Docusign Envelope ID= 31E6C85A-8B3C4BO&A801-31C808D02D88 REGISTERED CHARITY NUMBER: 1116420 TRSTPIERpoINf COTTAGE TRUST REPORT OF THE TRUSTEES AND LIYAUDITED FINANCIAL STATEIIIENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Harpers Accountancy LLP PO Box 293 Lewes BN7 9PG
Docusign Envelope ID= 31E6C85A-8B3C480&AB01-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST CONTENTS OF THE FIN.4NCIAL STATEMENTS FOR THE YE.4R ENDED 31 OCTOBER 2024 Page Report of the Trustees Independenl Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7 to 11 Detailed Statement of Finaneial Activities 12
Docusign Envelope ID= 31E6C85A-8B3C4BO&A801-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 Thc trustccs prcscnl Ihcir rcport with thc fmancial statcmcnts of thc charity for thc ycar cndcd 31 Oclobcr 2024. Thc truslccs have adopted the provisions of Accounting and RerK)rting by Charities= StateTnent of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTtVES AND ACTJvfrIES Objectives and aims The Charity's main aiTll i5 to provide housing for the people of Hurstpierpoint and its immediate surrounding area who face housing and financial difficuliies. The Trust was originally set up in 1902 as a limited company. but charitable staths was obtained in 2006. Significant activities The chdrity's principal activity is the ownership and lettillg of its portfolio of 20 freehold properties knoTh as nuTnbeTS I to 20 Manor Cottages, Manor Road, Hurslpierpoint. West Sussex, BN6 9UN. Public benefit The Trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission, including guidance on public benefit. Our main activities and who we try to help are described below. All of our charitable activities focus on providing housing for people of Hurstpierpoint and immediate surroundings wbo face housing and financial diLCUltIeS ('Ihe vulnerable beneficiaries,) to whom the cottages are let at conce55ionary rents. ACHIEVEMENT AND PERFORIVIANCE Charitable activities Tenancies of the Trust's cottages are granted to potential tenancy applicants registered on a waiting list. When a vacancy occurs, the Trustees meet to rei'iew the applicants and their respeciive circumslances, and ihe tenancy is granted to those who are perceived to be in the gtedtest need. The cottages are let at concessionary rates, currently £250 per month from l March 2024, (previously £240 per month) exclusii'e of Council Tax, water and seth'erage ratrs. Historically, Ihe profile of Ihe Trusl's Tenants has been largely older people, mostly relired and with some degree of infimity. Over the years, this has changed and many of the current tenants ale younger, in employment and more physically able. The Trust sees itself as having a good degree of pasioral care, bui this is balanced with poientially not being seen to interfere with the tenants, live5. All the t¢[ntS are known rSOnallY to the Trustees and at every Trustee meeting (normally four times a year) the circumslances of each tenant are reviewed and any particular needs or problems identified. Where necessary, the Trust support and assist the installation of disabled aids, including stair lifts, walk-in showers. grab rails, key safcs ctc. The Trustees have ensured that the charity has delivered public benefii in the areas of relief of housing and financial difficulties suffered by loeal people in the HuTStpierpoint area. The trustees carefully consider housing applications and maintain a list of those currently seeking assistance for when a vacancy occurs. Page I
Docusign Envelope ID= 31E6C85A-8B3C4BO&A801-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 FINANCI.4L REVIEW FinanciAI posltion The charity oivns 20 properties which generated income to be used for the objects of the charity- The properties are kept in good order and regularly maintained. They are valued annually. Tbere are no restrictions on the chdrily's powers to invest. The investment sirategy set by the Irustees is lo protect the capital base and maintain cash deposits in case the opportunity arises to acquire additional suitable property. The charity has made a surplus for the j'ear of £1 1.647 (2023 £19.393) of which £Nil (2023 £Nil) Telated to an uplift in property values. There is a stable asset base with net assets of £6,384,773 (2023- £6,373,126) of which £50,359 are net current assets (2023 = £40.390) The reason for the fall in nel assets was the part repayment of the mortgage which was taken out to purchase Number I Manor Gardens. Principal funding sources The charity is self sufficient and all income is generated from the rental of its own propety Portfolio. In 2022 the charity bOO.ed £145,000, on commercidl term5, frovn Reliance Bank to assist in the purchase of Nuvnber I, Manor Cottages. Reserves polic), The Lrustees have set a policy to rnaintain sufficient capital to maintain and increase the level of cash deposits. Going concern These accounts have been PTepaTed on a going concern basis. FUTURE PLANS The charity now plan5 to consolidate its current position and to Tnaintain its level of working capital whilst n]aintaining the Cottages under a medium terni refurbishment plan which includes external decoration, replacement of windows and heating boilers. Capital Comn]itment5 The charity is committed to a programme of window replacement costing £20,244 of which £17,904 has been paid to date. STRUCTURE, GOVERNANCE AND MANAGEMENT Goverlling document The charity is governed by its govenling documenL a deed of tnjst dated 13 October 2006, and constitutes an unincorporated charity- Recruitment and appointment of new trustees When a vacancy occurs, the Trustees are appointed from the local community and from people already known either socially or in business by the existing Trustees. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1116420 Principal address 26 Bramble Gardens Burgess Hill West Siissex RH15 8UQ Page 2
Docusign Envelope ID= 31 E6C85A-8B3C4BO&AB01-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024 Trustees A Pridcll FRICS (Rctircd) J Castle R Creaion S Anckorn A H B Dalby TD, FCA K Nelson S Revell S Garnett Independent Examiner Suzanne Craig, FCA Harpers Accountancy LLP PO Box 293 Lewes BN7 9PG COMMENCEMELYT OF ACTIVITIES The charity commenced operations on 13 Oclober 2006. Approved by order of the LK)ard of trustees on 8 September 2025 and signed on its behalf by: Offlkn)VEdf/ A Pridell FRICS (Retired) - Trustee Page 3
Docusign Envelope ID= 31E6C85A-8B3C4BO&A801-31C808D02D88 INDEPENDEliT EXAMINER'S REPORT TO THE TRUSTEES OF HLIR.STPIERPOIIT COTTAGE TRLST Independent examiner's report to tbe trustees of Hurslpierpoint Cottage Trust I report to the charity Irustees on my examination of Ihe accounts of Hurstpierpoint Cottage Trust (the Tnt) for ihe year ended 31 Ociober 2024. Responsibilities and basis of report As the charity truslees of the Trust you are responsible for the preparation of the accounts in accordance wilh the requirements of the Cbatities Act 2011 ('Ihe Act,). I report in respect of my examination of the Tst'S accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Direciions gii'en by the Charity Commission under section 145(5){b) of the Act. Independent e¥aminer's Statement I have completed my examination. I confirm thai no material matters have come lo my alleniion in conneeiion with the exarnination giving me cause to believe that in any material respect= accounting records were not kept in respect of the TNst as required by section 130 of tbe Act. or the accounts do not accord ivith those record5- or the accounls do not comply with the applicable requirements concerning the forni and content of accounts set out in tbe Charities (AcLounts and Reports) Regulaiions 2008 oiher ihan any requiremeni that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matlers in connection with Ihe examination to which attention should be drawn in this report in OTder to enable a propeT understanding of the accounts to be Teached. DsigMd by. 221EFgEC64914BO... SuzAnne Craig FCA Harpers Accounlancy LLP PO Box 293 Lewes BN7 9PG Date: 8 September 2025 Page 4
Docusign Envelope ID= 31E6C85A-8B3C4BO&A801-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST STATEMEI%T OF FIN.4NCIAL .4CTIN'ITIES FOR THE YEAR ENDED 31 OCTOBER 2024 31.10.24 31.10.23 Total fun(Ls Unrestricted fund Notes tNCOME AND ENDOWMENTS FROM Investment income 56,970 57,990 EXPENDITURE ON RaisingF funds 40J23 38,597 Charitable activities General 5,000 Other Total 45J23 38,597 Net gains on investments NET INCOME 11,647 19,393 RECONCtLIA TION OF FUNDS Total funds brought forward 6,373,126 6,353,733 TOTAL FUNDS CARRIED FORW'ARD 6 384 773 6,373,126 The notes form part of these financial slatements Page 5
Docusign Envelope ID= 31E6C85A-8B3C4BO&A801-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST B.4LANCE SHEET 31 OCTOBER 21124 31.10.24 31.10.23 Total Unrestricted fund Notes FIXED ASSETS Investment property 6,440,000 6,440,000 CURRENT ASSETS Cash at bank 55,450 45,456 CREDITORS Amounts falling due within one year {5,091) (5,066) NET CURRENT ASSETS 50J59 40,390 TOTAL ASSETS LESS CURRENT LIABILITIES 6,490J59 6,480,390 CREDITORS An]ounts falling duc after more than onc ycar (105,586) (107264) NET ASSETS 6J84,773 6,373,126 FUNDS Unrestricted funds 10 6J84.773 6,373,126 TOTAL FUNDS 6,384,773 6,373,126 The financial statements were approved by the Board of TnleeS and auihorised for issue on 8 September 2025 and were signed on its behalf by= Dsigned by: fvnJwJTJJdtr 35CC86912BDB438.. A Pridcll FRICS {Rctircd)- Trustee The notes fonn part of these financial slatements Page 6
Docusign Envelope ID= 31E6C85A-8B3C4BO&A801-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST NOTES TO THE FINANCIAL STATEiIIENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES Basis of preparin2 the finant121 statements The financial statements ot Ihe chariry, ,hICh is a public benefit entity under FRS 102, have been prepared in accordanLe with the Charitie5 SORP (FRS 102) 'Aceounling and Reporting by Charities= Statement of Recommended Pra¢ti¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effec¢iiFe l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation ot certain assets. Income All income is Tecognised in the Statement ot Financial Activities once ihe charitv has entitlement to the tunds. il is probable that the income will be received and the amouni can be measured reliably. Expenditure Liabilities are reLognised as expendilure as soon as there is a legal or consiruclive obligalion commilling the charily to that expenditure, it is probable that a transfer of economic benefits ivill be required in settlement and the amount of the obligalion can be measured reliably. F.xpendIre is accounted for on an accruals basis and has been classified under headings that aggregate all cost relaied to the category. Where costs cannoi be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of TesouTces. Investment property Investment property is shoThm at Tnost recent valuation. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance ivith the charitable objectives xt the discTetion of the trustees. Restricted funds can only be used for particular restricted purw)ses within ihe objects of the charity. Restriclions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes lo the financial statements. INVESTMENT INCOME 31.10.24 31.10.23 Rents received Deposit accounl interest 56,970 57,990 56,970 57,990 Page 7 ontinued...
Docusign Envelope ID= 31E6C85A-8B3C4BO&A801-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST YOTES TO THE FII%ANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 OCTOBER 2024 IUISING FUNDS Investment m#na2ement eosts 31.10.24 31.10.23 Insurance Property repairs Support costs 3,668 26,777 9,878 3,385 26,323 8,687 40,323 38,395 TRUSTEES, RELItUNERATION AIW BENEFITS There were no trustees, remuneration or other b¢n¢fJts for the year ended 31 October 2024 or for the year ended 31 October 2023. Trustees expenses During the period the Trust paid £685 insurance lo insure the Trustees from po*nlial claims against them whilst acting in good faith as Trustees. {2023= £615) No other expenses were paid on behalf of the Trustees. STAFF COSTS There were no staff costs during ihe period. {2023 . Nil) tNVESTMENT PROPERTY FAIR VALUE At l Nov¢mb¢r 2023 Additions Revaluation 6,440,0110 At 31 October 2024 6,440,OIMI NET BOOK VALUE At 31 October 2024 6 440 000 At 31 October 2023 6 440,000 The investment properties were acqulred on 19 October 26, when the Trust was estsblished, at a valuation of £3,480,500. The Trnst exchanged on the purchase of Number l Manor Cottages in October 2021 and completed the acquisition in the following year. Page 8 ontinued...
Docusign Envelope ID: 31E6C85A-8B3C4BO&A801-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST YOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 OCTOBER 21124 tNVESTMENT PROPERTY- continued Fair value at 31 October 2024 is represented by= Valuation in 2011 Valuation in 2012 Valuaiion in 2013 Valuation in 2014 Valuation in 2015 Valuation in 2016 Valuaiion in 2017 Valuation in 2019 Valuation in 2021 Valuation in 2022 Cost 807,800 286,500 89,000 149,000 36,700 612,500 148,000 40,000 270,000 245,$35 3,754,965 6 440,0110 The Trustees cany out an annual review of all freehold properties held by the charity. to ensure the properties are included at fail value, in accordance with the Charit1¢5 SORP {FRS102). The valuation is carried out at the Balance Sheel date by S Anckorn and AJ Pridell FRICS, on a Vacant Possession basis with a 5 /. discount for possession. The Trustees considered ihe valuation and agreed not to increase the i'aluaiion for the cuffent year. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.10.24 31.10.23 Other creditors Loan repayable in less than l year 2,453 2,428 5,066 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.10.24 31.10.23 Loan repayable in more than l year 105,586 107,264 Reliance Bank plc holds a first legal Mortgage or charge over the freehold iT]terest in the property, No. I, Manor Cottages. LOANS An analysis of the maturity of loans is given below.. 31.10.24 31.10.23 Amounts falling due in less ihan 12 months: Mortgage -Reliance Bank plc repayable by insthlments 2,638 2,638 Amounts falling due in more than 12 months= Mortgagc- Rcliancc Bank rcpayablc by instaitncllts 105,586 107,264 Reliance Bank plc holds a first legal mortgage or charge over the freehold interest in the property, No. I, Manor Cottages. Page 9 ontinued...
Docusign Envelope ID= 31E6C85A-8B3C4BO&A801-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST YOTES TO THE FII%ANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 OCTOBER 2024 io. MOVEMENT tN FUNDS Nct movement in funds At -11.23 At 31.10.24 Unrestricted funds General fund 6J73,126 11,647 6J84,773 TOTAL FUNDS 6J73,126 11,647 6,384,773 Net movement in funds, included in ihe above are as follows= Incoming resources Resources expended Gains and osses Movement in funds Unrestricted funds General fund 56,970 (45,323) 11,647 TOTAL FUNDS 56,9711 45J23) 11,647 Comparatives for movement in funds Net movement in funds At 1.11.22 At 31.10.23 Unrestricted funds General fund 6,353.733 19,393 6,372,126 TOTAL FUNDS 6.353,733 19,393 6,373,126 Comparative net movement in funds, illcluded in the above xre as follows: Incoming resources Resources expended Gains and losses Movemenl in funds Unrestrieted funds General fund 57.990 (38,597) 19,393 TOTAL FUNDS 57.990 38,597) 19,393 Page 10 continued...
Docusign Envelope ID= 31E6C85A-8B3C4BO&A801-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST YOTES TO THE FII%ANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 OCTOBER 2024 ii. RELATED PARTY DJSCLOSURES During the year the Trust donated £5.000 to The Hurstplerpoint Village Trust number 290523 (2023.. Nil) Andrew Pridell, a trustee, is also a truslee of The Hurstpierpoini Village Trusl. Pagell
Docusign Envelope ID= 31E6C85A-8B3C4BO&A801-31C808D02D88 HURSTPIERPOINT COTTAGE TRUST DETAILED STATEMENT OF FINANCI.4L.4CTtVlTIES FOR THE YEAR EDED 31 OCTOBER 2024 31.10.24 31.10.23 INCOME AND ENDOWMENTS Invest]nent income Rents receiN'ed Deposit account interest 56,970 57,990 56,970 57,990 Total incoming resources 56,970 57,990 EXPENDITURE Investment management costs Insurance PTOPCrty rcpairs Sundry expenses 3,668 26,777 3.385 26,323 202 30,445 29,910 Charitable activities Charitable donations 5,000 Support costs Governance costs Accountancy and legal fees Mortgage 920 8958 1,080 7,607 9,878 8,687 Total resources expended 45,323 38,597 Net income 11,647 19,393 This page does noi forni part of the statutory financial statements Page 12