REGISTERED CHARITY NUMBER: 500816 Re rt of the Trustees and Financial Statement f ember 2024 for Grimsb Sailors & Fi hin Chari Xeinadin Audit Limited 8 Floor, Becket House 36 Old Jewry London EC2R 8DD
Grimsb Sailors & Fishin Chari Contents of the Financial Statements for the Year Ended 31 December ?024 Page Reference and Administrative Details Report of the Truste&8 2to4 Report of the Independent Auditors 5t06 Stsiement of Financial Activities Balance Sheet 8t09 Cash Flow Statement 10 Notes to the Cash Flow Statement Notes to the Financial Statements 12to22 Detailed Statement of Financial Activities 23to24
Grimsb Sailors & Fishin Charit Reference and Administrative Details for the Year Ended 31 Decetnber ?024 TRUSTEES Mr D K Watl (Chairman-appointed 6 March 2024) M5 M Lalor (re5i8ned 15 May 2024) Mr D Johnson Mr M Walters Mr J Cane Mr A J All8rd Supt. S Brown (Port Missioner) Mr S Dwyer Mrs J Siansfield PRINCIPAL ADDRESS Office Suite Alexandrn Dock Business Centre Fishernians Ivharf Grimsby N E Lincs DN31 IUL REI GISTERED CIIARITY NUMBER 500816 INDEPENDENT AUDITORS Xeinadin Audit Limited 8 Floor, Becket House 36 Old Jewry London EC2R 8DD BANKERS NatWe5t Bank Plc 66 Victoria Streei Grimsby Norih Easi Lincs DN31 IBP SOLICITORS Wilkin Chapman LLP Carlergate House 26 Chanlry Lane Grimsby DN312LJ CHARITIES ADMINISTRA TORIMANAGER Mrs J Coulias Page I
Grimsb Sailors & Fishin Chari ort of the Trustees for the Year Ended 31 December 2024 The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The financial stateinents have been prepared with the accounting policies set out in note l and comply with the Charity's trust deed and the Charities Act 2011. The trustees have adopted the provisions of Accounting and Reporting by Cliarities.. Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance witli the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT Policies and objective5 Tlie objects of the charity are- l. 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 woi'kers. At present tliere are 153 dwellings. 2. Such charilable PUTposes for the benefit ofthe residents as the trustees decide. It is the policy ofthe 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 coinfort and dignity. 3. The relief of beneficiaries, resident in the area of benefi( who are in need, hardship or distress. The trustees seek to continually improve and modemise the properties for which they are responsible. Achievements During the year properties vacated were extensively modernised prior to occupation by new residents. Volunteers The Charity does not currently employ volunteers or receive any donaled services. Grant making policies Weekly and quarterly grants are paid to support the children of deceased fishernien. Such grants do not affect the support received from government sources. The trustees are empowered in their discretion to make grants of money. g¢)ods or services to other beneficiaries living in ihe Borough of Grimsby and surrounding areas. ACHIEVEMENT AND PERFORMANCE Review of activities The nct movement in funds for the year ended 31 December 2024 is a surplus of £298,057 (2023: £275,712) 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 Wealtli Management. Tlie basic objective is to achieve a reasonable rate of return comrnensurate wilh an acceptable level of risk. The policy is reviewed annually. FINANCIAL REVIEW Principal funding The pi'inciple funding source of the charity is the contributions paid by residents towards the upkeep of the properties. Page 2
Grimsb Sailors & Fishin Chari ort of the Trustees for the Year Ended 31 Decem er 2024 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 tlie almhouses to a very high standard and to continue the moral commitment it has to meet its declared objeetives. Reserves are £9.404,665 at 31 December 2024. Extraordinary repairs Costs of extraordinary repairs, unless representing improvement to the properties are Charged to the Statement of Financial Activiti&s in the year in which they are incurred. The Trustees consider that the currenl balance on the Exlraordinary Repairs Reserve of £297,790 is sufficient to meet any foreseeable expenditure of this nature. It is not therefore considered necessary to rnake any further Iransfers from the Generdl 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 Requirernent. 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 trSt, and constitutes an unincorporated charity. The purpose of the Charity is to maintain almshouses in the Grirnsby area for use by retired sailors, fish trade workers and their wives or widows. On 16 December 2005 the Charity CommissioneTS for England and Wales granted that the Charity which was previously known as The Grimsby and DistTicI Home for Poor and Aged Workers Fish Trade to be changed to Grimsby Sailors and Fishing Charity. On the saine date, The Charity Commissioners for England and Wales granted tliat the Charities previously known as: Grimsby Fishermen's Dependents, Fund Fisherinen's and Sailors, Almshouse Trust, and Diamond Jubilee Provident Homes be merged into the Grimsby Sailors and Fishing Charity. On E April 2022 the Charity Commissioners for England and Wales granted that the Charity which was previously known as Cleetliorpes Cottage Homes be merged into the Grimsby SailoTS and Fishing Charity. Recruitment and appointment or election of trustees The charity Trust Deed permits one ex olTicio trSEe and up to nine Copted trustees. Co-opted trustees are appointed by existing trustees. Trustees are chosen because of their connection with the sailing activities of Grimsby anivor specialist knowledge which will be of benefjt to the Charity. Trust do not receive training from this Charity. Page 3
Grimsb Sailor5 & Fishin Charit ort of the Trustees for the Year Elided 31 December 2024 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 Trusrees 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 Wale4 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 tlie state of affairs of the charity and of the incoming resources and application of resources, including ihe income and expenditure. of the charity for that period. In preparing those financial statements, the tTUStees are required to select suitable accounting )licIeS and then apply them consistently. observe thc methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalements; prepare tlie financial statements on the going concern basis unless it is inappropriate to presume that the charity will coiitinue in business. 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 tlie Charities Act 201 I, the applicable Charity (Accounts and Reports) Regulalions 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for thking 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 inforniation included on the Charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial infonnation. Approved by order of the board of trustees on and signed on its behalf by. 2 3,,'gjis Hrbcllrtt Page 4
Re ort of the Inde endent Auditors to the Trustees of Griinsb sailo & Fishin Charit Opinion We have audited the financial statements of Grimsby Sailors & Fishing Charity (the '¢harity') for the year ended 31 December 2024 which comprise the Slatement of Financial Activities, the Balance Shee¢ the Casli 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 Accounling Practice). In our opinion the financial statements- give a true and fair view of the slate of the charity's affairs as at 31 December 2024 and of its incoming resources and applicatioii of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under ihose standards are further described in the Auditors responsibilities for the audit of tlie financial 5tateinents section of our report. We arc independent of the charity in accordance with the eihical requirements tljat are relevant to our audit of the findnLial slatemenls in the UK, including the FRC'S Ethical Standard, aiid we liave 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 golng concern We have nothing to report in respect of the following matters in relation lo which the ISAS (UK) require us to report to you where: the trustees, use of the going concern basis of accounting in the preparntion of the financial statements is not appropriate. or the trustees have not disclosed in the financlal statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other information The trustees are responsible for the other infonnation. The other infomiation Comprises ihe infonnation included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statemenls does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fonTJ of assurance conclusion thereon. In Connection witli our audit of the financial statements, our responsibility is io read the other infonnation and, in doing so, consider whetlier the other inforniation 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 misstatemenls, 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 perfornied, we conclude that there is a material misstatemenl of thi5 Other infomiation, we are required to report that fact. We have nothing to report in this regard. Page 5
ort of the Inde endent Auditors to the Trustees of Grimsb Sailors & Fishin Chari 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 yoii if, in our opinion., the inforniation given in the Report of the Trustees is tnconsistent in any material respect with the financial statements. or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records and returns; or we have not received all the inforniation and explanations we requiTe for our audit. Responsibilities of trustees As explained more fully in the Statement of TrSteeS 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 ihe trustees detemiine is necessary to enable the preparation of financial slatements that are free from material misstatement, whether due to frnud oi. error. In preparing the financial statements, the trustees a responsible for assessing the charity'5 ability to continue as a goiiig concern, disclosing, as applicable, matters related to going cuncern and using the going concern basis of accouiiting unless the trustees either intend to liquidate the charity or to cease operatio, 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 wholc 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 etTOT and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial stslements. 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.uauditQr5re5pOnSibl[ltie$. This description fornis part of our Report of the Iiidependent Auditors. Use of our report This report is made solely to the charity's trustee5. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so ihat we might state to the charity's trustees those matters we are required to state to Ih¢m in an auditor5, report and for no other purpose. To the fullesl 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 opinion5 we have formed. Xeinadin Audit Limited 8, Floor, Becket House 36 Old Jewry London EC2R 8DD Date: zi foifiHEpF Xeinadin Audit Limited is eligible to act as an auditor in ternis of Section 1212 of the Companies Act 2006. Page 6
Grimsb Sailors & Fishin Chari Statement of Financial Activities for the Year Ended 31 Decem er 2024 Unrestricted funds Restricted funds 31.12.24 Total funds 31.1223 Total funds Notes INCOME AND ENDOWMENTS FROM Other trading activities Investment income 708,740 3,238 708,740 658,671 Total 711,978 711,978 663,214 EXPENDITURE Charitable activities Other costs 493,894 85,167 49J,894 487,789 Total expenditure 579 061 579 061 573 341 Net income before gains and losses on Investmentslsale of fixed assets 132,917 132,917 89,873 Net gainsl(losses) on Sale of fixed assets Net gainsl(losses) on investmenls 165 140 165 140 185 839 NET MOVEMENT IN FUNDS 298,057 298.057 275,712 RECONCILIATION OF FUNDS Total funds brought fornard 8,266,299 840,309 9.106,608 8,830,896 TOTAL FUNDS CARRIED FORWARD 8 564.356 840 309 9 404,665 9.106,608 All activities are classed as continuing activities. The statement of financial activities includes all gains and losses recognised during the year. Page 7
Grimsb Sailors & Fishin Charit Balance Sheet At 31 December 2024 Unrestrided funds RtrIcted funds 31.12.24 Total funds 31.12.23 Total funds Notes FIXED ASSETS Tangible assets Investments 5,317,081 3,098.724 840.309 6,157,390 3,098 724 6,157,390 2 913.584 Total Fixed Assets 8,415,805 840.309 9,256,114 9.070,974 CURRENT ASSETS Debtors Cash at bank io 32,021 271501 32,021 271,501 29,509 161.935 303.522 303.522 191,444 CREDITORS Ainounts falling due within one year (87,142) (87,142) (86,854) NET CURRENT ASSETS 216380 216.380 104,590 TOTAL ASSETS LESS CURRENT LIABILITIES 8,632,185 840,309 9,472,494 9.175,564 CREDITORS Amounts falling due after more than one year 12 (67,829) (67,829) (68,956) NET ASSETS 564,356 840,309 9 404,665 9.106 608 THE FUNDS OF THE CHARITY Unrestricted funds Restricted fund5 13 8,564,356 840,309 8,266,299 840,309 TOTAL CHARITY FUNDS 9,404 665 9 106.608 Page 8
Grimsb Sailors & Fishin Chari Balance Sheet - continued At 31 December ?0?4 The financial statements were approved by the Board of Trustees on and were signed on its belialf by.. Page 9
Gritnsb Sailors & Fishin Charit Cash Flow Statement for the Year Ended 31 De ember 20?4 31.12.24 31.12.23 Notes Cash flows from operating activities: Cash generated from operations 134,848 91,595 Cash tloivs from investing activities: Purcliase of iangible fixed assets Sale of tangible fixed assets Purchase of fixed assel investments Sale of fixed asset investments Investment activity Interest paid (i26,309) (20,000) 20,000 4,543 3,238 8,520 Net tash provided by (used in) invL8ting activilies 25,282 310485) Change in cash and cash equivalents In the year 109,566 (218,890) Cash and cash equivalents at the beginning of the reporting period 161,93S 380,825 Cash and cash equivalents at the end of the reporting period 271,501 161,935 The accompanying accounting policies and notes forni an integral part of these financial statements. Page 10
Grimsb Sailors & Fishin Chari Notes to the Cash Flow Statement for the Year Ended 31 December 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.1224 31.12.23 Net movement of funds (as per the statement of financial activities) 298.057 275,712 Deduct investment income shown in investing activities Add back interest paid (3,238) 8,520 (4,543) 8,719 Deduct gainsladd back losses on investments Deduct gains/add back losses on sale of fixed assets (165,140) (185,839) Decreasel(increase) in debtors Increasel(decrease) in creditors (2,512) (16,017) Net cash provided byl(used in) operating activities 134 848 Page 11
Grimsb Sailors & Fishin Charit Notes to the Financial Statements f r the Year Ended 31 December 2024 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 ¢haritie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reportiiig Standard 102 'The Financial Reporting Siandard applicable in the UK and Republic of Ireland, and tlie Charities Act 2011. The financial statemenls 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 coneern The trustees consider that there are no malerial uncertainties about the Trust's ability to continue as a going concem. Income All income is recognised in the Ststement of Financial Activities once the charity has entitlement to the fuiids, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are reeognised as expenditure as soon as there is a legal or constructive obligation committing ihe 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 h&5 been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular Iieadings they have been allocated to activities on a basis consistent with the use of resources. Allocatlon and apportionment of eosts Resources expended are allocated on an actual basis according to the nature of the cost. No estimation tecliniques are used. Costs of charitable aclivilies 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 &s there is a legal or contractual obligation committing the charity to the expenditure. Page 12
Grimsb Sailors & Fishin Chari Notes to the Financial Statements - continued for the Year Ended 31 December 2024 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 Preeds. 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 propertie5 as thc 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 depTeciation. 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 - noi 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. Resti'icted 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 specifiL fund. The aim and use of each striCted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 13
Grimsb Sailors & Fishin Chari tes to the Financial Statevnents - continued for the Year Ended 31 December 2024 ACCOUNTING POLICIES- continued Maintenance contributions Maintenance contributions are recognised in the Statement of Financlal Activities on a receivable basis. Housing Properties At present there are one hundred and fify three dwellings. These comprise of twenty six modern centrally heated bungalows at Manor Drive and Leas Close, one at 20 Fainvay and one at 23 Westfield Road. Walthain, 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 ihree bungalows at Cleethorpes (35 Brian Avenue, 2 Pliilip 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 Avenlie, 16 Rivan Avenue, 2 Emfield Road. 28 Fallowfield Road and 6 and 9 Thirlmere Avenue). There are forty-three dwellings al 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 liouses and five flats in Weelsby Street, Grimsby. Value Added Tax The Charity is not regislered for VAT. In these financial statements, where applicable, expenditure is shuwn inclusive of VAT. Legacie5 Legacies are taken into account on an accruals basis when received by the Charity and are included in the Statenient of Financial Activities at the gross value received. Grants Grants iowards repair costs are recognised in the year in which the costs are incurred. ACTIVITIES FOR GENERATING FUNDS 31.12.24 31.12.23 Maintenance contributions Donations and legacies 708,643 97 658,446 225 708,740 658,671 Page 14
Grimsb Sailors & Fishin Chari Notes to the Financial Statements - continued for the Year Ended 31 December 2024 INVESTMENT INCOME 31.12.24 31.12.23 Profit on sale of investments Bank Interest Received 3,238 4.543 4,543 CHARITABLE ACTIVITIES COSTS 31.12.24 31.12.23 Water charges Insurance Electricity - Outside lighting Individual weekly benefits Individual quarterly benefits Institutional RNMDSF grant Rcpairs and maintenance Council Tax- empty properties Window cleaning Gas service contract Resident line rental CareLink charges Garden maintenance 53,177 18.518 3,567 9,217 5,300 15,000 313,655 5,308 8,169 17,940 12,930 19,937 47,863 16,859 3,774 10,816 6,400 14,000 316.064 2.438 6.507 17,940 13,734 20,905 10,489 493 894 487,789 OTHER COSTS 31.12.24 31.12.23 Wages Auditors, remuneration Office rent and cleaning Telephone Postage, printing, stationery and advertising Miscellaneous expenses Legal and Profcssional fees Bad debt expense Almshouses Association subscription Loan interest 49,778 3,900 6,180 835 6.274 1,495 6,489 47,891 3,900 5,927 .245 4,887 996 10,267 14 1,706 8,719 1,696 8,520 85,167 Page 15
Grimsb Sailors & Fishin Charit Notes to the Financial Statements - c ntinued for tlie Year Ended 31 December 2024 TRUSTEES, REMUNERATION AND BENEFITS 31.12.24 31.12.23 Trustees, remuneration Tru$tees' expenses 31.1224 31.12.23 Mileage The niimber of trustees who had expenses paid for the year ended 31 December 2024 was nil (2023: nil). STAFF COSTS 31.12.24 31.12.23 Wages and salaries 49.778 The average monthly number of employees during the year was as follows: 31.12.24 31.12.23 Administration staff No employees received emolumenls in excess of £60,000. The key management personnel of the Charity comprise the trustees, Gencral managerlcharities administrator and assistant. The total employees, salaries paid to the key management personnel of the Charity wcrc £49,778. Page 16
Grimsb Sailors & Fishin Chari Notes to the Financial Statements - continued for the Year Ended J l December 20 TANGIBLE FIXED ASSETS Freehold property COST At l January 2024 Additions 6,157,390 At 31 December 2024 6.157,390 NET BOOK VALUE At 31 December 2024 6.157.390 At 31 December 2023 6.157.390 At present there are one hundred and fifty three dwellings. These comprise of twenty six modern centrally heated bungalows al Manor Drive and Lea5 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) aiid 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 £29,420,681 (2023: £29,259,681). Page 17
Grimsb Sailors & Ftshin Chari Notes to the Financial Statements - continued for the Year Ended 31 December 2024 FIXED ASSET INVESTMENTS Investments MARKETVALUE At l January 2024 Revaluation Addiiions 2,913,584 165.140 ?0.000 At 31 December 2024 3 098,724 NET BOOK VALUE At 31 December 2024 3,098,724 At 31 December 2023 2 913.584 There were no investment assets Outside the UK although funds invested through CAF and managed by LGT Wealth Management may be held in overseas fiinds. 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other debtors 32.021 29,509 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other creditors 87.142 86,854 12. CREDITORS: AMOUNTS FALLING DUE AER MORE THAN ONE YEAR 31.1224 31.12.23 Other creditors 67,829 68,956 Other creditors falling due after more than one year consists of loans secured on certain Charity housing properties. Page 18
Grimsb Sailors & Ftshin Charit Notes to the Financial Statements - continued for the Year Ended 31 December 20?4 13. ANALYSIS OF CHARITY FUNDS Ineoming Resources Tr¥nsfers Gainsl At 1.1.24 Resources Expended Inl(Out) (Losses) At 31.12.24 Designated funds (note 15) 952,221 (70.193) 157,644 1,039,672 General funds 7,314,078 711.978 (508,868) (157,644) 165,140 7.524,684 8,266.299 711,978 (579,061) 165.140 8,564.356 Restrieted Funds 840,309 840,309 9,106,608 711,978 (579,061) 165,140 9,404,665 Comparatives for movement in funds Incoming Resources Transfers GaiThsl At 1.1.23 Ruources Expended Inl(Out) (L055es) At 31.12.23 Designated funds (note 15) 868,693 (67.072) 150,600 952,221 Cener£l 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 Page 19
Grimsb Sailors & Fishin Chari Notes to the Financial Statements - continued for the Ye rEnded31 D cember 2024 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted funds 31.12.24 Restricted funds 31.12.24 Total funds 31.12.24 Total Funds 31.12.23 Tangible fixed assets 5,317,081 840.309 6.157,390 6.157,390 Fixed asset investments 3,098,724 3,098,724 2,913,584 Current Assets 303.522 303,522 191,444 Creditors due within one year (87,142) (87,142) (86,854) Creditors due in more than one year (67,829) (67,829) (68,956) 8,564J56 840J09 9,404,665 9,106,608 Comparative for net assets between funds Unrestricted funds 31.12.23 Restricted funds 31.12.23 Total runds 31.12.23 Total Funds 31.12.22 Tangible fixed assets 5,317,081 840.309 6,157,390 5,831,08 I 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 Page 20
Grimsb Sailors & Fishin Chari Notes to the Financlal tatements - continued for the Year Ended 31 Decem er 2024 15. DESIGNATED RESERVLS Cyclical Repairs and Extraordinary Maintenance Repair5 Reserve Reserve Total Designated Reserve Balance at l January 2024 654.431 297,790 952,221 Resources expended (70.193) (70,193) Transfer from General fund 157,644 157,644 Balance at 31 Decetnber 2024 741.882 297,790 1,039,672 Comparative of Designated Reserves Cyclical Repairs and Extraordinary Maintenante Repairs Reserve Reserve Total Designated Reserve Balance at l 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 16. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. 17. CYCLICAL REPAIRS AND MAINTENANCE RESERVE This reserve represents amounts set aside for cyclical maintenance to meet costs in excess of biidgeted expenditure for any year. Page21
Grimsb Sailors & Fiihin Chari Notes to the Financial Ststements - continued f r the Year Elided 31 December 20?4 18. EXTRAORDINARY REPAIRS RESERVE This revenue reserve reprents 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 15 I'epayable under certain circumstances, primarily following the sale of a property but will nornially be Testri¢ted to net proceeds of sale. Page 22
Grilnsb Sailors & Fishin Charit Detailed Statement of Financial Activities for the Year Ended 31 December 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Other trading activities Maintenance contributions Donations and legacies 708,643 97 658,446 225 708,740 658,671 Investment income Profit on sale of inve51ments Dividends received Bank Interest Received 3,238 3,238 Total ineoming resources 711,978 663,214 EXPENDITURE Charitable a¢tlvitles WaÉer charges Insurance Electricity- Outside lighting Individual weekly benefits Individual quarterly benefits Institutional RNTh4DSF grant Repairs and maintenance Council Tax - empty properties Window cleaning Gas service Contract Resident line rentsl CareLink charges Garden maintenance 53,177 18.518 3,567 9,217 5,300 15,000 313,655 5,308 8,169 17,940 12,930 19,937 11,176 47,863 16,859 3,774 10,816 6,400 14,000 316,064 2,438 6,507 17,940 13,734 20,905 10,489 493,894 487,789 Support costs Governance costs Wages Auditors, remuneration Office rent and cleaning Teleplione Carried fonvard 49,778 3,900 6,180 835 60,693 47,891 3,900 5,927 1.245 58,963 This page does not forn] part of the statutory financial statements Page ?3
Grimsb Sailors & Fishin Char Detailed Staternent of Financial Activities for the Year Ended 31 December 2024 31.12.24 31.12.23 Governance costs Brought forward Postage, printing, stationery and advertising Miscellaneous expenses Legal & professional fees Bad debt expense Alinshouses Association subscription Loaii interest 60,693 6,274 1.495 6,489 58,963 4,887 996 10,267 14 1,706 8,719 1,696 8,520 85,167 85,552 Total resources expended 579,061 573,341 Net income before gains and losses 132,917 89,873 Unrealised recognised gains and losses Unrealised gains/(losses) on fixed asset investments 165,140 185,839 Realised galn5 and losses Profit on sale of fixed assets Net income 298,057 275,712 This page does not form part of the statutory financial siatements Page 24