CHARITY REGISTRATION NUMBER: 256681
Great Yarmouth Relief In Need Trust Unaudited financial statements
31 March 2022
Great Yarmouth Relief In Need Trust
Financial statements
Year ended 31 March 2022
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
Great Yarmouth Relief In Need Trust
Trustees' annual report
Year ended 31 March 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Reference and administrative details
Registered charity name Great Yarmouth Relief In Need Trust Charity registration number 256681 Principal office No. 8 Fishermen's Hospital Church Plain Great Yarmouth Norfolk NR30 1ND
The trustees
The trustees who served during the year and at the date of approval were as follows:
Mrs P Hollis - Chairman Rev P Paine - Vice Chairman Mr J Holmes - Treasurer Councillor K Robinson-Payne Rev S Ward Ms P Darby-Little Mrs P Linden Councillor M Jeal Councillor C Cordiner-Achenbach Councillor D Hammond Mrs P Ashbourne Clerk to the Trustees: Mrs J Smithson Independent examiner Mark Proctor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers Lloyds TSB 61 Market Place Swaffham Norfolk PE37 7AP
- 1 -
Great Yarmouth Relief In Need Trust
Trustees' annual report (continued)
Year ended 31 March 2022
Objectives and activities
The Charity's objectives are to consider applications and award grants, where appropriate, to people in need within the Borough of Great Yarmouth, and, at the discretion of the Trustees, to make distributions at Christmas time out of the income generated from investments.
Public benefit
The Trustees have taken due regard of the guidance issued by the Charity Commission on public benefit. It is considered a benefit it provided through the charity's distribution to those in need throughout the year and at Christmas.
Achievements and performance
Our team of Trustees have continued to provide a valuable service to those in financial hardship residing in Great Yarmouth.
Contact was made mainly by telephone for individual requests owing to Covid restrictions or notes through the letter box. The Christmas distribution gift of £30 cash was given by Trustees on the doorstep without signatures taken, with wearing of masks advised. When extra need was identified it was dealt with as a separate request.
Claims have come through Doctors, Nurse Health Practioners, Childrens`s, Adult and Mental Health Social Workers, Schools, Churches, Trustees, and Tenancy Support Workers for The Great Yarmouth Borough Council plus Borough Councillors and via our web site. Many requests for help come through the Clerk or direct to the Chairman or a Trustee.
We have supplied washing machines, fridge freezers, cookers, microwaves, tumble dryers, crockery, cutlery, bedding, sofas, chairs, beds, wardrobes, chests of drawers, wardrobes, tables and chairs, double buggies, children’s and adult clothes, un blocked drains and paid for black bins and collected many unwanted items from very cluttered households. We have helped with fuel and food. Also provided much needed carpet or vinyl for many families and residents managing with concrete floors, often without beds for the children or themselves. We have given brooms, dustpan and brushes and mops and buckets and vacuum cleaners. We have supported a foodbank with a £150 donation.
Tenancy Support for GYBC have notified RIN of goods purchased by our charity which are in good condition and no longer needed which has enabled us to re direct the item which allows money for other things required. First Move Furnishaid have helped by moving items and are a valuable service to those in need.
Lots of adults and children have Mental Health problems and have great difficulty in managing their money. RIN have referred them to The D.I.A.L Charity which provided a very worthwhile service giving support, advice and guidance to those who need help with financial management.
The charity paid out £26,917 in individual grants and £6,240 for the Christmas distribution.
Jo Smithson, the Clerk, collates the information so that the Trustees are given up to date lists of recent claims so that the charity's money can be distributed within the guidelines to the community as widely as possible. Sometimes when the need is very great “two years allocation in one” has to be given. Jo’s prompt attention to requests enables RIN to work efficiently.
- 2 -
Great Yarmouth Relief In Need Trust
Trustees' annual report (continued)
Year ended 31 March 2022
Financial review
The income generated in the year amounted to £33,801 (2021: £33,933) with individual grants of £26,917 (2021: £23,266) and Christmas distributions of £6,240 (2021: £10,970). Expenses totalled £3,819 (2021: £4,449) to leave net expenditure before investment gains for the year of £3,175 (2021: net expenditure £4,752).
Investment policy
It is the policy of the trustees to invest the funds of the charity, including the endowment fund, for long term growth whilst also seeking an income stream to provide grants to meet the objectives of the charity. The majority of the funds are invested in the Charities Official Investment Fund.
The main source of income for this Charity is dividend income from money invested on the stock exchange. The money is invested in a COIF investment account which is a special investment fund that only Charities can invest in and benefit from. It is a safer, in comparison with other stock market investment funds and is considered to offer better rates of return. The opportunity to invest this money elsewhere is discussed at the Annual Finance Meeting. As most income is generated through investments there is a financial risk that interest rates could fall resulting in a reduction of income. Only the dividend income can be used to fund the expenditure of the charity, the original capital investment must be retained.
It is the policy of the trustees to invest the funds of the charity, which is currently the endowment fund, for long term growth whilst also seeking other possible income streams.
Reserves policy
Inline with the Code of Governance above, Relief in Need proposes to hold an unrestricted reserve fund which will allow it to meet its primary objectives for a period of 6 months, in the event of a serous reduction in income.
| Currently the charity has annual fixed costs of | |
|---|---|
| Office Rent | £300 |
| Clerks fees and administrative expenses | £1,716 |
| Governance costs | £1,641 |
| Total | £3,657 |
For the charity to operate for a period of 6 months a reserve of £15,000 should be identified as a contingency sum against possible serious financial risk.
It is the trustees' intention to reduce the unrestricted reserves of the charity which amounted to £70,786 (2021: £73,961) at 31 March 2022 by increasing the grants payable in accordance with the charitable objectives. The long-term aim is to significantly reduce the balance of the unrestricted reserves, whilst retaining at least the recommended contingency sum.
The charity also had restricted reserves amounting to £1,214,607 in the Endowment Fund.
Plans for future periods
The trustees intend to continue their existing policy of distributing surplus income by way of grants to people in need within the Borough of Great Yarmouth. Many claims are now received electronically by the Clerk and Trustees through the various agencies.
- 3 -
Great Yarmouth Relief In Need Trust
Trustees' annual report (continued)
Year ended 31 March 2022
Structure, governance and management
Governing instrument
The Charity is registered with the Charity Commission and was created by deed sealed on 11 January 1984. It incorporates the former charities of Cornelious Harvey Christmas, Rev Edwards Warnes, Dover Colby, Mrs Ann Hall, Mrs Susan Packer, Sir William Paxton and Benjamin Jolly all of which were administered by Great Yarmouth Municipal Charities and the charity of Hendry Davie which was administered by 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-optative 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 of 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 has been undertaken during the year.
Related Parties
This charity is connected with The Fishermen's Hospital Charity. 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 the charity to Fishermen's Hospital Charity for use of administration facilities. The trustees do not consider it appropriate to consolidate the results as the charities have different objectives.
True and Fair override
The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following Accounting and Reporting by charities by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Independent examiner
Mark Proctor FCA DChA of Lovewell Blake LLP has been re-appointed as independent examiner for the ensuing year.
- 4 -
Great Yarmouth Relief In Need Trust
Trustees' annual report (continued)
Year ended 31 March 2022
The trustees' annual report was approved on 5 September 2022 and signed on behalf of the board of trustees by:
Mrs P Hollis - Chairman Trustee
- 5 -
Great Yarmouth Relief In Need Trust
Independent examiner's report to the trustees of Great Yarmouth Relief In Need Trust
Year ended 31 March 2022
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 March 2022 which are set out on pages 7 to 14.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Mark Proctor FCA DChA Independent Examiner
Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
24 October 2022
- 6 -
Great Yarmouth Relief In Need Trust
Statement of financial activities
Year ended 31 March 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Investment income | 4 | 33,801 | – | 33,801 | 33,933 |
|
|
|
|
||
| Total income | 33,801 | – | 33,801 | 33,933 | |
|
|
|
|
||
| Expenditure | |||||
| Charitable activities | 5 | (36,976) | – | (36,976) | (38,685) |
|
|
|
|
||
| Total expenditure | (36,976) | – | (36,976) | (38,685) | |
|
|
|
|
||
| Net income and net movements in funds | |||||
| before gains and losses on investments | (3,175) | – | (3,175) | (4,752) | |
| Net gains on investments | 6 | – | 99,871 | 99,871 | 197,586 |
|
|
|
|
||
| Net income and net movement in funds | (3,175) | 99,871 | 96,696 | 192,834 | |
|
|
|
|
||
| Reconciliation of funds | |||||
| Total funds brought forward | 111,288 | 1,114,736 | 1,226,024 | 1,033,190 | |
|
|
|
|
||
| Total funds carried forward | 108,113 | 1,214,607 | 1,322,720 | 1,226,024 | |
|
|
|
|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 14 form part of these financial statements.
- 7 -
Great Yarmouth Relief In Need Trust
Balance sheet
31 March 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 10 | 1,251,934 | 1,152,063 | ||
| Current assets | |||||
| Debtors | 11 | 9,545 | 9,478 | ||
| Cash at bank and in hand | 62,597 | 65,818 | |||
|
|
||||
| 72,142 | 75,296 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 12 | (1,356) | (1,335) | ||
|
|
||||
| Net current assets | 70,786 | 73,961 | |||
|
|
||||
| Total assets less current liabilities | 1,322,720 | 1,226,024 | |||
|
|
||||
| Net assets | 1,322,720 | 1,226,024 | |||
|
|
||||
| Funds of the charity | |||||
| Endowment funds | 1,214,607 | 1,114,736 | |||
| Unrestricted funds | 108,113 | 111,288 | |||
|
|
||||
| Total charity funds | 13 | 1,322,720 | 1,226,024 | ||
|
|
These financial statements were approved by the board of trustees and authorised for issue on 5 September 2022, and are signed on behalf of the board by:
Mrs P Hollis - Chairman Trustee
Rev P Paine - Vice Chairman Trustee
The notes on pages 9 to 14 form part of these financial statements.
- 8 -
Great Yarmouth Relief In Need Trust
Notes to the financial statements
Year ended 31 March 2022
1. General information
The charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is No. 8 Fishermen's Hospital, Church Plain, Great Yarmouth, Norfolk, NR30 1ND. The principal activities of the charity is detailed within the Trustees Report.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through income or expenditure.
(b) 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 when making this assessment.
(c) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
The endowment fund represents those assets which must be held permanently by the charity, for the furtherance and benefit of the charity's objectives.
(d) Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- Investment income is included when receivable.
- 9 -
Great Yarmouth Relief In Need Trust
Notes to the financial statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
(e) Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
(f) Investments
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
(g) Financial instruments
Financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
(h) Grants payable
Grants payable are included in full in the Statement of Financial Activates in the period in which a constructive obligation is established.
4. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Income from listed investments | 33,778 | 33,778 | 33,921 | 33,921 |
| Bank interest receivable | 23 | 23 | 12 | 12 |
|
|
|
|
|
| 33,801 | 33,801 | 33,933 | 33,933 | |
|
|
|
|
- 10 -
Great Yarmouth Relief In Need Trust
Notes to the financial statements (continued)
Year ended 31 March 2022
5. Expenditure on charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Christmas distributions | 6,240 | 6,240 | 10,970 | 10,970 |
| Grants to individuals | 26,917 | 26,917 | 23,266 | 23,266 |
| Rent | 300 | 300 | 300 | 300 |
| Clerks fees and expenses | 1,924 | 1,924 | 1,716 | 1,716 |
| Other | 290 | 290 | 792 | 792 |
| Governance costs | 1,305 | 1,305 | 1,641 | 1,641 |
|
|
|
|
|
36,976 |
36,976 |
38,685 |
38,685 |
Grants paid are for the purpose of providing support to those in need through the purchase of necessary items. All amounts are paid directly to suppliers to ensure funds are used for the purpose for which they were supplied.
6. Net gains on investments
| Endowment | Total Funds | Endowment | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Gains/(losses) on other investment | ||||
| assets | 99,871 | 99,871 | 197,586 | 197,586 |
|
|
|
|
|
| Independent examination fees | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 1,305 | 1,329 | ||
| Other financial services | – | 312 | ||
|
|
|||
| 1,305 | 1,641 | |||
|
|
7. Independent examination fees
8. Staff costs
The charity is managed by a self employed clerk, the cost of which was £1,924 (2021: £1,716).
There are no employed and thus no key management personnel and no salaries or wages have been paid, and no employed benefits of more than £60,000 during the year (2021: £Nil).
9. Trustee remuneration and expenses
No salaries or wages have have been paid to the trustees during the year.
The trustees were not reimbursed and expenses during the year (2021: £Nil).
- 11 -
Great Yarmouth Relief In Need Trust
Notes to the financial statements (continued)
Year ended 31 March 2022
10. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2021 | 1,152,063 |
| Additions | – |
| Fair value movements | 99,871 |
|
|
| At 31 March 2022 | 1,251,934 |
|
|
| Impairment | |
| At 1 April 2021 and 31 March 2022 | |
| Carrying amount | |
| At 31 March 2022 | 1,251,934 |
|
|
| At 31 March 2021 | 1,152,063 |
|
All investments shown above are held at valuation.
Financial assets held at fair value
The investments comprise 64,391.63 units in the COIF Charities Investment Fund Income. The historical cost of investments was £200,200 (2021: £200,200).
11. Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Accrued income and other debtors | 9,545 | 9,478 | |
|
|
||
| 12. | Creditors: Amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Accruals and deferred income | 1,356 | 1,335 | |
|
|
- 12 -
Great Yarmouth Relief In Need Trust
Notes to the financial statements (continued)
Year ended 31 March 2022
13. Analysis of charitable funds
Unrestricted funds
Year ended 31 March 2022
| Gains and | At 31 Mar | ||||
|---|---|---|---|---|---|
| At | 1 Apr 2021 | Income | Expenditure | losses | 2022 |
| £ | £ | £ | £ | £ | |
| General funds | 111,288 | 33,801 | (36,976) | – | 108,113 |
|
|
|
|
|
|
| Year ended 31 March 2021 | |||||
| Gains and | At 31 Mar | ||||
| At | 1 Apr 2020 | Income | Expenditure | losses | 2021 |
| £ | £ | £ | £ | £ | |
| General funds | 116,040 | 33,933 | (38,685) | – | 111,288 |
|
|
|
|
|
|
| Endowment funds | |||||
| Year ended 31 March 2022 | |||||
| Gains and | At 31 Mar | ||||
| At | 1 Apr 2021 | Income | Expenditure | losses | 2022 |
| £ | £ | £ | £ | £ | |
| Perm Endowment Fund | 1,114,736 | – | – | 99,871 | 1,214,607 |
|
|
|
|
|
|
| Year ended 31 March 2021 | |||||
| Gains and | At 31 Mar | ||||
| At | 1 Apr 2020 | Income | Expenditure | losses | 2021 |
| £ | £ | £ | £ | £ | |
| Perm Endowment Fund | 917,150 |
– |
– |
197,586 |
1,114,736 |
- 13 -
Great Yarmouth Relief In Need Trust
Notes to the financial statements (continued)
Year ended 31 March 2022
14. Analysis of net assets between funds
As at 31 March 2022
| Unrestricted | Endowment | Total Funds | |
|---|---|---|---|
| funds | funds | 2022 | |
| £ | £ | £ | |
| Investments | 37,327 | 1,214,607 | 1,251,934 |
| Current assets | 72,142 | – | 72,142 |
| Creditors less than 1 year | (1,356) | – | (1,356) |
|
|
|
|
| Net assets | 108,113 | 1,214,607 | 1,322,720 |
|
|
|
|
| As at 31 March 2021 | |||
| Unrestricted | Endowment | Total Funds | |
| funds | funds | 2021 | |
| £ | £ | £ | |
| Investments Investments | 37,327 | 1,114,736 | 1,152,063 |
| Current assets | 75,296 | – | 75,296 |
| Creditors less than 1 year | (1,335) | – | (1,335) |
|
|
|
|
| Net assets | 111,288 |
1,114,736 |
1,226,024 |
15. Related parties
The Trustees of Great Yarmouth Relief in Need are also Trustees of the Fishermen's Hospital Charity.
During the year the Trust paid £300 (2021: £300) to Fisherman's Hospital Charity in relation to rent.
- 14 -