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2024-12-31-accounts

BOURNE UNITED CHARITIES Charity No: 1183638

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

Trustees: Ex-Officio The Revd. Stephen Buckman (Appointed 27 January 2024)
Life Trustee Mrs Joyce Edith Burrows
Co-optive Mr Geoffrey Richard Greatwood
Mr Trevor Hollinshead
Mr Ivan John Stephen Fuller
Mr John Alfred Kirkman
Mr David Stanley Mapp (Chair)
Mrs Fiona Louise Pembery
Mrs Susan Bennett
Mr Ian Watson (Vice-chair)
Mr Philip James Knowles (Appointed 27 April 2024)
Mr Nigel Eveleigh (Appointed 25 July 2024)
Nominative (Nominated by Bourne Town Council)
Mrs Anna Sylvia Kelly (Resigned 5 March 2025)
Mrs Susan Mallett (Appointed 28 January 2024)
Mr Paul Fellows (Appointed 28 January 2024)
Mr Les Panrucker (Appointed 24 April 2025)
Clerk to Trustees: Mr N J Legge
Trust Manager: Mr N J Legge
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
Greenwoods LLP
Solicitor: Monkstone House, City Road, Peterborough, PE1 1JE
Dexter & Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Auditors: Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

BOURNE UNITED CHARITIES

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their report and accounts for the year ended 31 December 2024.

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 of the Parish of Bourne as the Trustees see fit.

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 2024 was £805,141 (2023: £802,766) and the net rental income received on Bourne properties owned by the charity was £164,840 (2023: £151,147). This is an increase in net income compared with the previous year due mainly to an increase in rents charged on residential properties in both Bourne and Leytonstone.

The total expenditure on the Almshouses continued to be high at £116,098 (2023: £128,358), mainly due to the refurbishment of 3 of the bathrooms and repairs to the roof guttering on 7 of the properties. Additional work in the coming year will continue to see increased expenditure on the houses and the walls to the front of the complex. During 2024 a review of the Monthly Maintenance Charge was completed and this led to an increase in the charge for existing residents, and a larger charge for new residents that moved into the refurbished properties.

Charitable payments and grants continue to be paid by Bourne United Charities and in 2024 other grants totalling £98,296 (2023: £58,293) were paid out, including a grant of £40,000 to Bourne Town Football Club; £20,000 to Bourne Tennis Club; £4,350 to the Warm Hubs initiative and £12,800 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, and general maintenance is mainly carried out by Bourne United Charity staff to a high standard with specialist contractors utilised when needed. The trustees consider that these areas provide a substantial benefit to 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 £562,414 (2023: £539,933) by way of charitable payments, grants and the provision of Almshouses and other property costs and £344,741 (2023: £224,764) 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 October 2018.

The net incoming resources for the year were £337,741 (2023: £421,674). 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.

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

BOURNE UNITED CHARITIES

Financial review

At the end of the reporting period, the charity had net assets of £33,608,897 (2023: £33,287,339). 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 £2,796,906 (2023:£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 commercial rents have been reviewed as leases have permitted during 2024 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 11[th] October 2018 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 2023 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 2024. 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 once all investments have been transferred from the old charity (216000) to the CIO (1183638).

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.

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

BOURNE UNITED CHARITIES

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 31[st] July 2025 and signed on their behalf by:

.................................................................... Mr David Stanley Mapp – Chairperson

.......................................................................... Mr Ian Watson - 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 2024 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

1[st] August 2025

BOURNE UNITED CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Permanent
Endowment Designated Unrestricted 2024 2023
Note Fund Funds Fund Total Total
£ £ £ £ £
INCOME AND ENDOWMENTS
Donations 1,244 1,244 650
Investment Income 2) 1,376,061 1,376,061 1,294,064
Other Income and Grants 5,987 5,987 5,581
________ ________ ________
Total Incoming Resources 1,383,292 1,383,292 1,300,295
════════ ════════ ════════
EXPENDITURE
Charitable Activities 3) 897,155 897,155 764,697
Other Costs 4) 148,720 148,720 113,924
________ ________ ________
Total Resources Expended 5) 1,045,875 1,045,875 878,621
════════ ════════ ════════
NET INCOMING RESOURCES
FOR YEAR BEFORE TRANSFERS - - 337,417 337,417 421,674
Transfers between funds 14) 84 4,391 (4,475) - -
________ ________ ________ ________ ________
NET INCOME BEFORE
GAINS/LOSSES ON INVESTMENTS
84		 4,391 332,942 337,417 421,674
Gains/(Losses) on Fixed Assets and Investments
-
Unrealised fixed assets		 - - - - -
-
Unrealised investments		 9) (34,083) 10,296 7,928 (15,859) (98,702)
________ ________ ________ ________ ________
NET MOVEMENT IN FUNDS (33,999) 14,687 340,870 321,558 322,972
Balances brought forward
at 1st January 2024 29,627,861 289,004 3,370,474 33,287,339 32,964,367
________ ________ ________ ________ ________
Balances carried forward
at 31st December 2024 29,593,862 303,691 3,711,344 33,608,897 33,287,339
════════ ════════ ════════ ════════ ════════

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 2024

2024 2023
Note £ £
FIXED ASSETS
Tangible Fixed Assets for Charity Use 8) 2,752,369 2,738,802
Investment Properties 8) 24,900,432 24,885,661
Listed Investments 9) 4,662,656 4,573,243
________ ________
32,315,457 32,197,706
CURRENT ASSETS
Debtors 10) 110,920 114,976
Short Term Cash Deposits 80,547 76,622
Cash at Bank and in Hand 1,632,080 1,349,919
________ ________
1,823,547 1,541,517
CREDITORS:Amounts falling due
within one year 11) 530,107 451,884
________ ________
NET CURRENT ASSETS 1,293,440 1,089,633
________ ________
TOTAL NET ASSETS 12) 33,608,897 33,287,339
════════ ════════
REPRESENTED BY FUNDS
Permanent Endowment 13) 29,593,862 29,627,861
Designated 15) 303,691 289,004
Unrestricted 13) 3,711,344 3,370,474
________ ________
33,608,897 33,287,339
════════ ════════

Approved by the Trustees on 31[st] July 2025 and signed on their behalf.

........................................................................ ....................................................................... Mr David Stanley Mapp – Chairperson Mr Ian Watson - 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 2024

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		 2024
£
301,797
(55,194)
170
(105,272)
144,585
(15,711)
286,086
1,426,541
1,712,627		 2023
£
380,263
(79,596)
-
(83,435)
94,296
(68,735)
311,528
1,115,013
1,426,541

BOURNE UNITED CHARITIES

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

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
Decrease/(increase) in debtors
Increase in creditors
Net cash generated from operating activities		 2024
£
337,417
26,855
(169)
(144,585)
4,056
78,223
301,797		 2023
£
421,674
20,764
-
(94,296)
(46,823)
78,944
380,263

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

2. INVESTMENT INCOME
2024 2023
£ £
Interest on deposits 43,673 15,221
Income from Investment Properties 1,231,476 1,199,768
Income from Listed Investments 100,912 79,075
________ ________
1,376,061 1,294,064
════════ ════════
All investment assets are within the UK.
3. CHARITABLE ACTIVITIES
Unrestricted Funds Total
and Total 2024 2023
£ £
Grants to individuals:
Weekly Charitable Payments 15,261 19,552
Bourne Educational Foundation Grant 39,076 48,754
Other Grants 98,326 58,293
________ ________
152,663 126,599
Almshouses Running Costs 116,098 128,358
Abbey Lawn Upkeep Costs 63,508 61,135
Well Head Upkeep Costs 271,233 163,629
General Property Running Costs 293,653 284,976
________ ________
897,155 764,697
════════ ════════
4. OTHER COSTS
Salaries and Office Costs 80,902 70,622
Fidelity and Liability Insurances 3,868 3,518
Legal and Professional Fees 29,454 12,208
Audit Fee 7,810 6,812
Provision for bad and doubtful debts - -
Depreciation 26,855 20,764
(Profit) on disposal of fixed assets (169) -
________ ________
148,720 113,924
════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

5. TOTAL RESOURCES EXPENDED

Staff Staff Depreciation Depreciation Other Total Total
Costs Costs 2024 2023
£ £ £ £ £
Charitable Activities 114,507 - 782,648 897,155 764,697
Other Costs 60,690 26,855 61,175 148,720 113,924
________ ________ ________ ________ ________
175,197 26,855 843,823 1,045,875 878,621
════════ ════════ ════════ ════════ ════════
2024 2023
£ £
Staff Costs
Wages and Salaries 158,685 134,296
Social Security Costs 8,797 6,797
Pension Costs 7,715 4,072
________ ________
175,197 145,165
Other Expenditure
Grants and Allowances 152,663 126,599
Almshouse Running Costs (excluding wages) 115,952 126,205
Upkeep of Social Amenities - ditto - 220,380 138,578
Administration Costs - ditto - 57,476 34,854
Liability and Fidelity Insurance 3,868 3,518
Property Management and
Running Costs - ditto - 293,653 282,938
Provision for bad and doubtful debts - -
Depreciation 26,855 20,764
(Profit)/loss on disposal of fixed assets (169) -
________ ________
870,678 733,456
________ ________
1,045,875 878,621
════════ ════════

No employee earned £60,000 pa or more. The average number of employees by function was:

Manual 3 3
Administrative 4 2
________ ________
7 5
════════ ════════

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 £42,720 (2023: £42,250).

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

6. TRUSTEES’ REMUNERATION AND BENEFITS

There were no Trustees’ remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees’ expenses

There were Trustees’ expenses in the amount of £40 paid in the year ended 31 December 2024 (2023: £nil).

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Permanent
Endowment Designated Unrestricted 2023
Fund Funds Fund Total
£ £ £ £
INCOME AND ENDOWMENTS
Donations 650 650
Investment Income 1,294,064 1,294,064
Other Income and Grants 5,581 5,581
________ ________
Total Incoming Resources 1,300,295 1,300,295
════════ ════════
EXPENDITURE
Charitable Activities 764,697 764,697
Other Costs 113,924 113,924
________ ________
Total Resources Expended 878,621 878,621
════════ ════════
NET INCOMING RESOURCES
FOR YEAR BEFORE TRANSFERS 421,674 421,674
Transfers between funds 56,389 4,384 (60,773) -
________ ________ ________ ________
NET INCOME BEFORE
GAINS ON INVESTMENTS 56,389 4,384 360,901 421,674
Gains on Fixed Assets and Investments
-
Unrealised fixed assets		 - - - -
-
Unrealised investments		 (101,110) 12,984 (10,576) (98,702)
________ ________ ________ ________
NET MOVEMENT IN FUNDS (44,721) 17,368 350,325 322,972
Balances brought forward at 1st January 2024 29,672,582 271,636 3,020,149 32,964,367
________ ________ ________ ________
Balances carried forward at 31st December 2024 29,627,861 289,004 3,370,474 33,287,339
════════ ════════ ════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

8. TANGIBLE FIXED ASSETS

8. TANGIBLE FIXED ASSETS
Land and Buildings
Investment Used by
Properties Charity Equipment Total
£ £ £ £
Cost or Valuation
At 1st January 2024 24,885,661 2,655,000 386,526 27,927,187
Additions 14,771 - 40,423 55,194
Disposals - - (1,799) (1,799)
________ ________ ________ ________
24,900,432 2,655,000 425,150 27,980,582
Revaluation in year - - - -
________ ________ ________ ________
At 31st December 2024 24,900,432 2,655,000 425,150 27,980,582
════════ ════════ ════════ ════════
Accumulated Depreciation
At 1st January 2024 - - 302,724 302,724
Charge for the year - - 26,855 26,855
On Disposals - - (1,798) (1,798)
________ ________ ________ ________
At 31st December 2024 - - 327,781 327,781
════════ ════════ ════════ ════════
Net Book Value
At 31st December 2024 24,900,432 2,655,000 97,369 27,652,801
════════ ════════ ════════ ════════
At 31st December 2023 24,885,661 2,655,000 83,802 27,624,463
════════ ════════ ════════ ════════
9. FIXED ASSET INVESTMENTS - LISTED INVESTMENTS
2024 2023
£ £
Market Value at 1st January 2024 4,573,243 4,588,509
Additions 105,272 83,435
________ ________
4,678,515 4,671,944
Net Unrealised (Loss)/Gain for the Year (15,859) (98,701)
________ ________
Market Value at 31st December 2024 4,662,656 4,573,243
════════ ════════

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 2024

9. FIXED ASSET INVESTMENTS - LISTED INVESTMENTS CONTINUED

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

2024 2023
£ £
Balance at 1 January 2024 2,453,479 2,370,044
Additions at cost during the year 105,272 83,435
________ ________
Balance at 31 December 2024 2,558,751 2,453,479
════════ ════════
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 2024 4,662,656 3,274,686 303,691 1,084,279
════════ ════════ ════════ ════════
Value at 1 January 2024 4,573,243 3,308,685 289,004 975,554
════════ ════════ ════════ ════════
Value on introduced 01.01.95 plus
additions and less disposals at cost 2,558,751 1,557,693 159,778 841,280
════════ ════════ ════════ ════════
10. DEBTORS
2024 2023
£ £
Trade Debtors – Rent Ledger 86,583 90,079
Rental Income Accrual 303 408
Other Debtors and Accruals 24,034 24,489
________ ________
110,920 114,976
════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

11. CREDITORS: Falling due within one year
2024 2023
£ £
Trade Creditors 24,001 10,451
Accruals 54,260 12,638
Taxation and social security costs 3,134 3,204
Bourne Educational Foundation Grant 225,058 185,981
Rental Income received in advance 164,908 185,406
Tenants Deposit Accounts 58,746 54,204
________ ________
530,107 451,884
════════ ════════
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible Net
Fixed Current
Assets Investments Assets Total
£ £ £ £
Permanent Endowment Fund 27,555,432 3,274,686 (1,236,256) 29,593,862
Designated Fund - 303,691 - 303,691
Unrestricted Fund 97,369 1,084,279 2,529,696 3,711,344
________ ________ ________ ________
27,652,801 4,662,656 1,293,440 33,608,897
════════ ════════ ════════ ════════

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 1.1.24 in Funds Funds At 31.12.24
£ £ £ £
Unrestricted Funds
General Fund 3,370,474 345,345 (4,475) 3,711,344
Restricted Funds
Designated Fund 289,004 10,296 4,391 303,691
Permanent Endowment Fund 29,627,861 (34,083) 84 29,593,862
________ ________ ________ ________
TOTAL FUNDS 33,287,339 321,558 - 33,608,897
════════ ════════ ════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

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 1,383,292
(1,045,875)		 7,928 345,345
Restricted Funds
Designated Fund -
-		 10,296 10,296
Permanent Endowment Fund -
-		 (34,083) (34,083)
________
________		 ________ ________
TOTAL FUNDS 1,383,292
(1,045,875)		 (15,859) 321,558
════════ ════════ ════════ ════════
Comparatives for 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
════════ ════════ ════════ ════════
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 1,300,295
(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
════════ ════════ ════════ ════════

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

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 1.1.23 in Funds Funds At 31.12.24
£ £ £ £
Unrestricted Funds
General Fund 3,020,149 756,443 (65,248) 3,711,344
Restricted Funds
Designated Fund 271,636 23,280 8,775 303,691
Permanent Endowment Fund 29,672,582 (135,193) 56,473 29,593,862
________ ________ ________ ________
TOTAL FUNDS 32,964,367 644,530 - 33,608,897
════════ ════════ ════════ ════════

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 2,683,587 (1,924,496) (2,648) 756,443
Restricted Funds
Designated Fund - - 23,280 23,280
Permanent Endowment Fund - - (135,193) (135,193)
________ ________ ________ ________
TOTAL FUNDS 2,683,587 (1,924,496) (114,561) 644,530
════════ ════════ ════════ ════════
14. TRANSFER BETWEEN FUNDS
Permanent
Endowment Designated Unrestricted
Fund Fund Fund
£ £ £
Purchase of Shares with Transact/Ruffer 84 4,391 (4,475)
════════ ════════ ════════
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.

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

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

2024 2023
Total Total
£ £
Net Transfer from Unrestricted Funds 4,391 4,384
Unrealised Gain/(Loss) on Value of Shares at
December 31 2024 10,296 12,984
________ ________
Net Movement in Funds 14,687 17,368
Balance at 1 January 2024 289,004 271,636
________ ________
Balance at 31 December 2024 303,691 289,004
════════ ════════

16. PROPERTY VALUATIONS

Leytonstone properties were revalued at 31 December 2024. The properties were valued by: Leytonstone Residential/Commercial Properties Dobbin & Sullivan Chartered Surveyors Bourne properties were revalued at 31 December 2023. 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 were no related party transactions in the year to 31 December 2024 or in the year to 31 December 2023.

BOURNE UNITED CHARITIES

NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

18. OPERATING LEASE COMMITMENTS

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

2024 2023
£ £
Within one year 1,387 1,387
Between 1- 5 years 2,081 4,855
________ ________
3,468 6,242
════════ ════════

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 2024

2024 2023
£ £
INCOME
Donations 1,244 650
_______ _______
1,244 650
Investment Income:
Rental Income:
Leytonstone 1,047,069 1,020,895
Bourne and District 184,407 1,231,476 178,873 1,199,768
_______ _______
Dividend and Interest Income:
Transact and Ruffer Income 100,912 79,075
Interest on Deposits 43,673 144,585 15,221 94,296
_______ _______ _______ _______
1,377,305 1,294,714
Red Hall Lettings 4,092 5,060
Miscellaneous 1,895 5,987 521 5,581
_______ _______ _______ _______
TOTAL INCOME 1,383,292 1,300,295
EXPENDITURE
CHARITABLE ACTIVITIES
Weekly Payments, Grants &
Allowances (See Note 3) 152,663 126,599
Almshouses:
Wages 146 2,153
Repairs and Maintenance 72,797 97,326
Utilities 24,954 11,117
Council tax 2,386 2,307
Insurance 3,231 2,934
Telephone and Miscellaneous 10,852 8,112
Garden Maintenance 1,732 116,098 4,409 128,358
_______ _______
Abbey Lawn:
Wages 28,094 29,782
Repairs and Maintenance 22,729 19,509
Mowing Equipment Costs 967 1,824
Telephone and Miscellaneous 7,560 5,595
Utilities 193 1,620
Insurance 3,965 2,805
_______ _______
63,508 61,135
_______ _______
Carried Forward 332,269 1,383,292 316,092 1,300,295

BOURNE UNITED CHARITIES

APPENDIX A(ii)

DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
£ £
Bought forward 332,269 1,383,292 316,092 1,300,295
CHARITABLE ACTIVITIES (cont)
Well Head & South Street Properties
Wages 86,266 56,403
Repairs and Maintenance 152,169 82,604
Insurance 8,698 7,225
Mowing Equipment Costs 4,953 3,273
Utilities 5,449 5,111
Telephone and Miscellaneous 13,698 9,013
Council tax - 271,233 - 163,629
_______ _______ _______ _______
603,502 479,721
GENERAL PROPERTY RUNNING COSTS
Bourne Land:
Repairs and Maintenance 1,084 915
Insurance 347 327
Miscellaneous 54 9
Utilities 973 855
_______ _______
2,458 2,106
═══════ ═══════
Bourne Residential Properties:
Repairs and Maintenance 13,167 19,376
Insurance 5,903 5,400
Professional fees 90 465
Utilities 407 2,485
_______ _______
19,567 27,726
═══════ ═══════
Leytonstone Properties:
Repairs and Maintenance 133,881 114,654
Insurance 12,746 10,970
Business Rates and Water 65 -
Legal and Professional Fees 89,997 86,563
Utilities 1,413 1,624
Miscellaneous 3,826 4,318
_______ _______
241,928 218,129
═══════ ═══════
Carried Forward 263,953 603,502 1,383,292 247,961 479,721 1,300,295

BOURNE UNITED CHARITIES

APPENDIX A(iii) DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
£ £
Bought Forward 263,953 603,502 1,383,292 247,961 479,721 1,300,295
GENERAL PROPERTY RUNNING COSTS (cont)
Red Hall:
Wages - 2,038
Repairs and Maintenance 6,312 5,662
Utilities 3,637 1,980
Insurance 8,505 7,637
Telephone and Miscellaneous 9,396 13,256
Security 1,866 6,802
_______ _______
29,716 37,375
══════ ══════
Wake House:
Insurance (16) (360)
Professional fees - -
Repairs and Maintenance - -
_______ _______
(16) 293,653 (360) 284,976
══════ ══════
_______ _______
TOTAL CHARITABLE ACTIVITIES 897,155 764,697
OTHER COSTS
Insurance:
Employers Liability 2,769 2,480
Fidelity Guarantee 1,099 1,038
_______ _______
3,868 3,518
══════ ══════
Salaries 60,690 54,789
Professional Fees 29,454 12,208
Office Equipment Rental 1,917 2,577
Printing and stationery 3,447 2,193
Telephone and Postages 2,591 2,081
Audit Fee 7,810 6,812
Miscellaneous 10,975 7,746
Bank Charges 1,282 1,236
_______ _______
118,166 89,642
══════ ══════
Provision for bad and
doubtful debts - -
═══════ ═══════
Depreciation 26,855 20,764
(Profit)/Loss on Sale of Fixed Assets (169) -
_______ _______
26,686 20,764
══════ ══════
TOTAL GOVERNANCE COSTS 148,720 113,924
_______ _______
TOTAL EXPENDITURE 1,045,875 878,621
_______ _______
NET INCOMING RESOURCES 337,417 421,674
══════ ══════

BOURNE UNITED CHARITIES APPENDIX B

PROPERTY VALUATION - 31 DECEMBER 2024

INVESTMENT PROPERTIES
LEYTONSTONE (REVALUED AT 31.12.2024)
Residential Properties:
8 Burghley Road
22 Harrington Road
28 Harrington Road
37 Harrington Road
107 Harold Road
13 Vernon Road
53 Vernon Road
Commercial Properties:
20 Church Lane
24-27 Church Lane
28 Church Lane
29 Church Lane
30 Church Lane
32 Church Lane
34 Church Lane
745 High Road
751 High Road
753 High Road
751-753 High Road (Garages)
783-791 High Road
795 High Road
797 High Road
799 High Road
801 High Road
729 High Road
731 High Road
735 High Road
741 High Road
809-813 High Road

_
_____
BOURNE & DISTRICT (REVALUED 31.12.2023)
Land at South Road
3,000
39 High Street, Morton
200,000
Land High Street, Morton
35,000
Morton Fen Farm
1,780,000
Bungalow, Morton Fen
160,000
37 High Street, Morton
200,000
6 Bedehouse Bank
210,000
3 Mercia Gardens
225,000
4 Merlin Close
220,000
4 Stretham Way
170,000
7 Stretham Way
170,000
12 Stretham Way
170,000
41 Beaufort Drive - cost
197,360
20 Wetherby Close- cost
184,858
31 Foxley Court – cost
182,443
Wake House, North Street, Bourne
380,000
Constables Land, Dyke
44,000
Constables Land, Bourne
32,000
Short Drove, Dyke Fen
20,000
Swallow Hill, Thurlby
60,000
Land behind The Red Hall
14,771
________
PROPERTY USED FOR CHARITABLE PURPOSES
BOURNE & DISTRICT
The Red Hall
Almshouses,West Street
Abbey Lawn
Well Head and adjacent properties
Allotments
 2024
2023
£
£
800,000
800,000
670,000
670,000
680,000
680,000
600,000
600,000
780,000
780,000
875,000
875,000
800,000
800,000
500,000
500,000
1,900,000
1,900,000
670,000
670,000
630,000
630,000
560,000
560,000
580,000
580,000
490,000
490,000
760,000
760,000
350,000
350,000
350,000
350,000
630,000
630,000
137,000
137,000
610,000
610,000
475,000
475,000
475,000
475,000
860,000
860,000
480,000
480,000
455,000
455,000
400,000
400,000
440,000
440,000
3,285,000
3,285,000
20,242,000
20,242,000
3,000
200,000
35,000
1,780,000
160,000
200,000
210,000
225,000
220,000
170,000
170,000
170,000
197,360
184,858
182,443
380,000
44,000
32,000
20,000
60,000
4,658,432
-
4,643,661
________
________
________
24,900,432
24,885,661
════════
════════
500,000
500,000
1,120,000
1,120,000
140,000
140,000
870,000
870,000
25,000
25,000
________
________
2,655,000
2,655,000
════════
════════