## **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.
4
## **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.
12
## **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.
14
## **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.
15
**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|
18
## **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|
19