NORWICH PRESERVATION TRUST UMITED BY GUARANTEE REGISTEREO NUMBER 869736 CHARITr NUMBER 258440 UNAUtrfTED ANNUAL REPORT YEAR ENDEO 31 MARCH 2025
NORWICH PRESERVATION TRusr UMITED BY GUARA14TEE ANNUAL REPORT YEAR ENDED 31 MARCH 2025 CONTEKrs: Pale LEGAL AND ADMINISTRATIVE INFORMATION TRu¥fEES' REPORT INDEPENDENT EXAMINERS REPORT STATEMENT OF FINANCIAL AcfiviTIES BALANCE SHÉET NOTES TO THE FINANCIAL STATEMENTS 9-19 SUPPLEMENTARY NOTESTO THE FINANCIAL STATEMENTS 21k22
NORWICH PRESERVATION TRIIST UMITED BY GUARANTEE DIRECr 0FFKER$AP REGISVERED OFKE The govemiw Wy presents thelr reFMYt tQ8ether wlth the financial ststements for the year ended 31 Marth 2025. The registered charity number is 258440 The company re8iStrdtion number is 869736 CHAIRMAN MrSJ Earl MBE TRusfEES MrSIEarfMBE MrRGRose Councillorj E Lubbock Mrs J E King MrRENQuinn Mr M T Martin MBE lfrom 7 May 2024) Counallor M K A SdKnierer Councillor M L FuIt{-C Alister Council1 C D Smith (from 19 Nov 2024) Councillor G Champion Ifrom 19 Nov 20241 Councillor P R Prinsley Iresigned 13 Aug 20241 Ms K A Watlin8 IfrLKn 7 May 2024 res18ned 14 Sep 20251 SECAETARY & TrEASURER Mrs L C A Tarabay Bcom CPFA REGISTERED OFFICE AND PRINCIPALADDRESS 63. Colegate Norwlch Norfolk NR3 3AS SOucoR$ Mills & Reeve LLP I Stjames Court Whitefriars Norwich NR3 IRU BANKERS The Co-operative Bank plc 69 London Street Norwich Norfolk NR2 iTrrr INDEPENDENT EXAMINER Giles Kerkharn FCA DChA Larking Gowen LLP I. Floor, Prospect House Rouen Road Norwlth NRI IRE
NORWICH PRESERVATION TRUST LIMITED 8Y GUARANTEE REPORT OF THE TRUSTEES YEAR E140EO 31 MARCH 2025 The Trustees {who are also directors of the tharlty lor the purposes of the Companles Artl present their annual report together wlth the financial statements of Norwich Preserwation Trust Limlted Ithe Company) for the year erbded 31 March 2025. The Trustees confim) that the Annual Report and finonclal statements of the compony comply with the current statutory requirements. the requirements of the company's governing document and the provisions of the Statement of Recommended Prartice150RPI. applicable to charities preparingtheir accounts in accordance with the Financial Rewwting Standard applicable in the UK and Republic of Ireland IFRS 1021. Structure. Governance and Mana8eiY*nt Governin8 Document The Company is a chafitable company limited by Buarantee. inc(yw)rated on IS January 1966 arbd registered as a charity on 18 April 1969. The compaTry was established under a Memorandum of ASslatIon defining the ob}erts and powers of the charrtable c(xnpany and is governed under its Artides of Associaticm. In the event of the company being wound up members are required to contributean ant not exceedi£10.1xl (ten pounds). The director5 of the tompany are also charity trustees for the pvrFKJ5es of tharlty 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 prestrlbe are nominated by the Nomch City Council and three are to be nominated by the NopwSch Society. Under the requirements of the Memorandum and Artldes the member5 of the Councll of Management retlre by rotation wtth one-third ol the members relirln8 eath par and able to offer themsel¥es for re-electlon at the Annual General Meetin8. Appointments are made from nomlnees of the Norwlch aty Counal and the Norwich Society. The Company Is Independent of the two nominating bodies and neither has direct control over the admlnlstratlon of the trust. Trustee Inductlon and TraSnlni Those trustees appointed are nornially already experienced wth the of charities and in addition bring an appropriate interest and skill to the Govemin8 Body. The Memorandum and Artides of Association are made available together with athryce the dual role of mernber and trustee. The nature of the Cornpany as a Building Preser4tation Trust and its operation as a rolling fund Trust is explained together with a CLJrrent report on projects in hand and planned V•ith a financial summary and an outline of sources of funding. New trustees will be provided with the tharity Commission kM)oklets C(3 and CC3a.
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE REPORT OF THE TRUSTEES (Co1) YEAR E14DED 31 •AARCH 2024 Rlsk Management The records of the Company are held at the Companvs Reglstered offite and atthe home address ofthe Company Secretary. The majority are held on computer, and these are continualty backed up to a aoud stora8e system to mlnimise the risk of data loss. Flnancial payments are predominantty made by internet bankin& with theques now only ralY used, there are no cash payments. Payments are lY made after 3hOnSltiOn by two of the Trusys authorised signatories. Risk in undertaking projects is managed in the careful selection of wofessional teams expuienced in historic building conseThaticffl wtth the dienl interest bel represented by an experienced projert organlser. A comprehensive risk mana8ement asses5ff 55 regularly reeWed by the Trustees. The tOrnpanS primaryobjert is to Pr1Ve10rthe benefitofthe Cjty ofNorwich and ofthe Nation. the historical, architertural and construttional heritage that may exist in and around the City of Norwich (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 wkIng with the local authorities. statutory bodies, grant and loan giving agencles to take on, restore. repair and refurts'sh buildings al risk to bring them back into beneficial use. In this the Trustees give due regard to the Charity CommIlonerS 8uidaKe on seajring public benefrt. On completlon of the project the restored buildin8s are elthef sold on or Set with sale recelpts or loans secured by rental income forming the re¥olvin8 fund by vthith the company maintsins its facility to continue its work. The Trust has undertaken and completed some twenty restoration projects: the projects have all been bulldlngs at risk and have involved partnerships with other interests including the Norwich City Council and commercial organisatlons. The projects have retumed formerly derelirt building5 into residential and comrnercial use. 60 residential flats arKI houses have been pserVed or created, including five let on lon8 lease to a soclal housing landlord. 16 business premises have been preserved as shops and offKes and include Edmund Wood House let to the Anteros Arts Centre. Flve of the bu5ine55 premises are retsined by the Trust, 63 Colegate is used by the Trust as its office, with the remainder let out on commeraal leases to proMde a core rental income to slippt the day to day running costs of the Trust. A vlability study hès been completed the asslstance of grant funding from the Arthitectural Herlts8e Fund and the Trust is deVelong proposals to weserye the Grade Il. Listed woperty 6-9 Ninham's Court and to return it to use as residential Ilwellin85. 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.
NORWICH PRESERVATION TRUST UMITED BY GUARAKfEE EPORT OF ThE TRUSfEES YEAR ENDED 31 MARCH 2025 Flnandal Revlew Wlth the pressure being exerted on Hlstorlc England. The National Lottery Heritage Fund and local authorlty resources it hès become increasingly difficult to sour¢e fundlne for presetvation of historic buildlngs other than those classlfled as being of exceptional quality. There is some relief in that the main fundin8 bodies are offering rants to undertake project viability studies and project development work. During the year all the Trusys commercial properties were leased on tenns that reflect current market rents. An organisational miew was conducted durln8 the year leading to a redudion in overfad costs that will enable more resources to be available towards fundin8 the Trusys building preservation actTVities. The Trustees have reviewed forecasts of income and expenditure and have a reasonable expertatlon that the Company has sufficient resources to tontinue its operations for the foreseeable future. The Trustees therefore consider it appropriate to prepare the financial statements on the going concem basis. Prindpal Funding Sources To date these have included grants fr( Norwith City Councll. Historbc England. the Architectural Heritage Fund, proceeds of sales. loans secured on property and an annual rentsl in((#ne in the order of £97,(K>. In 2017 the Trust took out a teTraT loan of £1S0,(XKI at 4% from the Norwith Coundl secured by a floatlng charge over the following properties- 63 Cole8ate, Norwlth 23-25 St Augustine's Stree( Nor*ith 24 St Andrev/s Hill. Norwith The Briton's Arn)s. Elm Hill, NorvAch Augustine Steward House. 14. T(mbland. N¢ywlth In October 2020 the Trust took out a 5ix-year Government supported Bthjnte Bad( 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 Pollcv The company can invest moneys not Immedlatety required for its immediate purposes in or upon such investments, securities or property as may be thought fit subject to ctfflditions or consents as may for the time being be imposed or required by law. The order of moneys held in an interest earni bank deposit account is currently £167.571. Reseryes Policy The company has rwliewed its past Tequirements and based on that review has adopted a policy to aim to hold in the order of one quarterfs ijperatinE costs. currently around £8,450. as a reserve to cover those periods when there are no active projects providing income over and above its rental income. Current unrestricted funds are £961,492 of whlch £130.892 is regarded as free reserves after allowingfor funds tied up In Investment properties. Free reserves are committed to maintainin8 the Investment properties and towards future property restoratlon projects. Restrlcted funds amount to £7.426.
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE REPORT OF THE TRUSTEES (continued) YEAR ENDED 31 MARCH 2025 Plans lor Future Perlods The future of the Trust as a revolvin8 fund Lwildl preservation trust is always focused on finding funding and properties in need of repair and refurbishment. This is expected to be more certain with the likelihood of a P051tive outcome to the current discussions whereby the Trust tske ownership of some NOlCh aty Countil properties in need of repair and refurts'shmenl. Ilesponslbllllles of the Tntstees The Trustees Iwho are also dirertors of NcY¥•ith Preservation Twst LinNted forthe purposes of ¢ompany lawl are responsible for preparing the Trustees. Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Stsndards (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 a satisfied that they give a true and fair vlew of the state of affairs of the charltable company and of the incoming resources and application of resources, including the income and expenditure. of the charltable company for that period. In preparing these financial statements, the Trustees are required to: select suitsble accounting poliaes and then apply them cons•stendv: obserye the methods and principles in the Charities SORP: make judgments and accountin8 estlmates that are reasonable and prudent: state whether applicable UK Accountlr4 Standards have been followed, wblect to any materlal departures disdosed and explained in the flnancial statements: prepare the financial ststements on the golng concem basis unkn it is inappropriate to presume that the charitable company wlll contlnue In operall(m. The Trustees are responsible for keeping adequate accounting rec¢yds that are sufficient to show and explaln the charitsble companrfs transartions and dlsdose wlth reasonable accurary at any time the financlal position of the charitable company and enable them to ensure that the financial statements comply with the Companles Act 2006. They a also responsible for saleguèrding the assets of the charitable company and hence for taking reasonable steps for the prevention and detertlm of frnud and other Irregularitles. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2CQ6. Approved by the trusteesldirectOf5 on _ .. and signed on their behalf by: Stephe John Earl MBE Trustee
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2015 Independent examknerfs reportto the Trust¢es of Morw6th e$¢That10Th Tntst Umlled {the'compv) I report to the charity trusteeg on my examlnaifjon of the accounts ofthe company for the year ended 31 March 2025 ¥thlth are set out on pages 7 to 19. Responslbllltles and basls of reiM*t As the charity trustees of the company land also its dirertors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance ¥th the requirements of the Companies Act 2(K)61'the 2CKJ6 ACVI. Having satlsfied myself that the accounts ot the cornpany are not required to be audited under Part 16 of the 2tK)6 Act and are eligible independent examination. I report in respect of my examination of your comp3nWs accounts as carried out under section 145 01 the (harities Act 20111.the 2011 Arfl. In carryin8 out my examlnatlon I have follod the tMrectl¢)ns glven by the Chanty Commission under section 14515}{bl of the 2011 Act. 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-. accountlng records were not kept in respert ol the company as reqred by section 386 of the 2( A¢. OT 2. the accounts do not accord with those records; or 3. the accounts do not comply wrth the auounting requlrements of Settl 3% of the 2{ Act other than any requirement that the accounts give a'true and fair vie¥/ whith is nrt a matter UsIdered as part of an independent examination- or 4. the accounts have not been wepared in accdanCe the meth(MJs and prlnclples of the Statement of Recommended Practlce for accounting and repn8 by chaKiknes atplioble to charlties preparing their accounts In accordance with the Financial RepLYtln8 Standard applicable in the UK and Republic of Ireland (FRS 1021. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in ordel to enable a proper understandin8 of the accounts to be reathed. This report is made solely to the companrfs Trustees. as a body. in &¢ordan¢e with hrt 4 of the Charities (Accounts and Reportsl Re8ulations 21J)8. My wcrt has been undertaken so that I might state to the companvs Trustees those mattefs l am required to stste to them in an Independent examinerfs report and for no other purpose. To the fullest extent pemiitted by law. I do not accept or assume responsiblllty to anyone other than the company and the companvs Ttee$ as a bryjy. for my work or for this report. (( Giles Kerkham FCA DChA Larking Gowen LLP I" Floor, Prospect House Rouen Road Norwlth NRI IRE Date
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE STATEMENT OF FINANCIAL Acmi IINaUDING INC(A4E ANO EXPEIIDITURf ACCOUMn FOR THE YEAR ENDED 31 MAROI IIJ15 2024 Total fun(ts Totsl nds Income from: Grants and donations Investments 750 2,146 117.116 2,146 117.116 1,408 91.267 Rentals Total Income 119261 119262 93.425 EXpendIre on: Charitsble artivitS 40977 40J77 73,085 Totsl eXpendIre 40.977 40.977 73.085 Net Incomlnc resourus before transfers 78285 nJ85 20.340 Transfers between fvnds Net Incomlna resources belore other re¢o8nlsed 8alns •nd1055es 78285 78,285 20,340 Revaluation110ss}1 surplus on investment propertv io 11,880) Nel movement In funds 76M05 23.140 Recondllatlon of funds Total funds brought fop*ard Net movement in funds 7A26 885,087 76A05 892,513 76,405 869,373 23,140 Total fvnds carried fonvard 14,15 7A26 %IA92 968,918 892.513 The statement of Financial Activities includes all galns arrfl los in theyear. All Incomlng resources and resources expended derfve frLKn continuing attlw"tles.
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE BALANCE SHEET AS AT 31 MARCH 2025 COMPANY IIEGISTRAYION NUMBER- 169736 2024 Flxed assets Investment Property io 830,6( 832,480 Current assets Work In pro8ress Debtors Cash at bank and In hand li 12 69,472 13.869 169,282 63,619 25,884 86.582 176.085 Credltors Amounts falling due withln one year 85W5 67.454 Net (urrent assets l (Ilablliies) 164778 108.631 Total assets less awrent liabihties 997378 941,111 Credltors Amounts falling due after one year 28,460 48,598 Ilet assets 968,918 892.513 Charlty Funds Restrlcted fund Unrestrirted Funds 7,426 88S,087 961A92 Y¢)tal funds 892,513 The companvs financial ststements have been prepared in accordance with the provisions applicable to ccmpanies subject to the small companles, reeime. The Trustees consider that the c(knpany is entitled to exempti from the requirement to ha%r an audit under the provisions of section 477 of the Companies Art 2( I'the Act'l and members not required the company to obtain an audit for the ar in Westi in accordce 1th Sect 476 ofthe ACL TheTfustees ackvw)4ed8ethwr respllY11tie$l the requirunents ofthe Componie5Act 2006 with respect to accounting reccffds and the prepar•cm of financial ststement& The flnanclal statements were approved and authorlsed for issue by the board and were signed on its behalf on Ig 0V 2S. Stephen John Earl MBE Trustee rustee The notes on page 9 to 19 forrn part of the financlal llatements.
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENT5 YEAII ENDEO 31 MARCH 2025 ACCOUPITING pouaES 8asls ot accounth The financial ststements have been wepared In attordance with Accountin8 and Reporting by Charities.. Statement of Recommended Prattice applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20191- (Charities SORP IFRS 10211, the Flnantial Rewting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Art 2006. Nonwich Presepdation Trust Limited meets the definttion ol a public benefft entity under FRS 102. The financial ststements are wepared the 80ing concern basi5. Assets and lialx'lities are initiallv rrfognised at historical cost or tranctIOn value unless otherwise stated in the relevant accountin8 poliry. The finanaal statements are wesented in Sterlin& which is the funrtional currenry of the company, and rounded to the nearest kx¥und. (b) Goln8 concÈrn Trustees have reviewed the Trusys cashflow forecasts for the t¥A) years followln8 the date of this report and in the5r opinion. there are no uncertainties regarding the Twsys ability to continue as a goin8 concern. Accordingly. the financial ststements have been prepared on a 8oin8 concern basis. The company is a CLynpany limited by 8uarantee. The members of the company are the Trustees named on page l. In the event of the company being wound up. the liability in respect of the 8uarantee is limited to £10 per member of the company. The registed office is 63 Colegate. Norwlch. Norfolk. NR3 3AS. Fund accountlni Unrestricted funds are ardilable for use at the discretron of the Trustees in furtherance of the 8eneral objectives of the charity. Unfestrirted funds ilUde a revaluation reserve representin8 the restatement of investment properties at fflarket Va5. Restrirted funds are subjetted to restrlctions their expenditure Imposed by the donor or through the terms of an appeal. Investment income, gains and losses are allocated to the approprlate fund.
NORWICH PRESERVATION TRusr LIMITED BY GUARANTEE NOTES FORM*dG PART OF THE FINANCIAL STATEMENIS YEAR ENDED 31 MARCH 2025 le) Incomlnz rnour All Sncomin8 resour are included in the Statement of Financial AttiNryties when the charity is entltled to the income and it is probable that the income will be received and the amount of income receivable can be measured reliably. The followin8 specific policies are applied to particular categories of income.. Donations are received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when recei¥able. donors specify that donations and 8rantS given to the charity must be used in future accounting periods. the incorne is deferred until those periods. when donors specify that donations and grants are particular restricted purposes, which do not amount to pre-conditions regardin6 entitlemen¢ thts income is induded in •Trcomin8 resources of restricted funds when receivable. 8rants recaved in respett of woperties been rec(enised as Incoming resources in the Staternent of Financial Activities when the tharity earns the rieht to consideration by Its perfomance. Investment income is included when retelvable. incoming resources including rental income from charitable artivities are accounted for when earned. annual rentals from operating leases are included in incoming resources the lease tems. For legacies. entitlement istaken asthe eadier of the date on vthich elther: the company is aware that probate has been granted. the estste has been finalised and notfficatlon has been made by the executorls) to the Trust that a distribution will be made. or when a distribution is reiVed from the estste. Receipt of a le8ary. In whole or in part is only considered probable when the amount can be measured rellably and the company has been notified of the executorfs intention to make a distribution. Where legades have been notified to the company. or the company is aware of the granting of probate. ar the criteria for income recognitlon have not been met. then the legacy is treated as a contingent asset and disdosed if material. (n Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure include5 any VAT which cannot be fully recovered. and is reported as part of the expenditure to whlth it relates: costs of genefating funds comprise the costs associated with attracting voluntsry income; haritable expenditure cornprisesthose costs incurred bythe tharity in the delivery of its activities and services for its benefiuaries. It indudes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them: governante costs indude those tosts associated with meeting the tonstitutlonal and statutory requirements of the charity and include the audit fees and costs linked to the strategic mana8ement of the charrty; all costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an approprtate basisfor instance by estlmated usage as set out in note 5. 10-
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE P40TES FORMVIG PART OF THE FINANCIAL STATEMEpfrs YEAII ENDED ai MARCH 2025 (8) Investment Prwty Properties acquired or held for Tent31 purposes are capitslised as investment properties. Investment properties are initially capitalised at their purchase cost. together V&ith any incidental costs of acquisition. They are then revalued with suffKient regularity to ensure the tarrying amount does not differ materially from that which W(Id be detemlined usin8 fair value at the baarKe sheet date. Properties acquired or held for immediate resale are dasSif as work in progre5S. Fair values are detemiined by a wofessional qualified surveyorfrom market-based evidence. The Companies Act requires that properties are deprecièted. This requirement is not complied with, as the Properties are held for in¥estment purposes and the Trustees consider that systematic annual depretiation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and falr view. Work in wogress Expenditure incurred on properties which the company does not intend to hold following comet10n of preservation work. and expenditure on preservation schernes in pro8 is treated as a current asset and classified as work in progress. Work In progress is stated al the lower of cost and net realisable value. Cost includes interest on lunds specifically taken out to finance preservation Schemes. Where necessary. prthision is made against any anticipated future losses arising on the completion of preservat)n Wofk in progress. Grants received in respect of the propertles wlthln work in prOgrs are recognised wlthln the Statement of Financial ActÉvities. Where a long lease on a property Is 8ranted to the charity. this Induded withln work In progress at the estimated value of the lease. Sto(k Sto( is ststed at the lower of cost and net realisable value. Interest caimtalised Interest incurred on borrowingsto finance 5peiific project development is capitslised net of any tax relief. Ik) Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the arnount prepaid net of any trade discounts due. Cash at hand aftd in bank Cash at bank and in hand includes cash and short tem) highfy liwid inve5trnents wtth a Short maturlty of three months or less from the date of acquSsltlon or openlng of the deposit or similar account.
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEME14TS Icontlnuedl YEAR ENDED 31 MARCH 2025 Llabllltles and 5105 Liabilities are recognised when there Is an obllgation at the balance sheet date as a result of a past event, it is probable that a transfer of econ(wnic benefit will be required in settlemenL and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount the company anticipates it will pay to Settle the debt or the amount it has received as advance payrnent for the goods or seNces it must provide. Flnandal Instruments The company only has finanaal instruments and financial lialylikn.es of a kind that qualify as basic financial instruments. 8asic financial instruments are initially recognised at transartion value and subsequentty measured at their settlement value with the exception of bank loans which are subwuently measured at amortlsed cost Using the effetti¥e interest meth. (o) Opeiathw kases Rental incorne and expenditure under operating leases are l)ou8ht into the Statement of financial activities incorporating income and expenditure account on a straight.line basis over the lease term. Income from donatlons and legacles Total Funds 2024 Funds Funds 202S Funds 1025 Grants & donations 750 Totsl donatlons and legades 750 Total 2024 750 750 IKome from dfftatsle acthrftles Unrestrlrted Funds 2025 Total Funds 2024 Funds 2025 Funds 2025 Rental Income Settlement from forn)er tenant 97.116 97,116 20,)0 201 91.267 Totsl Income from th*ftable artlvltles 117.116 117.116 91.267 Totsl 2024 91.267 91,267 12
NORWICH PRESERVATION TRusr UMrrED BY GUARAKfEE NOTES FORMING PART OF THE ANANCIAL ATEMEr5 YEAR E140ED 31 MARCH 2025 Restrfrted Funds 2025 Unrestrlcted Funds 2025 Total Fynd5 2025 Total Funds 2024 Interest on bank deposits 2.146 2.146 1.408 2,146 2,146 1,408 Total 2024 1.408 1.408 Anatysls of expendlture 2024 Total Totsl inclxne Property ance to artivitles Loan Interest Direct IW 1,194 1,194 Property maSntenance Management & lettlng fees Retèiners & employee costs Preparation of accounts & Independent Examiner's fees Direct ia6 12.220 12,220 Direct L054 13. 13,906 Usage 10209 14215 24A24 22,409 15,705 38,114 Dirert SA06 5AQ6 5,471 5,471 Support costs alocated to artlvltles General office costs 2,073 2,073 2.180 2.180 Total resources expended 19283 21.694 40,977 49,729 23,356 73,085 Retainers and employee costs are ststed net of £23.28612024: £2.3571 received in insurance payments towards an employee on long-tefm sKk leave. Unrestricted funds expended £40.977 in 2025 and E72.125 in 2024. 13
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE 140TES FQRMING PART OF THE F114ANCIALSTATEAW4TS (conlinuedl YEAR ENDED 31 MARCH 2025 Summary by lund type Total Funds 2024 nds 2025 Funds 2025 Funds 2025 Rental incorne Governance Property 19.283 21,694 19.283 21.694 49,729 23.356 Total expendltstre on tharftable actmtles 40,977 40,977 73,085 Total 2024 750 72.335 73.085 Trustee remuneratlon The trustees were not pald or reimbursed for expenses durln8 the year. During the year the company had l empl(ryees (2024: 21. Staff Costs Staff costs are as follows 2024 Wages salaries Sc¢ial security costs Pension costs Z7J64 24.686 481 547 Total staff costs 25.233 Redundancy payments of £18.187 (induding payments in lieu of notice. ststutory redundancy and compensation) were made to one employee In 202512024. None). WhKh has been ret4mised wthin staff costs in the year. No employee received remuneration yeater than £60.(KK) in eitheryear. Independent Examlnerfs rnallOn The Independent Examinerfs remuneration arnounts to £2.62012024- £2.5201. 14
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEAWITS {fqmtknu¢d) YEAR ENDED 31 MARCH X125 Taxallon No provision is made for taxati( as the company is a charity entitled to the wdri(ws exemptlons afforded by the Corporation Tax Act 2010. leasehold land and IlIding$ FTeelKbld land and buildings Total At valuation as at 31 March 2024 Additions in year Revaluation 179.980 832,480 12.880) 11.8801 Total at 31 Maych 2025 6535LN) 177.1 830,6(KI The properties are all investment properties and are held for dirert tharitable purFK6es. The properties were irKJependently re¥alued by an Arnokk Key5 LLP as at 31 M¥ch 2025 based on estimated open market Values. On the hlstorlcal cost basis, the in*stment prrffjertles would he L1 Indled at a cost (rf £1,209.66612024 £12Tr3.666}. 11 Work kn wogress 2025 Work in prLwess l April 2024 63,619 Expenditure in year 2&30 Elm Hill proiect Ninham's Court project Wrighys Court project 4,904 262 Work in progress at 31 March 2025 69,472 12 Debtors 202S 2024 Trade debtors Prepayments and accrued inc(Yne Other debtors 4m3 5J04 4,752 6.260 l(K) 19.524 15
NORWICH PRESERVATION TRUST UMITED BY GUARANTEE NOTES FORMWG PART OF THE FINA14CIAL STAYEkWS YEAR ENOf D 31 MARCH 2025 2024 la) am¢)unts fallirvd due within one ye Trade (Teditors Short term loans {note 131bl) Accruèls and deferred income Value Added Tax Other creditOf5 10,022 19,408 12,919 1,610 23.495 20,145 13,957 4,792 43,101 85Y5 67.454 Ibl short term loans are made up as fdlow5: 2% Bounce Back Loan Icwierative Bank) 4% loan from Norwith City Coundl 3349 IA796 3,267 16.141 20J45 19.4r Icl amounts falling due after more one year 2% Boun Back Loan ICIN)peralive Bank) 4% loan from Norwbch City ((ncIl 5,342 43.256 48.598 Induded within credit5 abrNe are amounts repayable by instalments falling due as follows; 20,145 28,453 Between two and five years After more than five years 48,598 The Norwch City Council loans are secured with a charge over five properties. 63 Colegate. 23-25 St Augustine's Street, 2-4 St Andrev/s Hill, The Briton's Arms. Elm Hill and AU8LtIne Steward House. Tombland. The Co-operative Bank Bounce Back Loan Is unsecuied. 16.
NORWICH PRESERVATION TRUST UMrrED BY GUARANTEE t40TES FORMING PART OF THE FINANCIAL sfATEMENf5 lcontlnuj YEAR ENDED 31 MARCH 2025 14 StatemeTrt of funds-current year Restrlrted fund5 At i Aprfl IrKome Expend- Trans between valuation lunds At31 March 2025 Donations Grants 636 6,7 636 6,790 7A26 7A26 Unrestrirted funds 885.087 119262 140Jn) 961.492 Total funds 892.513 119262 {40,9n) (im) 968,918 Statement of lund5- prioryear Restrirted funds At31 March 2024 2023 Iture between valuatlon lunds Donations Grants 636 6,790 6.7 7A26 750 1750) 7,426 Unrestrlrted lunds 861Y7 92.675 172335) 885,087 Total fvnds 869373 (71335) 892.513 Donatlons 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 cMtributed towards the cost of repairs t 23125 St Augustine's Street in 2023. Past donations were recer¥ed from Norwich Town Close Estate Charity and the Paul Bassham Charitable Trust to cover the costs of publishing the Trusys book"Giving the Past a Future". Grants Grants were recewed in 2023 from the Archttectural Heritage Fund for the projert viability studv undertaken at 6-9 Ninham's Court. 17-
NORWICH PRESERVATION TRusr UMITED BY GUARANTEE NOTES FOAMWG PART OF TH£ FINA14aAi STATEIW4TS l¢onllnued) YEAR ENOED 31 MARCH 1025 Funds 2025 Total 2025 Fixed assets Woth in progress Debtors Cash at bank and in hand Creditors 8ao,600 62,682 13.869 830,61XI 63.619 13.869 169,282 1114,3051 1114,305) 7A26 961A92 968.918 alys15 of net assets between fwK15- prlor ye Total 2024 2024 2024 Flxed assets Work in pro8re55 Debtors Cash at bank and In haml Creditor5 5Q829 63,619 1116.052) 7J26 892,513 2025 2024 Transartions during the year. Loan pri1PaI repayments Interest payable Rents payable 16.141 1136 s67 15,504 2,773 5,804 Creditor balance5 at the year end: Outstanding loans Rents payable 43,256 U120 59,396 5,478 Contracted payments under long tem lease arrangements: 318.040 528,846 The payments under the long term lease arrangements are an erfimate of future rents until 2044 (for some properties) based on the curTent annual rent. The Council is represented by Coundllors as members of the Board of Tnjstees. Other transactions related to business transactions that would nonnalty occur bet*pen a local authm and a business entlty. 18-
NORWICH PRESERVATION TRUSr UMITED BY GUARANTEE 140TES FOftMWIG PART OFTHE FINANCIAL STATEMEiifs {c(lknuedl YEAR ENDED 31 MARCH 2015 17 Contingenl Assel During the year. the charity has recelved settlement from a fornier tenant for a property prevlously vacated amounting to £20,0. Th15 was not included in incomefor 2024 as It was still in ne8Otiation at the year end and therefore uncertain. The company eams rental income by leasing its propertles to tenants under non-cancellable operating leases. At 31 March 2025 the company had contracted tenants to receive the future minimum lease payments: 2024 Wlthin one year 74,616 Between (e fve years 114.706 More than five years 45B291 577595 652,211 19 Operntln8 lease expeThllture arraiweff At 31 Marth 2025 the cpanY had contracted 1th landbonls to pay the future minlmum lease payments: 2024 Within one year 5A67 6.782 Between and fve years 29.843 More than five yew5 492,221 318AMO 528,846 19
r4(XlWlCH PRESERVATION TRiisr UMtrED BY GUARANTEE SUPPLEMENTARY NOTE TO THE RNANaALsfATEMEPITS YEAR ENDED 31 MARCH 2025 l. Inmn* and Expenthiure Accwnt for the year ended 31 Marth 2025 202S 2024 Rental Income Rack rentals 23125 St Augustines Street 24 St Andre$ Hill Augustine Steward House Briton's Amls Ground Rentals 7.966 50.415 22500 2JOI 49,5CKI 22,5(K) 2.301 97.116 91,267 Property EXpendIre Rents payable Repairs and maintenance Utility senjices External management and legal fees Provision for bad debts Property insurances s67 1.947 4.(K)I 1.023 13.9)6 {1.2661 1.392 P.1901 126.1261 Net Rental Incom• 89,926 65,141 Grants & DoTratlons Property compensalSon pawnent Interest recelvable 750 2.148 1,408 Total Income 112.072 67.299 Overhead expendllure Off ice running costs Retainers and employment costs General expenses Annual accounts preparntion & examination General loan interest Other professional fees 1.581 24.424 492 2.798 1,852 38.114 328 3.441 1,194 2,030 TO overhead exptndkture 133.7871 146.9591 78285 20.340 Unreallsed profit I Ilossl property revaluation Prollt for the financlal 23,140 Thls pa8e Is not sublect to the Independent Examlnerfs retKfft
I411W1CH PRESERVATION TRUST UMITED BY GUARANTEE SUPPLEMENTARY NOTE TO THE RNANaAL STATEMEP4TS YEAR ENDED 31 MARCH 2025 2 Analy51s of tanb flxed assets and work In prouess Value at Addlil(K l Aprfl Impalr- Dlsposals Revalu- Value at atlon 31 March 202S Flxed assets Edmund Wood House Muspole Street Queen Anne Yard 57 St Augustines Street & 14 Stonemasons Court 23125 St Augustines Steet & 1-3 Barne5 Yard Dixon's Court 24 St Andrews Hill 31-37 Church Lane. Eaton Augustine Steward House 1371143 Magdalen Street Briton's Arms 16 Elm Hill Gybson's Conduit 3,900 7,650 24.300 7.6SO 27,(XM 12.7fKI) l(KJ 129,650 4250 4.250 5.0(KI 105.000 57,0 114.0001 43,(100 850 15.7201 Total flxed assets 832A80 830,600 Work In progress 26-30 Elm Hill 6-9 Nlnham's Court 1-3 Wri8hYs Court 29.538 31.567 1514 30.225 36,471 2.776 262 Total work In progress 63.619 s53 69.472 Totsl assets 896J)99 s53 .072 Thls page Is not subject to the Independent Examinerfs rek 21
NORWICH PRESERVATIOII TRUST UMITEO BY GUARANTEE SUPPLEMENTARY NOTE TO THE HNANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 3 Analy515 ol expendltyre on 2&30 Elm Hlll Projert Value •t Mo¥emeht i Aprfl In year 2024 Value at JI Marth 2025 Expendlture Cost of building and building works Professional fee5 and expenses Other costs including planning and building regulatlon fees NPT overheads and interest allocated 18.232 757 10.$49 18,232 757 11,236 Total work In proBres5 29.538 30,225 4 Anatysls of expendltrre on &9 Nlnham's Crt Pr*rt Value at Movement i Aprfl year 2024 Value at 31 March 2025 Expenditure Cost of building and building wo Professional fees and expenses other costs including annIng and building regulation fees NPT overheads and Interest all(lted 12.976 611 17.980 12,976 638 22,857 27 Total woik In woyess 3167 36.471 Hlstork bulld1 gr•nts and dffiatk 16.7901 16,7901 5 Analy515 ol expendllure on 1.3 Wrfghvs Crt PrOrt Value at Movement In year Value at 31 Marth 2025 2024 Expendltvre Cost of build•n8 and buildin8 works Professional fees and expenses Other tosts including planning and building regulation fees NPT overheads and interest allocated 750 Is 1.749 750 29 1.997 14 Total work In progress 2514 262 2,776 Hlstork buildin8 8rants and donati5 50) (7501 This paBe is not subjert to the Independent Emamifterfs reiyxt -22-