Emery Down Almshouses Registered CIO 1157974 ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CHAIR OF TRUSTEES: (Incapacitated Jul 2024) MICHAEL P COMBE THE THATCHED COTTAGE EMERY DOWN LYNDHURST S043 7FJ BANKERS.. LLOYDS BANK 39 HIGH STREET LYMINGTON S0419ZF REFURBISHMENT LOAN: CHARITY BANK FOSSE HOUSE 182 HIGH STREET TONBRIDGE TN9 IBE INVESTMENT MANAGERS: M&G INVESTMENTS PO BOX 9038 CHELMSFORD CM99 2XF Emery Down Almshouses TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees have pleasure in presenting their 10th Annual Report for the CIO Emery Down Almshouses. This report covers the year to 31 December 2024. Background and Objects Emery Down Almshouses is a Charitable Incorporated Organisation. Its main purpose of being is a Charity that holds the assets vested from Emery Down Cottages Trust (registered Number 203489) and to be the vehicle that enabled the Trustees to borrow funds in the form of a loan from the Charity Bank. The funds were required in 2014 to help finance the costs of renovating the five Almshouses in Emery Down. The Almshouses were originally gifted by the Boultbee Estate and since 1961 had been held by the Emery Down Cottages Trust Registered Charity 203489 but now vested to the CIO Emery Down Almshouses. The Charity owns the freehold of five small cottages that are within two buildings that form an L shape surrounding a courtyard garden with a central well. The prime object of Emery Down Almshouses (the Charity) is the provision of accommodation to selected Alms people in the cottages known as Boultbee Cottages. To make homes available primarily for people living within the Parish of Christ Church Emery Down (encompassing the villages of Emery Down 2nd Bank) or in the neighbouring parjshes of Lyndhurst and Minstead who, possibly for reasons outside their control have found themselves within need of an affordable home. Residents are selected using the written criteria set out within the Constitution of the Charity. Residents of the Almshouses are required to make a monthly contribution towards maintenance costs (WMCJ, but these contributions are set below market rents as governed by the Valuation Office guidance. The Charity is solely dependent on the residents. maintenance contributions and from the income earned from its funds held in M&G Investments- M&G Charity Multi Asset Fund previously known as National Almshouse Association Common Investment Funds (NAACIF) now combined into a new fund known as the Charity Authorised Investment Fund (CAIF). Activity during the year This year has seen the ongoing maintenance of the cottages to ensure they are kept in good condition for the future. The main expenditure has been on the installation of the final woodburning stove in Cottage 4. The wood burner installations carried out in 2022 have continued to help with the damp situations experienced by some of the residents. At this point in time the trustees are setting out the key maintenance priorities after receiving the 5 year report on the condition of the Almshouses. Emery Down Almshouses TRUSTEES ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Activity during the year (continued) Trustee changes There have been changes in the trustees as follows: Appointed- Mrs Sally Moore July 2024 elected for a five year period, Mrs Sandra Ramsey October 2024 for a five year period and Mr Stewart Walker elected for a five year period from October 2024. Mr M Combe became incapacitated in luly 2024 after an illness. The trustees took it in turns to act as Chair during his absence and are actively looking to recruit a replacement Chair Person. Resigned - Dr Peter Burrows and Mr Paul Trend October 2024. The trustees thanked all of the leaving individuals for their service to the Emery Down Almshouses charity over the years of their tenure as trustees. Maintenance and buildingfabric The quinquennial review was finally carried out in August 2024 and the report has enabled the Trustees to produce a prlorlty Ilst and an ongoing schedule of works for Implementatlon In 2025. The Trustees are now focusing their fundraising activities on the resolution of damp issues caused by high ground levels surrounding the older parts of the building. The Trustees have committed to a period of fundraising by the maintenance team to ensure this project can go ahead. This fund raising is still ongoing. Other The Charity continues to Use the website launched in 2020. Emery Down Almshouses TRUSTEES ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Activity during the year (continued) Financial Review Income The income and expenditure for this year represents all monies received and all monies expended during the year ended 31 December 2024 and have been prepared on a cash basis. The main source of the Charities income is the weekly maintenance contribution (wmc) received from the occupants of the cottages, being the beneficiaries of the Charity. The wmc was last increased from September 2023 to new rates agreed by the Trustees. There have been no further increases in this reporting period. The Charity has continued to receive £10 per month from a donor within the parish who started giving during the renovation projecL Expenses The Charitys single largest expense is the mortgage repaymenL The charity continues to pay Charity Bank a variable rate of 3.750/0 above the Bank of England base rate. During 2024 there have been decreases to 8.50 % as at December 2024. During the year the interest paid was £8392 (31 December 23 £8732). The monthly capital repayments were £ 11399 (year to 31 December 2023: £10745). The Trustees, since the end of 2021 decided that they would no longer use the fundraising funds to reduce capital on the mortgage and would instead put these fundraising funds towards capital improvements. The Charity Bank no longer have a system allowing the Trustees to fix the monthly repayment and so with each rate change there has been a change to the repayments. The mortgage payments were £1,654 in December 2023 and have decreased to £1,632 in December 2024. The charitable income received and the costs incurred were in line with those budgeted at the beginning of the year. The net income of the charity for 2024 is £17996 (2023- £14746). Emery Down Almshouses TRUSTEES ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Activity during the year (continued) Financial Review Assets- Investedfvnds The Trustees have decided not to make transfers to the Extraordinary Repair Fund (ERF) and to the Cyclical Maintenance Fund (CMF) as in previous years. This decision was made with a view to utilise some of these funds to reduce the mortgage debt due to the rise in interest rates to 9.000/0 at the end of December 2023. However, as the Weekly Maintenance Charge has been raised for the first time since 2017 the need to reduce the debt has been negated as the income and interest rates have stabilised. The Trustees hold these reserves within the M&G Charity Multi Asset Funds. The Trustees hold the ERF fund In Accumulatlon shares and the CMF fund in the Income Fund. (prevlously held in National Almshouse Association Charity Investment Funds (NAACIF). As the funds are linked to the stock market then values will rise and fall in line with the market. The M&G CMA Funds have a higher weighting in stocks {holding 60-90 % in shares) and would usually benefit from significant increases seen from unexpected strong profit delivery of the underlying businesses most notably in the income funds, however this is not guaranteed and this year has seen an appreciation in the investment funds. Income Accumulation Total Funds at I anua 2024 M&G Dividend re-invested Investments made Capital appreciation / depreciation Balancin ure Funds as at 31 December2024' mid market value on 31 December 2024 20893 33582 iiio 54475 1110 Accumulated 700 1584 2284 21593 36276 57869 Assets - Buildings The Charity owns the cottages known as Boultbee Cottages, Emery Down Lyndhurst S043 7DY. The cottages underwent a significant refurbishment durÉng 2014 and funds were received from the Homes and Communities Agency to assist with the extension and refurbishmenL Emery Down Almshouses TRUSTEES ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Day to day operation is delegated to the Clerk, with the Trustees meeting formally four times per year. The current Trustees and their roles are as follows Trustee e and tenure Position Date Mr M P Combe Nominated - 3 years from 24/07/2020 Inca acitated UI 2024 Re-elected - 5 year term from 16 10 2020 Appointed- 5 year term From 12 10 21 Elected- 5 year term from 05 06 2022 Elected - 5 year term frotn lul 2024 Ex-officio - from 21/0812018 Forthe eriod of tenure Elected - 5 year term from October 2024 Elected - 5 year term from October 2024 Chair Re-elected Chair 12110/2021 Miss S Hall Clerk Re- appointed Clerk 12 10 2021 Appointed Treasurer 12 10 2021 Mr Simon Tidby Treasurer Mr S Whitehorn Trustee Mrs S Moore Trustee Rev D S Potterton Trustee Mrs S Ramsey Trustee Mr S Walker Trustee Approved by the Trustees and signed on their behalf by.. 2 1 October 2025 (r(9&4¢ Date Emery Down Almshouses INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES REPORT TO THE TRUSTEES OF EMERY DOWN ALMSHOUSES FOR THE YEAR ENDED 31 DECEMBER 2024 RESPECTIVE RESPONSIBILITIES OF TRusfEES AND THE INDEPENDENT EXAMINER The Charity's Trustees are responsible for the preparation of the accounts. The Charitys Trustees consider that an audit is not required for this period under Section 144(2) of the Charities Act 2011 and that an independent examination is needed. It is my responsibility to: Examine the accounts under section 145 of the 2011 Act, To follow the procedures12id down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act, and To state whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items of disclosure in the accounts, and seeking explanations from the Trustees concerning any such matters. The procedures undertsken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a true and fair view, and the report is limited to those matters set out in the statement below.. INDEPENDENT EXAMINER'S REPORT In the course of my examination, no matter has come to my attention which gives me reasonable cause to believe, that In any materfial respect, the requirements: To keep accounting records in accordance with section 130 of the 2011 Act; and To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Accountant Emery Down Almshouses INCOME AND EXPENDITURE AccouKr FOR THE YEAR ENDED 3111212024 31112/2024 Restrl¢ted 31112/2024 3111212024 Totsl To¢aJ 3111212023 31112/ZOZ3 General To￿1 Total Income Weekly Maintenance Contributions 35.930 35.930 30,714 Investment Income Dlvidend - Income Dividend- Accumulation 942 I,iio 2.052 942 I,iio 884 1,395 2.052 2.279 Fundraising Grants - restrlcted Donations - restricted Donations - unrestricted EDA Fund RaisinglEvents 120 120 120 75 120 120 195 Totsl Income 120 37,982 38,102 33,18B Expenditure Mortgage Intsrest NAA Subscrlptionl ICO Water Ratss Insurance Professlonal fees Maintenance- General costs M8intenÈnce- Cyclic81 maintett8nce funds Maintenance- Grant funds Garden Insurance claim excesslcosts Postage. Prlntlng and Stationery Resident Xmas Gifts 23124 Sundries Transfer to Restoration Account Total Expenditure 8,392 302 1,839 1,307 984 5.478 8,392 302 1,839 1,307 984 5,478 8,732 188 1.620 1.359 18 6.194 1,040 1.040 55 520 244 520 244 140 136 20.106 20.106 18,442 Net Income for the Year 120 17.876 17,996 14.746 Other cash and fund movements Chariry Bank Loan Repayments C2pifal Repaid Monthly Lump Sum Capitsl Repayment 11.399 11.399 10,745 11,399 11,399 10,745 Investment Funds [M&G Charlty) ERF & CMF Transfers ERF Dlvldend Re-lnvested i.iio i.iio I,iio i.iio 1.395 1.395 Fund5 Withdrawn Net movementin M&G Charity Fund: I,iio I,iio 1,395 Inflowofcash forY•ar 120 S.367 S.487 2.606 Emery Down Almshouses STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDED 31-Dec 31-Dec 2024 2023 Bank and Cash Historic Cost Cash in CurrentAccount Cash in Fundraising Account Notes 12,524 1.750 7,159 2,198 14,274 9,357 Represented by: Balance B/fwd I january 2024 9,357 8,765 Net movement of funds 2024 4,917 592 Balance carried forward 31 December 2024 14,274 9,357 Investment Assets at open marketvalue M&G Investment Shares- Income M&G Investment Shares - Accumulation 20,893 33,582 54,475 36,276 57.869 Total Charity Funds 72,143 63,832 Other Charitable Assets and Liabilities Land and Buildings 1- 5 Boultbee Cottages 750,000 750,000 Mortgages and Loans Charity Bank 99,249 Signed on behalfof theTrustees by: Name.. Q) Date.. Emery Down Almshouses NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 l Analysis of Funds.. Unrestricted Restricted Designated Total Fund Fund Grant General Renovation GSG Funds Opening balance 1/112024 2,198 2,198 Movement in year 120 120 WMC payment posted in error -568 -568 C105ing Balance 3111212024 1,630 120 1,750 Restrirted and general fund raising funds are held separately from the genèral charity funds utilisins a bank account desigrtated for fund raising 2 Investments The charity holds two M and G Charity funds which are managed by M&G Securities The Accumulation Fund is designated for the Extraordinary Repair Funds (ERF). The Income Fund is currently designated as the Cyclical Maintenance Fund (CMF). Funds will be utilised from the Cyclical Maintenance Fund as the Trustees deem necessary The year end balances represent the mid market price The Trustees do not report 2 full balan￿ sheet and therefoie do not recognise the revaluation reserve that would be required in non Charity Accountin& 3 Land and Buildings The land and buildings were valued by C Rutland {FRICS MREJ in April 2014 based on open market value as a single investment unit consisring five cottages. The Trustees have deferred an independent revaluation for a further 5 years and instead have reviewed the value of the properties with the market movement in the area and consider there to be no material change in value. 4 Charity Bank Loan The mortgage with the Charity is secured by a Firsi Legal Charge over the Registered property. The mortgage interestis charged at Bank ofEngland Base Rate + 3.75%. and the loan term is to August 2030. 5 Guarantees At 31 December 2024 the Charity had not issued any guarantees. (2023: Nil)