Charity registration number 1172390
HUMPHRYS' ALMSHOUSES CIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
HUMPHRYS' ALMSHOUSES CIO
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs A Virgo | |
|---|---|---|
| Mr K Hobbs | ||
| Mrs V Forte | ||
| Mr J T Holden | ||
| Mr Robin Rogers | ||
| Mrs D Foan | ||
| Reverend S Foster | ||
| Rev Kathryn Flenley | (Appointed 4 March 2024) | |
| Charity number | 1172390 | |
| Independent examiner | John Greaney FCCA | |
| 3 Carberry Rise | ||
| 7 Leigham Vale Road | ||
| Southbourne | ||
| Dorset | ||
| BH6 3BZ | ||
| Accountants | The Martlet Partnership LLP | |
| Martlet House | ||
| E1, Yeoman Gate | ||
| Yeoman Way | ||
| Worthing | ||
| West Sussex | ||
| BN13 3QZ |
HUMPHRYS' ALMSHOUSES CIO
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 17 |
HUMPHRYS' ALMSHOUSES CIO
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution registered 3 April 2017 (as amended by Members' Resolutions dated 14 May 2020 and 13 August 2020), the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's principal activity for the year is to provide a public benefit from the ownership and management of Humphrys' Almshouses, which provides accommodation for the poor. The trustees ensure the internal and external fabric of the accommodation is well maintained and cared for and kept up to modern day living standards and ensuring whenever work is carried out the Almspeople are not unnecessarily inconvenienced.
The solar panels, which were installed in 2012 at a cost of £25,000, continue to work effectively and are ecofriendly to our local environment. The trustees are satisfied with the investment and their carbon footprint contribution to wider climate change issues.
Bi-annual surveys are conducted with regards to legionella causes, fire safety and health & safety. All aspects of the reports are actioned where necessary as a matter of appropriate urgency. The next surveys are due in 2024 but all health & safety matters are under continuous review by the managing agents and trustees.
Every 5 years the trustees carry out a review of the trusts external providers including those providing administration and bookkeeping. This review will be carried out again in 2024.
The trustees have designated surplus reserves into an Extraordinary Building Fund, as shown in the notes to the accounts, and we continue to allow for additional emergency costing, as defined in the Charity Operations & Records Examination (C.O.R.E.) Report.
The Charity owns property situated at 50 Grafton Road, Worthing, which it rented out to a third party charity until December 2021 when the lessee vacated the premises. The most recent valuation, carried out in January 2020, as provided by a local firm of Chartered Surveyors, C G Spratt & Son Ltd, was £200,000. The valuation is at the trustee discretion but discussed at each meeting. It is felt that as the property is vacant the asset has not increased in value. The property will be professionally valued in 2024.The trustees had previously decided to convert the property into 2 more almshouses and it was therefore reclassified at its book value of £200,000 in the accounts from being treated as an investment property to a tangible fixed asset under construction. The work on this property was expected to begin in 2023 but in aftermath of Covid-19 and the increased cost of raw materials, the trustees, in the light of professional service provider estimates exceeding £500,000 considered that this plan was no longer financially viable.
At a meeting held in November it was unanimously decided to improve the exterior and interior of 50 Grafton Road and an amount of £50,000 has been provisionally set aside to re-roof the building with slate tiling and a further sum, should it be needed, to improve the interior. The property is within a conservation area and there are strict guidelines set by the local authority to follow. The trustees are in the process of deciding what to do with the property with a potential scenario being to let it out again.
The Charity's residents continue to maintain themselves in an independent way and trustees would only visit them by appointment and invitation by the residents.
The Charity continues its process of diversity by ensuring the trustees are kept up to date on matters relating to Almshouses as well as bi-annual training. The trustees have different areas of knowledge covering finance, accountancy, governance, health & safety, pastoral, management administration and care needs. The Charity became a Charitable Incorporated Organisation (CIO) on 1 July 2018 and the trustees continue to seek to keep the charitable objectives up to date, with the help of the Charity Commissioners’ advice and guidance.
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HUMPHRYS' ALMSHOUSES CIO
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees receive outside training to enhance their knowledge and understanding of Charity law, Commissioners' guidelines and law issues. Normally training sessions occur bi-annually, which is especially important for the newly elected trustees. These sessions were unfortunately disrupted during the the Covid pandemic but reconvened in October 2021. The trustees awayday training commenced in 2022 and then in 2023. The CIO continues to be aware of succession plans for all the trustees and chairperson.
These sessions are provided by legal and charity professionals. Their work included enhancing our Trust Policy document, a long-term plan on charitable incorporation and asset management and a more advanced C.O.R.E. (Charities Operations and Records Examination) document and working with the Managing Agent on a robust approach to resident contracts and affordability. Consequently, we can look forward to a more professional trust, but which will also rely on the trustees investing time in robust governance.
There are robust procedures in place regarding health and safety, fire risk management, and clear guidelines for the almspeople by way of a residents' handbook, which is kept up-to-date for circulation to the residents. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The CIO have a dedicated trustee and Clerk who have experience in such matters and are able to work alongside service provider who manages the Almshouses on behalf of the CIO.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The trustees have complied with the duty in section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission.
The trustees, with the help of legal advice, produced a motion of amendment to our original trust document regarding the age and sex of potential Almspeople to be accepted by the trust. This move is to allow greater freedom of choice for all and conforms with the Equality Act. The trust constitution was updated accordingly by Members' Resolutions dated 14 May 2020 and 13 August 2020.
Covid-19 restrictions have put on hold plans to redecorate communal areas and replace old stair and floor vinyl with a fire-retardant carpet covering. An external survey of the property was carried out in 2023 and the managing agents tendered, on behalf of the CIO, for external brickwork and repointing of boundary walls. Aspects of the external work involved conservation matters, such as flint insets on the boundary walls. This work was completed in December.
The CIO conducted a review of the rental aspect of the weekly maintenance charge and agreed, with effect from the 1st January 2023 to increase the rent to £143 per week, up from the previous £114 per week which hadn't changed for over 10 years. This is in line with Local Authority rent limits to £143 per week. The trustees decided not to increase utility charges, despite the increased prices levied for gas and electricity to the CIO. This decision was made in line with the Trust obligation of relieving poverty.
The trustees have sought to enhance the Charity to be more robust and efficient. This has been possible by the dedication of the current trustees who have been guided by professional lawyers, accountants and property agents.
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HUMPHRYS' ALMSHOUSES CIO
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
At the CIO meeting in July 2021, the trustees discussed the arrangements for the car park:
”The CIO felt that there needed to be a re-evaluation of how the car park should be used. There has been a sharp increase in the need to park from: carers for the Almspeople, new residents with cars, contractors, family and friends visiting Almspeople, Trustees and Managing Agents and emergency vehicles. The trustees decided unanimously that the rented spaces should be withdrawn from hire”.
As a result at this meeting, the trustees further explained their decision to forgo the revenue from renting out spaces to commercial businesses, as the increased need of the residents, their visitors, and emergency workers and carers is more beneficially aligned to the objects of the charity than any revenue gained previously. The trustees made this decision after considering information from their accountants that this reduction in revenue from both sites should be sustainable in not adversely affecting the financial security of the CIO, but would remain under review as appropriate.
The number of trustees is enhancing the diversity required to take the Charity well into the 21st century. The CIO have bi-annual training events and annual Trustee training. Trustees are informed and aware of the need to recruit trustees.
Financial review
There was a deficit for the year, before accounting for gains and losses on investments, as indicated in the Statement of Financial Activities of £38,179 (2022: deficit of £10,960).
There was a deficit for the year, after accounting for gains and losses on investments, as shown in the Statement of Financial Activities of £18,273 (2022: surplus of £36,786).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees monitor and review the Charity's activities and consider the risks to which it is exposed. As part of this process the trustees maintain a risk management strategy that comprises:
-
An annual review of the risks that the charity may face;
-
The establishment of systems and procedures to mitigate those risks identified should any of them materialise.
Plans for future periods
The trustees plan to continue to assist the residents in providing them with the best possible living accommodation.
The lease on the property situated at 50 Grafton Road expired in December 2021. Legal advice to the CIO confirmed that the property known as Provident House could legitimately be converted from a Permanent Investment Endowment to a Permanent Functional Endowment, to be used as additional Almshouse accommodation, subject to the change of use application being successful. However due to spiralling costs the project, for the time being has been put on hold. The building is in need of essential repairs including the replacement of the roof and the trustees have decided to carry out this work with a view to either letting the property out again, selling it for a like-for-like property or selling it to generate funds to be absorbed into the CIO with the agreement of all parties.
The fabric of the Almshouses is under continuous review and the fabric of the buildings will continue to be monitored.
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HUMPHRYS' ALMSHOUSES CIO
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governance and management
The charity is incorporated as a Charitable Incorporated Organisation (CIO) and is a registered charity, number 1172390. It was previously registered as an unincorporated charity (no: 216253). In order to provide more protection to the trustees the CIO was set up in April 2017 and the assets and rights were transferred on 30 June 2018.
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs A Virgo Mr K Hobbs Mrs V Forte Mrs Noelle Jones (Retired 30 November 2023) Mrs V Grubb (Deceased 26 February 2024) Mr J T Holden Mr Robin Rogers Mrs D Foan Reverend S Foster Rev Kathryn Flenley (Appointed 4 March 2024)
All decisions of the charity are made by the board of trustees who currently plan to meet four times a year. During 2023 there were 5 in person trustees meetings
The board of trustees must constitute at least five members. When a vacancy arises this will be filled only after full consideration by the board of trustees in order to ensure the appointee will benefit the charity and complement the skills set of the existing trustees.
The only persons eligible to be members of the CIO are its charity trustees. In the event of the CIO being wound up the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
The Board are supported in their role by a local firm of accountants who deal with the bookkeeping and bank accounts and who assist the treasurer by preparing financial information for the trustees' meetings.
In circumstances when the trustees require legal charity advice they consult H3 Solicitors Limited, and for other non-charitable advice, Green Wright Chalton Annis. For the services of a surveyor they consult with C G Spratt & Son Ltd, who also act as the trust's managing agent. The trustees utilise the services of Mrs J Hobbs as 'Clerk' and she handles all administrative duties and advises on governance, but receives no remuneration.
Compliance
The charity has ensured that it is compliant with the General Data Protection Regulations (GDPR) introduced in May 2018.
The trustees report was approved by the board of trustees.
Mr K Hobbs
Dated: 1 July 2024
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HUMPHRYS' ALMSHOUSES CIO
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HUMPHRYS' ALMSHOUSES CIO
I report to the trustees on my examination of the financial statements of Humphrys' Almshouses CIO (the charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
John Greaney FCCA
3 Carberry Rise 7 Leigham Vale Road Southbourne Dorset BH6 3BZ
Dated: 1 July 2024
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HUMPHRYS' ALMSHOUSES CIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted Endowment funds funds 2023 2023 Notes £ £ Income and endowments from: Charitable activities 3 62,649 - Investments 4 6,718 - Other income 5 2,433 - Total income 71,800 - Expenditure on: Charitable activities 6 109,980 - Net gains/losses on investments 11 19,906 - Net outgoing resources before transfers (18,274) - Gross transfers between funds 341 (341) Net movement in funds (17,933) (341) Fund balances at 1 January 2023 605,052 25,573 Fund balances at 31 December 2023 587,119 25,232 |
Total Unrestricted Endowment funds funds 2023 2022 2022 £ £ £ 62,649 51,760 - 6,718 4,303 - 2,433 1,619 - 71,800 57,682 - 109,980 68,642 - 19,906 (25,826) - (18,274) (36,786) - - 341 (341) (18,274) (36,445) (341) 630,625 641,497 25,914 612,351 605,052 25,573 |
Total 2022 £ 51,760 4,303 1,619 57,682 68,642 (25,826) (36,786) - (36,786) 667,411 630,625 |
|---|---|---|
The statement of financial activities includes all gains/losses recognised in the year. All income and expenditure derive from continuing activities.
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HUMPHRYS' ALMSHOUSES CIO
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Capital funds Endowment funds - general 17 Income funds Unrestricted funds Designated funds: Building fund 18 General unrestricted funds Revaluation reserve |
2023 £ 26,429 78,324 104,753 (18,784) 200,000 200,000 119,742 267,377 |
£ 257,340 269,042 526,382 85,969 612,351 25,232 587,119 612,351 |
2022 £ 21,405 280,204 301,609 (18,649) 200,000 200,000 205,052 200,000 |
£ 267,599 80,066 |
|---|---|---|---|---|
| 347,665 282,960 |
||||
| 630,625 | ||||
| 25,573 605,052 |
||||
| 630,625 |
The financial statements were approved by the trustees on 1 July 2024
Mr K Hobbs Trustee
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HUMPHRYS' ALMSHOUSES CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Humphrys' Almshouses CIO is a Charitable Incorporated Organisation (CIO), which was formed on 3 April 2017. On 30 June 2018 the assets (except as referred to in note 11), liabilities and undertaking of the unincorporated charity 'Humphrys' Almshouse' (charity no: 216253) were transferred by formal agreement to the CIO, which until that date had been dormant.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's constitution registered 3 April 2017 (as amended by Members' Resolutions dated 14 May 2020 and 13 August 2020), the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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HUMPHRYS' ALMSHOUSES CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Income from residents is measured at the fair value of the consideration received or receivable and represents the weekly management charges to residents and parking rent.
1.5 Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
·expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
·expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
·other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Almshouses 1% SL Property fittings 15% SL New care line 20% SL
Assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured using their bid price at the balance sheet date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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HUMPHRYS' ALMSHOUSES CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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HUMPHRYS' ALMSHOUSES CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
3 Charitable activities
| Unrestricted | Unrestricted |
|
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Weekly maintenance charge | 62,649 | 51,760 |
4 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Income from listed investments | 3,518 | 3,556 |
| Interest receivable | 3,200 | 747 |
| 6,718 | 4,303 | |
| Other income | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Solar panel income | 2,433 | 1,619 |
5 Other income
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HUMPHRYS' ALMSHOUSES CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
6 Charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Depreciation and impairment | 10,259 | 10,088 |
| Rates and water | 8,897 | 7,043 |
| Light and heat | 8,718 | 7,973 |
| Maintenance costs | 36,492 | 9,494 |
| Property insurance | 6,016 | 4,889 |
| Garden maintenance | 1,980 | 1,940 |
| Managing agent's fees | 9,246 | 11,195 |
| Cleaning | 1,392 | 1,694 |
| Subscriptions | 259 | 223 |
| Resident's welfare | - | 90 |
| Professional fees relating to former investment property | 9,900 | - |
| Sundry expenses | 159 | 188 |
| 93,318 | 54,817 | |
| Share of support costs (see note 7) | 3,077 | 1,745 |
| Share of governance costs (see note 7) | 13,585 | 12,080 |
| 109,980 | 68,642 |
7 Support costs allocated to activities
| Support costs 2023 £ Bank charges 60 Investment manager's fees 3,017 Governance 13,585 16,662 |
Total 2022 £ 85 1,660 12,080 |
|---|---|
| 13,825 |
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HUMPHRYS' ALMSHOUSES CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
| 7 Support costs allocated to activities Governance costs comprise: Accountancy Legal and professional Trustee meeting cost Independent examination fee Bookkeeping and administration 8 Net movement in funds The net movement in funds is stated after charging: Depreciation of owned tangible fixed assets |
(Continued) 2023 2022 £ £ 3,571 3,625 6,347 4,589 670 - 450 450 2,547 3,416 13,585 12,080 2023 2022 £ £ 10,259 10,088 |
(Continued) 2023 2022 £ £ 3,571 3,625 6,347 4,589 670 - 450 450 2,547 3,416 13,585 12,080 2023 2022 £ £ 10,259 10,088 |
|---|---|---|
| 12,080 | ||
| 2022 £ 10,088 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
There were no employees during the year or the preceding year.
11 Net gains on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Revaluation of investments | 19,906 | (25,826) |
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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HUMPHRYS' ALMSHOUSES CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
| 13 Tangible fixed assets Almshouses Asset under construction £ £ Cost At 1 January 2023 34,074 204,119 At 31 December 2023 34,074 204,119 Depreciation and impairment At 1 January 2023 8,498 - Depreciation charged in the year 341 - At 31 December 2023 8,839 - Carrying amount At 31 December 2023 25,235 204,119 At 31 December 2022 25,576 204,119 |
Property fittings New care line £ £ 132,358 2,982 132,358 2,982 94,454 2,982 9,918 - 104,372 2,982 27,986 - 37,904 - |
Total £ 373,533 |
|---|---|---|
| 373,533 | ||
| 105,934 10,259 |
||
| 116,193 | ||
| 257,340 | ||
| 267,599 |
The asset under construction is a former investment property which was rented out to a third party until the lease expired in December 2021. The trustees originally planned to convert the property into two more almhouses but this has been put on hold on grounds of cost. The trustees are yet to make a final decision regarding the property but it does require significant repair work, after which a decision may be made to let it out again or sell it to purchase a like for like property or to absorb the proceeds into the CIO.
The charity has chosen not to adopt a policy of revaluation of any class of its tangible fixed assets including the almshouses, and instead continues to include its tangible fixed assets at cost less depreciation, less any provision for impairment. Consequently the net book value of the almshouses would bear very little resemblance to their market value if such a market value was ascertained.
14 Fixed asset investments
| Investment funds Cash in portfolio £ £ Cost or valuation At 1 January 2023 80,066 - Additions 239,065 - Valuation changes 19,906 - Management charges (3,017) - Income generated 3,518 - Disposals (73,691) 3,195 At 31 December 2023 265,847 3,195 Carrying amount At 31 December 2023 265,847 3,195 At 31 December 2022 80,066 - |
Total £ 80,066 239,065 19,906 (3,017) 3,518 (70,496) |
|---|---|
| 269,042 | |
| 269,042 | |
| 80,066 |
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HUMPHRYS' ALMSHOUSES CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
14 Fixed asset investments
(Continued)
Fixed asset investments revalued
The listed investments are valued using closing bid prices as at 31 December 2023. The historical cost of the investments are £198,470 (2022: £182,880). The excess of the year-end valuation over the historical cost is included in the revaluation reserve and is £67,377 (2022: £nil).
15 Debtors
| Amounts falling due within one year: Accounts receivable Other debtors Prepayments and accrued income |
2023 £ 13,857 6,103 6,469 26,429 |
2022 £ 11,449 5,084 4,872 |
|---|---|---|
| 21,405 |
16 Creditors: amounts falling due within one year
| Deferred income Accounts payable Accruals |
2023 £ 3,659 7,995 7,130 18,784 |
2022 £ 2,473 10,805 5,371 |
|---|---|---|
| 18,649 |
17 Endowment funds
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| At 1 January | Transfers | At 31 | |
|---|---|---|---|
| 2023 | December | ||
| 2023 | |||
| £ | £ | £ | |
| Permanent endowments | |||
| 25,573 | (341) | 25,232 | |
| Previous year: | At 1 January | Transfers | At 31 |
| 2022 | December | ||
| 2022 | |||
| £ | £ | £ | |
| Permanent endowments | |||
| 25,914 | (341) | 25,573 |
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HUMPHRYS' ALMSHOUSES CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
18 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended funds for which the charity is not subject to specific conditions as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 Building fund General funds Previous year: At 1 Building fund General funds |
January 2023 Incoming resources Resources expended Transfers Gains and losses At 31 December 2023 £ £ £ £ £ £ 200,000 - - - - 200,000 405,052 71,800 (109,980) 341 19,906 387,119 605,052 71,800 (109,980) 341 19,906 587,119 January 2022 Incoming resources Resources expended Transfers Gains and losses At 31 December 2022 £ £ £ £ £ £ 200,000 - - - - 200,000 441,497 57,682 (68,642) 341 (25,826) 405,052 641,497 57,682 (68,642) 341 (25,826) 605,052 |
January 2023 Incoming resources Resources expended Transfers Gains and losses At 31 December 2023 £ £ £ £ £ £ 200,000 - - - - 200,000 405,052 71,800 (109,980) 341 19,906 387,119 605,052 71,800 (109,980) 341 19,906 587,119 January 2022 Incoming resources Resources expended Transfers Gains and losses At 31 December 2022 £ £ £ £ £ £ 200,000 - - - - 200,000 441,497 57,682 (68,642) 341 (25,826) 405,052 641,497 57,682 (68,642) 341 (25,826) 605,052 |
|---|---|---|
| 605,052 |
The building fund is to allow for additional emergency costing, as defined in the Charity Operations & Records Examination (C.O.R.E.) Report.
19 Analysis of net assets between funds
| Unrestricted funds 2023 £ At 31 December 2023: Tangible assets 232,108 Investments 269,042 Current assets/(liabilities) 85,969 587,119 |
Material Restricted Endowment funds funds funds 2023 2023 2023 £ £ £ - - 25,232 - - - - - - - - 25,232 |
Total 2023 £ 257,340 269,042 85,969 |
|---|---|---|
| 612,351 |
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HUMPHRYS' ALMSHOUSES CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
| 19 Analysis of net assets between funds Unrestricted funds 2022 £ At 31 December 2022: Tangible assets 242,026 Investments 80,066 Current assets/(liabilities) 282,960 605,052 |
(Continued) Material Restricted Endowment Total funds funds funds 2022 2022 2022 2022 £ £ £ £ - - 25,573 267,599 - - - 80,066 - - - 282,960 - - 25,573 630,625 |
(Continued) Material Restricted Endowment Total funds funds funds 2022 2022 2022 2022 £ £ £ £ - - 25,573 267,599 - - - 80,066 - - - 282,960 - - 25,573 630,625 |
|---|---|---|
| 630,625 |
20 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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