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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 02345464 (England and Wales) REGISTERED CHARITY NUMBER: 801974

Trustees' Report and

Unaudited Financial Statements for the Year Ended 31st March 2023

for

The North End Trust

Stephenson Smart (East Anglia) Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ

The North End Trust

Contents of the Financial Statements for the Year Ended 31st March 2023

Page
Trustees' Report 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5 to 6
Notes to the Financial Statements 7 to 13
Detailed Statement of Financial Activities 14 to 15

The North End Trust

Trustees' Report for the Year Ended 31st March 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2023. 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

Objectives and aims

The company's principle objective continues to be the provision of museum and educational facilities for the public in the Borough of King's Lynn and West Norfolk.

Achievement and performance

Charitable activities

The trustees have had regard to the Charity Commission's guidance on public benefit and have sought to ensure that all activities undertaken have been in line with the charity's objectives.

The trustees are satisfied with the results of the year and continue to work to achieve the company's principal object.

Financial review

Financial position

The trustees' policy is to build a fund, the income from which will support the charity's activities and maintain adequate cover over the anticipated expenditure in the following year.

The trustees are now undertaking a financial review and action plan to ensure viability over the next few years.

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Reference and administrative details

Registered Company number 02345464 (England and Wales)

Registered Charity number

801974

Registered office

True's Yard Fisherfolk North Street King's Lynn Norfolk PE30 1QW

1

The North End Trust

Trustees' Report for the Year Ended 31st March 2023

Trustees Mr T J Allen (appointed 14.7.2022) Dr R Anderson Mr P Bland Mr B M Chase Mr R H Fuller Mr J Harris Mr W D Irwin Dr P R Richards Ms L Short (appointed 14.7.2022) Company Secretary Mr R H Fuller Independent Examiner Stephenson Smart (East Anglia) Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ

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

................................................................................ Dr P R Richards - Trustee

2

Independent Examiner's Report to the Trustees of The North End Trust

Independent examiner's report to the trustees of The North End Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mrs C Melton FCCA TEP

Stephenson Smart (East Anglia) Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ

30th November 2023

3

The North End Trust

Statement of Financial Activities for the Year Ended 31st March 2023

Unrestricted
Restricted
fund
fund
Notes
£
£
Income and endowments from
Donations and legacies
2
57,975
58,005
Other trading activities
3
13,499
-
Investment income
4
6,065
-
Total
77,539
58,005
Expenditure on
Raising funds
12,037
-
Charitable activities
5
Trues Yard
93,506
50,677
Total
105,543
50,677
NET INCOME/(EXPENDITURE)
(28,004)
7,328
Reconciliation of funds
Total funds brought forward
63,169
178,646
Total funds carried forward
35,165
185,974		 2023
Total
funds
£
115,980
13,499
6,065
135,544
12,037
144,183
156,220
(20,676)
241,815
221,139		 2022
Total
funds
£
107,330
10,573
4,903
122,806
3,081
112,513
115,594
7,212
234,603
241,815

The notes form part of these financial statements

4

The North End Trust

Balance Sheet 31st March 2023

Unrestricted
Restricted
fund
fund
Notes
£
£
Fixed assets
Tangible assets
10
1,607
162,945
Current assets
Stocks
11
5,722
-
Debtors
12
3,563
-
Cash at bank and in hand
29,104
23,029
38,389
23,029
Creditors
Amounts falling due within one year
13
(4,831)
-
Net current assets
33,558
23,029
Total assets less current liabilities
35,165
185,974
NET ASSETS
35,165
185,974
Funds
14
Unrestricted funds
Restricted funds
Total funds		 2023
Total
funds
£
164,552
5,722
3,563
52,133
61,418
(4,831)
56,587
221,139
221,139
35,165
185,974
221,139		 2022
Total
funds
£
171,038
5,985
3,968
64,135
74,088
(3,311)
70,777
241,815
241,815
63,169
178,646
241,815

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

5

The North End Trust

Balance Sheet - continued 31st March 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

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

............................................. Dr P R Richards - Trustee

The notes form part of these financial statements

6

The North End Trust

Notes to the Financial Statements for the Year Ended 31st March 2023

1. Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.The following specific policies are applied to particular categories of income:

Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

Legacy income is recognised when receipt is probable and entitlement is established.

Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost Long leasehold - 2% straight line Plant and machinery - 15% p.a. reducing balance Fixtures and fittings - 15% p.a. reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

7

The North End Trust

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

1. Accounting policies - continued

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable

company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.

3.

Donations and legacies

Donations and legacies
Donations
Gift aid
Grants
Grants - COVID
Admissions
Grants received, included in the above, are as follows:
Other grants
Other trading activities
Shop income
Room hire		 2023
£
29,978
540
75,121
-
10,341
115,980
2023
£
75,121
2023
£
12,873
626
13,499		 2022
£
19,267
-
67,498
13,144
7,421
107,330
2022
£
67,498
2022
£
9,828
745
10,573

8

The North End Trust

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

4. Investment income

4.
Investment income
Rents received
Interest receivable - trading
5.
Charitable activities costs
Trues Yard
6.
Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 Direct
Costs
£
82,996		 2023
£
6,000
65
6,065
Support
costs
£
61,187
2023
£
6,486		 2022
£
4,900
3
4,903
Totals
£
144,183		 2022
£
4,900
3
4,903
2022
£
6,537

7. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.

8.

Staff costs

The average monthly number of employees during the year was as follows:

2023 2022
Staff 6 6

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

9

The North End Trust

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

9. Comparatives for the statement of financial activities

Income and endowments from
Donations and legacies
Other trading activities
Investment income
Total
Expenditure on
Raising funds
Charitable activities
Trues Yard
Total
NET INCOME/(EXPENDITURE)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
10.
Tangible fixed assets
Cost
At 1st April 2022 and
31st March 2023
Depreciation
At 1st April 2022
Charge for year
At 31st March 2023
Net book value
At 31st March 2023
At 31st March 2022		 Unrestricted
fund
£
59,660
10,573
4,903
75,136
3,081
85,176
88,257
(13,121)
76,290
63,169
Freehold
Long
Plant and
property
leasehold
machinery
£
£
£
167,795
142,289
58,489
50,342
90,595
56,599
3,356
2,846
284
53,698
93,441
56,883
114,097
48,848
1,606
117,453
51,694
1,890		 Restricted
fund
£
47,670
-
-
47,670
-
27,337
27,337
20,333
158,313
178,646
Fixtures
and
fittings
£
9,417
9,416
-
9,416
1
1		 Total
funds
£
107,330
10,573
4,903
122,806
3,081
112,513
115,594
7,212
234,603
241,815
Totals
£
377,990
206,952
6,486
213,438
164,552
171,038		 Total
funds
£
107,330
10,573
4,903
122,806
3,081
112,513
115,594
7,212
234,603
241,815

10

The North End Trust

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

11.
Stocks
Stocks
12.
Debtors: amounts falling due within one year
Trade debtors
Other debtors
VAT
Prepayments and accrued income
13.
Creditors: amounts falling due within one year
Social security and other taxes
VAT
Accrued expenses
14.
Movement in funds
Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS		 2023
2022
£
£
5,722
5,985
2023
2022
£
£
2,547
500
219
-
-
3,085
797
383
3,563
3,968
2023
2022
£
£
-
197
1,187
-
3,644
3,114
4,831
3,311
Net
movement
At 1.4.22
in funds
At 31.3.23
£
£
£
63,169
(28,004)
35,165
178,646
7,328
185,974
241,815
(20,676)
221,139		 2023
2022
£
£
5,722
5,985
2023
2022
£
£
2,547
500
219
-
-
3,085
797
383
3,563
3,968
2023
2022
£
£
-
197
1,187
-
3,644
3,114
4,831
3,311
Net
movement
At 1.4.22
in funds
At 31.3.23
£
£
£
63,169
(28,004)
35,165
178,646
7,328
185,974
241,815
(20,676)
221,139		 2022
£
5,985
2022
£
500
-
3,085
383
3,968
2022
£
197
-
3,114
3,311
221,139

11

The North End Trust

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

14. Movement in funds - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 77,539 (105,543) (28,004)
Restricted funds
Restricted 58,005 (50,677) 7,328
TOTAL FUNDS 135,544 (156,220) (20,676)
Comparatives for movement in funds
Net
movement
At 1.4.21 in funds At 31.3.22
£ £ £
Unrestricted funds
General fund 76,290 (13,121) 63,169
Restricted funds
Restricted 158,313 20,333 178,646
TOTAL FUNDS 234,603 7,212 241,815
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 75,136 (88,257) (13,121)
Restricted funds
Restricted 47,670 (27,337) 20,333
TOTAL FUNDS 122,806 (115,594) 7,212

12

The North End Trust

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

14. Movement in funds - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS		 Net
movement
At 1.4.21
in funds
At 31.3.23
£
£
£
76,290
(41,125)
35,165
158,313
27,661
185,974
234,603
(13,464)
221,139		 Net
movement
At 1.4.21
in funds
At 31.3.23
£
£
£
76,290
(41,125)
35,165
158,313
27,661
185,974
234,603
(13,464)
221,139
221,139

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 152,675 (193,800) (41,125)
Restricted funds
Restricted 105,675 (78,014) 27,661
TOTAL FUNDS 258,350 (271,814) (13,464)

15. Related party disclosures

There were no related party transactions for the year ended 31st March 2023.

13

The North End Trust

Detailed Statement of Financial Activities for the Year Ended 31st March 2023

Income and endowments
Donations and legacies
Donations
Gift aid
Grants
Grants - COVID
Admissions
Other trading activities
Shop income
Room hire
Investment income
Rents received
Interest receivable - trading
Total incoming resources
Expenditure
Other trading activities
Opening stock
Purchases
Closing stock
Charitable activities
Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Telephone
Carried forward		 2023
£
29,978
540
75,121
-
10,341
115,980
12,873
626
13,499
6,000
65
6,065
135,544
5,985
11,774
(5,722)
12,037
49,778
199
1,078
682
2,412
4,753
3,395
62,297		 2022
£
19,267
-
67,498
13,144
7,421
107,330
9,828
745
10,573
4,900
3
4,903
122,806
1,981
7,085
(5,985)
3,081
51,112
-
966
821
2,212
6,115
3,190
64,416

This page does not form part of the statutory financial statements

14

The North End Trust

Detailed Statement of Financial Activities for the Year Ended 31st March 2023

Charitable activities
Brought forward
Postage and stationery
Advertising
Sundries
Accountancy
Legal and professional
Depreciation of tangible fixed assets
Support costs
Finance
Bank charges
Information technology
Repairs and renewals
Total resources expended
Net (expenditure)/income		 2023
£
62,297
2,347
545
6,546
2,410
2,365
6,486
82,996
862
60,325
156,220
(20,676)		 2022
£
64,416
1,878
297
13,149
1,350
1,432
6,537
89,059
660
22,794
115,594
7,212

This page does not form part of the statutory financial statements

15