CHARITY REGISTRATION NUMBER: 211424 The Lowestoft Church and Town Almshouse Charity Financial statements 5 April 2025
The Lowestoft Church and Town Almshouse Charity Financial statements Year ended 5 April 2025 Page Trustees, annual report Independent audilorfs report lo the trustees Statement of financial activities 11 Balance sheet 12 Notes lo the financial slalements 13
The Lowestoft Church and Town Almshouse Charity Trustees, annual report Year ended 5 April 2025 The trustees present their report and the financial ststements of the ¢harity for the year ended 5 April 2025. The financial slaternenls have been prepared in accordance wf(h the accounting policies sel out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities. Statement ot Recommended Practice applicable lo charities preparing their accounts in accordanc8 with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Reference and admlnistratlve dètalls R¢gl$tsred charity name The Lowestoft Church and Town Amshouse Charity Charlty rgglstrallon number 211424 Prlnclpal offlcg 148 London Road North Lowestoft Suffolk NR32 1HF The trustaes The trustees who served during the year and al the dale of approval were as follows.. Mr R Stebbings- Nominative l Ex Officio (Chairman) (resigned 14 May 20251 Mr A Pearce - Nominatsve Mrs J Collins - Co-optslive Mrs M Warterton - Nominative Mrs P Shaw- Ex Officio (resigned 19 March 20251 Mr P Page- Nominative Mrs M Ecdes- Co-oplalive Mr M Gall - Nominaliv& (Vice Chaimian from 14 May 20251 Mrs A Battrick- Co-oplative Mrs C Leech- Nominative Iresigned 19 March 20251 Mrs G Battrick- Norninative (Chairman from 14 May 20251 Rev S Stokes - Ex Offico (Vice Chair from 14 May 20251 Mr M Howes- Nominative Mr D Spall- Ex Officio lappointed 14 May 20251 Mr R Linton - Nominative lappoinled 14 May 20251 Mrs J Dyer- Nominative lappoinled 14 May 20251
The Lowestoft Church and Town Almshouse Charity Trustees. annual report (¢Oned) Year ended 5 April 2025 Clèrk Mr M Breeze Norton Peskett Solicitors 18 Church Plain Great Yarmouth Norfolk Regulator of Soclal Housing number A1160 Auditor Lovewell Blake LLP Chartered accountants & stalLrtory auditor Bankside 300 Peachm8n Way Broadland Business Park Norwich NR7 OL8 Bankers Barclays Bank PIC 61 London Road North Lowestoft Suffolk NR32 1LT Stockbrokèrs 8arrett & Cooke 516 Opie Street Nonhfich Norfolk
The Lowestoft Church and Town Almshouse Charity Trustees, annual report(contsnvedJ Year ended 5 April 2025 Actlvlties Purposes and alms Our Charity's purposes are lo benefit the public by providing Almshouses to provide accornmodation for the poor and eldedy of Lowesloft. Ensurlng our work delivers our aims We review our aims, objectives and activities each year. This review looks al what we achieved and the outcomes ol our work in the previous 12 months. The review looks al the succe55 of each key activity and the benefits they have brought lo those groups of people we are sel up lo help. The review also helps us ensure our aim, objectives and aclivili&s remained focused on our slated purposes. We have referred to tho guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future aclivilies. In particular. the Trustees consider how planned activities wll Contribute to the airns and objectives they have set. How our activities dgllver publlc beneflt Our main activities and who we try to help are described above. All our charitable activities focus on providing 8ccommodalion for the poor and el¢Jerly ol Lowesloft. The Lowesloft Church an($ Town Almshouse Charity administers a complex of 67 almshouses wlh 2 units of wardens accommodation. Objectives and activitles The charity has a policy of continual repairs and improvements to the Church Green almshouse with a view to upgrading the aceommodalion to be able lo provide a far greater residential area to benefit the occupants. The charity have adopted a policy of adding bedrooms to bed-sil accornmodation where possible and a further conversion of three bed-sit flats to form to )ne bedroom flats has been commenced in the last year. Alms and strategles As properties become unoccupied they are refurbished as necessary and the charity aims lo continue wth the ongoing bed-sil conversion. Charlty's achlgvemgnts In relatlon to alms for publlc beneflt Ongoing maintenance and decoration of the site has been Carri out to m8inlain th& high standard of accornmodalion provided lo the beneficiaries of the charity. Achievements and performance The charity continues with its general repairs and improvements at the Church Green almshouses with view to upgrading the accommodation. The charity also has plans when funds are available lo undertake significant buil(fv4oTks lo the Ihreevslorey block of flats lo add bedrooms to three bedsit properties. As a result of changes to Building Regulations follDwing the Greenfall tragedy, these works will involve complete remodelling of the three flats and will be 81 a significant cost. This has currently been delayed due to current high build costs.
The Lowestoft Church and Town Almshouse Charity Trustees, annual report (contsnued) Year ended 5 April 2025 FlnanclaS revl&w The results of the Charity are sel out in detail on page 11. Value for Money Standards Stalernenl Below are the range of metrics which the Regulator of Soeial Housing requires all registered providers of social housing to report on in their stalulory accounts.. 2025 2024 Reinveslmenl Oh Investment in housing properties in the year as a percentage ol the nel book value 81 year end 2A. New Supply Delivered (social housing units) 28. New Supply Delivered Inon-social housing units) 2.7¢ 1.7% Earnings before Interest. Tax. Depreciation, Amortisation, Major Repairs Included IEBITOA MRI) Interest Cover Q Headline social housing cost per unil 6A. Operating Margin % Iso¢ial housing ontyl 6B. Operating Margin Ok loveralll Retum on capital employed IROCEI % 1.361.3% 1.081 0% £5,617.85 £5,139.97 16.30 19.1% 16.30/0 19.1% 1.450 0.90% Prlnclpal Fundlng Sources The charities main source of income is rental income from individual tenants andlor housing benefit. Reser4es Pollcy The unrestricted reserves are usèd to financè the charity on a daily basis. The reserves are regularfy reviewed by the Trustees in order to ensure that there Is enough fijnding available for the charity to continue in the foreseeable future. Free reserves amount to £98.668 as at 5 April 202512024.. £92,556). Design8led funds which represent the Extraordinary Repair Fund were previously reduced lo £Nil as the fund was fully ulilised to finance the Phase 111 development al the Long's Dairy Sile. The Charity has previously m8de annual conlribLrtions lo this fund in the sums advised by the Almshouse Association. The ch8rity has maintained ils buildings regularfy and as required: it has not been necessary lo make a withdrawal from the Extraordinary Repair Fund for some years. Since completion of the Phase 111 development, the annual contributions have commenced once again lo build up the reserve lo finance substantial and extraordinary repairs or ftrture developments. There is in amounts recommended by the Almshouse Association. The b818nce of the Extraordinary Rapair Fund al 5 Apfil 2025 was £245,12412024'. £197,447). Structur•. governance and manigèment Governlng document The Charty is registered with the Chanty Commission and was created by scheme sealed on 14 March 1985. Trustee appointment and oryanl$ational structuro Trustees are either nominated by Lowesloft Town Council, Oulton Broad Parish Couneil or St Margaret's Parochial Church Council. co-opted by existing Iruslees or are ex-officio. The Trustees meet on a bi-monthly basis lo monitor the results and progress of the charity with a wew to maximising the benefit they can provide to others. The day lo day administration of the Board's aclivilies is undertaken by the Clerk under the supervision of the Trustees who meet bi-monthly and review all the expenditure.
The Lowestoft Church and Town Almshouse Charity Trustses, annual report Icontlnued) Year ended S April 2025 Structure* governance and management (confjnuedj Fundraising As the charity does not a¢lively fundmise from the public. they are not registered with the Fundraising Regulator. Rlsk Management The Iruslees have assessed the major risks to which the charity is exposed and are satisfied that there are systems in place lo miligale those risks. Related Parties The charity is connected wrth The Lowesloft Charity Board. The charitses have common trustees and are administered commonly al the same registered office. The only transactions beeen the charities is the payment to a intercompany loan balance held w((h The Lowesloft Charity Board. The trustees do not consider il appropriate lo consolidate the results as the charities have different objectives. Trustees, re$ponsiblllties statemènt The trustees. who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law r¥uires the charity Iruslees to prepare financial statements for each year which give a true and fair view Df the slate of affairs of the charitable company and the incoming resourees and applic81ion of resources, including the income and expenditure, for that period. In preparing these financial stalemenls, the trustees are required to.. Select suitable accounting policies and then 8pply them consislenlly., observe the methods and principles in the applicable Charities SORP 2019 IFRS1021', make judgments 8nd accounting estimates that are reasonable and prudent", slate whether applicable UK accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements, prepare the financial statements on the going concem basis unless il is inappropriate to presume that the chaTty will contsnue in business. The Iruslees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial statements omply with the Charities Act 2011, the Charities (Accounts and Repottsl Regulations 2008 and the provisions of the Tru51 Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The financial statements have been prepared to give a 'lrue and fairf, view and we have departed from the Charities (Accounts and Reports) Regualtions 2008 only lo the extent required lo provide a true and fair view,. This departure has involved the Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued in October 2019 rather than the Accounting and Reporting by Charities.. Stslemenl of Reeommended Practice effective from 1 April 2005 which has since been withdrawn.
The Lowestoft Church and Town Almshouse Charity Trustees, annual report(conthnuJ Year ended 5 April 2025 The trustees, annual report was approved on trustees by.. 20L5 and signed on behalf of the board of Mrs G Battri¢k- Nominative (Chairl Trustee
The Lowestoft Church and Town Almshouse Charity Independent auditorfs report to the trustses of The Lowestoft Church and Town Almshouse Charity Year ended 5 April 2025 Oplnlon We have audited the financial statements of Lowesloft Church and Town Almshouse Charity Ilhe 'charity'l for the year ended 5 April 2025 which comprise the statement of financial aclivilies, balance sheet, stslemenl ol cash flows and the related notes, including Significant accounting poliaes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK 8nd Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial sktements.. give a true and fair view of the stsle of the charity's affairs as at 5 April 2025 and of ils incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been propedy prepared in accordance with Unrted Kingdom Generally Accepted Accounting Practice", an have been prepared in accordance with the requirements of the CharK(ie8 Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022. Basls for opinton We conducted our audit in accordance with Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our re$ponsibilitie$ under those standards are further described in the Auditor responsibilities for the aL5dil of the financial slalements section ol our report. We are independent of the charity in accord8nce with the ethical requirements that are relevant lo our audit ol the financial slalements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wrth these requirements. We believe that the audit evidence we have obtsined is sufficient arKI appropriate lo provide 8 basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation ol the financial slalemenls is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to Continue as going concern for a period of al least e1ve months from when thfj financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sections of this report.
The Lowestoft Church and Town Almshouse Charity Independent auditor's report to the trustees of The Lowestoft Church and Town Almshouse Charity fcontsnu8dJ Year ended 5 April 2025 Other intormatlon The tsther information comprises the infomiation included in the trustees, annual report, other than the financial statements and our auditor's report Ihereon. The Iruslees are responsible for the other information. Our opinion on the financial slalemenls does riot cover the other information and we do not express any form of assuran¢e conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the ott)er informion is rralerially inconsislenl with the financial slalemenls cr our knowledge obtained in the course of the audit, or otherwise appears lo be materially m1ssl8ted. If we identify such material inconsistencies or apparent material misslalements. we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we aro roquir8d to report by excoptlon We have nothing to report in respect of the following matters where the Charrties (Accounts and Reports) RulationS 2008 requires us lo report lo you if, in our opinion.. the information given in the trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration A¢1 2008 requires us lo report to you il, in our opinion. a satisfactory system of control over transactions has not been maintained. Responsibilitles of trustees As explained more fully in the Iruslees. responsibilities stslemenl Isel out on page 51, the trustees are responsible for the preparation of the financial statements and for being s81isfied that they give a true and fair view, and for such Internal control as the trustees determine 15 necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charity or lo cease operations, or have no realistic allernalive but lo do so.
The Lowestoft Church and Town Almshouse Charity Independent auditorfs report to the trustees of The Lowestoft Church and Town Almshouse Charity itontinued) Year ended 5 April 2025 Audltor's responsibilities for the audlt of the flnanclal $tat8ments We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effeet thereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whose are fr&e from material misslalement, whether due ID fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an adt conducted in accordance with ISAS IUKI will always delecl a material misstslemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis ol theso financial $181emenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstatements in respect of irregularities, including fraud. The extent to which our procedijres are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management and those charged with govemance. Enquiry of entity staff compliance functions lo identify any instances of non-mPliance with laws and regulations. Revièwng financial slalement disclosures and tesbng to supporting documenl*ion lo assess compliance with applicable laws and regulations. Performing audit work over the risk of management override of controls, including lesling of journal entries and other adjustments for appropriateness. evaluating the rationale of significant transath.ons outside the normal course of activities and reviewing accounting estimates for bias. Because of the inherent limitslions of an audit, there is 8 risk that wo will not detect all irregularities, including those leading lo a material misstatement in the financi81 stslemenls or non-compliance with regulation. This risk increases the more that complianTh with a law or regulation is removed from the events and Iransaclion5 reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, Collusion, om1ssion or misrepresenlalion.
The Lowestoft Church and Town Almshouse Charity Independent auditor's report to the trustees of The Lowestoft Church and Town Almshouse Charity (continued) Year ended 5 April 2025 A further description of our responsibilities is available on the FRC'S website at wunN.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Use ofour report This report is made solely lo the charity's Iruslees, as a body, in a¢cordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required to state lo them in an auditor's report and for no othe¥ purpose. To the fullest extent permitted by law, we do not accept or assume resnSibIlIty lo anyone olher than the eharity and the ch8rity's Iruslees as body, for our audit work, for this report, or for the opinions we have formed. Mark Proctor FCA DChA (Senior Stslutory Auditor) For and on behalf of Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 OLB Lovewell Blak& LLP is eligible for appointment of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006 10-
The Lowestoft Church and Town Almshouse Charity Statement of financial activities Year ended 5 April 2025 2025 Restricted funds Total funds 2024 Unrestricted funds Total funds Note Incomg and endowments Charitable activities Investment income 449,257 350 449,257 350 425,434 320 Totsl Income 449,607 449.607 425,754 Expandilure Expenditure on charf(able a1VilIeS Total expendlture 1376,3961 1376,3961 1376.3961 1376.3961 1344,3781 1344,3781 Net income and net movements In funds before galns and losses on investments Net gains on investments 73,211 73,211 81,376 5,200 5,200 5,898 Net income before other galn$ and10$$8s Other recognised gains and losses 78,411 78,411 87,274 Losses from revaluation of fixed assets 14,069.9401 13,991,529) 14,089,940) 13,991.5291 Net mov&mgnt in funds 87,274 Recollclliatlon of funds Total funds brought forward Total funds carrlod forthvard 8,290,773 480,000 8,770,773 8.683,499 4,299,244 480,000 4,779,244 8.770,773 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Tho notes on pages 13 to 22 fonn part of these financlal statements.
The Lowestoft Church and Town Almshouse Charity Balance sheet 5 April 2025 2025 2024 Note Flxgd assets Tangible fixed assets Investments 12 13 4,689,750 245.124 8,759,690 197,447 4,934,874 8,957,137 Current assets Debtor5 Cash al bank and in h8nd 14 10,640 149,805 4,152 152.285 160,445 156,417 Crèditors.. Amounts falling due withln one year 15 161,7771 (83,8611 Net current assets 98,668 92,556 Total assets less current liabilitles 5,033,542 9,049,693 Creditors- Amounts falllng due aftèr more than one year Net assets 16 1254.2981 4,779.244 1278,9201 8,770,773 Funds of the charity Restricted funds U4)restricted funds.. Revaluation reserve Other unrestricted income funds 4eo,000 480,000 371,825 3,927,419 4.441,765 3.849.008 Totsl unrestrlct8d funds 4.299,244 8,290,773 Total charity funds 18 4.779,244 8,770,773 The rinancial slalements were approved by the board of trustees and aulhorised for issue on and are signed on behalf of the board by". Mrs G Battrick- Ctsoptative {Ch8irl Trustee r M G811- Nominative Trustee The notes on paggs 13 to 22 forrn part of these flnanclal statem&nts. 12-
The Lowestoft Church and Town Almshouse Charity Notes to the financial ststsments Year ended 5 April 2025 Gèneral infomiation The charity is 8 public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 148 London Road North, Lowesloft, Suffolk, NR32 1HF. Statement of compliance The charity conslilules a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, The Accounting Direction of Private Registered Providers of Social Housing120221 and UK Generally Accepted Accounting Practice. The financial slalements have been prepared to give a 'lrue and fairf view and have departed from the Charities {Accounts and Reports) Regulations 2008 only lo the oxtenl required to provide a 'lrue and fair view,. This departure has Invohjed following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in aceordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since beon withdrawn. Accounting policies lal Basis of preparatlon The financial stslements have been prepared on a going concern basis under th& historical cost convention. modified lo include cettsin items al fair value. The financial slalemenls are prepared in sterling, which is the functional currency of the enlily. Ibl Going con¢arn The charity's ability lo continue lo operate as a going concem relies on the rental income from residents of their almshouses. There is no reason for the Trustees lo consider that the number of residents would fall to such an exienl that the going concern status of the charity would be brought into question, nor are there any other material uncertainties about the charity's ability lo continue as a going concern. The Charity has the support of the Lowesloft Charity Board, a charity that shares the same trustees and has the same aims and objectives. Lowestoft Charity Board hold a significant investment portfolio which could be easily liquidated werè cash flow lo become a significant issue for either charity. The Trustees have a reasonable expectation th81 the Charity has adequate resour$ to continue in operational existence for the foreseeable future, thus they continue lo adopt the going concern basis in preparing the fin8ncial $tstemenls. 13-
The Lowestoft Church and Town Almshouse Charity Notes to the financial statements (continued) Year ended S April 2025 Ac¢ountlng poll¢lg$ {eonrinu Icl Judggmants and key sourcgs of estimation uncertalnty The preparation of the financial stslemenls requires management lo make judgements, estimates and assumptions th81 affect the amounts reported. These eslimales and judgernenls are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made conceming the future and, by their nature, will rarely equal the related actual outcome. The financial stalernenls include judgements (apart from those involving estimations) that management have made In the process of applying the entity's accounting policies. The judgements and eslimalion uncertainty that may have a significant risk of causing a material adjuslmenl lo the carrying amounts of assets and liabilities within the next financi81 year afe as as follows.. Property valuation Freehold propety is rewrded al valuation and r8valued every 3 years. Such value requires the application of judgement with regard to the nature of such property taking into account factors specific lo their specialised nature. An independent valuer is utilised to provide an estimate of the fair value for financial slalemenl purposes. The most recent valuation took place in 2025 and the method used by the independent valuer has changed since the previous valuation in 2023. The valuation method used in 2023 was based on the open market value of the properties where8s, the method used in 2025 was based on the existing use of the properties. Note 12 provides more information con¢erning the valuation of suth properties. Id) Fund accountlng Unreslricled funds are available for use at the discretion of the trustees lo further any of the charity's purposes. Designated funds are unreslrieled funds earmarked by the trustees for particular purposes The Extraordinary Repair Fund consists of monies which have been sel aside by the Trustees to meet the cost of extr8ordin8ry repairs. The Restricted Reserve consists of funds that the organisalion has been provided with for a particular purpose and il Is the policy of the trustees to Carefully monitor the applicatlon of those funds in accordance with the restrictions placed upon them. l•) Incomo All income is included in the slalement of financial activities when entitlement has passed lo the charity. it is probable that the economic benefits associated with the transaction will flow lo the char1ty and the amount can be reliably measured. The followng tspecrfic policies are applied to particular categories ol incotne.. bank interest is included on an accruals basis. dividends are included when they are declared. - rental income. net of rent and service charge losses from voids, and other income is recognised within the statement of financial activities on 8 receivable basis. 14-
The Lowestoft Church and Town Almshouse Charity Notes to the financial statements (contlnu8dJ Year ended 5 April 2025 Accounting policies icontinuedj (fj Expenditure Expenditure is reCnIsed on an accruals basis as a liability is incurred. Expenditure inclucles any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 11 includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs indude those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. The cost of repairs and maintenance are recognised when a binding obligation lo incur expendiluro is entered into. Improvements lo properties which add value lo the properties or substantially lengthen the properties useful life are capilalised as fixed assets. Repair items which involve the replacement or renewal of items within the fabric of existing building bul which do not add v81ue to the property are writien off as incurred. Igl Tanglblo assets 11 Freehold property is revalued every three years and the aggregate surplus transferred lo a revaluation reserv8. The amount by which the valuation of individual properties is less than their cost and considered lo be permanent is charged lo the income and expenditure account. 21 No depreciation or amortisation is provided in respect of freehold property. It is the policy of the Trustees lo maintain 811 the properties to the highest standard through regular maintenance and repair. Thi$ results in both a very long economic life and eslimaled residual value such that any depreci8ts.on and accumulated depreciation would be immaterial. Ihl Investments Unlisted equity investments are initially recorded al cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measLtred 81 cost less impaimienl. Listed investments are measured al fair value with changes in fair value being recognised in income or expenditure. lil Financial Instrumènts A financial asset or a financial 11ab11ily is recognised only when the ents'ty becomes a paty lo the conlraclual provisions of the instrument. Basic financi81 instruments are initially recognised al the amount receivable Or payable including any Telaled transaction costs. unless the arrangement conslitules a financing Iransaclion, where it is recognised al the present value of the future payments discounted at a market rate of Interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other considerab.on expected lo be paid or received and not discounted. IS-
The Lowestoft Church and Town Almshouse Charity Notss to the financial statsments Icontsnuedj Year ended 5 April 2025 Accounting pollcles (¢orJtinuetl Ul Defined contribution plans Contributions lo defined conlnbLrtion plans are recognised as an expense in the period in which the related service is provided. Charbtsble activitles Unrestricted Total Funds Unreslricled Total Funds Funds 2025 Funds 2024 Rent received Service charge and water charges received 358,161 358.161 329,298 329,298 91,096 91,096 96.136 96,136 449,257 449.257 425,434 425,434 Investmènt income Unreslricled Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Investment income 350 350 320 320 Expendlture on charitable activitles Unreslricled Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Salaries Pension contributions Council tsx Repairs & maintenance Water rates Insurance Light & heat Telephone Support costs 33,780 5,567 33,780 5,567 840 225,519 7,073 5,703 41,221 4,119 52.574 33,074 5.451 10,013 130,901 8,505 6,331 76,254 4,543 69,306 33.074 5,451 10,013 130,901 8,505 6,331 76.254 4,543 69,306 225,519 7.073 5,703 41,221 4,119 52,574 376,396 376.396 344,378 344.378 16
The Lowestoft Church and Town Almshouse Charity Notes to the financial statements (continued) Year ended 5 April 2025 Support costs Charitable activities Toto12025 Total 2024 Interest payable General expenses Management and professional fees Architects fees 5,378 9,469 22,443 15,284 5,378 9,469 22,443 15,284 7,528 9,221 23,227 29,330 52,574 52,574 69,306 Houslng accommodatlon unlts The number of units of accommodation for the year in relation lo Almshouses was 6712024.. 871. Audltors remuneratlon 2025 2024 Fees payable for thè audit c)f the financial statements 9,000 8,280 10. Stsff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2025 2024 Wages and salaries Employer contributions to pension plans 33,780 5,567 33,074 5,451 39,347 38,525 The average head count of employees during the year was 212024.. 21. No employee received employee benefits of more than £60.000 during the year12024.' Nill. 11. Trustee romuneralion and 8xp8nses No remuner81ion or other benefits from employment with the charity or a related entity were received by the trustees. 17-
The Lowestoft Church and Town Almshouse Charity Notes to the financial statsments (contlnu8d) Year ended 5 April 2025 12. Tangible fixed assets Church Long Dairy Green Site Site Total Cost or valuation At 6 April 2024 Revaluations 5.249,690 3,510,000 8,759,690 (1.961.190) 12,108,750) 14,069,940) 3,288,500 1,401,250 4,689,750 At 5 Aprll 2025 Dgpreciation At 6 April 2024 and S Aprll 2025 Carrying amount At S April 2025 At 5 April 2024 3,288,500 1,401,250 4,689,750 5,249,690 3,510,000 8,759,690 Both the Church Green Site and Long's Dairy Sile represent the charity's interest in freehold property. The Church Green Sile and Long's Dairy Sile were professiorially revalued al £4,689,750 by East Commercial Chartered Sijrveyors as al 5 April 2025 on the basis of existing use value. On a historical cost basis, the historical cost of all assets is £4,336,764. There is a legal charge over some of the chanty's freehold propety in relation lo the loan from the connected charity. The valu*ion that took place in 2023 was based on the properties being sold in an open market with 8 value of £8,501,000. However, since the 2023 valuation there have been changes in standards and the RICS now requires properties that are held by housing associations lo be valued at their existing use. Due lo the properties owned by the charity and having subsidised rents, it would be nsidered inappropriate valuing the properties based on the open market. 18
The Lowestoft Church and Town Almshouse Charity Notes to the financial statements (contsnu8d) Year ended 5 April 2025 13. Inv•stments Other investments Cost or valuatlon Al 6 April 2024 Additions Other movements 197,447 42,477 5,200 At 5 Aprll 2025 Impalmient At 6 Aprll 2024 and 5 April 2025 Carrylng amount At S Aprll 202S At 5 April 2024 245.124 245,124 197,447 l investments shown above are held at valuation. Historic costs of investments is £219.831 12024.. £177,354). 1& Debto 2025 2024 Prepayments and accrued income Other debtors 1,084 9,556 1,084 3,068 10,640 4,152 1 S. Crgditors: Amounts falling due wlthln one year 2025 2024 Trade creditors Accruals and deferyed income Amounts owed lo connected charity 2.848 38.931 20,000 2.846 41,015 20,000 61,777 63,861 2025 2024 Deferred income brought forward Released during the year Deferred during the year Deferred income carried fomard 31.952 131.9521 29,868 29,245 129.2451 31,952 29,868 31,952 Deferred income compfise rents received in advance of 2025. 19
The Lowestoft Church and Town Almshouse Charity Notes to the financial statements (conUtTrued} Year ended S April 2025 16. Croditors.. Amounts falling due after more than one yoar 2025 2024 Amount owed lo connected charity 254,298 278,920 There is a legal charge over some Of the charity's freehold propety. The total amount of secured liabilities due after 5 years amounts lo £164,000. The applicable interest rale is 2Qh and Interest payable for the year was £5,37812024.' £7,528). The amount owed lo eonnecl charities repayment structure is through annual inslalments. 17. Pen$ions and other post retlremgnl benefits D&fined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £5,56712024.' £5,451). 18. Anatysis of charitable funds Unrestrictèd funds Gains and At losses S April 2025 416 April 2024 Income Expenditure Transfers General funds Designated Fund Revaluation reserve 3,651,561 197,447 4,441,765 449,607 1376,3961 142,4771 42.477 3,682,295 245,124 371,825 5,200 14,069,940> 14,064,740) 8,290,773 449,607 1376,3981 4.299,244 Gains and losses 4t 5 April 2024 418 April 2023 Income Expenditure Transfers General funds Designated Fund Revaluation reserve 3,681,3C 100,428 4,441.785 425,754 1344,3781 (91,1211 91,121 3,651.581 197.447 4,441.765 5,898 8,203.499 425,754 1344,3781 5,898 8,290,773 -20-
The Lowestoft Church and Town Almshouse Charity Notes to the financial statements (conlinued) Year ended 5 April 2025 18. Anatysls of charltablg funds (contlnu8d) Restrieted funds Gains and At losses S April 2025 416 April 2024 Income ExpendilLtre Restrictect funds 480,000 480,000 Gains and Ic)sses 415 April 2024 16 April 2023 Income Expenditure Restricted funds 480,000 480,000 The designated fund represents the movements for the year on the Extraordinary Repair Fund. The purpose of the fund is to allow for the regular m8inlenance of the Charity's buildings. The restricted fund relates to a 9rant from Homes England for the development of the Longs Dairy Site and is represented by freehold property. The balance has remained on restricted funds due lo ongoing restrictions on the use to which the propety funded by the grant can be pul. 19. Anatysis of net assets beten funds Unrestricted Funds Designated Funds Restricted Total Funds Funds 2025 Tangible fixed assets Investments Current assets Creditors greater than 1 year Net asset$ 4,20g,750 4eo,000 4,689,750 245,124 98.668 1254.2981 4,779,244 245.124 98,668 1254.2981 4.054.120 245,124 480.000 Unrestricted Funds Designated Funds Reslricled Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors greater than 1 year Not ass91$ 8,279,690 480.000 e,759.690 197,447 92,556 1278,9201 8.770,773 197,447 92,556 1278,9201 8,093,326 197,447 480,000 21
The Lowestoft Church and Town Almshouse Charity Notes to the financial statements icontlnuodj Year ended 5 April 2025 20. R&lat&d partlès In 2013, The Lowesloft Church and Town Eslale Charity (Lowesloft Charity Board), a charity which sh8re5 the same Iruslees as this ¢h8rity. provided a loan of £315,000 lo the chanty to fund the acquisition of the Long's Dairy sile. An informal loan was also issued when The Lowesloft Church and Town Estate Charity opened a new separate bank account and left some of ils fund$ in the charity's bank account. At the balance sheet dale £274,298 12024.. £298,920) was due lo The Lgwesloft Church and Town Estate Charity. The balance is secured by a legal charge over some of the charity's freehold property. The entire amount is repayable by instalmenls over 25 years wth interest currently al 2.10. During the year. the Charity paid £1,72812024'. £2,340) lo Norton Peskett solicitors for the services of the Clerk and other professional services. The Clerk is a partner in that firm. -22-