Haineswatts The Henry Gilder Drake Charity Financial Statements For the Year Ended 31 March 2024 Charitable Incorporated Organisation Registered Charity No: 1157467 haineswatts.co.uk THE HENRY GILDER DRAKE CHARITY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Exarniner's Report Statement of Flnancial Activities Balance Sheet Notes to the Financial Statements 7 to 14 Detailed Statement of Flnancial Activities 15 THE HENRY GILDER DRAKE CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees presenttheir report along with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORPI. "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts on pages 7 to 9 and comply with the charivs governing document. the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. OBJECTIVES AND AcfiviTIES Objertives and aims The objects of the Charity are, for the public benefit.. l. the provision of social housing in the form of almshouse accommodation and associated amenities for poor persons who shall be resident in the parishes of Althorne, Latchingdon, Mayland and Southminster at the time of appointment; and 2. in relation to any property or properties acquired or built by the charity trustees after the date of adoption of this constitution the provision of social housing in the form of almshouse accommodation and associated amenities for poor persons who shall be resident in the area of benefit at the time of appointment or has a close family member who is resident in the area of benefit. The area of benefit means the Dengie Hundred Parishes, being the Parishes of Althorne, Asheldham and Dengie, Bradwell-on-sea. Cold Norton, Latchingdon, Mayland. Mundon, North Fambridge, Purleigh, St Lawrence. Southminster, Tillingham, Woodh3m Walter, Woodham Mortimer with Hazeleigh Burnham-on-crouch and Maldon. Application of Income The net income shall be applied first to repair. insure and meet all other outgoings in respect of the Charitls properties and all proper costs of the Chariws administration and management. Thereafter net income shall be applied for the benefit of the almspeople of the Charity. Significant activities The Charity currently provides and maintains sixteen almshouses and its aim is to utili5e these as far as possible to meet the objectives ofthe Charity. Public benefft These activities are considered to be for the public benefit and in running the Charity the Trustees have regard for the Charity Commission guidance on public benefit. ACHIEVEMENT AND PERFORMANCE Charitsble activities The trustees continue to work through the findings of the quinquennial surveyor and will include the costs of relevant findings in the budgets during a 5 year implementation plan. The trustees have introduced a visit plan to ensure that the welfare of the properties and residents are maintained to a Satisfactory standard. FINANCIAL REVIEW Financial position The Charitvs financial position is as set out in the Balance Sheet on page 6 and is considered satisfactory. THE HENRY GILDER DRAKE CHARrrY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Reserve5 policy The ChariVs policy on reserves is to maintain sufficient reserves to enable the Charity to continue to achieve its principal obJectives. FUTURE PLANS The trustees plan to optimise the building stock it has by consultation with professional advisers and regular maintenance checks. STRucfuRE. GOVERNANCE AND MANAGEMENT Governlng document The Charity is governed in accordance with a constitution dated 13 June 2014, as amended by wrltten resolution dated 15 July 2017. Recrultment and appolntment of new trustees As vacancies for Trustees arise applicatlons are sought from potential candidates known to the Trustees and other sult3ble local people. Applicants are then considered by the Trustees and appolntments made by resolutlon of the Trustees. Organlsatlonal strurture Day to day administration of the Charity 15 carried out by the Clerk who reports to the Trustee5. Inductlon and tralnlng of new trustees New Trustees are briefed by the Clerk and the existing Trustees on the history and artivities of the Charity. They are provided with a copy of the Charity Commission publication "The Essential Trustee" detailing thelr responsibilities and providing guidance on being a Trustee, New Trustees are provided with a copy of the Charity Scheme and the13test accounts. Related partles There are no other charitles related to The Henry Gilder Drake Charity. The Clerk to the Charlty is also Clerk to other almshouse charities. Rlsk management The trustees have a duty to Identlfy and revlew the rlsks to which the charity Is exposed and to ensure approprlate controls are in place to provide reasonable assurance against fraud and error. Through the employment of professional 3dvi50rs the Trustees seek to ensure that all of the Charity's management and decision making processes take full account of, and comply with, relevant legislation and regulatory controls. Insurance including property ownership and public liability is reassessed annually. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charlty number 1157467 Prlnclpal address 286 Mersea Road Colchester Essex C02 8QY THE HENRY GILDER DRAKE CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Trustees P Davey Cllr R Boyce Ms P Channer Ms C Fisher, Chair Ms J Hawkes R Pratt Mrs J Jeffery B Noye Independent Examlner Simon Welling Certified Accountant Haines Watts Town Wall House Balkerne Hill Colchester Essex C03 3AD Sollcltors Anthony Collins Solicitors LLP 134, Edmund Street Birmingham B3 2ES. Clerk to the charlty Alison Smith 286 Mersea Road Colchester Essex C02 8QY Banker5 Natwest 36 High Street M31don Essex CM9 5PW Approved by order ofthe board of trustees on 12 October 2024 and signed on its behalf by: C Fisher Trustee INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF THE HENRY GILDER DRAKE CHARITY Independent examiner's report to the trustees of The Henry Gllder Drake Charity I report to the charity trustee5 on my examination of the accounts of The Henry Gilder Drake Charity {the Trust) for the year ended 31 March 2024. Responsibilitie5 and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 14515llbl of the Act. Independent examiner's statement Since your charity's gross income exceeded £250.000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respett: accounting records were not kept in respect of the Trust as required by Sertion 130 ofthe Act; or the accounts do not accord with those records: or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fairview which is not a matter considered as part of an independent examination. I 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 orderto enable a proper understanding of the accounts to be reached. Simon Welling Certified Accountant Haines Watts Town Wall House Balkerne Hill Colchester E55ex C03 3AD 15 October 2024 THE HENRY GILDER DRAKE CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Endowment funds Notes INCOME AND ENDOWMENTS FROM Charitable activitles Almhouse activity 52.038 52.038 Investment Income Other Income Introduction of funds 938 938 247.060 672,529 1,713,788 2,633,377 Total 300,036 672.529 1.713,788 2.686.353 EXPENDITURE ON Charltable actlvltles Almhouse activity 25,049 25,049 274,987 672,529 1,713.788 2,661,304 Net gains on Investments 11,435 406 11,841 NET INCOME 286,422 672,529 1,714.194 2,673,145 Other recognlsed galns/(losses) Gains on revaluation of fixed assets 47,624 47.624 Net movement In funds 286,422 672,529 1,761,818 2,720.769 RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 286,422 672,529 1,761,818 2.720,769 CONTINUING OPERATIONS All income and expenditure has arisen from continuing actlvlties. The notes form part of these financial statements THE HENRY GILDER DRAKE CHARttY BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted ftjnds Restricted funds Endowment funds Notes FIXED ASSETS Tangible assets Investments 672,529 1.756.262 5.556 2A28.791 183.531 io 177.975 177,975 672.529 1,761,818 2,612,322 CURRENT ASSETS Debtors Cash at bank li 2.664 111,201 2.664 111,201 113.865 113,865 CREDITORS Amounts falling due within one year 12 (SA18) 15,418) NET CURRENT ASSETS 108,447 108.447 TOTAL A55ET5 LESS CURRENT LIABILITIES 286A22 672529 1.761.818 2.720.769 NET ASSETS 286A22 672,529 1.761.818 2.720.769 FUNDS Unrestricted funds Restricted funds Endowment funds 13 286N22 672.529 1,761.818 TOTAL FUNDS 2,720,769 The financial statements were approved by the Board of Trustees and authorlsed for issue on 12 October 2024 and were signed on Its behalf by: C Fisher RBOY Trustee Trustee The notes fonn part of these financial statements THE HENRY GILDER DRAKE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRANSFER OF ENGAGEMENTS With effect from l October 2023 the activities, assets and liabilities of The Henry Gilder Drake Charity (Charity Registration Number were 211288) were transferred to this Charity. ACCOUNTING POLICIES Basi5 of preparin8 the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffective l January 20191,, 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. with the exception that housing properties are included at valuation and investments which are included at market value. Whilst this charity is a Registered Provider of Social Housing, following the issue of new SORPS for both Charities and Registered Providers applicable for accounting periods commencing on or after l January 2015, these accounts are prepared in accordance with the applicable Charity SORP IFRS 1021 since its principal activities are not governed by the Landlord and Tenant5 Art 1985 and are for charitable purposes. Fund Accounting Restricted funds are funds received by the Charity for a specific purpose and can only be used for that purpose. Unrestricted funds are available to Spend on activities that further any of the purposes of Charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Permanent endowment fijnds are nonoxpandable funds which are normally held indefinitely. Going concern The accounts are prepared on a going concern basi5 35 there are no material uncertainties about the Charity's ability to continue. Income All income is recognised in the Statement of Financial Act¢vities once the charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants. whether 'capital' grants or 'revenue' grants. is recognised when the Charity has entitlement to the funds. any performance conditions attached to the grants have been met. it is probable that the income will be received and the amount can be measured reliably and is not deferred. For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted. the estate has been finalised and notification has been made by the executor{s) to the Charity that a distribution will be made. or when a distribution is received from the estate. Donations and other voluntary income are reflected in the accounts for the period in which they are received. Donations in kind are recognised by the Charity when received except in the case of services provided free or undervalue by voluntary staff or others which are not reflected in the accounts. Interest Recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank. THE HENRY GILDER DRAKE CHARITY NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- contlnued Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Repalrs and Maintenance of Properties The charges in the Statement of Financial Activities in respect of cyclical maintenance and extraordinary repairs reflect the Trustees, constant concern to keep the properties in good condition, and are in accordance with the Almshouse Associations, recommendation that Almshouse Charities should set aside each year specific sums in this respect. Transfers are made from the Revenue Reserve each year to the Extraordinary Repair Reserve to cover extraordinary repairs as they arise and to the Cyclical Maintenance Reserve to cover repairs which arise on a cyclical basis. Support Costs The Charity's governance costs are allocated entirely to the Almshouse Costs since support costs relating to other activities are considered immaterial. Tangible fixed assets Houslng Properties The housing properties are included in the accounts at their insurance reinstatement value. Additions after each revaluation are included at cost until a further revaluation. The cost of refurbishment and improvements to the existing property are written off to the Revenue Reserve as incurred. Any major improvements or extensions to the property are capitalised. The housing properties are not depreciated as revaluations are performed with sufficient regularity to ensure that the carrying amounts are not materially misstated. Investments Investments are shown on the Balance Sheet at their market value. Changes in market value during an accounting period are reflected in the accounts as unrealised gains or losses. Upon disposal of an investment the difference between original cost and disposal proceeds is reflected in the accounts as a realised gain or loss and an adjustment is made to unrealised gains or losses to reverse unrealised movements in value in earlier years. Debtors Contributions and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of anytrade discounts due. Cash at Bank and in Hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and Provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. THE HENRY GILDER DRAKE CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued Taxation The charity is exempt from tax on its charitable activities. INVESTMENT INCOME 2024 2023 Rent receivable- ground rent COIF deposit account interest loo 838 938 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Almshouse activity Contributions receivable 52,038 CHARITABLE A￿1VITIEs COSTS Direct Costs Isee note 61 Support costs Isee note 71 Totals Almhouse activity 10.495 14.554 25.049 DIRE￿ COSTS OF CHARITABLE A￿1VITIEs 2024 2023 Insurance Repairs and maintenance Cyclical repairs Gardening Careline Sundry expenses Bad debts written off 908 1,593 6,176 586 354 1368) 10.495 THE HENRY GILDER DRAKE CHARITY NOTES TO THE FINANCIAL STATEMEKfs- continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT cosrs Governance costs Management Totals Almhouse activity 12.796 1.758 14.554 Support costs, included in the above, are as follows: 2024 Almhouse activity 2023 Total activities Clerk fees Legal and professional fees Subscriptions Independent examination fees Accountancy fees 4.812 160 222 1536 14,554 TRUSTEES, REMUNERATION AND BENEFTrs There were no trustees, remuneration or other beneffts for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees. expenses paid for the year ended 31March2024 nor for the year ended 31 March 2023. TANGIBLE FIXED ASSErs Housing properties COST OR VALUATION Transferred from The Henry Gilder Drake Charity as at l October 2023 Revaluations 2,381,167 47,624 At 31 March 2024 2,428.791 NET BOOK VALUE At 31 March 2024 2.428.791 -iO- THE HENRY GILDER DRAKE CHARITY NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSEfs- contlnued Cost or valuation at 31 March 2024 is represented by". Housing properties Accumulated revaluation gains Cost 955,781 1.473.010 2,428.791 The housing properties are stated at valuation, being at their insurance reinstatement value as at 30 June 2024 of £2,428,791, which the trustees considered to be the value as at 30 June 2024. io. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Transferred from The Henry Gilder Drake Charity as at l Ortober 2023 Additions Revaluations 145,694 25,996 11.841 At 31 March 2024 183.531 NET BOOK VALUE At 31 March 2024 183,531 There were no investment assets outside the UK. Cost or valuatlon at 31 March 2024 Is represented by: Llsted Investments Accumulated revaluation gains Cost 85,726 97.805 183.531 -li- THE HENRY GILDER DRAKE CHARttY NOTES TO THE FINANCIAL StATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ii. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Contributions in arrears Other debtors Prepayments and accrued income 1.4TI 300 2.664 12. CREDITORS: AMouNfs FALLING DUE WITHIN ONE YEAR 2024 2023 Contributions received in advan Other creditors Accruals and deferred income 1,599 1.228 2,591 5,418 13. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestricted funds Cyclical Maintenance Reserve Extraordinary Repair Reserve Building Fund Reserve Revenue Reserve 50.674 33.900 141,098 60,750 6,072 9,169 12.000 (27.241) 50,746 43.069 153.098 33.509 286,422 286,422 Restricted funds Althorne Social Housing Grant Fund Southminster Social Housing Grant Fund Southminster Maldon DC Grant Fund 181,345 291,761 199,423 181.345 291,761 199A23 672,529 672.529 Endowment funds Permanent Endowment Housing Property Revaluation Reserve 806,037 955.781 806.037 955.781 1.761,818 1.761,818 TOTAL FUNDS 2,720,769 2,720,769 -12- THE HENRY GILDER DRAKE CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement In funds Unrestricted funds Cyclical Maintenance Reserve Extraordinary Repair Reserve Building Fund Reserve Revenue Reserve 53,119 30,992 135,498 80,427 15,3721 2.927 2,908 5.600 50,674 33,900 141,098 60,750 119,677) 300,036 125,049) 11,435 286,422 Restricted funds Althorne Soclal Houslng Grant Fund Southminster Social Housing Grant Fund Southminster Maldon DC Grant Fund 181.345 291,761 199,423 181,345 291.761 199.423 672,529 672,529 Endowment funds Permanent Endowment Housing Property Revaluation Reserve 805,631 908,157 406 47,624 806,037 955,781 1,713,788 48.030 1,761,818 TOTAL FUNDS 2,686,353 125,049) 59,465 2,720,769 Funds and Reserves Permanent Endowment The Permanent Endowment Is represented by the equity In the housing properties and the Permanent Endowment investments. Changes in the net book value of the housing propertles are reflected in the Permanent Endowment by a transfer from or to the Revenue Reserve or other reserves, as far as posslble, of an amount equal to the change in the accounting period. The fund 15 non-expendable. Housing Propertles Revaluation Reserve The Housing Property Revaluation Reserve is permanent endowment of the Charity and is represented by the value of housing properties revaluatlon gains. Althorne Soclal Housing Grant Fund The Althorne Social Housing Grant Fund is a restrirted fund and represents the grant received of £181,345 In connection with the housing property renovations at Althorne, Essex. Southmlnster Soclal Housing Grant Fund The Southminster Social Housing Grant Fund is a restricted fund and represents the grant received of £291.761 in connection with the building of the housing properties at Southminster. Essex. -13- THE HENRY GILDER DRAKE CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. MOVEMENT IN FUNDS- continued Southminster Maldon Dlstrict Council Grant Fund The Southminster Maldon District Council Grant Fund is a restricted fijnd and represents the grant received of £199,423 in connection with the building of the housing properties at Southminster. Essex. Cyclical Maintenance Reserve The Cyclical Maintenance Reserve is unrestricted but designated by the Trustees to cover the cost of cyclical maintenance as it arises. A transfer to the Fund is made each year from the Revenue Reserve of a specific amount agreed by the Trustee5. Extraordlnary Repair Reserve The Extraordinary Repair Reserve is unrestricted but designated by the Trustees to cover the cost of extraordinary repairs as they arise. A transfer to the Fund is made each year from the Revenue Reserve of a specific amount agreed by the Trustees. Bulldlng Fund Reserve The Building Fund Reserve is an unrestricted fund designated by the Trustees to make provision for new accommodation for the beneficial class of the Charity in the future. A transfer is made from the Revenue Reserve each yearto the Buildin8 Fund Reserve, this is a specific amount as agreed by the Trustees each year. Revenue Reserve The Revenue Reserve represents a¢cumulated surpluses of the Charity and Is unrestrlcted and avallable for the general purposes of the Charity. 14. RELATED PARTY DISCLOSURES There were no related party transactlons for the year ended 31 March 2024. 15. LEGISLATIVE PROVISIONS The Charity is registered with the Charity Commission as a Charitable Incorporation Organisation, the Regulator of Social Housing {originally the Housing Corporation) as a Re8lStered Provider of Social Housin8 and with the National Association of Almshouses as a Re8iStered Almshouse Charity. -14- THE HENRY GILDER DRAKE CHARITY DETAILED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Investment Income Rent receivable- ground rent COIF deposlt account interest i(M) 838 938 Charltable actlvitles Contributions receivable S2￿38 Other Income Introduction of funds 2,633.377 Total Incomlng resour￿$ 2,686,353 EXPENDITURE Charltable artlvltles Insurance Repalrs and maintenance Cyclical repairs Gardening Careline Sundry expenses Bad debts written off 1.593 1,246 6.176 586 354 (368) ION95 Support costs Management Clerk fees Legal and professional fees Subscriptions 7,824 4,812 160 12,796 Governance costs Independent examination fees Accountancy fees 222 1,536 1,758 Total resources expended 25.049 Net income 2,661.304 This page does not form part of the statutory financial statements -15-