Charity number: 222154
BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
CONTENTS
Page
Reference and adminlstrative details of the Charity, its Trustees and advisers
Trustees. report
3-11
Independent auditors. report on the financial statements
12-15
Statement of financial activities
16
Balance sheet
17
Statement of cash flows
18
Notes to the financial statements
19-39

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR END 31 MARCH 2024
Trustees
Captain J.E. Evans
Councillor P. Jackson (resigned 29 September 2023)
Councillor R. Bruce (resigned 29 April 2023)
Mr D. Faimell
Mr D. B. P. Herriott
Mr A. W. Herriott
Mr M. W. Herriott, Chair from 6 December 2023
Councillor M. Greener
Councillor T. Stewart, Vice Chair from 6 December 2023
Councillor R. Mackenzie
Councillor L. Stephenson
Councillor J. Turton
Charlty reglstered
number
222154
Principal office
Town Hall
Marygate
Berwick upon Tweed
TD15 1BN
Independent auditors
Kinnair Associates Limited
Chartered Accountants
Aston House
Redbum Road
Westerhope
Newcastle upon Tyne
NE5 1NB
Bankers
Bank of Scotland
61 Hide Hill
Berwick upon Tweed
TD15 1EN
Solicitors
Womble Bond Dickinson
St. Ann's Wharf
112 Quayside
Newcastle upon Tyne
NE99 1SB
Chartered Accountants Ryecroft Glenton
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP
Land Steward
A. Hamilton
Edwin Thompson LLP
Chartered Surveyors
4448 Hide Hill
Berwick upon Tweed
TD15 1AB
Page 1

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS
(CONTINUED)
FOR THE YEAR END 31 MARCH 2024
Investment Advisor
RBC Brewin Dolphin Limited
Time Central
Gallowgate
Newcastle upon Tyne
NE14SR
Accountant
C. R. J. Oakley
Clerk
W. E. Henry
Page 2

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
TRUSTEES. REPORT
FOR THE YEAR END 31 MARCH 2024
The Trustees present their annual report together with the audited financial statements of the Charity for the year
from 1 April 2023 to 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to
the financial statements and comply with the charitys governing document, the Charities Act 2011 and the
relevant version of the Statement of Recommended Practice applicable to charities preparing their financial
ststements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102).
Objectives and activities
• Pollcles and objectives
The Charity known as Berwick-upon-Tweed Corporation (Freemen) Trust is a body corporate govemed by two
local Acts of Parliament - the Berwick-upon-Tweed Corporation Act 1843 and the Berwick~ upon~Tweed
Corporation (Freemen) Act 1926; and is subject to the terms of a Scheme registered with the Charity
Commission on the 4th December 1931.
The Act of 1843 settled and established the rights of the Resident Freemen and Widows of Freemen of Berwick-
upon-Tweed and set down the manner in which the income from the Estate's land holdings and investments was
to be distributed; the Act of 1926 made provision for the establishment of the Trust and the vesting of the Estate
in the Trustees and established the manner in which the Trust was to operate.
Subsequent arbitrations have been concemed in the construction of the Acts of 1843 and 1926 and the rights.
powers and duties of the Trustees, their officers and other interested parties.
In setting objectives and planning for activities, the Trustees have gNen due consideration to general guidance
published by the Charity Commission relating to public benefit, induding the guidance 'Public benefit: running a
charity (PB2)'.
• Strategies for achievlng objectlves
The Trustees meet monthly to conduct the business of the Charity in accordance with the provisions of the 1926
Act, and the administration of the Trust is undertaken on a day-to-day basis by their clerk (Liam Henry). their
Accountant (Charles Oakley) and their Land Steward (Andrew Hamilton). The Trusfs retained Legal Advisors
are Womble Bond Dickinson of Newcastle-upon-Tyne; their Auditors, Kinnair Associates Limited of NewcasUe-
upon-Tyne; their Chartered Accountants, Ryecroft Glenton of Newcastle-upon-Tyne; and their investment
advisors and stockbrokers, Brewin Dolphin of Newcastle-upon- Tyne.
• Activltles undertaken to achieve objectives
The bulk of the Trustees, income is derived from their agricultural Estate and invesknents. The agricultural land,
mainly to the north of the River Tweed and amounting to over 2.250 acres, is divided into a number of holdings,
the tenancies of which are governed by the Agricultural Holdings Acts. The capital value of the investments is
£10.306m. The income from the Estste and investments is distributed to the Guild of Freemen and their Widows
and a number of other beneficiaries in accordance with the temis of the goveming acts and the arbitrations
made thereunder.
Page 3

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR END 31 MARCH 2024
Achievements and perforniance
• Review of activitles
General developments
Retail Park site - further to the Trustees agreement to the grant of a licence agreement to the developer for the
construction of further retail buildings on land retsined by the Trustees for which a major national retailer had
been identified amongst others, progress in relation to the full development of the site has been delayed for a
range of reasons. The developer had indicated that they wished to exercise the option agreement which they had
with the Trustees.
West Hope site - the Trustees have begun to look at an alternative route for the surface water drain which is to
serve this site as a result of a failure to obtain the agreement of the land owner in relation to the former preferred
route. An emphasis on the use of green land wherever possible is to be explored.
Hudson Homes West Hope site - following the decision taken last year by the Trustees to take responsibility
for the drainage works on the site the works were progressed in a dose working relationship with those
responsible for the adjoining retail development to enable a masterplan to be developed for the wider land
holding in this area of the estate.
Estate management
The sale of Baldersbury Hill farmhouse, the completion of which had been delayed due to complications caused,
in the main. by the damage occasioned to the propety by Storni Arwen and the subsequent dealings with the
Trustees insurers as well as conflicting VAT advice relating to the transaction is still to complete
Land at East Ord - AMP Clean Energy requested an easement from the Trustees to lay a cable in relation to
their large-scale heat decarbonization project for the Tweed Valley Maltings which was agreed by the Trustees
The agricultural holding at Whitedamhead, some 80 acres, was marketed for let, following agreement from the
Trustees to accede to the previous tenants desire to give up their tenancy, and received a healthy level of
interest with the Trustees ultimately agreeing to accept an offer from Messrs Whiteford of Scremerston
The Trustees agreed to demolish one of the fami steading buildings comprised within the Puntons fami tenancy
at West Edge Farm and to replace it with a new manure store, the steel structure and roof of which is to be grant
funded. The store is to be treated as a tenant's improvement and written off over the next twenty years.
The sale of the small area of land adjoining Conundrum Farmhouse as garden land to the ProPe￿S owners was
still to complete at 31 March 2024.
Previously the owners of a commercial accommodation business in Berwick had approached the Land Steward
seeking to acquire some of the Trustees land adjoining their business for the purpose of an extension to their
operation. Having agreed that they would consider the matter should a proposal be brought forward nothing
further had been heard from the party concemed and the matter was considered dosed.
The Trustees became entitled during the year to a further payment of £20.000 from the ongoing development of
the steading at Conundrum Fami by the original purchaser.
A request from the tenants at Brow of the Hill to extend the existing car park at the farm to accommodate
employees parking was agreed.
It was agreed to split the cost of an electrical rewiring needed at No 2 Conundrum Fami Cottages with the tenant
farmer.
Page 4

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR END 31 MARCH 2024
Achievements and perforniance (continued)
Town Hall
The actions highlighted by last yearfs access audit report continued to be progressed during the year including
the obtaining of a Conservation Assessment report with the Trustees receiving a presentation from their
Conservation Architect which sought to outline the options which the Trustees might pursue should they
ultimately decide to install a lift in the building, the costs of which they requested be identrf￿d for their detailed
consideration. Concem was expressed about the adequacy of toilet provision in the building should lift works be
progressed.
Notwithstanding the possibility that significant works might be carried out in due course to this part of the building
in relation to any installation of a lift the Trustees agreed to have works of decoration carried out to the intemal
stsircase access as well as the ground floor gentlemen's toilet.
It was identified that the stone column on the south west comer of the portico was badly delaminated in places
and, following liaison with the Conservation Officer at Northumberland County Council, the Trustees agreed to
replace some of the old stone with new quadrant stone to resolve the issue.
The metal railings at the front of the building were repaired and the nonslip marking on the front steps of the
Town Hall was renewed during the year and it was agreed to replace the signs at this part of the building to be
compliant with the prevailing British stsndard.
The Trustees also agreed to replace the duck boards on the roof of the building and had sought quotes from
contractors.
Town House café
Further to the decision taken previously the improvement works relating to the installation of secondary glazing
were completed satisfactorily.
The premises again reopened as a café in the spring, under a three year lease, following a further expression of
interest from a Mr l Longstaff and Mr M Parkin-Ross. The premises had also been occupied on a temporary
basis by the Lindisfame Methodist Church before and after Christmas for use as a community warm hub.
The website for the Town Hall, which the Trustees had commissioned last year, came into operation towards the
end of the calendar year. The link for the site, which provides a range of information relating to the building
including details regarding its hire, is https:Ilberwicktownhall.org.uk.
Page 5

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR END 31 MARCH 2024
Achievements and perfomiance (continued)
• Investment policy and perforniance
Brewin Dolphin Asset Management responsibilities:
(a) To invest in a suitable, diversified portfolio of assets in accordance with The Trustees Act 2000.
(b) To act at their discretion. but within the guidelines set down by the Trustees as detailed in 4 below. In
addition, the managers are expected to implement changes in the asset mix and select individual
securities within each asset class.
(c) To provide the Trustees with regular valuations, in the fomi of an investment report describing activity
during the period, performance against agreed benchmarks, a summary of market perfomance and the
investment outlook.
(d) To notify the Trustees of transactions on a day to day basis.
(e)
No more than 5 % of the portfolio should be invested in any one equty.
(fj To review regularly the long-tenn investment objectives of the portfolio in the light of economic and
market conditions and liaise with the Trustees on any proposed changes to asset allocation.
Long Term Objectives of the Trustees:
(a) To maintain the long~temi purchasing power of the capital and income against inflation.
(b) To review the long-term performance of the investment managers on a rolling three year basis.
Perfomiance Measurement:
(a) Perfomiance will be monitored on a regular basis and analysed in the managers, invesknent report.
(b) The managers will aim to at least match the perfom)ance of the major benchmark indices that relate to
the respective asset groups, et FT British Government Securities Index, FTSE Actuaries All- Share Index
and the FTIS&P World Index (sterling based).
(c) The performance will also be compared with the Association of Private Client Investment Managers &
Stockbrokers (APCIMS) Income index and Retail Price Index.
The Review Process:
(a) At least once a year the Trustees will review the investment performance of the Investment Managers as
detailed above.
(b) Long temi perfomiance should be reviewed on a rolling three year basis and the following factors should
also be taken into consideration.
(i)
The performance of other fund managers.
(li)
The Trustees should take note of the qualty of advice and assess the suitability of the managers in temis
of level of fees.
(iii) Familiarity with the investment mandate.
Page 6

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR END 31 MARCH 2024
Achievements and perfomiance (continued)
(N) The quality of service in terms of reports and administration.
(v) The working relationship with the investment management team.
(c) Consistent under-performance over this period will trigger a review of the Investrnent Managerfs position
as adviser to the Trustees.
Remuneration:
An annual management fee of 0.40A plus vat will be levied on total funds under management. This will be
charged quarterly in arrears.
Annual Investment Commentary:
The Trustees have adopted a policy of seeking medium risk investments in order to generate income and capital
growth. The charity remains a long temi investor and, on professional advice, holds a diversified portfolio of
equities, bonds and property with some cash.
The combined portfolio total retum was +12.4 % for the year to 31 March 2024 (2023: _5.5 % ). This compares
with total retums for the following indices:
Year to 31.03.24
+ 13.4%
- o.ooA
+ 7.40/0
+8.4%
+21.40
3.5%
+6.3%
Year to 31.03.23
BD Risk Category 6 Benchmark
FTSE British Govemment All Stocks Index
Iboxx £ Corporate Bond Index
FTSE All Share Index
FrsE All World Ex UK Index
IA Propety Index
IA Targeted Absolute Return Index
- 16.3%
10.6%
+ 2.9%
- 0.90
- 8.40
+ 0.3Yo
The RBC Brewin Dolphin Risk Category 6 Benchmark comprises 3.5% UK Gilts, 2.5% UK Bonds, 11 %
Overseas Bonds, 19 % UK Equities, 49.5 % Overseas Equities, 3 % Property, 90A Altematives & 2.50A Cash.
2023 had started well and largely confounded forecasts with the global economy generally proving to be stronger
than anticipated. The trends continued into the second quarter, essentially 2022's losers becoming 2023's
winners as the technology sector bounced back from the previous yearfs rout. Growth and qualty styles were at
the forefront, although performance was mainly powered by a handful of mega-cap US tech stocks. The one
topic the market became extremely excited about was artificial intelligence (Al). Overall. markets stabilised after
the banking tunnoil in March and the deficit in annual relative perfomiance narrowed markedly this period as a
dreadful first quarter of 2022 fell out of the calculation.
Thereafter, however, it was a struggle to make further progress and 2023 gains were pared back. July and
August had already been fairly mixed and September proved to be typically weak as global markets faltered and
led to the worst month for a year. Hopes for a broadening of the rally were not met and, instead, leadership
changed, with energy taking over the mantle from technology companies. Easing inflation and upward surprises
for growth had been supportive for most of the year but the dynamic changed and higher energy prices
complicated those stories and became the latest conundrum for central banks.
The weakness continued into the final quarter of 2023 before the most tangible signs of an easing in inflation
came through and convinced investors that major Westem central banks were moving doser to a much awaited
pivot, from raising to cutting interest rates. As the end of the year approached, a 'Santa rall￿ compounded gains
and saw global equity markets register a rise of over 15 % from late October. The S&P 500 index traded close to
record, the NASDAQ 100 had its best year since 1999, and the global bond market saw its biggest two-month
gain on record.
Page 7

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR END 31 MARCH 2024
Achievements and perforniance (continued)
Markets have rallied strongly for the last 18 months and a positive quarter at the start of 2024 built on the gains
from 2023. The S&P 500 reached new all-time highs and, from a technical perspective, it was encouraging to
see evidence of leadership shifting from technology and growth stocks to a broader range of companies.
The US and Japan were well ahead of other regions although, for UK investors. returns from the latter have been
affected throughout the year by significant weakness in the Yen. As investors switched out of value and income
producing sectors the UK was a (relative) straggler and concems over the Chinese economy saw Far East and
emerging markets lag developed market retums significantly.
Since the step change in inflation data, early in November 2023, put central bank rate cuts firmly on the table
relative performance has seen a noticeable boost. Whilst the pace and trajectory of easing is still uncertain, and
there will always be many other forces that contribute to the to-ing and fro-ing in markets, we are confident that
our approach will continue to see the benefit if global inflation continues on the current downward trend.
Page 8

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR END 31 MARCH 2024
Flnancial review
• Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate
resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt
the going concem basis in preparing the financial statements. Further details regarding the adoption of the going
concem basis can be found in the accounting policies.
• Reserves policy
At 31 March 2024, the Charity had total funds of £29,975,628 (2023: £27,907,252), all of which are endowment
funds. The endowment funds consist of property held to generate future income. There are no restricted funds at
the financial year end as all surpluses are paid out to beneficiaries.
The Trustees recognise that the level of reserves and balances must be appropriate for the financial
challenges that the prevailing and future environment may present
The Trustees also recognise that the level of reserves and balances are to be maintained at a
level appropriate for the organization.
The Trustees will comply with the law and all statutory guidance relating to the maintenance of
reserves and balances. Similarly it will refer to non-statutory guidance wherever it is available.
The Trustees will in certain circumstances consider the creation of reserves for specific
purposes and for a defined time period. These reserves are called Earmarked Reserves and will be
approved by the Trustees.
The level of a specific reserve, its purpose and a process to authorise release of funds will be defined at
the time of its proposal.
• Review of the financial position at the year end
The income of the charity for the year amounts to £806.687 (2023: £698.313) and costs of £806.687 {2023:
£698,313) giving a surplus of £nil (2023: £nil). Endowment funds at the year end amount to £29,975,628 (2023:
£27,907,252).
• Material investsnents policy
The Freemen Trustees have transferred the responsibilities for the management of investments to a third party
with the appropriate levels of capacity and expertise to undertake this role. The current investment managers
were appointed following a competitive tender process.
• Prlnclpal risks and uncertainties
The Trustees have assessed the major risks to ￿lch the Charity is exposed, in particular those related to the
operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our
exposure to the major risks.
Page 9

BERWICK UPON T￿EED CORPORATION (FREEMEN) TRUSTEES
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR END 31 MARCH 2024
• Principal funding
The principal source of funding is derived from a combination of landlproperty rental income and interest
received from investrnents.
Structure, governance and management
• Constitution
Berwick upon Tweed Corporation (Freemen) Trustees is a registered charity, number 222154, and is constituted
under a Trust deed.
It is regulated by the Berwick upon Tweed Corporation (Freemen) Acts 1843 and 1926.
• Methods of appointment or election of Trustees
The Trustees were incorporated as a body by The Berwick-upon-Tweed Corporation (Freemen) Act 1926. The
Trustees Committee comprises of five non-freemen appointed by Berwick-upon-Tweed Town Council in
November each year and five Freemen (who may be either resident or non-resident in the Borough) elected by
the Freemen in October or November each year.
• Organisational structure and decision•making policies
The Trustees serve in accordance with the goveming document and hold regular meetings throughout the year.
The Trust and ts property are administered and managed in accordance with the constitution by the Trustees
Committee.
• Policies adopted for the induction and trainlng of Trustees
A basic explanation of the roles and duties of a Trustee are provided upon appointrnent. This includes
information and documentation relating to both the history and govemance of both the Trustees and Guild of
Freemen.
• Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the
operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate
exposure to the major risks.
Plans for future periods
The retail site at North Road and the remaining land at West Hope present the main development opportunities
for the immediate fvture although the Trustees continue to explore the development potential of their fami
premises whenever the opportunity arises and have this year entered into a medium temi exclusivity agreement
with a renewable energy development company in relation to an area of agricultural land in their ownership.
Page 10

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR END 31 MARCH 2024
Statement of Trustees. responsibilitles
The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance with
applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting
Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for
each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources
and application of resources, including its income and expenditure, for that period. In preparing these financial
ststements, the Trustees are required to:
select suitable accounting policies and then apply them consistently,
observe the methods and principles of the Charities SORP (FRS 102):
make judgments and accounting estimates that are reasonable and prudent:
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material
departures disclosed and explained in the financial statements;
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Charitys transactions and disclose with reasonable accuracy at any time the financial position of the Charity
and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for
safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detection of
fraud and other irregularities.
Disclosure of inforniation to auditors
Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that:
so far as that Trustee is aware, there is no relevant audit infomiation of which the charitys auditors are
unaware. and
that Trustee has taken all the steps that ought to have been tsken as a Trustee in order to be aware of
any relevant audit information and to estsblish that the charitys auditors are aware of that information.
Auditors
The auditors, Kinnair Associates Limited, have indicated their willingness to continue in office. The designated
Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of th
rd of Trustees on 4 December 2024 and signed on their behalf by.
Councillor T. Stewart
(Chair of Trustees)
C.R.J. Oakley
(Accountant to the Trustees)
Page11

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BERWICK UPON TWEED CORPORATION
(FREEMEN) TRUSTEES
Opinion
We have audited the financial statements of Berwick upon Tweed Corporation (Freemen) Trustees (the 'charity)
for the year ended 31 March 2024 which comprise the Ststement of financial activities. the Balance sheet, the
Statement of cash flows and the related notes, including a summary of significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable
in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic
of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended
Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally
Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
give a true and fair view of the state of the charitys affairs as at 31 March 2024 and of its incoming
resources and application of resources for the year then ended:
have been properly prepared in accordance with United Kingdom Generally AC￿pted Accounting
Practice: and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial statements section of our report. We are independent of the charity in accordance with the ethical
requirements that are relevant to our audit of the financial ststements in the United Kingdom, including the
Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees. use of the going concem basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectivety, may cast significant doubt on the charitys ability to continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our ￿SponSibl11t1eS and the responsibilities of the Trustees with respect to going concem are described in the
relevant sections of this report.
Page 12

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BERWICK UPON TWEED CORPORATION
(FREEMEN) TRUSTEES (CONTINUED)
Other inforniation
The other infomiation comprises the information included in the Annual report other than the financial statements
and our Auditors, report thereon. The Trustees are responsible for the other infomiation contained within the
Annual report. Our opinion on the financial statements does not cover the other information and. except to the
extent otherwise explicitly stated in our report, we do not express any fom of assurance conclusion thereon. Our
responsibility is to read the other infomiation and. in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements. we are required to detemiine whether this gives rise to a material misstatement in the financial
statements themselves. If, based on the work we have perfomied, we condude that there is a material
misstatement of this other infomiation, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports)
Regulations 2008 requires us to report to you rf, in our opinion:
the infomiation given in the Trustees, report is inconsistent in any material respect with the financial
ststements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the infomiation and explanations we require for our audit.
Responslbilities of trustees
As explained more fully in the Trustees, responsibilities statement. the Trustees are responsible for the
preparation of the financial statements which give a true and fair view, and for such internal control as the
Trustees determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial ststements, the Trustees are responsible for assessing the charitys abilty to continue
as a going concem, disclosing, as applicable, matters related to going concem and using the going concem
basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no
realistic alternative but to do so.
Page 13

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BERMCK UPON TWEED CORPORATION
. (FREEMEN) TRUSTEES (CONTINUED)
Auditors. responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is
detailed below:
the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws and
regulations:
we identified the laws and regulations applicable to the Charity through discussions with trustees and
other management, and from our commercial knowledge and experience of the charity sector;
we focused on specific laws and regulations which we considered may have a direct material effect on
the financial statements or the operations of the Charity, including the Charities Act 2011 et seq., the
Charities (Protection and Social Investment) Act 2016, the Trustees Acts 1925 and 2000 and Charity
Commission regulation;
we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence; and
we ensured that the identified laws and regulations were communicated within the audit team regularly
and the team remained alert to instances of non-compliance throughout the audiL
We assessed the susceptibility of the Charitys financial statements to material misstatement. induding obtaining
an understanding of how fraud might occur, by: _
making enquiries of management as to where they considered there was susceptibility to fraud and their
knowledge of actual, suspected and alleged fraud; and
considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls, we: _
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions; and
assessed whether judgements and assumptions made in determining the accounting estimates set out in
the notes to the financial statements are indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which indude, but are not limited to: _
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with govemance;
enquiring of management as to actual and potential litigation and claims: and
reviewing correspondence with HMRC, relevant regulators and the Charitys legal advisors.
Page 14

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BERWICK UPON TWEED CORPORATION
(FREEMEN) TRUSTEES (CONTINUED)
There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
to enquiry of the trustees and other managernent and the inspection of regulatory and legal correspondence. if
any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: www.frc.or
.uklauditorsres
nsibilities. This description fomis part of our
Auditors, report.
Use of our report
This report is made solely to the charitys trustees. as a body, in accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the
charitys trustees those matters we are required to state to them in an Auditors, report and for no other purpose.
To the fullest extent permitted by law. we do not accept or assume responsibilty to anyone other than the charity
and its trustees, as a body. for our audit work, for this report, or for the opinions we have formed.
Kinnair Associates Limited
Chartered Accountants
Registered Auditors
Aston House
Redburn Road
Westerhope
Newcastle upon Tyne
NE5 1NB
4 December 2024
Kinnair Associates Limited are eligible to act as auditors in temis of section 1212 of the Companies Act 2006.
Page 15

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
STATEMENT OF FINANCIAL ACTivmES
FOR THE YEAR END 31 MARCH 2024
Endowment
funds
2024
Restricted
funds
2024
Total
funds
2024
Total
funds
2023
Note
Income and endowments from:
Investments
Other income
675,003
131,684
675,003
131,684
616,236
82,077
Total income and endowments
806,687
806.687
698,313
Expenditure on:
Raising funds
Charitable activities
82,124
724,563
82,124
724,563
77,848
620,465
Total expenditure
806,687
806.687
698,313
Net income before net gains on
Investments
Net gains on investments
13
2,068,376
2.068,376
393,814
Net movement in funds
2.068.376
2,068,376
393,814
Reconciliation of funds:
Total funds brought forward
Net movement in funds
27,907,252
2,068.376
27,907.252
2,068,376
27,513.438
393,814
Total funds carrled forward
29,975,628
29,975,628
27,907,252
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 19 to 39 form part of these financial statements.
Page 16

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Note
Fixed assets
Heritage assets
Investments
Investment property
16
3,770
10,305.605
19,825,000
3, 770
9,008, 103
19,000,000
17
15
30,134,375
28,011,873
Current assets
Debtors
Cash at bank and in hand
18
164.717
702,165
129.918
724. 834
866,882
854. 752
Creditors: amounts falling due within one
year
19
(1,025,629)
(959. 373)
Net current liabilities
(158,747)
(104, 621)
Total assets less current liabilities
29,975,628
27,907,252
Total net assets
29,975,628
27,907.252
Charity funds
Endowment funds
21
29,975.628
27,907,252
Total funds
29.975,628
27,907,252
The financial statements were approved and authorised for issue by the Trustees on 04 December 2024 and
signed on their behalf by:
Counclllor T. Stewart
(Chair of Trustees)
C.R.J. Oakley
(Accountant to the Trustees)
The notes on pages 19 to 39 form part of these financial statements.
Page 17

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
STATEMENT OF CASH FLOWS
FOR THE YEAR END 31 MARCH 2024
2024
2023
Cash flows from operating activities
Net cash used in operating activities
31,457
153,561
Cash flows from investing activities
Proceeds from sale of investments
Purchase of investments
1.564,512
583.686
(1,618,638) (585, 150)
Net cash used In Investing activities
(54,126)
(1,464)
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
(22,669)
724,834
152,097
572.737
Cash and cash equlvalents at the end of the year
702,165
724, 834
The notes on pages 19 to 39 form part of these financial statements
Page 18

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
General inforniation
The Berwick upon Tweed Corporation (Freemen) Trustees is a registered tharity, number 222154. The
charity is unincorporated and its registered office is Town Hall, Marygate, Berwick upon Tweed, TD15
1BN.
Accounting policies
2.1 Basis of preparation of financlal statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) -
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fairf view and have departed from
the Charities (Accounts and Reports) Regulations 2008 onty to the extent required to provide a 'true
and fairf view. This departure has involved following the Charities SORP (FRS 102) published in
October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended
Practice effective from 1 April 2005 which has since been withdrawn.
Berwick upon Tweed Corporation (Freemen) Trustees meets the definition of a public benefrt entity
under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value
unless otherwise ststed in the relevant accounting policy.
The financial statements are prepared in Sterling (£), whith is the fvnctional currency of the Charity.
Monetary amounts in these financial statements are rounded to the nearest £.
2.2 Going concern
The charitsble trust has cash resources and no requirement for extemal funding. The trustees have
reasonable expectation that the charitable trust has adequate resources to continue in operational
existence for the foreseeable future. They continue to believe the going concem basis of accounting
is appropriate in preparing the annual financial ststements.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have
been provided or on completion of the servi￿.
Page 19

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party. it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each activity are made up of the totsl of direct costs and shared costs. including support costs
involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly
to that activity. Shared costs which contribute to more than one activity and support costs which are
not attributable to a single activty are apportioned between those actNities on a basis consistent with
the use of resources.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its
charitsble purposes and indudes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Charitys objectives, as well as any associated support costs.
All expenditure is indusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the arnount can be measured
reliably by the Charity; this is nomially upon notification of the interest paid or payable by the
institution with whom the funds are deposited.
2.6 Intangible assets and amortisation
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible
assets are measured at cost less any accumulated amortisation and any accumulated impairment
losses.
Amortisation is provided on intsngible assets at rates calculated to write off the cost of each asset on
a straight-line basis over its expected useful lrfe.
The estimated useful lives are as follows:
Intangible assets
5 years straight line
2.7 Heritage assets
In the absence of a professional valuation the policy is rK>t to reinstate any value for the original cost
of the Town Hall wholty written off but to capitalise any subsequent costs incurred upon work of
reconstruction or fundamental repairs to the building whenever considered appropriate.
Page 20

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
Accounting policies (continued)
2.8 Investments
Fixed asset investments are a form of financial instrument arKI are initially recognised at their
transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value
cannot be measured reliably in which case it is measured at cost less impairment. Investment gains
and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on
investments. in the Statement of fir￿nCIal activities.
Investments held as r￿ed assets are shown at cost less provision for impaimient.
Investment properties are induded in the balance sheet at their open market value in accordance
with the Charities Statement of Recommended Practice "Accounting and Reporting by Charities" and
are not depreciated.
2.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
2.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-tenn highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
2.11 Llablllties
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the
amount it has received as advanced payments for the goods or services it must provide.
2.12 Flnancial Instruments
The Charity only has financial assets and financial liabilities of a kind that qualfy as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value with the exception of bank loans which are subsequently
measured at amortised cost using the effective interest method.
2.13 Pensions
The charity operates a defined contribution pension scheme and the pension charge represents the
amounts payable by the charity to the fund in respect of the year.
Pension costs, representing Trustees contributions to individual employee schemes, are charged to
expenditure when they become payable.
Page 21

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
Accounting policies (continued)
2.14 Fund accounting
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the Charity for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and use of each restricted
fund is set out in the notes to the financial ststements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 22

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
Investment income
Restricted
funds
2024
Total
funds
2024
Rents received
Investment income - listed investments
Bank interest
428,872
239,446
6,685
428,872
239,446
6,685
675,003
675,003
Restncted
funds
2023
Total
fvnds
2023
Rents received
Investment income - listed investments
Bank interest
412,133
203,063
1,040
412, 133
203,063
1,040
616,236
616,236
Other incoming resources
Restricted
funds
2024
Total
funds
2024
Other income (note 5)
131.684
131.684
Restricted
fvnds
2023
Total
fvnds
2023
Other income (note 5)
82,077
82,077
Page 23

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
Other income
2024
2023
Easement income
Reimbursement of professional fees by buyer of land
Network Rail - compound site folly fami
Michael Guthrie - camphill steading development
TCD Estates
Other income
52,500
73,420
30,250
16,667
19,600
15,560
5.764
131,684
82,077
Investment management costs
Restricted
funds
2024
Total
funds
2024
Investment manager
Land Steward
40,817
41.307
40,817
41,307
82,124
82,124
Restncted
funds
2023
Total
funds
2023
Investment manager
Land Steward
38,369
39,479
38,369
39,479
77,848
77,848
Page 24

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
Analysis of expenditure on charitable activities
Summary by fund type
Restricted
funds
2024
Total
2024
Direct costs
724,563
724,563
Restncted
funds
2023
Total
2023
Direct costs
620,465
620.465
Summary by expenditure type
Staff costs Other costs
2024
2024
Total
2024
Direct costs - Activities
35,251
689,312
724.563
Staff costs Other costs
2023
2023
Total
2023
Direct costs - Activities
35,209
585.256
620,465
Analysls of expenditure by activities
Actlvltles
undertaken
directly
2024
Support
costs
2024
Total
funds
2024
Direct costs
474,806
249.757
724,563
Page 25

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
Analysis of expenditure by activities (continued)
Activiti'es
undertaken
directly
2023
Support
costs
2023
Total
funds
2023
Direct costs
397,888
222,577
620,465
Analysis of direct costs
Total
funds
2024
Activities
2024
Payments to Resident Freemen and Widows of Freemen
Corporation Academy Foundation
Payment to Oldest Freemen
Stints in Lieu of Meadows
Payment of Surplus on Schedule111
Surplus on Schedule l and11
83,486
450
83.486
265
389,069
1,486
265
389,069
1,486
474,806
474.806
Total
funds
2023
Activities
2023
Payments to Resident Freemen and Widows of Freemen
Corporation Academy Foundation
PayThent to Oldest Freemen
Stints in Lieu of Meadows
Payment of Surplus on Schedule111
Deficit on Schedule l and11
88, 143
450
88,143
450
50
265
313,748
(4, 768)
265
313.748
(4, 768)
397,888
397,888
Page 26

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
Analysis of expenditure by activities (continued)
Analysis of support costs
Total
funds
2024
Activities
2024
Staff costs
Heating. lighting and cleaning
Rates
Insurance - Estate
Repairs and improvements
Furniture and fittings
Estate - repairs and maintenance
Insurance - Town Hall
Legal and professional fees
Service charge
Freemen's Committee
Messenger
Printing and stationery
Governance costs
Miscellaneous expenses
Miscellaneous other employee costs
35,251
23,314
3,553
36,886
14,566
29
43,359
15,287
24,116
30,030
6,998
160
4.080
11,525
367
236
35,251
23,314
3.553
36,886
14,566
29
43,359
15,287
24,116
30,030
6,998
160
4,080
11,525
367
236
249,757
249,757
Page 27

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
. FOR THE YEAR END 31 MARCH 2024
Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
Total
funds
2023
Activities
2023
Stsff costs
Heating, lighting and cleaning
Rates
Insurance - Estate
Repairs and improvements
Furniture and fittings
Estate - repairs and maintenance
Insurance - Town Hall
Legal and professional fees
servi￿ charge
Freemen's Committee
Messenger
Printing and stationery
Govemance costs
Miscellaneous expenses
Miscellaneous other employee costs
35.209
18,876
3, 788
33,494
29,575
21,032
(2, 553)
15.161
19,249
29,105
6,900
160
1.271
10, 740
307
35,209
18,876
3, 788
33,494
29,575
21,032
(2, 553)
15, 161
19,249
29,105
6,900
160
1,271
10,740
307
263
263
222,577
222,577
Governance costs included above comprise:
2024
2023
Fees payable to the charitys auditor for the audit of the charitys annual
accounts
5,485
6,040
5, 225
5,515
Preparation of financial statements
11,525
10,740
Page 28

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
Auditors. remuneration
2024
2023
Fees payable to the Charitys auditor for the audit of the Charivs annual
accounts
5,485
5,225
10. Staff costs
2024
2023
Wages and salaries
Contribution to defined contribution pension schemes
32,104
3,147
32,212
2,997
35,251
35,209
The average number of persons employed by the Charity during the year was as follows:
2024
No.
2023
No.
Average number of full time equivalent staff
No employee received remuneration amounting to more than £60,000 in either year.
Page 29

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
11. Trustees. remuneratlon and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year, no Trustee expenses have been incurred (2023 - £NIL).
12. Gains and losses on revaluation of investment assets
2024
2023
Gainl(loss) on revaluation of listed securities
Gain on revaluation of investment properties
852,148
875,000
(699, 754)
1,165,000
1,727,148
465,246
13. Net gains on investments
2024
2023
Gain/(loss) on disposal of listed securities
Gain on disposal of investment properties
46,341
294,887
(72, 182)
750
341,228
(71,432)
Page 30

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
14. Intangible assets
Intangible
assets
Cost
At 1 April 2023
8,128
At 31 March 2024
8,128
Amortisation
At 1 April 2023
8,128
At 31 March 2024
8,128
Net book value
At 31 March 2024
At 31 March 2023
Page 31

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
15. Investment property
Freehold
investment
property
Valuation
At 1 April 2023
Disposals
Surplus on revaluation
19,000.000
(50,000)
875,000
At 31 March 2024
19,825,000
The latest valuations were made in 2024 by Edwin Thompson LLP, chartered surveyors. on an open
market value for existing use basis.
16. Heritage assets
ssets recognised at cost
Town Hall
2024
Total
2024
Carrying value at 1 April 2023 and 2024
3.770
3,770
3,770
3,770
The above costs represent Town Hall restoration costs. The original cost of the Town Hall is not included
in the balance sheet because in the opinion of the Trustees, the cost of professionally valuing the Town
Hall to include a value in the financial statements outweighs the benefits to the users of the financial
staternents.
The Town Hall (induding contents) has been valued for insurance purposes at £13,318,414.
Page 32

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
17. Fixed asset investments
Cash held
for re-
investment
Listed
investments
Total
Cost or valuation
At 1 April 2023
Additions
Disposals
Revaluations
8,672.162
1,618,638
(962.686)
898.489
335,941
(256,939)
9,008,103
1,361,699
(962,686)
898,489
At 31 March 2024
10,226.603
79,002 10,305,605
Net book value
At 31 March 2024
10.226,603
79,002 10,305.605
At 31 March 2023
8,672. 162
335,941
9,008, 103
18. Debtors
2024
2023
Due withln one year
Other debtors
Prepayments and accrued income
100
164,617
100
129,818
164,717
129.918
Page 33

BERMCK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
19. Creditors: Amounts falling due within one year
2024
2023
Other taxation and social security
Other creditors
Accruals and deferred income
9,079
456,790
559,760
20.413
379,983
558,977
1,025,629
959,373
Deferred income is composed of deferred rentsl income and compensation received to rectify drainage
problems and is being carried forward to be released at the same time as future associated expenditure.
Other creditors comprise:
2024
2023
Berwick Town Council Schedule111 Surplus
Freemen's Committee Schedule111 Surplus
Retention Fund (1926 Act, sect. 27(3))
Schedule l and11 Lands Revenue
195.405
193,664
300
157,743
156,005
300
65.935
67,421
456,790
379.983
20. Financial instruments
2024
2023
Financial assets
Financial assets measured at fair value through income and expenditure
10.305,605
9,008, 103
Financial assets measured at fair value through income and expenditure comprise listed investments.
Page 34

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
21. Statement of funds
Statement of funds - current year
Balance at
31 March
2024
Balance at 1
April 2023
Gainsl
(Losses)
Income Expenditure
Endowment funds
Schedule l and11 Lands
Schedule111 Lands
Schedule IV Lands
2,930,222
16,162,653
8,814,377
179,872
3,110,094
1,315.758 17.478,411
572.746
9,387,123
27,907,252
2,068,376 29,975,628
Restricted funds
Schedules l and11 Lands
Schedule111 Lands
Schedule IV Lands
87,639
379,263
339,785
(87,639)
(379,263)
(339,785)
806,687
(806,687)
Total of funds
27,907.252
806,687
(806,68n 2,068,376 29,975,628
Page 35

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
21. Statement of funds (continued)
Statement of funds - prior year
Balance at
31 March
2023
Balance at
1 Apn"12022
Gains/
(Losses)
Income Expenditure
Endowment funds
Schedule l and11 Lands
Schedule111 Lands
Schedule IV Lands
2,791,269
16,295, 790
8,426,379
138,953
2,930,222
(133,137) 16, 162,653
387,998
8,814,377
27,513,438
393,814 27,907,252
Restricted funds
Schedules l and11 Lands
Schedule111 Lands
Schedule IV Lands
86,029
315,746
296,538
(86, 029)
(315. 746)
(296, 538)
698,313
(698,313)
Total of funds
27,513,438
698,313
(698,313)
393,814 27,907,252
22. Summary of funds
Summary of funds - current year
Balance at
31 March
2024
Balance at 1
April 2023
Gainsl
(Losses)
Income Expenditure
Endowment funds
Restricted funds
27,907,252
2,068,376 29.975,628
806,687
(806,687)
27,907,252
806,687
(806,687) 2,068,376 29,975,628
Page 36

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
22. Summary of funds (continued)
Summary of funds . prior year
Balance at
31 March
2023
Balance at
1 Apn'l 2022
Gain
(Losses)
Income Expenditure
Endowment funds
Restricted funds
27,513,438
393,814 27,907,252
698,313
(698,313)
27,513,438
698.313
(698,313)
393,814 27,907,252
23. Analysis of net assets between funds
Analysis of net assets between funds - current period
Endowment
funds
2024
Total
funds
2024
Fixed asset investrnents
Investment property
Heritage assets
Current assets
Creditors due within one year
10,305,605 10,305,605
19,825,000 19,825,000
3,770
3,TTO
866,882
866,882
(1,025,629) (1,025,629)
Total
29,975.628 29,975,628
Analysls of net assets between funds - prfor perlod
Endowment
funds
2023
Total
fvnds
2023
Fixed asset investments
Investment property
Heritage assets
Current assets
Creditors due within one year
9, 008,103
9,008,103
19,000,000 19,000,000
3,770
3, 770
854. 752
854, 752
(959,373) (959,373)
Total
27,907,252 27,907,252
Page 37

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
24. Reconciliation of net movement in funds to net cash flow from operating activities
2024
2023
Net income for the period (as per Statement of Financial Activities)
2,068,376
393,814
Adjustments for:
Gains on investrnents
(Increaseydecrease in debtors
Increase in creditors
(2,068,376) (393.814)
(34.799)
48.153
66,256
105,408
Net cash provided by operating activities
31.457
153,561
25. Analysis of cash and cash equivalents
2024
2023
Cash in hand
702.165
724, 834
Total cash and cash equivalents
702,165
724,834
26. Analysis of changes in net debt
At 1 Aprll
2023 Cash flows
At 31 March
2024
Cash at bank and in hand
724,834
(22.669)
702.165
724.834
(22,669)
702.165
27. Pension commitments
Pension costs, representing Trustees contributions to individual employee schemes, are charged to
expenditure when they become payable. The charge for the year was £3,147 (2023: £2,997). No
contributions are due at the year end.
Page 38

BERWICK UPON TWEED CORPORATION (FREEMEN) TRUSTEES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR END 31 MARCH 2024
28. Related party transactlons
The Charity has not entered into any related party transaction during the year, nor are there any
OLrtstanding balances owing between related parties and the Charity at 31 March 2024.
Page 39