**REGISTERED CHARITY NUMBER: 211060**
# **GUILDHALL FEOFFMENT BURY ST EDMUNDS**
**Feoffees’ Report and Financial Statements**
**Year Ended**
**31 December 2022**
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Feoffees’ report and financial statements for the year ended 31 December 2022**
|**Contents**|**Page:**|
|---|---|
|Feoffees and advisers|1|
|Registered Charity Numbers and Address|2|
|Report of the Feoffees|3 - 6|
|Independent Examiner’s report|7|
|Statement of Financial Activities|8|
|Balance sheet|9|
|Notes forming part of the financial statements|10 - 19|
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Feoffees and Advisers**
## **FEOFFEES**
|**Chairman**|||
|---|---|---|
|Mr Paul Knights|C|Term expires June 2027|
|**Other Feoffees**|||
|Mr John Augustine|W|Term expires December 2024|
|Ms Hannah Black|C|Term expires June 2027|
|Mr Patrick Chung (appointed 1stJune 2022)|T|Term expires June 2026|
|Mr James Cockram|C|Term expires March 2027|
|Mrs Virginia Dean|C|Term expires December 2026|
|Mrs Susan Glossop (appointed 7thJune 2022)|W|Term expires June 2026|
|Very Rev Joe Hawes|C|Term expires September 2023|
|Mr Gregory Luton|C|Term expires June 2027|
|Mrs Birgitte Mager|W|Term expires June 2025|
|Mr Mark Merriam (Vice Chair)|C|Term expires March 2025|
|Mr Thomas Murray|T|Term expires September 2025|
|Mr Simon Pott|C|Term expires December 2026|
|Mr Henry Saltmarsh|C|Term expires September 2025|
|Mrs Susan Soper|C|Term expires December 2026|
|Mr John Griffiths|W|Term expired June 2022|
|Rev Simon Harvey|C|Resigned March 2022|
|Mr Oliver Peacock|C|Resigned March 2022|
C = Co-opted Feoffee W = West Suffolk Council nominee T = Town Council nominee
The Feoffees’ terms of office are determined by the Schemes for the Feoffment’s Almshouse Charities made by Order of the Charity Commissioners on 21 December 1988.
## **CLERK AND RECEIVER**
Mrs Lynne Jardine
## **ALMSHOUSE SCHEME MANAGERS**
Mrs Debra Kemp Miss Cindy Emsden Mrs Linda Mills Mrs Leah Morris
## **INDEPENDENT EXAMINERS**
Whitings LLP, Chartered Accountants, Greenwood House, Greenwood Court, Skyliner Way, Bury St Edmunds, Suffolk, IP32 7GY
1
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Registered Charity Numbers and Addresses**
## **CHARITY REGISTRATION NOS.:**
210228 The Charity of Sir Thomas and Lady Kytson 211060 Guildhall Feoffment 211062 Dr Clopton’s Charity 217497 The Fennell Memorial Homes 234048 Batteley & Sutton Relief in Need Charity 234049 Charity of Sir John James 234050 Guildhall Feoffment Almshouse Resident Charity 310466 Guildhall Feoffment Educational Foundation
## **CHARITY ADDRESS**
The Office, 17 College Square, Bury St Edmunds, Suffolk, IP33 1NW
2
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Report of the Feoffees**
The Feoffees present their report on the affairs of the Feoffment together with the financial statements and Independent Examiner’s report for the year ended 31 December 2022.
## **HISTORY, OBJECTIVES AND ACTIVITIES**
The charities now known collectively as the Guildhall Feoffment date from the 15th century and the first benefaction to be received was that of Jankyn Smyth, a prominent citizen of Bury St Edmunds who died in 1481. Subsequently many other benefactors have added to the original endowment, the objects of their charities often reflecting the needs of the times in which they lived.
The principal activity of the Feoffment today is the provision and upkeep of its almshouses at College Square, Long Row Northgate Street, and Long Row Southgate Street, all in Bury St Edmunds. These presently provide sheltered accommodation for thirty elderly people of limited means.
The charities established for the upkeep of the almshouses and for the benefit of almshouse residents are administered under a Scheme of the Charity Commissioners for England and Wales dated 21 December 1988.
The Feoffees were appointed as Trustees of The Charity of Sir Thomas and Lady Kytson (referred to as the Kytson Trust in the attached financial statements) in January 2010 and Fennell Memorial Homes in July 2010. These two charities also provide sheltered almshouse accommodation for a further eight residents.
The Feoffees were appointed Trustees of Dr Clopton’s Charity in January 2007 that provides small pensions to a number of individuals. The Feoffees continue to administer this charity together with the Guildhall Feoffment Educational Foundation, the Sir John James Medical Charity, and the Batteley & Sutton Charities.
The Feoffees have referred to the Charity Commission’s guidance on public benefit when reviewing the charities’ aims and objectives and when planning future activities.
## **GOVERNANCE AND MANAGEMENT**
The Guildhall Feoffment is governed by a board of Trustees known as Feoffees. The board consists of up to 17 Feoffees: five nominated and twelve co-opted. Three of the nominated Feoffees are appointed by the Borough of St Edmundsbury and two by the Bury St Edmunds Town Council. The chairman is responsible for the induction of any new Feoffee, which involves awareness of Trustees’ responsibilities, the governing document, administrative procedures and the history & philosophical approach of the charity. A new Feoffee receives a copy of the previous year’s annual report and accounts.
Feoffees meet quarterly whilst day-to-day management is delegated to the Clerk and Receiver who works in close co-operation with the Chairman of the Feoffee board. In addition, four scheme managers who provide daily support to residents of the almshouses assist the Clerk and Receiver.
3
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Report of the Feoffees (Continued)**
Management meetings take place each week and are attended by the Chairman, the Clerk and Receiver and the Scheme Managers.
The Feoffees also undertake an annual inspection of all the Feoffment’s properties.
The Feoffees monitor the major strategic, business, and operational risks that the charities face and ensure that procedures and systems are established so as to lessen those risks.
## **ACTIVITIES AND PERFORMANCE**
It has been another busy and successful year for the Feoffment. The main developments have been:
- The strength of the Feoffee body has been maintained.
- The on-going maintenance of the almshouses with routine servicing.
- During 2022 the Feoffment maintained an active programme of social activities for the residents, ably and enthusiastically led by our four scheme managers. Weekly coffee mornings and bingo afternoons show the value of the community room and highlights of the year include the Summer Fete, the Christmas Bazaar, the Strawberry Tea and the Hidden Gardens. The Feoffees continue to provide the Commemoration Day lunch.
- Continuing to work with other agencies to ensure the best levels of care for our residents. These include the local GP surgeries, West Suffolk Hospital, Social Services, Age UK and other public and private services.
- Continuing oversight of the Feoffment assets.
For the future, the Feoffees are determined to ensure the ongoing wellbeing of the almshouse residents and intend, when opportunity arises, to modernise and improve as appropriate the various almshouses.
4
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Report of the Feoffees (Continued)**
## **FINANCIAL REVIEW, INVESTMENT POLICY AND RESERVES**
The overall financial position has been affected by the fall in the value of the investments as at 31 December 2022. No change to the investment property valuation is considered appropriate at 31 December 2022.
The Charities have invested funds to generate income and maintain real capital values. Performance of investments is monitored by the Feoffees. 76% of the total investments are held in COIF collective funds with the remaining 24% invested in domestic property.
The Feoffment is primarily funded by contributions from almshouse residents. These contributions cover annual running costs including routine maintenance. However, they do not provide sufficient income to meet the costs of any major repair, refurbishment or rebuilding which given the age of the Feoffment almshouse properties could potentially be substantial.
The Feoffees have, over a number of years, established and accumulated funds designated for the purpose of meeting future maintenance and rebuilding costs. These designated funds are detailed in note 11 to the accounts.
At 31 December 2022 the charity held reserves of £986,044 on its general fund and funds designated for the rebuilding and maintenance of almshouses of £535,744. The Trustees have sought to build up investments so as to conserve capital and income in order that unanticipated expenditure and further improvement to the almshouses can be met. Against this background the Feoffees are satisfied that the current level of reserves held by the Feoffment is fully justified.
The Feoffees plan to review this policy in accordance with the Charity Commission’s guidelines on a regular basis, at least once a year.
## **Trustees’ Responsibilities Statement**
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to Charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
5
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Report of the Feoffees (Continued)**
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Independent Examiner Reappointment**
A resolution to appoint Mrs J King ACA of Whitings LLP as independent examiner will be proposed at the next Annual General Meeting.
This report was approved by the Trustees on 5[th] September 2023 and signed on their behalf by:
## **PA Knights Chairman**
6
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Independent Examiner’s report**
## **Independent Examiner’s Report to the Trustees of Guildhall Feoffment**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31[st] December 2022 which are set out on pages 8 to 19.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts 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:
- accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- the accounts do not accord with those records; or
- the accounts 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.
**Jaimie King ACA** For and behalf of:
## **Whitings LLP**
Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY
Date: 5[th] September 2023
7
## **GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Statement of Financial Activities for the year ended 31[st] December 2022**
||**Note**|**General**|**Total**||**Total**|**2022**|**2021**|
|---|---|---|---|---|---|---|---|
|||**Fund**|**Designated**||**Restricted**|**Total**|**Total**|
|||||||**Charity**|**(Note 2)**|
|||**£**|**£**||**£**|**£**|**£**|
|**Income**||||||||
|**_from charitable activities:_**||||||||
|Residents Contributions||163,665||-|39,132|202,797|198,697|
|Charitable Rents||308||-|-|308|1,300|
|**_from activities to generate funds:_**||||||||
|Investment Income||||||||
|Rent||20,662||-|-|20,662|19,943|
|COIF Shares||5,819|4,210||12,248|22,277|21,707|
|Bank Interest||||-|945|945|26|
|Wayleaves||183||-|-|183|407|
|Sundry Income||1,423||-|-|1,423|728|
|**Total incoming resources**||**192,060**|**4,210**||**52,325**|**248,595**|**242,808**|
|**Expenditure**||||||||
|**_Cost of raising funds_**||||||||
|Investment Property expenditure||3,609||-|-|3,609|4,372|
|**_Charitable activities -_**||||||||
|Almshouse provision||||||||
|Maintenance||38,201||-|15,519|53,720|51,004|
|Running costs||66,253||-|-|66,253|52,991|
|Staff and support costs|8|71,978||-|20,326|92,304|89,889|
|Renovation||-|112,536||-|112,536|89,629|
|Charitable grants and donations||-||-|8,424|8,424|5,200|
|||**180,041**|**112,536**||**44,269**|**336,846**|**293,085**|
|**Net income/(expenditure) before**||||||||
|**investment gains/(losses)**||12,019|(108,326)||8,056|(88,251)|(50,277)|
|**Net gains/(losses) on investments**||||||||
|Realised gains/(losses)|5|-|114,188||-|114,188|-|
|Unrealised gains/(losses)|5|(70,385)|(170,048)||(58,773)|(299,206)|249,093|
|**Net income**||**(58,366)**|**(164,186)**||**(50,717)**|**(273,269)**|**198,816**|
|**Transfer between funds**||(12,019)|12,019||-|-|-|
|**Fund balances brought forward**||1,056,429|3,687,911||1,379,365|6,123,705|5,924,889|
|**Fund balances carried forward**||**986,044**|**3,535,744**||**1,328,648**|**5,850,436**|**6,123,705**|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. An analysis by fund of the comparatives figures for 2021 is shown in note 2.
8
## **GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Balance sheet as at 31[st] December 2022**
|**Note**
**FIXED ASSETS**
Tangible Assets
Investment Property
Investments
3
4
5
**CURRENT ASSETS**
Debtors & prepayments
Bank Balances
Deposit accounts
Current accounts
Cash in hand
6
**CURRENT LIABILITIES**
Creditors and accruals
7
**NET CURRENT ASSETS**
Initial Fund Balances
**NET ASSETS**
**FUND BALANCES**
11|**General**
**Fund**
**£**
-
452,000
637,349
**1,089,349**
6,331
151,783
77,791
12
(23,632)
**212,285**
(315,590)
**986,044**
**986,044**|**Total**
**Designated**
**£**
3,000,000
-
369,912
**3,369,912**
-
-
-
-
-
**-**
165,832
**3,535,744**
**3,535,744**|**Total**
**Restricted**
**£**
700,000
-
455,310
**1,155,310**
23,580
-
-
-
**23,580**
149,758
**1,328,648**
**1,328,648**|**2022**
**Total**
**Charity**
**£**
3,700,000
452,000
1,462,571
**5,614,571**
6,331
175,363
77,791
12
(23,632)
**235,865**
-
**5,850,436**
**5,850,436**|**2021**
**Total**
**Charity**
**£**
3,700,000
452,000
1,797,589
**5,949,589**|
|---|---|---|---|---|---|
||||||5,120
144,449
38,843
26
(14,322)|
||||||
**174,116**
-|
||||||**6,123,705**|
||||||**6,123,705**|
These financial statements were approved at a meeting of the Feoffees on 5[th] September 2023.
Signed on behalf of the board of Feoffees:
|**PA Knights**|**HR Saltmarsh**|
|---|---|
|**Chairman**|**Feoffee**|
The notes on pages 10 to 19 form part of these financial statements.
9
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Notes forming part of the financial statements for the year ended 31 December 2022**
## **1. ACCOUNTING POLICIES**
## **General information**
The Guildhall Feoffment is an unincorporated charity and is governed by a scheme of the Charity Commissioners dated 21 December 1988. The charity registration number is 211060.
## **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)) issued in October 2019, the Charities Act 2011 and UK Generally Accepted Accounting Practice.
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 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 in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2015 which has since been withdrawn.
The Charities collectively constitute as a public benefit entity as defined by FRS 102.
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Basis of Consolidation**
The financial statements consolidate the accounts of the charities administered by the Feoffees as detailed on page 2.
10
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Notes forming part of the financial statements for the year ended 31 December 2022 (continued)**
## **Going concern**
The financial statements have been prepared on a going concern basis, as the Feoffees believe no material uncertainties exist. The Feoffees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Income**
All income is included in the Statement of Financial Activities when entitlement has passed to the Charities, it is probable that the economic benefits associated with the transaction will flow to the Charities and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- Residents’ contributions and Supporting People income is accounted for on an accruals basis;
- Investment income is included when receivable.
## **Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the Statement of Financial Activities to which it relates.
Charitable expenditure comprises those costs incurred by the Charities in the delivery of their activities and services for its beneficiaries. All support costs are attributable to the Charities’ main activity of almshouse provision.
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource.
11
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Notes forming part of the financial statements for the year ended 31 December 2022 (continued)**
## **Depreciation**
No depreciation is charged on the Freehold and Leasehold Property held for charitable purposes as it is maintained to a high specification. The Feoffees are of the opinion that the depreciation charge and accumulated depreciation would not be material because the asset has a very long useful life.
Depreciation is provided on all other tangible fixed assets, at rates to write off the cost, less estimated residual value, of each asset on a straight line basis over its expected useful life as follows: -
Fixtures & Fittings - 5 years.
## **Fixed asset investments**
Fixed asset investments are included at market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities. No depreciation is charged on investment property.
## **Designated funds**
These represent funds designated by the Feoffees for specific purposes. Transfers to and from the general fund are made as the Feoffees direct.
## **Restricted purpose funds**
These represent funds provided for specific purposes that may only be utilised in accordance with terms specified by the Schemes of the Charity Commissioners or the donor.
## **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **Taxation**
The Feoffment, as a charity, is not liable for assessment to tax on its results and recoverable income tax is accrued within the financial statements.
12
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Notes forming part of the financial statements for the year ended 31 December 2022 (continued)**
## **2. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Note**
**Income**
**_From charitable activities:_**
Residents Contributions
Charitable Rents
**_From activities to generate funds:_**
Investment Income
Rent
COIF Shares
Bank Interest
Wayleaves
Sundry Income
**Total incoming resources**
**Expenditure**
**_Cost of raising funds_**
Investment Property expenditure
**_Charitable activities_**
Almshouse provision
Maintenance
Running costs
Staff and support costs
Renovation
Charitable grants and donations
**Total expenditure**
**Net income/(expenditure) before**
**investment gains**
Net (losses)/gains on investments
**Net income/(expenditure)**
**Transfer between funds**
**Net movement in funds**
**Fund balances bought forward**
**Fund balances carried forward**|**General**
**Fund**
**£**
163,911
1,300
19,943
5,670
-
407
728
**191,959**
4,372
35,700
52,991
69,789
-
-
**162,852**
29,107
100,760
**129,867**
(29,107)
100,760
**955,669**
**1,056,429**|**Designated**
**Funds**
**£**
-
-
-
4,102
-
-
-
**4,102**
-
-
-
-
89,629
-
**89,629**
(85,527)
82,446
**(3,081)**
29,107
26,026
**3,661,885**
**3,687,911**|**Restricted**
**Funds**
**£**
34,786
-
-
11,935
26
-
-
**46,747**
-
15,304
-
20,100
-
5,200
**40,604**
6,143
65,887
**72,030**
-
72,030
**1,307,335**
**1,379,365**|**2021**
**Total**
**£**
198,697
1,300
19,943
21,707
26
407
728
**242,808**
4,372
51,004
52,991
89,889
89,629
5,200
**293,085**
(50,277)
249,093
**198,816**
-
198,816
**5,924,889**
**6,123,705**|**2020**
**Total**
**£**
201,433
-
19,500
21,284
244
182
722
**243,375**
3,092
23,922
48,908
82,651
6,865
5,850
**171,288**
72,087
117,003
**189,090**
-
189,090
**5,735,799**
**5,924,889**|**2020**
**Total**
**£**
201,433
-
19,500
21,284
244
182
722|
|---|---|---|---|---|---|---|
13
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Notes forming part of the financial statements for the year ended 31 December 2022 (continued)**
## **3. TANGIBLE ASSETS**
|**.**
**TANGIBLE ASSETS**|||||
|---|---|---|---|---|
||**Freehold**|**Fixtures and**|||
||**property**|**fittings**||**Total**|
||**£**|**£**||**£**|
|_Cost or valuation_|||||
|**At 1 January 2022 and 31 December 2022**|**3,700,000**|**1,734**||**3,701,734**|
|_Depreciation_|||||
|At 1 January 2022|**-**|**1,734**||**1,734**|
|Charged during the year|**-**||**-**|**-**|
|**At 31 December 2022**|
**-**|
**1,734**||**1,734**|
|_Net book value_|||||
|**At 31 December 2022**|**3,700,000**||**-**|**3,700,000**|
|At 31 December 2021|
3,700,000||
**-**|
3,700,000|
||||||
The Feoffment has almshouses in College Square, Northgate Street and Southgate Street, Bury St Edmunds which were notionally valued by the Feoffees at 31 December 2012 at £3,000,000. The Kytson Trust has 3 almshouses in Bury Road, Hengrave and Fennell Memorial Homes has property comprising 4 dwellings in St Andrews St. North, Bury St Edmunds notionally valued at 31 December 2012 at £300,000 and £400,000 respectively. The original cost of these properties is not known.
The Feoffment owns other land and property including part of Moyses Hall, the Guildhall, the Guildhall Feoffment School site, Jankyn’s Place and No Man’s Meadows in Bury St Edmunds that are all held for charitable purposes. These are of no significant financial benefit and the special nature of these properties means it is not possible to provide a reliable measure of either cost or market value thereon.
14
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Notes forming part of the financial statements for the year ended 31 December 2022 (continued)**
## **4. INVESTMENT PROPERTY**
## _Valuation_
At 1 January 2022 and 31 December 2022
**452,000**
The Feoffment holds two domestic properties as Investment properties with values attributed by the Feoffees at 31 December 2022 as follows:
113 Southgate Street, Bury St Edmunds. Valuation £268,000 (Cost in 2001 - £121,722) 9 St Peters Court, Hospital Road, Bury St Edmunds. Valuation £184,000 (Cost – £59,350)
## **5. INVESTMENTS**
|
**INVESTMENTS**|||||
|---|---|---|---|---|
||**Market value at**|**Sales**||**Market value at**|
||**1 January 2022**|**Proceeds**|**Gains/ (losses)**|**31 December 2022**|
||**£**|**£**|**£**|**£**|
|Charities Official|||||
|Investment Fund|||||
|- Income shares|844,228|-|(99,219)|**745,009**|
|- Accumulation shares|953,361|(150,000)|(85,799)|**717,562**|
||1,797,589|(150,000)|
(185,018)|**1,462,571**|
During the year there was a sale of units held by the feoffment with a market value of £150,000. These units were acquired a very long time ago and as such the base cost of these units is not available. The realised gain, shown on the face of the Statement of Financial Activities, is based on the 1999 valuation of the units which is publicly available.
## **6 DEBTORS**
|Rents, contributions and deposits receivable
Prepayments|**2022**
2021
**£**
**£**
**3,497**
2,511
**2,834**
2,609
**6,331**
5,120|
|---|---|
15
## **GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Notes forming part of the financial statements for the year ended 31 December 2022 (continued)**
## **7 CREDITORS**
|**CREDITORS**|||
|---|---|---|
||**2022**|2021|
||**£**|**£**|
|Accruals and deferred income|**23,632**|14,322|
Deferred income relates to rental income received in advance. Deferred income of £893 was brought forward and released in the year, with £1,073 being deferred and carried forward into the year ended 31 December 2023.
## **8 ALMSHOUSES MANAGEMENT AND OTHER SUPPORT COSTS**
|Staff costs (note 10)
Staff expenses
Insurances
Telephone
Subscriptions
Office expenses
Residents expenses
Independent Examination fees
**9 INDEPENDENT EXAMINATION REMUNERATION**
Fees payable for the Independent Examination of the
financial statements
**10**
**STAFF COSTS AND FEOFFEES’ REMUNERATION**
Salaries
Social security costs
Pension costs|**2022**
**£**
**69,788**
**439**
**4,093**
**1,142**
**528**
**6,317**
**8,197**
**1,800**
**92,304**
**2022**
**£**
**1,800**
**2022**
**£**
**68,664**
**-**
**1,124**
**69,788**|2021
£
68,289
580
3,891
1,094
924
4,302
9,009
1,800
**89,889**
2021
**£**
1,800
2021
£
67,169
165
955
68,289|
|---|---|---|
16
## **GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Notes forming part of the financial statements for the year ended 31 December 2022 (continued)**
No employee received remuneration amounting to more than £60,000 in either year. The key management personnel of the charity comprise the Feoffees. The Feoffees neither received nor waived any remuneration during the year (2021 - £Nil).
The average number of employees during the year was 5 (2021 - 5).
## **11 FUNDS SUMMARY AND ANALYSIS**
|**(a) Summary**
**(1) General Fund**
**(2) Designated Funds**
Tangible assets held for
charitable purposes
Cyclical maintenance
Extraordinary maintenance
Almshouse rebuilding
**(3) Restricted Funds**
Almshouse Residents
Batteley and Sutton Relief in Need
Sir John James (Medical and Surgical)
Guildhall Feoffment Educational
Dr Clopton’s – General Fund
Dr Clopton’s – Endowment Fund
Kytson Trust
Fennell Memorial Homes
**Total Funds**|**Balance at**
**01 Jan**
**2022**
**£**
1,056,429
3,000,000
-
376,816
311,095
3,687,911
109,514
77,015
22,580
23,504
190,248
101,280
370,713
484,511
1,379,365
**6,123,705**|**Net**
**changes in**
**resources**
**£**
12,019
-
-
(112,536)
4,210
(108,326)
(274)
1,679
(2,420)
578
(743)
2,659
(5,787)
12,364
8,056
**(88,251)**||**Transfers**
**£**
(12,019)
-
-
6,009
6,010
12,019
-
-
-
-
2,659
(2,659)
-
-
-
-|**Investment**
**Gains /**
**(losses)**
**£**
(70,385)
-
-
(37,110)
(18,750)
(55,860)
(12,155)
(7,793)
(1,948)
(2,410)
(18,442)
(11,803)
(4,222)
-
(58,773)
**(185,018)**|**Balance at**
**31 Dec**
**2022**
**£**
986,044
3,000,000
-
233,179
302,565
3,535,744
97,085
70,901
18,212
21,672
173,722
89,477
360,704
496,875
1,328,648
**5,850,436**|
|---|---|---|---|---|---|---|
||||||||
||||||||
||||||||
||||||||
17
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Notes forming part of the financial statements for the year ended 31 December 2022 (continued)**
|**(b) Analysis of Net Assets**
**(1) General Fund**
**(2) Designated Funds**
Tangible assets held for
charitable purposes
Extraordinary maintenance
Almshouse rebuilding
**(3) Restricted Funds**
Almshouse Residents
Batteley and Sutton Relief in Need
Sir John James (Medical and Surgical)
Guildhall Feoffment Educational
Dr Clopton’s – General Fund
Dr Clopton’s – Endowment Fund
Kytson Trust
Fennell Memorial Homes
**Total Assets**|**Charitable**
**Property**
**£**
-
3,000,000
-
-
3,000,000
-
-
-
-
-
-
300,000
400,000
700,000
**3,700,000**|**Investment**
**Property**
**£**
452,000
-
-
-
-
-
-
-
-
-
-
-
-
-
**452,000**|**Investments**
**£**
637,349
-
229,124
140,788
369,912
91,270
58,512
14,628
18,093
138,478
88,628
45,701
-
455,310
**1,462,571**|**Net Current**
**Assets**
**£**
(103,305)
-
4,055
161,777
165,832
5,814
12,390
3,583
3,580
35,244
848
15,003
96,876
173,338
**235,865**|**Total at 31**
**Dec 2022**
**£**
986,044
3,000,000
233,179
302,565
3,535,744
97,084
70,902
18,211
21,673
173,722
89,476
360,704
496,876
1,328,648
**5,850,436**|
|---|---|---|---|---|---|
|||||
||
|||||
||
|||||
||
|||||
||
The nature and purpose of the designated and restricted funds are as follows:
_**Designated Funds**_ Freehold and leasehold property Extraordinary maintenance
Almshouses rebuilding
Represents the net book value of the charity’s property Funds designated for extraordinary repair or improvement of almshouses
Funds designated for the rebuilding of almshouses
_**Restricted Funds**_ Almshouse Residents
Batteley and Sutton Relief in Need
Sir John James (Medical and Surgical)
Funds for the benefit of almshouse residents as specified by the Charity Commissioners’ scheme dated 21 December 1988.
Income to be applied for relief in need for the benefit of men resident in Bury St Edmunds who are members of the Church of England.
Income to be applied for the benefit of poor persons who are sick or infirm who reside in the Borough of Bury St Edmunds
18
**GUILDHALL FEOFFMENT BURY ST EDMUNDS**
## **Notes forming part of the financial statements for the year ended 31 December 2022 (continued)**
|Guildhall Feoffment Educational|Funds for educational purposes as specified by the Charity|
|---|---|
|Foundation|Commissioners scheme dated 19 March 1985|
|Dr Clopton’s - general and endowment|Funds for the payment of pensions as specified by the Charity|
|funds|Commissioners schemes of 1898, 1912 and 1918.|
|The Kytson Trust|Property and Funds to provide accommodation and support for|
||persons in need and resident in a specified area of benefit.|
|Fennell Memorial Homes|Property and funds for the provision of accommodation for|
||persons in reduced circumstances.|
The transfers from the general fund relate to further designation of funds for almshouse maintenance and rebuilding in accordance with established policy.
## **13 RELATED PARTY TRANSACTIONS**
Feoffees were reimbursed for expenses during the year of £2,529 (2022 - £Nil). There were no other transactions with Feoffees or related parties.
19
## **Guildhall Feoffment**
## **General Fund**
## **Statement of Financial Activities**
## **(excluding Designated and Restricted Funds)**
## **Income and Expenditure for the year to 31 December 2022**
|**Income**
Residents Contributions
Supporting People
Charitable Rents - No Mans Meadows
Investment Income
Rent
COIF Shares
Bank interest
Wayleaves
Sundry Income
**Expenditure**
Investment Property expenditure
Fundraising Costs
Charitable Expenditure
Almshouse maintenance
Almshouse running costs
Management and other costs
**Net Incoming Resources**
**before transfers**
**Net Gains / Losses (-)**
**on investments - unrealised**
**on Investment property**
**Net movement in funds**
**Transfers to Designated Funds**
**Fund balances brought forward**
**Fund balances carried forward**|**2022**
**163,664.68**
**-**
**307.50**
**20,662.25**
**5,819.28**
**-**
**182.77**
**1,423.41**
**192,059.89**
**3,609.32**
**-**
**38,200.03**
**66,252.82**
**71,978.22**
**180,040.39**
**12,019.50**
**70,384.58**
**-**
**-**
**58,365.08**
**-**
**12,019.50**
**-**
**1,056,429.01**
**986,044.43**|**2021**
**163,911**
**-**
**1,300**
**19,943**
**5,670**
**-**
**407**
**728**|
|---|---|---|
|||**191,959**|
|||**4,372**
**-**
**35,700**
**52,992**
**69,789**|
|||**162,853**|
|||**29,106**
**100,760**
**-**|
|||**129,866**
**29,106**
**-**
**955,669**|
|||**1,056,429**|
**21A**
## **Guildhall Feoffment**
## **(excluding Designated and Restricted Funds) Detailed Expenditure for the year ended 31 December 2022**
|**General Fund**
**Expenditure**
Property Investment Expenditure
113 Southgate Street
9 St Peter's Court
Charitable Expenditure
Almshouse maintenance
Routine building works
Heating
Electrical
Almshouse Running costs
Water
Gas
Electricity
Garden maintenance
Management and other costs
Employment costs
Sundry expenses
Insurances
Office expenses
Community Alarm
Telephone
Travel & subsistence
Resident phone contributions
Commemoration lunch & tea
Subscriptions
Independent Examination / Audit Fees
Depreciation of storage shed
less Shared costs - Kytson / Fennell|**Total**
**2022**
1,351.54
2,099.98
3,451.52
30,966.84
2,236.45
4,996.74
38,200.03
4,452.87
25,942.07
30,343.11
5,514.77
66,252.82
69,787.91
4,033.29
4,092.80
2,284.29
3,335.67
1,141.80
439.38
1,330.00
0.00
528.00
1,800.00
0.00
88,773.14
-16,794.92
71,978.22|**Total**
**2021**
**1,354**
**3,018**|
|---|---|---|
|||**4,372**|
|||**17,448**
**11,862**
**6,390**|
|||**35,700**|
|||**5,085**
**20,971**
**22,287**
**4,648**|
|||**52,991**|
|||**68,289**
**1,430**
**3,891**
**2,871**
**3,184**
**1,094**
**580**
**1,380**
**-**
**924**
**1,800**
**-**|
|||**85,443**
**15,654**
**-**|
|||**69,789**|
**21B**
**Fennell Memorial Homes**
## **Kytson Trust**
## **Statements of Financial Activities**
## **Income and Expenditure for the year ended 31 December 2022**
|Residents Contributions
Grant and Bequest
Bank interest
Almshouse Maintenance
General maintenance
Garden maintenance
Management and Other costs
Shared Costs - Employment etc.
Residents expenses
**Net Incoming Resources**
**Net Gains / Losses (-)**
**on investments**
**Net movement in funds**
**Fund balances brought forward**
**Fund balances carried forward**
**Freehold Property at**
**carrying value**
**Investments**
**Current Assets**
Bank balances
Due from Guildhall Feoffment
**Current Liabilities**
**Net Current Assets**|**£**
**13,953.88**
**423.00**
**31-**
**Ye**|**3**|**Ye**|**£**
**15,644.00**
**-**
**143.36**
**Dec-22**
**ar to**|**£**
**13,171**
**459**
**31-**
**Ye**|**3**|**Ye**|**£**
**£**
**£**
**12,138**
**23,488.32**
**-**
**-**
**2**
**84.45**
**12,140**
**23,572.77**
**1,052.64**
**90.00**
**1,142.64**
**9,597.10**
**468.63**
**10,065.73**
**20,480**
**11,208.37**
**8,340**
**-**
**12,364.40**
**7,417**
**-**
**923**
**-**
**12,364.40**
**371,636**
**484,511.77**
**370,713**
**496,876.17**
**300,000**
**400,000.00**
**49,923**
**-**
**8,740.39**
**88,135.79**
**96,876.18**
**-**
**20,790**
**96,876.17**
**370,713**
**496,876.17**
**at 31 December 2022**
**31-Dec-22**
**Dec-21**
**ar to**
**Year to**|**£**
**1,052.64**
**90.00**
**31-**
**Ye**|**3**|**Ye**|**£**
**23,488.32**
**-**
**84.45**
**Dec-22**
**ar to**|**£**
**1,588**
**86**
**31-**
**Y**|**3**|**Y**|**£**
**22,648**
**-**
**1**
**Dec-21**
**ear to**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||**1-**||||**1-**||||**1-**||||**1-**||
|||||**15,787.36**
**21,574.70**||||||||**23,572.77**
**11,208.37**||||**22,649**
**11,134**|
||**14,376.88**||||**13,630**||||**1,142.64**||||**1,674**||||
||**7,197.82**
**-**||||**6,709**
**141**||||**9,597.10**
**468.63**||||**8,945**
**515**||||
||**7,197.82**||||**6,850**||||**10,065.73**||||**9,460**||||
||**14,839.62**
**162.88**||||||||||||**8,656**
**75,856**||||
|||||**5,787.34**
**-**
**4,221.95**
**-**||||||||**12,364.40**
**-**||||**11,515**
**-**|
|||||**10,009.29**
**-**
**370,713.19**||||||||**12,364.40**
**484,511.77**||||**11,515**
**472,996**|
|||||**360,703.90**||||||||**496,876.17**||||**484,512**|
|||||||||||||||||**400,000**
**-**
**84,512**|
||||||**14,696**
**6,094**|||**300,000**
**49,923**
**20,790**
**370,713**|**8,740.39**
**88,135.79**||||||||
||**15,002.50**||||**20,790**||||**96,876.18**||||**84,512**||||
||**-**||||**-**||||**-**||||**-**||||
||||||||||||||||||
|||||**360,703.90**||||||||**496,876.17**||||**484,512**|
**21C**
## **Guildhall Feoffment**
**Consolidating Statement of Financial Activities**
**for the year ended 31 December 2022**
|**Income**
**Residents Contributions**
**Supporting People**
**Charitable Rents**
**Investment Income**
**Rent**
**COIF Shares**
**Bank Interest**
**Wayleaves**
**Sundry Income**
**Expenditure**
**Investment Property expenditure**
**Fundraising Costs**
**Charitable Expenditure**
**Almshouse maintenance**
**Almshouse running costs**
**Management and other costs**
**Residents Expenses**
**Grants**
**Extraordinary Maintenance**
**Net Incoming Resources**
**before transfers**
**Net Gains / Losses (-)**
**on investments - realised**
**on investments - unrealised**
**on Investment property - unrealis**
**Net movement in funds**
**Transfers**
**Fund balances brought forward**
**Fund balances carried forward**|**General**
**Fund**
**163,664.68**
**0.00**
**307.50**
**20,662.25**
**5,819.28**
**0.00**
**182.77**
**1,423.41**
**192,059.89**
**3,609.32**
**0.00**
**38,200.03**
**66,252.82**
**71,978.22**
**180,040.39**
**12,019.50**
**-70,384.58**
**e**
**0.00**|**Freehold**
**Property**|**Extraordinary Re-building**
**Total**
**Maintenance**
**Fund**
**Designated**
**4,209.84**
**4,209.84**|**Total**
**Unrestricted**
**163,664.68**
**0.00**
**307.50**
**20,662.25**
**10,029.12**
**0.00**
**182.77**
**1,423.41**
**196,269.73**
**3,609.32**
**0.00**
**38,200.03**
**66,252.82**
**71,978.22**
**112,536.49**
**292,576.88**
**-96,307.15**
**0.00**
**-126,244.68**
**0.00**
**-222,551.83**
**4,744,340.18**
**4,521,788.35**|**Kytson**
**Fennell**
**Residents**
**Batteley and Sir John**
**Educational**
**Dr Clopton**
**Dr Clopton**
**Trust**
**Homes**
**Fund**
**Sutton**
**James**
**Fund**
**General FundPerm. Endowment**
**15,644.00**
**23,488.32**
**2,729.15**
**1,749.61**
**437.41**
**541.01**
**4,140.77**
**2,650.16**
**143.36**
**84.45**
**59.56**
**129.23**
**66.79**
**36.74**
**416.16**
**8.71**
**15,787.36**
**23,572.77**
**2,788.71**
**1,878.84**
**504.20**
**577.75**
**4,556.93**
**2,658.87**
**14,376.88**
**1,142.64**
**7,197.82**
**9,597.10**
**0.00**
**468.63**
**3,062.24**
**200.00**
**2,924.00**
**0.00**
**5,300.00**
**21,574.70**
**11,208.37**
**3,062.24**
**200.00**
**2,924.00**
**0.00**
**5,300.00**
**-5,787.34**
**12,364.40**
**-273.53**
**1,678.84**
**-2,419.80**
**577.75**
**-743.07**
**2,658.87**
**-4,221.95**
**-12,155.19**
**-7,792.51**
**-1,948.18**
**-2,409.56**
**-18,442.33**
**-11,803.38**
**-10,009.29**
**12,364.40**
**-12,428.72**
**-6,113.67**
**-4,367.98**
**-1,831.81**
**-19,185.40**
**-9,144.51**
**2,658.87**
**-2,658.87**
**370,713.18**
**484,511.77**
**109,512.46**
**77,015.87**
**22,579.38**
**23,504.02**
**190,248.33**
**101,279.58**
**360,703.89**
**496,876.18**
**97,083.74**
**70,902.20**
**18,211.40**
**21,672.21**
**173,721.79**
**89,476.20**|**Total**
**Restricted**
**39,132.32**
**12,248.11**
**945.00**
**52,325.43**
**0.00**
**15,519.52**
**0.00**
**16,794.92**
**3,530.87**
**8,424.00**
**44,269.31**
**8,056.12**
**-58,773.10**
**-50,716.98**
**1,379,364.59**
**1,328,647.61**|**Total**
**Total**
**Charity**
**2021**
**202,797.00**
**198,697**
**0.00**
**-**
**307.50**
**1,300**
**20,662.25**
**19,943**
**22,277.23**
**21,707**
**945.00**
**26**
**182.77**
**407**
**1,423.41**
**728**|
|---|---|---|---|---|---|---|---|
||||**4,209.84**
**4,209.84**||||**248,595.16**
**242,808**|
||||**112,536.49**
**112,536.49**||||**3,609.32**
**4,372**
**0.00**
**-**
**53,719.55**
**51,004**
**66,252.82**
**52,991**
**88,773.14**
**85,443**
**3,530.87**
**4,446**
**8,424.00**
**5,200**
**112,536.49**
**89,629**|
||||**112,536.49**
**0.00**
**112,536.49**||||**336,846.19**
**293,085**|
||||**-112,536.49**
**4,209.84**
**-108,326.65**
**0.00**
**0.00**
**-37,110.12**
**-18,749.98**
**-55,860.10**||||**-88,251.03**
**50,277**
**-**
**0.00**
**-**
**-185,017.78**
**249,093**
**0.00**
**-**
**-273,268.81**
**198,816**
**6,123,704.77**
**5,924,889**|
||**-58,365.08**
**-12,019.50**
**1,056,429.01**
**986,044.43**|**3,000,000.00**|**-149,646.61**
**-14,540.14**
**-164,186.75**
**6,009.75**
**6,009.75**
**12,019.50**
**376,815.63**
**311,095.53**
**3,687,911.17**|||||
|||**3,000,000.00**|**233,178.77**
**302,565.14**
**3,535,743.92**||||**5,850,435.96**
**6,123,705**|
**21D**