```
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;
```
- `a. Unforeseen emergencies such as a major building repair bill.`
- `b. Unforeseen deficits in day to day operating revenues - for example caused by unplanned closure of buildings.`
```
Further the Reserved funds could be required for;
```
- `c. A future major asset purchase or project that requires some level of matched funding.`
- `d. Funding short term deficits in a cash budget - for example while waiting for a funding grant.`
```
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
```