Financial Statements 2024 | 21

The Earl of Northampton’s Charity

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustee’s Annual Report and Financial Statements other than the financial statements and our auditor’s report thereon. The Trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee’s Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustee

As explained more fully in the Trustee’s responsibilities statement, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Trustee’s Annual Report & Financial Statements 2024 | 22

The Earl of Northampton’s Charity

In preparing the financial statements, the Trustee is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the Charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Trustee’s Annual Report & Financial Statements 2024 | 23

The Earl of Northampton’s Charity

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustee and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Trustee’s Annual Report & Financial Statements 2024 | 24

The Earl of Northampton’s Charity

Use of our report

This report is made solely to the Charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustee those matters we are required to state to it in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

15 November 2024

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

The Earl of Northampton’s Charity

Trustee’s Annual Report & Financial Statements 2024 | 25

Statement of Financial Activities for the year ended 31 March 2024

31 March
31 March 2024 2023
Unrestricted Restricted Endowment
Total		 Total
Funds Funds Funds
Funds		 Funds
Note
£’000		 £’000 £’000
£’000		 £’000
Income
Investments 2 780
54		 -
834
724
Charitable activities 3 615 - -
615		 564
Total income 1,395 54 -
1,449		 1,288
Expenditure
Raising funds:
Investment management
costs		 4 (4) - (47)
(51)		 (72)
Charitable activities:
Housing for the elderly 3, 4 (639) (160) (4)
(803)		 (844)
Relief in need 4, 14
(550)		 - -
(550)		 (724)
Total expenditure (1,193) (160) (51)
(1,404)		 (1,640)
Gains/(losses) on
investments		 6, 7 109
67		 1,033
1,209
(1,313)
Net income/(expenditure) 311 (39) 982
1,254		 (1,665)
Transfers between funds 10 (149) 149 -
-		 -
Net movement in funds 162 110 982
1,254		 (1,665)
Fund balances brought
forward at 1 April		 11,409 1,617 18,794
31,820		 33,485
Fund balances carried
forward at 31 March 11,571 1,727 19,776
33,074		 31,820

All of the Charity's activities are derived from continuing operations. There are no recognised gains or losses other than those disclosed above.

Trustee’s Annual Report & Financial Statements 2024 | 26

The Earl of Northampton’s Charity

Statement of Financial Activities for the year ended 31 March 2023

31 March 2023
Unrestricted
Restricted		 Endowment
Total
Funds
Funds		 Funds
Funds
Note
£’000
£’000		 £’000
£’000
Income
Investments 2 671
53		 -
724
Charitable activities 3 564
-		 -
564
Total income 1,235
53		 -
1,288
Expenditure
Raising funds:
Investment management costs 4 (17)
(5)		 (50)
(72)
Charitable activities:
Housing for the elderly 3 ,4 (718)
(122)		 (4)
(844)
Relief in need 4 (724)
-		 -
(724)
Total expenditure (1,459)
(127)		 (54)
(1,640)
Losses on investments 7 (205)
(113)		 (995)
(1,313)
Net (expenditure)/income (429)
(187)		 (1,049)
(1,665)
Transfers between funds 10 (155)
155		 -
-
Net movement in funds (584)
(32)		 (1,049)
(1,665)
Fund balances brought forward
at 1 April		 11,993
1,649		 19,843
33,485
Fund balances carried forward
at 31 March 11,409
1,617		 18,794
31,820

All of the Charity's activities are derived from continuing operations. There are no recognised gains or losses other than those disclosed above.

Trustee’s Annual Report & Financial Statements 2024 | 27

The Earl of Northampton’s Charity

Balance Sheet as at 31 March 2024

31 March 2024 31 March 2024 31 March 2023 31 March 2023
Note £’000 £’000 £’000
£’000
Fixed assets
Tangible assets 5 6,906 7,107
Investment properties 6 1,710 1,750
Quoted investments 7 23,130 21,959
Total fixed assets 31,746 30,816
Current assets
Debtors 8 83 55
Cash at bank and in hand 1,386 1,089
Total current assets 1,469 1,144
Creditors: amounts falling due within one 9 (141) (140)
year
Net current assets 1,328 1,004
Total net assets 33,074 31,820
The funds of the Charity:
Endowment funds 10 19,776 18,794
Restricted income funds 10 1,727 1,617
Unrestricted income funds 10 11,571 11,409
Total Charity funds 10 33,074 31,820

The attached notes on pages 29 to 43 form an integral part of these financial statements. The financial statements on pages 25 to 43 were approved by the Trustee on DATE and signed on its behalf by:

____ Dr DGM Powell Master 14 November 2024

_____ RM Abernethy Clerk to the Mercers’ Company

Trustee’s Annual Report & Financial Statements 2024 | 28

The Earl of Northampton’s Charity

Statement of Cash Flows for the year ended 31 March 2024

2024
2023
Note
£’000
£’000
Cash flows from operating activities:
Net cash used in operating activities 12
(543)
(805)
Cash flows from investing activities:
Interest received 54
14
Dividends received 708
647
Purchase of investments (24,011)
(4,971)
Decrease in cash held by investment managers 36
528
Proceeds from the sale of investments 24,053
4,367
Net cash provided by investing activities 840
585
Change in cash and cash equivalents in the financial year 297
(220)
Cash and cash equivalents at the beginning of the financial 1,089
1,309
year
Cash and cash equivalents at the end of the financial year 12
1,386
1,089

No separate statement of changes In net debt has been prepared as there Is no difference between the movements In cash and cash equivalents and movements In net cash (debt).

Trustee’s Annual Report & Financial Statements 2024 | 29

The Earl of Northampton’s Charity

Notes to the financial statements

1 Accounting Policies

ACCOUNTING BASIS

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice for charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (‘SORP (FRS 102)’), 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 SORP (FRS 102) rather than the previous withdrawn version which it replaced.

The Charity constitutes a public benefit entity as defined by FRS 102.

GOING CONCERN

The Trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern and the financial statements of the charity have been prepared on that basis as they do not intend to liquidate the charity or to cease its operations and have concluded that the charity’s financial position means that this is realistic.

In making this assessment, the Trustee has considered the charity’s financial position, the value of investment assets held, future income and investment return levels, expenditure requirements and the liquidity of the charity, considering the cost-of-living crisis, inflationary pressures and changing economic environment, and the risks faced by the charity.

The Trustee is satisfied that the charity could absorb significant changes in investment value with no impact on its ability to continue as a going concern.

They have also concluded that there are no material uncertainties that could have cast significant doubt over the ability to continue as a going concern. A rolling annual review of the charity’s detailed forecast financial position over a 5-year period is carried out, alongside 15-year

Trustee’s Annual Report & Financial Statements 2024 | 30

The Earl of Northampton’s Charity

modelling of funds held to confirm that sufficient funds will be generated to finance required expenditure on the almshouses with surplus funds allocated to charitable grant making. For these reasons, the Trustee continues to adopt a going concern basis for the preparation of the financial statements.

CRITICAL ACCOUNTING JUDGEMENTS AND 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 prevailing. The main estimates and judgements relate to the investment property valuations and the estimated useful lives of tangible fixed assets.

INCOME

All income, comprising maintenance charges generated from Almshouse properties, rents and service charges generated from investment properties, interest on bank accounts and dividends from investment funds is reported on an accruals basis when the Charity has entitlement, receipt is probable and the amount can be measured with sufficient reliability. Income relating to a subsequent financial period is carried forward as a creditor in the balance sheet and shown as deferred income.

EXPENDITURE

All expenditure is included on an accruals basis and is recognised as soon as there is a legal or constructive obligation committing the Charity to it, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is included with the underlying expense and charged to the Statement of Financial Activities (SOFA) as incurred. Support costs relate to staff time and facility costs incurred by the Mercers' Company on behalf of the Charity and are allocated to the Charity on an accruals basis. Support costs have been allocated between activities based on estimated breakdowns of staff time. This includes time spent on the governance arrangements, relating to the general running of the Charity.

GRANTS

Grants payable are charged in the period when the offer is conveyed to the recipient except in 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 period end are noted as a commitment, but not accrued as expenditure.

INVESTMENT GAINS AND LOSSES

Unrealised gains and losses for the period reflect the movement in market values. Realised gains and losses represent the difference between proceeds on disposal and the market value brought forward (or cost if acquired in the year). Unrealised and realised investment gains or losses are shown net on the SOFA.

Trustee’s Annual Report & Financial Statements 2024 | 31

The Earl of Northampton’s Charity

INVESTMENTS

Investments are stated at their fair value at the balance sheet date. Investment properties are revalued externally every five years and internally by the Trustee in intervening years. The Trustee is of the opinion that this valuation is appropriate for the purpose of these financial statements. Cash held by investment managers is recognised as part of investments.

TANGIBLE FIXED ASSETS

All assets costing more than £10,000 are capitalised at cost and depreciated over their useful economic lives. Subsequent expenditure on a capitalised asset will also be capitalised where it is regarded that there has been an enhancement to the asset or a depreciated asset has been replaced.

DEPRECIATION

The Trustee considers the useful life of the almshouse properties to be not less than 50 years and 4 years for fixtures and fittings. Accordingly, a depreciation rate of 2% and 25% has been applied to the historical cost of the properties (after adjusting for the cost of the land) and other assets respectively. Land is not depreciated. Depreciation is not provided on investment properties that are held as freeholds or on leases having more than 20 years unexpired.

TAXATION

The Charity is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. Accordingly, no provision is made for current or deferred taxation.

FUNDS

The Charity has three types of fund:

FINANCIAL INSTRUMENTS

The Charity only has financial assets and 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, except for investments which are measured at fair value.

Trustee’s Annual Report & Financial Statements 2024 | 32

The Earl of Northampton’s Charity

2 Income from Investments

Investment income was generated as follows:

Investment income was generated as follows:
2024 2023
£’000 £’000
Rents from investment properties 49 49
Bank interest 59 14
Dividend income from endowment fund 99 513
Dividend income from cyclical maintenance fund (restricted) 54 53
Dividend income fromgeneral investment fund 573 95
834 724

3 Almshouse Income and Expenditure

Maintenance charges received from residents at the almshouses amounted to £615,000 in 2024 (2023: £564,000).

Almshouse income and expenditure is analysed as follows:

2024 2024 2023 2023
Trinity Trinity Trinity Trinity
Hospital Hospital Hospital Hospital
Greenwich Shotesham Greenwich Shotesham
£’000 £’000 £’000 £’000
Income from maintenance charges 560 55 507 57
Property operating costs (290) (46) (371) (47)
Major repairs and projects (139) (21) (106) (16)
Administration and entertainment (65) (8) (59) (10)
Depreciation (186) (15) (186) (15)
Total almshouse expenditure (680) (90) (722) (88)
Net expenditure (120) (35) (215) (31)

Trustee’s Annual Report & Financial Statements 2024 | 33

The Earl of Northampton’s Charity

4 Expenditure

a) Analysis of total expenditure:

Governance Governance
& Other
Grant- Support direct Total Total
Further making costs costs 2024 2023
notes £’000 £’000 £’000 £’000 £’000
Raising funds
Investment management costs - 2
49
51
72
Charitable activities
Housing for the elderly 3 - 33
770
803
844
Relief in need 14 510 40
-
550
724
510 75
819
1,404
1,640
Governance
& Other
Grant-
Support		 direct Total
Further
making		 costs costs 2023
notes £’000 £’000 £’000 £’000
Raising funds
Investment management costs - 2 70 72
Charitable activities
Housing for the elderly 3 - 34 810 844
Relief in need 677 41 6 724
677 77 886 1,640

Trustee’s Annual Report & Financial Statements 2024 | 34

The Earl of Northampton’s Charity

b) Analysis of support costs:

Basis of Raising
Housing for		 Relief in Total Total
apportionment
funds
the elderly		 need 2024 2023
£’000
£’000		 £’000 £’000 £’000
Staff costs Staff time 2
13		 35
50
49
Office Staff time - 5
5
7
administration
Audit fees Staff time -
16		 -
16		 15
Insurance Staff time -
4
-
4
6
2
33
40
75
77
Basis of Raising
Housing for		 Relief in Total
apportionment funds
the elderly		 need 2023
£’000
£’000		 £’000 £’000
Staff costs Staff time 2
13		 34
49
Office administration Staff time -
-		 7
7
Audit fees Staff time -
15
-
15
Insurance Staff time -
6		 -
6
2
34
41		 77

The Charity has no employees (2023: nil). The Mercers’ Company, by way of a services agreement, provides staff to the Charity, the cost of which is reflected above. The Trustee has not received any emoluments or reimbursements during the year for acting as a Trustee (2023: nil). Please see note 3 for detailed analysis of almshouse running costs. £16,050 (including irrecoverable VAT) (2023: £15,000) was charged to the SOFA for audit fees.

Trustee’s Annual Report & Financial Statements 2024 | 35

The Earl of Northampton’s Charity

5 Tangible Assets

Trinity
Hospital
Greenwich
– original
almshouse
Trinity
Hospital
Greenwich
–new
almshouse
Trinity
Hospital
Greenwich
–new
almshouse
fixtures
Trinity
Hospital
Shotesham
– original
almshouse
Total
£’000
£’000
£’000
£’000
£’000
Cost
Balance brought forward at 1
April 2023 and carried forward
at 31 March 2024
2,973
6,355
57
812
10,197
Accumulated depreciation
Balance brought forward at 1
April 2023
(822)
(1,972)
(57)
(239)
(3,090)
Charge for the year
(58)
(128)
-
(15)
(201)
Balance carried forward at 31
March 2024
(880)
(2,100)
(57)
(254)
(3,291)
Net book value at 31 March
2024
2,093
4,255
-
558
6,906
Net book value at 31 March
2023
2,151
4,383
-
573
7,107

The net book values shown do not represent current open market valuations.

Trustee’s Annual Report & Financial Statements 2024 | 36

The Earl of Northampton’s Charity

6 Investment Properties

The Charity's investment properties are as follows:

1 April Revaluation 31 March
2023 losses 2024
£’000 £’000 £’000
Freehold property 1,750 (40) 1,710
Historical cost 30 30

A full external valuation was done on 31 March 2024 by CBRE Limited, who are a qualified independent firm of surveyors. There was a revaluation loss of £40,000 in the year ended 31 March 2024 (2023: nil).

7 Quoted Investments

The changes during the year analysed by fund are as follows:

1 April Movement Revaluation 31 March
2023 Purchases Sales in cash Gains 2024
£’000 £’000 £’000 £’000 £’000 £’000
General Fund 3,348 3,265 (3,364) (32) 146 3,363
Restricted Cyclical
Maintenance Fund		 1,658 1,757 (1,716) 6 78 1,783
Endowed Fund 16,953 18,989 (19,131) (10) 1,183 17,984
21,959 24,011 (24,211) (36) 1,407 23,130
Historical cost 18,855 21,352

The investment allocation at the year end was as follows:

2024
£’000 %
Equities 14,597 63.1%
Fixed Interest 6,508 28.1%
Alternatives 1,588 6.9%
Cash 437 1.9%
Total 23,130 100.0%

Trustee’s Annual Report & Financial Statements 2024 | 37

The Earl of Northampton’s Charity

Holdings of more than 5% of total investments in investment portfolios were as follows:

2024
Portfolio £’000 % of fund
General Fund Sarasin Income & Reserve Fund 3,327 98.9%
Restricted Cyclical
Maintenance Fund		 Sarasin Income & Reserve Fund 1,765 99.0%
Endowment Fund Sarasin Responsible Corporate Bond Fund 2,041 11.5%

Net investment gains on quoted investments during the year totalled £1,249,000 (2023: £1,313,000 losses).

8 Debtors

Debtors are made up as follows:

Debtors are made up as follows:
2024 2023
£’000 £’000
Dividends receivable 53 30
Prepayments and accrued income 30 25
83 55

9 Creditors: Amounts Falling Due Within One Year

Creditors are amounts falling due within one year and are made up as follows:

2024 2023
£’000 £’000
Rent received in advance 37 33
The Mercers’ Company - 11
Accruals 104 96
141 140

Trustee’s Annual Report & Financial Statements 2024 | 38

The Earl of Northampton’s Charity

10 Analysis of Funds

The net assets by funds are as follows:

Unrestricted Restricted Endowment 2024
funds funds funds Total funds
£’000 £’000 £’000 £’000
Tangible fixed assets 6,809 -
97		 6,906
Quoted investments 3,363 1,783
17,984		 23,130
Property investments - -
1,710		 1,710
Net current assets (liabilities) 1,399 (56) (15) 1,328
Total 11,571 1,727
19,776		 33,074
Unrestricted Restricted Endowment 2023
funds funds funds Total funds
£’000 £’000 £’000 £’000
Tangible fixed assets 7,007 -
100		 7,107
Quoted investments 3,348 1,658
16,953		 21,959
Property investments - -
1,750		 1,750
Net current assets (liabilities) 1,054 (41) (9) 1,004
Total 11,409 1,617
18,794		 31,820

Restricted Funds

The Restricted Funds comprise the Cyclical Maintenance Fund which includes the Extraordinary Repair Fund required by the Scheme of Management. £149,000 (2023: £155,000) was transferred into the fund from Unrestricted Funds during the year to provide for future repairs and maintenance of the almshouse properties. £160,000 (2023: £122,000) of repairs were undertaken during the year.

Endowment Funds

The Endowment Funds were established at the time the Charity was created. The investments are held to generate income and are applied in furtherance of the Charity's objects.

Trustee’s Annual Report & Financial Statements 2024 | 39

The Earl of Northampton’s Charity

11 Grant Commitments

The Charity had the following commitments in respect of charitable grants, subject to various conditions, at the end of the year (2024: £612,105; 2023: £147,876):

Programme Area & 2025 2026 2027 2028
Beneficiary Charity £ £ £ £
Older People & Housing Programme
Jubilee Almshouses, Greenwich * 2,000 2,000 2,000 2,000
St Michael's Church, Framlingham 250 250 250 250
Trinity Hospital, Castle Rising * 18,000 18,000 18,000 18,000
Trinity Hospital, Clun * 13,000 13,000 13,000 13,000
Business in the Community 10,000 - - -
Shotesham Bowls Club 2,460 - - -
North Norfolk Community Transport 31,500 32,288 - -
Age Concern Norfolk 30,000 30,000 - -
Church & Communities Programme
Your Own Place CIC - loan 50,000 - - -
Caring Together Charity 39,857 - - -
CREST 30,000 30,000 - -
Future Regeneration of Grangetown 30,000 30,000 - -
Norfolk Community Foundation 50,000 50,000 - -
The Benjamin Foundation 33,000 - - -
Total 340,067 205,538 33,250 33,250

Trustee’s Annual Report & Financial Statements 2024 | 40

The Earl of Northampton’s Charity

12 Reconciliation of Net Income/(Expenditure) To Net Cash Flow Used In Operating Activities

2024
2023
£’000
£’000
Net income/(expenditure) for the reporting year (as per statement of
financial activities)		 1,254
(1,665)
Adjustments for:
Depreciation 201
201
(Gains)/losses on investments (1,209)
1,313
Interest receivable (59)
(14)
Dividends receivable (726)
(661)
Increase in debtors (5)
(2)
Increase in creditors 1
23
Net cash used in operating activities (543)
(805)
ANALYSIS OF CASH AND CASH EQUIVALENTS
2024
2023
£’000
£’000
Cash at bank in hand 1,386
1,089
Total cash and cash equivalents 1,386
1,089

Trustee’s Annual Report & Financial Statements 2024 | 41

The Earl of Northampton’s Charity

13 Related Parties and Connected Charities

The following related parties and charities have common management and are therefore regarded as connected:

Becket House Limited (dormant) Charity of Sir Richard Whittington Charter 600 Charity Longacre Estates Limited (dormant) Maiden Trading Limited (dormant) Mercers’ Company Housing Association Mercers’ School Memorial Trust (incorporating The Merrett Bequest) St Paul’s Schools Foundation The Mercers' Charitable Foundation The Mercers' Company

The principal address of the above entities is:

6 Frederick’s Place

London EC2R 8AB

The Mercers' Company allocated overhead services to the Charity amounting to £161,000 (2023: £189,000). No funds were due to the Company at the balance sheet date (2023: £44,000). There were no other related party transactions requiring disclosure (2023: none).

Trustee’s Annual Report & Financial Statements 2024 | 42

The Earl of Northampton’s Charity

14 Grants

Listed below are all 16 charitable grants made during the year for the relief in need:

Programme Area & Beneficiary 2024
£
2024
£
Older People & Housing Programme
Age Concern Norfolk		 30,000
Business in the Community 27,800
Housing Pathways Trust 2,000
Norfolk Community Foundation 150,000
North Norfolk Community Transport
Priscilla Bacon Hospice		 30,000
20,000
Shotesham Bowls Club 2,854
St Michael's Church Framlingham 250
Trinity Hospital Castle Rising 18,000
Trinity Hospital Clun 13,000
West Norfolk Befriending 20,512
314,416
Church & Communities Programme
Caring Together Charity 43,173
CREST (Compact for Race Equality in South Tyneside) 35,000
Future Regeneration of Grangetown 35,000
Norfolk Community Foundation 50,000
The Benjamin Foundation 33,000
196,173
Total(2023: £676,682) 510,589

Trustee’s Annual Report & Financial Statements 2024 | 43

The Earl of Northampton’s Charity

Legal & Administrative Information

LEGAL STATUS

BANKERS

The Charity has registered number 210291 and is regulated by a Scheme of the Charity Commissioners dated November 2003, having replaced the previous schemes of December 1964, a variation dated March 1967 and a consolidated Scheme dated August 1982.

PRINCIPAL ADDRESS

6 Frederick’s Place London EC2R 8AB

Barclays Bank PLC 1 Churchill Place London E14 5HP

INVESTMENT MANAGERS

Sarasin & Partners Juxon House 100 St Paul’s Churchyard London EC4 8BU

PROPERTY MANAGEMENT

Knight Frank 55 Baker Street London W1U 8AN

INDEPENDENT AUDITOR

Buzzacott LLP 130 Wood Street London EC2V 6DL