REGISTERED CHARITY NUMBER:1172357 REPORT OFTHE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR PATE HOUSE CHARITY BK Plus Limited 6 Manor Park 8uslness Centre Mackenzie Way Chellenham Glouce51ershire GL519fA
PATE HOUSE CHARITY CONTENTS OFTHE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 Page Reference and Admln151ratSve Delalls Report ol the Trustees Indppendent Examlnerf5 Rpporl Stalemenl vf Financlal A¢tlvilies Statement of Financial Position Notès lo thè Flnancial Slatemenls 8 10 13
PATE HOUSE CHARbTY REFERENCE AND ADMINISTRATIVE DEfAILS FOR THE YEAR ENDED 31 MARCH 2024 TrUSTEES Mrs C Price Mrs R Rowland D Lawrence J A Co% (resigned 23.3.241 G N Gregory N C Furley Rmay J B Buchanan Mrs M Jacko R B Rimell Mrs M J Cowie N Hosken (apponted 26.10.23) PRINCIPAL ADDRESS 16 Albion Slrèel Chellonham Gloucestershire GL52 2LP REGISTERED CHARITY NUMBER 1172357 INDEPENDENT EXAMINER BK Plus Limited 6 Manor Park Business Centre Mackenzie Way Chellenham Gloucestershire GL519TX Page I
PATE HOUSE CHARITY REPORT OFTHETRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Iruslees present their report with the financial slalemen15 01 the charity lor the year ended 31 March 2024. Thè Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Slalemenl ol Recommendpd Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 {elfeclive l January 2ll191. OBJECTIVES AND ACTivinES Objectives and aims The Objects of the charity, as registered wilh the Charity Commission, are the provision of almshouses lor poor persons ol good character who are not less than 60 years ol age or are infirm, are resident or were bcrn In the Borough ol Chellenham provided that preference shall be given lo applicants qualified as aforesaid who are sinyle, widows or widowers. 11, on the occasion ot a vacancy, there is no suitable 3pplicanl who qualifies as aloresaid, the trustees may appoint as a resident a person Dtherwise duly qualilied who is resident or was born in the parish Df Leigh in the counly of GIDucesl@rshire. The charilW5 Aim5 are.. lo provide a quality and professional servlce lor Ihe well being of the residents of Pale House. Chellenham., to ensure the labric and essential lixlures and fillings are maintained al an aboyo good standard as laid down by interested bodie5 i.e. DSS and the Almshouse Association., to pay due cognisance lo the regulations laid dawn by the AlmshoLb5e Associalian and other inlere51ed bodies in the care lor the elderly., to explore opporlunilies and lake advantage ol silLJalions which may lead lo the expansion of Ihe current accommodation under the care of the Trustees and which wlll be wilhln the Trust's financial slalus. Public benefit In planning the Charity's activities thè Iruslees kept in mind the Charity Commission's guidance on public benefit. The focus Df the Charity's activities during the period, which explains the delivery by the Charity ol public benetil, is set out below under 'Achievemenl and performance, and above under 'Objectives and aims,. ACHIEVEMENT AND PERFORMANCE Charitable aclivilies This report CDvers the period from JLEne 2023 to June 2024. During this time there have bèen changes in residents and Iruslees, and progress in the running and the planned upkeep ol the House. Sadly, th& AGM 15 not taklng place in Oxford this year. However it will lake place during Jlfly 2024 in our almshouse in Albion Street, in a significant year since the Charity's loundalion. Most ol the Residents are in sound health and are often supportive ol each other. Our eldest residènt Pèm Higgins has had some Irealmenl in hospital bul has returned lo the fold recently. John Maisey has left us while Maria CoDk and David Cullis have joined u5 so that all the apartmen15 are occupied which is important financially IResidet)Is maintenance contribution has not been increased this yparl. Trustees have commenced an annual inspection of the apartments and, In an effort to Improve the smooth running ol the Hotjse, the Residenls Handbook has bpen updated. A fire drill was held in December revealing the need for a revis&d assembly point in Albion Street and a fire risk assessment look place in May. FINANCIAL REVIEW Financlal position The Charills finances are sufficiently sound enough lor Trustees lo approve some major refurbishment. The loan From the Almshouse Association is comfortably reducing and Trustees have mel Ihe £ompllance regulations al Barclay5 Bank. Thanks are due lo Purvi Shah our clerk lor her extensive overview of our aclivilies. and lo Roger Dowries IAndorran. now BK Plus) lor examining the accounts. Pagè 2
PATE HOUSE CHARITY REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 MARCH 202 FINANCIAL REVIEW Reserves policy The unreslricled reserves are available for the day tts day running for the Charity, The overall policy is lo be in a position lo have sufficient reserves for new builds, acquisilions or joint ventures and this is continuously explored. The presenl levels of reserves are not sufficient for Ihe Iruslees to progress with any ol the proposals put forward lo dale, It is the truslee5' intention lo build the charity's reserves lo enable them lo be ulilised ar this purposè. FUTURE PLANS Following a full loft inspection Truslees have agreed a thorough replacement of the insulation in both the fr¢nl and rear blocks and thanks are due lo Bruce Buchanan and lo Robert Rimell lor overseeing this eneryy saving projecl. Robert has also usefully made contact and allended Almshouse Association meetings. Quarterly Trustee meetings are now held in the Garden Room Iconservaloryl and our thanks lo Claire Price and Rosemary Rowland for exploring and sourcing the necessary replacement furnilLSre, which has been kindly donated by Bruce Buchanan and Pate's Grammar School. Meanwhile Maggie Cowie, assislecl by Nigel H05ken. has been tidying the gardens partly in readiness lor a Tea Party Ctrn July 12th lo celebrate 450 years since Richard Pale founded a 'hospilal' lalmshousel in the High Sireel in Chellenham. Maggie is giving us the lead and we look forward lo a convivial allernoon in the courtyard, trustees joining wilh residènts and invited guests lo ¢elebrale this notable anniversary. We conclude by expressing sppcial thanks lo Tony Cox who has just retired as a trustee for his constant allenlion, advice and support of residents and the House over many years. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Pates Eslale was founded in 1574 and the Foundalion was formed in 1881. In 1811 Pale House muvèd to the present sile and in 1987 the rear block was built. Aller the new EducaliDn Act of 1980 the Charity Commission recommended that Pale House become an Independent Charitable Trust which was sel up in 1987 and reylslered with the Charily Commission under reference 220805. On 18 August 2001 the Trust deregislered from the Housing Corporation. In April 2018 the activities of the Charitable Trust were transferred lo this enlily, a Eharilable Incorporated Organisalion ICIOI with the same name and objectives, The activities of the charity are therefore govgrned by the incorporation document of the CIO. 2023 Annual General Meetinu What a plgasure il was lo return to Corpus Chrisli College, Oxford lor our Annual General Meeting. Although Richard Pale loundeLI the 'schola yrammalica, and the 'h05pilal' lalmshousel in 1574, Ihe finance5 have been overseen by Corpus sinte 1586. Thus, as part ol the original Foundation, we hold the Pale House lalmshDusel AGM there. The Chairman commented that 'AI the dawn of the 'Carolean Age, we are being entouraged lo seek opporlunilies lo serve. May I suggest that in our small way, Trustees al Pale House are already doing this. I thank you all lor yaur lime and elforl, large or small , voluntarily given,. Inducllon and training ol new tru51ees The Tru51ees are appointed from three sources Pale's Grammar Schupl Foundation, Corpus Christi Oxford and Co-opted Trustees. New Tru51ees are appointed by the source from which the vacancy arises. A Trustee. when nominated. has lo be approved both by the relevant source nominating himlher and by Ihe lull Pale House Charity Trustees. Two new Iruslees Mrs Maggie Cowle and Mr Robert Rimell were appointed during the year. Page 3
PATE HOUSE CHARITY REPORT OFTHE TRUSTEES FOR THEYEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The Iruslees have a duly lo identify and review the risks lo which the charity is exposed and lo ensure appropriate controls are in place lo provide reasonable assurance against fraud and error. STATEMENT OFTRUSTEES, RESPONSIBILITIES The Iruslees are re5pon5ible for preparing the Report ol the Trustees and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acceptèd Accounting Praclicel. The law applicable lo charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Iruslees lo prepare financial slalemenls lor each financial year which give a true and fair view of the slate of affairs of the charity and ol the incoming resources and application ol resources, including the income and expenditure. ol the charity lor that period. In preparing Ihose financial slalemenls, the Iruslees are required lo select suitable accounting policies and Ihen apply them consistently., observe the methods and principles in the Charily SORP., make judgements and eslimales that are reasonable and prudent., prepare the financial slalements on ihe going concern basis unless il is inappropriate lo presume that the charity will continue in business. The Iruslees are responsible for keeping proper accoLsnling records which disclose with reasonable ccuracy al any lime the financial position ol the charity and lo enable them lo ensure that the financial slalemenls comply with the Charities Acl 2011, the Charity (Accounts and Reports) Regulations 200B and Ihe provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hencè for taking reasonable steps lor the prevention and detection of fraud and other irregularities. Approved by order of the board of Iruslee5 on 11 July 2024 and signed on ils behalf by.. Nc ( N C Furley - Trustee Page 4
IhtDEPEMDENT EXAMINER'S REPORTTO THE TRUSTEES OF PATE HOUSE CHARITY Independent examinerfs report lo the Iruslees of Pate House Charity I report lo the charity Iruslee5 on my examination ol the accounts of Pale House Charity (the Trust) for the year ended 31 March 2024. Respon$ibllilies and ba515 of report As the charily Irusleès DI thè Trusl you arè responsible for the preparalion of the accounts in accordance with the requirements ol the Charities Act 20111'ihe Act ). I report in respect ol my examination ol Ihe Trust's accounts carried out under Section 145 of the Acl and In carrying out my oxaminatlDn I have followed all applicable Direction5 given by the Charily Commission under Section 145(51{bl ol the Act. Ind•p•ndenl •xamSnerfs slalement I have completed my examination. I confirm that no material mallers have come lo my allenlion in tonnection with the examination giving me cause lo believe that in any malerial respecl.. accounting records were not kept in respect of the Trust as required by Section130 of the Acl., or the accounts do not accord with Ih05e records., or the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts Sel out in the Charities (Accoun15 and Reports) Regulations 2008 other than any requirement that the accounts yive a true and fair view which is not a maller considered as parl of an independent examination. I have no concern5 and have come across no olher mallers in conneclion with the examination lo which allenlion should be. drawn in this report in order to enable a proper understandinu ol the accounts to be reached. Roger Downes FCA BK Plus Llmiled 6 Manor Park Business Centre Mackenzie Way Chellenham Gloucestershire GL519fA 11 July 2024 Pag& 5
PATE HOUSE CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Unreslricled funds 31.3.23 Total funds Notes INCOME AND ENDOWMENTS FROM Charllable activities Charitable activities 47,612 43,037 Investment income 2,505 1,068 Total 50,117 44,105 EXPENDITURE ON Charllablè activitles Charitable activities 41,677 62,131 Nel gainslllossesl on inveslmenls 861 14141 NEf INCOME/(EXPENDITUREI 9.301 (18,4401 RECONCILIATION OF FUNDS Total funds brought forward 283,656 302.096 TOTAL FUNDS CARRIED FORWARD 292,957 283,656 The notes form parl of these financial slalements Pagè 6
PATE HOUSE CHARITY STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 31.3.24 Unre51ricled funds 31.3.23 Total funds Notes FIXED ASS5 Tangible assets Investments 272,824 31,563 288,872 29.658 304,387 318,530 CURRENT AssErs Prepayments and accrued income Cash al bank 457 30,428 443 13,559 30,885 14,002 CREDITORS Amounts falling due within one year 10 17.6651 17,9261 NET CURRENT ASSETS 23,220 6,076 TOTAL ASss LESS CURRENT LIABILITIES 327,607 324.606 CREDITORS Amounts falling due aller more than one year 134,6501 140,9501 NEf ASSErs 292,957 283,656 FUNDS Unreslricled funds 13 292,957 283,656 TOTAL FUNDS 292.957 283,656 The financial slalemenls were approved by the Board of Trustees and authorised for issue on 11 July 2024 and were signed on ils behalf by.. N C Furley - Trustee The notes form parl ol these financial slalemenls Page 7
PATE HOUSE CHARiri NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 ACCQUNTING POLICIES Basis of preparing the linan¢ial slalements The financial slalemenls ol the charity, which is a public benefit enlily under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'AccotJnting and Rèporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in thè UK and Republie of Ireland IFRS 102) lefleclive l January 20191,. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, and the Charities Act 2011. The financial slalements have been prepared under the historical cost convention, wilh the exception of investments which are included al market value. as modlfled by the revaluation ol certain assets. Going concern The Iru51ees have considered the cash flow rèquirements ol the charity for a period of greater than twelve months from the dale ol approval ol these financial slalemenls. Whilst acknowledging that limes remain highly uncertain, the Iruslees are conlidenl thal they can generate the income streams necessary lo cover the charlly'5 oulgoings lor the foreseeable future and thal, as a result, the charity remain5 a going concern. The IrLEslees have consequently drawn up the financial stalÈments ott that basis. Income All income is recognised in the Slalement of Financial Acllvllles once the charity has enlillemenl lo the funds, it is prabable that the income will be received and the amount can be measured reliably. Expenditurè Liabilities are recognised as expenditure as sotsn as there is a legal or constructive obligation commilling the charily lo that oxpendilure, il is probable that a transfer of economic benefits will be required in selllemenl 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 aggrpgale all cost related lo Ihe caleyory. Where costs cannot be directly allribuled lo particular headings they have been allocated lo activities on a basis consislenl with the use ol resources. Tangible lixed assels Housing properly is slated al cost less depreciation. Deprocialion is calculated on a slraighl line basis over 25 years from 2018. Other assets are capilalised based Dn Ihelr expected useful life and being ol a value that would be deemed not lo be general operating expenditure. Taxation The charity ig èxèmpt from tax on ils Charitable aclivilies. Fund accounliny Unreslricled funds can be used in accordance wilh the charitable objecllves at the discretion of Ihe Iruslees. Reslricled funds can only be used for particular reslricled purpgses within the objects DI the charily. Reslriclions arise when 5pecilied by the donor or when funds are raised lor parlitular reslri¢led purposes. Further explanation of the nature and purpose ol each lund is included in the notes lo the financial gtalemenls. Page 8 continued..,
PATE HOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES ¢onlinued Investments Investments are valued al market value al the balance sheet dale, being the middle prices provided by the managers. Profits or losses arising on realisalion and unrealised gains and losses al year-emd are dealt wilh through the Slalemenl of Financial Aclivilies.. INVESTMENT INCOME 31.3.24 31.3.23 Investment income Deposit account inlEre51 2,505 1,022 46 2,505 1,068 INCOME FROM CHARITABLE ACTivmES 31.3.24 31.3.23 Aclivily Maintènance contributions Charitable atlivilies 47,612 43,037 CHARITABLE ACTIVITIES COSTS Direct osts (see note 5) Support costs (see note 61 Tolals Charitable activities 31,438 10,239 41,677 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.24 31.3.23 Cleaning Insurance Subscription5 other properly Costs Repairs and maintenance Eslablishmenl cost5 Depreciation ,072 1.563 343 45 9,221 3.145 16.049 1,023 1,497 196 37 29.401 3,911 16,049 31,438 52,114 Page 9 continued...
PATE HOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS GDvgrnance costs Charitable activities 10,239 Support costs, included in Ihe above, are as follows: 31.3.2 Charitable activities 31.3.23 Total activities Independent examiners lee Secretarial assistance Office costs 1,241 8,318 680 7,164 8.229 624 10,239 10,017 TRUSTEES, REMUNERATION AND BENEFITS There were no Iruslees, remuneration or other benefits lor the year ended 31 March 2024 nor for the year ended 31 March 2023. Truslee5' expense3 Two trustees received relmbursemenl of a lolal of £50212023.. £4,656 to one Irusleel for expenses incurred on the charity's behalf, TAhlGIBLE FIXED ASss Freehold properly COST Al l April 2023 and 31 March 2D24 370,453 DEPRECIATION Al l April 2023 Charge for year 81,581 16,048 Al 31 March 2024 97,629 NET BOOKVALUE Al 31 March 2024 272.824 Al 31 March 2023 288,872 Pate's Almshouse was constructed in the late Nineteenth Century and extended in the late Iwenlielh, There is no record ol the origin31 cost, which lor FRS102 purposes in 2018 was taken as bèing £100 plus the ¢osl of èxtension in198D of £75.235. Further additions since Ihers are shown al cost. The number of units of Housing Accommodation remained al 10 units throughout the year. Page 10 continued..
PATE HOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS- conllnued FOR THE YEAR ENDED 31 MARCH 2024 FIXED ASSET INVESTMENTS Unlisted investments MARKEf VALUE Al l April 2023 Additions and dividends reinvp51ed Revaluations 29,658 1,044 861 Al 31 March 2024 31.563 NET BOOK VALUE Al 31 March 202A 31,563 Al 31 March 2023 29,658 There were no investment assets outside the UK. Cost or valualion al 31 March 2024 is represented by. Unlisted investments Valuation in 2020 Valuation in 2021 Valuation in 2022 ValuatlDn in 2023 Valuation in 2024 Cost {1,4861 2.864 1,360 14141 861 28,378 31,563 The investments al market value comprise Ihe following.. 2024 2023 Accumulalion ol Income 1,191.745 BLK Charities UK Equity Fund A Acc 17.486 8LK Charities UK Bond Fund A Acc 30,760 803 28,877 781 31,563 29.65B Page 11 continued...
PATE HOUSE CHARITY NOTES TOTHE FINANCIAL STATEMENTS- ¢ontinued FOR THEYEAR ENDED 31 MARCH 2024 10. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Other loans (see not&121 Trade creditors Accrued expenses 6,300 6,3QO 335 1.291 1,365 7,665 7,926 CREDITORS.. Amouwfs FALLING DUE AFfER MORE THAN ONEYEAR 31.3.24 31.3,23 Other loans (see note 12} 34,650 40,950 12. LOANS An analysis ol the malurily of Icans is given below= 31.3.2 31.3.23 Amounts falling due within one year on demand.. Almshouse Association loan 6,300 6,3UO Amounts falling between one and IWD years- AlmshDuse Associalion loan 6,300 6,300 Amounts falling due between two and livp years: Almshouse Associalion loan 18,900 18,900 Amounts lalling due in more than live years.. Repayable by in51alments'. Almshouse Association loan 9,450 15,750 13. MOVEMENT IN FUNDS Nel movemènt in funds Al 31.3.24 Al 1.4.23 UnrÈslri¢led funds Genpral fund 283.656 9.301 292,957 TOTAL FUNDS 283,656 9,301 292,957 Page 12 continued...
PATE HOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 13. MOVEMENT IN FUNDS - continued N91 movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and 105ses Movement in funds Unreslricled funds General fund 50.117 141,6771 861 9,301 TOTAL FUNDS 50,117 141,6771 861 9,301 Comparallves for movoment in funds Nel m4Jvemenl in funds Al 31.3.23 At 1.4.22 Unrestricted fund5 General fund 302,094 (18,4401 283,656 TOTAL FUNDS 302,096 11B,4401 283.656 Comparalivo net movement in lund5, included in the above are as follows= Incoming resources Resources expended Gains and losse5 Movement in funds Unre51ricted funds General fund 44,105 162,1311 14141 118,440) TOTAL FUNDS 44.105 162,1311 14141 118,4401 14. RELATED PARTY DISCLOSURES Aspey Lawrence & Co Ltd A company In which Mr D Lawrence is a director and shareholder During the year the charity placed insurance business with the related party on an arms, length basis. The value ol premiums paid was £21512023.. £2151. Page 13