REGISTERED CHARITY NUMBER: 1159281 REPORTOFTHETRUSTEESAND RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 FOR BUNGAY TOWN TRUST CIO <> vandijk ACCOUNTANTS
BUNGAY TOWN TRUST CIO coKrEpifs OF THE FINANCIAL ATEmE1rs for thè Year Eftd 31 Au 5t 2025 Page Repon of the Trustees Ito2 Independent Examiner's Report Statèment of Financial ActNities 4t05 Reconciliation of Funds Assets & Liabilities Note5 to the Financial Statements 8tolO
BUNGAY TOWN TRUST ao REPORT OF THE TRusfEES for the Year Ended 31 Au ust 2025 The trustees present thr report with the finanaal statements of the charfty for the year ended 31 August 2025. The financial Statements have been prepared in accordance with the Chartties SORP IFRS 1021 'Accountin8 and Reporting by Charities= Statement of Recommended practi applÉcable to charities preparlng their accounts in accordance with the Financial Reporting Siandard applicable in the UK Republic of Ireland IFRS 1021 (effective l January 20191" Financial Reporting Standard 102 'The Financial Reportin8 Standard applicable in the UK and Republic of Ireland" and the Companles Act 2006. OBJECTIVES AND AcfpiiTIES Objertives of the tharlty The objective is the PrO510n of Almshouses for the elderty who are in need, who are residents of the Parish of Bungay and surrounding area. and such association amenitie5 as the trustees may in their ab501ute discretion deern fit. With surplus income where arisen from the unrestricted fund it is the trusiees aim to use for general charitsble purposes for the benefit of the town of Bun8ay. Maln actfvltles undertaken for the publlt benefft The trustees confimi that they have complied with the reqU1ments of section 17 of the Charities A¢i 2011 to have due regard to the Charity Commission's guidan on the public nefit. General charitable purposes with surplus income donated to local 8roup5 and organisations. along with the administration of 13 Almshouses for the eldedy and in need residents of Bun8ay and the surroundin8 area. ACHIV4EMENT AND PERFORMANCE Achlevemerrts of the charity during thè year The Trust continue5 to administer 13 Almshouses for the elderfy and in need residents ol Bungay and the Surrounding area. During the year, the Trust also made tharitable donations amounting to £9,719 to local voluntary or8ani5ation5 to assist with their work. FINANCIAL REVIEW Reserve5 policy It is the trustees policy to maintain reserves at a levd it considers necessary to meet cash flow requlrements. srRucfuRE, GOVERNANCE AND MANAGEMENT Govern5ng document The charity is controlled by its Constitution and 15 an Incorporated Charitable OrEanisation. Recrultment and apPtment of new trustees New trustees are recruited and are appointed after intemew by need or skill. Rlsk management The trustees have a duty to identify and rewew the risks to whith the trnst is exposed and to ensure approprlate controls are in place to provide reasonable assurance against fraud and efror. REFERENCE AND ADMINlSfRATIVE DEfAILS Reglstered Charity number 1159281 Prlndpal address CIO Sprake & Kingsley Solicitors 16 Broad Street Bungav Suffolk NR35 IEN Page I
BUNGAY TOWN TRUSTCIO REPORT OFThE TRusfEES lor the Year Ended ai Au ust 2025 REFERENCE AND ADMINISTRATIVE DAlL5 Trustees C R Hancv K W Parker M J Sprake C Hand Gmay T G Reeve P Morrow R H Cvndy S Wènt M Davie5 C Reeve P Scott J Vass J Adams M Seamons E Beese A J Pearmain J A Collins FCBetts J Bell R Yaxley K Howell WJ Warne5 M E Dawe5- resigned Y Baynes- resigned S Honeywood - resiBned S M Knights- resigned C J Fuller- appointed 18.02.25 E P Gaffney- appointed 18.02.25 For thè year ending 31 August 2025 the charitable company was entitled to exemption from audit under section 477 of the Cornpanie5 Act 2006 relating to srnall companie5. The members have not required the charitable company to obtain an audit in accordan with section 476 of the Companies Act 2006. The trustees acknowledge thelr responsibilities for complying with the requirements of the Act with respect to accountlng records and the preparation of accounts. These accounts have been prepared in accordan with the provisions applicable to companie5 subject to the small companies regirne. Approved by order of the board of trustee5 and signed on its behalf by- J Vas5- Town Reeve 26 November 2025 Pa8e 2
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF BUNGAY TOWN TRUST CIO I report on the accounts for the year ended 31 August 2025 set out on pages four to ten. Respectlve responslbllftles of trustees and examln The charity's trustees are responsible forthe preparation of the accounts. The tharity's trustees consider that an audit is not required for thi5 year (under Seciion 144121 of the Charities Act 2011 Ithe 2011 Actll and that an independent examination 15 required. It 15 rny responsibility to.. examlne the accounts under Section 145 of the 2011 Art to follow the prOdureS laid down in the General Oirections given by the Chartty Commisslon lunder Section 14515llbl of the 2011 Actl- and to state whether particular matters have come to my attention. Basls of the Independent examiner's reF>Ort My exarnination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accountin8 record5 kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual ilem5 or disdosures in the accounts. and seeking explanations from you as trustees conceming any such matteTS. The procedure5 undertaken do not provide all the evidence that would be required in an audlt. and consequently no opinion 15 given a5 to whether the accounts present a 'true and fair view, and the report 15 limited to those matters set out in the Statements below. IndÈpÈndènt examlner's statement In connection with my exarnination, no matter has come to my attention.. 11 whlch glves me reasonable cause to believe that. in any material respe¢L the requirements to keep accountin8 records in accordance with Section 130 of the 2011 Act- and to prepare accounts which accord with the accountin8 records and to comply with the accounting reqtsirements of the 2011 Act have not been met- or 12 to which, In my opinion, attention should be drawn in orderto enable a proper understandlng of the accounts to be reached Independent emamlner J van Dijk FMAAT van Dijk Accountants 11 Trinity Street Bungay Suffolk NR35 IEH 26 November 2025 Page 3
BUNGAYTOWN TRUST CIO STATEMENT OF FINANCIAL ACTIVrnES for the Year Ended 31 Au ust 2025 31.08.25 31.08.24 Total funds Notes General Fund mshouse Fund Total fund5 to Accounts INCOMING RESOURCES Artlvltles for GenerdtlnÉ Funds Common Goings Town Lands 14.880 S,939 1.142 165 14,880 5.939 1,142 165 8,400 5,553 1,293 682 Market tolls & linCeS Saturday markei Investments Donations, legacies & grants Rent- Buttercross 16A97 16,497 16.741 iio,000 165 Rent- Almshouses Loan interest 64,548 64,548 2,261 10,236 62,181 2,721 9,197 2.261 9.242 Bank interest 994 TOTAL REVENUE INCOME 50,605 65,542 116,148 216,933 Page 4
BUNGAY TOWN TRUST CIO STATEMENT OF FINANCIAL AcnviTIES for the Year Ended 31 Au st 2025 31.08.25 31.08.24 Total Notes General Fund Almshouse Fund Total to Accounts funds funds RESOURCES EXPENDED Town dinner Buttercross 379 379 653 673 673 3,173 1,994 6,269 7,595 816 Herita8e (Hills, Well, Drift) Clerk salary Insurance & professional fees Aecountanty Web5ter5 charity Hampers CSrcle 67 4,605 3,291 4,436 4,605 6,582 8,263 816 3.292 3,827 554 554 554 221 221 219 250 250 270 Town rneeting Office & admin Market costs 643 643 641 210 197 407 216 io Dralnage Bank charges Allowances & honorariums Routine repairs, maintenance & cleaning Loan interest 145 145 167 1.20J 1,21XI 14,69) 15.434 I,ioo 16.844 22,526 I4,6• 15,434 Expenditure- Projects Donations & grants The Drift & Castle Hills 9.719 4,478 4.095 9.719 4.478 4,095 17.371 5,750 BX Projert Total Revenue Empendlture 35,203 38,152 73,356 86,001 NETINCOMING RESOUR 15,402 27.390 42.792 130,932 Page 5
BUNGAY TOWN TRUST CIO RECONCILIATION OF FUNDS for the Year Ended 31 Au ust 2025 31.08.25 31.08.24 Total Notes General Fund Almshouse Total to Accounts Fund fvnds fvnds RECONCILIATION OF FUNDS REVENUE INCOMING RESOURCES 15,402 27,3 42,792 130.932 CAPITAL INCOMING RESOURCES 2,878 131.7751 128,8971 174,5371 Total- surplus1ldeflcj ,280 14,3851 13,895 56.395 OPERATING PROFITILOSS Cash funds broughi forward 2024 383,034 25,080 408,114 351,719 Cash funds carr6ed forward 2025 401,314 20,695 422,009 408,114 Retained Earnings 1,830,705 1,797,428 Total of cash and retained eamings 2,252,714 2.205,542 Page 6
BUNGAY TOWN TRU CIO ATEMENT OF ASSEfs AND UABILtnES for the Year Ended 31 Au ust 2025 31.08.25 Total funds 31.08.24 Total fund5 Notes to A¢nts General Fund Almshouse Fund ASSEfs & LIABILtriES Freehold property Goings (valued 20151 Going5 Ipurchased 2023 & 20241 Land Ivalued 20151 Outney Road Almshouses Ivalued 20151 staithe Close AITn5houses (valued 20151 31K),L 117,(KKJ 369,¢XX) 3rx),000 117,000 369.000 700.000 320,000 3(X),OOLI 94,000 369.000 7(X).000 320,OOCI 7(K).(NXI 320,IJXI Total Flxed Assets at Valuatlon 1783 000 Cash funds Unity Bank COIF General Depostt Fund 0108 Unity Bank COIF WH Dep051t Fund 0104 6.038 208.085 6.038 208,085 4,118 24,824 4,483 194,319 10,328 24,830 4,118 24,824 Total Cash Funds 214.122 28.942 243.065 233,960 Investments at Valuatlon COIF Charities Investment Fund 0106 COIF Charities Property Fund 0107 Charities Property Fund M&G Charifund COIF Charitles Investment Fund 0105 Schroders 199,767 33.438 40,259 58,770 199,767 33,438 40,259 58.770 207,136 32,667 39,308 56,326 645 Total InT4estments at Valuation 429 031 429 671 425 291 Debtors Almshouse Fund Loan 42.121 42.121 42.121 Total A55etS Llabilities General Fund Loan Charity Bank Mortgage Almshouse Association Loan Creditors Accountsncy 42,121 225.2( 42,121 225,206 42,121 231.103 4,800 206 600 216 31YJ 216 600 Total Llab115tles 516 267 627 278 830 BALANCE SHEETTOTAL 1,470,758 781,956 2,252,714 2,205,542 Page 7
BUNGAY TOWN TRUST CIO NOTESTO THE FINANCIAL ATEMEI[s for the Year Ended 31 Au ust 2025 31.08.25 Total funds General Fund Almshouse Fund Town Land5 stow Fen 130 Town land5 Town lands Fen Farm Dalry 624 624 237 4,948 237 4,948 5,939 Investments The Charities Property Fund Schroder5 M&G Charifund COIF Accounts 1.912 3,659 3,401 7,525 1,912 3.659 3,401 7,525 16,497 16,497 Donatlons & Grants Fisher Theatre 1st Bungay Rangers Bungay Town FC 500 500 Bungay Town Council Bun8ay Tenni5 Club 2,219 2.219 500 9,719 9.719 Page 8
BUNGAYTOWN TRusrcio NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 Au st 2025 31.08.25 Total funds 31.08.24 Total funds General Fund Almshouse Fund Capital Incoming RÈurCes Capltal Account- Receipts Transfer between funds General Acc from Almshouse Acc COIF 0104 from Alm5hou5e Act COIF 0104 from COIF 0108 General Ac¢ from COIF 0108 General Acc from AITn5hou5e Acc COIF 0108 from Geneial Acc Almshouse Acc from COIF 0108 41,878 41.878 8,OlY) 9,000 22,069 10.000 10,000 13,(D) 25,(KXJ 60,000 20,600 25,Cth) Total Capital Receipts 63.878 33.CQO 96.878 122.669 Capltal Account- Payments Transfer between funds Almshouse Acc to General Acc Almshouse Acc to COIF 0104 COIF 0104 to COIF 0108 COIF 0108 to General Acc General Acc to Almshouse Acc General Acc to COIF 0108 COIF 0108 to Almshouse Acc 41,878 41,878 8,OCKJ 9,0(7 22,069 lo,0 iO.IK)O 13,000 25,000 60,QKJO 20.600 25.[) Other Unity to tharity Bank Mortgage Unity to Almshouse As51Kiation Loan Purchase of Goings 5.897 5.897 5,087 450 69,000 23,CK)O Total Capital Payments 61,CK(J 64,775 125,775 197,206 Total Capltal Resources Expended Rèvaluatlon of Investments At 31.08.24 At 31.08.24 Increasel (Decrease) At 31.08.25 COIF Charities Inveyment Fund 0106 COIF Charities Property Fund 0107 Charities Property Fund M&G Charifund COIF Charities Investment Fund 0105 Sthroder5 207.136 32.667 39.308 56,326 17,3691 771 951 2.444 151 7.589 199,767 33,438 40.259 58,770 640 96,798 645 Total Investments 424,646 645 4,381 429,672 Almshousè Loan The loan to the General Account remains unchanged at £42.121. Interest of E2,260.60 has been paid in the year. Page 9
BUNGAYTOWN TRusr cio NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 Au st 2025 Incomlng Resources Income 15 recognised when the charlty Is legally entttled to it after any perf0mlan conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on reIPt. Other donations are reco8nised once the chafity has been notified of the donation. unless performance conditions require deferral of the arnount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is reco8nised at the time of the donation. Legacies are reco8nised on receipt or otherwise if the charity has been nottfied Of an impending distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy 15 treated a5 a contingent asset. Resources Expended 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 fdn be measured reliabty. Expenditure is classified by activity. The costs of each activity are made up of the totsl of dirett costs and shared costs. including support costs involved in undertaking each activity. Dirert 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 sIne attivity a apportloned betwèen those activities on a basis consistent with the use of resource5. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 10. Investments Fixed a55et investments are initially measured at transaction price excludinB transacbon costs, and are subsequently measured 31 fatr value at eath reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Tran5artion costs are expensed as incurred. An associate is an entity, being neither a subsidiary nor a joint venture. in whid) the chartty holds a long-term interest and where the charity has signrficant influen. The charity consider5 that it has significant infliaence wherè it has the powèr to partiCiP3te in the financial and operating decisions of the associate. 11. Cash and Cash Equlvaltnts Cash and cash equi¥alent5 are basic finanoal a55ets and indude cash in hand and deposits held at call wlth banks. other short-term highly liquid investments that mature in no more than thiee months from the date of acquisitiot) and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts. Page 10