CHARITY REGISTRATION NUMBER: 256681 Great Yarmouth Relief In Need Trust Unaudited financial statements 31 March 2024
Great Yarmouth Relief In Need Trust Financial statements Year ended 31 Mar¢h 2024 Page Trustees. annual report Indepèndènt examinerfs report to the trustee5 Statement of financial activities 681an¢e Sheet Notes to the financial slalemen15
Great Yarmouth Relief In Need Trust Trustees. annual report Year ended 31 March 2024 The trustees present their report and the unaudttod financial statements of the charity for the year ended 31 Maich 2024. The financial slaternents have been prepared in accordance with the accounting policies sel out in notes lo the accounts and comply with the charity's governing do¢tJmenl. the Charities Act 2011 and Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Reforen¢¢ and admlnlstratlve details Registered charity name Great Yarmouth Relief In Need Trust harity registration numbar 256681 Prlnclpal office No. 8 Fisherrnen's Hospital Church Plain Gat Yarmouth Norfolk NR30 1ND The trustees The Iru5tees who seNed during the year and al the dale of approval were as follows.. Mrs P Hollis- Chaim)an Rev P P8ine- Vice Chairman Mr J Holmes- Treasurer Councillor K Robinson.Payne Rev Canon S Ward Councillor M Jeal Councillor C Cordiner-AchÈnbach (resigned 6 May 20231 Councillor D Hammond P Levers lappointed 4 Septernber 20231 Coun¢i11or P Waters-Bunn (appointed 4 September 20231 Mrs P A5hboume Clerk to th• Trustees: Mrs J Srnithson Independent examiner Mark Proctor FCA DChA Lovewell Blake LLP Chartered accounlanls Bankside 300 Peachman Way Broadland Business P8rk Norwich NR7 OLB Bankers Lloyd5 TSB 44 Market Place Great Yarrnouth Norfolk
Great Yamiouth Relief In Need Trust Trustees, annual report (continued) Year ended 31 March 2024 ObJ•ctlv8s and actlvltles The Charity's objectives are lo consider applications and award grants. where appropriate, to people in need within the Borough of Great Yarmouth, and, al the discretion of the Trustees, lo makè distributions at Chrislrnas lime out of the illcome generated from investments. Public bènèfrt The Trustees have taken due regard of the guidance issued by the Charity Commission on public benefit. 11 is considered a benefit it prowded through the charity's distribution lo thosè in need throughout the year and al Christmas. Achievements and p*rf¢mianc8 Trustees have Carried out the objects of Relief in Need and have delivered and serviced multiple claims for support for the young. old, single womèn and men, couples, families and homeless person5 who 3re residents of Great Yarrnoulh 8nd are on a low in¢ome. We have funded whitè goods, new and re conditioned, plus fumilure, cots and beds of all descriptions, clothes and shoes for babies, children, teenagers, and adults. We have purchased bed linen, crockery. cutlery, pots, pans, rnops, buckets, brooms and brush and dustpans Ètc . RIN has often funded Food Vouchers when Benefit Payments are delayed or changed and have paid for fuel. Floor Coverings are fiequenlly funde(t also removal of unwanted items. Many Claims are being made for peisons with Mental Health Issues. Lots are still young and have never worked and do not have the confidence to seek a job. They frequently havè no family support and have rnoved here frotn their home area. It is often difficult to get them to cooperate so that they ¢8n receive the help that would benefit them. Lots ol understanding and patience is required by all concerned so that progress can be made. Requests Iof help are received by the Clerk who will then pa55 on the dela115 to a Trustee. They are received from So¢ial SeNices, Nurse Practitioners, Doctor s Social Prescribers. Schools, Churches, Pathway, Local Support Agencie5, Tenan¢y Support and from the website and Trustees. The Christmas Di$lribution, as required in our Deed. wa5 carried out by Trustees in cold, wet weather and W85 well ieceived. Extia help for some was also identified as being needed. RIN gave approximately £25.000 in individual clairns Ihitsughout the yeaf and £5,455.00 at Chrislmas 2023 which includes three Food Bank Donations. Joanne Smilhson, our Clerk. has provided Trustees with updated lists of claim5 $0 that the charity's monèy can be distributed as widely as p05sibla
Great Yarmouth Relief In Need Trust Trustees, annual report (Contin) Year ended 31 March 2024 Financial review The income generated in the year 3mount8d to £36,187 (2023.. £35,521) with individual grants of £26.603 12023 £26,746) and Christmas distributions of £5.455 12023-. £5.6501. Expenses totalled £3,176 12023.. £4,518) to leave net income before investment gains for Ihe year of £93312023,. nel exp&nditur8 £1.3931. Investmèntpollcy It is the policy of the trustees to invest the funds of the charity. including the endowment fund. for long term growth whilst a150 seeking an income stream to providè grants to meet the objective5 of the charity. The majority of the funds are invested in the Charities Official InvestFnent Fund. The main source of in¢ome for this Charity is dividend income from money invested on the slo¢k ex¢h8nge. The money is invested in a COIF investment account which is a special investment fund that only Charities Can invest in and benefit from. 11 is a safer, in comparison with other slo¢k markèt investment funds and is considered lo 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 fillanal risk that interest rates could fall resulting in a ieduclion of inwme. Only th8 dividend income can be used lo fund the expenditurè of the charity, the original capital inveslrnenl musl be ret81ned. It is the policy of the Iruslees lo invest the funds ol the charity, which is currently the endowment fund, for long tem growth whilst also seeking other possible income streams. ReseThes policy Relief in Need propose5 to hold an unrestricted reserve fund which will allow it to meet its prirnary objectives for a period of 6 months, in the event of a serious ieduction in income. Currently the chaiity has 8nnu81 fixed ¢osts of Office Rent Clerk5 fees and administrative expenses Govemance ¢osts Total £910 £2,308 £1,584 £4,292 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 Iruslee5' intention Its reduce the unrestricted reserves of the charity which amounted lo £70.326 12023.. £69,393) at 31 March 2024 by increasing the giants payable in accordance with the charitable obiedivès. The long-temi aim is to significantly reduce the balance of th9 unrèstrictèd reserves, whilst retaining 81 lea51 the recommended contingency sum. The charity also had reslricled reserves arnounling to £1.278,361 12023." £1,167,678) in the Endowrnent Fund. Plan5 forfuture periods The trustees intend to continue their exi51ing policy of dislribuling surplus income by way of grants to people in need within the Borough of Great Yamiouth. Many daims ale now receivèd èlectronically by the Clerk and Trustees through the various agencies.
Great Yarmouth Relief In Need Trust Trustees, annual report (continuedj Year ended 31 March 2024 Structure, govemance and management Goveming Instrument The Charity is registerèd with the Charity Commission and was created by deed sèalèd on 11 January 1984. It incorporates the forrner ohaTilie5 of Coinelious Harvey Christmas, Rev Edwards Warne5, Dover Colby, Mrs Ann Hall, Mrs Susan Packer, Sir Williarn Paxltsn and Benjarnin Jolly all of which were administèrèd by Great Yarmouth Municipal Charities and the charity ol Hèndry Davie which wa$ administered by Great Yarmouth Borough Coijnal. Re¢ruitment andappointment of committee members The Tru51ee board Should ¢onsisl of olèven mèmbers, comprising one Ex-officio Tru51ee. 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 residen¢e, occupation or employment. or olhelwise have Special knowledge ol Great Yarmouth. Elections lake place annually at the Annual General Meeting. At the date ol approval the board comprised of eleven members, as listed on page 1. Organisational $tru¢turè The Municipal Charitie5 are run by a group of volunteer Trustees, ol which some belong to the local council and so may change due to the outcome of a local election. As well as the volunteers there is a paid Clerk who managès thè papefwork and liaises with the accountants and local authority. Risk assessment The Trustees are aware of the Charity Commission recommendation tts remew the risks applicable lo thè Charity and this exercise has bèèn undertaken during the year. Related Parties This Charity is connected with The Fishermen's Hospital Charity. The two ¢harilies have common trustees and are administered ¢ommonly at thè same registered office. The only transaction between the charities is the payment of rent frorll the charity lo Fishermen's Hospital Charity for use of adrninislralion facilities. The trustaas do not consider il appropriate lo consolidate the result$ 8$ the charities have different objectives. True and Falr overrldo The accounts Ifinancial slalementsl have been prepared lo give a 'lruè and fair view and have departed from the Charities IAccounts and Reports) Regulations 2008 only lo the extent required to provide a "true and fair view" This departure has involved following Accounting and Reporting by ¢h3ritiès by Charities preparing their accounts in aOrdaNCe Wlth thè Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 issued In October 2019 rather than Accounting and Reporting by Charities.. Stslement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Independ•nt Èxaminer Mark Proctor FCA DChA of Lovewell Blake LLP has been re-appointed as independent examiner fof the ensuing yèar.
Great Yarmouth Relief In Need Trust Trustees, annual report (contlnuedj Year ended 31 March 2024 The trustees, annual report Was approved on Iruslees by.. 2 September 24 and signed on behalf of the board of Mrs P Holli5- Chairman Trustee
Great Yarmouth Relief In Need Trust Independent examiner's report to the trustees of Great Yarmouth Relief In Need Trust Year ended 31 March 2024 I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 March 2024 which are set out on pages 7 to 14. Re5pon5ibilitie¥ and basi¥ of rèport As the charitys tiuslees you arè responsible for the preparation of the financial s18lemenls in a¢¢ordan¢e with the requirements of the Charilitrs A¢t 2011 1.the Act'l. I report in respect of my examination of the charity's financial slalemenls 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 Comrnission under section 14515llbl of the A¢t. Indapendgnt examinerfs statement I have compleled my examination. l ¢onf5m 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 Ad". or the financial slalements 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 Charitie5 IAccoLJnts and Reports) Rogulalions 2008 other than any requirement that the accounts give a 'lrue and fair, wew which is not a matter eonsidered 8$ part of 8n Independent examination. I have no concems and have come acr055 no olhei matters in connection with the examination to which attention should be drawn in this report in order to enable a prop81 undsrstanding of the accounts to be reached. Your attention is drawn to the fact that the Charity has prepared the accounts Ifinancial slalementsl in accordance with Accounting and Reporting by Charities. Slalemenl of Recommended Practice applicable to charities pieparing their aeeoijnls in accordance with the Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 In preference to the Accounting and Reporting by Charilie5'. Slalemenl of Recommended Practice issued on 1 April 2005 whi¢h 1$ referred to in the extant regulations but has since be&n withdrawn. l understand that this ha5 been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective lor reporting periods beginning on or after 1 J8nu8ry 2015. Mark Proctor FCA DChA Independènt Examiner Lovewell Blake LLP Chartered accounlanls Bankside 300 Peachman Way Broadland Business Park Norwich NR7 OLB 20109124
Great Yarmouth Relief In Need Trust Statement of flnanclal acttvities Year ended 31 March 2024 2024 Unrestricted Endowment funds funds Total funds 2023 Totsl funds Note Income and endowments Investment income 36,167 36,167 35,521 Total income 36,167 36,167 35,521 Expenditure Gharilable activities 135,2341 135.2341 135.2341 135.2341 136.9141 136.9141 Totsl èxpendlture Nèt Ineomellexpenditurel and net movements in funds b•for• gains and losses on investments 933 933 (1,3931 Nel gainsl{lossesl on investments 110.683 110.683 {46,9291 Net in¢omèllèxpèndituro1 and net movement in funds 933 110,683 111,616 (48,3221 Recon¢iliation of funds Total funds brought forward Total funds carried fornard 106,720 107,653 1,167,678 1,274,398 1.322,720 1,278,361 1.386,014 1,274,398 The statement of financial actiwties includes all gains and losses recognised in the year. All income and expenditure derive flow continuing aetivities. The notss on pay•$ 9 to 14 fomi part ofthese financial statements.
Great Yarmouth Relief In Need Trust Balance sheet 31 March 2024 2024 2023 Notè Fixed assets Investments 10 1,315.688 1,205,005 Current ass•ts Debtors Cash al bank and in hand 11 8.841 63,oe9 8,841 62,016 71.910 70,857 Creditors= Amounts falling due within one year 12 {1,5841 {1,4641 Net current a$sèts 70.326 69,393 Total as$ets less current liabilities 1.386.014 1,274,398 Net assets 1.386,014 1.274,398 FundB of tho ¢harlty Endowment funds Unreslri¢ted funds 1.278.361 107.653 1,167,678 108,720 Total charity fund$ 13 1,386.014 1,274,398 These financial statements wère approved by the board of trustees and aulhorised for issue on 2.?.ellte.ryr.24, 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 ststemènts.
Great Yarmouth Relief In Need Trust Notes to the flnanclal statements Year ended 31 March 2024 General infom3Uon The charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is No. 8 Fi5hemen's Hospital, Church Plain, Great YairnoLrth. Norfolk, NR30 1 ND. The principal activities of the charity is detailed within the Trustees Report. Statsment of compliance The charity constrtutes a public benefrf( entity 85 defined by FRS 102. The financial statements have been prepared in accordance wilh Accounting and Reporting by Charities.. Statement of Recomrnended Practicè applicable to charities preparing their aceounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in O¢tober 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accepted Accounting Practice. Thè financial statements have been piepaied tts give 2 'true and faiff view and have departed fmtn the Charities (Accounts and Reportsl Regulatioris 2008 only to the extent required lo prowde a 'lrue and fair view.. This departure has involved following the Accounting and Rèporting by Charities.. Statement of Recommended Practice applicablè to charits'es 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 Charitie5.' Slalement of Recommended Practi effective from 1 April 2005 which has since been withdrawn. Accounting policies lal Ba¥1¥ of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured al fair value Ihiough income or expenditure. Ibl Going ¢on¢em The fin8n¢i81 sts18ments have been prepared on a going con¢ern basis, as the Trustees believe that no rnaterial unGertainlias èxist. The Trustees have consideied the level of funds held and the expected level of income and expenditurè for 12 months from aulhorising these financial staternents. The budgeted income and expenditure is suffiuenl with the level of reserves for the Charity to be able lo conlinLJe as a going concern. Icl Fund ar¢ounting uHStricted funds are available for use al the discretion of the trustees in furtherance of the general objectives ol the ¢harity. Thè endowment fund represents those assets which must be held permanently by the charity, for the fvrth¢ranee and benefit of the charity's objeciives. {dl Ineom• All income is included in the stslemenl of fsnancial activities when entitlement has passed to the charity, il 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 lo particular categories of incorne.. Investment income is included when r1Vable.
Great Yarmouth Relief In Need Trust Notes to the financial statements (eontinuedj Year ended 31 March 2024 A¢¢ounting policies (conllnue lel Expondlture 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 8¢1ivilies lo which il relates.. expenditure on chaiilable 8clivilies includes all costs incurred by a charity in undertaking actimlies that further ils Charitable aims for the benefit of its beneficiaries. including those support costs and C051s relating lo the governance of the charity apportioned lo charitsble activities. All costs arè allo¢aled lo expenditure categories reflecting the use of th8 resour¢e. Direct costs attributable lo a single activity are allocated directly to that activity Shared costs are apportioned between the activities they contribute lo on a iea50nable, justifiable and consistent basis. lfj Investsnents Listed investments are measured 31 fair value with changes in fair value being recognised in income or expenditurè. Igl Flnanclal Instruments Financial asset or a financial liability is recognised only when the tity becomes a party to the eontractual provisions of the inslrumenl. Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction eosts. unle55 the arrangement constitutes a financing transaction, where il is recognised at the present value of the future payments discounted at a market r8le of interest for a similar debt inslrumenl. Current assets and current liabilitiès are Subsequently rneasured at the cash or other ¢onstderation expected to be paid or ceiVed and not discounted. Debt inslrurnents are subsequently measured at amortised ¢ost. Ihl Grants payable Grants payable are included in full in the Statèm&nl of Financial Activate5 in the period in which a constructive obligation is established. Investment income Unrestricted Total Fund$ Unreslricled Total Funds Fund5 2024 Funds 2023 Income from listed investments Bank interest receivable 35,081 1,086 35,081 1,086 35,217 304 35,217 304 38,167 36,187 35,521 35,521 10-
Great Yarmouth Relief In Need Trust Notes to the financial statements (¢onts"nued) Year ended 31 March 2024 Expèndlture on charitable activities Unreslri¢led Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Christmas distributions Grants lo individuals Rent Clerks fees and expenses Other Governance ¢osls 5,455 24,603 910 2,308 374 1,584 5,455 24.603 910 2,308 374 1.584 5,650 26.746 800 2,028 226 1.464 5.650 26.746 800 2.028 226 1.464 35,234 Grants paid are for the purpose of providing support lo those need through the purchase of necessary ilerns. All arnounts are paid directly to supplieis to ensure funds are used for the purpose for which they were supplied. 35.234 36.914 36.914 Net gainslllossesl on investments Endowment Totsl Funds Endowment Total Funds Funds 2024 Funds 2023 G8inslllossesl on other invèstment assets 110,683 110,683 146,9291 146,9291 Independent examlnatlon feas 2024 2023 Fees payable lo ttie Independent examiner for.. Independent examination of thè financi31 statements 1.584 Stsff costs The charity is managed by a self employed clerk. the Cost of which was £2,30812023.' £2,028). There are no employed and thus no key management personnel and no salaries or wage5 have been paid, and no employed benefits of more than £60,000 during the year12023'. £Nill. Trustee remuneration and expenses No salaries or wages have have been paid lo tha trustees during Ihe year. The truslaes were not reimbursed and expenses during the year12023. £Nifj. 11
Great Yarmouth Relief In Need Trust Notes to the financial statements (eonllnued) Year ended 31 March 2024 10. Investments Listed investments Cost or valuatlon At 1 April 2023 Additions Fair value movements 1,205.005 110,683 At 31 March 2024 1,315,686 Impairment At l April 2023 and 31 March 2024 Carrying amount At 31 Mah 2024 1,315,688 At 31 March 2023 1,205,005 All investrnent5 shown above are held al valuation. Flnancial assets held at fair value The investments comprise 64.391.63 units in the COIF Charf(ies Investment Fund Income. The histori¢81 cost of investments was £200,20012023". £200.2001. 11. DebtOTS 2024 2023 Accrued income and tslher debtors 8.841 8.841 12. Cr•ditors.' Amounts falling due wilhin one year 2024 2023 Accruals and deferred income 1,584 1,464 12
Great Yarmouth Relief In Need Trust Notes to the financial statements (continued) Year ended 31 March 2024 13. Analysis of charitable funds Unrestricted funds Year ended 31 March 2024 Gains and 1055e5 At 31 Mar 2024 At 1 Apr 2023 Income Expenditure General funds 106,720 36,167 135,2341 107,653 Year ended 31 March 2023 Gain5 and losses At 31 PJEar 2024 Al 1 Apr 2023 Income EKpendilu General funds 108,113 35,521 136,914} 106.720 Endowmont funds Year ended 31 March 2024 Gains and losses At 31 Mar 2024 Al 1 Apr 2023 Incoma Expènditure Perm Endowment Fund 1.167,678 110,683 1,278,361 Year ended 31 March 2023 Gairis and losses At 31 Mar 2024 Al 1 Apr 2023 Income Expenditure Pem Endowment Fund 1,214,607 146.929) 1,167.678 13
Great Yarmouth Relief In Need Trust Notes to the financial statements (continued) Year ended 31 March 2024 14. Analy$i$ of net assets beaon fund$ As at 31 March 2024 Unre51ricted funds Endowment Total Funds fund5 2024 Inveslrnenls Current assets Credrftors less than 1 year 37.327 71.910 (1,5841 1.278,361 1.315,688 71,910 {1,5841 Net assets 107,653 1,278,361 1,386.014 As at 31 Maich 2023 Unrestricted fund$ Endowment Total Funds fund5 2024 Investments Current assets Creditors le55 than 1 year 37,327 70,857 {1,4641 1,167,678 1.205,005 70,857 (1,464} Net assets 106,720 1,167,678 1,274.398 15. Related partias The Trustees of Great Yarmouth Relief in Need are also Trustees of the Fishermen's Hospital Charity. During the ygar the Trust paid £91012023". £800} lo Fisherman's Hospital Charity in relation lo rent. 14-