CHARfTh REGISTRATION NUMBER: 211424 The Lowestoft Church and Town Almshouse Charity Financial statements 5 April 2024 The Lowestoft Church and Town Almshou8e Charity Financial statements Year ended 5 April 2024 9• Tntst•es' annual r•port Indgpondfjnl aurfitorf$ rfjport to th8 I￿￿tee$ St41oment of fin4noal acii%fjbes 11 Balance sheat 12 Notès to the finandal statements 13 The Lowestoft Church and Town Almshouse Charlty Trustee8' annual rnport Year ended 5 Aprfl 2024 Thè ffinan¢il #l*•rn•nls h•%• I)￿ prww•J kn •c<rt in respect of thè lolltrmng matters whèrè the Chaiiuès IAc¢ounls and Reports) Regulailons 2008 requir98 u$ to reporl lo youll, In our oplnlon- th• *rfomwVon glven In the tru51¢es' report is ￿￿OnsIStenI h 8ny maleiial respec¢ wllh the ffinorKlal Slatemenls: or $th¢i8nl aGrA)unting reGords hav0 nol boon k•pl: or the 17n￿GI81 statements ar¢ not in agreernent wilh the reco￿$. or we have ￿t r¢rAi¥ed am Ihg inlomiallon and explanations we requlre for our authl. addition. we have nolhlng to report In re$pacl of t￿ frAlowlng mallerwhete Ihe Houslng and Regenerallon kt 21x18 requr•$ us to reporl to you il, in our optnion: g sa￿sIa¢¢ory system of Gontrol over trans•dion$ ha$ I￿1 bo•n mainloined. ResponBlbllltte• of tnwtses As explalned moro fulty kn Iho Iruslees. resFrf>n¥lbllllès slèlemwl {set out on pay 6). Ihe IN8l•eg •r• re$ponsiblfj for th• proparntion ol th• financial statwnènls and for bèing $8tisffied that they give • INe and fa ryew, and forsuth ￿tern?1 as the trustees d8lermlne is necessary toenable the preparnllon of ffinancwl slalernenls thal are free knm rnaltrial mis$lal•menl, whèther due lo fr4ud oreffor. IN weparfng th? flnanclal slalemenls. th& Iruslees are responslble for assesslng th8 thaiity's *llty lo continue as a going con¢em, disdosing. as appllcabie. mallers related to golng con¢em and u$lng the golng neem basis of accounllng unless tho tntslee$ either in1￿d to liquid8le thè ¢hwity or to cA4se operations. OT h￿￿ no realsll¢ *mai¥8 bul to do so. The Lowestoft Church and Town Almshouse Charity Independent audltorfs report to the trust￿5 of Th8 Lowestoft Church and Town Almshous• Charlty (¢Mth¥u•• Yoar ended 5 April 2024 We have been ¥poknled as awlrt¢Y wAion 144 of Ihe Chartll•s A(* 2011 and rwrt in accordanc• wilh th• Act and relevarrt r•￿￿n8 m•d• or havry èllt(* Ihertjjnder. free frorn malefiO1 mlsslalement. whether ikn to frnud or •rrnT. tffjd Issu& an au¢Jtorfs reFQrt Ih81 Indud our oplnl+Jn. Re8GonAble as$L￿Ce Is a Ngh IMI of assur•rK•. Ixrt 1$ not * gUar￿lee that an audll e¢)ndud•d In ISAI OJK) wll *ws d•te¢t a m•t•rial mi*stalam8rt It èxlsts. Ml•st•lem¢nl• can from frwl or •rmr rd• ￿nildernd materlal If. hdmdualty or kn lh• 9ggregg1e. thy ¢ould roasonatrAy b• to bnknc• lh• •coMmk ded￿On$ of usets taken on the basls ol th•s• firAncld StaI￿rth. Ingular￿•I, Indudln9 tr￿1, of nonwcompNwK• *ilh Iws •ThJ r•9￿1￿￿$. We d8$lgn Pr￿dur•I In Ilno ￿th our rn¥ponthWtkn8. ￿rtIn*d •bM. lo detect m8lerfal ml8slal•m•rts In r•$pe& of Irrngulathl•s, IrKaudrt fraud. Th• •x*nl to whK* our procedw•s are capablè of detecllng *wuIarf￿, I￿1￿￿n9 If•ud h d•l*d b•lw. Enqulry ol •nYty to In•l•n¢￿ of n(fr¢o￿l￿ wllh l• f•￿11￿1￿. R•vlvthng flnwKad slatem￿l ￿￿10$u1•S I•￿Tra kn •uFpth (*)cumonl•¥on to •M•s$ complIan￿ vllh 4pWkalJl• Iw•A And re9￿￿OnI. entr1•8 and other 4dlu61m•nts fw apwopri*n•88. •v4ualkng lh• r•llonah of $lgr*•nl hnMcllon• o￿ld￿ th• noffl￿ cour￿ ol actsiryll•s •nd r•vibwuvJ a¢￿￿)11r￿a •$llmath for bl8S. B•ws• of th• Inh•r•nt thittayons olan audl. Ilw• is a risk th•1 w• wm not d•t•d al Yr•gul•rttt•s. knthdlr¥J Iho8• l•ad*¥J to a malerfal mlulatemert kn th• ffirranclgl st•t￿￿rts or nM-wTrp￿lnC* wrfh regulation. Th1• k Incr•a8•s th• nK*rt thal COM￿h•￿ with • ITh or r•wlalion li rnm0¥￿ frcrfn the •¥enl8 and transacllo rnffl•ct•d Inth• fin￿￿141 slat•m•nls. a• w•w• b• lets I￿•￿10 b•c¢)m Thar• of i11￿C•S ofnon•compll•nc•. Th• rt#k l¥ d$0 gr•al•r r•gardlr¥J wrewlwltiK orxurryffj du• to fraud rntlw th•n •Nor. •• fraud kn¥01￿8 The Lowestoft Church and Town Almshouse Charlty Independent audltorfs roport to the tru8ts08 of The LoW￿t0ft Church and Town Almshouse Charlty feonllRu•dJ Year ended 5 Aprll 2024 A further desGrfplion of our responslblNties Is avallable on the FRC'S webslte al ¥￿￿.fr¢org.uklaud1loI$r8sP0n6fj1￿1lI1a$. Thls descrfpuon lornis part of our audllorfs rewL U•9 of rnport Thi5 report 15 made solety ¢0 th? charlvs Iwslees. as a body. In acc¢rdance wllh Part 4 of t￿ Charltles (A¢¢ounls and Reports) Regulaiions 2008 and section 137 of the Housing and RegenerntK*n Act 2008. Our audrt woth has been undertaken 80 that we mighl stale lo the charitys Iruslees those matterswe are required to slate lo them in an audilofs rèporf and for no other purposo. To fillèsl 4xl8nl pemmttad by law. wo do l acupl w •s$(tme re$pon$lblSty to 8nyon• other Ihon Ihe ¢h8rity and trustees •8 a body, fol our audil work, lor this reporl, or lor the opinions we have fomed. Proclor FCA DChA (Sentor Stslulory Aud#or) For on behawol Lovwwell Blake LLP Charlered a￿￿ffi￿nts 8 Slèlulory •udltor Banksidg 300 Peachman Way 8roa¢Mand Business Park NR7 OL8 2610912024 Lovewell Blake LLP 1$ el91b￿ lorappointmentof the ¢h•rlty by vlrfue 01118 eligbtllty forappoinlment85 audit( of a company uThJer 8eotkni 1212 d Ihe cl￿panI&S Act 2006. The Lowestoft Church and Town Almshouse Charlty Stat•m•nt of Ilnanclal acllvltle8 Year ended 5 Aprll 2024 2024 Ro$lriclgd fvndi Totsl lund• Total furrfls 2023 Lhv•stri¢lfjd funds Incom• and •ndowrn•rbts Charflable 8cWlhs Inv•61menl Income 426,434 320 425,434 320 353,176 323 Total Incom• 425,754 425.754 363.499 Exp•ndlthrn Exp•ndMuM on chwlt•blo adlW•8 Total •xp•ndllw• (344,378) (344,378) (344,3781 {344,378} (227.741) (227.741) N•1 In¢om• and n•t movthn•nts In lund• b•lor• g•ln• and lo••M on Inv••tsn•nts 81.378 81.376 125.758 N•1 94n8 ¢n Inv•slm•nts N•t In¢om• b•lor• oth•r g•ln• and lo•••• 5,898 87,274 6,898 87.274 1,148 126.908 Olh•r f•¢ognls•d galn• •nd Io•M• Galm from r•valuatlon of Ilxed au• 573220 M•t mov•m•nt In 87.274 87,274 700.128 RKonclllallon of lun Total fund8 brought lornard Yotal fund• ¢•th•d I0￿￿nI 8.203.499 480.000 8,683.499 7.983,373 8,683,499 8.290.773 480.000 .770,773 Th• •18l¢m•nl of f#)fjndal PAI￿￿¢$ IndUd￿ al g•ln$ •nd1088•• r•collnlg•d kn the year. All Inc•m• and •xp•ndttur• d•riv• from continuing acthwlitt. Th• noteB on p*g•8 13 to 21 fomi wt of thMg flnJncl41 stst•m•nts. 11 The Lowestoft Church and Town Almshouse Charity Balance sheet 5 April 2024 2024 2023 Note Flxed assets Tangible fixed assets Investments 12 13 8.759.690 197.447 8.501.000 114.623 8.957.137 8.615.623 Current a$$ets Debtors Cash al bank and in hand 14 4.152 152.265 5.327 480.096 156.417 485,423 Creditors: Amounts falling due within one year 15 163.8611 161.155) Net Current assets 92.556 424.268 Totsl assets less current liabilities 9.409.693 9.039.891 Creditors: Amounts falllng due after more than one year Net assets 16 1278.9201 1356.3921 8,770.773 8.683.499 Funds of the Charity Restricted funds UnrestrTcled funds.. Revalualion ¥eserve Olhei unrestricted income funds 480.000 480,000 4.441.765 3.849.008 4.441,765 3.761.734 Total unrestricted funds 8.290,773 8,203,499 Totsl ¢harlty funds 18 8.770.773 8.683.499 These financial st&emenls"_weTe approved by Ihe board of truslees and aulhorised for issue on /1..10... . .Afayd ate signed on behall of Ihe boaid by.. Mr R Slebbings . Nominative Trustee - ffic*) (Chairm Mts G Battrith- Nominative Trustee The note5 on page5 13 lo 21 form part of these financial 5talements. 12- The Lowestoft Church and Town Almshouse Charlty Notes to th8 flnanclal statements Year ended 6 April 2024 Genernl Inftsrnmtlon The charity 18 8 publlc benefil enllty and 4 r*gi$t•red chartty In England and Wales and Is irw¢yalod. The address Of1￿ prfnclpal olft¢• is 148 London Road Norlh. Ltyvestoft. Suffolk, NR32 1HF. Slat•mont of ¢ompllan¢• The charity cons￿lUt95 a pubtl¢ benefit endty as d•fined by FRS 102. The financlal $lètements have prnpafed In accordance ￿th Ae¢ounting end Repofllng by Charilles.. Slatèmenl ol Recomm¢nd•d Pracllce appll¢•ble ¢0 eharilles preparing thelr accounts in accordance wrth Ihe Flnan¢ial Repofilng Standard applic•ble in the UK and Republ1¢ of Irgland issued in Odober 2019. the Flnancial Reporting Standard applicable in the Unbted lQngdom and Rgpublic of ltèland IFRS 1021, the Ch¥riiies Act 2011, The Aeeounling Dlrectlon ol Prfv81o Reglstered Provlders of Soclal Housbng (2022) and UK Generalty A￿pIed Ac¢ounllng PraGttce. The fflnanclal 8tatemenls have been prepared lo gfve a Irue and fair Ifj•w 4nd have departed from th8 CharflS8s (Accounts and Reporlsl R•gu181ion$ 2008 only to lh• extonl required lo provlde a Irue and tsir v*vl. This departure has Involved followlng the Accounllng and Reporting by Ch8rllles: Slatemont of Re¢ommendfjd Praclic4 appli¢able lo ¢harilles preparlng Ihair accounts in accofdance wlth the F￿ana41 Reporting S￿ndard9p￿1￿ble In the UK and Ropubli¢oflreland issued In October2019 r*h¢r than the Attounllng ar#1 Rep￿ting by Charilles.. Stslement of Recommended Pracllce effedive from 1 Awl 2005 whlth has since be¢n withdrawn. Accountlng polld•8 {*) Bail• of preparauon The fwnoaal Slatsments h8¥0 been prwrgd on a golng C￿CoM ￿511 undfri the hlstorlcal ¢051 cimvenlim. rn(xlifnd to Indude c•rtaln liems al lalr valu Th• ffinanci￿ stal¢m•nls are prepared In $lerlng. wN¢h1g Ihg fwKlional ¢uffency ollhe ertlty. Ibl Golng conc•m The charfV$ ablmty lo conlinuo lo otwate as a going reli&s on the fftntal Income from residents of their alm8houses. There 1$ no reason for the Tru¥t•gs lo con$id•r that the number olresldenl$ WOLdd IAI to an extent th81 the golng conc4m slalus of Ihe dbarfty would bè brought Inlo quesllon. nor ar¢ thero any oth•r maknial uncert4lntS&s aboulthe charlty's ablllty lo ￿ntinu0 as a going concem. The Charity has Ihe support oflhe Lu4Y•Stoft Charity Board. a thadty Ihal 8h8res the $8me Irust•es and has the same aim$ and obiedSves. Lowestoft Charty Board hold a signfflcant investment porttollo whlch could bè easify liquidated were cash ftow to becom& a ￿gnificant issue for eithér ctha￿ty. The Trust￿9 have a reasonabl* expttta¢lon thal ihe Charity has adequate resource5 to ctsntlnue In operallonal exi$lenc* ltsr the foreseeable fithNe. thus they conilnu? to adopt Ihe going concam basls In wwarlrvJ the fin￿Cial statements. 13. The Lowestoft Church and Town Almshouse Charity Notes to the flnan¢lal statements Year ended 5 Aprll 2024 l Ac¢ounlng polkl•• f¢wi*x 1¢) Judg•m•nts k•y *ourt•B ol •#llmth unc•rtdnty •3$umpli(￿S that affed the *nounl¥ rnP￿ttd. These •slim•tes arwj jLwJg•m•nts Ar¢ conlinLsally ewed and arè bas￿ and th factors, kn¢￿dIrffj exp&*￿On$ ol firture ev•t*s Ihat •re beMe¥*d to ￿ iea*)nable under the (knmstan¢•8. Acco￿tIng estlmatés ar• m•d• fulw• and. by th•ir nalw•, wdl r¥rnly •qu81 lh¢ ¥elgt•d 1knand￿ sthl•mwrti kKJud• JudgBm•ils (Jpart fr(¥n Iho Invdykng •$tlrnfjUons) Ihal m•n•9•m￿l hav• m•d6 In thè rrfoctss ol apr*kig the énthy's *cthx)tlng polia•s. judg8m￿tI •nd •stM)Mlion urvrtalnty thal may h8¥e A spwlfiranl r18k of c8u&lng a maleflal adju8knenl kn the amourts of a￿*t% afxI11gbWlb•s the next In•ndal yegr ar• a8 •8 fomows: Property v*lu•lltsn. Freèhdd propttty Ls rècord•d at valuth •tNI f•¥aluod w 3 y•ws. Such valu• requlres the •ppll¢aIl￿ of judgement r•9rAd lo tho nalurn of •uth wopgrty taking irto •ccourt tof$ 9pecific lo Ihelr specL•lised ￿ture. An Ind•p•nd•rrt vahjer Ss ullli•d lo Fwovld• an •sllmal• the IAlr value for flnarthl llthwl PU￿•￿. I*X• 12 mw• Inknn*lon concwrdng th• valuth￿ of luth propwtb••, Id> FWKI •¢¢ourtlng Unr•l￿ct•d w• *v•l•bl• lor •1 th• of th• In￿1￿• to my of rpo#•i. Extraordnary Rtipak oxthts of morl•s hm b•M ￿1 ••kl• by th• to m••t th• tyl of •xlr•ordln•ry r•p•trs. purpos8 and il i• lh• policy of InMt•èi monltor thè appkthi of th0￿ In Al Irthme Is Included h I￿ st•lemenl alln•rKwl •dfiiitb•s whon éniftknmtnt h8¥ paimd to the charfty. M h PTob&A• thjl lh• •c¢nomk b•n•ffts ￿￿￿81•d ￿th th• Ir•nsth wll llv* to th• <*•rHy and th• #mount cAn mea8￿. Th& ¥p•clk pA• aPpl￿d lo PrtI￿1# cAlwrte8 of . bank In1w￿l on m •C4¥u81s tmslk . r•ntal income, nel olrnrt •rKI seplce ¢Pwg• loss•s from wxds. •Mh•r w)come i• r¢cognl8ed wlhln the $lal¢mert actlvths on o rece￿•ble bas In Exp•nd# eyndtw• & rqcowlB•d on an b•th •$ a l•blMy Is IwTh•d. ExpwdMw• I￿ud•S •ny VAT whith e4nnol be rec¢Awed. •Thl kn clg88lW uThl•r tr••thngs oftho ￿tIm•nI offmnthl acllvNIè8 wh5ch h relales: -14- The Lowestoft Church and Town Almshouse Charity Notes to tho financlal statsments ieonthu•¢ Year ended 5 Aprtl 2024 Ac¢ountlng pollcl•B (Mnthutdl Exp•ndlluve (eoTr#n - Chaiitabk acdvllles cowlse Ihoso co818 Incurred by the ¢harhy in the dthery of its acti¥itses and servke$ lor its benthart•s. ll Indud8s bolh that can be allocated dire¢Uy lo Suth 8dlyili•s and those Ct)sts of an Indlrect nature necossary lo support them. - Governw￿ costs irKlulde Ihose r￿sts assoeitited with meellng thè constttullonal and stslutory requirements olthe dlarity and IndLKle the aud61 fee6 and costs linked lo the slrat•gic managem￿1 of - Tho cosl of repairs and maintenance are recognised when a blndtng obllgauon to Sncur expendlture Is entèred Into. Improvements lo properties whh* add value to the properties or substsntialty lengthen Ihe wopertles usefil16fe are capllallsed as fj¥ed assels. Repair ilgms whith involv8 Iho r•placfjmont or fmewal of Items wllhln the fab￿¢ of •xl$llng bulldlng bul whl¢h do nol add value lo the property w• wrM¢en off a8 In￿Trad. 19) Tinilbk a&Mts 1) Fr￿hold propwty l¥ rev8lued every three year8 and the aggre9a¢e 8urplu3 Iran8foffed to rovaluallon reseNe. Thg amount by whlch the valuaUon of indlvldu41 woportle815 loss than thelr cost and ￿nSIdered to be pennanent is tharoed lo t￿ income and èxpendilure xcount. No d•w•craUon or amL¥lls•tlon Is provlded In respe¢l olfre•hold pro￿rtY. 18 lh• polky of the Trustees lo malntaln all Ihe propgrtifjs lo Ihe hlghest sl*)dard through regular malnlenance 8TrJ repair. This resums In both # very long 8￿nomIC Itfe an(J •sllmaled residual value SUGh that any depreci*ion and aG¢um￿al￿d depred￿On would b& Inmaterial. Ihl Inv••lm•nts UnlS$led equfjty knveslments aTe Inlllalty recordad al cost, and subsequenty measured al falr valua. 11 l•ir value cannot ￿ Teliabty mgasured. a$6els are measured al co$l1055 impaI￿enL U£l•d Inveslments mwured at f811 Valuè with changos in t￿1 vdue bolng rectsJni8ed In In¢c*ne c expendlture. Flnandal In*lrum•nts A ffinanclal astsl or a financlal lablllty Is rocognised only vthen the an￿ty a p8rty lo the cDntroctuo1 PTovlslon3 of the In8trumenL Baslc finondol Instr￿￿entS Arè Inslially ro¢09nised al Ihè amount r•Gelvabh Qf paable including any related transaction coyts. unless the a￿angemen1 ￿n¥t11ul¢s 4 Ilnanciig lrnnsactlon, whèrè it re¢ognlsed at the pr•s•nl value of the luture paym•n¢s distt)unl8d al 8 mark41 Al• of inlgrg$1 fr)T a slmllar debt instrumenL CuThenl assels cuffenl liabllftle8 are $Ltbsequ8nlty measured at the cash ry olh•r ¢on$tderabc expected to be pald or r•c•ivod and nol dlscounted. Ul D•finod ¢onlrfbutlon planB Contrlbutlons to defined conffibulbn plans ai* recognlsed as ￿ expense in thè perlttd In wtrd¢h the 1418d Is provided. The Lowestoft Church and Town Almshouse Charity Note8 to th• financlal $tat•m•nts Year ¢ndod 5 Aprll 2024 Clw#abl• •¢tl¥lll•¥ urv•4tr1￿ Tol•l L*w•slthtod T(4al Funds Fw 2024 Funds 2023 Rent recei4•d ContslbuUon• losl fr(¥n vL4ds 41kry,281 .261 335.905 1511) 17.782 19.173 19.1n 17.782 425,434 425.434 353.176 353.178 & kn¥••tsn•nt Ihcam• T*il*l Lhmlrfct•d T(knl 2024 Fund• FwMI¥ 2023 323 Totsl Furmlj UNaitrfct•d Tclal Fundi 2024 Fwd¥ 2023 Funds 33,074 5.451 10,013 3,129 127.772 33.074 5.451 10.013 3.129 127.772 33.134 5,307 7,4n 304 73.657 7.138 4.8n 37.891 4.173 48,733 33,134 5,307 7.472 P•nslon corAth Councl l•x Wlndvw ¢l•¥dng 73.657 7,138 4,872 37.891 4,173 48.733 WJl•r r#l•s kn•u1￿c* LSghl & h Telephone supp￿ o) 6.331 6,331 76.254 4.543 69.306 344,378 344.378 227,741 227,741 Support ¢0 *cliwt*s Tol•l 2024 Totsl 2023 7.528 9221 23227 29,330 89. Gener41 oXPO111•$ 9221 23227 10.924 10.948 19.481 AA¢Me¢l$ le¢$ 69,308 48,733 -10- The Lowestoft Church and Town Almshouse Charlty Notss to the financlal slatements Year ended 6 Aprll 2024 Houslng accommodallon unlts Tho numbe¢ of Y￿(6 of a¢¢￿ModItIOn for t￿ yaAr In Telalkni to Alm¥houM$ w4$ 8712023.. 88). Audltorn v•mun•rntlon 2024 2023 p#y4bl• for the audm of the ￿an￿oIs141•M￿l$ 8,280 5,350 10. 8t•ff ¢o•l• Th• tol•l il*ff colts And •mploye• b•n•fd8 for lh• p•rfod *• •Mtyi•d •• follm.. 2024 2023 Wag•$ •nd $810rf91 ETnpfoy•r contribullom to penslon plan8 33.074 6.451 33,134 5.307 38,525 38.441 Th• av•T•g• h••d co￿1 ol •mth••• durfng th• yoarw•s 2 (2023.. 21. No •mplw• fe¢•l¥•d •M￿0y•• b•n•fts of mor• th•n £80.(#)O dudn9 th• y•8r12023.' NWI. 11. TnMt•• rnmun•rnll•D Ind •xp•n• No r•munerallon or other b•n•fts fram •mploymanlvlth th• thwlty <* • r•l•t•d •nUty W•f• f•c•lv•d by the tN81¢88. 12. T•nglA• flx•d 4•Mts Lon9'• Dalry AlM•h0￿•• T•t•l eo•t or v•lu•lltsn Al e Aprll 2023 Addlllons 4.991,(MlO 3,510,( 8.$01.000 258.090 At $ Aprtl 2024 D•pr•clatlon At 6 Aprfl 2023 and fj Aprfl 2D24 Caffylng am0￿¢ At 6 Aprfl 2024 Al 5 April 2023 5,246,690 3.510.(KID 8.759.890 5.249.6 3,510,000 3.510.000 8,759,690 8.501,000 4,991,000 -17- The Lowestoft Church and Town Almshouse Charity Note3 to the flnanclal ¥tatemonts ftoftUnu•d) Year ended S Aprll 2024 12. Tanglbl• Ilx•d (roftlthued) Both th• Alm￿Ulei #nd Loni'l Dabry Slte f•pr•s•nl lh• charfty'i Interest In fr••hold property. Th• Almhous•s and L