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 (¢On￿￿￿ed)
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 be￿een 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(conthnu￿J
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 inform*ion is
rralerially inconsislenl with the financial slalemenls c*r 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)
R￿ulationS 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 a￿d￿t
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 res￿nSibIlIty 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 a￿1VilIeS
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 reC￿nIsed 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 bet￿en 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-