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 re￿t 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 p￿sent 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.
R￿erenc* 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 08/0￿023}
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 (Cl￿11￿4*
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 elde￿Y 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 CommisS￿n,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 almshc*J5es ￿￿th 2 unlts of wardens accommodatton.
ObJ•ctlvès and *ctlvltl•s
The charity has a poliw of witinual repairs and improver￿nts 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 refU￿1$hed as necessary and the charity aims lo witinue with
the ongcing b8&sil conversion.
Charws ach10￿M•nts In r•latlon to alms for publlc b•n•fft
All residents who wsh lo have walk in Showers now have these installed.
Ongoing maintenance and decoration of Iho wto ha$ 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 availa￿0 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' r￿pOnsIbl11110* $tatsmgnt
The trustees are rosponsible for preparing the trustees. report and lh8 financial ststemenl8 in accordance
with applicable law and United Kingdom Ac￿￿nting Stsndards Iuniled Kingdom Ger￿rallY 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 ITL￿85 are required to:
select suitable ￿countI￿3 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 state￿nIS 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 off￿0 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 Finan￿81 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$0urcès and application of resourc8s, including its irthme and expenditure, for the year then ènded,.
have boen propedy wepared in accordancg with Uniled KIngd￿Th Gen8rally A￿pted A¢counlirwJ
have been prepared In accordance wSlh the requlremenls of the cha￿lIeS Act 2011.
8aBlJ for oplnlon
We conducted our 8udlt in accor(lance wllh Inlemational Slandafds on AuditSng IUK) IISAS IUK}l and
applicable law. Our responsibilities under those stsndards aro further described in the audilorfs
responsibilities for tho audil of the financial ststem8nts section of our report. We are indgpend8nt d tha
charity in accordance with the ethical requirem8nts that a￿ rolevanl lo our avdii of the finanei81 ststemènls
n the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilili8s in
accordan￿ with these requirements. We believe that the audit 6videnc8 we have obtsine(l is Sufficient and
appropriate to Provid8 a basis for our coinion.
Conclu$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
Inde￿ndent 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 th￿r￿n. 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)at￿n is materially inconsislenl with the finanaal
slal8ments or our kn￿￿edge obtained in the audit or Othe￿Se 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 infom￿110n. 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 op￿lOn..
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 ft￿re 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$lbllltlu for th• audlt of th• flnancial st•t•m•nts
We hav8 b88n appointed as audttor under section 144 of the Charities Act 2011 and report in accoTdarKe
wilh regula1￿n$ 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 det￿1 mat&rial misslalements in respect of
irrggularib&s, including fraud. The exlenl to whkh our procedures are Capable of detecting Irregularit￿$.
includlng fraud is detailed below..
Enquiry of management and those charged wth governance.
Enquiry of entity staff complianGe funthns to identify any instances of non-compllanco with laws
and regulation5.
Performing audit work over the risk of mana9em8nl override of controls. including reviewlng
purchaso invoices to ensure they are authorised.
Because of the inherent limitations of an audit, there is a risk Ihal we will rKsl detect all irregularities.
including those leading lo a material misslal8ment in the financlal slat8m8nls or non-compllance with
r6gulation. This risk increas8s th8 n￿re that compliance with a law or regulation is removed from the events
and transactions reflected in tho finanual Statements, as we will be less likely to bec￿)8 awar8 of
instances of non-compliance. The risk is also greal8f regarding irregularitie$ occurring due lo fraud ralhor
than error, as fraud invofvs inlenlion81 eoncgalm8nt, forg8ry, collusion, omissitin or misrepresentalion.

Lowestoft Church and Town Almshouse Charity
Inde￿ndent 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.ukJaudi￿s￿9sp0n$ihil1th&S. This description fomis part
of our auditor's report.
U•• of our r•port
This report is made sO￿ty 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 a￿ept 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 I￿￿e and n•t M0￿Ments 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$￿•
Gains from revaluation of f￿ed assets
573,220
573,220
410.777
Ntt movemènl in funds
700,126
700.126
615.320
R•conclllatlon of funds
Totsl funds brought fonvard
Total fvnd$ ¢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 activit￿5.
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,$03.373
Total unr•strict•d fvnds
Total charlty funds
18
8,683.499
7.983.373
Tho
ancial st8temenls were approved by the board of trustees and aLthorised for issu8 on
and are signed on behalf of the board by".
Mi R Slebbin9s- Nominative l Ex 0￿1r￿0 (Chairman) Mr5 J Collins- Go-QPtative
Trustee
Trustse
Th• notes on pag•$ 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 Ir￿me
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 •quiv*lents
Cash and Cash •qulYal•nts at beginnlng of y￿r
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 Inforni*tioTh
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 (￿pIla￿rE 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 (charit￿5 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 beI￿ved lo be reasonable under the t1￿￿M$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 Ma￿et 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.
- dI￿dendS 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 n￿eSSary 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 prope￿e$ 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 cl￿S￿lered 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 r￿0verable
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 1mpairrr￿nt 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 ro￿nIsed 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 consid8rat￿n
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 rela￿n 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 Valuat￿n.
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 E￿ndIture
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
In￿me EXp￿r￿llUre
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 gI￿t 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-