## **Trustees' annual report:**
The charity continued in its primary purpose of managing 6 almshouses for the benefit of older residents of t
The trustees were very pleased that on 7th March 2024 the Regulator of Social Housing approved the charity a
Financially the charity has had a good year, with revenue and costs for the almshouse part of its activities both
All existing trustees remained in post throughout the year, and good progress has been made in focusing spec
The trustees are satisfied that they fully comply with the Charity Commission guidance on public benefit, as it
## **Meeting the Regulator's Value for Money Standard:**
The trustees are aware that among their obligations as a Registered Provider is a requirement to meet the R achieved. Given that the charity only became registered on 7th March, 3 weeks prior to year end, then it financial year. However, the trustees will discuss this at their next meeting, and both set quantifiable objecti relevant to note that budgets for both almshouse income and expenditure have been met, and work has b considerable age. For the current financial year appropriate objectives will be set, and it is positive to note tha
## _**These annual accounts and the associated annual report were completed on 7th April 2024 and the examine**_
**These accounts and this report have been reviewed by the trustees, and were approved by them at their m**
**The income and expenditure statement, and statement of financial position (balance sheet) were signed by Signed by Mr Charles Porter, chair of the charity Signed by Sir Richard Tilt, governance trustee**
he village of West Haddon, who are also of limited financial means. The trustees raised
as a Registered Provider of Social Housing, a process which has taken more than 3.5
h better than their budget. Reserves increased quite significantly and are higher than
cific trustees on their own areas of responsibility, all of which complement one
applies to smaller charities. The first paragraph of this report describes how the
Regulator's Value for Money Standard, and to demonstrate annually that this has been is probably not realistic to be able to fully comply with this requirement for the last ives and decide how to demonstrate achievement against these. For the past year, it is been done to both maintain and improve the existing almshouse building, which is of at the trustees decided to set a new level of WMC which is below the maximum
## _**er's report was received on 26th May 2024**_
## **meeting on 25th April 2024**
**y the trustees named below on 24th July 2024:**
## **William Lovett's Almshouse Charity - charitab**
## **Annual accounts and trustees report fo**
## **Income and expenditure statement:**
|**Almshouses current account opening balance at 1st April 2023**|**Almshouses current account opening balance at 1st April 2023**||
|---|---|---|
|Unity Trust Bank current account number 1|**£18,157.86**||
|**Almshouses budgeted income**|**Actual £**|**Budget £**|
|Weekly maintenance contributons|28,442.14|28,358.20|
|Dividends from M&G Charifund investment|1,061.63|1,000.00|
|Annual payment_(M Stanton)_ _(see note 1 below)_|109.20|109.20|
|**Total budgeted income, almshouse actvites**|**29,612.97**|**29,467.40**|
|---|---|---|
|**Almshouses unbudgeted income**|||
|Loan made to West Haddon Charites, 50%|1,000.00||
|repayment_(see note 8 below)_|||
|Refund of overpaid Council Tax on empty almshouse|25.60||
|Repaid to almshouses by WOFA_(see note 9 below)_|1,719.97||
|Repayment by WOFA of amount paid from wrong|15.00||
|account_(see note 9 below)_|||
|**Total unbudgeted income, almshouse actvites**
**2,760.57**
**Surplus/defcit from almshouse actvites**
**-2,661.43**
**-10,000.00**
**Almshouses current account closing balance at 31st March 2024**
Unity Trust Bank current account number 1
**£5,496.43**
**WOFA current account opening balance at 1st April 2023**
NatWest Bank current account
**£3,693.47**
**Woodland, orchard, feld, and allotments (WOFA) in**
**Actual £**
**Net movement of funds between current account**
**number 1 and instant access account number 1**||
|---|---|
||**8,575.22**|
|Forestry Commission for trees|12,547.30|
|---|---|
|Forestry Commission annual payment|641.90|
|Donaton from WH Growers, Makers & Bakers|384.56|
|Allotments annual rental West Haddon Parish Council|352.00|
|**Total income, WOFA actvites**|**13,925.76**||
|---|---|---|
|**plus/defcit from WOFA actvites**_(see note 10 below)_|**-4,161.49**||
|**Net movement of funds between instant access**|||
|**account number 2 and current account number 2**|**2,000.00**||
|**WOFA current accounts closing balances at 31st March**|**2024**||
|Unity Trust Bank current account number 2|1,179.98||
|NatWest Bank current account_(see note 11 below)_|352.00||
|**Total**|**£1,531.98**||
|**Reserve account balances at 31st March 2024**|||
|COIF Charites Investment Fund|81,145.71|The value of this acco|
|M&G Charifund investment account|17,974.75|The value of this acco|
|Unity Trust instant access savings account 1|45,348.72|Interest, payable qua|
|Unity Trust instant access savings account 2 (WOFA)|6,276.47|Interest, payable qua|
## **Total reserves at 31st March 2024 £150,745.65 (£132,931.64 at the e**
## _**Notes regarding income and expenditure statements above:**_
_1. The payment by M Stanton is in respect of the original trust deed for the almshouses, whereby 2 g not indexed (this payment is based on 3 shillings and 6 pence each per week, for the 12 original residen_
_2. This cost exceeded budget because a total of £6166 was spent on refurbishing the UPVC windows amount budgeted._
_3. The clerk is the only person paid for their work with the charity, and he operates under a letter of f4. This cost exceeded budget because an amount of £450 was spent on removing a large tree which ll ti i l t b f t ff h i id d d l hi i i f ll t HMRC lf th f I l th id d f d th i t ti th d d f 5. This cost is below budget because the annual inspection and re-certification of the gas boilers overl 6. This expenditure became necessary because the resident of one of the almshouses, who has been inh d l d d tifi t i l t d b th ld fl i t l d d i th id t' i d f t Thi tt 7. All expenditure relating to the new almshouses project has been provided for in the business plan f th8. Of the loan of £2000 made to West Haddon Charities during 2019, £1000 remains outstanding, wj t t t d it h ld b ibl f W t H dd Ch iti t th b l d i th i 9. This amount is made up of £1870 owed by the WOFA activity to the almshouses activity from the 20 i10. The expectation is that the WOFA activity will be in deficit for the time it takes to fully establish t dl d D d t d f thi t £150 03 i il t i d d i th id 11. The intention was to cease using the NatWest account during this financial year, as most financialt d b C i E i f hi h d h lf i d U d th t f thi l t i t d H f t t l t th d t_
## **Statement of fnancial positon (balance sheet) at 31st March 2024**
## **Current assets**
## **Bank accounts**
Unity Trust Bank current account 1 5,496.43 Unity Trust Bank current account 2 1,179.98
|Unity Trust Bank instant access account 1|45,348.72||
|---|---|---|
|Unity Trust Bank instant access account 2|6,276.47||
|NatWest Bank current account|352.00||
|**Total**|**58,653.60**||
|**Loans outstanding**|||
|West Haddon Charites_(see note 8 above)_|1,000.00||
|**Investments**|||
|COIF Charites Investment Fund|81,145.71||
|M&G Charifund investment account|17,974.75||
|**Total**|**99,120.46**||
|**Buildings and land**|||
|rick Road West Haddon|72,000.00|_Based on 2019 Howki_|
|Existng almshouses building|960,000.00|_Based on March 2024_|
|**Total**|**1,032,000.00**||
|**Total assets**|**1,190,774.06**||
|**Outstanding liabilites**|||
|here are no currently outstanding liabilites|0.00|_Accounts are at prese_|
|**Net current assets**|**1,190,774.06**||
## **ble incorporated organisaton no 1187392**
## **or the year ending 31st March 2024**
|**Almshouses budgeted expenditure**
**Actual £**
7,144.29
5,904.00
Electrical repairs and 5 yearly re-certfcaton
2,201.43
1,850.80
Anglian Water, water charges
836.94
836.26
379.49
Almshouse Associaton membership
343.00
Window cleaning
220.00
Ofce, statonery & postage
148.54
84.00
Unity Trust Bank service charges
72.00
Mileage and parking
44.60
Miscellaneous
36.30
**Total budgeted expenditure, almshouse actvites 20,101.65**
**Almshouses unbudgeted expenditure**
2,564.00
Quantum Constructon Consultants
7,620.00
Watsons Property Group
1,800.00
Safer Cooper Consultancy
1,200.00
Wharton Infrastructure Consultants
1,099.32
James Bailey Tree Services
650.00
**Total expenditure, new almshouses project 12,369.32**
**Total unbudgeted expenditure, almshouse actvites 14,933.32**
Houses maintenance & repairs_(see note 2 below)_
Clerk's salary_(see note 3 below)_
Grounds maintenance_(see note 4 below)_
Insurance_(buildings and trustee indemnity)_
Landlord's electricity supply_(security lights & lof smoke detector_
Annual servicing and re-certfcaton of gas boilers_(see note 5 be_
Complete new foor coverings in one almshouse_(see note 6 belo_
**New almshouses project, unbudgeted expenditure**
_(see note 7 below)_|**Budget £**
6,200.00
5,904.00
3,000.00
1,612.00
865.91
1,283.65
373.82
205.80
240.00
144.00
750.00
72.00
145.00
96.00|
|---|---|
||**20,892.18**|
**Actual £**
**WOFA expenditure**
|Trees for new woodland area|12,020.16|
|---|---|
|Benches for feld|2,097.60|
|Repay loan to almshouses_(see note 8 below)_|1,719.97|
|Constructon of plinths for benches|866.96|
|Additonal fruit trees for orchard area|444.25|
|Maintenance of woodland and orchard|390.00|
|Moving fruit trees from old allotments area|360.00|
|Amounts paid in error from wrong bank account_(see note 9 belo_|165.03|
|Unity Trust Bank service charges_(part year only)_|23.28|
|**Total expenditure, WOFA actvites **|**18,087.25**|
ount rose by 12.3% during 2023/24, no dividends are payable ount fell by 1.8% during 2023/24: dividends were 5.9% of the year end fund value rterly, was 2.75% at the year end
rterly, was 2.75% at the year end (this account is ring fenced for WOFA use)
## **end of 2023)**
_guineas per week (£2.10p) is payable by the owner of West Haddon Grange, in perpetuity, but is nts)._
_in all the houses. Whilst this item was included in the budget, in the end the cost exceeded the_
_engagement, combined with a job description. The clerk represents approximately one fifth of a fwas too close to the almhouses, and a further amount of £685 was spent removing a very large l d N ti l i i t ib ti i d f th h it apped the year end, and was not billed until the new financial year. However the work was done n situ for more than 20 years, suffers from health issues which Social Services determined were in h b f ll tifi d for this project, and this was therefore expected, and is covered off in the funding projections for with half having been repaid during this financial year.The remainder of this loan is shown as a t fi i l 021 financial year, which were preliminary costs associated with the decision to convert the field it as a free-standing and self sufficient activity. Part of this is funded from the original £10,000 i d f b 1 l h id f th b k t A f th £15 00 i h i t it d t b d ithi bl i d f ti d t b h ld i l activity has been transferred to the more modern Unity Trust Bank account, which allows online i d i t thi t b i t k b t th t ti i th t th t ill b l d d i_
_ins & Harrison valuation, 6 acres (2.43 hectares) @ £12,000 per acre 4 open market valuation by Watsons Property Group, 6 units @ £160,000 each_
_ent prepared on a cash basis_
Independent examinees ryrt to the tntstees of Wllllam LovetV$ Alrn5lK Charfty Charitable
Incorporatsd Oryanisation (the ao)
I report to the trustees on my examination of the xcounts of the CIO for the 12 month period
ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the CIO you are responsible for the pparatIOn of the accounts in
accordance with the requirements of the Charities Act 20111.the ACYI.
I report in respect of my examination of the Trusys accounts carried out under Section 145 of the
2011 Act and in carryin8 Out my examination I have followed all the applicable Direction5 given by
the CharFty Commissh)n under sertion 145{51{b) of the 2011 Art.
Independent examlnerfs ststement
I have completed my examination. I confinn that Th) material rnatters have come to my attention in
connection with the examination giving me cause to believe that in ary material respett:
l. accounting records were not kept in respect of the Tntst as required by section 130 of the
Art; or
2. the accounts do not accord with those records.
I have no concerns and hove come across no other matters in connection with the examination to
which attention should be drown in this report in order to enable a proper understanding of t
accounts to be reached.
Si8ned:
Name: Karen Randall. ACMA
Relevant professional qualification or membership of professional Ix)dies lif any).. CIMA
Addre55: 3 Slyes Close, West Haddon. Northants, NN6 7AZ
Date.. 26th May 2024