Chayity reg15tration number 1180867 (England and Wales) CHELTENHAM ALMSHOUSES & AID CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CHELTENHAM ALMSHOUSES & AID CIO LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms J M Allison Mr M G Wylie Mrs M Jones Mrs H M Langford Mrs M B Mears MSAM Fodèn MrBPLan& MrCAYYap (Appointed 25 June 20241 (Appointed 25 JLJn8 20241 (Appointed 25 JLJne 20241 Charlty number (England and Walesl 1180867 Pyincipal address 6 St George's Street Chellenham Gloueeslershire England GL50 4AF Audltor BK Plus Audit Limited 6 Manor Park Busine58 Genlre Mackenzie Way Chellenham Gloucestershire England GL51 gTX
CHELTENHAM ALMSHOUSES & AID CIO CONTENTS Page Trustees, report Independent auditor's report Slèlemenl DI financial activities Statement of financial position Notes to the linancial slalemenls 9-15
CHELTENHAM ALMSHOUSES & AID CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Iruslees present their annual report and financial slalemenls for the year ended 31 December 2024. The financial slalemenls have been prepared in accordance with the accounting policies sel out in note 1 to the financial 51alemenls 8nd comply with the Charity's governing do¢umenl, the Charities Act 2011, FRS 102 The Financial Reporting Standard applicable in th@ UK and Republic of Ireland and the Charities SORP "Accounting and Reporting by Chafilies.. Statement of Recommended Practice applicable lo charities preparing Iheir accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 102)" ObJÈetlves and actlvltles The objects of the CIO are, for the publlc benefit.. 1 lal the provision, maintenance and repair of almshouse5 in Chellenham for people who ale in need c>r experiencing ill-heallh, infirmity, hardship or distress, including by reason of age., 1 Ibl such charitable PUTposes for the benefit of the iesidenls ol the almshouses as the IIu51ees dlde., 2 the rèlief ol poverty and the r&lief of pexsons who are in need by reason of youth. age, ill-heallh, disability or financial hardship by.. lal maklng grants of money to them., or Ibl providing or paying for goods, services or facilities for them., or Icl making grants of money lo other persons or bodies who provide goods, services or facilities to those in need. Significant actÉvitie5 The CIO provides accommodation for elderly residents in 81mshouse ac¢ommod81ion in sever81 locations in Cheltenham, Glouceslershire. Publlc beneflt In planning the CIO'S activities for the yeaT, the Iruslee5 kept in mind the Charity Commission's guidance on public benefit. The focus ot the CIO'8 activities during the year, which explains the delivery by the CIO of public benefit, is sel out in this report in the sections above on 'ObjeGtives and aclivilies, and b&low on 'Achievemenl and Performance,. Th& CIO provides almshouse accommodation lo residents who have mel the qualitying criteria. Residents only need pay a Contribution lo the upkeep ol the property and the running of the charity, so the cost lo them is significantly lower than the cost of renting a similar property in the private sector. The CIO also gives out grants lo people and other organisalions. Chairperson statement 11 gives me great pleasure lo write my Iirsl annual report as Chair of the Chellenham Almshouses and Aid CIO. Our previDUS Chair, Val O'connor, retired during the year after many years 01 setvice lo the charity and I thank her for all her years of dedication. Under her leadership the charity made huge progress and I recognise th21 I have very big shoes to fill.
CHELTENHAM ALMSHOUSES & AID CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢hievement$ and pèrformance Charltablè actlvities The financial year to 31 December 2024 for the organisallon was encouraglng with healthy bank and investments balances being built. The chaiity had the financial reseTves lo clear the oulslanding Charity Bank loan, saving the charity monthly interest payments. Vacancies during the year were minimal and well below the 1 00/0 vacancy rale that is budgeted. Sadly a number of residents passed away during the year but ne¥v residents h8ve sellled well and are happy with accommodation. Quinquennial inspections were carried out on three properties together with an external SUTvey ol Carlton Slreel. Remedial work identified will be carried out during 2025. Two apartments at Jesse Mary Chambers had new kitchens installed. No report can be complete wilhoijl menlic)n of the Trustees, all of whom are volunteers and who give up their lime regularly visiting all residenls. They are the ones who have lo make difficult decisior)s and govern wisely. During 2024 we were very pleased lo welcome three new Trustees lo our Board and, viith the additional skills and. expertise that they bring. they are already making a subslanlial impact on our decision making. The Trustees ongoing support and Iriendship makes the task of chairing the charity so much easier. Our grateful thanks go lo our two employe8s, Calh and Sue, who IoDk after our residents and our properties so well. They both go above and beyond the call of duly lo ensure our residents are kept happy and safe. I can report that Ghellenham Almshouses and Aid is in good shape. All our almshouses are well fflainlained. their gardens well managed and, most importantly, our residents are happy. Flnanclal revlew Investment pollcy and objectives The CIO holds income shares in COIF Investment Fund units and Blackrock UK charity funds. In addition, il maintains some of ils cash reserve6 in COIF Deposit Funds. The CIO'S day-lo-day needs are lo have short-lerm funds readily available., investment in addition81 $h8res is made only when it is considered prudent by the trustees lo do so. Ro$orvo5 policy The trustees aim lo maintain General Funds al a level that will allow the GIO lo function in a normal way in the event that in¢ome slreèms fail or operating costs rise sharply. They aim also lo maintain General FLJnds that will enable them lo develop and maintain the almshouse properties lor which the CIO is responsible. In addition, the CIO has designated reserves lor Cyclical Maintenance and Exlrsordinary Repairs to which annual transfers are m8de in line with allowances recommended by the Alrnshouse Association. Revaluation resetves arise as housing properties and fixed asset inveslmenls are recognised al fgir value in line with good a¢¢ounling practic& lor assets of this nature. Future plans In the coming year il is our intention lo dispose ol our oflice in Chellenham as we no longer need that facility. The proceeds of the sale will be used lo further enhance Ihe work of the charity. structurej governance and management Governing document The charity is controlled by ils gov&rnlng document and is consliluled as a foundation CIO (Charitable Incorporaled Organisalionl. 11 was first registered with the Charity Commission on 27 November 2018. Doclslon maklng The CIO is managed by a voluntary board of Iruslees, which meets most months. Risk m•na9oment The Iruslees have a duly lo identify and review the risk5 to which the charity is exposed and lo ensure appropriate controls are in place lo provide reasonable assurance against fiAud and error,
CHELTENHAM ALMSHOUSES & AID CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 statement of trustees. r•sponslbSlltles The Iruslees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and Llniled Kingdom Accounting SlandBrds (United Kingdom Generally Accepted A¢wunling Praclicel, The law applicable lo charities in England and Wales, the Charities Act 2011, Charity IAc¢ounls and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to p¥ep2re financial slalemenls for each financial year which give a true and fair view ol the slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, ol the charity for that period. In proparing those financial slalements, thé Irusle8s arè required to select suitable accounting policies and then apply them ¢onsiElenlly", observe the methods and principles in the Charity SORP., make judgements and eslimales that are reasonable 2nd prudent.. prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presumi charity will continue in business. The Iruslees aTe responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the charity and lo enable them lo ensure that the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are alscl responsible for safeguarding the assets of the charity and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. The Iruslees. report was approved by the Board of Trustees. MrMGW 11 Jun 025
CHELTENHAM ALMSHOUSES & AID CIO INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CHELTENHAM ALMSHOUSES & AID CIO Opinion We have audited the financial slalemenls of CheSlenham Almshouses & Aid CIO Ilhe 'charily'l for the year ended 31 December 2024 whiGh comprise Ihe slalemenl of financial aclivilies. the slalemenl of financial position and notes lo the financial slalemenls, including significant accounting policies. The fi'nancial reporting framework that has been applied in Iheii preparation is applicable law and Unitèd Kingdom Accounlino Standards, including Financial Reporting Standard 102 The Finan¢Jal Reporting StanLlard applicgble in lh8 UK 3nd RepublK of Ireland Iuniled Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slalemenls.. give a true and fair view ol the slate of the charity's affairs as al 31 December 2024 and of its incoming reSDurces and application of resources, for the year then ended,. have been properly piepared in accordanc? with United Kingdom Generally Accepted Accounting Practi., and have been prepaTed in accordance with the Charities Act 2011. Ba515 for opinion We conducled our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for (he 3udit oi Ihe financial statements section of our report Vvé are independent of the charity in accordance with the elhi¢al requirements that are relevant lo oui audll of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have Iltlfilled our Dlhei elhiGal reEpDnsibililies in accordance with these requirements. We beliÉve that the audit eviden we have obtained is sufficient 8nd appropriate lo provide a basis for our opinion. Conclusions relatlng to going con¢•rn In auditing th@ financial stalemenls, we have concluded that the Iruslees, use of the going concem basis of accounting in the preparglion ol the financial slalemenls Is appropriate. Based on the work we have performed, we have not identified any material uncerlainlies relating lo events or conditions that. individually or collectively, may casl significant doubl on the ¢harily's ability lo continue as a going concern for a period of al least twelve months from when the flnancial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concein are described in the relèvant sections of this report. Other infoimation The other information comprises the information included in the annual report other than the financial slalements and our auditor's report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial slalemenls does nol cover the other information and we do not expies5 any form of assurance Conclusion Ihereon. Our resporisibilily Is lo read the other informalion and. in doing so, consider whether the other information is materially inconsislenl with the fin8n¢i81 slalemenls or our knoivledge obtained in the course of the audit, or otherwise appeals lo be materially misslaled. If we identify such material inconsistencies OT apparent material misslalemenls, we are requlred lo determine whether this gives rise lo a material misslatemenl In the flnanci81 slalemenls themselves. If, based on the work we have performed, we conclude that there is a maleiial misslalemenl ol this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are requlred to report by exceptlon We have nothing lo report in respect ol the following tnallers in ielalion lo which the Charitie5 (Accounts and Reports) Regulations 2008 requires us lo report to YDU if, in our opinion.. the information given in the financial slalemenls is inconslstenl in any materi81 respect wlh the trustees, report,, or sufficient accounting records have not been kept", or thè financial slalemenls are not in agreement with the a¢¢ounling records., or we have not recèived 811 the information and explanations we require lor our audit.
CHELTENHAM ALMSHOUSES & AID CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CHELTENHAM ALMSHOUSES & AID CIO Responslbilitles of trustee5 As explained more fully in the slalem&nl of l¥uslees' responsibilities, thè Iruslees are responsible for the prèparation of tho financial slalemenls ancf IDr being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine Is necessary lo enable the preparation of financi81 slalemenls that are free from material misslatemenl, whether due lo fraud or error. In preparing the linancial slalemenls, thè Iruslees artr responsible for assessing the charily's ability lo continue as 8 going concern, disclosing, a5 applicable, malleis related lo going concern and using the going concern basis of accounting unless the trustees either intend lo cease operations, or have no realistic attemalive bul lo do so. Audltoy's resp¢nslbllltles for the audlt ol the flnan¢lal stat•M•nts We have been appointed as auditor under section 144 of the Ch8rilies Act 2011 and rewrt in accordance with Ihe Act and relevant regulations Made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the fin8nasl slalemenls as a whole are free from material mi551alemenl. whether due ID fraud or erior, and to issue an auditor's report that includes our opinion. Reasonable assurance is a l)igh level ol assurance bul is not a guarantee that an audit con(lucled in accofdance with ISAS IUKI will always detect a material misstatement when il exists. Misslatemenls can arise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. Owing to the inherent limitations of an audit, there is an unavoidable risk that, despite us planning and performing our audit in accordance with audiling standards. one or more material misslatemenls in the financial slalemenls may have gone undelecled by our audit. As with any audit, there is a high risk that irregularities and fraud will go undelecled where they involve mallers such as misrepresenlalions from management, collusion, deliberate omissions and override of controls. 11 is not the role of the auditor lo prevent non-compliance and we cannot be expected lo delecl 8very instance ol non-compliance with 811 laws and regulations. In identifying ancl assessing risks ol matèrial misslalemenl in respect of irregularities, including fraud and non- compliance with laws and regulations, our procedures included the following.. enquirios of manaoemenl including a pre audit meeting., ob18ining and rèviewing supporting rlocumenlalion Df policies concerning the laws and regulations applicable lo the business", undefÉlanding how the company complies with ils rogulalory framework by making enquiries ol management., considering the culture inherent in the Gompany and whelher this represents a culture of honesty and ethical behaviour with a strong emphasis of detection and prevèntion of fr8ud. Vva asses$8d the susceplibilily ol the company's financial slalemenls lo material misslalement and considered how fraud might occur, The audit procedures perfomied included, bul weie not limited ID.. Challenging management assumptions and eslimales., identifying and lesling unusual journal entries., assessing how the relevant laws and regulations have been complied with and noting any instances of non compliance,. reviewing the financial slalemenls for compliance with relevant Accounting Standards and accounting legislation applicable lo a small company., considering how those charged with governance have addressed the possibility of an override of essential conlrols or Dlher influence over the financial reporting processes. In addition, we also considered other non financial laws relevant lo the company. These do not neSs8r1IY have a direct influence on the financial statements bul might affect the company's ability lo op&rale. A further description of our responsibilities is available on the Financial Reporting Council's website al.. hllps".11 w.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report.
CHELTENHAM ALMSHOUSES & AID CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CHELTENHAM ALMSHOUSES & AID CIO other matters Your attention is drawn lo the fact that the charity h8s prepared linanclal slalemenls in accordar*ce with "Accounting and RepDrting by Charities.. Statement of Recommended Praclice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 las amended) in preferencè lo the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice issue(I on l ApTiI 2005 which is referred lo in the exlanl regulations bul has now been withdrawn. This has been done in order for the financial slalemenls lo provlde a true and fair view in accordance with Gurrenl Generally Accepted Accounting Practice. Use of our roport This report is made solely to the ¢harily's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the Gharily's lluslees those mallers we are required lo slate lo them in an audiloi's report and for no othèr purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone olhor than the charity and the charily's Iruslees as a body, for our audit work, for this report. or for the opinions we have formed. Roger Downas FCA {Senior Statutory Auditor) For and on behalf of BK Plus Audit Limited, Slalulory Audllor Chartered Accounlanls 6 Manor Park Business Centre Mackenzie Way Chellenham Gloucestershire GL51 9TX England 11 June 2025 BK Plus Limited is elSgible for appointment as audllor of the charity by virtue of its eligibility for appointment as auditor ol a company under section 1212 of the Companies A¢1 2006.
CHELTENHAM ALMSHOUSES & AID CIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted fund Unre8tTlcted fund$ 2024 2023 Notès Income from: Charitable activities Investments 292,247 13,802 280,809 12,408 Total income 306,049 293,217 Expgndlture on: Charitable activities 264,993 262,890 Total expendlture 264,993 262.890 Nel gainslllossesl on inv&slmenls 4,289 24,392 N•t Income and movomont in funds 45,345 54.719 Reconciliation of funds" Fund balances al 1 January 2024 4,909.061 4.854,342 Fund balances at 31 December 2024 4,954.406 4.909.081
CHELTENHAM ALMSHOUSES & AID CIO STATEMENT OF FINANCIAL POSITION AS A T 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Inveslmènls 10 11 4,384,940 331,645 4,492,173 327,358 4,716,585 4,819,529 Current 36$èts Debtors Cash al bank and in hand 12 7,161 253,543 3,753 182,793 260,704 186.546 Creditors: amounts falllng due within one year 13 122,8831 123,9991 N•t currant assets 237,821 162.547 Total assets le55 ¢uvrent Ilabllities 4,954,406 4,982,076 Creditors: amounts falllng due after more than one yoar 14 173,0151 Nat assets 4,954,406 4,909,061 Thè lunds of the charity Unreslricled funds 18 4,954,406 4,909,061 4,954,406 4,909,061 The financi81 sl ments were approved by the Iruslees on 11 June 2025 Mrm - Trustèa
CHELTENHAM ALMSHOUSES & AID CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 351 DECEMBER 2024 Accounting policles l.q Accountlng Convention The financial slalemenls have been prepared in accordance with the charity's governing documenl. the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP AGcounling and Reporting by Charllies.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with th8 Financial Heporting Standard applicable in the UK and Republic of Ireland IFRS 1021" The chaTIIy 15 a Public Benefit Enlily as defined by FRS 102. The charity has taken advantage ol the provisions in the SORP for charities not ID prepare a 8lal8nenl of cash flows. The financial statements h3ve departed frorll the Charilies {A¢¢ounls and Reports) Regu58lions 2008 only lo the exlenl required lo provide a Iwe and fair view. This departure has involved following the Slalement of Recommended Practice for charities applying FRS 102 rather than the version ol the Slalemenl of Recommended Practi which is refarred lo in the Regulations bul which has since been withdrawn The financial slalemenls are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial slalemenls are rounded to the nearest £. The financial statements have been prepared under the historical Cost convention modified lo include unlisted investments al fair value. The principal accounting policies adopted are sel out below. 1.2 Income All incorne is recnIS¢Cl in the Stslemenl of Financial Activities once the ehsrily has entillemenl lo the funds, Il is prob8blÈ that the income will be fftceived and the amount can be measured reliably. 1.3 Expenditure Liabilities are recognised as expendllure as soc>n as there is a legal or conslruclive obligation commilling the charity lo that expenditure and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis, inclusiv? of irrecoverable VAT. Grants offered subject lo conditions which have not been mel al the year end dale are noted as a commitment bul llol accrued as expenditure. 1.4 Tangible fixed assets Housing properties are shown al 'deemed co$l' under the provisions ol SORP FRS102. Depreciation is charged on a slraighl line basis over 50 years commencing on 1 January 2016. Any expenditure on eqLJipmenl or fillings Is wrillen off in the year in which il Is Incur¥ed. Income from charltable activities Unrestrlcted fund8 Unr•strlcted 2024 2023 Rents ceiVed 292,247 280,809
CHELTENHAM ALMSHOUSES & AID CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from investments UnYb$tricted Unro8trlcted fullds funds 2023 2024 Dividends received Interest received 3,892 9,910 3.489 8.919 13,802 12,408 Expfyndlture on charitablo aetlvltles Total 2024 Total 2023 Direct costs Staff c051s Depreci8llon and Impairment Cleaning Insurance Light and heat Ratès and water Gardening Properly repairs Telephone, broadband & IT Slalionery and consumables Subscriptions Sundry expenses ank charges Loan interest Rental property Costs 29,295 1 Q7,233 2,240 6,150 29,865 10,860 7,050 42,229 2,784 2,740 582 30 159 27,450 1 L17,233 3,214 6,770 33,590 11,417 8,207 38,500 2,295 263 333 240 182 li 4,749 2,326 13,125 248.292 252.819 Grant funding of activities (see note 51 1.043 1,229 Share ol support and governah¢• costs Is•e note 6) Gc>vernance 15,658 8,842 264.993 262,890 Analysls by fund Unreslricled funds 264,993 262,890 10-
CHELTENHAM ALMSHOUSES & AID CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable Total 2024 Total 2023 NHS Trust 1,043 1,229 Support costs allo¢oted to activities 2024 2023 Governance costs 15,658 8,842 Analysed between: Auditor's fees other professional fees 4,912 10,746 6,042 2,800 15,658 8.842 Trustees None of the trustees (or any persons Connected with them) received any remuneration or benefits from the charity duiing the year. Galn5 and lossès on investment5 Unrostrict Unrestrict ed lunds 2024 funds 2023 Gainslllosses} arising on.. Revaluation of investments 4,289 24,392 Taxatlo The charity is exempt from laxalion on its activities because all ils income is applied for charitable purposes. 11
CHELTENHAM ALMSHOUSES & AID CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Tanglbl• fixèd assèts Freohold land and bulldlngs Cost Al 1 January 2024 5,286,979 Al 31 December 2024 5,286.979 Dopreciation and impairment Al 1 January 2024 Depciall0n charged In the year 794,806 107,233 Al 31 December 2C124 902,039 Carrying amount Al 31 December 2024 4,384,940 Al 31 De¢ember 2023 4,492,173 11 Fixed a55et investments Unllsted investments Co$t or valuatlo Al 1 January 2024 Valuation changes 327,356 4,289 Al 31 December 2024 331,645 Carrylng amount Al 31 December 2024 331,645 Al 31 December 2023 327,356 There werè no Investment assets outside the UK. 12
CHELTENHAM ALMSHOUSES & AID CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 FÉxed asset invastm•nts (Contlnued) 2024 2023 Inveslm2nls al fair value comprisè., Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 ValLl8tion in 2024 Cost 17.364 32.084 145,2621 24,392 4.289 298,778 {17,3641 132,0841 145,2621 24,392 298.778 331,645 327,356 12 Debtors 2024 2023 Amounts talling due wlthln one year: Other debtors Prepayments and accrued income 2,676 4,485 301 3,452 7,161 3,753 13 Credltors: amounts falljng du• wlthln one year 2024 2023 Notes Bank loans Trade creditors Other creditors AccruaS8 and deferred income 15 9,000 880 1,270 12.869 2,365 20,518 22,883 23.999 14 Creditors" amounts falliny due after more than one year 2024 2023 Notes Bank loans 15 73,01 S 13-
CHELTENHAM ALMSHOUSES & AID CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 34 DECEMBER 2024 15 Loans and overdrafts 2024 2023 Bank loans 82,015 Payable within one year Payable after one year 9,OOD 73,015 The loan from Charity Bank was repayable in monthly inslalmenls over a period of 20 years ending in April 2038 and carried inlèresl al a managed commercial rate. 11 was secured against one of the Associalron's almshouse properties. During the year, the charity repaid the loan in full. 16 Related payty transactlons There were no disclosable related party transactions during the year12023- none). 17 Transfers betWOon funds The transfer from the Propety Revaluation Reserve lo Cener81 Funds represents a release agalnsl the depreciation charge on freehold property. Transfers lolfrom Designated Funds for Cyclical Maintenance and Extraordinary Repairs have regard lo allowances recommended by The Almshouse Association. 14-
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