Charity number: 1079173
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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 - 10 |
| Balance sheet | 11 |
| Notes to the financial statements | 12 - 23 |
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
| Trustees | Professor Christopher H Hand, Chairman |
|---|---|
| Harald R G Pulford MBE | |
| Iain R Huggins | |
| Denise Walker | |
| Stephen Honeywood | |
| Dominic Kent | |
| Karen Smith | |
| Emma Beese | |
| Martin Bainton | |
| 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 2024
The Trustees present their annual report together with the financial statements of the charity for the 1 April 2023 to 31 March 2024.
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.
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Giving grants to individuals for equipment in the relief of sickness.
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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.
c. Factors affecting future plans
The planned change to incorporate the charity and combine it with the Bungay Medical Centre Property Company Ltd to form The Bungay Medical Centre Charitable Incorporated Organisation (CIO) occurred on 31 March 2024.
Achievements and performance
a. Income
Total income for the year was £439,419 (2023: £228,239). This includes a £351,570 gift from the Bungay Medical Centre Property Company Limited (2023: £189,605) in preparation for the formation of the CIO, which was reinvested.
Rental income increased to £30,330 (premises £25,330, land £5,000) from £26,019 in the previous year..
Page 2
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
We received the following donations:
The Bungay Medical Centre Property Company (included in investment income) £351,570 All Hallows Convent £20,000 In memory of Robin Lyne £5,000 In memory of Rosemary Martins £10,000 Bungay Library Embroidery £400
b. Review of activities
Grants to 12 individuals amounted to £17,893.
| Mobility scooter | £2,395 |
|---|---|
| Wheelchair ramp | £416 |
| Electric bicycle | £3,778 |
| Chair bed | £999 |
| Riser/recliner chair | £465 |
| Cooker | £469 |
| Electric wheelchair | £1.700 |
| Recliner chair | £1,499 |
| Recliner chair | £1,458 |
| Recliner chair | £1,458 |
| Recliner chair | £1,458 |
| Riser/recliner chair | £1,799 |
Grants to three local organisations amounted to £30,473.
Bungay Area Community Transport was awarded £15,000 (2023: £12,500) which included £2,000 for administration (2023: £2,000) to enable free travel for treatment of patients with cancer, and a 50% subsidy for all Bungay patients attending medical appointments (£10,000), and £3,000 towards a replacement vehicle.
There were 1,072 trips taking people to hospital with 34,828 miles undertaken by volunteer drivers. Of these journeys, fully funded journeys cost £1,552 and partially funded journeys cost £8,327.
One membership fee of £18 was fully funded, and two medicals for drivers to retrain their D1 on their licences to continue to drive for BACT cost £92.
The Practice Equipment Fund
The trustees decided to wind up this fund as the charity would normally fund all requests for equipment regardless of whether the costs were funded by legacies from patients.
The charity funded equipment costing £9,662 for the Bungay Medical Practice in the year.
There is likely to be a considerable increase in grants requested for equipment and furniture next year, as the practice has been awarded £1.23 million CIL grant for an extension with four consulting rooms and improvements to the reception area. These will be paid by The Bungay Medical Centre CIO. Also, Boots has ended its pharmacy lease at the practice, and this space is being converted into two consulting rooms and a meeting room.
Page 3
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
c. Investment policy and performance
Our initial investment of £180,000 was valued at £929,562 (including £11,654 in cash) prior to the transfer to Bungay Medical CIO on 31 March 2024 (2023: £538,244.77, including £5,034 in cash, but see above for the reason for the further increase). Alex Cutts, of Loveday and Partners, monitors the portfolio every four months and attends our meetings.
d. Trustees
The number of trustees at 31 March 2024 was nine.
Financial review
a. Going concern
Despite inflation and the war in Ukraine, the charity remained in a stable financial position.
The value of our investment portfolio was £941,216 prior to the transfer to The Bungay Medical Centre CIO, which is considerably more than last year due to the transfer of funds from the Bungay Medical Centre Property Company Limited in preparation of the formation of the The Bungay Medical Centre CIO.
Considering the cost of living crisis, it is surprising that the number of grants to individuals is only slightly more this year (11 as opposed to eight), but the amount of money given in grants has decreased (from £20,118 to £18,599). The number of grants to organisations has increased from two to three, and the amount has also increased (from £15,025 to £30,473).
On 31 March 2024, the charity incorporated and merged with it's subsidiary, Bungay Medical Centre Property Company Limited, to form a newly established charity, The Bungay Medical Centre CIO. At this point, all the assets, liabilities and operations of the charity were transferred to Bungay Medical Centre CIO for £nil consideration and the charity has been dormant since this date. Following the completion of the transfer, the Trustees intend to remove the charity from the register held with the Charity Commission once final administrative matters have been dealt with.
Since 31 March 2024 The Bungay Medical Centre CIO has undertaken the activities previously undertaken by both the charity and Bungay Medical Centre Property Company Limited.
b. Reserves policy
A significant deficit arises for the year £1,050,233 due to the transfer of all funds to Bungay Medical Centre CIO on 31 March 2024. However, there was an increase in funds prior to the transfer of £411,882 (2023: £164,203). Prior to the transfer to Bungay Medical Centre CIO the net book value of tangible fixed assets was £382,440 (2023: £382,720).
Page 4
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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
BUNOAY MEDICAL CENTRE CHARITABLE TRUST . TRU8TEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 3tatsment ol Tru$tseB' rosponslbllltl•g The Trustses are re8ponslble for preparlng the Trustee8' report and the financkgl tsmentS In 8ccordanc8 with appllcable law and Unlted Klngdom kcountlng siandards (Unltsd Klngdom Generally Accepted Accountlng Practice). Tho law appllcable tc charltles In England & Wal08 requlres the Trust885 to prepare flnancial statements for each flnanclal which glve a true and fair vlew of the State of affalrs of the charlty and of Its Incomlng r8sources and spplicalion of resources. induding its Incom? and expenditur8, for that pwiod. In pr6parfng these financlal 8tai8mants, Iha TnJstee8 are r8qulr8d lo: 8elect sult8bl8 accounting policles and then apply tham nSten11y', ob86N8 the melhod8 and prindpla8 of the Charill68 SORP IFRS 102): mak8 ludgrnents and accountlng estlmate8 that ar8 reasonable and prudent; 8tat8 wheth8r applicab18 UK Ac(x)untlng Stsndard8 (FRS 102) h9ve been followed. subl8Ct to any materlal departures disclosed and explalned In the financial stslernents; prepare the flnanclal statemerrt8 on the golng concem ba81s unlvds1112 Inapprowtats to presumo that the th8rtty w511 ConnUe in busines8. The Trustees are responslble for keeplng adequate accountlng record8 that are sufflclent tr) show and expl8ln the charity's tr8n8actlon5 and dl8c1088 with rea50n8bl8 accuracy at 8ny tlm8 the fin8ndal posltion of the ch8rlty and 8nable them to en8ure that the flnanclal 8tat8m8nts comply ¥th the Charftles Act 2011, the Charlty (Accounts and Reports) Regulation8 2008 and the prov181ons of the Tnjst deed. They are a180 responsible for safeguarding the ass8t8 of the charity antt hence for taklng r888onable steps for the prevention and detection of fraud and oth8r Iegulade8. Approved by order of the members of the board of TNst8e8 and slgned on thelr behalf by: Prof•s8or Chrf8toph•r H Hand ChAir Date,. ICJ. Oq. Page 8
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024
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 2024.
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
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales , which is one of the listed bodies.
I have completed my examination. I confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable 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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Disclosure section
As described in the trustees' report and note 2.2, on the 31 March 2024 the charity incorporated. It achieved this by transferring all of its assets, liabilities and operations to the newly formed incorporated charity, The Bungay Medical Centre CIO, for no consideration. The net carrying value of the gift was £1,462,115 and this is included in expenditure in the Statement of Financial Activities.
From that date, the Bungay Medical Centre Charitable Trust has been dormant and the previous activities of the charity, which are unchanged, have been undertaken by The Bungay Medical Centre CIO. Following the completion of the transfer, the Trustees intend to remove the charity from the register held by the Charity Commission, once final administrative matters have been dealt with.
As a result the financial statements are prepared on a basis other than going concern.
Page 7
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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:
Christopher Yeates FCA DChA
Larking Gowen LLP Independent Examiners Faiers House Gilray Road Diss IP22 4WR
11 September 2024
Page 8
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 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 Transfer on incorporation (note 2.2) Total expenditure Net (expenditure)/income before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2024 £ - - - - - - - - - - 5,000 5,000 (5,000) - (5,000) 5,000 (5,000) - |
Restricted funds 2024 £ - - - - - - 280 - - - 382,440 382,720 (382,720) - (382,720) 382,720 (382,720) - |
Unrestricted funds 2024 £ 37,830 5,000 25,330 373,689 441,849 9,464 - 58,734 3,098 254 1,074,675 1,146,225 (704,376) 41,863 (662,513) 662,513 (662,513) - |
Total funds 2024 £ 37,830 5,000 25,330 373,689 441,849 9,464 280 58,734 3,098 254 1,462,115 1,533,945 (1,092,096) 41,863 (1,050,233) 1,050,233 (1,050,233) - |
Total funds 2023 £ 150 5,000 21,019 202,070 228,239 4,887 280 51,312 2,556 326 - 59,361 168,878 (4,675) 164,203 886,030 164,203 1,050,233 |
|---|---|---|---|---|---|
Page 9
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
On 31 March 2024, the charity incorporated and transferred all assets, liabilities and operations to the new incorporated charity Bungay Medical Centre CIO. From that date, the charity has been dormant. All activities in both the current and prior year are therefore discontinued.
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 23 form part of these financial statements.
Page 10
BUNGAY MEDICAL CENTRE CHARITABLE TRUST 8ALANCE SHEET A8 AT 31 MARGH 2024 2024 2023 Flx•d assets Tanglble assets Investments Inv88trnent propety 11 13 12 382, 720 662,094 f 00, 000 1,034,814 Curr•nt a•s•t• Invethents C88h at bank and In hJnd 14 5,033 18,735 23, 788 Credltors.. amounts falling due wlthin cne year 15 (8,349) N•t curr•nt asMt• 15,419 Total a•••ts la88 Gurr•nt Ilabllltl 1,050,233 Total not auots 1, 050,233 Ch•TIty fvnd8 Endowmènt fijnds Ra8trlctad funds Unrestrtcted fund3 5,000 382, 720 662,513 Total fund• 1.050.233 The flnandal 8tatements were 8pPMv and authortsed for issue by tha Trust888 and slgned on thelr behalf by,, F>rofgs8or Chrf•toph•r H Hand Chalr Date.. 10. 09. Th8 notes on pag88 12 to 23 fomi part of these flnanclal statements. Page 11
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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
On the 31 March 2024 the charity incorporated. It achieved this by transferred all of its assets, liabilities and operations to the newly formed incorporated charity, The Bungay Medical Centre CIO, for no consideration. The net carrying value of the gift was £1,462,115 and this is included in expenditure in the Statement of Financial Activities.
From that date, the Bungay Medical Centre Charitable Trust has been dormant and the previous activities of the charity, which are unchanged, have been undertaken by The Bungay Medical Centre CIO. Following the completion of the transfer, the Trustees intend to remove the charity from the register held by the Charity Commission, once final administrative matters have been dealt with.
As a result the financial statements are prepared on a basis other than going concern, which includes, where appropriate, writing down assets to net realisable value, and recognising any contractual commitments that have become onerous at the balance sheet date. No material adjustments arose as a result of ceasing to apply the going concern basis. The financial statements do not include any provision for the future costs of winding-up the charity, except to the extent that such costs were committed at the balance sheet date.
Page 12
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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.
On 31 March 2024 the charity transferred all assets, liabilities and operations to Bungay Medical Centre CIO for £nil consideration. The difference between the carrying value of the assets and liabilities and the disposal proceeds (£nil) is recognised as a net loss in expenditure on charitable activities in the statement of Financial Activities.
Page 13
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
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.
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.
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.
Page 14
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
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.
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations 37,830 Total 2023 150 |
Total funds 2024 £ 37,830 150 |
Total funds 2023 £ 150 |
|---|---|---|
Page 15
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. Income from charitable activities
| Unrestricted funds 2024 £ Rent 30,330 Total 2023 26,019 |
Total funds 2024 £ 30,330 26,019 |
Total funds 2023 £ 26,019 |
|---|---|---|
5. Investment income
| Unrestricted funds 2024 £ Investment income - investment properties 2,000 Investment portfolio 20,119 Payments under Gift Aid from subsidiary company 351,570 Total 2024 373,689 Total 2023 202,070 |
Total funds 2024 £ 2,000 20,119 351,570 373,689 202,070 |
Total funds 2023 £ 1,760 10,705 189,605 |
|---|---|---|
| 202,070 | ||
6. Investment management costs
| Unrestricted funds 2024 £ Investment management fees 9,464 Total 2023 4,887 |
Total funds 2024 £ 9,464 4,887 |
Total funds 2023 £ 4,887 |
|---|---|---|
Page 16
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
7. Analysis of grants
| Grants Grants for equipment purchased Total 2024 Total 2023 |
Grants to Institutions 2024 £ 30,473 9,662 40,135 31,194 |
Grants to Individuals 2024 £ 706 17,893 18,599 20,118 |
Total funds 2024 £ 31,179 27,555 58,734 51,312 |
Total funds 2023 £ 20,146 31,166 |
|---|---|---|---|---|
| 51,312 | ||||
The charity has made the following material grants to institutions during the year:
| Name of institution Bungay Area Community Transport Bungay Medical Centre Friends of Bungay Community Library East of England Air Ambulance Other |
2024 £ 15,000 9,662 9,000 6,473 - 40,135 |
2023 £ 12,500 16,169 - - 2,525 |
|---|---|---|
| 31,194 |
8. Governance costs
| Unrestricted funds 2024 £ Accountancy fees including Independent Examination 2,214 Liability insurance 336 Legal and professional 548 3,098 |
Total funds 2024 £ 2,214 336 548 3,098 |
Total funds 2023 £ 1,986 336 234 |
|---|---|---|
| 2,556 |
Page 17
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,845 ( 2023 - £1,675 ).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .
11. Tangible fixed assets
| At 1 April 2023 Transfers At 31 March 2024 At 1 April 2023 Charge for the year Transfers At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Freehold property £ 108,600 (108,600) - - - - - - 108,600 |
Long-term leasehold property £ 280,000 (280,000) - 5,880 280 (6,160) - - 274,120 |
Short-term leasehold property £ 26,031 (26,031) - 26,031 - (26,031) - - - |
Total £ 414,631 (414,631) - 31,911 280 (32,191) - - 382,720 |
|---|---|---|---|---|
On 31 March 2024 all tangible fixed assets were transferred to The Bungay Medical Centre CIO for £nil consideration.
Page 18
BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
12. Investment property
| At 1 April 2023 Transfers At 31 March 2024 |
Freehold investment property £ 100,000 (100,000) - |
|---|---|
Freehold investment property represented eight Bungay Common "goings" and was valued by the trustees at open market value prior to its transfer to The Bungay Medical Centre CIO on 31 March 2024 for £nil consideration. A "going" is the right to graze livestock on the Common.
13. Fixed asset investments
| At 1 April 2023 Additions Disposals Revaluations Transfers At 31 March 2024 Net book value At 31 March 2023 |
Investments in subsidiary companies £ 20,000 - - - (20,000) - 20,000 |
Listed investments £ 369,423 783,992 (266,567) 42,714 (929,562) - 369,423 |
Total £ 389,423 783,992 (266,567) 42,714 (949,562) - 389,423 |
|---|---|---|---|
On 31 March 2024 all fixed assets investments were transferred to The Bungay Medical Centre CIO for £nil consideration.
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BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
14. Current asset investments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Cash with investment manager | - | 5,033 |
15. Creditors: Amounts falling due within one year
| Amounts owed to group undertakings Accruals and deferred income |
2024 £ - - - |
2023 £ 4,670 3,679 |
|---|---|---|
| 8,349 |
16. Financial instruments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | - | 532,094 |
Financial assets measured at fair value through income and expenditure comprised listed investments.
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BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
17. Summary of funds
Summary of funds - current year
| Balance at 1 April 2023 £ General funds 662,513 Endowment funds 5,000 Restricted funds 382,720 1,050,233 Summary of funds - prior year Balance at 1 April 2022 £ General funds 498,030 Endowment funds 5,000 Restricted funds 383,000 886,030 |
Income £ Expenditure £ 441,849 (1,146,225) - (5,000) - (382,720) 441,849 (1,533,945) Income £ Expenditure £ 228,239 (59,081) - - - (280) 228,239 (59,361) |
Gains/ (Losses) £ 41,863 - - 41,863 Gains/ (Losses) £ (4,675) - - (4,675) |
Balance at 31 March 2024 £ - - - |
|---|---|---|---|
| - | |||
| Balance at 31 March 2023 £ 662,513 5,000 382,720 |
|||
| Summary of funds - prior year | |||
| General funds Endowment funds Restricted funds |
|||
| 1,050,233 |
Expenditure includes £1,462,115 in respect of net assets transferred to The Bungay Medical Centre CIO.
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 2024
18. Analysis of net assets between funds
Analysis of net assets between funds - current period
Total
Total funds 2024 £ -
Analysis of net assets between funds - prior period
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Endowment funds 2023 £ - - - 5,000 - 5,000 |
Restricted funds 2023 £ 382,720 - - - - 382,720 |
Unrestricted funds 2023 £ - 552,094 100,000 18,768 (8,349) 662,513 |
Total funds 2023 £ 382,720 552,094 100,000 23,768 (8,349) 1,050,233 |
|---|---|---|---|---|
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BUNGAY MEDICAL CENTRE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 £1, which is held by the Bungay Medical Centre Charitable Trust. During the year, there were equipment purchases for the Bungay Medical Centre of £9,662 (2023: £16,169).
Lease agreement s
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 £30,330 (2023: £26,019). A gift aid payment of £351,570 (2022: £189,605) was received from the Bungay Medical Centre Property Company Limited in the year.
The leases were collapsed upon the incorporation of the charity and its merger with Bungay Medical Centre Property Company Limited on 31 March 2024.
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, Ms K Smith and Mrs E Beese, are patients of the Bungay Medical Practice.
Transactions with subsidiary
Expenses totalling £10,368 (2023: £4,670) were made on the trust's behalf by it's subsidiary, The Bungay Medical Centre Property Company Ltd.
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