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2024-03-31-accounts

Charity number: 1053729

NEW ORFORD TOWN TRUST

UNAUDITED

TRUSTEE'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

NEW ORFORD TOWN TRUST

CONTENTS

Pages
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustee's Report 2 - 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 26

NEW ORFORD TOWN TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustee Orford & Gedgrave Parish Council
Charity registered
number
1053729
Principal office
The Town Hall
Market Hill
Orford
Woodbridge
IP12 2NZ
Accountants
Scrutton Bland Limited
Chartered Accountants
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
Bankers
Barclays Bank plc
4 Church Street
Woodbridge
Suffolk
IP12 1DJ
Solicitors
Birketts LLP
Providence House
141-145 Princes Street
Ipswich
Suffolk
IP1 1QJ

Page 1

NEW ORFORD TOWN TRUST

TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustee presents their annual report together with the financial statements of New Orford Town Trust ("the Charity" or the "Trust" or "NOTT") for the year ended 31 March 2024. The trustee confirms that the Annual Report and financial statements of the Charity complies with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Objectives and activities

a. Policies and objectives

The Trust shall first defray out of the income of the Charity the cost of maintaining its property together with all charges incidental to its administration and management and then apply the remaining income for such charitable purposes for the general benefit of the inhabitants of the area of benefit as the Trustee thinks fit. The area of benefit is the Parish of Orford and Gedgrave.

The Trustee confirms that the Charity has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.

b. Activities undertaken to achieve objectives

Utilising the income derived from the Charity’s property to ensure the maintenance of the property and apply any remaining income for charitable purposes for the general benefit of the inhabitants of the Parish of Orford and Gedgrave.

c. Grant-making policies

Applications for grants are considered by the Trustee at their regular meetings. A Village Fund has been set up. Each year an amount agreed by the Trustee is placed into this fund, and three times a year the Trustee considers applications for money from this fund from local people and/or organisations. The Trustee gives consideration to activities it feels will benefit the inhabitants of Orford and Gedgrave in accordance with its objectives.

Page 2

NEW ORFORD TOWN TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Objectives and activities (continued)

d. Designated Funds Policy

Designated Funds were set up by the Trustee to be used when required for major work to the Charity’s assets. These funds are in addition to and separate from the Charity’s annual budgets which take into account routine maintenance. Each year the Trustee sets aside an amount of money from NOTT’s annual surplus to put into these Designated Funds, with the amounts being built up year on year to provide reserves for major expenditure on the Charity's assets. In addition, a housing/property fund was set up with the objective detailed below.

The Funds are set up for major expenditure as follows:

Money in NOTT’s Designated Funds may be transferred between Designated Funds, but not given to any outside organisation.

e. Main activities undertaken to further the Charity's purposes for the public benefit

The areas undertaken for consideration are:

Estates Highways Riverside Town Hall Charitable grants and donations

Page 3

NEW ORFORD TOWN TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

a. Review of activities

The income level for the year was £249,692 (2023: £239,963).

The expenditure level for the year was £196,467 (including depreciation of £17,178) (2023 expenditure of £190,200 - including depreciation of £15,794).

The following important actions were taken during the year:

1. Riverside

The Riverside Committee installed new safety railings on the slipway side of the Quay for health and safety reasons.

2.Riverside

The Riverside Committee purchased a tractor for use by the Harbour Master at the Quay.

3. Estates

The Committee completed work to refurbish the dormer windows in the Town Hall, and this work was completed in May 2023.

b. Investment policy and performance

The Charity adopts a policy of investing all funds in excess of those required to meet day-to-day expenses in Charities Official Investment Fund (COIF) bank accounts and other accounts which the Trustee deems to be secure.

The Trust also owns and maintains 39 Potkins Lane, 25 Town Farm Estate, and nos 1-6 Bakers Lane, a row of cottages which are let at a rent determined by the Charity and according to relevant law.

Financial review

a. Going concern

After making appropriate enquiries, the Trustee has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the forseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

b. Reserves policy

The unrestricted and undesignated reserves of the Trust carried forward are sufficient to cover an average six months’ expenditure. It is the policy of the Trust to hold reserves which are considered the prudent minimum to ensure the work of the Charity continues in an ordered manner from year to year, even if incoming resources were to fluctuate downwards.

In order to avoid insufficient provision for major capital expenditure, an amount is transferred from surplus funds to specific accounts for Riverside, Highways and Estates.

Page 4

NEW ORFORD TOWN TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

a. Constitution

The Charity called the New Orford Town Trust in the Parish of Orford and Gedgrave is regulated by a scheme of the Charity Commissioners. The current scheme was sealed on 23 November 1995 (New Orford Town Trust), replacing three earlier schemes dated 22 November 1989 (Orford Town Trust); 1 April 1995 (Town Estate Trust); and 17 January 1967 (Dr Maynard’s Fund).

b. Methods of appointment or election of Trustee

The management of the Charity is the responsibility of the Trustee who are elected and co-opted under the terms of the Charity Commission Scheme.

c. Organisational structure and decision-making policies

The Charity meets regularly. The day-to-day management is carried out by four committees:

Estates: Allotments, Bakers Lane cottages, 25 Town Farm Estate, 39 Potkins Lane, Quay Meadow,Millenium Wood, Town Hall Highways: Quay Street car park and toilets Riverside: Harbour office, licences, moorings, Quay, riverside boatyard, riverside plots and management of the River Ore

Finance and General Purposes: policy and financial matters generally

All of which make recommendations for approval by the Trustee.

The supporting staff are: Clerk and Treasurer (all areas) Car park attendant and litter controller (Highways) Harbour Master (Riverside) Cleaners (Estates)

d. Risk management

The Trustee has conducted its own review of the major risks to which the Charity is exposed and systems have been established to mitigate those risks. Where the Trust has need for additional funding for specific projects a strategic plan is developed which allows for the diversification of funding and activities. Internal risks are minimised by the implementation of procedures for the authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the Charity. These procedures are reviewed annually to ensure they still meet the needs of the Charity.

Plans for future periods

To continue to protect, maintain, improve and enhance the assets of the Charity.

Page 5

NEW ORFORD TOWN TRUST

TRUSTEE’S TRUSTEE'S REPORT (CONTINUED) REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 FOR THE YEAR ENDED 31 MARCH 2024

Statement of Trustee's responsibilities Statement of Trustee's responsibilities

The Trustee are responsible for preparing the Trustee's Report and the financial statements in accordance with The applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Trustee are responsible for preparing the Trustee's Report and the financial statements in accordance with applicable Practice). law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each

and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for The Trustee are responsible for keeping adequate accounting records that are sufficient to show and explain safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity fraud and other irregularities. and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of Approved by order of the members of the board of Trustee and signed on their behalf by: fraud and other irregularities.

Ian Thornton Chairman on behalf of the Trustee Date: HAL the members of the board of Trustee and signed on their behalf by:

Page 6

NEW ORFORD TOWN TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024

Independent Examiner's Report to the Trustee of New Orford Town Trust ('the Charity')

I report to the charity Trustee on my examination of the accounts of the Charity for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity's trustee, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustee those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustee as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and Basis of Report

As the Trustee of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent axamination can provide. Consquently I express no opinion as to whether the accounts present a "true and fair" view and my report is limited to those specific matters set out in the independent examiner's statement.

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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Signed: John Perry FCA Scrutton Bland Limited Chartered Accountants Ipswich

Scrutton Bland Limited

Dated:

Page 7

NEW ORFORD TOWN TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Notes
Income and
endowments from:
Charitable activities
2
Investments
3
Total income and
endowments
Expenditure on:
Charitable activities
4
Total expenditure
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
funds
2024
£
191,560
58,132
249,692
187,293
187,293
62,399
2,885,497
2,947,896		 Restricted
funds
2024
£
-
-
-
9,174
9,174
(9,174)
37,969
28,795		 Endowment
funds
2024
£
-
-
-
-
-
-
250,000
250,000		 Total
funds
2024
£
191,560
58,132
249,692
196,467
196,467
53,225
3,173,466
3,226,691		 Total
funds
2023
£
187,230
52,733
239,963
190,200
190,200
49,763
3,123,703
3,173,466

The Statement of Financial Activities includes all gains and losses recognised in the current and prior years.

The notes on pages 10 to 26 form part of these financial statements.

Page 8

NEW ORFORD TOWN TRUST

BALANCE BALANCE SHEET SHEET AS AS AT 31 MARCH 2024 AT 31 MARCH 2024

Notes
Notes		 2024
£
2024
£		 2024
£
2024
£		 2023
£
203
F
Fixed assets
Fined assets
Tangible assets
Tangible assets		 11
11		 348,165
348,165		 360,593
360,593
Heritage assets
Hentage assets		 13
13		 245,100
245,100		 245,100
245,700
Investment property
Investment property		 12
12		 1,982,500
1,982,500		 1,982,500
1.982.500
Current assets
Current assets		 2,575,765
2,575,765		 2,588,193
2,088,193
Debtors
Investments
Cash at bank and in hand
Cehters
investments
Cash al bankand inhand		 14
15
14
15		 55,945
-
634,370
55,945
-
634,370		 44,217
452
589,185
442417
452
Bag 125
690,315
~~690,315~~		 633,854
~~635 854~~
Creditors: amounts falling due within one
Creditors: amounts falling due within one
year
year		 16
16		 (39,389)
(39,389)		 (48,581)
(46,591)
Het current assets 650,926 SbS.2ro
Net current assets
Total assets less current liabilities being
net assets
Total assets less current liabilitiesbeing
net assets		 650,926
3,226,691
———————s
~~3,226,691~~		 585,273
3,173,466
———
~~3,173,466~~
Gharity funds
Charity funds
Endowreant funds		 17 250,000 250,000
Endowment funds
Restricted funds		 17
iY		 250,000
28,795		 250,000
a7,569
Restricted funds
Unrestricted funcls		 17
17		 28,795
2,947,896		 37,969
2,885,497
Unrestricted funds 17 2,947,896 2,885,497
Total funds ~~3.226.691~~ ~~2,173,466~~
Total funds 3,226,691 3,173,466

The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by:

Chairman ................................................ on behalf of the Trustee Ian Thornton Date: Chairman on behalf of the Trustee Sh \2%

The Date: notes an pages 10 te 26 fern part of these financial statements

The notes on pages 10 to 26 form part of these financial statements.

Page 9

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)' and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

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 '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) (Second Edition)'rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

New Orford Town Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Company's functional and presentational currency is GBP.

1.2 Going concern

The Trustee and management have prepared detailed financial forecasts to 31 March 2025, the forecasts indicate that the Trust will be able to continue to meet its liabilities as they fall due and will continue to operate for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, these financial statements are prepared on the going concern basis.

1.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Page 10

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the appropriate headings.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Charitable activities and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

1.5 Taxation

New Orford Town Trust is a charity within the meaning of the Charities Act 2011 and as such a charity within the meaning of Part 11, Corporation Tax Act 2010. Accordingly New Orford Town Trust is potentially exempt from taxation in respect of income or gains received within categories covered by part 11, Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to its charitable purposes.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 11

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies (continued)

1.6 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, no depreciation is provided on land.

Depreciation is provided on the following bases:

The Charity holds some heritage assets and these are classified as follows:

Paintings - Capitalised in the Financial Statements as heritage assets at April 2019 valuation. These have an indefinite useful life and a high residual value resulting in any depreciation charge being immaterial.

Historic Chattels - Valuation cannot be established and as such these are not capitalised in these Financial Statements (see note 13 for details).

1.7 Investments

Investment properties are included at market value. Investment gains and losses, whether realised or

unrealised, are combined and shown in the heading '(Losses)/gains on investments' in the Statement

of Financial Activities.

It is the Trust's policy to let investment properties at an open market rent as housing for local people in line with its objectives.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered.

1.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Page 12

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies (continued)

1.11 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

1.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustee 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 Trustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted 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 specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Endowment funds are funds that can not be used for any other purpose and any gain on the sale of the asset would form part of the endowment.

Page 13

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Income from charitable activities

Income from charitable activities - Estates
Income from charitable activities - Highways
Income from charitable activities - Riverside
Total 2023		 Unrestricted
funds
2024
£
14,086
68,630
108,844
191,560
187,230		 Total
funds
2024
£
14,086
68,630
108,844
191,560
187,230		 Total
funds
2023
£
12,696
69,423
105,111
187,230

3. Investment income

Unrestricted
funds
2024
£
Investment income- rent from property
41,627
Investment income- interest receivable
16,505
58,132
Total 2023
52,733		 Total
funds
2024
£
41,627
16,505
58,132
52,733		 Total
funds
2023
£
42,783
9,950
52,733

Page 14

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. Analysis of expenditure on charitable activities

Summary by fund type

Estates
Highways
Riverside
Governance costs
Grants and donations
Total 2023		 Unrestricted
funds
2024
£
53,628
14,212
75,437
38,699
5,317
187,293
179,517		 Restricted
funds
2024
£
9,174
-
-
-
-
9,174
10,683		 Total
2024
£
62,802
14,212
75,437
38,699
5,317
196,467
190,200		 Total
2023
£
61,791
10,662
78,768
33,503
5,476
190,200

Summary by expenditure type

Estates
Highways
Riverside
Governance Costs
Grants and donations
Total 2023		 Staff costs
2024
Depreciation
2024
£
£
3,176
13,321
6,057
-
29,213
3,857
28,286
-
-
-
66,732
17,178
65,007
15,794		 Other costs
2024
£
46,305
8,155
42,367
10,413
5,317
112,557
109,399		 Total
2024
£
62,802
14,212
75,437
38,699
5,317
196,467
190,200		 Total
2023
£
61,791
10,662
78,768
33,503
5,476
190,200

Page 15

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Analysis of governance costs

Bank charges
Office and computer costs
Stationery and postage
Independent examination fees
Sundry expenses
Legal & professional fees
Governance expense-wages and salaries
Governance expense-pension costs
Total 2023		 Unrestricted
funds
2024
£
273
1,720
632
3,696
2,263
1,829
27,099
1,187
38,699
33,503		 Total
funds
2024
£
273
1,720
632
3,696
2,263
1,829
27,099
1,187
38,699
33,503		 Total
funds
2023
£
267
1,677
559
3,665
1,446
-
25,358
531
33,503

6. Analysis of grants

Grants and donations
Total 2023		 Grants to
Individuals
2024
£
5,317
5,476		 Total
funds
2024
£
5,317
5,476		 Total
funds
2023
£
5,476

Page 16

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Analysis of expenditure by activities

Estates
Highways
Riverside
Governance Costs
Grants and donations
Total 2023		 Activities
undertaken
directly
2024
£
59,626
8,155
46,224
-
-
114,005
112,103		 Grant
funding of
activities
2024
£
-
-
-
-
5,317
5,317
5,476		 Support
costs
2024
£
3,176
6,057
29,213
38,699
-
77,145
72,621		 Total
funds
2024
£
62,802
14,212
75,437
38,699
5,317
196,467
190,200		 Total
funds
2023
£
61,791
10,662
78,768
33,503
5,476
190,200

8. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £4,200 (2023 - £3,800).

9. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 2024
£
65,545
1,187
66,732		 2023
£
64,476
531
65,007

The average number of persons employed by the Charity during the year was as follows:

Charitable activities
Management and administation of the charity		 2024
No.
2
1
3		 2023
No.
2
1
3

Page 17

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Staff costs (continued)

The average number of employees above are expressed as full time equivalents. The average monthly number of persons employed by the Charity during the year was 6 (2023: 6).

No employee received remuneration amounting to more than £60,000 in either year.

10. Trustee's remuneration and expenses

During the year, the Trustee did not receive any remuneration or other benefits (2023 - £NIL).

During the year ended 31 March 2024, the Trustee did not incur any expenses (2023 - £NIL).

Page 18

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Tangible fixed assets

Cost or valuation
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
property
£
635,081
-
635,081
280,035
13,321
293,356
341,725
355,046		 Fixtures and
fittings
£
75,299
4,750
80,049
69,752
3,857
73,609
6,440
5,547		 Total
£
710,380
4,750
715,130
349,787
17,178
366,965
348,165
360,593

The Freehold property was valued in April 2004 by Edwards Wells, Chartered Surveyors. The open market value based on this valuation was £569,000, The charity adopted the transitional arrangements set out in FRS 102 to treat this value as deemed cost.

The value of land that is not depreciated including within freehold property is £302,000 (2023: £302,000).

Page 19

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Investment property

Valuation
At 1 April 2023
At 31 March 2024		 Freehold
investment
property
£
1,982,500
1,982,500

The investment property comprises of cottages at Bakers Lane, Orford, a bungalow at 25 Town Farm Estate, Orford and 39 Potkins Lane, Orford.

The cottages at Bakers Lane were revalued on 31 March 2017 at £250,000 per property. The valuation was undertaken by the Trustee following advice and informal discussions with a local estate agent.

The Trustee considers that the value of the investment properties at 31 March 2024 is inline with current market value.

13. Heritage assets

Assets recognised at valuation

Carrying value at 1 April 2023 Heritage
asset
2024
£
245,100
245,100

The Charity has in its possession several paintings which were originally gifted to it. These have been capitalised in the Financial Statements at their 2019 valuation. They were valued by Bonhams Professional Valuers at an average value of £245,100 in April 2019.

In addition to the capitalised heritage assets, the Charity has a number of historic chattels classed as heritage assets. These included Mayoral Robes and maces, together with many other artifacts whose intrinsic value is bound up with the Charity's history. They are irreplaceable originals to which no reliable costs or value can be attributed and accordingly these assets have not been capitalised in these Financial Statements.

Page 20

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
33,025
6,129
16,791
55,945		 2023
£
20,007
2,756
21,454
44,217

15. Current asset investments

Unlisted investments
Creditors: Amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
-
2024
£
2,010
3,285
34,094
39,389		 2023
£
452
2023
£
3,668
1,541
43,372
48,581

16. Creditors: Amounts falling due within one year

Page 21

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Investment property
New Village Reserve
Estates Reserve
Riverside Reserve
Highways Reserve
Fixed Assets
Future Housing Reserve
Town Hall
General funds
Reserves
Total Unrestricted funds
Endowment funds
Endowment Funds - all funds
Restricted funds
Restricted Funds - all funds
Total of funds		 Balance at 1
April 2023
£
1,732,500
15,300
97,652
162,086
50,463
322,624
12,903
32,609
2,426,137
459,360
2,885,497
250,000
37,969
3,173,466		 Income
£
-
726
5,254
5,689
2,791
-
965
1,083
16,508
233,184
249,692
-
-
249,692		 Expenditure
£
-
-
-
-
-
(8,004)
-
-
(8,004)
(179,289)
(187,293)
-
(9,174)
(196,467)		 Transfers
in/out
£
-
(825)
30,000
50,000
20,000
4,750
20,000
(16,632)
107,293
(107,293)
-
-
-
-		 Balance at
31 March
2024
£
1,732,500
15,201
132,906
217,775
73,254
319,370
33,868
17,060
2,541,934
405,962
2,947,896
250,000
28,795
3,226,691

Page 22

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Investment property
New Village Reserve
Estates Reserve
Riverside Reserve
Highways Reserve
Fixed Assets
Future Housing Reserve
Town Hall
General funds
Reserves
Total Unrestricted funds
Endowment funds
Endowment Funds - all funds
Restricted funds
Restricted Funds - all funds
Total of funds		 Balance at
1 April 2022
£
1,500,000
15,637
96,446
131,484
38,023
328,304
145,000
49,583
2,304,477
520,574
2,825,051
250,000
48,652
3,123,703		 Income
£
-
317
1,673
2,873
851
-
206
889
6,809
233,154
239,963
-
-
239,963		 Expenditure
£
-
(3,601)
-
-
-
(6,611)
-
-
(10,212)
(169,305)
(179,517)
-
(10,683)
(190,200)		 Transfers
in/out
£
232,500
2,947
(467)
27,729
11,589
931
(132,303)
(17,863)
125,063
(125,063)
-
-
-
-		 Balance at
31 March
2023
£
1,732,500
15,300
97,652
162,086
50,463
322,624
12,903
32,609
2,426,137
459,360
2,885,497
250,000
37,969
3,173,466

Page 23

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 Transfers 31 March
April 2023 Income Expenditure in/out 2024
£ £ £ £ £
Designated funds 2,426,137 16,508 (8,004) 107,293 2,541,934
General funds 459,360 233,184 (179,289) (107,293) 405,962
Endowment funds 250,000 - - - 250,000
Restricted funds 37,969 - (9,174) - 28,795
3,173,466 249,692 (196,467) - 3,226,691
Summary of funds - prior year
Balance at
Balance at Transfers 31 March
1 April 2022 Income Expenditure in/out 2023
£ £ £ £ £
Designated funds 2,304,477 6,809 (10,212) 125,063 2,426,137
General funds 520,574 233,154 (169,305) (125,063) 459,360
Endowment funds 250,000 - - - 250,000
Restricted funds 48,652 - (10,683) - 37,969
3,123,703 239,963 (190,200) - 3,173,466

Designated Funds

The fixed assets fund is funds designated when invested in fixed assets for long-term use.

The investment property fund reflects funds held by the Trust that have been utilised as investment properties and relates to Baker Lane Cottages (see Note 12).

Six separate designated funds have also been set aside for long term use, including a new Future Housing Reserve.

Restricted Funds

Restricted funds were specifically raised for the development of the Town Hall, of which £28,795 is included within fixed assets as part of the cost of the Town Hall.

Endowment Funds

Endowment funds were specifically received for the purchase of a residential property in Orford.

Page 24

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
319,370
Investment property
1,732,500
Heritage assets
245,100
Current assets
690,315
Creditors due within one year
(39,389)
Total
2,947,896		 Restricted
funds
2024
£
28,795
-
-
-
-
28,795		 Endowment
funds
2024
£
-
250,000
-
-
-
250,000		 Total
funds
2024
£
348,165
1,982,500
245,100
690,315
(39,389)
3,226,691

Heritage assets have been classified as an unrestricted fund. As far as the Trustee is aware, when the paintings were gifted, no restrictions were placed on them. However, it is the intention of the Trust to retain these due to the historic nature of the paintings and therefore they are unlikely to be sold.

Analysis of net assets between funds - prior period

Tangible fixed assets
Investment property
Heritage assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
322,624
1,732,500
245,100
633,854
(48,581)
2,885,497		 Restricted
funds
2023
£
37,969
-
-
-
-
37,969		 Endowment
funds
2023
£
-
250,000
-
-
-
250,000		 Total
funds
2023
£
360,593
1,982,500
245,100
633,854
(48,581)
3,173,466

20. Pension commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £1,187 (2023 - £858).

Page 25

NEW ORFORD TOWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. Related party transactions

There is no ultimate controlling party.

During the year remuneration of £3,176 (2023: £2,933) was paid to close family of the councillors of Orford & Gedgrave Parish Council.

Several of the councillors of Orford & Gedgrave Parish Council are members of the Orford Sailing Club and Orford Country Market.

Amounts due from Parish Councillors relates to transactions in the normal course of activities and are included in Trade Debtors at the year end.

Amounts due from Orford Sailing Club
Amount due from Parish Councillors
Amounts due from Orford Country Market		 2024
£
2,185
1,298
325
3,808		 2023
£
4,429
924
400
5,753

Page 26