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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 500816

Report of the Trustees and Financial Statements for the Year Ended 31 December 2023 for

Grimsby Sailors & Fishing Charity

Grimsby Sailors & Fishing Charity

Haines Watts, Chartered Accountants

117 - 119 Cleethorpe Road Grimsby North East Lincs DN31 3ET

Contents of the Financial Statements for the Year Ended 31 December 2023

Page

Reference and Administrative Details 1
Report of the Trustees 2 to 4
Report of the Independent Auditors 5 to 6
Statement of Financial Activities 7
Balance Sheet 8 to 9
Cash Flow Statement 10
Notes to the Cash Flow Statement 11
Notes to the Financial Statements 12 to 22
Detailed Statement of Financial Activities 23 to 24

rimsb ailors & Fishin Chari

Grimsby Sailors & Fishing Charity

Reference and Administrative Details for the Year Ended 31 December 2023

TRUSTEES
Mr D K Watt (Chairman – appointed 6 March 2024)
Mrs G A Ross (resigned 8 February 2023)
Ms M Lalor
Mr D Johnson
Mr M Walters
Mr J Cane
Mr A J Allard
Supt. S Brown (Port Missioner)
Mr S Dwyer
Mrs J Stansfield (appointed 14 July 2023)
PRINCIPAL ADDRESS Office Suite 1
Alexandra Dock Business Centre
Fishermans Wharf
Grimsby
N E Lincs
DN31 1UL
REGISTERED CHARITY NUMBER 500816
INDEPENDENT AUDITORS Haines Watts, Chartered Accountants
117 - 119 Cleethorpe Road
Grimsby
North East Lincs
DN31 3ET
BANKERS NatWest Bank Plc
66 Victoria Street
Grimsby
North East Lincs
DN31 1BP
SOLICITORS
Wilkin Chapman LLP
Cartergate House
26 Chantry Lane
Grimsby
DN31 2LJ
CHARITIES
ADMINISTRATOR/MANAGER
Mrs J Coultas

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The financial statements have been prepared with the accounting policies set out in note 1 and comply with the Charity’s

Page 1

Grimsby Sailors & Fishing Charity

Report of the Trustees

for the Year Ended 31 December 2023

trust deed and the Charities Act 2011. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT Policies and objectives

The objects of the charity are;

  1. The provision of almshouses at Grimsby, Cleethorpes, Waltham, New Waltham and Scartho for aged retired sailors and fish trade workers of the Port of Grimsby and their wives, or the aged widows of such sailors or fish trade workers. At present there are 153 dwellings.

  2. Such charitable purposes for the benefit of the residents as the trustees decide. It is the policy of the trustees to maintain and improve all the almshouses to a very high standard in order that all the residents may live out their lives in comfort and dignity.

  3. The relief of beneficiaries, resident in the area of benefit, who are in need, hardship or distress.

The trustees seek to continually improve and modernise the properties for which they are responsible.

Achievements

During the year:

  1. Properties vacated were extensively modernised prior to occupation by new residents.

  2. Existing funds were used to purchase 2 bungalows in more sought after locations.

Volunteers

The Charity does not currently employ volunteers or receive any donated services.

Grant making policies

Weekly and quarterly grants are paid to support the children of deceased fishermen. Such grants do not affect the support received from government sources. The trustees are empowered in their discretion to make grants of money, goods or services to other beneficiaries living in the Borough of Grimsby and surrounding areas.

ACHIEVEMENT AND PERFORMANCE Review of activities

The net movement in funds for the year ended 31 December 2023 is a surplus of £275,712 (2022: £121,015) which has been added to the Unrestricted Funds.

Investment policy and performance Investments

consist of:

Various bond, equity and alternative funds held through the Charities Aid Foundation and managed by LGT Wealth Management.

The basic objective is to achieve a reasonable rate of return commensurate with an acceptable level of risk. The policy is reviewed annually.

FINANCIAL REVIEW Principal funding

The principle funding source of the charity is the contributions paid by residents towards the upkeep of the properties.

FINANCIAL REVIEW Reserves policy

The charity will seek to create and add to its reserves in a prudent and responsible way in order to maintain and improve all the almhouses to a very high standard and to continue the moral commitment it has to meet its declared objectives. Reserves are £9,106,608 at 31 December 2023.

Page 2

Grimsby Sailors & Fishing Charity

Report of the Trustees

for the Year Ended 31 December 2023

Extraordinary repairs

Costs of extraordinary repairs, unless representing improvement to the properties are charged to the Statement of Financial Activities in the year in which they are incurred. The Trustees consider that the current balance on the Extraordinary Repairs Reserve of £297,790 is sufficient to meet any foreseeable expenditure of this nature. It is not therefore considered necessary to make any further transfers from the General Fund.

Cyclical Repairs and Maintenance

The Charity has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Statement of Financial Activities in the year in which they are incurred.

Public Benefit Requirement

The Trustees have given due consideration to the Charity Commission published Guidance on the operation of the Public Benefit Requirement.

Restricted Reserves

The Restricted Reserve represents a social housing government funded grant. The aim of this grant is to assist with the purchase and development of properties and may need to be repaid if subsequently sold.

STRUCTURE, GOVERNANCE AND MANAGEMENT Purpose and Constitution of the charity

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

The purpose of the Charity is to maintain almshouses in the Grimsby area for use by retired sailors, fish trade workers and their wives or widows.

On 16 December 2005 the Charity Commissioners for England and Wales granted that the Charity which was previously known as The Grimsby and District Home for Poor and Aged Workers Fish Trade to be changed to Grimsby Sailors and Fishing Charity.

On the same date, The Charity Commissioners for England and Wales granted that the Charities previously known as: - Grimsby Fishermen's Dependents' Fund

On 1 April 2022 the Charity Commissioners for England and Wales granted that the Charity which was previously known as Cleethorpes Cottage Homes be merged into the Grimsby Sailors and Fishing Charity.

Recruitment and appointment or election of trustees

The charity Trust Deed permits one ex officio trustee and up to nine co-opted trustees. Co-opted trustees are appointed by existing trustees. Trustees are chosen because of their connection with the sailing activities of Grimsby and/or specialist knowledge which will be of benefit to the Charity. Trustees do not receive training from this Charity.

Page 3

Grimsby Sailors & Fishing Charity

Report of the Trustees

for the Year Ended 31 December 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The trustees have conducted a review of the risks to which the Fund is exposed. They believe that its funds are sensibly invested.

Appropriate provision has been made to cover insurable risks.

Principal Activities

During the year the trustees have continued to maintain and improve 153 almshouses in accordance with their stated policy and plan to continue for the foreseeable future.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial information.

Approved by order of the board of trustees on and signed on its behalf by:

Page 4

Report of the Independent Auditors to the Trustees of Grimsby Sailors & Fishing Charity

Opinion

We have audited the financial statements of Grimsby Sailors & Fishing Charity (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Trustees of Grimsby Sailors & Fishing Charity

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Page 5

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Haines Watts Chartered Accountants & Statutory Auditor 117 - 119 Cleethorpe Road Grimsby North East Lincs DN31 3ET

Date:

Haines Watts is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

Page 6

Grimsby Sailors & Fishing Charity

Statement of Financial Activities

for the Year Ended 31 December 2023

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Other trading activities
2
658,671
Investment income
3
4,543
Total
663,214
EXPENDITURE
Charitable activities
4
487,789
Other costs
5
85,552
Total expenditure~~573,341~~
Net income before gains and losses on
Investments/sale of fixed assets
89,873
Net gains/(losses) on sale of fixed assets
-
Net gains/(losses) on investments
185,839
NET MOVEMENT IN FUNDS
275,712
RECONCILIATION OF FUNDS
Total funds brought forward
7,990,587
Funds transferred from Cleethorpes Cottage
Homes
-
TOTAL FUNDS CARRIED FORWARD
8,266,299
~~573,341~~		 Restricted
funds
31.12.23
Total funds
31.12.22
Total funds
£
£
£
-
658,671
610,562
-
4,543
1,318
-
663,214
611,880
-
487,789
358,438
-
85,552
77,168
435,606
-
89,873
176,274
-
-
122,034
-
185,839
(177,293)
-
275,712
121,015
840,309
8,830,896
6,854,772
-
-
1,855,109
840,309
9,106,608
8,830,896
~~-~~

All activities are classed as continuing activities. The statement of financial activities includes all gains and losses recognised during the year.

Page 7

Grimsby Sailors & Fishing Charity

Balance Sheet At 31 December 2023

Unrestricted
funds
Restricted
funds
Notes
£
£
FIXED ASSETS
Tangible assets
8
5,317,081
840,309
Investments
9
2,913,584
-
Total Fixed Assets
8,230,665
840,309
CURRENT ASSETS
Debtors
10
29,509
-
Cash at bank
161,935
-
191,444
-
CREDITORS
Amounts falling due within one year
11
(86,854)
-
NET CURRENT ASSETS104,590
TOTAL ASSETS LESS CURRENT
LIABILITIES
8,335,255
840,309
CREDITORS
Amounts falling due after more than one year
12
(68,956)
-
NET ASSETS
8,266,299
840,309
THE FUNDS OF THE CHARITY
13
Unrestricted funds
Restricted funds
TOTAL CHARITY FUNDS
9,106,608
8,830,896
Balance Sheet-continued

~~104,590~~
~~-~~		 31.12.23
Total funds
31.12.22
Total funds
£
£
6,157,390
5,831,081
2,913,584
2,747,745
9,070,974
8,578,826
29,509
13,492
161,935
380,825
191,444
394,317
(86,854)
(72,223)
322,094
9,175,564
8,900,920
(68,956)
(70,024)
9,106,608
8,830,896
8,266,299
7,990,587
840,309
840,309
At 31 December 2023

The financial statements were approved by the Board of Trustees on and were signed on its behalf by:

Page 9

Grimsby Sailors & Fishing Charity

2023

Page 8

Page 10

Grimsby Sailors & Fishing Charity

Cash Flow Statement
for the Year Ended 31 December
Cash flows from operating activities:
Notes
Cash generated from operations
1
Cash flows from investing activities:

Purchase of tangible fixed assets
Sale of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Investment activity Interest
paid
Net cash provided by (used in) investing
activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of

the reporting period

Cash transferred from Cleethorpes Cottage Homes
Cash and cash equivalents at the end of the
reporting period
 31.12.23
£

91,595
(326,309)
-
-
20,000
4,543
(8,719)
(310,485)
(218,890)
380,825
-
161,935		 31.12.22
£
251,579
(527,444)
122,034
-
1,000
1,318
(8,821)
(411,913)
(160,334)
453,905
87,254
380,825

Page 11

Grimsby Sailors & Fishing Charity

2023

The accompanying accounting policies and notes form an integral part of these financial statements.

Page 12

Grimsby Sailors & Fishing Charity

Notes to the Cash Flow Statement for the Year Ended 31 December

2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net movement of funds (as per the statement of financial activities)
Deduct investment income shown in investing activities
Add back interest paid
Deduct gains/add back losses on investments
Deduct gains/add back losses on sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Decrease/(increase) in debtors transferred from Cleethorpes Cottage Homes
Increase/(decrease) in creditors transferred from Cleethorpes Cottage Homes
Net cash provided by/(used in) operating activities		 31.12.23
£
275,712
(4,543)
8,719
(185,839)
-
(16,017)
13,563
-
-
91,595		 31.12.22
£
121,015
(1,318)
8,821
177,293
(122,034)
64,430
5,405
981
(3,014)
251,579

Page 13

2023

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements for the Year Ended 31 December

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going concern

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Resources expended are allocated on an actual basis according to the nature of the cost. No estimation techniques are used. Costs of charitable activities include grants made and costs associated with housing properties.

Governance costs include all overhead and support costs. Liabilities are recognised as resources expended as soon as there is a legal or contractual obligation committing the charity to the expenditure.

for the Year Ended 31

Page 14

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued December 2023

1. ACCOUNTING POLICIES - continued

Investments

Fixed asset investments are stated at market value.

Gains and losses on investments sold during the year are recorded as realised and represent the difference between the cost of or the market value of the investment held at the previous year end and the sale proceeds.

Any income arising within the investment portfolio is automatically reinvested and is accounted for as part of the change in the market value of investments.

Tangible fixed assets and depreciation

No depreciation is charged on the properties as the residual values are not materially different from the carrying amount.

Refurbishment expenses are not capitalised as such expenses are not separately identifiable within housing property costs and are regarded as maintenance of residual values.

All properties are stated at historical cost.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property - not depreciated

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the Trustees 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 charity 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 15

2023

Investment income, gains and losses are allocated to the appropriate fund.

Page 16

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued December 2023

for the Year Ended 31

1. ACCOUNTING POLICIES – continued

Maintenance contributions

Maintenance contributions are recognised in the Statement of Financial Activities on a receivable basis.

Housing Properties

At present there are one hundred and fifty three dwellings. These comprise of twenty six modern centrally heated bungalows at Manor Drive and Leas Close, one at 20 Fairway and one at 23 Westfield Road, Waltham, seven bungalows at Toll Bar Avenue, one bungalow at Louth Road and one bungalow at Waddingham Place, New Waltham, one bungalow at Elder Road, Grimsby, twenty three bungalows at Cleethorpes (35 Brian Avenue, 2 Philip Avenue, 23 Lynton Rise, 1-23 Coronation Road (odd numbers) and 76-90 Mill Road (even numbers) and fifteen bungalows at Scartho (seven bungalows in Lavenham Road, 6 Westbourne Grove, 26 and 32 Coniston Avenue, 16 Rivan Avenue, 2 Emfield Road, 28 Fallowfield Road and 6 and 9 Thirlmere Avenue).

There are forty-three dwellings at Doughty Road, six flats at Weelsby Court and six flats at Joseph Cobley Court (Hainton Avenue/Sixhills Street), Grimsby. There are also ten bungalows at Castle Street and seven houses and five flats in Weelsby Street, Grimsby.

Value Added Tax

The Charity is not registered for VAT. In these financial statements, where applicable, expenditure is shown inclusive of VAT.

Legacies

Legacies are taken into account on an accruals basis when received by the Charity and are included in the Statement of Financial Activities at the gross value received.

Grants

Grants towards repair costs are recognised in the year in which the costs are incurred.

2. ACTIVITIES FOR GENERATING FUNDS


Maintenance contributions
Donations and legacies
Administration fees		 31.12.23
£
658,446
225
-
658,671		 31.12.22
£
606,650
412
3,500
610,562

for the Year Ended 31

Page 17

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued

December 2023

3. INVESTMENT INCOME

Profit on sale of investments
Bank Interest Received
4.
CHARITABLE ACTIVITIES COSTS
31.12.23
31.12.22
Water charges
Insurance
Electricity – Outside lighting
Individual weekly benefits
Individual quarterly benefits
Institutional RNMDSF grant
Repairs and maintenance
Council Tax – empty properties
Window cleaning
Gas service contract
Resident line rental
CareLink charges
Garden maintenance
5.
OTHER COSTS
31.12.23
31.12.22 £
£
Wages
Auditors’ remuneration
Office rent and cleaning
Telephone
Postage, printing, stationery and advertising
Miscellaneous expenses
Legal and Professional fees
Bad debt expense
Almshouses Association subscription
Loan interest		 31.12.23
£
-
4,543
4,543
£
£
47,863
16,859
3,774
10,816
6,400
14,000
316,064
2,438
6,507
17,940
13,734
20,905
10,489
487,789
47,891
3,900
5,927
1,245
4,887
996
10,267
14
1,706
8,719
85,552		 31.12.22
£
441
877
1,318
32,749
15,013
2,038
11,089
6,500
14,000
198,147
2,719
6,293
24,992
13,170
19,718
12,010
358,438
43,584
3,900
5,562
966
4,715
2,202
5,625
321
1,472
8,821
77,168		 31.12.22
£
441
877
1,318
32,749
15,013
2,038
11,089
6,500
14,000
198,147
2,719
6,293
24,992
13,170
19,718
12,010
358,438
43,584
3,900
5,562
966
4,715
2,202
5,625
321
1,472
8,821
77,168

Page 18

Grimsby Sailors & Fishing Charity

December 2023

Notes to the Financial Statements - continued

for the Year Ended 31

6. TRUSTEES' REMUNERATION AND BENEFITS

31.12.23
£
Trustees' remuneration
-
Trustees' expenses
31.12.23
£
Mileage
-		 31.12.22
£
-
31.12.22
£
-

The number of trustees who had expenses paid for the year ended 31 December 2023 was nil (2022: nil).

7. STAFF COSTS

31.12.23
£
Wages and salaries
47,891
The average monthly number of employees during the year was as follows:
31.12.23
Administration staff
2		 31.12.22
£
43,584
31.12.22
2

No employees received emoluments in excess of £60,000.

The key management personnel of the Charity comprise the trustees, General manager/charities administrator and assistant. The total employees’ salaries paid to the key management personnel of the Charity were £47,891.

Page 19

Grimsby Sailors & Fishing Charity

- continued

Notes to the Financial Statements for the Year Ended 31 December 2023

8.
TANGIBLE FIXED ASSETS
Freehold
property
COST
At 1 January 2023
Additions
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 £
5,831,081
326,309
6,157,390
6,157,390
5,831,081

At present there are one hundred and fifty three dwellings. These comprise of twenty six modern centrally heated bungalows at Manor Drive and Leas Close, one at 20 Fairway and one at 23 Westfield Road, Waltham, seven bungalows at Toll Bar Avenue, one bungalow at Louth Road and one bungalow at Waddingham Place, New Waltham, one bungalow at Elder Road, Grimsby, twenty three bungalows at Cleethorpes (35 Brian Avenue, 2 Philip Avenue, 23 Lynton Rise, 1-23 Coronation Road (odd numbers) and 76-90 Mill Road (even numbers) and fifteen bungalows at Scartho (seven bungalows in Lavenham Road, 6 Westbourne Grove, 26 and 32 Coniston Avenue, 16 Rivan Avenue, 2 Emfield Road, 28 Fallowfield Road and 6 and 9 Thirlmere Avenue).

There are forty-three dwellings at Doughty Road, six flats at Weelsby Court and six flats at Joseph Cobley Court (Hainton Avenue/Sixhills Street), Grimsby. There are also ten bungalows at Castle Street and seven houses and five flats in Weelsby Street, Grimsby.

The Charity's property is vested in the Official Custodian for Charities and was insured during the year for £29,259,681 (2022: £24,867,529).

Page 20

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

for the Year Ended 31
9. FIXED ASSET INVESTMENTS
Investments
£
MARKET VALUE
At 1 January 2023 2,747,745
Revaluation 185,839
Disposals (20,000)
At 31 December 2023 2,913,584
NET BOOK VALUE
At 31 December 2023 2,913,584
At 31 December 2022 2,747,745
There were no investment assets outside the UK although funds invested through CAF and managed by LGT
Wealth Management may be held in overseas funds.
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Other debtors 29,509 13,492
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Other creditors 86,854 72,223

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued December 2023

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23 31.12.22
£ £
Other creditors 68,956 70,024

Other creditors falling due after more than one year consists of loans secured on certain Charity housing properties.

Page 17Page 18

13. ANALYSIS OF CHARITY FUNDS

Incoming Resources Transfers Gains/
At 1.1.23 Resources Expended In/(Out) (Losses) At 31.12.23
£ £ £ £ £ £
Designated funds
868,693		 - (67,072)
150,600		 - 952,221
(note 15)
General funds 7,121,894 663,214 (506,269) (150,600) 185,839 7,314,078
__ __ __ __ __ __
7,990,587 663,214 (573,341) - 185,839 8,266,299
Restricted Funds 840,309 - -
-		 - 840,309
__ __ __ __ __ __
8,830,896 663,214 (573,341) - 185,839 9,106,608
======= ======= ======= ======= ======= =======
Comparatives for movement in funds
Incoming Resources Transfers Gains/
At 1.1.22 Resources £ Expended In/(Out) (Losses) At 31.12.22
£ £ £ £ £
Designated funds
805,035		 - (53,082) 116,740 - 868,693
(note 15)
General funds
5,209,428		 611,880 (382,524) 1,738,369 (55,259) 7,121,894

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

__ __ __ __ __ __
6,014,463 611,880 (435,606) 1,855,109 (55,259) 7,990,587
Restricted Funds 840,309 - - - - 840,309
__ __ __ __ __ __
6,854,772 611,880 (435,606) 1,855,109 (55,259) 8,830,896
======= ======= ======= ======= ======= =======

Transfers in to the General fund includes net assets of £1,855,109 from Cleethorpes Cottage Homes as a result of the merger with Cleethorpes Cottage Homes on 1 April 2022.

Page 19

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Total Total
funds funds funds Funds
31.12.23 31.12.23 31.12.23 31.12.22
£ £ £ £
Tangible fixed assets 5,317,081 840,309 6,157,390 5,831,081
Fixed asset investments 2,913,584 - 2,913,584 2,747,745
Current Assets 191,444 - 191,444 394,317
Creditors due within one year (86,854) - (86,854) (72,223)
Creditors due in more than one year (68,956)
__		 - (68,956)
__		 (70,024)
__ ___
8,266,299 840,309 9,106,608 8,830,896
========
======= ======= =======
Comparative for net assets between funds

Unrestricted funds		 Restricted Total Total
31.12.22 funds funds Funds
31.12.22 31.12.22 31.12.21
£ £ £ £

Tangible fixed assets
4,990,772		 840,309 5,831,081 3,811,637
Fixed asset investments
2,747,745		 - 2,747,745 2,648,150
Current Assets 394,317 - 394,317 531,827
Creditors due within one year (72,223) - (72,223) (72,182)
Creditors due in more than one year (70,024) - (70,024) (64,660)
__ __ __ ___

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

7,990,587 840,309 8,830,896 6,854,772
======= ======= ======= ========
Page 20
DESIGNATED RESERVES
Cyclical
Repairs and Extraordinary Total
Maintenance Repairs Designated
Reserve Reserve Reserve
£ £ £
Balance at 1 January 2023 570,903 297,790 868,693
Resources expended (67,072) - (67,072)
Transfer from General fund 150,600 - 150,600
_ _ _
Balance at 31 December 2023 654,431 297,790 952,221
====== ====== ======
Comparative of Designated Reserves

15. DESIGNATED RESERVES

Cyclical
Repairs and Extraordinary Total
Maintenance Repairs Designated
Reserve Reserve Reserve
£ £ £
Balance at 1 January 2022 507,245 297,790 805,035
Resources expended (53,082) - (53,082)
Transfer from General fund 116,740 - 116,740
_ _ _
Balance at 31 December 2022 570,903 297,790 868,693
====== ====== ======

16. RELATED PARTY DISCLOSURES

Since 1 August 2019, the charity took over the role as Cleethorpes Cottage Homes property manager. During the year Cleethorpes Cottage Homes paid the charity £nil (2022 - £3,500) in respect of management and administration services. The trustees, A J Allard, J Cane and D K Watt were also trustees of Cleethorpes Cottage Homes.

Page 21

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

The charity merged with Cleethorpes Cottage Homes on 1 April 2022 and took over its net assets of £1,855,109.

17. CYCLICAL REPAIRS AND MAINTENANCE RESERVE

This reserve represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.

18. EXTRAORDINARY REPAIRS RESERVE

This revenue reserve represents amounts set aside to carry out major repairs on housing properties.

19. RESTRICTED RESERVES

This reserve represents a social housing grant which was credited to the Statement of Financial Activities when it was received. The aim of the grant is to assist the purchase and development of properties and is repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to net proceeds of sale.

Page 22

Grimsby Sailors & Fishing Charity

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

Page 23

Grimsby Sailors & Fishing Charity

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

31.12.23 31.12.22
£ £
INCOME AND ENDOWMENTS
Other trading activities
Maintenance contributions 658,446 606,650
Donations and legacies 225 412
Administration fees - 3,500
658,671 610,562
Investment income
Profit on sale of investments Dividends - 441
received - -
Bank Interest Received 4,543 877
4,543 1,318
Total incoming resources 663,214 611,880
EXPENDITURE
Charitable activities
Water charges 47,863 32,749
Insurance 16,859 15,013
Electricity - Outside lighting 3,774 2,038
Individual weekly benefits 10,816 11,089
Individual quarterly benefits 6,400 6,500
Institutional RNMDSF grant 14,000 14,000
Repairs and maintenance 316,064 198,147
Council Tax - empty properties 2,438 2,719
Window cleaning 6,507 6,293
Gas service contract 17,940 24,992
Resident line rental 13,734 13,170
CareLink charges 20,905 19,718
Garden maintenance 10,489 12,010
487,789 358,438
Support costs
Governance costs
Wages 47,891 43,584
Auditors’ remuneration 3,900 3,900
Office rent and cleaning 5,927 5,562
Telephone 1,245 966

Page 24

Grimsby Sailors & Fishing Charity

Carried forward

58,963

This page does not form part of the statutory financial statements

Detailed Statement of Financial Activities
 for
the Year Ended 31 December 2023
Governance costs
Brought forward
Postage, printing, stationery and advertising
Miscellaneous expenses
Legal & professional fees
Bad debt expense
Almshouses Association subscription
Loan interest
Total resources expended
Net income before gains and losses
Unrealised recognised gains and losses
Unrealised gains/(losses) on fixed asset investments
Realised gains and losses
Profit on sale of fixed assets
Net income		 31.12.23
£
58,963
4,887
996
10,267
14
1,706
8,719
85,552
573,341
89,873
185,839
-
275,712		 31.12.22
£
54,012
4,715
2,202
5,625
321
1,472
8,821
77,168
435,606
176,274
(177,293)
122,034
121,015

Page 25

Grimsby Sailors & Fishing Charity

This page does not form part of the statutory financial statements

Page 26