The Unknown Donors, Charities Report and Financial Statements For the year-ended 29 February 2024 Registered Charity no: 254840
The Unknown Donors, Charities Year-ended 29 February 2024 Contents Page Legal and administrative information Report of the Trustees Report of the Independent Examiner Statement of Financial Activities Balance Sheet Notes forming part of the financial statements 9-11
The Unknown Donors, Charities Year-ended 29 February 2024 Legal and administrative Informatlon Registared Charity name: The Unknown Donors, Charities Registered Charity number: 254840 Trustees: Rowena Atkinson Julia Fane De Salis (until 7 October 2024) Dr Carole Hill (Chair) Rev Alaric Lewis Peter Scott (until 7 October 2024) David Walker Princlpal office.. 23 Carnoustie NOl¢h NR4 6AY Independent Examiners.. Sexty & Co 124 Thorpe Road Nowich NR1 1RS Solicitors: Cozens-Hardy LLP Castle Chambers Opie Street Nomich NR1 3DP
The Unknown Donors, Charities Year-ended 29 February 2024 Report of th• Trustees The Trustees have pleasure in presenting their Report and the financial statemenls of the Charity for the year*nded 29 February 2024. Objectives and activities The Scheme of the Charity dated 9 October 1959 states that 'the incom8 of th8 Charity be applied for the benefit of.. 1. the Vicar of the Ecclesiastical Parish of St Giles with St Benedict 2. the maintenance and upkeep of the Parish Church of St Giles in the City of NOlch and the upkeep of the Ghuhyard thereof 3. the poor of the City and County Borough of Nonvich. (For details se8 clauses 26- 29 inclusive of the Scheme of the 9 October 1959 as amended by the scheme of the 19 October 1961.), This is the purpose of the Charty. The income referred to is principally derived from rent, net of costs, received from the leasing of shops, residential flats and an Offi provided in the Charity's endowed freehold property at 90-94 St Benedicts Street, Norwich. Another minor amount of income arises from the small endowment which is in now the form of 517 units of COIF Investment Funds {presumed to be the successor to the £1,420 11s 4d 3.5 % War Stock, cited in the Schedule to the Scheme)- The Trustees, principal activity is, therefore, to manage 90-94 St Benedicts Street, Norwich in the best interests of the Charity and its beneficiaries. This involves ensuring that.. the property is kept in good repair the tems of the leases are legal and fair and in the best interests of the Charity the leases are managed effectively and efficiently. The Trustees consider that the Charity has a very long-term time horizon but will not necessarily exist in perpetuity. This implies that the real value of the endowed assets should, as far as possible, be maintained over time. Over time, the mechanisms have changed by which the Charity's net income is distributed in thirds to the three beneficiaries set out above. The third which supports the Vicar is now paid to the Board of Finance of the Norwich Diocese- the third relating to Church of St Giles-on-the-Hill is paid to the Parochial Church Council., and the third for the benefit of the poor is paid to Norwich Consolidated Charities, the area of benefit of which is the City of Norwich. This Charity makes grants to people 'in financial need,, providing, essential items for the home, such as cookers, beds and washing machines, among other grants. The Trustees have regard to the guidance issued by the Charity Commission on public benefit. The Trustees are satisfied that the three beneficiaries all use their shares of income from the Charity in accordance with their own charitable purposes.
The Unknown Donors, Charities Yearryended 29 February 2024 Report of the Trustees - continued Achievements and performance 2023124 was an uneventful and stable year for the Charity. With regards to tenancies, all the flats and commercial units were let throughout the year, With the exception of one tenant, all rents were received on time. At the end of the year, £3,750 was outstanding. However, all rent due was received from this tenant in the following quarter. Trustees would like to express their thanks to all their tenants for their timely payments. The outstanding debt at the time of the liquidation of the former corporate tenant of the offi, totsling £4,708.66 and dating from 2022, was written-off in Quarter 3 after considering correspondence with the Receiver. Apart from the replacement of one storage heater and the annual servicing of the fire alarm system, there were no significant maintenance expenditures during the year. No payments to the Charity's three beneficiaries were made during the year as in the previous year. This was attributable to the Trustees, decision to increase their 'reserves' in view of their intention to carry out a strategic review of the Charity's endowed property which is likely to involve the appointment of professional consultants. However, payments were rnade in April 2024 -see below. Financial review At the year-end, current assets had increased to £77,869, (2023.. £28,702). This sum was significantly reduced after the year*nd by payments to the three designated beneficiaries made in April 2024, totalling £67,500. Current liabilrties increased slightly during the year to £3,220, (2023.. £3,025). The Balance Sheet shows Restricted Funds increased to £72,361 (2023.. £23,671). Total Funds increased to £585,127 (2023.. £535,285). Total reserves are shown in the table below. At the year-end the reserves were as follows 2024 2023 Total funds 585.127 535,285 Future plans and going concern Trustees plan to continue to manage the premises at 90-94 St Benedicts Street with a full complement of tenants. The major risk last year was the extraordinary level of inflation that impacted adversely on personal disposable inGome in 2023124 and led to minimal economic growth. This is starting to ease but its effects will be felt for some years to come. The cost of unforeseen urgenl repairs to the premises is also a risk. Trustees will monitor the position carefully and take any appropriate action. Trustees have agreed to embark on a study to identify their preferred long-term investment strategy. They hope to make progress with this objective in 2024125.
The Unknown Donors, Charities Year4nded 29 February 2024 Report of the Trustees- continued In the Trustees, opinion, the Charity is in a strong position to remain a going concern, (see Note le). Structure, governance and management The Charity is an unincorporated body registered with the Charity Commission, with the registration number 254840. There are eight Trustees.. one ex officio Trustee: the Vicar of St Giles-on-the-Hill Iwo Nominative Trustees serving 4-year terms.. one nominated by the PCC of St Giles-on-the-Hill and one by the Trustees of Norwich Consolidated Charities five Co-optative Trustees, serving 5-year tems The Chair and Secretary induct new Trustees. The policy of the Trustees to use an Accountant in practice to act as Independent Examiner of the accounts continues to prove successful. Reference and administrative details The reference and administrative details of the Charrty, including the list of Trustees, are shown on page 1. Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to: select SUFtable accounting policies and then apply them consistently-, observe the methods and principles in the Charities SORP 2015 (FRS 102),. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Unknown Donors, Charities Yearvended 29 February 2024 Report of the Tru¥tees - continued This report and the financial statements were approved by the Trustees on 16 December 2024 and were signed on their behalf by David J Walker, Trustee & Secretary
The Unknown Donors, Charities Year*nded 29 February 2024 Independent Examiner's Report to the Trustees I report to the Charity Trustees on my examination of the accounts of the Charity for the year-ended 29 February 2024 which are set out on pages 7 to 11. Responslbilities 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 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 confim that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. 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; or 3. the accounts do not comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no COnmS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. l A Barlow FCCA Sexty & Co Chartered Certified Accountants and Registered Auditors 124 Thorpe Road Norwich NR11RS
The Unknown Donors, Charltles Y•ar-end•d 29 February 2024 Statsment of Financial Activities Unrestricted Restricted Endowment Funds Funds Funds Total 2024 Total 2023 Note Incoming resources Investments 282 67.199 870 68,351 50,600 Total incomlng resources 282 67,199 870 68,351 50,600 Resources expended Raising funds Other 17,208 1.301 17,208 1,301 22,458 1,275 Totsl resources expended 18,509 18,509 23,733 Net movement in fund$ 282 48,690 870 49,842 26,867 Fund balances brought foNard 2,OOS 23,671 509,608 535,285 508,418 Fund balances carried forward 2.288 72,361 510,478 585,127 535,285
The Unknown Donors, Charities Yaar-ended 29 February 2024 Balance Sheet Unrestrictod Restricted Endowment Funds Funds Funds Total 2024 Total 2023 Note Fixed assets Investments 510,478 510,478 509,608 Total fixed assets 510,478 510,478 509,608 Current assets Cash at bank and in hand Debtors 2,288 66,245 68,533 20,235 9,336 9,336 8,467 Total ¢urrent assets 2,288 75,581 77,869 28,702 Current liabilities Creditors: amounts falling due within one year Current assets le$$ Current liabilitles 3,220 3,220 3,025 2,288 72,361 74,649 25,677 Total net assets or liabilities 2,288 72,361 510,478 S85 127 535,285 Funds of the charity Endowment funds Restricted income funds Unre5trided funds 510,478 509,608 72,361 23,671 2,288 2,006 Total funds 585,127 535,285 The financial statements on pages 7 to 11 were approved by the Trustees on 16 December 2024 and signed on their behalf by.. David J Walker- Trustee
The Unknown Donors. Charities Yearkn•nd•d 29 F•bruary 2024 Notss fomiing part of the financial ststements 1 Accounling policles (a} Basis of preparation The Charity constitutes a public benefit entity as defined by FRS 102. These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities-. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. (b) Fund accounllng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charty and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. (c) Incoming resources All incoming resources are included in the statement of financial activities on an accruals basis. (d) Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. (e) Golng concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
The Unknown Donors, Charities Year-ended 29 February 2024 Notes fomiing part of the flnanelal statements 2 Income from investments 2024 2023 Dividends from 517 COIF investment units Rent from 90 - 94 St Benedicts Strèet Listed investments 282 67,199 870 282 50,543 225 68,351 50,600 3 Expenditure on raising funds 2024 2023 Legal fees Brown & Co management fees Building & rent insurance premium Energy Water Council Tax on voids Repairs to propetties 960 8,872 1,080 960 8,621 715 334 646 1,845 9,337 1,143 {706) 5,859 17,208 22,458 Other •xpenditure 2024 2023 Donations to beneficiaries Independent Examination fee 1,301 1,275 1.301 1,275 Trustees, remuneration The Trustees have neither received nor waived any emoluments or expenses during the current or previous year. Current asset Investments 2024 2023 Listed investments Investment properties 10,478 9,608 500,000 500,000 510,478 509,608 10
Debtors and prepayments 2024 2023 Deblors Prepayments and accrued income 9,213 123 8.378 89 8,467 Creditors and accruals 2024 2023 Cr8ditors - falling due Wlthin on8 year Accruals and deferred income 3,220 3,025 3,220 3,025 Restricted funds purpose The purpose of the restricted funds is for the management and maintenance of the rental flats, shops and office which the Charity owns and for the payment of the three beneficiaries specified in the Scheme of the Charity. 10 Related party transactions and donated facilities Such costs have not been included in the financial statements as their value cannot be quantified. 11 Ultimate controlling party The Charity is controlled by the Board of Trustees.