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