REGISTERED CHARITY NUMBER: 213558
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31st December 2023 for Northwold Norman Almshouses
Northwold Norman Almshouses
Contents of the Financial Statements for the Year Ended 31st December 2023
| Page | |
|---|---|
| Report of the Trustees | 1-2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Actvites | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6-10 |
| Detailed Statement of Financial Actvites | 11-12 |
Northwold Norman Almshouses
Report of the Trustees for the Year Ended 31st December 2023
The trustees present their report with the financial statements of the charity for the year ended 31st December 2023. 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 2019)
OBJECTIVES AND ACTIVITIES
Objectives and Aims
The purpose of the Charity is the provision of Almshouses for poor persons who are residents in the Parish of Northwold. The trustees have had regard to the guidance issued by the Charity Commission on public benefit.
ACHIEVEMENTS AND PERFORMANCE
Main Achievements
The Charity's work has improved its beneficiaries circumstances by providing housing that is affordable to the less fortunate 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. Trustees are selected by election to post.
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 C Sharp Mr M Winter Mr J Ayres Mr M Howarth Miss J Luckman
Page 1
Northwold Norman Almshouses
Report of the Trustees (cont.) for the Year Ended 31st December 2023
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 C Sharp - Trustee
Page 2
Northwold Norman Almshouses
Independent Examiner's Report to the Trustees of Northwold Norman Almshouses for the Year Ended 31st December 2023
I report to the trustees on my examination of the accounts of Northwold Norman Almshouses ("the Trust") for the year ended 31st December 2023.
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 3
Northwold Norman Almshouses
Statement of Financial Activities for the Year Ended 31st December 2023
| EXPENDITURE ON Charitable Actvites Rates and water Insurance Clerks fees Sundries Garden maintenance Repairs Grants Light and heat Notes Total Governance Costs Total Net Gains/(Losses) on Investments NET INCOME Net Movement in Funds RECONCILIATION OF FUNDS Total Funds Brought Forward Total Funds Carried Forward INCOME AND ENDOWMENTS FROM Charitable Actvites Grants Other trading actvites Investment income Other income 2 3 Other Recognised Gains/(Losses) Gains on revaluaton of fxed assets |
2023 Total funds £ 661 915 489 - 760 3,641 - - - 30,524 750 - 31,274 421 6,887 - 24,387 - 24,387 638,897 663,284 |
2022 Total funds £ - 28,609 724 - |
|---|---|---|
| 566 1,064 868 - 588 10,491 - - 29,333 412 13,989 - |
||
| 15,345 - 15,345 623,552 |
||
| 638,897 |
The notes on pages 6 to 10 form part of these financial statements
Page 4
Northwold Norman Almshouses
Balance Sheet for the Year Ended 31st December 2023
| Notes 6 7 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 9 NET ASSETS 12 TOTAL FUNDS FIXED ASSETS Investment property CURRENT ASSETS Investments Cash at bank CREDITORS Amounts falling due within one year CREDITORS Amounts falling due afer more than one year FUNDS Unrestricted funds |
2023 Total funds £ 560,668 115,116 - 2,500 112,616 673,284 - 10,000 663,284 663,284 663,284 55,012 60,104 |
2022 Total funds £ 560,668 45,012 48,217 |
|---|---|---|
| 93,229 - |
||
| 93,229 | ||
| 653,897 - 15,000 |
||
| 638,897 | ||
| 638,897 | ||
| 638,897 |
The financial statements were approved by the Board of Trustees on........................................and were signed on its behalf by:
….........................................................
Mrs C Sharp - Trustee
The notes on pages 6 to 10 form part of these financial statements
Page 5
Northwold Norman Almshouses
Notes to the Financial Statements for the Year Ended 31st December 2023
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 2019)', 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.
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.
Governance
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Page 6
Northwold Norman Almshouses
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
2 OTHER TRADING ACTIVITIES
| 3 INVESTMENT INCOME Bank interest COIF dividends Maintenance contributons |
2023 £ 2023 £ 25 725 30,524 750 |
2022 £ |
|---|---|---|
| 28,609 | ||
| 2022 £ 2 722 |
||
| 724 |
4 TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2023 or for the year ended 31st December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2023 or for the year ended 31st December 2022.
5 INVESTMENT PROPERTY
| COST At 1st January 2023 Additons At 31st December 2023 At 31st December 2022 NET BOOK VALUE At 31st December 2023 |
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 2023
6 CURRENT ASSET INVESTMENTS
| CURRENT ASSET INVESTMENTS | ||
|---|---|---|
| Unlisted investments | 2023 £ 55,012 |
2022 £ |
| 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 44.03 units were acquired at a cost of £10,000. At the balance sheet date the charity retained 1,510.01 units (2022: 1,465.98 units).
7 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank loans and overdrafs (see note 10) 8 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other loans (see note 10) |
2023 £ 2023 £ 2,500 10,000 |
2022 £ |
|---|---|---|
| - | ||
| 2022 £ |
||
| 15,000 |
Other creditors represents a loan from QHT of £25,000. This loan is repayable over 10 years with a 5% fee payable at the end of the loan.
9 LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due within one year on demand: Other loans Amounts falling due in more than fve years: Repayable by instalments: Other loans more than 5 years instalments |
2,500 10,000 2023 £ |
- 2022 £ |
|
|---|---|---|---|
| 15,000 |
10 SECURED DEBTS
Other loans represents a loan from QHT of £25,000. This loan is repayable over 10 years with a 5% fee payable at the end of the loan.
Page 8
Northwold Norman Almshouses
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
| 11 MOVEMENT IN FUNDS At 01.01.23 £ Net Movement in Funds £ Incoming Resources £ Resources Expended £ At 01.01.22 £ Net Movement in Funds £ Incoming Resources £ Resources Expended £ 638,897 24,387 TOTAL FUNDS 638,897 24,387 Net movement in funds, included in the above are as follows: 31,274 - 6,887 TOTAL FUNDS 31,274 - 6,887 Comparatves for movement in funds 623,552 15,345 TOTAL FUNDS 623,552 15,345 Comparatve net movement in funds, included in the above are as follows: 29,333 - 13,989 TOTAL FUNDS 29,333 - 13,989 Unrestricted funds General fund Unrestricted funds General fund Unrestricted funds General fund Unrestricted funds General fund |
At 31.12.23 £ 663,284 |
|---|---|
| 663,284 | |
| Movement in Funds £ 24,387 |
|
| 24,387 | |
| At 31.12.22 £ 638,897 |
|
| 638,897 | |
| Movement in Funds £ 15,345 |
|
| 15,345 |
Page 9
Northwold Norman Almshouses
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
11 MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| TOTAL FUNDS Unrestricted funds General fund |
623,552 At 01.01.22 £ 623,552 |
39,732 Net Movement in Funds £ 39,732 |
At 31.12.23 £ 663,284 |
|---|---|---|---|
| 663,284 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| TOTAL FUNDS Unrestricted funds General fund |
Incoming Resources £ 60,607 - 60,607 |
Resources Expended £ 20,875 - 20,875 |
Movement in Funds £ 39,732 |
|---|---|---|---|
| 39,732 |
12 RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2023.
Page 10
Northwold Norman Almshouses
Detailed Statement of Financial Activities for the Year Ended 31st December 2023
| Charitable Actvites Insurance Light and heat Rates and water Garden maintenance Repairs and renewals Sundries Clerk's fees and expenses Grants to insttutons INCOME AND ENDOWMENTS Total incoming resources EXPENDITURE Support costs Governance Costs Accountancy Almshouses Associaton Total resources expended Net income before gains and losses Other trading actvites Maintenance contributons Investment income Bank interest COIF dividends Charitable Actvites Grants Other Income Miscellaneous income |
2023 £ 915 - 661 760 3,641 - 489 - 30,524 25 725 750 - - 31,274 6,466 175 246 421 6,887 24,387 |
2022 £ 28,609 2 722 |
||||
|---|---|---|---|---|---|---|
| 724 - - |
||||||
| 1,064 - 566 588 10,490 - 868 - 29,333 13,576 175 237 412 |
||||||
| 13,988 15,345 |
||||||
Page 11
Northwold Norman Almshouses
Detailed Statement of Financial Activities for the Year Ended 31st December 2023
| Net income Realised recognised gains and losses Carried forward Realised recognised gains and losses Brought forward Realised gains/(losses) on fxed asset Investments |
2023 £ 24,387 24,387 - 24,387 |
2022 £ 15,345 |
||
|---|---|---|---|---|
| 15,345 - |
||||
| 15,345 |
Page 12