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2023-12-31-accounts

BOURNE UNITED CHARITIES Charity No: 1183638

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Dexter & Sharpe Audit Services Ltd (Statutory Auditor) Rollestone House Bridge Street Horncastle Lincolnshire LN9 5HZ

BOURNE UNITED CHARITIES

CONTENTS

Page

1. Officers and Agents
2 - 4. Trustees' Report
5-6. Independent Auditors' Report
7. Statement of Financial Activities
8. Balance Sheet
9-10. Cash Flow Statement
11 - 21. Notes to the Accounts

The following pages do not form part of the Statutory Accounts

Appendix

A. Detailed Income and Expenditure Account B. Property Valuations

BOURNE UNITED CHARITIES

OFFICERS AND AGENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees: Ex-Officio The Revd. Christopher John Atkinson (Resigned 27 July 2023) The Revd. Christopher John Atkinson (Resigned 27 July 2023)
The Revd. Stephen Buckman (Appointed 27 January 2024)
Life Trustee Mrs Joyce Edith Burrows
Co-optive Mr Geoffrey Richard Greatwood
Mr Trevor Hollinshead (Vice-chair)
Mr Ivan John Stephen Fuller
Mr John Alfred Kirkman
Mr David Stanley Mapp (Chair)
Mr Nicolas James Legge (Resigned 20 March 2023)
Mrs Anna Patricia Rogers (Resigned 31 May 2023)
Mr Charles Falconer McLean (Resigned 30 November 2023)
Mrs Fiona Louise Pembery
Mrs Susan Bennett
Mr Ian Watson (Appointed 26 October 2023)
Nominative (Nominated by Bourne Town Council)
Mr Philip James Knowles (Resigned 30 November 2023)
Mr Robert Gideon Thomson Russell (Resigned 30 November 2023)
Mrs Anna Sylvia Kelly (Reappointed 28 January 2024)
Mrs Susan Mallett (Appointed 28 January 2024)
Mr Paul Fellows (Appointed 28 January 2024)
Clerk to Trustees: Mrs G S Clingo (Resigned 30 November 2023)
Trust Manager: Mr N J Legge (Appointed 01 December 2023)
Bankers: National Westminster Bank Plc
Market Place, Spalding, Lincolnshire, PE11 1ST
Investment Advisors: Whiting & Partners Wealth Management Ltd
12/13 The Crescent, Wisbech, Cambridgeshire, PE13 1EH
Ruffer LLP
80 Victoria Street, London, SW1E 5JL
Solicitor: Greenwoods LLP
Monkstone House, City Road, Peterborough, PE1 1JE
Roythornes
Enterprise Way, Spalding, Lincolnshire, PE11 3YR
Auditors: Dexter & Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

BOURNE UNITED CHARITIES

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and accounts for the year ended 31 December 2023.

Objectives and activities

Bourne United Charities is principally an Almshouse Charity, whose main objects are the provision of Almshousing, the relief of need in Bourne, Dyke, Cawthorpe and Twenty and the provision of social amenities for the benefit of inhabitants generally.

The long-term aim of the charity is to ensure an income stream that will meet its liabilities and charitable objectives.

The majority of Bourne United Charites’ income is rental income from properties owned by the charity. The net income (after the associated property costs) received from properties in Leytonstone in 2023 was £802,766 (2022: £642,442) and the net rental income received on Bourne properties owned by the charity was £151,147 (2022: £54,062). This is an increase in net income compared with the previous year due mainly to decreased expenditure on repairs to some of the Bourne properties and the recovery of some doubtful debts on the Leytonstone properties.

During the year ended 31 December 2023, work to improve the outside area around the Almshouses commenced. This work will continue in the coming year and further work to modernise the properties is also planned, including upgrading of shower rooms, rewiring and roofing repairs. The total expenditure on the Almshouses was £128,358 (2022: £38,500).

Charitable payments and grants continue to be paid by Bourne United Charities and in 2023 other grants totalling £58,293 (2022: £43,433) were paid out, including a grant of £12,757 to Bourne Town Junior Football; £10,250 to the Warm Hubs initiative and £8,250 funding for Citizens Advice.

A high proportion of the Charity’s expenditure is on the upkeep of the Well Head and Abbey Lawn recreation areas in Bourne. General maintenance is carried out by Bourne United Charity staff to a high standard and during the year additional necessary tree work was undertaken amounting to £43,587. The trustees consider that these areas provide a substantial benefit of the inhabitants of Bourne and the general public. The Charity also provides land to local sports clubs at a lower than market rate rental cost enabling the provision of various sports facilities in Bourne.

The Trustees have given careful consideration to the Charity Commission Guidance on public benefit.

Achievements and performance

During the year under review, the Charities distributed £539,933 (2022: £436,359) by way of charitable payments, grants and the provision of Almshouses and other property costs and £224,764 (2022: £212,933) in providing amenities, being the upkeep of the Abbey Lawn and Well Head Park (local recreational areas). The Trustees are satisfied that the financial position of the Charities will enable them to continue fulfilling the aims detailed in the Charity Commission Scheme dated May 1978.

The net incoming resources for the year were £421,674 (2022: £178,237). Movements in the value of Investments are shown in the Statement of Financial Activities. The unrealised investment losses represent a decrease in the market value of shares in the investment portfolio.

BOURNE UNITED CHARITIES

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

Financial review

At the end of the reporting period, the charity had net assets of £33,287,339 (2022: £32,964,367). These assets continue to be used to fund the charitable activities of the organisation.

The Trustees’ policy is to hold sufficient liquid reserves to be able to make the weekly charitable payments for one year, and to cover other charitable and administrative expenditure for one year. For the coming year, the total cost has been estimated at £880,000. At the year end unrestricted reserves represented by cash, and unrestricted investments less debtors, amounted to £2,402,095.

In the coming year, the trustees will review their policy regarding reserves and expenditure levels. Reserves had been held at a high level due to uncertainty regarding income during the pandemic, but retail rents have been reviewed in late 2023 and increased in most of the Leytonstone residential properties. With several of the commercial properties likely to see rents increase in the coming year as rent reviews take place, there will be a greater focus on increasing the level of charitable giving by the Trust

Structure, governance and management

Bourne United Charities, Red Hall, South Street, Bourne, Lincolnshire, PE10 9LY, is registered with the Charity Commissioners (No 1183638) and constituted by Deed of Trust. Charities included in the scheme dated 8 May 1978 are as follows:

Robert Harrington (Exclusive of Educational Foundation) John Brown William Fisher for Almshouses William Fisher for Bread Jeremiah Ives Nicholas Rand William Trollope (Exclusive of Trollope's School) Poors Land (North Fen) Poors Land (South Fen)

During 2022 the Charities continued to work with solicitors to change its structure to that of a charitable incorporated organisation. The new charity had already been registered with the Charities Commission and the transfer of assets was finally completed in December 2023. The existing activities of the Charities have been unaffected. Going forward the incorporated status will enable the new entity to do many things in its own name whilst providing added protection for its Trustees in limiting liability. The old charity will be struck off in the next financial year.

The Trustee Body consists of a total of fifteen Trustees. The Vicar of the Parish of SS Peter and Paul, Bourne is a Trustee ex officio. One Trustee was appointed as a Life Trustee in the scheme dated 8 May 1978. Three Trustees are nominated by Bourne Town Council for a four year term. The remaining Trustees are appointed for a period of 4 years following a recruitment process.

Reference and administrative details

The Charities are administered by common Trustees, a Trust Manager and a part-time Administrator, as listed on the previous page. Strategic decisions are made by the Trustee Body after receiving monthly reports from the Trust Manager. The Trust Manager administers the day to day running of the Charities. Estate managers are used to administer the London and Bourne properties.

Funds held as custodian trustee on behalf of others

No funds are held by custodian trustees on behalf of others.

BOURNE UNITED CHARITIES

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

Statement of Trustees' Responsibilities

The Trustees are required under the Charities Act 2011 to prepare financial statements for each financial year which give a true and fair view of the Charities' financial activities during the year and of its financial position at the end of the year.

In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charities and which enable them to ascertain the financial position of the Charities and which enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the Charities and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

This report was approved by the Trustees on 29[th] August 2024 and signed on their behalf by:

........................................................................ ....................................................................... Mr David Stanley Mapp – Chairperson Mr Trevor Hollinshead - Vice Chairperson

BOURNE UNITED CHARITIES

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF BOURNE UNITED CHARITIES

Opinion

We have audited the financial statements of Bourne United Charities (the “Charity”) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 16 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

BOURNE UNITED CHARITIES

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF BOURNE UNITED CHARITIES

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 2, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under the Charities Act 2011 s144 and report in accordance with regulations made under the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Mrs Nicola Michelle Lenton FCCA (Senior Statutory Auditor)

For and on behalf of Dexter & Sharpe Audit Services Limited (Statutory Auditor) Rollestone House

Bridge Street Horncastle Lincolnshire LN9 5HZ

30[th] August 2024

BOURNE UNITED CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Permanent
Endowment Designated Unrestricted 2023 2022
Note Fund Funds Fund Total Total
£ £ £ £ £
INCOME AND ENDOWMENTS
Donations 650 650 300
Investment Income 2) 1,294,064 1,294,064 1,020,454
Other Income and Grants 5,581
5,581		 4,316
________ ________ ________
Total Incoming Resources 1,300,295 1,300,295 1,025,070
════════ ════════ ════════
EXPENDITURE
Charitable Activities 3) 764,697 764,697 649,292
Other Costs 4) 113,924 113,924 197,541
________ ________ ________
Total Resources Expended 5) 878,621 878,621 846,833
════════ ════════ ════════
NET INCOMING RESOURCES
FOR YEAR BEFORE TRANSFERS - - 421,674 421,674 178,237
Transfers between funds 14) 56,389 4,384 (60,773) - -
________ ________ ________ ________ ________
NET INCOME BEFORE
GAINS/LOSSES ON INVESTMENTS
56,389		 4,384 360,901 421,674 178,237
Gains/(Losses) on Fixed Assets and Investments
-
Unrealised fixed assets		 - - - - 1,962,000
-
Unrealised investments		 9) (101,110) 12,984 (10,576) (98,702) (164,565)
________ ________ ________ ________ ________
NET MOVEMENT IN FUNDS (44,721) 17,368 350,325 322,972 1,975,672
Balances brought forward
at 1st January 2023 29,672,582 271,636 3,020,149 32,964,367 30,988,695
________ ________ ________ ________ ________
Balances carried forward
at 31st December 2023 29,627,861 289,004 3,370,474 33,287,339 32,964,367
════════ ════════ ════════ ════════ ════════

There were no recognised gains or losses other than those included in the Statement of Financial Activities.

The notes on pages 11 to 21 form part of these accounts.

BOURNE UNITED CHARITIES

BALANCE SHEET AS AT 31 DECEMBER 2023

2023 2022
Note £ £
FIXED ASSETS
Tangible Fixed Assets for Charity Use 8) 2,738,802 2,679,970
Investment Properties 8) 24,885,661 24,885,661
Listed Investments 9) 4,573,243 4,588,509
________ ________
32,197,706 32,154,140
CURRENT ASSETS
Debtors 10) 114,976 68,153
Short Term Cash Deposits 76,622 73,405
Cash at Bank and in Hand 1,349,919 1,041,608
________ ________
1,541,517 1,183,166
CREDITORS:Amounts falling due
within one year 11) 451,884 372,939
________ ________
NET CURRENT ASSETS 1,089,633 810,227
________ ________
TOTAL NET ASSETS 12) 33,287,339 32,964,367
════════ ════════
REPRESENTED BY FUNDS
Permanent Endowment 13) 29,627,861 29,672,582
Designated 15) 289,004 271,636
Unrestricted 13) 3,370,474 3,020,149
________ ________
33,287,339 32,964,367
════════ ════════

Approved by the Trustees on 29[th] August 2024 and signed on their behalf.

........................................................................ ....................................................................... Mr David Stanley Mapp – Chairperson Mr Trevor Hollinshead - Vice Chairperson

The notes on pages 11 to 21 form part of these accounts.

BOURNE UNITED CHARITIES

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Cash flows from operating activities:
Net cash inflow from/used in operating activities
1
Cash flows from investing activities:
Purchase of tangible fixed assets
Sale of tangible fixed assets
Purchase of investments
Interest received
Net cash (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 2023
£
380,263
(79,596)
-
(83,435)
94,296
(68,735)
311,528
1,115,013
1,426,541		 2022
£
307,129
(40,555)
32,896
(463,604)
60,111
(411,152)
(104,023)
1,219,036
1,115,013

BOURNE UNITED CHARITIES

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income (expenditure) for the reporting period (as per the
statement of financial activities)
Adjustments for:
Depreciation charges
Profit on disposal of fixed assets
Interest received
(Increase)/decrease in debtors
Increase/(Decrease)/in creditors
Net cash generated from operating activities		 2023
£
421,674
20,764
-
(94,296)
(46,823)
78,944
380,263		 2022
£
178,237
12,472
(6,482)
(60,111)
165,560
17,453
307,129

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of Preparation of Accounts

The financial statements have been prepared under the historical cost convention modified by the revaluation of fixed assets and investments.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.

In preparing the financial statements the Charities follow best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP 2019) and the Charities Acts.

The Charities constitute a public benefit entity as defined by FRS 102.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Assets costing less than £100 are not capitalised. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Land and buildings for charitable purposes Not depreciated Investment property Not depreciated Equipment 10%/20% Straight line basis

No depreciation is provided on freehold buildings. It is the Charities' policy to review their valuation annually and have them professionally revalued every five years, all unrealised gains and losses being shown on the statement of financial activities.

Income

Investment income plus associated tax recoverable by the Charities is credited to income on an accruals basis using dates of payment for dividends and daily accrual for interest.

Other income is accounted for as received by the Charities. No voluntary income, grants or fundraising income have been received in the period. No permanent endowments have been received in the period. Income from permanent endowment funds is unrestricted.

Investments

Investments are stated at fair value. Realised and unrealised gains and losses on investments are dealt with in the Statement of Financial Activities.

Value added tax

Value added tax is not recoverable by the Charities, and as such is included in the relevant costs in the Income and Expenditure Account.

Other Costs

Other costs include all expenditure not directly related to the Charities' activities. This includes costs of running office premises, salaries for administrative staff and audit fees as well as the costs in managing and maintaining the investment properties.

Charitable Activities

The Trustees make grants in accordance with the provisions of the Charity Commission Scheme. Charitable activities also include maintenance and running costs of the Almshouses and public facilities which the Charities provide in Bourne.

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

2. INVESTMENT INCOME
2023 2022
£ £
Interest on deposits 15,221 867
Income from Investment Properties 1,199,768 960,343
Income from Listed Investments 79,075 59,244
________ ________
1,294,064 1,020,454
════════ ════════
All investment assets are within the UK.
3. CHARITABLE ACTIVITIES
Unrestricted Funds Total
and Total 2023 2022
£ £
Grants to individuals:
Weekly Charitable Payments 19,552 21,720
Bourne Educational Foundation Grant 48,754 21,301
Other Grants 58,293 43,433
________ ________
126,599 86,454
Almshouses Running Costs 128,358 38,500
Abbey Lawn Upkeep Costs 61,135 48,074
Well Head Upkeep Costs 163,629 164,859
General Property Running Costs 284,976 311,405
________ ________
764,697 649,292
════════ ════════
4. OTHER COSTS
Salaries and Office Costs 70,622 49,444
Fidelity and Liability Insurances 3,518 2,780
Legal and Professional Fees 12,208 23,426
Audit Fee 6,812 6,192
Provision for bad and doubtful debts - 109,709
Depreciation 20,764 12,472
(Profit) on disposal of fixed assets - (6,482)
________ ________
113,924 197,541
════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

5. TOTAL RESOURCES EXPENDED

Staff Depreciation Other Total Total
Costs Costs 2023 2022
£ £ £ £ £
Charitable Activities 90,376 - 674,321 764,697 649,292
Other Costs 54,789 20,764 38,371 113,924 197,541
________ ________ ________ ________ ________
145,165 20,764 712,692 878,621 846,833
════════ ════════ ════════ ════════ ════════
2023 2022
£ £
Staff Costs
Wages and Salaries 134,296 112,083
Social Security Costs 6,797 4,130
Pension Costs 4,072 2,981
________ ________
145,165 119,194
Other Expenditure
Grants and Allowances 126,599 86,454
Almshouse Running Costs (excluding wages)126,205 35,576
Upkeep of Social Amenities - ditto - 138,578 129,158
Administration Costs - ditto - 34,854 46,568
Liability and Fidelity Insurance 3,518 2,780
Property Management and
Running Costs - ditto - 282,938 311,404
Provision for bad and doubtful debts - 109,709
Depreciation 20,764 12,472
(Profit)/loss on disposal of fixed assets - (6,482)
________ ________
733,456 727,639
________ ________
878,621 846,833
════════ ════════
No employee earned £60,000 pa or more. The average number of employees by function was:
Manual 3 4
Administrative 2 2
________ ________
5 6
════════ ════════

The Charities operate a defined contributions scheme in respect of its employees. The total staff costs paid to key management including pension benefits amounted to £42,250 (2022: £28,011).

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

6. TRUSTEES’ REMUNERATION AND BENEFITS

There were no Trustees’ remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees’ expenses

There were no Trustees’ expenses paid for the year ended 31 December 2023, nor for the year ended 31 December 2022.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Permanent
Endowment Designated Unrestricted 2022
Fund Funds Fund Total
£ £ £ £
INCOME AND ENDOWMENTS
Donations 300 300
Investment Income 1,020,454 1,020,454
Other Income and Grants 4,316
4,316
________ ________
Total Incoming Resources 1,025,070 1,025,070
════════ ════════
EXPENDITURE
Charitable Activities 649,292 649,292
Other Costs 197,541 197,541
________ ________
Total Resources Expended 846,833 846,833
════════ ════════
NET INCOMING RESOURCES
FOR YEAR BEFORE TRANSFERS 178,237 178,237
Transfers between funds 547 4,476 (5,023) -
________ ________ ________ ________
NET INCOME BEFORE
GAINS ON INVESTMENTS 547 4,476 173,214 178,237
Gains on Fixed Assets and Investments
-
Unrealised fixed assets		 1,962,000 - - 1,962,000
-
Unrealised investments		 (98,743) (39,204) (26,618) (164,565)
________ ________ ________ ________
NET MOVEMENT IN FUNDS 1,863,804 (34,728) 146,596 1,975,672
Balances brought forward at 1st January 2023 27,808,778 306,364 2,873,553 30,988,695
________ ________ ________ ________
Balances carried forward at 31st December
2023 29,672,582 271,636 3,020,149 32,964,367
════════ ════════ ════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

8. TANGIBLE FIXED ASSETS

8. TANGIBLE FIXED ASSETS
Land and Buildings
Investment Used by
Properties Charity Equipment Total
£ £ £ £
Cost or Valuation
At 1st January 2023
 24,885,661 2,655,000 306,930 27,847,591
Additions - - 79,596 79,596
Disposals - - - -
________ ________ ________ ________
24,885,661 2,655,000 386,526 27,927,187
Revaluation in year - - - -
________ ________ ________ ________
At 31st December 2023 24,885,661 2,655,000 386,526 27,927,187
════════ ════════ ════════ ════════
Accumulated Depreciation
At 1st January 2023 - - 281,960 281,960
Charge for the year - - 20,764 20,764
On Disposals - - - -
________ ________ ________ ________
At 31st December 2023 - - 302,724 302,724
════════ ════════ ════════ ════════
Net Book Value
At 31st December 2023 24,885,661 2,655,000 83,802 27,624,463
════════ ════════ ════════ ════════
At 31st December 2022 24,885,661 2,655,000 24,970 27,565,631
════════ ════════ ════════ ════════
9. FIXED ASSET INVESTMENTS - LISTED INVESTMENTS
2023 2022
£ £
Market Value at 1st January 2023 4,588,509 4,289,470
Additions 83,435 463,604
________ ________
4,671,944 4,753,074
Net Unrealised (Loss)/Gain for the Year (98,701) (164,565)
________ ________
Market Value at 31st December 2023 4,573,243 4,588,509
════════ ════════

The historical cost of the fixed asset investments cannot be determined due to the portfolio having been built up over many years, records for all of which are not available. The portfolio was valued at 1 January 1995 when the Charity commenced reporting its financial activities in accordance with the Statement of Recommended Practice for Charities. The historical valuation/cost figure below is therefore comprised of the valuation of the portfolio at 1 January 1995 plus additions at cost less disposals at valuation/cost since.

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

9. FIXED ASSET INVESTMENTS - LISTED INVESTMENTS CONTINUED

The historical valuation/cost of fixed asset investments at the year end was:

2023 2022
£ £
Balance at 1 January 2023 2,370,044 1,906,440
Additions at cost during the year 83,435 463,604
________ ________
Balance at 31 December 2023 2,453,479 2,370,044
════════ ════════
All investment assets are held within the UK.
The composition of the investment portfolio is shown below:
Permanent
Endowment Designated Unrestricted
Total Fund Fund Fund
£ £ £ £
Value 31 December 2023 4,573,243 3,308,685 289,004 975,554
════════ ════════ ════════ ════════
Value at 1 January 2023 4,588,509 3,409,744 271,636 907,129
════════ ════════ ════════ ════════
Value on introduced 01.01.95 plus
additions and less disposals at cost 2,453,479 1,473,481 149,476 830,522
════════ ════════ ════════ ════════
10. DEBTORS
2023 2022
£ £
Trade Debtors – Rent Ledger 90,079 19,042
Rental Income Accrual 408 408
Other Debtors and Accruals 24,489 48,703
________ ________
114,976 68,153
════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

11. CREDITORS: Falling due within one year
2023 2022
£ £
Trade Creditors 10,451 1,084
Accruals 12,638 25,997
Taxation and social security costs 3,204 2,413
Bourne Educational Foundation Grant 185,981 137,228
Rental Income received in advance 185,406 133,405
Tenants Deposit Accounts 54,204 72,812
________ ________
451,884 372,939
════════ ════════
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible Net
Fixed Current
Assets Investments Assets Total
£ £ £ £
Permanent Endowment Fund 27,540,661 3,308,685 (1,221,485) 29,627,861
Designated Fund - 289,004 - 289,004
Unrestricted Fund 83,802 975,554 2,311,118 3,370,474
________ ________ ________ ________
27,624,463 4,573,243 1,089,633 33,287,339
════════ ════════ ════════ ════════

Note: The Designated Fund represents investments in Transact Shares to provide funds to meet exceptional property repairs and the replacement of equipment. (See Note 15)

13. MOVEMENT IN FUNDS

Net Transfers
Movement Between
At 1.1.23 in Funds Funds At 31.12.23
£ £ £ £
Unrestricted Funds
General Fund 3,020,149 411,098 (60,773) 3,370,474
Restricted Funds
Designated Fund 271,636 12,984 4,384 289,004
Permanent Endowment Fund 29,672,582 (101,110) 56,389 29,627,861
________ ________ ________ ________
TOTAL FUNDS 32,964,367 322,972 - 33,287,339
════════ ════════ ════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

13. MOVEMENT IN FUNDS continued

Net movement in funds, included in the above are as follows:

Incoming
Resources		 Gains & Movement
Resources
Expended		 Losses in Funds
£
£		 £ £
Unrestricted Funds
General Fund 1,300,295
(878,621)		 (10,576) 411,098
Restricted Funds
Designated Fund -
-		 12,984 12,984
Permanent Endowment Fund -
-		 (101,110) (101,110)
________
________		 ________ ________
TOTAL FUNDS 1,300,295
(878,621)		 (98,702) 322,972
════════ ════════ ════════ ════════
Comparatives for movement in funds
Net Transfers
Movement Between
At 1.1.22
in Funds		 Funds At 31.12.22
£
£		 £ £
Unrestricted Funds
General Fund 2,873,553
151,619		 (5,023) 3,020,149
Restricted Funds
Designated Fund 306,364
(39,204)		 4,476 271,636
Permanent Endowment Fund 27,808,778
1,863,257		 547 29,672,582
________
________		 ________ ________
TOTAL FUNDS 30,988,695
1,975,672		 - 32,964,367
════════ ════════ ════════ ════════
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources		 Gains & Movement
Resources
Expended		 Losses in Funds
£
£		 £ £
Unrestricted Funds
General Fund 1,025,070
(846,833)		 (26,618) 151,619
Restricted Funds
Designated Fund -
-		 (39,204) (39,204)
Permanent Endowment Fund -
-		 1,863,257 1,863,257
________
________		 ________ ________
TOTAL FUNDS 1,025,070
(846,833)		 1,797,435 1,975,672
════════ ════════ ════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

13. MOVEMENT IN FUNDS continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
Movement Between
At 1.1.22 in Funds Funds At 31.12.23
£ £ £ £
Unrestricted Funds
General Fund 2,873,553 562,717 (65,796) 3,370,474
Restricted Funds
Designated Fund 306,364 (26,220) 8,860 289,004
Permanent Endowment Fund 27,808,778 1,762,147 56,936 29,627,861
________ ________ ________ ________
TOTAL FUNDS 30,988,695 2,298,644 - 33,287,339
════════ ════════ ════════ ════════

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains & Movement
Resources Expended Losses in Funds
£ £ £ £
Unrestricted Funds
General Fund 2,325,365 (1,725,454) (37,194) 562,717
Restricted Funds
Designated Fund - - (26,220) (26,220)
Permanent Endowment Fund - - 1,762,147 1,762,147
________ ________ ________ ________
TOTAL FUNDS 2,325,365 (1,725,454) 1,698,733 2,298,644
════════ ════════ ════════ ════════
14. TRANSFER BETWEEN FUNDS
Permanent
Endowment Designated Unrestricted
Fund Fund Fund
£ £ £
Purchase of Shares with Transact/Ruffer 50 4,384 (4,434)
Transfer of cash 56,339 - (56,339)
════════ ════════ ════════
These transfers represent:

a) Purchase of shares

Shares in the permanent endowment and designated investment funds, purchased from cash held in the unrestricted investment funds.

b) Transfer of cash Analysis of property purchases from the designated fund revealed that less had been spent than had been realised on prior sales. The transfer reflects the cash unspent.

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

BOURNE UNITED CHARITIES

15. DESIGNATED FUNDS

The Trustees invest income in Transact to provide for: i) Exceptional repairs or renovation of almshouses ii) Exceptional repairs or renovation of other properties iii) Exceptional repairs or replacement of plant and equipment

2023 2022
Total Total
£ £
Net Transfer from Unrestricted Funds 4,384 4,476
Unrealised Gain/(Loss) on Value of Shares at
December 31 2023 12,984 (39,204)
________ ________
Net Movement in Funds 17,368 (34,728)
Balance at 1 January 2023 271,636 306,364
________ ________
Balance at 31 December 2023 289,004 271,636
════════ ════════

16. PROPERTY VALUATIONS

Leytonstone properties were revalued at 31 December 2023. The properties were valued by: Leytonstone Residential/Commercial Properties Dobbin & Sullivan Chartered Surveyors Bourne properties were revalued at 31 December 2022. Bourne and District - Agricultural Property Brown & Co - Residential and other properties Chartered Surveyors

The Trustees have completed an annual assessment of their investment property portfolio as required by FRS102 and consider that the valuations showing in the accounts are sufficiently up-to-date.

17. RELATED PARTY TRANSACTIONS

There are no related party transactions.

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

18. OPERATING LEASE COMMITMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023 2022
£ £
Within one year 1,387 1,771
Between 1- 5 years 4,855 -
________ ________
6,242 1,771
════════ ════════

19. APB ETHICAL STANDARD – PROVISIONS AVAIALBLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with the preparation Of the financial statements.

BOURNE UNITED CHARITIES

APPENDIX A(i)

DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
£ £
INCOME
Donations 650 300
_______ _______
650 300
Investment Income:
Rental Income:
Leytonstone 1,020,895 788,350
Bourne and District 178,873 1,199,768 171,993 960,343
_______ _______
Dividend and Interest Income:
Transact and Ruffer Income 79,075 59,244
Interest on Deposits 15,221 94,296 867 60,111
_______ _______ _______ _______
1,294,714 1,020,754
Red Hall Lettings 5,060 3,836
Miscellaneous 521 5,581 480 4,316
_______ _______ _______ _______
TOTAL INCOME 1,300,295 1,025,070
EXPENDITURE
CHARITABLE ACTIVITIES
Weekly Payments, Grants &
Allowances (See Note 3) 126,599 86,454
Almshouses:
Wages 2,153 2,924
Repairs and Maintenance 97,326 10,929
Utilities 11,117 10,821
Council tax 2,307 -
Insurance 2,934 2,535
Telephone and Miscellaneous 8,112 11,181
Garden Maintenance 4,409 128,358 110 38,500
_______ _______
Abbey Lawn:
Wages 29,782 24,378
Repairs and Maintenance 19,509 13,504
Mowing Equipment Costs 1,824 2,607
Telephone and Miscellaneous 5,595 5,528
Utilities 1,620 127
Insurance 2,805 1,930
_______ _______
61,135 48,074
_______ _______
Carried Forward 316,092 1,300,295 173,028 1,025,070

BOURNE UNITED CHARITIES

APPENDIX A(ii)

DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
£ £
Bought forward 316,092 1,300,295 173,028 1,025,070
CHARITABLE ACTIVITIES (cont)
Well Head & South Street Properties
Wages 56,403 59,398
Repairs and Maintenance 82,604 79,707
Insurance 7,225 6,268
Mowing Equipment Costs 3,273 8,017
Utilities 5,111 7,197
Telephone and Miscellaneous 9,013 4,272
Council tax - 163,629 - 164,859
_______ _______ _______ _______
479,721 337,887
GENERAL PROPERTY RUNNING COSTS
Bourne Land:
Repairs and Maintenance 915 1,717
Insurance 327 292
Miscellaneous 9 -
Utilities 855 758
_______ _______
2,106 2,767
═══════ ═══════
Bourne Residential Properties:
Repairs and Maintenance 19,376 111,629
Insurance 5,400 4,809
Professional fees 465 -
Utilities 2,485 1,493
_______ _______
27,726 117,931
═══════ ═══════
Leytonstone Properties:
Repairs and Maintenance 114,654 78,860
Insurance 10,970 8,870
Business Rates and Water - 85
Legal and Professional Fees 86,563 51,676
Utilities 1,624 3,181
Miscellaneous 4,318 3,236
_______ _______
218,129 145,908
═══════ ═══════
Carried Forward 247,961 479,721 1,300,295 266,606 337,887 1,025,070

BOURNE UNITED CHARITIES

APPENDIX A(iii) DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
£ £
Bought Forward 247,961 479,721 1,300,295 266,606 337,887 1,025,070
GENERAL PROPERTY RUNNING COSTS (cont)
Red Hall:
Wages 2,038 -
Repairs and Maintenance 5,662 10,806
Utilities 1,980 2,363
Insurance 7,637 7,041
Telephone and Miscellaneous 13,256 8,960
Security 6,802 10,484
_______ _______
37,375 39,654
══════ ══════
Wake House:
Insurance (360) -
Professional fees - 350
Repairs and Maintenance - 4,795
_______ _______
(360) 284,976 5,145 311,405
══════ ══════
_______ _______
TOTAL CHARITABLE ACTIVITIES 764,697 649,292
OTHER COSTS
Insurance:
Employers Liability 2,480 1,818
Fidelity Guarantee 1,038 962
_______ _______
3,518 2,780
══════ ══════
Salaries 54,789 32,494
Professional Fees 12,208 23,426
Office Equipment Rental 2,577 2,071
Printing and stationery 2,193 2,093
Telephone and Postages 2,081 2,116
Audit Fee 6,812 6,192
Miscellaneous 7,746 9,174
Bank Charges 1,236 1,496
_______ _______
89,642 79,062
══════ ══════
Provision for bad and
doubtful debts - 109,709
═══════ ═══════
Depreciation 20,764 12,472
(Profit)/Loss on Sale of Fixed Assets - (6,482)
_______ _______
20,764 5,990
══════ ══════
TOTAL GOVERNANCE COSTS 113,924 197,541
_______ _______
TOTAL EXPENDITURE 878,621 846,833
_______ _______
NET INCOMING RESOURCES 421,674 178,237
══════ ══════

BOURNE UNITED CHARITIES APPENDIX B

PROPERTY VALUATION - 31 DECEMBER 2023

2023 2022
INVESTMENT PROPERTIES £ £
LEYTONSTONE (REVALUED AT 31.12.2023)
Residential Properties: 8 Burghley Road 800,000 800,000
22 Harrington Road 670,000 670,000
28 Harrington Road 680,000 680,000
37 Harrington Road 600,000 600,000
107 Harold Road 780,000 780,000
13 Vernon Road 875,000 875,000
53 Vernon Road 800,000 800,000
Commercial Properties: 20 Church Lane 500,000 500,000
24-27 Church Lane 1,900,000 1,900,000
28 Church Lane 670,000 670,000
29 Church Lane 630,000 630,000
30 Church Lane 560,000 560,000
32 Church Lane 580,000 580,000
34 Church Lane 490,000 490,000
745 High Road 760,000 760,000
751 High Road 350,000 350,000
753 High Road 350,000 350,000
751-753 High Road (Garages) 630,000 630,000
783-791 High Road 137,000 137,000
795 High Road 610,000 610,000
797 High Road 475,000 475,000
799 High Road 475,000 475,000
801 High Road 860,000 860,000
729 High Road 480,000 480,000
731 High Road 455,000 455,000
735 High Road 400,000 400,000
741 High Road 440,000 440,000
809-813 High Road 3,285,000 3,285,000
________ ________
20,242,000 20,242,000
BOURNE & DISTRICT (REVALUED 31.12.2022)
Land at South Road 3,000 3,000
39 High Street, Morton 200,000 200,000
Land High Street, Morton 35,000 35,000
Morton Fen Farm 1,780,000 1,780,000
Bungalow, Morton Fen 160,000 160,000
37 High Street, Morton 200,000 200,000
6 Bedehouse Bank 210,000 210,000
3 Mercia Gardens 225,000 225,000
4 Merlin Close 220,000 220,000
4 Stretham Way 170,000 170,000
7 Stretham Way 170,000 170,000
12 Stretham Way 170,000 170,000
41 Beaufort Drive - cost 197,360 197,360
20 Wetherby Close- cost 184,858 184,858
31 Foxley Court – cost 182,443 182,443
Wake House, North Street, Bourne 380,000 380,000
Constables Land, Dyke 44,000 44,000
Constables Land, Bourne 32,000 32,000
Short Drove, Dyke Fen 20,000 20,000
Swallow Hill, Thurlby 60,000 4,643,661 60,000 4,643,661
________ ________ ________ ________
24,885,661 24,885,661
════════ ════════
PROPERTY USED FOR CHARITABLE PURPOSES
BOURNE & DISTRICT
The Red Hall 500,000 500,000
Almshouses,West Street 1,120,000 1,120,000
Abbey Lawn 140,000 140,000
Well Head and adjacent properties 870,000 870,000
Allotments 25,000 25,000
________ ________
2,655,000 2,655,000
════════ ════════