Charity reglstration number 280628 Company rngistration number 01492613 (England and Wales) GREAT YARMOUTH PRESERVATION TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
GREAT YARMOUTH PRESERVATION TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Dr PP Dawies Mr Fakes PB Paiter Mr BJ Williamson Mr M Taybr GE Freeman Mrs K StenFK)use Emity Dye (Appointed 4 May 20231 (Appointed 27 November 20231 (Appointed 27 November 20231 Madene Faithead Charity number 280628 Company numbèr 01492613 Principal address 26 South Quay G3t Yarmouth Norfojk England NR30 2RG Registered office 26 Souih auay Greal Yarmouth Norfolk England NR30 2RG Independent examinèr Solos Christophi FCCA Aston Shaw Limited Chartered Certified Accountants The Union BU1J1g, 51-59 Rose Lane Norwich Norfolk England NR1 1BY
GREAT YARMOUTH PRESERVATION TRUST CONTENTS Page Ttustees. report Independent examinerfs report Statement of financtal aciivilies Balance sheet Statement of cash flows Notes to the financial stalemenis 9-24
GREAT YARMOUTH PRESERVATION TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees prèsent thèi¥ annual report and financial statements for the year ended 31 March 2024. The financial statement5 have been prepared in accordance the acccwjnting poliaes set out in noté 1 to the financial statements and comply with Ihe charity's goveming documenl, the Cornpanies Act 2006 and 'Aecounting and Reporting by Charities.. S(atemenl of Recommended Practice applicable to charities prepanng their accounts in accordance with the Finanual Reporting Standard applicable in the UK and Republic of Irdand IFRS 1021" leffecbve 1 January 20191. ObFectives and activities Public benefit The trustees have paid due gard to the guidance issued by Ihè Charity Commission in dèciding what activities the charity should undertake. The Trust's objects and principles are to preserve ft)r the benefit of the inhabitants of Great Yam)outh. buildings of special beauty or of historic or architectural interest_ To help achieve its stated aims and objectives the trust is conts"nuing lo build up its propety portfolio to generat8 more revenue. Success is measured by the delNery of projects. Each project wll have its own set of criteria. outputs and outcomes which are used to evaluate success_ For example. ntjmber of buildings removed off the at risk register, square m8t8r ol bullding repaired or brought b3ck into use. number of training hours delivered. Publi¢ Benefit The Trustees have taken due regard of the guidance PLEbli8hed by the Charity Cofftrnission and they consider the charity provides a public benefit because without it the obltiveS would not be meL Achievernenls and perforniance Significant activitiès and &chementS agaffnst objectwes Charitsble activities This year has seen the bedding in of a number of sKJnfficant changes brought about in the piewous year to increase the charities resilien and build growth to secure a self-suffi(ient and sustainable future. Most notably the balance ol the nine trustees was changed to allow lor two new Irustees acting as community represenlatives. In addition, following the tumioil and unpredictability ol both )Vid and the cost of living Crisis the preservation trust has concentratèd on financial reglience and rationalised its portfolio by selling one buiKling. Officers and trustees have COnnIrated efforts on the preservatK)n trusts key project. thè restoration of The Iron Duke, this has included lull and compTehensive roof repairs and the development of the project Ihrough the RIBA stages. The project has been developed suffioenuy to submit Ihe round Iwo application the National Lottery Heritage Fund with work on site programmed for spring 2025. Other projects induding the restoration of St Johns Chuich have a150 prt¥Jres5ed wtth Great Yarmouth Town Deal Board agreeing to a £495,000 grant for repairs. The Trust have continued to worked in partnership ¥wth local an¢Y nab.onal stakeholders as well as providing support for the Borough Counal on several council heritage projecis in particular the restorats.on ol the Winter Gardens. In terms of training and engagemenl work the TnJst delivered a numbèr of workshops and activities Induding in conjunction wilh projects such as Sl Johns and The Iron Duke and also as Stand alone training schemes both in Gat Yamiouth and abroad. Including traditional skills training on the medieval town wall and workshops in Katpachevo, 8ulg8ria. The preservation trust was extremely grateful for a grant from King Chades 111 Charitable Fund lo support training prograrnrnes. In summary thè preservation trust ha5 drtven several projects forward as well as reviewing its porifolio in order to allow resource5 and energy on its five year plan to complete key projects and grow residence. The trust has taken time to review and ref ect on how the charity can operate MO efficienuy and effectively in a very challenging environment especially around ongoing inflati1ary pressu9 and diminishing fundraising opportunities_ This had led the organisats'on to work in a smarter and mre ueative way both in partnerships and with its own assets.
GREAT YARMOUTH PRESERVATION TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 Financial review Financral Position As shown on page 6. the Trust generated a surplus for the year of £21.367. The Trust ended the year wth bank balanS 01 £143,562. ReSenS policy Reserves policy The restricted fund is used lo rnaintain the companys pfoperbes and for major capital and renovation schemes. The unrestricted funds are needed lo meel the worf(ing caprtal commibments of the charity. Further details are shown in note 23 01 the finanual statemenis. Structure, governance and mana9ement Governlng doeument The organisats.on is a charitable company limited by guarantee, incorporated on 22nd April 1980 and registe>ed as charity on 17th July 1980. The company was established under a Memorandum of Ass(xiab"orb which established the objects and powers of the charitable company and is govemed under its Articles ofAssociation. A special resolution was unanimousty passed on 5 December 2022 to adopt new Articles of Association in substitution lor. and io the entire exdusion of, Ihe existiThJ Memorandum and AdeS of AssocIaln. The truslees. who are a150 the directors for the purw5e of c<•mpany law. a1 WIK) seNed during the year and up to the dale of signature of the ffinanual slalements were.. Dr PP Davies MrAJ Fakes Mr P8 Patterson Mr BJ Williamson Mr M Taylor PA G Wells GE Freernan Mrs K Stenhouse Emily Dye Marlene Fairhead {Resigned 4 May 20231 {Appointed 4 May 20231 (Apwnted 27 November 20231 IAppoin¢ed 27 November 20231 Recruitment and èppointment of Iruslees Recruitment and appointment of new trustees The diieclors of the company are also charity trustees for the purpose of charity law. Under the reouiremenls ol the Memorandutn and Atticles of AssoaatioTr, directors are elected to serye foi a perityj of three years after which they ust be re-selected al the next Annual General Meeting. Following the unanifftous passing of a special resolution on 5 December 2022. newArtides ofAssociation were adopled such that directors no longer have to be re-selected at an Annual General Meeting after Seing for three years. The Aitcles of Assoaation specfy that the Board ol Directors shall comprise five directors representats've of Great Yarrnouth Borough Council and three directors representative of the Great Yartnouth Lotrdl History and Archaeological Society. In addition the direciors shall appoinl at least one representatwe from the community who has demonstrated interest in the historic built environrnent. The new Artides of Assoaation. approved by a speual resolution passed on 5 December 2022. now require that threè directors 11 be representab.ve of G3t YarmtsJth Borough Counal. three from the Great Yamouth Local History and Archaeologieal Society and th appointed by the directors having 93rd to their policies and procedures and also any guidance issued by the Charity Commiswon. None ol the trustees has any beneficial 1rntet in the u)mpany. AJI of the trustees are members of the company and guarantee to contribute £1 in the event of a ndIng up.
GREAT YARMOUTH PRESERVATION TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Org8nisation81 Strt Organlsational StruGtu The Trustees cotnpr6e nine rrnbe¢S who are aLso the LThTeLots of the TnJsL Day to dgy spOnS1111ty for th8 administration ollhe Tnjst Lyn Bales. Lwse Averre w(Mde5 tY))k-keeplr Servi5. In addthon, Darren Indu¢tlon and tralnlng ol rew trustees Anynew Irustees are offered a prDgrnmme ofinducbtx) and irnthirvJ. Related partl¢s The charivs whly-oed subsidiary. N¢rtk cOn8eTh8Tr Lwnited. estawthd t¢ prowid8 conservation trj to Great Yarnouth Preserwab)n Trust to surportthe workofb)e TrusL Rlsk mana9ement controls are in pthe to prov¥Je 880n8tAe a&sUrdn agaIt fraLhY and e O¥er th8 Cotwse of Ihe Ihe Twst8es he a fB¥MV of the m4*y iisks to which Ihe charity is exwsed and systems have pla io Ir¥bgate thtse rths. These are updated )dICal to 8nsure they meet th8 n88ds ofthe charity. Mr 8J wl[n$ Trus
GREAT YARMOUTH PRESERVATION TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GREAT YARMOUTH PRESERVATION TRUST I report to the trustees on my examination of the finan<ial statèments of Gmt YamK)uth Presèrvab"on Trust (the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees ol the charity land also its directors for thè purposes of company lawl you arè responsrble for the preparation of the finanoal statements in accordance with the requirements ol the Companies Ad 2006 (the 2006 Acti. Having satisfied myself that the finanaal slalemenls of the charity a not required to te audited under Part 16 of the 2006 Act and are eligible for tndependent examTnation, l port in iespecl of my examinalion of the charity's financial statements carried out under section 145 of the Charits"es Act 2011 (the 2011 Act). In carrying out my examination I have followed all the apicable Direcb"ons gwen by the Charity Commission under section 14515llbl ol the 2011 Act. Independent examinerf$ Statement Since the charity's gross income excèeded £250.000 your examiner must be a member of a body lisled in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the A550Giation of Ghartered Gertifieij Accountants. which is one of ihe lisled b&Jies. I have completed my exarnination. I ctsnfitrn that no rnattew5 have c(xne to my attention in connection wth the examination giving me cause to believe that in any materia] respecL accounting CordS were not kept in respect ol Ihe charity as required by section 386 of the 2006 Act.. or the financial statements do not accord with those records," or the financial statements do not comply with the accounting requiremenis of section 396 of Ihe 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 the financial statements have nol been prepared in accordance wilh the methods and principles of thé Stalement of Recommended Practice for accounting and ieporting by charities applicable to charitl8S preparing Iheir accounts in accordance vrith the Finanixal Reporbng Standard applicable in the UK and Republic of Irdand IFRS 1021. I h8ve no concerns and have come auoss no other maiters in connection wth the examination to which attention should be drawn in ihis report in order to enatAe a proper understanding of the finanual statetnents to be reached. Sotos Christophi FCCA Aston Shaw mIted Chartered Certtfied Accountant5 The Union Building, 51-59 Rose Lane Noiwich Norfolk NR1 18Y England Dated.. 161ia l?oa
GREAT YARMOUTH PRESERVATION TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestri¢ted Restricted funds tunds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donats'ons and legaoes Other trading actiwts'es Investments Other income 62.801 2.246 46.461 88.780 308,615 371.416 2.246 69.990 95,813 66.975 330,054 397,029 23.529 7.033 42.384 48.252 13.139 15,058 55.523 63.310 Total income 200.288 339.177 539.465 157.611 358.251 515.862 Expenditure on- Charitable activities Other expenditu 159,691 334,408 23.999 494,099 23.999 178.472 297.903 25.098 476,375 25.098 13 Total expenditure 159,691 358,407 518,098 178,472 323.001 501,473 Net incomellexpendltuI 40.597 119.2301 21.367 120.8611 35.250 14.389 Transfers between funds 26.817 12fj,8171 Net movement In funds 10 40.597 119,230} 21.367 5.956 8,433 14,389 Reconciliation of funds: Fund balances at 1 April 2023 766.482 356.812 1.123.294 760.526 348.379 1.108.905 Fund balancès at 31 March 2024 807,079 337.582 1.144,661 766.482 356,812 1,123,294 The statement of financial activities indudes all gains and losse5 recogni5ed in the year. Al income and expenditure derive from contsnuing activities.
GREAT YARMOUTH PRESERVATION TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Heritage assets Investments 15 16 17 168,178 1.731,101 3,249 1.731,101 1.899,280 1.734,351 Current assets Debtors Cash at bank and in hand 18 66.221 143.562 55.944 159,315 209.783 215,259 Credltors: amounts falling due thIn one year 20 1320.802} {145.9161 Net current Iliabilitiesllassets {111,0191 69,343 Total assets 18ss current liabilities 1.788.261 1,803,694 Creditors.. amounts tslling due after more than one year 21 1643.600} 1680,4001 Net assets excludin9 pension liabilty 1.144,661 1,123.294 Nel assets 1,144.661 1,123.294 The funds ofthe charity Restricted income funds Unrestricted funds 23 337.582 807,079 356.812 766.482 1.144.661 1,123,294 The wmpany is entiued to ihe exempbon from the audit requirennt contained in section 477 of the Companies Act 200S, for the year ended 31 March 2024. The dir8ctors acknowledge their responsibiltties lor ¢omplwng the requirements of the Cornpanies Act 2006 with respect to 8ccounb.ng records and the preparation of finanaal statements. The members have not required the company to obtain an audti of its finanual slatements lor the year in question in accordan bwth section 476. These financial statements have been wepared in accordance with the provisions applicable lo compans subject to the small companies regime.
GREAT YARMOUTH PRESERVATION TRUST BALANCE SHEET (CONTINUED) ASA T31 MARCH 2024 The fiRanrial stat8ments were aFgroved bylhe Iwstees on....... ...- . _. .. J Wiliamson Trustee CTrY regIStratic numbw 014¥2613 (Englarnl and Wdesl
GREAT YARMOUTH PRESERVATION TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operatsng actfvlties Cash absorbed by operath)ns {36.4021 141.6231 InvestSn9 aCti¥itiÈs Purchase of tangible fixed assets Prooeeds from disposal of tangible fixed assets Purchase of heritage assets Investrnent income recewed 1165,741} 50,000 69.990 55,523 Net cash (used invgenerated frorn investing activities (45.7511 55.522 Flnanclng aetivitiès Repayment ol borrowings Repayment ol bank loans 133,6001 100,000 112,4001 Net cash generated fromllused in} financing activities 66.400 112.4001 Net IdÈcrea5eifincrease in cash and cash equivalent5 115,7531 1,499 Cash and cash equNalents at beginning of year 159.315 157,816 Cash and cash equivalents at end of year 143.562 159,315
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity inforn)ation Great Yarmouth Preservats'on Tnjst is a private company limiled by guarantee incorporated in EryJland and Wales. The registered office is 26 Soulh Quay. Great Yamouth. Norfolk. NR30 2RG. EnglaThJ. 1.1 Accounting convention The financtal statements have been prepared in accordance the charlils goveming document, the Companies Act 2006, FRS 102 Yhe Finanaal Reporting Standard applicable in the UK and Republic of Ireland- I-FRS 102.1 and the Charities SORP -Accounting and Reporting by Charities-. Statement of Recommended Practs"cé applicae to charities preparing their accounts in accordance with the Financial Reporting Standard appli&4ble in the UK and Republic of Ireland IFRS 1021. 18ffeGtive 1 January 20191- The charity is a Publi¢ Benelit Entity as defined by FRS 102. The finanaal statements are prepared in sterting. which is the functional ojrrency of the charity. Monetary amounts in these finanoal statements are rounded to U)e nearesl £. Thé finanaal statements have been wepared urhder the historical cost convenb"on. modffied to include the revaluation of freehold properties and to indude investment properbes and certatn finanaal instruments at fair value. The principal accountsng poliaes adopted are set out below. 1.2 Going Concèrn At the time of approving the financial statements, the trustees have a asOnable expectation that the charity has adequate ¥esources to continue in operational existence for the forèseeable future. Thus the trustees ¢ontinue to adopt the going wncem basis of acGounting in preparing Ihe finan(ial ststements. 1.3 Charitable funds Unreslricted funds arè available for usè al thè dis¢yeb"on of the trustees in furtheiance of Iheir Gharitable objectives. Restricted funds are 5ubje¢t to specrfic Ixjnditions by donors or grantors as to how they may be used. The purwses and uses of the restricted funds are set out in Ihe notes lo the financtal statements. Endowment funds are subject io s1¢ (x)nditions by donors thal the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entiued to it arter any perfornian conditK)ns have been met, the amounts can be measured lIablY. and il is probable thal income will be recesved. Cash donations are recognised on recetpt_ Other donations are cogniSed once the charity has been notified of the donation. unless perfomiance con¢Jitions require defen31 of the amount. Income tax recover2ble in relation lo donations received under G¥ftAid or ¢Jeeds of covènanl is recognised at the bme of thé donation. Legacies are recognised on ieceipl or otheThvtse if Ihe chartiy has been notified of an impending distribution, the amount is krK)wn. and rèceipt is expected. If the arnount is not kntswn. the legacy is treated as 8 contingent asset.
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expendlture Expenditure is recognised once the is a legal or cOnstruc"ve oblwation to transfer ewnomi¢ benefit to a third party. it is probable that a Iransfer of ecA)nomic benefits will be required in setuement. and the amount of the obligation can be measured liaY. Expenditure is classified by actiwty. The costs of each activtty are made up of the total of direct cosis and shared costs. including support costs invofved in undertaking eath activity. Di¥ect costs attributable to a single activity are allocated dirèctly to that activity. Sharèd costs which contribute to more than one activity and support costs whtch are not attributable lo a single acb.vity are apportioned between those activities on a basis nsislent with Ihe use of resources_ Central slaff costs are all(led on the ba515 gf tsme spent, and depreaation charges are allocateil on the rM)rbon of the assel's use. 1.6 Tangible fixed awts Tangible fixed assets aré initially mèasured at cost arxl subsequenty mèasured at cost or valuation, net of depreoats.on and any lwnpaimnt losses. Depreciation is recognised so as to write off Ihe CSt or valuation of assets less their restdual values ovér thèir useful lives on the following bases- Computer Equipment 25% on reduang balan The gain or loss arising on the disSaI Df an assel is deterrn1rd as the drfterence between the sale proeèèds and the carrying value of the assel. and is recognised in the slatement of financial activilies. 1.7 Heritage a$$et$ Only properties used for rental purposes are capitalised as fixed assets. The rentsl income is used to repair and maintain the properties to meet the Trust's charitable objective. The cost of fixed assets is their purchase cost, any incidental costs ol acquisition, cosis of improvemenis and less any grants received. Any costs incurred in the directors. opinion that are not expeded lo generate ieveHue in ihe future are written off to Ihe statement of Finanaal Activities as incurred. The Charities SORP IFRS 1021 Accounting and Reporbng by Charities.. Staterrbenl of Recornmended Practice applicable lo charities preparing their accounts in a¢cx)rdance wilh Ihe Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 leffective 1 January 20151 requires that heritage assets are depreciated over their useful economic life. This reqU1ment is not complied wth as the directors consider thal the properties have indefinite lives and so systematic annual depreciation would be inappropriate. The prwerties are include<l on the Balance Sheel at rnarket value_ 1.8 Fixed asset investments Fixed asset investments are intrtially measured at transaction pricè èxduding transaclK)n ctssts, arKJ are subsequenuy rneasured al fair value at each rewrting date. Changes in fair value are recognised in net incomellexpenditurel for the year. TransaclKJn costs are expensed as lTrrred. A subsidiary is an entity controlled by the charity. Control is the power lo g¢)vern the financial and operating policies ol the entity so as to obtsin benefits from its aclivities. 1.9 Impairment of fixed assets At each reporting end date. the charity reviews the carrying amounts of its tangib assets to detemine whether there is any indicats"()n Ihat those assets have suffered an impaim)enl loss. If any sud) indicalion 8st$. the recoveratA8 arnount of th8 asset is estimated in order to determine the extent ol the Impaiment loss lif any). 10-
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies IContinued} 1.10 Cash and cash èquivalents Cash and cash equivalents include cash in han¢J. de[M)ts held al call wth banks. other short-tem liquid investments wtth original maturities of U)ree nnthS or kss, and bank overdrafls. Bank overdrafts are shown within borrowings in current liabiltties. 1.11 Financial instruments The charity has elected to apply the provisK)ns of Section 11 'B3sic Finarbcial Instru¥nents' and Section 12 'Other Financial Instruments Issues of FRS 102 to all of its finanual instruments. Financial instruments are recognised in the charivs balance sheet when Ihe charity becornes paty to the contractual provisions of Ihe instrument. Financial assels and liabilities are offset. wth the nel anvjvnts presenied in ihe financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an Inlention to settle on a net basis or to realise the a&set and s8tUe thè liability sitnultaneously. Basic financial assets Basic financial assets. which include debtor5 and cash and bank balances. are initially rneasured at transaction price including transaction costs and are subsequenuy carried at amorbsed cost using the effective interest method unless the arongement constitutes a finanang transaction, where the transaction is Measu at the presenl value of the futu receipts discounted at a market rale of interesl. Financial assets classified as receivable wrthin one year ale not am0sed. Basic financial liabilifies Basic financial liabilities. including creditors and bank loans are initially recognised at transaction pri unless the arrangemenl crlnstitutes a financing transaction. where the debl instrumenl is measured at the present value ol the lulure payments discounted al a market rate of interest. Financlal liabilities classified as payable thin one year are not amortised. Debt instrurnents are subsequenuy carried at am(>rtise(I cosl. using Ihe effecbve interest rate method. Trade creditors are obligations lo pay gocmys or services that have been acquired in the ordinary course of operalions from suppliers. Amounts payable a classified as (Jjrrent liabilib'es if payment is due within one year or less. 11 not. they are pSented as non-cUnt liabilities. Trdde dItorS are recognised initially at transaction price and subsequenuy measured at amortised cost using the efftive interest method. Dere¢ognitffon of financial liabilities Financial liabilities are ecognised when the charity's coniraclual 0mJaonS expire or are discharged or cancelled. 1.12 Employèe ben8fits The cost ol any unused holiday entitlement is COgnised in the period in which the employee's services are recewed. Termination benefils are recognised immediatety as an expense when the charity is dernonstrably committed to temiinate the employment of an employee or lo provide leminatton benefits_ 1.13 Retirement benefits Paytnents to defined conlribution reb"rement beneffit sthemes are charged as an expense as they fall due. 1.14 Debtors receivable and creditors payable within one year Debtors and creditors with no stated interest Tate and receivable or payable within one year are recorded at transaction price.
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements In the application of the charity's accounting p)li(ies. the trusiees a required to make judgements. estimates 2nd assumptions about (he carrying amjnI of assets and liab'libes that a not adIlY apparent frorn other sources. The estsmates and assouated assumptions a based on historical experience and other factors thal are considered to be relevant. Actual results may differ from these estimates. The estimates arKI underlying assumptions are wewed ¢y) an On9n9 basis. Revisions to accounling eslimaies are recogniseil in the period in whh the estimate is revised where the revision affects only that period, or in the period of the revtsion and future periods where the revsion affects bolh current and futur8 periods. Income from donations and legacies Unfestricted Restricted fund5 funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Toial 2024 2023 Donations and grf Grants 2,800 60.001 2,800 368,616 308,615 66,975 330,054 397,029 62.801 308.615 371.416 66.975 330.054 397,029 Income from other tradlng actlvltles Unrestricted Unrestricted funds funds 2024 2023 GYPT Consultancy 2,246 Income from investments Unrestricted Restricted lunds funds 2024 2024 Total Unrèstrietèd Rèstrlctod funds funds 2023 2023 Total 2024 2023 Rental income Interest receivable 45.818 643 23,529 69.347 643 42.347 37 13.108 31 55.455 68 46.461 23.529 69.990 42.384 13.139 55,523 12-
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 other income Unrestricted Restricted funds funds Total Unrestricled Restricted funds funds Total 2024 2024 2024 2023 2023 2023 Net gain on disposal of tangible fixed asseis Yare Gallery Tower Income Other income Management fees Skippings gallery Car park fe8S S0.(NJO 17.068 17,068 15.058 22.873 1,824 7,033 7.033 20.310 7.962 4.167 6,341 15.058 20.310 7.962 4.167 6,341 22.873 1,824 6.487 6.487 88.780 7.033 95.813 48.252 15.058 63,310 The Yare Gallery property al 26 South Quay. Great Yamouth. NR30 2RG. is in the ProS$ of being sold. A dep051t wa5 received duri the year Ènded 31st March 2024 of £50.000. The agreed selling price is £250,000. with the rernainder balance awaiting receipt after the year end. 13-
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activitses 2024 2023 Dire¢t costs staff costs Depreciation and impairment Rates and water Insurance Advertising Materials and Labour Travelling Equiprnent Conservation costs Professional fees Sundries Repair5 and new¥[S L wht and Heat Rèntal Charges Yare Gallery 52.869 855 1,095 31.573 838 148 2,808 48.500 116.628 81,789 4,10S 55.573 15.202 500 12,451 812 343 22.189 210 3.804 258 183.442 182,411 3.729 25.925 6.425 246 42 429.836 424.934 Grant funding of activities (see note 81 7,500 7,500 Share of support and governance ¢05ts (see note 91 Support Govemance 55,747 1.016 42.925 1.016 494,099 476,375 Anafysis by fund Unrestricte¢J funds Restricted funds 159.691 334,408 178,472 297,903 494.099 476,375 Grants payable Charitable Charitable Expenditure Expenditure 2024 2023 Grants to institutions-. 7,500 7.5CX) Charitable EXpeilure During the year £7.500 was paid to Norfolk County CcMJncil for the Time and fide museum. 14_
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable (Continued Support costs Support Governanc• costs cosls 2024 Support Governance costs costs 2023 Postage and Stationery Sundries Bank charges Software Subscriplions Sécretanal and admini5tralion Accountancy arml VAT advicé Bookkeeping fees Legal lees Auditorfs Remuneration 629 1,182 195 541 629 1,182 195 541 1,847 5,724 144 393 1,847 5.724 144 393 28,263 28,263 22,036 22,036 2,904 4.782 17,250 1.016 3,190 5,722 3.869 3,190 5.722 3.869 1.016 4.782 17.250 1.016 1.016 55,747 1,016 56,763 42.925 1,016 43,941 Analysed beeen Charitable acliwties 55.747 1.016 56.763 42,925 1,016 43,941 10 Net movement in funds 2024 2023 The net movement in funds is stated after chargintylcredrtiThJl". Depreciation of owned tangible fixed assets Profit on disposal of iangible fixed assets 812 150,0001 855 11 Trustees Trustees. Remuneration and Beneffts There were no truslees, Muneration or other beneffts for Ihe year erhjèd 31st Mard) 2024 nor for the year ended 31st March 2023. TNst•es' Expènsès There were no trustees. expenses paid during Ihe year erKled 31st March 2024 nor for the year ended 31st March 2023. 15-
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Employees The average rnonthty number of empkTryees during the year was.. 2024 Number 2023 Number A5sisiant Hentage Officer Heritage Project Manager Yare Gallery Curator Gallery aStant Total Employment costs 2024 2023 Wages and salaries Other pÈnsK)n costs 51,741 1.128 52.869 There wefe no employees whose annual MneratiOn was than £60.000. Remuneration of key management personnel 13 Othèr ÈxnditurÈ Restricted funds 2024 R85tricted funds 2023 Loan Interest 23,999 25,098 During the year, interest chafged on secured loans fvom Great YamcKJth Borough Council was £25.098. 14 Taxation The charity is exempt frc¥n taxab.on on ils activibes because all its income is apptied for charitsble purposes. 16-
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 1S Tangible fixed a55ets itageAssets Irnwovtsmoftts Computer Eqvipmont Total Cost At 1 April 2023 Additions 9.134 9,134 165,741 165.741 At 31 March 2024 165,741 9,134 174,875 Depreciatlon and impaimient At 1 April 2023 Deprèuation tharged in thè year 5,885 812 5,885 812 At 31 March 2024 fj,697 6,697 Carrying amount At 31 March 2024 165.741 2.437 168.178 At 31 March 2023 3,249 3,249 16 Heritage assets At 1 April 2023 and at 31 March 2024 1,731,101 The Pfoperties are freehold properbes and are he for direct chaiilable purposes. Part of the freehold propety 32133 Baker Streel is leased on a long-terni lease to Orbit Housing AsSlation. Thè company's propèrtiès were L*st independenuy MalUj on 31 March 2015 al open market value. The historic cost is £413.027. The Yare Gallery property at 26 South Quay. Gat Yamiouth. NR30 2RG. is in the process of being sold_ A deposit was ieceried during year ended 31st March 2024 of £50.0(X). The agreed selling price is £250.000. with the rernainder balance awaiting receipt after the year end. 17_
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Fixed asset investments Other investments Cost or valuation At 1 April 2023 & 31 March 2024 Carrylng amount At 31 March 2024 At 31 March 2023 2024 2023 Other investments comprise= Notes Investments in subsidiaries 28 18 Debtors 2024 2023 Amounts falling due within one year. Trade debtors Amounis owed by subsidiary undertakings Other debtor5 14.649 616 50.956 3,292 215 52.437 66.221 55.944 19 Loans and overdraft5 2024 2023 AHF Loan GYBC Loan 100.000 677,200 710,800 777.21)0 710.800 Payable within one year Payable after one year 133,600 643.6 30.400 680.400 Amounts induded above whid) fall due after five years." Payable by inslalments 525.200 558.800 The loans a sewred against all wesent and fuiure monies, obligatK)ns and liabilits'es in connection with the loans. 18-
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Creditor5.' amount5 falling due thIn one year 2024 2023 Notes AHF Loan GYBC Loan Trade creditors Other creditots Accnjals and deferred IrMe 19 100.000 33,600 143,140 531 43.531 30,400 69,686 211 45.619 320,802 145,916 21 Creditors= amounts falling due after more than one year 2024 2023 GYBC Loan 643,600 680,400 22 Retirement benefrt schemes 2024 2023 Defined contribution sch•m•s Charge to profil or h)ss in respect of defined contribution schemes 1,128 The charity operates a defined contrTbub"on pension scheme for all qualityng emoYees. The assets ol ihe heme are held Separately Irorn those of the Gharty in an independently adrninistered fund. 19-
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GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds The unrestricted funds of the charity comprise Ihe unexpended balan$ of donabons and grants which are not subject lo specific conditions by donors an¢J gFanlors as lo how they may be used. These indude designated funds which have been sel aside out of uniestricied lunds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resource5 expended Transfers At 31 Marth 2024 General funds 766.482 200.288 1159,6911 807.079 PVIouS year. At 1 Aprl 2022 Incoming resources Resources expended Transfers At 31 March 2023 General funds 760.526 157.611 1178,4721 26,817 766,482 25 Analysls of net assets between funds unstriCted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Heritage assets Investrnent5 Current assetsllliabilitiesl Long tetrn liabilities 168.178 1.011.101 168.178 1.731.101 720.000 112,9221 100.000 198,0971 1743.6001 1111.0191 1643.6001 807,079 337,582 1,144,661 Unrestrictèd fund5 2023 Rèstridèd fund5 2023 Totsl 2023 At 31 March 2023= Tangible assets Heritage assets Investments Current assetsllliabilitiesl Long term liabilities 3.249 720,000 3.249 1,731,101 1,011,101 43.Z32 28.111 1680,4001 69.343 1680,4001 766.482 356.812 1.123,294
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 26 UnTestricted fund The unrestricted fund represents the free fvnds of the Charity which have not been designated for a parbcular purpose. Induded in this fund is a valUation SerVe of £596,973. 27 Related party transactions Great Yarmouth Borough Counul is represented by counryllors as members of the Board of Trustees. During the year interest was charged of £23.99912023.' £25.0981 on secured loans fri)rn Great YarmoLrth Borough Council. There were outstandiThJ loans at 31 March 2024 of £677.2(K)12023'. £710.8001. Norfolk Conservation Limited, the chariws whdty-owned subsidiary, was established to provide conservation to owners, businesses, loeal authorities and community groups. Norfolk ConseNatson Limited gift aids all of its profits to Great Yarmouth Preservation Tnjst to support the work ol the Trust. During the year, Norftslk Conservation Limited donated £13.88412023.. £19.2111 to Great Yamiouth Preservation Trust. Great Yamiouth Preservation Trusl does sometimes incur minor expenditijre on behalf of Norfolk Conservation Limtied. which is subsequenuy Embr$ed. Al 31 March 2024 Norfolk Conservation Limited owed £61612023-. £2151. 28 Subsidiaries Details of the charitys subsidiaries at 31 Marth 2024 are as follows- Nam• of undertaklng Registèred office Natur• of buslness Class of sha$ held °/tr Held Direct Indirect Norfolk conservats.on Ltd 26 South Quay. Prowde conservation to Sat Yarnio(Jth. owners. businesses. local England. NR30 authorities and o)mmunity 2RG groups. Ordinary 100.00 Fc)r the year to 31 Marth 2024. Norfolk Conservation Limited had a gross income of £20,470 and expenditur 01 £6.586. The profit of £13.884 is donated to its parent tharity Grealyamiouth Preservation Trust. For the year to 31 March 2023, Norfolk ConservaiKJn Limited had a gross ino)me of £24,193 and expenditure 01 £4.982. The profit of £19,211 is donaled lo its parent charity Gieatyamouth Preservation Trust. 29 Cash generated from operations 2024 2023 Surplus for the year 21.367 14,389 Adjustrnents for.. Investment income rectsgnised in statement of finan(ial acbvibes Gain on disposal ol tangible fixed assets Depreciation and impairment ol tangible fixed assets 169.9901 150.0001 812 155.5231 855 Movements in working capital.. Ilncrea5elldecrease in debtors 1ncrease1ldecase) in creditors 110,2TII 71,686 7,691 19,0351 Cash absorbed by operations 136,4021 141.6231 -23-
GREAT YARMOUTH PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 30 Analysis of changes in net Idebtylunds At 1 April 2023 Cash flowsAt 31 March 2024 Cash at bank and in hand 159,315 115,7531 143,562 Loans falling due within one year Loans falling due after more than one year 130,4001 {680,4001 1103,2001 36,8(N) 1133,6001 1643.6001 1551.4851 182.1531 1633,6381 -24-