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2024-03-31-accounts

Charity number 1161308

Buckingham Almshouses and Welfare Charity

Report and Accounts

31 March 2024

Buckingham Almshouses and Welfare Charity Report and accounts Contents

Page
Trustees' report 1
Statement of trustees' responsibilities 3
Independent auditors' report 4
Statement of Financial Activities 6
Balance Sheet 7
Notes to the accounts 8

Buckingham Almshouses and Welfare Charity Trustees' Report

The Trustees present their annual report together with audited accounts for the Buckingham Almshouses and Welfare Charity formerly Buckingham General Charities for the year ended 31st March 2024. They are prepared in the accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102).

REFERENCE AND ADMINISTRATIVE INFORMATION

Registered charity number 1161308

Co-optativeTrustees Mr. S. Townsend (Chair) Mr R. Hughes (Vice Chair) Dr. R. Harrington (Office ended 11 September 2024) Mr. P. Hirons Mr J. Harvey Mr A Garrard Ex-Officio trustees Reverend W. Pearson-Gee Cllr. A Schaefer Nominative trustees Mrs. G. Collins Mrs. L. O'Donoghue Mr. A. Ralph Mr. T Goodman Clerk Ms L. Cresswell Office 78 London Road Stony Stratford Milton Keynes Bucks MK11 1JH Auditors Hickeson Boyce Limited 68a High Street Stony Stratford Milton Keynes MK11 1AQ Bankers Lloyds Bank plc 19 Market Square Buckingham Bucks

1

Buckingham Almshouses and Welfare Charity Registered number: 1161308 Trustees' Report

Structure, Governance and Management

The charity is a charitable incorporated organisation governed by a scheme dated 11th September 2014 and approved by the charity commissioners. The charity administers seven merged charities under the title Buckingham Almshouses and eleven merged charities under the title Relief in Need. Buckingham General Charities was merged with Buckingham Almshouses and Welfare Charity and the assets and liabilities were transferred under a General Vesting Declaration dated 1 October 2015.

Recruitment, appointment, induction and training of Trustees

The names of the trustees who acted during the financial year 2023/24 are set out on page 1.

There are 12 trustees on the charity, two ex-officio who are the Vicar of the Ecclesiastical Parish of St. Peter and St. Paul, Buckingham and the Mayor of the Town of Buckingham, six co-opted trustees who must have regard to the skills, knowledge and experience needed for the effective administration of Charitable Incorporated Organisation (CIO) and their terms of office are for five years, one nominated trustee by Gawcott with Lenborough Parish Council whose term of office is for four years and three nominated trustees by Buckingham Town Council whose terms of office are for four years.

All new co-opted trustees are identified and appointed by the existing trustees and they consider that the new trustees have the experience and ability to contribute to the management of the charity. Any competent trustee may be re-appointed at the end of their term of appointment.

All new trustees are provided with the documentation and information as set out in the Trustee Induction Policy dated July 2019.

Trustees consider the budget for the year at their January meeting and set the level of Weekly Maintenance Contributions for the year commencing 1st April.

The trustees carry out an annual review of the risks which the charity may face, have established systems and procedures to mitigate any risks identified and minimise any potential impact should any identified risks materialise.

OBJECTIVES AND ACTIVITIES

The charity's objectives and activities are to relieve people who have a strong local connection to Buckingham, Gawcott, Lenborough or Bourton (“the area”) who are in need by providing almshouses and items, services or facilities calculated to relieve the need of such persons.

The trustees have referred to the guidance contained in the charity commission’s general guidance on public benefit when reviewing aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

ACHIEVEMENTS AND PERFORMANCE

During the year, necessary maintenance and refurbishment work continued to be carried out on the almshouses.

2

Buckingham Almshouses and Welfare Charity Registered number: 1161308 Trustees' Report

Reserves policy

The trustees aim to achieve a positive level of free reserves, as the income from residents should exceed unavoidable expenditure.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The law applicable to charities in England and Wales requires the trustees to prepare accounts in accordance with United Kingdom Generally Accepted Accounting Practice for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing those accounts the trustees are required to:

Select suitable accounting policies and apply them consistently;

Make judgements and estimates that are reasonable and prudent;

State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the accounts; and

Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and to ensure that the accounts comply with the Charities Act 2011, Statements of Recommended Practice and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under the Charities Act 2011, as the charity’s trustees, we certify that;

So far as we are aware, there is no relevant audit information of which the charity’s auditors are unaware; and

As the trustees of the charity we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

AUDITOR

The auditors, Hickeson Boyce Limited Chartered Certified Accountants, have indicated that they are willing to be reappointed at the forthcoming Annual General Meeting.

By Order of the Committee,

Mr S Townsend CHAIR OF THE TRUSTEES

11 March 2025

3

Buckingham Almshouses and Welfare Charity

Independent auditors' report to the trustees of Buckingham Almshouses and Welfare Charity

Opinion

We have audited the accounts of Buckingham Almshouses and Welfare Charity for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the notes including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’’.

In our opinion the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Continued on page 5

4

Buckingham Almshouses and Welfare Charity Independent auditors' report to the trustees of Buckingham Almshouses and Welfare Charity

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

In accordance with the exemption provided by APB Ethical Standard – Provisions Available for Smaller Entities, we have assisted with the preparation of the accounts and corporation tax return.

Use of our report

This report is made solely to the trustees as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 . Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

N Boyce FCCA (Senior Statutory Auditor) for and on behalf of Hickeson Boyce Limited Accountants and Statutory Auditors

68a High Street Stony Stratford Milton Keynes MK11 1AQ

Date: 25 March 2025

5

Buckingham Almshouses and Welfare Charity Statement of Financial Activities for the year ended 31 March 2024

Relief in Need
Notes
Restricted
Unrestricted Unrestricted
Total
INCOME AND EXPENDITURE
Funds
Funds
Funds
2024
Income from:
Donations and legacies
-
2,619
-
2,619
Investments
-
-
2,911
2,911
Charitable activities
2
-
78,697
3,316
82,013
Total income
-
81,316
6,227
87,543
Expenditure on:
Direct charitable expenditure - grants
-
-
941
941
Extension and refurbishment project
3
-
-
-
-
Charitable activities
4
-
65,841
1,184
67,025
Total expenditure
-
65,841
2,125
67,966
-
15,475
4,102
19,577
Net gains on investments
-
4,904
9,404
14,308
Net income/(expenditure)
-
20,379
13,506
33,885
Transfers between funds
-
-
-
-
Net movement in funds
-
20,379
13,506
33,885
Fund balances brought forward
-
378,102
127,944
506,046
Fund balances carried forward
-
398,481
141,450
539,931
Buckingham Almshouses		 Relief in Need
Notes
Restricted
Unrestricted Unrestricted
Total
INCOME AND EXPENDITURE
Funds
Funds
Funds
2024
Income from:
Donations and legacies
-
2,619
-
2,619
Investments
-
-
2,911
2,911
Charitable activities
2
-
78,697
3,316
82,013
Total income
-
81,316
6,227
87,543
Expenditure on:
Direct charitable expenditure - grants
-
-
941
941
Extension and refurbishment project
3
-
-
-
-
Charitable activities
4
-
65,841
1,184
67,025
Total expenditure
-
65,841
2,125
67,966
-
15,475
4,102
19,577
Net gains on investments
-
4,904
9,404
14,308
Net income/(expenditure)
-
20,379
13,506
33,885
Transfers between funds
-
-
-
-
Net movement in funds
-
20,379
13,506
33,885
Fund balances brought forward
-
378,102
127,944
506,046
Fund balances carried forward
-
398,481
141,450
539,931
Buckingham Almshouses		 Total
2023
1,000
2,948
79,482
83,430
2,400
-
61,420
63,820
19,610
(4,287)
15,323
-
-
20,379
13,506
33,885
-
378,102
127,944
506,046
-
398,481
141,450
539,931		 15,323
490,723
506,046

There have been no other gains/(losses) apart from those included in this Statement of Financial Activities.

Signed on behalf of the trustees on 11 March 2025

Mr S Townsend

Mr R Hughes

Trustees

6

Buckingham Almshouses and Welfare Charity Balance Sheet as at 31 March 2024

Notes 2024 2023
£ £
Fixed assets
Investments 5 177,197 159,139
Tangible assets 6 484,354 499,911
661,551 659,050
Current assets
Debtors 7 3,260 1,941
Cash at bank and in hand 51,350 40,019
54,610 41,960
Less current liabilities
Creditors: amounts falling due
within one year 8 (29,466) (29,877)
Net current assets 25,144 12,083
Total assets less current
liabilities 686,695 671,133
Creditors: amounts falling due
after more than one year 8 (146,764) (165,087)
Net assets 539,931 506,046
Funds and reserves
Unrestricted funds 9 539,931 506,046
539,931 506,046

The accounts on pages 6 to 12 were approved by the trustees on 11 March 2025

Mr S Townsend

Mr R Hughes

Trustees

7

Buckingham Almshouses and Welfare Charity Notes to the Accounts

for the year ended 31 March 2024

1 Accounting policies

Basis of accounting

The accounts have been prepared under the historical cost convention, as modified to include the revaluation of investments at market value, and in accordance with applicable accounting standards including Financial Reporting Standard Applicable in the UK and Republic of Ireland SORP (FRS 102), and the charities Act 2011.

The charity administers seven merged charities under the title Buckingham Almshouses and eleven merged charities under the title Relief in Need. Buckingham General Charities (269332) was merged with Buckingham Almhouses and Welfare Charity (1161308) and the assets and liabilities were transferred under a General Vesting Declaration dated 1 October 2015.

The charity is a public entity as defined by FRS 102. As a small entity, the charity is exempt from the requirement to prepare a cash flow statement. The trustees consider there are no uncertainties about the charity’s ability to continue as a going concern.

In common with many other charities of our size and nature we use our auditors to assist with the preparation of the accounts.

Income

Income is recognised on an accruals basis.

Expenditure

Work done on maintaining the properties to make them suitable for habitation is written off in the year in which it is undertaken.

Designated funds

The designated funds represent amounts set aside to carry out cyclical and extraordinary repairs on housing properties.

Cyclical maintenance fund:

For the purpose of providing for those items of ordinary maintenance and repair of the almshouses belonging to the charity which recur at infrequent intervals.

Extraordinary repair fund:

For the purpose of providing for the extraordinary repair, improvement or rebuilding of the almshouses belonging to the charity.

Investments

Investments are stated at valuation. This is based on the bid price at the year end. Gains and losses on revaluation are taken to the Statement of Financial Activities.

Freehold Property and depreciation

Twelve almshouses and some land were donated in a trust dated 14th January 1896. This comprises six almshouses in Church Street, Buckingham, six almshouses at Christ’s Hospital, Buckingham, land – allotments and woodland at Main Street, Gawcott and ‘Poor Allotments’, Tingewick. The trust was replaced by a scheme of the Charity Commission, sealed on 4th January 1983. As described above the assets were transferred to the charity under a General Vesting Declaration dated 1 October 2015, which was approved by the Charity Commissioners. For insurance purposes the properties are valued at £3,191,844. The property is inalienable and is therefore not included in these accounts as an asset. One of the charity’s properties at Christ’s Hospital, Buckingham was the subject of a major refurbishment which was completed during 2017. The costs were capitalised as tangible fixed assets. Depreciation is charged on this property cost on a straight line basis over its estimated useful life of 50 years. Depreciation is charged on the Church Street refurbishment cost on a straight line basis over its estimated useful life of 10 years.

Basic Financial Instruments

The bank loan is considered to be a basic financial instrument and has been accounted for at amortised cost using the effective interest method.

Taxation

The company has charity tax exemption status.

8

Buckingham Almshouses and Welfare Charity Notes to the Accounts for the year ended 31 March 2024

2 Charitable income
Unrestricted funds
Buckingham Almshouses
Maintenance contributions receivable
less:Voids
Rents receivable
Total income from lettings
Relief in need
Rents receivable
Total income from charitable activities
Units of accommodation		 2024
2023
£
£
78,697
77,810
-
(1,370)
-
-
78,697
76,440
3,316
3,042
82,013
79,482
12
12

3 Extension and refurbishment project

The amount shown relates to expenditure incurred for the refurbishment of units in the Church Street property.

4 Charitable activities

Repairs and maintenance
Lighting and heating
Insurance
Council tax
Professional fees
Bank charges and fees
Loan interest
Depreciation
Secretarial services
Audit fees
Sundries
Subscriptions		 2024
2024
2024
Buckingham
Relief in need
Total
Almshouses
£
£
£
14,757
50
14,807
3,688
-
3,688
2,272
411
2,683
-
-
-
5,574
-
5,574
183
-
183
14,484
-
14,484
15,557
-
15,557
7,893
-
7,893
-
-
1,310
723
2,033
123
-
123
65,841
1,184
67,025

9

Buckingham Almshouses and Welfare Charity Notes to the Accounts for the year ended 31 March 2024

Repairs and maintenance
Lighting and heating
Insurance
Council tax
Professional fees
Bank charges and fees
Loan Interest
Depreciation
Secretarial services
Audit fees
Sundries
Subscriptions
Amounts payable in respect
of: audit services
other services
Fixed asset investment
Cost or valuation
At 1 April 2023
Additions
Withdrawals
Increase/(decrease) on revaluations
At 31 March 2024		 2023
2023
2023
Buckingham
Relief in need
Total
Almshouses
£
£
£
18,431
736
19,167
2,374
-
2,374
2,392
-
2,392
426
-
426
772
-
772
100
-
100
10,457
-
10,457
15,557
-
15,557
5,100
-
5,100
2,279
-
2,279
834
1,034
1,868
928
-
928
59,650
1,770
61,420
2024
2023
1980
1980
299
370
M&G Charity
Multi-Asset
Fund (formerly
National
Association of
Almshouses
CIF shares)
Charities
Official
Investment
Fund -
accumulation
units
Charities
Deposit
Account
Total
44,634
94,335
20,170
159,139
3,550
-
200
3,750
-
-
-
-
4,904
9,404
-
14,308		 2023
2023
2023
Buckingham
Relief in need
Total
Almshouses
£
£
£
18,431
736
19,167
2,374
-
2,374
2,392
-
2,392
426
-
426
772
-
772
100
-
100
10,457
-
10,457
15,557
-
15,557
5,100
-
5,100
2,279
-
2,279
834
1,034
1,868
928
-
928
59,650
1,770
61,420
53,088
103,739
20,370
177,197

5 Fixed asset investment

10

Buckingham Almshouses and Welfare Charity Notes to the Accounts for the year ended 31 March 2024

6 Tangible Fixed Assets

Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
7 Debtors
Other debtors
Prepayments & accrued income
8 Creditors
(a) Amounts falling due within one year
Bank loan
Other creditors
Accruals and Deferred income
(b) Amounts falling due after one year
Bank loan		 Christ's Hospital
Almshouses
Refurbishment
591,150
-
-		 Church Street
Almshouses
Refurbishment
Total
£
37,338
628,488
-
-
-
-
591,150 37,338
628,488
106,173
11,823
-		 22,404
128,577
3,734
15,557
-
-
117,996 26,138
144,134
473,154 11,200
484,354
484,977 14,934
499,911
2024
2023
£
£
717
-
2,543
1,941
3,260
1,941
2024
2023
£
£
19,251
20,179
-
-
10,215
9,698
29,466
29,877
2024
2023
£
£
146,764
165,087

The above bank loan is secured by way of a legal charge against the following land and buildings; The Almshouses, 1 - 6 Christ's Hospital, Buckingham, The Almshouses, 5 - 10 Church Street, Buckingham and Land in Gawcott.

11

Buckingham Almshouses and Welfare Charity Notes to the Accounts for the year ended 31 March 2024

Relief in need
Total
9 Unrestricted funds
Undesignated
funds
Designated
funds
Undesignated
funds
Unrestricted funds
At 1 April 2023
333,468
44,634
127,944
506,046
15,475
-
4,102
19,577
Withdrawals (see note 5)
-
-
-
-
Appropriations in the year
(3,550)
3,550
-
-
Surplus on revaluations in year
-
4,904
9,404
14,308
Transfer from restricted funds
-
-
-
-
At 31 March 2024
345,393
53,088
141,450
539,931
Designated funds
Cyclical
Maintenance
Fund
Extraordinary
Repair Fund
Total Designated
Funds
At 1 April 2023
44,634
-
44,634
Appropriations in the year including revaluation surplus
8,454
-
8,454
Withdrawals (see note 5)
-
-
-
At 31 March 2024
53,088
-
53,088
Buckingham Almshouses
Net incoming resources/(resources expended)
for the year		 Relief in need
Total
Undesignated
funds
Designated
funds
Undesignated
funds
Unrestricted funds
333,468
44,634
127,944
506,046
15,475
-
4,102
19,577
-
-
-
-
(3,550)
3,550
-
-
-
4,904
9,404
14,308
-
-
-
-
Buckingham Almshouses
 Relief in need
Total
Undesignated
funds
Designated
funds
Undesignated
funds
Unrestricted funds
333,468
44,634
127,944
506,046
15,475
-
4,102
19,577
-
-
-
-
(3,550)
3,550
-
-
-
4,904
9,404
14,308
-
-
-
-
Buckingham Almshouses
345,393 53,088
141,450
539,931
Cyclical
Maintenance
Fund
Extraordinary
Repair Fund
Total Designated
Funds
44,634
-
44,634
8,454
-
8,454
-
-
-
53,088
-
53,088

The designated funds represent amounts set aside to carry out cyclical and extraordinary repairs on housing properties, and is represented by the investment in NAA CIF shares (see note 5)

10 Analysis of net assets between funds

Unrestricted funds
Restricted funds
At 31 March 2024		 Fixed assets
Current assets
Current and
long term
liabilities
Total
£
£
£
£
661,551
54,610
(176,230)
539,931
-
-
-
-
661,551
54,610
(176,230)
539,931

12