REGISTERED CHARITY NUMBER: 1180867 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR CHELTENHAM ALMSHOUSES & AID CIO CHELTENHAM ALMSHOUSES &AID
CHELTENHAM ALMSHOUSES & AID CIO CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Pagè Rèlerence and Administratlve Details Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Statement of Financlal Poslllon Notes to the Financial SlalementS io to 16 Detailed Slalement of Financlal AclivS1ies 17
CHELTENHAM ALMSHOUSES & AID CIO REFERENCE AND ADMINISTRATIVE DETAIL5 FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES Mrs V M O'connor Mrs J M Allison Mrs M Jones Mrs H M Langford Mrs M B Mears M G Wylie Mrs A FDden lappoinled 25.6.2I1 8 Lane lappoinled 25.6.241 T Yap lappoinled 25.6.241 PRINCIPAL ADDRESS 6 Sl George's Street Chellenham Glouce51ershire GL50 4AF REGISTERED CHARITY NUMBER 1180867 AUDITORS BK Plus Audit Limited (Statutory Audilorl 6 Manpr Park Business Centre Mackenzie Way Chellenham Gloucestershire GL519TX Page
CHELTENHAM ALMSHOUSES & AID CIO REPDRT QFTHETRUSTEE5 FOR THEYEAR ENDED 310ECEMBER 2023 The Iruslees presonl their report with the financial slalemen15 of the charity lor the year ended 31 December 2023. The trustees have adopted the provisions ol Accounting and Reporting by Charities., Slalemenl of Recommended Pra¢li¢e applicable lo charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lelfeclive l January 20191. OBJECTIVES AND ACTIVITIES Obje¢lives and aims The Dbjecls Df the CIO are, for the public benelil.. I la) the provision, maintenance and repalr ol almshouses In Chellenham for people who ar& in need or e%periencing ill-heallh, inlirmily, hardship or distress, including by reason of age., such charitable purpose5 for the benefit of the residents ol the almshouses as the trusteès dÈcide', the relief ol poverty and the relief of persons who are in need by reasori of youth, age, ill-heallh, disability or financial hardship by.. lal making grants ot money to them; or Ibl providing or paying for goDds, services or facilitie5 lor them., Dr Icl making grants of money to other persons or bodies who provide goods. services or facilities lo those in need. Slynilicant activities The CIO provldes accommodation for elderly residents in almshouse accommodalion in several locations in Chellenham. Glouceslershire. Publi¢ benefll In planning the CIO'S activities for the year. the Iruslees kept in mind the Charity Cornmission's guidance on public benefit. The focus Df the CIO'S activities during the year, which explains the delivery by the CIO ol public benelil. is sel DUI in this report in the sections above on 'Objeclives and Aims. and below on 'A¢hievemenl and Performance,. The CIO provides almshouse accommodation lo residènts who have mel the qualifying criteria. Residents only need pay a small contribution lo the upkeep of the prpperly and the running of the charity. so the cost lo them is siunificanlly Icwer than the cost ol renting in the privaté sector. The CIO also gives out grants lo people and other Drganisalions. ACHIEVEMENT AND PERFORMANCE Charitable activities The organisalion Manages four Almshouse silos across Chellenham with 39 residènts overall, and has an dminislralive olfite near the centre ol the town. The four siles are Jesse Mary Chambers, Sunsel Homes, Hays Collage5 and Caroline Slrickland. 11 employs two parl lime stall, a clerk and an adminislralion assistant lo manage the day lo day running of the organisalion. 11 is governed by a board ol Iruslees who meet on a monthly basis. There have only been Iwo vacancies this yèar due to two residènts moving lo care homes. After refurbishment ol both flats these vacancies were then filled by applicants from the waiting list. It is good lo report, Ihough, that al the end of the year there are no vacancies and a small waitlisl. Page 2
CHELTENHAM ALMSHOUSES & AID CIO REPORT OFTHE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE- contlnued Charitable aclivllles continued The Almshouses have suffered no major external or internal structural problems, thus no major devÈlopmenla needed lo be carried out on any ol the properties. The board of Iruslee5 have discussed the possible need for a lull external slruclural report on 3 Carlton Streei due to age ol property, this lo be carried oijl in 2024. The organisalion believes wilh two excellent and hard-working members of staff, il has four excèllent wÈll managed sets DI Almshous&s. Slafl visit the siles regularly, are well known and liked by residpnls. Trustees continue lo visit all sitès bi-monthly, such visits are extremely welcomed by residents and they enable Iruslees lo identify and resolve any disagreements belween residents, thus enhancing feelings of peace, security and well-being al the Almshouse sites. FINANCIAL REVIEW Investment policy and objectives The Clo hold5 income shares in COIF Investment Fund units ancl Blackrock UK charity funds. In addition, 11 mainlaiiis some ol ils cash re5erve5 in COIF Deposit Funds. The CIO'S day-lo-day needs are lo have shtsrl-lerm fund5 readily available., investment in additional shares is made only when il is considered prudent by the Iruslees lo do so. Reserves policy The Iruslee5 aim to maintain General Funds at a level that will allow the CIO to lunction in a normal way in the event that incomè streams fail or operating costs rise sharply. They aim also lo maintain General Funds that will enable them lo develop and maintain the almshouse properties lor which the CIO is responsible. In addilion, the CIO has designated reserves lor Cyclical Maintenance and Extraordinary Rep3irs lo which annual transfers are made in line wilh allowances retommended by the Almshouse Association. Revaluation reserve5 arise as housing propÈrlies and fixèd assel investments are recognised at fair value in line with good accounting pra¢li¢e for assets Lif this nature. FUTURE PLANS The charity has reduced the Charity Bank loan considerably during the year to 31 December 2023 and is continuing lo review ils loans and investments with a view la enhancing th8 linancial basis. There has been much discLE55ion over the cost of keeping adminislrative oflices, as thèy are now little visited by residenls, who prefer to email or telephone staff, ralher than come into the office as has Iradilionally been dene in the past. Tru51ees are therefore strongly considering thè sale 016 Sl GeDrges Street and expect lo make a final decision in 2024. A cosllbenelil analysis will bè prDduced lor the varitsus options. Once this decision has bèèn made, il could thÈn possibly free-up further funds with the sale of the offic&, for development of land behind Hay5 collages for potential new Almshouses. This activity will require very careful planning and costing. The Iruslees have agreed that in 2024 they will begin the process ol interviewing and hopefully appointing suitably qvalilied new Iru51ees lo the board, lo enhance lulure development plans and lake the rharily lorward over the coming years. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charily is conlrollÈd by ils governing document and is consliluled as a foundation CIO (Charilable Incorporated Organisalionl. 11 was first registered with the Charlly Commission on 27 November 2018. Paue 3
CHELTENHAM ALMSHOUSES & AID CIO REPORTOFTHETRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEME Dècision making The CIO is managed by a vol(tnl8ry board ol Iruslees, which meets most months at ils offi¢e5 in Sl. George's Street, Chellenham. Risk managamenl The Iruslees have a duly lo identify and review the risks lo which the charity is exposed and to ensure appropriate controls are in place lo provide reasonable assurance against fraud and error. STATEMENT OFTRUSTEEY RESPONSIBILITIES The Iruslees are responsible for prÈparing the Rèporl ol the Trustees and Ihe financial 51alemenls in accordance with applicable law United Kingdom Attoltnting Standards (United Kingdam Generally Accepted Accovnling Practice). The law applicable to charities in England and Wale5, the Charities Act 2011, Charity (Accounts and Reporlsl Regulations 2008 and the provisions of the Irusl deed require5 the Iruslees to prepare financial slalemenls for each financial year which give a Irve and lair view of the stèlè of affairs ol the charity and ol the incoming resources and application of resources, including the intome and pxpendilure, of Ihe charily for that period. In preparing thosè financial slalèmènts, the trustees are required to select suitable accounting policies and then apply them ¢onsislently. observe the methods and principle5 in the Charily SORP., make judgements and estimalos that are reasonable and prudenl,. prepare the financial slalemenls on the going eoncèrn basis Ltnless il is inappropriate to prèsume that the charity will continue in business. The Irusleès arè responsible ftsr kèeping proper accounling record5 which disclgse wilh reasonable atcuraty al any lime the financial position of the charily and lo enable them lo en5ufE Ihal the financial slalemenls comply with the Charilies Act 2011. the Charity (Accaunls &nd Reports) Regulations 2008 and the provisions ol the trust deed. They are also respDnsibl¢ for safeguarding Ihe assets ol the charity and hence for taking reasonable steps for thè prèvènlion and deteclion of Iravd and other irregul3rili£s. Approved by order of the board of Iru5teÈs on Mrs V M O'ConThor- Tru51ep Page 4
REPORT OFTHE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHELTENHAM ALMSHOUSES & AID CIO Opinlon We have audited the financial statements ol Cheltènham Almshouses & Aid CIO Ilhe 'charilVI lor tho year ended 31 December 2023 which comprise the Slatèmenl ol Financial Aclivilies, the Slalemenl of Financial Position and notes lo the financial slalemenls, including a summary ol significant accounting policies. The financial reporting framewark that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epled Accounting Praclicel. In our opinion the financial slalemenl5'. give a true and lair view of Ihe $131e ol the charity's affairs as at 31 Dpcember 2023 and of it5 Incoming resources and application of resources, for the year then endèd., have been propèrly prepared in a¢¢ordan¢e with United Kingdom Genprally A¢¢epted ArcDunling Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We condLfcled our audit in accordance with IntèrnèliDnal Slandards on Atsdiling IUKI IISAS {UKII and applicable law. Our responsibilities undèr Ihose standard5 are further described in the Auditors, re5ponsibililies lor the audil of the financial slalements sèction ol our report. We are independent of the charity in accordance with the ethical requirempnls that are relevant lo our audit of the financial slalemenls ill the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements, We b&lieve that the audit evidence we have obtained is sufliclenl and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial 51alemenls, we have concluded that thè Iruslees, USÈ of the going Concern basis of accounting in the pr8paralion ot the linancial statements is appropriate. Based on the work we have perlDrmed. we have not identified any material uncerlainlies relating lo events ar conditions that, individually or collec11vely, may cast slgnilicant doubt on the charity's ability lo conlinue as a going concern lor a period of al least twelve months from when the financial slalements are aulhorised lar issue. Our responsibilities and the responsibilities ol the trustees with respect lo gDing concern are described in the relevant sections of this roporl. An overvlew of the scope of our audit Opening balances and comparative figures As the charity exceeded the threshold for audit for the first lime this yèar, the opening balances and comparative figure5 were not subject lo audit procedures. However, we had carried out an indep?ndenl examination ol the financial 51alemenls lo 31 December 2021. Other informallon The trustees are responsible lor the other information. The other information comprises the information included in the Annual Report, other than the flnancial 51alements and our Report DI Ihp Independent Audilors thereDn. Our opinion on Ihp firianrial 51alemen15 doe5 nat cov&r the other information and. except Eo ihe èxlenl otherwise explicitly slated in our rèport, we do not èxpress any form of assurance conclusion Ihereon. In connection with our audil ol the financial slalements, our responsibilily is lo read th2 Dlher information nd, in dDing so. consider whether the other information is materially incansislenl with the financial slatements or our knowledge obtained itt the audit or olherwise appèars lo be materially misstated. 11 we identify such material inconsistencies or apparent Material misslalemenls, we are required lo determine whether this gives rise lo a material misslalemenl in the financial slalemenls themselve5. If, based on the work we have performed, we conclude Ihal there 15 a material misslalemènt ol this other information, we are rgquired to report that lacl. We have nothing lo report ir) this regard. Page 5
REPORTOFTHE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHELTENHAM ALMSHOUSES & AID CIO Matter5 on which we are required lo report by ExceptlDn We have holhihg lo report in respect ol the following maller5 where the Charities (Accounts and Reports) Regulation5 2008 requires us lo report ID you if, in our opinion.. thè information given in the Report ot the Trustees is inconsislenl in any material respect with the financial slalemenls., or sullicient accounting records have not been kept., or the financial slalemenls are not in agreemenl wilh the accoynling records and returns., or we have not received all Ihe inlormalion and explanations we require for our aucsil. Responsibilitiès of Irusleès As explained more fully in the Slalemernl of Truslges, Responsibili112s, Ihe trustees are responsible lor the preparation ol the financial slalemenls which give a true and fair view, and lor such internal control as the Iruslees delermlne Ss nece55ary lo enable the preparation ol Ilnancial slalemenls that are free Irom material misslalemenl, whether due lo fraud or error. In preparing the linancial stalemenls. the trustees are responsible IDr assessing the charity's abilily lo continue as a going concern, disclosing. as applicable, maller5 related lo going concern and using the going £cncern basis ol accounting unles5 the Iruslee5 either intend lo liquidate the charity or lo cease operations, or have no realistic alternative bul lo do so. Our re5pansSbllllies for the audit DI the finanilal statements We have beén appDinlèd 3£ auditors under Secliott 144 01 the Charities Act 20113nd report in accordahce wilh the Act and relevant regulaliun5 made or having elfecl Ihereunder. Our otijeclives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from malerial misslatemenl, whether due Eo fraud or error, and ID issue 3 Report of the Auditor that includes our opinion. Reasonable assurance is a high level ol assurance, bul il is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misslalemonls can arise from fraud or error and are considered material if, individually or in th9 aggregate, they could reasonably be expected lo influence the economic decisions ol users taken on the basis of these financial 51alemenl5. Owing lo the inherent Ilmilalions of an audit, there Is an unavoidable rlsk that, despite us planning and performing our audit in accordance with auditing standards, one or more material misslalemenls in the financial slalemenls may have gone undelecled by our 3udll. As with any audit. there is a risk that irregularities and fraud will gD undelecled where they involve mallers such as misrEpre5enlations from niah3gemènt, collusiDn, deliberate omissions and override of controls. It is rtot the role ol the auditor lo prevent non-compliance and we cannot be expected lo detect every instance of non-compliance with all laws and regulations. In id&nlilying and assessing risks ol material misslalemenl in respocl of irrègularitiès, including Iraud and non-compliance with laws and regulations, our proceclures includèd the lollowing.. enquiries ol management including a pre audit meeting., obtaining and reviewing supporting documentation of policies concerning the laws and regEalalions applicable to the business-, understanding how the company complies wilh ils regulatory framework by making enquiries of management ', considering the culture inherent in the company and whether thi5 represents a culture of hone51y and ethical behaviour with a strong emphasis ol detection and prevention of fraud. Page 6
REPORT OFTHE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHELTENHAM ALMSHOUSES & AID CIO Auditors, responsibilllies for the audit of the financial statements continuèd We assessed the susceplibilily ol the charity's financial slalemenls la material misslalement and considered how fraud might occur. The audit procedures performed included, bul wpre not limit£d lo-. challenging management assumplions and estimates., idenlilying and lesling unusual journal entries., assessing how the relevant laws and regulations have been complied with and noting any instances of non complianco., reviewing the finhnciol slalemenls for compliance with relevant Accounlirbg Standard5 and accounting legislation applicable lo a small company. considering how those charged with governance have addre55ed th2 p055ibilily ol an override ol essential controls or other influence over the financial reporting processes. In addlllon, we also considered other non financial laws relevant to the charity. These do not necessarily have a direct influence on the financial statements bul might allecl the charity's ability to opérate. A further description of our respDnsibililies for the audit ol the financial slatemgnls is located on IhÈ Financial Reporlinp Council's website at www.frc.org.uklaudilorsresponsibililies. This description forms parl ol our Report ol the Independent Audilcrs. Use of our report This reporl is made solely lu the charity's Iruslees. as a body, in accordance with Parl 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's Iruslees Ih05e mallers we are required lo slate lo them in an auditors, report and lor no other purpose. To Ihe fullest extBnt permitlÈd by law, we do not accept or assume responsibility lo anyone other than th& charity and the ¢harily's Iruslees as a body, for our audit work, for this report, or for the opinions we have formed. BK Plus Audit Limited (Slalulory Auditor) 6 Manor Park Business Centre Mackenzie Way Chellenham Glouceslershlre GL519TX 15 Augus12024 Page 7
CHELTENHAM ALMSHOUSES & AID CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 31,12.23 Unre51ricted funds 31.12.22 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income 293,217 274,478 EXPENDITURE ON Charitable aclivilie5 Almshouse provision 262,890 275,121 NEf INCOMEIIEXPENDITUREJ Olher recoghised gainslllos$esl G8ins11105spsI on revaluation ol fixed ssels 30,327 1643) 24,392 145,2621 Nel movempnl in funds 54.719 145,9051 RECONCILIATION OF FUNDS Total funds brought forward 4,B5&,342 4,900,247 TOTAL FUNDS CARRIED FORWARD 4,909,061 4,854,342 The notes form part ol these financial slalemenls Page 8
CHELTENHAM ALMSHOUSES & AID CIO STATEMENTOF FINANCIAL posmoN 31 DECEMBER 2023 31.12.23 31.12.22 Total funds Unrestrictèd funds Notes FIXED AssErs Tangible assets Investments 4.492,173 327,356 4,599,406 302,964 10 4,819,529 4,902,370 CURRENT AssErs Oebtors Cash al bank and in hand 3,753 182,793 11,291 216,132 186.546 227,423 CREDITORS Amounts falling due within one year 12 123,9991 122.0211 NEf CURRENT ASSETS 162,547 205,402 TOTAL ASSEfs LESS CURRENT LIABILMES 4,982,076 5,107,772 CREDITORS Amounts falling due aller more than onè year 13 173,0151 1253,4301 NA555 4,909.061 4,854,342 FUNDS Unrèstricted funds.. General fund Inve51menl revaluation reserve Propèrty revalu3tion rèsèrvè Designated fund - cyclical maintenance Designated fund - extraordinary repairs 15 1,530,368 244,217 3.075.989 35,304 23.183 1,411,966 219,825 3,177.820 28,426 16,305 &,909,061 4,854.342 TOTAL FUNOS ,909,061 &,854,342 The financial tatemenls wer9 approved by the Board of Trustees and authorised lor issuè on 2*.. and were signed on its behalf by.. stee The notes form parl of these financial statements Page 9
CHELTENHAM ALMSHOUSES & AID CIO NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing Ihe financial slatgmenls The financial slatemènls ol the charity. which is a public benefit enlily under FRS 102. have beon prepared in accordance with th& Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing thèir accounts in accordance with the Financial Reporting Standard applicable in thè UK and REpublic Df Ireland (FR5 1021 lefleclive l January 2019),, Financial Reporting Standard 102 The FinJn¢ial Reporting Standard applicable in Ihe UK and Republic ol Ireland, and the Charities Acl 2011. Thp financial slalemenls have been prepared under the historical r05t convention, with the exception of investments which are included at market value, as modified by the revaluation ol certain assets. Income All income is recognised in the Slalemenl ol Finan¢lal Acllvilies once the charity has enlilleinenl lo the funds, il Is probable that the income will be received and the amount can be measurèd reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligatiot) commilling the charity to that expenditure and the amounl of the obligation can be measured reliably. Expenditure Is accounted for on an accruals basis, inclusive of irrecoverable VAT. Grants offered subjecl Its tondilions which have not bpen mel al the year end dale are noted as a commitment bul not accrued as expenditure. Tangihle tixed assèts Housing properties are shown al 'deemeEI cost, under the provisions lo SORP FRS102. Depreciation is charged on a slraighl line basis over 50 years commencing on 1 January 2016. Any expenditure on equipment or liltings is wrillen off in the year in which il is incurred. Taxation The ch3rily is exempl from corporation tax on its charitable aclivilies. It is not, however, exempl from Value Added Tax (VAn and irrecoverable VAT is included in Ihe cost ol those items lo which it rèlatgs. Pension cosls and other p051-relirement benelits The chèrily operates a dèfined Contribution pension scheme. Contributions payable lo the charity's pension scheme arp ¢harged lo the Slalemenl of Financial Aclivilies in Ihe period lo which they relate. INVESTMENT INCOME 31.12.23 31.12.22 Ren15 received Interest received Dividends received 280,809 8,919 3,489 261,722 6.559 6,197 293.217 274,&78 Rents received are net ol voids lolalling £3.97512022'. £8,085). Page 10 conlinued...
CHELTENHAM ALMSHOUSES & AID CIO NOTES TOTHE FINANCIAL STATEMENTS- continued FOR THEYEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note Direcl Costs (see note 41 Support CDsls15ee note 61 51 Totals Almshouse provision 252,819 1,229 8,842 262,890 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.12.23 31.12.22 Slafl casts Cleaning Insurance Light and heat Rates and water Gardening Property repairs Telephone, brDadband & IT Slalionery and consumables Sub5criplion5 Sundry expense5 Bank charges Depreciation Interest payable and simllar charges 27,450 3.214 6.770 33.590 11.417 8.207 38,500 2.295 263 333 240 182 107,233 13,125 25,815 3,745 6,599 33,703 11,263 8,236 53,189 2,589 92 180 69 107,232 17,356 252,819 270,068 GRANTS PAYABLE 31.12.23 31.12.22 Almshouse provision 1,229 949 The lolal grants paid lo inslilulions during the year was as follows.. 31,12.23 31.12.22 NHS Trust 1,229 949 Page 11 continued..
CHELTENHAM ALMSHOUSES & AID CIO NOTES TOTHE FINANCIAL STATEMENTS- conllnued FOR THEYEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS Governance costs Almshouse provision 8.842 Support costs, included in the abDve, arp as follgws.. 31.12.23 Almshouse provision 31.12.22 Total Auditor's fees Other professional fees 6,042 2.800 3,795 309 8,842 4,104 TRUSTEES. REMUNERATION AND BENEFITS There were no Iruslees, remuneration or Dther benefits lor the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees, expensès There were no Iruslees, expenses paid for Ihe year ended 31 December 2023 nor for the year ended 31 Dècember 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES All of the movements in the Slalemenl of Flnanclal Aclivily comparalives relate lo unreslri¢led funds. TANGIBLE FIXED ASSErs Freehold properly COST Al 1 January 2023 and 31 December 2023 5,2B6,979 DEPRECIATION Ai 1 January 2023 Charge lor year 687,573 107,233 At 31 December 2023 7914,806 NET BOOK VALUE Al 31 December 2023 4.492,173 Al 31 December 2022 4,599,406 Page 12 continued...
CHELTENHAM ALMSHOUSES & AID CIO NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 DECEMBER 2023 10. FIXED ASSET INVESTMENTS Unlisted investments MARKETVALUE Al l January 2023 Revalualiuns 302,964 24,392 Al 31 De¢embpr 2023 327,356 NET BOOK VALUE Al 31 December 2D23 327,356 At 31 December 2D22 302.964 There were no ittve51menl assets outside the UK, Cosl or valuation al 31 December 2023 is represented by: Llnli51ed investmen15 Valuation in 2020 Valualion in 2021 Valuation in 2022 Valuation in 2023 Cost 17,364 32,084 145,2621 24,392 298.778 327,356 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other debtors Prepaymenls 301 3,452 9,253 2,038 3,753 11,291 Page 13 continued..
CHELTENHAM ALMSHOUSES & AID CIO NOTES TO THE FINANCIAL STATEMENTS- conllnued FOR THEYEAR ENDED 31 DECEMBER 2023 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other loans (see note 141 Trade creditors Other creditors Accrued expenses 9,000 860 1.270 12,869 9,000 449 101 12.471 23.999 22.021 13. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 31.12.23 31.12.22 Other loans15ee note 141 73,015 253,430 14. LOANS An onalysis of the malurily of loan5 is given below-. 31.12.23 31.12.22 Amounts falling due within one year on demand.. Charity 8ank loan 9,OOQ 9,000 Amounts falling between one and two yearg- Charity Bank loan 9,000 9,000 Amaun15 lalling due between two and five years.. Charity Bank loah 27,000 27,000 Amounts falling due in more than live years= Repayable by inslalmenls: Charity Bank loan 37,015 217,430 Th8 loan from Charity Bank is repayablè in monthly inslalmenls over a period of 20 years ending in April 2038 and carries interest al a managed commercial rate. 11 is secured against one ol the Association's almshouse propertiés. During the year, the charity repaid a lump sum against the oulslanding balènce. An unsecured laan frDm the Almshouse Association, which was intèrest-IrèÈ, wag repayable in hall-yearly inslalmenls that culminated in the loan being repaid in lull in 2022. Page 14 continued...
CHELTENHAM ALMSHOUSES & AID CIO NOTESTO THE FINANCIAL STATEMENTS - Conllnued FOR THE YEAR ENDED 31 DECEMBER 2023 15. MOVEMENT IN FUNDS Nel Movement in funds Transfers between funds Al 31.12.23 Al l.1,23 Unreslricted funds General fund Investment revalualian reserve Properly revaluation reserve Designated fund - cyclical maintenance Designated fund - extraordinary repairs 1,411,966 219,825 3,177,820 30,327 24,392 88,075 1,530.368 244,217 3,075.989 1101,8311 28,426 6,878 35,304 16,305 6,878 23,183 4,854,342 54,719 4,909,061 TOTAL FUNDS 4,854,342 54,719 4,909,061 Nèt mDvemenl in funds, included in the above are as follows.. Incoming rèsources Resources expended Gains and losses Movement in funds Unreslricled funds General fund Investment revaluation reserve 293,217 1262,8901 30.327 24.392 24,392 293,217 (262,8901 24.392 54,719 TOTAL FLINDS 293,217 (262,8901 24,392 54,719 Comparalives tor movement in funds Nel movement in funds Transfers between funds Al 31.12.22 Al l.1,22 Unroslricted funds General fund Investment revalualiDn reserve Properly revaluation reserve Designated fund - cyclical maintenance Designated fund - extraordinary repairs ,321,436 265,087 3,279,651 16431 145,2621 91.173 1,411,966 219,825 3,177,820 1101,8311 23,097 5,329 28,426 10,976 5,329 16,305 4.900.2A7 115,905) 4,851,342 TOTAL FUNDS 4.900,247 145,905) 4,854,342 Page 15 continued...
CHELTENHAM ALMSHOUSES & AID CIO NOTES TOTHE FINANCIAL STATEMENTS - contlnued FOR THEYEAR ENDED 31 DECEMBER 2023 15. MOVEMENT IN FUhFDS - conlinuÈd Comparative net mDvement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unreslrlctpd funds General fund Investment revaluation reserve 274,478 1275,1211 (6431 145.2621 145,2621 274,478 1275,1211 145,2621 145,905) TOTAL FUNDS 274,478 1275,1211 145,2621 145,9051 The Major Repair Fund represents the balance of grant funding from The Housing Corporation lo Sunset Home Almshouses by way ol Social Housing Sranl in 20Q3 and 2004, The balance was released in 2021 following agreement with Homes Englancl. Transfers between funds The transfer from the Inveslmenl Revaluation Reserve lo General Funds in the comparative period rèpresents a release against the loss on disposal ol fixed asset inveslmenls. The transfer from the Property Revaluation Reserve lo General Funds represents a release against the depreciation charge on freehold property. Transfers lo/lrom Designated Funds lor Cyclical M2inlenan¢e and Extraordinary Repairs have regard lo allowances recommended by The AlmshDuse Association. 16. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2023. Page 16
CHELTENHAM ALMSHOUSES & AID CIO DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THEYEAR ENDED 31 DECEMBER 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Investment income Rents received Interest received Dlvidends received 280,809 8,919 3,489 261,722 6,559 6,197 293,217 274,478 Total incoming resources 293.217 274,478 EXPENDITURE Charilable activitiès Slalf salaries Slalf pensions Cleaning Insurance Light and heal Rates and water Gardening Properly repairs Telephone, broadband & IT Slalionery and consumables Subscripllons Sundry expense5 Bank charges PrDperly deprecialiDn Charity Bank loan interest Grants to institutions 26.989 461 3.214 6,770 33.590 11,417 8,207 38,500 2,295 263 333 240 182 107.233 13,125 1,229 25,220 595 3,745 6,599 33,703 11,263 8,236 53.189 2,589 92 180 69 107,232 17,356 949 254,048 271,01? Support costs Governance costs Auditor's Ipes Other prDfessional leès 6,042 2,80fl 3,795 309 8,842 4,104 Total resources expended 262,890 275,121 Nèt incamel{expendllurel 30,327 16431 This page does not form parl of the 51alulory financial statements Page 17