Stowmarket Relief Trust
CHARITY REGISTRATION NUMBER: 802572
Stowmarket Relief Trust
Unaudited Financial Statements
30 September 2024
March Accounting Ltd. Accounting & taxation services
5 Albert St, Holt, Norfolk, NR25 6HX
Stowmarket Relief Trust
Financial Statements Year ended 30 September 2024
| Page | |
|---|---|
| Trustees’ annual report | 1 |
| Independent examiner’s report to the trustees | 5 |
| Statement of fnancial actvites | 6 |
| Balance sheet | 7 |
| Notes to the fnancial statements | 8 |
Stowmarket Relief Trust Trustees’ Annual Report
Year ended 30 September 2024
The trustees present their report and the unaudited financial statements of the charity for the
year ended 30 September 2024.
Reference and administrative details
Registered charity name Stowmarket Relief Trust 802572 Charity Registration number Principal office c/o Milton House Milton Road South Stowmarket Suffolk IP14 1EZ
The trustees
Revd M W Eden resigned 10[th] October 2024 R A Taylor resigned 11[th] July 2024 H Slater K Scarff M Gray D Blackburn D Nicholson D Palk V Taylor-Hart C Whyte S Goodchild appointed 10[th] October 2024
Accountants March Accounting Ltd. Accounting & taxation services 5 Albert Street, Holt, Norfolk, NR25 6HX
Page 1
Stowmarket Relief Trust
Trustees’ Annual Report ( continued) Year ended 30 September 2024
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 2024
Achievements and performance
GRANTS AND DONATIONS
The sum expended on grants amounted to £23,869 compared with £29,607 last year. The number of recipients was 58 compared to 62 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 2024 was £1,440,626 of which £37,482 related to the unrestricted fund and £1,403,144 related to the original investment. The £1,440,626 represents an increase of £1,118,399 or 447% 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 £35,446, compared with £33,141 last year.
RESERVES POLICY
With the sale of the investment property towards the end of this financial year, the designated funds held in relation to the property will no longer be required. A review of the reserve policy will take place during the 2024-2025 year.
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 2024
The trustees’ annual report was approved on 10[th] April 2025 and signed on behalf of the board of trustees by:
Mr D Palk Chair of Trustees
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 2024
I report on the financial statements for the year ended 30 September 2024, 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.
5 Albert St, Holt, Norfolk, NR25 6HX
10[th] April 2025
Page 5
Stowmarket Relief Trust
Statement of Financial Activities
30 September 2024
| Note Income & endowments Investment Income 4 Total Income Expenditure on charitable actvites 5,6 Other expenditure 9 Total expenditure Net gains/(losses) on investments 10 Net income/(expenditure) and net movement in funds Reconciliaton of funds Total funds brought forward Total fund carried forward |
Unrestricted funds £ 89,748 89,748 38,218 9,333 47,551 5,005 47,202 161,031 208,233 |
2024 Endowment funds £ - - - - - 86,411 86,411 1,316,733 1,403,144 |
Total funds £ 89,748 89,748 38,218 9,333 47,551 91,416 133,613 1,477,764 1,611,377 |
2023 Total funds £ 85,044 |
|---|---|---|---|---|
| 85,044 | ||||
| 44,396 40,848 |
||||
| 85,244 | ||||
| 107,905 | ||||
| 107,705 | ||||
| 1,370,059 | ||||
| 1,477,764 |
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 2024
| Fixed assets Intangible assets 15 Tangible fxed assets 16 Investments 17 Current assets Debtors 18 Cash at bank and in hand Net current assets Total assets less current liabilites Funds of the charity Endowment funds Unrestricted funds -General Fund -Designated Fund Total charity funds 20 |
2024 950 169,706 170,656 |
- 95 1,440,626 1,440,721 170,656 1,611,377 1,403,144 91,733 116,500 1,611,377 |
2023 3,087 79,792 82,879 |
768 127 1,393,990 |
|---|---|---|---|---|
| 1,394,885 82,879 |
||||
| 1,477,764 | ||||
| 1,316,733 44,531 116,500 |
||||
| 1,477,764 |
These financial statements were approved by the board of trustees and authorised for issue on 10[th] April 2025, and are signed on behalf of the board by:
D Palk Mr N G Gowrley Chair of Trustees Clerk to the Trustees
The notes on pages 8 to 15 form part of these financial statements.
Page 7
Stowmarket Relief Trust
Notes to the Financial Statements
Year ended 30 September 2024
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. Following the sale of the property, the whole of the proceeds has been reinvested into unit trusts.
Fund accounting
The charity is funded by an endowment fund represented by unit trust investments 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 for car parking fees up to the point of sale of the property. Dividends are recognised when they are receivable.
Page 8
Stowmarket Relief Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2024
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 2024
Accounting policies ( continued)
Investment property
Investment property was sold in May 2024 and all proceeds reinvested in July 2024.
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
| 4. Investment income Rental and investment Dividends received Grants Received Donatons & Legacies Bank interest receivable 5.Expenditure on charitable actvites by fund type Grants for relief of hardship Donaton to Pop up Food Shop Support costs 6.Expenditure on charitable actvites by actvity type Grants for relief of hardship Donaton to SEF Governance costs |
2024 Unrestricted funds £ 5,387 35,446 30,000 16,536 2,379 89,748 2024 Unrestricted funds £ 23,869 - 14,349 38,218 Grant funding of actvites £ 23,869 - - 23,869 |
Total funds £ 5,387 35,446 30,000 16,536 2,379 89,748 Total funds £ 23,869 - 14,349 38,218 Support costs £ 12,861 - 1,488 14,349 |
2023 Unrestricted funds £ 4,528 33,141 18,000 27,787 1,588 85,044 2023 Unrestricted Funds £ 29,607 500 14,289 44,396 Total funds 2024 £ 36,730 - 1,488 38,218 |
Total funds £ 4,528 33,141 18,000 27,787 1,588 |
|
| 85,044 | |||||
| Total funds £ 29,607 500 14,289 |
|||||
| 44,396 Total funds 2023 £ 42,576 500 1,320 |
|||||
| 44,396 |
Governance costs relate to accountancy fees.
Page 10
Stowmarket Relief Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2024
| 7.Analysis of support costs Staff costs Governance costs Clerk's travel expenses and computer/telephone allowance 8.Analysis of grants and donatons 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 Rates and utilities Training & software 10.Net gains on investments Gains/(losses) on listed properties Gains/(losses) on listed investments Gains/(losses) on listed investments |
Support costs £ 12,060 1,488 801 14,349 2024 £ 23,869 - 23,869 2024 Unrestricted Total funds funds £ £ 32 32 768 768 884 884 - - - - 3,545 3,545 3,562 3,562 542 542 9,333 9,333 Unrestricted funds £ - 5,005 5,005 Unrestricted funds £ 7,912 |
Total 2024 Total 2023 £ £ 12,060 12,225 1,488 1,320 801 744 14,349 14,289 2023 £ 29,607 500 30,107 2023 Unrestricted 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 Endowment Total funds funds 2024 £ £ 17,683 17,683 68,728 73,733 86,411 91,416 Endowment Total funds funds 2023 £ £ 99,993 107,905 |
Total 2023 £ 12,225 1,320 744 |
|---|---|---|---|
| 14,289 | |||
| 2023 £ 29,607 500 |
|||
| 30,107 |
Page 11
Stowmarket Relief Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2024
11.Net income / (expenditure)
Net income/expenditure is stated after:
| Amortisation of intangible assets Depreciation of tangible fixed assets 12.Independent examinaton fees Independent examination of the financial statements |
2024 £ 768 32 2024 £ 1,488 |
2023 £ 1,152 242 |
|---|---|---|
| 2023 £ 1,350 |
13.Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 12,060 | 12,225 |
No employee received employee benefits of more than £60,000 in the year (2023: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 2024 Amortisation At 1st October 2023 Charge for the year At 30 September 2024 Carrying amount At 30 September 2024 At 30 September 2023 |
Software £ 5,760 |
|---|---|
| 4,992 768 |
|
| 5,760 | |
| - | |
| 768 |
Page 12
Stowmarket Relief Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2024
| 16.Tangible fxed assets Cost At 1st October & 30th September 2024 At 30th September 2024 Depreciation At 30 September 2023 Charge for the year At 30 September 2024 Carrying amount At 30 September 2024 At 30 September 2023 17.Investments Cost or valuation At 1 October 2023 Additions/(Disposals) Fair value movements At 30th September 2024 Impairment At 1st October 2022 Carrying amount At 30th September 2024 At 30th September 2023 |
Computer Equipment £ 600 600 600 - 600 - - Listed investments £ 1,043,990 322,903 73,733 1,440,626 - 1,440,626 1,043,990 |
Fixtures & fittings £ 1,069 1,069 942 32 974 95 127 Investment properties £ 350,000 (350,000) - - - - 350,000 |
Total £ 1,669 |
|---|---|---|---|
| 1,669 | |||
| 1,542 32 |
|||
| 1,574 | |||
| 95 | |||
| 127 | |||
| Total £ 1,393,990 (27,097) 73,733 |
|||
| 1,440,626 | |||
| - | |||
| 1,440,626 | |||
| 1,393,990 |
All investments shown above are held at valuation Investment properties
The investment property was sold in May 2024 and proceeds of the sale were reinvested in unit trusts.
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 2024
18.Debtors
| Charitable loans (interest free) Prepayments |
2024 £ 950 - 950 |
2023 £ 950 2,137 |
|---|---|---|
| 3,087 |
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.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 (2023 £0)
20.Analysis of net assets between funds
| Tangible fixed assets Investments Current assets Net Assets |
Unrestricted Funds £ 95 37,482 170,656 208,233 |
Endowment funds £ - 1,403,144 - 1,403,144 |
Total Funds 2024 £ 95 1,440,626 170,656 |
|---|---|---|---|
| 1,611,377 |
21.Related parties
There were no related party transactions in the year
Page 14