Charity number: 1079173
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 23 |
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
| Trustees | Professor Christopher H Hand, Chairman |
|---|---|
| Harald R G Pulford MBE | |
| Graham May | |
| Iain R Huggins | |
| Simon Thompson (resigned 29 July 2021) | |
| Denise Walker | |
| Stephen Honeywood | |
| Dominic Kent | |
| Karen Smith (appointed 8 February 2022) | |
| Charity registered number 1079173 Principal office Bungay Medical Centre 28 St John's Road Bungay Suffolk NR35 1DL Accountants Larking Gowen LLP Independent Examiners Faiers House Gilray Road Diss IP22 4WR |
Page 1
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the charity for the 1 April 2021 to 31 March 2022.
Objectives and activities
a. Policies and objectives
The objectives of the charity are, for the inhabitants of South Norfolk and North Suffolk, particularly in Bungay and its environment, to provide for the health care of such people through the relief of sickness and preservation of health, particularly providing and assisting in the provision of medical centre (including purchasing, equipping and managing of such a centre) provided that in doing so the trustees shall not relieve the National Health Service or any statutory body of any of their statutory obligations.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
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To provide transport for local patients requiring treatment for cancer and subsidising other patients requiring transport for specialist treatment.
-
Giving grants to individuals for equipment in the relief of sickness.
-
Giving grants to organisations.
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To provide equipment and accommodation to the Bungay Medical Practice.
The trustees have had due regard to guidance issues by the Charity Commission on public benefit when reviewing the charity's objectives, activities and achievements. These are taken into consideration when planning for the future. All charitable activities are undertaken to further charitable purposes for the public benefit.
Achievements and performance
a. Income
Total income for the year was £49,537 (2021: £69,885). This includes a £25,000 gift from the Bungay Medical Centre Property Company (2021: £25,000).
Rental income remains at £13,085 (premises £8,085, land £5,000).
Page 2
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
We received the following donations:
| The Bungay Medical Centre Property Company | £25,000 |
|---|---|
| Gift from the Friends of All Hallows | £119 |
| In memory of Mrs Beryl Sullivan | £500 |
| Donations from an anonymous donor who gives regularly | £175 |
| In memory of Mr Charles Clarke | £153.65 |
| HM Revenue & Customs gift aid reimbursement | £75 |
b. Review of activities
Grants to individuals amounted to £19,436
| Bathroom conversion for a disabled person | £5,000 |
|---|---|
| Equipment for terminally ill young wife | £3,734 |
| Mobility scooter | £3,000 |
| Decluttering | £2,628 |
| Private psychiatric assessment at The Pottergate Centre, Norwich | £2,160 |
| Mobility scooter | £1,265 |
| Decluttering | £1,000 |
| Folding wheelchair | £650 |
Grants to two local organisations amounted to £15,150
Bungay Area Community Transport was awarded £14,000 (last year £8,500) which included £1,000 for administration (last year £1,500) to enable free travel for treatment of patients with cancer, and a 50% subsidy for all Bungay patients attending medical appointments. We increased the grant because of the huge increase in fuel prices, and the considerable increase in the number of journeys after the Covid restrictions were lifted. We helped 933 people with transport to medical trips over a total of 26,534 miles. Of these people, 84 people received a full subsidy as they were travelling for regular cancer treatment.
We donated £1,150 to Bungay Lions to provide a defibrillator for Mettingham Village Hall.
The Practice Equipment Fund
The £20,000 legacy remains ring-fenced for the Bungay Medical Practice equipment fund.
The following items were purchased for the practice:
| Vaccine fridge | £1,379 |
|---|---|
| Two standing desks | £702 |
| Fixed examination light | £300 |
| Scanner | £294 |
| Repair of bladder scanner | £810 |
There remains £26,418 available for the practice to spend on equipment (this does not include the £810 unpaid cheque).
The Medical Centre includes an academic unit, the rooms of which are used for teaching medical students and training junior doctors, including those intending to become general practitioners.
Page 3
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
c. Investment policy and performance
Investments were valued at £371,180 on 31 March 2022 (2021: £355,430). There had been a drop in the value of the portfolio due to the Covid-19 epidemic, but the value has recovered substantially over the last few months. Alex Cutts, of Loveday and Partners, monitors the portfolio every four months and sends us three reports, as there were no meetings.
d. Trustees
The number of trustees at 31 March 2022 is seven.
Karen Smith, who is a nurse practitioner at The Bungay Medical Practice, was elected a trustee on 7 February 2022.
Financial review
a. Going concern
Despite inflation and the war in Ukraine, the charity remains in a stable financial position. The value of our investment portfolio is just over £370,000, which is just under £16,000 more than this time last year.
Although the number of grants to individuals was less this year (eight as opposed to nine), the amount of money given has increased. The number of grants to organisations has decreased again (two as opposed to four), but the amount as also increased from £11,500 to £15,150.
The Trustees therefore have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable 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 total reserves at the year end for charitable use amount to £886,030 (2021: £848,798) of which £383,000 (2021: £383,280) are invested in tangible fixed assets, leaving free reserves of £503,030 (2021: £460,518). Cash funds held at the bank at the year end amounted to £20,144 (2021: £21,480), with further cash funds of £1,756 (2021: £1,888) held with Loveday & Partners.
The Trustees intend to use the reserves to promote health and relieve sickness within our area.
Page 4
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, governance and management
a. Constitution
Bungay Medical Centre Charitable Trust is a registered charity, number 1079173, and is constituted under a Trust deed which was adopted in 1999.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The Trust Broad meet three times a year at the Bungay Medical Centre. These meetings are usually in the spring, summer and autumn. At the autumn meeting the accounts are presented and signed.
Additional special meetings are called when required.
d. Related party relationships
The charity hold 100% of the issued share capital in The Bungay Medical Centre Property Company Limited which manages the property owned by the Bungay Medical Centre Charitable Trust occupied by The Bungay Medical Practice. The purpose of the subsidiary company is to undertake the development of the doctors' practice, pharmacy and local health trust.
Page 5
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
Professor Christopher H Hand Chair Date:
Page 6
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Independent examiner's report to the Trustees of Bungay Medical Centre Charitable Trust ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 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 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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.
Page 7
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
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:
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 2022
| Note Income and endowments from: Donations and legacies 3 Charitable activities: 4 Ground rent Property rent Investments 5 Total income and endowments Expenditure on: Raising funds 6 Charitable activities: Depreciation Grants Governance Website development Total expenditure Net (expenditure)/income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2022 £ - - - - - - - - - - - - - - 5,000 - 5,000 |
Restricted funds 2022 £ - - - - - - 280 - - - 280 (280) - (280) 383,280 (280) 383,000 |
Unrestricted funds 2022 £ 1,023 5,000 8,085 35,429 49,537 4,514 - 37,613 4,361 252 46,740 2,797 34,715 37,512 460,518 37,512 498,030 |
Total funds 2022 £ 1,023 5,000 8,085 35,429 49,537 4,514 280 37,613 4,361 252 47,020 2,517 34,715 37,232 848,798 37,232 886,030 |
Total funds 2021 £ 22,768 5,000 8,085 34,032 |
|---|---|---|---|---|---|
| 69,885 | |||||
| 4,170 280 25,929 2,264 252 |
|||||
| 32,895 | |||||
| 36,990 66,416 |
|||||
| 103,406 | |||||
| 745,392 103,406 |
|||||
| 848,798 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 23 form part of these financial statements.
Page 9
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
BALANCE SHEET AS AT 31 MARCH 2022
| Note Fixed assets Tangible assets 11 Investments 13 Investment property 12 Current assets Investments 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Total net assets Charity funds Endowment funds Restricted funds Unrestricted funds Total funds |
1,756 20,144 21,900 (3,493) |
2022 £ 383,000 389,423 95,200 867,623 18,407 886,030 886,030 5,000 383,000 498,030 886,030 |
1,888 21,480 23,368 (3,391) |
2021 £ 383,280 373,541 72,000 |
|---|---|---|---|---|
| 828,821 19,977 |
||||
| 848,798 | ||||
| 848,798 | ||||
| 5,000 383,280 460,518 |
||||
| 848,798 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Professor Christopher H Hand Chair
................................................ Harald R G Pulford MBE
Date:
The notes on pages 11 to 23 form part of these financial statements.
Page 10
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. General information
Bungay Medical Centre Charitable Trust is a registered charity, number 1079173, and is constituted under a Trust deed.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
Bungay Medical Centre Charitable 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.
2.2 Going concern
The financial statements are prepared on a going concern basis on the grounds that current and future sources of funding will be more than adequate for the charity's needs. The trustees have considered a period of twelve months from the date of approval of the financial statements.
Page 11
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.3 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.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.
Donated fixed assets are measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The value is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and subsequently valued in accordance with the charity's accounting policies.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2.4 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the charity's educational 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.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 12
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.6 Tangible fixed assets and depreciation
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.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
Freehold land and property - Nil - Long-term leasehold property Over 998 years - Lease improvements 10% straight line
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.8 Investment property
Investment properties are initially recognised at their transaction cost and subsequently at fair value at the Balance sheet date. Depreciation is not provided on investment property measured at fair value.
2.9 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.
Page 13
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.10 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.11 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Endowment funds represent the expendable endowment held by the trustees in accordance with the Trust Deed.
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.
2.13 Group accounts
Group accounts have not been prepared as the gross income, after consolidation adjustments, of the group is below the group accounts preparation threshold. These financial statements therefore only refer to the parent undertaking.
Page 14
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
3. Income from donations and legacies
| Unrestricted funds 2022 £ Donations Individuals including Gift Aid 1,023 Total 2021 22,768 |
Total funds 2022 £ 1,023 22,768 |
Total funds 2021 £ 22,768 |
|---|---|---|
4. Income from charitable activities
| Unrestricted funds 2022 £ Rent 13,085 Total 2021 13,085 Investment income Unrestricted funds 2022 £ Investment income - investment properties 1,680 Investment portfolio 8,749 Payments under Gift Aid from subsidiary company 25,000 Total 2022 35,429 Total 2021 34,032 |
Total funds 2022 £ 13,085 13,085 Total funds 2022 £ 1,680 8,749 25,000 35,429 34,032 |
Total funds 2021 £ 13,085 |
|---|---|---|
| Total funds 2021 £ 1,600 7,432 25,000 |
||
| 34,032 | ||
5. Investment income
Page 15
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
6. Investment management costs
| Unrestricted funds 2022 £ Investment management fees 4,514 Total 2021 4,170 |
Total funds 2022 £ 4,514 4,170 |
Total funds 2021 £ 4,170 |
|---|---|---|
7. Analysis of grants
| Grants Grants for equipment purchased Total 2022 Total 2021 |
Grants to Institutions 2022 £ 15,500 2,676 18,176 11,674 |
Grants to Individuals 2022 £ 10,788 8,649 19,437 14,255 |
Total funds 2022 £ 26,288 11,325 37,613 25,929 |
Total funds 2021 £ 20,400 5,529 |
|---|---|---|---|---|
| 25,929 | ||||
The charity has made the following material grants to institutions during the year:
| Name of institution Bungay Area Community Transport Bungay Medical Centre Bungay Town Council Other |
2022 £ 14,000 2,676 - 1,500 18,176 |
2021 £ 8,500 174 2,000 1,000 |
|---|---|---|
| 11,674 |
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BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. Governance costs
| Unrestricted funds 2022 £ Accountancy fees including Independent Examination 1,782 Liability insurance 305 Legal and professional 2,274 4,361 |
Total funds 2022 £ 1,782 305 2,274 4,361 |
Total funds 2021 £ 1,722 235 307 |
|---|---|---|
| 2,264 |
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,782 ( 2021 - £1,722 ).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .
Page 17
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
11. Tangible fixed assets
| Cost or valuation At 1 April 2021 At 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Freehold property £ 108,600 108,600 - - - 108,600 108,600 |
Long-term leasehold property £ 280,000 280,000 5,320 280 5,600 274,400 274,680 |
Short-term leasehold property £ 26,031 26,031 26,031 - 26,031 - - |
Total £ 414,631 |
|---|---|---|---|---|
| 414,631 | ||||
| 31,351 280 |
||||
| 31,631 | ||||
| 383,000 | ||||
| 383,280 |
12. Investment property
| Valuation At 1 April 2021 Revaluation At 31 March 2022 |
Freehold investment property £ 72,000 23,200 |
|---|---|
| 95,200 |
Freehold investment property represents eight Bungay Common "goings" and is valued by the trustees at open market value. A "going" is the right to graze livestock on the Common.
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BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
13. Fixed asset investments
| Cost or valuation At 1 April 2021 Additions Disposals Revaluations At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 Principal subsidiaries The following was a subsidiary undertaking of the charity: Name Bungay Medical Centre Property Company Limited The financial results of the subsidiary for the year were: Name Bungay Medical Centre Property Company Limited 14. Current asset investments Cash with investment manager |
Investments in subsidiary companies £ 20,000 - - - 20,000 20,000 20,000 Company number 03961404 |
Listed investments £ 353,541 98,500 (94,059) 11,441 369,423 369,423 353,541 Class of shares Ordinary Profit/ (Loss) for the year £ 134,305 2022 £ 1,756 |
Total £ 373,541 98,500 (94,059) 11,441 389,423 389,423 373,541 Holding 100% Net assets £ 2,685,803 2021 £ 1,888 |
|---|---|---|---|
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BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
15. Creditors: Amounts falling due within one year
| Accruals and deferred income Financial instruments Financial assets Financial assets measured at fair value through income and expenditure |
2022 £ 3,493 2022 £ 369,423 |
2021 £ 3,391 |
|---|---|---|
| 2021 £ 353,541 |
16. Financial instruments
Financial assets measured at fair value through income and expenditure comprise listed investments.
Page 20
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
17. Summary of funds
Summary of funds - current year
| Balance at 1 April 2021 £ General funds 460,518 Endowment funds 5,000 Restricted funds 383,280 848,798 Summary of funds - prior year Balance at 1 April 2020 £ General funds 356,832 Endowment funds 5,000 Restricted funds 383,560 745,392 |
Income £ Expenditure £ 49,537 (46,740) - - - (280) 49,537 (47,020) Income £ Expenditure £ 69,491 (32,615) - - - (280) 69,491 (32,895) |
Gains/ (Losses) £ 34,715 - - 34,715 Gains/ (Losses) £ 66,810 - - 66,810 |
Balance at 31 March 2022 £ 498,030 5,000 383,000 |
|---|---|---|---|
| 886,030 | |||
| Balance at 31 March 2021 £ 460,518 5,000 383,280 |
|||
| Summary of funds - prior year | |||
| General funds Endowment funds Restricted funds |
|||
| 848,798 |
The general reserve represents the free funds of the charity which are not designated for specific purposes.
The endowment fund represents the expendable endowment held by the trustees in accordance with the Trust Deed. The fund had previously been classified as a permanent endowment but following a review of the trust deed by the trustees, it was determined that the endowment was expendable and therefore the fund has been reclassified as such.
Restricted funds represent the land at cost on which the new medical centre is situated and the net book value of the lease for the academic unit. The fund balances are reduced by the depreciation charged on the lease.
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BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
18. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Endowment funds 2022 £ - - - 5,000 - 5,000 |
Restricted funds 2022 Unrestricted funds 2022 £ £ 383,000 - - 389,423 - 95,200 - 16,900 - (3,493) 383,000 498,030 |
Total funds 2022 £ 383,000 389,423 95,200 21,900 (3,493) 886,030 |
|---|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Endowment funds 2021 £ - - - 5,000 - 5,000 |
Restricted funds 2021 £ 383,280 - - - - 383,280 |
Unrestricted funds 2021 £ - 373,541 72,000 18,368 (3,391) 460,518 |
Total funds 2021 £ 383,280 373,541 72,000 23,368 (3,391) 848,798 |
|---|---|---|---|---|
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BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
19. Related party transactions
The Bungay Medical Centre Property Company Limited (registered number 3961404) is a private limited company, incorporated on 31 March 2000. The company has issued share capital of £20,000, all of which is held by the Bungay Medical Centre Charitable Trust. During the year, there were equipment purchases for the Bungay Medical Centre of £2,676 (2021: £174).
Lease agreements
The Bungay Medical Centre Property Company Limited was formed to undertake the development of a doctors practice, pharmacy and a local health trust at the Old Grammar School Site, to be known as the Medical Centre, St John's Road, Bungay, Suffolk. For this purpose, the company entered into the following lease agreements on 30 March 2001 with the charity, which owns the land:
-
an agreement for a lease whereby the company has taken a headlease of the premises from the charity for 999 years.
-
an agreement for the granting of an underlease to the charity of part of the premises to be used as an academic and research centre, for a term of 998 years, for a premium of £280,000, followed by annual peppercorn rent.
Rental income received in the year from The Bungay Medical Centre Property Company Limited was £13,085 (2021: £13,085). A gift aid payment of £25,000 (2021: £25,000) was received from the Bungay Medical Centre Property Company Limited in the year.
Trustees' interests
Dr D Kent is a doctor of the Bungay Medical Practice which is occupying the property owned by the Bungay Medical Centre Property Company Limited and is also a trustee of the charity.
All of the trustees, excluding Dr D Kent, Mrs K Smith and Mr S Thompson, are patients of the Bungay Medical Practice.
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