Charity registration number 1100236
Company registration number 04857639 (England and Wales)
ST THOMAS NORWICH TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
ST THOMAS NORWICH TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Neil Henery
Mr Tim Watts
Mrs Emma Butcher
Mr Andrew Groat
Secretary
Mrs Emma Butcher
Charity number
1100236
Company number
04857639
Registered office
The Mitre
31 Earlham Road
Norwich
Norfolk
United Kingdom
NR2 3RF
Independent examiner
Argents Accountants Limited
15 Palace Street
NORWICH
Norfolk
United Kingdom
NR3 1RT
ST THOMAS NORWICH TRUST LIMITED
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
Statement of financial activities
3
Balance sheet
4
Notes to the financial statements
5 - 12
ST THOMAS NORWICH TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 October 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document,the Companies Act 2006 and "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

The principal activities of the charity are to promote the benefit of persons in the UK and worldwide, including but not limited to the relief of poverty, sickness and distress, the advancement of education and the preservation and protection of good health.

 

The Trust continued in its principal activity of providing funding and making donations to other organisations.

There is no longer any direct operating activity of the Trust outside of its grant-making activities.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Funding provided

 

As previously reported, in 2023 the Trust evaluated an application for grant funding for the STN Church internship programme.   The Trustees approved this application and the grant was made in the year ended 31 October 2023.

 

The Trustees continue to appraise for each grant provided whether it meets the charitable objectives of the Trust. All grants made to date have met these charitable objectives.

Financial review

Gross income for the year amounted to £6,806 (2022: £2,865). Unrestricted reserves at the end of the year totalled £66,315 (2022: £102,924).

 

Financial position

 

As reported in the last Trustees' Report, the grants made in 2023 were planned to substantially use the remaining liquid reserves of the Trust.  Post 31 October 2023 those remaining liquid assets have further been expended in the making of concluding grants to a number of different organisations aligned to the charitable objectives of the Trust. The Trust's funds are expected to be fully utilised in the winding down of the Trust's activities, now that it has put in to use the funds it has been administrating under the original legacy the Trust received.  

 

The Trustees have approved a plan to distribute the remaining loan asset, being the credit-impaired loan receivable from STN Trading Limited, which remained uncollected as at 29 July 2024.

 

Consequently,  the Trust's reserves policy is no longer applied.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees have discussed a range of financial variables affecting the Trust and have identified the

following as risks.

 

Liquidity and fundraising

The Trust has operated with a deficit for a number of years, which has been the strategy since the receipt

of a substantial legacy in 2015. A deficit is planned to be incurred for the foreseeable future, which is

considered affordable in view of the Trust's financial position.

ST THOMAS NORWICH TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

Credit risk on loans

The decision to transfer the STN Trading Limited loan post year end will result in a further charge to the Trust's reserves, which will be reported in the financial statements for the year ending 31 October 2024.

Structure, governance and management

The charity is a company limited by guarantee, controlled by its governing document, a deed of trust.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr Neil Henery
Mr Tim Watts
Mrs Emma Butcher
Mr Andrew Groat

The trustees are not subject to retirement by rotation. The trustees may appoint new trustees until the following annual general meeting when they may be reappointed.

 

The trustees' report was approved by the Board of Trustees.

Mr Andrew Groat
Trustee
Dated: 31 July 2024
ST THOMAS NORWICH TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
1,843
-
1,843
1,840
-
1,840
Investments
4
4,963
-
4,963
1,025
-
1,025
Total income
6,806
-
6,806
2,865
-
2,865
Expenditure on:
Charitable activities
5
43,546
-
43,546
18,497
-
18,497
Total expenditure
43,546
-
43,546
18,497
-
18,497
Net expenditure and movement in funds
(36,740)
-
(36,740)
(15,632)
-
(15,632)
Reconciliation of funds:
Fund balances at 1 November 2022
102,924
59
102,983
118,556
59
118,615
Fund balances at 31 October 2023
66,184
59
66,243
102,924
59
102,983

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

ST THOMAS NORWICH TRUST LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
-
174
Current assets
Debtors
13
61,490
57,017
Cash at bank and in hand
6,483
47,292
67,973
104,309
Creditors: amounts falling due within one year
14
(1,730)
(1,500)
Net current assets
66,243
102,809
Total assets less current liabilities
66,243
102,983
Net assets excluding pension liability
66,243
102,983
The funds of the charity
Restricted income funds
15
59
59
Unrestricted funds
66,184
102,924
66,243
102,983

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the trustees on 31 July 2024
Mr Andrew Groat
Trustee
Company registration number 04857639 (England and Wales)
ST THOMAS NORWICH TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
1
Accounting policies
Charity information

St Thomas Norwich Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Mitre, 31 Earlham Road, Norwich, Norfolk, NR2 3RF, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. However there is a planned cessation of all the Trusts activities later in 2024.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
ST THOMAS NORWICH TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Expenditure

Expenditure is recognised 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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but are not accrued as expenditure.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ST THOMAS NORWICH TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The material accounting estimate included in these financial statements is the partial provision taken on the loan due from STN Trading Limited. A further shortfall in collecting this loan, or improvement in the prospects of successful collection of the balance, may result in adjustments to future years' results.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
1,843
1,840
ST THOMAS NORWICH TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Loan interest

4,607
1,025
Interest receivable
356
-
4,963
1,025
5
Expenditure on charitable activities
Core Activities
Core Activities
2023
2022
£
£
Direct costs
Grant funding of activities (see note 6)
41,480
16,569
Share of support and governance costs (see note 7)
Support
1,316
1,178
Governance
750
750
43,546
18,497
Analysis by fund
Unrestricted funds
43,546
18,497
6
Grants payable
Core Activities
Core Activities
2023
2022
£
£
Grants to institutions:
St Thomas Norwich - Youth and Sports Ministry
-
5,284
Love Your Neighbour
-
11,285
St Thomas Norwich - Intern support
41,480
-
41,480
16,569
-
ST THOMAS NORWICH TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
7
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£
Depreciation
174
-
174
58
-
58

Insurance

507
-
507
556
-
556

Postage and stationery

483
-
483
452
-
452

Bank charges

152
-
152
112
-
112
Accountancy
-
750
750
-
750
750
1,316
750
2,066
1,178
750
1,928
Analysed between
Charitable activities
1,316
750
2,066
1,178
750
1,928
8
Net movement in funds
2023
2022
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
174
58
9
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
11
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

ST THOMAS NORWICH TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
12
Tangible fixed assets
Plant and equipment
£
Cost
At 1 November 2022
734
At 31 October 2023
734
Depreciation and impairment
At 1 November 2022
560
Depreciation charged in the year
174
At 31 October 2023
734
Carrying amount
At 31 October 2022
174
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
61,210
56,602
Prepayments and accrued income
280
415
61,490
57,017
14
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,730
1,500
15
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 November 2022
At 31 October 2023
£
£
Other restricted funds
59
59
ST THOMAS NORWICH TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
15
Restricted funds
(Continued)
- 11 -
Previous year:
At 1 November 2021
At 31 October 2022
£
£
Other restricted funds
59
59
16
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 November 2022
Incoming resources
Resources expended
At 31 October 2023
£
£
£
£
General funds
102,924
6,806
(43,546)
66,184
Previous year:
At 1 November 2021
Incoming resources
Resources expended
At 31 October 2022
£
£
£
£
General funds
118,556
2,865
(18,497)
102,924
17
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 October 2023:
Current assets/(liabilities)
66,184
59
66,243
66,184
59
66,243
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
£
£
£
At 31 October 2022:
Tangible assets
174
-
174
Current assets/(liabilities)
102,750
59
102,809
102,924
59
102,983
ST THOMAS NORWICH TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
18
Related party transactions

There were no disclosable related party transactions during the year .

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