# 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_ 

- Reference and Administrative Details 

**Annual Report** 

- _**Part 1** – Objectives and Activities; Achievements and Performance_ Charitable Objects Public Benefit Objectives Activities Achievements and Performance Plans for the Future 

- _**Part 2** – Financial Review_ Financial Summary Reserves Investments Risk Assessment 

- _**Part 3** - Structure, Governance and Management_ Constitution Governance Trustees Statement of Trustees' Responsibilities 

- 8 **Independent Examiner’s Report** 

## **Financial Statements** 

- 9 Statement of Financial Activities 10 Statement of Financial Position 11 Statement of Accounting Policies 

- 12-15 Notes to the Accounts 

~ 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|<br>AH|F|G|L|
|Mr D G Bishop|C|2023-2028|<br>AH||G*|L*|
|Mr S Cochrane|C|2024-2029||||L|
|Revd T James (see below)|NM|2025-2028|<br>AH||||
|Mrs S Osborn|NM|2022-2026|<br>AH*||||
|Mr G F Oxenham|NM|2022-2026||F*|G||
|Mr S Phillips,_Vice-Chairman_|C|2024-2029|<br>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** 

- _Town Lands_ : Trustees shall apply available income for grant-making in the following priority: 

   1. To relieve, generally or individually, residents in need, hardship or distress 

   2. To provide relief for old age or sickness in the area 

   3. To use the balance of income for such charitable purposes for the general benefit of the inhabitants as the Trustees think fit 

- _Almshouse_ : to benefit local residents in need of sheltered accommodation 

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: 

- _Town Lands:_ to consider applications from individuals and organisations, ensuring individual applicants have received any statutory benefits to which they are entitled. 

- _Almshouse:_ to ensure the charity's homes have full occupancy, and maintained to a high standard for the comfort & well-being of its tenants. The homes are managed by the Orwell Housing Association, with the charity retaining Nomination Rights. 

## **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: 

- £5,000 to Barking Community Hall, to help modernise the kitchen after flooding issues 

- £4,000 to Bosmere Primary School, to provide new computer equipment 

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. 

- **Incoming resources £52,830** (2024: £53,983) includes investment income £48,877 (2024: £48,670). 

- **Resources expended £75,913** (2024: £40,476) includes expenditure on charitable activities and support costs of £63,217 (2024: £26,994) - see Note 3. 

## **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: 

- increase funds at least in line with inflation over the long term 

- asset allocation subject to a prudent level of risk and the need for diversification 

- managers’ performance and costs monitored against suitable benchmarks 

_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: 

- five " _Nominative_ " trustees appointed for up to four years - three nominated by Needham Market Town Council and two nominated by the Parish Council of Barking, and 

- six " _Co-optative_ " trustees, who are resident or employed in the area, appointed for up to five years. 

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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP 2019 (FRS 102); 

- 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 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: 

- (1) accounting records were not kept in respect of the Charities as required by section 130 of the Act; or 

- (2) the accounts do not accord with those records; or 

- (3) 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. 

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

Date: _1 August 2025_ 

~ 8 ~ 



Needham Market and Barking Welfare Charities Charity numbers 217499 & 237432 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

For the year ended 31 March 2025 

|**Total**|||||**Town Lands**<br>charity217499|**Town Lands**<br>charity217499||||**Almshouse**<br>charity237432|**Almshouse**<br>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**<br>charity|**Lands**<br>217499||**Almshouse**<br>charity237432|**Almshouse**<br>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. 

- Restricted funds, including endowment capital & expendable income, are used by Trustees for purposes specified by donors. 

- Unrestricted funds are expendable at the discretion of the Trustees. 

- Designated funds are funds earmarked at the Trustees' discretion for specific projects or reserves. 

## **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**<br>**Charitable activities**<br>Grants approved in the year comprise:<br>Grants to individuals in need<br>Town Lands grant to Almshouse tenants<br>Grants for relief of old age or sickness<br>Other grants to benefit the community<br>Void expenses<br>Total grants approved in the year<br>Support costs comprise:<br>Clerk’s salary and pension costs<br>Independent examination fee<br>Almshouse contribution to Town Lands<br>Legal and professional fees<br>Meeting room hire<br>Other expenses<br>Total attributed support costs<br>Total grants and attributed support costs|Town Lands|
|---|---|
||**2025**<br>**£**<br>**1,768**<br>**22,993**<br>**6,162**<br>**10,177**<br>-<br>**41,100**<br>**11,074**<br>**1,200**<br>**(5,000)**<br>**1,800**<br>**170**<br>**1,028**<br>**10,272**<br>**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:<br>Grants approved not yet paid - Note 8|Brought<br>Forward<br>Under/(over)<br>provisions<br>Grants approved<br>in the year<br>Grants paid<br>in the year<br>Carried<br>Forward<br>£<br>£<br>£<br>£<br>**£**<br>**10,296**<br>-<br>41,100<br>(45,681)<br>**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**<br>**Fixed Assets - property**<br>Land and freehold buildings comprise:<br>Drift Court – land (value of gift)<br>Drift Court – buildings (net cost)<br>Freehold buildings – Drift Court<br>Freehold buildings – Creeting St Mary<br>Land at Creeting St Mary – 6 acres<br>Camping Land – 4 acres<br>Land at Quinton Road – allotments|Town Lands|
|---|---|
||**2025**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**2,400**<br>**6,318**<br>**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: 

- 2007-2008  Drift Court 2 buildings = 4 homes 

- 2024-2025  Creeting St Mary 3 buildings = 6 homes 

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<br>Land at Creeting - original cost<br>Buildings - agreed cost (freehold)<br>Buildings - additional specifications<br>Legal fees incurred re Completion<br>Development expenses incurred<br>**7(a)**<br>**Investments at market value**<br>Fixed asset investments comprise:<br>Listed investments at market value<br>Brought forward at beginning of year<br>Add: additions to investments, at cost<br>Less: disposals at carrying value<br>Net gains(losses) on revaluation<br>Carried forward at end of year<br>Cash held as part of investment portfolio<br>Total investments at market value<br> _comprising_:<br>Investments and cash at original cost<br>Cumulative unrealised investment gains|Costs b/f<br>£<br>-<br>6,250<br>-<br>13,890<br>-<br>88,597<br>108,737<br>per Note 5|
|---|---|
||Town Lands|
||**2025**<br>**£**<br>**1,491,225**<br>**277,460**<br>**(272,647)**<br>**(20,372)**<br>**1,475,666**<br>**41,313**<br>**1,516,979**<br>**1,255,733**<br>**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**<br>**Creditors**<br>Allotment deposits received<br>Grants approved not yet paid - Note 3<br>Accruals and deferred income<br>Amounts falling due within one year|Town Lands|
|---|---|
||**2025**<br>**£**<br>**2,200**<br>**5,715**<br>**4,120**<br>**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)**<br>**Summary of fund movements**<br>**Town Lands**<br>_Unrestricted funds_<br>Designated - medium-term projects<br>General funds: undistributed income<br>_Endowment funds_<br>Funds utilised for fixed assets<br>Unrealised investment gains<br>General endowment funds<br>Total funds: Town Lands<br>**Almshouse**<br>_Unrestricted funds_<br>Designated - Replacement Fund<br>Designated - Repair Fund<br>General funds: undistributed income<br>_Endowment funds_<br>Funds utilised for fixed assets<br>Unrealised investment gains<br>Designated - Drift Court replacement<br>Designated - Replacement Fund<br>Total funds: Almshouse<br>**Total charity funds**|Brought<br>Forward<br>Incoming<br>Resources<br>Outgoing<br>Resources<br>Transfers<br>Gains &<br>Losses<br>Carried<br>Forward<br>£ ‘000<br>£ ‘000<br>£ ‘000<br>£ ‘000<br>£ ‘000<br>**£ ‘000**<br>**25**<br>-<br>-<br>25<br>-<br>**50**<br>**266**<br>44<br>(51)<br>(25)<br>-<br>**234 **|
|---|---|
||**291 **<br>44<br>(51)<br>-<br>-<br>**284 **|
||**9**<br>-<br>-<br>-<br>-<br>**9**<br>**291**<br>-<br>-<br>-<br>(30)<br>**261**<br>**1,180**<br>-<br>(10)<br>-<br>10<br>**1,180**|
||**1,480**<br>-<br>(10)<br>-<br>(20)<br>**1,450**|
||**1,771**<br>**44**<br>**(61)**<br>**-**<br>**(20)**<br>**1,734 **|
||**-**<br>-<br>-<br>104<br>-<br>**104**<br>**52**<br>-<br>-<br>(27)<br>-<br>**25**<br>**91 **<br>8<br>(12)<br>(77)<br>-<br>**10**|
||**143**<br>8<br>(12)<br>-<br>-<br>**139**|
||**423**<br>1,509<br>-<br>72<br>-<br>**2,004**<br>**172**<br>-<br>-<br>-<br>(32)<br>**140**<br>**50**<br>-<br>-<br>(50)<br>-<br>**-**<br>**41**<br>-<br>(2)<br>(22)<br>29<br>**46**|
||**686**<br>1,509<br>(2)<br>-<br>(3)<br>**2,190**|
||**829**<br>**1,517**<br>**(14)**<br>**-**<br>**(3)**<br>**2,329**|
||**2,600**<br>**1,561**<br>**(75)**<br>**-**<br>**(23)**<br>**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:<br>Fixed assets: property<br>Fixed assets: investments<br>Current asset investments<br>Other current assets<br>Current liabilities|Unrestricted<br>Endowment<br>**2025**<br>£ ‘000<br>£ ‘000<br>**£ '000**<br>-<br>2,013<br>**2,013**<br>169<br>1,627<br>**1,796**<br>112<br>-<br>**112**<br>154<br>-<br>**154**<br>(12)<br>-<br>**(12)**<br>423<br>3,640<br>**4,063**|2024<br>£ '000<br>432<br>1,890<br>86<br>212<br>(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:<br>Investment income<br>Charitable activities: income<br>from rents<br>Expenditure on:<br>Investment management costs<br>Charitable activities<br>Net income (expenditure)<br>Gains (losses) on investments<br>Net movement in funds<br>for the year<br>Total funds brought forward<br>Total funds carried forward|**Town Lands, **charity217499|
|---|---|



~ 15 ~