Charity number: 1079173 BUNGAY MEDICAL CENTRE CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 BUNGAY MEOICAL CENTRE CHARITABLE TRUST CONTENTS Page Reference and administrative detoils of the charity, it5 Trustees and advi5er3 Trust9￿, rgport Sndependpnt exomlnefs report Statemant of financial activitigs Balance sheot 10 Notes to the financial statements 11-23 BUNGAY MEDICAL CENTRE CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ￿s TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021 Professor Christopher H Hand, Chaimian Harald R G Pulford MBE DrAnn Sell (resigned 31 May 20201 Grah￿ May lain R H4Jggin5 Simon Thompson Ir05ignad 29 July 2021) Dr Zoe Smth Iresloned 18 December 2020) Denise Walker stephen HoneywDD Dcfflinic Kent (apwinled 17 February 2021) Charfty registered numbgr 1079173 Princlpal office Bungay Medical Centre 28 Sl John's Road Bungay SLfftolk NR35 1DL Accounlants Larking Gowen LLP Independent Examiners Faiers House Gilray Road IP22 4VVR Pagg 1 BUNGAY MEDIGAL CENTRE CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trustees present their annual repprt together wlh the financial stat&menls of the ¢harily for th9 1 April 2020 to 31 March 2021. ObJectlve8 and activltles . Polici86 and objectlves The objectives of the Ch￿ are, for the inhatitsnts of South Norfolk and North Suffolk, particularly in 8ungay and its environment. lo provide for the health care of SI￿ people through the relief of sickness and presorvalion of health. partleul8rW providing and aSSSting in the provision of medlcal Cent￿ {inc5uding purchasin& eq¢Jlpping and manayng of such a centr8) provided Ihal in doing so the tru8lee8 shall not relleve th8 National Health Service or any statutory bjdy of any of their statulory t)bligaltons. In setting objectives and planning for aclivilies, the TTuslee5 have given due consideration to general guidance published by the Charlly Commis850n relating tts public benefi¢ including the guidance'Publi¢ benefit: runnin9 8 charity IPB2>'. b. Actlvities undertakgn to achigve objectiVg$ l. To provlde transport tor loc81 pallents requirin9 tre8lment for trancer and 5Uttsidising other patients requiring transport for 5pectalist trealment. 2. Giving grants to individuals tor equipment In the relief of st¢kness. 3. Giving grants lo organlsations. 4. To provlde equlpm8nl and accommodation to th8 Bungay Medical Practi￿. The trustees have had due 18gard to guidance issues by the Charity Commission on publi¢ bgnefit when reviewiryJ the charity's objedives, aclivtties and achievements. These are taken into consideratÉon when plannlng for the fijture. All charitable activities are undertaken to further charitable purposes for the public benefit. Achi•vemÈnt* and perforniance a. In¢omg Total inwme for th8 yoar was £69,885 (2020: £169,343). This includes a £25,OC(I gift from the Bungay Medul Centre Proprty Comparby {2020.. £40,000>. Rental incxine remalns at £13.085 (premises £8,085. land £5.000). Page 2 BUNGAY MEDICAL CENTRE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 A¢ht•Vomgnts and performanc? (continu8dl Vve r￿1Ved the following donations". The Bungay M9dicsl Cenlfe Propety Company £25.OOLI Legacy from the late Florence Baldwin £20,000 Legacy from the iale Aifreda Randlesome £1,000 In m8mory of David Lee £500 Anonymous donation for personal protective equipment (PPE} £500 Don8tion8 from an arKJnymous donor who glves regularty £300 In memory of L￿lY Porter £180 Donation from Dilchingham United Chartties £100 Donation from Mr & Mrs Strafford in lieu of golden wedding anniversary gifts £100 The Bungay Black Dog Running Club for the use of the surgery car park £75 HM Revenue & CL￿tomS gift old reimburseml￿t £12.50 b. Revlew of a¢tlvltles Grdnls to irkdividuals amounted to £14,255 Exceptional family circumstances Disabled son's bedroom and floor Mobility scool8r Sp*ial Ghair foi a disabled person Replacement mobility ￿01¢r for on8 deslroyed by flooding Moving for Complex reasons Special mattress for a severely dlsabled Fxrson Moving for complex reasons To help wth daughter's hDspilal stay £5.000 £1.900 £1.768 £1,588 £1,2C¥) £1.000 £799 £500 £soo Grants to tocal otYJanisalions amounted to £17,500 Bungay Area Community Transport wa$ awarded £8.500 {in¢luding £1.500 for admlnisirallon) to enable free Iiave] lor tT&7tment Of paliTrnts with cancer. and a SOOA subsidy for all Bungay palienls attending rnBthcal app01nlm￿ts. The number of joumeys was Considerably dwi this year due to the pandemic. HoweveT, we gave an extra grant of £1,000 lo cover journeys for COV￿-19 vaccinations. With our help BACT assisted more than 547 pecple Iravelling over 15,736 miles for their medical apwintments and Govid-19 v8c¢inations. tknnalion to Bungay Town Council fDr eTnergency seTvice$ in the pand￿niG £2.000 St Edmund's School PTA for playgiourKI equpment £500 Sylvia Knights for helping Bungay High School to produce PPE £500 A £20,000 legacy received from Ihe late Florence Baldwin has b8en rtng-fenced for the Bungay Medical Pradice equipment fund. Thero were only two purchases rnadè from the Bun9ay Medical Practi￿ equipment fund this year for 10 ambulatory blood pressure machlnes costlng £158. and £16 for a SATS prcl)8 for a patient. There remains £28,261 available for the practlce lo spen¢J on g]uipment. The M￿[Cal Centre includes an a￿ldeMiC unit, the Tooms of wh￿h are used for teaching medical sludents and traSnlng junior doclori Including those intending to become general practitioners. Page 3 BUNGAY MEDICAL CENTRE CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Achi•v¢rnants and pgrfomian¢• (¢ontlnued) c. Investment polbcy and porformance Investments were valued at £355,430 on 31 March 2021 (2020.. £265,753). There had been a drop in the value of the portfolio due lo the Covld-19 epidemic. bul the value has recovered substantially over the last few months. Alex Cutts, of Loveday arxl Partners, monltors the portfolio every four months and ￿ndS us three report4 as *h&re were no meetin9S. d. Trustees The number of trustee5 Bl 31 March 2021 is eight. Dr Ar5n Self retired at the end of May 2020. Dr Zoe Smith retired al the end of D¢cgmb8T 2020. Mr Domlnlc Kent was elected the GP representativ• trustee in February 2021. Flnanclal revlew . Going Goncgrn Despite the Covi¢*19 epidemic, the charity remains in a stable financial position. The value of our invesiment portfollo Is just oveT £350,000, which is £80,000 more than this lime last year. though the of grants lo individuals was less this year (nine as opposed lo twelve). the amount ol money given ha5 increased. Also the number of grants to organitsatsuns has decrpased (tour as oppwd to six), and the amount by £4.000. This is mainly lo the fact that BACT has undertaken fewer journeys during the Covid-19 epldemiG on￿ the vaccination programme has been completed these journeys will in¢rea*. The Trustees thergfore have a reason*e expectallon that the chadty has adequalg resources to conlinue in OPeTalional Existence for the for¢soeabl? future. For this reason. they conlÉnue to adcpt the goiT¥J GorKgrn basis In preparing the financial statements. Further details Te9ardtng the adopti¢Jn of the going concem bag$ Ian bo found In the accounling poliues. b. Ra59r¥gs pollcy The total reserves al the year end for charitable use amount lo £848,798 (2020.. £745,392) of vthtch £383,280 (2020.. £383,560) are invested in tangib￿ flxed assets, leaving free reserves of £460.518 12020." £358,832). Cash funds held at the bank at th& yoar ènd amount&d to £21.480 12020= £7,388}. further cash funds of £1,88812020.. £1,286) held with Loveday & Partner& The Truslee8 intend to use the TeseT¥es lo promote health and relieve $ickness within our area Page 4 BUNGAY MEDICAL CENTRE CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 structu￿ governance and managem•nt a. Constltutlon Bungay Medi￿[ Centre Charitable Trust is a r99'Stergd charity, numb￿ 1079173, and 1$ ¢onstitulgd under Trust deed which w8$ adopted in 1999. b. Mothods of appolnthient or elt¢tlon of Trustees The management of the tharity is the responsibility of the Trustees are elected and co-opted under tho terms of the Trt￿ dee ¢. Organlsatlonal Structure aftd deci$ion-making policies The Trust Broad meet Ihree timos a year at the Bungay M8dical Cenlre. These meellngs a￿ usually In the spring, summer autumn. At the autumn meeting the accounts are presented and signed. Additional special meetin9s are called when required. Due lo the Covi&19 pandemic and thé lockdow)s that have OCCU¢Ted SIn￿ March 2020. the charity has not had atty facevtsface meetings sinG9 FobTU8ry 2020. All our business has been conducted by email and telephc*)e. Instead of the three meetings that we usually havg, an agenda was sent out for comments. and then the minthes written LJP ￿71￿ any comments included. This wa$ d￿$ in June and Otlober in 2020 and February 2021. d. Rtlated party relationships Th@ ch8rity hold 1W% of *he issued share capital in The Bungay Medical Centre ProFXrty Company Limited wh￿h manage8 the prtspety owned by Ihe Bungay MediGg1 Centre Charitable Trust occupied by The Bungay Medical Praclicg. The purposo of tho subsidiary company Is to undertake the devewnent of th& dc¢lors' pra¢ti¢e, pharrnacy and local health trust. Page 5 BUNGAY MEDICAL CENfRE CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 statement of Tru¥tees' respvnsibilities The Trustees are re¥)on¥ble tor preparing the TfUStees' report and the financial *atemenls in acc￿dance wilh applicable law arTrd Unitod Kingdom Accounting Stantsrds {United Ffjngdom Generelly Accepted Accounting Pradice). The law applicable to charitie5 in England & IAlaies requires the Tnjstees to PT¢pare financial statements for each financial whlth give a true and fair view of the stale of affaiT$ of the Charity and of its incoming reg)ur¢e5 and 8ppliotton of resources. includlng its Income and expenditure. for th8t period. In prepaTing thvtse finanaal statemènt4 th¢ Trustegs are required lo.. select suitable accounting poh'cies and then apply them conyslenty., obseNe the methods and principles of the Charities SORP {FRS 1021", make judgments and accounlng estlmates that are reasonable and prudent.. State whelher applicable UK AecountÉng Standards (FRS 1021 have beEn follo￿1, su4.ecl to any materi81 departu￿$ distEosed and explained in thE financial statement5; prepare the financial statements on the going ¢oncom basis Unle￿ it Is inappfoprialg to presume that the chartly will continuo in busin￿. The Trustees are responsible for keeping athquale a￿OuntIng record$ thal aTe suffiGienl lo show and explain the charity's Imnsactions and disclose ￿itth reasonable a￿UMcY at any time the financHI position of the charity and enable them to ensure thal the financial statements ci)mply with the Charities Act 2011, the Charity IA¢counts and Reports) Regulations 2008 and the provisions of the Trust deed. They are al80 rasponabfe for safeguarding th9 ass9ts of the charity and for laking reasonable steps for Ihe prevenllon and dele¢tion of fraud and other iTTegularitie Approved by order of the m8mbers of the board of TNsle¢s and signed on Ihoir i%half by.. Prof8880r Chrl8toph¢r H Hand Chairman Date.. 5 OctobÈr 2021 Page 6 BUNGAY MEDICAL CENTRE CPIARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENOED 31 PAARCH 2021 Indgpondent examlnef8 report to the Trustees of Bungay Medical Centre Charitable Trust I'the Charity'l I reporf to the charity Trustees on my $xamirialion Df accounts of the Gharity for Ihe year ended 31 March 21r21. Ro$poftsiblllttes and ba818 of r8POrt As the Trust&s of the charity you aro responsible for the prep3Tation ol the accounts in accordance wilh the iequiremenls of thè Charities Act 2011 ('Ihe 2011 Ad'l. I report in respect of my examinatton of the charlty's accoltnts cariled out under section 145 of the 2011 Act and in ¢aTrying out my examinalion I have followed the applicable DIr￿tIOn8 glven by the Charity Cc¥nn7i$6ion under section 145(5){bl of the 2011 Act. Independent exominÈVs $t•tement Your attenlton Is drawn lo the fact thal the charity ha5 prepared Ihe accounls in accordan￿ Y4ith Accounts'ng and Reporting by Charities: Statement of Recommended Practice applicable to charilies prewing their a¢￿UnIS in accordancg with Ihe FinancAal Reporting Slandard applicable in the UK and Republic of Ireland IFRS lQ21 in Prefere￿ to the Accounling and Reporting by Charities.. Statement of Recommended Practice igsued on 1 April 2005 which is referred to in the extant regulation5 bul has been withdrawn. understan(i that this has been done In order lor th6 aceounls to provldè a tntè and fair vw In a¢coFd*co with the Generally A¢¢splgd Accounting Prartice effective for reporting peiiods begirkning on or after 1 January 2015. I have completed my examination. I confirm thai no matters have come lo my attention In connecdon ￿th the exarrtination giving mo cau50 to believe that in any material respect. accounting record$ were not kept in ￿Spect of the charity as required by section 130 of the 2011 Act DI ths accounts du not accord with those record4 or the acwunts do not comply with the applicable requlremenls concerning the form and contet)l ol accounts s£1 out in the Charities (Accounts and Reportsl Regulations 20D8 other than any requirement that the accounts givè a 'true and fail view which 1$ not g matter t>)n$idered as part of an independent examination. I have no conwns and have ¢ome a¢rc6s no other matteT5 in connection with the examlnatlon lo whlch attention sh￿Id be drawn In this rewrt in ordor kn enable a Pi0Ffjr understanding of the accounts to be reachgd. ## **BUNGAY MEDICAL CENTRE CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021** This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's 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 Trustees as a body, for my work or for this report. Signed: Dated: 18 October 2021 Christopher Yeates FCA DChA **Larking Gowen LLP** Independent Examiners Faiers House Gilray Road Diss IP22 4WR Page 8 BUNGAY MEDICAL CENTRE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 Endowmgnt lunds 2021 RgStriGted Unrpstrict9d funds funds 2021 2021 Total funds Total funds 2020 Income and ndowments from: Donations and legade9 ChariiablÈ aclivilies.. Ground rent Pfoperty rent Investments 22.768 22.768 107,010 5.000 8.086 34.032 6,000 8.086 34,032 49.248 Total incomo and endowments Exp¢nditure on- Raising fJnds Charitable aGINitie& Depwalion Granls Governance Website development 69,885 69,885 169,343 4,170 4,170 4,136 280 280 25,929 2264 25,929 2,264 45,817 2,061 202 262 213 Total expendlture 280 32,615 31895 5a507 (expgndltureylntome before net galnslllosses) on invgstm?nts 1280 37,270 36.990 116.836 Net gainslllosses) on inv&stments 66,416 66N16 (41.626) Net movement In fvnds R•con¢illation of funds: Totsl fL6nd¥ brought fotvdard Net movement In funds (280) 103.886 103.406 75,210 I)OD 383.660 (280) 356.832 103.686 746,392 103,406 670. 182 75.210 Total funds carrlad forward 383.280 480.518 848,798 745.392 Stalemert of finanGial actsvities indude8 all gains and losses recognised in the year. The notes on pag&s I I to 23 form part of these fir￿n￿al Statements. Page 9 BUNGAY MEDICAL CENfRE CIIARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Nol• Fixed assets Tangible assets Inveslrnents Inv&slment property 383.280 373.641 72.IX)O 383.560 284.465 72.000 f3 12 828,821 740,025 Current assets Investments Cash at bank and In hand 14 1.286 7,388 21.480 23.368 8.674 Cr&YitOTS.' amounls falling due within one year 15 13.391) (3.307) Not current assots 19,977 5.357 Total ass•ts less curr•nt liabilitlgs 848,798 745,392 Total net assèts 848,798 745,392 Chatlty tund8 Endownenl furKIs Restricted funds Unrostricled lund$ 5.000 383,280 460.618 5.000 383,560 356,832 Total funds 848.798 745,392 The finandal ststements We￿ appToved and authorised for Issue by th U5tees and signed on their behalf by.. Profvssor Chrlstopher H Hand (Chair of Trustees) la Dale= S.lo.Li Thg notes on pages l I to 23 form part of these financlal statements. Pay10 BUNGAY MEDICAL CEwfRE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 General Infomiatlon Bungay Medical Centre Charilatle Trust is a registered charity. number 1079173. and is constiluled under a Trust deed. Accountlnll pollclets 2.1 Ba818 of pTrparatlon of flnan¢lal ststements The financial stal8m8nts have been prepared in accordance wilh the Charities SORP IFRS 102) - Accounting ard ReFKJrttng by Charities: Statement of Reccmmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting StsndaTd ¥plicable in the UK and Republlc of Ireland IFRS 1021 (effective 1 January 20151, the Financial Reporting Standard applicable in the UK arKI RepUk￿lC of Ireland IFRS 102) and the CharitiesAct 2011. The fin￿la1 statements have been preparèd to give a 'trua and fall viw and havo doparted from the Charities (Accounts and Reports} R￿ulationS 2008 only to thg exlenl fequired lo provid9 a'lrug and fairf view. This departure has Involved following the Charities SORP {FRS 1 D21 pubFi$hed on 16 July 2014 r8ther than the Accountin9 and Reporting by Cha¥itie& Statement of Recommended Practi￿ effective from 1 April 2￿5 which h8s slnce been wtthdr8wn. The financial slalements are presented in $leillng which 1$ the functional ￿rr•n¢Y of tho charity and rounded lo the nearest £. Bung8y Medical Centre Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilitie5 are initially recognised al historical cost or Iransaction value unless otherwise slated in Ihe relgvant a￿OuntIng poliGy. 22 Going eoneèm The financial slalements are prepared on a golng co￿eM basls on Ihe grounds that current and future sourc9s of funding will be more Ihan adequate for the chaTity's needs. The trustees have considered a p9ri0d of twelva mvnlhs from the dalp of appmal of the finanGÈal statemBnls. Page11 BUNGAY MEDICAL CENTRE C￿lARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Aecountlna policies (¢ont5nu8dl 2.3 Incomg AJI income Is rects3nised once *he charity has entiuement to the in¢cAne, it 1$ probable that the income will be ￿ceiVed 8nd the amount of Income receivabte can be measured reliably. The rewgnilton of income from legactes is dependent on eslabll$hing 8ntitlgmenL thg Pfobability of receipt th& ability to estimate with suflicienl accuTacy the amount receivable. Evidence of entillemenl lo a legacy exists when the charity has suffiaent evidence that a grft ha5 been left lo Ihem Ilhrough knovA8dge of the exfslènce of a valid will and the death of the benefact￿) and Ihe executor 1$ $ali8fied Ihat the prcpety in quesb'on wll nol be required to satlsfy clalms in the estate. Rec6iPt of a legacy must be recognised when it 18 probabte that il wlll be weSved and the falr value of tho amount receivable. which will g&neially be the expecteii cash amount to bè distribLrtod to th• charity, can be reliably measured. Donaled fixed assets are measufed 01 fair value, unless il 1$ Impractic￿ to measure this ￿lIablY, in which case the c08t ot the ilem to the donor should be used. The value is recognised Bs income from donation$ and a corresponthng amount is included in the approprk* fixed asset class and subsequenlty valued in accordance with the chaFity's accounting policie& Income tax recov8rabte in rdalion Its donations receiv•d under Gift Aid or deeds of covenant is reec¥3ni¥ed al Ihe time of the donation. 2A Expondlturg ExpenditUTe Is Feco3nised on¢0 the￿ is a le9al or con51rucltve obligation to Iransfer economic benefit to a third party. it Is probable Ihal a transfer of economic benefits wll be required in settlèment 8nd amount ol Ihe obllgalion e2n be measured Teliably. Expendiiure is cLg&8ified by activity. The costs of each actlvity are made up of Ihe total of direcl costs and shared costs, including support Costs invdved in undertaking ga¢h aGtivity. Direct costs attributable to a single )¢tivity are allocated directly to that activity. Shared costs which conlfibute to mor¢ than aGtivity and support Costs whi¢h are not attributable lo a single activity are apportioned between those aclivilies on a bas(s conw8tent wilh the use of ￿$Our￿$. Central staff 0951s are allocated on the basis of time spgnl. and depr￿latIon charges allo¢ated on th¢ portion of the ass8t's use. Expenclture on raising fund$ includes all expenditure incurred by the charity to raisa fund$ Far its charitable pury>)8es and indudes costs of all fundraising 8Ctivilies evenl$ and no￿haritable tradin9. Expgnditure on charitable activilles 18 incurred on dire¢lly undertaking the charity's eduoallonal activities which furt￿￿ the charity5 obieGtivos, as w?11 as any associated support costs. Grants payable are charged in the year when the offer is made except in th0￿ cases where the offer is eK)nditional. such grants belng recognSsed ag expenditure when Ihe condilsons attaching ar fLtlfilled. Grants offered subiecl lo condilE￿8 whlch have not been mel al the year end are noted as a cc>mmilmenL but not awrued as expentthlure. All expendliure Is indusrve of .ITTecoverable VAT. 2.5 Interost rnGgivable Intefest on funds held t)n deposit is included when receiva￿e and the amoL&nt Gan be measured reliab]y by the ch8rhy.' this is nomalty upon notilication of the interest patd or payabte by the in5tilulion ￿th whom the funds are dekwiled. Pag¢ 12 BUNGAY MEDICAL CENTRE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng pollcle8 (¢ontlnuedl 18 Tangible fLYed a6SBt8 and deprKiation Tangible r￿e￿ assets are In￿allY wogntsed at cost. After racognition, under the cost mosdel, langlble flxed 8ssels are me8sured al ts)sl less 8ceumulated depreciation and 8ny accumLt181ed impairment losses. All costs Incurred to bring a tangSble flxed 8S*t Into Its Sntended ￿rkIng condition should be InclL¢dod in Ihe measuremgnt of Cost. Land is not depreciated. Depreciation on other assets 1$ charg￿ so as to allocate the ￿st of langtble fixed assels less their regdual value ovei thetr estimated uselul lives, u%ng Ihe straight4ine method. Depreclation Ss provided on the fOll￿ftg bases.. Freehold land and property Long-temi leasehokl propefty Lease Improvements Over 998 yeaTS 10% straight line 2.7 InvgStmgnts Fixed as$81 investments are 8 form of financial instrument and are initially recognised at Ihoir Ifansaction cctst and subsequently meAsured at fair value 8t the Ba18nce sheet date, unless the value Gannoi be measured reliably in which ca* It is meawred at cost less impaimenl. Investment gains and losses. vh81her realised or unrea15sed, are comblned and presenled as 'GalnsllLosse$l on invsstments, in the Statement of financFal acti¥itie& Investments In ￿jb81d}8￿es are valued at Cost less provision for imparment. 2.8 Investment prop8rty Investment properties are initially recognised at their transaction ¢ost and subsequwlly at fair value al the Balance Sheet date. DEpreciation is nol provi¢Yed on investsnenl property measured at fair value. 2.9 Catsh at bank and in hand Cash 8t bank and in hand includes cash and short-tenn highly liquid investments with 8 $hort malurty ol three monlhs or less from Ihe date of acqutsilion or opening of the deposit or similar account. Page 13 BUNGAY MEDICAL CENTRE CHARITABLE TRLIST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2021 A¢¢ounllng pollcles {conllnuedl 2.10 Liabiliti•$ and provis'K>nS Liabilities are recogniged when there is an obligation at the Balance sheel date as 8 reyjlt of a past event, it is probable that a Iransfer of economic benefrt ￿￿11 be required in Settlement, and the gmount of the settlement can be estimated Teliably. Liabiltties are recogni5ed at the arrlounl that the charity anlicipales it will pay to sghle the debt or the amount il has recerved as advanced payments for the goods or Sgrvices il must provide. Provlsions are measured at the best estimate ol the amounts required to setlle the obligalton. Where the 8ffecl of Ihg time value of money is material. the provision is based on the Present value of those amounts, discounted at the prevtsx dlscount rate that rèftaots the risks specific to Ihe Itability. Th¢ unwinding of Ihe discount is recognispd in the Sktfjment of financial activities as a finan￿ ¢osL 2.11 Flnon¢lal Instruments Th9 charity only has financlal asspts and financial liabilitie5 of a kind that quallfy as b881c linan¢ial instruments. Basic finanual instrumonts are initially re(xsgnhsed at transactton value and subsequently measured at theii settlement value Ylilh the exception of bank loans which are subsffjuenlty me8sLEred at amortised cost usng Ihe effedve Interest melhcd. 112 Fund awounting General fur¥Js are unrestrtded furba$ which are available for use at the disuebon of th& Tru5t¢es in furtherance of the general objectiveg of the charity and vthich hzve not been designated for other purposes. Endowmont funds represent thE perrna￿￿t endowment held by the trustees in accordanee wilh the Trust Deed Restricted funds a￿ funds are to be used In 8ccord8nce with $p&ific restridions imposed by donors or whleth have been ralsed by the tharity for Wicuiar purpo*s. The co8ts of raÉsing and admirti$taring suth fund5 are chaTged against the ￿¥ifIC fund. The aim and usa of each rethcted lund is sel out in the noles to the financial gla*emenl5. Investment inccme. gains and losse8 are allocated to the appropriate fund. 2.13 Group a¢¢our*ts Group accounts have not been prepared as the gr$￿¥ in¢¢me, after consolidation adjustm8nl$, of the group ts below the group accounts prepar8tlon threshold. These financlal statements therefore 0￿Y refer lo the paront undgrtaking. Page 14 BUNGAY MEDICAL CENTRE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Income from don￿10n8 and leg8cles Unr*tri¢t•d funds 2021 Total funds 2021 Tofal funds 2020 Donatlon8 Indivlduals Incluthny GÉft Aid Friends of All Hallow3 22.768 22,768 2.077 104,933 Total 2021 22,768 22,768 107,010 Total 2020 107.010 107.010 Inveslment prcperty valued al £72,000 was gifled to the charity in the year ended 31 March 2020 and is incltjded above. Income from charltablo a¢tivfti•s Unrestricted tunds 2021 Total fund5 2021 Total funds 2020 13,085 13,085 13,085 Total 2020 13,085 13,085 Page 15 BUNGAY MEDICAL CEPITRE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YFAR ENDED 31 MARCH 2021 Investment incomÈ Total funds 2021 rot81 run