NORWICH PRESERVATION TRUST LIMITED BY GUARANTEE REGISTERED NUMBER 869736 CHARITY NUMBER 258440 UNAUDITED ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE ANNUAL REPORT YEAR ENDED 31 MARCH 2024 CONTENTS: Page LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES. REPORT INOEPENDENT EXAMINERS REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 9-19 SUPPLEMENTARY NOTES TO THE FINANCIAL STATEMENTS 21>22
NORWICH PRESERVATION TRUST LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION DIRECTORS. OFFICERSAND REGISTERED OFFICE The governing body presents their report together with the financial statements for the year ended 31 March 2024. The registered charity number is 258440 The company registration number 15 869736 CHAIRMAN Mr S J Earl MBE TRUSTEES Mr S J Earl MBE Councillor M K A Schmierer Ifrom 19 Sept 20231 MrRGRose Councillor M L Fulton-mc Alister (from 19 Sept 20231 Councillor J E Lubbock Mr J S Bremner (resigned 15 Sept 20231 Mrs J E King Councillor G P Harris Iresigned 28 April 20231 MrRENQuinn Councillor E G Jones Iresigned 15 Sept 20231 Councillor P R Prinsley (from 19 Sept 20231 (resigned 13 Aug 20241 SECRETARY & TREASURER Mrs L C A Tarabay Bcom CPFA REGISTERED OFFICE AND PRINCIPAL ADDRESS 63, Colegate Norwich Norfolk NR33AS SOLICITORS Mills & Reeve LLP I Stjames Court Whitefriars Norwich NR3 IRU BANKERS The Co-operative Bank plc 69 London Street Norwich Norfolk NR2 IHT INDEPENDENTEXAMINER Giles Kerkham FCA DChA Larking Gowen LLP I" Floor, Prospect House Rouen Road NOlCh NRI IRE
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2024 The Trustees (who are also dirertors of the charity for the purposes of the Companies Act) present their anr¢ual report together with the financial statements of Norwich Preservation Trust Limited Ithe Company) for the year ended 31 March 2024. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applic3ble in the UK and Republic of Ireland IFRS 1021. Structure, Governance and Management Governlnz Document The Company is a charitable company limited by 8uarantee, incorporated on 25 January 1966 and registered as a charity on 18 April 1969. The company was established under a Memorandum of Association defining the objects and powers of the charitable company and is governed under its Articles of A550Clation. In the event of the tompany being wound up members are required to contribute an amount not exceeding £10.00 Iten pounds). Recruitment and Appointment ofthe Board The directors of the company are also charity trustees for the purpose5 of charity law. Under the company's Memorandum and Articles of Association there is a maximum number of eleven of whom four or such lesser number as the Norwich City Council may prescribe are nominated by the NOlCh City Council and three are to be nominated by the Norwich Society- Under the requirements of the Memorandum and Articles the members of the Council of Mana8ement retire by rotation with one-third of the members retiring each year and able to offer themselve5 for re-election at the Annual General Meeting. Appointments are made from nominees of the Norwich City Council and the Norwith Soclety. The company is independent of the two nominating bodies and neither has direct control over the administration of the trust. Trustee Induction and Training Those trustees appointed are normally already experienced with the work of charities and in addition bring an appropriate interest and skill to the Governing Body. The Memorandum and Articles of Association are made available together with advice on the dual role of member and trustee. The nature of the Company as a Building PreSeatIOn Trust and its operation as a rolling fund Trust is explained together with a current report on projects in hand and planned with a financial summary and an outline of sources of funding. New trustees will be provided with the Charity Commission booklets CC3 and CC3a.
NORWICH PRESERVATION TRUST LIMITED BY GUARANTEE REPORT OF THE TRUSTEES Icontinuedl YEAR ENDED 31 MARCH 2024 Risk Management The records of the Company are held at the Companvs Registered office and at the home address of the Company Secretary. The majority are held on computer. and these are continually backed up to a Cloud storage system to minimise the risk of data loss. Financial payments are predominantly made by internet banking, with cheques now only rarely used, there are no cash payments. Payments are only made after authorisation by two of the Trusys authorised signatories. Risk in undertaking projects is managed in the careful selection of professional teams experienced in historic building conservation with the client interest being presented by an experienced project organlser. A comprehensive risk management assessment is regularly reviewed by the Trustees. Objertives and Activilies The company's primary object is to preserve forthe benefit of the Cityof Norwich and of the Nation. the historical, architectural and constructional heritage that mayexist in and around the City of Nonvich (including any structure or erection, and any part of a building as so defined) of particular beauty or historical. architectural or constructional interest. The company achieves its objects by working with the local authorities, statutory bodies, grant and loan giving agencies to take on, restore. repair and refurbish buildings at risk to bring them back into beneficial use. In this the Trustees give due regard to the Charity Commissioners guidance on securing public benefit. On completion of the project the restored buildings are either sold on or let with sale receipts or loans secured by rental intome forming the revolving fund by which the company maintains its facility to continue its work. Achievements and Performance The Trust has undertaken and completed some ljventy restoration projects. the projects have all been buildings at risk and have involved partnerships with other interests including the Norwich City Council and tommertial organisations. The projects have returned formerly derelict buildings into residential and commercial use. 60 residential flats and houses have been preserved, including five let on long lease to a social housing landlord. 16 business premises have been preserved as shops and offices and include Edmund Wood House let to the Ar>ter05 Art5 Centre. Five of the business premises ère retained by the Trust to provide a core rental income to support the day to day wnning costs of the Trust. During 2023124 the ground floor commercial unit at 23125 St Augustine's Street was re-let following major refurbishment as a commercial art gallery. All properties are now in occupation thereby increasirig the rental income available to support the work of the Trust. A viability study has been completed with the assistance of grant funding from the Architectural Heritage Fund on the works needed to bring 6-9 Ninham's Court back into use. The Trust is also in discussion with the Norwich City Council on possible co-operation on further properties currently in the stewardship of the Council. Going Concern The Trustees have reviewed forecasts of income and expenditure for the years following the date of this report. All commercial rental properties are leased to tenants at market rents. Rental income is sufficient to meet operating expenses. The Trustees therefore consider it appropriate to prepare the financial statements on the going concern basis.
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE REPORT OF THE TRUSTEES Icontinuedl YEAR ENDED 31 MARCH 2024 Flnandal Revlew With the pressure being exerted on Historlc England. The National Lottery Heritage Fund and local authority resources it has become increasingly difficult to source funding for historic bLtildings other than those classified as being of exceptional quality. There is some relief in that the Architertural Heritage Fund is offering grants and short-term loans. Following the C-19 pandemic, four commercial tenants ended their leases, and this level of empty properties has impacted on the Trust's reserves with net income from the tenanted properties being insufficient to meet day- to-day operating expenses. However, this was a short-terrn impact. the Trust has used accumulated cash reserves to update and renovate the properties. From May 2023 all the Trusvs commercial properties are leased on terms that reflect current market rents which is significantly higher than previously achieved. Principal Funding Sources To date these have included grants from Norwich City Council. Historic England, the Architectural Heritage Fund, proceeds of sales, loans secured on property and an annual rental income in the order of £91.000. In 2017 the TrL*St took out a ten-year loan of £150,Crf)O at 4% from the Norwich City Council secured by a floating charge over the following propertie5: 63 Colegate, Norwich 23-25 5t Augustine's Street, Norwich 2-4 St Andrew's Hill, Norwich The Briton's Arms, Elm Hill. Norwich Augustine Steward House, 14. Tombland. Norwich In October 2020 the Tnjst took out a six-year Government supported Bounce Back Loan from the Co-operative Bank of £16,175. The loan is interest free for the first 12 months and then at 2.5%. Investment Polioi The company can invest moneys not immediately required for its immediate purposes in or upon suth investment5, securities or property as may be thought fit subject to conditions or consents as may for the time being be imposed or required by law. The order of moneys held in an interest earning bank deposit account is currerbtly £78,169. Reserves Pollcy The company has reviewed its past requirements and based on that review has adopted a policy to aim to hold in the order of one quarterfs operating costs, currently around £11.700. as a reSee to cover those periods when there are no active projects providing income over and above its rental income. Current unrestricted funds are £885,297 of which £52,817 is regarded as free reseryes after allowing for funds tied up in investment properties. Free reserves are committed to maintaining the investment properties and towards future property restoration projects. Restricted funds amount to £7.426.
NORWICH PRESERVATION TRUST LIMITED BY GUARANTEE REPORT OF THE TRUSTEES Icontinuedl YEAR ENDED 31 MARCH 2024 Plans for Future Periods The future of the Trust as a revolving fund building preseryation trust is always focused on finding funding and properties in need of repair and refurbishment. Thi5 is expected to be more certain with the likelihood of a positive outcome to the current discussions whereby the Trust would tske ownership of some Nofwich City Council properties in need of repair and refurbishment. Respon5ibillties of the Trustees The Trustees Iwho are also dirertors of Norwich Preservation Trust Limited for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently- obseNe the methods and principles in the Charitie5 SORP- make judgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Stsndard5 have been followed, subject to any materlal departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disdose with reasonable accuracy at any time the financial position of the charitsble company and enable them to ensure that the financial ststement5 comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the tharitable company and hence for takinE reasonable steps for the prevention and detection of fraud and other iNegularities. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided bv Section 415A of the Companies Act 21X)6. Approved by the trustees/directors on ..!9 2oi.%nd signed on their behalf by.. .ITrusteel
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ÉNDED 31 MARCH 2024 Independent examinerf5 report to the Trustees of Norwlch Preservatlon Trust Llmlted Ithe'companrfl I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 7 to 19. Resp0nslbllles and basls of report As the charity trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 ACVI. Having satisfied myself that the accounts of the company are not required to be avdited under Part 16 of the 2006 Act and are eligible for independent examillation. I report in respect of my examination of your ompany's accounts as carried out under sertion 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Chafity Commission under section 14515llbl of the 2011 Act. Independent examinerf5 Statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the company as required by section 386 of the 2006 Act,. or 2. the accounts do not accord with those records,. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts glve a 'true and fair view which is not a matter considered as part of an independent examination,. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice foi accounting and reporting by charities applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021. 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. This report is made solely to the companvs Trustees, as a body, in accordance with Part 4 of the Charities IAccount5 and Reportsl Regulations 2CKJ8. My work has been undertaken so that I might state to the company's Trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the companvs Trustees as a body, for my work or for this report. Ic Giles Kerkham FCA DChA Larking Gowen LLP I" Floor, Prospect House Rouen Road Norwich NRI IRE
NORWICH PRESERVATION TRUST LIMITED BY GUARANTEE STATEMENT OF FINANCIALACTivmES (INCLUDING INCOME ANO EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Notes Restrlcted Unrestricted nds funds 2024 Total fvnds 2023 Total funds Income Irom: Grants and donations Investments 750 750 2,000 847 1.408 91,267 1,408 91,267 Rentals 54,997 Total income 750 92,675 93,425 57,844 Expenditure on: Charitable activities 750 7233S 73.085 97,942 Total expenditure 750 72,335 73,085 97,942 Net incomlng resources before transfers 20,340 20,340 140.0981 Transfers between funds Net Incomlng resources before other Teco8nised galns and losses 20,340 20,340 140,0981 Revaluation surplus on investment propertv io 2,800 10,559 Net movement In funds 23,140 23,140 129,5391 Reconciliation of funds Total fund5 brought forward Net movement in funds 7.426 861,947 23.140 869,373 23,140 898,912 129,5391 Total funds carried forward 14.15 7,426 885,087 892.513 869,373 The Statement of Financial Activities includes all gains and losses in the year. All incoming resources and resources expended (lerive from continuing activities.
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE BALANCE SHEET AS AT 31 MARCH 2024 COMPANY REGISTRATION NUMBER-869736 2024 2023 Flxed assets Investment Property io 832,480 829,680 Current assets Work in progress Debtors Cash at bank and in hand li 12 63.619 2S,884 86.582 50,499 49,937 88,840 176,085 189.276 Credltors Amounts falling due within one year 13 67,454 81,578 Net turrent assets I Iliabilitiesl 108,631 107,698 Total assets less Current liabilities 941,111 937,378 Creditors Amounts falling due after one year 13 48,598 68,005 Net assets 892,513 869,373 Charlty Funds Restricted fund Unrestrirted Funds 14 14 7A26 885,087 7.426 861,947 Total funds 892.513 869,373 The company's fin3noal statements have been prepared in accordan with the provisions applicable to companies subject to the small companies. regime. The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2(K161"the Art") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilitiesfor complyingwith the requirements of the CompaniesAct 2006 with respett to accounting records and the pparatiOn of financial ststements. The financial statements were approved and authorised for issue by the board and were signed on its behalf on Stephen J hn Earl MBE Trustee Trustee £. The notes on page 9 to 19 form part of the financial statements..
NORWICH PRESERVATION Trusr UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 MAIICH 2024 ACCOUNTING POLICIES la) Basls of accounting The financial statements have been prepared in accordance wth 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 Irelar)d IFRS 1021 (effective I January 20191 Icharities SORP IFRS 10211, the Financial Reporting St3ndard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2C6. Norwich Preservation Trust Limited meets the definition of a public benefit entity under FRS 102. The financial statements are prepared on the going concem basis. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policv. The financial statements are presented in Sterlin& which is the functional currenry of the company, and rounded to the nearest pound. {bl Going concern Trustees have reviewed the Trusvs cashflow forecasts for the two years following the date of this report and in their opinion, there are no uncertainties regarding the Trust's ability to continue as a going concern. Accordingly. the financial statements have been prepared on a going concern basis. Company status The company is a company limited by guarantee. The members of the company are the Trijstees named on page l. In the event of the company being wound up. the liability in respect of the guarantee is limited to £10 per member of the company. The registered office is 63 Colegate. Nolch, Norfolk. NR3 3AS. Idl Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restaternent of investment properties at market values. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Investment income, gains and losses are allocated to the appropriate fund.
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIALSTATEMENTS YEAR ENDED 31 MARCH 2024 {el Incomlng $oUrceS All incoming resources are included in the Statement of Financial Activities when the chaflty is entitled to the income and it is probable that the income will be received and the amount of income receivable can be measured reliably. The following specific policies are applied to particular cate8ories of income.. Donations are received by way of 8rants. donations and gifts and is included in full in the Statement of Financial Activities when receivable. When donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods. when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable. grants received in respect of properties have been recognised as incoming resources in the Statement of Financial Activities when the charity earns the right to consideration by its performance. investment income is included when receivable. incoming resources including rental income from charitable artivities are accounted for when earned. annual rentals from operating leases are included in incoming resources over the lease terms. For legacies, entitlement is taken as the earlier of the date on which either.. the Company is aware that probate has been granted. the estate has been finalised and notification has been made by the executorlsl to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the comp3ny h3s been notified of the executorfs intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the triteria for intome recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.. costs of generating funds comprise the costs associated with attracting voluntary income. charitable expenditvre comprisesthose costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to SUPPOrt them; governance costs include those costs associated with meeting the constitutional and statutory requiremerbts of the charity and include the audit fees and costs linked to the strategic management ofthe charity- all costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflert the use of the resource. Costs relating to a particular activity are allocated directly. others are apportioned on an appropriate basis for instance by estimated usage as set out in note 5. 10
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 (g) Investment Property Properties acquired or held for rental purposes are capitalised as investment properties. Investment propertie5 are initially capitalised at their purchase cost, together with any incidental costs of acqui51tion. They are then revalued with sufficient regularity to ensure the carrying amount does not differ m3terially from that which would be determined usin8 fair walue at the balance sheet date. Properties acquired or held for immediate resale are classified as work in progress. Fair values are determined by a professional qualified sueYOr from market-based evidence. The Companies Act requires that properties arè depreciated. This requirement is not complied with, as the properties are held for investment purposes and the Trustees consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view. Work in progress Exper)diture incurred on properties which the company does not intend to hold following completion of preservation work. and expenditure on preseNation schemes in progress, is treated as a current asset and classified as work in proEress. Work in progress is stated at the lower of cost and net realisable value. Cost includes interest on funds specifically taken out to finance preservation schemes. Where necessary, provision is made against any anticipated future losses arising on the completion of preservation work in progress. Grants recelved in respect of the properties within work in progress are recognised withln the Statement of Financial Activities. Where a lon8 lease on a property is granted to the charity. this is included within work in progress at the estimated value of the lease. Stock Stock is stated at the lower of cost and net realisable value. u) Interest capitalised Interest incurred on borrowings to finance specific project development is capitalised net of any tax relief. Debtors Trade ar)d other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at hand and in bank Cash at bank and in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of aequisition or opening of the deposit or similar account.
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE NOTE5 FORMING PART OF THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 MARCH 2024 Uabllltles and provlslons Liabilities are recognised when there is an obligation at the balance sheet date as a result of a post event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are reto8nised at the amount the company anticipates it will pay to settle the debt or the amount it has received as advance payment for the goods or service5 It must provide. Financial instruments The compèny only has financial instwments and financial liabilities of a kind that qualify as b35ic financial instruments. Basic financial instruments are initially recognised at transaction value and sub5equentlv measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effectNe interest method. {0} Operatlng leases Rental income and expenditure under operating leases are bought into the Statement of financial activities incorporating income and expenditure account on a straight-line basis over the lease term. Income from donations and legacles Restricted Funds 2024 Unrestricted Funds 2024 Total Funds 2024 Total Funds 2023 Grants & donations 750 750 2,000 Total donations and legacies 750 750 2,000 Total 2023 Income from charitsble actfvltles Restrlrted Funds 2024 Unrestrirted Funds 2024 Total Funds 2024 Total Funds 2023 Rentsl income 91,267 91.267 54,997 Total income from charitable activities 91.267 91,267 54,997 Total 2023 54.997 54,997 12-
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE NOTES FORMING PART OF TrIE FINANCIAL STATEMENTS Icorttinuedl YEAR ENDED 31 MARCH 2024 Investment Income Restrlcted Funds 2024 Unrestrlcted Funds 2024 Total Funds 2024 Total Funds 2023 Interest on bank deposits IA08 1,408 Total Investment Income 1,408 847 Tot312023 Analysis of expenditure Basis of Rentsl Allocation Income Property 2024 Rental Total income Property Govern- 2023 Total ance nte Costs directly allocated to activities Loan interest Direct 1,194 1.194 1,886 1,886 Property malntenance Management & letting fees Retainers & employee costs Preparation of accoijnts & Independent Examinerfs fees Direct 12,220 12,220 28,681 28,681 Direct 13.906 13.906 24,091 24,091 Usage 22809 15,705 38,114 27,149 9,171 36,320 Direct 5,471 5,471 4,263 4,263 Support costs allocated to activities General office costs Usage 2.180 2,180 2,701 2,701 Total resour$ expended 49,729 23.356 73,085 81,807 16,135 97,942 Unrestricted funds expended were £72,125 in 2024 and £95.942 in 2023.
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitsble artIleS Summary byfund type Restrlcted Unrestrirted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Rental income Governance Propertv 750 48,979 23.356 49,729 23,356 81,807 16,135 Total expenditure on charitsble acli¥ities 750 72,335 73,085 97,942 Total 2023 95,942 97,942 Trustee remuneration The trustees were not paid or reimbursed for expenses during the year. During the year the company had 2 employees {2022: 11. Staff Costs Staff costs are as follows 2024 2023 Wages and salaries Social security costs Pension costs 24,686 27055 547 Total staff costs 25,233 28,501 No employee received remuneration greater than £60.tMX) in either year. Independent Examinerfs remuTreration The Independent Examinerfs remuneration amounts to £3,44112023- £2.4861. Taxation No provision is made for taxation as the company is a charity entitled to the various exemptions afforded by the Corporation Tax Art 2010. 14-
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL5TATEMENTS Iconlinuedl YEAR ENDED 31 MARCH 2024 io Investment property Long leasehold land and bulldlngs Freehold land and buildings Total At valuation as at 31 March 2023 Correction to opening valuation Additions in year Revaluation 731,571 {83.071) 98,109 83.071 829,680 {1,2001 2,800 Total at 31 March 2024 652,500 179,980 832.480 The properties are all investment properties and are held for dirett tharitsble purposes. The properties were independentfy rvlalued by an Arnolds K5 LLP as at 31 March 2024 based on estimated open market values. The valuation on 31 March 2023 was incorrectly reported and is correrted. On the historical cost basis the investment properties would have been induded at a cost of £1,115,955 12022 £1,115,955). li Work In progress 2024 Work in progress l April 2023 50,499 Expenditure in year 26-30 Elm Hill projert Ninham's Court projett Wrighys Court project 1,159 9,447 2,514 Work in progress at 31 March 2024 63,619 12 Debtors 2024 2023 Trade debtors Prepayments Other debtors 6260 ICK) 19,524 2,570 2,981 44.386 49,937 15
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS Icontinwedl YEAR ENDED 31 MARCH 2024 13 Credltors 2024 2023 lal amounts falling due within one year Trade creditors Short temi loans Inote 131bll Accruals and deferred income Value Added Tax Other creditors 10.022 19.408 12.919 1,610 23A95 36.654 18,690 4,512 2.997 18,725 67,454 81,578 Ibl short term loans are made up as follows.. 2% Bounce Back Loan (Co-operative Bank) 4% loan from Norwich City Council 3.267 16,141 3,186 15,504 19,408 18,690 Icl amounts falling due after mre than one year 2% Bounce Back Loan (Co-operative Bank) 4% loan from Norwich City CoLbncil 5.342 43,256 8,609 59,396 48,598 68,005 Included within credttor5 above are amounts repayable by instalments falling due as follows,. Between one and two years Between two and five year5 After more than five years 20,145 28,453 19,407 45,598 48.598 68.(J)5 The Norwich City Council loans are secured with a chaTge over five properties. 63 Colegate, 23-25 St Augustine's Street, 2-4 St Andrews Hill, The Briton's Arms. Elm Hill and ALtgustine Steward House. Tombland. The Co-operative Bank Bounce Back Loan is unsecured. 16-
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS Icontloluedl YEAR ENDED 31 MARCH 2024 14 Statement of funds- current year Restrlcted funds At l April 2023 Income Expend- Transfers iture between funds At31 Marth 2024 ¥aluation Donations Grants 1750) 636 6,7 6.7 7,426 750 17501 7.426 Unrestricted fvnds 861,947 91675 (72.3351 885,087 Total funds 869,373 93.425 172335) 892.513 Statement of funds- prior year Restricted funds At l April 2022 Income Expend. Transfers Re- Iture between valuation funds At31 March 2023 Donations Grants 636 {2.lJ)O} 636 6,790 7A26 12JMII 7,426 Unrestrlcted funds 891.486 55,844 {952) 10,559 861,947 Total funds 898.912 57,844 (97.942} 10,559 869,373 Donation5 Donations were received from the Paul Bassham Trust in 2024 towards commissioning the historic building report for 1-3 Wrighys Court. The Paul Bassham Trust contributed towards the cost of repairs at 23125 St Augustine's Street in 2023. Past donations were received from Norwich Town Close Estate Charity and the Paul Bassham Charitable Trust to cover the costs of publishing the Trusvs book"Giving the Past a Future" Grants Grants were received in 2023 from the Architectural Heritage Fund for the project viability study undertaken at 6-9 Ninham's Court.
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS Icontlnuedl YEAR ENDED 31 MARCH 2024 15 Analysls of net assets between funds- current year Unrestricted Fund5 2024 Fund 2024 Total 2024 Fixed assets Work in progress Debtors Cash at bank and in hand Creditors 832.480 56,829 25.884 85.946 1116,052) 832,480 63.619 25.884 86,582 1116,0521 7.426 885,087 892,513 Analysis of net assets between funds- prior year Unrestrlcted Funds 2023 Fund 2023 Total 2023 Fixed assets Work in progress Debtors Cash at bank and in hand Creditors 829,680 43.709 49,937 88,204 {149.5831 829,680 50,499 49,937 88,840 1138,0931 7,426 861,947 869.373 16 Relatsd party transacilons 2024 2023 Notwlch Clty Coundl Transactions during the year.. Loan principal repayments Interest payable Rents payable 15.504 2,773 14,906 3,371 5,450 Creditor balances at the year end: Outstanding loans Rents payable 59.396 5,478 74,900 2,874 Contracted payments under long term lease arrangements: 528,846 527,524 The payments under the long term lease arrangernents are an estimate of future rents until 2044 Ifor some propertiesl based on the current annual rent. The Council is represented by Councillors as members of the Board of Trustees. Other transactions related to business transactions that would nomially occur between a local authority and a business entity. 18-
NORWICH PRESERVATION TRUST LIMITED BY GUARANTEE NOTfS FORMING PART QF THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 MARCH 2024 17 Contlngent Asset Since the year end, the charity has received settlement from a former tenant for a property previously vacated amounting to £20,c0. This is not intluded ion income for the year as it was still in negotiation at the year end and therefore UnrtaIn. Operatln8 lease Income mngements The company earns rental income by leasing Its properties to tenants under non-cancell3ble operating leases. At 31 March 2024 the company had contracted with tenants to r1ve the future minimum lease payments.. 2024 2023 Within one year 74,616 74,301 Between one and five years 114.706 163,019 More than five years 4629 460,155 652211 697.475 19 Operatlng lease expendityre arrangements At 31 March 2024 the company had contracted landlords to pay the fLSture minimum lease payments: 2024 2023 Within one year 6,782 5,450 Between one and five years 29,843 27,341 More than five years 492.221 494,733 528,846 527.524 19
NORWICH PRESERVATION TRUST LIMITED 8Y GUARANTEE SUPPiEMEPUARY NOTE TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 l. Income and Expendlture Account for the year ended 31 Mar¢h 2024 2024 2023 Rental Income Rack rentals Queen Anne Yard 23125 St Augustines Street 24 St Andrews Hill Augustine Steward House Briton's Arms Ground Rentals Lease Extensions 195 7,966 9.OtK) 14,601 22.5(M) 2,301 6,400 49.500 22,500 2.301 91267 54,997 Property Expendlture Rents payable Repairs and maintenance Utility services External management and legal fees Property insurances 5,450 16,335 4.656 24,091 2.240 4,001 1.023 13,906 1.392 126,1261 152.7721 Net Rental Income 65.141 2,225 Grants & Donations Interest recelvable 750 2,0(XJ Total Income 67,299 5.072 Overhead expenditure Office running costs Ret3iners and employment costs General expenses Annual accounts preparation & examination General loan interest Other professional fees 1.852 38,114 328 3,441 1,194 2,030 36,320 643 2,464 1,886 2,213 Total overhead eKpenditure 146,9591 145,1701 20.340 140.0981 Unrealised profit on property revaluation 10.559 Proflt for the flnancial year 23.140 129,5391 This page is not subject to the Independent Examinerfs report -20-
NORVIICH PRESERVATION TRUST LIMITED BY GUARANTEE SUPPLEMENTARY NOTE TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 2 Analysls ol tanglble flxed assets and work In progre$5 Value at Addition5 l April 2023 ImpaSr- Dlsposals ment Revalu- Value at ation 31 March 2024 Flxed assets Edmund Wood House Muspole Street Queen Anne Yard 57 St Augustines Street & 1-4 Stonemasons Court 23125 St Augustines Steet & 1-3 Barnes Yard Dixon's Court 2-4 St Andrews Hill 31-37 Church Lane, Eaton Augustlne Steward House 1371143 Magdalen Street Briton's Arms 16 Elm Hill Gybson's Conduit 3,900 7,650 27,000 7.900 {1,3501 27,0(M) 9.780 11,8801 120,000 9.650 129,650 {7501 4,250 loo,000 3,41)0 490,000 6.600 57,000 850 15,7201 loo,000 4,000 480,000 8.000 67.500 I,0 15.5(Kll 161)0) 10.000 11,4001 110,5001 11501 {2201 Total fixed assets 829,680 832,480 Work In progress 26-30 Elm Hill 9 Ninham's Court 1-3 Wright's Court 28.379 22,120 1.159 9,447 2,514 29,538 31,567 2,514 Total work In pYogTess $0,499 13,120 63,619 Total assets 880,179 13.120 2.800 896,099 This page is not subject to the Independent Examlnerfs report 21
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE SUPPLEMENTARY NOTE TO THE FINANaAL STATEMENTS YEAR ENDED 31 MARCH 2024 3 Analysls ot expendlture on 26-30 Elm Hill Prolect Value at Movement l Aprll in year 2023 Value at 31 March 2024 Expendlture Cost of building and building works Professional fees and expenses Other costs including planning and building regulation fees NPT overheads and interest allocated 18,232 757 9.390 18,232 757 10,549 1.159 Total work In progress 28,379 1.159 29,538 4 Analysls of expenditure on &9 Ninham's Court Proiert Value at Movement l April in year 2023 Value at 31 March 2024 Expenditure Cost of building and building works Professional fees and expenses Other costs including planning and building regulation fees NPT overheads and interest allocated 11330 566 10,224 12,976 611 17,980 45 7.756 Total work In progress 22,120 9,447 31.567 Hlstorlc building grants and donations 16,7901 {6.7901 5 Analysis of expendlture on 1-3 Wrlghvs Court Projert Value at Movement l Aprll in ye?r 2023 Value at 31 March 2024 Expenditure Cost of building and building works Professional fees and expenses Other costs including planning and building regulation fees NPT overheads and interest allocated 750 15 1,749 750 15 1,749 Total work In progress 2,514 2,514 Historic building grants and donations 17501 {7501 This page Is not subject to the Independent Examinerfs report -22-