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2025-03-31-accounts

TOWN LANDS Registered charity number 217499

and

NEEDHAM MARKET AND BARKING ALMSHOUSE CHARITY Registered charity number 237432

together known as

NEEDHAM MARKET AND BARKING WELFARE CHARITIES

Annual Report of the Trustees

and Financial Statements

for the year ended

31 March 2025

Needham Market and Barking Welfare Charities Charity numbers 217499 & 237432

INTRODUCTION

The charities exist to benefit residents of Needham Market town and the neighbouring parish of Barking in Suffolk – their Charitable Objects are shown on page 4.

Grants may be approved to organisations based outside the charities' area of benefit provided the application demonstrates a tangible benefit to residents of Needham Market and/or Barking.

Applications

Guidance and application forms can be obtained from the Clerk to the Trustees – contact details on page 3.

Trustees expect grants to be taken up as soon as possible after approval, otherwise funds are blocked that might otherwise be better utilised by other applicants in the year.

INDEX TO CONTENTS

Page

Annual Report

Financial Statements

~ 2 ~

Needham Market and Barking Welfare Charities Charity numbers 217499 & 237432

REFERENCE AND ADMINISTRATIVE DETAILS

TRUSTEES:

TRUSTEES:
(at date of signing the Trustees' Report) Basis1 Term Committees2
Mrs J R Annis,Chairman C 2022-2027
AH		 F G L
Mr D G Bishop C 2023-2028
AH		 G* L*
Mr S Cochrane C 2024-2029 L
Revd T James (see below) NM 2025-2028
AH
Mrs S Osborn NM 2022-2026
AH*
Mr G F Oxenham NM 2022-2026 F* G
Mr S Phillips,Vice-Chairman C 2024-2029
AH		 F G L
Mr C M Walker C 2022-2027 F G L
Vacancy (two) B
Vacancy C
Revd T James appointed 3 September 2024
Mr T Lawrence resigned 14 January 2025

1 Basis of appointment : NM: 3 nominated by Needham Market Town Council B: 2 nominated by Barking Parish Council C: 6 Co-optative

2 Committees : AH = almshouses F = finance G = grants L = lands * Chair

Clerk to the Trustees: Mrs L S Mills

Principal Address: Needham Market Town Council Office School Street, NEEDHAM MARKET, Suffolk IP6 8BB Contact details: Website: nmbwc.onesuffolk.net Email: nmbwc@btinternet.com Telephone: 01449 722494

ADVISERS , and their Registered Office

Independent Examiner: D Farrow, ACA Affinia Ipswich (formerly LB Group) 80 Compair Crescent, IPSWICH, Suffolk IP2 0EH Bankers: TSB Bank plc Henry Duncan House, 120 George Street, EDINBURGH EH2 4LH Barclays Bank Plc Business Banking, LEICESTER LE87 2BB CCLA Investment Management Ltd One Angel Lane, LONDON EC4R 3AB Investment Managers: Rathbones Investment Management Ltd - London office Reg.Office : Port of Liverpool Building, Pier Head, LIVERPOOL L3 1NW Reg.Office for post : P O Box 1965, Liverpool L69 3HU J M Finn & Co Ltd - Bury St Edmunds office 25 Copthall Avenue, LONDON EC2R 7AH Lawyers : Birketts LLP Providence House, 141-145 Princes Street, IPSWICH, Suffolk IP1 1QJ

~ 3 ~

Needham Market and Barking Welfare Charities Charity numbers 217499 & 237432

ANNUAL REPORT OF THE TRUSTEES

The Trustees present their Annual Report with the financial statements for the year ended 31 March 2025.

Statement of compliance

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice (SORP): Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) issued in October 2019 and Charities Act 2011 and UK Generally Accepted Practice as it applies from January 2019.

Part 1 – OBJECTIVES AND ACTIVITIES; ACHIEVEMENTS AND PERFORMANCE

Needham Market and Barking Welfare Charities (the “ Charities ”) comprise two separate funds registered with the Charity Commission, with common trustees:

  1. The Town Lands charity, registered number 217499 (" Town Lands ")

  2. The Needham Market and Barking Almshouse Charity, registered number 237432 (" Almshouse ")

Charitable Objects

The area of benefit for both funds is restricted by the 1980 Scheme of the Charity Commission to the town of Needham Market and the parish of Barking in Suffolk.

In April 2013, the parish of Darmsden was formed from a revision of the Barking parish boundary; Trustees had regarded reference to “parish of Barking” in the Scheme document to include the parish of Darmsden, but now concur with an 1875 Minute that Darmsden residents are not entitled to benefit from the Charities.

Public Benefit

Trustees are aware of and have due regard to Charity Commission guidance on public benefit, and have taken it into account when making any decision. This report demonstrates activities undertaken for public benefit that are beneficial to individual inhabitants or to the community generally.

Objectives

Trustees aim to achieve the Objects by working with individuals and organisations in the local community. Current objectives to achieve those aims are:

Activities

Grants approved in the year are summarised in Note 3 to the financial statements.

Ongoing activities

In addition to reviewing grant applications in the year, the Charities provide ongoing activities. These are at the discretion of the Trustees, who review their nature and extent to best utilise the Charities' available resources.

Ongoing facilities currently comprise:

  1. The historic Camping Land , for use as a public recreation and amenity area

  2. Minibus expenses, in partnership with Town Council and the Community Centre - the minibus provides essential mobility for older residents.

  3. Allotments at Quinton Road, Needham Market - see Plans for the Future, page 5

~ 4 ~

Charity numbers 217499 & 237432

Needham Market and Barking Welfare Charities

ANNUAL REPORT

For the year ended 31 March 2025 – Part 1 continued

Achievements and Performance

Town Lands

Trustees assist individuals and groups with hardship grants in a period of continuing cost-of-living issues, including on-going support of the Citizens' Advice Bureau to sign-post local help available, plus St John's "Pantry" food-bank at the Ark church hall.

During the year, Town Lands supported Almshouse tenants with expenses to fit out the new Creeting homes, and assisted where necessary with their moving costs, totaling £22,993.

Apart from grants to individuals and for on-going facilities, grants made in the year include:

Trustees also worked with the Scouts to facilitate their new hut on the Camping Land, which is now under construction.

Almshouse

The project to build 6 new charity homes on the Creeting land completed in the year - see Note 5. Now fully occupied, they were officially opened by the Vice Lord-Lieutenant of Suffolk, Robert Rous. Unlike Drift Court that is restricted to older people, the new homes will also target younger people in need, and include bungalows designed to be wheelchair-friendly.

The project had a very unique approach with the appointed developer, Ruby Homes, part of the local DAB Group. The contract comprised an agreed £1.63m proceeds for the sale of charity land in a simultaneous exchange for freehold buildings at an agreed price of £1.67m, thus setting-off cash flows - see Notes 5 & 6. Working closely with the developer, the charity helped resolve issues as the project progressed.

Trustees remain pro-active to assist residents with any issues that arise during the year, and help to resolve matters for the benefit of all.

Plans for the Future

Cost-of-living issues remain a major concern. Town Lands funds are able to respond to anticipated demand.

As reported last year, it has become increasingly complex over the last decade to administer the allotments, which has become a net cost to the charity. Allotments are not a statutory obligation of Trustees. Historically, charity land is to generate the best available income to spend on primary Objects. After evaluating options, Trustees are winding down direct involvement in day-to-day operations, and completely from October 2025.

Designated funds

Annual budgets put funds aside for future commitments - see Note 9(b).

Part 2 – FINANCIAL REVIEW

Financial Summary

The financial results for the year are shown on pages 9 to 15.

Reserves

Town Lands aim to spend realised annual income, with a balance between current expenditure (possibly with multi-year benefits) and capital growth for future beneficiaries.

Almshouse aim to accumulate financial assets to replace the buildings at the end of their useful life.

Performance

Trustees remain confident that future beneficiaries can be serviced on a similar basis to current beneficiaries. Sufficient funds are available to meet current obligations agreed by the Trustees.

~ 5 ~

Needham Market and Barking Welfare Charities Charity numbers 217499 & 237432

ANNUAL REPORT

For the year ended 31 March 2025 – Part 2 continued

Investments

Trustees delegate investment of financial assets to professional investment managers. Trustees' guidelines include:

Town Lands is a traditional endowment that requires income for current grant-making, with capital to grow to provide income for future beneficiaries. Investment Policy provides for a balanced return from income and capital growth.

Almshouse endowment funds include land & buildings plus financial assets available for future property needs. Investment Policy allows flexibility to the fund manager for capital growth only , until such time that invested funds are required for capital projects.

Performance

After investment income and management fees, investments of £1.80 million (2024: £1.89 million) reported a £23,570 loss in the year (2024: £135,277 gain). World stock markets fell dramatically just after the year-end, before recovering. Markets remain volatile, as a consequence of substantial imposition of American tariffs and reciprocal political reaction worldwide.

Trustees take a long-term view of unrealised movements, as stock markets are expected to rise and fall over multi-year periods, typically five to ten-year cycles.

Trustees expect annual income from interest & dividends to fall slightly in the next year. Trustees have sufficient income reserves to ride out any market storm.

Risk Assessment

Trustees examine the strategic, business and operational risks to which the Charities may be exposed, and regularly review all possible risks. They consider the major risks arise from:

(a) Operation of a public open space

The area historically known as the Camping Land in Needham Market is regularly maintained. Allotments are overseen by trustees and by members of the local Allotment Holders Association to alleviate issues that arise.

(b) Effects of inflation on income and therefore future grant-making ability The Reserves strategy attempts to address this concern.

Part 3 – STRUCTURE, GOVERNANCE & MANAGEMENT

Constitution

The governing document is a Scheme of the Charity Commissioners dated 3 March 1980.

The Charities are managed by a common body of up to eleven persons (the “Trustees”) comprising:

Vacancies are filled by the trustees and councils, who seek individuals with the skills and experience needed based on personal knowledge or by advertisement in the local press. On appointment, new trustees are given a copy of the Scheme document and the latest Annual Report and financial statements, together with further information such as relevant Charity Commission guidance.

Trustees aim to update the 1980 Scheme towards a modern Charity Commission model in the next year.

~ 6 ~

Charity numbers 217499 & 237432

Needham Market and Barking Welfare Charities

ANNUAL REPORT

For the year ended 31 March 2025 – Part 3 continued

Governance

Trustees appoint their Chairman, and agree the nature and membership of advisory committees, currently: almshouses, finance, grants, and lands (including allotments).

Decisions are made by majority of trustees present at meetings of all Trustees. There shall be at least four such meetings in any year.

Trustees are assisted in their day-to-day duties by the appointment of a Clerk. Trustees appoint professional advisers, as required – see page 3.

Trustees

Trustees who served during the financial year (and to the date of signing the Trustees' report) are shown on page 3, together with current composition of committees. Appointments are normally made at the Charities’ Annual Meeting in October, where retiring trustees may be re-appointed.

Revd T James was appointed on 3 September 2024 as a Needham Market Town Council nominee, to serve an initial term to 2028, and Mr Phillips was re-designated as a Co-optative nominee. At the annual meeting, Messrs Cochrane & Phillips were re-appointed to 2029. Mr T Lawrence resigned on 14 January 2025.

There are three vacancies: two Barking Parish Council nominees and a Co-optative nominee.

Statement Of Trustees’ Responsibilities

Trustees are responsible for preparing the Trustees’ Annual Report and 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 and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the Charities’ state of affairs and of the incoming resources and application of resources of the Charities for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charities and enable them to ensure that the financial statements comply with Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2018 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charities and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 31 July 2025 and signed on their behalf by:

Mrs J R Annis – Chairman of Trustees

~ 7 ~

Needham Market and Barking Welfare Charities Charity numbers 217499 & 237432

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

I report to the trustees of the Needham Market and Barking Welfare Charities on my examination of the Charities’ accounts for the year ended 31 March 2025, which are set out on pages 9 to 15.

Responsibilities and basis of report

As the Charities’ 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 trustee’s accounts carried out under section 145 of the 2011 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 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed : D Farrow, ACA Address: Affinia Ipswich 80 Compair Crescent, IPSWICH, Suffolk IP2 0EH

Date: 1 August 2025

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Needham Market and Barking Welfare Charities Charity numbers 217499 & 237432

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2025

Total Town Lands
charity217499		 Town Lands
charity217499		 Almshouse
charity237432		 Almshouse
charity237432
2025 2024 Note Unrestricted Endowment 2025 2024 Unrestricted Endowment 2025 2024
£ £ £ £ £ £ £ £ £ £
Income and endowments from:
3,953 5,313 Income from ground rents 1 12 - 12 1,372 3,941 - 3,941 3,941
48,877 48,670 Investment income 1 44,685 - 44,685 40,383 4,192 - **4,192 ** 8,287
52,830 53,983 44,697 - **44,697 ** 41,755 8,133 - 8,133 12,228
Expenditure on:
12,696 13,482 Investment management costs 2 - 10,106 10,106 9,697 - 2,590 2,590 3,785
63,217 26,994 Charitable activities 3 51,372 - 51,372 26,309 11,845 - 11,845 685
75,913 40,476 51,372 10,106 61,478 36,006 11,845 2,590 14,435 4,470
(23,083) 13,507 Net income (expenditure) (6,675) (10,106) (16,781) 5,749 (3,712) (2,590) (6,302) 7,758
(23,570) 135,277 Gains (losses) on investments - (20,122) (20,122) 94,825 - (3,448) (3,448) 40,452
1,509,425 - Extraordinary item 6 - - - - - 1,509,425 1,509,425 -
1,462,772 148,784 Net movement in funds for the year (6,675) (30,228) (36,903) 100,574 (3,712) 1,503,387 1,499,675 48,210
2,600,031 2,451,247 Total funds brought forward 11 290,586 1,480,563 1,771,149 1,670,575 142,639 686,243 828,882 780,672
4,062,803 2,600,031 Total funds carried forward 283,911 1,450,335 1,734,246 1,771,149 138,927 2,189,630 2,328,557 828,882

The analysis of Unrestricted and Endowment funds for the prior year is shown in Note 11.

The policies and notes on pages 11 to 15 form part of these financial statements.

~ 9 ~

Needham Market and Barking Welfare Charities Charity numbers 217499 & 237432

STATEMENT OF FINANCIAL POSITION

At 31 March 2025

Total Town
charity		 Lands
217499		 Almshouse
charity237432		 Almshouse
charity237432
2025 2024 Note 2025 2024 2025 2024
£ £ £ £ £ £
Fixed assets
2,012,789 431,636 Property 5 8,718 8,718 2,004,071 422,918
1,795,883 1,890,678 Investments at market value 7 1,516,979 1,545,547 **278,904 ** 345,131
3,808,672 2,322,314 **1,525,697 ** 1,554,265 2,282,975 768,049
Current assets
111,714 85,886 Investments 7 85,886 85,886 25,828 -
4,657 3,941 Debtors - accrued income - - 4,657 3,941
149,795 207,549 Cash at bank 134,698 147,972 **15,097 ** 59,577
266,166 297,376 Total current assets 220,584 233,858 45,582 63,518
Current liabilities
(12,035) (19,659) Creditors due in less than one year 8 (12,035) (16,974) - (2,685)
**254,131 ** 277,717 Net current assets 208,549 216,884 **45,582 ** 60,833
4,062,803 2,600,031 Total assets less current liabilities 1,734,246 1,771,149 **2,328,557 ** 828,882
Funds of the Charities
422,838 433,225 Income funds: unrestricted 9, 10 283,911 290,586 138,927 142,639
3,639,965 2,166,806 Endowment funds 9, 10 1,450,335 1,480,563 2,189,630 686,243
4,062,803 2,600,031 1,734,246 1,771,149 **2,328,557 ** 828,882

The policies and notes on pages 11 to 15 form part of these financial statements.

Approved by the Trustees on 31 July 2025 and signed on their behalf by:

Mrs J R Annis – Chairman of Trustees

Mr G F Oxenham, FCG – Chairman, Finance Committee

~ 10 ~

Needham Market and Barking Welfare Charities Charity numbers 217499 & 237432

STATEMENT OF ACCOUNTING POLICIES

Year ended 31 March 2025

The significant accounting policies used by the Charities, consistently applied unless otherwise stated, are:

Public Benefit Entity

Each charity is a Public Benefit Entity as defined by FRS 102: an entity whose primary objective is to provide goods or services to the general public, community or social benefit (rather than provide a financial return to equity providers, shareholders or members).

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing accounts in accordance with the Financial Reporting Standard (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice. The financial statements are prepared under the historical cost convention, modified to include certain items at fair value, and presented in sterling which is the Charities' functional currency.

Going Concern

The financial statements are prepared on a going concern basis, as Trustees believe that no material uncertainties exist for each charity. In making their assessment, Trustees consider the level of funds held and the expected level of income and expenditure for at least 12 months from authorising these financial statements, and concluded that budgeted income and expenditure is sufficient with the level of reserves for the Charities to continue as going concerns.

Fund structure & Objects

All funds are used for the Charities’ Objects.

Income recognition

All incoming resources are recognised in the financial statements as soon as all conditions for receipt have been met, namely: entitlement, probability of timing, and measurement of amount.

Expenditure recognition

Charitable grants and other expenditure are recognised in the financial statements as soon as there is a legal or constructive obligation committing the charity to the expenditure. Expenditure on charitable activities includes all overhead and governance costs that are incurred in support of the charitable Objects.

Taxation

No tax charge arises as the Charities are exempt from taxation of income and gains to the extent they are applied to charitable purposes. The Charity is not registered for VAT; irrecoverable VAT is reported as part of the expenditure to which it relates.

Freehold Properties

Freehold properties are held for the Charities’ use and are stated at nominal or cost value, as appropriate. No depreciation is charged on freehold land; buildings are depreciated only if impairment to their value has occurred. Costs incurred to bring a tangible asset into its intended working condition is included with the property’s cost.

Investments

Investments are initially shown at fair value (normally the transaction price including transaction costs) and subsequently measured at their fair (market) value. Changes in value during the year, whether realised or unrealised, are included in the Statement of Financial Activities.

Financial Instruments

Apart from investments, the Charities only have financial assets and liabilities that are regarded as basic financial instruments, which are initially recognised at transaction value and subsequently measured at their settlement value.

~ 11 ~

Needham Market and Barking Welfare Charities Charity numbers 217499 & 237432

NOTES TO THE ACCOUNTS

Year ended 31 March 2025

1 Income from investments and rents

Investment income arises principally from funds under long-term investment, plus interest received from current asset deposits.

Income from rents include ground rents from land and buildings, and from allotments and way-leaves.

Rents for the new Creeting properties, rising annually by inflation, will accrue in the next year. Drift Court is reviewed every five years; the last review was 2022 effective February 2023.

2 Investment management costs

Investment managers are paid a fee according to the total funds under their management. Gross fees for the year were £12,696 (2024: £13,482) including VAT. Additional fees arise from transaction charges.

3
Charitable activities
Grants approved in the year comprise:
Grants to individuals in need
Town Lands grant to Almshouse tenants
Grants for relief of old age or sickness
Other grants to benefit the community
Void expenses
Total grants approved in the year
Support costs comprise:
Clerk’s salary and pension costs
Independent examination fee
Almshouse contribution to Town Lands
Legal and professional fees
Meeting room hire
Other expenses
Total attributed support costs
Total grants and attributed support costs		 Town Lands
2025
£
1,768
22,993
6,162
10,177
-
41,100
11,074
1,200
(5,000)
1,800
170
1,028
10,272
51,372

The principal grants approved in the year are stated in the Trustees Report. During the year, Town Lands also supported Almshouse tenants with expenses to fit out the new Creeting homes, and assisted where necessary with their moving costs.

Void expenses are those necessarily incurred before Almshouse properties can be occupied, such as utilities and council tax.

The movement in Town Lands comprises:
Grants approved not yet paid - Note 8		 Brought
Forward
Under/(over)
provisions
Grants approved
in the year
Grants paid
in the year
Carried
Forward
£
£
£
£
£
10,296
-
41,100
(45,681)
5,715

Town Lands employs the Clerk and pays the Examiner fees; Almshouse now pays a contribution based on apportionment of estimated time incurred. Support costs include governance costs, and are 100% allocated to charitable activities. There were no employees earning more than £60,000 during the year (2024: none).

4 Transactions with trustees and connected persons

None of the trustees received remuneration during the year (2024: £nil) and no expenses were claimed or reimbursed during the year (2024: £nil).

None of the trustees or members of key management or parties related to them has undertaken any material transactions with the Charities or with connected persons during the year (2024: £nil).

~ 12 ~

Charity numbers 217499 & 237432

Needham Market and Barking Welfare Charities

NOTES TO THE ACCOUNTS

Year ended 31 March 2025 - continued

5
Fixed Assets - property
Land and freehold buildings comprise:
Drift Court – land (value of gift)
Drift Court – buildings (net cost)
Freehold buildings – Drift Court
Freehold buildings – Creeting St Mary
Land at Creeting St Mary – 6 acres
Camping Land – 4 acres
Land at Quinton Road – allotments		 Town Lands
2025
£
-
-
-
-
2,400
6,318
8,718

Two pre-1860 almshouses had become difficult to maintain and let. With Charity Commission approval, Trustees replaced them with modern facilities, in two phases:

The homes are managed by the Orwell Housing Association, with the charity retaining Nomination Rights.

6 Extraordinary item - Almshouse fund

The project to provide 6 new homes on the Almshouse land at Creeting St Mary completed in the year. The cost of the new freehold buildings & associated extraordinary income comprise:

Land at Creeting - agreed proceeds
Land at Creeting - original cost
Buildings - agreed cost (freehold)
Buildings - additional specifications
Legal fees incurred re Completion
Development expenses incurred
7(a)
Investments at market value
Fixed asset investments comprise:
Listed investments at market value
Brought forward at beginning of year
Add: additions to investments, at cost
Less: disposals at carrying value
Net gains(losses) on revaluation
Carried forward at end of year
Cash held as part of investment portfolio
Total investments at market value
comprising:
Investments and cash at original cost
Cumulative unrealised investment gains		 Costs b/f
£
-
6,250
-
13,890
-
88,597
108,737
per Note 5
Town Lands
2025
£
1,491,225
277,460
(272,647)
(20,372)
1,475,666
41,313
1,516,979
1,255,733
261,246

Current asset investments are bank deposits available for use during the year, plus medium-term reserves for Town Land projects and for Almshouse repairs or alterations required on change of tenant.

~ 13 ~

Needham Market and Barking Welfare Charities

Charity numbers 217499 & 237432

NOTES TO THE ACCOUNTS

Year ended 31 March 2025 - continued

7(b) Investments at market value

Town Lands investments are stated after transferring out £37,527 (2024: £35,776) generated from interest and dividends and received into the charity's bank accounts to provide funds for grant-making.

Almshouse investments are stated after transferring out £65,000 (2024: £115,000) to finance completion of new buildings and £1,575 (2024: £nil) generated from interest and dividends and received into the charity's bank accounts, plus transfer in from rents received of £3,942 (2024: £3,942).

There are no material individual investments; investments in unit trusts are regarded as fully diversified. All listed investments are on a UK-recognised stock exchange.

8
Creditors
Allotment deposits received
Grants approved not yet paid - Note 3
Accruals and deferred income
Amounts falling due within one year		 Town Lands
2025
£
2,200
5,715
4,120
12,035

Grants for ongoing activities include accrued estimates where final bills are outstanding. There are no other commitments, liabilities or provisions that are not included in these financial statements.

9(a)
Summary of fund movements
Town Lands
Unrestricted funds
Designated - medium-term projects
General funds: undistributed income
Endowment funds
Funds utilised for fixed assets
Unrealised investment gains
General endowment funds
Total funds: Town Lands
Almshouse
Unrestricted funds
Designated - Replacement Fund
Designated - Repair Fund
General funds: undistributed income
Endowment funds
Funds utilised for fixed assets
Unrealised investment gains
Designated - Drift Court replacement
Designated - Replacement Fund
Total funds: Almshouse
Total charity funds		 Brought
Forward
Incoming
Resources
Outgoing
Resources
Transfers
Gains &
Losses
Carried
Forward
£ ‘000
£ ‘000
£ ‘000
£ ‘000
£ ‘000
£ ‘000
25
-
-
25
-
50
266
44
(51)
(25)
-
**234 **
291
44
(51)
-
-
**284 **
9
-
-
-
-
9
291
-
-
-
(30)
261
1,180
-
(10)
-
10
1,180
1,480
-
(10)
-
(20)
1,450
1,771
44
(61)
-
(20)
**1,734 **
-
-
-
104
-
104
52
-
-
(27)
-
25
91
8
(12)
(77)
-
10
143
8
(12)
-
-
139
423
1,509
-
72
-
2,004
172
-
-
-
(32)
140
50
-
-
(50)
-
-
41
-
(2)
(22)
29
46
686
1,509
(2)
-
(3)
2,190
829
1,517
(14)
-
(3)
2,329
2,600
1,561
(75)
-
(23)
4,063

~ 14 ~

Needham Market and Barking Welfare Charities

Charity numbers 217499 & 237432

NOTES TO THE ACCOUNTS

Year ended 31 March 2025 - continued

9(b) Designated funds

Cash is maintained in current & deposit accounts for budgeted income and expenditure in any year, with a contingency reserve. At the Trustees' discretion, designated funds are earmarked for specific projects or reserves in the medium or long term, and are covered by financial assets set aside for that purpose.

(1) Medium-term

Town Lands designate £25,000 (2024: £25,000) for its ongoing commitment to replace the 2013 minibus as and when required, and a further reserve of £25,000 (2024: £nil) for large grants or projects.

Almshouse designate £25,000 (2024: £nil) as a Repair fund, to be used for general repair of its buildings or for adapting a particular home for any special needs upon change of tenancy.

(2) Long-term

Town Lands aim to transfer remaining surplus funds to its investment portfolio, to maximise growth of both income for current grant-making and capital for future grant-making.

Almshouse aim to transfer remaining surplus funds to its investment portfolio, as a Replacement fund, to provide financial assets sufficient to replace the buildings at the end of their useful life.

10 Summary of net assets by fund

Total funds comprise:
Fixed assets: property
Fixed assets: investments
Current asset investments
Other current assets
Current liabilities		 Unrestricted
Endowment
2025
£ ‘000
£ ‘000
£ '000
-
2,013
2,013
169
1,627
1,796
112
-
112
154
-
154
(12)
-
(12)
423
3,640
4,063		 2024
£ '000
432
1,890
86
212
(20)
2,600

11 Statement of Financial Activities for the prior year

The analysis of Unrestricted and Endowment balances for the prior year are as follows:

Income and endowments from:
Investment income
Charitable activities: income
from rents
Expenditure on:
Investment management costs
Charitable activities
Net income (expenditure)
Gains (losses) on investments
Net movement in funds
for the year
Total funds brought forward
Total funds carried forward		 Town Lands, charity217499

~ 15 ~