Reglstsred number. 01295328 Charity number: 273702 NORFOLK HISTORIC BUILDINGS TRUST (A Company Llmlted by Guarantee) UNAUDITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NORFOLK HISTORIC BUILDINGS TRUST (A Company Linited by Guarantee) coptTEKrs Page Rgfgrence and Admlnlstratlvfr Detai18 of th• Trus( Il• Dlfectorn and Advi8èr6 Dlrector8' R¢port Indopend¢nt Examln•rf• Report Stat•rn•nt ot Flnanclal Actlvltl•8 alancg 8ho•t 10-11 Not•8 to Ihe Flnanclal Statem&nl8 12-31
NORFOLK HisfoRIC BUILDINGS TRUST (A Company Umited by Guarants• REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, rrs DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 NIARCH 2024 DIrtor¥ MrBF&mery MrRHa Mrs J M HaThKKrfJ, Chair Mr T Hickman Smith r B F Johnsen {resvJned 26 Februw 2024) Mr M Laun¢hl>ury (resigned 22 Nwil 2024) Mr8 H C Leith Mrcmaw MrJ Parry MrA J Bames (apFyinted 11 DLr&nber2023) MrAJ P(xver MrG Stamp Mr C J Codling (appointed 11 Decemter 2023) Mrs R S matn {appointed 22 February 2024) Mr S M Jaggard lappoint&J 22 July 2024) Company regiBtsred nurnbgr 01295328 Charfty rngE8tsred numbgr 273702 Beckevs Chap81 2 Church Street Wymondham Norfolk NR18 OPH Company secretary SAPotts xcountar•ts MA Partners LLP Chartered Accountants 7 The Close N0ch Norfolk NR14DJ Page 1
NORFOLK HISTORIC BUILDINGS TRUST IA Company Limltsd by Guarantse DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Dlr*or$ present Iheir annual rewt togelher with the fm8ndal stslements of the Trust for the y8ar 1 April 2023 to 31 March 2024. The Annual Rewrt serves the purp)¥es of both a Dlrectors, rewrt and a directors, report under company law. The Directols confirm Ihal the Annual Report and financial slalements of the charitablg company compty with the current statuw requirements. the. requirements of the charitable companls governing document and the provi8ions of thg Ststement of Recommended Practice (SORP) applicable to tharities preparing their occ¢)unts in accordanc8 Mlh the Finanal Reporting Stsndard applicable in the UK and R8wblic of Ireland IFRS1021 (effective 1 January 2019). Since the Trust qualifies as sm1 under sectKJn 382 of the ccmp8ns Act 20(. the Strateglc Roport required of MluM ané large companies under the Cornpan Act 2006 (Strategic Report a1 Director8, Report} Regulations 2013 ha8 been omitted. ObJ•¢tlvM •nd actlvltl08 a. Pollcle8 and obJ•c¢lv The oblects for which the Trust was e81abli8hed, ag set out in the MemorarKlum of Association, are'lo preserve for the benefft of the people of the County of Norfok aThl of th& nation at large. whatevgr of the hi$loriGal, architectur81 or constructional heritage may exist in and around the County of Norfolk in the forni of la) buildings of particul?r beauty or hlslorical, architeQural cr ConstruOnal interest (b) ancienl monumants.. and Ic) land of particular beauty or hislori¢o1 intere5r. In 8ettlng obJectivo¥ arvj plgnnwig for activ1t1, the Directors havd given due Contskleratlon to general guldartce published by the Charity Commi8slon rel•tbng to public benefit. includlng tho guidance 'Public bgnefit.. running a charity {PB21'. b. Aetlvltl•B und•rtAk•n to achlov• obJ•ctlve8 The maln actfvlty for aCh1ong tho above obiectNe8 18 the purcha90 orlgase ol PpertIe9 falllng Into Ihe above d8finition4 whiGh are often on the Buildings at Risk Register, and then arranging and fiJnding their renovation lo be folk)wed by 8 subsequent sale. However, because of the nolure of the ycyety market and the number of Important building8 which have &miled or no re18 val, a subsequant sale is not aayS possible and as result Iha Trust ha8 a number of buildings that it taIns. Some of these aro open to the public and, in some case4 they can be operated by an 'ar& length companl or by sutenants. Page 2
NORFOLK HISTORIC BUILDINGS TRUST . (A Company Limlted by Guarantse DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achjevements and pèrfofmanco . Maln achhvemonts of the TruBt and plans for tho futuve SIre its famialion in 1977, the Trusl has complated over 20 schemes of rastoration and tsken on responsibility for the day-to.day care and management of sgverd other histcffic bU11n98 and 8truGtures. During 202312024 the rnajority of the Trusys attgntKJn and re80urces weTr focused on.. Carrying out malntén8rKe and repairs at Ihe Trusls properti89 as required WoTking with partners to promote Waxham Bam's weddings and c£fé bu$ine8s lo ensure that th8 Trust cover the Considorab on90ing costs of rewr8 and maintenance of the building. Working with partners to promote our natural twrial grounEJ al Oulton Chapel to produce sufficient Income to maintain the Oullon buildings. Completing the first phase of the Grade l-lthd Bec*eV8 Cha1 project in Wymondham. Thls was c(xnpleled within budget wlth Sufficient funds availabb to commission th8 manufacturer of heating chandeliers which were installed in th8 chapel 8fter the year•nd. We are grateful to our fundèrs, Hi81oric England. Thè Ar¢hit¢clural Heritage Fund, Norwich Freemang Charity, Pilgrim Trust, Headley Trust, South Norfolk Council and Geoffrey Walling for their generous support. Working on Phase 2 of the Peckers chapel project dèv•l¢)ping plans and o)stlngs for the proposed new ext8nshJn for planning and listed buikiing ¢on5ent which was applied for during May 2024. This dèvelopment work is being largety fund by the Artiila¢tural Hentage Fund. A (y)ntinuing concem for Dlr6ctors was lo ensufe that the Tnjst has 8ufficl8nt rn8erves in place lo.. 11 meot ongoing maintenance responsibilities and potsntial repair costs for its propertres. espe¢ially those of little or no Incomtrgeneraling potent1 ill provide limitéd funding for potential new projgcts, such as Bè¢kel's Chapel. Wth this in mind, the TnJ$t 1$ now looking 10 8clively fundrnis& lor Tepair work6. revenue fundbng tt> cover day to day ¢)verheads and considering ways of gonèrating more Inc from ils properties. Waxham Grnat Barn Wedding hires, which represent the prinup8180urce of Inc(. 81 £38,139 were hxver than the previou8 year 1£49,6451. 2022-23 dld, however. benefft from a number of wè(hJing5 whlch wefe postponed due lo the Covl 19 pandemic. Wedding hSre revenues for the year 2019-20 (the last fiJll year pre-pandéml were £31,211 $0, notsvith81anding the reduction year QD year, we continue to grow the hire business over th¢ longer temi. The cafe, opgraled by 8 tenan( continues to be very $u¢cessful, helping to drive f¢4)ttall to ihe 8am $0 tho1 people local to the area visitor5 Gan apweciale lh& scate and beauty this Tu(ksr property. We have conlinuad to maintain the Bam and invest in improveff£nls bul maintaining the Bam over th6 longer term ¢ontinues lo be a challenge as the revenue generated is not suffiGi8nt to fund the medium to long term needs of this historic building. We are expbmg. partners, tknv to place the Barn on a financially sustainable fooling. In the short term, the ridge of the thatehed barn needs replacing, and the Trust 18 approachirKJ funders lo ¥upport this c. £60,oc woiect. We are al80 exploring sustainable heating golulions for the Barn such that il can be u8ed for weddings and other evenl8 year-wTrJ. Again. grant funding will be sought for this c. £20.000 proje¢L Oulton Cha The Trust has completsd the arrangements for the natu burial ground. Hard landscaping work$ were carried out during the summer of 2022. vdth planting undertaken in the autumn. We believe this prciect will provide V8luabl8 long-temi income for the Tfust. During the current year we have sold three plots on the site. We 8xpect the use of the burial ground to produce a steady income tn tha nwdium temi. and VR Iwe bring the chapel into more frequent use as a venue for funeral related ents. Page 3
NORFOLK HISTORIC BUILDING8 TRUST (A Company Limlted by Guarants&) DIRECTORS. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Achlevpment8 and porformance Icontlnuedl 8alhou80 8tation and Greatgr Anglla statlon malntonance strat8Oy The c4mpaign lo save Salhouse Ststion has joined a much broader movement to determine the future Df our maining built raihvay heritsge, involving SAVE Bntain's Heritsge. and led by the Chaiman of Suffolk Bullding Preservation Trust, Plers Hart (Brandon Stslion In SLrffolk bKame a cause célèL¥8 because of Anglia Railwals attempts to demolish it, despite being listed). We have jointly Created a website Yhvw.save*our-stations.coml whlch hlghligh15 several buildings at rL¥k on the Greater Anglia netsyork, including Salhou88. In September 2023 a team of supporters. I1Th9 the Suffofrt MP Jo Churchill, met the then Railway Minister, Huw Merriman, in Westsninster to highlight the plight of many of these buitdings and to determine policy for their fvture use. Meanwhile, Greater Anglia has halied all demolition and replacement by bus style shelters. We are waiting to hear back from the Department of Transport. SAVE continue to push behalf of the group and the Tnjsl wlll continuè lo mnitor. 8•ck•t'8 Chapol Thi8 fomwrly s8mi-redvndant Grode l-lssted 8rKI "At R18k" bultdirwJ18 knAtad In Wwnondh8m ¢8ntro. Th• Trust acquired the chapel in September 2022 havin9 secured in gxcess of £700,000 in grant fundlng for m8jor repairs and an upgrade as the first phase of the project. In addition lo the grants 5e¢ured. the Trust committed £50,000 of ils own resources which h88 been used lo match fund grant montès as required and to purchase the chapel. The works were compteted ightlY k91er than anticipated. bul wilhin budget. The ch8pal reopened to the publlc In July 2023 and tn excess of 15.000 peoFAe had passed through its &)ors by Chrlstrnas. This prolect is a trail blazer lor Ihe Trust and for Histori¢ Englond in th81 It incorpor8to8 elements that support th• drTVè lo Nel Zero. These includè roof insulatk)n, requiring the raising of the roof. and unde00r insu18O0n. Work has now started on developing plans for Phase 2, a modem extension whlch will incorporate air source heat pumps and photovoltaic pane18 on the South facing roof. This extension wlll house a cafélkltGhen faciliti65, an accessible lavatory, and a Visilijr Information P¢nt, to promote Wymondh8m as a herilagB destin8tlDn. Flnanclal revlow . Golng concern After making appropriato enquwles. thg Directors have a Teasonable expectation that the Trust has adequate resources to continue in opefalional existere for the foresee8bte future. For thls reason, they continue to adopt the going concern basis in preparing the financial ststements. Page 4
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limit8d by Guarantse DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Re8ervo8 poIIcy The Trusvs r8seive8 c(Knprise Restricted reserves (repr8senting funds received for a specified purp05e} and Unrestricted reserves (eofflprising funds designaled for specific Purpos al the dw81K)n of the Directors and General Funds). The Dithr9 rewew the Tru8Ys Unfe8tricted reser48 on a wuiar basbs and, prlor to the commencomént of any major scheme. they ensure that. wherever possible. the projected costs will be covered by grants and other donalbJn¥ or the resale value of the completed scheme. Where this raquires a contribution from the Trust, they ensure that any such c08ts to b¢ bomg by Ihg Trust are capable of being covered by available Unrestricted re8ervo8. Unrestricted reseryes held for the fulure maintenance of th8 Trusfs freetKJkl and leasehold propèrtiès ar8 reviewed on a regular ba$ and condition rewls are commi88KJned where apprcs)riate to inform the levo18 of reserves held. In addition, a Herrtage Assets fesetve (matching the carwNJ value of the Trust's Heritage assets) is maintsined. refiecting the tsct Ihat there IB no Culnt intention lo th'spose of any of tha Tru8f$ Heritage assets. Of the remaining reserves, an Opgratsonal seo w89 estsbli5hed to reflect a minimum of 6 months. gr 0rat)no1 ¢)utgoir, together wlth a re8eNe refiectiTrJ Commitment to Projects Ibelng Beckets Chapel)- Further detall8 aro Ffovtdod In Note 19 to the Financial Ststements. Page 5
NORFOLK HISTORIC BUILDINGS TRUST Company Limited ty Guarantse DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, govemanco and management . Con61ituUon Norfolk Historlc BulldlrvJs Trust is règistered as a charitable c4)mpany liniby by guarantee and was 581 up by 8 Memorandum of Association on 24 January 1977. whKh wero amended by special resolution at extraordinary general meelings held on 22 February 1990 19 May 2011. The Memorandum and Articies of Assoaation W8r8 replaced al the 2014 AGM held efj 12 Seplemtr 2014. A special resolution was presented to th8 members at the 2023 AGM on 11 December 2023 to affnd the Arttcle8 of Association as folh)w8.' i) the maximum numb¢r of Dire¢torn be increased frMI tWee lo frfteen. ill Directors hwng completed temis of thraé years should be pemiitted to serve further three year terrns with the unanimous agreement of the other tAfeciNs (the forrnor ArtKJ&s requirod 8 Director to retire after serving tsvo Ihrefryear terms)., Illl The chairman heving complelgd ¢)ne fve-year term Should be pernltted lo serve further 8uch hvovyear terms a$ unanlmously agreed by th8 Director8 (the f0mr tiCleS requlred the ¢halm)an to rellre from that rolg aftgr fiveyear t8nn). b. M•thod8 ol appolntm•nt or •l•ctSon of Dlroetorn The management of Ihe Tru8t 1$ the rejponsibllity of the Diroctofs who are elecled and Covopled under thé terms of the Memorandum ofAssociation. c. Organlsallonal 8tnKturn and dec581on4naklng pollclo8 The Directors of the Trust forni its management committee and me81 befvleen four and six limes por year to consider pollcy issue8 or the acquisition and restoration of yopertie5. They abo make deosions regarding èxpéndituré on all matters éxcept th080 of a mutine adminislrallve nature. CK those 5cheme8 previously approved. d. Pollcles adopled lor Ihe Inductlon arKI tralnlng of Dirnctor8 1118 a requirement of the Article8 of A8swialy) thot Ihe Directors musl be members, and they are therefore already fulty aware of the aims objectives of the Trust and the way in which ti operates. Al Directors are experTenced in their respective fields of expertise. and in tho raquirements and respon8ibilitie8 of acting as a director I tru819e. . Flnanclal rlBk management The Directors have assessed the major rk8ks to whld) the Trust is exposed, in particular those reLgled lo the op8rations and finances of ihe Trusl a1 are satk8f*d that systems and procedures are in plaGe to mitigate exposure to the major risks. PJlember8' Ilablllty The Members of the Trust guarantee to contribut8 an amount not exceeding £1 to the a18 of th? Trust in the event of ynding up. Page 6
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarant¢9 DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 RCH 2024 Statement of Dlrectorn. rospon8ibllltleo The Directors {who are 90 lh8 dIrlor$ of the Trust for th8 purFoses of company law} are responsible for preparing the Elirectors, Report and the financial ststemtrnts in accordance with aPpIable and United lQngdom Accounting Stsndards (United Kingdom GeneralIyAePted Accounting F¥acticè). Company lÈw r¢quire8 Oirectofs to prgpara financ4al ststements for eath fi'nancigl ye8r. Under comp8ny18W, th@ Directors mu81 not approve the financial slatem8nts Un8$ they are satisfied that they give a true ond falr view of the slate of affairs of the Trust and of its incoming resources and application of resources. including 118 income and axpenditure. for that period. In prepwing these financial statements, Directors are requlKed to: select suitable accounltng polid88 and then appty them consl8t6nt1, observe the methods and principles of the Charilw SORP {FRS 1021; mak8 judgements and accounting estimatas thal are reasonable arvj prudent stale whether appfieablo UK Aceounb'ng Standards {FRS 1021 have been followed, $ubie¢t to any rnalert81 departuw disdos8d and explained in the financial 8talemènts'. prgpare the financial s1818menl8 on the goirKJ wi¢•rn bas uns it is inappropriate to pre6ume that the Trust will conlinue in busine8S. The Dlrectors are sponSIble for keeplng adequate a¢Unting recor(Is that 8re sufficlent to show and explaln Trust's transactions and disclose with reasonabkn acturw al any time the financi81 posillon of the Trust and enable them to ensure that ffinanC 8tal8menl8 corrply with the Companigs Act 2006. They are also responsible for safeguarding the assets of the Tntsl and heftca for taking reasonable steps for the prevention and detection of fraud arKI other irregulariti. AFproved by order of the rnembers ofthe th)atd of Directorn and 8ignfJJ on tslr behatl by.. Ha od Trustees) ICh8ir Date.. 21 October 2024 Page 7
NORFOLK HISTORIC BUILDINGS TRUST {A Company Limitèd by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 fiARCH 2024 Independent Examlnetr8 Report to tho Directors of Norfolk Historbc Bulldlngs Trtl {Ihe TrusVI I repJrt to the charity Directors my examinati( of the accounts of ts Trust for the year ended 31 March 2024. Respon81bllltles and Ba818 of Rert As the D1CtOrS of the Trust (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan¢e wth the requwements of the Compani8s Act 2006 Ilhe 2006 Acr). Hawng satisfied mysew lh the ac0nts of the Twsl are required to te aLKliled under Part 16 of the 2c6 Act and are eligible for indendent examinalicffi. I rert in respect of my examination of the Trusvs accounts carried out under seciion 145 of the Charitw Act 2011 {'Ihe 2011 Act). In carying out my examination I have followed the Dire¢tions given by the Charity Commission under sectrjn 145151{b) of the 2011 AGt. Independent Exarninerfs Statemènt I have completed my examination. I confimi that no Matte have come to my attenth)n in nneCt)n with the examination giving me cause to believe: accounting records were not kept in re¥ped of the TTrt as required by secllon 386 of the 21))6 Act or the accounts do not accord th¢)se records: or the accounts do not comply with the accounting requirements of section 396 of ts 2006 Act other than any requirement that the accounts gNe a Mrue arKI fai vw which is not a matter considered as part of an independent examination- or the accounts have rsot been wepared tn accordan¢% Wbth the methots and prinoples of the Statement of RecommerKJed Practice for accounting and reporting by charities. I have no contsrns and have ccNne across Tr) other rnatters in connection with the examination to which attention should be drawn In thiy rep1 in order to enaile a understanding of the accounts to be reached. This report is made soldy to Ihe Trusvs trectors. as a body. in accordanc8 with Part 4 of the Charities (Accounts and R8ports) Regulations 2008. My work has been undertaken so that I might Stale to the Trust's Directors those Matte l arn required lo stai8 to them ni an Independent Examiners Report and for no other purpose. To the fvllest extent permitted by law. I do rt accept or assume responsijility to anyone other than the Trust and the Trusl's Directors a5 a t(xty, for my*Drk ortr this rewrL Signed= Dated.. 22 October 2024 Mr F M E Shippam Bsc FCA DChA PAA Partners LLP Chartered Aunlan1$ Page 8
NORFOLK HISTORIC BLIILDINGS TRUST (A Company Llmited by Guarantee) STATEMEKf OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDfTURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Total funds 2024 Tot fvnds 2023 funds 2024 funds 2024 Income from: Oonalions and legacies Charitable actNities Other trading activibes Investments Other ir)come 169.586 167 64M22 169.753 64,822 1.641 491,963 74.314 7,$30 3,821 200 Total Income 171.227 72,519 243.746 570.298 Expenditure on: Charitable tIvItieS 347259 94273 441,532 350,&99 Totsl oxpendlture 347259 94,273 441.532 350,899 Net movement In fund8 (176.032) (21,754 (197.786) 219,399 RecOnGllia0n of funds.. Total fvls brought foNRrd Net movement in furKIs 247.854 {176,032) 575.467 (21,7541 8rJ,321 (197.786) 603,922 219.399 Total funds carried forward 71.822 553.713 62S,$35 823.321 The Statement of Financial Acbvibe5 IrUdeS dl gains and losses recognised in year. The notes on pages 12 to 31 fomi part of these finanoal statements. Page 9
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarnntee) REGISTERED NUMBER: 01295328 BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Flxed assets Tangitd8 assets Helltage assets Investments 13 14 15 5,856 38&701 5,310 385, TOI 391.558 391,012 Current assets Debtors Cash at bank aThJ in hand 16 49.851 241507 59,283 471.076 29&358 470.359 Creditors: amounts falling due within one year 17 150,4721 f31.211) Net current asset8 244.886 439, 148 Tolal assets less ctsrrènt liabilitles 636A44 830, 160 Cr8dilors'. amounts falling due after more than one year 18 110,909> (6,839) T<)tal net aBsets 625.535 823,321 harlty funds Restricted fvnds Unrestricted funds 19 19 71,822 553.713 247.854 575,467 Total funds 625.535 823,321 The Trust was entiued to exenwion frcxn au(fit under SeCn 4T1 of ts Compani8s Act 2006. The members have not requir2d the company to obtsrn an 4J11 for tho year in question in accordance with section 476 of Companies Act 2006. The Directors acknOdge the responwknlilies for ecMnrAw'ng with the requirements of the Act wih respect to accounting records and preparation of financial slatements. The finarla1 statements have LEen prepared in accordance wilh the provisions 8Fvlicable to entities subject to the small companies regi. Page 10
NORFOLK HISTORIC BUILDINGS TRUST IA Company Llmlted by Guarantee) REGISTERED NUMBER: 01295328 BALANCE SHEET (CONTINUED) AS AT 31 PaARCH 2024 The fln8ncial Statements were approved and auth78 for issue by tha DireclorB and signed on thelr behalf by.. M Harwood air of Trusleesl Ic Dale.. 21 October 2024 The notes on pages 12 to 31 fom part of th880 financlal Jtatement8. Page11
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarnntoo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Inforn7atlon Norfolk Historic Buildings Trust is registsred a8 a charitable o)mpany limited by guarantee incorporated in England Wales. A¢¢ounting polklo• 11 Basls ol prnparatlon of Ilnanclal statomenls The financial statements have been prepared in accordance wSth the Charitles SORP (FRS 102) - AccounliThJ and Reporting by Charities.. Statemgnt of R8cowended Practic8 applicable lo charities pteparing their accounts in accordance with the Financral ReForting Slandard applicable in the UK. and Republic ol Iretand IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard applicablè In tha UK and Rapublic of Ireland (FRS 102> and thè Companios A¢t 2006. Norfolk Hlstoric Buildiry Trust meets the definition of a publK benefit enknty under FRS 102. A88ets and li8bililies aro in((ially recognised al hbtork81 cost or transaGtion valu6 un1•88 QtheM18e 8tated in the relevant accounting Folicy. 2.2 Incofflo All income is recognised once the Trust has entItment to th& income. il is probabl8 that the Incorne wlll be recelved and th& amount of in03me recelvabl& Can be mèasured rèllabty. Grants are in¢luded in the Statement of Fina11 Adivr(ies on a receivable basis. The balanGe of Income received for 5pecrf purposes bul not expended during the period is Shown In the relevant funds on th8 Balance s@t Wh8rè incom8 is r8ceived in advance of entitlement of receipt, ils (4nilion is deferred and inchjded in crediltsrs 85 deferred income. Where entitlomfjnt oc¢ur5 before income is received. the income is accnjed. Income tax recover8ble in relatlon to Investrnent income 18 reanIsed at the Ilme the Investment income 1$ receivable. Other inmme 1$ recognised the perw)d in whh il ty r1Vable and to the extent the goods have been prov10d or on completion of the seryice. 2.3 Expendlture Eypendilure is recognised On there rs a al or conslructr48 obligalion t¢ Iransf8r economlc benefrt to a Ihwd paty. it is probable that a Iransfer of economic ben8fi18 WIN be required in Settlement and the arnount of the obligalion ¢an te measured reliably. Expendiiure is classifd by activity. Expenditure on charitsble b¥itse8 is incurred on directly undertaking the actmtres which further the Trusts objective4 as well a5 any a5SWi8ted support costs. All expendlture is inclusive of irrecoverfe VAT. Page 12
NORFOLK HISTORIC BUILDINGS TRUST (A compa Limitod hy Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcle6 (contlnu•d) 2A Interost rncelvable Interest on funds held cffl deposit is indud•J when receivle the amount can be measured reliably by the Trust this is nonalty upan notif•2tion of the interest paid or payable by the institution th whom the funds are dekK)ted. 2.5 Tangible red aBsets and deprnclatlon Tangible fixed assets eosting £500 or more are cafftlised ar recognised en future economic t¢nefits are probabl& and the o)st or value of Ihe asset ean be measured reliably. Tangible fixed assets ar8 initiafy recognised at ct. After recognition. undèT the cost model, tangbi le fixed asset5 are measured at cost less aUmulated depreciation any accumulated impaimient losses. All cosls incurred lo bring a tsngrt)le fixed asset into its intended working condition should be induded in the measurement of cost Depreation is charged so as to albcate the eosl of tsngible fixed assets less their residual value over their estimated useful lives. using the straight4ine method. Depreoaticffl is Fved on the folh)lng $1$.. Plant and rn1nery 25% 16 Hèritsgè assèts Where heritage assats have been purthased, ty are inibally rgnised al cosL After recogntiion, under the cost m¢2del. heritage assets are m&asured at cost less any accumulated depreciation and any accumulated wnpaifflient losses. Where heritage assets have been thnated, they are initially reeognised al a nominal valua of £100 each, whith reflects a variety of attsched ILg term encuMbrar$. Heritage assets wll be revalued where a professional valualion inthcs a value $*3nificanUy in excess of the nominal amounL The excess of the reved amount over the nOmir amount ks transferred to a revaluation resee. Al mainlenan¢e expenditure incurred and revenue received in respect of these Properties is recognised in the income and expenditure account as incurred on an accTuals basis. Heritage assets are noi deprec4ated. An impamient revithv of prop valualh)ns is condu¢ted on an annual basts. 2.7 Inve8tments Fixed asset investrnents are a form of financial instrument and are inrtialty re¢ognised at their transaction cost and subsequenlly measured at fair vdue al the Balance Sheet date, unless the value G8nnol be measured reliably in which (2se it is measured at cost less impaimient. Investment gaing and losses. whether realised or unrealised. are Gnbined and presente)J as 'GainsllLosses} on inv8Stments' in the Statement of Finatal Acbvibes. Investments in subsidiaries are valued at cosl kns prDvision for impaim78nt. Page13
NORFOLK HISTORIC BUILDINGS TRUST (A Company Llmltsd by Guarantoe) NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 MARCH 2024 Aecountlng poliGies Iconllnued) 2.8 D8btorn Trade and othèr dèbltY8 a recognised at the sett]ewnI amount aft6r any trade di6count offered. Prepayments are valued at th& amount prepaid nel of any trade discounts due. 2.9 C•8h at bank and in hand Cash at bank and in haThJ indud•s $h and short-lemi highty IUld Investments wtth 8 8hort maturity of three months or less from th8 d*e of acquisition or openlng of the deposit or simllar account. 2.10 Llabllltle8 and prov181on• Liabilities are recognised when there i8 an oblwJation at the BalarKe Sheet date 88 a r8sull Df 8 past event. it is probable that a Iransfvr of enoMiC b•nèfil will bg required in 8etllement, and the omounl of thé setuement can be estimated k.a1y. Liabifrties are recognised at Ihe amount that the Trust antiupates il will pay to settle the debt or the amount11 has receivod aB athanced paymen18 for the goods or 8ervice8 It must provide. 2.11 Flnanclal In3lrument8 Th8 Trust on# ha8 financlal as8ol$ and fiD8nclal liabilllies of a kind that quallfy 88 b881c finanGlal instruments. Basic financial instnjments ara inttiglty recc>anised at tr&nsactitsn vAluè and xub8equenJy measured al Ihw'r settlement value. 2.12 Pensk)n• The Trust operates a deftned contrilyjlion pens1 scheme thè p8n8ion charge represents the 8mounls paya18 by the Trust to the fund in re8pect cl the year. 113 Fund aecountlng General funds are unrestrictad funds which are availabl? for u8e al the dlscretlon of the Diractors in furtherance of the general obieclives of Ihè Tru8t and whKh have not been de8¢gnated for other purposes. Des¢gnated lunds comprr¥e unrosITI0d funds that have been set asmle by the Directors for particular purposes. The aim arKI use of e&h deshJnaled fund is set out in the n¢tes to the financial RestrKted funds are fund5 whKh ara to be used in accordance with specific restrictions imposed by donors Of which have been raised by the Trust for particular purposès. The costs ol raising and administering such funds aro tharged againsl Ihe specific fund. The aim and use of each restricted fund is Set out in tho Tr)tes to the ffftartial statements. Pagg 14
NORFOLK HISTORIC BUILDINGS TRUST IA Company Lknlted ty Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donatlons and bga¢i•s Restrlcted UnreBtrlctsd funds fund8 2024 2024 Totsl funds Tot funds 2023 Donalrons Grants 187 167 169.586 169.586 491,474 Total 2024 169,586 167 169,753 491.963 Tota12Lf23 491.474 489 491.963 Income from ¢haritablg a¢tivlllo5 Unfestrlcted funds 2024 Total funds 2024 Totsl funds 2023 Inc(wne from tharitatAe acbvilw. Charitable aclivi 64,822 74,314 Income from othertradlng actlvits08 Incom? from fvndralslng events Total funds 2024 Tofal funds . 2023 fund$ 2024 Fundra181ng 1.641 1.641 P8ge15
NORFOLK HISTORIC BUILDINGS TRUST IA Company Llmlted by Guarant8el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Inveslment Incom• Unrestrlcted funds 2024 Total funds 2024 Tolal funds 2023 Investment income- bank interest Investment income - other interest 4,583 2,947 4,683 2,947 1.313 2508 7.530 7.530 3,821 other Incomlng rnsource$ Unre8trfcted funds 2024 Total funds 2024 Total funds 2023 Misce118neous 200 Analys18 of exnditure on charltabl8 actlvltles Summary by fund type Re8trl¢ted Unrestrfcted funds fund$ 2024 2024 Total 2024 Tolal 2023 Charitable activities 347,259 94,273 441.532 3.899 Tot812023 245,424 105,475 350.899 Paga 16
NORFOLK HtSTORIC BUILDINGS TRUST (A Company Llmlted by Guarantso) NOTES TO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 31 MARCH 2024 Anatysls of èxpgnditure on charltablo aclivitses {wDtlnued) 8ummary by expondlthre type Staff c08ts Depre¢Satlon OtheT Costs 2024 2024 Tt>tal 2024 Total 2023 Charitabk acbknes 11.170 3,501 426.861 441,532 350,899 Total 2023 28,Q16 2.426 320,467 350,899 Analy818 of expenditure by xtiyltles undertaken directly 2024 Support Total funds 2024 Total funds 2023 2024 Charitable activthes 408.532 33.wo 44132 350,899 Total 2023 301715 48.184 Anatysls of dir•ct costs Total funds 2024 Total funds 2023 Property maintenance and operationa] costs Professional fees Insurance 391,924 10.458 6,1SO 50,124 244,802 7, T89 408,532 302, 715 Page17
NORFOLK HISTORIC BUILDINGS TRUST (A Company Llmlted ty Guardntsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analy818 of expendlturo by a¢tiv6tles Icontlnued) Anaty818 of support costs Total fund8 2024 Total lunds 2023 Staff costs 11,170 3,501 5.376 102 238 4.771 143 28,016 2.426 3,748 106 727 5,78T Depreciation Irtsurance Bank charges Secretsrls expenses offi Jministralion Travel Govemance costs 7.700 7,031 33.000 48.184 10. Indopondgnt •xamiTherfs romuneratlon 2024 2(T23 Fees payaLle to the Trusvs independent examiner for the inendent examination of the Trusvs annual accourrts 615 Fees payable lo Ihe Tn]sf$ independent frxarriw in resFect ot. All other serVe5 not included ajove 6.935 6,416 Page18
NORFOLK HISTORIC BUILDINGS TRUST (A Company Llmltod by Guararrteè) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 PAARCH 2024 11. Stsff ¢osts 2024 2023 Wages and salaries Contribution to defined contnbution FÉnsion schttnes 10,935 235 27,580 436 11,170 28.016 The average number of persons eM0y&l by the Trust during the year was as follows.. 2024 No. 2023 Administralw)n No emtAoyee reIved remuneration amounting to rnre Ihan £60.000 in either r. 12. Dlreclors. remunèrallon and oxponses During the ar. no Directors r1Ved any remuneration otsr benefrts (2023- bWIU. During the year ended 31 March 2024. travel expen¥es t11 f394 were reimburséd or paid directty to 3 Direclors {2023- £343 to 2 D1cto). Page19
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMEl+lTS FOR THE YEAR ENDED 31 MARCH 2024 1& Tanglblg fixed assets Plant and machinery Cost At 1 April 2023 AddonS Di5PD5aL% 16.122 4.047 {1.540) At 31 March 2024 18.629 Depreclatlon Al 1 April 2023 Charge for the year On diswsals 10.812 3,501 (1,5401 At 31 March 2024 11773 Net book value At 31 March 2024 5,856 At 31 M8rch 2023 5.310 14. Heritage assets Assets recognlsed al cost Long.terni leasghold property 2024 Freehold proporty 2024 Total 2024 Carrying value at 1 2023 385.501 200 385.701 385.501 200 385.701 Page 20
NORFOLK HISTORIC BUILDINGS TRUST IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Heritag8 assets (continued) Anatys18 of herftage asset transactions 2023 2022 2021 2020 Purchase8 Freehold propety 35.cl Total add5tlons 35,OD1 tX$po8als Freehold prop Long-teThn leasehold prcyety (200) (100) Total disposals Proceeds from dlsposals Freehold prq)ety {300) 19,104 Total Sale proceedB 19,1.04 Heritsge assets are induded In the ffinancial statements as folh)ws'. The Oulton Manse. Chapel and Coach House have been widuded at a valuation of £350,200. This comprises a professional valuation of £290.000 in respect of the Manse, at open market value. carried out by & Macdonald MRICS of NPS Propety Cultants Limited. Nolch, Norfoll( on 14 Jun8 2002.. and a Directors. valuation of £602IyJ for the Clwel and Coxh House. The freehold of Bed(et's cha1. purchased in 2tY22. has teen induded at a cost of £35,001. The Directors have considered the vakJaI of the ou11c prcwtres aThJ BeckeY$ Chapel and believe that they might well be less than mark8t wakJ8. (¥ever the Directors are reluctant lo incur the cost of having professional vabjations carfsed OUL The following pr(wartias are Ied at a nominal value of £1 eac*L'. Frè8hold- Homersffidd Bridge: Littl? creSs9h WAndmill: ThUrtC Lodges. Leasehold- Fakenham Gas Work8., Waxham Bam. Page 21
NORFOLK HISTORIC BUILDINGS TRUST (A Company Lirnited by Guarantsè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Flxfjd asset InYe5tmonts Investments in subsldlary companles Cost orvaluatlon Al 1 April 2023 At 31 March 2024 Not book valué At 31 March 2024 At 31 PA8rch 2023 Prlncipal subsldiaries The following was a subsldKqry undertaknng ofthe Trust Name Company Rqg15tsred Offi or prfnclpal Class of Holdlng numb place of buslngss shares NHwf Trading C(irnpany Limited 13094328 88ckeVs Ch¥*i. 2 Church Street Wyrnondham, Norfolk. NR18 OPH Ordinary lo The finanual resulis of the subsKliary for the sear werw. Narne Net assots NHBT Trading Comp8ny Limit& NHBT Trading Company Limited was incorKMJrated 21 DeCemr 2020 and remained dormant to 31 March 2024. Page 22
NORFOLK HISTORIC BUILDINGS TrUST (A Company Limited by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Debtorn 2024 2023 Due after mor• than ono yr other debtors 18.338 28,338 16.33 28,338 Duè wlthln ono y••r Trade debtors Other debtors Prgpayments and Inc( 6,356 10,971 14,166 1,375 29,570 49,861 59,283 17. Credhor•: Amounts faulng dug vAthln on• y•ar 2024 2023 Trade ¢redilors Amounts owed to group und8rta(ir Other taxation and soclal secunty Ac¢rual8 and deferred Inc( 11,564 4,Of5 426 26,709 38,830 50,472 31.211 2024 2023 Deferred income at 1 April 2023 Resources delerred dunng the year Amounts released from previous perpxls 31,249 37,646 (21,0071 43.953 19,353 (32,057) 47,888 31,249 £10,909 {2023 - £6.839) of the deferred income abm relates to weddirMJs to be hgld after 31 March 2025 and 18 therefore dlsclosed in note 18 as ¢kn after more than one year. Page 23
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limlted ty Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& Creditors: Am¢)unts falllng duo aftor more than ono y•ar 2024 2023 AecNals and deferred income 10,909 Pege 24
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limlted by GuaTantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statel of funds Statemenl of fund8 - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Income Expendlture Unrestrfcted funds De5ignatsd funds Maintenance reseNe - Ourton Chapel. Manse and c(ch H(se Maintenance reserve- Thurton Lodges maintenan reserve- Homersfield Bridge Mainten8nee resefVe- Waxham Great Barn Heritagè assets reserve Commiknents lo projects Operational re8eNe 50,000 50,000 10,000 10.000 6,000 (4000> 60.000 385,701 9,603 45.000 385.701 1699 45.000 16.996) 572.300 {6,996) (S,OODI 560,31M General fund8 General Funds 3,167 n.619 (87,27Y} 5.000 16.591) Total uriGtQd funds $75.467 72.519 194,273> 553.713 Page 25
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 19. Statement of funds Icontlnued) Balance at 31 March 2024 Balance at 1 Aprll 2023 Translers Inlout Incom• Exp8nditsre Restricted funds BeckeV5 Chapel 247 171227 (347.259) 71,822 Total of funds .321 243,746 (441,532) 625,535 The designated maintenartr reserye funds are based on proi*d fuiur8 maintenance and restoration costs. Funds have been designated to a Herftsge assets rnserve reftecting the fact that the Trusvs herilage assets, principally compr5siro the ffeehold inlerests al Oulton (Manse. Chapel and Coach House) which are induded on the TTU$t's ba1ce sheet at £385.701. ate pennanent in nature and are unllkely to be realised on the medium to longer le. The commllments to pro1tS dgnation relales to BeckeV5 ChaFfjI and the fxt that through the grant application process on Phase l. it was antsapated that there woukl be an expectstionlrequirement that the Trust ¢ommitt&J an element of its funding to the prEyecL The operdtional reserve has been estabfthd lo supp)rt the Trust should irKomo streams no longer be avwlable and provide suftient reserves to C4)ver th8 gross ¢Jist base for a period of six month& Page 26
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Ststem•nt of tund8 (contlnued) statement of funds- prlor year B8lan¢% al 31 March 2023 Balance &t 1 Apnl 2022 rransfers irllout Income Expenditu Unre8trlcted funds Designated funds Maintenance reserve- Oullon Chapel. Mansa and Coach House Maintenance reserve- Thurton Lodges Maintenance reserve- Homersfield 8ridgè Maintanance reserve- Waxham Great Bam Heritage assets re5etve Commitments lo projects Operational reseNe 50,000 50.000 10.000 10,000 &ooo 5.000 60,000 350.7tXI 46,000 45,000 60.000 385,701 16,599 45.000 35,001 (29.401) 566.700 5,600 572,300 General funds General Funds 29,418 78.824 (105,475J 400 3,167 Totsl Unrèstrioted fund8 596,118 78,824 (1Q5,4T5) 576,467 Page 27
NORFOLK HISTORIC BUILDINGS TRUST (A Company Llmiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IIARCH 2024 19. Stat•m•nt of funds (conllnued) Balance al 31 March 2023 Transfe l Apn7 2022 Inccvne Expenditu Restrfcled funds Be¢kefs Chapel 491.474 (245,424J (6,000) 247,854 Total ol funds fA)3.922 570.298 (350,899) 823,321 Page 28
NORFOLK HISTORIC BUILDINGS TRUST IA Company Llmit¢d by Guaranto0) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2024 20. Summ•ry of funds Summary of fund8- currènt year 8alanc• at 31 March 2024 B•laTrG¢ at 1 Aprfl 2023 . Trnnsfer8 Inlout Income Expeftdltum Designated fvnds General funds R66tricted funds 572,300 3,167 247.854 (6.9961 IB7,2771 (347,2591 15.000) 6.000 660,304 (6.5911 71.822 72,519 171227 823.321 243,746 1441,532) 625,535 Summary of tund• - prfor y••r 8al*n¢o al 31 M8rch 2023 19al8n¢e al l Ap 2022 Trnnsfe In/oul Incc¥ne Expenditurè Designated funds Genèol funds R6811i¢ted fvrKI$ 566, 700 29,418 5,600 400 (6,000) 572,300 3,16T 247,854 78,824 491,474 f106,475) (245,424) 603,922 570.298 (350.899) 823,321 Pa98 29
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantèo NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. AnalyBls of net assels beiween funds Analysi¥ of net assets betsyeon funds- current perfod Restrktad Unre8tricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fsxed asset investments Heritsge assets Debtors due after fflore than one year Current assets Cre(lilors due wthin one ye Creditors in more than one yoar 5.856 6.856 385.701 18,338 205,198 150.472) 110.9091 385,701 18,338 2TI,020 ISOA721 ItO,9091 71.822 Total 71,822 553,713 625,535 Analysis of net assets betwoon funds- prlor period Restricled UnRthcled funds funds 2023 2Q23 Tol81 lunds 2023 Tanglble fixed assets Fixed asset investments Herilage assets D8blors due after rne than one year Current assets Creditors due rythIn one year Creditors due in more than one year 5,310 5.310 38& 701 28.338 194, 167 (31.211) (6.839) 385,701 28,338 442,021 (31,211) (6,839) 247.854 Total 247.854 57&46T 823.321 Capltal commltm8nts 2024 23 Contracted for but nol provlded In financlal statBmonts Acquisibon of fixed assets 32.962 Page 30
NORFOLK HISTORIC 8UILDINGS TRUST IA Company Umited by Guaranto?) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Pen8ion commltmonts The Trust operates a defin&J ntribUlKIn pension scheme. Thè assets of the scheme a held separatety from those of the Trust in an iftdyndently adrninistered fund. The penslon cost charge represents contributions payable by Ihg Trust to the fund and amounted to £235 {2023 - £436}. No contrbbutions wera payab to the fund at the balance sheet dale. 24. Oth•r flnanclal commitments The Trust entered into a contract for Urgent repair workg at Be¢keVs Chapel In a prfor perfod. The contracted value of the works is £S5D.861. The V•yJrks w8r8 completed during the financial year to 31 March 2024 and the bulldlng has been u8ed for varKNS actsvitss during thls financlal year. The only remaining element 18.the inspection by the arChI¢t lo Thfirm thal the work8 have been 88ti8factority completed and release the approximate £12.Crf)O ret8ntKIn. Related party tran8•¢tlons Detsi18 of TeCtorS, rernuneratk and expenses gre given in note 12. There wern no Other related party tran88Ctions dunng the year and théra w•ra no b8lance8 uwing t*t4¥een related pa8$ and tho Tru61 at 31 March 2024. Page 31