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2020-10-31-accounts

Beccles Townlands Charity Unaudited report and financial statements For the year ended 31 October 2020

Charity Registration Number 210714

Beccles Townlands Charity

Contents

Year ended 31 October 2020

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Page
Trustees Annual Report 1 - 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 - 13
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Beccles Townlands Charity

Trustees Annual Report

Year ended 31 October 2020

The Trustees present their report and unaudited financial statements for the year ended 31 October 2020.

The financial statements comply with the Charities Act 2011, the Governing Document 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 2015).

Reference and Administrative Information

Charity Name The Town Lands Charity Working Name Beccles Townlands Charity Charity Registration No. 210714 Principal Address Leman House Ballygate Beccles Suffolk NR34 9ND Chairman/Collector Mr J M Hartley (resigned 2 December 2020) Mr M Jermey (elected 2 December 2020) Trustees Mrs G M Campbell Mr R J Seppings Mr K Gregory Mrs F L Baldry Mrs J I Langeskov Dr T J Morton Mr K J Leggett Mr M Jermey Mr J M Hartley Mr J B Cook (elected 2 December 2020) Mr N A Hickman (elected 2 December 2020) Secretary Mr S J Lamb Land Agent Mr G N Durrant Independent Examiner Mr J P Shipp ACA Lovewell Blake LLP Chartered Accountants The Wherry Quay Street Halesworth Suffolk IP19 8ET Bankers Barclays Bank Plc New Market Place Beccles NR34 9HD Solicitors Sprake & Kingsley 16 Broad Street Bungay Suffolk NR35 1EN Stockbrokers Barratt & Cooke CCLA 5 Opie Street Senator House Norwich 85 Queen Victoria Street Norfolk London NR1 3YS EC4V 4ET

1

Beccles Townlands Charity

Trustees Annual Report (Continued)

Year ended 31 October 2020

Objectives and Activities

The Trustees' mandate is to distribute funds for the benefit of individuals and organisations who reside or operate within the Beccles town boundary. The donations range from those for needy individuals to the upkeep and improvement of facilities used by Beccles' residents.

The Charity is well known within the town and the Trustees meet bi-monthly to evaluate written requests for financial assistance.

Public Benefit

The Trustees have taken due regard to the guidance published by the Charity Commission on public benefit.

The beneficiaries of the Charity's activities are the residents of and organisations either operating in or serving Beccles which are in need of advice or financial assistance.

Achievements

During the year ended 31 October 2020, the Charity made 18 donations and grants distributing a total of £156,520 to various local organisations and individuals as detailed below.

Organisations:Citizens Advice, Beccles Camera Club, Beccles & District Museum, Beccles Lido, Waveney Centre, St Raphael Club, The May Centre, Link Lunch Club, Beccles Library, Thirst Youth Café.

Individuals:Support was given to various residents in the form of white goods and computer equipment.

Financial Review

The Charity had a deficit of expenditure over income of £76,933 (2019 - £65,424) after grants and donations £156,520 (2019 - £147,716).

This deficit was partly covered by revaluation of investments £26,921 (2019 - £156,107) leaving a Net Deficit of £50,012 (2019 - Surplus £90,683).

The total funds held at the year end totalled £6,500,531 (2019 - £6,550,543).

The results for the year are set out in detail on pages 5 to 13.

2

Beccles Townlands Charity

Trustees Annual Report (Continued)

Year ended 31 October 2020

Reserves Policy

The net current assets of the Charity at 31 October 2020 totalled £275,765 which comprised of current assets of £328,107 less current liabilities of £52,342.

It is the Trustees' policy to maintain a fund of £250,000 in net current assets to cover both expected annual expenditure and any emergency demands and the policy is reviewed annually.

Designated funds also include £23,286 (2019: £185,000) which represents monies that the Trustees have allocated towards future grants.

Structure, Governance and Management

Governing Document

Beccles Townlands Charity is governed by a Trust Deed dated 1544 and constitution which was amended 5 October 2011 and is a registered Charity (Registration number: 210714).

Recruitment and Appointment of Trustees

In selecting persons to be appointed as Trustees, account is taken of the benefits of appointing people whose qualifications, employment or knowledge will make a contribution to the pursuit of the objects or the management of the Charity.

Induction and Training of Trustees

On appointment, Trustees will be provided with copies of:

Organisational Structure

The Charity is administered by the Trustees.

The Trustees meet regularly to discuss all governance matters concerning the Charity. At these meetings the Trustees consider and make decisions on actions to be taken in accordance with the Charity's objectives. Decisions are reached by majority vote where unanimity has not been achieved.

Independent Examiner

A resolution to appoint Mr J P Shipp ACA as independent examiner was passed at the 2020 Annual General Meeting.

Signed on behalf of the Trustees on 20 April 2021.

Mr M Jermey Collector

3

Beccles Townlands Charity

Independent Examiner's report to the Trustees of Beccles Townlands Charity

Year ended 31 October 2020

I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 October 2020 which comprise the statement of financial activities, balance sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) 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 since 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.

Mr J P Shipp ACA Independent Examiner Lovewell Blake LLP Chartered Accountants

The Wherry Quay Street Halesworth Suffolk IP19 8ET

21 April 2021

4

Beccles Townlands Charity

Statement of Financial Activities

Year ended 31 October 2020

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2020 2019
Note £ £
Income from: (unrestricted general funds)
Investments 4 160,518 143,815
Charitable activities 5 4,819 4,674
Total incoming resources 165,337 148,489
Expenditure on: (unrestricted general funds)
Raising funds
Investment management costs 6 59,695 40,055
Charitable activities 7 182,575 173,858
Total resources expended 242,270 213,913
Net (outgoing) resources before investment gains (76,933) (65,424)
Revaluation of investments 12 26,921 156,107
Revaluation of investment property 11 - -
Revaluation of freehold property 10 - -
Net movement in funds (50,012) 90,683
Unrestricted general funds at 1 November 2019 6,550,543 6,459,860
Unrestricted general funds at 31 October 2020 15 6,500,531 6,550,543
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Incoming resources and resources expended above include all gains and losses recognised in the year and are derived from continuing activities.

The notes on pages 7 to 13 form an integral part of the financial statements.

5

Beccles Townlands Charity

Balance Sheet

Year ended 31 October 2020

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2020 2019
Note £ £ £ £
Fixed Assets
Tangible fixed assets 10 239,080 244,802
Investment assets: Land and property 11 4,037,500 4,037,500
Investment portfolio 12 1,948,186 1,929,144
5,985,686 5,966,644
6,224,766 6,211,446
Current Assets
Debtors 13 31,578 42,265
Cash at bank and in hand 296,529 315,794
328,107 358,059
Current liabilities
Creditors due within one year 14 52,342 18,962
Net current assets 275,765 339,097
6,500,531 6,550,543
Unrestricted funds
General fund 15 6,477,245 6,365,543
Designated fund 15 23,286 185,000
6,500,531 6,550,543
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These financial statements were approved by the Trustees on 20 April 2021 and signed on their behalf by:-

Mr K Gregory Mr M Jermey Trustee Collector

The notes on pages 7 to 13 form an integral part of the financial statements.

6

Beccles Townlands Charity

Notes to the Financial Statements

Year ended 31 October 2020

1 General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Leman House, Ballygate, Beccles, Suffolk, NR34 9ND.

2 Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011. The charity has applied Update Bulletin 1 as published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018.

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 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) issued 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 charity constitutes a public benefit entity as defined by FRS 102.

3 Accounting policies

(a) Basis of accounting

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation:

The accounts (financial statements) have been prepared using historic cost basis as modified for certain assets at fair value, 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The accounts have also been prepared in accordance with Update Bulletin 1 issued in February 2016 for reporting periods beginning on or after 1 January 2016, which has been early adopted as permitted.

The accounts (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 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)(effective 1 January 2015) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

7

Beccles Townlands Charity

Notes to the Financial Statements (Continued)

Year ended 31 October 2020

Accounting policies (continued)

(b) Fund accounting

The funds held by the Charity are:-

Unrestricted Funds:

Designated Funds – The Trustees may, at their discretion, set aside funds for specific purposes which would otherwise form part of the general reserves of the Charity.

General Funds – These 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.

(c) Income

All income is included in the Statement of Financial Activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:-

The Charity has an option to tax on several investment properties for which the income and attributable expenditure are shown net of VAT. The remaining income and non-attributable expenditure is shown gross of irrecoverable VAT.

(d) Expenditure

All expenditure is included on an accruals basis as the liability is incurred. All costs have been directly attributed to one of the functional categories of resources expended in the Statement of Financial Activities.

(e) Grants

Grants are recognised in the year in which they are authorised, communicated and become unconditionally payable.

8

Beccles Townlands Charity

Notes to the Financial Statements (Continued)

Year ended 31 October 2020

Accounting policies (continued)

(f) Fixed assets

Fixed assets are stated at cost less accumulated depreciation.

Depreciation is provided on tangible fixed assets at rates calculated to write off the cost over their expected useful economic lives.

(g) Investment properties

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is recognised in the Statement of Financial Activities.

(h) Fixed asset investments

Investments are shown at their open market value at the balance sheet date. Any gain or loss arising on the valuation is recognised in the Statement of Financial Activities.

(i) Cash at bank

Cash at bank includes cash, deposit and investment account balances.

(j) Creditors

Creditors with no stated interest and payable within one year are recorded at transaction price.

(k) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe no material uncertainties exist.

4 Investments (unrestricted general funds)

Bank interest
Unit trust distribution income
Dividend income from share portfolio
Rents receivable
Other interest		 2020
£
2,798
52,479
7,457
97,560
224
160,518		 2019
£
1,336
51,959
7,773
82,367
380
143,815

9

Beccles Townlands Charity

Notes to the Financial Statements (Continued)

Year ended 31 October 2020

5 Income from charitable activities (unrestricted general funds)

2020
£
Shooting rights
82
Farming grants
4,655
Miscellaneous income
75
Wayleaves
7
4,819
6
Investment management costs (unrestricted general funds)
2020
£
Property repairs and services
20,010
Legal and professional fees
19,550
Rates, water and insurance
11,573
Light and heat
880
Loss/(gain) on disposal of investments
7,682
Loss/(gain) on disposal of investment properties
-
59,695
7
Charitable activities (unrestricted general funds)
2020
£
General expenses
387
Grants payable (note 8)
131,394
Donations
25,126
Depreciation (note 10)
5,900
Loss on disposal of fixed assets
14
Governance costs:-
Independent Examiner's fee
1,854
Honorarium
17,900
182,575
8
Grants payable
Grants recognised during the period are analysed as follows:-
2020
2020
Payable
Payable
2020
to Organisations
to Individuals
Total
Purpose
£
£
£
Social and welfare
131,394
-
131,394
Sports and education
-
-
-
131,394
-
131,394		 2019
£
82
4,560
25
7
4,674
2019
£
7,341
21,044
11,466
806
1,437
(2,039)
40,055
2019
£
105
127,000
20,716
5,857
-
1,780
18,400
173,858
2019
Total
£
127,000
-
127,000

10

Beccles Townlands Charity

Notes to the Financial Statements (Continued)

Year ended 31 October 2020

Grants payable (continued)

Below are details of the activities which have been funded by grants authorised of £2,000 or more.

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||| |---|---| |£| |Waveney Centre - Refurbishment and welfare programme|21,714| |Link Lunch Club - New sterilizer|5,180| |St Raphael Club - Activities in 2020|2,000| |The May Centre - New automatic entrance doors|2,500| |Beccles Lido - Pool refurbishment and upgrade|100,000|

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9 Trustees remuneration and expenses

The Trustees received no remuneration or expenses during the year (2019 - £Nil).

10 Tangible fixed assets

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||||| |---|---|---|---| |Freehold| |Property|Equipment|Total| |£|£|£| |Cost| |At 1 November 2019 and 31 October 2020|292,500|932|100,974| |Revaluation|-|-|-| |Additions|-|192|192| |-| |Disposals|(130)|(130)| |292,500|994|293,494| |Depreciation| |At 1 November 2019|47,718|912|48,630| |Charge for year|5,850|50|5,900| |-| |Depreciation on disposals|(116)|(116)| |At 31 October 2020|53,568|846|54,414| |Net book value| |At 31 October 2020|238,932|148|239,080| |At 31 October 2019|244,782|21|244,802|

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11

Beccles Townlands Charity

Notes to the Financial Statements (Continued)

Year ended 31 October 2020

11 Investment assets - Land and property

Cost or valuation
As at 1 November 2019
Additions at cost
Revaluation
Disposals
Unrealised losses on revaluation
As at 31 October 2020		 2020
£
4,037,500
-
-
-
-
4,037,500		 2019
£
4,252,500
-
-
(215,000)
-
4,037,500

The cost of investment properties is £2,213,628

The market value of the land and property as at 16 November 2018 was valued by Durrants Estate Agents at £4,252,500. The subsequent disposal of 55 Mill Road at valuation of £215,000 has decreased the market value of land and property to £4,037,500. The trustees do not consider the values of the remaining properties to have changed since this valuation date.

12 Investment assets - Investment portfolio
Cost or valuation
As at 1 November 2019
Additions at cost
Disposals at valuation
Unrealised gains on year end valuation
As at 31 October 2020
Holding
90,506.02 COIF income units
Investment portfolio
13
Debtors
Debtors
Prepayments and accrued interest		 Listed
Investments
£
1,929,144
64,689
(72,568)
26,921
1,948,186
£
1,664,666
283,520
1,948,186
2020
2019
£
£
2,999
17,065
28,579
25,200
31,578
42,265

12

Beccles Townlands Charity

Notes to the Financial Statements (Continued)

Year ended 31 October 2020

14
Creditors due within one year
Creditors
Independent examiner's fees
Accruals and deferred income
VAT
15
Statement of funds
At
1 November
2019
£
Unrestricted general fund
6,365,543
Designated funds
185,000
6,550,543		 Deficit for
the year
£
(50,012)
-
(50,012)		 2020
£
32,706
1,740
12,327
5,569
52,342
Transfers
£
161,714
(161,714)
0		 2019
£
-
2,556
14,590
1,816
18,962
At
31 October
2020
£
6,477,245
23,286
6,500,531

16 Statement of funds (continued)

At 31 October 2020, the Trustees had allocated funds of £23,286 (2019: £185,000) towards grants to be made post-year end.

Unrestricted
General Funds
£
Represented by:-
Tangible fixed assets
239,080
Investment assets
5,985,686
Net current assets
252,479
6,477,245		 Designated
Funds
£
-
-
23,286
23,286		 Total
£
239,080
5,985,686
275,765
6,500,531

13