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The Reverend Dr Thomas White's Charity (A company limited by guarantee) Annual Report & Financial Statements
Charity Number 1125421 Company Number 06655029
Annual Report and Financial Statement
For the year ended 30th September 2024
The Reverend Dr Thomas White's Charity
Financial Statements For the year ended 30th September 2024
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|Contents|Page|
|Legal|and|Administrative|Information|2|
|Report|of the|Board|of Trustees|3-5|
|Independent|Examiner's|Report|6|
|Statement|of|Financial|Activities|8|
|Balance|Sheet|8|
|Notes forming|part|of the|Financial|Statements|9-12|
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The Reverend Dr Thomas White's Charity
Financial Statements For the year ended 30th September 2024
The Board of Trustees presents its report and examined financial statements for the year ended 30th September 2024
Reference and Administrative Information
Charity Name: The Reverend Dr Thomas White's Charity
Charity Registration Number: 1125421
Company Registration Number: 06655029
Registered Office: Dr White's Ciose, Prewett Streef, Bristol, BS1 SNZ
Board of Trustees
Aiderman Peter Crispin, Chair (retired 10th January 2024) Alderman Colin Williams
Alderman Robert Lewis, Chair (appointed 10th January 2024) Mary Brewer
Stephen Pearce (appointed 10th July 2024)
Co-opted Trustees
Councillor Jonathan Hucker
Councillor Richard Eddy
Life President
Alderman Peter Crispin (appointed December 2023)
Company Secretary:
Ms D Thomas, The Warden's House, Dr White's Close, Prewett Street, Bristol, BS1 6NZ
Treasurer
R M Gullock
Solicitors:
VWV Lawyers, Narrow Quay House, Narrow Quay, Bristol, BS1 4QA
Bankers:
NatWest, Bristol City Office, PO Box 238, 32 Corn Street, Bristol, BS99 7UG
Investment Advisors:
Evelyn Partners, Portwall Place, Portwall Lane, Bristol, BS1 6NA (appointed July 2013) CCLA Investment Management Limited, One Angel Lane, London, EC4R 3AB (initial investment October 2019)
independent Examiner:
C W Stevens ACMA CGMA, Brighton
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The Reverend Dr Thomas White's Charity
Report of the Board of Trustees
For the year ended 30th September 2024
Our Aims and Objectives
Purposes and Aims
The Charity’s purposes as set out in the objectives contained in the company’s memorandum of association are:
The relief of hardship amongst the elderly or infirm living in or around the City and County of Bristol by the provision of suitable accommodation; and such incidental or associated charitable activities for the benefit of the community.
The aims of the Charity are to provide comfortable accommodation in a setting that allows residents to live independent lives. Our aims fully reflect the purposes for which the Reverend Dr Thomas White originally created the charity in 1613.
For some years Trustees have considered options for a full redevelopment of the existing almshouse provision, replacing the existing provision with modem, fully equipped, flats. This required bidding for significant grant funding, which was ulfimately not successful.
Instead Trustees have decided to develop an on-going programme of maintenance work to ensure the existing accommodation remains in good repair and meets the requirements of residents. Work has been on-going throughout the year. Principal sources of funding for the Charity remain weekly maintenance contributions from residents and interest eamed from its investment portfolio. As accommodation remains in demand income from weekly maintenance contributions remained buoyant; 98% occupation was achieved for the year (2022: 92%).
Defivering public benefit
The Trustees confirm they have complied with their duty under the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission and detail below the main activities undertaken to further the charity's purposes for the public benefit.
All our charitable activities focus on the provision of suitable accommodation for the elderly and those in need and are undertaken to further our charitable purposes for the public benefit. Residents live independent lives in a secure environment supported by an on-site manager. Residents are encouraged to play an active role in the surrounding community.
Impact The Almshouse contains 18 units of accommodation for which there has consistently been great demand. Although throughout the year ongoing maintenance and renovation has been occurring on a rolling basis the Trustees have maintained very few void periods. Residents regularly comment upon their happiness in their new home which is enhanced by the on site Warden organising coffee mornings and other social activities for their benefit. In addition, the Trustees invite all the residents to a Christmas Lunch close to St. Thomas’ Day and a Strawberry Tea in July besides providing each of them with a financial gift at Christmas and Easter
History, achievements, performance and future plans of the Charity
The Reverend Dr Thomas White founded the Temple Hospital, more commonly called Dr White’s Almshouse, in 1613. Under the original Deed of Gift land was given to provide a hospital and almshouse for 10 residents. The current site, in Redcliffe, was built in 1968 and consists of 18 unfurnished dwellings situated around an attractive garden. A full time site manager acts as a “good neighbour’ to the The Charity owns a collection of 62 pewter plates and chargers, "The Pewter Dinner Service". This is currently on loan to Bristol Museums, Galleries and Archives governed by Bristol City Council under a 5 year loan agreement dated 18th October 2021. The Pewter Dinner Service has been included in these accounts at a 2012 insurance valuation of £15,000 There has been an increase in the capital value of the Charity’s investment portfolio, held with Evelyn Partners, which has increased by £75,898 compared with the year ended 30 September 2023 which was equivalent to an increase of 7.83% on the market value at the commencement of the accounting year. This compares with an increase in the MSCI PIMFA (Personal Investment Management and Financial Advice Association) index of 14.29%
An unrealised gain on revafuation of the COIF Charities Investment Fund Accumulation Units of £53,205 has been achieved to the year end, an increase of 12.75% (2023: decrease of 4.35%) on the market value at the commencement of the accounting year. During the year the total income received from the investment portfolio held with Evelyn Partners was £31,301, which represents a yield on cost of 3.295% (2023: 3.846%)
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The Reverend Dr Thomas White's Charity Report of the Board of Trustees For the year ended 30th September 2024
investment Policy
The Board of Trustees has prepared a policy statement which provides guidance as to how the asset management functions delegated to Evelyn Partners by the Trustees should be exercised. It has been formulated with a view to ensuring that the asset management functions will be exercised in the best interests of the Charity.
The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash.
in tine with The Trustees wishes Evelyn Partners have selected a balanced investment objective with medium risk.
The Trustees regularly monitor the performance of the investment with CCLA Investment Management Limited COIF Charity funds
Reserves Poiicy
The Board of Trustees has examined the Charity’s requirements for reserves in light of the main risks to the organisation. The Board of Trustees is holding reserves appropriate to meet the working capital requirements of the Charity while recognising the importance of maintaining a designated fund for any possibie future redevelopment and/or the replacement costs of the Almshouse.
They have therefore decided to transfer £600,000 from Unrestricted Funds to Designated Funds for this purpose and intend to review the position at the end of each accounting year.
The Trustees regularly review the reserves position in the light of their existing and anticipated commitments.
Structure, Governance and Management
The organisation is a charitable company limited by guarantee, incorporated on 23 July 2008 and registered as a charity on 25 September 2008. The company was established under a Memorandum of Association which established the objectives and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
Appointment of the Board of Trustees
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Board of Trustees. Under the requirements of the Memorandum and Articles of Association there are a maximum of five nominated trustees and two co-opted trustees. in relation to the nominated trustees, four are nominated by Bristol City Council and one by the Bishop of Bristol.
Trustee Management and Training
Trustees are provided with copies of all relevant documents and encouraged to familiarise themselves with the Charity and the context within which it operates.
Risk Assessment and Management
The Board of Trustees has reviewed the major risks to which the Charity is exposed, and consider they have mitigated risks by arranging adequate insurance covering the Charity Property, Employer's and Public Liabilities, adopting and following a ten year maintenance plan, employing professional organisations to manage the Investment Portfolio and Investment Property and regularly reviewing Health and Safety related policies.
Page 4
The Reverend Dr Thomas White's Charity
Report of the Board of Trustees For the year ended 30th September 2024
Responsibilities of the Board of Trustees
Company law requires the Board of Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the surplus or deficit of the charitable company for that period. In preparing those financial statements, the Board of Trustees is required to
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Select suitable accounting polices and apply them consistently
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Observe the methods and pricipals in Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland (FRS102)
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Make judgements and estimates that are reasonabie and prudent
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it’s inappropriate to presume that the company will continue its operations
The Board of Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Examination
For the year ending 30th September 2024, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
All the current Board of Trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company’s independent examiner for the purpose of his examination and to establish that the examiner is aware of that information. The Board of Trustees is not aware of any relevant audit information of which the examiner is unaware.
Mr Callum Stevens was appointed as the charitable company's Independent Examiner during the year and has expressed his willingness to continue in that capacity.
Small Company Exemptions
This report is prepared in accordance with the provisions relating to the small companies regime and follow the recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in the UK (FRS102)
Signed on behalf of the Trustees
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| Independent examiner’s report to the trustees of The Reverend Dr Thomas ; White's Charity Z | report to the trustees on my examination of the accounts of The Reverend Dr : White's Charity for the the year ended ended 30th September 2024. 2024.
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| report to the trustees on my examination of the accounts of The Reverend Dr Thomas White's Charity for the the year ended ended 30th September 2024. 2024.
Responsibilities and basis of report
As the trustees of the Charity 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 all 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records.
| 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 understanding of the accounts to be reached.
Signed: if -
Name: Callum Stevens ACMA, CGMA
Date:22/04/2025
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The Reverend Dr Thomas White's Charity
Statement of Financial Activities For the year ended 30th September 2024
| Unrestricted | Designated | Designated | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |||
| 2024 | 2023 | |||||
| £ | £ | £ | E | |||
| Incoming | Note | |||||
| Investment Income | 2 | 4,127 | 31,302 | 35,429 | 34,056 | |
| Income Resoucesfrom Charitable Activities | 102,770 | 0 | 102,770 | 96,880 | ||
| Donations | 0 | 0 | 0 | 0 | ||
| TotalIncome | ~~ 406,897. | ~~ 34,302 | ~~ 438,199 | ~~ 430,936 | ||
| Expenditue | ||||||
| Charitable Activities | ||||||
| - Direct StaffCosts | 17,716 | 0 | 17,716 | 16,410 | ||
| - Other Charitable Activities Costs | 98,964 | 0 | 98,964 | 58,640 | ||
| Governance Costs | 11,466 | 0 | 11,466 | 10,165 | ||
| Cost ofGenerating Funds | 8,990 | 0 | 8,990 | 8,567 | ||
| TotalExpenditure | 3 | 137,136 | ~~ Oo |
~~ 437,136 | ~~93,782 | |
| NetIncome | (30,239) | 31,302 | 1,063 | 37,154 | ||
| Realised Gains/(Losses) on investment | it | 9,523 | 9,523 | 9,019 | ||
| Unrealised Gains/(Losses) on investment | 4 | 129,103 | 129,103 | 16,248 | ||
| NetIncome/(Expenditure) | 4 | ~~ (30,239) | ~~ 469,928 | ~~ 439,689 | ~~ 62,421 | |
| Transfers between Funds | (600,000) | 600,000 | 0 | 0 | ||
| NetMovementinFunds | ~~ (630,239) | ~~ 769,928 | ~~ 439,689 | 62,421 | ||
| Reconciliation offunds | ||||||
| Total funds broughtforward | 1,083,349 | 434,030 | 1,517,379 | 1,454,958 | ||
| Totalfundscarriedforward | 10 | ~~ 453,110 | ~ | 4,203,958 | 4,657,068 | ~ 4,517,379 |
| Allactivitiesarecontinuinginnature |
Page 7
The Reverend Dr Thomas White's Charity
Balance Sheet
As at 30th September 2024
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | Note | ||
| TangibleAssets | 6 | 98,380 | 98,380 |
| investments | av | 1,542,626 | 1,386,336 |
| 1,641,000 | 1,484,716 | ||
| CurrentAssets | |||
| Debtors and Prepayments | 8 | 14,872 | 11,075 |
| Cash atBank | 14,646 | 31,133 | |
| Cash in Hand | 54 | 98 | |
| 29,572 | 42,306 | ||
| Liabilities: Amounts falling duewithin one year | 9 | (13,504) | (9,643) |
| Net CurrentAssets | 16,068 | 32,663 | |
| NetAssets | 1,657,068 | 1,517,379 | |
| Represented by: | |||
| UnrestrictedFunds | |||
| - General Reserves | 210,349 | 415,635 | |
| - Revaluation Reserve | 242,761 | 667,714 | |
| DesignatedFunds | |||
| - Redevelopment Fund | 1,203,958 | 434,030 | |
| 10 | 1,657,068 | 1,517,379 |
The company is entitled to exemption from Audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the accounts. These accounts have been prepared In accordance with the provisions applicable to companies subjectto the smaii companies regime.
The financial statements on pages 3 - 12 were approved by the Board of Trustees on 7 de APaW ers and signed on their behalf by:
Aiderpen-Rotert Laie Chair
Page 8
The Reverend Dr Thomas White's Charity
Notes forming part of the Financial Statements For the year ended 30th September 2024
1. Accounting Policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and Charities Act 2011.
The charity constitutesa public benefit entity as defined by FRS 102.
Fund Accounting
~ Unresricted Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market value. - Designated Funds Designated funds are a portion of the unrestrictedfunds that have been set aside for a particutar purpose by the Trustees. Incoming Resources Ail incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income from investments is included when funds are received. Resources Expended ; Expenditure is recognised on an accrual basis asa liability is incurred. Expenditure includes VAT, which is reported as part of the expenditure to which it relates.
Costs of generating funds comprise of the costs associated with managing the Charity’s investment portfolio. Charitable expenditure comprises those costs directly incurred by the Charity in the delivery of its activities and services for its beneficiaries.
Governance costs includes those costs associated with meeting the constitutional and statutory requirements of the Charity and include the examination fee and costs linked to the strategic management of the Charity.
Fixed Assets
Fixed assets (excluding investments) are stated at cost or valuation.
Fixed asset investments are included at market value at the balance sheet date. Gains and losses on disposal and revaluation are charged or credited to the Statement of Financial Activities (SOFA). Any costs associated with the sale or purchases of investments are accounted for as part of the sale or purchase of the investmenis.
Retirement Benefits
The Charity operates a defined contribution pension scheme. The pension costs charged to Staff Costs are the contributions payabie to the scheme in respect of the accounting year.
Taxation
The Charity is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied to charitable purposes.
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The Reverend Dr Thomas White's Charity Notes forming part of the Financial Statements For the year ended 30th September 2024 2) Incoming Resoureas Unrestrictod Designated Total m4 Total 2023 Investment Income - Investment Porttolio . Grays Lane a1 Essex Estate5 Bank Deposit Interest 31.302 31,302 3,162 965 33.694 3,162 965 382 4,127 31,302 35,429 34,056 Charltsblo Actlvltles - Direct staff Costs 17,n6 16,410 . Otr Charitable l£titieS Costs Resident's Gifts St Thomas Day and Midsummer 8ynses Bad debts 2,850 2.413 175 2.398 1,994 2,526 Insurance TephOne plan Maint8narK8 Repairs and Maintenance Garden Maintenance Gas, El8Ctriuty arffl Water S8NC8S 4,102 1,896 67,843 836 4.278 8.232 4,497 1,731 26,313 1,482 5,788 7,649 Ck8aniry and Cleaning Materbals Equipment Council Tax Emergency Call OutCharyJes Miscellaneous Property Costs 1,920 1.841 1,880 698 1,525 169 98,964 159 58,640 Gov•mance Co•ts Administration Costs EyAmineea Feeo NAA Subscription Statiorery, Postage and Adbprtising Miscèllaneous Admin costs 9,371 37S 467 301 952 11.466 8,238 350 293 461 823 10,165 Cost of Generatlng Funds Stockbrokers Fees 8,990 8,567 8,990 8,567 Total Resources Expendod 137,136 93,782 4> Net klovement in Funds 2024 2023 Net movement in fuThJs is stated after charging: Indeper¥Jent Ey2miners Fees 375 350 Page 10
The Reverend Dr Thomas White's Charity Notes fom71ry part of the Financial Statements For the year ended 301h Septembèr 2024 51 Salari•s IDlrnctStsff Cts). Tntee Renvjneratlon and Relatsd Party TranBo¢tions 2024 2023 Gros5 Sdaries and Nati1 In$uiwce P9nsion Contributicffjs 17.381 335 16.109 301 Avarage number ofemplo . Tru8ts• Rernunerats No rn8mbers of Ihe Board ofTnJsiees I81¥1 any unati{ during th& ygar12023- Nill. . Related PartyTrartsactlons Th8rÈ were ratl party transactiC8 in &ther Ihe current Ihe prjng yow a&definj by Ihe Chariti85 Statemwt of Rect)nmend Pr8G'v9 liabilits.as that may be incurr&l by tnjstees tn carrying (yjt th•rduti8s. The cost of providing thi$ 61 T•n9lblg Flxod A8•et• Fr••Ild Land and BulldlrwJ# Pgwtor Dlnn•r Tot1 Opgning 1 ¥U8.1 83,380 15,000 98.380 Di$pcapl$ Clc6iThJ eost ly v81uabc 83 Jeo 15,000 98.380 Thi8 Fr8ahc4d Land and Buildin9$ at DrWhit8s CILnO, Strerf BrislG4 1$ aa an Ajmshouse The Pewter Dinner Servicè Is hdd at 8n itwrnncevalue dabj 2012 •)d 1$ lo to Bristd's Musaum8 Gleries and ¢hivss. •) Imi••tm•nt Portlollo (Ed ¥Aih Smlth & Wllllam•onl 2024 2023 Opening market value uisiticfis at Sala proce&Js frryn disposals Gainllreduth'onl of cash held on (1opc8lt Gainll10681 on revaluali Realis Gw'nsllLcA80s1 on Inveslment InveStMts at markot valu• 969.222 285,608 1264,997> 112.954) 75,898 9,523 1.082,300 936,166 163,672 1129,7481 18.7311 11,1551 9,019 969,223 No Material Investments th•ld attho year end Historical CA)51 •t 30 Swber 2024 was£949,859 bl Inv•Atmont Ihpfd wfth CCLA Invg¥lm?ntlkV•nJym•ntLlmtt•d) Opening market value Jditional k¢umu18ted Unts- at C08t Gainlllossl C revaluato) 2024 2023 417,115 10,000 S3.205 399,711 17,404 417,115 Totsl In¥atm•nts al •narketv•lu• 1y2.620 1,386,338 Surnmary of R•alis8d GaIrfLos$I 2024 2023 Redised GainllLossl cn knvestrnt Pithio INot&'8' above) 9A23 9,019 9.523 S.DIB Summ•ry of Unreallsed GaiTrfLos80•) 2024 2023 Un1$e Gain In¥eslffient PcrtlfLqio I'a, th) UnTeISed Gwn c) Investment I'b, Bb0} 75.898 S3.205 129,103 11.1551 17.401 18,249 Pag811
The Reverend Dr Thomas White's Charity Notes forming part of the Financial Ststements For the year ended 30th September 2024 8) Debtors and prnpayments Amounts falling due within one year 2024 2023 Debtors Other debtors and prepaymenls 4,356 10.516 6,29B 4,781 14,872 11,077 Amounts falling due within one year 2024 2023 Other TertorS Accruals Bad debt provision 6,180 3,063 4,262 13,504 3,153 2,403 4,087 9,643 10) Movement In Funds Opening Funds Incomlng Resourcos Trnnsfern Outgolng Resources Closlng Funds Unrnstrfcted Funds - General Reserves 415,635 106,897 (175,047) (137,136) •? 210,349 Revaluation Reserve 667,714 (424,953) 242,761 Designatsd Funds - Redovelopment Fund 434.030 169,928 Nth1a7 600,000 1,203,958 Total Funds 1,517,379 276,825 (137,136) 1,657,068 Revaluation Reserve - The revaluation reserve is qUired by the Companies Act 1985 and represents the amount by which investments differ from their historical cost. Designated Funds- these are funds set aside by the Trustees for any possible future redevelopment andlor replacement costs The Twstees consider the investment portfolio income is not required for the operation of the Charity. Therefore all income arising from the investment portfolio will be transferred to the Designated Fund. Page 12