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- Co￿pted 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 RE￿1vER 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 FOundat￿n CHARrrY ADDRESS The Offi￿, 17 COl￿e 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 Acn￿lTIEs The charities now known collectively as the Guildhall Feoffment date from the 15th century and the first benefaction to be received was that of Jan￿n 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 re￿rt 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 PrO￿rtIes. The Feoffees monitorthe major strategic, busine55, and operational risksthat the charities fa￿ and ensure that prO￿dureS 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 Practi￿1. 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 d￿rity 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 De￿mber 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 applimel{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￿.(K￿l 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 respert￿e￿. 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 St￿et, Bury St Edmund5. Valuation £325,CLK) (Cost in 2￿1- £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 lo2￿2? 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 13￿90 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 De￿gnated 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 ￿n￿5 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¥est￿t IM￿nts 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 ￿r￿all Guildhall Feoffrnent Educatio￿1 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 FEoFFME￿r 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.