REGISTERED COMPANY NUMBER: 02345464 (England and Wales) REGISTERED CHARITY NUMBER: 801974
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 March 2024
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 31 March 2024
| 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 | 15 |
The North End Trust
Trustees' Report
for the Year Ended 31 March 2024
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 31 March 2024. 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
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The North End Trust
Trustees' Report
for the Year Ended 31 March 2024
Trustees
Mr T J Allen Dr R Anderson Mr B M Chase Mr R H Fuller Mr J Harris Mr W D Irwin Dr P R Richards Ms L Short Ms L S Leventhall (appointed 30.7.2024) Ms L Bambridge (appointed 30.11.2023)
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 20 December 2024 and signed on its behalf by:
Dr P R Richards - Trustee
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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 31 March 2024.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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
20 December 2024
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The North End Trust
Statement of Financial Activities
for the Year Ended 31 March 2024
| for the Year Ended 31 March 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 31.3.24 | 31.3.23 | ||||||||
| Unrestricted | Restricted | Total | Total | ||||||
| fund | funds | funds | funds | ||||||
| Notes | £ | £ | £ | £ | |||||
| Income and endowments from | |||||||||
| Donations and legacies | 2 | 42,591 | 37,411 | 80,002 | 116,085 | ||||
| Other trading activities | 3 | 15,116 | - | 15,116 | 13,499 | ||||
| Investment income | 4 | 6,744 | - | 6,744 | 6,065 | ||||
| Total | 64,451 | 37,411 | 101,862 | 135,649 | |||||
| Expenditure on | |||||||||
| Raising funds | 9,437 | 256 | 9,693 | 12,142 | |||||
| Charitable activities | 5 | ||||||||
| Trues Yard | 95,778 | 40,049 | 135,827 | 144,183 | |||||
| Total | 105,215 | 40,305 | 145,520 | 156,325 | |||||
| NET INCOME/(EXPENDITURE) | (40,764) | (2,894) | (43,658) | (20,676) | |||||
| Reconciliation of funds | |||||||||
| Total funds brought forward | 35,165 | 185,974 | 221,139 | 241,815 | |||||
| Total funds carried forward | (5,599) | 183,080 | 177,481 | 221,139 |
The notes form part of these financial statements
4
The North End Trust
Balance Sheet
31 March 2024
| Balance Sheet 31 March 2024 |
|||
|---|---|---|---|
| Unrestricted fund Notes £ Fixed assets Tangible assets 10 1,365 Current assets Stocks 11 5,522 Debtors 12 4,110 Cash at bank and in hand 14,034 23,666 Creditors Amounts falling due within one year 13 (30,630) Net current assets/(liabilities) (6,964) Total assets less current liabilities (5,599) NET ASSETS (5,599) Funds 15 Unrestricted funds Restricted funds Total funds |
Restricted funds £ 156,743 - - 26,337 26,337 - 26,337 183,080 183,080 |
31.3.24 Total funds £ 158,108 5,522 4,110 40,371 50,003 (30,630) 19,373 177,481 177,481 (5,599) 183,080 177,481 |
31.3.23 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 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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The North End Trust
Balance Sheet - continued
31 March 2024
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 20 December 2024 and were signed on its behalf by:
Dr P R Richards - Trustee
The notes form part of these financial statements
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The North End Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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
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The North End Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
1. Accounting policies - continued
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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. Donations and legacies
| Donations and legacies | ||||
|---|---|---|---|---|
| Donations Gift aid Grants Admissions Grants received, included in the above, are as follows: Other grants |
31.3.24 £ 20,996 760 47,590 10,656 80,002 31.3.24 £ 47,590 |
31.3.23 £ 30,083 540 75,121 10,341 116,085 31.3.23 £ 75,121 |
||
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The North End Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 3. Other trading activities Shop income Room hire 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 £ 85,415 |
||
|---|---|---|---|
7. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
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The North End Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
8. Staff costs
The average monthly number of employees during the year was as follows:
| Staff No employees received emoluments in excess of £60,000. 9. Comparatives for the statement of financial activities Unrestricted fund £ Income and endowments from Donations and legacies 58,080 Other trading activities 13,499 Investment income 6,065 Total 77,644 Expenditure on Raising funds 12,142 Charitable activities Trues Yard 87,304 Total 99,446 NET INCOME/(EXPENDITURE) (21,802) Reconciliation of funds Total funds brought forward 56,967 Total funds carried forward 35,165 |
31.3.24 7 Restricted funds £ 58,005 - - 58,005 - 56,879 56,879 1,126 184,848 185,974 |
31.3.23 6 Total funds £ 116,085 13,499 6,065 135,649 12,142 144,183 156,325 (20,676) 241,815 221,139 |
|---|---|---|
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The North End Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. Tangible fixed assets
| 10. Tangible fixed assets |
|||||
|---|---|---|---|---|---|
| Freehold property £ Cost At 1 April 2023 and 31 March 2024 167,795 Depreciation At 1 April 2023 53,698 Charge for year 3,356 At 31 March 2024 57,054 Net book value At 31 March 2024 110,741 At 31 March 2023 114,097 11. Stocks Stocks 12. Debtors: amounts falling due within one year Trade debtors Other debtors VAT Prepayments and accrued income |
Long leasehold £ 142,289 93,441 2,846 96,287 46,002 48,848 |
Plant and machinery £ 58,489 56,883 242 57,125 1,364 1,606 |
Fixtures and fittings £ 9,417 9,416 - 9,416 1 1 31.3.24 £ 5,522 31.3.24 £ 1,402 355 716 1,637 4,110 |
Totals £ 377,990 213,438 6,444 219,882 158,108 164,552 31.3.23 £ 5,722 31.3.23 £ 2,547 219 - 797 3,563 |
|
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The North End Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 13. Creditors: amounts falling due within one year Loan of restricted funds (see note 14) Trade creditors VAT Accruals and deferred income 14. Loans An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Loan of restricted funds 15. Movement in funds Unrestricted funds General fund Restricted funds Restricted Restricted Fixed Assets TOTAL FUNDS |
31.3.24 £ 23,935 1,034 - 5,661 30,630 31.3.24 £ 23,935 Net movement At 1.4.23 in funds £ £ 35,165 (40,764) 23,029 3,308 162,945 (6,202) 185,974 (2,894) 221,139 (43,658) |
31.3.23 £ - - 1,187 3,644 4,831 31.3.23 £ - At 31.3.24 £ (5,599) 26,337 156,743 183,080 177,481 |
|---|---|---|
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The North End Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
15. Movement in funds - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted Restricted Fixed Assets TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Restricted Restricted Fixed Assets TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 64,451 (105,215) (40,764) 37,411 (34,103) 3,308 - (6,202) (6,202) 37,411 (40,305) (2,894) 101,862 (145,520) (43,658) Net movement At 1.4.22 in funds At 31.3.23 £ £ £ 56,967 (21,802) 35,165 15,701 7,328 23,029 169,147 (6,202) 162,945 184,848 1,126 185,974 241,815 (20,676) 221,139 |
|---|---|
13
The North End Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
15. Movement in funds - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted Restricted Fixed Assets TOTAL FUNDS |
Incoming resources £ 77,644 58,005 - 58,005 135,649 |
Resources Movement expended in funds £ £ (99,446) (21,802) (50,677) 7,328 (6,202) (6,202) (56,879) 1,126 (156,325) (20,676) |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted Restricted Fixed Assets TOTAL FUNDS |
Net movement At 1.4.22 in funds £ £ 56,967 (62,566) 15,701 10,636 169,147 (12,404) 184,848 (1,768) 241,815 (64,334) |
At 31.3.24 £ (5,599) 26,337 156,743 183,080 177,481 |
|---|---|---|
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The North End Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
15. Movement in funds - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted Restricted Fixed Assets TOTAL FUNDS |
Incoming resources £ 142,095 95,416 - 95,416 237,511 |
Resources Movement expended in funds £ £ (204,661) (62,566) (84,780) 10,636 (12,404) (12,404) (97,184) (1,768) (301,845) (64,334) |
|---|---|---|
16. Related party disclosures
There were no related party transactions for the year ended 31 March 2024.
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