REGIStERED CHARITY NUMBEK. 211060 GUILDHALL FEOFFMENT BURY ST EDMUNDS Feoffees, Report and Financial Statements Year Ended 31 December 2024
GUILDHALL FEOFFMEKr BURYST EDMUNDS Feoffees. report and financial statements for the year ended 31 December 2024 Contents Feoffees and advisers Registered Charity Numbers and Address Report of the Feoffees Independent Auditorfs repjrt 7-10 Statement of Financial ActNtties li Balance sheet 12 Notes forming part ofthe finanaal statements 13-23
GUILDHALL FEOFFMENT BURYsf EDMUNDS Feoffees and Advisers FEOFFEES ChairnHn Mr Paul Knights Other Feoffee5 Ms Hannah Black Mr Patrick Chung Mrjomes Cockram Mrs Virginia Dean Mrs Susan Glossop Very Rev Joe Hawes Mr Gregory Luton Mrs Birgitte Mager Mr Mark Merriam (Vice (hairl Mr Thomas Murray Mrsimon Pott Mr Henrysaltmarsh Mrs Susan Soper Mr Graham Mothersole (appointed I"June 20231 Rev fiffer Robinson (appointed 1° December 20221 Mr Peter Armitage (appointed 13 February 2024) C- Copted Feoffee W= West Sufft)Ik Council nominee The Feoffees. ternis of office are determined by the Schemes for the Feoffrnent's Almshouse Charities made by Order of the Charity Commissioners on 21 December 1988. Temi expires June 2027 Resigned November 2024 Term expires June 2026 Temi expires March 2027 Tem) expires December 2026 Temi expires June 2026 Temi expires September 2028 Temi expires June 2027 Temi expires September 2025 Temi expires March 2028 Temi expires September 2025 Term expires December 2026 Temi expires September 2025 Temi expires December 2025 Temi expires June 2028 Temi expires December 2027 Temi expires March 2028 T= Town Council nominee CLERK AND RE1vER Mrs Lynne Jardine ALfvISHOUSE SCHEME MANAGER5 Mrs Debra Kemp Mrs Lindo Mi115 IRetiredDecember2024) Ms Rachel Brocket Icommenced April 20241 Mrs Leah Morris INDEPENDENT AUDITOR5 Chater Allan LLP. Chartered Accountsnts. 7 Quy Court. Colliers Lane. StOW-cum-Quy, Cambridge, CB25 9AU
GUILDHALL FEOFFMEKr BURYST EDMUNDS Registered Charity Numbers and Addresses CHARITY REGisfRATION NOS.: 210228 The Charrty of SirThomas and Lady Kytson 211060 Guildhall FeofFment 211062 Dr Clopton's Chartty 217497 The Fennell Memorial Homes 234048 Batteley & Sutton Relief in Need Charity 234049 Charity of Sir John James 234050 Guildhall Feoffment Almshouse Resident (J)arity 310466 Guildhall Feoffment Educational FOundatn CHARrrY ADDRESS The Offi, 17 COle Square. Bury St Edmunds. SuffolK IP33 INW
GUILDHALL FEOFFMENT BURYST EDMUNDS Report of the Feoffees The Feoffees present their report on the affairs of the Feoffment together with the financial ststements and Independent Auditorfs report for the year ended 31 December 2024. HISTORY, OBJEcllvES AND AcnlTIEs The charities now known collectively as the Guildhall Feoffment date from the 15th century and the first benefaction to be received was that of Jann Smyth. a prominent citizen of Bury St Edmunds who died in 1481. subsequent many other benefactors have added to the original endowment, the objects of their charitie5 often reflecting the needs of the times in which they lived. The principal artivty of the Feoffinent today is the provision and upkeep of its alm5hou5es at College Square, Long Row Northgate Street, and Long Row SoLrthgate 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 a administered under a Scheme of the Charity Commtssioners for England and Wales dated 21 December 1988. The Feoffees were appointed as Tmstees ofThe Chartty of Sir Thoma5 and Lady Kytson Ireferred 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 lor a further Èight residents. The Feoffees were appointed Trustees of Dr Clopton's Charity in January 2C)7 that provide5 small pensions to a number of indiwdua15. The Feoffees continue to administer this charity together with the Guildhall Feofftnent Educational Foundation, the Sirjohn 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 activtties. GOVERNANCE AND MANAGEMENr The Guildh311 Feoffment is governed by a board of Trustees known as Feoffees. The board consists of upto 17 Feoffees.. fwe minated and twelve co-opted. Three ofthe nominated Feoffees are appointed by West Suffolk Council and two by the Bury St Edmunds Town Council. The chairman is responsible for the Induction of any new Feoffee. which invofves avrareness of Trustees, responsibilities, the governlng document, administrative procedures and the history & philosophical approath of the charity. A new Feoffee receives a copy of the prewous yearfs annual rert and accounts. Feoffees meet quartedy whilst day-today management is delegated to the aerk 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 Recetver.
GUILDHALL FEOFFMENT BURYST EDMUNDS Report of the Feoffees (Continued) Management meetings take pla each week and are attended by the Chairman. the Clerk and Receiver and the Stheme Managers. The Feoffees also undertake an annual inspection of all the Feoffmenys PrOrtIes. The Feoffees monitorthe major strategic, busine55, and operational risksthat the charities fa and ensure that prOdureS and 5VStems are established so as to lessen those risks. AcrivrriES AND PERFORMMCE It has been another busy and successful yearfor the Feoffinent. The main developments have been: The strength of the Feoffee body has been maintained. The on%oing maintenante of the almshouses with routine serviang. During 2024 the Feoffment maintsined an active programme of soaal artivities for the residents. bly and enthusiaSkncal 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 Strawbery 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, &xial SeNices. 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, vjhen Op[rtunity arises, to modemise and improve as appropriate the various almshouses.
GUILDHALL FEOFFMENT BURY ST EDMUNDS Report of the Feoffees (Continued) FINANCIAL REVIEW, INVESTMEKf poucy AND RESERVES The overall financial pjsition has been maintsined despite the continued renovation expenditure. The Charities have invested funds to generate income and maintain real capital values. Perfomiance of investments 15 monitored by the Feoffees. 78% of the total investments are held in COIF collective funds with the remaining 22% invested in domestic property. The Feoffment is primarily funded by contributions from almshouse residents. These contributions cover annual running costs including routine maintenan. However, they do not provide sufficient income to meet the Costs of any major repair, refurbishment or rebuilding whith given the age of the Feoffment almshouse properties is substantial. The Feoffees have. over a numberof years. established and accumulated funds designated for the purpose of meeting future maintenance and rebuilding costs. These designated fund5 are detailed in Tr)te 11 to the accounts. At 31 December 2024 the charity held reseNes of £1.085.489 on its general fund and funds designated for the rebuilding and maintenance of almshouses of £417,793. 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 oJrrent level of reserves held bythe Feoffment is fultyjustified. The Feoffees plan to reviewthi5 wlicy in accordan with the Charity Commission's guidelines on a regular basis, at least once a year. Trustee< Responsibllilles Ststement The Trustees are resporksible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom General Accepted Accounting Practi1. The law applicable to Chartties in England & Wales requires the Tru5tee5 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the chartty and of the incoming resources and application of resource5 of the charity for that period.
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 applythem consistentlyi observe the methods and principles in the Charrties SORP 2019 IFRS1021; make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed. wbjert to any material departures disclosed and explained in the financial ststements: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. stste that the tharity does not (3rry out significant fundraising activities The Trustees are resF¥Jnsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial px)sition of the drity and enable them to ensure that the financial statements comply with the Charfties Act 2011. the Charities {Accounts and Rewrtsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable Steps for the prevention and detection of fraud and other irregularities. Independent Auditors Reappointme A resolution to appoint Naomi Hedger of Chater Allan LLP as Independent Audttor wll be proposed at the next Annual General Meetin& This report was approved by the Trustee5 On................... and signed on their behalf by: PA Knights Chalmian
GUILDHALL FEOFFMEKr BURY ST EDMUNDS Independent Auditorfs report INDEPENDENT AUDtTORS' REPORTTOTHE MEMBERS OF GUILDHALL FEOFFMENT Oplnlon We have audited the financial statements of Guildhall Feoffment (the 'charl) for the year ended 31 Dember 2024 which comprise the Statement of financial activities, the Balan sheet and the related notes, including significant accounting policies. The financial reporknng framework that has been applied in their preparation is appli<able law and UnÉted Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally ACpted Accounting Prackncel. In our opinion the financial statements: give a true and fair view of the state of the chartivs affairs as at 31 December 2024, and of its incoming resour and application of resources, induding its income and expenditure for the year then ended: have been properly prepared in accordance wtth Untted Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Ba515 for opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI IISA5 {UKII and applicable law. Our responsibilitres under those standards are further described in the Auditors, responsibilities for the audit of the financial Statements sethon of our report. We are independent of the charity In accordance with the ethical requirements thatare relevantto our auditof thefinancial statements in the United fingdom. including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordancewiththese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provtde a basis for our opinion. Conduslons relatlng to goi concern In auditrng the financial statements, we have concluded thatthe Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material nrtaIntieS relating to events or conditions that, individually or collectively, may cast significant doubt on the charrtVs ability to continue as a goin8 concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilltles and the ponsibIlieS of the Tnstees with respert to going concern are described in the relevant secttons of thls report.
GUILDHALL FEOFFMENT BURY ST EDMUNDS Independent Auditorfs report Other information The other infonnation comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The TTU5tees are responsible for the other information. Our opinion on the financial statemerrts does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any fomi of assurance conclusion thereon. Our responsibiltty is to read the other infomiation and. In doing so. considerwhetherthe other infomiation is materially inconslstent with the financial statements, or our knowledge obtsined in the course of the audit, or otherwse appears to be Material mi55tated. If we identify such material inconsistencies or apparent material misststements. we are required to detennine whether this gNes rise to a material misstatement in the financial statements themselves. If. based on the work we have perfomied, we conclude that there is a material mi5Statement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on T*hlth we are requlred to report excepti We have nothing to report in respett of the following matters to which the Charitses (Accounts and Reports) Regulations 2[ requires u5 to report to you rf, in our opinion: the information given in Trustees. report is inconsistent in any material respect wh the financial statements- or suflicient accounting records haNE not been kept: or the financial statements are not in agreement wtth the accounting records: or we have not receNed all the information and explanations we require for our audit. Responsibilities of trustees explained MO fully in the Trustees. responsibilities statement. the Trustees are responsible for the preparation of the finanaal statements and for being 5ati5fied that they give a true and fair view. and for such internal control as the Trustees determine is nece55ary to enable the preparatlon of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statsments. the Trustees are responsible for assessing the thartty's ability to continue as a going concem, disclosin& as applicable. matters related to going concern and using the going concern basis of accounting unless theTrustees etther intendto liquidate the charity or to cease operats"ons, or have no realistic alternative but to do so.
GUILDHALL FEOFFMENT BURYST EDMUNDS Independent Auditorfs report Audltors, responsibilities forthe audit of the flnandal statements We have been appointed as auditor under sethon 144 of the Charities Act 2011 and report in accordan with the Act and relewdnt regu13tion5 made or having effect thereunder. Cr objectives are to obtsin reasonabte assurance attht whether the finanual ststements as a whole are free from material misstatement. whether due to fraud or error. and to issue an Auditors. report that includes our opinion. Reasonable assurante is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alvrdys detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonabty be expected to Influen the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-complian wtth laws and regulations. We design procedures in line wfch our responsibilthes, outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to whith our procedures are capable of deteciing irregularitles, induding fraud is detailed below: Enquiry of management alx)ut any known or5U5pected instances of nort-compliance with laws and regulations and fraud; Enquiry of management around actual and potential likngation and claims,. Reviewing finanaal statement disclosures and testing to supporting documentation to assess compliance wth applicable law5 and regulations; and Performing auditwork overthe risk of management ovenide of controls, including testing of journal entries and Other adjustments for appropriateness. and evaluating the business rationale of slgnificant transact6ons outside the course of Thom1 business. Because of the inherent limitations of an audi¢ there is a risk that we will not detect all irregularities including those leading to a material misststement in the financial statements or non-compliance with regulatlon. This risk increasesthe mrethat compliance with a lawor regulation is removed from the events and transactions refiected in the financial statements. as we will be less likelyto become aware of instances of non-compliance. The risk is also greater gardIng irregularities occurring due to fraud rather than error, as fraud invofves intentional ConalMent. fr)rgery, collusion. omission or misrepresentation. A further description of our respon%bilities ft)r the audit of the financial statements 15 located on the Financial Reporting Council's website at- www.frc.org.uvauditorsresponsibilities. This description form5 part of our Audwtors, report.
GUILDHALL FEOFFMEKr BURY ST EDMUNDS Independent Auditorfs report Use of our report This report is made solely to the charivs trustees. as a body. in accordan wf(h Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitys trustees those matters we are required to state tothem in an Auditors, report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charity and its members. as a ly)dy, forour audit work. for this rewrL or for the opinions we have formed. Naomi Hedger Chater Alan LLP ststutory Auditor 7 Quy Court Colliers Lane StOW-cum-Quv Cambridge CB25 9AU Date:...11...att.otw.....Jo.as Chater Allan LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companie5 Act 2006. io
GUILDHALL FEOFFMEKr BURY ST EDMUNDS Statement of Financial Activities for the year ended 31 December 2024 Note General Totsl l Deslykated Restrkw Total Charrty 2024 2023 Totsl INote 21 Income from charltuble athltle&" Residents Contributions Charitable Rents 209,932 673 4L669 251.601 673 226,384 1,620 Investment Incoff Rent 22.744 5.923 22.744 22,675 2,732 317 21,668 22,364 2,755 183 COIF Shares Bank Interest Wayleaves Sundry Income Totsl incoming res1r¢$ Expenditure Cost ofrotsln9fvnd5 Investrnent Property expenditure thuiitubleartivitles- 4,285 12,467 2,732 317 281 5,968 3,402 Almshouse provision Maintenance 17.181 15540 32.721 27.178 76,305 107,951 188.446 Running costs Staff and support costs Renovation 20,697 102,827 167,166 167.166 Charitable grants and donations Net inwmellempenditurel brfore Investment ga1(11)55e$I Net gainsl{105sesl on Inve5kn Realised gainslllossesl Unrealised gainslllossesl Unrealised Kdinsllloswl property Net Income 75.841 I16281} 16m2 1710381 1127,5981 55.382 127.2091 53.COJ 157,014 1146.2881 I1.223) 131.223 059 698 3 432 858 1389 491 5 882 047 5,850,436 55,382 2.103 53,IXM) 39,447 16593 12,719 159,209 28,721 31.611 TTrn5fer between fvnd5 Fund b?lance5 brwght fryward Fund balan carried f<rf*rd The statement of financial actrtieS indudes all 8ains and losses recognised in the year. All income and expenditure derive5 from continuing aLtNtties. An analysis by fund of the comparatives figures for 2023 is shown in note 2. li
GUILDHALL FEOFFMENT BURY sr EDMUNDS Balance sheet as at 31" December 2024 General Totsl Total 2024 2023 Fund Total Charity tharlty FIXED ASSErs Tan8ible A85ets Investment Property Investments 3.(i1).LK(t 71XI,(XKJ 3,7Th),C¢ID 3,700.0)0 505.C¥)O 452,WO 16i)9.265 1,621,780 505,LX 669.176 428.366 511.723 cuRREP ASSErs Debtors & prepayments Bank Balances 4.561 4,561 9,336 Deposit accounts Current accounts 2.595 116,474 25,875 28.470 116,474 43 27,082 96.304 378 Cash in hand CURRENT LIABILMES Creditors and accruals NET CURRENT ASSErs 81.354 25 107329 108,267 Intra Fund Balances io 73 NET ASSEIS FUND BALAN These financial statements were approved at a meeting ofthe Feoffees on.............. Signed on behalf of the board of Feoffees: PA Knights Chairn]an HR Saltmarsh The note5 on pages 10 to 19 fom part of these financial ststements. 12
GUILDHALL FEOFFMENT BURY ST EDMUNDS Notes forniing part of the financial statements for the year ended 31 December 2024 AccoupifiNG pouaES General inforniation The Guildhall Feoffment is an uninCorrated charity and 15 governed by a scheme of the Charity Commissioners dated 21 December 1988. The Charty registration number is 211060. St*mert ofcomplian These finanaal staternents have been prepared in Complian wth FRS 102.'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Ststement of Recommended Practice applicable to charities preparing their accounts in xcordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 102}l issued in October 2019, the Chartties Act 2011 and UK Generally Accepted Accounting Practice. The financial statements have been pyepared to give a 'true and fairf wew and have departed from the Charities {Accounts and Reports) Regulations 2(K)8 only to the extent required to provide a'true and fair viev/. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to tharities preparing their accounts in accordance with the Financial Rewrting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 ratherthan the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2015 which has sirKe been withdrdwn. The Charities collectively constitute as a public benefrt entity as defined by FRS 102. Basls of preparation The financial statements have been prepared on the historical cost basi5. modified to include certain items at fair value. The financial statements are prepared in sterlin& which is the functional currencv of the entity. Basls of Consolldatlon The financial statements consolidate the accounts of the charities administered by the Feoffees as detailed on page 2. 13
GUILDHALL FEOFFMENT BURYST EDMUNDS Notes forming part of the financial statements for the year ended 31 December 2024 (continued} Goi1¥ concern The financial statements have been prepared on a going concem basis, as the Feoffees believe no material uncertainties exist. The Feoffees have considered the level of funds held and the expetted level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expendrture 15 sufficient wtth the level of reserves for the charity to bè able to continue as a going conrn. Judgements and key sources of e#imation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimate5 andjudgements are continual reviewed and are based on experience and other fartors. induding expertations of future events that are believed to be reasonable under the arcumstances. Income Atl income is included in the Statement of Financial Activitles when entitlement has passed to the Charities. it is probable that the economic benefits associatsd wth the transartion will flow to the Charities and the amount can be reliably measured. The following speafic policies are applied to particular categories of inconr: Residenw contributions and Supporting PeOe income is accounted foron an accruals basi5: Investment income is induded when rNable. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is dasstfied under headings of the Ststement of Financial Activities to which it relate5. Charitable expendTrture comprises those costs incurred by the Charities in the delivery of their artNities and SeiceS for its beneficiaries. All support costs are attributable to the Charities, main artivity of almshouse provision. All costs are allocated between the expenditure categories of the Ststement of Financial Activities on a basis designed to reflect the use of the resource. 14
GUILDHALL FEOFFMEKr BURYST EDMUNDS Notes forming part of the financial statements for the year ended 31 Dember 2024 (continued) Depreclatl¢)n No depreciatlon 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 othertangiblefixed assets, atratestowriteoff the cost, le55 estimated residual value. of eath asset on a straight line basis over its expected usefijl life as follows:_ Fixtures & Fittings- 5 years. Fixed asset investmerrts Fixed asset investmerrts are induded at Maet value at the balance sheet date. Any gain orloss on revaluation is taken to the Statement of Financial Activities. No depreciation is charged on investment property. Investment properties are rewdlued at each balance sheet date. The Feoffees determine if there ha5 been any factors affeLting the market value of the investment properties. Should it be deemed necessary the fair value of investment propertie5 is to be detemiined from market-based evidence by appraisal that is normally undertaken by professionalty qualified valuers. No such valuation was deemed necessary at the balance sheet date. Debtors General debtors are recognised at the settlement amount due at the balance sheet date. Prepayments are recognised where the expenditure covers a pertod beyond the balance sheet date. with the amount spread evenly over the period of the expenditure. Accrued Income Is included at the best estimate of the amounts re1¥able at the balance sheet date. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term deposited funds with a short mat5Jrity of three months or less from the date of opening of the deposit or similar account. Credito Creditors are recognised where the charity has a present obligation resulting frorn a past event that 11 probably resu in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliabty. Creditors are normally recognised at thelr expetted settlement amount Oeferred Income is reccyisedwhere amounts are received in advance of the period to which they relate. 15
GUILDHALL FEOFFMENT BURYsf EDMUNDS Notes formlng part of the financial statements for the year ended 31 December 2024 (continued) Designated funds These represent funds designated by the Feoffees for spectfic purposes. Transfers to and from the general fund are made as the Feoffees direct Restrirted purpose fvnds These represent funds provided for specffic purposes that may only be utili5ed In accordan wfth temis specified by the Schemes of the Charity Commissioners orthe donor. Finanaal instwments The charty onty has finanual assets and finanaal liabilities of a kind that qualrfy as basic financlal instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured attheir settlement value. Taxatlon The Feoffment, as a charity. is not liable for assessment to tsx on its results and recoverable income tax is accrued within the financial statements. 16
GUILDHALL FEOFFMEKr BURY ST EDMUNDS Notes forming part of the financial ststements for the year ended 31 Dernber 2024 (continued) STATEMENT OF HNANaAL AcnvmES FOR ThE YEAR ENDED 31" DECEMBER 2023 2022 Fund Funds Fund5 Total Total Inme Fmm th¢7ritoble urtfvltl Residents Contributions 186.938 1.620 39.446 226,384 1,620 202,797 308 Charitable Rents Investment Ineorr Rent 21.668 5.842 21.668 22,364 2,755 183 20,662 22,277 945 COIF Shares Bank Interest Wayleaves Sundry Income Total Incomlng resourtes 4.226 122% 1755 183 183 Expenditure Cost ofrolslngfvnds Investment Property e¥pendiiure 3A)2 3.402 3,609 Ajmshouse provision Maintenan 18,096 76.305 27,178 76.305 107,951 188,446 53,720 66,253 92,304 112,536 Running costs Staff and support C05t5 Renovation 22,466 188.446 Charitable grants and donaticS Net iM>mel{expendituYel before inTRStment gains Net Ilossesllgains on inveslmpnts Realised gainslllossesl Unreali5ed gzinslllossesl 39,4T3 {184.2201 17,149 1127,5981 {88,2511 114,188 1299,2061 73,654 41,861 43,694 159,209 Net Income Trab)sfer between futrvls 139.4731 39,473 Fund balances bought forward Fund balances carried fonvard 17
GUILDHALL FEOFFMEKr BURYST EDMUNDS Notes forming part of the financial statements for the year ended 31 December 2024 (continued) TANGIBLE ASSETS Freehold Flxlure5 and fittir Total Cost or valuation At l January 2024 and 31 December 2024 3.71JO,INXI 1,734 3.701,734 Depreciotion At I january 2024 Charged during the year L734 1,734 At 31 December 2024 Net book value At 31 December 2024 3.7.(Kl 3,700,(M)O At 31 December 2023 3.7C(J.(IxI 3,700,c The Feoffment has almshouses in College Square. Northgate Street and Southgate Stree¢ Bury St Edmunds which We notionalty valued by the Feoffees at 31 December 2012 at £3,3,000. 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 £31)0,(XK) and £400,1TKJ resperte. 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 srte. Jankyn's Place and No Man's Meadows in Bury St Edmunds that are all held for charrtable purposes. These are of no significant financial benefit and the special nature of these properties means tt is not possible to provide a reliable measure of either cost or market value thereon. 18
GUILDHALL FEOFFME BURY ST EDMUNDS Notes forming part of the financial statements for the year ended 31 December 2024 {continued) INVESTMETr PROPERTY Valu(rtion At lJanuary2024 452,OCKI Revaluation 53,IXX) At 31 December 2024 505,(#)O The Feoffment holdstwo domestic properties as Investrnent properttes with values attributed by the Feoffees at 31 December 2024 as follow5: 113Sotrth8ate Stet, Bury St Edmund5. Valuation £325,CLK) (Cost in 21- £121,722) 9 St Peters Court, H05Pital Road. Bury St Edmunds. Valuation E180,OW IC05t- £59,350) INVESTMEN75 Market value at l January 2024 Sales Market value at GalM/ {losses) 31 December 2024 Charities Official Investment Fund Incom@ sha$ - Accumulation shares 814.616 807,164 18.402 39.083 833.018 776,247 170.LWI 1.621,780 {70.COJI 57.485 1.609,265 DEBTORS 2024 2023 Rents, contribirtions and deposits receivable Prepayments 5,852 3,484 2.931 4,561 9,336 19
GUILDHALL FEOFFMENr BURY ST EDMUNDS Notes forming part of the financial statements for the year ended 31 December 20241continued) CREDrroRS 2024 2023 Accruals and deferred income 423 24.833 Deferred income rdates to rentsl income received in advance. Deferred income of £1.127 was brought forward and released in the year, with £3.478 being deferred and carried forward into the year ended 31 December 2025. ALMSHOUSES MANAGEMEKf AND OTHER SUPPORT COSTS 2024 2023 Staff costs Inote 101 Staff expenses Insurances Telephone Subscriptions Office expenses Residents expenses Independent Auditor5 fees 74.570 2.220 75.275 2.336 5,605 1,277 886 4.195 8,477 9.9CKJ 1,376 2.377 7.194 lo22? 107,951 INDEPENDENT AUDITORS REMUNERATION 2023 Fees payable for the Independent Audit of the financial statements 9,9C io STAFF cosrs AND FEOFFEES, REMUNERATlCh 2024 2023 Salaries Social security costs Pension costs 1390 74,289 986 74570 75,275 20
GUILDHALL FEOFFMEKr BURYST EDMUNDS Notes forming part of the financial statements for the year ended 31 December 20241continued) No employee received remunerdtion amounting to rnre than £60,COJ in either year. The key management personnel of the charity comprise the Feoffees. The Feoffees neither received nor waived any remuneration during the year12023- £Nill. The average number of employees during the year was 512023- 51. li FUNDS SUMMARY AND AP4ALYSIS la) Summ Balance at Transfe In¥eslmenl Balance at Gains / (knsesl Oljan fhan8es in 2024 resources 31 Dec 2024 111 General Fund 131223 {21 Degnated Funds Tangible assets held for charitable purposes Cyclical maintenan Extraordinary maintenan Almshouse rebuilding 3.(W.( 3,CilO,000 93.177 1167,1661 93,303 13,115 32,429 43 3 417 793 131 Restrfrted Fund5 Jmshouse Residents 106.761 78.492 18.789 24.012 189.9TI 97. 367.867 1.748 2.102 15911 645 2,254 1,447 361 110,763 82,041 18,559 25,105 197.603 99,946 369,082 515 113 Batteley and Sutton Relief in Need Sir john James Imedical and Surgicall Guildhall Feoffment Educational Dr aopton's- General Fund Dr Clopton's- Endowment Fund Kytson Trust Fennell Memorial Hornes L492 1714 IL3861 1714 12.7141 3.420 2,188 2,601 1418 212 Tolal n5 71 21
GUILDHALL FEOFFMENT BURY ST EDMUNDS Notes forming part of the finanaal Statements for the year ended 31 December 2024 (continued) Ibl Analysls of Net A55ets Charikbk In¥estt IMnts Net Current Total at al Opc 2024 111 General 505 C#J) 669 176 121 De51gnated Fund5 Tangible assets held for charitable purposes Extraordinary maintenan hjmshouse reLwilding 3.(OJ.LK(I 3,IK)o,ofKJ 32,429 385 364 270.946 157 420 1238,5171 428 366 3 417 793 131 Restrirted Funds Ajmshouse Residents Batteley and Sutton Rèlief in Need Sirjohn James Imedical and rall Guildhall Feoffrnent Educatio1 Dr Clopton's-General Fund Dr Clopton's- Endowment Fund Kytson Trust Fennell me[rIal Home5 102.052 65.424 16.356 20.230 154,836 99.098 53.727 8.711 16,617 2,203 4,875 42.767 110,763 82,041 18.599 25.105 197,603 99.946 369.082 15,355 51 723 206 489 1.418,212 Total Assets The nature and purpose of the designated and restrirted funds are as follows: DeslgnatedFunds Freehold and leasehjld property Extraordinary maintenance Represents the net book value of the charivs property Funds designated for extraordinary repair or improvement of almshouses Fund5 designated for the rebuilding of alm5hou5e5 Almshouses rebuilding Re5trirted Fufftts Almshouse Residents Fund5 for the benefrt of almshouse residents a5 Specified by the Charity Commissioners, scheme dated 21 December 1988. IrKome to be applied for relief in need for the benefit of men resident in Bury St Edmunds who are mernbers of the Church of England. Income to be applied for the benefft of poor persons who are sick or infimi who reside in the Borough of Bury St Edmunds Funds for educational purposes as specified by the Charity Batteley and Sutton Relief in Need Sir John Jame5 Imedical and Surgicall Guildhall Feoffinent Educational
GUILDHALL FEoFFMEr BURYST EDMUNDS Notes forming part of the financial statements for the year ended 31 December 2024 (continued) Foundation Commissioners scheme dated 19 March 1985 Dr Clopton's- general and endowment Fund5 for the payment of pensions as specified by the Charity funds Commi55ioners 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. Property and fund5 for the prow5ion of accommodation for persons in reduced arcumstances. Fennell Memorial Homes The transfers from the general fund relate to further designation of funds for almshouse Maintenan and rebuilding in accordance with established policy. RELATED PARTY TRANSACTIONS Feoffees were reimbursed for expenses during the year of £NIL {2023- £NILI. There were no other transactions with Feoffees or related parties.