2023-03-31-accounts - Norwich Preservation Trust Limited

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LEGAL AND ADMINISTRATIVE INFORMATION
TRUSTEES' REPORT	2-5
INDEPENDENT EXAMINERS REPORT
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
NOTES TO THE FINANCIAL STATEMENTS	9 —19
SUPPLEMENTARY NOTES TO THE FINANCIAL STATEMENTS	20-22

		Notes	Restricted	Unrestricted	2023	2022
			funds	funds	Total	Total
					funds	funds
Income from:
Grants and	donations		2,000		2,000	12,000
Investments				847	847	155
Rentals				54,997	54,997	51,310
Total income			2,000	55,844	57,844	63,465
Expenditure	on:
Charitable	activities		2,000	95,942	97,942	113,423
Total expenditure			2,000	95,942	97,942	113,423
Net incoming	resources before			(40,098)	(40,098)	(49,958)
transfers
Transfers between funds
Net incoming	resources before			(40,098)	(40,098)	(49,958)
other recognised gains and losses
Revaluation	surplus on	10		10,559	10,559	66,050
investment	property
Net movement in funds				(29,539)	(29,539)	16,092
Reconciliation offunds
Total funds	brought forward		7,426	891,486	898,912	882,820
Net movement in funds				(29,539)	(29,539)	16,092
Total funds carried forward		14,15	7,426	861,947	869,373	898,912

		LIMITED BYGUARANTEE	LIMITED BYGUARANTEE
		BALANCE SHEET AS AT31MARCH		2023
	COMPANY		REGISTRATION NUMBER	-869736
		Notes		2023		2022
				f		f
Fixed assets
Investment	Property	10		829,680		736,050
Current assets
Work in progress		11	50,499		46,161
Debtors		12	49,937		67,330
Cash at bank	and in hand		88,840		167,171
			189,276		280,662
Creditors
Amounts falling due within one year		13	81,578		31,105
Net current	assets / (liabilities)			107,698		249,557
Total assets	less current liabilities			937,378		985,607
Creditors
Amounts falling due after one year		13		68,005		86,695
Net assets				869,373		898,912
Charity Funds
Restricted fund		14		7,426		7,426
Unrestricted	Funds	14		861,947		891,486
Total funds				869,373		898,912

				Restricted	Unrestricted	Total	Total
				Funds	Funds	Funds	Funds
				2023	2023	2023	2022
				E	f	E	f
Grants 8 donations				2,000		2,000	12,000
Total donations	and	legacies		2,000		2,000	12,000
Total 2022				12,000		12,000
Income from charitable		activities
				Restricted	Unrestricted	Total	Total
				Funds	Funds	Funds	Funds
				2023	2023	2023	2022
				E		f	f
Rental income					54,997	54,997	51,310
Total income from charitable			activities
					55,997	54,997	51,310
Total 2022					51,310	51,310

					Restricted	Restricted	Unrestricted	Unrestricted	Total	Total	Total
						Funds		Funds	Funds	Funds
						2023		2023	2023	2022
								f	f		f
Interest on	bank	deposits						847	847		155
Total investment		income						847	847
Tota I 2022								155	155
Analysis ofexpenditure
			Basis of	Rental		Govern-	2023	Rental		Govern-	2022
			Allocation	income f	Property f	ance f	Total f	income f	Property f	ance f	Total f
Costs directly	allocated
to activities
Loan interest			Direct	1,886			1,886	3,012			3,012
Property maintenance			Direct	28,681			28,681	35,076			35,076
Impairment of16Elm
Hill following Management	renovation 5 letting		Direct						17,925		17,925
fees			Direct	24,091			24,091	28,545			28,545
Retainers g employee
costs			Usage	27,149		9,171	36,320	8,821		14,563	23,384
Preparation ofaccounts
5 Independent
Examiner's fees			Direct			4,263	4,263			3,974	3,974
Support costs	allocated
to activities
General office	costs		Usage			2,701	2,701			1,507	1,507
Total resources
expended				81,807		16,135	97,942	75,454	17,925	20,044	113,423

Summary	type		Restricted	Unrestricted	Total	Total
			Funds	Funds	Funds	Funds
			2023	2023	2023	2022
			f	f	f	f
Rental income			2,000	79,807	81,807	75,454
Governance				16,135	16,135	20,044
Property						17,925
Total expenditure	on charitable	activities	2,000	95,942	97,942	113,423
Tota I 2022			12,000	101,423	113,423

	2023	2022
	f	f
Wages and salaries	27,855	23,909
Social security costs
Pension costs	646	521
Total staff costs	28,501	24,430

			Long leasehold land	Freehold land	Total
			and buildings	and buildings
			f	f	f
At valuation		as at 31March 2022	631,000	105,050	736,050
Additions	in	year	83,071		83,071
Revaluation			17,500	(6,941)	10,559
Total at	31March 2023		731,571	98,109	829,680

Work in prog	ress
		2023
		f
Work in progress 1April 2022		46,161
Expenditure	in year
26-30 Elm	Hill project	1,594
Ninham's	Court project	2,744
Work in progress at 31March 2023		50,499

Debtors
	2023	2022
	f	f
Trade debtors	2,570	2,327
Prepayments	2,981	2,606
Value Added Tax		3,769
Other debtors	44,386	58,628
	49,937	67,330

						2023	2022
						f	E
(a)	amounts falling due within one year
	Trade creditors					36,654	7,927
	Short term loans (note	13(b))				18,690	18,014
	Accruals and deferred	income				4,512	4,696
	Value Added Tax					2,997
	Other creditors					18,725	468
						81,578	31,105
(b)	short term loans are made up as follows:
	2/o Bounce Back Loan	(Co-operative	Bank)			3,186	3,108
	4/o loan from Norwich	City Council				15,504	14,906
						18,690	18,014
(c)	amounts falling due after	more than one year
	2/o Bounce Back Loan	(Co-operative	Bank)			8,609	11,795
	4/o loan from Norwich	City Council				59,396	74,900
						68,005	86,695
	Included within creditors above are		amounts	repayable	by
	instalments falling due	as follows;
	Between one and two	years				19,407	18,690
	Between two and five	years				48,598	59,023
	After more than five years						8,982
						68,005	86,695

Restricted funds	Restricted funds	At 1April	Income	Expend-	Transfers	Re-	At 31
		2022		iture	between	valuation	March
					funds		2023
					f		f
Donations		636	2,000	(2,000)			636
Grants		6,790					6,790
		7,426	2,000	(2,000)			7,426
Unrestricted	funds	891,486	55,844	(95,942)		10,559	861,947
Total	funds	898,912	57,844	(97,942)		10,559	869,373
Statement of	funds —prior year
Restricted funds		At 1April	Income	Expend-	Transfers	Re-	At 31
		2021		iture	between	valuation	March
					funds		2022
					f		f
Donations		636	12,000	(12,000)			636
Grants		6,790					6,790
		7,426	12,000	(12,000)			7,426
Unrestricted	funds	875,394	51,465	(101,423)		66,050	891,486
Total	funds	882,820	63,465	(113,423)		66,050	898,912

							Restricted	Unrestricted
							Fund	Funds	Total
							2023	2023	2023
							f	f	f
	Fixed assets							829,680	829,680
	Work in	progress					6,790	43,709	50,499
	Debtors							49,937	49,937
	Cash at bank		and in		hand		636	88,204	88,840
	Creditors							(149,583)	(13S,093)
							7,426	861,947	869,373
	Analysis	ofnet assets between				funds —prior year
							Restricted	Unrestricted
							Fund	Funds	Total
							2022	2022	2022
							f	f	f
	Fixed assets							736,050	736i050
	Work in	progress					6,790	39,371	46,161
	Debtors							67,330	67,330
	Cash at bank		and in		hand		636	166,535	167,171
	Creditors							(117,800)	(117,800)
							7,426	891,486	898,912
16	Related	party		transactions
								2023	2022
	Norwich	City	Council					f	f
	Transactions		during the year:
	Loan principal			repayments				14,906	14,324
	Interest	payable						3371	3,953
	Rents payable							5,450	3,824
	Creditor	balances at			the year end:
	Outstanding			loans				74,900	89,806
	Rents payable							2,874	624
	Contracted payments				under long term lease			527,524	322,657
	arrangements:

	2023 f	2022f
Within one year	74,301	38,301
Between one and five years	163,019	118,668
More than five years	460,155	451,226
	697,475	608,195

	2023 f	2022f
Within one year	5,450	5,450
Between one and five years	27,341	21,176
More than five years	494,733	296,031
	527,524	322,657

			SUPPLEME	SUPPLEME	SUPPLEME	NTARY NOTE TO THE FINANCIAL ST YEAR ENDED 31MARCH 2023	NTARY NOTE TO THE FINANCIAL ST YEAR ENDED 31MARCH 2023	ATEMENTS
1.	Income and Expenditure		Account			for the year ended 31March 2023
							2023		2022
	Rental Income						f		f
	Rack rentals
	Queen Anne Yard						195		2,450
	23/25 St Augustines		Street						3,765
	2-4 StAndrew's Hill						9,000		9,000
	Augustine Steward	House					14,601		22,558
	Briton's Arms						22,500		6,241
	Ground Rentals						2,301		2,297
	Lease Extensions						6,400		5,000
								54,997		51,310
	Property Expenditure
	Rents payable						5,450		3,824
	Provision for bad debts								1,266
	Repairs and maintenance						16,335		21,125
	Utility services						4,656		1,501
	External management		and legal fees				24,091		28,545
	Property insurances						2,240		7,630
								(52,772)		(63,621)
	Net Rentallncome							2,225		(12,311)
	Grants &Donations							2,000		12,000
	Interest receivable							847		155
	Total Income							5,072		(156)
	Overhead expenditure
	Office rent and running			costs			1,644		508
	Retainers and employment				costs		36,320		23,384
	General expenses						643		837
	Annual accounts preparation					&examination	2,464		2,546
	General loan interest						1,886		3,012
	Other professional		fees				2,213		1,590
	Total overhead expenditure							(45,170)		(31,877)
	Impairment of16Elm		Hill	on	completion					(17,925)
								(40,098)		(49,958)
	Unrealised profit on property				revaluation			10,559		66,050
	Profit for the financial		year					(29,539)		16,092

		Value at	Additions	Impair-	Revalu-	Value at
		1April		ment	ation	31March
		2022				2023
Fixed assets		f				f
Edmund Wood House		3,900				3,900
Muspole Street		9,000				9,000
Queen Anne Yard		23,000			4,000	27,000
57StAugustines Street 8		9,650			130	9,780
1-4Stonemasons Court
23/25 St Augustines	Steet5	47,500	83,071		(10,571)	120,000
1-3Barnes Yard
Dixon's Court		5,000				5,000
2-4 StAndrews Hill		100,000				100,000
31-37Church Lane,	Eaton	4,000				4,000
Augustine Steward	House	460,000			20,000	480,000
137/143 Magdalen	Street	8,000				8,000
Briton's Arms		70,000			(2,500)	67,500
16Elm Hill		1,000				1,000
Gybson's Conduit		(5,000)			(500)	(5,500)
Total fixed assets		736,050	83,071		10,559	829,680
Work in progress
26-30 Elm Hill		26,785	1,594			28,379
9Ninham's Court		19,376	2,740			22,119
Total work in progress		46,161	4,334			50,498
Total assets		782,211	87,405		10,559	880,178

3	Analysis ofexpenditure on 26-30 Elm Hill Project	Analysis ofexpenditure on 26-30 Elm Hill Project	Analysis ofexpenditure on 26-30 Elm Hill Project		Value at 1April	Movement in year	Value at 31March
	Expenditure				2022 f		2023 f
	Cost of building and building works Professional fees and expenses Other costs including planning and building NPT overheads and interest allocated		regulation	fees	18,232 757 7,796	1,594	18,232 757 9,390
	Total work in progress				26,785	1,594	28,379
4	Analysis of expenditure on 9 Ninham's	Court	Project		Value at 1April	Movement in year	Value at 31March
	Expenditure				2022 f		2023f
	Cost of building and building works Professional fees and expenses Other costs including planning and building NPT overheads and interest allocated		regulation	fees	11,330 563 6,732	3 2,741	11,330 566 9,473
	Total work in progress				18,625	2,744	21,369
	Historic building grants and donations				(6,790)		(6,790)