**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. Page 20 ## **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. Page 21 ## **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. Page 22 ## **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**| Page 24 ## **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. Page 25 ## **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_| Page 26 ## **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_| Page 27 ## **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_| Page 28 ## **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. Page 29 ## **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