## **PULHAM MARKET TOWN ESTATE**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
**Charity number: 251848**
## **PULHAM MARKET TOWN ESTATE**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 2023**
The Trustees are pleased to present their report, together with the financial statements for the year ended 31 December 2023.
## **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 J G Howard Reverend C Melville A Schwier 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 2023**
## **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 £56,828 (2022: £51,440) and, after payments of £29,628 (2022: £58,256), the net receipts for the year amounted to £27,200 (2022: net payments of £6,816).
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 2023**
## **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**
There were no related party transactions during the year.
## **Reserves policy**
At the year end, the Charity’s cash and bank balances totalled £53,228. After adding current assets of £385 and deducting current liabilities of £16,167, there were reserves of £37,446. However investments totalled £124,070, 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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PULHAIA lAARir TOIW E8TATIE
REPORT OF THE TRU8TEES
FOR THE YEAR ENDED 31 DECEMBER XI
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F*anniw ond canylng out the charity'g *tivth•s th•y haw had feg8fdJ to th61 guk18rKe.
sed on b8haifof the IDAtaè8
Tw8tee
## **PULHAM MARKET TOWN ESTATE**
## **RECEIPTS AND PAYMENTS ACCOUNT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
|**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 2022
Cash and bank balances
at 31 December 2023|**Unrestricted Funds**
**Total**
**Total**
**2023**
**2022**
**£**
**£**
53,038
48,096
3,775
3,329
15
15
56,828
51,440
-
30,000
11,575
11,576
3,317
2,854
1,416
2,586
13,320
11,238
29,628
58,256
27,200
(6,816)
26,028
32,844
**53,228**
26,028|
|---|---|
||
27,200
26,028
**53,228**|
5
PULILIAI MARKET TOWN E8TA TE
STATEAIENT OF ASSET8 A14D LIABILITIE8
AS A T 31 DECEPIIBER 2023
Unr••trf¢t•d Fund•
Cash funds
Bank curMI Kx*unl
Other monetary ••sets
Proporty rent debtor
Inveslment assets
Curr•nt Valu•
Property:
Properties all in Pulham Market..
(estimated
6 Stsbon Rc&,
current value) 1 Longhouse, Guildhall Lane.,
3 Longhouse, Guildhall Lane.,
V81halla, Colegale End Road",
Kenegie, Mill Green, Colegate End Rosd,.
HkJeaway. 17 Mill cfc¢e,'
Jalna. 5 Chapel Cfv)se.
235.000
195,0
220,000
215,Crf)O
330,0
235,000
240,}
200,CMXI
230,(N)O
220.¢X
345,000
240.000
270
1,750.000
1,690.000
Other.
Barratt & Cooke Man9 portlol
124
Liabllfties
20ZJ
2022
Propety Repairs and Maintenance
Professional fees
Independent Examinali
2,733
11,904
13,320
181712
These financial statern we apd by th8 Trustees on ........ and are Signed on th8ir beham by..
Trustee
## **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 2023 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
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