Charity registration number 1140678
BECCLES FENLAND CHARITY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
BECCLES FENLAND CHARITY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustee | Beccles Town Council |
|---|---|
| Charity number | 1140678 |
| Principal address | C/o Mr S Elvin |
| Beccles Town Council | |
| Town Hall | |
| BECCLES | |
| Suffolk | |
| NR34 9AJ | |
| Independent examiner | Waveney Accountants Limited |
| T/as Newman & Co | |
| Chartered Accountants | |
| 7 Hungate | |
| Beccles | |
| Suffolk | |
| NR34 9TT |
BECCLES FENLAND CHARITY TRUST
CONTENTS
| Page | |
|---|---|
| Trustee's report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
BECCLES FENLAND CHARITY TRUST
TRUSTEE'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The trustee present their report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011 and "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).
Objectives and activities
The Trusts primary objective is as follows: 'The profits of the same fen, to be employed to the common benefit & utility of the inhabitants of the said town'. The trustee may exercise any of the following powers in order to further the objectives:
1) Raise funds by the renting or leasing of the assets of the charity (this will exclude the trustee from undertaking any substantial permanent trading activity).
2) To buy take or lease or in exchange, hire or otherwise acquire property & to maintain & equip it for use.
3) To sell lease or otherwise dispose of all or any part of the property belonging to the Charity but only in compliance with section 36 & 37 of the Charities Act 1993 as amended by the Charities Act 2006.
4) To cooperate with other charities, voluntary bodies & statutory authorities & to exchange information & advice with them.
5) To create such advisory committees as the trustess think fit.
6) To employ & remunerate such staff as are necessary for carrying out the work of the Charity.
7) To do any other lawful thingthat is necessary or desirable for the achievement of the objects.
The above listed powers will not restrict or exclude any powers the trustee has under the Statutory Power of Trustees given in the Trustee Act of 2000.
The primary objective of The Trust is for the profits of the same fen to be employed to the common benefit & the utility of the inhabitants of Beccles.
The trustee have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
In accordance with its objectives, the trustee has not awarded grants to local voluntary organisations & events in the year.
Financial review
The level of unrestricted reserves at the year end was £55,959, a reduction of £54,550 over the previous year end, this being due to the repairs to the Common Lane car park & the harbourmasters office. Net Restricted funds have been received & carried forward during the year of £26,125. The trustee considers the Reserves of at least £75,000 should be retained to enable the Trust to meet its financial commitments on a day to day basis. To meet the substantial commitments to renovate the Quay the Trust will need to continue to retain income from the Quay.
Structure, governance and management
The governing document of The Trust is the Royal Charter of 13th May 1605 & the Bye-Laws of 24th January 2011.
The trustee who served during the year and up to the date of signature of the financial statements were: Beccles Town Council
The first trustee of the Charity is Beccles Town Council & the power of appointment of new trustees is vested in Beccles Town Council.
Plans for the Future
The members of Beccles Town Council, acting as Trustee, will retain the available financial resources of the Trust given the level of commitments to maintenance etc, that they have for the area of Beccles Fenfand & the Quay over which they have authority.
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BECCLES FENLAND CHARITY TRUST
TRUSTEE'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Risk Policy
The trustees continue to assess the major risks to which the charity is exposed & are satisfied that the systems are in place to identify & mitigate their exposure.
The trustee's report was approved by the Board of Trustee.
.............................. Beccles Town Council Trustee
Date: .............................................
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BECCLES FENLAND CHARITY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEE OF BECCLES FENLAND CHARITY TRUST
I report to the trustee on my examination of the financial statements of Beccles Fenland Charity Trust (the trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustee of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the trust’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 FCA, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by 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 now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with 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:
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1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Waveney Accountants Limited
T/as Newman & Co Chartered Accountants 7 Hungate Beccles Suffolk NR34 9TT
Dated: .........................
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BECCLES FENLAND CHARITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Grants 3 26,125 9,940 Charitable activities Allotments Rental 4 6,944 - Estates Income 4 60,118 - Quay Income 4 150,687 - Investments 5 142 - Total income 244,016 9,940 Expenditure on: Charitable activities Skate Park 6 - - Allotments Expenses 6 6,629 9,940 Common Costs 6 28,939 - Estate Costs 6 34,836 - Admin Expenses 6 64,560 - Quay Costs 6 137,477 - Total charitable expenditure 272,441 9,940 Net expenditure for the year/ Net movement in funds (28,425) - Fund balances at 1 April 2022 110,509 - Fund balances at 31 March 2023 82,084 - |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 36,065 - 1 6,944 5,129 - 60,118 58,166 24,257 150,687 122,636 - 142 12 - 253,956 185,943 24,258 - 640 - 16,569 3,673 - 28,939 5,769 - 34,836 11,611 24,258 64,560 55,720 - 137,477 195,691 - 282,381 273,104 24,258 (28,425) (87,161) - 110,509 197,670 - 82,084 110,509 - |
Total 2022 £ 1 5,129 82,423 122,636 12 210,201 640 3,673 5,769 35,869 55,720 195,691 297,362 (87,161) 197,670 110,509 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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BECCLES FENLAND CHARITY TRUST
BALANCE SHEET
AS AT 31 MARCH 2023
| 2023 Notes £ Current assets Debtors 9 73,192 Cash at bank and in hand 132,476 205,668 Creditors: amounts falling due within one year 10 (123,584) Net current assets Income funds Unrestricted funds |
2022 £ £ 92,859 137,200 230,059 (119,550) 82,084 82,084 82,084 |
£ 110,509 |
|---|---|---|
| 110,509 | ||
| 110,509 |
The financial statements were approved by the Trustee on .........................
.............................. Beccles Town Council Trustee
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BECCLES FENLAND CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Beccles Fenland Charity Trust is a charitable trust constructed under a trust deed.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustee have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustee continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustee in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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BECCLES FENLAND CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.5 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 are allocated on the portion of the asset’s use.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
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BECCLES FENLAND CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustee are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Grants
| Unrestricted Restricted funds funds 2023 2023 £ £ Grants 26,125 9,940 Donations and gifts - - |
Total Restricted funds 2023 2022 £ £ 36,065 1 - - |
Total Restricted funds 2023 2022 £ £ 36,065 1 - - |
|---|---|---|
| - |
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BECCLES FENLAND CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4 Charitable activities
| Allotments Rental Estates Income Quay Income 2023 2023 2023 £ £ £ Quay Events - - 4,255 Quay Moorings - - 87,949 Quay Car Park - - 24,140 Charitable rental income 6,944 60,118 10,500 Other income - - 23,843 6,944 60,118 150,687 Analysis by fund Unrestricted funds 6,944 60,118 150,687 Restricted funds - - - |
Total 2023 Allotments Rental Estates Income Quay Income 2022 2022 2022 £ £ £ £ 4,255 - - 910 87,949 - - 77,820 24,140 - - 19,452 77,562 5,129 58,166 10,500 23,843 - 24,257 13,954 217,749 5,129 82,423 122,636 217,749 5,129 58,166 122,636 - - 24,257 - |
Total 2022 £ 910 77,820 19,452 73,795 38,211 |
|---|---|---|
| 210,188 | ||
| 185,931 24,257 |
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BECCLES FENLAND CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5 Investments
| Unrestricted | Unrestricted | ||||||
|---|---|---|---|---|---|---|---|
| funds | funds | ||||||
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Interest receivable | 142 | 12 | |||||
| Charitable activities | |||||||
| Allotments | Common | Estate Costs | Admin | Quay Costs | Total | Total | |
| Expenses | Costs | Expenses | 2023 | 2022 | |||
| 2023 | 2023 | 2023 | 2023 | 2023 | |||
| £ | £ | £ | £ | £ | £ | £ | |
| Staff costs | - | - | - | 50,721 | 43,198 | 93,919 | 89,523 |
| Maintenance & | |||||||
| Repairs | 14,200 | 1,783 | 2,095 | - | 55,831 | 73,909 | 167,504 |
| Electricity | - | - | 20,528 | - | 12,685 | 33,213 | 10,980 |
| Telephone | - | - | - | - | 739 | 739 | 1,818 |
| Cleaning | - | - | - | - | 15,350 | 15,350 | 2,835 |
| Stationery | - | - | - | - | 800 | 800 | 734 |
| Uniforms | - | - | - | - | 143 | 143 | 296 |
| Legal & | |||||||
| Professional | |||||||
| Fees | - | - | - | 12,473 | 1,888 | 14,361 | 6,745 |
| Water Rates | 1,507 | - | - | - | 4,143 | 5,650 | 7,032 |
| The Common | - | 23,390 | - | - | - | 23,390 | 3,156 |
| Marsh Trail | - | 1,166 | - | - | - | 1,166 | 2,613 |
| Dykes Marshes | - | - | 12,213 | - | - | 12,213 | 1,175 |
| Skate Park | - | - | - | - | - | - | 640 |
| Sundries | 862 | 2,600 | - | 1,366 | 2,700 | 7,528 | 2,311 |
| 16,569 | 28,939 | 34,836 | 64,560 | 137,477 | 282,381 | 297,362 | |
| 16,569 | 28,939 | 34,836 | 64,560 | 137,477 | 282,381 | 297,362 | |
| Analysis | |||||||
| by fund | |||||||
| Unrestricted | |||||||
| funds | 6,629 | 28,939 | 34,836 | 64,560 | 137,477 | 272,441 | 273,104 |
| Restricted | |||||||
| funds | 9,940 | - | - | - | - | 9,940 | 24,258 |
| 16,569 | 28,939 | 34,836 | 64,560 | 137,477 | 282,381 | 297,362 |
6 Charitable activities
7 Trustee
None of the trustee (or any persons connected with them) received any remuneration or benefits from the trust during the year.
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BECCLES FENLAND CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8 Employees
The average monthly number of employees during the year was:
| Total Employment costs Wages and salaries Social security costs Other pension costs There were no employees whose annual remuneration was more than £60,000. 9 Debtors Amounts falling due within one year: Trade debtors 10 Creditors: amounts falling due within one year Other taxation and social security Payments received on account Trade creditors Accruals and deferred income |
2023 2022 Number Number - - 2023 2022 £ £ 80,939 66,409 5,743 4,824 7,237 18,290 93,919 89,523 2023 2022 £ £ 73,192 92,859 2023 2022 £ £ (627) 6,137 46,592 40,226 76,319 72,037 1,300 1,150 123,584 119,550 |
2023 2022 Number Number - - 2023 2022 £ £ 80,939 66,409 5,743 4,824 7,237 18,290 93,919 89,523 2023 2022 £ £ 73,192 92,859 2023 2022 £ £ (627) 6,137 46,592 40,226 76,319 72,037 1,300 1,150 123,584 119,550 |
|---|---|---|
| 2022 £ 66,409 4,824 18,290 |
||
| 89,523 | ||
| 2022 £ 92,859 |
||
| 2022 £ 6,137 40,226 72,037 1,150 |
||
| 119,550 |
11 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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