REGISTERED CHARITY NUMBER.. 234467 TNstees' Report and Unaudited Ftnancial Statements for the Year Ended 31 Ju 2025 for The Burkitt Homes Stephenson smart IEastAn8lial Mited Chartered Accountsnts 22-26 knng Street Kin8's Lynn Norfolk PE30 IHJ
The Burkitt Homes Contents of the Finan¢ial Ststements for the Year Ended 31 July 2025 TrustÈes' Report I to 5 Independent Examinerfs Report Statement of Financial Actb¥ltles Balance Sheet Notes to tht Finandal SieMents 9 to 13 Detalled Statefflent of Finanaal Arti¥rtles 14 to 15
The Burkitt Homes Trustees, Report for the Year Ended 31 Jufy 2025 The trustees present their report with the financial rtatèments of the tharity for the year ended 31 July 202S. The trustees have aLlopted the prowsions of Accounting and Reporting by Charities-. Statement of Recornmended Practice applicable to char.eS preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffertive l January 20191. Oblectives aryl a¥7•5 The Trust is a registereil charity whose principal object is to pwde homes for persons with connections to Kings Lynn nd who are of mature age. of good character and with limited means of support. The trustees have referred to the guidance contsined in the Charity Commission's generdl guidance on public benefit when rwewing the Trust's aims and objecteS and in planning futu attivitie&
The 8urt(itt Homes Tnstees, Report for the Year Ended 31 July 2025 Athlevements and perf0m1ce In the year to 31st July 2025 the Board of Trustee5 have continued to meet on a regular basis to •Jminister the affai of the Burkitt Homes alms hou5e5. The membershlp of the Board has maIned stsble durin8 the year. Occupancy of the alms hou5e5 has continued to be 80(Kl over the lart year as shown in the Maintenance Contribution receipt5_ A8ain, when apartrnents have become vacant where residents. circumstances have changed, these have been marketed and new sIdentS found with {lY relatNe sh(rt void periods. This is in some significant part due to the extensive horne impr(Nement and rènovation pro8ramme embarked upon by the Board of Trustee5 some years ago. The Board continues to seek a period of 'retrenchmenff to build up capital lunds from the benefit of fully occupied units. Going forward projects requirin8 a significant capital ouvay are bein8 assessed induding consideration as to replacing the cornmunal central heating and hot water system. Boilers are of some age and it is becoming an issue with obtaining parts. Advice has been tsken from professional commeroa5 heating engineers and new, replacement central heating and hot water btylers and tanks have been priced_ The optyon of changing to installing individual heating and hot water systems to each apartment has also been looked at The existing system has seen significant upgrades over the past two years including replacement and upgrading of purnps and at the present time the sy5tern continue5 to operate effectivety. In re5PeCt of apartment refurbishments. there is a MainIng ap8rtrnent to be refurbished with a long term SIdent. that theTrustees remain conscious of. Turnover of Resi¢Jents remains positively low. This year the Trustees did have to grasp a particularly difftcult set of circum5tance5 which has resulted thi5 year in extraordinary legal costs and a period of non-payment of MMC. The attÈr was ultimately reS0ell and the Trust has rnoved on with o new sIdent now bein8 considered. The situabon that arose caused significant stress anlt the Tnjstees are to be commended for hdding a firm but fair and reasonable stance for the protection ofthe other Reents and the aims and values ol the Burkitt Homes Almshouses. The Trust has invested in upgrades to the Wash Room laolities induding the purchase of a replacement commercial grade washing machine with coin box. The seNice and Maintenan ha5 now moved to a commercial contract. The next improvement will be a replacement turnble dryer, also of commercial grade. The chaTge5 Set for the Residents are by comparison to IcKal laundrettes with a sustsinable below market cost set. flecting the aims of the Trust. The fomier Board Room contained in the tower remains li used. The Trustees have di%u55ed potential for Impfaving provision of seiCe5, e8 installation ol WC farilitie5 and a kitchenette in order to make it "lettgble" for say community type use eg hire by clubs s(ieties. The access IS something of an issue. This year saw the commencement of external redecoration of all of the internal elevations of the quadran¥e and wash house comprisin8 windows, doors, canopies and rainwater goods. This will include various repairs to Some loinery as required. Re8ular going maintenance and repairs continue to be acboned under the day to day management of the premise5 including collertion of MMC, managing and rfrchar8in8 of indThfidual dèttric consumption. dealing with contractors and other matters that arise in the running of the almshouses. The Trustees tske an artive role in the deeision making and various affairs of the Trust and premises. This includes the ongoing monitoring of income and expenditu and the investments of the Trust. with re8ular detailed reporting at Board meetin8> The Chaimian wishes to COrd once a8ain the appreciation of all of the Trustees input in the successful continuation ofthÈ aims and objectives of Burkitt Homes m$hOuSes, King's Lynn.
The Burkitt Homes Trustees, Report for the Year Ended 31 July 2025 Financial re¥lew The trust is not lIant upon the income frcffi investsments to fvnd its rtyjtine operational and charitable activities. The Monthly Maintenance Char8e5 IMMCI and other cost rtrcoupmenL% made to Residents broadly matches the regular funnin8 and maintenance costs and charitable support given to the trust's beneficiaries. However, the trustees keep in mind the considerable costs that ccHJld be incurred by the substantial capital maintenance requirements ass¢Kiated with buildings of the age of the homes. The trustees also keep in mind that the purpose of its reseNes is to support its objective5 in the long term. Incoming resources decreased by £l.C6812024.. £9.911 increase) to £61.76512024." £62.8331 mainly due to a decrease in income from tenants a5 an eviction has taken place in the year. The (werall deficit for the periD4 indudin8 the movement in the value of the investrnents amounted to £8,385 12024 £27.698 surplusl. The overall decrease w35 made up of a deficit of incoming soUrceS compared with resources expended of £7.572, and an unrealised loss on the value of listed shares etc of £813. The income from quoted investments amc¥Jnted to 3.1%12024 2.7%) ofthe marketvalue shtrwn. The Truses policy has been to use pre(lominantJy its cwn capital reserves with some loan finance to progress the much needed m0derni5atl anLI refurbishment of the apartments. This has been carefully planned over the last 14 years with the need to coinude with natural vacancie5 of previous long temi residents. (Residents are often very long term at Burkitt Homes. significantly lon8er than in the prtvate rented settor. as it is the pdicy of the Trustee5 to offer a home'for life'l. The Trust has completed 10 out of 12 significant refurbishments alon8 With other work at Burkstt Homes. maining two units have lon8 term occupants who are happy wth their aparb))ents Iwhith are gularlY rnaintsinedl under the terrn5 of their Appointment Letters. For the rnediurn tem the plan rernains to hopeful see a of full c*cupancy with the financial benefit to Trust income that brin8s. A period ol're-building. of capital reserves is sought. NOt1rnal deducting capital introduced lor specific improvement projects shows an underlying modest operational surplus. This is used to keep a reserve for the ongoing maintenance and running of the Homes, whilst still providing modem accomrnojation to those "in need" at below'market" rates. Future plans s noted above. planning has tsken place for the replacement of the central heating and hot water apparatU5. The external maintenance prograrnrne c¢y)bnues. Consideration is being 8wen to re-decoration of external joinery, doors and rainwatergoods on other ele¥ations Superfa5t Fibre Broadband.. As with other bsted 8rtlp$ ol residential apartments and flats the Trustees are aware of the current refusal by the statutory providers to deal with laying on fibre broadband. The demand from Residents is not pressing. The premises has original copper tèlephone wire feeds to È&h apartment which at psent seem5 to be adequate for Residents needs. This Is likely to than8e over time and consideration will need to be given to keeping the apartments up to date with fibre lines and rters. Open Reth are still threatening to tum off the copper wi supplie5. At present the only option is potentially for the Trust to have a private leased fibre line installed and then lor each apartment to be cabled off this. The Trustees are in communication with the managing agents of other very similar premises where this is being c{51dered. 5trurture. 8overnante and management Govemin¥ documeblt The trust Is constituted under a deed dated 15th September i%e. It is registered as a tharty with the Charity Comrni5sion (charity number 2344671.
The Burkitt Homes Trustees, Report for the Year Ended 31 July 2025 Strurture, 8t>vern2nce and m3n3gefflent Retruitment and appointsnent of new trustets The need for 5pecialistskills afe considered whert CL$1¢ering nominations for new trustees. Induction and tralnlng of new trustees New trustees attend a meeting with the existing trustees and a briefed with regard to their legal obligations under the Chaflties Act. They a provided with a copy of the governing trust deed and gwen a bref history of the Trust. They are also provided with copies of the minute5 of the recent trustees meetings. and copie5 of the last three years, annual reports and accounts. All trustees are encouraged to attend appropriate extemal trainire events whid) v•ill a5Stst them in fulfillin8 their role. Key management remuneration The trustees give freely of their time and no trustees remunèration was paid during the ye3r. Risk managemeni The trustees consider on a regular bags the major risks to which the charity ts exposed and review systems and proceilures ro manage them. The trustees consider the invests))ent in quoted securities to be of a IThvd terni nature. The value of the Charity'5 investments have followed the general movement in the stock market. as a conseouence. year end values movernents show increases in value. The stock market investments are Clectiv#sed investments managed by the CCLA. Reference and adminiratIVe deta515 RèRlstered Charity number 234467 Princlpal address 81a¢kfriars Chamber5 King's Lynn Norfolk PE30 INY TrUee$ Mr T W Landles Mrj Morgan Mrs L F Lemon Mr P Ramsdale Mr M Cooper Mr J 8rown Independent Exarniner Claire Melton FCCA TEP Stephenson Smart (East Anglial timited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 IHJ
The Burkitt Homes Statement of Financial Activilies for the Year Ended 31 July 2025 31.7.25 Unre5trTrrted fvnd 31.7.24 Total funds Income and endontsfrOM Investment income Other income 6L478 287 62,652 181 Total 6L765 62,833 Expenditure on Charitsble attiviiies Lettin8 of property 66.049 46.352 Other 3.288 3,669 Total 69.337 50,021 Net 8ains/llossesl on investments 18131 14,886 NET INCOME/IEXPENDITURE) 18.3851 27,698 Retontiliation ol funds Total funds brou8hr fonAfard 196.$46 168,848 Totalfvnds <arri¢d t0rd 188,161 196.546 The notes form part of these financial 5tatement5
The Burkitt Homes Balance Sheet 31 July 2025 31.725 Unrestricted fu 31.7.24 Totsl fvnds Flxed assets Investments 198,827 223,475 Currentassets Debro Cash at benk 5,095 47.2(K) 4,714 30,409 52.295 35,123 Creditors Amounts falling due WTthin ¢)he year 111,7731 14.0391 Net curreni assets 40,522 31.084 Total assets less current liabilities 239.349 254,559 Credltors Amounts falling due after more than one year 151.1881 158,0131 NET ASSETS 188,161 196.546 Funds Unrestrirted funds 188,161 196,546 Total funds 188,161 1%,546 The financial statetnents We approved by the Board of TnJstee5 and authorised for issue . aftd We sgned on its behalf by.. orn The notes form part of these financial statements
The Burkitt Homes P4otes to the Financial Statements for the Year Ended 31 July 2025 Accountin8 poIKles Basis of pTrparingthe financial statements The finanaal statements of the charity, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Actounting and Reporting by Charities.. Ststement of Recommended Prartice applicable to chartties preparin8 their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 leff@ttNe l January 20191., Financial Reporting Standard 102'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, and the Ch3rities Act 2011. The financial statements have been prepared under the hi51orical cost convention, with the exception of investments which a induded at Maet value. as m<Mlified by the revaluation of certain assets. Crftlral 3ccouniin8 jud8ernents and kèy Sour of emimation nrtainly The preparètion of rhe financial Statements requires m3na8ement to make jud8ements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and arè based on expenence and other fartor5, induding expectstions of futu events that are believed to be reasonable under the circumstances. ncome All income is recognised in the Ststement of Finanoal ActIlieS once the charity has entitlement to the funds, it 15 probable that tt)e income wsll be received and the amtyjnt can be measured reliablv. Expendlture Liabilities are recognised a5 expenditure as soon as there is a legal or CstruCtive obligation committing the charity to that expenditure. it is probable that a transfer ol ecmomic benefits will be requi in settlement ond the amount of the obligation Can be measured reliabty. Expendirure 5s accounted for an accruals basi5 and has been c1355ified under headings that aggregate all cost lated to the cate80ry. Where costs cannot be direttly attributed to particular heailin8S they have been allocated to artiwties on a b?515 consistent with the use of reSr. Taxation The charity is exempt from tax ty* its charitable actNities. Fund attountir Unrestrirteé funds can be used in accordance the charitable objectives at the discretion of the trustees. Aestricted funds can only be used for parbcular restritted purgose5 Wthin the objerts of the charity. Restricti$ arise when specifiÈd by the doryor Wwhen furtd5 are raised for particular restrirted purposes. Designated funds arè unrestricted funds earmarked by the trustees for particular futu project or eommltment. The tharity has a single permanent endowment of the land and buildings knovm as The rkitt Homes. This endowment was bestowed on the tharity by the fnder William Burkitt when the charity was formed on Isth September 19Cfj. The tnJstee5 have no authority to dispose of the land and buildings. they are to be used solely for the purposes of the charity. No valuation was placed this endowrnent when it was ori8inallv bestowed.
The BurkTtt Homes Notes to the Flnancial Statements- continued for the Year Ended 31 July 2025 Investmerrt incorne 31.725 31.7.24 Rènts received Other fixe¢ asset investments CBF interest receivable 54.9)0 6.165 413 56,170 6,043 439 61,478 62.652 Trustees, remuner*ion and beneffts There werE no trustees, MUneratIon other benefits fry the year ended 31 July 2025 nof for the year ended 31 July 2024. Trustees, expenses There were no trustees. expenses paid for the year ended 31 Juty 2025 nor for the year ended 31 July 2024. Fixed asset inve5trnents sted Investments Market value Ar l Augusi 2024 Additions Disposals Revaluations 223.475 6,165 130,1n)I 18131 At 31 July 2025 198,827 Nèt book value At 31 July 2025 198,827 At 31 July 2024 223,475 There were no investment assets outside the U The trust'5 investments are managed by the CCLA within Th¥0 managed funds CBF Church of England Investment Fund income 5hare5, and CBF Church of England Fixed Interest Securities Fund income shares. Valuations are "market valuation5" as stateLI by the CCLA. CCLA stanijs for Churthes. Charities and Local Authorities. The funds are managed within three silos between which funds cannot be transferred, but they can be transferred between types of funds within each silo. The COIF (Charities Official Investment Fund set up by the Charities Commi5sionl and CBF Icentral Board of Finance of the Church of England) each haye a similar range of funds UK equities. Global equities, Fixed Interest securities IBondsl. Property and Dep051t The investrnent fund represents a combinat1 of eath of rhe others. ICOIF can be ethical or general. CBF is always ethical.). Within each fund there a income shares to maximsse inc(me and accumulation sha5 that 8ive no income but maximise capitsl growth. All of the inve5trnents are held at market valuation. io
The Burkitt Homes Notes to the Financlal Statements- continued for the Year Ended 31 July 2025 Debtors.. amountsfalllng due wlthin one year 31.7.25 31.7.24 Prepayments and acuued income 5,CS5 4,714 Credltors: OUnts fairin8 due within one year 31.725 31.714 Other uedfcor5 11,773 4,039 credff10 amounts falli due after e than one year 31.725 31.7.24 Loan 51.188 58,013 Loans An analysis of the maturity of loans isgNen below= 31.7.25 31.7.24 Amounts fallin8 between one and yea Other loans- 1-2 years 13.650 13,650 Amounts falling due between two and five years= Other loans- 2-5 year5 20.475 20.475 Amounts falling due in more than fNe aT$= Repayable by instalments.. Other Soans more than S year5 17.063 23,888 Movement kn funds movement in fvnts A1 IA24 At 3L7.25 UnstrICted fubyls General fund 196,546 18.3851 188.161 TOTAL FUNDS 196,546 18.3851 188,161 li
The Burkitt Homes Notes to the Financial Statements- Continued for the Year Eftd 31 July 2025 Movement in funds- contln Net mernent in funds. induded in the above are as follow5.' Incoming Galns and Movement in funds Unrestrirted fvnds General fund 61,765 169.3371 18131 18,3851 TOTAL FUNDS 61,765 169,3371 18131 18,3851 Comparati¥tsfor fflovement in fund5 Net movement in fvnds At IA.23 At 31.7.24 Unrestricted fitnds General fund 168,848 27,698 196,546 TOTAL FUNDS 168,848 27,698 196,546 Comparative net movement in funds, included in the above are as follow5.. Incoming Gairtsand losses Movement in funds Unrestrlrted fvnds General fvnd 62.833 150.021} 14.886 27,698 TOTAL FUNDS 62,833 150.0211 14,886 27,698 12
The Burkitt Home5 Notes to the Financial Ststements- continued for the Year Ended 31 July 2025 io. Related partydtsclosures Landle5 Estate Agents. a firm regulated by RICS, holding a designated. Insuran backed. Clients Account. handle the day to day management of the properbes. Tim Landle5. chairnwn of the Trustee¥ 15 a partner in Landles Estate Agènts, Note.. The Board ol Trustees are not rnUnerated for their Trustee posthons. It is the Policy tsf the Board to review the appointment of professional property management and professional accounting services every 3 years. The amount paid during the year in Commi0 to Landles Estate ents by the Charity including ¥aL was £6,60112024 £7.9501. 13
The Burkltt Homes Detsiled Statement of Financial Artivitses for the Year Ended 31 July 2025 31.7.25 31.7.24 Income and endowments Invesimeni income Rents recewed Other fixed asset investments CBF intefe5t Ceivable 54. 6.165 413 56,170 6,043 439 61,478 62.652 Other intome Sundry receipt5 287 181 Total incomin¥ resources 61,765 62,833 Expenditurè Charltsble activities Rate5 and water Insurance ght and heat Repair5 & rnaintenance Other establishment costs Refurbishment Costs Sundry 2.792 2.042 11.741 36,120 353 2,429 1,993 16,961 11.436 343 3,840 440 ios 53,153 37.442 Other Garden maintenance Cleaning Christmas boxes Television licences 2.386 542 315 45 2,310 964 350 45 3.288 3,6f)9 Support Costs Go¥ernan¢e Costs Accountancy and legal fees Managemeni costs 6.295 6,601 960 7.950 12,896 8,910 Total resources expended 69,337 50,021 Net {expend[tellin(0ffle before iainsand lossts 17.5721 12,812 This page does not form part of the statutory financial statements 14
The Burkitt Homes Detsiled Ststement of Financial Artivities fcr the Year Ended 31 July 2025 3L7.25 31.7.24 Realised reColSed gain5 and losses Realised gains/llossesl on fixed asset investmènts 18131 14,88G Net {eXpendttu1flnCorne 18.3851 27,698 This page does not form part of the statutory financial statements 15
The Burkitt Homes Trustees. Report for the Year Ended 31 July 2025 Approved by order of the board of trustees on........... . and signed on its behalf by..
Independent Examiner's Report to the Tfustees of The Burkitt Homes Independent examiwter's to the trysteesof The Burkltt knmes I report to the charity trustees on my examination of the accounts of The Burkitt Hcrfnes (the Trvstl for the year ended 31 July 2025. Responsibilities and b#$ of report A5 the charity trustees of the Trust you are responsible for the preparation ol the accounts in accor(ance with the ¢uirernents of the Charities Act 20111'the ACVI. I report in respect of my examination of the Trust'5 accounts carried wt under Section 145 of the Att and in carry(ng out my examination I have followed all applicable Directions gNen by the Charity Commissi( under Settion 14515llbl ol the Act. Independent examiner's stement I have completed my examination I confirm that no rnaterial matters have cTrne to my attention in connection with the examination gNing me cause to believe that in any material respect.. aecountirng record5 were not kept in respert of theTrust as required by Section 130 of the Act,. or the accounts do not accord with those records," or the accounts do not comply with the applicable reqU1MentS conMIng the form ond wntent of accounts set out in the Charities (Accounts and Reports) RegulaDons 21))8 other than any requirement that the accounts give a true and fairview whid) is not a matter considereil as part of an independent exarnination. I have no concerns and have come acr¢)55 no other matws in connectign with the examination to which attention should be drawn in th$ report in order to enable a proper understsnding of the accounts to be 3£ed. Claire Melton FCCA TEP Stephenson Smart IEastAn8lial Lirnited Chartered Accountsnts 22-26 Kin8 Street King's Lynn Norfolk PE30 IHJ