Charlty nwnbor: 105372U4 NEW ORFORD TOWN TRUST TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
NEW ORFORD TOWN TRUST CONTENTS Pages R¢ferenGe and Athilnl¥tratlve Delalls of the Charlty, Its Trustees and Advlsers Trustee's R•port Indopendent Audltorfs Report on the Flnancl41 Statements St•t•m•nl of Flnanclal Actlvlll•8 7-10 11 BalanG• Sho•t 12 Noi•£ to lh• Financlal 8tat•rn•nts 13-29
NEW ORFORD TOWN TRUST REFERENCE ANO ADMINISTRATIVE DETAILS OF THE CHARrrY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustee Orford & Gedgrave Parish Council Charity rng15tered numboi 1053729 PrlnGlpal offiG• The Town Hall Markèt Hill Orfoid Woodbridge IP12 2NZ Ind•pend•nt audltor Sumer Audit¢0 Umit&d Fitzroy House Crown Street Ipswic Suffolk IP13LG Bank•rn Barclays Bank plc 4 Church Slreet Woodbridge Suffolk IP12 1DJ Sollcltors Birkgtts LLP Providence House 141-145 PrIn$ Street Ipswi¢h Suffolk IP1 1QJ Page 1
NEW ORFORD TOWN TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Truste8 presents iheir annual report together with the audited financral statemants of New Orford Town Trust Clha Chariif or tha Trust. or "NOTh.) for the ar endad 31 March 2025. Tha trustee confirms that the Aral Report and financial 8tatements of the Charily complies with the current st8lutory wu1mentS, Ihe requirements of Ihe Charills govfjming document and the provisions of the Statement of Re(Wimended Ptactlce (SORP), appllcable It) the UK and Republlc of Ireland {FRS 102) (effectlvè 1 January 2015). ObJeGtive$ and a¢tiviiigs a. P•llcle• •nd •bJ¢dlv¢¥ The Trust shall first defray out of Ihe income of Ihe Ch8rity the Cost of maintainin9 its propety togetsr ryth all charges Incldental to Its admlnlslratlon and management and then apply ihe remaining income for such charilabte purpo888 for the general b&nefit of the inhabilants of the ar68 of b&nefit as Ihe Tru8tee thinks fil. The area of benefit 15 Ihe Parish of Orfcrd and Gedgrave. The TNst88 confirms thal th6 Charity has raf8rrod lo the guidance ¢yJnlained In the Charity Commission's general guidance on public benefrt when Tevipwing the Charitys aim8 and obieclives in planning ftsture activities. b. A¢tivitiè$ urtdèrtakoTh to Xh1• tsbj¢tiv• Utslising the inGome derived from the Charilrfs property to ensure Ihe mairbtenance of the property and apply any remalnlng IncomÈ for charttable purposÈs for the géneral bènetlt of the inhabltants of thé Parish of Ortord and Gedgrav?. c. Granl-maklng pollc108 ic4tions for grants are considered by the Trustee al their regular meetings. A Village Fund has been set up. Each year an amount agreed by the Trustee Is plad Inlo Ihls fund. and three ilrnes a year the Trustee Gonsider5 applications for trboney frorn this fund ftum local people andlor organ15ation5. The Twstee glves consideration to aciivities it feels will benefit the inhabitants of Orfor(l and Gedgrave In accordance wlth Its objedwes. Pag8 2
NEW ORFORD TI>WN TRUST TRUSTEE'S REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectives and a¢tivili•8 (continued) d. Dosignat•d Fund8 Policy DeSIated Fund8 were set up by th8 Trustee to be used wh8n requId for major work trj thè Charlty's assets. These funds are in addilion lo and separate from the Charit8 annual budgets vthich take Into account routine rnaintenance. Eath year the Trustee sets aside an arnount of rnoney from NOTTS annual surplus to put into these Designated Funds. wilh the arnounts being built up year on year to provide reseNes for major expenditure on lh8 Chwity5 assels, In addition, a housinglprop8rty furmd was set up with th8 obi8¢tive detailed b810w. The Funds are sel up for major ey4)endlture a5 foll¢yws: Eslales Fund - foi major repairs and malntenance to Norr (esldenlSal properties and the Tawn Hall, for example Town Hall windows and roof, ¢ottage porche8, wSndows etc. In exceptional clrcurnstances there may be some need for funds for th8 allotsnents. Quay Meadow or Millennium Wood. Town Hall - this wa8 sel up with money from a legacy18ft to NOTh by a lon9-terrn r08idont of thè villa98, and the Trus188 followed the benefactor's request that the money shouhj be used for malntenance of th8 Town Hall. Rlver5ide Fund - for the malor repair and mainienance of the Quay, Quay Office. riv8rside plots and pond area. Highways Fund - for the major repair atbd rnaintenance of the Quay Stre8t car park and toilel block. Houslnglproperty Fund to providè aftd maintain domests'c housing or18nd for the purpose of bulldlng houses, which would be let to people with long-tenn CDnn8ctions lo Orford, in the same way as NOTT'S woperties in Bakers Lane. Money In NOTT'S Designated Funds may be Iransferred belween Designated Fund5, but not given to any outside organisation. e. Maln acdvltlès undertaken lo further Ihe Charltys purposes for the publlc b•nefil The areas undertaken for consideratlon are: Estales Hlghways Riverside Town Hall Charital%e grants and don81ions Page 3
NEW ORFORD TOWN TRUST TRUSTEE'S REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 hlevernents and performance a. R•vl•w of •cllvltl•* The incom818v81 for th8 year was £268.682 {2024: £249,692). The 8xpenditur8 18vel for the year was £202,700 Cinckjding d8pr8cialion of £16,412) {2024 expendlture £196,467 - including depreci81i(Jn of £17,178). The following important actions werE taken during the year: 1. Rlverslde Repairs were carried olrt lo the face of the Quay. 2.Riv8rside A new CCTV carnera was 5¢alled on the toilet block lo wver the l)oetyprd entrance and enhance securlty at that area. 3. Eslatas The Committee cornpleted work to rgd?corate the external window8 and doors at Orford Town Hall. and the front windows and rear fascias on th8 Bakers Lane cottages. b. Inveslm8nt policy and perfomiance The Charity adopts a poliGy of investing all fund5 in ex55 of Ih05e requid k> meet day-to-day exp6nsos in Charitles Offlclal Investment Fund (COIF) bank accx)unts and other accounts whlch the Trustee dèems te secure. Th8 Trust al80 owns and maintains 39 Potkins Lsno, 25 Town Farm Est8te, and nos 14 Bakers Lane, a rthv of cottages which ar& let at a Trnt deterrnined by the Charity and according to relevant law. Financial r•vigw . 130iDg Concfrrn After making appropriate enquirles. the Trustee has a reasonable expectation that the Charity h88 adequate resources to contlnue In operatlonal exlstence for the forseeable future. For this reascn they continue to adopt th8 soiw concern basis in pr8paring the fin8ncial ststem8nts. Further d8lails regarding the adoption of the going ncern basis eAn b8 found in the Accounting Polici8s. b. Resfrrvas policy The unrestricted and unde5ignaled re5erve5 of the Twst carried fopNard are suffKient to cover an average sox rnonth5' expenditure. It 15 the policy of the Trust to hold reserves which are ¢onsider&d the prudent minimum to ensure the work of the Charity continues In an or(lèred manner from year to year, ev rf incDming resources were to flYVate downwards, In order to avcid insufficieni wovision for major capilal exp8nditur6, an amount is Ira[ferred from surplu8 funds ta specifTrc accounts for Riverside, Highway5 and Estates. Page 4
NEW ORFORD TOWN TRUST
TRUSTEE'S REPOIU
NEW ORFORD TOWN TRUST TRUSTEE'S REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2Q25 Statemont of Trustoo's rgsponSibiliti•s The Trustee are responsible for preparing the Tru8t8e's Report and th8 fin8nci81 ststernents in accordance wilh appii¢able law and Unlt8d Kingdom Ac£ounling Slandards (United KSngdom Generally Accepted Accounting Practlce). The law appllGable t¢ d116S In Ertr9land & Wales requlres Ihe Trustee to prepare fflnan¢lal ststemants for e8ch finandal lch glve 8 true and fair vigw of Ihe state of affaiws Df the Charty and of Its incoming resources ad application of resources, including its income arKI ex[ErlIure. ftr that p. In preparing Ihese flnanclal statements, Ihe Trustee are reque to: seleGt suiiable aG¢ounting poli¢ie$ and th6n apply them consistently., obMrve th8 methods and principles of the Charltles SORP {FRS 102); make judgments and accountlng estimates that are reasonable and prudent. state wh8th8r applicable UK Accounting Standards (FRS 1021 have been followed, subject to any matefial depariures dtsclosed and plaIned in the financial stalements: prepare Ihe financial statements the golng concern basls unless It is in8pproFYiate lo presume that i haty wlll continue in business. The Trustee are respcmsible for keepiry adequate accounting records that are sufficlent to show and explain the Charily's Iransactions and disclo88 with reasonable accuracy al any time the finan(ial poswLion of Ihg Chatity and enable them to ensure that th8 financial staternenls comply wllh the Charities Act 2011, lh8 Charity (Accounts and R8POrt8> R8gulation3 2008 and the provisions Df the Trust deed. They are also responsible for safeguarding Ihe assets of the Charlty and hence for taking reasonable step8 for the prevention and detecllon of fraud and olher irregulartties. DlsGlosure Inforniallon to audltor Each of Iho per8on8 who 8r8 TruBt88 at the time when this Tstee,$ Report Ss approved has confinnad thal: 80 far as that Truslee is aware, Ihere Is no relevant audll Informallon of which the charitys auditor Is unaware, and Ihal Trustee h88 taken all the steps that ought to have b88n laken as a Truslee in order to be aware of any levant audit information and to establish Ihat the charlisvs audrtof 15 aware of that infomation. Audltor The charfty met the att thr88hold8 ITh ttms period and therefore apKX)Inted Sumer Auditcx) Limited. The auditor, Surner Auditco Limited, has Indicatsd h18 willingnès8 to continua in offic8. The designated Trustee wlll propos8 a motion reappolntlng the audllor at a meeting of the Trustee. Apwovad by ordfrr of embeT8 of board of Trustee and signod on their half by. lan Thornton Chairrnan on behalf of the Truslee Dale: Ui. 1.202& Page 6
NEW ORFORD TOWN TRUST INDEPENDENT AUDITOR'S RÈPORTTO TrIE MEMBERS OF NEW ORFORD TOWN TRUST Qplnk>n We have audile(I Ihe financial statements of New Orford Town Trust Ilhe 'charfty} for Ihe year ended 31 March 2025 which Ggmprisg Stalement of Financial Acb'vities, the Balance Sheet and the lated notes, including summary of Slgnificanl accounting policies. The fflnanci21 reporting framework that has been applled their pr8paration L5 applicable law and Unit8d Kingdom Accounting Standards, including Financial Reporling Standard 102 The Financlal Reportin9 Standard 8pplicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice), The ffinanclal slaiements have been pr6par8d In a¢cordanGe with Accounting and Reportlng by CharItS preparing Ih8ir accounts in acMrdance wrth the Finandal RepO.g Slandards applicab18 in Ihe UK and Republlc of Ireland {FRS 102} in pference to Ihe Accounting and R8POrtlng by Charities.. Slaternent of Rerx>mm8nded Pra¢lce issu6d on 1 rI1 2005 Is referred to in Ihe extant r8gulatlons but has been withdrawn. Thls has been done in order for the accounts lo provide a true and fair view tn accordanc8 with the Generalty Accepied Accounting Practlce effective for reporiing periods beginnlng on or after 1 January 2015, In 4)ur oplnlon the financial slalsJmènl$: glve a true and fair vi8w of Ihe 8tate of the ch8rty$ affairs a8 at 31 March 2025 and of 115 incoming resourcgs and applicatTrDn of resources for Ihe year th8n andad: have been properly prepared in a¢GordanGe y¥ith United Kingdom Generally Aepted Accounting Practi(. and have been prepared in accordance th th8 requirèments of the Charilies Act 2011. Basls lor Oplnloh We conduct8d our audlt in ac£ordance wilh Intemational Standards on Auditing (UK) (ISA8 (UK)) and applicab law. Our r8sponslbllltles under those standards are further descrfbeé In the Auditorfs responsibilities for the audlt of the financial statements section of our report. W8 are Inddent of Ihe charlty In accordancé with the ethical requirernents thal are relevant to our audrt of Ihe financi81 statements In the United Kingdom, in¢luding Ihe Financial Reporting Council's Ethi1 Standard. and we have fulfilled our olher ethical responsibilits'es in accordance with these requiremenls. We believe that the 8udit Idence we have obtained is suffi'cient and appropriate io provide a basis for our Opinion. Concluslons relatlng to golng conc•rn In auditing the finBnGial 8taternents, w@ have concliKJed Ihat the Tru8te0's use of th8 going concem b8818 of aco>unling in the preparatlon of the financlal slat6m8nts Is approprlate. Based on th8 woth we have performed. we have not id8ntifi&J any material unc8rtainti8s relating to events or onditions Ihal, individually or collecllveiy, may cast 5ignificanl doubt on the charity5 ability to continue as 0 9olng COnM for a period of al laast twelve months from when the fina181 statements are authorised for issue. Our responsibilleS and the respcmibiiioes of Ihe Truslees with respect to gokng concem are described in the relevant sections of this report. Page 7
NEW ORFORD TOWN TRUST INDEPENDENT AUDITORY REPORTTOTHE MEMBERS OF NEW ORFORD TOWN TRUST (CONTINUED) Other inforniation The olhei infonnation compiises the irrformation included in the Annual Report other than the flnanclal statements and ow Auditoffs Report thereon. The Trustee are responsible for the other information ctained wh1n the Annu81 Report. Our opinion on the financial slatemènts does not cover the othèr information and, ex¢ept to the extenl Othen•Jise explicilly stated in our reF)Qrt. we do not expres8 any form of 88surance nclUSion Ihereon. Our responsibilty is lo read the othér infornation and. in doing so. consider whether Ihe olher information 18 mat8rially inconsistent wilh the financial statements or our kThowledgo obtained in the course of the audtl, or olh8rwise appears to be materially rni5siated. If we identify such materi81 Inconslslendes or apparent material misststements, we are required to determine vthether thi5 give5 rise to a material mlsslaternent In the flnandal ststements themselves. If, based on the work we have perf0md, we conclude that there is a material mi$8tatgment oflhls other information. w8 are required to repc*t that fact. We have nothlng to report In thls regard. Matters on whi¢h wè are requlred ta report by exceptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) R&gulations 2008 r8quires us to report lo you rf, in our opinion: Ihè informaiion 9) In the Tiuslee's Report Ss Incons1$t In any matedal respect wlth the finandal ststèments. or Sufficient acccunting records have not been kept: or lh& financial statem8nts are nol in agreemenl vrith 1he accounting records and relums., or we have not retefved 811 Ihe Informallon and explanatlong we requlre for our 8udlt. Respor•billIlfr of trusto•s As explaineQ moTr fulty in the Truslee's Responsibilit$ Ststement. the Trustees are respJn8ible for the preparation of the financial statements whid) give a true and fair view, and for such inlernal control as the Truglees determlne is necessary io enable Ihe pr8parab'M of financial slalements that are free from material mlsslaternent, whether due to fraud or error. In preparing the financi81 stalements, the Truslees are responsible for assessing the charty's ability to conlinue as a going o)nGern, disclosing, a5 appli¢able, matters related io going ¢oncern and using th8 going concern basis of a¢unI1ng unless thè Trustees èlther Intend lo Ilquldate the charlty or to C8a8e operations. or have reallstic alternalive but to do so. Page 8
NEVV ORFORD TOWN TRUST INDEPENDENT AUDITOR'S REPORT TOThE MÈ•ABER5 OF NEW ORFORD TOWN TRU3T (CONTINUED) Audilorfs r•spon8lbllltltt for th• audlt of the Ilnan¢lal statements We have been apprAnted as audltor under saclion 144 01 tPie Gharities Act 2011 and report in accordance ith the Act and relevant regulations made or having effect thereunéer. Our obi8Ctives are to obtsln reasonable assuran aboul vthether the financial Statements as a bthole are fr86 from material misstatement. whether due lo fraud cr error, and to issue an Auditor's Report that indudès our opinion. Reasonable assurance is a high level of assurance, but 18 not a guarantee Ihgt an audit conducted in accordance wilh ISAS (UK) will always delect a material misstatement when it exists. Misslatements can arise from fraud or error and 8r8 considered malerlal If. individually or in the aggrègate. they )Uld reasonably be 8xpected to influence the economic decisions of users taken on Ihe basis of th8s8 financial statements. Irregularities, inclu6ing tr8ud, 8r• instances of non-ctmpliance with laws and regulatlons We design procedures in line with our responsibilities, outlined above. tr> detect material misstatements in respèct of iwularitie5, including fraud. The exter)I lo which our procedures are Capable of deteding iThegularities, Including fpud is etailed below,. We Identifd areas of laws and règulati$ that GLwld r8ason8bty be èycled to have a rnaterlal affect on lh8 financial ststements frorn our general cornmer(ial experience and through 6iscusslons and Ènquiries of Trustees and management. During the engag8m8nt 18am briefing. the oulcomgs of th888 discussions were shared th the team. as well as Considera'On as lo whore and how Iraud nY occur in the Charity. The following laws and regulations 7•Yere identified as being of slgnlfIcan to th8 Charity. • Those law5 and regulations consldered to have a direct effecl on the financlal statements including UK financial reporting standsids, taxation r8gulationÉ and the Charities Act 2011. and . Th8 Ch8rty ig gubiect to many other18ws and r8gulations wherE the consequences of noncompliance could h8ve 8 maleii81 effect on amounts or disclosures in the finanGial statements, for iris(ance through the imposilion of fines or litigation. We identified the following 8reas as those most likely to have such an effect: health and safety, hurnan rights and employrnent law and GDPR compliance. Audit procedures undertaken in response to ihe polentlal risks relating to irragularilies (which include fraud and non4ompliance with laws and regulatSons) comprised of: enquiries of management and those charged wrlh gov&rnan¢& as to whether Ihg Charity compliva with such regulations., enquiri8s of management and those charged with goveman( concerning any actual or potentlal Iltlgatlon or claims, inspection of relevant legal ocumeniation. review of Board minutes, testing the appropriateness of entrie8 in the nominal ledger. Including journal entries and th8 perforrnan of analyiical procedures to identsfy any unexpected mov8rnen18 in account balanS which may b8 indilive of fraud. Because of the inherent limitatlDns of an audit, there is a risk that wo will not deteel all irregularities, induding those leading to a rnaterial misst8tament in the financial statements or non<Jmpliance with regulation. This risk increases the more that compliance wilh a law or regulation is removed from the events and transaclions reflacted in the firk2nclal 5tatemonts. as we will b8 léss likely t¢ become aware of instsnces of non-compliance. The risk 18 also grèater warding irregulariti88 occurring Oue lo frauLI rather th8n error. as fraud Involves Intgnts'onal conc&8lm8nt, forgery. ¢ollusion. omission or misrepres8ntstlon. A further descriptson of responsiblllues for lh8 audit of Ihe financlal statements is located M the Flnanclal Reporting Council's websit8 at: IL .uklauditorsres nsi This dcription form8 part of our Audilofs Report. Page 9
NEW ORFORD TOWN TRUST INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF NEW ORFORD TOWN TRUST (CONTINUED) Olhor matters The Charity was not r8quired to have a $takntory audit for the y88r ended 31 March 2024. Accordingty, Ihe ¢orresponding figures arè unauditéd. Use ol 0r report Thls pOrt Is made solely lo the charitrfs tru8tse8, as a body, in accordance with Part 4 of the Charftles (Accounts and R8POrts) Regulallons 2008. Our audit work has been undertaken so that we might state to the charity8 trustees th08e matters we are required lo state to Ihem in an Audltorfs Report and for no other purpose. To the full85l exlent permitted by law, we do not accept or assume responslbillly lo anyone other than th8 charfty and it5 trustee5, a5 a body, for our audit work. ft)r thi5 report, or for the oplnlons we have fDmi8d. Sum•r Auditco Limii•d - StstutoryAudltor Fitzroy House Grown Street Ipswich Svffolk IP13LG Date.. 26 January 2026 Sumer Auditco Limrlod are 81igible to act as auditors in temis of Secon 1212 of the Companles A¢t 2006. Page 10
NEW ORFORD TOWN TRUST STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 R•strl¢ted Endowment fund$ fvnds 2025 2025 Tolal funds 2025 Total funds 2024 Notes In¢ome and •ndowm•nts from: Donations and legacles Charitsbl8 activities Investments Other income 10,860 190,110 66,672 1,040 10,860 190,111) 66,672 1,040 191,560 58,132 Total income and endowments 268,682 268.682 249,692 Expernditure on= Chaiitable activiti8s 193,526 9,174 202,7QQ 196,467 Total expendtture 193,526 9,174 202,7QO 196.467 Net movem•nt in funds 75,156 19.174) 65,982 53,225 Rac(clI1at1On of funds: Total funds brou1 ft>Niard 2,947,896 28,795 250,000 3,226,691 3,173,466 Total fund8 ¢arrl¢d forvrdrd 3,023,052 19,621 2SO,000 3,292,673 3.226.691 The Statement of Financial Activities includes al gains and1088e8 rewnlse(I In the CUrt and prior years. The notes on page3 13 to 29 form part of these financlal statemenlg. Pag8 11
NEW ORFORD TOWN TRUST BALANCE SHEEr AS AT 31 MARCH 2025 2025 2024 Notès Fixed as5•ts Tangible a888t8 Heritage assets Investment property 14 334,093 Z45,100 1,982,500 348.165 245.100 1,982,500 15 2,561,693 2,575,765 Current a$sets Debtors Cash 81 bank and in hand 17 53,681 716,191 55.945 634,370 769,872 690,315 Greditors: arrnunts falling due within one year 18 (38.8921 {39.389) Nel current osset$ Total assets less current MablllUe$ belng n¢1 assets 730,980 650,926 3.292,673 3,226,691 Charity fwnd$ Endowment funds Restricted fund8 Unrestricted funds 19 19 19 250,000 19,621 1023,052 250.000 28.795 2,947,896 Total fundA 3.292,673 3,226,691 The financial stat8ments approved and autlvJrised for issue by the Trustee and signed on their behalf by: lan Thornlon ChaSman on behalf of the Trustee Dalè,. J/. /. 202 Th8 nole8 on pages 13 to 29 fonn part of th65e finanGial slalemenls. pa12
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 laARCH 2025 A¢¢ounUng pollGle¥ 1.1 Bails of preparatson of financial statements The financial statements have been prepared in accordance with 'Accounttng and Reporting by Choriti8s: Stat8rn8nt of Recommended Praclice applicab to chariti8s preparing their 8CC£*unts in accordance with the Financial Rewting Standard 8pplicable in the UK and Republic of Ireland (FRS 1021 (Second Eéition>' and the Financial Reportlng Slandard applicable in Ihe United Kingdom and Republic of ItEland (FRS 102) and the Charit8 Acl 2011 and UK Generally Accepted Practi as it appIS from 1 January 2015. The financial siatements have been prepared to give a Irue arKI fairf view and have departed from th8 Ch8riti8s (Accounts and Reports) Regulations 2008 onty to the extent required lo provKe a and fair wew., Thi8 depariure has 5nvolved followlng 'Accounting and Reporting by Chariti8S: Stal8m8nt of Recommended Practs'ce appllcable to charities preparing their accounts in a(ordanCe wlth the Financial Reporting Standard applScable in the UK and Republic of Ireland (FRS 102) (Second Edition)'r&lher than the Accountlng and Reportlng by Charities: Stalement of Recommended PracliGe effeGlive from 1 April 2005 which h&8 Since been withdrawn. New Orford Town Trust meets the definltion of a publlc b8n8fit entliy undèr FRS 102. Assets and liabilitiès ar8 initially rewnSsed al hislorical cost or trdnsaclion value unless otherwise stal8d in Ihe relavanl accountlng policy. The CornpanYs function81 and pr888ntational cUrreY is GBP. 12 Golng ¢on¢•rn Th• TNsl888 and manayment have prepared detai18d financial forecasts, the ft)recasts Indite that the Trust will be able to Gontlnu8 lo meet ils liabilities as they fall due and will continue to operate for th8 foresee8ble future, b8ing at least 12 months from the date of approval of th8se fin8ndal statements. Accordingly, these financial statements a prepared on the going concem basis. 1.3 InGom¢ All inwne is recognised the Charty has entitlement to tha income, it is probable th81 Ihe income will be received and the amount of income receivable can be rneasured reliably. Grants ar8 included in the Slat8m8nt of Financial ActNllles on a recelvable basis. The balance of Inco ieceiveé for speofic purposes but not 8xp6nd8d durlng thé p6rlod IS $hi)wn In the relevant funds on the Balance Sheet. Wher8 income Is reIved In advance of enltlemenl of recelp( its re¢¢gnltk)n is deferreé and included in creditors a5 def8rr8d income. Where entjtlernent occurs before inc(¥ne is received. the Income Is accnjeé. Page 13
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poll¢le$ leontinued) 1A Expendlture Expènditure is rgcognis¢d on¢9 there 1$ 8 legg1 or ¢on$lrudive obtigation to tr8n$fer OnOMi¢ benefit tc a third party. il is probable that 8 transfor of enOMiC banrtS will be required in 8elllem8nt and the amount of the obligation can be measured reliably. All fjxpendtlure is accounted for cn an aGcruals basis. PJI expenses incjudirvj 5UPPOrt cost5 and govèrnancè costs are allocated lo the appropriete headings. Expanditure on chafftable advitle8 Is InlPTed on dlrectty undertaklng th8 activiti88 whlch further the Charitls obj8ctiv&8. as w811 as any associated support costs. Grants payable are charggd in the year when the offer is made except in those cases where the offer is condilional, such grants being recognised as expenditure when the conditions attaching are fuEfilled. Grants offered subject to conditions whith have not been met at the ar end are nole(l as ? rnmitrnent, but not aGGrued as expendilure. Charilable aclivities and Govemance cosls are costs incurred on the Chariws operalions. including support costs and c08ts r8laling to the gov8m8nce of th8 charity apportiongd to tharitable activities. 1.5 Government grants Govemment grants rel8ting to tangIb flxed 88sets arè treated a8 def8rred IncDme and released to the Stslement of Financial Activitie8 OV8r the expected u8eful live8 01 th8 assets concemed. Other grants are credSled lo Ihe Statemenl of Finandal Aclivilles as the reIed expendlture is trKurred. 1.6 Taxalion New Orford Town Trust is a charity within the rneaning of the Charities Act 2011 and as such charity within the maaning of Part 11, Corporation Tax Act 2010. Accordingly N8w Orford Town Tru8t is potentiall¥ exempt frorn taxation in respect of income or gain8 rerAved wilhin categories covered by part 11. Corporalion T8x Act 2010 or se¢lion 256 of th8 Taxation of Chargeable Gain8 Act 1992 to the extent Ihat such Income or galns are applled exclusfvely to ts charltable purposes. 1.7 Tanglble fixed assets and depreclallon Tangible fixed assets costing £100 or more are capitslised and recognised when future ecorK)mic benefrts a probable and Ihe c08t or value of Ihe a&8el can be measured reliably. Tanglble fixed assets are IniallY recognised ai Cost. After nItion. under the C£J$t model, tangSble fixed assets are measured at Cost less ac¢umulaled depreciation and any accumulated impairrnent k)ssè3. All costs incurred lo bring a tangible fixed asset into its intended working condition should b8 indudad in the measurement of cost. Page 14
NEW ORFORD TOWN TRUST NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcl¢$ (Gontlnued) 1.7 Tanglble flxed assets and depreciation (contlnuéd) Deprecial'on is charged so as io aiiocste Ihe cosl of tanglble flxed assets less their re3idval value over Iheir estimated useful lives, depreciation 1$ provided on land. Dewecialiori 15 provided on th8 following bases: Freehold property FixttJre6 and fftff ngs 25 yèars strdrght line 1 Ook to 33.33% straight lina The Charity holds 60m8 herltage assets and th88e are dassified as follows: Paintings - CaFxlalised in the Financial Staternants as hèrftage assets at AFXII 2019 valualion. These have an iJefInite useful Irf8 and a high residual vakje resultlng In any deprecialion charge being imrnaterial. Historic Chatlel8 - Valualion canrK>t be astablishe(18nd as such thes6 are not capitaiised in these Financial Statements (see note 13 for details). 1.8 Investments Investrnem propertSes ar8 induded at market value. Investrn8nt gains and losses, whether r83lised or unr6ali88d. are Combined and shown in the heading '{Los588)Igaln8 on investments, in Ihe Stal8rnant of Financial AGlivitie5. 11 is the Trusfs rKJlicy to let inveslment propertw$ at an open rnarket rent a8 housing for Ioc81 people in line with its Dblectlves. 1.9 Debtors Trade and other deblors are recognised at the settlement arnount after any trade dlscounl offered. 1.10 Cash at bank and In hand Cash al bank arml in hand in¢lude$ Gash and short-term highly liquid investments with a short maturrty of th0 monlhs or less from lh8 date of acquisitKJn or opening of the deposlt or sirnilar account. 1.11 Llabllllles and provisions Li8biliti88 are recngnised when there Is an obllgatlon ai the Balance Sheet date as a result of 8 past event. it is prob8ble Ihat a transfer of economic benefit will be required in s8ttlamant, and the amounl of Iho settlemenl rAn be 8Stlmatèd w16abty. Liabilltles arè reo)gnised at the amount that the Charity anticipates it will pay to Séwe the debt or Ihe amount il has recelved as aévanced paymant8 for the g)d$ or sepiic88 it must provide. 1.12 Financlal Inslrum¢nts The Charity only has financial assets and financial liabilikn of a kind Ihat qualify as basic financial Instruments. Basic financial inslruments are Initially recogni8ed al Iransactlon value and subsequently measured at their settlement valuè with the excepts'on of bank loans which are 8ubsequenlly measured al amortised cost using ihe eff8cttve interest rnethod. Page 15
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ountlng pollcl•s IcontIndI 1.13 Pensions The Charty operates a defined coniribulitin pension scheme and thé penslon charge represents the amunts payable by the Charity to the furKI in resped of thè year. 1.14 Fund accountlng General funds are unrestrfcted funds wfilch are pvailgble ft)r use at the dlscretlon of the Trustee In furtherance of the general objeGlives of the Charty and ch have not been de8lgnai8d for cth&r purposes. Designated funds comprise unrestricted ndS that have been set aside by the Trustee for partIcar purposes. The aim and use of each de8ignat8d fund is 98t out in the notes to Ihe financial statsmènts. Reslrictad funds are lunds whlch are to be used In accordance wtth spècific r•strictions imposéd by donors or which have been r•sed ty the Charity for particular pury)oses. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund Is set oui in the note8 to the financial statements. Invlmont inm•. gains and kjsses are allocated to the approprfale fund. Endowmenl funés a ftjnds that can not used for any othw purpos8 and any galn on the sal• of the asset would form part of the endowment. Cr511cal accountlng estimatos and argas ol judgm•nt Estlmates and judgments are continually evaluated and are based on hlstorical experience and other factors, including expectations of future èvents 1hat are beli8V8d to be reasonable under the circum51ances. Critrcal accounting estimates arKI assumptions.. Valuation of Investment 0peIe6 The Charity makes estirnate8 and assumptions conceming Ihe valualion of Investrnent Pwertigs. Informal valuatlcns are Carr Dut by th8 trustee body who are not qualified surveyors and therefore the arnount realised in a sale could be mat8rially higher or lower than the amounts included in the financial statements. Incomt troth dtsnatlon8 and hgaol•8 Unreslrlcted funds 2025 Total funds 2023 Total fijnds 2024 DonatlDns 10.860 10.860 Page 16
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 IncomD from charltablè actlvltles Unrestricted funds 2025 Ttstal lund* 2025 Tol81 funds 2Q24 Inrne from ch8rStsble actlvltles - Estates Income from ¢hariiable activitie$ - Highways lTrcome Irom charitable activities - Riversi(le 15.218 88.136 106.756 15.218 68,136 106,756 14,086 68.630 108,844 190.110 190.110 191.560 Totsl 2024 191,S60 191,560 Investment Incom• Unr•stri¢t•d funds 2025 Tol•1 funds 2025 Total funds 2024 Inv88tm8nt income- rant from prop8rty Inve8tment income- inter88t recaivable 44,242 22,430 44,242 22,430 41,627 16,505 66.672 66,672 58,132 Total 2024 58.132 58,132 Olher incoming rn$oufGes Unrgstrict•d funds 2025 Total funds 2025 Total fund8 2D24 Other Incomlno resources 1.040 1.040 Page 17
NEW ORFORO TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Anatysla of •xpendilur• on charitable actlvrtle¥ Surnmary by fvnd ty Unrestrlcted Reslrlcted funds fund8 2025 2025 Total 2025 Total 2024 Estates Highways RNersid8 Governan CDSts Grants and donations 52,11JO 17,045 78.n9 39,363 6,279 9.174 61.274 17.Q45 78,739 39.363 6.279 62,802 14.212 75.437 38.699 5,317 193,S26 9,174 2017011 196,467 Total 2024 187,283 9,174 196,467 Summary by eXP8ndlture lypè Staff costs Depreciation Other costs 2025 2025 2025 Totsi 2025 Total 2024 Est8les Highways Riverside Govemanc8 Costs Granls and donations 3.589 6.658 33.882 31.382 13.323 44,382 10,387 41,788 7.981 6,279 61,274 17,045 78,739 39,3fj3 6,279 62.802 14.212 75.437 38.699 5,317 3.089 75,471 16,412 110,817 202,700 196.467 Total 2024 66,732 17,178 112,557 196,467 Pag6 18
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analys15 of govérnarteé e•$ts Unrestrirted fundg 2025 Total fund6 2025 Tolal funds 2024 Bank charges Office and computer c081s Stationery and poslage Audit & Independent examination fges Sundry expenses Legal & professional fee5 Governance expense-wage5 and 5alarfes Governance exp8nse-pension Gosls 270 1,897 199 4,287 1,328 270 1,897 199 4,287 1,328 273 1,720 632 3.696 2,263 1.829 27.099 1.187 30,217 1,165 30,217 1,165 Tolal 2025 39,363 39,363 38,699 Totsl 2024 38,699 38,699 Analysls o19raTrts Grants to Individuals 2025 TOL11 funds 202S Tot81 funds 2024 Grants and donations 6.279 6.279 5,317 Total 2024 5.317 5,317 Page 19
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 202S 10. Analysls Of expend1re by a¢tlvitles Actlvltle8 undertaken directly 2025 Grant fundlng of a¢tivitifr8 2025 Support cogls 2025 Total funds 2025 Toisl funds 2024 Estates Highway5 Riverside Gov8rnance Costs Grants and donations 52.455 10.387 44.877 8,819 6,658 33,862 39,363 61,274 17,045 78.739 39.363 6.279 62,802 14,212 75,437 38.699 5.317 8,279 107,719 8,279 88,702 202.700 196,467 Total 2024 114,005 5,317 77,145 196,467 11. Audlt()f$ r•munéraiion The auditor's remuneration amunts to an au(thtor fee of £9,25012024 - £Nil). 12. Staff c08ts 2025 2024 Wages and salari8S Contribution to d8flned ojntrlbutlon PE4rtslon schemes 74.30B 1.185 65.545 1.187 75.471 66,732 The average number Df p8r50n8 8ryIoy8d by th8 Charity during the y88r was as follows: 2025 No. 2024 No. Charflable actNlties Management and admini8tation of the charity Page 20
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Staiy ¢OSis letsntlnued) The average number of employees abova Pdre expressed 88 fvll time equivglents. The average monthty number of persons ernpl¢>yed by the Charity during the year was 6 {2024 - 6). No emploype recefved remuneratlon amounling io moré than £60.000 in eilher year. 13. Trugtee's remuneratlon and exponsos Dwing the sear. the Trustee dld not receive any rernuneration or other benefils (2024- £N IL). Dwing the year ended 31 March 2025. the Truslee dld not incw any expenses {2024 - £NIL}. Pag6 21
NEV¥ ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Tanglble fixed assets Froohold Flxlures and property flttlngs Total C051 or valuation At 1 N4Jril 2Q24 Additions 635,081 80,049 2,340 715.130 2.340 Al 31 March 2025 635.081 82.389 717870 Depreclatlon At 1 N)rf12024 Charge for the year 29S.356 13,323 366,965 16A12 3,089 Al 31 mch 2025 306,679 383.377 Net b•¢k value At 31 MpAch 2025 328.402 5,691 334.093 At 31 M&ch 2024 341.725 6,440 348.165 The Freehold propety was valued in April 2004 by Edwards Wells, Chartered Surveyors. The open rnarket value based on this valualion was £569,OQQ, The Charity adopted the transitional arrangemw)ts Set out in FRS 102 to treal this value as deerned cost. The value of land that is nol depreciated Irding wsthin freehold property is £302,tKM) (2024: £302,OCQ). Pag6 22
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S IS. Inv05trn8nt proporty Freohold investrnent property Valuation At 1 April 2024 1,982.500 At 31 March 2025 1,982,SOO Th8 inveslrnent property comprises of cotL8ges at Bak8rs Lane, Orford. 8 burwjalow at 25 Town Fam Estat8, Orford and 39 Polkins Lane. Orford. The Cottages at Bakors Lano were revalued on 31 March 2017 at £250.000 per propety. The Vaallon was undertak8n by the TNstè8 followlng adv1 and trrfomial dlscusslons wRh a local estale agont. The Truste8 consid8r3 that th6 value of the investment Fwrties at 31 March 2025 is inline wrth currenl market value. 16. H¢rltage assets Assets re¢ognised at valuation Heritage a¢ts Carylng value at 1 Aprll W24 245.1(Ki Carrylng value at 31 March 2025 245,100 Tho Chatily has it8 PO&8&88ion Several paintings wfiich were originally grfted to it. The8e have t)een capilalised in th¢ Financial Slatements at their 2019 valuation. They wefe Wdlued by Bonhams Professional Valuers 81 an average valu& of£245.100 irt A11 2019. In addition to the capitalis8d heritsg8 assets, the Charity has a numbor of historic chattals classed as heritage assets. These iThdLKJed Mayaral Robes and maces, together with m8ny other artifacts whose intrinsic value is bound up with the Charily'5 history. They are irreplaceable originals to which no reliable costs or value can be attributed and aGQ)rdingly these assets have nol been capIta'sed In these Financial Sl3lernts. P8ge 23
NEW ORFORD TOWN TRUST NOTES TO THE FINANCLAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Debtors 2025 2024 Du• within on• y•ar Trade deblor8 Other debtors Pr8paym8nls and accrued incom8 19,084 10A55 24,142 33,025 8,129 16.791 53,681 55,945 18. Craditors: Arnounts falling du• within one year 2025 2024 Other laxalion and social socurity Other cr8dltors 1.426 4.968 32A98 2,010 3.285 34,0$4 A¢¢ruals anl dÉrrd Incomè 38.892 39,389 Pag8 24
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2025 19. Statement of funds Slatoment of fund¥ - Gurr¢nt year Balance at 31 March 2025 Èalance at 1 April 2024 Tran$f•r¥ Inlout Incorne Expendlture Unrestricted funds Deslgnated funds IDve51ment property New Village Reserve Estatas ReseNe Rivarside Reserve Highways Reserve Fixed Assets Futuio Housing Rasarve Town Trlall 1.732,500 15,201 132.906 217,775 73,254 319.370 33,868 17,060 1,732,500 14,418 149,722 237,214 87,115 314,472 81.$88 17.905 717 6.804 .427 (1,51)0) 10,012 10,012 10,012 (7.238> 2,666 45,054 2,541,934 24,308 (7.238 75.930 2.634.934 Goneral funds Reser¥es 405,962 244.374 (186,288> (75,93(1) 388,118 Totsl Unrè$triGted furKIs 2,947,896 268.682 1193,526) 3,023,052 Endowmènt lund$ Endowment Funds - al funds 2511.000 250.000 Restrlcted fund$ Restricted Funds - all fund8 28,795 19,174) 19,621 Total of funds 3.226,691 268.682 1202,700) 3,292,673 Page 25
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Slatemenl of funds (conllnued) Slat•ment of funds . prlor year Balance at 31 March 2024 B8151 at 1 April 2023 Transfers inloul Inoyne Expenditure Unrestricted funds De$lgnatsd funds Inve5tmenl property New Village Reserve Estat88 R888tve Riverside Reserve HighY3 Re8eTV8 Fixed A8s6t8 Futurè Housing R8s8rv8 ToT•vn Hall 1.732,500 15,300 97,652 162,086 50,463 322,624 12,903 32,609 1,732.500 15,201 132,906 217,775 73,254 319,370 33,868 17,(0 726 5,254 5,689 2,791 (825) 30,1)00 50,1>)0 20,0 4,750 20,CQO (16,632) (8,004) 965 1,083 2.426.137 16.508 (8.004) 107.293 2.541.934 Gon•ral funds R8S8rves 459,360 233,184 1179,289) (107,293) 405.962 Total Unre•tri¢led funds 2,885,497 249,692 1187,293) 2,947,896 End¢MYment fvnds Endowment Funds- all funds 250.000 250.000 Restrlcled funds Re8tricl8d Funds - all funds 37,969 (9,174) 28.795 Total of funds 3.173,466 249,692 (196,467) 3,226.691 Page 26
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Summary of funds Surnmary offvnds - current year 8alanrA at 31 Mar¢h 2025 Balan at 1 April 2024 Tran¥hr¥ Inlout Income ExpendSlur• Designated fund5 General funds Endowrnent ftmds Restriclad ftmds 2,541,934 405,962 250,000 28,795 24,308 244,374 (7,238 (186,288 75,930 175,930) 2,634,934 388,118 250,000 19,621 (9.174) 3,226,691 268,682 (202,700 3,292,673 Summary ¢>f funds . prfor year Balance al 31 March 2024 Balance at 1 April 2023 Transfers inlout Incle Expenditure Designated funds General funds Endowrnent fund5 Re5triGted ftmds 2,428,137 459,360 250,000 37.969 16,508 233.184 (8.004) 107,293 (179,289> {107.293) 2,541.934 4QS,962 250.000 28.795 (9.174) 3.173,466 249.692 {196.467) 3,226.691 DeBlgnated Funds The ffixed 8ssets fund 15 funds designated when invested in fix8d assets for k>n9-tenn use. The Investmont property fund reflects fijnds hold by the Trust that have been utlllsed as Investrnent properti88 and rèlates to Baker Lane Couag6s (6•6 Note 121. Six separate designated funds hav8 also been set asida for long lem) u88. including a new Future Housing ReseNe. Restrf¢tpd Funds R•striciéd funds wém s¥tifiCallY raisèd for Ihè dÈvalopmÉnt of Ihè Town Hail. of which £19,621 is induded within fixed assets a8 part of the COBI of the Tcvm Hall. Endovnnent Funds Endowment funds were specifically received for the purchase of a resldentlal property kn Orford. Pag8 27
NEW ORFORD TOWN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Analysls of net assots betwoen funds Analysls of net a$$èts between fynd• . ¢yrr¢nl y Unr•8tr1cl•d R•8trlct•d Endowm•nt funds funds funds 2025 2025 2025 Tolal fvnd8 2025 Tangibl6 fixed assets Investrnenl property Heritage assets Curtenl assets CredSlors due within one year 314.472 1,732.500 245.100 769.872 (38,892) 19.621 334.093 1,982,500 245,100 769,872 (38.8921 250,000 Total 3,023,052 19,621 250,000 3,292.673 Herilage 85sets have en classified as an unr8Stricted furKI. A8 far 88 th8 Trugte8 ig 8W8re. when the paintings were gifted, no restrictions were placad on thern. However, it is the intention of Ihe Trust lo retain these due lo the historic nature of the paintings and therefore they are unlikely to be sotd. Analy81s of net afisets between funds - prtor year Unr8stsict8d funds 2024 Restrict8d Endowment funds funds 2024 2024 Totsl nd8 2024 Tangible fixed assets Investmenl property Herltage assets Current assets Credito due within one year 319,370 1,732,500 245,100 690,315 (39,389) 28,795 348,165 1,982.500 245,100 690,315 (39,389) 250,000 Total 2,947.896 28.795 250,000 3,226,691 p•n$ièrt ¢tsMnliim•nts The Charity operates a defined contribution p8n8ton stheme, The assets of the stheme are held separately from those of the Charity in an independenlty administered fund. The pansion co8t charge rewasents contributions payabte by the Charity to the lund amount8d to £1,165 (2024 - £1,187). Pago 28
NEW ORFORD TOWN TRusr NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2025 23. R•kled party IrartsaGlion5 Ther8 is no ullirnate controlling party. S6ver81 of the councillcKs of Orford & Gédgr8v• Parish Council are members of the Orford Sailing Club and Orford Country M8rf(et. Amounts due from Parish Councillor5 relates to transactions in th8 normal course of activitie8 and are Included In Trade Debtors al the year end. 2025 2024 Amounts due ft)m Orford Sai1Sng Club Amount due from Parish Councillor6 Amount6 due from Orford Country Markèl Amounts due from Orford Gardenin Club Amounts due from Orfcrd Badminton Club 2,130 395 2.185 1,298 325 221 427 3,737 3,808 Page 29