Beccles Townlands Charity Unaudited report and financial statements
For the year ended 31 October 2022
Charity Registration Number 210714
Beccles Townlands Charity
Contents
Year ended 31 October 2022
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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 2022
The Trustees present their report and unaudited financial statements for the year ended 31 October 2022.
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 Mrs J I Langeskov (Resigned 7 December 2022) Mr K J Leggett (Elected 7 December 2022) 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 Mr N A Hickman Secretary Mr S J Lamb Land Agent Mr G N Durrant Independent Examiner Mr M C Waters ACA FCCA 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 2022
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 2022, the Charity made 15 donations and grants distributing a total of £132,575 to various local organisations and individuals as detailed below.
Organisations:Citizens Advice, Parish of Beccles, Beccles & District Museum, Waveney Centre, Team Waveney Swimming Club, The Broads Trust, Beccles Library, Beccles Business & Tourism Association, Beccles Royales Gymnastics Club, Beccles Bombers Basketball Club, Thirst Youth Hub, St Michael's Church, Sir John Leman High School, Fenland Trust, Asperger East Anglia, Hungate Church, Beccles Food Appeals.
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 £35,628 (2021 - £62) after grants and donations of £132,575 (2021 - £99,188).
In addition there was a revaluation of investments of £167,569 (2021 - £385,080) leaving a net deficit of £203,197 (2021 - Net surplus of £385,018).
The total funds held at the year end totalled £6,682,352 (2021 - £6,885,549).
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 2022
Reserves Policy
The net current assets of the Charity at 31 October 2022 totalled £275,762 which comprised of current assets of £301,467 less current liabilities of £25,705.
It is the Trustees' policy to maintain a fund of £200,000 in net current assets to cover both expected annual expenditure and any emergency demands and the policy is reviewed annually.
Designated funds also include £23,242 (2021: £15,612) 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:
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The Trust Deed.
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Minutes of Trustees meetings.
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The latest set of financial statements.
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 M C Waters ACA FCCA as independent examiner was passed at the 2022 Annual General Meeting.
Signed on behalf of the Trustees on 7 June 2023
Mr K J Leggett Collector
3
Beccles Townlands Charity
Independent Examiner's report to the Trustees of Beccles Townlands Charity
Year ended 31 October 2022
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 October 2022 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:
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1) accounting records were not kept in respect of the charity as required by section 130 of the 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 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 M C Waters ACA FCCA Independent Examiner Lovewell Blake LLP Chartered Accountants
The Wherry Quay Street Halesworth Suffolk IP19 8ET
14 June 2023
4
Beccles Townlands Charity
Statement of Financial Activities
Year ended 31 October 2022
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2022 2021
Note £ £
Income from: (unrestricted general funds)
Investments 4 146,165 147,901
Charitable activities 5 8,115 5,084
Total incoming resources 154,280 152,985
Expenditure on: (unrestricted general funds)
Raising funds
Investment management costs 6 30,419 28,693
Charitable activities 7 159,489 124,354
Total resources expended 189,908 153,047
Net (outgoing) resources before investment gains (35,628) (62)
Revaluation of investments 12 (167,569) 385,080
Revaluation of investment property 11 - -
Revaluation of freehold property 10 - -
Net movement in funds (203,197) 385,018
Unrestricted general funds at 1 November 2021 6,885,549 6,500,531
Unrestricted general funds at 31 October 2022 15 6,682,352 6,885,549
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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 2022
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2022 2021
Note £ £ £ £
Fixed Assets
Tangible fixed assets 10 227,316 233,193
Investment assets: Land and property 11 4,279,656 4,037,500
Investment portfolio 12 1,899,618 2,347,834
6,179,274 6,385,334
6,406,590 6,618,527
Current Assets
Debtors 13 91,364 74,032
Cash at bank and in hand 210,103 224,372
301,467 298,404
Current liabilities
Creditors due within one year 14 25,705 31,382
Net current assets 275,762 267,022
6,682,352 6,885,549
Unrestricted funds
General fund 15 6,659,110 6,869,937
Designated fund 15 23,242 15,612
6,682,352 6,885,549
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These financial statements were approved by the Trustees on 7 June 2023 and signed on their behalf by:-
Mr K Gregory Mr K J Leggett Trustee Collector
The notes on pages 7 to 13 form an integral part of the financial statements.
6
Notes to the Financial Statements
Beccles Townlands Charity
Year ended 31 October 2022
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 2022
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:-
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Investment income is included gross in the accounting period in which it is receivable.
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Income from charitable activities are accounted for when earned.
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.
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Investment management costs comprises those costs incurred by the Charity in maintaining its investment assets.
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Charitable activities comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the accountancy and independent examiner’s fees and any other costs linked to the strategic management of the Charity.
(e) Grants
Grants are recognised in the year in which they are authorised, communicated and become unconditionally payable.
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Beccles Townlands Charity
Notes to the Financial Statements (Continued)
Year ended 31 October 2022
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.
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Freehold property is depreciated at 2% straight line.
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Equipment is depreciated at 25% reducing balance.
(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 |
2022 £ 425 56,871 1,107 87,762 - 146,165 |
2021 £ 462 53,133 7,771 86,535 - 147,901 |
|---|---|---|
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Beccles Townlands Charity
Notes to the Financial Statements (Continued)
Year ended 31 October 2022
| 5 Income from charitable activities (unrestricted general funds) 2022 £ Shooting rights 82 Farming grants 7,711 Miscellaneous income - Wayleaves 322 8,115 6 Investment management costs (unrestricted general funds) 2022 £ Property repairs and services 14,220 Legal and professional fees 8,105 Rates, water and insurance 15,706 Light and heat 1,123 Loss/(gain) on disposal of investments (8,735) Loss/(gain) on disposal of investment properties - 30,419 7 Charitable activities (unrestricted general funds) 2022 £ General expenses 90 Computer and software 995 Grants payable (note 8) 107,591 Donations 24,984 Depreciation (note 10) 5,878 Loss on disposal of fixed assets - Governance costs:- Independent Examiner's fee 1,351 Honorarium 18,600 159,489 8 Grants payable Grants recognised during the period are analysed as follows:- 2022 2022 Payable Payable 2022 to Organisations to Individuals Total Purpose £ £ £ Social and welfare 70,022 - 70,022 Sports and education 37,569 - 37,569 107,591 - 107,591 |
2021 £ 82 4,508 303 191 5,084 2021 £ 14,097 7,886 11,188 244 (4,722) - 28,693 2021 £ 100 706 79,174 20,014 5,886 - 1,074 17,400 124,354 2021 Total £ 65,674 13,500 79,174 |
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Beccles Townlands Charity
Notes to the Financial Statements (Continued)
Year ended 31 October 2022
Grants payable (continued)
Below are details of the activities which have been funded by grants.
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|---|---|
|£|
|Waveney Centre - Signage and fire alarm system|1,922|
|Parish of Beccles - Support with food for parishioners|7,500|
|Team Waveney Swimming Club - Support with club activities|3,000|
|The Broads Trust - Beccles Quay discovery hub|5,000|
|Beccles Library - Refurbishment of childrens area|6,500|
|Beccles Business and Tourism Association - Sign boards in town centre|3,400|
|Beccles Royales Gymnastics Club - Support with club activities|8,000|
|Beccles Bombers Basketball Club - Support with club actitvities|1,500|
|St Michael's Church - South porch repairs|10,000|
|Thirst Youth Hub - Support with youth activities|10,000|
|Sir John Leman High School - Lighting for theatre|18,569|
|Fenland Charity Trust - Damaged avenue gates to Beccles common|10,000|
|Asperger East Anglia - Support with 2021/22 activities|15,000|
|Hungate Church - Assistance with repairs|5,200|
|Beccles Comfort Food - Hot meal support for families|2,000|
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9 Trustees remuneration and expenses
The Trustees received no remuneration or expenses during the year (2021 - £Nil).
10 Tangible fixed assets
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|---|---|---|---|
|Freehold|
|Property|Equipment|Total|
|£|£|£|
|Cost|
|At 1 November 2021 and 31 October 2022|292,500|994|293,494|
|Revaluation|-|-|-|
|Additions|-|-|-|
|-|-|-|
|Disposals|
|292,500|994|293,494|
|Depreciation|
|At 1 November 2021|59,418|883|60,301|
|Charge for year|5,850|28|5,878|
|-|-|-|
|Depreciation on disposals|
|At 31 October 2022|65,268|911|66,179|
|Net book value|
|At 31 October 2022|227,232|83|227,315|
|At 31 October 2021|233,082|111|233,193|
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Beccles Townlands Charity
Notes to the Financial Statements (Continued)
Year ended 31 October 2022
11 Investment assets - Land and property
| Cost or valuation As at 1 November 2021 Additions at cost Revaluation Disposals Unrealised losses on revaluation As at 31 October 2022 |
2022 £ 4,037,500 242,156 - - - 4,279,656 |
2021 £ 4,037,500 - - - - 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 in 2021 of 55 Mill Road at valuation of £215,000 has decreased the market value of land and property to £4,037,500. The subsequent addition of 63.84 acres at Gillingham marshes at valuation of £242,156 had increased the market value of land and property to £4,279,656. 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 2021 Additions at cost Disposals at valuation Unrealised loss on year end valuation As at 31 October 2022 Holding 90,506.02 COIF income units Investment portfolio 13 Debtors Debtors Prepayments and accrued interest |
Listed Investments £ 2,347,834 75,000 (355,647) (167,569) 1,899,618 £ 1,899,618 1,899,618 2022 2021 £ £ 7,696 8,062 83,668 65,970 91,364 74,032 |
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Beccles Townlands Charity
Notes to the Financial Statements (Continued)
Year ended 31 October 2022
| 14 Creditors due within one year Creditors Independent examiner's fees Accruals and deferred income VAT 15 Statement of funds At 1 November 2021 £ Unrestricted general fund 6,869,937 Designated funds 15,612 6,885,549 |
Deficit for the year £ (203,197) - (203,197) |
2022 £ 10,677 1,315 12,310 1,403 25,705 Transfers £ (7,630) 7,630 - |
2021 £ 3,552 1,200 24,434 2,196 31,382 At 31 October 2022 £ 6,659,110 23,242 6,682,352 |
|---|---|---|---|
16 Statement of funds (continued)
At 31 October 2022, the Trustees had allocated funds of £23,242 (2021: £15,612) towards grants to be made post-year end.
| Unrestricted General Funds £ Represented by:- Tangible fixed assets 227,316 Investment assets 6,179,274 Net current assets 252,520 6,659,110 |
Designated Funds £ - - 23,242 23,242 |
Total £ 227,316 6,179,274 275,762 6,682,352 |
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