## **GREAT YARMOUTH MUNICIPAL CHARITIES**
## **THE FISHERMEN’S HOSPITAL CHARITY**
## **ACCOUNTS**
**31 MARCH 2022**
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## **FOR THE YEAR ENDED 31 MARCH 2022**
|**Index to the Accounts**|**Page**|
|---|---|
|Report of the trustees|1 - 5|
|Accountants’ report on the unaudited accounts|6|
|Statement of comprehensive income including income and expenditure account|7|
|Statement of changes in reserves|8|
|Balance sheet|9|
|Statement of cash flows|10|
|Notes to the accounts|11 - 18|
|Detailed income and expenditure account|19|
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
The Trustees of The Fisherman Hospital Charity present their report and accounts for the year ended 31 March 2022.
## **Reference and Administration Information**
**Charity Name:** The Fishermen’s Hospital Charity **Charity Registration Number:** 256680 **Regulator of Social Housing number:** A3486 **Registered office:** No. 8 Fishermen’s Hospital Church Plain Great Yarmouth Norfolk NR30 1ND **Trustees:** Mrs P Hollis - Chairman Rev P Paine - Vice Chairman Mr J Holmes - Treasurer Councillor K Robinson-Payne Rev Canon S Ward Ms P Darby-Little Mrs P Linden Councillor M Jeal Councillor C Cordiner-Achenbach Councillor D Hammond Ms P Ashbourne **Clerk to the Trustees:** Mrs J Smithson **Bankers:** Lloyds Bank Market Place Great Yarmouth Norfolk NR30 1PA **Accountant:** Lovewell Blake LLP Chartered Accountants Bankside 300 Peachman Way Broadland Business Park Norwich Norfolk NR7 0LB
1
**REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## **Objectives and activities**
The Charity owns and runs the former Fisherman’s Hospital which consists of nine Almshouse Cottages on Market Place, Great Yarmouth situated round a central courtyard. The whole property is a Grade 1 listed building.
## _Public benefit_
The Trustees have taken due regard to the guidance published by the Charity Commission on public benefit. They considered the charity provides a public benefit through the provision of low cost housing to the residents of Great Yarmouth.
## **Achievements and performance**
The annual review of the weekly maintenance contribution was discussed at the November Meeting of Trustees, and it was decided that an increase of 12.00% be made from April 2022 to help with the ever-increasing fuel costs and maintenance of a Grade 1 Listed building.
Eight cottages have been occupied during the year. One became empty in July following the sad death of our resident who was on kidney dialysis and who became very seriously ill. Owing to water staining on the bedroom and lounge ceilings replacement of lead in the roof valley between The Fishermen`s Hospital and 1 St. Nicholas Road was required and there was a delay in obtaining a suitable roofer which was essential before redecoration could take place plus some electrical work. A couple have moved in – the gentleman has served in The Royal Navy.
One cottage has needed a wall repaired and replastered. It will also need a deep clean owing to the resident`s failing eyesight.
The Fishermen`s Hospital was open for six days for Heritage Open Days and welcomed many visitors from far and wide. They enjoyed the talks and visit to the open cottage (our office). Masks were worn inside; hand sanitising and social distancing were in place. The event was manned by The Chairman, Clerk - Jo Smithson, and new Trustee Pat Ashbourne. William Booth has voluntarily produced our website which helped us obtain prior bookings for The Heritage Open Days. We also have a “Just Giving” page for online donations.
The Reception children from St. Nicholas Priory School visited in November to sing War Songs to the residents who enjoyed their performance. Year 5 visited at Christmas with beautiful flower arrangements and cards which they had made and gave them to the residents. There are some who have no family or close friends to give them gifts so the children remembering them at Christmas is much appreciated.
Carol singing in The Courtyard was re-instated in December, and we were delighted that The Mayor, Councillor Adrian Thompson and The Mayoress joined us and also stayed for coffee and mince pies. We were grateful for the voluntary help of Michael Pearson in putting up the Christmas lights.
Renovation work has been identified on the front of The Fishermen`s Hospital and a Heritage Grant has been applied for through The Great Yarmouth Borough Council. We also need some deteriorating brickwork repaired above the Oval Plaques and are obtaining quotes for this.
The Quinquennial Survey is due this year and we know that further renovation will be required.
It will not be long before a new boiler is needed for the South side cottages.
2
**GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
**REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## _**Achievements and performance (continued)**_
We resumed face to face meetings of Trustees in March 2021 in a large room at The Town Hall.
Jo Smithson, the Clerk, has given excellent service to the Trustees again this year and a performance related pay annual meeting has been introduced which has proved beneficial to the Clerk and to the Trustees.
## **Financial review**
Eight cottages were let, providing income of £35,627 (2021: £34,116). Expenditure for the year totalled £29,867 (2021: £25,241) including repairs of £10,083 (2021: £3,522). After other income of £4,836 (2021: £4,760) and gain on the revaluation of investments of £13,600 (2021: £25,034) the charity generated net surplus for the year of £24,196 (2021: £38,669).
## _Investment policy_
It is the Trustees policy to invest the funds of the Charity, including the endowment fund, for long term capital growth whilst also seeking an income stream as a contribution towards the running costs of the Charity. The investments are held in COIF Income Shares, the Charinco Income Fund and COIF Accumulation units.
## _Reserves policy_
## General Fund
The Charity recognises the need to have sufficient funds in reserve readily available as or convertible into cash to cover day to day expenditure, especially in the event that there is a reduction in weekly maintenance charge income following the departure of residents pending new residents being appointed. It is the policy of the Trustees to spend available funds on the maintenance and repair of the Almshouse Cottages and they have no intention to build up a significant level of free reserves. Restricted funds are excluded from Reserves but the nature and amount of any such funds may impact upon the Reserves Policy. This policy has been prepared while considering the risks, such as general maintenance and the need to employ crafts people sympathetic to the fabric of a Grade I listed building, constructed in 1702.
3
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## **REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## _**Financial review (continued)**_
## Extraordinary Repair Fund
This restricted fund will be used for future major expenditure. Transfers will be made from the Income and Expenditure Account. The fund is invested in accumulation shares and preferably in a Common Investment Fund. It can be drawn upon to meet major items of repair.
## Cyclical Maintenance Fund
This designated fund, to which transfers are made from the Income and Expenditure Account, will be used to meet maintenance costs occurring at regular intervals e.g. refurbishing kitchens and bathrooms, interior and exterior redecoration and the cost of professional fees such as for Quinquennial Inspections.
The starting point for calculating Reserves will normally be the unrestricted funds, however part of these may not be readily available for spending and may be excluded from Reserves - tangible fixed assets. The Charity had free reserves (unrestricted fund) at 31 March 2022 amounting to £65,541 (2021: £45,512).
The Charity also had reserves amounting to £6,124 in the Extraordinary Repair Fund and £110,808 in the Endowment Fund. The total net assets of the Charity amounted to £288,743.
The Charity will consider the Almshouse Association’s recommended minimum amounts for transfer to the Extraordinary Repairs Fund and the Cyclical Maintenance Fund each year.
The level of reserves will be kept under review throughout the year by the Trustees.
## _Freehold property_
The freehold property was valued by Messrs Aldreds, Chartered Surveyors, on 19 September 2016, as a single entity, on the basis of open market value with vacant possession at a figure of £500,000. The property is included in the balance sheet at a cost of £102,232.
## **Value for Money**
The Regulator of Social Housing (RSH) has published a value for money standard which must be adhered to by Registered Providers. This includes the need to publish nine measures in a standard form to enable comparison across the sector, accepting that there will be variances associated with each business’s policies, strategy and focus.
**VFM metric 2022 2021** 1. Reinvestment % 10 3 2. New supply delivered (social housing units %) - - 3. New supply delivered (non-social housing units %) - - 4. Gearing % (35) (25) 5. EBITA MRI interest cover % N/A N/A 6. Headline social housing cost per unit £ 1,260 440 7. Operating margin (social housing) % 29.6 26 8. Operating margin (overall) % 23 31 9. ROCE % 8 15
4
**REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## _**Financial review (continued)**_
## **Governance and Financial Viability**
The Trustees are committed to achieving good governance and being an effective provider of services, meeting both regulatory codes and standards.
## **Plans for the future**
The future activities will continue to be the operation of Almshouse Cottages.
## **Structure, Governance and Management**
## _Governing instrument_
The Charity is registered with the Charity Commission and the Regulator of Social Housing. It is administered by Great Yarmouth Municipal Charities Trustees. The Charity is a member of the Housing Corporation Ombudsman Scheme.
The Charity was created by deed sealed on 11 January 1984. It incorporates the former Fishermen’s Hospital Charity which was administered by the Great Yarmouth Municipal Charities together with the Charity of Mrs Elizabeth Blennerhassett and the Charity known as Benjamin Jollys Gift, both of which were administered by the Great Yarmouth Borough Council.
## _Recruitment and appointment of committee members_
The Trustee board should consist of eleven members, comprising one Ex-officio Trustee, four Nominative Trustees, and six Co-opted Trustees. The Nominative Trustees are appointed by the Great Yarmouth Borough Council. The Co-opted Trustees are those who through residence, occupation or employment, or otherwise have special knowledge of Great Yarmouth. Elections take place annually at the Annual General Meeting. At the date of approval the board comprised eleven members as listed on page 1.
## _Organisational structure_
The Municipal Charities are run by a group of volunteer Trustees, of which some belong to the local council and so may change due to the outcome of a local election. As well as the volunteers there is a paid Clerk who manages the paperwork and liaises with the accountants and local authority.
## _Risk assessment_
The Trustees are aware of the Charity Commission recommendation to review the risks applicable to the Charity and this exercise was last reviewed in February 2019.
## _Related Parties_
This charity is connected with Great Yarmouth Relief in Need. The two charities have common trustees and are administered commonly at the same registered office. The only transaction between the charities is the payment of rent from Great Yarmouth Relief in Need to the charity for use of its administrative facilities. The trustees do not consider it appropriate to consolidate the results as the charities have different objectives.
## **Accountants**
Lovewell Blake LLP are willing to continue as accountants for the charity.
Signed on behalf of the Trustees on 5 September 2022.
Mrs P Hollis Rev P Paine
5
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY ACCOUNTANTS REPORT TO THE BOARD ON THE UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
We report on the accounts for the year ended 31 March 2022 set out on pages 7 to 18.
## **Respective responsibilities of the Board and reporting accountant**
The Board of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.
## **Basis of opinion**
Our procedures consisted of comparing the accounts with the books of account kept by the Registered Social Housing Provider and making such limited enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.
## **Opinion**
In our opinion:
- the accounts for year ended 31 March 2022 are in accordance with the accounting records kept by the Registered Social Housing Provider under paragraph 135(2)(a) of the Housing and Regeneration Act 2008;
- having regard only to, and on the basis of the information contained in the accounting records:
- the accounts comply with the requirements of the Charities Act 2011;
- the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31 March 2021 specified in section 136(6) of the Housing and Regeneration Act 2008;
- the accounts comply with the requirements of Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019.
Bankside 300 Peachman Way Lovewell Blake LLP Broadland Business Park Chartered Accountants Norwich Norfolk 24 October 2022 NR7 0LB
6
## **GREAT YARMOUTH MUNICIPAL CHARITIES, THE FISHERMEN’S HOSPITAL CHARITY STATEMENT OF COMPREHENSIVE INCOME INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022**
|
**Notes**
**Turnover**
4
Operating expenditure
6
**Gross surplus / (deficit)**
Administration expenditure
7
Other operating income
5
**Operating surplus / (deficit)**
Interest receivable and similar income
8
**Surplus / (deficit) before revaluation**
**of investment assets**
**Gains / (losses) on revaluation of**
**investment assets**
11
**Surplus / (deficit) on ordinary**
**activities for the year and total**
**comprehensive income for**
**the year**|**Unrestricted**
**Restricted**
**Cyclical Extraordinary**
**General maintenance**
**Repair**
**Endowment**
**Total**
**fund**
**fund**
**fund**
**fund**
**2022**
**£**
**£**
**£**
**£**
**£**
35,627
-
-
-
35,627
(15,015)
(10,083)
-
-
(25,098)
20,612
(10,083)
-
-
10,529
(4,769)
-
-
-
(4,769)
2,374
-
-
-
2,374
18,217
(10,083)
-
-
8,134
2,462
-
-
-
2,462
20,679
(10,083)
-
-
10,596
-
6,587
(62)
7,075
13,600
20,679
(3,496)
(62)
7,075
24,196|**Total**
**2021**
**£**
34,116
(20,118)
13,998
(5,123)
2,337
11,212
2,423
13,635
25,034
38,669|
|---|---|---|
||||
Approved by the Trustees on 5 September 2022.
Mrs P Hollis Rev P Paine
The above results relate to continuing activities The notes set out on pages 10 to 17 form an integral part of these accounts.
7
## **GREAT YARMOUTH MUNICIPAL CHARITIES, THE FISHERMEN’S HOSPITAL CHARITY STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2022**
|**At 31 March 2021**
**Net movement in funds**
**Transfer between funds**
**Fund balances carried forward**
**at 31 March 2022**||**Unrestricted**
**Restricted**
**Cyclical Extraordinary**
**General maintenance**
**Repair**
**Endowment**
**Total**
**fund**
**fund**
**fund**
**fund**
**2022**
147,744
7,534
5,536
103,733
264,547
20,679
(3,496)
(62)
7,075
24,196
(650)
-
650
-
-
167,773
4,038
6,124
110,808
288,743|**Total**
**2021**
225,878
38,669
-
264,547|
|---|---|---|---|
|||||
The notes set out on pages 10 to 17 form an integral part of these accounts.
.
8
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## **STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2022**
|**Notes**
**FIXED ASSETS**
Tangible
10
Investments
11
**CURRENT ASSETS**
Sundry debtors
12
Cash at bank
- current account
- deposit account
**CURRENT LIABILITIES**
Creditors
13
**FUNDS**
Unrestricted
15
Restricted
15
Endowment
15|**£**
1,109
29,972
5,451
36,532
(2,472)
|**2022**
**£**
102,232
152,451
254,683
34,060
288,743|**£**
1,099
21,161
3,906
26,166
(2,702)
|**£**
1,099
21,161
3,906
26,166
(2,702)
|**2021**
**£**
102,232
113,851|
|---|---|---|---|---|---|
||||||241,083
23,464|
|||||||
||||||264,547|
|||
171,811
6,124
110,808
288,743|||
155,278
5,536
103,733|
||||||264,547|
Approved by the Trustees on 5 September 2022.
Mrs P Hollis Rev P Paine
The notes set out on pages 10 to 17 form an integral part of these accounts.
9
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022**
|**Notes**
**Net cash inflow from**
**operating activities**
17
**Cash flow from investing activities**
Interest received
Dividends received
**Net cash flow from investing activities**
**Net increase in cash and cash equivalents**
**Cash and cash equivalents at 1 April 2021**
**Cash and cash equivalents at 31 March 2022**
**Cash and cash equivalents consist of:**
Cash at bank and in hand|**2022**
**£**
7,894
-
2,462
2,462
10,356
25,067
35,423
35,423|**2021**
**£**
12,167
3
2,420
2,423
14,590
10,477|
|---|---|---|
|||25,067|
|||25,067|
The notes set out on pages 10 to 17 form an integral part of these accounts.
10
**NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## 1. **Accounting Policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## (a) _Basis of Accounting_
The accounts have been prepared in accordance with applicable accounting standards including the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for Private Registered Providers of Social Housing in England 2019.
The accounts have also been prepared under the requirements of the Housing and Regeneration Act 2008. The accounts have been prepared on a going concern basis under historical cost convention, except for the revaluation of investment assets.
The charity constitutes a public benefit entity as defined by FRS 102.
## (b) _General Information_
The Fisherman’s Hospital Charity is an unincorporated charity and a private registered Provider of Social Housing in the United Kingdom. The address of the registered office is given in the reference and administration information on page 1 of these accounts. The nature of the registered providers operations and principal activities are set out on page 2 of these accounts.
## (c) _Fund accounting_
• Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
• Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Revenue and expenditure cannot be directly set against restricted reserves but is taken through the statement of comprehensive income and then a transfer to restricted reserves is made as appropriate.
• Endowment funds are those reserves which are only expendable in accordance with the wishes of the funder or regulatory body.
## (d) _Turnover_
Turnover is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of turnover are as follows:
Turnover represents rental and service charges income receivable in the year net of rent and service charge losses from voids, revenue grants from the government (local authorities).
11
**NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## (e) _Expenditure_
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
•Operating expenditure comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
• Administration expenditure includes those costs associated with meeting the administration and statutory requirements of the charity and includes the accountant fees and costs linked to the strategic management of the charity.
• All costs are allocated between the expenditure categories of the Statement of Comprehensive Income on a basis designed to reflect the use of the resource.
## (f) _Investment income_
Bank interest is included in the income and expenditure account on an accruals basis. Dividends are included in the income and expenditure account when they are received.
## (g) _Fixed assets_
Housing land and buildings
The trustees regard the building held by the Charity as an inalienable asset due to being a Class 1 Listed building and thus no depreciation or amortisation charge is provided.
Equipment is depreciated at a rate of 10% straight line.
## (h) _Investment policy_
Investments are included in the accounts at their market value at the year end.
Any surplus or deficit arising on the revaluation or disposal of the investments is credited or debited to the Statement of Comprehensive Income.
## (i) _Debtors and creditors receivable / payable within one year_
Debtors and creditors with not stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## (j) _Cash at bank_
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less.
## (k) _Going 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 trustees have considered the impact of Covid-19 in making this assessment.
12
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
|2.
**Social Housing turnover and cost**
**2022**
**£**
Rents receivable
35,627
Expenditure
(29,867)
(
Operating surplus from Social Housing activities
5,760
Net surplus from Social Housing activities
24,196
Void losses
2,759
3.
**Net surplus**
The net surplus is stated after charging:-
**2022**
**£**
Accountancy fees (excluding VAT)
1,125
4.
**Rental income**
During the year the charity provided 8 (2020: 8) general housing accommodation units.
**2022**
**£**
Rental income (net of voids of £2,759 (2021: net of voids of £Nil.))
35,627
During the years ended 31 March 2022 and 2021 all rental income was unrestricted.
5.
**Other income**
**2022**
**£**
Winter fuel allowance
955
Other donations
1,419
2,374|2021
£
34,116
25,241)
8,875
38,669
-
2021
£
1,075
2021
£
34,116
**2021**
**£**
600
1,737
2,337|
|---|---|
During the years ended 31 March 2022 and 2021 all other income was unrestricted.
## 6. **Analysis of operating expenditure**
|**Charitable**
**Governance**
**activities**
**costs**
**£**
**£**
Rates
1,015
-
Repairs and construction
10,083
-
Insurance
1,509
-
Utilities
11,795
-
Cleaning
696
-
25,098
-|**2022**
**£**
1,015
10,083
1,509
11,795
696
25,098|**2021**
**£**
113
3,522
1,536
14,362
585
20,138|
|---|---|---|
During the years ended 31 March 2022 and 2021 all operating expenditure was unrestricted.
13
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
## 7. **Analysis of administrative expenditure**
|**Charitable**
**Governance**
**activities**
**costs**
**2022**
**£**
**£**
**£**
Administration
2,355
-
2,355
Telephone
520
-
520
Accountants fee
-
1,350
1,350
Sundries
192
-
192
Membership
352
-
352
3,419
1,350
4,769|**2021**
**£**
2,294
572
1,272
103
882|
|---|---|
||5,123|
During the years ended 31 March 2022 and 2021 all administrative expenditure was unrestricted.
## 8. **Interest receivable and similar income**
|Bank interest
Dividends|**2022**
**£**
-
2,462
2,462|**2021**
**£**
3
2,420|
|---|---|---|
|||2,423|
During the years ended 31 March 2022 and 2021 all bank interest and similar was unrestricted.
## 9. **Trustees remuneration and expenses**
The Trustees did not receive any remuneration and were not reimbursed expenses during the year. There are no key management personnel as the charity does not have any employees. The charity is managed by a self-employed clerk, the cost of which was £1,924 (2021: £1,872) has been included within administrative expenditure.
## 10. **Tangible fixed assets**
|**Tangible fixed assets**||||
|---|---|---|---|
||**Freehold**|||
||**Land &**|||
||**buildings**|**Equipment**|**Total**|
|**Cost**||||
|At 1 April 2021 and 31 March 2022|102,232|8,284|110,516|
|**Depreciation**||||
|At 1 April 2021 and at 31 March 2022|-|8,284|8,284|
|**Net Book Value**||||
|At 31 March 2022|102,232|-|102,232|
|**Net Book Value**||||
|At 31 March 2021|102,232|-|102,232|
All housing properties are held for lettings purposes. The property was valued by Messrs Aldreds, Chartered Surveyors, on 19 September 2016, as a single entity, on the basis of open market value with vacant possession at a figure of £500,000.
14
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
## 11. **Investments**
|Market value as at 1 April 2021
Unrealised gain on revaluation
Market value as at 31 March 2022
Historic cost
The portfolio comprises of the following listed investments:
**Holding**
**Fund**
4,561.51 units
Charities Investment Fund Income Units
273.01 units
Charities Investment Fund Accumulation Units
425.81 units
Charinco Common Investment Fund|**2022**
2021
£
£
138,851
113,817
13,600
25,034
152,451
138,851
23,876
23,876
**Market Value**
**£**
88,687
63,028
736
152,451|
|---|---|
|||
The fair value of listed investments has been determined by reference to the quoted price for identical assets in an active market at the balance sheet date.
## 12. **Debtors**
|12.
**Debtors**|||
|---|---|---|
|Other debtors
Prepayments and accrued income
13.
**Creditors: Amounts falling due within one year**
Accruals and deferred income|**2022**
**£**
602
507
1,109|2021
£
602
497
1,099
2021
£
2,702
2,702|
||
**2022**
**£**
2,472
2,472||
## 14. **Taxation**
The charity has no liability to income tax or capital gains tax.
15
**NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## 15. **Reconciliation of movement of funds**
Year ended 31 March 2022
|Year ended 31 March 2022||||||
|---|---|---|---|---|---|
||**Unrestricted**|||**Restricted**||
|||**Cyclical**|**Extraordinary**|||
||**General**|**Maintenance**|**Repair**|**Endowment**||
||**Fund**|**Funds**|**Funds**|**Fund**|**Total**|
||**£**|**£**|**£**|**£**|**£**|
|Funds b/fwd 1 April 2021|147,744|7,534|5,536|103,733|264,547|
|Surplus / (Deficit)||||||
|for the year|20,679|(10,083)|
-|-|10,596|
|Transfer between funds|(650)|
-|650|-|-|
|Revaluation of||||||
|Investment assets|-|6,587|(62)|7,075|13,600|
|Funds c/fwd 31 March 2022|167,773|
4,038|6,124|110,808|288,743|
|Tangible Fixed Assets||||||
|Land and buildings|102,232|-|-|-|102,232|
|Laundry equipment|-|-|-|-|-|
|Investments||||||
|COIF Charities Investment||||||
|Fund (4,561.51 units)|-|-|-|88,687|88,687|
|COIF Charities Investment||||||
|Fund (273.01 units)|-|63,029|-|-|63,029|
|Charinco Common Investment||||||
|Fund (425.810 units)|-|-|735|-|735|
|Current assets||||||
|Debtors|1,109|-|-|-|1,109|
|Bank account|66,904|(58,991)|
5,389|22,121|35,423|
|Current liabilities
|(2,472)|
-|-|-|(2,472)|
|Funds c/fwd 31 March 2022|167,773|4,038|6,124|110,808|288,743|
Year ended 31 March 2021
|Funds b/fwd 1 April 2020
Surplus / (Deficit)
for the year
Transfer between funds
Revaluation of
Investment assets
Funds c/fwd 31 March 2021|**Unrestricted**
**Restricted**
**Cyclical Extraordinary**
**General Maintenance**
**Repair**
**Endowment**
**Fund**
**Funds**
**Funds**
**Fund**
**Total**
**£**
**£**
**£**
**£**
**£**
131,237
-
4,905
89,736
225,878
17,157
(3,522)
-
-
13,635
(650)
-
650
-
-
-
11,056
(19)
13,997
25,034
147,744
7,534
5,536
103,733
264,547|
|---|---|
16
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
## 15. **Reconciliation of movement in funds (continued)**
Year ended 31 March 2021 (continued)
|||**Unrestricted**|**Unrestricted**|**Restricted**|**Restricted**||
|---|---|---|---|---|---|---|
||||**Cyclical**|**Extraordinary**|||
||**General**||**Maintenance**|**Repair**|**Endowment**||
||**Fund**||**Funds**|**Funds**|**Fund**|**Total**|
|||**£**|**£**|**£**|**£**|**£**|
|Tangible Fixed Assets|||||||
|Land and buildings|102,232||-|-|-|102,232|
|Laundry equipment||-|-|-|-|-|
|Investments|||||||
|COIF Charities Investment|||||||
|Fund (4,561.51 units)||-|-|-|81,612|81,612|
|COIF Charities Investment|||||||
|Fund (273.01 units)||-|56,442|-|-|56,442|
|Charinco Common Investment|||||||
|Fund (425.810 units)||-|-|797|-|797|
|Current assets|||||||
|Debtors|1,099||-|-|-|1,099|
|Bank account|47,115||(48,908)|
4,739|22,121|25,067|
|Current liabilities
|(2,702)||
-|-|-|(2,702)|
|Funds c/fwd 31 March 2021|147,744||7,534|5,536|103,733|264,547|
The purpose of the various funds are as follows:
General Fund: To provide the necessary resources required by the Charity on a day to (Unrestricted) day basis. Cyclical Maintenance Fund: To meet maintenance occurring at regular intervals e.g. internal and (Unrestricted) external redecoration and the cost of professional fees in respect of quinquennial inspections. This fund is represented by an investment of 273.01 units in the COIF Charities Investment Fund.
Extraordinary Repair Fund: This is a restricted fund under the terms of a Charities Commission (Restricted) Scheme and provides for future major expenditure on repairs to the property without prior consent of the Charity Commissioners Endowment Fund: Represents the capital investments described in Note 11 enhanced by (Restricted) unrealised gains on revaluation of investment assets to current market value. The fund is not available to convert to expendable income.
## 16. **Related party transactions**
The Trustees of The Fishermen’s Hospital Charity are also the trustees of Great Yarmouth Relief in Need.
At 31 March 2022, Great Yarmouth Relief in Need owed to The Fishermen’s Hospital Charity £Nil (2021: £Nil). Great Yarmouth Relief in Need paid The Fishermen’s Hospital Charity £300 (2021: £300) in connection with rent payable.
17
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
## 17. **Reconciliation of operating surplus to cash flow from operating activities**
||**2022**|2021|
|---|---|---|
||**£**|£|
|**Surplus / (Deficit) for the year**|24,196|38,669|
|Interest and dividends received|(2,462)|(2,423)|
|(Gains) on investment assets|(13,600)|(25,034)|
|(Increase) / Decrease in trade and other debtors|(10)|60|
|(Decrease) / increase in trade and other creditors|(230)|895|
|**Net cash inflow from operating activities**|7,894|12,167|
18
## **GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY**
## **INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022**
|**Income**
Residents payments (including Housing Benefit)
Interest receivable
Investment dividends
Other income
**Expenditure**
**Property Expenditure**
Rates
Insurance
Repairs and reconstruction
Utilities
Cleaning
**Administrative Expenses**
Administration
Telephone
Accountancy
Sundries
Membership
Total Expenditure
**Surplus before revaluation of investment assets**||£
35,627
-
2,462
2,374
1,015
1,509
10,083
11,795
696
25,098
2,355
520
1,350
192
352
4,769|**2022**
£
40,463
29,867
10,596|
|£
34,116
3
2,420
2,337
113
1,536
3,522
14,362
585
20,118
2,294
572
1,272
103
882
5,123|**2021**
£
38,876
25,241|
|---|---|---|---|---|---|---|
|||||
|||
|||||||13,635|
19