REGISTERED CHARITY NUMBER.. 1116420 IIIiSTpif4.RPOINT COTTAGE TRUST RT TEE NAUDITED FINANCIAL STATEMEIYTS OR THE YE R ENDED 31 Hawerb A¢¢ourttancy LLP PO Box 293 Lewe5 BN7 9PG
HURSTPIEI RPOINT COTTAGE TRusr CONTENT.S OF THE FINANC.IAL STATFMF.Krs FOII"I'IIL YEAR LNDED 31 ocfoBER 2023 P4%e Report of the Trustecs Independeijt Exaininei's Repoi't ststement of Flnaneial Aetivitles Bglance Sheet Notes to the Flnaneiil Statements Detailed St8temeNt of Financial Activitie5 12
'Pl[I RPOENT COTTA UST REPORT OF THf TRII8'J'L4 LS FOR THE AR ENDED 31 ocfoBER 2023 Tjie Iwstees pSe11t tlieir iEporl willi ilie financial statemcnt8 of tlie cha¥ity foi" the year endcd 31 October 2023. The tiu.stees liave adopted the pj'ovisions of Aetountiiig and Repoitillg by Chaiities.. Stateint of RecilmEnded Pixctice ai)plicable lo chaTilie5 PTcpaiing tlieir accounts In accoTdance with tlie Financial Rtportiiig tandard applicable in (lie UK and Republic of Ireland (FRS 102) {effeciive l Janiiary 2019). C)BJF.C.TIVES AND AcrtVITIES 01)Jectlves and aim5 Tlie Chitiity's mall aim is to provide liousing foi. the pcoplc of Huistpietpoirtt and it% iillmedklte surrounding area who face lioiislljg Uiid fillancial diffieiilties. TEie Ttust was OrigallY Set up in 1902 a5 & lin)ited cojnpany, but charitable statu5 was obiallicd in 2006. Slgnifieant activities The charity's prllicipal activity is the Ownehlp and lelling of its ponfo]io of 20 freehold PiK)peities known as numbers I to 20 Manorcotlages, Manoi. Road, HUiStpietslttt, Wesl Sussex, BN6 9UN. PEEbli¢ benefit I'lie Tw5tees have coinplied willi tlie duly in section 4 of tlie Cligrities A¢t 2011 to have due regard to guidan¢e published by tlie Charity Cojnmission, including guidance on public benefit. Our iiiain activities and wljo we iry to help are described below. All of our Charilablc activities focu.% on provi<ling hou%ing foi. people of Ilurstpieryoint ajid its llDlI)¢dxite Surround£S who face Iwusing and financial difficulties {'the vulneTable beneficiaries'l to whom Iht tottagBs are let at coneessionary irnls. ACHIEVEIKEP4T AND PERFORMANCE Chai'itable activitie5 Tcnancies of tlie Tnist's tottag¢% are granted lo wtential let12ncy applicants g1SteJrd on a waiting list, W]ien a vacancy o¢¢urs, the Tiustees Jneet to i¥vi¢w the applicaiits and t11¢ Jrspeeiive ¢iirumstances. and tlie tenancy is granted to those who ale perceived to be it) the &?atest need. I'lie cottages are let at conee%sionaiy rate5. CUITently £50 perweek exclllsive of Council Tax, waterand sewage 13tes. Hi5torycally, Ilie profile of the Tiust's Tetpnts hab been kniEely older people, mostly retired and th sotiie dewe of uifirlliity. Over the years, this has changed and majiy oftlie current tenants are youngei., einploymellt atid more physically ablc. The Tiust sees itself as havingd good d¢te of pastoial caiE, bul tliis is baJan¢ed witli potentk?Ily not being 8een to irtterfere with tlje lenanls. lives. All Ilie teDaiit5 are kiiowll personally lo tlje Tiiistee$ and at every Tn]slee Jlleeilljg Inoimally four times 2 yeal) tlie cirevimstan¢e% of eadi tenant are reviewed and any particulai. needs or probleins Identifd. Wieir ecCary, the Twst support and assist tlie in5talIation of di%ab]ed aids, including 5taii' lifts, Wall{- showers J Tai15, key 5afe5 elc. Thc Trnstees have ensllrd thai the chaity has delivejrd public benefit the aiEas of Lf]ief of housillg and fman¢o1 difficulties .suffered by kcal i)eoplc in tlic Hui%ti)ieJpoitil aiea. Tlie liustees carefully considcr liou*uJg applications and Mainta a lisL ofihose cuirenily seeking? assislance forwhen a vacancy o¢¢urs. Page I
HURSTPIEI RPOINT COTTAGE TRUST RF.P(IRT OF THF. TIIUSTEfi,S FOR THE EJNDED 31 ocfoBER 2023 FtNANC:JAT, Rfi,VITr.W Fin2nci¥I position Tlic cliarity owns 20 properlics which gcncratcd incomc lo bc used for tlie objects of tlie charity. Tlie pft)perties arc kept in good ol'der and regularly Inainlained. Tlicy aiz valued anniially. 'I'IicTC air no trstrictions on tlie cliaiily's powers to invcst. Thc investment stiategy set by the tiiistees i% to piY)tect the c4 pital basc and maintain cash dcposits in casc the oppoitunity aillses to acquwc additional suitable piopcity. Tlic charity lias inade a suip]us foi. the ycai'of £19,393 {2022 . £270.652) - of wliich £Nil (2022 £245.535) related to an uplif¢ in piDperly values). Tliere 15 a stable as5¢1 base w5111 net assets of £6,3 73,12612022_ £6,353,733) of whicli £40,390 air net CUlTent a%set8 {2022 £22580) Tlie rca50n for the fall in net assets was the part Tepayment of the niortgage 1)[ch was taken out to pubaSt Numbei. I Manor Gaidens. Pi'incipal funding %Trurcc5 Tli¢ charity 1% self sufficient alld all ¢0¢ i5 generated from tlic rental of it5 OWt] property portfolio. In 2022 the cliarity bojrowed £145,000, on commercial lern]s, from ReIiance Bank to a&%ist ill the piirchase of Nuinbei. l. ManorCottage5. Rcscrvts policy The trustees have set a policy to maintain sufficient Capital to maintain and in¢Tease the ]evel of cash deposits. Going coneern Tlicse accounts liave been prepared oll a goingeoncerji ba51S. FUTifRE PLANS The chaiity now plan5 to consobdate its cutTent position and to maintain it5 level of wod(ing capital wh51st ina]ntaing the Cottage5 under a medium telnl LEfurbi5hment plan whi¢h uJ¢liides extemol de¢otstLOn. replacenient of windows attd heating boiieis. Capltal Conin]Itments 'riie chanty is committed to a prog•miiie of wThidow irplacemetit costuig £20.244 of which a deposii of £5.5QO has been reflected in these accounts. STRUCTURL, GOVERNANCE AND MANAGEI MENT (Novcrning dotuni¢nt Tlie chaiity is governed by ils goveming do¢un)ent, a deed of tiust dated 13 October 2006, aJKI ¢on8tiiutes an uninc001ted charily. Reei'uitment and appoiiitnient of neiv trustees Iwicn a vacancy occu15. the Tiustee5 atE appointed fiDm the lovdl community a]Ki fiom people already known either socially oi. in business by the ex]ting Tiustees. REfiEI RLNCL AND ADMINlS'fRAi'IVE DE'fAILS Registered Chaylty iiumber 116420 Prlncipxl Rddi'ess 26 Biamblc Gardcn5 Burgess Hill Wesl Sussex R11158UQ Page 2
I RPOJNT COTTA . UST REPORT OF THF.'rJiii8'1-El4 S roR TIIE YF.All Li NDED 31 OCTOBC4R 2023 Tj'ustees A Pridell FRICS J Cdsile R Crcaton S Anckoiyj AHBDalbyTD. FCA K NcLqon S Rcvcu S Garnett Independent ExaEllinei' Suzallne C.raig, FCA Harperts Ac¢ounlanLy LLP PO Box 293 Lewcs BN7 9PG COMMENCEMENT OF ACTIVITIES Tlie chatity totnrnenced operations on 13 OtiobeT 2006. Appraved by oidei. of the board of tiustees on 2 Decenibcr2024 attd siwjed on its behalf by.. A Pridell FRICS- Tw5tee Page 3
Ml 'S Rfi PORT TO TFIL TRU lijdependent exan)iiJtr's report to the tvu$tee5 tsf Hui-stpiei'poiiit Cottage Tt'V5t I Itporl t4 Ihe cliai.lty trustee% on rny exJrninuti(irt of the accounts of I Ilirstpicipoint Cottage '] Tust {the'fiuEt) foi. the year ended 31 October 2023. Resportsibilities and b#sis of i'eport A.% tlie ¢hanly twstt¢% of tlic TTUSt you are Te%pon5ible for tlie preparation of the aecouiiLs in accordance willi the requiyemcnts of the Charities Act 2011 Ilhe A¢t'). I report in respect of my examinauoii of the Ttusi's accounts lTied out under section 145 oltlie Act al ll) ¢anying out iny cxamination I hav¢ folbwed all appli¢abl¢ Diirctions given by the Cliarity C.oinmAs%ion und¢T 5eCtiOEI 14515)(b) of tlie Act. Jndey¢nd¢iit exgmlner's stgt¢ment I Iiave coiiipleted my Lxaniitlliiot). I confm tliat no Jllaterial Ajattets lyave La)me to my attention ill ¢ont*etioll with tlie examiiiaiion giving nic Cause to believe tliat in any iiiateLiuI respect.. a¢¢ountu]gre¢ords weiy not kept in respe¢t of the Ttust as reqUid by sectiOTL 130 of the Act., or the a¢¢ounis do noi #CCOLYI witli those records., or the accounts do not ¢oiDply with the appLi¢Èbk Itquireinenti eoiieerning the fonn And content of accounts set out Lrt th¢ CIMrities (Accounts and Reports) Regu lations 2008 othei"thaii any iequwemenl tltht the accounts ve a ttue and faEI" view which is not a maLiei ¢onsideiYd as part of an sndependent exattlinaliun. I have no concerns and have con?e aciDSS no otheriiialle15 in cont)ectioJi with the exaillination to whh atientioti should be drawn in tliis iEport lli order lo enable a PiKiper L)ndetsianding of the a¢eouJits to be reached. Suzanne CraiBFCA Haryer5 Accountan¢y LLP PO Ilox 293 Lewes BN7 9PG Date.. 3 December 2024 Page 4
S'fATP.Nir.NT OF, fiNANCIAI. AcfiviTII'S HE VF.AR F.NDF.I) BF. 31.10.23 31.10.22 Total funds Unresti'icted I'und Notes INCOME AND ENDOWMENTS FROM Invesiinent income EXPENDITiniE, ON Raising fujids 38,597 24,845 Chai'lt#ble aetivlties Genei?I 5,000 OtheT Total 38,597 29,845 Net gairts ott investments 245,535 NET INCO1¥ 19J93 270.652 RF.CONCILIATION or FUNt)s TotAI funds b1.0ght fonY#i'd 6,353,733 6,083,081 TOTAL VUNDS CARRIF.D fiORWARD 6,373,126 6 353,?33 The nules loiin pajt of Iliese r]naiicial stateJn¢nls Pagc 5
BALANCE SHEET 31 OLryOBLR 2023 31.10.23 31.10.22 Toial funds Uni-estricted (uiid Notes Tr'IXLD A88LT.S Inveslmeiit property 6A40,000 6,440,000 CURRII N'l. ASSETS Cash at bank 45,456 57,547 CREDITORS Amounts fallingdue one year {5,066) {34,9671 NET CURREN7. ASSETS 22,580 TOTAI, A8SF.TS LESS CURRENT LIABILITIES 6,480 J90 6,462,580 CREI DITORS Amouhts falling due after moff th&n one year {107,2641 (108.847) NET ASSETS 6 J73,126 6.353.733 FUNDS Unrestii¢led furtd$ 6.353 733 1'0TAI. D UNDS 6J73,126 6,353,733 The finat)tial 8tlltemenL% were approved by the Board of Tnistccs and authorised foi. issiic on 2 DecenTrber 2024 and were sigllcd on its beliaif by.. A Piidell FIIICS- Ttust¢¢ Tlie notes foiin part of thc5c f5nancl 5tateiMent5 Page 6
RS'fpiLRPOILYT COTTA ST NOTES TO THE FINANCIAI, 8'1'AI'LMF,NTS ()R T14V. YEAR LI N'DED 31 ocfoBE4R 2023 AccouiYrING poI.Icif4.S Basls of prep2rltlk) the finaneial statements Tlic financkil 8latcn)et)t% tsf the clial'lty, wliicli ts a public benefit entity UT]der FRS 102, have beal PiEpair<l irt accoi¥]ance wth the Cliaritie% SORP IFRS 1021 'Aecounting and Reporting by C.liarilies'. Siaternent of Recointnended Prncti¢e #ppbcable to charitics prei)aring their 8¢¢OillIt5 in accordance ivith the Finan¢kil Reporting Standard 2ppJicdb]e ui the Utc aiid Republic of Ireland IFRS 102) leffectivc l Januaiy 2019)., Financial Reportit)g Siand8rd 102 'Thc Finantial Repoirting Standard applicablc iii thc UK and Republic ofijeland, and tlie Cljdi'ils Att 2011. Thc financkil statanertts have becn pr¢pad wider thc histoiical co%t convention. as modifitd by the Irvalualion of ceitain asseis. Income All inconie ks ye¢018¢d in tlie Statcmcnt of Financial Activities once Ihe charity ha5 entitlement to tile fijttds, it is probable that the income will be reccived alld tlie amount ¢an be measured reliably. Expellditure Liabiiilics are lec0)ised as expenditure a5 soon as tl)eJe L% 2 legal oi. conslTU¢tiYe obligation coliiinitt8 Ilic ehai-ity to tIMt expendilu¥e, li IS PJDbable tbat a traiisfer of eeoiJon)ic benefils will be itquiitd in settlcmenl and Iliean)ount of the obligation can be measLITed Teliably. Expenditure is accounied for on da ULCtuals basis atJd has been classified under headllig tliat awegate all cost related lo the taiegory. Where costs cannoi be dllECtIy diiiibuied to particular headings tliey have been allocated to activitics on a ba%1% consist¢nt with the use of iE50uJres. liiveslment propei'ty Investnicnt pmperty ig shown at most recent valiialion. Taxation The cljarily is exempt from tax 00 its cliaiilable activities. Fund accollntlng Unirstricled futids cali be used aecoidance with the charitable objectives at the discretion of the tsustee8. Restricted rttds CAD ottty be used fol. particulai. restricted pose$ within ili¢ objects of Ilie clrIly. Restrictions arise wlien specified by Llie donoi" OT when funds arc Jxiscd for particularrestiicted puip05e.%. Furthej. explanation of the natute and pUoSe of each fulld iq illcluded ll) the notes io the financial statein¢ots. INVESTMENT INCOME 31.10.23 31.10.22 Rents Ir¢cived Depogii account interest 57990 54,962 57,990 54.962 Page 7 contimucd...
coi'r NOTES TOTHE EAL TATEMENTS - LoNtiiiued FOR THE YEAR F.NDLI D 31 OCT()IILR 2 RAISING FUNDS Iiivestnient Inanggetnent costs 31.10.23 31.10.22 Insurartce Propejly repaitE Support costs 3,385 26,323 8,687 2,609 16,076 6,160 38,395 TRUSTEES, REMUNERATION AND BENEFITS T]ieiY were no tiustees, Irmuiieration OT Oler benefits for ihe ycar endd 31 OctobeT 2023 or foi. tlic ycar ended 31 Octobcr 2022. Tvustc¢$' expense5 Duting Lhe period ilie TNst paid £615 insuTan£e to insllie the Trllslees fiDtiJ potcntial claims against Iheni whikt &¢tirtg in good faith as Trustees. {2022.. £615) No other expellses weiE paid un behalf of the Trustees. STAFF COSTS TJieiE weJE no staff costs during the period. (2022 .. Nil) INVESTMETrif PROPERTY riAIR VALtIE At l November 2022 Addilions Revaluatioij 6,440,000 At 31 O¢iob¢r 2023 6,440 000 NET BOOK VALUE At 3 1 Octobei. 2023 6 440 000 At 31 Ociobei. 2022 6,440 00 Tlie lliveslment properties wetE acqutred on 19 October 2006, wlien the TIu5t was est2bbshtd, al a valuation of £3,480,500. The Tiust exchanged on the puirhase of Numbcr l Manor Cottages in Octobei'2021 and completd the acqui5itioii in tlie following year. Page 8 continued...
ER NOTES TO THE FINANCIAL sfATEII4tENTS - continued I,'OR TIIL YEAR I.:NDLI D 11 ()17'01114 R 202.3 INVEI STMENT PROPERTY - eoThtinued Fair value lll 31 October 2023 is represented by.. Valuation ill 2011 Valuation iii 2012 Valuation iii 2013 Valualion 2014 Valiiatiott in 2015 Valiiation lli 2016 Valuatioii in 2017 Valuation in 2019 Valuation it) 2021 Valuation In 2022 Cost 807,80 286,500 89,000 149,000 36,700 612,500 148,000 40,000 270,000 245,535 3 754,965 6,44O,OQO The Twstees ¢ary out ali annual review of all freehold ppertIeS hcld by tlic cliairity, lo ensure Ilie properties air cluded at fall'value, in accordaiice witli Ilie Chariti&s SQRP (FRSI 02). The valuation is caji7ed out at the Balance ShEet dÈte by S AnckoTD and AJ Pridell l-'RICS, on a Vatant Pos5eS5ion basis with a 50/0 discount for posse&8ion. Thc Tnis¢e¢s ¢on8Kiered thc valiiation 2nd agrcd not lo InCaSe the valuation for the eutTent year. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.10.23 31.10.22 (hher creditOTS Loan repayable io less tlian l year 2,428 638 2,169 CREDITORS: AMOUNTS FALLINCJ DUK AFTER MORE 'fiiAN ONE YEAR 31.10.2.1 31.10.223 Loan repayable in mure than l year 107,264 Reliance Bank pk holds a fit3t legal moitgage oicharge overthe fiEehol& intetEst in the prop¢rty. No.1, Manor Cottages. LOANS An analysis of Ilie matuiily of loans is given below.. 31.10.23 31.10.22 Amounls f]11#de irt less iliilD 12 IRunths.' Moitgagc-Rtliante Bank plc IEpayable by instabnenis 2,638 32,638 Amounts fallittg due ti) more than 12 months.. MottBage- Rclianee Bank rtpayabk by instahllents 107,264 108,847 Reliance Bank pk holds a fitst legal moitgagc orcharge overthe fIchOId inteitst in thc property, No. I, Manorcotlages. Page 9
TP NOI'ES I-O I-IIE IIINANCIAL SI'AI'L.MLN I'S - contiiiued io. MOVEMEI NT fuNDS Net moveineiit in funds At At 31.10.23 Uiii'estt'icted funds General fuiid 6,3S3,733 19J93 6 J73,126 TOTAL FUM)S 6.353,733 19J93 6J73,L26 Net movement in funds, included in the above air as follows.. Incolng sources Re50urccs eKpend¢d CTain5 and k)ss¢s Movement in fuDds Unre5ts'ieted fund5 (ietieral fuiid 57,990 138,$97) 19a93 TOTAL FUNDS 19J93 Compai'ative5 for nioveT¥Lent in fund5 Net movemeAI in fuDd5 At At 31.10.22 Unrestricted lllnds Gciieral fund 6,083,081 270,652 6,353,733 I'OTAL FUNDS 6 083,081 270 652 6 353 733 Comparative iiet movement in funds, included in the abovc a5 follows.. It)coming resouires Resources expeIided Gains and os%e Moveiiient in fund5 Unrc8b4ct¢d funds General fund 54,962 {29,845) 245,535 270,652 I'OT Al, f4 UNDS 54,962 {29.8451 245,535 270,652 Page 10 continued...
HURSTPICI RPOINT COTTA TrIOTE.8 7.0 7'l[L IllNAINC:JAI. SI'ATF.Vll4 N'r.s _ COnUed FOR THE YEAR ENDED 31 ocfoBER 2023 RLLA'I'fi.D I>ARI'Y DISCL.OSUREI S Their was no dollation to Tlie Hllrstpierpoint Village Tmst number 290523. La51 yCaT the chaEity donatcd £5,000. Andrew Piidell, a Iiustee, is a150 a Iwstee of Tlie HurslpieJpoitJl Viltsge Tiuqt. Pagell
HURSTPIEI RPOINT COTTAGE TRUST DETAlI.fiD STATF.Mf.Nl' C)F FINANCIAI, ACryIVITIES FOR THE AR ENDED 3A OCTOBER 2023 31.10.23 31.10.22 INCOME AND ENDOWMENTS Inve5knnent incon]e Rcnts iEccivcd Dcposil account interest 57,990 54,962 57,990 54.962 Total intoming i'esoui'ces 57,990 54,962 EXPENDITURE Investment management costs lttsurdnce Propeity repairs Sundiy expenges 3,385 26,323 2n2 2,609 16,076 29,910 18,685 ChY4ritable #etivlde$ Cliarit8ble donatioIis 5,000 Support eosts Govei'iialice co$ts Ac¢ountan¢y and le¥dl fees Moitgage 1,080 861 5299 8,687 Total resources exi)ended 38 Net iiicome 19,393 25,117 Tliis pagc does not foiin part of the statutory fsnanci218taleincnts Page 12