OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-07-31-accounts

HIGHLANDS COTTAGE CHARITY (Registered No 1012785) Registered address — Follifoot House, Amberley, Stroud, GL5 5AG

TRUSTEES THIRTY-SECOND ANNUAL REPORT 2022/2023

1. Introduction.

(c) Names and addresses of advisers to the Charity:

  1. Independent Examiner: Mrs PennyLoe,Chartered Accountant, Edgecombe, Amberley, GL5 SAB

  2. Solicitors: WSP Solicitors, 3/7 Rowcroft, Stroud, GL5 3BJ and Willans LLP, 28 Imperial Square, Cheltenham. GL50 1RH

  3. Bankers: Lloyds Bank, 12 Rowcroft, Stroud, GL5 3BD

  4. Managing Agents: Bennett Jones Partnership, 31 Parsonage Street, Dursley, GL11 4BW 5. Architect: Chris Stone, Quadra, Nethercourt, Hyde, Stroud. GL6 8NZ

2. Charitable Objects.

The income of the said Trust Fund and such of the property as the Trustees shall direct, shall be used for charitable purposes for the benefit of the inhabitants of the Parish of Amberley and the contiguous parishes thereof, including but not confined to the following purposes:

(3) The provision of a house or other suitable accommodation for an employee of Amberley Parochial Church School or any other educational establishment in the Parish. In administering the charity, the Trustees have considered the Charity Commission’s general guidance on Public Benefit and consider the Charity is fulfilling its objects and public benefit requirement by providing subsidised housing to people in need in the Parish of Amberley and its contiguous Parishes.

In accordance with the Charity Commissioners guidelines, the treasurer has adopted the following principles: (1)Best use of expendable funds, continuing to maintain all its property and fixtures to a reasonable standard.

(2)The rental income is paid to Lloyds Bank monthly and the sums are transferred between Lloyds Bank Investment Accounts (when available) and/or into COIF Charities Deposit Fund thereby gaining the benefit of the best available interest rates

1

  1. Investment Policy.

,

=

There have been no changes during the current year

  1. Trustees.

  2. (a) The Trustees are all appointed in accordance with the Governing Trust Instruments.

  3. (b) Vesting of Assets. The properties known as New Lodge, Little Lodge and Blackwell Cottage remain vested as heretofore. The Chairman and the Treasurer hold the Investment Funds.

  4. (c) The Trustees have met formally throughout the year. The general maintenance of the properties is constantly under review and an ongoing plan of maintenance / repair is in place.

  5. (d) The Accounts, drawn up by our Independent Examiner, for the year to 31 July 2023 are included with this report.

  6. Activities

This year the Trustees have continued to seek to maintain reserves whilst at the same time to support a pro-active programme of repairs and improvements to all properties; in addition,significant refurbishment of Flat 1, New Lodge has been undertaken to prepare the property for the start of a new tenancy and new tenants.

(a) New Lodge

2

,

Blackwell Cottage

(b) Managing Agents The Trustees have continued to contract theresponsibility of Property Management to a local company, Bennett Jones Partnership of Dursley. This has proved to be particularly successful and necessary repairs are being carried out with the minimum of delay. The Trustees continue to maintain the principle of requiring the managing agents to use local trades people where practicable. With the agreement of the Trustees they have increased their monthly fee in April this year to £300 after retaining it at £210 since July 2016.

(c) Rent Review The Trustees strive to ensure that rents set for the Charity’s properties reflect the Objects of the Charity. It was decided this year to increase rents in August by 2% plus CPI and these increases have been accepted by all tenants.

(d)Tenancy Agreements

Following on from the review of the Trust Document the Trustees considered a need to review the tenancy agreements in place. This will seek to ensure that each tenant is treated fairly and equally,considering changes in legislation in respect of the duties of Landlords and issues arising from Health and Safety and the recently introduced General Data Protection Regulation. This year Willans solicitors have provided advice on equality and discrimination and preparation of a precedent assured shortholdtenancy.

(e)Charitable Incorporated Organisation

To facilitate management of the Charity for the future, the process of establishing a Charitable Incorporated Organisation (CIO) continues. The CIO will take over the activities, assets, and liabilities of the existing Charity. The CIO has not yet been established due to issues in communication within and with Lloyds bank. It is hoped that these have now been resolved and the process will be completed within the coming year.

(f)General Data Protection Regulation

mo

8 Risk Review.

The Trustees frequently review the possible risks to which the charity is exposed and believe that these are covered by relevant procedures and cash reserves.

3

‘

9 Reserves and financial management

The HCC have established the following financial reserves policy:

.

----- Start of picture text -----
Sandra Lampard
HonoraryHighlands CottageTreasurer Charity y » /]/ ;
Roger Bush sstedieiae ea mm enniaedtaT eerste
HighlandsChairman Cottage Charity Date 4 HH. Nivvtum Dev 2024 3
----- End of picture text -----

4

,

Independent examiner's report to the Trustees of Highlands Cottage Charity

| report on the accounts of Highlands Cottage Charity (The Trust) for the year ended 31 July 2023, which are set out on pages6 to 9.

Responsibilities and basis of the report

As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).

| report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.

:

Independent examiner's statement

| have completed my examination. | confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect: iV accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper tanding of the accounts to be reached.

----- Start of picture text -----
Penny Loe 1 November 2023
PS Loe & Co
----- End of picture text -----

:

Chartered Accountant Edgecombe, Amberley, Stroud

;

HIGHLANDS COTTAGE CHARITY

“

STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 31ST JULY 2023

Note Unrestricted Designated TotalFunds Total Funds
Funds
£		 Funds
£		 2023
£		 2022
£
Income
Rents and licencefees 30,256 - 30,256 38,424 :
Otherincome- compensation 105 105 -
Bank and other interest 632 - 632 55
TotalIncome 30,993 - 30,993 38,479
Expenditure 2 36,710 - 36,710 32,834
Net Income/(Expenditure) (5,717) - (5,717) 5,645
forthe year
Balances broughtforward at
1 August2022 254,690 5,465 260,155 254,510
Transferbetween funds - - - -
Balances carried forward
at31July2023 248,973 5,465 254,438 260,155

The notes on pages 8 and 9 form part of these accounts.

6

‘

HIGHLANDS COTTAGE CHARITY

BALANCE SHEET AT 31ST JULY 2023

Note 2023 2022
£ £ £ £
Fixed Assets
Freehold property
New Lodge and Little Lodge, at cost 413,882 413,882
413,882 413,882
Blackwell Cottage 72,914 72,914
486,796 486,796
Tangible fixed assets - Furnishings and equipment
Cost b/f 1 10,094 9,745
: additions - 349
10,094 10,094
Depreciation b/f 9,012 8,651
: charge for year 271 361
9,283 9,012
811 1,082
487,607 487,878
Current Assets
Debtors and prepayments 3 - -
COIF Charities Deposit Fund 22,054 21,422
Lloyds account 18,807 40,285
40,861 61,707
Liabilities
Amounts falling due within one year 4 4,002 16,664
4,002 16,664
Net Current Assets 36,859 45,044
Net Assets 524,466 532,922
Long term liabilities 5 66,940 69,679
“457,526 _
a		 463,243
i
Funds 8,9
Endowment 203,088 203,088
Designated 5,465 5,465
Unrestricted 248,973 254,690
457,526 463,243

ApprovedRoger Bush,by Chairman the Trustees on 1VyNovemberAl2023 and signed on its behalf by

The notes on pages 8 and 9 form part of these accounts.

7

;

HIGHLANDS COTTAGE CHARITY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST JULY 2023

1. Accounting Policies

a) These financial statements have been prepared under the historical cost convention and in accordnce with applicable Accounting Standards, The Charities Act 2011 and the Charities SORP (FRS102)

b) The accruals basis of accounting is used for income and expenditure. c) Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.

d) Depreciation is calculated to write off the cost, less estimated residual values, of tangible fixed assets over their estimated useful lives to the scheme. Since 1996, furniture and equipment has been depreciated at 25% pa on the reducing balance method; prior to 1996 such expenditure was written off in the year of purchase. No depreciation is provided on freehold buildings because in the Trustees opinion the real (inflation adjusted) estimated residual value is not less than the carrying value in the accounts.

2. Expenditure

Expenditure
Property insurance 2023
1,541		 2022
1,348
Propertysurveyorand agent 3,354 2,520
Repairs and maintenance 19,241 23,544
Utility billswhen propertyvacant 2,261 -
Legal fees general 4,926 1,822
Trustee Indemnity insurance 564 513
Mortgage interest 4,155 2,256
Sundries 36 170
Independent Examiner's fee 360 300
Depreciation offurnishings, equipment 271 361
36,710 32,834

3. Debtors

mc

,

3. Debtors
2023 2022
Trade debtors - -
4. Liabilities: Amounts falling due within one year
Creditors 2023
-		 2022
11,527
Accruals 360 300
Repayment due on mortgage - see note 5 3,642 4,837
4,002 16,664

8

‘

HIGHLANDS COTTAGE CHARITY

5, Long term liabilities

A 25 year mortgage of £155,000 was obtained from Lloyds Bank in order to fund the development of the Old Cart Shed, in the grounds of New Lodge, completed in February 2011 and now, as Little Lodge, let out as residential accommodation. The mortgage is secured on another property owned by the charity, Blackwell Cottage

6. Employees’ remuneration

There were no employees during the year

7. Trustees’ remuneration and expenses

No trustee received any remuneration or reimbursement of expenses during the year. The trustees were advised that the charity should take out trustee indemnity insurance; this cost £564 (2022: £513)

8. Designated and restricted Funds

Designated and restricted Funds
Balance Movement in Resources Balance
1.8.22 Incoming Qutgoing 31.7.23
Designated Funds
Contingency Fund 5,000 - - 5,000
AE Pash Charitable Trust donation 465 - 465
5,465 - - 5,465

There are no restricted funds held by the Charity.

The Contingency Fund reflects the Trustees' policy of retaining £5,000 to meet support for tenants unable to remain in one of the properties due to fire, flood, major repairs etc.

The Trustees propose to use the donation from the AE Pash Charitable Trust, received on the winding up of that Trust, for a specified purpose, to be determined.

9. Analysis of net assets between funds as at 31 July 2023

Fixed NetCurrent Longterm Total Total
Assets Assets liabilities 2023 2022
Endowment Fund 203,088 - - 203,088 203,088
Designated Funds - 5,465 - 5,465 5,465
Unrestricted Funds 284,519 31,394 (66,940) 248,973 254,690
487,607 36,859 (66,940) 457,526 463,243

9