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2023-10-31-accounts

Beccles Townlands Charity Unaudited report and financial statements

For the year ended 31 October 2023

Charity Registration Number 210714

Beccles Townlands Charity

Contents

Year ended 31 October 2023

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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 2023

The Trustees present their report and unaudited financial statements for the year ended 31 October 2023.

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

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 K J Leggett (Resigned 6 December 2023)
Dr T J Morton (Elected 6 December 2023)
Trustees Mrs G M Campbell (Resigned 6 December 2023)
Mr K Gregory
Mrs J I Langeskov
Mr K J Leggett
Mr J M Hartley
Mr J B Cook
Mr N A Hickman
Mr R J Seppings
Mrs F L Baldry
Dr T J Morton
Mr M Jermey
Secretary Mr S J Lamb
Land Agent Mr G N Durrant
Independent Examiner Mark Proctor FCA
Lovewell Blake LLP
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 2023

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 2023, the Charity made 15 donations and grants distributing a total of £83,388 to various local organisations and individuals as detailed below.

Organisations:Beccles Society of Artists, Parish of Beccles, Beccles Amateur Sailing Club, Beccles Caxton Football Club, Sir John Leman High School, Fox & Hounds Social Club, Beccles Bombers Basketball Club, Beccles Disability Football, Beccles Food Appeals, Town Coronation Event, Beccles Library, Citizens Advice, Beccles & District Museum, Friends of Albert Pye School, Friends of Ravensmere School.

Individuals:Support was given to various residents in the form of white goods and computer equipment. Support was also given to a school pupil to attend Sports World Championships.

Financial Review

The Charity had a deficit of expenditure over income of £94,627 (2022 - £35,628) after grants and donations of £83,388 (2022 - £132,575).

In addition there was a revaluation of investments of £26,082 (2022 - £167,569) and a revaluation of investment property of £2,954,173 leaving a net surplus of £2,833,464 (2022 - Net deficit of £203,197).

The total funds held at the year end totalled £9,515,816 (2022 - £6,682,352).

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 2023

Reserves Policy

The net current assets of the Charity at 31 October 2023 totalled £313,834 which comprised of current assets of £354,501 less current liabilities of £40,667.

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 £16,540 (2022: £23,242) 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 reappoint Mark Proctor FCA as independent examiner will be passed at the 2024 Annual General Meeting.

Signed on behalf of the Trustees on 5 June 2024.

Dr T J Morton Collector

3

Beccles Townlands Charity

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

Year ended 31 October 2023

I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 October 2023 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.

Mark Proctor FCA Independent Examiner Lovewell Blake LLP Chartered Accountants

The Wherry Quay Street Halesworth Suffolk IP19 8ET

12 August 2024

4

Beccles Townlands Charity

Statement of Financial Activities

Year ended 31 October 2023

----- Start of picture text -----
2023 2022
Note £ £
Income from: (unrestricted general funds)
Investments 4 145,674 146,165
Charitable activities 5 4,144 8,115
Total incoming resources 149,818 154,280
Expenditure on: (unrestricted general funds)
Raising funds
Investment management costs 6 58,781 30,419
Charitable activities 7 113,019 159,489
Total resources expended 171,800 189,908
Net (outgoing) resources before investment gains (21,982) (35,628)
Revaluation of investments 12 (98,726) (167,569)
Revaluation of investment property 11 2,954,173 -
Revaluation of freehold property 10 - -
Net movement in funds 2,833,465 (203,197)
Unrestricted general funds at 1 November 2022 6,682,352 6,885,549
Unrestricted general funds at 31 October 2023 15 9,515,817 6,682,352
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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 2023

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2023 2022
Note £ £ £ £
Fixed Assets
Tangible fixed assets 10 221,446 227,316
Investment assets: Land and property 11 7,257,000 4,279,656
Investment portfolio 12 1,723,537 1,899,618
8,980,537 6,179,274
9,201,983 6,406,590
Current Assets
Debtors 13 176,103 91,364
Cash at bank and in hand 178,398 210,103
354,501 301,467
Current liabilities
Creditors due within one year 14 40,667 25,705
Net current assets 313,834 275,762
9,515,817 6,682,352
Unrestricted funds
General fund 15 9,499,277 6,659,110
Designated fund 15 16,540 23,242
9,515,817 6,682,352
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These financial statements were approved by the Trustees on 5 June 2024 and signed on their behalf by:-

Mr K Gregory Dr T J Morton 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 2023

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 2023

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 2023

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		 2023
£
1,588
54,448
-
89,638
145,674		 2022
£
425
56,871
1,107
87,762
146,165

9

Beccles Townlands Charity

Notes to the Financial Statements (Continued)

Year ended 31 October 2023

5 Income from charitable activities (unrestricted general funds)

2023
£
Shooting rights
82
Farming grants
3,986
Wayleaves
76
4,144
6
Investment management costs (unrestricted general funds)
2023
£
Property repairs and services
100,988
Legal and professional fees
10,572
Rates, water and insurance
18,152
Light and heat
1,713
Loss/(gain) on disposal of investments
(72,644)
58,781
7
Charitable activities (unrestricted general funds)
2023
£
General expenses
521
Computer and software
1,199
Grants payable (note 8)
60,146
Donations
23,242
Depreciation (note 10)
5,871
Governance costs:-
Independent Examiner's fee
1,440
Honorarium
20,600
113,019		 2022
£
82
7,711
322
8,115
2022
£
14,220
8,105
15,706
1,123
(8,735)
30,419
2023
£
90
995
107,591
24,984
5,878
1,351
18,600
159,489

8 Grants payable

Grants recognised during the period are analysed as follows:-

2023
2023
Payable
Payable
to Organisations
to Individuals
Purpose
£
£
Social and welfare
46,046
-
Sports and education
11,300
2,800
57,346
2,800		 2023
Total
£
46,046
14,100
60,146		 2022
Total
£
70,022
37,569
107,591

10

Beccles Townlands Charity

Notes to the Financial Statements (Continued)

Year ended 31 October 2023

Grants payable (continued)

Below are details of the activities which have been funded by grants.

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||| |---|---| |£| |Beccles Society of Artists - Support with exhibition|800| |Parish of Beccles - Support with food for parishioners|14,000| |Beccles Amateur Sailing Club - Support with clubhouse floor repairs|2,500| |Individual youth grant to complete at weightlifting world championships|2,800| |Beccles Library - Tables and chairs|5,460| |Beccles Disability Football - Support with youth activities|4,800| |Beccles Bombers Basketball Club|4,000| |Fox & Hounds Social Club - Support with club activities|6,000| |Beccles Caxton Football Club - Minibus appeal|3,000| |Sir John Leman High School - Support with theatre curtains and equipment|16,786|

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9 Trustees remuneration and expenses

The Trustees received no remuneration or expenses during the year (2022 - £Nil).

10 Tangible fixed assets

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||||| |---|---|---|---| |Freehold| |Property|Equipment|Total| |£|£|£| |Cost| |At 1 November 2022 and 31 October 2023|292,500|996|293,494| |Revaluation|-|-|-| |Additions|-|-|-| |-|-|-| |Disposals| |292,500|996|293,496| |Depreciation| |At 1 November 2022|65,268|911|66,179| |Charge for year|5,850|21|5,871| |-|-|-| |Depreciation on disposals| |At 31 October 2023|71,118|932|72,050| |Net book value| |At 31 October 2023|221,382|64|221,446| |At 31 October 2022|233,082|111|233,193|

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11

Beccles Townlands Charity

Notes to the Financial Statements (Continued)

Year ended 31 October 2023

11 Investment assets - Land and property
Cost or valuation
As at 1 November 2022
Additions at cost
Revaluation
Disposals
Unrealised losses on revaluation
As at 31 October 2023
The cost of investment properties is £2,213,628		 2023
£
4,279,656
23,171
2,954,173
-
-
7,257,000		 2022
£
4,037,500
242,156
-
-
-
4,279,656

The market value of the land and property as at November 2023 was valued by Durrants Estate Agents at £7,257,000.

12 Investment assets - Investment portfolio
Cost or valuation
As at 1 November 2022
Additions at cost
Disposals at valuation
Unrealised loss on year end valuation
As at 31 October 2023
Holding
86,474.86 COIF income units
Investment portfolio
13
Debtors
Debtors
Prepayments and accrued interest		 Listed
Investments
£
1,899,618
-
(77,355)
(98,726)
-
1,723,537
£
1,723,537
1,723,537
2023
2022
£
£
33,326
7,696
142,777
83,668
176,103
91,364

12

Beccles Townlands Charity

Notes to the Financial Statements (Continued)

Year ended 31 October 2023

14
Creditors due within one year
Creditors
Independent examiner's fees
Accruals and deferred income
VAT		 2023
£
5,542
1,430
32,300
1,395		 2022
£
10,677
1,315
12,310
1,403
40,667 25,705
15
Statement of funds
Unrestricted general fund
Designated funds		 At
1 November
2022
£
6,659,110
23,242		 Suplus for
the year
£
2,840,167
(6,702)		 Transfers
£		 At
31 October
2023
£
9,499,277
16,540
6,682,352 2,833,465 - 9,515,817
Represented by:-
Tangible fixed assets
Investment assets
Net current assets
At 31 October 2023, the Trustees had allocated
made post-year end.		 Unrestricted
General Funds
£
221,446
8,980,537
313,834
funds of £16,540		 Designated
Funds
£
-
-
-
(2022: £23,242) towards		 Total
£
221,446
8,980,537
313,834
grants to be
9,515,817 - 9,515,817

13