CHARITY REGISTRATION NUMBER: 256681
Great Yarmouth Relief In Need Trust Unaudited financial statements
31 March 2025
Great Yarmouth Relief In Need Trust
Financial statements
Year ended 31 March 2025
| 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 2025
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2025.
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 Canon S Ward Councillor M Jeal Councillor D Hammond P Levers Councillor P Waters-Bunn 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 44 Market Place Great Yarmouth Norfolk
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Great Yarmouth Relief In Need Trust
Trustees' annual report (continued)
Year ended 31 March 2025
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
Trustees have once again given a commendable service to the disadvantaged families, couples, single men and women and homeless residents of Great Yarmouth.
Some requests for help have been quite complex owing to the Norfolk Client Hardship Fund (Ex Norfolk Assistance) limiting their distribution of help. When a person moves into a property without anything at all and no support from family or friends there is a steep hill to climb to help them with all that is required to achieve a reasonable standard of living.
Relief in Need have funded furniture, white goods (new and reconditioned) beds, mattresses plus clothes and shoes for children and adults. We have purchased bedding, crockery, cutlery, curtains, pots and pans, mops and buckets and spectacles. We have funded food vouchers when benefits have been delayed or there is urgent need and have paid for gas and electricity. Floor coverings are frequently requested. Some have such difficult mental health issues they find it difficult to cooperate so that the carpet can be laid.
Requests for help are received via the clerk who passes it on to a Trustee. They are received from Social Services, Nurse Practitioners, Doctors Social Prescribers, Schools, Churches, Pathway, Local Support Agencies, Tenancy Support and from Trustees and the website.
The Christmas Distribution, as required in our Deed, was carried out in the cold, dark days and was much appreciated. Extra assistance was also identified. RIN gave approximately £6,780 at Christmas including food bank donations and distributed approximately £25,000 in individual claims throughout the year.
Joanne Smithson, our Clerk, has provided Trustees with updated lists of claims to enable the money from the Relief in Need Trust to be distributed throughout Great Yarmouth.
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Great Yarmouth Relief In Need Trust
Trustees' annual report (continued)
Year ended 31 March 2025
Financial review
The income generated in the year amounted to £37,142 (2024: £36,167) with individual grants of £24,790 (2024: £24,603) and Christmas distributions of £6,780 (2024: £5,455). Expenses totalled £37,202 (2024: £35,234) to leave net expenditure before investment losses for the year of £60 (2024: net income £933).
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
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 serious reduction in income.
| Currently the charity has annual fixed costs of | |
|---|---|
| Office Rent | £650 |
| Clerks fees and administrative expenses | £2,825 |
| Governance costs | £1,680 |
| Total | £5,155 |
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 £107,593 (2024: £107,653) at 31 March 2025 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 £1,217,060 (2024: £1,278,361) 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.
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Great Yarmouth Relief In Need Trust
Trustees' annual report (continued)
Year ended 31 March 2025
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 twelve 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.
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Great Yarmouth Relief In Need Trust
Trustees' annual report (continued)
Year ended 31 March 2025
The trustees' annual report was approved on 8 September 2025 and signed on behalf of the board of trustees by:
Mrs P Hollis - Chairman Trustee
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Great Yarmouth Relief In Need Trust
Independent examiner's report to the trustees of Great Yarmouth Relief In Need Trust
Year ended 31 March 2025
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 March 2025 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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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
9 September 2025
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Great Yarmouth Relief In Need Trust
Statement of financial activities
Year ended 31 March 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Investment income | 4 | 37,142 | – | 37,142 | 36,167 |
|
|
|
|
||
| Total income | 37,142 | – | 37,142 | 36,167 | |
|
|
|
|
||
| Expenditure | |||||
| Charitable activities | 5 | (37,202) | – | (37,202) | (35,234) |
|
|
|
|
||
| Total expenditure | (37,202) | – | (37,202) | (35,234) | |
|
|
|
|
||
| Net (expenditure)/income and net | |||||
| movements in funds before gains and | |||||
| losses on investments | (60) | – | (60) | 933 | |
| Net (losses)/gains on investments | 6 | – | (61,301) | (61,301) | 110,683 |
|
|
|
|
||
| Net (expenditure)/income and net | |||||
| movement in funds | (60) | (61,301) | (61,361) | 111,616 | |
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|
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| Reconciliation of funds | |||||
| Total funds brought forward | 107,653 | 1,278,361 | 1,386,014 | 1,274,398 | |
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|
|
||
| Total funds carried forward | 107,593 | 1,217,060 | 1,324,653 | 1,386,014 | |
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|
|
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.
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Great Yarmouth Relief In Need Trust
Balance sheet
31 March 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 10 | 1,254,387 | 1,315,688 | ||
| Current assets | |||||
| Debtors | 11 | 9,053 | 8,841 | ||
| Cash at bank and in hand | 63,081 | 63,069 | |||
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|
||||
| 72,134 | 71,910 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 12 | (1,868) | (1,584) | ||
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|
||||
| Net current assets | 70,266 | 70,326 | |||
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||||
| Total assets less current liabilities | 1,324,653 | 1,386,014 | |||
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| Net assets | 1,324,653 | 1,386,014 | |||
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| Funds of the charity | |||||
| Endowment funds | 1,217,060 | 1,278,361 | |||
| Unrestricted funds | 107,593 | 107,653 | |||
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||||
| Total charity funds | 13 | 1,324,653 | 1,386,014 | ||
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These financial statements were approved by the board of trustees and authorised for issue on 8 September 2025, 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.
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Great Yarmouth Relief In Need Trust
Notes to the financial statements
Year ended 31 March 2025
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.
(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.
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Great Yarmouth Relief In Need Trust
Notes to the financial statements (continued)
Year ended 31 March 2025
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 | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Income from listed investments | 35,994 | 35,994 | 35,081 | 35,081 |
| Bank interest receivable | 1,148 | 1,148 | 1,086 | 1,086 |
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|
|
|
|
| 37,142 | 37,142 | 36,167 | 36,167 | |
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Great Yarmouth Relief In Need Trust
Notes to the financial statements (continued)
Year ended 31 March 2025
5. Expenditure on charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Christmas distributions | 6,780 | 6,780 | 5,455 | 5,455 |
| Grants to individuals | 24,790 | 24,790 | 24,603 | 24,603 |
| Rent | 650 | 650 | 910 | 910 |
| Clerks fees and expenses | 2,825 | 2,825 | 2,308 | 2,308 |
| Other | 477 | 477 | 374 | 374 |
| Governance costs | 1,680 | 1,680 | 1,584 | 1,584 |
|
|
|
|
|
37,202 |
37,202 |
35,234 |
35,234 |
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 (losses)/gains on investments
| Endowment | Total Funds | Endowment | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Gains/(losses) on other investment | ||||
| assets | (61,301) | (61,301) | 110,683 | 110,683 |
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|
|
|
7. Independent examination fees
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 1,680 | 1,584 |
|
|
8. Staff costs
The charity is managed by a self employed clerk, the cost of which was £2,825 (2024: £2,308).
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 (2024: £Nil).
9. Trustee remuneration and expenses
No salaries or wages have been paid to the trustees during the year.
The trustees were not reimbursed any expenses during the year (2024: £Nil).
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Great Yarmouth Relief In Need Trust
Notes to the financial statements (continued)
Year ended 31 March 2025
10. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2024 | 1,315,688 |
| Additions | – |
| Fair value movements | (61,301) |
|
|
| At 31 March 2025 | 1,254,387 |
|
|
| Impairment | |
| At 1 April 2024 and 31 March 2025 | |
| Carrying amount | |
| At 31 March 2025 | 1,254,387 |
|
|
| At 31 March 2024 | 1,315,688 |
|
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 (2024: £200,200).
11. Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Accrued income and other debtors | 9,053 | 8,841 | |
|
|
||
| 12. | Creditors: Amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Accruals and deferred income | 1,868 | 1,584 | |
|
|
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Great Yarmouth Relief In Need Trust
Notes to the financial statements (continued)
Year ended 31 March 2025
13. Analysis of charitable funds
Unrestricted funds
Year ended 31 March 2025
| Gains and | At 31 Mar | ||||
|---|---|---|---|---|---|
| At | 1 Apr 2024 | Income | Expenditure | losses | 2025 |
| £ | £ | £ | £ | £ | |
| General funds | 107,653 | 37,142 | (37,202) | – | 107,593 |
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| Year ended 31 March 2024 | |||||
| Gains and | At 31 Mar | ||||
| At | 1 Apr 2023 | Income | Expenditure | losses | 2024 |
| £ | £ | £ | £ | £ | |
| General funds | 106,720 | 36,167 | (35,234) | – | 107,653 |
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| Endowment funds | |||||
| Year ended 31 March 2025 | |||||
| Gains and | At 31 Mar | ||||
| At | 1 Apr 2024 | Income | Expenditure | losses | 2025 |
| £ | £ | £ | £ | £ | |
| Perm Endowment Fund | 1,278,361 | – | – | (61,301) | 1,217,060 |
|
|
|
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|
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| Year ended 31 March 2024 | |||||
| Gains and | At 31 Mar | ||||
| At | 1 Apr 2023 | Income | Expenditure | losses | 2024 |
| £ | £ | £ | £ | £ | |
| Perm Endowment Fund | 1,167,678 |
– |
– |
110,683 |
1,278,361 |
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Great Yarmouth Relief In Need Trust
Notes to the financial statements (continued)
Year ended 31 March 2025
14. Analysis of net assets between funds
As at 31 March 2025
| Unrestricted | Endowment | Total Funds | |
|---|---|---|---|
| funds | funds | 2025 | |
| £ | £ | £ | |
| Investments | 37,327 | 1,217,060 | 1,254,387 |
| Current assets | 72,134 | – | 72,134 |
| Creditors less than 1 year | (1,868) | – | (1,868) |
|
|
|
|
| Net assets | 107,593 | 1,217,060 | 1,324,653 |
|
|
|
|
| As at 31 March 2024 | |||
| Unrestricted | Endowment | Total Funds | |
| funds | funds | 2024 | |
| £ | £ | £ | |
| Investments | 37,327 | 1,278,361 | 1,315,688 |
| Current assets | 71,910 | – | 71,910 |
| Creditors less than 1 year | (1,584) | – | (1,584) |
|
|
|
|
| Net assets | 107,653 |
1,278,361 |
1,386,014 |
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 £650 (2024: £910) to Fisherman's Hospital Charity in relation to rent.
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