BUTLIN AND ELBOROW HOUSING TRUST
A Charitable Incorporated Organisation
REGISTERED CHARITY No 1174921
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
INDEX
Page I
Page 2
Page 3
Page 4
Page 4
Trustees Annual Report
Independent Examiner's Report
Profit and loss and cash flow statements
Balance Sheet and movement in reserves
Notes to the Financial Statements
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31- MARCH 2024
Trustees in the year
Mr Roger Evans Ichaimian)
Rev Edmund Newey
Mr Paul Smith
Mr Adrian Thacker
Mrs Ruth Wagstaffe
Objects
The objects of the charity are to provide housing accommodation for poor persons who reside in the Borough of
Rugby. Such charitable activity and objectives are commonly referred to as the supply of Almshouses
Governing Instruments
The Charity is governed by a constitution dated 2nd October 2017. 5ast amended on 4 April 2018 and is registered
as a Charitable Incorporated Organisation
th
Review of the Period
The Trustees have maintained 95.5% occupancy rate during the year which 15 Within the minimum allowance of 5Yo
for voids recommended by the Almshouse Association and has maintained a reasonable surplus of income by
increasing the weekly maintenance payments to the maximum allowed. The arrears of maintenance payments have
risen during the year. This is something the Trustees will try to remedy although it is difficult when dealing with
vulnerable people. The Trustees got the Council Property Tax liability reduced to a mana8eable level thanks to a
sympathetic Borough Council.
Financial Review
The trustees believe the accounts presented herein fairly reflect the functioning of the charity over the last year. At
the current property occupancy rate, the trust is financially viable. successfully fulfilling the trust objectives of
providing a residence to poor member% of the Rugby community at a significant discount to market rates.
Roger Evans
Chairman
th
19 June 2024
Page I

BLTfLIN AND ELBOROW HOUSING TRusr
A Charitable Incorporated Organisation
REGISTERED CHARITY No 1174921
INDEPENDENT EXAMINER'S REpoKr
Independent Examiner's Report to the Trustees of the Butlln and Elborow Housing Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024
which are set OLrt on pages I to 4
Respon51bilrties and basis of report
As the chariVs trustees you are responsible for the preparation of the accounts in accordance with the
requirements of the Charities Act 2011.
I report in respect of my examination of the charivs accounts carried out under section 145 of the Act and in
carrying out my examination I have followed all the applicable Dirertions given by the Charity Commission under
section 145151{b) of the Act.
Independent examlner's ststement
I have completed my examination. I confinn that no material matters have come to rny attention in connection with
the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of tr* chaiity as required by section 130 of Act; or
2. accounts do accord with records . or
3. the accounts do not comply with applicable requirements Con￿MIng the forn and content of accounts set out
in the Charities {Accounts and Reports} Regulations 2CLB otr￿rthan any requirement that the accounts give a true
and fair view which is not a matter considered as part of an indepeNlent examination.
I have no concerns and have come across no other matters in connertion with the examination to which attention
Should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
lain Richard Smith FCCA.
38 Sandford Way, Dunchurch. Rugby. CV22 6NB
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BUTLIN & ELBOROW HOUSING TRUST
PROFIT ON ORDINARY CONTINUING OPERATIONS IN THE YEAR 31 March 2024
2024
63,814
2023
59,573
Maintenance charges collected on properties occupied in the year
Overpayments received to be refunded
Current residents, maintenance charges under paid this year
Current residents, prior years, under payments recovered
Maintenance charges due on properties let in the year
Top Farm Long Itchington annual rentcharge
COIF Deposit Account Interest Received
Total Income for the year
561
-148
64.183
10
2,531
66,725
1,776
61,349
io
378
61,738
Expenses in the year
Utilities
Bank Charges
Insurance
Regulatory fees & subscriptions
Council Property Tax
Repairs
Charity Bank Loan Interest
Total expenses
369
753
178
iio
1,362
2.445
233
1,303
1,328
1,000
11,300
12,762
?8,556
12,440
18,681
35,707
Net profit on ordinary continuing operations in the year
31,018
33,182
CASH FLOW IN THE YEAR 31 March 2024
2024
2023
Net profit on ordinary continuing operations in the year
Change in debtors= underpaid maintenance charges and rentcharge
Property refurbishment and legacy unpaid council tax loan repayments
(capital not interest}
Charity Bank Ltd - 25 years 3.5% above base interest
Almshouse Association- 10 years interest free
Council tax during vacant periods to 2022 being repaid at £5(K)Imonth
Total capital loan value repayments
31,018
33,182
(329)
{1,8261
6,282
6,300
3,000
(15,582)
7,989
11,025
{19,014)
Net cash flows from ordinary continuing operations in the year
15.107
12,341
Cash & bank balances at the start of the year
Lloyds current account
COIF deposit account
Emergency maintenance petty cash balance
Total cash balances at the start of the year
Cash & bank balances at the end of the year
Lloyds current account
COIF deposit account
Emergency maintenance petty cash balance
Total cash & bank balances at the end of the year
18,543
40,OCMJ
150
46,351
58,693
46,351
8,707
65,(NX)
92
18,543
40,000
150
58,693
73,800
Net movement in cash & bank balances in the year
15,107
12,341
Page 3

BUTLIN & ELBOROW HOUSING TRUST
BALANCE SHEEf 31 Marth 2024
2024
2023
Fixed Assets
Freehold Property at 2022 market value
Less Homes England grants repayable if properties are sold
Total realisable value
Note
1,800,0
(243,423}
1,556.577
1,800,000
{243,4231
1,556,577
Current Assets
Debtors-current residents, maintenance fees overdue this year
Debtors-current residents, maintenance fees overdue prior years
Debtors-Top Farm Long Itchington annual rentcharge
Emergency maintenance petty cash balance
COIF Deposit Account
Lloyds Bank Current Account
Total
517
1,628
io
92
65,OCM)
8,707
75,955
1,776
50
150
40,000
18,543
60,519
Long term liabilities- property refurbishment loans & deferred rates settlement
Charity Bank Ltd - 25 years 3.5% above base interest
Almshouse Association - 10 years interest free
Council tax during vacant periods to 2022 repaid at £500/month
Total
217,337
29,925
14,108
261,371
223,620
36,225
63,524
323,369
Reported Net Assets
1,371,161
1,293,727
MOVERMENT ON RESERVES IN THE YEAR
Net Assets as at l April 2023
Profit on ordinary continuing operations in the year
Council tax during vacant periods to 2022 waived by Rugby Council
Net Assets as at 31 March 2024
1,293,727
31,018
46,416
1,371,161
1,260,545
33,182
1,293,727
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Approved by the trustees on 19 June 2024
Chairman
NOTES TO THE ACC
UNTS TO 31 March 2024
l. The accounts have been drawn up under the historical cost convention with items recognised at cost or accrued
transaction value. The accounts have been prepared in accordance with Accounting and Reporting by Charities:
Statement of Recommended Prartice applicable to Charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102} issued 2019 and the Charities Act
2011
2. To fairly report the ongoing sofvency and viability of this charity, the freehold almshouses properties are stated at
their estimated market value as at 31 March 2022. The trust has received various grants from Homes England going
back as far as 1970 totalling £243,423. These are repayable to Homes England in the event that the trust propertie5
are sold.
3. An unpaid liability to council tax during periods that properties were unoccupied up to 2022 of £63,524 had
accrued. In the year Rugby Borough Council agreed to write off £46,416 of this. In return the Charity started to repay
the balance at the rate of E5tM) per month from October 2023. The £3CKK) of thts legary debt repaid in this year
leaves the balance of £14,108 at the balance sheet date. Current tax charges are now being paid when they occur.
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