CHARITY NUMBER 1055846 CORFE CASTLE CHARITY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FLCHER & PARTNERS CHARTERED ACCOUNTANTS SALISBURY
CORFE CASTLE CHARITY copirENTS Page Reference and adminlstratlvo dotalls of the Charity, its Tru6t808 and advisers Trustees, report Indopendent auditor's report Statement of flnanclal actlvfties Balanca sheet Notes to the financial statements 9-18 The following pages do not form part of the statutory accounts.. Detslled income and exp8ndllure account 19
CORFE CASTLE CHAR]TY REFERENCE AND ADMINISTRATNE DETAILS OF THE CHARITh, rrs TRUSTEES AND ADVISERS for the year ended 31 March 2024 Trustees Mrs K Allson (co-opted) Mr K Batchelor (co-opted) Mrs K Bennett (nominated) Mr M J A Bond (nominated) Mr J Coverd818, Chaiman (COaOPted) Mr N Dragon (nominated) Rev l Jackson (ex-officio) retired August 2023 Mr J Phillips (nominated) Mrs G M Sellon {co-OPted) Custodian Trustee The Official Custodian for Charfties Charlty registered number 1055846 Principal office 2 Battlemead, Corfe Castle. Wareham, BH20 SER Clerk to the Trustees Mrs A Meaker Property Managors Mr B Rowlatt East Boro Housing Trust, Faulkner House, 31 West Street. Wimborne, DorseL BH211JS Dorset Property, 4-5 Easl Street. Wimborne. Dorset. BH21 1 DS Auditor Fletcher & Partners, Crown Charnbers, Bridge Street. Salisbury. SP12LZ Bankers Lloyds Bank plc, Wareham, 3 South Street. Wareham. Dorsel. BH20 4LX Investment Manager5 CCLA, One Angel Lane, London EC4R 3AB Solicitors Laceys Soliators LLP. 5 Poole Road, Boumernouth, Dorset, BH2 SQL Chartered Surveyors Carter Jonas, Ailesbury Court, 3rd Floor, High Street, Marlborough, SN8 1AA Sibbett Grogory, 3 Winchester Place, North Street, Poole BH15 1NX Page 1
CORFE CASTLE CHARI TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees Submit their annual report and the financial statements of Corfe Casile Charlty (the Charftyl for the year ended 31 March 2024. The financial statement5 have been prepared in accordance wth the accounllng policies set out on pages 9 to 11 and comply wlth the Charity Commission Order, the Charities Act 2011 and the Accounting and Reporting by Charities,, Statement of Recommended Practice applicable lo charities preparing their awounts in aGcordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS102) and the Financlal RePOrng Standard applicable In the UK and Republic of Ireland published in March 2018 IFRS102). The Charity ¢omprises the following pemianent charitable trust8: The Charities of Robert Abbott, The Church Lands Charity, The Charity of Henry Dackombe {otheMse the Church Merrifield Charity), The Green's Acre Charity, The Charity of John Harden, The Charity of Sir Edmund Uvedale. The Woolgarslon Lands Chaaty, The Charity known as The Almshouse8, The Charity ofAli¢e Augusta Gertrude Sotheran, The Charles Memorial Fund and The Hubbard Fund. Constitutlon pollclgs, objectlves and acllvltlos The Charity is constituted under a Charity Commission Scheme dated 15 February 1995 as amended by further schemes dated 30 March 2006 and 23 April 2018, and is a registered chadty. number 1055846. The principal objects of the Charity are to provide and maintsin almshouse and affordable accommodation for the poor and needy people resident in the Parish of Corfe Cast, to provHJe relief to those in need, and to Use surplus funds to support other charitable purposes in the Parish. The Qharty provides 16 units of almshouse accomrnodation and 15 units of affordable houslng and makes grants lo Individuals and Institutlons wlthin the Parfsh. The Charity also holds other propertles and land 1¢h it lets on commercial basis lo provide additional funds to the Charity. Organlsatlonal structure and decision making The Charlty is administered by a board of nine Trustees who meet on a monthly basls. The Trustees oversee the operalon cfthe Charity's almshouses and social housing. approve all grants, and manage the Charitls assets. The Charity's Trustees monitor the Charity's financial position through regular compwison of expenditure to budget, and the periodic review of Investments. The day lo day operations of the Charity are carrled out by the Clerk to the Trustees oversee5 the many aspeGts of the running of the Charity, and the Property Manager vtho oversees the maintenance and upkeep of the charitrfs properties on behalf of the Tnjslees. Method of appolntment or elootion of Trustse$ The Tru3tees comprise one ex-officio Trustee, four nominated Trustees and four COpOPted TrLJslees. The ex-officio Trustee Is the IncumbenVPriest in Charge of the Parlsh of St Edward King and Martyr, Corfe Casle. The nominated TNstees are appointed by Corfe Castle Parish Council for a term of four years. The co-opted Trustees are selected and appointed by the body of Truslees for a lem of ftve years. New trustees are trained by the Chairman and Clerk. Key management personnel remuneration for the Clerk and Property Manager Is reviewed by the trustees annually and nomially increases in Ilne with the Consumer Prices Index. ststement of Trustees. Ro$ponslblllties The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Klngdom Accounting Standards (UnFied Kingdom Generally AcGepted AOUnting Pracllce). The law appliGable to charities in England and Wales requires the Trustees to prepare financial stalernents for each flnancial year whlch give a true and fair view of the state of affairs of the Charity and of the incoming resources and applicatlon of resources of the Charity for that period. In preparing these financial statements, the Trustees are required lo,. select suitable accounting poricies and then apply them consistently., observe the methods and principles in the applicable Charities SORP. make judgments and estimates that are reasonable and prudent., State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slatements. prepare the financial statements on a going concern basis unless It is inappropriate to assume that the charity wll continue in operaon. Page 2
CORFE CLE CHARrr TRUSTEES. REpoi¥f (contlnuèdl FOR THE YEAR ENDED 31 MARCH 2024 The Trust88s ar6 r8sponslble for keeplng proper 8CCOUTrtiTha reconls that dlsdose wllh raasonable acujracy at any tlme the fin8r,dal poslllon of thp Charfty and enable them to ensure that the finandal statements comply with the Charitles Act 2011. They are also responsibig for safeguarding the assets of Ihe Chartty and hence for taking asOnabl $teps tr the prevenilon and deteon of frdud and other Irregularitigs. Reserves pollcy The Truste9s r8cognlse thelr responslblllty to ulllBe Orne as it Is eamed and rK)t g&n8rnle unnecessary reserves. but consider Et necessary lo retaln sufficlent funds lo ensure that they are able to undertake thelr planned ctkrttable actmties and maintain the starKlard of the Chw1ty8 social hCSInll. Thtr Trustees have a long term obleclive of acquiring proporty In the vlllage whlch C1 be let a$ houslng at affOrdae rents. whlch requires them lo hold funds avapiable to purchase suÉtab18 properti05 when they becA)me avallable. At tho ygar encl tkiP free ioserve8, •XCtudLng Ihose Inve¥led In propety. were a total of £979,119. Rlsk management The Trustees have agsessed th8 mapr rlsks lo wthich the Charfty Is exposed, in parlicular those r91ated to th8 opgratlons and finan8 of the Ghariiy, and are satlsfied that SYstS are in place to M'gate their exposure, The principal risk5 are in th8 perfom)ano of investments and OP8Tational rk8k¥ frc4n owning prOty and maklro effecuve grants a1 loans. Investmont pollcy and perforniance The Trustges are required to Invest all Sum$ not neede(I for itnlnethats workrng purposes by th8 Schem& The Tru8t98s have apportioned the Invostsrents betwean quoted Invesbments and depostt accounis. to refleGt theiT potential noed for fvnds at short notlce. The Trustegs have a medlum to low risk allitude and the relum to the Charty Is managed by investing in COIF Charilles Inveslment Fund untts, providing a mixbjrè of capllal appdatIon and income growth. Tha market risk Is mitlgated by Investmont In professlonally managed ¢ommon investment fvnds operated by CCLA IrNestrnent Management. Grant making poli¢les To achleve tts objects for the pubfic benefft, the cha Invites both organi5atlcns and needy irM4ivldLrals wfthh thè p$ri8h lo #pply for grsnte or10gA¢. Thosg can bo f¢r hlgh9r edu¢atlonal cour¥, m¥8tinJ thè nogdg of tho dlsabled. slck and dderly as well as to mltvjak hardshlp or distres5. Public Bonefft The Trusteas confim Ihat they havo mplIed wth tho duty in section 1715) of fhe Chartties Act 201110 have due regard to thg publ1¢ benofit guidance published by tho Chartty coMmkl0n. Tho Charity meets Its publlc benefft remit by providing accommrKJ81ton and finanal assistance lo needy persons and instilutTrons Wthln the Parish. Revlpw ol actfvitlgs and tlnanclal revlew The Charity had incomlng resources ft)r Ihe year of £349.022 (2023.. £331,420). The Trustèes havb contlnued to resporKI to cases of hardship wlthin the ¢ommunify wrfh grdnts and Irrterest- free108ns Qnd have recelved numerous gxpresgknns of thanks from individuaL* whom they hav8 holped during the year. Thè Ch8tity rrJaQe grants of £32.799 (2023: £37.421) and spent £90.5gi {2023: £91,787) In provldlng both sheltered and reasonably priced hskng. This oxGludes stsff costs, depreGlation and supwrt ¢osts. The total of charltable expendiiure induding ihese costs 'Nas £227,192 (2023: £227.166).The Charkiy had rpt income for the year of £86.24612023: net Income £84,976) beforo oth¢r racognised gains and lo$. Investments Incre8$ed In valua by £98,156 frjr the year {2023.' deThso of £22.W}. Investment propertles, value dld nol thange 12023: decrease of£10,ODD). At Ihe year 8fbd. the Cbarty had total funds of £4,597,967 (2023: £4,413.565) of whi¢h £1,547.258 were endowed nds. £969,745 were dgslgnated fund$ and £2.080.966 Wdre general lunds. was approved by the Trustees on ILro 2024 and signed on thetr behalf, ty. Mr Cha .Cov Page 3
CORFE CASTLE CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CORFE CASTLE CHARITY FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audKeé the finanal statements of Corfe Castle Charity (the"CharfW) for the year onded 31 March 2024 which comprise the Slatemenl of financial activities, Balance Sheet and notes lo Ihe financial slalemenls, including a summary of Significant ac¢ounling policies. The rinanci81 repOng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard apicabl8 in the UK and RepubliG of Ireland (United Kingdom Gen8rally AcG8Pted AccounJng Praclice). In our oplnlon, the financial statements.. (i) glve a true and fair view of the stale of the ChariVs affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended.. (li) have been properly prepared in accordance with United Kingdom Generally Aepted Acuunting Practice" and (illl have been prepared in accordance th8 requirèments of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Inlernalional Siandards on Audlting IUKI {ISAs {UK)) and applicable law. Our responsibilities urKler those standard5 are further descrlbed in the Auditor's responsibililie$ for Ihe audit of the finan¢io1 statements section of our report. We are independenl of th& Charity In accordance vrith the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S EthTrl Standard, and we have fuFfilled our other ethlcal responsibilili&s In accordance with these requirements. We believe that Ihe audit evidence we have obtained is suffic4ent and appropriaie to provide a basis for our opinion. Con¢luslons relallng to golng concem In auditing Ihe financial statements, we have GOnGluded thal the trustees use of Ihe going concem basis of ac¢ounling in the preparallon of the financial ststements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or Conditions that, indiwdualW or collectivety, may cast significant doubt on the charilvs ability to continue as a going concern for a pertod of at least 12 months from wh8n the financlal statements are authorised for issue. Our responsibilities and the responsibilities of the twslees with respe lo going concern are descrlbed In the relevant sections of this report. Other information The Iruslees are Tesponsible frjr the other information. The other information comprises the infomiation included in the Trustees, Annual Report other than the financial statements and our auditor's report thereon. Our oplnion on the finarrial statements does not cover the other intormatM)n and, we do not 8xpress any forrn of assuran wnGlusion ther80n. In connection with our audit of the financial statemenls, our responslblllty is lo read the othgr information and. in doing so, consider whether the other information is materially in)nsIstent wlth the Itnancial Page 4
CORFE CASTLE CHARITY INDEPENDEKf AUDITOR'S REPORT (continued) TO THE TRUSTEES OF CORFE CASTLE CHARITY FOR THE YEAR ENDED 31 MARCH 2024 Other Information {conlinued) statements OT our knoedge obtained in the audit or oth8rwis8 appears to b6 materially mlsslated. If we identify such mat8rial inconsistencies or apparent malerlal mlsstatements, we are required to delemine whether there Is a material mlsstatemenl In the financial slatemenls or a material misstatement of the othef information. If, based on Ihe work we have perfonmed, we conclude that there is a material misslalemenl of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Charity and its envlronrnent obtaln8d In the Course of the audit, we have not identifd material misslatemenls in the Truslees, Annual Report. We have nothing to report In respect of the following matters in relation to which the Charrties Act 2011 requlrès us to report to you if, in our opinion- (il the Informatlon given In the truslees rep)rt is inconsistent in any material reSt with the finanolal statements., or {ii) sufficient accounting recAJrds have not been kep( or {lii} the financial slalements are not in agreement with the accounting records and retums., or (iv) we have nol received all the infoTmation and explanation5 we require for our audm. Responsibililles of the trustees A5 explained more fully in the trustees, responsililities staternenl sel oul on page 2. the trustees are responsible for the preparation of the financial slalements and f¢N being satisfied that they give a true and fair view. and for SUGh internal ¢ontrol as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing Ihe financial statements, the trustees are responslble for assessing the Charitys abilily lo continue as a going concem, disclosing, as applicable, matters relaled lo going conc*m and using the going concern basis of accounting unless the truslees either inlend to liquidate the Charty or to cease operations, or have no reall$li¢ altemallve but to do so. Auditor's responsibilities for the audit of the financial slatements We have been appoirlled as auditor undei section 144 of Ihe Charilies Act 2011 and report In a¢cordan¢e with the Act and relevant regulations made or havlng effect thereunder. Flel¢her & Partners is eligible for appointment as auditor of the charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Ad 2(. Our objectives are to oblain reasonable assuran about whether the finanaal statements as a whole are free from materlal misstatement, whether due to fraud or error, and to issue an auditorfs report that Includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan with ISAS (UK) will afviays delect a malerial misslatemenl when it exists. Misslalein8ntS Gan arise from fraud or effor and are considered material if, individualty or in the aggregate, they Could reasonably be expected to infiuence the e(y)nomic decasions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-(x>mplianc8 with laws and regulations. We design procedures in line wlth our responslbllitle$, outtined above, to detect malerfal misslalements In respect of Irregularities, including fraud. The exient to which our prdureS are capable of detecting irregularfb'es, including fraud, Is detailed below: Page 5
CORFE CASTLE CHARITY INDEPENDENT AUDITOR'S REPORT {continued) TO THE TRUSTEES OF CORFE CASTLE CHARITY FOR THE YEAR ENDED 31 MARCH 2024 Audltorfs responslbllltles for the audlt of the flnanclal statsments (contlnued) We ensured that the engagement team collectively had the appropriate Competence and capabillties to recognise non-complian¢e with applicable laws and regulatlons-, We identified the laws applicable to the charity through discussions with trustees and managernent, and from our knowledge and experlence of the charlty and the sector., and W6 8nsured that the laws and regulations which we Identif18d were communicated lo the engagement team and that they remained alert to instan¢e$ of complianGe throughout the audit. We assessed the susceptibility of the charivs financia] statements to material mis-statement, including obtaining an understanding of how fraud might occur. by.. making enquiries of management as to their assessment of the risk of fraud and their knowledge of actual or or alleged fraud., and considering the effectiveness of intemal controls to mitigate the risks of fraud and non-compliance with law5 ané regUlaon6. We addressed the risk of fraud through management bias and the over-ride of controls by assessing whether judgements and assumplions made by management were indicatlve of polenlial bia5 and by invesb'gating the rationale behind significant or unusu81 Iransactions. In order to address the risk of irregularflies wè carried out procedures which included agreeing the financial 51atemenls to undertying documentation and enqulrfng of management a5 to actual and potential litigation and instances of non-complianco. There are however inherent limit8tions in these audit procedures. The more removed that laws and regulaJons are frorn fin8naal transactions, the less likely it is that we would be aware of non-compliance. Auditing standards 8180 limit the procedures requlred to identify non-compllance to enqulry of management and inspection of relevant correspondence. Furthemiore misstatements due to fraud can be harder to detect than Ihose that arlse from error as they may involve deliberate concealmenl or Collusion. A further description of our responsibillties for the audr( of Ihe financial slatements is located on Ihe Financial R6porting Council's website at. www.frc.org.uklaudilorsresponsibililie8. This description fonns part of 0r audilorfs report. Use of our report This report is made solely to the ChariV$ tnjstees. as 2 body, in accordance wlh sectlon 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charlty's trustees those matter5 we are required to State to them in an auditorfs report and for no other purFX)se. To the fullesl extent permitted by law, we do not acc8pI or assume responsibility to anyone other than the Charity and the Charitys trustees as a body, for ou( audit work, for thls report, or for the opinlon5 we have forrned. Fletcher & Partners (Chartered Accountants and Statutory Auditor) Crown Chambers Bridge Street Salisbury SP12LZ Page 6
CORFE CASTLE CHARirf STATEMENT QF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unre51ricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 Note INCOME FROM: Donations and legacies Investmen18 Charitable activities other TOTAL INCOME 850 143,815 204,357 850 143,815 204,357 700 137,135 193,535 50 331,420 349.022 349.022 EXPENDITURE ON: Raising funds Charitable activtties 35,584 224,782 35,584 227,192 19,278 227,166 2,410 TOTAL EXPENDITURE 260,366 2,410 262,776 246,444 NET INCOME J IEXPENDITUREI 88,656 (2,410) 86,246 84,976 NET GAINSIILOSSESI ON INVESTMENTS Unrealised Gains and losses on revaluab'on of Investment properties Investments 12 13 110,000) 122,960) 81.594 16,562 98,156 TOTAL GAINSI(LOSSES) ON INVESTMENTS 81.594 98,156 32,%0 NET MOVEMENT IN FUNDS FOR THE YEAR 170,250 14,152 184,402 52,016 Total funds at 1 April 2023 2,880,461 1,533,104 4,413,565 4,361,549 TOTAL FUNDS AT 31 MARCH 2024 17 £3,050.711 £1,547,256 £4,597,%7 £4,413,565 The notes on pages 9 to 18 forn part of these 3CC¢)untS. Page 7
CORFE CASTLE CHARrrY BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Note FIXED ASSETS T¢nglble assets Investment prop8rtieg Other investments 11 12 13 1.580.976 1.841.000 1.093 892 4.515.888 1,541,086 1,841.000 4,327, OTHER NON CURRENT ASSETS Loans to indiwduals PpaYents and 8rUed Inwne 15 15 23.927 10.637 8,698 19,030 CURRENT ASSETS Stock Deblors CaBh at bank and in hand 14 15 2.309 43,183 45,240 90,732 2,355 34,138 78,H8 114.939 UABIUTIES Credilors.. amounts Idling due wtthtn one ar 16 43.197 NEf CURRENT ASSErs 47.535 66,713 NET ASSETS £4,597.967 £4,413,565 THE FUNDS OF THE GHARITY Endowment funds Unrestricted fvnds 17 17 1.547,256 3.050,711 1,533.104 2,880,461 TOTAL CHARrff FUNDS £4.597,967 £4,413,565 flnancial statements were approved by the TrusLees on IKk 2024 and signed on their beha, ty. J Coverdalo Chaimlan The notes on p8ges 9 to 18 fonn part of t8 awounts. Paga 8
CORFE CASTLE CHARITY NOTES TO THE FINANCIAL sTATEMEPs for the year ended 31 March 2024 ACCOUNTING POLICIES 1.1 Basis of Preparation of Financial Statements The financial statements of the Charity are prepared in accordance with the historical cost convention with items recognised at cost or transaction value unless othetwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charits'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> and the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS102), the Charities Act 2011 and applicable regulations. Corfe Castle Charity meets the definition of a public benefit entty under FRS 102. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Estimates ané judgements 8re continually evaluated and are based on hislorical experience and other factors, including expectations of future events that are believed to be reasonable under the circurnstances. The Charity makes eslimates and assumptions concerning the fvlure. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. No judgements {apart from those involving estimates) have b&n made in the process of applying the above policAes. The key assumptions conceming future and key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include the revaluation of the freehold properties and the level of investment return and performance of the investment markets. See also Note 11. 1.2 Charity status The charity is constituted by trust registered with the Charty Commission for England and Wales. The principal office is 2 Battlemead, Corfe Castle, Wareham, BH20 SER. 1.3 Fund Accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. An additions to endowed properties financed from unreslricted funds continue lo be part of unrestricted funds. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. The endowment fund represents those assets which must be held permanently by the Charity. Income arising on the endowment fund can be used in accordance with the objects of the Charily and is included as unrestricted income. Any realised or unrealised capital gains or losses arislng on the investments form part of the fund. Investment income, gains and losses are allocated to the appropriate fund. 1.4 Income All income is recognised once the Charity has ent5tlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Maintenance contributions from almshouses and rents from affordable housing and agricultural land are recognised in the period to which they relates. Rent from investhent properties let under operating leases is recognised on a straight-line basis over the lease term, unless the receipts are structured to increase in line with expected general inflation. Income from listed investments Is recognised when declared receivable. Page 9
CORFE CASTLE CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 1. ACCOUNTING POLICIES (continued) 1.5 Expendlture Liabilities are recognised as expenditure as sn as there is a legal or ¢on$truclive obligation comrnitting the Charty to that expenditure, it b probable thal settlement will be required and the amount of the obligation can be measured reliabty. All expenditure is accounted for on an accruals basis. All expenses, including support Costs and govemance costs, are allocated or apportioned to the applicabl8 e>penditure headings in the statement of financial activities. 1.6 Expenditure on Ralslng Funds Expenditure on raising funds comprises costs in relation to the investment propertie8 held by th8 Charity. 1.7 Expondlture on Charltable Actfvlties The charitable acliwties of the Charity cornprise making grants and gifts to tse in need, prowding alrnshouse accommodation and providing affordable housing. Grants payable ar& payments to third parties in furtherance of the Gharitsble objecls of the trust, which are charged in the year when the offer is made except in those cases where the offer is Gonditional, such grants being recognised as expellditure when th8 conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commitment, but not accrued as expenditure. Costs of Charilable Activities include dirert expendiiure on the Gharitable aGtivilies and an 8PPOrtionment of support costs as shown in note 7. 1.8 Support costs Support Costs comprise of govemance costs and other support costs. Governance costs comprise all ¢osls involwng the public accountabilty of the Charity and its compiiancc with rc9ulation and good praotice. These coots include costs related to legal and professional fees, and auditlindependent examination together with a portion of Clerk's salary costs relatlng to govornance. Other support costs cornprise a remainder of Clerk's salary costs and l)ffI expenses. All support costs are allocated equally across charitable activities they support. 1.9 Tanglbl& Flxed Assots and Deproclatlon All assets costing more than £1.000 are eapitalised and valued at historical cost. Certain endowment properties for which no cost was known are included at a previous revalued amount as al the date of transition to FRS102, (1 April 2015) and such values are now treated as deerried cost. Tangible fixed assets are stated at cost less depreciation. Depreciation is prowded at rates calculated lo write off the cost of fixed assets. less their 6stimated resldual value, over their Freehold Land Freehold Buildings Fixtures & Fittings Housing Equipment 0% 2Yo 20D/o 4%16.67%110% not depreciated straighl line 51raight line straight lin8 Additions to freehold buildings are depreciated over the remaining life of the building concerned. Where the recoverable amount of a tangible asset is found lo be below its nel book value, the asset is written down to its recoverable amount and the loss on Impaimient is charged to the relevant expenditure category ol the Statement of FinanGial Adivities. Page 10
CORFE CASTLE CHARITY NOTES TO THE FINANCIAL STATEMENTS for the yearended 31 Mah 2024 1. ACCOUNTING POLICIES (contlnued 1.10 Investments Investments are a form of basic fi'nancial Instrument and initially recognised at their transadion value. Subsequently they are stated at fair {bid) value at the balance sheet date. All gains and losses are taken to the Statement of Financial Acttvitrds 8S they arise. Realised gains and losses on inveslmanls are calculat&d as th6 drfference between the sale proceeds and opening fair value (or purchase date if later). Unrealised gains and losses are calculated as the difference beitween the fair value at th6 year end and opening fair value lor purchase date if later). 1.11 Investment Properties Investment properties are included in thè Balance Sheet at their fair value as at the balance sheet date and are not depreciated. This is in accordance with Generally Accepted Accounting Practice for investment properties. All ains and losses are taken lo the Statement of Financial Activities as they arise. Realised gain8 an osses on investments are calculat8d as the dtff8rence belween the sale proceeds and opening market value (or purchase date if later)- Unrealised gains and losses ar6 calculated as the difference between the market value at the year end and opening market value (or purchase date if later). 1.12 Stock Stock is valued at the lower of cost and net realisable value. Co8t comprises dir8Ct costs of production. 1.13 Debtors Debtors are measured at the amounts the Charity anticipates it wtll receive from a debt or the amount it has paid in advance far goods or services. Loans to individuals are concessionary loans made to advan charitable purposes for the benefrt of the charily's beneficiaries. Loans are initially recognised and measured gt the amount paid. with the carrying amount adjusted in subsequent years to reflect repayments or further loans made. No interest is charged. 1.14 Cash at bank and in hand Cash at bank and in hand includes cash and cash on deposit. 1.15 Llablllties Liabilities are measured at the amounts the Charity anticipates it will pay lo settle a debt or the amount it has received as an advance payment for goods or seNices il must provide. 1.16 Flnancial Instruments The Charity only has financial assets and liabilities of a kind that qualify as basic financial inylruments. They are initially recognised at transaction value and subsequently measured at their settlement value, except for Investments, which are shovm at fair value (see note 1.10). 1.17 Penslons The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to Ihe fund in respect of the year. 1.18 Taxatlon The Chartty is regist8red for VAT and is partially exempt. Irrecoverable VAT is not separately analysed and is charged to Ihe Statement of Financial AGtNities when the expenditure lo which it relates is Incued and is alloGated as part of the expenditure to which it relates. Page11
CORFE CASTLE CHARI NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 2. INCOME FROM DONATIONS Unrestricted Funds 2024 2023 Donations £850 £700 3. INCOME FROM INVESTMENTS Unrestricted Funds 2024 2023 Rent from investment properties Income from investments Interest receivable 123.192 20,550 73 £143 815 119,996 17,122 17 £137 135 4. INCOME FROM CHARITABLE ACTIVITIES Unrestrided Funds Maintenance contributions from almshouses Rents from affordable housing 85,381 118,976 £204,357 80,227 113,308 £193,535 5. EXPENDITURE ON RAISING FUNDS Unrestricted Funds 2024 Investment properties, expenses Letting agents, fees Legal fees Staff cosls Book printing and associated costs {adjusted for stock) 23.969 10,338 500 730 47 £35.584 12,604 5,866 738 7Q £19,278 6. EXPENDITURE ON CHARITABLE ACTMTIES 2024 Direct cosls staff costs Support sts (Note 71 Total Other direct costs Depreciation and disposals 2024 Grants and grfts (Note 9) Almshouses Affordable Housing 32,799 43,008 47,583 £123 390 14,047 14,047 14,048 £42 142 46,846 83,444 96.902 £227 192 10,215 3,648 £13 863 16,174 31,623 2023 Direct costs staff cosls Support costs (Note 7) Total Other direct cosis Depreciation and disposals 2D23 Grants and gifts {Nole 91 Almshouses Affordabl8 Housing 37,421 56,750 13,614 13,615 13,614 £40 843 51,035 96,519 79,612 £227.166 10,335 3,691 £14026 15,819 27,270 £43.089 £129 208 Of the total expenditure on charttabl8 activtties, £224,782 (2023.. 224,756) was expenditure from unreslricted funds and £2,41012023'. £2.410) was expenditure from endowment funds. Page 12
CORFE CASTLE CHARITY NOTES TO THE FINANCIAL STATEMEfrrrs for the year ended 31 March 2024 SUPPORT COSTS Unrestricted Funds 2024 2023 GOVERNANCE COSTS Accountancy fees.. Audit Accounts preparation Payroll and auttrenrolment Vat Returns and assistancg 4,368 3,101 715 1,912 2,612 7,346 3,706 2,871 747 2,894 2,536 6,328 2,604 21,684 Insurance Staff costs Professional fees 20,054 OTHER SUPPORT COSTS staff costs Office expenses 22,038 50 18,979 180 Totsl £42,142 £40,843 STAFF COSTS Total 2024 Total Wages and salaries Pension costs 43,303 674 £43,977 39,514 555 £40,069 staff cost5 cornprised of: a) Clerk'5 salary costs classed as support costs and allocated to activities they support based on time apportionment. b) Propety Manager's salary costs classed as direct costs shared btheen Raising Funds and Charitsble activities based on time apportionment. The average number of employee5 during the year was 2 {2023: 2). No employee receNed remuneration in excess of £60,000 and no Trustee re1Ved any remuneration, benefi1$ in kind or ieimbursed expen$e812023.' Nil). The Truslees, the Clerk to the Trustees and the Propety Manager are considered to be the key management personnel of the charity. The total cost of the key management personnel during the year was £43.977 (2023: £40,069). GRANTS AND GIFTS Total 2024 Total 202 To individuals To institutions 29,713 3,086 £32 799 29,034 8,387 £37 421 Grants to Individuals Number of grants Total 2024 Number of grants Total 2023 General grants Educational grants 26 18 44 6,042 23,671 21 15 2.601 26,433 Page13
CORFE CASTLE CHARITY NOTES TO THE FINANC]AL STATENIENTS for the yoar ended 31 March 2024 GRANTS AND GIFfs (CONTINUED) Grants to In$titutlon8 Nnber of grants Total 2024 Number of grants Totsl In 23124 a grant of £1,000 was made to Crazy 4 Corfe, grant5 in total of £1,500 to Corfe Valley News, grdnl of £486 to Corfe Castle Primary Schod and a grant of £100 to Friends of Corfe Castle Community Library. In 22123 a gronl of £6,602 was madg to Corfe Costk Pre-school. a grant of £1.035 to Corfe Castle Youlh Club, a grant 01 £500 te Corfe Valley News. a grant of £150 to Corfe Castle Prlmary School and a giant of £100 to Corfg Community Kilchgn. IQ. RELATED PARTY TRANSACTIONS During the year twe grants of £2.000 eath tre paid to relatives of a trustee and the clerk. (ln 2023 one grant of £2,000 was paid to g relalive of a trustoe.) Iq POST BALANCE SHEET EVEPUS In June 2024. the tenant of one of the cnMeral properties went into adfflinistralion. its business havin9 beern sold by the administrators and the lease asslgned to the new owner. Thi5 event 9[[rred after the year enol and is con8idered a adjusllng event. TD date, the rent ha3 continwl lo b9 paid in line wlh the existing tenanry agreement. However. the thgrity is Currently in negotiations with the rew owner which 15 likely lo r&sull in a reductson in cash flows by approxrnatsly £12.500 per annum. and adver8ely affectyn9 the propety valuations by apprornately £150.CKQ. 12. TANGIBLE FIXED ASSETS Freehokl 18nd and buildlngs Fumilure fittings ar oqulpmwt Houslng equlpment Total COST OR VALUATION At 1 ApHI 2023 Addlli¢n8 DispoBals Al 31 March 2024 2,109,901 11,428 225,509 87,688 2.321 310,876 2,346,838 87.S88 2.321 2 432 205 2109901 DEPRECIATION At1 April 2023 Charge for the year Written back on disposals At 31 March 224 629.238 29,621 11.428 165.086 17.943 12.08D 180,942 805.752 47,564 12,Q871 851229 658,859 11,428 NET BOOK VALUE At 31 March 2024 £1451042 £129 934 £1580 976 At 31 March 2023 £1480 663 £60 423 £1 541086 13. INVESTMENT PROPERTIES Freehold prortY VALUATION At 1 April 2023 Rgvalualion At 31 March 2024 1,841,000 £1 841 000 The investm8nl prop8rb&s wer8 rgV81ued in 2023 by Carter Jona8. Chartered SuNeyors, at fair value. Tho Trustees believe that thè fair values of the investmerbt properties al 31 March 2024 have not changed 3lnce the 2023 valuation. 14. FIXED ASSET INVESTMENTS Charitable Common Investment Funds MAFIKET VALUE Al 1 April 2023 AddiliDns at cost Revaluations At 31 March 2024 945,736 50,000 98 15S £1 093 892 The hlslorlc cost of fixed asset InvestmentB at 31 Marth 2024 w8¥ £595,48112023'. £545.481). Page 14
CORFE CASTLE CHARITY NOTES TO THE FINANCIAL STATEMEKrs for the year ended 31 March 2024 15. STOCK 202 2023 stock of books 'The Penny Loaves of Corfe Castle" 16. DEBTORS AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 02 Trade debtors Loans to individuals Prepayments and accrued income 19,473 6,062 17,648 £43,183 17,978 3,850 12.310 £34,138 AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 202 Loans to individuals Prepaymenls and accrued income 23,927 10,637 £34 584 6,698 12,332 £19 030 The loans have been made on an interest-free basis to indiwdual households that have encountered serious financial difficulty, and are being repaid by monthty instalmerrts. The loans are unsecured. Total Loans to individuals 20 2023 BalanGe al 1 April 2023 New loans authori8ed in year Amounts written off Amounts repaid in the period Balance al 31 March 2024 10,548 25,560 16,581 (1,871> 4,162 £10 548 6,119 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Rent deposits VAT, Social security and other L2xes other creditors Accruals and deferred income Accruals for grants payable 6.071 5,165 2.056 28,780 1.125 £43 197 8,071 8.061 3,934 30,910 £48 226 Deferred income 2024 2023 Balance at 1 April 2023 Amounts released to incoming reSoUrS Amounts deferred in the period Balance at 31 March 2024 18.461 118,461) 19,559 £19559 16,538 116,538) 18.461 £18461 Deferred income comprises the portion of rent that relates to periods after the balance sheet date. Accruals for grants payablo 2024 202 Grant commttinenls recognised as at 1 April 2023 New grant commitments charged to the SOFA in year Grallts paid during the year Grant ¢(xllmitmenls roGognised as at 31 March 2024 1.250 32,799 32,924 37,421 36,171 Page15
CORFE CASTLE CHARI NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 18. THE FUNDS OF THE CHARiff 2024 Brought Forward Income Expenditure Gainsl (Losses) Carried Forward ENDOWMENT FUNDS Endowed Funds 1,533,104 (2,4101 16,562 1,547,256 UNRESTRICTED FUNDS General Fund Designaled Propety Fund 1,891,461 989,000 2,880,461 349,022 {241,1111 (19,255) {260,286} £{262,776} 81,594 2,080,966 969,745 3,050,711 349,022 B1,594 TOTAL FUNDS £4,413,565 £349,022 £98,158 £4,597,967 2Q23 Brought FoThvard Income Expenditure Gainsl (Losses) Carried Forward ENDOWMENT FUNDS Endowed Funds 1,547,638 2.410 12,124 1533 104 UNRESTRICTED FUNDS General Fund Oesignaled Prr4)erty Fund 1,805,656 1,008,255 2813.911 331.420 {224,7791 (19,2551 244,034 (20,836) 1,891,461 989,000 2,880,461 331420 2D,836 TOTAL FUNDS £4 361.549 £331420 £4413565 The permanent Endowmenl Funds comprise assets gifted to the Charity for it to use to proMdÈ benefits to the local communty. The income arising is unrestricted. The General Fund exists lo provide relief either generally or indmdually to p6rsons r8sldent in th8 parish of Corfe Castle who aro in Conditions of need, hardshlp or distress, including tho provision of almshouses. An additions to endowed properties financed from Unrestricted Funds continue to be part of Unrestricted funds. The Designated Property Fund represents the net book value of properties purchased and built to provide affordable housing in the parish of Corfe Castle. The Trustees have designated this fund to distinguish it from resources freely available to fund future projects. In the Trustees, opinion, the resources are held in an appropriate form to enable each fund to be applied in accordance with any restrictions. Page 16
CORFE CASTLE CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds 2024 Endowment Funds 202 Total Funds 2024 Tangible fixed assets Investment propertles Fixed asset investrnents Deblors due in more than one year Stock Debtors due in less than one year Cash at bank and in hand Liabilities 1,381,525 690,067 897,020 199,451 1,150,933 196,872 1,580,976 1,841,000 1,093,892 ]:j 34,564 2,309 43,183 45,240 (43,197) £3,050,711 34,564 2,309 43,183 45,240 (43,197) £4.597,967 £1,547,256 unreStrted Funds 2023 Endowment Funds 2023 Total Funds 2023 2023 Tangible fixed assets Investment properties Fixed asset investments Debtors due in more than one year Stock Debtors due in less than one year Cash at bank and in hand Liabilities 1,339,224 690,067 765,427 19,030 2,355 34,138 78,446 (48,226} £2 880461 201,862 1,150,933 180,309 1,541,086 1,841,000 945,736 19,030 2,355 34,138 78,446 (48,226) £4413 565 £1533 104 20. CAPITAL COMMITMENTS Al 31 March 2024 the charity had £9,163 of capital expenditure commitments (2023.. £nil). 21. PENSION COMMITMENTS The charlty contributes to a defined contribution pension scherne wth NEST and had 1 active member in the Scheme. During the year the Gontributions were £674 (2023.. £555) and contributions of £358 (2023.. £354) were outstanding at the balance sheet date. 22. OPERATING LEASES (a lessor) The charity is entitled to the following future minimum lease receipts under non-cancellable operating leases: 2024 2023 Due in not later than one year Due in laterthan one year and not later than five years Due in later than five years 50,833 171,000 127,500 349,333 64,167 177,333 170,000 411,500 Subsequent to the year end the charity has entered into negotiatTrons over one ol the leases which is likely to result in a reduction in future cashflows from operating leases of approximately £100,000. See note 11 for more details. Page 17
CORFE CASTLE CHARITY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 23 COMPARATIVE STATEMEPll OF FINANCIAL ACTMTIE8 FOR YEAR ENDED 31 MARCH 2023 Unrestricted Funds Endowment Funds Total Funds 2023 Nole INCOME FROM.. Donatlgns andlgg8cies Investments Charftsble aotivities Other TOTAL INCOME 700 137,135 193,535 700 137,135 193.535 50 331420 331420 EXPENDITURE ON.. Raising funds Charitsble activities 19,278 224, 756 19,278 227,166 2,410 rorAL EXPENDITURE 244.034 246 444 NETINCOMEI (EXPENDITUREJ 87.386 (2,410) 84,976 NET GAINS/(LOSSES) ON INVESTMENTS Unrealised G8ins and losses on revaluation of Invo$tn7entproperties Inwestrnents 12 13 (4,898) (15,938) (5. 102) (T,022) flO,OOOJ f22,960) TOTAL GAIAIS/(LOSSES) ON INVESTMENTS 20.836 (12, t24) 32,960 NETMOVEMENT IN FUNDS FOR THE YEAR 66.550 (14,534) 52,016 Total funds st 1 Apnl 2022 22 2.813.911 1, 54T,638 4.361,549 TOTAL FUNDS A T 31 MARCH 2023 17 2,880.461 1.533,q04 4.413 565 Pagg 18