THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY REPORT OF THE TRUSTEES AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 INDEX Report of the Trustees Report of the Independent Examiner Receipts and Payments Statem6nl of Assets and Liabilities Notes to the Accounts THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMHOUSE CHARITY REPORT OF THE TRUSTEES The Trustees submit their report and financial ststements for the year ended 31st March 2024. Histo ob ectives and activities of the Chari The Charity is regulated by a scheme dated 15th October 1993. The Charity is a registered Chaiity number 1043589. The principal activity of the Charity is to provide almshouses in cIren￿Ster and a qualification of residence is that residents shall be poor persons who are inhabrtants of ihe pansh of Cirencester and adjoining parishes with preference for persons who are members of the Society of Friends. In the absence of suitably qualified applicants the Trustees may appoint a poor person who is an inhabrtant of ihe County of Giou￿stershlre. In planning our activities for the year. we kept in mind the Charity Commission guideline on public benefit at our trustee meetings. Achievements and rfomiance of the Trust The Charity has 16 almshouses and does not intend to In¢￿aSe its housing stock bul focuses mainly on maintaining its present stock in good repair and condition with appropriate facilities lo meet the needs of its beneficiaries and to make improvements when the opportunity arises. During 2023124, 21 Walennoor Road was refurbished. including a new kitchen and bathroom suite. 11 is now occupied. Refurbishment work was started on the remaining vacant woperty. 5 Watermoor Road. This should be occupied in the Summer of 2024. In 202312024, all external railings and gates were painted; front & back doors of 5-21 Watemoor Road We￿ stripped back and painted., 10 & 12 Walermoor Road have had new storage healers fitted; 23 & 25 Walermoor Road have had new windows fitted. We are also working to improve EPC ralings on all properties where allowed. Flnanclal review investment olic and reserves Net payments for the year were £18,90712023 nel payments - £217.751) There are no restrictions on the Charity's power lo invest. The Trustees seek advice from stockbrokers. Bearing in mind the Charity's strong Quaker background the Trustees have adopted a policy of ethical inveslmenl and in order lo pursue this have appointed Rathbones who provide the relevant s￿lalISt advi￿. The Charity maintains unreslricled funds, Ihe free reseFves of the Charity Ilhose funds which are not invested in fixed assets, designated for a specific purpose or otherwise committed) al a level sufficient to cover expected annual general expenditure. The adequacy of the reserves policy is reviewed annually. It is the intention of the Trustees to add to the Major Repairs Fund at the rale of at least £10.CKM) per annum. Mana ement and overnance arran ements The Irusl deed provides for a maximum of 12 Truslees. Thr￿ Trustees are appointed by Cirencester Town Council, five by the Society of Fnends and Ihree are co-opted. The incvmbent of the benefice of Cirencester is the ex-offiao trustee. The Clerk lo the Truslees is responsible for the induction of any new trustee which involves awareness of a trustee's responsibilities, the goveming document, administratNe pl￿edures. the history and philosophical approach of the Charity and provides training course opportunth'es. During the year the Trustees initialed a review of their investment strategy with particular attention lo ensuring that the inveslments held sit comfortably with the ethos of the Chanty. The Trustees who served during the year were: _ Mrs. J. Gunner Mrs. A. Boxall Mr. G. Adams Mrs. J Hincks Mrs P Stevens Reverend R Franklin Mrs S AlexarKler Mrs E A Pill Reverend Canon G Morris Mrs. J. Stringer Mr. P. Freke Mrs N Bloomer The Tfustees annually review the risks that the Charity faces. Recently these have mainly related to investment management, and these have been amelioraled by drwersthed portfolto managemenl. THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY REPORT OF THE TRUSTEES CONTINUED Trustees rofessional advisers and corres ondence address Trustees.. Mrs. J. Gunner (Chairman) Mrs. A. Boxall Mr, G. Adams (resigned November 2023) Mrs. S. Alexander (resigned May 2024) Mrs J. Hinks Mrs E. A. Pill Reverend. R. Franklin Mr. P. Freke Reverend Canon G Morris Mrs. J. Stringer Mfs P. Stevens Mrs N. Bloomer (appointed November 2023) Secretsry.. Mrs C. L. Hawke Treasurer.. Ms. A. Pine Independent Examiner.. Miss Ruth Herbert FCCA Wenn Townsend Gosditch House 5 Gosdilch Street Cirencester Gloucestershire GL7 2AG Bankers.. Lloyds Bank plc 14 Castle Street Cirencesler Gloucestershire GL7 1QJ Correspondence Address. 20 The Paddock Cirencester Gloucestershire GL71EY THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY REPORT OF THE TRUSTEES CONTINUED Trustees res onsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the re￿ip1S and payments for thal period. The Trustees are responsible for keeping proper accounting records that disdose with reasonable accuracy al any time the financial position of the Charity and enable them lo ensure that the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Mrs J Gunner On behalf of the TrLSStees Dale.. 10th June 2024 THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 st March 2024 which are set out on pages 5 to g. Responsibilities and basis of report As the Charity's Trustees you are responsible for the preparation of Ihe accounts in accordance with the requirements of the Charities Act 2011 {'Ihe Act.). report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by Ihe Charity Commission under section 14515llb) of the Act. Independent examinef s statement I have completed my examination. I confinn Ihal no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by sedion 130 of the Act., or the accounts do not accord with those records. I have no COn￿mS and have come across no other matters in connection wilh the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Name: Ruth Herbert FCCA Relevant Professional quallficatlon or body: Chartered Certlfled Accountsnt Address: Wenn Townsend Gosditch House 5 Gosditch Street Clrencester Gloucestershire GL7 2AG Date: 11th June 2024 THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2024 Note Unrestricted Funds Restricted Funds Total 2024 2023 Receipts-. maintenan￿ Conlribulions Dividends and Interest Deposit Interest 92,535 6.018 172 92,535 6,018 172 80,211 6,167 329 98.725 66,499 98,725 66.499 86,707 107,818 Inveslmenl Sales Total Receipts 165,224 165,224 194,525 Payments: Property Expenses.. Sutveyors Insurance Water Charges and Council Tax Repairs and Mainlenance Light & Heat 6.822 4.319 4.400 82.885 980 6,822 4.319 4.400 82,885 980 7,482 6,881 7,823 288,929 955 99.406 99,406 312,388 Governance Costs: Wages and Pension fees Investment Managers Fees Accountancy Charges Independent Examiners Fees Treasurers Fees Sundries Loan Charges 15.951 3.000 2.360 1.000 1.430 3.019 15.951 3,000 2,360 1,000 1,430 3,019 150 15,010 3,139 1,848 900 1,649 3,911 150 26.910 26,910 26,607 Asset and Investment Purchases and Loan Repaid 57.815 57,815 73,281 Total Payments 184.131 184,131 412,276 Net ReceiptsllPayrnents} for the Year Transfers between funds (18.907) (18.907> {217,7511 Cash Funds brought forward 64 642 64,642 282,393 Cash Funds carried forward £ 45.735 £ 45,735 £ 64,642 THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY STATEMENT OF ASSETS AND LIABILITIES 31ST MARCH 2024 Note Unrestricted Funds Restricted Funds Total 2024 2023 Fixed Assets Housing Properties.. Cost 184.680 184,680 184,680 Investments 272,825 272,825 277,272 Total Fixed Assets 457,505 457,505 461,952 Current Assets Debtors Cash Funds 4,255 45,735 4,255 45.735 4,400 64,642 49,990 49,990 69,042 Current Liabilities Creditors 10 3.427 3,427 8.331 Net Current Assets 46.563 46,563 60,711 504.068 504.068 522,663 Net A8set8 £ 504 IA8 £ 504,068 £ 522.663 Thes ccounts were approved by the Trustees on 1 Olh June 2024 and signed on its behalf by.. .J Gunner Trustees .A Boxall THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 Maintenance Contributions Received 2024 2023 Maintenance Contributions ReceNed Service Charges Received 87,359 5,176 76,236 3,975 £ 92,535 £ 80,211 Emoluments Paid None of the Trustees received any emoluments. Tr emoluments paid to the Clerk to the Trustees and the Treasurer were as follows.. 2024 2023 Emolumenls (including VAT).. Clerk lo the Trustees Treasurer £ Nil £1,430 £1,649 The total expenses reimbursed to the Trustees £ Nil 3. Stsff Costs 2024 2023 Wages and Salaries Pension Costs and National Insurance Employers 15,202 749 13,422 1,588 £ 15,951 £ 15,010 There were no employees paid over £60.0(M). Number of employees in year 2024 1 12023 11. 4. Asset and Investment Purchases and Loan Re 2024 2023 Property Improvemenls Investment Purchases Loan Repaid 54,815 3.000 70,281 3,000 £ 57,815 £ 73,281 Taxation The Christopher and Sarah Aldam Bowlys Almshouse Charity is a registered Charity, and is, therefore, exempl from liability to taxation on ils Income and Capital Gains. THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 Fixed Assets Freehold Housin Pro rties held for Lettin Com leted Freehold Housin Pro erties Cost.. At 1 sl April 2023 Additions in Year 184,680 At 31st March 2024 184,680 The Housing Properties were donated to the old individual Charities in 1837. There is no record of the original cost and no value is attributed thereto. The above details relate to improvements carried out since 1961, which were part funded by a Social Housing Grant of £17,024. For Insuran￿ purposes the value ofthe almshouses is £5,377.958. Investsnents Market Value Cost At 31st March 2024 £ 268,882 £ 272.825 At 31st March 2023 £ 275,914 £ 277,272 Debtors 2024 2023 Debtors Prepayments 1,900 2,355 1,900 2,500 £ 4.255 £ 4,400 9. Cash Funds Lloyds Shawbrook Greenbank Petty Cash 27,988 3,408 14,259 80 50,794 8,237 5,514 97 £ 45.735 £ 64,642 10. Creditors Amounts falling due within one year.. Creditors and accruals National Association ofAlmshouses Loan 3,352 75 5,106 3,225 £ 3,427 £ 8,331 THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31ST MARCH 2024 11. Funds 2024 2023 Unrestricted: General 194.068 222,663 Designated Planned Repairs and Maintenance Reserve 150.000 150,000 Major Repairs ReseNe 160.000 150,000 Restricted Endowment £ 504,068 £ 522,663 Unrestricted funds comprise those funds whith the Trustees are free to use in accordan￿ with the charitable objecls. Designated funds are unrestricted funds thal have been set aside by the Trustees for particular purposes. The endowment fund represents those assets which must be held by the Charity. In¢ome arising from the endowment fund can be used in acrxlrdance with the objects of the Charity and is induded as unrestricted income.