HARITY REGISTRATIQN NUMBER: 234467 The Burkitt Homes Unaudited Financial Statements 31 July 2021 STEPHENSON SMART EAST ANGLIA LIMITED Chartered accountants 22-26 King Street King's Lynn Norfolk PE30 1 HJ
The Burkitt Homes Financial Statements Year ended 31 July 2021 Page Trustees, annual report Independent examinerfs report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements The following pages do not forni part of the financial statements Detailed statement of financial activrties 16 Notes to the detailed statement of financial activities 17
The Burkitt Homes Trustees, Annual Report Year ended 31 July 2021 The trustees present their rewrt and the unaudiled financial statements of the charity for the year ended 31 July 2021. Reference and adrnini5trative details Registered charity name The Burkitt Homes Charity reglstratlon numbèr 234467 Principal ¢)ffice Blackfn'ars Chambers King's Lynn Norfolk The trustges Mr T W Landles Mr J Morgan Mrs L F Lemon Mrs P Jenner Mr P Ramsdale Mr M Cooper Indopondgnt examlner Claire Melton FCCA TEP 22-26 King Street King's Lynn Norfolk PE30 1HJ Structure govgrnance and management Governing Document The trust is constituted under a deed dated 15th Seplemtr I9. It is registered as a charity with the Charity Comrnission (charity number 2344671. Management The Iruslees meet together Wrth the secrelaryllreasurer at least on a quarterly basis al which time the trustees agree the bToad strategy and areas of activity for the Trust, including consideration of projects to be undertaken, investrnent performance. reserves and risk management policies elc. The day lo day administration is dealt with by the chainnan wf(h the assistance of the 5ecrelaryllreasurer, and the cleik to Ihe trustees.
The Burkitt Homes Trustees. Annual Report (conlln4 Year ended 31 July 2021 structure. governance and management IntInu•) Trustee Indudion and Training The need for specialist skills are considered when considering rmInatIOnS for new trustees. New trustees attend a meekn.ng wrth the existing trustees and are briefed wrth regard lo their legal obligations under the charib.es acts. They are provided with a copy of the goveming trust deed and given a brief history of the Trust. They are also provided with a copy minutes of the recent trustees meetings, and copies of the last three years. annual reports and accounts All trustees are encouraged lo attend appropriate external training events which will assist them in fulfilling their role The trustees give freely of their lime and no trustee remuneration was paid during the year. There were no Iran5aCtions wrth related pae5 dunng the year requiring disclosure In the accounts RISK MANAGEMENT The chanty trustees consider on a regular basis the major risks to which the charity is exposed and review systems and procedures to manage them. The Iruslees consider the investment in quoled securities to be of a long term nature. The value of the trusts Investments have followed the general movement in the stock market As a Consequen year end value movements show increases in value. The Investments continue to give a reasonable return in spect ol the yields received. The st¢xk matket investrr*nts are collectivised investfflenls managed by the CCLA Ob5¢¢tivos and activities The Trust is a registered charity whose principal object is to provide homes for pefsons with connections to King's Lynn and who are of mature age. of good character and with limited means of SUPPOrt. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trusts aims and objecbves and in planning future actNities.
The Burkitt Homes Trustees, Annual Report (eoniinu• Year ended 31 July 2021 A¢hlevements and perforniance In the year to 31st July 2021. the Board of Trustees have been able to conts.nue with regular meetings, aided by technology. in order lo continue with the ongoing administration and future planning of the Burkitt Homes almshouses. The n*mbership of the Board rernained stable throughout the year. with a retirement and new recruitnEnl last year, and all the Board Tmstees taking an active role in the Trust's activities. Occupancy of the almshouses has been good over the last year as shown in the Maintenance Contribution receipts. Some apartments have become vacant where residents, circumstances have changed. and these have been marketed and new ressdents found with only relatively short void penods. This is In some significant part due lo the extensive home improvement and renovation programme embarked upon by the Board of Trustees some years ago. which continues on. Now approximately 600k of the apartments have been brought up to modem specification and provide attoclive. comfortable homes for the residents. The last finarbcial year saw significantly less capital expenditure on the improvements programme as any works need lo be co-ordinated with the opportunity of when pathcular units become available. The Trustees afe pleased at having been able lo offer existing long term residents attemabve unrts to enable improvements to be done. where this has surted. The next financial year will see the latest significant renovation and conversion project converting two Small bedsil units into a single apartment together with associated rnodernisation. Planning permission and Listed Building consents have been secured and a lender ProS$ completed. In addition. the Board of Trustees have been successful in securing a significant loan lo help towards these works. The start of the project was delayed due to the effects of the pandemic The Trustees are mindful of the significant increase in healing and general energy cost. and how the 100 plus year old Listed building, can be sympathetically upgrade in this respect. This has proved very challenging. The future plans of the Trust have been reviewed and the Board of Trustees are in the early stages of seeking professional advice regarding options to chan9e the status of the Trust lo a modem CIO. Such move would have the usual pros and wns. which will need to be weighed up once the advice is considered. In the meantime, the Board of Trustees contsnue with the prudent management of the Burkitt Homes lo provide comfortable. modem hornes wrthin the historic core of King's Lynn for the resents.
The Burkitt Homes Trustees. Annual Report (Mnllnued) Year ended 31 July 2021 Financial revièw The trust Is not reliant upon the income from investments to lund rts roub.ne operational and charitable activities. The maintenance and other charges made to residents broadly matches the regular running and maintenance costs and charitable support gNen lo the trust's benefieiaries. However. the Iruslees keep In mind the considerable costs that COLtld be incurred by the subslanlial capital maintenance requ1remenls associated with buildings of the age of the homes. The tnjstees also keep in mind that the purpose of its reserves IS to support its objectives in the long term. Incoming reSoUrS increased by £5,71912020'. £4.1301 to £47,62612020". £41,907) mainly due to an increase in income from tenants as the apartments were mainty fulty occupied for the year and there was a small rent increase for some of the tenants. The overall surplus for the period including the movement In the value of the investments amounted lo £50,57912020 £6.460 deficrtl. The overall increase was made up of a surplus of incoming resources compared with reSoUrS expended of £22.545, and an unrealised gain on the value of listed shares etc of £28.034 The income from quoled investmènts amounted to 2.6%12020 3%) of the market valLse shown. Plans for future periods As noted above. the plans progress for continuing refurbishment andlor conversion. The extemal maintenance prcgramrne continues. The trustees. annual report was approved on 22) March 2022 and signed on behalf of the board of trustees by"
The Burkitt Homes Independent Examiner's Report to the Trustees of The Burkitt Homes Year ended 31 July 2021 report to the trustees on my examination of the financial statements of The Burkitt Homes I'the chanty'l for the year ended 31 Juty 2021. Responsibilities and basis of r•port As the Iruslees of the Chanty you are responsible for the preparation of the financial ststemenls in accordance with the requirements of the Chanbes Act 20111'the Acfl. I report In respect of my examination of the chanty's financial statements carned out under section 145 of the 2011 Act and in carrying out my exarnination I have followed all the applicable Direcb"ons given by the Charity Commission under Section 14515}Ibl of the Act. Independent examinerfs statemènt I have completed my examination. I confimi that no material rnatters have come to my attentson in connection with the examination giving me cause lo believe that in any material respect." accounting records were not kept in respect of the ¢harity as required by section 130 of the Act", or the financial statements do not acrd with those records,. or the financial statements do not compty with the applicable requirernenls conMIng the form and conlenl of accounts set out in the Chartties IAr£ounls and Reports) Regulations 2008 other than any requirement that the aeeounts give a 'true and fairf view which is not a matter conshjered as part of an independent examination. I have no concerns and have conE xross no other matters in connection wtth the examination to which attenbon should be drawn in this rewrt in order to enable a proper understanding of the accounts lo be reached.
The Burkitt Homes Statement of Financial Activities Year ended 31 July 2021 2021 Unreslricled funds Total funds Total fiJnds 2020 tr4ot• Income and endowments Charitable aclNilies Investment income Other InMe 41,982 5.506 138 41.982 5.506 138 36,435 5.367 105 Total income 47,626 47.626 41,907 Expenditure Expenditure on charitable activities Total expenditure 125,081} (25.081) {25,081) {25,0811 (51,410) (51,410J Net gains on investments 28.034 28.034 3,043 Not Incomellexpenditure) and nel movement in ndS 50,579 50,579 (6.460) Reconciliation of funds Total funds brought forward Total funds carTied forward 204.550 204,550 255,129 211.010 255,129 204.550 The stslement of financial athvities includes all gains and losses recognised in the year. l income and expendrture denve from conlinuing activits. The notes on pagtt$ 8 to 14 fomi part of thes¢ financial statements.
The Burkitt Homes Statement of Financial Position 31 July 2021 2021 2020 Note Flxed assets Investments 12 211,481 177,957 Current assets Debtors Cash at bank and in hand 13 2.612 42.874 2,631 25,839 45.486 28,470 Cfeditors: amounts falling du? within on• yèar Net current assets 14 1.838 1,877 43,648 255,129 26,593 Total assets less current liabilities 204,550 Funds of Ihe charity Unrestricted funds 255,129 204,550 Total charity funds 15 255,129 204,550 These financial statements were approved by the board of trLislees and aulhorised for issue on 22n¢ March 2022. and are signed on behaw of the board by". Th• not•s on pays 8 to 14 forni part of thes• flnanclal stat•m•nts.
The Burkitt Homes Notes to the Financial Statements Year ended 31 July 2021 General infom)ation The chanty is a public benefft entty and a registered charity in England and Wales and is unincorporated. The address of the principal office is 28 Exlons Road. King's Lynn. PE30 5PG. Statement of ¢ompliancè These financial statements have been prepared in Complian with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practi¢e applicable lo charities preparing their accounts in accordance wrth the Financial Reports'ng Stsndard applicable in the UK and Republic of Ireland IFRS 1021 Icharities SORP IFRS 10211 and the Charities A¢t 2011. Accounting policies Basis of preparation Incoming resources Income from trading &b"vities is recognised when earned, as the related services are provided. Investment income and other Income are recognised on a receivable basis. Resources expendgd Expenditure is recognised on an xcrual basis as a liability is incurred. Expenditure Includes any VAT which cannot be lully recovered. and is reported as part of the expenditure to which it relalg5." Costs of generating fvnds comprise the costs associated with the management of the trusts share inveslrnents and properties together with the fespective Insuran and maintenance costs etc. Charitable activities include expenditure assoaated with the objects of the trust. Gov8mance eosts include those costs associated vAth meeting the consblutional and slatulory requirements of the charty and include the accounts fees and costs linked to the strategic management of the charity. Going conc•rn There are no material uncertainties about Ihe charity's abilty to continue. Judgements and key sources of estimation uncertainty The preparabon of the financial statements requires management to make iudgernents, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually VieWed and are based on experience and other factors, Including expectations of future events that afe believed lo be reasonable under the circumstances.
The Burkitt Homes Notes to the Financial Statements l¢onthu•dl Year ended 31 July 2021 Accounting policie5 (COnllnu•d) Fund accounting Unreslricled funds are available for use at the discret of the trustees to further any of Ihe charity's purposes. Designated funds are unrestricted fijnds earnarked by the trustees for parh"culaf future project or commitment. Restricted funds are subjected to reStriCtn5 on their expendrture declarad by the donor or through the terms of an appeal and fall Into one of sutKlasses'. restricted in¢ome fvnds or endowment funds. The charity has a single permanent endowment of the land and buildings known as The Burkitt Homes. This endowment was bestowed on the charity by the founder William Burkitt when the charity was formed on 15th September 1909. The trustees have no authority to dispose of the land and buildings. they are lo te used solely for the purposes of the charity. No valuation was placed on this endowment when il was originalty bestowed. In¢omlng resources A11 incoming resources are included in the statement of financial activities when enlillement has passed lo the charity.. it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be relkabty measured. The following specffic policies a applied lo particular categories of income.. income from donab.ons or grants is recognised when there is evidence of enlitlemenl to the gift, receipt Is probable. and its amount can be measured reliably. legacy inwme is recognised when rlpt 1$ probable, and entsllement is established. income from donated giK)ds 15 measured al the fair value of the goods unless this is impractical lo measure reliabty. in whsch case the value is derived frofn the cost lo the donor or the estimated resale value Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No a)Unts are included for the contribub.on of general volunteers income from contracts for the suppty of serVS is recognised with the delivery of the Contracted service This is classified as unrestn'cted funds unless there is a contractual requirement lor It to be spent on a partlar purpose and retuffled if unspent. in which case il may be regarded as restricleo.
The Burkitt Homes Notes to the Financial Stslements f¢ontinwdJ Year ended 31 July 2021 Accounting policies I1•ed) Resour¢es expended Expenditure is recognised on an accnjals basis as a liabilty is incurred Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial aelivibes to which il relates.. expenditure on raising fvnds includes the costs of all fijndraising activrties. events, non-charitsble trading activtb'es, and the sale of donated goods. eXndItUre on chafitable acb"vities includes all costs incurred by a thority in undertaking activities that further its charitsble aims for the benefit of ils beneficiaries, including those support costs and costs relating to the governan of the charity apportioned lo charitable actsvities. other expendrture includes all expenditure that 15 neither related lo raising funds for the charity nor part of rts expenditure on chantable activthes All costs are allccaled lo expenditure categories reflecting the use of the resource Direct c()sts attributable lo a single ath.vty are allocated direclly to that activity Shared costs are apportioned beeen the activities they contribute lo on a reasonable, jusb"fiable and consistent basis. Investrnents Unlisted equity investments are initialty recorded at cost. and subsequentty measured at fair value. If fair value cannot be reliabty meaSUd. assets are measured al cost less impaimient. Listed investments are measured at fair value with changes in fail value being recognised in income or expenditure. Financial instruments A financial asset or a financial liabilty Is recc¥Jnised onty when the charity becomes a paty to the conlraclual provisions of the Instrument. Basic financial instruments are inrtialty renised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequentty measured al the cash or other consideration expected to be paid or received and not dis¢ounted Debt instruments are subsequently measured at amortised cost. ere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised In income and expenditure. All other sueh investments are subsequently measured al cost less impairment. Other financial inslTumenls, including derivatives. are initialty fecognised al fair value, unless payment for an asset is deferred beyond nomial business lems or financed al a rate of interest that is not a market rate. in which case the asset is measured at the present value of the fvture payments discounted at a mafket late of interest for a similar debt Instrument. 10
The Burkitt Homes Notes to the Financial Statements Iron11n} Year ended 31 July 2021 Accounting policies (Gonlinu8d) Financial instrumonts f¢oniinuedJ Other financial Instruments are subsequently measured al fair value, with any changes recognised In the statement of financial a¢bvth"es. with the excepb.ork of hedging instruments in a designated hedging relationship. Financ1 assets that are measured at cost or ar[ts"Sed ¢ost are re¥Wl for objective èvidence of impaimient al the end of each reporting date. If there Is obiective evidence of impairment, an impairment loss Is recognised under the appropriate heading in the stalemellt of financial activities in which the initial gain was reeognised. For all equty instruments regardless of signthcance. and olher financial assets that are individualty 51gnificant. these are assessed individualty ft)r impalmnI. Other financial assets are either assessed indivKlually or grouped on the basis of similar ¢redil risk characlerisbcs. Any reversals of impaim)ent are recrynised immediately, to the extent that the reversal does not result In a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impaiTment nol pwiously been recognised. Charitable activities Unrestricted Tolal Fund$ Unre5tri¢ted Total Funds Funds 2021 Funds 2020 Income from non-investment property in furtherance of the chaftty's objects 41,982 41.982 36,435 36,435 Investment income Unrestricted Totsl Funds Unrestficted Total Funds Funds 2021 Funds 2020 Income from UK listed investments CBF interest receivable 5.491 15 5.491 15 5.315 52 5.315 52 5.506 5,506 5,367 5,367 Other income Unrestricted Total Fund$ Unreslricted Total Funds Funds 2021 Funds 2020 Sundry receipts 138 138 105 105 11
The Burkitt Homes Notes to the Financial Ststements f¢onthu*• Year ended 31 July 2021 Expenditurg on charitable adivities by fund typg Unrestricted Tolal Funds Unrestricted Total Funds Funds 2021 Fund5 2020 Letting of property Support costs 24,181 900 24,181 900 50,450 960 50,450 960 25.081 25.081 51,410 51.410 Expenditure on charitsble activities by a¢tivlty type Activities undertaken diredy Support costs Total funds 2021 Total ftjnd 2020 Letting of property Govemance costs 24,181 24,181 900 50,450 g60 900 24.181 900 25.081 51,410 Net gains on tnvestmenls unfestrted Total Funds Unrestricted Total Funds Funds 2021 Funds 2020 Gain{loS5eSI on listed investment5 28.034 28,034 3,043 3,043 10. Independent examination fees 2021 2020 Fees payable lo the independent examiner for". Independent examinab.on of the financial statements 900 900 11. Trusteg rgmunoration and expenses No remunerab.on was paid lo any of Ihe Trustees during the year. 12
The Burkitt Homes Notes to the Financial Statements (contin Year ended 31 July 2021 12. Investmènts Listed Other investments investrnenls Total Cost or valuation Al 1 August 2020 Additions Fair value movements 171,455 5.300 28.293 6.502 190 (2591 6.433 177.9S7 5,490 28,034 At 31 July 2021 Impairment At 1 August 2020 and 31 July 2021 Carrying amount At 31 July 2021 At 31 July 2020 205,048 211.481 205,048 6,433 211,481 171,455 6,502 177.957 All investments shown above are held at valuatn. Financial asset$ held at fair valu• The trust's investrnenls are managed by the CCLA wtthin managed ftjnds - CBF Church of England Investment Fund income Shares. and CBF Church of England Fixed Interest Securities Fund income shares Valuations are "market valuations" as staled by the CCLA CCL4 stands for Churches. Chanties and Local Authoribes. The funds are managed within three Silos beeen which funds eannot t* transferred. but they can be transferred between types of funds within each silo. The COIF (Charitses Official Investment Fund sel up by the Charities Commission) and CBF (Central Board of Finan of the Church of England) each have a similar range of funds - UK equities, Global equities. Fixed Interest securtties (Bonds). Property and Deposrt. The investment fund represents a combination of each of the other5. (COIF can be ethical or general. CBF is ahvays ethical.). Wthin each fvnd there are Income shares lo maximise income and accumulation shares that give no income but maximise capital growth. 13. D•btors 2021 2020 Prepayments and accrued income 2,612 2,631 14. Crgditors.. amounts falling due within one year 2021 2020 Other creditors 1.838 1,877 13
The Burkitt Homes Notes to the Financial Ststements Icontinv Year ended 31 July 2021 15. Analysis of ¢haritable funds Unrestricted funds Al 1 August202 Gains and At losses 31 July 2021 Income ExpenditUTe General funds 204.550 47,626 125,0811 28,034 255,129 1 August 201 Gains and Al losses 31 July 2020 Income Expenditure General funds 211.010 41.907 151.4101 3,043 204,550 16. Analysis of nel as$gts betw••n funds Unrestn'cted Tolal Funds Fund5 2021 Investments Current assets Creditors less than 1 year Net assets 211.481 45,486 11.8381 255,129 211,481 45,486 11,8381 255,129 Unrestricted Total Funds Funds 2020 Investments Current assets Creditors less than 1 year Nel assets 177,957 28,470 11,8771 177,957 28.470 (1,877) 204, 550 204.550 14
The Burkitt Homes Management Inforniation Year ended 31 July 2021 The following pages do not ft>rni part of the financial sLil&ments. 15
The Burkitt Homes Detailed Statement of Financial Activities Year ended 31 July 2021 2021 2020 Incorne and endowments Charitable activities Income from non4nveslment property in furtheran of the Charity's objects 41.982 36.435 Investment income Income frorn UK listed investments CBF interest receivable 5,491 1S 5,315 52 S,506 5.367 Other incomg Sundry receipt5 138 105 Total incorno 47,626 41,907 Expenditure Expgnditure on charitable activities Rates and water Light and heal Repairs and maintenance Insurance Other establishment Refurbishment costs Legal and professional fees Telephone Garden maintenance Cleaning Christmas boxes Television Iicences 4.322 6,493 1.805 1,598 216 5.742 2.015 2,673 6,326 668 1,71T 210 35,049 3,110 68 917 519 175 38 2,118 519 230 23 25,081 51,410 Total oxpenditure 25,081 51,410 Net gains on investments GainsllSossesl on listed investrments 28,034 3,043 Net incorng118xpenditure) 50,579 (6,460) 16
The Burkitt Homes Notes to the Detailed Statement of Financial Activities Year ended 31 July 2021 2021 2020 Expenditure on charitable activttl•s Letting of propgrty Activities undertaken diTrectly Direct charitable activty - rates & water Direct charitable activty light & heat Direct charitable activty repairs & maintenan Diocl charitable activty insurance D1ct charitable activty other establishment DI¢1 charitable activty refurbishment costs Dir8cI charitable activty - Clerk's stipend and expenses Direct charitable activty - telephone Garden maintenance Cleaning Christmas boxes Television licences 4,322 6,493 1.805 1.598 216 5.742 1,115 2,673 6.326 668 1,717 210 35.049 2,750 68 917 519 175 38 2,118 519 230 23 24.181 ,450 Governance costs Governance c051s- accountancy fees 900 960 Expenditure on charltablè adivities 25.081 51,410 17