REGISTERED COMPANY NUMBER: 01089324 (England and Wales)
REGISTERED CHARITY NUMBER: 265212
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2024
for
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Contents of the Financial Statements for the Year Ended 31 December 2024
|
Page |
Report of the Trustees |
1 to 4 |
Independent Examiner's Report |
5 |
Statement of Financial Activities |
6 |
Balance Sheet |
7 to 8 |
Notes to the Financial Statements |
9 to 19 |
Detailed Statement of Financial Activities |
20 to 21 |
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation Trust Limited)
Report of the Trustees
for the Year Ended 31 December 2024
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheyearended31December2024.Thetrusteeshaveadopted the
provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland (FRS 102) (effective 1 January 2019).
TheCharityisacharitablecompanylimitedbyguaranteeandisgovernedbyaMemorandumandArticles of
Associationwhichwerelastamendedon10June2014.Itsobjectsaretofurtherthepreservation,in appropriate
settings for the benefit of the nation,of buildingsand other such structuresor land of special beauty or special historic
or architectural interest.
Each directorof the Trust undertakes,as a member of the Trust, to contributeto the assets of the Trust such amounts
as may be required, not exceeding one pound. Otherwise the directors have no interest in the company.
OBJECTIVES AND ACTIVITIES
Public benefit
The Directorsconfirmthatthey have referredto the Commission'sgeneralguidanceon PublicBenefitwhen reviewing
the Charity's aims and objectives and in formulating future plans.
STRATEGIC REPORT
Financial review
Annual Review and Forward Plans
Iampleasedtoreportthatourthreebuildingscontinuetothrive,withvisitornumbersuponthepreviousyear. The
conditionofthebuildingsisgood,withPakenhamWatermilllookingresplendentwithitsre-paintedexterior.It is
hopedthatThelnethamWindmillwillberedecoratedin2025.Thereareambitiousplanstobeginworks on
transforming the interior of Little Hall to how it appeared during the Gayer-Andersons' ownership.
TheSizewellCapplicationtofloodlandalongsidePakenhamFencontinuestocauseconcern,particularlyas EDF
continue to maintain silence on their plans.
The Trust'seffortsto finda sustainablefuturefor BrandonStationhave broughtabouta rayof hope,in the form of a
potentialleaseholder.ThechangeofgovernmentmeansthatourcontactswithMP'sandministershaveto be
re-established, and in the meantime, the condition of some at-risk stations in the region only worsens.
A proposalfor the Trust to take responsibilityfor WalpoleOld Chapel from the HistoricchapelsTrust came to nothing.
ItwasagreedthattheChapel'sgroupofvolunteerswerefullycapableofmanagingtheextensiverepairsrequired to
the fabric.
InspiteofthecontinuedunstableinternationalpoliticalclimateandthedirestateoftheUK'seconomy,the Trust's
financesremainstrong,andourstalwartvolunteerscontinuetomanageourbuildingsinamostprofessional way.
Altogether the Trust is in very good shape.
Grants etc
HistoricSuffolkismostgratefultotheorganisationsfortheirkindcontributions,during2024,tovarious projects
undertaken by the Trust. Refer to note 2 further information of the organisations.
Investment policy and objectives
It is the policyof the charityto hold surplusunrestrictedfundson depositwith the CharitiesOfficialInvestment Fund,
asthesemaybe neededatrelativelyshortnoticeforurgentrepairsandmaintenancetoLittleHall,Pakenham Water
Mill and Thelnetham Windmill.
Page 1
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Report of the Trustees
for the Year Ended 31 December 2024
STRATEGIC REPORT
Financial review
Reserves policy
TheCharityplanstoreserve£150,000ofunrestrictedfundstomitigatethefinancialimpactofpossiblerisks to
maintaining the charity's objectives. The risks are perceived as;
Further the Reserved funds could be required for;
TheReservesPolicywillbereviewedbytheCharity'sTrusteeswhennecessary,butatleastonceayearatthe last
Trustees' meeting in the calendar year.
The funds will be held collectivelyin the Bank accountsof the Trust and its constituentbuilding.The levels held in each
account will be agreed as part of the review process.
The charity has cash reserves of £403,015 (2023 £266,968) freely available to spend on any of the chanty's purposes.
Suffolk Architectural Heritage Trust Donation
HistoricSuffolk(HS)hasenjoyedalongassociationwiththeSuffolkArchitecturalHeritageTrust(SAHT).Unlike HS,
SAHT owned no buildings,and its main activitywas rescuingbuildingsat risk,re-purposingthem where necessary and
findingnew owners,usingitscapitalas a revolvingfund.However,for thepastseveralyearsSAHThadbeen inactive,
anditstrusteesdecidedtowindupthecharitywhenitschairman,JohnNorman,retiredduetoserious health
problems.Given the close ties between SAHT and HS, along with their shared objectives,the board of SAHT decided to
giftitscapitalfundstoHS,tobeusedinpursuitofitscoreactivities.ThetrusteesofHSareverygratefulfor the
donation, which will enable them to widen their scope of activities.
Page 2
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation Trust Limited)
Report of the Trustees
for the Year Ended 31 December 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
TheBoardofDirectorsoftheCharitynormallymeetsfourtimesayear.Itsmembersareselectedbytheboard by
referencetotheirparticularsuitabilitytooneorotheraspectofthecharity'swork.Threeseparate property
managementcommitteesalsoexist,oneforLittleHall,oneforPakenhamWaterMillandtheotherfor Thelnetham
Windmill.TheBoardofDirectorsapprovesannualbudgetsforthesethreepropertiesandalsoreviewsthe Charity's
finances at its regular meetings.
Charity law requires the directors to prepare financialstatementsfor each financialyear which give a true and fair view
of the stateof affairsof the Trust and of the surplusor deficitof the Trust for thatperiod.In preparingthose financial
statements, the Directors have:
-
Selected suitable accounting policies and then applied them consistently;
-
made judgements and estimates that are reasonable and prudent;
-
stated whether applicable accounting standards have been followed, subject to any material departures
-
disclosed and explained in the financial statements; and
-
prepared the financial statements on the going concern basis.
The Directorshave overall responsibilityfor ensuringthat the Charityhas appropriatesystems of controlsfinancial and
otherwise.Theyarealsoresponsibleforkeepingproperaccountingrecords,whichdisclosewithreasonable accuracy
at anytime the financialpositionof the Charityandenablethemto ensurethatthe financialstatementscomply with
external requirements.They are also responsible for safeguardingassets of the Charity and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:
-
the Charity is operating efficiently and effectively;
-
the assets are safeguarded against unauthorised use or disposition;
-
proper records are maintained and financial information used within the charity or for publication is reliable;
-
the Charity complies with relevant laws and regulations.
Thesystemsofinternalcontrolaredesignedtoprovidereasonable,butnotabsolute,assuranceagainst material
misstatement or loss.
Asamatterofroutine,theboardkeepsunderreviewanyriskstowhichtheCharityissubjectandbelieves its
significantnumberofvolunteerhelpersarewellpositionedtobringevolvingriskstoitsattentionsoasto enable
mitigating action to be taken where necessary. An annual risk assessment was carried out during the year.
ThereportofthedirectorshasbeenpreparedinaccordancewiththespecialprovisionsofPart15ofthe Companies
Act 2006 relating to small companies.
By Order of the Board
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
01089324 (England and Wales)
Registered Charity number
265212
Registered office
Little Hall
Market Place
Lavenham
Suffolk
CO10 9QZ
Page 3
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation Trust Limited)
Report of the Trustees
for the Year Ended 31 December 2024
Trustees
B V Aket
P J R P Hart
J Knight
M J Lightfoot (resigned 10.7.24)
G D Panton
R S Proctor
Dr G R Smith
M A Sutherill
Ms M Lesser
T Buxbaum Trustee (appointed 27.2.24)
Independent Examiner
James Knights
Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR
Reportofthetrustees,incorporatingastrategicreport,approvedbyorderoftheboardoftrustees,asthe company
directors, on ............................................. and signed on the board's behalf by:
........................................................................
R S Proctor - Trustee
Page 4
Independent Examiner's Report to the Trustees of
Historic Suffolk Ltd
Independent examiner's report to the trustees of Historic Suffolk Ltd ('the Company')
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 December 2024.
Responsibilities and basis of report
As the charity'strusteesof the Company(andalsoits directorsfor the purposesof companylaw)youare responsible
for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accountsof the Company are not required to be audited under Part 16 of the 2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccounts as
carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examinationI have followed
the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity'sgross income exceeded£250,000your examinermust be a member of a listedbody.I can confirm
thatI am qualifiedto undertakethe examinationbecauseI am a member of the Instituteof CharteredAccountants in
England and Wales, which is one of the listed bodies.
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the
examination giving me cause to believe:
1. 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
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Knights
The Institute of Chartered Accountants in England and Wales
Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR
Date: .............................................
Page 5
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation Trust Limited)
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2024
Notes
INCOME AND ENDOWMENTS FROM
Donations, gifts and grants
2
Charitable activities
5
Little Hall
Pakenham Water Mill
General
Museum and mill receipts
3
Investment income
4
Total
EXPENDITURE ON
Fundraising and marketing
6
Direct charitable expenditure
7
Little Hall
Pakenham Water Mill
Thelnetham Windmill
General
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
131,797
4,000
8,400
-
91,959
15,096
251,252
8,864
25,604
35,003
19,433
13,810
102,714
1,914
150,452
2,632,825
2,783,277 |
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
56,676
56,676 |
2024
Total
funds
£
131,797
4,000
8,400
-
91,959
15,096
251,252
8,864
25,604
35,003
19,433
13,810
102,714
1,914
150,452
2,689,501
2,839,953 |
2023
Total
funds
£
48,205
-
8,400
3,000
73,940
4,996 |
|
|
|
|
138,541 |
|
|
|
|
11,288
15,373
21,210
3,840
86,482 |
|
|
|
|
138,193 |
|
|
|
|
2,006 |
|
|
|
|
2,354
2,687,147 |
|
|
|
|
2,689,501 |
The notes form part of these financial statements
Page 6
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Balance Sheet
31 December 2024
Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
2,313,527
33,234
2,346,761
8,533
27,304
403,015
438,852
(2,336)
436,516
2,783,277
2,783,277 |
Restricted
funds
£
-
-
-
-
-
56,676
56,676
-
56,676
56,676
56,676 |
2024
Total
funds
£
2,313,527
33,234
2,346,761
8,533
27,304
459,691
495,528
(2,336)
493,192
2,839,953
2,839,953
2,783,277
56,676
2,839,953 |
2023
Total
funds
£
2,315,359
31,320
2,346,679
7,682
14,201
323,644
345,527
(2,705)
342,822
2,689,501
2,689,501
2,632,825
56,676
2,689,501 |
|
|
|
|
|
The charitablecompanyis entitledto exemptionfrom audit under Section 477 of the CompaniesAct 2006 for the year
ended 31 December 2024.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 December 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 7
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Balance Sheet - continued
31 December 2024
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
P J R P Hart - Trustee
The notes form part of these financial statements
Page 8
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Notes to the Financial Statements
for the Year Ended 31 December 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been
prepared in accordancewith the Charities SORP (FRS 102) 'Accountingand Reportingby Charities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CompaniesAct2006.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention, with
theexceptionofinvestmentswhichareincludedatmarketvalue,asmodifiedbytherevaluationof certain
assets.
Income
All income is recognised in the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it
is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis
andhasbeenclassifiedunderheadingsthataggregateallcostrelatedto thecategory.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Tangible fixed assets
Nodepreciationisprovidedinrespectoffreeholdproperty.Thepropertiesaremaintainedsuchthat residual
valueisequivalenttovaluationandanydepreciationchargewouldbeimmaterial.Attherequestof the
MuseumsandGalleriesCommission,thecontentsofLittleHallareshownatanilvalue.Additionsare fully
depreciatedintheyearofpurchase.Depreciationonothercontentsandequipmentisprovidedat20% per
annum.
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsolete and
slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees
Designated funds
Other funds listed under unrestricted funds are designated by the Trustees for the following purposes:
Pakenham Water Mill |
External redecoration |
Trust |
Work relating to acquisition |
Little Hall |
Quinquennial report work |
Thelnetham Windmill |
Improvements/ maintenance projects |
Restricted funds
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
continued...
Page 9
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
There funds are named in accordance with their restriction:
Pakenham Water Mill
Little Hall
Thelnetham Windmill
2. DONATIONS, GIFTS AND GRANTS
Gifts
Grants
Grants received, included in the above, are as follows:
Marsh Christian Trust
R Mann Charitable Trust
Irving Memorial Trust
Fitton Charitable Trsut
Lord Belstead Charitable Trust
Aurelia Charitable Trust
Repainting Grant
Williams Charitable Trust
LMC Charitable Trust
Pilgrim Trust
Will Charitable Trust
Swire Charitable Trust
LM Carter Charitable Trust |
2024
£
117,697
14,100
131,797
2024
£
-
1,880
-
-
5,960
2,500
-
-
-
-
-
-
3,760
14,100 |
|
2023
£
12,033
36,172 |
|
|
|
48,205 |
|
|
|
2023
£
600
1,968
2,000
564
-
5,640
1,760
5,640
2,000
5,000
1,000
10,000
- |
|
|
|
36,172 |
continued...
Page 10
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
3.
MUSEUM AND MILL RECEIPTS
Shop income
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Rent receivable
Little Hall
Rent receivable
Pakenham Water Mill
Rent receivable
General
6.
FUNDRAISING AND MARKETING
Raising donations and legacies
Marketing
Fundraising
Other trading activities
Opening stock
Closing stock
Aggregate amounts |
2024
£
91,959
2024
£
15,096
2024
£
4,000
8,400
-
12,400
2024
£
2,791
6,925
9,716
2024
£
7,681
(8,533)
(852)
8,864 |
2023
£
73,940
2023
£
4,996
2023
£
-
8,400
3,000
11,400
2023
£
1,162
10,323
11,485
2023
£
7,484
(7,681)
(197)
11,288 |
|
|
|
continued...
Page 11
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation Trust Limited)
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
7. CHARITABLE ACTIVITIES COSTS
Little Hall
Pakenham Water Mill
Thelnetham Windmill
General
SUPPORT COSTS
Little Hall
Thelnetham Windmill
General |
Support
Direct
costs (see
Costs
note 8)
Totals
£
£
£
23,990
1,614
25,604
35,003
-
35,003
19,407
26
19,433
10,367
3,443
13,810
88,767
5,083
93,850
Management
£
1,614
26
3,443
5,083 |
|
|
8. SUPPORT COSTS
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting): |
|
|
|
2024 |
2023 |
|
£ |
£ |
Depreciation - owned assets |
1,832 |
2,260 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 31 December 2024 nor for the year
ended 31 December 2023.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2024norfortheyear ended
31 December 2023.
continued...
Page 12
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
11. STAFF COSTS
Wages and salaries
The average monthly number of employees during the year was as follows:
Directors
Part time staff
No employees received emoluments in excess of £60,000. |
2024
£
74
74
2024
9
2
11 |
2023
£
5,420
5,420
2023
9
2
11 |
|
|
|
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations, gifts and grants
Charitable activities
Pakenham Water Mill
General
Museum and mill receipts
Investment income
Total
EXPENDITURE ON
Fundraising and marketing
Direct charitable expenditure
Little Hall
Pakenham Water Mill
Thelnetham Windmill
General
Total
Net gains on investments
NET INCOME |
Unrestricted
funds
£
48,205
8,400
3,000
73,940
4,996
138,541
11,288
15,373
21,210
3,840
86,482
138,193
2,006
2,354 |
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
- |
Total
funds
£
48,205
8,400
3,000
73,940
4,996 |
|
|
|
138,541 |
|
|
|
11,288
15,373
21,210
3,840
86,482 |
|
|
|
138,193 |
|
|
|
2,006 |
|
|
|
2,354 |
continued...
Page 13
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation Trust Limited)
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
|
|
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
RECONCILIATION OF FUNDS
Total funds brought forward
2,630,471
56,676
2,687,147
TOTAL FUNDS CARRIED FORWARD
2,632,825
56,676
2,689,501
13.
TANGIBLE FIXED ASSETS
Fixtures
Freehold
and
property
fittings
Totals
£
£
£
COST OR VALUATION
At 1 January 2024 and 31 December 2024
2,306,306
56,254
2,362,560
DEPRECIATION
At 1 January 2024
-
47,201
47,201
Charge for year
-
1,832
1,832
At 31 December 2024
-
49,033
49,033
NET BOOK VALUE
At 31 December 2024
2,306,306
7,221
2,313,527
At 31 December 2023
2,306,306
9,053
2,315,359
Cost or valuation at 31 December 2024 is represented by:
Fixtures
Freehold
and
property
fittings
Totals
£
£
£
Valuation in 2017
1,259,154
-
1,259,154
Cost
1,047,152
56,254
1,103,406
2,306,306
56,254
2,362,560
If freehold property had not been revalued it would have been included at the following historical cost:
2024
2023
£
£
Cost
1,047,152
1,047,152 |
|
Total
funds
£
2,687,147 |
|
|
2,689,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All three propertieswere valuedon 30 May 2017by J C CassonFRICS,an independentvalueras definedin the
RICS Valuation and Professional Standards 2014.
continued...
Page 14
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
13. TANGIBLE FIXED ASSETS - continued
AttherequestoftheAreaMuseumService,thefollowingClause3swasaddedtotheMemorandum and
Articles of Association at the Annual General Meeting in 1990:
"Topreserveintactanycontentssuchasfurniture,paintings,objectsandanyotherexhibits historically
associated with the Trust's individual properties, to buy or acquire further associated items."
14. FIXED ASSET INVESTMENTS
FIXED ASSET INVESTMENTS |
|
|
Listed |
|
investments |
|
£ |
MARKET VALUE |
|
At 1 January 2024 |
31,320 |
Additions |
408 |
Revaluations |
1,506 |
At 31 December 2024 |
33,234 |
NET BOOK VALUE |
|
At 31 December 2024 |
33,234 |
At 31 December 2023 |
31,320 |
There were no investment assets outside the UK. |
|
Cost or valuation at 31 December 2024 is represented by: |
|
|
|
Listed |
|
|
investments |
|
|
£ |
Valuation in |
2022 |
(686) |
Valuation in |
2023 |
2,006 |
Valuation in |
2024 |
1,914 |
Cost |
|
30,000 |
|
|
33,234 |
continued...
Page 15
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
15.
STOCKS
Stocks
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments and accrued income
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accruals and deferred income
18.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Pakenham Water Mill
Trust
Little Hall
Thelnetham Windmill
General fund revaluation reserve
Restricted funds
Pakenham Water Mill
Little Hall
Thelnetham windmill
TOTAL FUNDS |
At 1.1.24
£
1,311,665
12,000
17,006
25,000
8,000
1,259,154
2,632,825
44,000
10,916
1,760
56,676
2,689,501 |
2024
£
8,533
2024
£
4,000
23,304
27,304
2024
£
353
1,983
2,336
Net
movement
in funds
£
99,668
26,259
-
23,254
1,271
-
150,452
-
-
-
-
150,452 |
2023
£
7,682
2023
£
-
14,201
14,201
2023
£
319
2,386
2,705
At
31.12.24
£
1,411,333
38,259
17,006
48,254
9,271
1,259,154 |
2023
£
7,682
2023
£
-
14,201 |
2023
£
7,682 |
|
|
|
|
14,201 |
|
|
|
|
|
|
2023
£
319
2,386 |
|
|
|
|
|
2,705 |
|
|
|
2,783,277
44,000
10,916
1,760 |
|
|
|
|
|
56,676 |
|
|
|
|
|
2,839,953 |
|
|
continued...
Page 16
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
18. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Pakenham Water Mill
Little Hall
Thelnetham Windmill
TOTAL FUNDS |
Incoming
resources
£
123,379
55,954
51,116
20,803
251,252
251,252 |
Resources
expended
£
(25,625)
(29,695)
(27,862)
(19,532)
(102,714)
(102,714) |
Gains and
Movement
losses
in funds
£
£
1,914
99,668
-
26,259
-
23,254
-
1,271
1,914
150,452
1,914
150,452 |
|
|
|
|
Comparatives for movement in funds
Unrestricted funds
General fund
Pakenham Water Mill
Trust
Little Hall
Thelnetham Windmill
General fund revaluation reserve
Restricted funds
Pakenham Water Mill
Little Hall
Thelnetham windmill
TOTAL FUNDS |
At 1.1.23
£
1,311,317
12,000
15,000
25,000
8,000
1,259,154
2,630,471
44,000
10,916
1,760
56,676
2,687,147 |
Net
movement
in funds
£
348
-
2,006
-
-
-
2,354
-
-
-
-
2,354 |
At
31.12.23
£
1,311,665
12,000
17,006
25,000
8,000
1,259,154 |
|
|
|
2,632,825
44,000
10,916
1,760 |
|
|
|
56,676 |
|
|
|
2,689,501 |
continued...
Page 17
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
18. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Trust
TOTAL FUNDS |
Incoming
resources
£
138,541
-
138,541
138,541 |
Resources
expended
£
(138,193)
-
(138,193)
(138,193) |
Gains and
Movement
losses
in funds
£
£
-
348
2,006
2,006
2,006
2,354
2,006
2,354 |
|
|
|
|
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
Pakenham Water Mill
Trust
Little Hall
Thelnetham Windmill
General fund revaluation reserve
Restricted funds
Pakenham Water Mill
Little Hall
Thelnetham windmill
TOTAL FUNDS |
At 1.1.23
£
1,311,317
12,000
15,000
25,000
8,000
1,259,154
2,630,471
44,000
10,916
1,760
56,676
2,687,147 |
Net
movement
in funds
£
100,016
26,259
2,006
23,254
1,271
-
152,806
-
-
-
-
152,806 |
At
31.12.24
£
1,411,333
38,259
17,006
48,254
9,271
1,259,154 |
|
|
|
2,783,277
44,000
10,916
1,760 |
|
|
|
56,676 |
|
|
|
2,839,953 |
continued...
Page 18
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation
Trust Limited)
Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
18. MOVEMENT IN FUNDS - continued
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
Unrestricted funds
General fund
Pakenham Water Mill
Trust
Little Hall
Thelnetham Windmill
TOTAL FUNDS |
Incoming
resources
£
261,920
55,954
-
51,116
20,803
389,793
389,793 |
Resources
expended
£
(163,818)
(29,695)
-
(27,862)
(19,532)
(240,907)
(240,907) |
Gains and
Movement
losses
in funds
£
£
1,914
100,016
-
26,259
2,006
2,006
-
23,254
-
1,271
3,920
152,806
3,920
152,806 |
|
|
|
|
Revaluation Reserve
The general fund revaluation reserve was created by the revaluation of the freehold properties.
Allthreepropertieswere valuedon30May2017byJ CassonFRISCS,anindependentvaluerasdefinedin the
RICS Valuation and Professional Standards 2014.
Thevaluationwasbasedonanopenmarketvalue,takingintoaccountthehistoricnatureofthe properties.
together with the cost of additions to date.
Thelnetham Windmill was given to the Trust in 2013, the directors valued it as a heritage asset at £25,000.
LittleHallanditscontentswereofferedasagift,unconditionally,bySurreyCountyCouncilin1974to the
SuffolkPreservationSocietywhichdecidedthatHistoricSuffolkLtd,newlysetupin1973,wouldbe the
appropriate body to hold and administer the gift.
19. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
Page 19
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation Trust Limited)
INCOME AND ENDOWMENTS
Donations, gifts and grants
Gifts
Grants
Museum and mill receipts
Shop income
Investment income
Deposit account interest
Charitable activities
Rent receivable
Total incoming resources
EXPENDITURE
Raising donations and legacies
Marketing
Fundraising
Other trading activities
Opening stock
Closing stock
Direct charitable expenditure
Wages
Insurance
Light and heat
Milling costs etc
Repairs and renewals
Depreciation of tangible fixed assets
Support costs
Management
Administration expenses
Carried forward |
Detailed Statement of Financial Activities
for the Year Ended 31 December 2024 |
2024
£
117,697
14,100
131,797
91,959
15,096
12,400
251,252
2,791
6,925
9,716
7,681
(8,533)
(852)
74
23,960
8,671
17,283
36,947
1,832
88,767
3,715
3,715 |
2023
£
12,033
36,172
48,205
73,940
4,996
11,400
138,541
1,162
10,323
11,485
7,484
(7,681)
(197)
5,420
11,712
7,773
15,081
79,079
2,260
121,325
3,921
3,921 |
|
|
|
|
This page does not form part of the statutory financial statements
Page 20
Historic Suffolk Ltd
(Formerly Suffolk Building Preservation Trust Limited)
Management
Brought forward
Independent examiner
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Net gains/(losses) on investments
Net income |
Detailed Statement of Financial Activities
for the Year Ended 31 December 2024 |
2024
£
3,715
1,368
5,083
102,714
148,538
1,914
150,452 |
2023
£
3,921
1,659 |
|
|
|
|
|
|
|
5,580 |
|
|
|
138,193 |
|
|
|
348
2,006 |
|
|
|
2,354 |
This page does not form part of the statutory financial statements
Page 21