Stowmarket Relief Trust
CHARITY REGISTRATION NUMBER: 802572
Stowmarket Relief Trust
Unaudited Financial Statements
30 September 2023
March Accounting Ltd.
Accounting & taxation services
127 Ipswich Street, Stowmarket IP14 1BB
Stowmarket Relief
Trust
Financial Statements Year ended 30 September 2023
| 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 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 September 2023.
Reference and administrative details
Registered charity name:
Stowmarket Relief Trust
Charity Registration number: 802572
Principal office:
Principal office: c/o Stowmarket Town Council Milton House Milton Road South Stowmarket Suffolk IP14 1EZ
The Trustees
Revd M W Eden R A Taylor H Slater K Scarff M Gray D Blackburn D Nicholson D Palk V Taylor-Hart C Whyte
Accountants
March Accounting Ltd.
Accounting & taxation services 127 Ipswich Street, Stowmarket IP14 1BB
Page 1
Stowmarket Relief Trust
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 K 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 adjoining 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
Achievements and performance
GRANTS AND DONATIONS
The sum expended on grants amounted to £29,607 compared with £51,587 last year. The number of recipients was 62 compared to 73 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 2023 was £1,043,990 of which £75,679 related to the unrestricted fund and £968,311 related to the original investment. The £1,043,990 represents an increase of £721,763 or 224% 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 £33,141, compared with £30,413 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 remarketing 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.
Page 3
Stowmarket Relief Trust
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.
The trustees’ annual report was approved on 25[th] January 2024 and signed on behalf of the Board of Trustees by:
Mr D Palk Chair of Trustees
Mr N G K 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 2023
I report on the financial statements for the year ended 30 September 2023, 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. 127 Ipswich Street, Stowmarket IP14 1BB 25th January 2024
Page 5
Statement of Financial Activities
30 September 2023
Stowmarket Relief Trust
| 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 |
Unrestricte d funds £ 85,044 85,044 44,396 40,848 85,244 7,912 7,712 153,319 161,031 |
2023 Endowmen t funds £ - - - - - 99,993 99,993 1,216,740 1,316,733 |
Total funds £ 85,044 85,044 44,396 40,848 85,244 107,905 107,705 1,370,05 9 1,477,76 4 |
2022 Total funds £ 96,456 |
|---|---|---|---|---|
| 96,456 | ||||
| 69,576 19,410 |
||||
| 88,986 | ||||
| (124,441) | ||||
| (116,971) | ||||
| 1,487,03 0 |
||||
| 1,370,05 9 |
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
| 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 |
Balance Sheet 30 September 2023 2023 768 127 1,393,990 1,394,885 3,087 79,792 82,879 - 82,879 1,477,764 1,316,733 44,531 116,500 1,477,764 |
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 |
These financial statements were approved by the Board of Trustees and authorised for issue on 25[th ] January 2024, and are signed on behalf of the board by:
D Palk Chair of Trustees
Mr N G K Gowrley Clerk to the Trustees
Page 7
Stowmarket Relief Trust
The notes on pages 8 to 15 form part of these financial statements.
Notes to the Financial Statements
Year ended 30 September 2023
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-today 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. In conclusion, they have resolved that the outright sale of the freehold is their preferred option and the building is in the process of being sold.
They have further agreed that the income from the sale of the property will be invested, and an Investment Policy Statement has been approved at the Trustees Board Meeting of 25[th] January 2024.
Fund accounting
The charity has two funds: an endowment fund represented by unit trust investments and up to the 8[th] September 2023, income from an 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.
Page 8
Stowmarket Relief Trust
Incoming resources
Rent received for car parking fees.
Dividends are recognised when they are receivable.
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 expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable 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
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 Pop up Food Shop Donation to SEF Support costs 6.Expenditure on charitable activities by activity type Grants for relief of hardship Donation to Pop up Food shop Donation to SEF Governance costs |
2023 Unrestricte d funds £ 4,528 33,141 18,000 27,787 1,588 85,044 2023 Unrestricte d funds £ 29,607 500 - 14,289 44,396 Grant funding of activities £ 29,607 500 - - 30,107 |
Total funds £ 4,528 33,141 18,000 27,787 1,588 85,044 Total funds £ 29,607 500 - 14,289 44,396 Suppor t costs £ 12,969 - - 1,320 14,289 |
2022 Unrestricte d funds £ 47,963 30,413 18,000 - 80 96,456 2022 Unrestricte d Funds £ 51,587 - 4,000 13,989 69,576 Total funds 2023 £ 42,576 500 - 1,320 44,396 |
Total funds £ 47,963 30,413 18,000 - 80 96,456 Total funds £ 51,587 - 4,000 13,989 69,576 Total funds 2022 £ 63,881 - 4,000 1,695 69,576 |
|---|---|---|---|---|
Stowmarket Relief Trust
Governance costs relates to accountancy fees
Page 10
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 Donation to Pop up Food Shop Total grants |
Support costs £ 12,225 1,320 744 14,289 £ - 29,607 - 500 30,107 |
Total 2023 £ 12,225 1,320 744 14,289 |
Total 2022 £ 11,583 1,695 711 |
|---|---|---|---|
| 13,989 | |||
| £ 5,000 46,587 4,000 - |
|||
| 55,587 |
| 9.Other expenditure Depreciation of office equipment Amortisation of software Office & administrative Advertising & Professional services Repairs & maintenance Insurance Rates and utilities Training & software 10.Net gains on investments Gains/(losses) on listed investments |
2023 Unrestricte d Total funds funds £ £ 242 242 1,152 1,152 760 760 26,695 26,695 (2,160) (2,160) 2,836 2,836 10,432 10,432 891 891 40,848 40,848 Unrestricte d funds £ 7,912 |
2022 Unrestricte d 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 Endowment Total funds funds 2023 £ £ 99,993 107,905 |
2022 Unrestricte d 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 Endowment Total funds funds 2023 £ £ 99,993 107,905 |
|---|---|---|---|
| 19,410 | |||
| Total funds 2023 £ 107,905 |
Stowmarket Relief Trust
| Unrestricte d Endowment funds funds £ £ Gains/(losses) on listed investments (8,882) (115,559) 11.Net income / (expenditure) Net income/expenditure is stated after: 2023 2022 £ £ Amortisation of intangible assets 1,152 1,152 Depreciation of tangible fixed assets 242 257 12.Independent examination fees 2023 2022 £ £ Independent examination of the financial statements 1,350 1,250 13.Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 £ £ Wages and salaries 12,225 11,583 |
Total funds 2022 £ (124,441 ) |
|---|---|
| Page 11 |
No employee received employee benefits of more than £60,000 in the year (2022: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 2023 Amortisation |
Software £ 5,760 |
|---|---|
Stowmarket Relief Trust
At 1st October 2022 3,840 Charge for the year 1,152 At 30 September 2023 4,992 Carrying amount At 30 September 2023 768 At 30 September 2022 1,920 Page 12
| At 1st October 2022 Charge for the year At 30 September 2023 Carrying amount At 30 September 2023 At 30 September 2022 16.Tangible fixed assets Cost At 1st October 2022 Additions At 30th September 2023 Depreciation At 1stOctober 2022 Charge for the year At 30 September 2023 Carrying amount At 30 September 2023 At 30 September 2022 17.Investments Cost or valuation At 1 October 2022 Additions Fair value movements At 30th September 2023 Carrying amount At 30th September 2023 At 30th September 2022 |
Computer Equipment £ 600 - 600 400 200 600 - 200 Listed investment s £ 936,085 - 107,905 1,043,990 1,043,990 936,085 |
Fixtures & fittings £ 1,069 - 1,069 900 42 942 127 169 Investment properties £ 350,000 - - 350,000 350,000 350,000 |
3,840 1,152 4,992 768 1,920 Pag Total £ 1,669 - |
|
|---|---|---|---|---|
| 1,669 | ||||
| 1,300 242 |
||||
| 1,542 | ||||
| 127 | ||||
| 369 | ||||
| Total £ 1,286,085 - 107,905 |
||||
| 1,393,990 | ||||
| 1,393,990 | ||||
| 1,286,085 |
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
Stowmarket Relief Trust
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, having investigated potential options for the building’s future, including retention as a commercial unit, conversion into commercial/residential and outright sale of the freehold have resolved that the outright sale of the freehold is their preferred option, and the building is in the process of being sold.
Financial assets held at fair value
The fair value of investments is the listed value.
Page 13
18.Debtors
free)
debtor.
year
income
plans
21.Analysis of net assets between funds
Unrestricted Endowment Total Funds
Stowmarket Relief Trust
| Intangible assets Tangible fixed assets Investments Current assets Net Assets |
Funds £ 768 127 77,257 82,879 161,031 |
funds £ - - 1,316,733 - 1,316,733 |
2023 £ 768 127 1,393,990 82,879 |
|---|---|---|---|
| 1,477,764 |
22.Related parties
There were no related party transactions in the year
Page 14
Stowmarket Relief Trust
Stowmarket Relief Trust
Stowmarket Relief Trust