REGISTERED CHAR NUMBER: 1159281 REPORTOF THE TRusfEES AND RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 31 AUGUSf 2024 FOR BUNGAYTOWN TRUSr cio <> vandijk ACCOUNTANTS
BUNGAY TOWN TRusr cio coi¥rENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 Au usi 2024 Page Report of the Trustees Ito2 Independent Examiner's Report Statement of financlal Athvtties 4t05 Reconciliation of Funds Assets & Liabilltles Notes to the Financial Statements 8t09
BUNGAY TOWN TRUST CIO REPORT OFTHE TRUSTEES forihe Year Ended 31 Au st 2024 The trustees present their report wlth the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the prow5ions of Accounting and Reporting by Charitie%= Statement of Recommended Practice applicable to charitiès preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectÉve l January 20151. OBJEcfivES AND ACtivmES Oblectlves of the charltv The objective is the provision of Almshouse5 for the elderly who a in need, who are residents of the Parish of Bungay and surrounding area, and such assodation amenities as the trustees may in their ab501ute dlscretion deem fit. With surplus income where arisen from the unrestricted fund it is the trustees aim to Use for general charitable purposes for the benefit of the town of Bungav. Maln a¢tlvltles undertaken for the public benefft General charitable purposes with surplus income donated to local groups and organisations, along wlth the administration of 13 Almshouses foi the elderly and in need residents of Bungay and the surrounding a3. ACHIEEMENT AND PERFORMANCE Athlevements ofthe charfty durfng the year The Trust continues to administer 13 Almshouses for the eldedy and in need residents of Bungay and the surrounding area. During the year. the Trust also made charitable donations amountin8 to £17.371 to local voluntary organisation5 to assist with their work. FINANCIAL REVIEW Reserves pollcy It Is the trustees policy to maintain reserves at a level Kt considers ne$Sary to meet cash flow requirements. STRucfuRE, GOVERNANCE AND MANAGEMEiir Governlng document The charity is controlled by its Constitution and is an Incorporated Charitsble Organisation. Recruitment and appointmènt of new trustees New trustees are recruited and appointed by existing tru51ees. Rlsk management The trustees have a duty to identify and rewew the risks to which the trust is exposed and to ensure appropriate controls are in plate to provide reasonable assurance against fraud and errof. REFERENCE AND ADMINISTRAnVE DAll$ Reglstered Charity number 1159281 Prlncipal address CIO Sprake & Kingsley Solicitors 16 Broad Street Bungay Suffolk NR35 IEN Page I
BUNGAY TOWN TRUST CIO REPORT OFTHE TRUSTE forthe Year Ended 31 Au USt 2024 REFERENCE AND ADMINisfRATIVE DAlls Trustees M E Davies C R Hancy K W Parker Y Baynes M J Sprake C Hand Gmav T G Reeve P Morrow K Howell Wl Warnes R H Cundy S Went M Davies C Reeve P Scott S Honeywood I Vass S M Knights J Adams M Seamons E 8eese A J Pearmain O Barnes- resigned J E Groom- resigned J A Collins- appointed 09.07.24 F C Betts- appointed 09.07.24 J Bell- appointed 09.07.24 R Yayley- appointed 09.07.24 Independent eKamlner J van Dijk FMAAT van Dijk Accountants 11 Trinity Street Bungav Suffolk NR35 IEH Approveil order o the board of trustees and signed on its behalf by= T Reeve- Town Reeve Date.. li Page 2
INDEPENDENT EXAMINER'S REPORTTO THETRUStEES OF BUNGAY TOWN TRUST CIO I report on the accounts for the year ended 31 August 2024 set out on pages four to nlne. Respective spOnSibl11t1ts of trustees and ayamlner The charity's trustees are responsible for the preparation of the a¢¢ounts. The thaiity's trustee5 consider that an audit 15 not required for this year (under Section 144121 of the Charftles Act 2011 (the 2011 Actll and that an independent examinatioft is required. It is my responsibility to: examine the accounts under Sectiort 145 of the 2011 Act to follow the procedures13id down in the General Directions wven by the Charity Commission (under Sertion 14515llbl of the 2011 Act). and to state whether particular matters have come to my attention. 8a51s of the Independent examlnerfs report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the chartty and a comparison of the accounts presented with those records. It also includes con5ideiation of any unusual items or disclosures In the accounts, and seeking explanations from you as trustees concerning any such matters. The Prodre5 undertaken do not provide all the evidence that would be required in an audit. and consequently no opinion is given as to whether the accounts present a'true and fair wew, and the report is limited to those matters set out in the statements below. Independent examlner's statement In connection with my examination. no matter has come to my attention: (i which gives me reasonable cause to believe thaL In any material re5pert. the requirements to keep accountkng record5 in accordance with Section 130 of the 2011 Act- and to prepare accounis which accord with the atcounting records and to mplY with the accountin8 iequlrements of the 2011 Act have not been met- or 12 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached J van Dijk FMAAT van Dijk Accountants 11 Trlnlty Street Bungay Suffolk NR35 IEH 28 November 2024 Pa8e 3
BUNGAYTOWN TRUST CIO srATEMENT OF FINANaAL ACTtVlTIFS for the Year Ended 31 Au $12024 31.08.24 Total funds 31.08.23 Total Notes General Almshouse to Accounts Fund Fund fund5 INCOMING RESOURCES Arttvltles for Generatlng Funds Common Goings Town Lands Market to115 & licence5 Saturday market Investments 8,4LKJ 5.553 1,293 683 16,840 5,543 1,034 523 5,553 1,293 683 16.741 iio,o 165 16,741 iio.000 165 16,024 137,820 350 Donations, IacleS & grants Rent- Buttercr0s5 Rent- Almshouses Loan interest 62.181 62,181 2,721 9.197 58,099 1,468 5,169 2.721 8.223 Bank interest 974 TOTAL REVENUE INCOME 153.778 63,155 216.933 242,870 Page 4
BUNGAY TOWN TRUST CIO srATEMENT OF FINANCIALACTNMES for the Y r Ended 5t 2024 31.08.24 Total hjnds 31.08.23 Total Note5 General Fund Almshouse Fund to Accounts funds RESOURCES EXPENDED Town dinner Buttercros5 Heritage IHi115, Well, Drift) Clerk salary Insurance & professional fees Accountancy Websters charity Hampers Circle 67 Town meetin8 Office & admin Market Costs 653 653 3,173 3.173 1,994 6.269 7,595 816 619 1,143 5,970 5,675 816 3.134 1,986 554 554 554 219 219 335 330 270 270 620 21 641 822 122 216 204 li li li Saturday market Outney common Allowances & hortorarium5 Routine repairs, maintenance & cleaning Loan interest 760 692 i.lco 1,100 16,844 22,526 i.ioo 9,780 21,708 16,844 22.526 EMpendlture- ltrolects Oonations & grants The Drift & Castle Hills Other- Reeves celebrations 17.371 5.750 17,371 5,750 7,460 592 1,742 Total Revenue Expendtture 40,961 45,041 86.002 60,313 NET INCOMING RESOURCES 112.818 18,114 130,932 182,557 P38e 5
BUNGAY TOVIN TRU CIO RECONCIUATION OF FUNDS for the Year Ended 31 Au st 2024 31.08.24 31.08.23 Total funds Note5 General Almshouse Total to Accounts Fund Fund funds RECONCILIATION OF FUNOS REVENUE INCOMING RESOURCES 112,818 18,114 130,932 182,557 CAPITAL INCOMING RESOURCES 167.9811 16,5551 174,5371 1137,4871 Total - 5urplus/ldeficitl 44,836 11.559 56,395 45.070 OPERATING PROF/L0$s Cash funds brought forward 2023 338.198 13,521 351,719 306.648 Cash fund5 carried forward 2024 383,034 25.080 408,114 351.719 Retained Earnings 1,797,429 1.695,034 Total of cash and retained earnings 2,205,543 2.046.753 Page 6
BUNGAYTOWN TRUSr cio STATEMENT OF ASSETS AND UABIUTIES for the Year Ended 31 Au st 2024 31.08.24 Total fvnds 31.08.23 Total funds Notes to Accounts General Fund Almshouse Fund ASSEfs & LIABILMES Freehold propèrty Goings (valued 20151 Going5 (purchased 2023 & 20241 Lartd (valued 20151 Outney Road Almshouses (valued 20151 Staithe Close Almshouses (valued 20151 300,CKM) 94.1X#) 369.LN)) 31X),000 94,000 369,Otx) 7CK).O(M) 320,000 300,000 25.000 369,LXIO 700,000 320,OOCI 7CLI.¢XM) 320.(((J Total Flxed Assèts at Valuatlon 17830 1714 000 Cash funds Barclays Bank COIF General Deposlt Fund 0108 Barclays Bank COIF AIH Deposit Fund 0101 4.483 194.319 4,483 194,319 10,328 24,830 7.720 149,329 6,650 13.856 10.328 24,830 Total Cash Funds 198.802 35,158 233.960 177.555 Investment5 at Valuatlon COIF Charitie5 Investment Fund 0106 COIF Charities Property Fund 0107 Charities Property Fund M&G Charifvnd COIF Charitie5 Investment Fund 0105 Schroders 207.136 32,667 39.308 56.326 207,136 32.667 39,308 56,326 645 191,710 34,339 41,643 50,849 581 645 Total Investments at Valuatlon 645 425 292 397 433 Debtors Almshouse Fund Loan 42,121 42.121 61,468 Total A55ets abilitles General Fund Loan Charity Bank Mortgage Almshouse Association Loan Creditors Accountsncy 42.121 231,103 42,121 231,103 4,800 206 61.468 236,189 5,250 196 600 3LX) 3CKI Total Llabilitles $06 278 829 303 703 BALANCE SHEEfTOTAI 1,428.063 777.480 2,205,543 2,046,753 Page 7
BUNGAYTOWN TRU CIO NOTESTO THE FINANCIAL STATEMENTS for the Year Ended 31 Au st 2024 31.08.24 Total funds Gener31 Fund Almshouse Fund Town lands Stow Fen loo D Utting R H Cundy T Basey-Flsher G Crickmore Fen Farm Dairy 226 226 151 151 237 237 247 4.592 247 4.592 5.553 5,553 Investments The Charities Property Fund Schroder5 M&G Charifund COIF Accounts 2.535 3.675 3.164 7.367 2.535 3.675 3,164 7,367 16,741 P Hlnsley Legacy A legacy of £IIO,0001£137,820 in 20231 was recel¥e(l in the year. Donatlons & Grar RBL Poppy Appeal Bungay Arts Festlval Back in the Groove Bungay Town FC Musical Lifelines Bun8ay Folk Festlval Black Shuck Festival 120 250 750 5(M) 750 1.1 870 I,IL>J 870 Bungay Town Council 7.781 7.781 17.371 17,371 Pa8e 8
BUNGAY TOWN TRU CIO NOTES TO THE FINANCIAL STATEMEp¥rs for the Year Ended 31 Au ust 2024 31.08.24 Total funds 31.08.23 Total nds General Fund mshouse Fund Capltal IncomSn8 Resources Capltal Account- Recelpts Transfer between funds General Acc from Almshouse Acc COIF 0104 from Almshouse Acc Almshouse Acc from COIF 0104 General Acc from COIF 0108 General Acc from Almshouse Acc COIF 0108 from General Acc Almshouse Acc from COIF 0108 22,069 22.069 io.L 60.395 10,000 40,CKJO 68,000 180 160,CKJO io,(KYi io,( io,ocKs 60.1)LK) 20,6CKI 20,6 Total Capital Receipts 92.069 30,6 122 669 338,575 Capltal Account. Paymet Transfer between funds Almshouse Acc to General Acc Almshouse Acc to COIF 0104 COIF 0104 to Almshouse Acc COIF 0108 to General Acc General Acc to Almshouse Acc General Acc to COIF 0108 COIF 0108 to Almshouse Acc 22,069 io,c 22,069 io,Th)o 180 io,ocx) 40.0(N) 68,000 60,395 160.OCX) io.c io,o(M) 60,0 20.6C(I 20.6LKJ other Barclays to Charity Bank Mortgage Bardays to Almshouse Association Loan Purchase of Goings S.087 5.087 450 69.ryjo 107.237 5,250 25,000 450 69.0(X) Total Capital Payments 160,050 37,155 197,205 476.062 Total Capital Re%wrces Expended 137 487 Revaluatlon of Inve5trnents At 31.08.23 At 31.08.23 Intreasel IDecreasel At 31.08.24 COIF Charities Investment Fund 0106 COIF Charities Property Fund 0107 Charities Property Fund M&G Charifund COIF Charities Investment Fund 0105 Schroders 191,710 34,339 41.643 50,849 15,426 11,6721 12.3351 5,477 70 10,898 207,136 32.667 39,308 56,326 645 89,209 575 Total Investments 396,852 575 27,864 425,291 7. Almshouse Loan £22,069 has been repaid to the General Account from the Mshouse Account in the year. The loan brought forwaTd was £61.468. The loan carried forward is £42,121 induding interest. Page 9