CHARITY REGISTRATION NUMBER: 211424 Lowestoft Church and Town Almshouse Charity Financial statements 5 April 2023
Lowestoft Church and Town Almshouse Charlty Flnanclal statements Year ended 5 April 2023 P*g• Twustees. anrbual rtport Ind8p8Nlonl auditoffs ret lo the tntste8s Statement of financial activities 10 Balance sheèt 11 Slalenwnt of cash flows 12 Notes lo the financial staloments 13
Lowestoft Church and Town Almshouse Charity Trustoes. annual report Year ended S Aprll 2023 The trustees psent their report and th8 financial stolemènts of the charfty for the ye8r ended 5 April 2023. The financial Ststements have been prepared in accordanco With th8 accounting policies s81 out In note$ io the accounts and comply wilh the charstrfs goveming document. th8 Charities Act 2011 and Accounting and Reporting by Charities.. Stat8m8nl of Recommended Practice applicablè to charities preparing their accounts in 8¢cordance wilh Ihe Financial Rep¢Jrting Standard 8pplicable In the UK and Republic of Ireland published in Octobor 2019. Rerenc* and admlnlslratlvo d•talls Raglst•r•d charity name Lowestoft Church and Town Almshouse Charity ChaTIty reglstratlon numb•r 211424 Prlnclpal offlce 148 London Road North Th• trust••s The trustees vtho $wv8d duriro the year 8rKI at the date of approval were as follows: Mr R Stebbings- Nominative l Ex Officio (Chairman) Mrs J Collins - Co-optstive Miss G P Buckley- Cowoplative P Shaw- Ex Officio Mrs M Ecd85- Co-Optaliv8 Mf P Knight- Nominative Mlss R Patt&rson - Nominative Mr8 E Youngmon- Nominative Mr M Gall- Nominative Mrs A Battrick- Crpoplalive Mr5 C Leech - Nomin81ive Mrs G Battrick- Nominativ8 R8v S Stokes- Ex Offi¢0 (Appointed 08/0023} Cl• Mr M Breeze Norton Peskgtt Solicitors 18 Chur¢h Plain Great Yamiouth NorfoN( So¢lal laDdlord r•f A1160 Audltor Lov8w811 Blak? LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Busin8ss Park Norwich NR7 OLB 8ank•r8 Barclays Bank Pl¢ 61 London Road Norlh Lijwestoft Suffolk NR32 1LT
Low8Stoft Church and Town Almshouse Charfty Trustees. annual report (Cl114* Year ended 5 April 2023 sto¢kbrokers Barrett & Cooke 516 Opie Street Nornich Norfolk
Lowestoft Church and Town Almshouse Charity Trustees, annual report (¢ofttlnu•dJ Year ended 5 Aprll 2023 A¢tMtI•s Purpos•s and alms Our Charivs purposes are to benefit the public by prowding Almshouses to provKle accommodation for Ihe poor and eldeY of Lowesloft. Ensurlng our work d•livws our aims We review our aims, objectives and adiwties each year. This review looks al what we achieved and lh9 oulcomey ol OUT work in th8 previous 12 mnths. The review looks at the svcc8ss of 8ach key activity and the bonefils they have brought to those gr(wps of people we are sel up to help. The rewew also helps vs ensure our aim. objectives and acliviliès remained focused on our stsled purpose8. We have referred to ihe guidance ¢ontained in the Charity CommisSn,5 general guidance on public benefit when reviewing our aim and oty8cliv8s and in planning our future aclivilies. In parbcular. the Trustees considèr how planned acliwties will conlribule lo the aim$ and obj'edives they have set. H>w our a¢tlvltl•$ d•llver publlc b•n•fit Our main activities and who w6 try lo help are t1e8crlbed akne. All our charitable actiwlies focus on providing accommodation for the PCQT and elderfy of Lowesloft. The Lowesloft Church and Town Almshous8 Charlty admlnlsters a complex of 68 almshcJ5es th 2 unlts of wardens accommodatton. ObJ•ctlvès and *ctlvltl•s The charity has a poliw of witinual repairs and improvernts lo the Church Green almshouse with a vlew to upgrading the accommodation lo able to provide a far greater residential area to ben8fil the occupants. The charity have adopted a policy of adding bedrooms to bed-sit a¢wmmodat#?n possible. Alm$ and stratsgl•s As properties b8coThe unoccupied they are refU1$hed as necessary and the charity aims lo witinue with the ongcing b8&sil conversion. Charws ach10M•nts In r•latlon to alms for publlc b•n•fft All residents who wsh lo have walk in Showers now have these installed. Ongoing maintenance and decoration of Iho wto ha$ b8en carri8d out to maintain the high standard of accommodation provided lo the beneficiaries of the charity.
Lowestoft Church and Town Almshouse Charity Trustees. annual report (conllnwd) Year ended 5 Aprll 2023 Achl•v•m•nts and porlornian Th8 charity is about to embark on a conversion of thT88 bed sil ftats into on6 b8droom flats, expecled to be mpleted in Summer 2023. The charity contlnu8s wlth Its g8neTal repalrs and Improvements al Ihe Chursh Gretrn almshouses with a view lo upgrading the 8ccommodalion. The Charity also has plans when lunds are available lo undertake signrfrcanl bulldw0$ to th& thr88-Storey block of fftals lo add bedrooms lo three bèdsil properties. As a result of Changes to Building Regulalions foll¢)wing the Greenfall tragedy, these works will involve complete rerrKrfl8lling of the three flats and will be al a significant cost. This has Cufrenuy been delayed due to current high build costs. The charity also hopes lo exlend the common room facilities now that tt)ore are Sixteen new resident bungah)ws from the Phag0111 development. Flnancial r•vi•w The results of the Charity are sel out in detail on page 9. R•sèrves Poll¢y Thè unrestricted rè#•rv•s aro used to finance the charity on a daily basts. Thg res@rv8s ar8 régula revw4ed by the Trustses in order lo 8n8ure th8t there is enough funding availa0 for th8 charity lo continue in the fofeseeable futurè. Designated funds vthich represent the Exlraordlnary Repair Fund were previously reduced lo £Nil as Ihg fund was fully lI1$ed lo finance thts Phas8 111 developnwnl at th8 Longs Dairy Site. The Charity has previously made Bnnual contributions to this fund in the sums advised by the Almshouse Association. The charity has m8intainod ils buildings regulady arKI as required, it has not been necessary to make 8 withdrawal from the Exlraordinary Repair Fund for sorn years. Sinc8 completion of Ihe Phase 111 development, the annual contributions have commenced once again lo build up the reserve to financ6 substsntial and exlraordinory repairs or future devèlopments. There Is in anv)unts recommended by the Almshouse Association. Structur•. goV•fnan and manag•m•nt Trustees are eithgr nominated by Lowestoft Town Council. Ouwon Broad Parish Council or Sl Margar81's Parochial Church Council. Cowopled by existing Irusle8s or are ex-officio. The Trustees meet on a bi-monthly basis to monllor the results and progrgss of ihe charity with a Mew to maximising the benefrt Ihey prowdg to other5. Risk Managem•nt The Iruslees have assessed the maTr)r risks lo M¢h the charity is expos&Y and are satisfied that there are systems in place to mitigate those dsks. Trust••s' rpOnsIbl11110* $tatsmgnt The trustees are rosponsible for preparing the trustees. report and lh8 financial ststemenl8 in accordance with applicable law and United Kingdom Acnting Stsndards Iuniled Kingdom GerrallY Accepted Accounting Practlcel. The law applicable lo charities in England and Wales requires the trustees lo prepare financial statements for 8ach year whith give a true and fair view of the state of affairs of the charity and ol the incoming resources and application of resources, of the tharity fry Ihat period.
Lowestoft Church and Town Almshouse Charlty Trustees, annual report (ronlh•u•d) Year ended 5 Aprll 2023 In prepadng Ihese financiol statements. the ITL85 are required to: select suitable countI3 polici8s and then apply them tt*nsisl8nlty,' observe the methods and principles in Ihe Charili8s SORP 2019 IFRS1021,' m8ke judgemnts and e81imales Ihal are rgasonable and prudent" slate wheth8r applicable UK accounting standards have been followed, subject to any material d8partur8s disclosed and explained in the financial slatemonts., prepare the financial ststemenls on the going concom basis unless it is inappropriate to presumè that the charity will continue in operation. The trustees are responsibl8 for keeping adequate accounting T8cord5 that are sufficient to show and explain tho charity's tran$a¢lions and disclos8 With reasonable accuracy al any lime the financial posS1ion of the charity and enable th8m lo ensure Ihat the financ4al statenIS comply with the Charities Act 2011, the applicatle Charities (Accounts and Reports) Regulabons, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of Ihe charity and hence lor tsking reasonable steps for the Pl8vantion and d8t8ction of fraud arKI other irregularities. The trustees, annual report was approved on trustees by: arKI sHJneil behalf of the board of Mr R Slebbings- Nominative l Ex off0 IChaim8nl Trust8e
Lowestoft Church and Town Almshouse Charity Independent audltorfs report to the trustees of Lowestoft Church and Town Almshouse Charlty Year end•d S Aprll 2023 Opinion We have audited the financial stslemenls of Lowesloft Church and Town AJmshoLJS8 Charity lihe 'charily') for the year ended 5April 2023 which comprise the statement of financial actiwties. balance she81, Stalemanl ol cash flows and the r8lated notes, including a summary of signifunl accounting policies. The financial reporting framework that has be8n appli8d in their preparation is applicable law and Unitod Kingdom Accounting Stsndards, includiro FRS 102 The Finan81 Reportlng Standar(l applicable in the UK and Rèpublic of Ireland (Unitod Kingdom Gener811y Ac(*pt6d Accountlng Pr8Ctlcel. In our opinion the financial statements.. give a true and fail view of the state of the charivs affairs as al 5 April 2023 and of ts incoming r6$0urcès and application of resourc8s, including its irthme and expenditure, for the year then ènded,. have boen propedy wepared in accordancg with Uniled KIngdTh Gen8rally Apted A¢counlirwJ have been prepared In accordance wSlh the requlremenls of the chalIeS Act 2011. 8aBlJ for oplnlon We conducted our 8udlt in accor(lance wllh Inlemational Slandafds on AuditSng IUK) IISAS IUK}l and applicable law. Our responsibilities under those stsndards aro further described in the audilorfs responsibilities for tho audil of the financial ststem8nts section of our report. We are indgpend8nt d tha charity in accordance with the ethical requirem8nts that a rolevanl lo our avdii of the finanei81 ststemènls n the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilili8s in accordan with these requirements. We believe that the audit 6videnc8 we have obtsine(l is Sufficient and appropriate to Provid8 a basis for our coinion. Conclu$ionJ relating to golfftg concern In audiling the financial stalem8nl$. wo have conduded that thg tru$lg9s' u$8 of th8 going concem basis of a¢¢ounlirwJ in the preparation of Iho finanoal statemnts is aFprowiat8. Base(l on the work we have perfom8d. we have nol id8ntif19d any material uncertainti8s relatsng to events or conditions that, individually or collg¢tively, may cast signtficanl doubt on Ihe ¢hartW$ ability lo ¢ontinug as a going concem for a period of at least Iwelve months fmm whon tho financial stat8m8nts ar& aulhoris8d for issue. Our responsibilities and the respon8ibilitses of the trust883 with respect to going concam are described in th8 r8levanl soclions of this report.
Lowestoft Church and Town Almshouse Charlty Indendent auditorfs report to the truste•s of Low•stoft Church and Town Almshouse Charity {¢onllnu•dJ Year ended 5 Aprll 2023 Olhw infomi*tion The olher infomalion mpriSeS the Infomiation includgd in tho trustees annual report, ¢)ther than Ihg financial statements 8nd our xudttols rèport thrn. Th8 Irust88s ar8 rèsponsible for th8 othèr information. Our opinion on the financial ststemenls does not cover the other infomalion antl. except lo Ihe extent olhepHise explicitly slated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of th8 financial statèments, our r8sponsibility is to read the other information and, In doing so, o)nsider whether the olher inf0m)atn is materially inconsislenl with the finanaal slal8ments or our knedge obtained in the audit or OtheSe appears to be mat8rially missta18d. If wo identify such material incon5islencies or apparent material misslalemenls, we are requirod lo delormino whether there is a material misstatement in the financial slalements or a material misslatemenl of the other information. If, bas8d on the work we have performed. we tsjndude Ihat therè is a m8terial misstatemènt of Ihls other infom110n. we ar8 required to report that facl. We have nolhiro to rew)rt in this regard. Matt•rs on whl¢h w• arg rgqulr•d to r•port by oxc•ptlon We have nothing to r6POrt in rèspect of Ihe following matters In relation lo which the Charlties (Accounts and R8POrts) Rogulations 2008 require us lo r8POrt lo you if, in our oplOn.. the infomalion given in the financial stalem8nts is incon$i$lonl in any material r8sped with the trustees. report., or the charity has not kept adequate accountSng records; or the finan¢ial statements aro Tr)1 in agreement with Ihe accounting records and relumg.. or we have Th)t received all the infommtion and expbanalion$ we require for our audll. R•sponslbS1111os of Iruslees As explainèd ftre fully in the truste88' r8sponslbililles statement, Ihe truste8s are r8swnsibl8 for the preparation of the financial statements and for boing satisfied that they give a INe and fair view, and for such inlemal control as the trusl8es determine is necessary lo enatAe the preparation of fin8naal statements that are free from material misstatement, whether due lo fraud or error. In preparing Ihe financial stat8m8nls. the trust88s ar8 rnsponsibl8 for assessing tho charivs ability to continue as a going concem, disdosing, as applicable, matters related to going concem and using the going ¢on¢em basis of accounting unl8ss th8 INstees eilhor intgnd to liquidate the charity or to cease operations, or have no realisti¢ allern8tiv8 but lo do so.
Lowestoft Church and Town Almshouse Charity Indepondent auditorfs report to the trustees of Lowesloft Chur¢h and Town Almshouse Charity (¢onllnu•dJ Yoar ended 5 April 2023 Auditofs r•spon$lbllltlu for th• audlt of th• flnancial st•t•m•nts We hav8 b88n appointed as audttor under section 144 of the Charities Act 2011 and report in accoTdarKe wilh regula1n$ mada und8r soclion 154 of Ihat Act. Our obieclives are to obtaln reasonable assurance about whether the financial stslements as a wholo are free from material misstatement. whether due lo fraud Of error. and lo i$$ue an audilof's report that inclLKles our opinion. Reasonable assurance is a high lev81 of assuran¢8, bul is not a guarantee that an audit condueled in accordance with ISAS (UK) will 81ways delect 8 material misslalement en il exi515. Misstatements can arise Irom Iraud or error and are considered materfal If, individually OT in the aggr8gatg. th6y could reasonably be expgcted lo influence Ihe economic decisions of users taken on the basis of theso financial stslemenls. Irregularities, inclLbJing fraud. aro inslanca8 of non-compliance vith laws arKI regulations. We design procedures in line wlh our respon5ibililies, outlined abowj. to det1 mat&rial misslalements in respect of irrggularib&s, including fraud. The exlenl to whkh our procedures are Capable of detecting Irregularit$. includlng fraud is detailed below.. Enquiry of management and those charged wth governance. Enquiry of entity staff complianGe funthns to identify any instances of non-compllanco with laws and regulation5. Performing audit work over the risk of mana9em8nl override of controls. including reviewlng purchaso invoices to ensure they are authorised. Because of the inherent limitations of an audit, there is a risk Ihal we will rKsl detect all irregularities. including those leading lo a material misslal8ment in the financlal slat8m8nls or non-compllance with r6gulation. This risk increas8s th8 nre that compliance with a law or regulation is removed from the events and transactions reflected in tho finanual Statements, as we will be less likely to bec)8 awar8 of instances of non-compliance. The risk is also greal8f regarding irregularitie$ occurring due lo fraud ralhor than error, as fraud invofvs inlenlion81 eoncgalm8nt, forg8ry, collusion, omissitin or misrepresentalion.
Lowestoft Church and Town Almshouse Charity Indendent audltorfs report to the trusts•s of Low•stoft Church and Town Almshouse Charity Year ended 5 April 2023 A further description of our responsibilities for the audit of the financial slalements is located on the Finanaal Reporting Counol's website al vM¥.frC.org.ukJaudis9sp0n$ihil1th&S. This description fomis part of our auditor's report. U•• of our r•port This report is made sOty lo chaiiV8 trusteès. as a body, in ac(y)rdance with seclion 144 of ihe Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has beèn undertaken so that we might slate to th8 tharity's truslo8s those matt8rs we are r8quir8d lo stat8 to Ihem in an auditorfs report and for no other purpose. To the fullesl exlent pemiittgd by law, we do not aept or assume responsibility 10 8nyone other than the tharity and ihe charitys Iru8le8s as a btxfjy, for our audit work, for this report. or for the opinions we have fornied. Mark Proctor FCA DChA (Senior Statutory Audilorl For and on b8haW of Lovewell Blakg LLP Chartered accounlanls & statutory 8udilor Bankside 300 Peachman Way BToadland Business Park Norwich NR7 OLB 0210812023
Lowestoft Church and Town Almshouse Charity Ststsment of financial a¢tivili¢s Year ended 5 Aprll 2023 2023 Restricted funds Total funds 2022 Unrgslricled fvnds Total funds Not• Incom• and •ndowm•nts Charitsble activilies Investment income 353,176 323 353,176 323 416,043 236 Totsl Incom• 353,499 353.499 416,279 Expendlknrg Expenditure on charitablè activibes Tot*1 •xp•nditur• 1227.7411 1227.7411 1227,7411 1227.7411 1224,783) 1224.783) N•t Ie and n•t M0Ments In lund# b•for• galns and loss•s on Inv•stm•nts 125,758 125,758 191,496 Nel galns on investments 1,148 1,148 13,047 N•t Inwn• b•for• transf•r of funds 126,906 126,906 204,543 Oth•r rn¢ogni$•d galn$ and lo$• Gains from revaluation of fed assets 573,220 573,220 410.777 Ntt movemènl in funds 700,126 700.126 615.320 R•conclllatlon of funds Totsl funds brought fonvard Total fvnd$ ¢arrl•d fonvard 7,503,373 8,203,499 480,0 480,0(XJ 7.983,373 8,683,499 7,368,053 7,983,373 The statsmonl of financial actiwties includes all gains and Ios86s rocogni8ed In the year. All incom8 and expenditure derive from continuing activit5. Th• not•8 on pag•s 13 to 21 forffl part of th•8• ftnan¢l•l stat•ments. 10-
Lowestoft Church and Town Almshouse Charity Balan¢• sheet 5 Aprll 2023 2023 2022 Mot• Fixéd ass•ts Tangibl8 fixed assets Investments 12 13 8.501.0 114.623 7.908,941 113,475 8.022,416 8,61 S,623 Currnnt assets Debtors Cash al bank and in hand 14 5,327 480.096 7.527 334,352 485.423 341.879 Credltors: Amounts falllng du• wlthln ono ar 15 {61.1551 131.9101 N•t ¢urrnnt asuts 424.268 309,969 Tolal assets IOBB cwf•nt Ilabllltlgs 9,039,891 8,332,385 Cr•dltors: Amounts falllng du• aft•r mpr• than ong ar N•1 a$s•ts 16 1356.392> 8.683.499 1349.012} 7.983.373 Funds of the charlty Restn'cted funds Unrestricted funds.. Revaluation reserve Other unrestricted Incon fvnds 480.OfXI 480,000 4.441.765 3,761,734 8,203,499 3,868,545 3,634,828 7,$03.373 Total unr•strict•d fvnds Total charlty funds 18 8,683.499 7.983.373 Tho ancial st8temenls were approved by the board of trustees and aLthorised for issu8 on and are signed on behalf of the board by". Mi R Slebbin9s- Nominative l Ex 01r0 (Chairman) Mr5 J Collins- Go-QPtative Trustee Trustse Th• notes on pag•$ 13 to 21 ft*rni part of Ih•M Ilnancl•l stat•m•nts. 11
Lowestoft Church and Town Almshouse Charity statement of cash flows Year onded 5 Aprll 2023 2023 2022 Cash Ilow$ from opratlng •¢ll¥ltl•s N81 Irme 126.906 204,543 Adjustments for.. Net gains on investments oth&r interest receivable and similar incom Intorgst payable and similar charges Accrued expenses (1,1481 13231 18.304 29,245 113,047) 1236) 21,814 Changes in.. Tr8d8 and other debtors Trade and other creditors 2.200 7,380 182,564 11,5771 11.7351 209.762 Cash generated from operations Interest paid Interest received 118,3041 323 121.8141 236 Nel from op9ratin9 actiwties 164.583 188,184 Ca$h flows from Investin9 a¢tlvlll•$ Purchase of tangible assets Purchases of 0th8r Inveslmonts 118,839) {22.4911 {34.3401 156,8311 Nel cash used in invesling activllles 118,8391 N•t incr•so In ¢•sh and cash •quivlents Cash and Cash •qulYal•nts at beginnlng of yr C•sh and cash equlvol•nts at •nd of #r 145,744 334,352 480,096 131.353 202.999 334,352 Th• notss on pag•s 13 to 21 form part of th•se financlal 8lat•m•nts. 12-
Lowestoft Church and Town Almshouse Charity Notes to th• financial statsments Year ended S Aprll 2023 G•n•ral InfornitioTh The charity is a public benefit enllty and a registered charity in England and W81és and is urincorporaled. The address of the principal office is 148 London Road North. Stat•m•nt of ¢omplSan¢• These financial ststgments have been prepared in (pIlarE with FRS 102, The Financial Reporting Standard applicablo in the UK and the Rewbllc of Ireland.. the Ststemenl of Re¢ommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (charit5 SORP {FRS 10211 and lh8 Charities Ac12011. Accountlng Wicies la) Basis of pr•paration Th9 financlal stslem8nts have been prepared on Ihe historlcal cost basis. The flnancial $taterfftnts are prepared in sterling, which is the funclional currency of Ihe entity. (bl fjolng conc•rn The chariV$ obillty lo continue to operat8 as a goiro conc8m relie8 on the r8nlal in¢ome from residen15 of their almshouse5. There is no reason for the Truste&s lo conslder that the numbèr of residents would fall lo Such an gxlenl that the going concem status of the charity would be brought into qu8slion, nor a there any other material uncertainlies abwl the charitys ability lo continue as a going con¢em. The Charity has improved ils cash p)silion (Juring the financial year lo the extsnt Ihat it now has enough castt lo cover a full yearfs worth of expenditur8. In addilion the Charity has tho support ol the Lowesloft Charlty Board. a charity that shares the samg trustees and has thg samo aims and obl'ecttves. Lowosloft Charity Board hold a significant investment portfolio which coukl be 88sily liquidated were cash flow to b8come a signrfic8111 issue for eith8r charity. The Trustees have a r88sonable expectation that the Charity has adequate resources to ¢¢)ntinue in operational existence for th8 foreseeable fulure, thus they continu8 lo adopt the going concem basis in preparing the financial statemgnts. l¢} Judg•m•nts and k•y sour¢•s of •stlmatlon uncertalnty The preparation of the finanGial taloment6 requires fflana9evwnl to make jud9ernents. estimates and assumptions that affect th8 amounts reported. Those estimates and jL*Jg8menls are continually reviewed and are based on expgrK9nce and other factors, including expectations of future events Ihal are beIved lo be reasonable under the t1M$tances. Accounting estimat8s and assumptions aro made conceming the fulure and, by their natur8, will rarely equal the related actual outcome. The financial slalements includ8 judgements (apart from tho30 involving estimations) that managomenl have made in Ihe process of applylng the entity's accounting poli¢ies. Th& judgements and estimation unc&rtainty that may have 8 significant risk of causing a material adjustmènt to the carryng amounts of assets and liabillbes within the nexl financial year are as as follows.. Propety valuation - Freehold property is recorded al valualK)n and revalued gvery 3 years. Such value requirès the application of judgement wlth regèrd to Ihe nature of such property tsking into account factors specific to Ih8ir sp81i81is6d nalure. An independent valuer is Lrtilised to provide an estimate of the fair value for financial Statement purposes. Note 12 prowdes mor8 infom)alion tsjncerning lh8 valuatlon of such prop8rties. 13-
Lowestoft Church and Town Almshouse Charlty Notes to th• flnancial statom•nts I¢4•d) Year •nded 5 April 2023 Ac¢ountlng pollti•s (¢o•thN) Id} Fund a¢¢ounling Unrestricted funds are av8ilabl8 for use at the dl8crelion of the trustees to furth8r any of th8 charitys purposes. Unrestricted funds indud8 a revaluation resem r8presenling the rnslatemenl of inv8Stmenl assets at Maet valu&s. Des6gnaled funds are unrestrict8d fvnds earmarked by lh6 trustees for parbcular purposes The Extraordinary Repair Fund consists of moni8$ which have been set asid8 by the Trust8&s lo meet th8 cost of extraordinary repairs. All Income is induded in the statement of finanaal 8ctiwties whgn enlmemgnl has passe¢J lo the charFty. it is probable that the gconomic benefits associated with th• transaction will flow to the charity and the amount can b8 r81iably m88surod. Thg followng spooific pdlcie8 are applied to particular calegorios of income.. - bank intorest is included on an accruals b8Si8. - dIdendS are included when they are dedared. Exwnditur• Expendilurg is recognised on an accnJals basis as 8 liability is incurred. Expenditure includes any VAT which cannot be fully re¢overgd. and is classffied under headings of the slalement of financial actlvities lo which 51 relates: Charitable activities comprfse those costs inojrred by the charity in the delivery of Its activiti8s and 58Nces for its benefiuaries. It indudes bolh costs that can be allocatsd directly to such actNilies and those costs of an indiiect nature neSSary lo support them. Goveman¢g o)sts Indulde those costs associated with meeting th8 constitutional and slatutory requirements of the charity and include tt)e audit fees and costs Ilnked to thg strategic managgment of the charity. - The cost of repairs and maintenance are recfrJnised when a binding obligation lo incur gxpendilure is entered Snto. Improvem8nls lo properties which atdt1 value lo th8 propee$ or substantially lenglhan the proporti¥s useful life are ¢apitalised as fixad assets. Repair items whiGh Involve the replacement or renewal of items within the fabric of exi$tin9 buil(liThJ but do not add valu8 to the propety ore written off 88 incurred. Ig} Tanglblo ass•ts 11 Freehold property is revalued every three years and the aggr8gale Suwplus Iransfewed lo revaluation resèrve. The amount by whith the valuation of individual properties is less than their cost and clSlered to be permanent is char9ed to th8 income and 8xp9ndilure account. 2) No d8pr8cialion or anv)rbsatM)n is provided in respect (rf fre8hold property. 11 is the policy of the Trus¢ee8 to maintain all tho properties lo the highest standard through regular maintenance and repair. This rgsults in both a very long economic Ilfe and estimaled residual value such that any depreciation and a¢cumulaled depreciation would be immaterial. 14-
Lowestoft Church and Town Almshouse Charity Not•s to th• financial statements {¢onUnii•dJ Year ended S Aprll 2023 A¢countlng pollcles {¢ondmMLIJ Ihl Invo4trn•nts Unlisted equity Invoslmonls a initially r8corded 81 cost. and subs8qu8nlly m88surÈd at fair valu8. If fair valLt8 cannot be reliably asured, assets are measured al Cost less impaiment. Listed investments are measured al fair value with chang8s in fair valuo being recognised in in¢ome or expenditure. 111 Impairnient ot fix•d A review for indicators of impaiTm8nt Ss ¢8rriod out at each reporting data, with the r0verable amount being eslima18d wh8re such indicators gxisl. Where the carrying value exceeds the recoverable amount, th8 asset 18 Imp8ired accordingty. Prior impaimients are also reviewed for possible rev8rsal at each reporting dale. For the purw)s8s of 1mpairrrnt testing, whon il is not possibl8 to estimate tho recoverable amount of an individual asset, an estimate is made of th8 recovèrable amounl of th8 cash-generaling unil to which the asset belongs. The $h-generating unil is the smallest identifiable group of assets that includes the asset and g8n8ratss cash inlow5 that largety indopendenl of the cash inflows from olher assets or groups of ossets. Fln•n¢l¥l IMtrum•nts A financial asso1 or a financial liability 15 ronIsed only when the entity becomes a party to the contradual provisions of the in5trLFm8nt. Basic financlal Instruments are initially reccgnlsed al thè amount recoivablè or paable including any relalod Iransaclion costs. unloss th8 arrangement constitutes 8 financin9 transaction. where il is re¢(vJnised at the present value of the future payments discounlgd al a matkel ralè of interest for a similar debt Instrument. Current assets and curronl liabilities are subsequently measure(l at the cash or othèr consid8ratn expected to be paid or rfj¢oived antl not discounted. Ik) D•fin•d contrlbution plans Contributions to defined ¢ontribution plans are recogni8ed a8 an exponse in tho Tiod in which the related service is provided. Prepaid contributions are r8c(yJnised as an asset to tho extent that the prepaym8nl will lead to a reduction in future paymgnts or a cash refurKI. When contributions are not 8xp8ct8d lo be settled tholly within 12 mnths of the end of the rnporling dale in which the employees render m18ted service. th8 liBbility is measured on a discounted present value basis. Th8 unwinding of th6 discount is rocognised as an expense in the period in which ti arises. 15-
Lowestoft Church and Town Almshouse Charity Notes to the financlal stat•m•nts {ronlthuod) Year •nd•d S Aprll 2023 Charitsbk actlvltl•$ Unreslricled Total FundB Unreslrictsd Total Funds Funds 2023 Funds 2022 Rent received Contribution51osl from volds ic8 charge received 335.905 1511} 17.782 335,905 1511) 17.782 431.921 {27.672) 11.794 431,921 127,672) 11,794 353.176 353,176 416,043 416,043 In¥tMent Incomè Unre$tri¢ted Total Funds Unrestriclod Total Fund8 Funds 2023 Funds 2022 Investment incom8 323 323 236 236 During the year ended S April 2023 £Nil12022.. £Nill in¢orn from Investment In¢fie wès attribLrtablg lo restricled funds. ExpBndllur• on charltablo actlvltlos Unrestricted Total Funds Unrestriclod Total Funds Funds 2023 Funds 2022 Salaries Pension conlllbutions Council lax Window cleaning Repairs & maintenance Water ral8S Insurance Light & heat Telephone Support costs 33,134 5,307 7,472 33.134 27,372 27.372 5.307 5,307 5.307 7,472 134 134 5,364 3.576 3,576 73,657 70,658 70,658 7,138 21,403 21,403 4,872 4.464 4,464 37,891 25.752 25.752 4.173 3.197 3,197 48.733 62,920 62,920 227.741 224,783 224,783 Durlng thè years gndgd 5 Apr 2023 and 5 April 2022 all expenditure for charftsble activities was unrestricted. 73.657 7.138 4.872 37,891 4.173 48.733 227.741 Support costs Charitablè activities Totsl 2023 Total 2022 Interest payable Gener81 expenses Management and professional legs Axthilects fees 7.380 10.924 10.948 19,481 48,733 7.380 10,924 10,948 19,481 48.733 7,415 14.399 19,072 22,034 62,920 -16-
Lowestoft Church and Town Almshouse Charity Notes to the flnanclal stat•m•ntS feonthJu•d) Year ended 5 Aprfl 2023 Support costs (¢onllnu•dJ During the year8 ended 5 Apr 2023 and 5 Aprll 2022 all expenditure for Charitable activibos was unTestricled. Hou$lng accommodatlon unlts The number of units of 8c(xYnmdation for the year in relation lo Almhouses was 6812022.. 681. Audllors r•mun•ratlon 2023 2022 Fe8s payable for the oudit of the financial ststements 5,350 5,670 10. Staff cost5 The total slaff costs and èmploy80 ngrits for the reporting period are analysed as follows: 2023 2022 Wages and salaries Employer contributions to P8nsion plans 33,134 5,307 38,441 27.372 5.307 32,679 The average h8ad Unt of employees during the year was 212022.. 2). Thè averagg number of full- time equivalent employees during the year is analysed as follows: 2023 No. 2022 No. Wardens No employe8 recelved employee benefits of more than £60,000 during the y8ar12022: Nill. 11. Trust•• r•mun•ratlon •nd •xp•M•s No remuneration or other bonefils from empk)ym&nt wtth thg Charity or a relaled enUty were r8c8ivod by the trustees. .17-
Lowestoft Church and Town Almshouse Charity Notes to the flnancial stat•mentS {¢onthJu•dJ Year ended 5 April 2023 12. Tanglble fixed tsx•ts Long Daty Almshous• Total Cost or valuatlon Al 6 Apri5 2022 Additions Revaluations 5,058,850 18,839 (86.6891 4,991,01)0 2.850.091 7,908,941 18.839 573.220 659.909 At 5 Aprll 2023 D•pr•clatlon At 6 Aprll 2022 •nd 5 Aprll 2023 Carrylng amount At 5 Aprll 2023 At S April 2022 3,510,000 8,501,000 4.991,OiXJ 3.510,0110 8,501,000 7.908.941 5,058,850 2.850.091 Both the Amhouses and the Long Dairy Site represènt th8 charitys interest in freehold property. The AIMhou$ were prof8ssignally rovalue(l at £8,501.1 by East CorNn8rical Chartered Surveyors as al 5 April 2023 on the basis of open market valuo. On a historical cost basis. the hislorlc81 cost of all assets is £4,078.074. There is a legal charge over some of the charity's frgehold woperty in relan to th6 loan from I nngcled charity. 13. Inve8lm•nts Oth•r Investmonts Cost or valuatlon Al 6 April 2022 Additions Other m¢)voments 113.475 1.148 At 5 Aprfl 21123 Impalmiont Al 6 Aprll 2022 and 5 WI 2023 Carrylng amount At 5 Aprll 2023 At 5 April 2022 114,623 114.623 113,475 l inv9Stmonls shown abovg are held at Valuatn. All the above investments are Ibstsd on a recognis8d stock exchange. 18-
Lowestoft Church and Town Almshouse Charity Notes to the flnanclal statements fcoftrtlnu•d) Y•ar ended 5 Aprfl 2023 14. D•btors 2023 2022 PrepayThnts and accrued income Oiher debtor8 1.084 4.243 1.084 6.443 5.327 7,527 15. Credltorn: Amounts falllng du• wMhln on• y•ar 2023 2022 Tfade credllors Accruals and deferred inco Amounts owed to ¢onngctod charlty 2.846 38,309 20,000 20,000 61,155 31,910 16. Cr¢dltors: Amounts falllng du• aft•r mow• than on• y•ar 2022 2021 Amount fhwd lo connectthj charity 356.392 349.012 There is alggal charge over som6 of the ¢harty's freehold prcyorty. The ¢olal amount of securèd liabilities due aftèr 5 years armjnts to £298,O¢XI. The applicable interest rate is 2% and interest payable for the year was £7.38012022: £7,415). 17. P•nslons and oth•r post rellromont ndIts D•fin•d ¢ontrlbutlon pl•ns The amount recognis8d in income or 8xpenditure as an 8xp8nse in relation to defined conlribuli¢)n plans was £5.30712022'. £5,307). 19-
Lowestoft Church and Town Almshouse Charity Notes to tho flnanclal statements (¢onthiu•dJ Y•ar ended 5 April 2023 18. Anatysls of charltable fund¥ Unrèstrict•d funds At 6 April 2022 Gains and loss8s 5 April 2023 Income EndIture Transfers General funds Designated Fun Revaluallon reserve 3,534,4 100,428 353,499 1227,741} 1,148 3.661,306 100.428 3.868,545 573.220 4.441,765 574,368 8.203.499 7,503,373 353.499 1227,7411 At 6 April 2021 Galns and losses 5 April 2022 Inme EXprllUre Transfers General funds Designated Fund Revaluation reserve 3.364,197 66,088 416.279 1224,783) 134,340} 34,340 13.047 3,534,400 100,428 3,457,768 6.886.053 410.777 3.868,545 423.824 7.503.373 416,279 1224.7831 R•strlcted lunds At 6 April 2022 Gains 8rKI At losses 5 April 2023 Incom8 Expenditure Transfers Restricled funds 480,000 480,000 Al 6 April 2021 Gains and At Ios58s 5 April 2022 IrKom8 Expénditure Transfers Reslricled funds 480,000 480,000 The designated fund ropresents the movements for the year on the Extraordinary Repair Fund. Th6 purpose of the fund is lo allow for the regular maintenance of the Charity's buildings. -20-
Lowestoft Church and Town Almshouse Charity Notes to th• flnan¢lal statements {conthii•dJ Year ended S Aprll 2023 19. Analysis of n•t assets b•iw••n funds Unreslridod Funds Re8lTiCted Totsl Funds Funds 2023 Tangible fixed assèts Inveslm&nts Current assets Creditors grealer than 1 year Net •ss•ts 8.021,0(K) 114,623 424,268 {356.3921 8,203,499 480.000 8.501,000 114.623 424.268 1356,3921 8,683,499 480.000 Vnrestrlcled Funds Restrictod Totsl Funds Funds 2022 Tangible fixed assets Investments Current assets Creditors greater than 1 year Not •ss•ts 7,428.941 113.475 309,969 1349,012) 7,503.373 480,000 7.908.941 113,475 309.969 1349,0121 7,983.373 480.000 The restrbcted fund relalas lo a grant from Hom8s England for the dovelopment of thg Longs Dairy Sile and is repT&8enled by fr88hold property. The balance has remained on reslriclgd fvnds du8 to ongoirvJ reslriclions on the uso to which the propety funded by the gIt cén b& pul. 20. Analys1$ of chang In n•t dabt At At 6 April 2022 Cash flows S Aprll 2023 Cash at bank and In hand 334,352 145.744 480,096 21. R•latsd parti In 2013. th8 Lcwestoft Church & Town Estale Chaiity. 8 ¢hÈrty which shares the same Irusto8$ a5 this charity. provided a loan of £315.1)00 lo Ihe charity lo lund the acquisilion of the Longs Dairy site. An informal loan was also issued en Lowesloft Charity Board Open a new separate t)ank account and 18ft some of ils funds in the chadty's bank account. Al the balance sheet date £376,39212022.. £369,012) was due to Ihe Lowesloft Charity Board. Thg balance is secured by a legal charge over some of the charity's freehold propety. The entire amount is repayable by instalmenls over 25 years th interest currnntly at 2%. During the year. the Charity paid £3.005 {2022.' £12,874} to Norton Pe$kett solicitors for the services of the Clerk and other professh)nal services. The Clerk Is a partn8r In that firni. .21-