Charfty rggl$tratlon numb•r 267214 NORTHAM TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
NORTHAM TRUST LEGAL AND ADMINISTRATIVE INFORMATION Thistees Mrs E J Brown MrBJReid Rev. P D Strong Mr P Greenaway Mr M Bolt IlrA Munn IAppoinled 28 June 2023) Admlnlstrator and S•cretary HR & Finance Business Soluiions Charlty number 257214 Prlncipal address Hall Close Main Street Loddwwton Kettering Northants NN14 1LA Independent examlnor AzetsAudil Servlce8 Thorpe House 93 HeadlaThJs Kettering Northants NN156BL Bankers Nalwesl High Street Kettering Northants NN16 8SZ Sollcltors Wlson Brovme Kettering Parkway South Kettering Venture Park Kgtt8rlrrfJ NN156V
NORTHAM TRUST CONTENTS Pag• Trustees, r&port Independent exwninefs report Statement of fin8nclal actlvkies Balae sheet Note5 to the financial statements 7-16
NORTHAM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The tWSte8s present their annual report and fina81 statements for the year ended S April 2024. The accounts have been prepared In actordance ¥t ttte accounting poliaes sel out in the notes to the financial statements and compty th the charity's trust deed, the Charities Aet 2011 and Accounting 8nd Reporting by Ch8ritles." Stslement of Remmended PractieA appllcable lo carilies preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland pU1$hed in Octcer 2019. Oblectlves and actlvltles The (l)aritable Trust was founded by Mr E A fimson deceased. 11 was eslablishod by a trust deed dated 25th January 1967. as amended by 8 furtrr deed in 1975. The Trust Was established lo alleviate the hardships of persons of limilwj means residing in the Borolsgh ol Kettering or elsewhere in Northamptonshlre, prlncipally by the provlslon of almshousè$. houses, flats, IcJgings or apartm8nls at rants wthin their means or free of rents. The trustees nTi that they have referred to the guidance contained in the Charity Commission's general gUthn on publi¢ benefft wh8n reviewirvJ the Trust's objectives and in plannirvJ ils future activities. The Trust athieves ils (*i8Ctive by provi¢Jing ten accomm(x181ion units at Northam Court. Kettering. The units omprise six flats and four buThJalows which are at a rent subsidised by income from the Trust's investments. The Trust provides all fixtures and fittings for the a0MmOdatIon and is also responsible for the promsion of extemal redeeoralion. repairs. vrnter healers, in$yrarKe and g&neral Sito maintenance. The 9cwmmodatl units are usually fulty occupied. hen vacanoes arise, the election of new terAnls is made 01 Trustees, meetings. Tenants ar8 such persons as the trust8es shall at their absolute discretion consider lo be eligible under the terrns of the trust deed. Each applicant shall be considered OD his or her respe¢Xive merits and those of his or her spouse, regard belry had to the factors listed bd¢)w'. A¢fvandng years Hardship Length of residence in the Borough of Kettering Length of residence in Northamptonshire Such other cau$ and matters and things as, to the Trustees, seem frt. b) dl There have been no changes in aCtlty since the date of the last report. Achlèvèments and perforniance As reporteil in 2020, due to crack and movement damage, the Trustees deoded that kn of th8 fr) lyjngalows should be demolished and rebuill. These works have all been completed 8nd the properties have been (Kcupied since October 2¢)22. These properties being occupied has resulted in the occupancy rate Improving lo 100% {2023.' 76%) for the four bungaiows and just over 94Qh (2023.. 87%) for the fials. De3te the continuing commitment of the Twst to hlgh levels of malnlenance of both the buildings and grounds, we have been able to maintain residents, LXJntributions 8t a l¢)w level. Dua to the matters discussed above, contribuJons this year totalled £26.690 compared to £21,543 for 2022. Expend(ture. exduding govemance costs, on the provi&on of accommo(Jalion totslled £17.297 for the current year and £29.113 for 2023.
NORTHAM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Flnaneial r•vièw Totsl incoming resources in the year increased from £94,445 to £132,339, mainly due lo a loan pr1J81Y r1Ved from E.A.T. (Holdingsl Limited being converted into a donatyon in 2024 - total ¢k*nations of £68,281 were received in 2023 to assist in funding the Costs to rebuild two of Ihe four burrfJalows, compared to the £100,000 donaOn recelved In 2024. Resldenls, contrfbutions increased by £5,147 10 £26.690 wlh 811 four bungalows being occuled for the entire year, and inve81ment income Increased by £1,128 to £5,649. Totsl exFenditure in the year was £22,492 {2023.' £34,505). Prcperty repairs decreased from £20,249 to £8,343 as 2023 costs induded £8,687 for the replacement of kitchen units, £1,470 on new floor coverings, £666 for clearance of and minci repairs to a vacated flat and £1,280 on removal and instsllats'on costs. Further details of expenditure are provided in the n¢)tss to th8 financial statements. Net unrealised losses on investments were £1,180 {2023."1oss of£5,8741. Nel inoome for the yeBr was £108,68712023." £54.066). Reserves pollcy General reserves freely available at 5 April 2024 werè £180.766 {2023'. £78,269). The free reserves comprise unrestrirAed funds not invested in tsngible fixed assets. The freély available reserves invested at 5 April 2024 lolalled £136,818 12023.. £137,978). These investments are dassified as fixed assets and are held to ensure onlinuty in the level of rent subsidy provided to our tenants, who a the beneficiar$ of the charity. A material reduction or wthdrawal of the subsidy with little or no notice would. in our opinion. cause the very hardships which the charlty 8Sm8 to alleviate. The balance of free rr¥eS at 5 Apdl 2024 totalled £43,948 (2023.. £Nill. The trustees have pwlously adopted a policy of maintaining free resources not gamiarkad for long temi invlmant at a level whi¢h is arproximately equivalent to tsvelve months of expected annual expenditure. This Is eslimaled to equate to approximately £31,OW lo £35,000 al 5 April 2024. At fhis level, the liustees consider that, in the event of a significant decrease in income. they would be able. in the short term, to continue to meet their obligatsons lo redents, whilst maint¥ining their wtributions a the pre3ent low level. It would obviously be nec£ssary lo GOnder h¢)w income would be replaced or activities changed. Free reserves were above target level at the year end and, following completion of the project to rebuild two of the bungalows owned by the Trust. all properties are rthv occupied and incom& from resKlenls' contributions ha8 increased. As a result, it is ex[rted that free reserves will incre88e over the medium term. The trustees will continue lo review their reserves poliw on a regular basis. Investment pollcy and perforniance The trustees have consxlered the m08t appropriate policy for investing funds arKI consider that sFealIsed unil trusts designed for the charity sector, and a building $9¢iety investment aOnI. meet their requirement to generate both income and capital grovrth with a low level of risk. Income from these inv8slments for the year was £5.649 12023.. £4,521}. In 2024, m#rkel e£Jndf(ions resulted in 8n unrèalised kjss on the unit trust in¥e5tsnents of £1.160. Thi5 compare5 to an unreali8ed loss of £5.874 in 2023. Futurg plans The trustees, objecb.ve is to continue lo achieve high levels of occupancy ty maintainlng the cuffenl high standards of accommodation, whilst m8inlaining residents, contributions at a low thl. Structure. governance and management The charity is an unincorporated charity registered rfth Ihg Charlty Commlsslon for England and Wales. The trust deed provides for a minimum of four and a maximum of ten trustees. The trustees have ttrp power lo appoint substitute or addilKJnal trustees. The tntstees may. If Ot appears expedient and proper so to do, invite Northamplonshire County Counal lo nominate persons for conSideratn by thè tnjslees in the 8Fpoinlment of new or additional trustees. Mr E A Timson (leceased. the founder of the Trust. had the power, in the case of any vac8ncy in the number of trustees, to nominate not more than four additKJnal twstees. This power now rests with Mrs E J Brown. The Trustees remain in office until they are remved.
NORTHAM TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 The trustees who served during the year and up to the data of signabjre of the financial statsmants were.. Mrs E J Brown Dr J A Jefferis MrBJReld Rev. P D Strong Mr P Grgenaway Mr M Bolt MrA Munn {Resigned 26 June 2023) (Appointed 28 June 2023) Rlsk revlèw The trustees have reviewed the major risks to %thSch the Trust Is exposed. The maln financial risk ha5 been nnecled with investment management, but this has been mitigated by investment in specialised unit trusts designed for the charrty sector. The main oper*'ng risk concems that arising from the landlord and tenant relationship. This has been mitigated by proper predureS when dealing Yith tenancy matters. regular mairrtenance of the yoperties, employment of professionals Yéhen necessary and insurance. The trustees, report was 8ppr¢)ved by the Boord of Trustees. Mr8 E J Brown Trustee Dated.. .2..9.-.?...i.4.
NORTHAM TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTHAPJI TRUST I report to the trustees on my examinalion of the financial statements of Northam Trust (the Tru¥tl for the year ended S April 2024. Re$ponslbSlttles and ba$ls of report As the trustees of the Trust you are responsible for the preparab)n of the financial statement5 in accordancè wth the requirements of the Charitle8Act 2011 (the 2011 Act). I report in respect of my examinal¥)n of the Tru$V$ finanrial statements carried out under 5ecbon 145 of the 2011 Act. In Carrying out my examination I have followed all the applicable DirectKJns given by th8 Charity Commissicn under section 145(51{bl of the 2011 Act. Indepgndent examlnerfs sLitèmènt Your ¥ttention is drawn to the fact that the ¢harfty has prep8red finanual ststements In accordae wrih AccounliryJ and Reporting by Charikn"es pparIng their accounts in accordance with the Financial Reporting Standard appllcable In the UK and Republlc of Ireland {FRS 102) in preference lo the Accounting and Reporbng by Charities.. Ststèment of Recommended Practice issued on 1 April 2005 which is referred to in the extant reguLgllons but has n¢)w been Ihdrawn. l under5tsnd that Ihis has been done in order for finanual statements to provide a true and fair view in accordanc wlth GenerallyAccepted ALYounting Practice effective for reportiro periods beginning on cff after l January 2015. I have completed my gxaminalion. I confirm that no matters have come to my att&ntion In connects.on with the examination giving me use lo belleve that In any material Tespect.. accounting records were not kept in respect of the Trust as required by 8ecb.on 130 of the 2011 Acl,. or the financial statements do not accord with those recor(Is.' or the finandgl statements do not comply with th8 applicabl8 r8quirements concernlng th9 form and content of a¢nIS sel out in th8 Charities (Accounts and R8POrts) Regulations 2008 other than any fequiremenl that the awunls 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 rK> Other matter5 in connection with the examination to Ithich allentlon shouFd be drawn in this report in order to enable a proper under$landing of th¢ finanGial statemgnts lo be reached. Paul Twer FCA Institute of Chartered Acccuntsnts in England and Wal8s Aze15 Audit SeIces Thorpe House 93 Hoadlands Kettering NN15 6BL Unrted Kingdom
NORTHAM TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 UnrgStrlctgd funds 2024 Unrestrlcted Restrfcted funds funds 2023 2023 T¢Aal 2023 Notes Income and endowm•nts frorn: DonatSons and legacles Charitsble activities Investments other Income 100,000 26,690 5,649 68.261 68.281 21,543 4.521 100 21.543 4.521 100 Total income 132,339 26.164 88,281 94,445 Charitable aCtItieS 22,492 34,505 34,505 Net gainsl{losses} on inveslments 11 11,1601 15,8741 15.8741 Gross transfers betsveen funds Not movom9nt In funds 68,281 {68.281) 108.687 54.066 Fund balances al 6 April 2023 307.097 253,031 253.031 Fund balan¢eJ at S April 2024 415,784 307,097 307,097 The statement of finanryal actNities includes all gains and losses recognised in the year. All income and expenditure d8riv&s fr¢yn continuing actltieS.
NORTHAM TRUST BALANCE SHEEr AS AT5APRIL 2024 2024 2023 Flxed assets Tangible assets Investments 13 14 235.018 136,818 228,828 137.978 Currnnt assets Cash at bank and in hand 371.836 366,806 46,438 42.781 Cveditorn: amounts falllng due wlthin one year 16 (2.490) 1102,490) Nel current 888etsl{liabllitiesl 43,948 (69,709) Totsi •ss•ts1gss current IlablllUÈ$ 415,784 307,097 Income funds re Total unrestrict8d funds 17 415,784 307.097 415.784 307,097 415,784 307,097 The financral statements were approved by the Trustees on Mrs E J Brown Trust¢e
NORTHAM TRUST NOTES TO THE FINANCIAL STATENIENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollclo¥ Charlty InfomMtlon Northam Trust is an unincorporated charity registered wth the Chartty Commission for England and Wales. 1.1 Accountlng conv•ntlon finanLial $L2temenls have been prepared in accordance wllh Accounting and Reporting by ChalieS.. Statement of Recommended practi applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rèpublic of Irdand issued in October 2019, the Financial Reporting Standard applicable in the United Klngdom and Republic of IrelarKI IFRS 1021, the ChariliesAct 2011 and UK Generalty Accepted Accounting Pract. The financial $tatements have been prepared to give a 'lrue and fair, view and have departed from the Charities (Accounts and R8PQrts) Reyulalions 2008 only to the extent required to provlde a Irue and fair view,. This departure has involved following Accounlng and Reporting by Charities-. Statement of Recommended Practice applicable to ¢harib"e3 preparing their financial Statements in accordance wlh Ihe Financial Reportlng Standard applicable in the UK 8nd Republic of Ire18nd issued in October 2019 rathar than thg Accountirffj and RertIng by Charities.. Ststement of Recommended Pradce effective from 1 April 21)05 which has since been wthdrawn. The finandal st8temenls are prepared in sterting, which is the functionaj ¢urrency of the Tru51. Monetary amounts in these financial statements are rounded to the nèarest £. The financial ststements have been prep8red under the historical c08t convenli¢)n, modified lo include catsin financi81 instruments at fair value. The principal arUnting policies adopted are set out telow. The chamly constitutes a public beneflt entty as defined by FRS 102. The charity's financial statements present Informalton al)out it as an indlvidual undèrtaking. 1.2 Golng concern The trustees conslder that IheTe are no material uncertaintiès about the charity's ability lo conllnue 83 a going concem. At the end of the reporting pwlod, the most Signfficant areas of flnancial VrertaInty affect the carylng value of fixed asset investmènts held by the charity, the level of investment retum and perfomiance of investment markets, gs explained in the notes to the financial slalemenls, and the ongoir¢g eost ol maintaining the Tru8t'5 properties whilst maintaining residents, contributions at a low level. which is partFy mibgaled by ihe reserves policy developed by the trustee5. In assessing the approprlateness of the goiro concem assumption, the trustees have reviewed the flnanci81 posits'on of the Trust. nSIdering all r&gsonabJy foreseeable potential scenarios and uncertainties In relalbon to income and expendrture. Based on this information, Ihe truslg85 have reasonablè expectation that the Tnjst can meet its Ilabolities as they fall due. 1.3 Charltable funds Trust capital eomprlses the valuo of kyoperty and c8rtain investments grfted to the Tw81 by its founder. adjusted for subsequent 8d(6itions to and disposals ol the onginal assets, and reali88d and unrealised gains and losses on investments. Revenue resetves Mprise accumulated income from Trust prop8rti8s and investments, Lqss 8mounls expprKled n the objects of the Trust. The fund8 are dassified as unrestrfded funds. Unrestricted funds can spent at th8 discretion of the trustees in fiJrtherance of any of the Trusts objects. Rèstrided funds are funds held on spèclfic trusts dedared by donors. Th8 3PgCtfic trusts establish the purposo Ich the Tnjst can use the reslrlcted furKIs.
NORTHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Accounting polici8s {Continuedl 1.4 Incom• l income 15 recognised On the tharity has entilemenl lo the income. there is sufficient certalnty of recelpt nd th8 amount be quantfigd with reasonable aUr¥. Donations are reccgnised vthen there Is evidènce of entitlement to the gift. receipt is probable and its amount can be measured reliably. Unit trust Irthme is recognised when receivable and the amount can be measured rella1y, which is rn)rnally upon nficatIOn of the amount pald or payable by the fiJn(J manager. Income trom residents. contributnS towards upkeep is recognised on a slraighl-line ba618 over the temi of the tenancy agreement. 1.6 Exp•ndltur• Liatmlities are recognis8d as expenditure 05 SOC as there is a legal or wnstruclive c*)lig81ion committlng the charity 19 that expenditure, il is probable tho1 setttement will be required and the amount of the ci)ligation can be measured reliably. When the charity enters into a ttlntract for thè Supply of goods or sarvices, expendf(ure Is recognised once the supplter has performed their part of the contract. &Kpenditure is accounted for on an aecrua15 basi8, induding irrecoverable value added tax where approwiale. All expenses, induding govemance costs, are allocated to the aprAicable expenditure heading in the ststement of financkql 8ch'vits'es. 1.6 Tanglble flxed assets Tangible fixed assets are slated 81 cost. BuiKling8 under construction are accountsd for at Cost. based on valu8llon8 for works carried QLrt and other direclly attributable costs incurred in the yeaT. Th8y are not depreciated unlil they are brought into use. On Ihe basis that th& donated services cannot be rnea$ur8d r8liably, Constructi costs do nol include the value lo the charity of project management services provided by a reSaled paty. No depreciation is provided C freehold prop¢rtie$ because they a bjlly maintained on a regular basls. Acwrdingly the trustees Coder the useful enOmiC lives of these assets lo be 50 long and thelr ledUal value so high. that thwr annual and cumulative deprerAation is not material. Subsequent expenditure on properties is capitslised when, in the opiniffl of tha truste88. the perfc+rnian of the assets is enhanced by the expenditure. Expendtturg which maintains the rforManCe of the assets 1$ racognised in th8 period whén incurrad. Individual items of capital expenditure in excès8 of £800 are accounted fe¢ as fixed ¥et additions. An item of property is derecognised either on disposal or when no fulure ecommic beneffts are exFeCted from its use or disposal. 1.7 Flxèd asset Inve8tmènt8 FTrxed 8ssel investrnents are inf(ially measured al transaction price, and are sub5equenUy m&agJrad at fair value at each reporting date. Changes in fair value are recognised in nel incomellexpenditurel for the year. 1.8 Impalnnent of flxed assets At each report¢ng end date. the Trust review8 the carrying amount8 of ils tangle assets to detemine whelher there is any indication that those assets have suffered an impairment loss. If any such indlcation exists, the recoverable amount ofthe asset is estimated in cider to detgmine lh& gxlent of thg impairment loss (If any). 1.9 Cash and cash equivalents Cash and cash equivalent5 include cash in hand, depostts held al call Yth banks, other 8h¢xtstem liquid investments writh original malullties of thr88 months or less.
NORTHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Accountlng poll¢le$ IContlnu•d} Basic lin•ncial ass•ts Baslc finanaal assets. which include debtors and cash and bank balan¢g$. are initially measured at transaction price including Irans8Ction costs and are subseqLtently cèrried at amorti¥ed wst using the effectlve interest method unless the arrangement constitutes a financing transaction. where thg transaction is measured 8t the present value of the future receipt8 discounted 8t a market rate of interest. Financial assets classrfied as receivable wh1n one year are not amortised. B8sie finan¢lal liabilitiOS Basic finanu81 liabilities, including creditors are initially recognised al transacthin price unless the arrangement constitutes a financing Iransaclion. ere the debt instrument is measured at the present value of the fvjlure paymenls discounted at a Maet rate of interest. Financial liabilib.es classthed as payable within one yfrar are not amortised. Debt instrument$ are subsequenuy carried at amortised ¥t, using the effective inleresl rate methDI. Trade creditors are ot4iggtiOn5 to pay for goods or servi5 thot have been acquired in the or(Jln8ry course of OFerations from suppliers. Amounts payable are classified a5 current liabilities if payment is due wlhin one year or le35. If not, they are presented as non-cuffent liabilitie5. Trade credrtofs are regnISed initialty at transaction prrÈ and subgequenlly measure(l at amortised cost usong the effective interèst melhod. Concesslonary loans are measur9d at the amount recelved. D•rncognition of financial liabilities Financial liabiif(ies are derecognised when the Trust's contractual obllgallons explre or ar$ disthorged or canc8118d. Crltkal accountlng estlmates and Judgement8 In the applulion of the Trust's accounting pollcle6. the trustees are required to make judgements, eslimales and assymptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptK>ns are based on historical experience and other factors that are nSIdered to be relevant. Actual retsults may differ from these e6ts'males. Thè eslimales and underlying assumptions are reviewed on an ongoing basis. Rovisions lo accountir estimates are reco9nised in the period in which the estimate is revised vthere th8 r8vision affects ffily that perd. or in the period of the revision and future periods where the rewsion affects both Current 8n(i future periods. Donatlon8 and legacies Unrgstrlctod Restslcted funds fvnds 2024 2023 Donations and gift9 100,ODO 68,281
NORTHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Donatlons and l•gaclo8 Icontinuedl Donatlons and glfts Exceptlonal donatlons- E A Timson Famlty Tnjst Exceptional donation- Mrs E J Brown Exceptional donation- E.A.T. (Holdings) knmrted 53,176 15,105 loo,0 100,000 68,281 Charltable actlvltles Provlslon of accommodallon 2024 Provision ol accommodatlo 2023 Residents. contribthion5 towards upkeep 26,690 21.543 Investmonts Unrestrlcted Unrèstrlctgd funds funds 2024 2023 Income from lislgd investments- Unit trust distribution$ Interesl receivable on sh deposits 4,589 1,(EO 4,106 415 5,649 4,521 other Incom& Totll Unrestrlcted fund8 2024 2023 other income 100 13th8r InM? compris8s £Nil12023: £1001 for compensation réceived from the Trust's bankers. 10-
NORTHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charftable actlvllles Pmvision of Priwl$lon of accommodatlon acc¢ymmodatitsn 2024 2023 Rgpair$ to properties teT rote$ Council tax Insurance Light and heat Garden mainténan 8.343 2,783 20.249 1.221 490 1,694 1,775 267 4,129 4,482 17,297 29,113 Share of govemance costs18ee nole 8) 5.195 5,392 22,492 34,505 Support $ts Support Governance Costs costs 2024 Support Governance costs costs 2023 Amounts payable to independent examiner Sundry 8XPgn AdmlnlstralNe support 2,460 125 2,610 2.460 125 2,610 2.586 306 2.500 2,586 2,500 5.195 5.195 5.392 5,392 Anatysed belween CharItae activib"e8 5.195 5.195 5,392 5,392 GOvernae costs are all alIcted to the provison of accommcKIatn activty. Amounts payable to the independent examiner comprise the independent examiner's fee of £390 {2023'.£4261 and a fee of £2,070 (2023.. £2,160) for aceounlancy and other services. Trust None of the trustees lor any persons connected with them) recèived any rernurratIQn or nefits from the TTLISI during the year or the previous year. No trustees were reimbursed expense5 during the year 12023.. £Nill. 10 Exceptlonal expendlture In the year ended 5 April 2023, the Trust incurred exceptional propety repair $1$ of £8,887 for replacement kitchen units_ There were no exceptional propety repair costs in the year ended 5 April 2024 11
NORTHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Net gain8111088e81 on inve8tmgnts Unr•stflcted Unrestrictad funds funds 2024 2023 Unrealised gain on thé revaluation of inv&stments (1,1601 15,874) 12 Taxatlon The tharity is exempl from tax on income and gains falling wthin section 505 of the Taxes Aet 1988 or section 252 of the Taxatlon of Chargeable GalnsAct 1992 to the exient that these are apled lo rts charitable objects. 13 Tanglblg flxgd a5¥ets Frn•hold land and l>ulldlng8 Cost At 6 Aprll 2023 Addltion$ 228,828 6.190 AI 5April 2024 235,018 Carrylng amount AI 5April 2024 235.018 Al 5 April 2023 228,828 The freehold propèrty is used to provide accommodation for the charity's tenants, who are the benefic#aries of the Trust. 14 Flxed assel InvoStm¢nts Lbted Inve$tm•nts Cash in portlollo Total Cost or valuation At 6April 2023 Valuation changes 90,978 {1.160) 47,0 137,978 {1.160) At 5 April 2024 89,818 47,000 136.818 Carrylng amount At 05 April 2024 89,818 47.000 136,818 At 05 April 2023 90,978 47.000 137,978 12-
NORTHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 Flxed agset Investments IContlnu•dl All investments are carrfied at Ihdr fslr value. Listed invesknents comprise shares in professionally manad collective investmènt ffiJnds. The basis of fair valu8 for listed investments is equNalent lo the market value. uslng the daily prices publi$hed by the fund managers. AJI investment asse15 are held within the UK. The significance of investhenls to the ongoiTrJ flnandal sustainabllfty of the Trust is considered In the financial review section of tha Truslegs, report. The main risk lo the Trust from investments lies in the combination of uncertain investment markets and volatility in yield. The Trust is in part reliant on income yiel¢J tr) finance its work and the tolle¢tNe investment funds referred to above ore primarity invested in UK dep08Fts. UK government bonds, other sterfing denominated fLxed inter¢51 secure$ and UK stocks. Liquldty Ask Is ane1pated to be low. The Trusts Investrments are traded in a market wrih good liquidty and high trading volumes. The Trust has no material investment holdings in market8 SLTrbject to exthange controls or Iradbng restrictions. A SA1C8t cash baknGe is held. The Trust manages these investment risks by operatiro an investment policy that prowLles for diversification of holdings that are quoted cn recognised stock exchanges and cash. The Trust does not make use of derivaliv8s and similar comF4ex financial instruments. 16 Credltors: amounls falllnu due wlthln one year 2024 2023 Borrowings Accruals and deferred income 100,000 2,490 2,490 2,490 102,490 During the year ended 5 April 2022 a loan of £1 CQ,000 was re¢ewed from E.A.T. {Holdingsl Limited. This loan has been converted into a donation In the year endèd 5 April 2024 with the agreement of E.A.T. IHoldlngs) Limited, and as a resuti there Is no108n repayable al 5April 2024. 13-
NORTHAM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 5APRIL 2024 16 Re8tricted fund8 The income fund5 of the charty nded restricted funds mpliS1ng Ihe following donatlons and grants held on trust for specrflc puwes.. Movement In funds Movement In funds Incomlng rnstsurcos lttomlng reUrCeS Transfers Balance at l Aprfl 2023 8alanc8 4t SApTII 2024 Bung8bw rebuild cost fund 68.281 {68.2811 Th8 Trust received donations in prior years to cover part of the costs associated with the demoliti and rebuilding of bungalows owned by the Trust. The cost5 covered by the ¢Jonations have bgen capitalised and added lo the cost of freehold land and buildings, which ara used for thg ggn8ral purposgs of tha Trust Th8 funds have therefore been tran4erred to unrestrlded fund$. The rebuild we¢ks have been completed wilh som& further c05ts recognised in the year to 5 April 2024 totalling £6.190 whith have also been capitalised and added lo the cost of freehold land and bulldlrKJs. 14-
NORTHAM TRUST NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 18 Rfrlated party transathns During the year. the Tt received donati8 of £Nil {2023.. £15,105) from Mrs E J Broym, a trustee, and ÈNil 12023.. £53,176) from the E A Timson Famity Tru¥t, a charity connected Vdrih Mrs E J Brown. In connection the woiect to rebuild Iv40 ofthe bungal¢)ws owned by the Trust.. Perfth assats Limit8d, a company in which Mr8 E J Br¢)wn Is materially Interested as a director shareholder, hos provlded In the year and previous year, free of charge, assistance with the management of the project and has setued certain costs direcuy attribuiable to the project. On the basis that the value canrnt be me8sud reli8bly, constNction costs c188srfied as 8ddltions to tsngie fixed assets in the year and in the previous year do not indude the volue to the charity cl the managemant seNitÉs provided by Perfects Assets Limrted. Additions lo flxed assets indude £6,19012023.' £41,466) in respect of costs attributable to the woject, whlch have been paid by Pertecta Assets Limited. Creditors at 5 April 2024 include £Nil12023- £Nill owed to Perfecta Assets Limrted. £6,190 12023: £87.052) was répaid lo Perfecta Assets Ltd in the yeaf. Cref1itors al S April 2023 also incLKled a loan of £100.000 received from E.A.T IHoldingsl Limited. company In which Mr8 E J Brown is materially interestèd as 8 director and shareholder. This loan has been converted into a donat*)n of £100.000 lo the Trust in the year ended S April 2024. There wore no other related paty transactlons trbat required disclosure during the current or preceding year. 16-