2023-03-31-accounts

Registered number: 01295328 Charity number: 273702

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

CONTENTS

	Page
Reference and Administrative Details of the Trust, its Directors and Advisers	1
Directors' Report	2 - 6
Independent Examiner's Report	7
Statement of Financial Activities	8
Balance Sheet	9 - 10
Notes to the Financial Statements	11 - 30

NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Directors	Mr B F Gillery
	Mr R Halsey
	Mrs J M Harwood
	Mr T Hickman Smith
	Mr B F Johnsen
	Mr M Launchbury
	Mrs H C Leith
	Mr C Maw
	Mr J Parry
	Mr A J Power
	Mr G Stamp
Company registered number 01295328 Charity registered number 273702 Registered office 9 The Old Church St Matthews Road Norwich Norfolk NR1 1SP Company secretary S A Potts Accountants MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ

Page 1

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Directors present their annual report together with the financial statements of the Trust for the year 1 April 2022 to 31 March 2023. The Annual Report serves the purposes of both a Directors' report and a directors' report under company law. The Directors confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Trust qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The objects for which the Trust was established, as set out in the Memorandum of Association, are "to preserve for the benefit of the people of the County of Norfolk and of the nation at large, whatever of the historical, architectural or constructional heritage may exist in and around the County of Norfolk in the form of (a) buildings of particular beauty or historical, architectural or constructional interest; (b) ancient monuments; and (c) land of particular beauty or historical interest".

In setting objectives and planning for activities, the Directors have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

The main activity for achieving the above objectives is the purchase or lease of properties falling into the above definitions, which are often on the Buildings at Risk Register, and then arranging and funding their renovation followed by a subsequent sale. However, because of the nature of the property market and the number of important buildings which have limited or no resale value, a subsequent sale is not always possible and as a result the Trust has a number of buildings that it retains. Some of these are open to the public and, in some cases, they can be operated by an 'arms length company' or by sub-tenants.

Achievements and performance

a. Main achievements of the Trust and plans for the future

Since its formation in 1977, the Trust has completed over 20 schemes of restoration and taken on responsibility for the day-to-day care and management of several other historic buildings and structures. During 2021/2022 the majority of the Trust’s attention and resources were focused on:

• carrying out maintenance and repairs at the Trust’s properties as required

• leading efforts to save the Grade I-listed Becket’s Chapel in Wymondham

A continuing concern for Directors was to ensure that the Trust has sufficient reserves in place to: i) meet ongoing maintenance responsibilities and potential repair costs for its properties, especially those of little or no income-generating potential ii) provide limited funding for potential new projects, such as Becket’s Chapel.

Page 2

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

Waxham Great Barn

Wedding hires, which represent the principal source of income, recovered in 2022-23 compared to the prior year, which was impacted by the Covid-19 pandemic, with revenue from this source being £49,645, compared to £18,090 in 2021-22 and £31,211 in 2019-20, the last full year pre-pandemic. In part, this performance is explained by the number of weddings which were postponed as a result of the pandemic now having taken place.

The café, operated by a tenant, continues to be very successful, helping to drive footfall to the Barn so that people local to the area and visitors can appreciate the scale and beauty of this Tudor property.

We have continued to maintain the Barn and invest in improvements but maintaining the Barn over the longer term continues to be a challenge as the revenue generated is not sufficient to fund the medium to long term needs of this historic building. We are exploring, with partners, how to place the Barn on a financially sustainable footing. The thatched ridge of the Barn needs replacing and it is the intention of the Trust to raise funds for this work, which is planned for 2025 and will cost c£50,000.

Oulton Chapel

The Trust has completed the arrangements for the natural burial ground. Hard landscaping works were carried out during the summer of 2022, with planting undertaken in the autumn. We believe this project will provide valuable long-term income for the Trust, and result in much more extensive use of the chapel for funerals and other appropriate events.

Salhouse Station and Greater Anglia station maintenance strategy

The campaign to save Salhouse Station has joined a much broader movement to determine the future of our remaining built railway heritage, involving SAVE Britain’s Heritage, and led by the Chairman of Suffolk Building Preservation Trust, Piers Hart (Brandon Station in Suffolk became a cause célèbre because of Anglia Railway’s attempts to demolish it, despite being listed). We have jointly created a website www.save-our-stations.com/ which highlights several buildings at risk on the Greater Anglia network, including Salhouse.

In September a team of supporters, including the Suffolk MP Jo Churchill, met the Railway Minister, Huw Merriman, in Westminster to highlight the plight of many of these buildings and to determine policy for their future use. Meanwhile, Greater Anglia has halted all demolition and replacement by bus style shelters. We are waiting to hear back from the Minister.

Becket’s Chapel

This formerly semi-redundant Grade I-listed and “At Risk” building is located in Wymondham town centre. The Trust acquired the chapel in September 2022 having secured in excess of £700,000 in grant funding for major repairs and an upgrade as the first phase of the project. Substantial grants were secured from Historic England, the Architectural Heritage Fund, Norwich Freeman’s Charity, Pilgrim Trust and the Headley Trust. Further funding has been granted by the Geoffrey Watling Charity towards the Trust’s purchase of the chapel from the previous owners. The Trust has committed £50,000 of its own resources to this project which is being used to match fund grant monies as required and to purchase the chapel.

The repair work included reroofing, repairs to flint, stonework and drainage, including a new French drain on the North side. Internally, the concrete floor has been replaced with limecrete, incorporating underfloor heating and wiring. This project is a trail blazer for the Trust and for Historic England in that it will, for the first time, incorporate elements that support the drive to Net Zero. These include roof insulation, requiring the raising of the roof, and underfloor insulation. We hope to incorporate a ground source heat pump and photovoltaic panels

Page 3

NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

in phase two of the project.

Although the project overran by approximately two and a half months, due to weather, contractor delays and some unexpected additional major repair work, the project was completed within budget.

Personnel

There were no personnel changes during the year. The Trust continues to seek new directors with the relevant knowledge and experience to help broaden the skill set on the board and enable it to expand its influence and involvement in its work across the county.

Financial review

a. Going concern

After making appropriate enquiries, the Directors have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

The Trust’s reserves comprise Restricted reserves (representing funds received for a specified purpose) and Unrestricted reserves (comprising funds designated for specific purposes at the discretion of the Directors and General Funds).

The Directors review the Trust’s Unrestricted reserves on a regular basis and, prior to the commencement of any major scheme, they ensure that, wherever possible, the projected costs will be covered by grants and other donations or the resale value of the completed scheme. Where this requires a contribution from the Trust, they ensure that any such costs to be borne by the Trust are capable of being covered by available Unrestricted reserves.

Unrestricted reserves held for the future maintenance of the Trust's freehold and leasehold properties are reviewed on a regular basis and condition reports are commissioned where appropriate to inform the levels of reserves held. In addition, a Heritage Assets reserve (matching the carrying value of the Trust’s Heritage assets) is maintained, reflecting the fact that there is no current intention to dispose of any of the Trust’s Heritage assets. Of the remaining reserves, an Operational reserve was established to reflect a minimum of 6 months’ gross operational outgoings, together with a reserve reflecting Commitment to Projects (being Beckets Chapel).

Further details are provided in Note 18 to the Financial Statements.

Page 4

NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management

a. Constitution

Norfolk Historic Buildings Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 24 January 1977, which were amended by special resolution at extraordinary general meetings held on 22 February 1990 and 19 May 2011. The Memorandum and Articles of Association were replaced at the 2014 AGM held on 12 September 2014. A special resolution will be presented to the members at the 2023 AGM on 11 December 2023 to amend the Articles of Association as follows:

i) the maximum number of Directors be increased from twelve to fifteen;

ii) Directors having completed two terms of three years should be permitted to serve further three year terms with the unanimous agreement of the other Directors (the current Articles require a Director to retire after serving two three-year terms);

iii) The chairman having completed one five-year term should be permitted to serve further such two-year terms as unanimously agreed by the Directors (the current Articles require the chairman to retire from that role after a five-year term).

b. Methods of appointment or election of Directors

The management of the Trust is the responsibility of the Directors who are elected and co-opted under the terms of the Memorandum of Association.

c. Organisational structure and decision-making policies

The Directors of the Trust form its management committee and meet between four and six times per year to consider policy issues or the acquisition and restoration of properties. They also make decisions regarding expenditure on all matters except those of a routine administrative nature, or those schemes previously approved.

d. Policies adopted for the induction and training of Directors

It is a requirement of the Articles of Association that the Directors must be members, and they are therefore already fully aware of the aims and objectives of the Trust and the way in which it operates. All Directors are experienced in their respective fields of expertise, and in the requirements and responsibilities of acting as a director / trustee.

e. Financial risk management

The Directors have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Members' liability

The Members of the Trust guarantee to contribute an amount not exceeding £1 to the assets of the Trust in the event of winding up.

Page 5

NORFOLK HISTORIC BUILDINGS TRUST IA Company Lxnlled by Guarantee) DIRECTORS. REPORT (coKllNUEDI FOR THE YEAR ENDED 31 MARCH 2023 statement of Dlrnetots. responsibililies The DIr￿or5 {who are also the director5 of the Trust for the purposes of {￿MpanY Lawl are responsible for preparing the Directors. Rewrt and the finanaal ststements in atthrdance wtth appluble law and United lQngdom Accounting Standarth (Unrted Kingdom Generaity Accepted Acrounb"ng pra￿1￿). Company law requires the Directors to prepare financial statements for each financial year. Under company law, the Directors must r￿1 approve the financial staterrEnts unless tw are satisfied that they give a tNe and fair view of the stale of affairs of the Trust and of its incx)nMng reSoUr￿S arKI applI￿1￿)n of resour￿, including ils In(Th￿ and expenditure. for that Fwvxl. In prepafing these financial statements. the Directors are required to.. select suitable ￿Unting tK)li¢ies and then appty them consistently., observe the Y[Eth￿JS and principles of the Charities SORP IFRS 1021; make judgen￿ts and ac(x)unting estiNAtes that are reasonable and pru state whether apFAicaNe UK AIxxMJnting Standards IFRS 102) have lfftn frjllowed, subject to any material departures disdosed and expLgined in the financial ststements., prepare the finanual statements on the going (x)n(m basis unless it is inappropriate tr) presume that the Trustwill contr.nue in buwness. The Directors are responsible for keeping adequate ￿l￿nting r￿rdS th are sufficient to show and explain the Trust's transactions and disclose with reasonabk ￿￿racY al any ts"rr￿ the finar￿la1 posits.on of the Tfust and enable them to ensure that the financial statements (x)mply wilh the Companies Act 20(￿. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable sleps for the prevention and detection of fraud and other irreguLaiilies. ApprDv&J by order of the nEmbers of the LK>ard of Ditectors and signed on their behalf by." MrsJM Date.. Page 6

NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023

Independent Examiner's Report to the Directors of Norfolk Historic Buildings Trust ('the Trust')

I report to the charity Directors on my examination of the accounts of the Trust for the year ended 31 March 2023.

Responsibilities and Basis of Report

As the Directors of the Trust (and its directors for the purposes of company law) you are 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 accounts of the Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Trust's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Since the Trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

1. accounting records were not kept in respect of the Trust 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.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Trust's Directors, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Trust's Directors those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trust's Directors as a body, for my work or for this report.

Signed: Dated: 4 December 2023 Mr F M E Shippam BSc FCA DChA

MA Partners LLP

Chartered Accountants

Page 7

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Other income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net income/(expenditure) Transfers between funds 18 Net movement in funds Reconciliation of funds: Total funds brought forward as previously stated Prior year adjustment Total funds brought forward as restated Net movement in funds Total funds carried forward	Restricted funds 2023 £ 491,474 - - - 491,474 245,424 245,424 246,050 (6,000) 240,050 7,804 - 7,804 240,050 247,854	Unrestricted funds 2023 £ 489 74,314 3,821 200 78,824 105,475 105,475 (26,651) 6,000 (20,651) 596,118 - 596,118 (20,651) 575,467	Total funds 2023 £ 491,963 74,314 3,821 200 570,298 350,899 350,899 219,399 - 219,399 603,922 - 603,922 219,399 823,321	Total funds 2022 £ 73,178 40,215 2,235 - 115,628 145,600 145,600 (29,972) - (29,972) 650,081 (16,187) 633,894 (29,972) 603,922

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 11 to 30 form part of these financial statements.

Page 8

NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 01295328

BALANCE SHEET AS AT 31 MARCH 2023

Note Fixed assets Tangible assets 12 Heritage assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Total net assets Charity funds Restricted funds 18 Unrestricted funds 18 Total funds	59,283 411,076 470,359 (31,211)	2023 £ 5,310 385,701 1 391,012 439,148 830,160 (6,839) 823,321 247,854 575,467 823,321	52,709 260,137 312,846 (53,395)	2022 £ 5,667 350,700 1 356,368 259,451 615,819 (11,897) 603,922 7,804 596,118 603,922

The Trust was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 9

NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarante•) REGISTERED NUMBER: 01295328 BALANCE SHEET (COtinNUED) AS AT 31 IAARCH 2023 The financial statements were approv￿1 and authortsed for issue by the Di[￿)rS and signed on th￿r i￿alf by.. MrsJ HaTh￿•d Date: The notes on pages 11 to 30 fomi part of these financial statements. Page 10

NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

Norfolk Historic Buildings Trust is registered as a charitable company limited by guarantee incorporated in England and Wales.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Norfolk Historic Buildings Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Page 11

NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	25%
Fixtures and fittings	-	25%

2.6 Heritage assets

Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Where heritage assets have been donated, they are initially recognised at a nominal value of £100 each, which reflects a variety of attached long term encumbrances. Heritage assets will be revalued where a professional valuation indicates a value significantly in excess of the nominal amount. The excess of the revalued amount over the nominal amount is transferred to a revaluation reserve.

All maintenance expenditure incurred and revenue received in respect of these properties is recognised in the income and expenditure account as incurred on an accruals basis.

Heritage assets are not depreciated. An impairment review of property valuations is conducted on an annual basis.

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Page 12

NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.11 Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.12 Pensions

The Trust operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Trust to the fund in respect of the year.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the Trust and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 13

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from donations and legacies

Donations Grants Total 2023 Total 2022	Restricted funds 2023 £ - 491,474 491,474 60,914	Unrestricted funds 2023 £ 489 - 489 12,264	Total funds 2023 £ 489 491,474 491,963 73,178	Total funds 2022 £ 581 72,597
				73,178

4. Income from charitable activities

Income from charitable activities - Charitable activities Investment income Investment income - bank interest Investment income - other interest	Unrestricted funds 2023 £ 74,314 Unrestricted funds 2023 £ 1,313 2,508 3,821	Total funds 2023 £ 74,314 Total funds 2023 £ 1,313 2,508 3,821	Total funds 2022 £ 40,215
			Total funds 2022 £ 51 2,184
			2,235

5. Investment income

Page 14

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Other incoming resources

	Unrestricted	Total	Total
	funds	funds	funds
	2023	2023	2022
	£	£	£
Miscellaneous	200	200	-

7. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activities Total 2022	Restricted funds 2023 £ 245,424 55,735	Unrestricted funds 2023 £ 105,475 89,865	Total 2023 £ 350,899 145,600	Total 2022 £ 145,600

Summary by expenditure type

Charitable activities Total 2022	Staff costs 2023 Depreciation 2023 £ £ 28,016 2,426 30,364 2,115	Other costs 2023 £ 320,457 113,121	Total 2023 £ 350,899 145,600	Total 2022 £ 145,600

Page 15

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure by activities

Charitable activities Total 2022	Activities undertaken directly 2023 £ 302,715 94,296	Support costs 2023 £ 48,184 51,304	Total funds 2023 £ 350,899 145,600	Total funds 2022 £ 145,600

Analysis of direct costs

Property maintenance and operational costs Professional fees Insurance	Total funds 2023 £ 50,124 244,802 7,789 302,715	Total funds 2022 £ 86,089 8,207 -
		94,296

Page 16

NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs Insurance Office and administration Depreciation Secretary's expenses Travel Bank charges Public relations Governance costs	Total funds 2023 £ 28,016 3,748 5,787 2,426 727 343 106 - 7,031 48,184	Total funds 2022 £ 30,364 6,238 3,997 2,115 767 222 87 1,937 5,577
		51,304

9. Independent examiner's remuneration

	2023	2022
	£	£
Fees payable to the Trust's independent examiner for the independent
examination of the Trust's annual accounts	615	525
Fees payable to the Trust's independent examiner in respect of:
All other services not included above	6,416	4,970

Page 17

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Staff costs

Wages and salaries Contribution to defined contribution pension schemes	2023 £ 27,580 436 28,016	2022 £ 29,865 499
		30,364

The average number of persons employed by the Trust during the year was as follows:

	2023	2022
	No.	No.
Administration	3	3

No employee received remuneration amounting to more than £60,000 in either year.

11. Directors' remuneration and expenses

During the year, no Directors received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, travel expenses totalling £ 343 were reimbursed or paid directly to 2 Directors (2022 - £222 to 2 Directors) .

Page 18

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Tangible fixed assets

Cost At 1 April 2022 Additions At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 13. Heritage assets Assets recognised at cost	Plant and machinery £ 14,053 260 14,313 8,386 2,426 10,812 3,501 5,667	Fixtures and fittings £ - 1,809 1,809 - - - 1,809 -	Total £ 14,053 2,069
			16,122
			8,386 2,426
			10,812
			5,310
			5,667

Carrying value at 1 April 2022 Additions	Freehold property 2023 £ 350,500 35,001 385,501	Long-term leasehold property 2023 £ 200 - 200	Total 2023 £ 350,700 35,001
			385,701

Page 19

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Heritage assets (continued)

Analysis of heritage asset transactions

Purchases Freehold property Total additions Disposals Freehold property Long-term leasehold property Total disposals Proceeds from disposals Freehold property Total sale proceeds	2023 £ 35,001 35,001 - - - - -	2022 £ - - - - - - -	2021 £ - - - - - - -	2020 £ - - (200) (100) (300) 19,104 19,104	2019 £ - - (100) - (100) 2,000 2,000

Heritage assets are included in the financial statements as follows:

The Oulton Manse, Chapel and Coach House have been included at a valuation of £350,200. This comprises a professional valuation of £290,000 in respect of the Manse, at open market value, carried out by E Macdonald MRICS of NPS Property Consultants Limited, Norwich, Norfolk on 14 June 2002; and a Directors valuation of £60,200 for the Chapel and Coach House. The Directors have considered this valuation and believe that as it dates from 2002 it may well be less than market value, but are reluctant to incur the cost of having a professional valuation carried out.

During the year the freehold of Becket's Chapel was acquired at a cost of £35,001.

The following properties are included at a nominal value of £100 each:

Freehold - Homersfield Bridge; Little Cressingham Windmill; Thurton Lodges.

Leasehold - Fakenham Gas Works; Waxham Barn.

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NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Fixed asset investments

Cost Additions At 31 March 2023 Net book value At 31 March 2023	Investments in subsidiary companies £ 1
	1
	1

Principal subsidiaries

The following was a subsidiary undertaking of the Trust:

Name	Company	Registered office or principal	Holding
	number	place of business
NHBT Trading Company Limited	13094328	9 The Old Church, St Matthews	100%
		Road, Norwich, NR1 1SP
The financial results of the subsidiary for the year were:
Name			Net assets
			£
NHBT Trading Company Limited			1

The financial results of the subsidiary for the year were:

NHBT Trading Company Limited was incorporated on 21 December 2020 and had remained dormant to 31 March 2023.

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NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Debtors

Due after more than one year Other debtors Due within one year Trade debtors Other debtors	2023 £ 28,338 28,338 1,375 29,570 59,283	2022 £ 38,338
		38,338 1,226 13,145
		52,709

16. Creditors: Amounts falling due within one year

Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income Deferred income at 1 April 2022 Resources deferred during the year Amounts released from previous periods	2023 £ 4,075 1 426 - 26,709 31,211 2023 £ 43,953 19,353 (32,057) 31,249	2022 £ 17,710 1 - 1,500 34,184
		53,395
		2022 £ 16,187 39,187 (11,421)
		43,953

£6,839 ( 2022 - £11,897 ) of the deferred income above relates to weddings to be held after 31 March 2024 and is therefore disclosed in note 17 as due after more than one year.

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NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Creditors: Amounts falling due after more than one year

	2023	2022
	£	£
Accruals and deferred income	6,839	11,897

Page 23

NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds

Statement of funds - current year

Unrestricted funds Designated funds Maintenance reserve - Oulton Chapel, Manse and Coach House Maintenance reserve - Thurton Lodges Maintenance reserve - Homersfield Bridge Maintenance reserve - Waxham Great Barn Heritage assets reserve Commitments to projects Operational reserve General funds General Funds Total Unrestricted funds	Balance at 1 April 2022 £ 50,000 10,000 5,000 60,000 350,700 46,000 45,000 566,700 29,418 596,118	Income £ - - - - - - - - 78,824 78,824	Expenditure £ - - - - - - - - (105,475) (105,475)	Transfers in/out £ - - - - 35,001 (29,401) - 5,600 400 6,000	Balance at 31 March 2023 £ 50,000 10,000 5,000 60,000 385,701 16,599 45,000
					572,300
					3,167
					575,467

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NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds (continued)

Restricted funds Becket's Chapel Total of funds	Balance at 1 April 2022 £ 7,804 603,922	Income £ 491,474 570,298	Expenditure £ (245,424) (350,899)	Transfers in/out £ (6,000) -	Balance at 31 March 2023 £ 247,854
					823,321

The designated maintenance reserve funds are based on projected future maintenance and restoration costs.

Funds have been designated to a Heritage assets reserve reflecting the fact that the Trust’s heritage assets, principally comprising the freehold interests at Oulton (Manse, Chapel and Coach House) which are included on the Trust’s balance sheet at £350,700, are permanent in nature and are unlikely to be realised on the medium to longer term.

The commitments to projects designation relates to Becket's Chapel and the fact that through the grant application process, it is anticipated that there will be an expectation/requirement that the Trust commits an element of its funding to the project.

The operational reserve has been established to support the Trust should income streams no longer be available and provide sufficient reserves to cover the gross cost base for a period of six months.

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NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Designated funds Maintenance reserve - Oulton Chapel, Manse and Coach House Maintenance reserve - Thurton Lodges Maintenance reserve - Homersfield Bridge Maintenance reserve - Waxham Great Barn Heritage assets reserve Commitments to projects Operational reserve General funds General Funds Revaluation reserve Total Unrestricted funds	As restated Balance at 1 April 2021 £ 62,000 10,000 5,000 60,000 - - - 137,000 303,343 186,629 489,972 626,972	Income £ - - - - - - - - 54,714 - 54,714 54,714	Expenditure £ - - - - - - - - (89,865) - (89,865) (89,865)	Transfers in/out £ (12,000) - - - 350,700 46,000 45,000 429,700 (238,774) (186,629) (425,403) 4,297	Balance at 31 March 2022 £ 50,000 10,000 5,000 60,000 350,700 46,000 45,000
					566,700
					29,418 -
					29,418
					596,118

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NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds (continued)

Restricted funds Waxham Barn groundworks Beeston Priory Oulton Chapel Becket's Chapel Total of funds	As restated Balance at 1 April 2021 £ 1,230 2,373 694 2,625 6,922 633,894	Income £ - - - 60,914 60,914 115,628	Expenditure £ - - - (55,735) (55,735) (145,600)	Transfers in/out £ (1,230) (2,373) (694) - (4,297) -	Balance at 31 March 2022 £ - - - 7,804
					7,804
					603,922

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NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Summary of funds

Summary of funds - current year

					Balance at
	Balance at 1			Transfers	31 March
	April 2022	Income	Expenditure	in/out	2023
	£	£	£	£	£
Designated funds	566,700	-	-	5,600	572,300
General funds	29,418	78,824	(105,475)	400	3,167
Restricted funds	7,804	491,474	(245,424)	(6,000)	247,854
	603,922	570,298	(350,899)	-	823,321
Summary of funds - prior year
	As restated				Balance at
	Balance at			Transfers	31 March
	1 April 2021	Income	Expenditure	in/out	2022
	£	£	£	£	£
Designated funds	137,000	-	-	429,700	566,700
General funds	489,972	54,714	(89,865)	(425,403)	29,418
Restricted funds	6,922	60,914	(55,735)	(4,297)	7,804
	633,894	115,628	(145,600)	-	603,922

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NORFOLK HISTORIC BUILDINGS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Fixed asset investments Heritage assets Debtors due after more than one year Current assets Creditors due within one year Creditors due in more than one year Total	Restricted funds 2023 Unrestricted funds 2023 £ £ - 5,310 - 1 - 385,701 - 28,338 247,854 194,167 - (31,211) - (6,839) 247,854 575,467	Total funds 2023 £ 5,310 1 385,701 28,338 442,021 (31,211) (6,839) 823,321

Analysis of net assets between funds - prior year

Tangible fixed assets Fixed asset investments Heritage assets Debtors due after more than one year Current assets Creditors due within one year Creditors due in more than one year Total	Restricted funds 2022 £ - - - - 7,804 - - 7,804	Unrestricted funds 2022 £ 5,667 1 350,700 38,338 266,704 (53,395) (11,897) 596,118	Total funds 2022 £ 5,667 1 350,700 38,338 274,508 (53,395) (11,897) 603,922

21. Pension commitments

The Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Trust in an independently administered fund. The pension cost charge represents contributions payable by the Trust to the fund and amounted to £436 ( 2022 - £499 ). No contributions were payable to the fund at the balance sheet date.

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NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. Other financial commitments

The Trust has entered into a contract for urgent repair works at Becket's Chapel. The contracted construction value of the works is £550,861. As at 31 March 2023, the certified value of completed work was £202,130.

23. Related party transactions

Details of Directors' remuneration and expenses are give in note 11. There were no other related party transaction during the year and there were no balances owing between related parties and the Trust at 31 March 2023.

Page 30