## **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