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 Si￿eMents 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 object￿eS and in planning futu￿ attivitie& The 8urt(itt Homes Tnstees, Report for the Year Ended 31 July 2025 Athlevements and perf0m1￿ce 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 reS0￿ell 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 Re￿￿ents 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 se￿iCe5, 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 8rt￿lp$ 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 p￿sent 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 r￿￿ters. 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￿$1¢ering nominations for new trustees. Induction and tralnlng of new trustees New trustees attend a meeting with the existing trustees and a￿ briefed with regard to their legal obligations under the Chaflties Act. They a￿ provided with a copy of the governing trust deed and gwen a br￿ef history of the Trust. They are also provided with copies of the minute5 of the recent trustees meetings. and copie5 of the last three years, annual reports and accounts. All trustees are encouraged to attend appropriate extemal trainire events whid) v•ill a5Stst them in fulfillin8 their role. Key management remuneration The trustees give freely of their time and no trustees remunèration was paid during the ye3r. Risk managemeni The trustees consider on a regular bags the major risks to which the charity ts exposed and review systems and proceilures ro manage them. The trustees consider the invests))ent in quoted securities to be of a IThvd terni nature. The value of the Charity'5 investments have followed the general movement in the stock market. as a conseouence. year end values movernents show increases in value. The stock market investments are C￿lectiv#sed investments managed by the CCLA. Reference and admini￿ratIVe deta515 RèRlstered Charity number 234467 Princlpal address 81a¢kfriars Chamber5 King's Lynn Norfolk PE30 INY TrU￿ee$ 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 endo￿ntsfrOM 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