## **PULHAM MARKET TOWN ESTATE**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
**Charity number: 251848**
## **PULHAM MARKET TOWN ESTATE**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **CONTENTS**
||**Page**|
|---|---|
|Report of the Trustees|1 - 4|
|Receipts and Payments Account|5|
|Statement of Assets and Liabilities|6|
|Independent Examiner’s Report|7|
## **PULHAM MARKET TOWN ESTATE**
## **REPORT OF THE TRUSTEES**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
The Trustees are pleased to present their report, together with the financial statements for the year ended 31 December 2022.
## **Reference and administration details**
Charity name: Pulham Market Town Estate Charity registration number: 251848 Address of charity: Brown & Co The Atrium St. Georges Street Norwich NR3 1AB Trustees: M Alexander F S Allen F J G Howard M Newby Reverend S Walsh Clerk C E Birch Bankers: Barclays Bank plc 5-7 Red Lion Street Norwich NR1 3QH Independent Examiner: M Proctor FCA DChA Lovewell Blake LLP Bankside 300 Peachman way Broadland Business Park Norwich NR7 0LB Estate Managers: Brown & Co The Atrium St. Georges Street Norwich NR3 1AB
1
## **PULHAM MARKET TOWN ESTATE**
## **REPORT OF THE TRUSTEES**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Objectives and activities**
The primary purpose of the Charity is to repair and maintain the Parish Church of Pulham St. Mary Magdalen, and meet other expenses connected with the Church, for the benefit of the poor inhabitants of the former ancient parish of Pulham St. Mary Magdalen.
## **Management and lettings of land and property**
The Trustees shall let and otherwise manage all the land and property belonging to the charity not required to be retained or occupied for the purpose thereof subject to such consents as are required by law.
## **Application of income**
The Trustees shall first defray out of the income of the Charity the cost of maintaining the property of the charity (including the repair and insurance of any buildings thereon) and all other charges and outgoings payable in respect thereof and all the proper costs, charges and expenses of and incidental to the administration and management of the charity.
Subject to the payment of expenses aforesaid the Trustees shall apply the income of the charity as follows:-
As to fifty per cent. thereof shall be paid to the Trustees of the Pulham Market Ecclesiastical Charity for the application for the purposes of that charity.
As to fifty per cent. thereof shall be paid to the Trustees of the Pulham Market Non-Ecclesiastical Charity for the application for the purposes of that charity.
In applying income of the charity the administrative Trustees shall apply the following restrictions:-
No Trustees shall take or hold any interest in property belonging to the charity otherwise than as a Trustee for the purposes thereof and no Trustee shall receive remuneration, or be interested in the supply of work or goods, at the cost of the charity.
The Trustees shall not apply income of the charity directly in relief of rates, taxes or other public funds.
## **Achievements and performance**
During the year the Charity continued to let and manage the properties belonging to the Charity, and repaired these properties as necessary.
## **Financial review**
The charity is funded by rental income and investment income. Total receipts amounted to £51,440 (2021: £50,942) and, after payments of £58,256 (2021: £60,096), the net payments for the year amounted to £6,816 (2021: £9,156).
The Trustees consider the year-end financial position to be satisfactory and confirm that the charity can meet all known obligations.
## **Structure, governance and management**
## **Governing document**
Pulham Market Town Estate was established on 9 February 1897. Its constitution was registered with the Charity Commission (registration number 251848) on 22 March 1994, as amended by a Scheme dated 22 April 2008.
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## **PULHAM MARKET TOWN ESTATE**
## **REPORT OF THE TRUSTEES**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Structure, governance and management (continued)**
## **Appointment and recruitment of Trustees**
According to the Charity’s constitution, the board of Trustees should consist of five competent persons appointed as follows:
- Three by the Trustees of the Pulham Market Town Estate Non-Ecclesiastical Charity, and
- Two by the Trustees of the Pulham Market Town Estate Ecclesiastical Charity.
All appointments shall be made for a term of four years, after which, the Trustees can stand for re-election.
## **Trustees’ induction and training**
All new Trustees will be provided with copies of:
- The Charity’s constitution
- The latest accounts of the Charity
and are encouraged to read Charity Commission guidance notes CC3 -“The Essential Trustee, what you need to know, what you need to do.”
In addition, Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.
## **Organisational structure**
The Trustees administer the Charity and meet twice a year to review rental and investment income and approve forthcoming charitable expenditure.
## **Related party transactions**
During the year, the charity made grants of £10,000 (2021: £10,000) to Pulham Market Non-Ecclesiastical Charity, and £20,000 (2021: £10,000) to Pulham Market Ecclesiastical Charity.
The charity is related to Pulham Market Ecclesiastical Charity by way of the fact that F S Allen and Reverend S Walsh are trustees of the Ecclesiastical Charity.
The charity is related to Pulham Market Non-Ecclesiastical Charity by way of the fact that M Newby, F J G Howard and M Alexander are trustees of the Non-Ecclesiastical Charity.
## **Reserves policy**
At the year end, the Charity’s cash and bank balances totalled £26,028. After adding current assets of £390 and deducting current liabilities of £13,888, there were reserves of £12,530. However investments totalled £124,700, which can be sold if cashflow requires.
The Trustees have considered reserves. It has been agreed that at each distribution meeting a decision will be made whether to retain funds in reserve. The Trustees are conscious of the need to retain capital so if significant requirements for revenue expenditure is envisaged, the Trustees might decide to reserve funds from an annual surplus to smooth out cashflow. On each occasion, the matter will be considered on its own merit against a forward annual budget and property report. There are funds invested which can be liquidated if appropriate in the event of extreme need.
## **Plans for future periods**
It is the Trustees’ intention that the Charity will continue to let and manage properties as detailed above.
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## **PULHAM MARKET TOWN ESTATE**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Trustees**
The current Trustees are shown on page 1. All Trustees held office throughout the year.
## **Public benefit**
The Trustees have considered the Charity Commission’s guidance on public benefit. They confirm that in planning and carrying out the charity’s activities they have had regards to this guidance.
Signed on behalf of the trustees
F J G Howard
Trustee
11 October 2023
4
## **PULHAM MARKET TOWN ESTATE**
## **RECEIPTS AND PAYMENTS ACCOUNT**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|
**Receipts**
Investment income
Rents received
Dividends and interest
Wayleave
**Total receipts**
**Payments**
Donations and Grants
Property Repairs and Maintenance
Insurance
Accountancy fee
Professional fees
**Total payments**
Net payments
Cash and bank balances
at 31 December 2021
Cash and bank balances
at 31 December 2022|**Unrestricted Funds**
**Total**
**Total**
**2022**
**2021**
**£**
**£**
48,096
47,315
3,329
3,611
15 15
51,440
50,942
30,000
20,000
11,576
25,705
2,854
2,480
2,586
-
11,238
11,913
58,256
60,098
(6,816)
(9,156)
32,844
42,000
26,028
32,844|
|---|---|
||
(6,816)
32,844
26,028|
5
## **PULHAM MARKET TOWN ESTATE**
## **STATEMENT OF ASSETS AND LIABILITIES**
## **AS AT 31 DECEMBER 2022**
|
**Cash funds**
Bank current account
**Other monetary assets**
Property rent debtor
**Investment assets**
Property:
Properties all in Pulham Market:
(estimated
6 Station Road;
current value)
1 Longhouse, Guildhall Lane;
3 Longhouse, Guildhall Lane;
Valhalla, Colegate End Road;
Kenegie, Mill Green, Colegate End Road;
Hideaway, 17 Mill Close;
Jalna, 5 Chapel Close.
Other:
Barratt & Cooke managed portfolio
**Liabilities**
Property Repairs and Maintenance
Grants payable
Professional fees
Independent Examination
Insurance|**Unrestricted Funds**
**2022**
**2021**
**£**
**£**
26,028
32,844
390
761
**Current Value**
**2022**
**2021**
**£**
**£**
240,000
235,000
200,000
190,000
230,000
215,000
220,000
210,000
345,000
325,000
245,000
230,000
270,000
255,000
1,750,000
1,660,000
124,700
144,000
1,874,700
1,804,000
**2022**
**2021**
**£**
**£**
568
1,001
-
-
13,320
11,238
-
2,586
-
-
13,888
14,825|
|---|---|
|||
These financial statements were approved by the Trustees on 11 October 2023 and are signed on their behalf by:
F J G Howard
Trustee
7
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF**
## **PULHAM MARKET TOWN ESTATE**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022 which are set out on pages 5 to 6.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records.
I can confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
M Proctor FCA DChA Lovewell Blake LLP Chartered Accountants Independent examiner Norwich
12 October 2023
4