REGISTERED CHARITY NUMBER: 213558
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31st December 2021 for Northwold Norman Almshouses
Northwold Norman Almshouses
Contents of the Financial Statements for the Year Ended 31st December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5-10 |
| Detailed Statement of Financial Activities | 11-12 |
Northwold Norman Almshouses
Report of the Trustees for the Year Ended 31st December 2021
The trustees present their report with the financial statements of the charity for the year ended 31st December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2015)
OBJECTIVES AND ACTIVITIES
Objectives and Aims
The provision of Almshouses for poor persons who are residents in the Parish of Northwold.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity Number
213558
Principal Address
c/o Mrs H Wyett Pangle Cottage Church Road, Wretton Kings Lynn, Norfolk PE33 9QR
Trustees
Mrs R Crisp Mrs A Eglington Mr J Ayres Mr M Howarth Mrs D Eves Miss J Luckman Ms A Mitchell
Independent Examiner
MJC Accounting 9 Southlands Swaffham, Norfolk PE37 7PE
Approved by order of the board of trustees on …................................................. and signed on its behalf by:
…......................................................
Mrs R Crisp - Trustee
Page 1
Northwold Norman Almshouses
Independent Examiner's Report to the Trustees of Northwold Norman Almshouses for the Year Ended 31st December 2021
I report to the trustees on my examination of the accounts of Northwold Norman Almshouses ("the Trust") for the year ended 31st December 2021.
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Melissa Cooper MAAT MJC Accounting 9 Southlands Swaffham, Norfolk PE37 7PE
Date…...........................................
Page 2
Northwold Norman Almshouses
Statement of Financial Activities for the Year Ended 31st December 2021
| Notes INCOME AND ENDOWMENTS FROM Charitable Activities Grants Other trading activities 2 Investment income 3 Other income Total EXPENDITURE ON Charitable Activities Rates and water Insurance Clerks fees Sundries Garden maintenance Repairs Grants Light and heat Governance Costs Total Net Gains/(Losses) on Investments NET INCOME Other Recognised Gains/(Losses) Gains on revaluation of fixed assets Net Movement in Funds RECONCILIATION OF FUNDS Total Funds Brought Forward Total Funds Carried Forward |
2021 2020 Unrestricted Total funds funds £ £ - - 28,502 30,707 703 462 - 1,000 29,205 32,169 540 491 978 1,195 915 1,111 30 1,140 674 412 4,231 1,131 - - - - 407 721 7,775 6,201 - - 21,430 25,968 - - 21,430 25,968 602,122 576,154 623,552 602,122 |
|---|---|
The notes form part of these financial statements
Page 3
Northwold Norman Almshouses
Balance Sheet
for the Year Ended 31st December 2021
| Notes FIXED ASSETS Investment property 6 CURRENT ASSETS Investments 7 Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 9 NET ASSETS FUNDS Unrestricted funds 12 TOTAL FUNDS |
2021 Unrestricted funds £ 560,668 45,012 35,372 80,384 - 80,384 641,052 17,500 - 623,552 623,552 623,552 |
2020 Total funds £ 560,668 30,012 31,442 |
|---|---|---|
| 61,454 - |
||
| 61,454 | ||
| 622,122 20,000 - |
||
| 602,122 | ||
| 602,122 | ||
| 602,122 |
The financial statements were approved by the Board of Trustees on ….................................... and were signed on its behalf by:
….........................................................
Mrs R Crisp - Trustee
The notes form part of these financial statements
Page 4
Northwold Norman Almshouses
Notes to the Financial Statements for the Year Ended 31st December 2021
1 ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice' applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income willl be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment Property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 5
Northwold Norman Almshouses
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
2 OTHER TRADING ACTIVITIES
| Maintenance contributions 3 INVESTMENT INCOME Bank interest COIF dividends |
2021 £ 28,502 2021 £ - 703 703 |
2020 £ |
|---|---|---|
| 30,707 | ||
| 2020 £ - 462 |
||
| 462 |
4 TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2021 or for the year ended 31st December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2021 or for the year ended 31st December 2020.
5 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Charitable Activities Grants Other trading activities Investment income Other income Total EXPENDITURE ON Charitable Activities Rates and water Insurance Clerks fees Sundries Garden maintenance Repairs |
Unrestricted funds £ - 30,707 462 1,000 |
|---|---|
| 32,169 491 1,195 1,111 1,140 412 1,131 |
Page 6
Northwold Norman Almshouses
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
5 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Grants Light and heat Governance Costs Total Net Gains/(Losses) on Investments NET INCOME Other Recognised Gains/(Losses) Gains on revaluation of fixed assets Net Movement in Funds RECONCILIATION OF FUNDS Total Funds Brought Forward Total Funds Carried Forward 6 INVESTMENT PROPERTY FAIR VALUE At 1st January 2021 Additions At 31st December 2021 NET BOOK VALUE At 31st December 2021 At 31st December 2020 |
Unrestricted funds £ - - 721 |
|---|---|
| 6,201 - |
|
| 25,968 - |
|
| 25,968 576,154 |
|
| 602,122 | |
| £ 560,668 - |
|
| 560,668 | |
| 560,668 | |
| 560,668 |
The almshouses were revalued by Mr B L Hawkins B.Sc (Hons) MRICS during 2018 where the deemed open market value was £520,000.
Page 7
Northwold Norman Almshouses
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
7 CURRENT ASSET INVESTMENTS
| 2021 £ Unlisted investments 45,012 The investments listed above are COIF Charities Investment Fund Income Units held by the CCLA on behalf of the charity. During the year 73.36 units were acquired at a cost of £15,000. At the balance sheet date the charity retained 1,465.98 units (2020: 1,392.62 units). |
2020 £ |
|---|---|
| 30,012 | |
8 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021 £ Bank loans and overdrafts (see note 10) - 9 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 £ Other loans (see note 10) 17,500 Other creditors represents a loan from QHT of £25,000. This loan is repayable over 10 years with an interest rate of 10% per annum. |
2020 £ |
|---|---|
| - | |
| 2020 £ |
|
| 20,000 | |
10 LOANS
| An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdraft Amounts falling due in more than five years: Repayable by instalments: Other loans more than 5 years instalments |
2021 £ - 17,500 |
2020 £ |
|---|---|---|
| - | ||
| 20,000 |
11 SECURED DEBTS
Other loans represents a loan from QHT of £25,000. This loan is repayable over 10 years with an interest rate of 10% per annum.
Page 8
Northwold Norman Almshouses
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
| 12 MOVEMENT IN FUNDS At 01.01.21 £ Unrestricted funds General fund 602,122 TOTAL FUNDS 602,122 Net movement in funds, included in the above are as follows: Incoming Resources £ Unrestricted funds General fund 29,205 TOTAL FUNDS 29,205 Comparatives for movement in funds At 01.01.20 £ Unrestricted funds General fund 576,154 TOTAL FUNDS 576,154 Comparative net movement in funds, included in the above are as follows: Incoming Resources £ Unrestricted funds General fund 32,169 TOTAL FUNDS 32,169 |
Net Movement in Funds £ 21,430 21,430 Resources Expended £ 7,775 - 7,775 - Net Movement in Funds £ 25,968 25,968 Resources Expended £ 6,201 - 6,201 - |
At 31.12.21 £ 623,552 |
|---|---|---|
| 623,552 | ||
| Movement in Funds £ 21,430 |
||
| 21,430 | ||
| At 31.12.20 £ 602,122 |
||
| 602,122 | ||
| Movement in Funds £ 25,968 |
||
| 25,968 |
Page 9
Northwold Norman Almshouses
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
12 MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 01.01.20 £ 576,154 576,154 |
Net Movement At in Funds 31.12.21 £ £ 47,398 623,552 47,398 623,552 |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources £ 61,374 61,374 |
Resources Movement Expended in Funds £ £ 13,976 - 47,398 13,976 - 47,398 |
|---|---|---|
13 RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2021.
Page 10
Northwold Norman Almshouses
Detailed Statement of Financial Activities for the Year Ended 31st December 2021
| INCOME AND ENDOWMENTS Other trading activities Maintenance contributions Investment income Bank interest COIF dividends Charitable Activities Grants Other Income Miscellaneous income Total incoming resources EXPENDITURE Charitable Activities Insurance Light and heat Rates and water Garden maintenance Repairs and renewals Sundries Clerk's fees and expenses Grants to institutions Support costs Governance Costs Accountancy Almshouses Association Total resources expended Net income before gains and losses |
2021 2020 £ £ 28,502 30,707 - - 703 462 703 462 - - - 1,000 29,205 32,169 978 1,195 - - 540 491 674 412 4,231 1,131 30 1,140 915 1,111 - - 7,368 5,480 175 492 232 229 407 721 7,775 6,201 21,430 25,968 |
|---|---|
Page 11
Northwold Norman Almshouses
Detailed Statement of Financial Activities for the Year Ended 31st December 2021
| Realised recognised gains and losses Carried forward Realised recognised gains and losses Brought forward Realised gains/(losses) on fixed asset Investments Net income |
2021 2020 £ £ 21,430 25,968 21,430 25,968 - - 21,430 25,968 |
|---|---|
Page 12