G.W. Staniforth Charity For the year ended 31 March 2023 Charity Number 1048890
G.W. Staniforth Charity Financial statements Year ended 31 March 2023 CONTENTS Page No. Trustees, Annual Report Independent Examinerfs Report Statement of Financial Activities io Balance Sheet li Notes to the Financial Statements 12-21
G.W. Staniforth Charity Trustee annual report Icontinuedl Year ended 31 March 2023 The board of management present their report and the unaudited financial statements of the Charlty for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in notes to the account5 and comply with the Charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charitie5'. Statement of Recommended Practice applicable to charities preparing their account5 in accord3nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Reference and administration details G.W. Staniforth Charity is also known by the working name of G W Staniforth Trust and is a registered Charity, number 1048890. Address of Charity Kings House King Street Thetford Norfolk IP24 2AP Trustee The sole corporate trusteels Thetford Town Council. Board of Management The board of management consist5 of six nominated councillor5 of Thetford Town Council together with three o- opted board members, who at the date of signing this report are as follows.. Nominated councillors of Thetford Town Council.. T Jermy (Vice Chairl A Blackbourn (appointed S May 20231 T Land (appointed 5 May 20231 S Wright (Chairl D Blackbourn lappointed 5 May 20231 M Stirrup lappointed 5 May 20231 Co-opted members P Pearson J Willott lappointed 5 December 20231 M Robinson (appointed 5 December 20231
G.W. Staniforth Charity Trustee annual report Icontlnuedl Year ended 31 March 2023 Board Member appointments and resignations since the last report.. K Brooks (appointed 5 May 20231 D Jefferson (appointed 5 May 20231° D Evans lappointed 5 May 20231. C 8arreto (resigned 5 December 20231 R Wood lappointed S May 20231, A Mitchell lappointed 5 May 20231 C Harvey Ire5i8ned 5 December 20231 M MacDonald (resigned 5 December 20231 S Terry lappointed 5 May 20231. M Brindle (resigned 5 December 20231 V Peters (appointed 5 May 20231° H Mccambridge (appointed 5 May 20231. S Ames (resigned l December 20221 N Chapman Iresi8ned 5 December 20231 R Brame Iresigned 4 May 20231 B Canham (resigned 4 May 20231 D Crawford (resigned 4 May 20231 S Dowling (resigned 4 May 20231 J Hollis Iresigned 4 May 20231 l James (resigned 4 May 20231 E Kelly Iresigned 4 November 20221 S Nash Iresigned 4 November 20221 K Parker Iresigned 4 May 20231 B Slcull (resigned 3 August 20231 M Taylor (resigned 4 May 20231 B Tullett (resigned 4 May 20231 D Hodgkin50n (resigned 4 May 20231 All denoted with* also resigned on 5 December 2023 The Clerk to the board of management is H MacDorbald. Reference and admlnlstratlon detalls Banker Unity Trust B3nk Four Brindleyplace Birmingham BI 2JB Investment Advisers Barratt and Cooke 5 Opie Street Norwich NRI 3DW Inde endent Examiner L Thurston FCCA Lovewell Blake LLP Chartered Accountants First Floor 2 Hillside Business Park Bury St Edmunds IP32 7EA Objectives and activities The Charity Is established to preserve and maintain the King's House and King's House Gardens (Thetfordl for the benefit of the town's people of Thetford. The house, gardens and some other properties were bequeathed to the Mayor, Alderman and Burgesses of the Borough of Thetford in 1946. Subsequently, additional land and walls to the rear of the then Eardens were bequeathed to or purchased by the Charity, enabling the gardens to be extended and various facilities provided, as outlined in previous reports. With the introduction of local Eovernment changes in 1974, the Charity became the responsibility of Thetford Town Council, whose elected member5 became the board of management together with five12022.' 5ixI co- opted members. Management of the Charity has always been closely linked to the Town Council. The Charity maintains Klng's House as well as the attached cottage and small office complex. The gardens are open to the public every day of the year lexcept Christmas Day, Boxing Day and New Year's
G.W. Staniforth Charity Trustee annual report {continued) Year ended 31 March 2023 Dayl. There is public acces5 to the Multi Use Game5 Area IMUGAI and part of the bowls Ereen at agreed times. King's House 15 open for public access during normal office opening hours. In December 2014 the Charity applied to the Charity Commission for a new fully regulating Scheme. In 2016, the new scheme was established. In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on Public Benefit including, The Public Benefit Requirement IPBII, RLJnning a Charity IP821 and Reporting IPB31. Achievements and performance The King's House Gardens continued to be open to the public every day of the year (except Christmas Day, Boxing Day and New Year's Dayl. Thetford Town Council on behalf of the Charity employed the Services of CGM Ground Maintenance to refijrbish and provide maintenance of the Gardens. In December 2020, the G W Staniforth Bowls Club lease ended but suhsequently requested a licence for 12 months starting March 2021. This has been extended by a further 24 months. Bush Adventures UK are tenants in the wild place and are providing community activities. The Thetford Netball Club continues to use the MUGA facilities, and a local school is a daily user. In February 2022 Netball England were running courses on the MUGA for all ages. Architects are investigating the drains and toilets with a desire to upgrade the facilities and then pursue the internal restoration of the conservatory and waterfall garden. Thetford Town Council continued to lease the council chamber, second floor and cellar area of King's House. The old council offices are now home to a solicitor firm. In respect of the ground floor area, these are currently being offered to potential tenants. The small office complex adjoining the cottage (KInS House Annex) is leased to a private company. King's House Cottage has been refurbished and has tenants for domestic income. Rents generated provide funds to finance future maintenance and pay for the upkeep of the Chariws assets. The Charity is a participant in a Master Heritage Plan for Thetford. A multi-disciplinary team was assembled and is currently working to prepare a formal bid to the National Lottery. It 15 hoped that in addition to the promotion of the Charity, there will be the opportunity to further invest in Kings House and its gardens.
G.W. Staniforth Charity Trustee annual report {continuedl Year ended 31 March 2023 Financial review The results for the year are Set out within these statements of financial activities. The deficit on the unrestricted funds amounted to £12,67312022'. £24,644) and is mainly due to the lower rental and investment income received during the year. The Trustees consider the year end position to be Satisfactory and in line with expectations. Reserves The property and endowment funds at 31 March 2023 amounted to £902,836 and £1,161,000 respectively 12022.. £970,574 and £1,161,000). The property fund consists of the property owned by the Charity and is held at market value. The endowment fund was established for the maintenance, care and upkeep of the King's House and Gardens. The unrestricted funds at 31 March 2023 amounted to £69,54512022'. £81,246). Although the charity has no set reserves policy, the Trustees consider that the unrestricted funds, taking into account the balance in the endowment fund which is to meet any unforeseen costs for maintenance, care or upkeep, are sufficient to meet the day to day needs of the Charity. Investment policy The Charity derives a significant amount of its income from the Investment portfolio which has a market value at 31 March 2023 of £902,836 12022.. £955,8401. The portfolio is managed on a discretionary basis by both Barratt and Cooke Limited and M&G Securities Ltd. Plans for the future As reported previously, there is still some work to do on the Conservatory. The Charity is working on producing projects to be included in a town-wide Heritage Masterplan. The appointment of a dedlcated Clerk to the Board is also being pursued. Finding tenants for the remaining office space and finding a longer-term solution for the bowling green are immediate challenges. Stru¢ture governance and management The Charity was establlshed by the will of George Wild Staniforth dated 12 June 1946 and subsequently proved at the principal probate registry on 25 June 1949. The Charity was registered with the Charity Commission on 26 August 1995 under its current registration number 1048890. The Charity is a trust, and the sole corporate trustee is Thetford Town Council. The board o management consists of sic Councillors of Thetford Town Council together with three co-opted board members. The co-opted members are elected by the Thetford Town Council. Board members serve a term of four years and are eligible for re-election. On appointment all board members are provided with a summary of the trust deed, Charity Commission Guidelines for Trustees and a copy of the latest accounts.
G.W. Staniforth Charity Trustee annual report Icontinuedl Year ended 31 March 2023 The board of management declare that they have approved the Trustees, report above. Risk rnanagement Management has reviewed the major risks to which the Charity is exposed. Where appropriate system5 or procedures have been established to mitigate the risks the Charity faces. As is the case for many charities, external funding represents a risk to the stability of the Charity. True and fair override The financial statements have been prepared to give a "true and fair" view and have departed from the Charities IAccounts and Reports) Regulation5 2008 only to the extent required to provide a "true and fair view This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable in the UK and Republlc of Ireland issued in October 2019 rather than the Accounting and Repoiting by Charities.. Statement of Recommended Practice from l April 2005 which has since been withdrawn. Independent examiner reappointment A re501ution to appoint L Thurston FCCA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting. Si8ned on behalf of the Charity's board of management: S Wright, Chair H MacDonald, Clerk to the board of management
G.W. Staniforth Charity Independent examiner's report to the Trustees of G.W. Staniforth Charity Icontlnuedl Year ended 31 March 2023 I report to the Charity trustee on my examination of the financial statements of the Charity for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet and the related notes. Responsibilities and basis of report As the Charity's Trustees you are re5pon5ible for the preparation of the accounts in accordance with the reqLTirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out myexamination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l. accounting records were not kept in respect of the Charity a5 required by section 130 of the Act,. or 2. the financial statements do not accord with those records,. or 3. the financial Statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which 15 not a matter considered as part of an independent examination. I have no concern5 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 account5 to be reached. Your attention is drawn to the fact that the Charity has prepared the accounts (financial slatementsl in accordance with 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 IFRS 1021 in preference to the Accounting and Reporting by Charities-. Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but has since been withdrawn.
G.W. Staniforth Charity Independent examiner's report to the Trustees of G.W. Staniforth Charity (continued) Year ended 31 March 2023 l understand that thi5 has been done in order for the account5 to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after I January 2015. L Thurston FCCA Independent Examiner Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Bu51ness Park Bury St Edmunds IP32 7EA 26 January 2024
G.W. Staniforth Charity Statement of financial activities Yearended 31 March 2023 Unrestricted Funds Property Funds Endowment Funds Total 2023 Total 2022 Notes Income and endowment5 from.. Donations and legacies Charitable activities 300 300 5,725 49,484 35,085 47,454 42,718 90,472 47,454 42,718 90,472 Investment income Total income 90,294 Expenditure on.. Charitable activities 103,145 103,145 103,145 103,145 114,938 114,938 Total expendlture Net income/eNpenditure before galns and losses on Investments 112,6731 112,6731 124,6441 Net galnslllossesl on Trans*ers 972 19721 166,7661 Investments 166,7661 72,982 197,000 245,338 Revaluation of fixed assets Net movement in funds 111,7011 167,7381 179,4391 Reconciliation of funds Total funds brought forward 81,246 1,161,000 970,574 2,212,820 1,967,482 Total funds carried forward 69,545 1,161,000 902,836 2,133,381 2,185,820 The statement of financial activities include5 all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 12 to 21 form an integral part of these accounts io
G.W. Staniforth Charity Balance sheet 31 March 2023 2023 2022 Notes Fixed assets Tangible fixed assets 1,161,613 1,161,759 Investments io 902,836 955,840 2,064,449 2,117,599 Current assets Debtors li 21,291 6,448 Bank 243,349 264,640 245,948 252,396 Current liabilities Creditors.. amounts falling due within one year 12 1195,7081 1157,1751 Net current assets 68,932 95,221 Net assets 2.133,381 2,212,820 Funds of the Charity Endowment fund 902,836 1,161,000 69,545 970,574 1,161,000 81,246 Property fund Unrestricted funds Total Charity funds 2,133,381 2,212,820 These financial statements were approved by the board of Trustees and authorised for issue on 18 January 2024, and are signed on behalf of the board by.. S Wright Chair H MacDonald Clerk to the Board of Management The note5 on pages 12 to 21 form an integral part of these accounts li
G.W. Staniforth Charity Note5 to the financial statements (continued) Year ended 31 March 2023 l. General information The Charity is a registered Charity in England and Wales and is unincorporated. The address of the Charity is Kings House, King Street, Thetford, Norfolk, IP24 2AP. 2. Statement of compllance The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordante with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. 3. Accountlng pollcie5 Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and inveslment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest pound. Going concern The financial statements have been prepared on a going concern basis a5 the Trustees believe that o material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from auihorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objective5 of the Charity and which have not been designated for other purposes. 12
G.W. Staniforth Charity Notes to the financial statements {continuedl Year ended 31 March 2023 Designated funds where applicable are unrestricted funds earmarked by the Trustees to further any of the charity's purposes. Restricted funds where applicable are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes.. restricted income funds or endowment funds. Endowment funds represent those asset5 which were bequeathed to the Charity. Any capital gains or105ses arising on the assets form part of the fund. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Income All income is included in the Statement of Financial Activities ISOFAI when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. The following specific policies are applied to particular categories of income-. Donations and legacie5 are included in full in the SOFA when receivable. Grants, where entitlement is not conditional on the delivery of 3 specific performance by the Charity, are recognised when the Charity becomes unconditionally entitled to the grant. Investment income is included when receivable. Investment income from the endowment fund is unrestricted. Expenditure Expenditure is recognised on an accrual basis as a liability is incurred. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include costs of the preparation and examination of statutory accounts and cost of any legal advice to Trustees on governance or constitutional matters. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at C05t less any accumulated depreciation and impairtnent losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment10sses. 13
G.W. Staniforth Charitv Notes to the financial statements Icontinuedl Year ended 31 March 2023 An increase in the carrying amount of an a55et as a result of a revaluation, is recognised in other recognised gains and 105ses, unless It reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Freehold property is held at fair value and land is not deprecated. Depreciatlon Depreciation is calculated $0 as to write ofl the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Equipment 10%- 25Yo reducing balance Flnancial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rdte of interest for similar debt instrurnent. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt inslruments are subsequently measured at amortised cost. Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or 1055. 14
G.W. Staniforth Charitv Notes to the financial statement5 (continued) Year ended 31 March 2023 4. Donations and legacies Un- Restricted Funds Restricted Funds Restricted Fund5 Total 2023 Restricted Funds Total 2022 Norfolk Community Foundation 5,000 725 5,000 725 Donations 300 300 300 300 5,725 5,725 5. Income from charitable activities Un- Restricted Funds Un- Restricted Funds Restricted Funds Total 2023 Restricted Funds Total 2022 In5vrance claim 5,669 43,815 49,484 5,669 43,815 49,484 Rents receivable 47,454 47,454 47,454 47,454 6. Investment Income Un- Restricted Funds Un- Restrlcted Fund5 Restrlcted Funds Total 2023 Restricted Funds Total 2022 Listed investments 42,233 485 42,233 485 35,064 21 35,064 21 Bank interest 42.718 42,718 35,085 35,085 15
G.W. Staniforth Charitv Notes to the financial statements {contlnuedl Year ended 31 March 2023 7. Expenditure on charitable activities Un- Restricted Funds Restricted Funds Restricted Funds Total 2023 Restricted Funds Total 2022 Maintenance and service costs 78,732 2,694 1,518 146 78,732 2,694 1,518 146 93,723 4,818 267 93,723 4,818 267 Insurance Miscellaneous Depreciation 210 210 Governance costs.. Legal and professional fees Independent examiner's fee 17,781 17,781 14,138 14,138 2,274 103.145 2,274 103.145 1,782 114.938 1,782 114,938 8. Trustee remuneration and expenses No salaries or wages have been paid to employees, including the Trustees, durirbg the year12022.. £Nill. The Trustee5 received no remuneration or reimbursed expenditure during the year12022.. £Nill. 16
G.W. Staniforth Charity Note5 to the financial statements l¢ontinuedl Year ended 31 March 2023 Land and Freehold Propertv 9. Tangible fixed assets Equlpment Total Cost or Valuation At l April 2022 Additions 1,161,000 3,304 1,164,304 Revaluation for the year At 31 March 2023 1,161,000 3,304 1,164,304 Depreciation At l Aprll 2022 Charge for the year At 31 March 2023 2,545 146 2,545 146 2,691 2,691 Net book value At 31 March 2023 1,161,000 613 1,161,613 Net book value At 31 March 2022 1.161.000 759 1,161,759 The land and Freehold property was bequeathed to the Charity and was initially valued on 9 May 2013 by the District Valuer. The valuation of the Freehold property was updated in November 2022 and is reviewed annually and updated by the Trustees at each reporting date. 17
G.W. Staniforth Charity Notes to the financial statements l¢ontinuedl Year ended 31 March 2023 10. Investments Listed Investments at fair value Staniforth Collection Total At l April 2022 Additions at cost 136,390 819,450 67,804 154,0421 166,7661 766,446 955,840 67,804 154,0421 166,7661 902,836 Disposals at carrying value Net gain/llossl on revaluation At 31 March 2023 136.390 Deposit account Total 136,390 766,446 902,836 Individual investments held at 31 March 2023 which are over 5% of the total portfolio by value are.. Fair value Fair value 2023 2022 27,500 M & G Securities Ltd Charifund Unit Trust 407,872 434,420 The board members have confirmed that there has been no material change in the value of the Staniforth Collection during the year. The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. 2023 2022 11. Debtors Trade debtors 10,000 11,291 21,291 Prepayments and accrued income 6,448 6,448 12. Creditors.. Amounts falling due within one year Trade creditors 7,200 182,085 4,375 2,048 195,708 Thetford Town Council 152,268 3,125 1,782 157,175 Othef creditors Accruals 18
G.W. Staniforth Charlty Notes to the financial statements {contlnuedl Year ended 31 March 2023 13. Endowment Funds Expenditure & gainslllosses) on Investments Balance at i April 2022 Balance at 31 March 2023 Income Transfer5 Endowment fund 970,574 1,161,000 166,7661 19721 902,836 1,161,000 2.063,836 Property fund 2,131,574 166,766) 19721 Expenditure & gainslllosses) on Investments Balance at I April 2021 Balance at 31 March 2022 Income Transfers Endowment fund 974,616 964,000 1,938,616 72,982 197,000 269,982 177,0241 970,574 1,161,000 2.131,574 Property fund 177,0241 The property fund consists of the King's House, King's House Gardens and other properties bequeathed to the Charity. The properties are revalued periodically, and the amount of the revalualion is adjusted to the fund. The endowment fund consists of the remainder of the legacy from G.W. Staniforth which has been invested in M & G Securities Limited Charifund Unit Trust and a mixture of government stocks, Sterllng bond5 and blue-chip securities. The investment5 are revalued to fair value annually and the amount of the revaluation is adjusted to the fund. The Staniforth Collection of books has been added to the endowment fL¢nd and its value is reviewed annually. 19
G.W. Staniforth Charity Notes to the financial statements Icontinuedl Year ended 31 March 2023 14. Unrestricted funds Balance at l April 2022 Balance at 31 March 2023 Income Expendlture Transfer Designated maintenance funds Designated Friends of Staniforth 4,517 76,729 81,246 677 3,840 General fund 90,472 102,468 103,145 972 65,705 90,472 972 69.545 Balance at l Aprll 2021 Balance at 31 March 2022 In¢ome Expendltuye Transfer Designated maintenance fund5 Designated Friends of Staniforth 34,092 134,0921 625 3,892 107,224 77,024 4,517 76,729 General fund 15,2261 28,866 89,669 114,938 114,938 90,294 81,246 Designated maintenance funds- represents the value of maintenance work, authorised by the trustees but not yet carried out. It is reviewed annually with amount5 transferred to or from the general fund as necessary. The Trustees have determined that the balance carried forward in the prior year end should be reduced to £Nil, a position malntained in the year ended 31 March 2023. Designated Friends of Staniforth represents the value of amounts earmarked for future projects and includes a transfer from the designate maintenance fund in the prior year. The Fund is reviewed annually with amounts transferred to or from the general fund as necessary. 20
G.W. Staniforth Charity Notes to the financial statements Icontinuedl Year ended 31 March 2023 15. Analysis of net assets between funds Tangible flxed assets Net current assets Investments Total 2023 Endowment fund Property fund 902,836 902,836 1,161,000 2,063,836 69,545 2,133,381 1,161,000 1,161,000 613 902,836 Unrestricted funds 68,932 68,932 1,161,613 902,836 Tangible fixed asset5 Net Current assets Investments Total 2022 Endowment fund 955,840 14,734 970,574 1,161,000 2,131,574 81,246 2,212,820 Property fund 1,161,000 1,161,000 759 955,840 Unrestricted funds 80,487 95.221 1,161,759 955.840 16. Financial instruments 2023 2022 Finan¢ial assets Measured at fair value through net incomellexpenditurel: Listed investments 766,446 819,450 21
G.W. Stanlforth Charity Notes to the financlal statements {continued) Year ended 31 March 2023 17. Transactions with related parties The board of management ofthe Charity are the Mayor and membersof Thetford Town Council together with six co- opted board member5. The Charity's finances are administered by the Town Council. The Charity now only maintains one bank accounts and investment income is paid directly into these accounts. The G.W. Staniforth Charity, were unable to make payments during the year due to Trustee changes and bank administration. Therefore, Thetford Town Council made payments on behalf of the Charity, which is repaid on request. As at 31 March 2023 the amount owed to Thetford Town Council wa5 £102,08612022= £152,268). There were no other transactions with related parties took during this or the prior year. 22