2023-03-31-accounts - Berwick Upon Tweed Corporation (Freemen) Trustees

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			Page
Reference and administrative		details ofthe Charity, its Trustees and advisers	1-2
Trustees' report			3-10
Independent auditors'	report	on the financial statements	11-14
Statement offinancial	activities		15
Balance sheet			16
Statement ofcash flows			17
Notes to the financial	statements		18-38

REFERENCE AND ADMINISTRATIVE DETAILS	REFERENCE AND ADMINISTRATIVE DETAILS	REFERENCE AND ADMINISTRATIVE DETAILS	REFERENCE AND ADMINISTRATIVE DETAILS	OF THE CHARITY, ITS TRUSTEES AND ADVISERS	OF THE CHARITY, ITS TRUSTEES AND ADVISERS	OF THE CHARITY, ITS TRUSTEES AND ADVISERS	OF THE CHARITY, ITS TRUSTEES AND ADVISERS	OF THE CHARITY, ITS TRUSTEES AND ADVISERS
			FOR THE YEAR	END	31 MARCH 2023
Trustees			Captain J.E.Evans
			Councillor P.Jackson (resigned		29	September 2023)
			Councillor R.Bruce, (appointed		Chair 7		December 2022) (resigned 29April 2023)
			Councillor G. Brown (resigned		7 December 2022)
			Mr D. Fairnell
			Mr D.B. P. Herriott
			Mr A. W. Herriott
			Mr M.W. Herrlott, Vice Chair
			Councillor M. Greener
			Councillor T. Stewart, Chair (appointed				Chair 29 April 2023) (appointed	Trustee 7
			December 2022)
			Councillor R. Mackenzie	(appointed		7 December 2022)
			Councillor L.Stephenson	(appointed		26	May 2023)
			Councillor J.Turton (appointed		29September 2023)
Charity registered
number			222154
Principal	office		Town Hall
			Marygate
			Berwick upon Tweed
			TD15 1BN
Independent		auditors	Kinnair Associates Limited
			Chartered Accountants
			Aston House
			Redburn Road
			Westerhope
			Newcastle upon Tyne
			NE5 1NB
Bankers			Bank ofScotland
			61 Hide Hill
			Berwick upon Tweed
			TD15 1EN
Solicitors			Womble Bond Dickinson
			St. Ann's Wharf
			112Quayside
			Newcastle upon Tyne
			NE99 1SB
Chartered	Accountants		Ryscroft Glenton
			32 Portland Terrace
			Newcastle upon Tyne
			NE2 1QP
Land Steward			A. Hamilton
			Edwin Thompson LLP
			Chartered Survsyors
			44%8 Hide Hill
			Berwick upon Tweed
			TD15 1AB
				Page	1

			Endowment	Restricted	Total	Total
			funds	funds	funds	funds
		Note	2023 6	2023f	2023f	2022f
Income and endowments	from:
Donations and legacies						4,000
Investments				616,236	616,236	603,809
Other income				82,077	82,077	27,355
Total income and endowments				698,313	698,313	635,165
Expenditure on:
Raising funds				77,848	77,848	52,392
Charitable activities				620,465	620,465	552,773
Total expenditure				698,313	698,313	535,165
Net income before net gains on
investments
Net gains on investments			393,814		393,814	1,404,175
Net movement in funds		24	393,814		393,814	1,404,178
Reconciliation offunds:
Total funds brought forward			27,513,438		27,513,438	26,100,260
Net movement in funds			393,814		393,814	1,404,178
Total funds carried forward			27,907,252		27,907,252	27,513,438

		BALANCE SHEET	BALANCE SHEET
		AS AT 31 MARCH 2023
				2023		2022
		Note		8
Fixed assets
Heritage assets		16		3,770		3,770
investments		17		9,008,103		9,777,825
Investment property		15		19,000,000		17,835,000
				28,011,873		27,616,595
Current assets
Debtors		16	129,918		178,071
Cash at bank and in hand			724,834		572,737
			854,752		750,8OS
Creditors: amounts	falling due within one
year		19	(959,373)		(853,965)
Net current liabilities				(104,621)		(103,157)
Total assets less current liabilities				27,907,252		27,513,438
Total net assets				27,907,252		27,513,438
Charity funds
Endowment funds		21		27,907,252		27,513,438
Total funds				27,907,252		27,513,436

				STATEMENT OF CASH FLOWS	STATEMENT OF CASH FLOWS
			FOR THE YEAR END 31 MARCH 2023
						2023	2022
						8	5
Cash flows from operating			activities
Net cash	used in operating	activities				153561	(II8 582)
Cash flows from investing			activities
Proceeds	from sale of investments					583,686	324,931
Purchase	of investments					(585„150)	(323,558)
Net cash	(used in)/provided		by investing		activities	(1,464)	1,373
Change	in cash and cash		equivalents	in	the year	152,097	(117,209)
Cash and	cash equivalents		at the beginning		of the year	572737	689946
Cash and cash equivalents			at the end of		the year	724,834	572,737
The notes on pages 18to 38form part				ofthese financial statements

		Restricted	Total
		funds	funds
		2023	2023
		6	6
Rents received		412,133	412,133
Investment	income - listed investments	203,063	203,063
Bank interest		1,040	1„040
		616,236	616,236
		Restricted	Total
		funds	funds
		2022	2022
Rents received		435,918	435,918
Investment	income - listed investments	167,742	167,742
Bank interest		149	149
		603,809	603,809

		Restricted	Total
		funds	funds
		2023	2023
		6	8
Other	income	62,077	82,077
		Restricted	Total
		funds	funds
		2022f	2022 8
Other	income	27,356	27,356

		Restricted	Total
		funds	funds
		2023	2023
		6	6
Investment	manager	38,369	38,369
Land Steward		39,479	39,479
		77,848	77,848
		Restricted	Total
		funds	funds
		2022	2022
Investment	manager	45,771	45,771
Land Steward		36,621	36,621
		82,392	82,392

		Restricted
		funds	Total
		2023	2023
		6	6
Direct	costs	620,465	620,465
		Restricted
		funds	Toisi
		2022f	2022
Direct	costs	552,773	552,773

							Total
						Activities	funds
						2023	2023
						8	6
Payments		to Resident	Freemen		and Widows of Freemen	88,143	88,143
Corporation		Academy	Foundation			450	450
Payment	to Oldest Freemen						50
Stints in	Lieu of Meadows					265	265
Payment	of Surplus on Schedule				III	313,748	313,748
Surplus	on	Schedule	I and	II		(4,768)	(4,768)
						397888	397888
							Total
						Aclivities	funds
						2022f	2022
Payments to Resident Freemen Corporation Academy Foundation Payment to Oldest Freemen Stints in Lieu of Meadows					and Widows of Freemen	74,190 450 265	74,190 450 50 265
Payment Surplus	of Surplus on Schedule on Schedule I and II				III	289,613 6,948	289,613 6,948
						371,516	371,516

			Total
		Activities	funds
		2023	2023
		6	8
Staff costs		35,209	35,209
Heating, lighting and cleaning		18,876	18„876
Rates		3,788	3,788
Insurance - Estate		33,494	33,494
Repairs and improvements		29,575	29,575
Furniture and fittings		21,032	21,032
Estate - repairs and maintenance		(2,553)	(2,553)
Insurance - Town Hall		15,161	15,161
Legal and professional	fees	19,249	19,249
Service charge		29,105	29,105
Freemen's Committee		6,900	6,900
Messenger		160	160
Printing and stationery		1,271	1271
Governance costs		10,740	10,740
Miscellaneous expenses		307	307
Miscellaneous other employee costs		263	263
		222,577	222,5?7

Analysis ofsupport c	osts	(	continued)
						Total
					Activities	funds
					2022f	2022f
Staff costs					31,511	31,511
Heating, lighting and cleaning					15,170	15,170
Rates					3,574	3,574
Insurance - Estate					27,216	27,216
Repairs and improvements					10,134	10,134
Furniture and fittings					5,997	5,997
Estate - repairs and maintenance					12,714	12,714
Insurance- Town Hall					11,279	11,279
Legal and professional	fees				15,186	15,186
Service charge					28,153	28,153
Freemen's Committee					6,900	6,900
Messenger					160	160
Printing and stationery					2,425	2,425
Governance costs					9,750	9,750
Miscellaneous expenses					897	897
Miscellaneous other employee			costs		191	191
					181,257	181,257
Governance costs included		above comprise:
					2023f	2022f
Fees payable to the charity's accounts			auditor for the audit ofthe charity's	annual	5,225	4,750
Preparation offinancial	statements				5,515	5,000
					10,740	9,750

Auditors'
			2023	2022
			5	8
Fees payable to the Chariiy's	auditor for the audit of the Charity's	annual
accounts			5,225	4,750

Staffcosts
						2023	2022
						5	8
Wages and	salaries					32,212	28,616
Contribution	to defined	contribution	pension		schemes	2,997	2,895
						35,209	31,511
The average	number ofpersons employed				by the Charity	during the year was as follows:
						2023	2022
						No.	14o.
Average number of full		time equivalent		staff

12.	Gains and	losses	on rev	aluat	ion	ofinvestment assets
							2023	2022
							6
	(Loss)/gain	on revaluation		of listed		securities	(699,754)	334,067
	Gain on revaluation		of investment			properties	1,165,000	1,078,000
							465,246	1,412,087
13.	Net gains	on investments
							2023	2022
								6
	Losses on	disposal	of listed securities				(72,162)	(7,889)
	Gain on disposal of		investment		properties		750
							(71,432)	(7,889)

Intangible assets
	Intangible
	assets
	8
Cost
At 1 April 2022	8,128
At 31 March 2023	8,128
Amortisation
At 1 April 2022	8,128
At 31 March 2023	8,128
Net book value
At 31 March 2023
At 31March 2022

	Freehold
	investmsnt
	property
	6
Valuation
At 1 April 2022	17,835,000
Surplus on revaluation	1,165,000
A31Mrh2023	19,000,000

								Town Hall	Total
								2023 5	2023f
Carrying	value	at	1	April	2022	and	2023	3,770	3,770
								3,770	3,770

			Cash held
		Listed	for re-
		Investments f	investment f	Total f
	Cost or valuation
	At 1 April 2022	9,469,464	308,361	9,777,825
	Additions	557,570	27,580	585,150
	Disposals	(582,936)		(582,936)
	Revaluations	(771,936)		(771,936)
	At 31 March 2023	8,672,162	335,941	9,008,103
	Net book value
	At 31 March 2023	8,672,162	335,941	9,008,103
	At 31March 2022	9,469,464	308,361	9,777,825
16.	Debtors
			2023f	2022f
	Due within one year
	Other debtors		100	100
	Prepayments and accrued income		129,818	177,971
			129,918	178,071

		2023f	2022f
Other taxation and social security		20,413	3,467
Other creditors		379,983	360,6'l6
Accruals and deferred	income	558,977	480,882
		959,373	653,065

Other cred	itors	comprise:
				2023f	2022f
Berwick Town		Council Schedule	III Surplus	157,743	145,677
Freemen's	Committee Schedule		lg Surplus	156,005	143,936
Retention	Fund	(1926Act, sect.	27(3))	300	300
Schedule	I and	II Lands Revenue		65,935	70,703
				379,983	360,616

Financial	instruments
				2023 f	2022 f
Financial	assets
Financial	assets measured	at fair value through	income and expenditure	9,008,103	0,777,825

Statement		offunds - curre	nt year
							Balance at
			Balance at 1			Gains/	31 March
			April 2022	Income	Expenditure	(Losses)	2023
			6	6	6	6	6
Endowment		funds
Schedule	I and II Lands		2,791,269			138,953	2,930,222
Schedule	III	Lands	16,295,790			(133,137)	16,162,653
Schedule	IV Lands		8,426,379			387,998	8,814,377
			27,513,438			393,814	27,907,252
Restricted		funds
Schedules	I	and II Lands		86,029	(86,029)
Schedule	III	Lands		315,746	(315,746)
Schedule	IV Lands			296,538	(296,538)
				698,313	(698,313)
Total offunds			27,513,438	698,313	(698,313)	393,814	27,907,252

Statement		offunds - prior	year
								Balance at
			Balance at				Gains	31March
			1 April 2021f	Income f	Expenditure	f	(Losses)	2022
Endowment		funds
Schedule	I and II Lands		2,621,273				169,996	2,791,269
Schedule	III	Lands	15,470,265				825,505	16,295,790
Schedule	IV Lands		8,017,702				408,677	8,426,379
			26,109,260				1,404,178	27,513,438
Restricted		funds
Schedules	I	and II Lands		84,322	(84,322)
Schedule	lll	Lands		294,392	(294,392)
Schedule	IV Lands			256,451	(256,451)
				635,165	(635,165)
Total offunds			26,109,260	635,165	(635,165)		1,404,178	27,513,438

Summary	offunds - cur	rent year
							Balance at
		Balance at 1				Gains/	31 Nlarch
		April 2022f	Income f	Expenditure	f	(Losses)f	2023f
Endowment	funds	27,513,438				393,814	27,907,252
Restricted	funds		698,313	(698,313)
		27,513,438	698,313	(698,313)		393,814	27,907,252

Summary	offunds - prio	r year
							Balance at
		Balance et				Gaina'	31March
		1 Apri7 2021f	income f	Expenditure	f	(Losses) f	2022 f
Endowment	funds	26,109,260				1,404,178	27,513,438
Restricted	funds		635,165	(635,165)
		26,109,260	635,165	(635,165)		1,404,178	27,513,438

Analysis ofnet assets between funds - current ye	ar
	Endowment	Total
	funds	funds
	2023f	2023f
Fixed asset investments	9,008,103	9,008,103
Investment property	19,000,000	19,000,000
Heritage assets	3,770	3,770
Current assets	854,752	854,752
Creditors due within one year	(959,373)	(959,373)
Total	27,907,252	27,907,252

Analysis ofnet assets between funds - prior year
	Endowment	Totei
	funds	funds
	2022f	2022f
Fixed asset investments	9,777,825	9,777,825
Investment property	17,835,000	17,835,000
Heritage assets	3,770	3,770
Current assets	750,808	750,808
Creditors due within one year	(853,965)	(853,965)
Total	27,513,438	27,513,438

24.	Reconciliation ofnet movement	Reconciliation ofnet movement	Reconciliation ofnet movement	Reconciliation ofnet movement	in funds	to net cash flow from operating	activities
							2023 8	2022 f
	Net income for the year (as per Statement					of Financial Activities)	393,814	1,404,178
	Adjustments for:
	Gains on investments						(393,814)	(1,404,178)
	Decrease/(increase)		in debtors				48,153	(25,729)
	Increase/(decrease)		in creditors				105,408	(92,853)
	Net cash provided	by/(used		in)	operating	activities	153,561	(118,582)
25.	Analysis ofcash and cash equIvalents
							2023 8	2022f
	Cash in hand						724,834	572,737
	Total cash and cash equivalents						724,834	572,737
26.	Analysis ofchanges		in net debt
						At 1 April		At 31 March
						2022	Cash flows	2023
						f	8	8
	Cash at bank and in		hand			572,737	152,097	724,834
						572,737	152,097	724,834