GREAT YARMOUTH MUNICIPAL CHARITIES
THE FISHERMEN’S HOSPITAL CHARITY
ACCOUNTS
31 MARCH 2025
GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY
FOR THE YEAR ENDED 31 MARCH 2025
| 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 2025
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 2025.
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 P Levers Councillor P Waters-Bunn Councillor M Jeal 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
The Fishermen’s Hospital Charity
1
REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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
We have eight residents at The Fishermen`s Hospital. Four of whom have been in hospital during the year and are still living independently. During Summer 2024 Bed Bugs were reported in two cottages which were treated. One resident was warned re the unhygienic state of his cottage and now has a weekly cleaner and a personal alarm re-instated.
Repairs to the roof, south wall and various areas of brickwork were carried out Spring 2024. Extensive window repairs plus other identified problems were sorted by our talented carpenter in September. We will soon need the doors and The Cupola, the home of Saint Peter, renovated again.
The Trustees have implemented a 2.7% increase in the Weekly Maintenance Contribution from April 2025 plus 5% towards Electricity owing to the increase in rate of 54% for the new contract commencing October 2024. This will meet the statutory requirements from the National Regulator of Social Housing.
Heritage Open Days were once again well attended by local visitors and many from far and wide who have an interest in historic buildings such as The Fishermen`s Hospital which is Grade 1 Listed and was built for “Decayed Fishermen” by Great Yarmouth Corporation in 1702.
Carol singing took place in the Courtyard at The Fishermen`s Hospital and was well supported and enjoyed by all. The Deputy Mayor Carl Annison and Mayoress attended.
The children from Saint Nicholas Priory School made Christmas cards and delivered them to our residents. Residents and Trustees were invited to attend their Christmas Carol Service and Concert at The Minster which was delightful.
The Public Realm Market Project is nearing completion and the vision of the Fishermen`s Hospital enhances the area at the North end of the Market Place. Parking has been provided for residents.
Joanne Smithson, our Clerk, received an increase in wages from November 2024. Joanne shows commitment and enthusiasm for her role and keeps our Charity up to date with current requirements and legislation. Assistance is received with the accounts from volunteer William Booth.
We have had no reported cases of Covid-19 and we encourage residents to keep up with their vaccinations.
2
REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY
Financial review
Eight cottages were let, providing income of £57,855 (2024: £58,023). Expenditure for the year totalled £44,476 (2024: £41,685) including repairs of £18,327 (2024: £15,121). After other income of £5,329 (2024: £14,609) and losses on the revaluation of investments of £5,751 (2024: gains of £15,523) the charity generated a net surplus for the year of £12,957 (2024: £46,470).
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.
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) as at 31 March 2025 amounting to £133,368 (2024: £116,704).
The Charity also had reserves amounting to £7,945 (2024: £7,309) in the Extraordinary Repair Fund and £110,982 (2024: £115,325) in the Endowment Fund. The total net assets of the Charity amounted to £354,527 (2024: £341,570).
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.
3
REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY
Financial review (continued)
Freehold property
The freehold property was valued by Messrs Aldreds, Chartered Surveyors, on 28 September 2023, as a single entity, on the basis of open market value with vacant possession at a figure of £600,000. 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 2025 2024 1. Reinvestment % 17.9 14.8 2. New supply delivered (social housing units %) - - 3. New supply delivered (non-social housing units %) - - 4. Gearing % (93.7) (76.4) 5. EBITA MRI interest cover % N/A N/A 6. Headline social housing cost per unit £ 2,291 1,890 7. Operating margin (social housing) % 17.7 38.6 8. Operating margin (overall) % 35.3 48.4 9. ROCE % 4.5 13.6
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.
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GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY
REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Governance and Financial Viability (continued)
Recruitment and appointment of committee members
The Trustee board should consist of twelve 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 8[th] September 2025
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 2025
We report on the accounts for the year ended 31 March 2025 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 2025 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 2025 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 2022.
| Bankside 300 | |
|---|---|
| Peachman Way | |
| Lovewell Blake LLP | Broadland Business Park |
| Chartered Accountants | Norwich |
| Norfolk | |
| 9thSeptember 2025 | 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 2025
| G 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 Cyclical eneral maintenance fund fund £ £ 57,855 - (18,573) (18,327) |
Restricted Extraordinary Repair Repair Endowment Total fund fund 2025 £ £ £ £ - - - 57,855 - - - (36,900) - - - 20,955 - - - (7,576) - - - 2,473 - - - 15,852 - - - 2,856 - - - 18,708 - (14) (4,343) (5,751) - (14) (4,343) 12,957 |
Total 2024 58,023 (35,640) 22,383 (6,045) 11,733 28,071 2,876 30,947 15,523 46,470 |
|---|---|---|---|
39,282 (18,327) (7,576) - 2,473 - |
|||
| 34,179 (18,327) 2,856 - 37,035 (18,327) - (1,394) |
|||
37,035 (19,721) |
Approved by the Trustees on 8[th] September 2025
Mrs P Hollis Rev P Paine
The above results relate to continuing activities The notes set out on pages 11 to 18 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 2025
| At 31 March 2024 Net movement in funds Transfer between funds Fund balances carried forward at 31 March 2025 |
Unrestricted Cyclical General maintenance fund fund 218,936 - 37,035 (19,721) (20,371) 19,721 |
Restricted Extraordinary Repair Repair Endowment Total fund fund fund 2025 - 7,309 115,325 341,570 - (14) (4,343) 12,957 - 650 - - - 7,945 110,982 354,527 |
Total 2024 295,100 46,470 - 341,570 |
|---|---|---|---|
235,600 - |
The notes set out on pages 11 to 18 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 2025
| 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 |
£ 1,170 89,667 6,099 96,936 (2,896) |
2025 £ 102,232 158,255 260,487 94,040 354,527 |
£ 1,214 72,335 5,816 79,365 (4,033) |
£ 1,214 72,335 5,816 79,365 (4,033) |
2024 £ 102,232 164,006 |
|---|---|---|---|---|---|
| 266,238 75,332 |
|||||
| 341,570 | |||||
235,600 7,945 110,982 354,527 |
218,936 7,309 115,325 |
||||
| 341,570 |
Approved by the Trustees on 8[th] September 2025.
Mrs P Hollis Rev P Paine
The notes set out on pages 11 to 18 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 2025
| Notes Net cash inflow from operating activities 17 Cash flow from investing activities Dividends received Net cash flow from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 April 2024 Cash and cash equivalents at 31 March 2025 Cash and cash equivalents consist of: Cash at bank and in hand |
2025 £ 14,759 2,856 2,856 17,615 78,151 95,766 95,766 |
2024 £ 27,616 2,876 2,876 30,492 47,659 |
|---|---|---|
| 78,151 | ||
| 78,151 |
The notes set out on pages 11 to 18 form an integral part of these accounts.
10
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
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 2022.
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 2025
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.
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GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
| 2. Social Housing turnover and cost 2025 £ Rents and utility contribution receivable 57,855 Expenditure (44,476) ( Operating surplus from Social Housing activities 13,379 Net surplus from Social Housing activities 12,957 Void losses - 3. Net surplus The net surplus is stated after charging: - 2025 £ Accountancy fees (excluding VAT) 1,380 4. Rental income During the year the charity provided 8 (2024: 8) general housing accommodation units. 2025 £ Rental and utility contribution income (net of voids of £Nil (2024: net of voids of £1,529)) 44,845 During the years ended 31 March 2025 and 2024 all rental income was unrestricted. 5. Other income 2025 £ Other income 1,117 Grants - Other donations 1,356 2,473 |
2024 £ 58,023 41,685) 16,338 46,470 1,024 2024 £ 1,320 2024 £ 58,023 2024 £ 1,064 6,495 4,174 11,733 |
|---|---|
During the years ended 31 March 2025 and 2024 all other income was unrestricted.
6. Analysis of operating expenditure
| Charitable Governance activities costs £ £ Rates - - Donations declined 50 - Repairs and construction 18,327 - Insurance 1,865 - Utilities 15,823 - Cleaning 835 - 36,900 - |
2025 £ - 50 18,327 1,865 15,823 835 36,900 |
2024 £ (71) - 15,121 1,792 18,273 525 35,640 |
|---|---|---|
During the years ended 31 March 2025 and 2024 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 2025
7. Analysis of administrative expenditure
| Charitable Governance activities costs £ £ Administration 3,637 - Telephone 842 - Accountants fee - 1,656 Sundries 379 - Membership 1,062 - 5,920 1,656 |
2025 £ 3,637 842 1,656 379 1,062 7,576 |
2024 £ 2,660 803 1,584 209 789 |
|---|---|---|
| 6,045 |
During the years ended 31 March 2025 and 2024 all administrative expenditure was unrestricted.
8. Interest receivable and similar income
| Interest receivable and similar income | ||
|---|---|---|
| Interest receivable Dividends |
2025 £ 283 2,573 2,856 |
2024 £ 365 2,511 |
| 2,876 |
During the years ended 31 March 2025 and 2024 all interest receivable 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 £2,788 (2024: £2,252). This has been included within administrative expenditure.
10. Tangible fixed assets
| Tangible fixed assets | |||
|---|---|---|---|
| Freehold | |||
| Land & | |||
| buildings | Equipment | Total | |
| Cost | |||
| At 1 April 2024 and 31 March 2025 | 102,232 | 8,284 | 110,516 |
| Depreciation | |||
| At 1 April 2024 and at 31 March 2025 | - | 8,284 | 8,284 |
| Net Book Value | |||
| At 31 March 2025 | 102,232 | - | 102,232 |
| Net Book Value | |||
| At 31 March 2024 | 102,232 | - | 102,232 |
All housing properties are held for lettings purposes. The property was valued by Messrs Aldreds, Chartered Surveyors, on 28 September 2023, as a single entity, on the basis of open market value with vacant possession at a figure of £600,000.
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GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
11. Investments
| Market value as at 1 April 2024 Unrealised (loss) / gain on revaluation Market value as at 31 March 2025 Historic cost The portfolio comprises of the following listed investments: |
2025 £ 164,006 (5,751) 158,255 23,876 |
2024 £ 148,483 15,523 164,006 23,876 |
|---|---|---|
| Holding | Fund | Market Value |
|---|---|---|
| £ | ||
| 4,561.51 units | Charities Investment Fund Income Units | 88,861 |
| 273.01 units | Charities Investment Fund Accumulation Units | 68,788 |
| 425.81 units | Charinco Common Investment Fund | 606 |
| 158,255 |
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 Income deferred in year Deferred income carried forward Deferred income relates to rental income received in advance. |
2025 £ 641 529 1,170 |
2024 £ 626 588 1,214 2024 £ 4,033 4,033 - - |
2025 £ 2,896 2,896 480 480 |
14. Taxation
The charity has no liability to income tax or capital gains tax.
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GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
15. Reconciliation of movement of funds
Year ended 31 March 2025
| Year ended 31 March 2025 | ||
|---|---|---|
| Unrestricted Cyclical General Maintenance Fund Funds £ £ Funds b/fwd 1 April 2024 218,936 - Surplus / (Deficit) for the year 37,035 (18,327) Transfer between funds (20,371) 19,721 Revaluation of Investment assets - (1,394) Funds c/fwd 31 March 2025 235,600 - Tangible Fixed Assets Land and buildings 102,232 - Laundry equipment - - Investments COIF Charities Investment Fund (4,561.51 units) - - COIF Charities Investment Fund (273.01 units) - 68,788 Charinco Common Investment Fund (425.810 units) - - Current assets Debtors 1,170 - Bank account 135,094 (68,788) Current liabilities (2,896) - Funds c/fwd 31 March 2025 235,600 - |
Unrestricted Cyclical General Maintenance Fund Funds £ £ 218,936 - 37,035 (18,327) (20,371) 19,721 - (1,394) 235,600 - |
Restricted Extraordinary Repair Repair Endowment Fund Funds Fund Total £ £ £ £ - 7,309 115,325 341,570 - - 18,708 - 650 - - - (14) (4,343) (5,751) - 7,945 110,982 354,527 - - - 102,232 - - - - - - 88,861 88,861 - - - 68,788 - 606 - 606 - - - 1,170 - 7,339 22,121 95,766 - - - (2,896) - 7,945 110,982 354,527 |
235,600 - |
16
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY
15. Reconciliation of movement in funds (continued)
Year ended 31 March 2024
| Year ended 31 March 2024 | ||
|---|---|---|
| Unrestricted Cyclical General Maintenance Fund Funds £ £ Funds b/fwd 1 April 2023 180,947 - Surplus / (Deficit) for the year 39,573 (13,211) Transfer between funds (1,584) 5,519 Revaluation of Investment assets - 7,692 Funds c/fwd 31 March 2024 218,936 - Tangible Fixed Assets Land and buildings 102,232 - Laundry equipment - - Investments COIF Charities Investment Fund (4,561.51 units) - - COIF Charities Investment Fund (273.01 units) - 70,182 Charinco Common Investment Fund (425.810 units) - - Current assets Debtors 1,214 - Bank account 119,523 (70,182) Current liabilities (4,033) - Funds c/fwd 31 March 2024 218,936 - |
Unrestricted Cyclical General Maintenance Fund Funds £ £ 180,947 - 39,573 (13,211) (1,584) 5,519 - 7,692 218,936 - |
Restricted Extraordinary Repair Repair Endowment Fund Funds Fund Total £ £ £ £ - 6,669 107,484 341,570 4,585 - - 30,947 (4,585) 650 - - - (10) 7,841 15,523 - 7,309 115,325 341,570 - - 102,232 - - - - 93,204 93,204 - - 70,182 620 - 620 - - 1,214 6,689 22,121 78,151 - - (4,033) 7,309 115,325 341,570 |
218,936 - |
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.
Repair Fund: This is a restricted funds received from Great Yarmouth Borough (Restricted) Council towards expenditure on repairs to the property. 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
This is a restricted fund under the terms of a Charities Commission 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.
17
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY
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 2025, Great Yarmouth Relief in Need owed to The Fishermen’s Hospital Charity £Nil (2024: £Nil). Great Yarmouth Relief in Need paid The Fishermen’s Hospital Charity £650 (2024: £910) in connection with rent payable.
17. Reconciliation of operating surplus to cash flow from operating activities
| Surplus for the year Interest and dividends received Loss / (Gains) on investment assets Decrease / (Increase) in trade and other debtors (Decrease) in trade and other creditors Net cash inflow from operating activities |
2025 £ 12,957 (2,856) 5,751 44 (1,137) 14,759 |
2024 £ 46,470 (2,876) (15,523) (47) (408) |
|---|---|---|
27,616 |
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GREAT YARMOUTH MUNICIPAL CHARITIES THE FISHERMEN’S HOSPITAL CHARITY
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
| Income Resident’s payments (including Housing Benefit) Utility contributions Grants Interest receivable Investment dividends Donations Other income Expenditure Property Expenditure Rates Donations declined Insurance Repairs and reconstruction Utilities Cleaning Administrative Expenses Administration Telephone Accountancy Sundries Membership Total Expenditure Surplus before revaluation of investment assets |
£ 44,845 13,010 - 283 2,573 1,356 1,117 - 50 1,865 18,327 15,823 835 36,900 3,637 842 1,656 379 1,062 7,576 |
2025 £ 63,184 44,476 18,708 |
£ 41,273 16,750 6,505 365 2,511 4,174 1,054 (71) - 1,792 15,121 18,273 525 35,640 2,660 803 1,584 209 789 6,045 |
2024 £ 72,632 41,685 |
|
|---|---|---|---|---|---|
| 30,947 |
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