## **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