Stowmarket Relief Trust
CHARITY REGISTRATION NUMBER: 802572
Stowmarket Relief Trust
Unaudited Financial Statements
30 September 2022
March Accounting Ltd.
Accounting & taxation services
127 Ipswich Street, Stowmarket IP14 1BB
Stowmarket Relief Trust
Financial Statements Year ended 30 September 2022
| Page | |
|---|---|
| Trustees’ annual report | 1 |
| Independent examiner’s report to the trustees | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
Stowmarket Relief Trust Trustees’ Annual Report
Year ended 30 September 2022
The trustees present their report and the unaudited financial statements of the charity for the
year ended 30 September 2022.
Reference and administrative details
Registered charity name Stowmarket Relief Trust
Charity Registration number 802572
Principal office c/o Milton House Milton Road South Stowmarket Suffolk IP14 1EZ
The trustees
Revd M W Eden R A Taylor H Slater K Scarff S Ingham (Resigned April 2022) M Gray D Blackburn D Nicholson D Palk V Taylor-Hart C Whyte (Appointed April 2022) Accountants March Accounting Ltd. Accounting & taxation services 127 Ipswich Street, Stowmarket IP14 1BB
Page 1
Stowmarket Relief Trust
Trustees’ Annual Report ( continued)
Year ended 30 September 2022
Structure, governance, and management
GOVERNING DOCUMENT
A scheme made by the Charity Commission for England and Wales, dated the 16 May 1986.
ADMINISTRATION
The Charity is administered by a body of 10 Trustees, comprising:
One Ex-Officio Trustee
The Vicar, for the time being, of the Ecclesiastical Parish Church of St. Peter and St. Mary, Stowmarket.
Four Nominative Trustees
Two appointed by Stowmarket Town Council.
Two appointed by the Parochial Church Council for the Ecclesiastical Parish of St. Peter and St. Mary, Stowmarket.
Five Co-optative Trustees
Appointed by the existing Trustees.
Four meetings of the Trustees were held during the financial year.
Urgent applications for financial assistance received between meetings were submitted to, and determined by, a sub-committee comprising a minimum of two trustees for grants up to and including £1,000 and three trustees for grants up to and including £1,500, appointed for that purpose and reports of its decisions were presented to the next ordinary meeting of the trustees.
The day-to-day work of the Charity was carried out, on a part-time basis by its Clerk, appointed by the trustees, namely Mr N G Gowrley, care of Stowmarket Town Council, Milton House, Milton Road South, Stowmarket Suffolk IP14 1EZ. Email clerk.relieftrust@gmail.com. Telephone 07838 196655.
Objectives and activities
OBJECTS
Relieving either generally or individually persons resident in the town of Stowmarket and resident in the parishes adjourning the said town and in the parish of Old Newton and Dagworth who are in conditions of need, hardship, or distress.
Page 2
Stowmarket Relief Trust
Trustees’ Annual Report ( continued)
Year ended 30 September 2022
Achievements and performance
GRANTS AND DONATIONS
A donation of £4,000 was given to Stowmarket Education Foundation (SEF). The sum expended on other grants amounted to £51,587 compared with £41,975 last year, with £5,000 to Citizen’s advice Bureau (CAB) subsequently returned in the next financial year. The number of recipients was 73 compared to 60 last year.
The purpose for which funds were provided included the following: Grants to pay the court fees for individuals going into bankruptcy, including Debt Relief Orders. The purchase and repair of white goods.
Provision of specialist counselling. The purchase and fitting of carpets and floor coverings.
The purchase of beds, bedding, and household furniture.
The payment of living/household expenses. The purchase of clothing/footwear.
Financial review
INVESTMENTS
The total value of managed investments at the 30 September 2022 was £936,085 of which £67,767 related to the unrestricted fund and £868,318 related to the original investment. The £936,085 represents an increase of £613,858 or 190% of the original investment of £322,227, made by the Trust’s investment managers, on their appointment in 1998. Dividends received on investments managed by the investment managers were £30,413, compared with £26,890 last year.
RESERVES POLICY
The trust’s general policy is to spend all its annual income over a 24-month period and that the minimum level of general reserves it shall hold at any given point in time shall not be less than 50% of Annual Salary Costs together with the commitment of grant expenditure for the forthcoming 6 months, or £30,000 whichever is the greater.
The Trust’s Designated Reserves have been consolidated into the following areas of business activity: 1) Capital - Property Reserve: A capital reserve of £75,000 to cover a contribution to the renovation/conversion of the investment property.
2) Contingency Fund: A contingency fund of £40,000 to cover any shortfall in rent and re-marketing costs following the departure of the tenants on 8[th] September 2022.
3) Maintenance Reserve: £1,500 allocation per annum to create a sinking fund to repair/maintain St Georges Car Park which requires resurfacing every 10 years.
To ensure the portfolio of designated reserves remains relevant and appropriate to the Trust’s needs, this policy will be subject to formal review by the Trustees at least every 2 years.
Plans for future periods.
As the charity relies on agencies, such as the Citizens’ Advice Bureau, Social Services etc. sending applications to us on behalf of the needy, we have no plans to change in the immediate future, although this will be kept under constant review.
Page 3
Stowmarket Relief Trust
Trustees’ Annual Report ( continued)
Year ended 30 September 2022
The trustees’ annual report was approved on board of trustees by:
2023 and signed on behalf of the
D Palk Trustee
Mr N G Gowrley Clerk to the Trustees
Page 4
Stowmarket Relief Trust
Independent Examiner’s Report to the Trustees of Stowmarket Relief Trust
Year ended 30 September 2022
I report on the financial statements for the year ended 30 September 2022, which comprise the statement of financial activities, balance sheet and the related notes.
Respective responsibilities of trustees and the examiner
The trustees are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect of the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act, and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met, or
-
(2) to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.
Ian Coombes
Independent examiner March Accounting Ltd. Accounting & taxation services
127 Ipswich Street, Stowmarket IP14 1BB
2023
Page 5
Stowmarket Relief Trust
Statement of Financial Activities
30 September 2022
| Note Income & endowments Investment Income 4 Total Income Expenditure on charitable activities 5,6 Other expenditure 9 Total expenditure Net gains/(losses) on investments 10 Net income/(expenditure) and net movement in funds Reconciliation of funds Total funds brought forward Total fund carried forward |
Unrestricted funds £ 96,456 96,456 69,576 19,410 88,986 (8,882) (1,412) 154,731 153,319 |
2022 Endowment funds £ - - - - - (115,559) (115,559) 1,332,299 1,216,740 |
Total funds £ 96,456 96,456 69,576 19,410 88,986 (124,441) (116,971) 1,487,030 1,370,059 |
2021 Total funds £ 76,351 |
|---|---|---|---|---|
| 76,351 | ||||
| 56,140 18,978 |
||||
| 75,118 | ||||
| 150,008 | ||||
| 151,241 | ||||
| 1,335,789 | ||||
| 1,487,030 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on page 8 to 15 form part of these financial statements
Page 6
Stowmarket Relief Trust
Balance Sheet
30 September 2022
| Fixed assets Intangible assets 15 Tangible fixed assets 16 Investments 17 Current assets Debtors 18 Cash at bank and in hand Creditors: amounts falling due 19 within one year Net current assets Total assets less current liabilities Funds of the charity Endowment funds Unrestricted funds -General Fund -Designated Fund Total charity funds 21 |
2022 1,514 82,407 83,921 (2,236) |
1,920 369 1,286,085 1,288,374 81,685 1,370,059 1,216,740 36,819 116,500 1,370,059 |
2021 950 82,377 83,327 (10,521) |
3,072 626 1,410,526 |
|---|---|---|---|---|
| 1,414,224 72,806 |
||||
| 1,487,030 | ||||
| 1,332,299 38,231 116,500 |
||||
| 1,487,030 |
These financial statements were approved by the board of trustees and authorised for issue on 2023, and are signed on behalf of the board by:
D Palk Mr N G Gowrley Trustee Clerk to the Trustees
form part of these financial statements.
Page 7
Stowmarket Relief Trust
Notes to the Financial Statements
Year ended 30 September 2022
1. General information
The charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is care of: Stowmarket Town Council, Milton House, Milton Road South, Stowmarket, Suffolk, IP14 1EZ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The charity is a public benefit entity.
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets and investments measured at market value.
Going concern
There are no material uncertainties concerning the charity’s ability to continue. The day-to-day expenses of the charity are met by dividends and investment income. The lease agreement with HSBC was terminated with effect from the 8[th ] of September 2022. The Trustee Board are investigating potential options for the building’s future, including retention as a commercial unit, conversion into commercial/residential and outright sale of the freehold.
Fund accounting
The charity has two funds: an endowment fund represented by unit trust investments and investment property and an unrestricted fund represented by assets which are available to make grants. From the investment income the charity makes grants to people in need in accordance with its objectives and constitution.
Incoming resources
Rent received under an operating lease is recognised on a straight-line basis over the period of the lease.
Dividends are recognised when they are receivable.
Page 8
Stowmarket Relief Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2022
3. Accounting policies ( continued)
Resources expended.
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Intangible assets
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software - 20% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less accumulated depreciation and any impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment - 25% reducing balance. Computer equipment - 33% straight line
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Page 9
Stowmarket Relief Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2022
Accounting policies ( continued)
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. No depreciation is provided on investment property.
Defined contribution plans.
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
| 4. Investment income Rental and investment Dividends received Grants Received Donations & Legacies Bank interest receivable 5.Expenditure on charitable activities by fund type Grants for relief of hardship Donation to SEF Support costs 6.Expenditure on charitable activities by activity type Grants for relief of hardship Donation to SEF Governance costs |
2022 Unrestricted funds £ 47,963 30,413 18,000 - 80 96,456 2022 Unrestricted funds £ 51,587 4,000 13,989 69,576 Grant funding of activities £ 51,587 4,000 - 55,587 |
Total funds £ 47,963 30,413 18,000 - 80 96,456 Total funds £ 51,587 4,000 13,989 69,576 Support costs £ 12,294 - 1,695 13,989 |
2021 Unrestricted funds £ 46,961 26,890 700 1,796 4 76,351 2021 Unrestricted Funds £ 41,975 - 14,165 56,140 Total funds 2022 £ 63,881 4,000 1,695 69,576 |
Total funds £ 46,961 26,890 700 1,796 4 |
|---|---|---|---|---|
| 76,351 | ||||
| Total funds £ 41,975 - 14,165 |
||||
| 56,140 | ||||
| Total funds 2021 £ 54,815 - 1,325 |
||||
| 56,140 |
Governance costs relates to accountancy fees.
Page 10
Stowmarket Relief Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2022
7.Analysis of support costs
| Staff costs Governance costs Clerk's travel expenses and computer/telephone allowance 8.Analysis of grants and donations Grants to institutions Grants to individuals Donation to SEF Total grants 9.Other expenditure Depreciation of office equipment Amortisation of software Office & administrative Advertising & Professional services Repairs & maintenance Insurance Printing,stationery & postage Training & software 10.Net gains on investments Gains/(losses) on listed investments Gains/(losses) on listed investments |
Support costs £ 11,583 1,695 711 13,989 £ 5,000 46,587 4,000 55,587 2022 Unrestricted Total funds funds £ £ 257 257 1,152 1,152 878 878 13,878 13,878 1,440 1,440 1,220 1,220 - - 585 585 19,410 19,410 Unrestricted funds £ (8,882) Unrestricted funds £ 11,054 |
Total 2022 Total 2021 £ £ 11,583 12,140 1,695 1,325 711 700 13,989 14,165 £ 8,250 32,725 - 41,975 2021 Unrestricted Total funds funds £ £ 275 275 1,152 1,152 389 389 1,843 1,843 14,033 14,033 578 578 139 139 569 569 18,978 18,978 Endowment Total funds funds 2022 £ £ (115,559) (124,441) Endowment Total funds funds 2021 £ £ 138,954 150,008 |
Total 2021 £ 12,140 1,325 700 |
|---|---|---|---|
| 14,165 | |||
| £ 8,250 32,725 - |
|||
| 41,975 | |||
| 18,978 | |||
| Total funds 2022 £ (124,441) |
|||
| Total funds 2021 £ 150,008 |
Page 11
Stowmarket Relief Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2022
11.Net income / (expenditure)
| Net income/expenditure is stated after: Amortisation of intangible assets Depreciation of tangible fixed assets 12.Independent examination fees Independent examination of the financial statements |
2022 £ 1,152 257 2022 £ 1,250 |
2021 £ 1,152 275 |
|---|---|---|
| 2021 £ 1,250 |
13.Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| Wages and salaries Employer contributions to pension plans |
2022 £ 11,583 - 11,583 |
2021 £ 11,663 477 |
|---|---|---|
| 12,140 |
No employee received employee benefits of more than £60,000 in the year (2021:Nil)
14.Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. No trustees expense has been incurred.
15.Intangible assets
| Cost At 1st October & 30th September 2022 Amortisation At 1st October 2021 Charge for the year At 30 September 2022 Carrying amount At 30 September 2022 At 30 September 2021 |
Software £ 5,760 |
|---|---|
| 2,688 1,152 |
|
| 3,840 | |
| 1,920 | |
| 3,072 |
Page 12
Stowmarket Relief Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2022
| 16.Tangible fixed assets Cost At 1st October 2021 Additions At 30th September 2022 Depreciation At 30 September 2021 Charge for the year At 30 September 2022 Carrying amount At 30 September 2022 At 30 September 2021 17.Investments Cost or valuation At 1 October 2021 Additions Fair value movements At 30th September 2022 Impairment At 1st October 2021 Carrying amount At 30th September 2022 At 30th September 2021 |
Computer Equipment £ 600 - 600 200 200 400 200 400 Listed investments £ 1,060,526 - (124,441) 936,085 - 936,085 1,060,526 |
Fixtures & fittings £ 1,069 - 1,069 843 57 900 169 226 Investment properties £ 606,578 - - 606,578 (256,578) 350,000 350,000 |
Total £ 1,669 - |
|---|---|---|---|
| 1,669 | |||
| 1,043 257 |
|||
| 1,300 | |||
| 369 | |||
| 626 | |||
| Total £ 1,667,104 - (124,441) |
|||
| 1,542,663 | |||
| (256,578) | |||
| 1,286,085 | |||
| 1,410,526 |
All investments shown above are held at valuation
Investment properties
The investment property was revalued on 25th January 2020, and re-affirmed in November 2020, at the current estimated market value reflecting the significant impact of current economic conditions on such a building. The property was valued by a firm of chartered surveyors having experience in similar investment properties. The property is held freehold, and the Trustee Board are investigating potential options for the building’s future, including retention as a commercial unit, conversion into commercial/residential and outright sale of the freehold.
Financial assets held at fair value
The fair value of investments is the listed value.
Page 13
Stowmarket Relief Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2022
18.Debtors
| Charitable loans (interest free) Prepayments |
2022 £ 950 564 1,514 |
2021 £ 950 - |
|---|---|---|
| 950 |
The charitable loan is interest free and is secured on the property of the debtor.
Repayment is required when the property is sold or on demand if requested by the charity.
19.Creditors: amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 2,236 |
10,521 |
20.Pensions and other post-retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans: £0 (2021 £477)
21.Analysis of net assets between funds
| Intangible assets Tangible fixed assets Investments Current assets Creditors less than 1 year Net Assets 22.Related parties |
Unrestricted Funds £ 1,920 369 69,345 83,921 (2,236) 153,319 |
Endowment funds £ - - 1,216,740 - - 1,216,740 |
Total Funds 2022 £ 1,920 369 1,286,085 83,921 (2,236) |
|---|---|---|---|
| 1,370,059 | |||
There were no related party transactions in the year
Page 14