REGISTERED CHARITY NUMBER.. 234467 Trustees. Report and Unaudited Financial Ststements for the Year Ended 31 July 2024 The Burkitt Homes StÈpTr*nson Smart (East Anglial Lrmited Chartered Accountants 22-26 King St￿t King s Lynn Norfo PE30 IHJ The Burkitt Homes Contents of the Financial statements for the Year Ended 31 July 2024 Trustees. Report I to 3 Independent Examiner's Report Statement of Financial Activities BalantÈ Sheet Notes to the Finanoal Statements 7 to 11 Detsiled Statement of Financial Artr4rties 12 to 13 The Burkitt Homes Balance Sheet 31 July 2024 31.7.24 Unrestricted fund 31.7.23 Totsl funds Fixed assets Ir)ve5tments 223.475 216,546 Current assets Debtors Cash at bank 4.714 30.409 3,377 17.283 35.123 20.660 Credltors Arnounts falling due wr(hin one year 14.0391 13.5201 Net current a55ets 31, 17,140 Total assets less turrent liabilityes 254.559 233.686 Credr(ors Amounts falling due èfter more ihan ¢)ne year 158,0ts1 164.8381 NET ASSETS 196,546 168,848 Funds Unrestricted funds 196.S46 168.848 Totsl funds 196,546 168,848 The financial 5taiements were approved by the Board of Tru%tees and authorised fc￿ issue on 8 April 2025 and we 518ned on it5 behalf bv.. an es- Trustee MM. rustee The notes form part of these financi31 st3tementg The Burkitt Homes statement of Financial Activities for the Year Ended 31 July Z024 31.724 Unrestricted fund 31.7.23 Total funds Notes Income and endowmentsfrom 62,652 181 52.712 210 Investment income other income 52,922 Total 62,833 Expenditure on Raising fvnds 2.870 Charitable activrties Letting of prope 46.352 85.971 oiher 3.669 2,583 Total 50,021 91,424 Net gainslllossesl on investments 14,8£6 13,7881 INCOME/IEXPENDmJREI 27.698 I42,2￿) Reconcblbation of lunds Total funds brought forward 168.848 211,138 Total fvnds carried forward 196.546 168,848 The notes form oart of these financial statements Independent Examiner's Report to the Trustees of The Burkitt Hornes Independent examiner's report to the tnistèes of The Burkitt Homes I report to the charity trusiees on my examination of ihe accounls of The Burkitt Homes (the Trustl for the year ended 31 July 2024. Responsibilities and basis of repc As the charity trustee5 of the Trust you are responsible for the prepar*ion of the actounts in accordance with the requirements of the Charit*5 Act 2011 Ilhe Art'l_ I report in respect of my examination of the Trusr's accounts carried o¢rt under Secrion 145 of the kt and in carrying out my examination I have followed all applicable Directions given ￿ the Charity Commission under Settiorn 1451Sllbl ofthe Att. Independent exavniner's ststement I have completed rny examination. I confirm ihat no material matte¥5 have come to my attention in conr¥ertion with the exaMIn￿￿}n giving me cause to believe thai in any material respett= accovnting records We￿ not kept in respect of the Trua ès required by 5ecbon 130 of the Act,. or the accounts do not accoid with th¢)se records., or the accounts do not comply wth the applicable requinments concerning the form and content of accounts Set out in the Charities (Accounts and Reportsl Regulations 2(M)8 other than any requirement that the accounts gNe a true and fairwew which is not a matter considered as part olan independeni examination. I have no concerns and have corne 8cross no other matters in connertion with the examinatton to which attention should be drawn in thi5 report in order to enable a proper understanding of the accounts to be reached. Claire Melton FCCA TEP Stephenson Smart IEast Anglial ￿rnited Chartered Accountsnts 22-26 King Street King's Lynn Norfolk PE30 IHJ 24 April 2025 The Burkitt Homes Tru5tees' Report for the Year Ended 31 July 2024 Structure, governance and managefflent Inductlon and tralnirva of trustees New trustees attend a meeting with the existing truslees and are briefed wtth regard to their legal obligations under the Charities Act. They are provided with a copy of the governing Iru5t deed ènd given a brief history of the Trust. They are alsts prowded with copies ol the minule5 of the recent trustees meetings, and copies ol the last three years. annual reports and accounts. All trustees are encouraged tLI attend appropriate external training event5 which will asstsi them in fulfilling their role. Key management rernunerat￿n The trustees give freely of theirtime and no trustee5 rernuneration was paid during the year. Risk management The trustee5 consider on a reRular basis the major risk5 to whith the charity is exposed and review 5YStems and procedures to manage them. The trustees consider rhe investment in quoted securities to be of a long term nature. The value of the Charity's investments have followed the general movement in the stock market. as a consequen￿, year end values movements show increases in value. The stCKk Ma￿et investments are collect￿lsed invesiments managed by the CCLA. Reference and adM￿l$trat￿ve detsi15 Registe￿d Charity nufflber 234467 Principal address Blackfriar5 Chambers King's Lynn Norfolk PE30 INY Trustees Mr T W Landle5 Mr J Mor8an Mrs L F Lemon Mr P Ram5dale Mr M Cooper Mrj Brown (appointed 9.4.20241 Independent Exarniner Claire Me1ton FCCA TEP Stephenson Smart IE2st Anglial Limited Chartered Accountants 22.26 Kino gtr@@t King 5 Lynn Norfolk PE30 IHJ Approved by order of the board ol trustees on 8 April 2025 and signed on its behatf by.. Mr T W Landles- Trustee The Burkitt Homes Trustees, Report for the Year Ended 31 July 2024 Frnancial revlew The trust is not reliant upon the Income from investments to fund it5 routine operational and charitable activitiÈs. The monthly Maintenance charges and other cost re-coupment5 made to Residents broadly matches the regular running and maintenance costs and charitable support gwen to the trust's beneficiaries. However, the trusiee5 keep in mind the considerèble costs that could be incurred by the substantial capital maintenance requirernents associated with buildings of the age of the homes. The trustees also keep in mind that the purpose of its ieserve5 IS to support its objectives in the long term. Incoming reg)urces increased by £9.91112023.. £6,172) to £62,83312023.. £52.922 mainly due to an InC￿a$* in income from teriants as a rehJrtMshed apartment that was empty. ha5 been let. The overall surplus for the period including the movement in the walue of the investments amounted to £ 27.698 12023 £42,291 deficitl. The overall increase was made up of a surplus of incoming resouros compared with resources expended of £12,812. and an unrealised gain on the value of listed Sha￿ etc of £14,886_. The income frc¥n quoted investments amounted to 2.7%12023 2.8%) ofthe market value shown. The Trust's pdicy has been to use predominantly its own capital reswves with some loan finance to wogress rhe much needed rnodernisation and remrbishment of the apartments. This has been carefully planned over the last 13 years with the need to coincide with natural vacancies of wevious long term residents. IResidents are often very long term at 8urkitt Home5. significantly longer than in the private rented sector. as it is the N)licy of the Trustees to offer a home 'for life"). The Trust has completed 10 out of 12 ￿gnifIcant refurbishments 31onB with other work at Burkitt Homes. The remaining two units have long tèrm txcupants who are happy with their apartments Iwhich are regularty maintsinedl under the terms of their Appointment Letters. For the rnedium terni the plan going forward is to hO￿fullY see a peritsl of fvll LKoJpaKy with the financial benefit to Trust Income that bring5. A period of 're-buildin8" of capital rese￿ is sought. Notionally deducting tapital intr(Kluced for specrfic improvement projects shows an underlyin8 modest operational Surplus. This is used to keep a reserye for the ongoing maintenance and running of the Homes. whilst still providing modem accommodation to those'in need" at bebw'market" rates. Futvre plar noted above, the plans progress for tontinuing refurbishrnent and/N conversion. The extemal maintenance programme continues. Strutturetr go¥ornance and management Governin8 document The trust is C￿stitUted under a deed dated 15th September I￿. It is ￿lStered as a charity with the Charity Commission (charity number 2344671. Recruitment and appointment of new trustees The need for specialist skills are considered when considerire nominatior15 for new trustees. A new Trustee. Mr. J. Brown. a local famier. w35 welcomed onto the Board during the financial year. The Burkltt Homes Trustees, Report for the Year Ended 31 July 2024 The trustees present their report with the finanaèl ststements of the charity lor the year ended 31 July 2024. The trustees have adopted the pro￿￿onS ol Accounting and Rewrting by Charities-. sraiernent of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffectwe l January 20191. Objective5 and artivlties The Trust 15 a registered charity whose principal object is to prowde homes for persons with connections to Kings Lynn and who a￿ of mature age, of good character and with limiied means of support. The trustees have referred to the 8uidance contained in the Charity Commission's gener41 guidance on public benefit whÈn reviewing the Trust's aims and objectives and in pjanning future artivitie5. hievementand perfonnance In the year to 31st July 2024 the Board of Trustees have continued to meet on a regular basis to administer the affair5 of the Burkitt Homes alm5 houses. The membership of the Board has increa5eil wtth new Trustee, Mr. J. Brown. inducted in April 2024. Occupancy of the alms houses has continued to be 8ocwJ over the last year as shown in the Maintenance Contribution receipts. Again, when apartments have become vacant where residents, circumstances have changed. these have been markèted and new residents found with only relatwely short void periods. This is in some significant part due to the extensive home irnprovement and renovation programme embarked upon by the Board of Trustee5 some year5 a80. The complete modernisation and combining of two bedsits into a single largw m¢xlern unit Wa5 completed and quickly occupied by a new resident. The Board continues to seek a peric4J of -retrenchment- to buikl up capital funds from the benefit of fully occupied units. Going forward 5m3ller projeus in terms of capit31 (xJtl3y are being considered including refurbishment of ihe bathroom to create a wei room shower room. The Burkitt Homes Note5 to the Financial Statements for the Year Ended 31 July 2024 AccountinE policies Basrs of preparlng the financial statements The finantial statements of the charity. which is 3 public benefit eniity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accountin8 and ReFX)rtinB by Charities.. Statement of Recommended Practice applicable to charitres preparing their attount5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 The Financial Rewting Standard appli£able in the UK and Aepublic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical c05t convention. with the eX￿ptIon of investments which are included at market value. a5 moxlified by the revaluation of certain assets. Critlcal accounting judgernents and ky$Our￿ of estimation un¢ert•inty The preparation of the financi31 statements requires managÈmeni to make jud8ements, estimates 2nd assutnplions that affect the amounts reFOrted. These estimates and judgements are continually reviewed and are based on experien￿ and other factors, indud1T￿ expectations of future events that are believed to be reasonable under the circumstances. Income Al Ir￿ome ts recognised in the Statement of Finanoal A￿l￿tIeS once the charity has entitlement to the funds. it is probable that the incorne will be received and the amtsunl can be measured ￿lIablY. Expendliu Liabilities are reco8nised a5 expend¢ture as soon as there 15 a legal or construrtive obligation ccvnrnitting the charity to that expendrture, it is probable that a transfer of economK benefits will ￿ required in settlernent and the amount of the obligation can be Measu￿ reliab￿. Expenditure is accounied for on an accruals basis and has been clasgfied under headings thar aggregate all cost relatal to the caiegory. Where costs cannot be directly attributed io particular headin8$ they have been allocated to actyviiies on a basis consistent with the use of resources. Taxation The charity is exempt from tax on its charitable activities. Fund accourrtMI8 Unrestricted funds can be used in accordancewr(h the charitable objectives at the discretwjn of the trustees. Restritted funds can onty be used for particular restritted wrposes wthin the i)bjects of the charity. Aestrirtions arise when specified by the donor or when funds are raised for particular restrirted puwses. Oesignated funds are unrestricted fvnds earmarked by the trustees for particular future project or cc¥nmitment. The charity has a single perrnanent endowment of the land and buildinES known as The 8urkitt Homes. This endowment was besttswed on the charity by the founder William Burkitt when the charity was formed on Isth September I￿r4. The trustees have no authority to disFM)se of the land and buildings, they are to be used solely for the purFrf￿ of the charity. No valuation was pla￿ on this endowment when it was ori8inally bestowed. The Burkitt Homes Notes to the Financial Statements- continued for the Year Ended 31 July 2024 Investment tn¢ome 31.7.24 31.7.23 Rents received Other fixed asset investments CBF interest receivable 56.170 6,043 439 46,432 6.052 228 62.652 52,712 Trustees. rernuneration and benefits There were no trustees, remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. Trustees. eJ¢penses There were no irustees. expenses paid forthe year ende(131 Juty 2024 nor for the year ended 31 July 2023. Fiyed asset investments stèd investments Market value At l August 2023 Additions Di5posa15 Revaluations 216.546 6.043 114,(XY)I 14,886 At 31 JU￿ 2024 223.475 Net book value At 31 July 2024 223.47S At 31 July 2023 216.546 There We￿ no investment assets outside the UK. The trust's investmeffls are managed by the CCLA within two managed funds CBF Church of England Investment Fund income shares. and CBF Church (rf England Fixed Interest Securities Fund income sh3res. Valuations are "market valuations" 3$ stated by the CCLA. CCLA stands for Churches, Charities and Local Authorities. The funds are Managed within three si105 between which funds cannot be transferred, but thev can be transferred between type5 of funds WTthin each silo. The COIF (Charities Official Investment Fund Set up by the Charities Commissionl and C8F (Central Board of Finance of the Church ol England) each have a similar range ol funds UK equities. Global equities. Fixed Interest seturities (Bonds). Property and Deposit. The Investment fund represents a combination of each of the others. ICOIF can be èthical or gerieral. CBF is always ethical.). Within each fund there a￿ inccxme sha￿$ to maximise income and accumulation shares that give no income but maximise capital 8rowth. All of the investments are held at market valuation. The Butkitt Homes Notes to the Financial Statements- continued for the Year Ended 31 July 2024 Debtoys.. amounts fallFng due wlthin year 31.7.24 31.7.23 PrepaymÈnt5 and 3ccrue