REGISTERED CHARtrY NUMBER: 234467 Trustees, Report and Unaudited Financial Ststements for the Year Ended 3tst Juty 2023 The Burkitt Homes StepherLson Smart IEastkn81ial Limited Chartered Accountants 22-26 knng Street Ki$ Lynn Norfolk PE30 IHJ
The Burkitt Homès Contents of the Financial Statements forthe Year Ended 3kn July 2023 Pale TNstees' Report I to 3 Independent EMamine¢s Report Staterneblt of Finonaal Aetivrtse5 Balance Sheet Notesto Flnantial Statements 7 to 11 Detalled Statement of Flnanaal Actmties 12 to 13
The Burkitt Homes Trustee5' Report for the Year Ended 31st July 2023 Thè trustees pr•sén their r•port w&th the financial statements of tht charity for the year ended 3tst July 2023. The trustees have adopted the provisions of Accounting and Reporring by (thanties.. Statement of Recommended Practice applicable to chantie5 prepanng their accounts in accordance wth Ihe Financial RekYJrrin8 Stsndard applicablè in the UK and Republic of Ireland IFRS 1021 lÈffÈttive I january 20191. ObjectlvÈ$ •nd actlvities The Trust is a regtstered charty whose printipal object 15 to prthiKle Ilomes for per30ns with connections to Kings Lynn and who are of mature a8e. of good characterand with limited means ol gJPPOrt. The trustees have referrèd to the guidance contained In the Charity Commission's general 8uidance on public benefit when rewewing theTrust's aims and objedive5 and in planning futurè activities. Achievement and perfomiance In the ¥r to 31st ju 2023 the Board of Trustees have continued to meer on a regular basis to adrn1ner the Jffairs of the Burkitt Homes alrns hokses. The membership of the Board has remained stable duringthe year. Occupancy of the alms houses has tontinued to be good over the last year as shown in the Maintenance Contribution receipts. Agaln. when apartments have become vacant where residents, Clfcumstance5 have changed, these have been marketed and new residents found with only relatNely Short void periods. This is in some si8nificant part due to the extensive home tmprovement and n¢)vation pro8ramw embarked up)n by the Board of Trustees some years ago. Over the last fjnancial year the si8nTficant Fyoject ¢)f ConVern of aryjther two 5rnall bedsit apartments into one larger unit was completed. was instigated by thesè units both becomin8 vacant and the fact that both also needed si8niflcant UP8rading and modernatIOn works. The pr(?$ was 8one throu8h obtsining $trI Building Consent. tenders styjght and contractors in5twcted. The conVersm worked well creating 3 second unit In the quadrangle that is more spacious. The modemisation works followed the prewously approved and agreed pattem to create a bright and cLfOrtable home. The unit was marketed and let. with a new Burkitt Homes resident taking up occupation in Ottober 2022. The contract administration for this latest si8nificant UP8rade was ontr again provided by the Trustees at no professional charge. The finantr for this project was majority fvnded, on this occasion, by the application to the Almshouse Association for a specific refurbishment and improvemènt grant. The balance was funded from the Trusts own pital reserves. The projett was cornpted on Ewd8et. The k)an was taken up after carefvl consideration of the repayment terms and affordabilrty. This allowed the Trust to retain a proportion of their own capital reserves as another rnodernisation projett was requ¢red of a unit that had become vacant folbwin£ a long tem occupancy comina to an end. This modernisation work was commenced durin6 the vear and experted to bè tCsmplÈ*ed in late 2023. Once the above rnodernisation proiett 15 completed the Boafd will, baring unexpected vacancies of the last two remaining more dated unrts, seek a period of "retrenchmènt. to build up capital funds from the benefit of fully txcupied units. Going forward smaller projects in tefms of capital oua¥ are being considered, including external re-decoration at)d some repairs.
The Burkitt Homes Trustees. Report for the Year Ended 31st Juty 2023 Financial review The trust is not reliant upon the income from investments to fund tts routine gpefational and charitable activities. The monthly Maintenance charges and orher cost rtrcoupments made lo Residents broddly rnatche5 the regular running and maintenance costs and tharitsble support gwen to the tNst'g beneficiaries However. the trustees keep in mind the considerable costs that could be incurred by the substantial capital maintenance requirementg a$CIat@d with building5 of the age of the homes. The tNstees also keep in mind that the purpose of its reserves is to support it5 objectives in the long term. Incomin8 resources increased by £6.172 12022.. £876 decrease) to £52.92212022.. £46.7501 mainly due to an increase in income from tenants as a refurbished apartment that was empty, has now been let. The overall deficit for the peri¢)d including the mtsvement in the value of the investments amounted to £ 42.290 12022 £43,991 defi¢itl. The overall decrease wa5 rnade up of a deficit of incomin8 resources compared with resources expended of £38.502, and an unrealised loss on the value of listed Shares etc of £3,788.The deficrt is mainly caused by the refurbishment Costs duTin8 the year. The income from quoted investments amounted to 2.8%12022 2.7%) ofthe market value shown. The Trust'5 policy has been to use predominant its own capital reserves with some loan finance to progress the much needed modernisation and refurbishment of the apartments. This has been carefu1fy planned over the last 13 ye3r5 with the need to coincide with natural vacancies of previous lone tem residents. (Residents are often very long term at Burkitt Homes. Significant k)nger than in the private rented sector. as it is the poliry of the Trustees to offer a home 'for life"). The completion of the major projert in thi5 financial year. of combining two small units into one. and the other refurbishment underway. will mean the Trust has completed 10 out of 12 $18nificant refurbishments along with other work at Burkitt Homes. The remaining two vnrfcs have long term occupants who are happy with thÈir apartmènts (which are regularly maintained) under the tèms of theirAppointment Leners. The plan going forward is to hopefully see a period of full occupancy with the financial benefit to Trust Income that brings. A period of 're-buildin8" of capital reserves is sought. Notionally dedurting capital introduced for specific improvement projects shows an undedyirng modest operational surplus. Thi5 is used to keep a reserve for the on80in8 maintenance and running of the Homes. whilst 111 providing modern accommodation to those "in need" at below 'market" rates. Futur• plans noted above. the plans progress for cominuing refurbishment andlor COfwer5ton. The extemal maintenan Programme continues. Strurturel governance and man•¢ement Governln8 docunRnl The trust is constituted under a deed dated 15th September 19(ffJ. tt is registered as a charity with the Charity Commission (charity number 2344671. Recruitment and gppointmerrt of newtrustets The need for specialist Skills are ionsidered when considering nominationsfor newtrustees.
The Burkitt Homes Trustees, Report lor the Year Ended 31st Juty 2023 Structure. Zovernance and management Indu¢tw)n and tralning of new trustees New trustees attend a meeting with the existing trustees and are bnefed with regard to their legal obligations under the Charities Act. They are pro¥Aded with a iopy of the govemin8 trust deed and gNeTh a brlef history of the Trust. They are also promded with copies of the minutes of the recent trustees meetings. and copies of the last three years, annual reports and atCOLtnts. All trustees are encouraged to attend appropriat¢ ¢xtemal traininge¥ents which will a55i5t them in lfIllIng their role. Kty management remuneratio The trustees give freely of their time and no trwstee5 reMUnewath was patd during the year. Rlsk mènagement The trustees consider on a regular ba51S the major risks to which the charity i% eyposed and review Systems and procedures to mana8e thern. The trustees eongder the investment in quoted securities to be of a k)ng term nature. The value of the Charity's investments have lollowed the general movement in the stk market. as a consequen, year end values miivements show increases in value. The xock market investments are collettrvised investmtnts managed bythe CCLA. Referen¢e and adfflinistrative d•tals Registered Charity number 234467 Prlndpal addre55 Blackfriars Chambers King's Lynn Norfolk PE30 INY Trustee$ MrT W Landles r J Morgan Mr5 P Jenner Iresignèd 24.1.20231 Mr P Ramsdale Mr M Cooper Mrs LF Lemon ldÈd*nt Ex•minor Claire Melton FCCA TEP Stephenson Smart (East Anglial Limrted Chartered Aecountsnts 22-26 Kin8 Street Kin8's Lynn Norfolk PE30 IHJ Approved bv orde1 +he board of trustpps nn 9th 4pril 2024 and signed on rts behalf by.. Mr I W Land1es- Trustee
Independent Examiner's Report to the Trustees of The Burkitt Homes Independent examiner's reporttothe trustses ofThE Burkitt Homes I report to the charity trustees my examination of thÈ accounts of The Burkitt Homes Ithe Trustl for the year ended 31stJuly 2023. Responsibilities and basls of report As the charity trustees of the Trust you are responsible for the preparatr.on of the actounts in accordance with the quirÈmÈnts of the Charities Art 2011 lhe Att'l. I report in respett of my examination of the Trv5t'5 xcounts rarried out under Section 145 of the Act and in carrying out my exarnination I have fo11ov4ed all applicable D¢rections wven by the Charity Commission under Settion 145lsllbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connertion wth the Èxamination giving me cause to believe th in any material respert.. accounting records We not kept in resF*rt of theTTUSt a5 required by Section 130 of the Att,. or the accounts do not accord with those rKords.' or the accounts do not comply with the applicab requirements cOnrning the form and content of accounts set out in the Charities (Aecounts and Reportsl Regulations 2C¥)8 other than any requirement that the atcounts 8ive a true and fair view whith is not a matter considered as part of an independent examination. I have no concerns and have come acro no other matters in connection with the e¥amination to which attention should be érawn in th report in order to enable a proper understsnding of the accounts to be reached. Claire Melton FCCA TEP Stephenson Smart IEast Anglial Limited Charted Accountants 22-26 King Street Kin8's Lynn Norfolk PE30 IHJ Date.'.......................................-.-...
The Burkltt Homes Statement of Financial Activities for the Year Ended 31st Juty 2023 202a Unrestrlrted fund 2022 Totsl funds Nthes In¢ome er¥lowments from Investment income Other inwme 52.712 210 46,S53 197 Total 52.922 46.750 Expendlture o Raisin8 funds Chawitable activitios Letting of property 85.971 84,659 Other 2,583 3,(3 Total 91A24 87,742 Net 8ainslllosse51 on investments 13.7881 12,9991 IhlCOME/IEXPENDmJREI 1422901 143.9911 Rec<)ncili*ion of funds Totsl fvnds broughtforward Ui,ts8 255.129 Totsl fvnds carriedforward 168.848 211,138 The notes form part of these financial statements
The 8urkitt Homes Balance Sheet 31st July 2023 2023 Unrestricted 2022 Toial fund5 Flxed assets Investments 216,516 214,282 Current a55ets Debtors Cash at bank 3.377 17.283 4.802 58.128 20.660 62,930 creor$ Amounts lallin8 due within one year {3,5201 12,S451 Net current assets 17,140 60.285 Total assets le59 ¢urrent liabilities 233,686 274,567 Credrtors Amountsfalling due after more than one year 164,8381 163,4291 NET ASSErs 168.848 211,138 Fund5 Unrestritted funds 168,848 211,138 Total fvnds 168,848 211,138 The financial statements were approved by the 8oard of Trustees and authorised for issue on 9th April 2024 and were signed on its behalf bv.. MrTW Landles- Trustee Mr5 L F Lemon- Trustee The notes form part of these financial statements
The Burkitt Home5 Notes to the Financial Statements for the Year Ended 31st July 2023 Accountin£ polities Basis of preparin8 thè finanoal ststements Yhe financial staternents of the chdrty. which is a wblic benefft entlry under FRS 102, have been prepared in accordance with the Charitie5 SORP IFRS 1021 AccountinR and Reporting by Charities.. Statèment of Recornmended Prathce applicable to charities preparing their actounts in accordante with the Finantial Reporting Standard appIable in the UK and Repuwic of Ireland IFRS 1021 (effective l January 20191,, Financial Reportin8 Standard 102 Yhe Financial ReportinB Standard applicab in the UK and Republic of Ireland. and the Charities Art 2011. The finanaal staternents have been prepared under the historical cost convention. with the exception of investmentswhich are included at market vBlue. as rTh)dified by the revaluatK¢n of rtain assets. Cfftkal •¢countI)udIeMtnts and key UrCeS of estlmJtlon un¢ertalntv Thè preparation tsf the financial statements requires management to make judgements. estimates and aS5umptiors that affect the amounts reported. These estimates and judgernents are cont¢nually reviewed and are based on experience and other factor5. induding expe¢tation5 of futu events that are believed to bè reasonable underthe circumstances. All income Is recognised in the Ststement of Fina31 Artmt$ once the tharity has èntitjement to the hjnds, Ir 15 probabk that the inco will be recewed and the amount can be measured reliabty. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obliK4tion committing the charity to tiat expendrture. it is probable that a transfer of economic benefits will be required in settlement and the amount of the otrAigation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost relatod to the catè80ry. Where costs cannot be directly attributed to parricular headings they have been allocated to activitie5 on a bas c<)nsistent with the use of resources. TaxJon The charity s exempt from tax on its charitable actIties. Fund accoun¢lni Unrestricted funds can be used in 3Cctydare wrth the charitsble objeLt¥esat the discretion of the trustees. Re5tsirted funds can onty used for partitular restricted purpose5 Within the objects of the charrty. Restrictions arise when sFttthed bythe donor or when funds are raised for particular re5trittèd purposes. Designated funds are unrestrirted frjnds earmarked by the trustees foi partKuLir luture project or commitmènt. The charty has a SIle permartent endowme*)t of the land and buildings kn¢iwn as The Burkitt Homes. This endowment was bestowed on the tharrty by the founder William Burkitt when the charity wa5 lomied on 15th September The trustees have no authorrty to tltspose of the land and buildings. they are to be used solely for the purposes of the charrty. No valuation was placed on this endowment when it was oriBinallv bestowed.
The Burk Homes Notes to the Flnancial StatÈments- continued for the Year Ended 31st July 2023 In¥estnwnt Inmme 2023 2022 Rents received Other fixed asset investments CBF interest receivable 46.432 6,052 228 40,731 5,800 22 51712 46,553 Trustees, rtmuneration ¥nd bneffts The were no trustees, remuneratJn OT other benefits for the year ended 31st July 2023 nor for the year ended 31stJuly 2022. Trustees. expenses There were no 315t July 2022. trustees, expenses paid for the year ended 31st Jvly 2023 nor for the year ènded Fed asset In¥eMments sted investments Market value At 1st Augost 2022 Additions Revaluaticths 214,282 6,052 13,7881 At 315t jUY 2023 216,546 Net book value At 31st July 2023 216,546 At 315t July2022 214.282 There We no investment assets outsidethe UK. The trust's investments are managed by the CCLA within two managed funds CBF Church of England Investment Fund income shares. and CBF Church of England Fixed Interest Securitie5 Fund income shares. Valuat¥ons are "market valuations" as stated by the CCLA. CCLA stands for Churches, Charities and Local Aurhorities. The funds are managed within three silos between which funds cannot be transferred, bui thev can be transferred between types of fund5 Wrthin each silo. The COIF Icharities Official Investment Fund Set up by the Charities Commi55ionl and CBF (Central Boartl of Finance of the Church of EngSandl each have a similar range of funds UK equ¢(ies, Global equr(ies. Fixed Interest securities 18ondsl, Property and Deposit. The investment fund represent5 3 combination of each tsf the others. ICOIF can be ethical or general, CBF 15 always ethical.). Within each fund there are income shares to rnaximise income and accumul1On shares that give no income but maximi5e caprtal growth. All of the investments are held at market valu*ion.
The Burkitt Homes Notes to the Winanaal Statements- continued lor the Year Ended 31st July 2023 Debtor5: amounts P4llln8due wlthln one year 2023 Prepayments ar accrued income 3,377 4,802 Cr•dltors: amounts fall14* wfthln one year 2023 2021 Other creditors 2.645 Credltors: arnourrt5Iln1 due after ThN>rethan one 2023 2022 Loan 63,429 Lo•ns An an351$ ofthe maturity of loarts is gr4en below.. 2023 2022 Amounts falling between one and years: Othèr loans- 1-2 years 13,650 10,238 Amounts fallin8 due between two and fNe years: Other loans- 2-5 years ZOA75 20,475 Amounts fallin8 due in more than five year5= Repayable by instalments: Othe¥ loans more than 5 yea 30,713 32,716 Movement In funds Nét At L8.22 kn fvnds At 31.7.Z3 Unrestrlcted fundg General fund 142,29)> I,848 TOTAL FUNDS 21L138 168,848
The Burkitt Homes Notes to the Flnancial 5tatements- contSnued forthe Ye•r Ended 31st July 2023 M0Ment In funds. eondnued Net movement tn funds. included in the are asfollows: IrKomi Re50ur¢es Gain$ and losses Mo¥trnent in funds Unrestricted ld$ General fund 51922 191.4141 13.7881 I42,2) TOTAL FUNDS 191,4241 13,7881 142,2901 Camp•rad¥es lormov*ment In funds Net movemerrt in fvnds At 1.8.21 At 31.7.22 Unrestritted fvnds General fund 255.129 143,9911 211.138 TOTAL FUNDS 255.129 143,9911 211,138 Comparative net movement in funds. induded in the above are as follows.. In¢omlng resourtes Resources expended Gains and 105se5 Movement in funds Unre5trkted fvnds General fund 46.750 187.7421 12.9991 143.9911 TOTAL FUNDS 46.750 187.7421 12,9991 143,9911 io
The Burkitt Homes Notes to the Financial Ststements- continued for the Year Ended 31st July 2023 io. Related party dI10$UreS During the year the Trustees decided that the time had rne to move the day to day management of the Homes to a formal professional basis due to the inueasing time and regulations required. This is to also include collection tsf the monthly maintenance contributions and dealing with all maintenance matter5 etc, with monthly accountin8 to the Treasurer to tske plate. The Trustee5 agreed to fomally instruct Landles Estate Agents. a firm regulated by RICS. holdin8 a designated. insurance backed. Uients AcctsunL this purpose. Tim Landles. chairman of the Trustees. 15 a partner in Landles Estate ents, Note.. The Board of Tnjstees are rt remunerated for their Tnjstee positions. It is the Policy of the Board to review the appointment of r*ofessional property mana8ement and professional acctsunting 3erviLe5 e¥ery 3 years. The amount paid durin8 the year in commssion to Landles Estste 4¥ent5 by the Charty includlng vat. was £3.492.38. li
The Burkitt Hornes Detsiled Statement of Flnan¢i41 Artivlties for the Year Ended 31st July 2023 2023 2022 Income and endowments Inv¢stment 5neome Rents recerved Other fixed asset investments CBF interest receivab 46,432 6,052 228 40,731 5,8rA) 22 52,712 46,553 Other In¢ome Sundry receipt5 210 197 Total inromin8 resources 51922 46,750 E¥penditure Othertrathngactyvl Bad debts 2A70 Charltable attfvltles Rate5 and water Insurance Light and heat Clerk's stipend and expernses Repairs & maintenance Other establishment costs Refurbishment costs Loan administration fee 2.492 1014 8.gJ7 2,167 1,653 4,825 780 8,123 187 61,348 3,250 8.799 196 57,746 .134 82,333 Other Garden malntenart¢e Cleaning Chnstmas boxe5 Television licences 1.835 515 210 23 2.295 525 240 23 3,083 Supwt costs Govemance costs Accountancy and legal fee5 Carried forward 1,020 1,020 9(M) 900 This pa8e does not form part of the statutory financial statements 12
The Burkltt Home5 Detailed Statement of Financial Acbvitie5 for the Year Ended 31st Juty 2023 2022 Governan¢• costs 8rought foiward No description 1.020 4,817 1,426 5.837 2,326 Total resources eyended 91AZ4 87,741 Net expenditure before1 and losses 138.5021 140,9921 Rea115ed recognlsed ¢ain5 and losses Realised gainsllltsssesl on fixed asset in¥estments ,788) 12,9991 Net expenditure 142,2901 143,9911 This page does not form part of the statutory financial statements 13