Charlty Number 1171378 Company Numb¢r 10581820 CALEB LOVEJOY'S ALMSHOUSE CHARrrY (A COMPANY LItTED BY GUARANTEE) UNAUDITED FINANCIAL STATEMENfs FOR THE YEAR ENDED 31"DECEMBER 2024
CALEB LOVEJOY'S ALMSHOUSE CllA1Y (A COMPANY LIMrrED BY GUARAiYfEE) YEAR ENDED 31- DECEMBER 2024 CONTENrs PAGE L¢gal and administrative inforniation Report ofthe Trusts¢s Independent Examiner's report Statement of Financial Activities Income and Expenditure Account Balance Shcct 10- 11 Notes forming part of the financial statements 12-20
Page I CALEB LOVEJOY'S AI,MSHOUSE CHARITY (A COMPANY LIMrrED BY GUARAKfEE) IEGAL AIYD ADMINISTRATIVE INFORMATION 1171378 COMPANY NO: 10581820 PATRON: Mr Michael More-MoIJeu HM Lord-Lieutenant of sY TRUSTEES & DIRECTORS: Mr Roger Musson (ChairnLqn) Mr Michael Chastell Mrs Angela Goodwin Fr Neil Roberts Mr Keith Hannah Mr Philip Hooper (appointed 23 September 2024) Manager & Clerk to tbe Trustees: Mrs Jessica Greenhall (up to and including 4 February 2025) Mrs Joanna Smalley (from S February 2025) Registered & Principal Office: Stoke Hospital Office 92 Stoke Road Guildford. Surrey GUI 4JH PROFESSIONAL ADVISERS The following acted for the Charity in their capacity as: Bankcrs: Lloyds Bank PLC 147 High StTcet Guildford, SuTrey GUI 3AG Independent Examiner: D L Griffin, FCA Moore (South) LLP Suite 3. Second Hoor, Friary Cou 13-21 Higb StreeL Guildforf sU¢Y GUI 3DG Investtnent Providers: M&G P O Box9038 Chelmsford CM99 2XF Solicitors: Moore Barloiy LLP The Oriel, Sydenham Road Guildfor(L Surrey GUI 3SR
Page 2 CALEB LOVEJOY'S ALMSHOUSE CHARrrY (A COMPANY LIITED BY GUARANTEE) REPORT OF TRUSTEES ST FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees. report and the f]nan¢ial statements of Caleb LK)vejoy's Almshouse Charity for thc ycar ¢nded 315t December 2024 are set out on the following pages. History? objectives and activities for the public benefit Caleb Lovejoy founded this almshouse charity in the 17 century. He was born near St. Nicolas, Church in Guildford and became a wealthy merchanL partly through supplying wagons to Oliver CTomw¢ll's army during the Civil War. The funds of the charity were used to build the property comprising four almshouses in Bury Stree¢ Guildford in 1841. The principal object of the Charity is to provid¢ accommodation for four persons of good chatacter and in need, with a local cOnntion. When planning the activities for the year, the Tnjstees have considered the Charity Commission's guidance on public benefit and are satisfied that the work of the Charity accords with its stated objects and provides public benefit to a ¢tion of those who reside within the Charity's area of benefit. As described above the Criteria uscd to assess those who may benefit are not unreasonably restrictive. ManagemenL governance arraDgemeDts, appointment of Trnstees and indllctio Caleb Lovejoy's Almshouse Charity is a company limited by guarantee with a company registration number 10581820 and a Charity Commission registration number 1171378. UDdeT Charities Act legislation the pernianent Endomrynent Fund had to be kept in the original uninc0rp0red charity, Caleb Lovejoy. This unincorporated charity is link to the charitable company via a uniting direction with charity numb¢r 1171378-1. Caleb Lovejoy's Almshouse Charity is the sole cotporate Trustee of the unincorporated charity. These fi[ncial statements incorporate the results of both Caleb IA)vejoy's Almshouse Clwity and Caleb Lovejoy. The Charity's constitution prnvides for it to be administered by a body of Truste¢s serving a terni of four years and shall be eligible for re-election for two terms. Four of the TnteeS nomillat by the Parish Council of Artington, with others appoint¢d by the existing Tntees. Upon appointment the Trustees arc given an induction pacL including a c£)py of the Charity Commission leafi¢t CC3, "Responsibilities of Charity Tnees'. and copies of all po]icies and procedures. The TnLStees (who are Directors of the company) are responsible for running the organisation and during the period under review they delegated day-to-day responsibility to the Manager and Clerk to the Trnstees, Jessica Greenhall. The ]lleS of thc Trustees who have held office during the year and sinc¢ th¢ year end are set out on page l. Clstille Hetherin8ton retired on 25 April 2024. Benjamin Bcabey was appointed on 8 June 2024 and resigncd on 1° August 2024. Philip Hooper was appointeAI on 23 September 2024. The remainder served throughout the year. The Trustees wish to thank Christine Hcthcrington and record their appreciation of the significant contribution she has made to thc cRlty during her ten years a Trustee. Financial Review The financial statements have been prepared in accordance with the accounting policies set out on page 12 and 13.
Pag¢ 3 CALEB LOVEJOY'S ALMSHOUSE CllARrrY (A COIIIPANY LIMtTED BY GUARANfEE) REPORT OF THE TRUSTEES FOR THE YEIIR Ef4DED 31 DECEMBER 2024 UnTaFtrictedFllnds The Charity had a surylus of income over expenditure for the year on the current activitics of the charity (unrestricted funds), before the tevatuation of investments, of £13.519 (2023 £62.505). Income receivable of £47,631 (2023 - £88.452) was Iower than 2023 du¢ to an exceptional item in 2023, which was the receipt of £46.500 owed by a former resident as explained in Nole 13 to the financial ststements. Expenditure of £34.112 (2023 - £28.666) was higher mainly as addilional general and cyclical maintsnance was carried out during the year. Restricled incomefvids No restricted income was received during the year (2023 - £Nil). Permanent Endoivment The pernianent endowment consists of four freehold cottages which have no known historical cost. Only the improvements are shoivn in th¢ balancc shect. Depreciation of property improvements of £91 (2023 - £91) is chargeable to the p¢rn]an¢nt endowment fund. The pernianent endowment fund decreased over the period by £91 to £2.252 (2023 - £2J43)- Tolal Funds (including gains losses on imiesthienls) The Charity had a net surplus of income over expenditure for the year on all activities (all funds) before the revaluation of investsnents of £13,428 (2023 - £60,414). The market value of investments at the end of year increased by £3,010 (2023 - £1,873) resultlng in an overall surplus for the year of £16,438 (2023 - £62,287). Net assets at 31. 1)ecember 2024 totalled £157.754 (31" December 2023 - £141,316). Investment Policy The Charity's policy is to invest funds at a tnedium risk wilh the aim of retaining the value of tts fimds. The Trustees believe they have achicvcd this during the year. Investments are included at mid-market value. The Chartty's reserves were held against possible future expenditure in accordance with Almshouse Association policy and tr8llSferd between fun(Is in accordance with this policy. Reserves Policy The Charity has the following funds: I Permanent Endowment lld The capital of the Pennanent Endowment fimd may not be spent. The fund relat¢s to the cost of the impmvements. The depreciation charge cach year is Chaed to this fund so the fund balance equals the capitsl value. 2 Restricted funds Restricted funds are those fvnds which must be spent on th¢ particular purposes specified by the donor. 3 Unrestricted funds Unrestricted fijnds comprise those funds which the Trustees are free to use in accordancc with the charitable objects. Within unrestricted funds, there are two designated funds. At the end of each year the Tnte¢S designatc funds for future cyclical maintenance and repairs and extrnordinary repairs.
Pag¢ 4 CALE, B LOVEJOYS IIIMSHOUSE CHARfTY (A COMPANY LJMrrED BY GUARANfEE) REPORT OF THE TRUSTEES FOR TEE YEAR EYL DED 315r DECEMBER 2024 The Charity aims to build rcscTV¢S to cover the cost of the maintsnance of the building, with r¢gard to general building repairs and for the repairs notcd in the Quinquennial Report. A Quinquennial Review was wried out in 2021 and the Trustees have transferred amounts between the unrestricted, extraordinary repair and cyclical repair fLmds to ensure that sufficient funds aTe held in rcspect of the work to be und¢rtak¢n. At 31" December 2024. the general reserves for genernl building repairs and maintenance totalled £100.752. The cyclical repair reserves total £12,000 and extraordinary repair rescrvcs total £42,750. Risk MaDAgemellt The Trustees have examined the major strategic, business and operational risks which the Charity faces and have set up systems to enable regular T¢POrts to be produced so that the n¢c¢ssary steps can be taken to lessen these risks. Acbievemellts and Perforniance The Charity continued to provide the ll]n objectivc. nam¢ly. provision of four cottages at Bury StreeL Guildfort for persons in need. All four cottages are cutrently occupied. All mandatory checks have been caTried out including the annual gas safety check. The 5 yearly electrical hard wiring test (EICR) has been Caled out over the last four years, M'ith all remedial work having been undertaken and certified, so all the cottages and communal areas ar¢ now fully compliant. Following the Quinqucnnial Review in 2021 the work within the report has been prioritised and the relatively minor remedial work required has been done in part during the year and will be continued during 2025 with onty a few items outstanding bcfore the next Teview in 2026. The four residents in the cottages are settled in their homcs and take pride in their surroundings. They enjoy tending the garden with the help of a part-Eime gardener appointed in 2022. The garden is flourishing and the residents and Tn)stees were delighted to receive a "Gold" award in the Guildford in Bloom mpetitIon in the category for the "Best Neighbourhood Project". The cottages remain an attrnctive and pleasant environment in the heart of the town and within the Bury Street area. As agreed by the Trustees, the weekly maintenance charge for 2024 was increased from 1st January by £6.92 to £215.77 which falls within the Equivalenr Fair Rent valuation certified by the Valuation Office Agency in October 2024. As explained in Note 15 to th¢ financial statements, in October 2024 a right of light claim was settled, subject to contracL relating to the loss of light which will be suffered by the Charity's properties at 5-11 Bury Street by the developrnent of what is known as the Guildford Plaza site. The agreed compensation duc to the Charity is £115,000. At the time of approval of th¢s¢ financial statements the papenvork was still being fUlISed.
Page 5 CALEB LOVEJOY'S ALMSHOUSE cHARy (A COIVLPANY LIMITED BY GUIIRAJYTEE) REPORT OF THE TRUSTEES FOR THE YEAR EfiDED 31- DECEMBER 2024 Reception On l October 2024, in accordance with established practice. a reception ivas heId at St Nicolas. Church Community Centre in celebration of the life of the Charity's founder, Cal¢b Lovcjoy, in the presence of the Mayor of Guildford, Councillor Sallie Barker hlBE, and the Patron of the Charity, Mr Michael More-molyneux. attended by some 40 people. It has becom¢ a tradition (in place of the historic semion) to invite another charity to make a presentation at our annual reception. This year a presentation on the ivork of the Merchant Taylors, Company was 8iven during the reception by Steph¢n Freeth the Compaay Archivist. The Merchant Taylors. Company is one of the at twelve Livery Compallies of the City of London. The Charity's Founder. Caleb LA>vejoy, was apprenticed to a member of this company for ten years from 1617 and became a freeman (member) of the Company. The Trustees wish to record their thanks and apprcciation to Stephen. all those who attended and everyone who contributed to the success of the evcnt. Future Plans The Caleb Lovejoy cottages are found in a Grade It listed building in Bury Stree¢ Guildford. The Trustees intend to continue to implement the recommendations of thc Quinquennial Report of May 2021 and to undertake further Quinquennial surveys of the fabric of the building in future. The Charity has a strategic objective to rerbISh the front of the property in 2025 (including cleaning and re-pointing). This ivill be a signifIcant cost and the hope is to brAng this to fruition once Tiger D¢velopmenVs construction of 300 aparttnents on the Plaza Site between the Portsmouth Road and Bury Street site. across the road from the almshouses. is complete (expected during 2025). Acbievement of Objectives The Trustees consider that within the confines of its constitution. building and site they continue to ca out the Charity's objectives. Trustees, responsibilities in relation to the Financial Statements The Trustecs (who are the directors of the Company) are responsible for preparing the Trustees. report and the fnCIal statements in accordance ivith applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for eacb year ivhich give a true and fair view of the statc of affai of the charitable company and of incoming resources and application of resources, incliiding income and expenditure. of ihe charitable company for that year. In pr¢paring these financial statements, the Trustees are requiT¢d to: select suitable accounting policies and then apply them consistently. obs¢ the methods and principles in the Cbarities SORP 2019 IFRS102)" make judgements and estimat¢s that arc reasonable and pn]dent' stat¢ ivhcther applicable UK accounting standards have be¢n followed, subject to any material departures disclosed and explained in the financial statements" prepare the fanCIal statements on a goinG concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that dis¢los¢ ivith reasonable accuracy at any tttne the fancial position of the charitable company and enable them to ensure that th¢ flliancial statements comply with the Companies Act 2006.
REPORT OF THE TRusfEES FOR TEE YEAR EFWED 31ST DECLAIBTrX 2624 Trustees, respon5ibilitses relatiou to the Ststements (eonthlled) The). are also re5pollsile fr SafeggIhe assets of the ch8riry •)d h¢nce for tsking Teasonable steps for th¢ pr¢YgntiOD and ddedion of fraud atul oth¢r irr¢gularities. The report has been PRtPad in a¢cord8n¢e with the Accouuting alld Reporting by CIwit5. Ststement of Recornmended Practice applicable to charities prepaTing their accounts in accordanc¢ with thc rinao¢ial RertIng Standard 102. In ptcparinE this retx)rt tbe TpJstees have tsk¢n adTr"aiitage of the Small companies ex¢mptioTLS proillded by kniion 415A of the com11 Act 2006. This annual port W&8 woved by the B9rd of Directots and TThst¢es on... .. ..... 2025 and sign otE tbeir b bj:
Page 7 CALEB LOVEJOY'S ALMSHOUSE CHARITY (A cofvlPANY LIlTED BY GUARANTEE) INDEPEM)ENf ExAmRs REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31- DECEMBER 2024 I report to the charlty trustees on my ¢xamination of the accounts of the charitable company for thc y&qr ended 31° December 2024 which are set out on pages 8 to 20. Responsibilities and basis of report As the charity trnstees of the charitabl¢ company (and also its directors for the PUTposes of company law) you are responsible for the preparation of ihe accounts in accordance with the requirements of the Conipanies Act 2006 ('the 2006 Act')- Having satisfied myself that the accounts of th¢ charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for tndepend¢nt examination. I report in respect of my examination of your company's accounts &8 &2rried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In canying out my examination I have folloived the Directions given by the Charity Commission under section 145(5Xb) of the 201 l Act. Independent examiner's statement I have completed my examination. I confirnl that no matters have come to my attention in connection with the examination giving me cause to believe that in Bny material respect: accounting records were not kept in respect of the c]WAtsble company as ffquired by section 386 of the 2006 ACL or the accounts do not accord ivith those records. or the accounts do not comply ivith the accounting wuirements of section 396 of the 2006 Act other than any requirement that ihe accounts give a 'tru¢ and fair view. Ivhich is not a matter considered as part of an independent examination" or the accounts have not been prepared in accordance with the methods and Principles of the Statement of Recommended Practice for accounting and reporting by chariti¢s applicable to charities preparing their accounts in accordance with the FAnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to ivhich attention should be drawn in this report in order to enable a proper undersLqnding of the accounts to be reached. Q(3rtLeUL D L Griffm, FCA Date Moore (South) LLP Chartered Accountants Suite 3. Second Floor Friary Court 13-21 High Street Guildford GUI 3DG
Page 8 CALEB LOVLJOYS ALMSHOUSE CHARITY (A COMPANY LIMITED BY GUARTE) GROIJP STATEMENT OF FINANCtAL AcfTvrrJES FOR THE YEAR ENDED 31sr DECEMBER2024 UNRESTiucfED PERmAENr TOTAL FUNDS ENDOWMEf*Y FUNDS TOTAL Notes 2024 2024 2024 2023 INCOME AND ENDOWMENTS FROM: Charitable activities Maintenan¢¢ contrLTr>ution5 43,440 43.440 41.952 ExceptionaI item 13 46,500 Donations & gmts 239 239 Investtn¢nts 3.952 3.925 2.625 TOTAL LNCOME 47,631 47.631 92.171 EXPELYDITUR Charitable activities 32,146 91 32,237 29.603 Otber costs 1,966 1.966 2.154 TOTAL EXPEI¥DITiiRE 34.112 91 34.203 31.757 NET COMEJ(DEFICIT) 13.519 (91) 13.428 60.414 UNREAIJSED GAIN ON INVESTMENTS 3.010 3.010 1.873 IYET INCOMEI{DEFICTD 16,529 (91) 16,438 62,287 TOTAL FUNDS BROUGHT FORWAI 138,973 1343 141,316 79.029 TOTAL Fuf4DS CARIUED FORWARD l57,754 141,316 The Ststement of Finan¢ial A¢tivtties incorporates the Staten)ent of Totsl Regr1]Sed Gains and Losses. The notes on pagcs 12 to 20 fonn part of these finatlcial 5tatetDeDts
Page 9 CALEB LOVEJOYS ALMSHOUSE CHARrrY (A COMPANY LIMrrED BY GUARANTEE) INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31- DECEMBER 2024 2024 2023 Income 50.641 94.044 Expenditure 34,112 31,666 Net income 16.529 62,378
Page 10 CALEB LOVLJOY'S ALMSHOUSE CllARrrY (A COMPANY LIIVllTED BY GUARANTEE) GROtrp BALANCE SHEET FOR YEAR ENDED 31sf DECEMBER 2024 TOTAL TOTAL FUNDS FUNDS Notes 2024 2024 2024 2023 FIXED ASSETS Tangible fixed assets 1252 2252 1343 1252 1252 2.343 CURRENT ASSETS DebtOTS io 1.187 l.187 3,177 Investments 114.603 l E4,(A)3 92,152 C&th at bank 50.19YI 50.19) 54.072 165.980 165.980 149.401 CREDrroRS: Amounts falling due 12 within one year (10,478) (10,478) (10.428) NET CURREKr ASSETS 155.502 I55.502 138.973 TOTAL ASSETS LESS cifRRENr LIABILITIES L55,502 2.252 l57.754 141.316 NET ASSETS 155.502 2,252 157,754 141,316 UI¥RESTRICTED General and repair 16 155.502 155,502 138.Y73 RESTRICTED Endowment funds and 16 restricted income 2252 2,252 2.343 155 2,252 157,754 141J16
Pagell (A COMIFANY L]TrITTED BY CUARANTEE) GROiIP BALAlYC£ (CONTIN[} FOR THE YEAR ENDED 31 J)ECEMBER 2024 For Ihe year cndcd 31" DeCEbA- 2024 thE c(pmpany ivas eDlitled to exwion from audit der section m of th¢ Companics Act 2006 relalillg to small Con1ples. Tntstees. spo081]Ittle The membeT5 have (equi1 the LX)mwiy io obtaFn an audit of its financial SlateDlts for the y¢ar in qsll in onkn1Ce with Section 476. The Trustx4 arknowkdge thcir reSp0Dbilities f Coty[8 with the requireD of the Act npanies subixt to tt* small Companies. regime and the ChaTiti05 Ststement of RonetHId Tr rinancial statthients woc appDfftd by the TTU5tees al Signed on thcit lthalf br. Rogwmu CompanvNumber. 10581820 The notrs on Fagas 12 to 20 fonn part of these statements
Pagc 12 CALEB LOVEJOYS ALMSHOUSE CllARrrY (A COMPANY LIMrrED BY GUARthTh) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31- DECEMBER 2024 l. Accounting Policies Company status The company is a company limit¢d by guatantec and w&8 incorporated in England and Wales. Th¢ members of the company are the Trustees named on pag¢ l. In the cvcnt of the company being Ivound up, the liability in raspe¢t of the guarantee is limited to £1 per member of the company. The address of the registered office is gtven on page l of these fmancial statements. b. Basis of preparntioD The financial ststem¢nts have been prepared in accordance with Accounting and Reporting by Chariti¢s; Statement of Recommended Practice applicable to clJariti¢s preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS102, and the Charities Act 2011 and th¢ Companies Act 2006. The financial statements are pr¢pared on a going concern basis under the historical cost convcntion, modified to include investments at mrtet value. The fitwicial statements ar¢ pr¢pared in sterling which is the functionaI currency, and have Iell rounded to thc ncarcst p)und. The charitable company meets the definition of a public benefit entity under FRSI 02. c. Group aeeounts The accounts incorporate th¢ results of Caleb IA)vejoy's Almshouse Charity (charity number 1171378) and its liy)ked charity Caleb LKpvejoy (linked charity number 1171378-1). d. Going coneern The financial stat¢m¢nts have been prepared on a going concern b&8is. The Tnte¢S considcr that there are no material uncertainties about the Charity's ability to continue as a going concern. Income Maintenance contrtbutions and other charges receivable arc accounted for in the year in wliich the Charity is entitled to receipt. Other income is accounted for when the charity is entiiled to receipL Investment income is account for in th¢ year the Charity is entitled to T¢¢eipt. f. Expenditure All expenditure is accounted for on an aCcnS basis and includes irrecoverable VAT. Expenditure is recognised Trvhere there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the obligation can be measured reliably. Expenditure on charitable activities is charged to the rcvcnue account in the year in which it is incurrf except the costs of extraordinary repair4 which if they represent improvements to the property arc capitalised. Other expenses are charged to the revcnuc account in the year in which they areincurred.
Page 13 CALEB LOVEJOY'S ALMSHOUSE CHARr (A CONIPANY LIMfrED BY GUARANTEL) NOTES TO THE FINANCIAL STATF.MENTS FOR THE YEAR ENDED 31- DECEMBER 2024 l. Accounting Policies (continued) Allocation of support costs Costs are allocated to the particular activity where the costs relate directly to that activity. As there is only one activity a]1 support costs have been allocated to charitsble activitleS. g. Tangible fixed assets Fixed assets arc stated at historical cost less depreciation. The ori.ttinal building has no knoivn historical cost and only th¢ improvements are shown JD thc balance shcct. Depreciation is provided on all tangible fixed assets. at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life. as follows: Improvements to property- 2 % straight line. h. Debtor5 Debtors are recognised at the scttlcmcnt amount duc. less a provision for doubtfuI debts. Prepaym¢nts are valued at the amount prepaid at the balance sheet dale. Current asset investments Current asset investments have been valued at mid-market value at the balance sheet date. Unrealised and realised gains and losses are shown in the SLqtement of Financial Activiti¢s. It also includes cash accounts ivith redelllption date over tlllEe months. which are included at C05t. Cash at bank and in hand Cash at bank and in hand includes c&sh and short terni highly liquid iniiesknents with short maturity of three months or less frnm the date of acquisition or opening of the deposit or similar accoiint. Credilors Creditors and provisions are recognised ivhere the Charity has a present obligation resulting from a past event that ivill 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 are Tccognised at their settlement amount. Financial instrnments The Charity only has financial assets and fllLqncial liabilities of a kind that qualify as basic financial instruments. Basic fmancial instruments are initially recognised at transaction value and subs¢qucntly measured at thcir scttlement value. Funds Restricted funds The P¢rnian¢nt Endoivment Fund is held by the linked charity. Caleb Lovejoy. These are fund the capital of ivhich cannot be spcnt but are to bc inVed to generate income. Costs which can be offset against the pemianent endowm¢nt fund include the costs of maintaining the capital element of the endoivrnent fiEnd. gains and losscs on disposal of the asset4 unrealised gains and losses and similar charges. Restricted Funds also include, for &xample, grants which Can only be sp¢llt on specific purposes. Unrestricted funds Unrestricted funds comprise those funds ivhich the Trustees are free to use in accordance iyith th¢ charitable objects. At the end of each year the Trustees designate funds for future cyclical maintenance and repairs and extraordinary repairs.
Page 14 CALEB LOVEJOVS ALMSHOL'SE CHARTrY (A COIVIPANY LITrUTED BY GUIlRANfEE) NOTES TO THE FINANCIAL sTATEMEs (continued) FOR THE YEAR ENDED 31- DECEMBER 2024 2. JUDGEMENTS AND KEY SOtJRCES OF ESTIMATIOIY uNcERTATy In the application of its accounting po]icies. the Trustees are UIra to make judg¢m¢nts, ¢stimates and assumptions about the carying atnount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based (n historical experA¢n¢e and other factors that aTe considered to be relevant. Actual results may diffeT from these estiinates. The estimatss and undertying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recogoised in the year which the estimate is revised wher¢ th¢ revision affects onty that year, or in th¢ y¢aT of th¢ revision and future years where the revision affects both current and f(rture years. The Trustees do not believe there are any significant estimates. 3. DONATIONS & GRANTS 2024 2023 Donations (unrestricted) Grant from Surrey County Council (restricted) 239 94 1,000 239 1,094 4. INVESTMENT INCOME 2024 2023 Investment income- listed 3,160 792 2,145 480 Investment income- bank interest Total 3.952 2,625 All investment income is unrestricted
Page 15 CALEB LOVEJOY'S AIMSHOUSE CIIARrrY (A COMPANY LIMrrED BY GUARANTEE) NOIES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31- DECEMBER 2024 5. EXPEfiDITURE 2024 2023 Charitable activities Water charges Property insurance Telephone Emergency communication system Heating, hot water, electricity Extraordinary maintenance and repairs Cyclical maint¢nanc¢ and repairs Day to day maintenance Manager & Clerk Subscriptions and donations Printing and oifice exp¢nses Legal and professional scrviccs Miscellaneous ¢xpenses 1,338 1.186 1,981 1.050 5,116 641 1,184 1.473 1,004 6.151 4.978 5,374 7.783 267 512 1.150 1.411 1,160 4.234 7.262 253 521 1,796 833 TOTAL UNRESTRICTED LYPENDITURE 32.146 PermaneDt Eudoiyment Depreciation Grant Account (Restricted) Grant fimding spent on back doots & Tendering TOTAL RESTRICTED EXPENDITURE 91 91 91 3,091 TOTAL EXPENDITURE ON CHARITABLE ACTIVITIES OTHER COSTS 2023 tndependent examination 1.605 1.668 Under accrual 2023 72 Xero 361 414 TOTAL 1.966 2.154 The other costs all Governance costs for both year 7. TRUSTEES, REMUNERATION No TThtEe received ally remuneratiOD, or was Teimbursed for any expenses during the year (20?3 - Nil). 8. EMPLOYEES There were no employees during the year (2023 - Done).
Page 16 CALEB LOVEJOYS ALMSHOUSE CHARrrY (A COTrTrANY LIMITED BY GLARANTEE) NOTES TO THE FINNCL4L STATEMENTS (continued) FOR THE YEAR ENDED 31- DECEMBER 2024 TANGIB FIXED ASSETS Freehold Improvements Totsl Permanent Endowment: Cost at I" January 2024 and 3181 Dec¢mber 2024 4,527 4,527 Depreciation: Balance brought forward at I" January 2024 2,184 2.184 Charge for the year 91 91 Balance at 31° December 2024 2275 2,275 Net Book Value: 3 1st Dec¢mb¢r 2024 2,252 31S1 December 2023 2,343 2,343 The four cottages have no known historical cost. However in 2024 the total sum insured based on their estimated building replacement st was £1.376,613 (2023 - £1,349,620)- 10. DEBTORS 2024 2023 Amounts receivable within one year. Trade debtors Prepayments Other debtor 205 844 138 1,187 874 2285 18 3,177 All debtors relate to the unrestricted fvnds.
Page 17 CALEB LOVEJOY'S ALMSHOUSE CHARTrY (A COl¥tPANY LtKtTED BY GUARANfEE) NOTES TO THE FllYANCIAL STATEMENfs (continued) FOR THE YEAR ENDED 31 DECEIVIBER 2024 11. INVESTMEIYTS 2024 2023 M&G Charity Multi Asset Fund As at 1° January 2024 76,933 52,915 Additions 20.000 Dividends reinvested 3,160 2,145 Re-valued in year 3,010 1,873 As at 31" December 2024 83,103 76,933 Fixed Terni bank account 31,500 114,603 76.933 All invcstmcnts relate to unrestricted funds. 12. CREDITORS Amounts falling due ivithin one year. 2024 2023 Accruals 10,478 10,428 10,478 10,428 All creditors relate to unStriCted funds. 13. EXCEPTIONAL INCOM In November 2023 the Charity received £46,500 in full and final settlement of a loll outstsnding debt due from a forn)er resident dating back to 2019 and prior. The amount comprised unpaid maintenance harges. costs aWded and interest arising from County Court Judgements in the Charity's favour in 2016 and 2019. Settletnent followed the sale of a property jointly owned by the former resident. No value had been attributed to this debt in the fjnancial statements of previous years as its realisation Ivas likely to be dependent on the sale of the property, the timing and proceeds of which could not be deterniined at that lime. 14. At 31. December 2024 the Charity had no financial cotnmilments (2023 - nil). 15. CONTINGEKf ASSET In October 2024 a right of light claim Ivas settled. subject to contract. relating to the loss of light which will be suffered by the Charity's properties at 5-1 l Bury Street by the development of what is knoivn as the Guildford Plaza site. The agreed ComnSation due to the Charity is £11 5,000. At the time of approval of Ihese financial statements the papenvork ivas still being ftnalised. The compensation will be recognised as income in the fllwicia] statements when received.
Page 18 CALFB LOVLTOYS ALMSHOUSE CHARTrY (A COTrIPANY LIMITED BY GUARANfEE) NOTES TO THE FINANCIAL STATEMENTS {eontiDued) FOR THE YEAR ENDED 31- DECEMBER 2024 16. RESERVES Balance at l Jan 2024 Income EXnditUre Transfers Gain on Balance at revaluation of 31 December investments 2024 Permanent Endowment Fund Grants received for Improv¢ments 1964 2.343 91) Unrestricted funds General 90,473 43.679 (34.112) 712 100,752 Extraordinary repair fund 36.500 2,974 1,010 2,266 42,750 Cyclical r¢pair fLmd 12,000 978 744 138.973 47,631 (34,112) 3,010 155,502 141,316 34 03 3.010 157.754 Prior year inforniation Balance at l Jan 2023 Incotne Expenditure Transfers Gain on Balance at revaluation of 31 D¢c¢mber investments 2023 Permanejjt EDdowment Fund Grants received for Improvements 1964 2,434 91 2,343 Restricted income fund Grants rec¢ived 2022 2.000 1,000 3,000 Unrestricted funds General 33,595 88.546 (28,666) (5,002) 90,473 Extraordinary repair fund 30.000 1019 3,040 1,441 36,500 Cyclical repair fund 606 1.962 432 12,000 74.595 91.171 (28,666) 1,873 138,973 79.029 92,171 (31,757) 1,873 141,316
Page 19 CALEB LOVEJOY'S ALMSHOUSE CHARrrY (A COMPANY LtNiriED BY GUARAIYTEE) NOTES TO THE FINANCIAL STATEMENfs (CODtiDued) FOR THE YEAR EIYDED 31- DECEMBER2024 17. ANALYSIS OF INET ASSETS BETWEEN FUNDS Restricted funds Extra. ordinary repair fund fund Cyclical Revenue reserve Total Tangible fed assets Investments Cash at bank Debtors Creditors 2.252 2.252 I I4,603 50.190 1.187 (10.478) 157.754 42,750 12,000 59,853 50,190 1.187 (10,478) 100.752 2,252 42,7SO 12,000 Prior year information liestricted funds Extra- ordinary repair fund fifftd Cyclical Revenue reserve Total Tangible fixed assets Inveslmcnts Cash at bank Debtors Creditors 2,343 2.343 92.152 54,072 1,697 (8,948) 141,316 36,500 12.000 43.652 54,072 1,697 (8,948) 90.473 2.343 36,500 12.000
Page 20 CALEB LOVLJOY'S ALMSHOUSE CHARrrY (A COMPANY LtMtTED BY GUIlRAwfEE) NOTES TO THE FtNANCIAL STATFMENfs (continued) FOR YEAR ENDED 31- DECEMBER 2024 17. ANALYSIS OF NET ASSETS BETWEEIY FtJNDS (continued) Restricted Funds Permanenl Endowment The Pcnnanent Endowmcnt Fund is held by the linked charity. Caleb IA)vejoy. These are funds, the capital of which cannot be spent but are to be illvested to generate income. Costs which can be offset against the pernianent endowment fund include the costs of maintaining the capital element of the endowment fi]nd, gains and losses on disposal of the assets, unrealised gains and losses and similar charges. Restricled incomefunds Restricted income fjjnds are thosc funds for which the income must be spent on the particular purpose specified by the donor. Unrestrieted Funds {general) Thes¢ ar¢ available for the trustees to use in accordance with the charitable obj¢ctives of th¢ Charity. Designatsd Funds Grants received for improvements (1964) The only movement in this fimd is the offset of the depreciation charge for the year. The balance at cach year ¢nd is ¢quivaIent to balance on fed asset for firehold improvements. Extraordinary repair fund and cyclical repair fund The transfers into the funds each ywdr are based upon the minimum amounts recommended by the Almshouse Association. The income from and revaluation from investments is allocated between the extraordinary repair fund and the cyclical repair fvnd each year, based upon the value of their respective opening reserves. The funds are maintained to ensure the Charity has suificient reserves for planned improvem¢nts and the matters identified in the Quinquennial Report on the fabric of the building. 18. RELATED PARTY TRthSACTIONS There were no outstanding balances at thc year end (£Nil in 2023). 19. CONTROLLING PARTY There is no controlling paty.