Digitally Signed Document Document ID: 8C68FAB16157FE ## Document Details |**Filename:**|The Springett Almshouses Trust Accounts 31
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and complete to the best of their knowledge and
belief.| ||| ||| |**Name:**|Liz Felton-Gerber| ||| |**Email:**|lfeltongerber@gmail.com| ||| |**Date & Time:**|27/09/2024 13:11:55 PM (BST)| ||| |**IP Address:**|148.252.140.54| ||| |**Signing Statement:**|Liz Felton-Gerber confirms that the information is
correct and complete to the best of their knowledge
and belief.| Digitally Signed Document Document ID: 8C68FAB16157FE |**Name:**|John Stoughton| |---|---| ||| |**Email:**|john.stoughton@btinternet.com| ||| |**Date & Time:**|28/09/2024 09:28:25 AM (BST)| ||| |**IP Address:**|86.165.162.131| ||| |**Signing Statement:**|John Stoughton confirms that the information is
correct and complete to the best of their knowledge
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THE SPRINGETT ALLMSHOUSES TRL-ST A Charitable Incorporated Organisation (Charitable Registration No 1195134) TRUSTEES REPORT AND FINAIICIAL STATEMENTS 31 DECEMBER 2023 INDEX PAGE REPORT OF THE TRUSTEES FOR THE YEAR TRUSTEES, RESPONSIBILITIES STATEMENT OF F￿ANCIAL AcfiviTIES BALANCE SHEET NOTES FORMtNG PART OF THE FDqANCIAL STATEMENTS INDEPENDENT EX4MINER'S REPORT TO THE TRUSTEES io Registered Address: Springetts Almshouses Horns Road Hawkhurst Cranbrook TN18 4QZ The Springett Almshouses Trust A Charitable Incorporated Organisation (Charitable Registration No 1195134 _ Registered in F.ngland & WxIes) knoMTr as THE SPRtNGETT ALMSHOUSES CHARITY Report of the Trustees for the year end¢d 31 December 2023 Th¢ Trustees submit their at]nual report and the fmancial statements of the Springett Abnshouses Trust for the year ended 31 December 2023. The trustees have adopted the provision of Accounting and reporting by Charities: Statement of Recommended practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (¢ffe¢tive l January 2015}. INCORPORATION AS A CIIARtrABLE INCORPORATED ORGANISATION A new Charttabl¢ Incorporated Organisation, The Springetts Almshouses Trust was regist¢red on 12 July 2021. A resolution was passed on 3 August 2021 that all the propety and assets of the Eliza Springetts Tn￿t (Charitable Registration No 242035) be transfetted to the SpTingetts Almshouses Trust. This transfer took place on 26 May 2022. The accounts for the previous year were prepared as merger accounts for the year ended 31 December 2022, reflect the results of Eliza Springetts Trust to the date of transfer and for the Charitabl¢ Incorporated Organisation for the remainder of the year. REFERENCE AND ADM￿[STRATIvE DETAIL Th¢ Eliza Springett TTUSt ("the Trust") wa5 a Charitable Trust established under a Deed of Foundation dated 25 September 1871 by Jesse Piper the Elder of ConghuTSt Hawkhurst Kent who gave to the ch￿lty the then existing fouT cottages and land in Horns Road, Hawkhurst which still remain in the ownership of the charity and a cash sum of £1,170. Elizabeth Durrant and Hannah Du￿allt (sisters of the lat¢ Eliza Springett) gave the sum of £1.930 as a gift to the charity in cmory of Joha SpriiigeiL his wilc EIiz(I Springett and tbeir deceased daughter Margaret Hannah Springett. The endowment is represented by the origlnal gift of land and four cottage5 (now converted into fiv¢ flats) and an additional three attached bungalow dwellings constructed out of capital funds together with any unexpended part of the cash sums of £1,170 and £1,930 forn)ing part of the Capital Fund. The Endowment is to be held in perpetuity and the income derived therefrom is to be applied towards the aims as noted below. STRUCTURE GOVERNANCEAND AL4NAGEMENT The Tn>ees who served during theyear were.. _ A Poul- Chairman PJefftey Mrs. ME Taylor Mrs. B J Cowdery Mrs. AIA McTrL&sty- Resigned 9 January 2023 Jstoughtnn R Hodgson - Resigned 26April 2023 Mrs. MDigman Mrs T C Ling- Appointed l August 2023 Mrs EFelton-Gerber- Appointed 25 April 2023 The Springett Almshouses Trust A Charitable Incorporated Organisation Report of the Trustees for the year ended 31 Deeember 2023 Continued REFERENCE AM) ADMINISTRATIVE DETAIL (Continued) All TTh￿teeS are now Co-opted, i.e. co-opted by the existing TTUStees for a ternl of five years. New trustees ate appointed as required by the existing TTUStees and given an appTopriate induction into the Trust. The Trustees together have sole responsibility foT all decision making. The Trnstees met three times during the year to discuss policy, review the progress of the charity and to plan for the future. They also continued to pay particular regaTd to the comfort, welfare and se¢urÈty of the residents. Trustees conduct a visual inspection of the propety every six months. A Trustee OT the Clerk to the Trustees is available to meet the residents on a weekly basis. OBJECTIVES AND ACTIVITIES The aims of the Trust are to provid¢ almshouse accommodation for poor persons who hav¢ resided in the Parish of Hawkhurst or within suffounding parishes to a 10 mile radius for not less than three years and under conditions prescribed in a scheme of the Charity Commission¢rs dated 3 April 1970, an order dated 3 September 2004 and anlendment dated 8 February 2005. The Governing Document was amended on the f0m￿tIOn of the Charitable Incorporated Organisation on 4 February 2020. Dlwing the y¢ar the Trustees undertook work to maintain the propety to the higbest standard. The Trustees will continue to upgrade the individual flats as they become vacant. IUSK MANAGEMENT The Trustees have assessed the major risks to which the clwity is exposed, in particular those relating to the building, operations and finances of the charity and are satisfied that systems are in place to mitigate th¢ir exposure to the major risks. FINANCIAL REVIEW During the year, work has been completed on a further three flats within the grounds, with a common room for the use of all residents, a small kitchenette and wheelchair accessible toilet. Residents moved into the new flats in DCCCMb￿ 2023. This has been fundcd by the sal¥ uf inveskn¢nts generating funds of £383,113 in the year. £787,916 is reflected within freehold property. The value of the inveslments at the year end after disposals has dropped to £144,860 with a gain of £21,445. £2,313 from the Extraordinary Repair Fund and £13,464 from the General Fund have been transferred to the cyclical maintenance fund during the year. Cash held was £39,124. The funds have increased by £2,161 befor¢ the movements on investments. This is aftercyclical maintenance expenditure of £17,349 relating to the Tefurbisllment of three of the existing flats. Investments The shares are held in Fidelity Fund5 Network and administrated by Fidelity. The Tn￿teeS will continue to monitor their investment strategy. The Springett Almshouses Trust A Charitable Ineorporated Organisation Report of the Trustees for the year ended 31 December 2023 continued RESERVES POLICY It is the policy of the Charity to tnaintain unrestricted fimds, whtch are the free reserves of the CILarity, at a level that equates to approximately six months unrestricted expenditure. This provides sufficient fimds to cover management and administration costs and to respond to emergency expenditure that may ￿lse from time to time. Unrestricted funds were maintained at this level throughout the year. PLANS FOR THE FtrruRE The Trustees ar¢ constantly reviewing the level of maintenance of the almshouses in order to provide a comfortable and secure home for the residents whilst seeking ways of reducing the annual running costs consistent with this overall aim. Properties are updated when the opportunity arises and annual budgets allow for this expenditure. PUBLIC BENEFIT The Trustees confirni that they have refe￿ed to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning ture activiti¢s. TRUSTEES, RESPONSIBILITIES The Trustees are required to prepar¢ financial statements for each financial year whicb give a true and fair view of the state of affairs of the 'l'n]st and ot the SUTplus or deficit of the Trust for that period. In preparing those financial statements, the TTUStees are requir¢d to: select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonabl¢ and prudent. Prepar¢ the financial statements on the going concern basis Unless it is inappropriate to prcsume that thc Trust will coiitiiiue. The Trustees have overall Tesponsibility for ensuring that the charity has an appropriate system of controls, financial and otherwis¢. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Trustees and signed on its behalf by Trustee Trustee e SprlwtAln￿￿oll1OTr￿I STATEMENfoF FINANCIAL AcrtVlTIES INCORpoL4fiNG INCOMEAYD EXPE￿￿)lTUR& A¢COUNr FOR THE ITAR LYDED 31 DECEMBER2Q23 See b¢low S¢ÈbEiow R￿trIttedFYllth D¢&5￿te￿Tlluth Gent￿1 EAI or15￿ry Total To allltell*Dt* COME AND ti¥DOWMENTS FROM.. ResidEnts' Coutn}u￿NS B&okTllterest lllv45bnent ￿￿orne 51J82 52930 TOTAL IwCOMEANDENDoiTrTh￿Vrs 51 52.9.10 EXPEYDrruRE0￿.. DlrthCbAr1tsbleexw￿tsr• S¢rvK In5urattec 8,503 Ih76 IIU15 8,503 IA76 24665 6,098 17J19 R¢5idElltreJa*d &gES)ONINVESTMENrs I¥ETIliCOMEIUPEbDITURE ISP21 (14J26) 19AIO TRAliSFERS BKTTrTEN FtThDS (2J13) 14777 {t3M64) ￿ETM0￿￿￿ENTllN FUNDS IA008 1,$51 RECOliCILIATION OFFtryDS TOTAL FLNDS BBobcirr FORWARD 22,161 716053 27.726 164,Z15 931￿& ,073.075 TOTAL FLTr4DscA￿IED FORWARD 13 955 ststeJDElltofFuw￿1￿A¢tivitse￿ ￿hthI 811 Ig￿51￿dI0$$cI re¢ogDtsed ￿ th¢ye4r The Sprillgett Almshouses Trust BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Freebold property SpriDgetts Altnshou5es Investtnenis 787,916 332,347 144.860 506,528 CUIIRENI ASSETS Debtors Pr¢paym¢Dts 1271 963 Bank Balancas CurreDt Account Ca]nbridge & Counties 29.1 ?4 io,o(Mi 94A34 40.395 CURKENT LIABiLtTIES 95,398 A¢CrU￿ expens& {17,908) 12,6141 Net Current A$$r 22.487 92,783 Net assets 955,263 931.658 FUD4DS Capita] Fund- R&qtricted Fullds Ullrestricted Funds Exts70rdiDary Repairs Fund clical Maiotcnallce Fund G￿traI Fund Total Ullrcstricted Futtds 22,864 22,864 732,861 29277 170262 932 399 716,853 27,726 104.215 955 931658 Approved by the Trustees alld sigJed on their beba]f by Trustee TN$tet The notes oll page 6 to 9 forni part of Ib￿¢ fiaan¢ial statetnellts The Springett Alm$hou5es Trust A Charitable Incorporgted Organlsation Notes to the accounts for the year ended 31 December 2023 Statutory Infonnation The Springett Almshouses Trust is a Charity, registered in England and Wales. The Charity's registered number and registered office address can be found on the front page. The presentation curr¢ncy of the fll]ancial statements is the Pnund Sterling (£). Accounting policies Basis of preparation of financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been pr¢pared in accordan¢e with the Charities SORP (FRS 102) 'Accounting and Reporting by Chartties: Statement of Recommend¢d Practice applicable to charities preparing their accounts in accordance with the Financial R¢porting Standard applicable in the L.K and Republic of Ireland (FRS 102) (effective l January 2015),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK Republic of Ireland, and the Charities Act 2011. These fmancial statements have been prepared under the historical cost conv¢ntioffj with the exception of investments which are included at market value. Going Concern The Trustees consider that the ChaTity has sufficient funds to meet any financial liabllities for the foTeseeabl¢ ￿tUre and that there are therefor¢ no material uncertainties regarding going concern. As a result the accounts have been prepared on a going concern basis. Merger Accounting A new Charitable Incorporated Organisation, The Springetts Almshouses Trust was registered on 12 July 2021. A resolution was pass¢d on 3 August 2021 that ail the propety and assets of the Eliza Springetts Trust (Charitable Registration No 242035) be transferred to the Springetts Alsmhouses Trust. This took place on 26 May 2022. The accounts have be¢n prepared as merger acci)unts and, for the year ended 31 December 2022, reflect the results of Eliza Springetts Trust to the date of transfcr and for the Cliaritable Iilcorporalcd Organisation for the remaind¢r of the year. Fund accounting General funds are unrestricted fiu]ds which are avaÉlabl¢ for use at the discretion of the trustees in fLlltherance of the gener￿ objectives of the charity and wbich hav¢ not been designated for other purposes. The Extraordinary Repairs Fund and Cyclical Maintenance Fund are designated funds for replacement ¢xpenditure, exceptional improvements or maintenance and routine periodic maintenanoe. Incoming resources Incoming resources are included in the SOFA when the Charity is legally entitled to the income and it &qn be quantified wÉth reasonable accuracy. Investment income is accounted for in th¢ period to which it relates. Income due at the year end is recognised as debtors. The Sprllngett Almshouses Trust A Charitable Incorporated Organisation Notes to the accounts for the year ended 31 December 2023 continued Resourees expended All expenditure is accounted for on an accrnals basis. Management and administration costs ar¢ those inCu￿ed in c4)nne¢tion with the a(Iministration of the charity and compliance wtth constitytional and stathtory requirements. Freehold property The residual value of propety is considered to be such that any depreciation of deemed cost less residual value at 2Q/o per annum would be negligible or £Nil. No depr¢ciation is charged until &ssets are brought into use. Investments Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. Freehold Property Freehold Assets in the c4)urse Property of constTuction Total Cost or valuation: At l January 2023 Additions Disposals Transfer on wmpletion At 31 De¢¢mber 2023 332.347 455,569 3_12,-147 455,569 787,916 787,916 (787,916) 787,916 Depreciation: At l January 2023 Charge for year Disposals At 31 December 2023 Net book value At 31 December 2023 787.916 787,916 At 31 December 2022 332,347 332,347 The Springett Almshouses Trust A Charitable Incnrporated Organisalion Notes to the accounts for the year ended 31 December 2023 Freehold Property continued The original cost of Springetts Almshouses is not ascertainable. However. under current accounting policies the cost would have been fully depreciated many years ago, producing a net book value of During the year, the Tn]st finished building an extension which includes three additionat flats with a common room for the use of all residents. a small kitchenett¢ and wheelchair acc¢ssible toilet. The costs of £455,569 incurred during th¢ year have been capitalised as fixed assets. These were in the course of construction at 31 December 2022 and hav¢ been transferred to freehold property in the year ended 31 De¢embeT 2023 when tenants moved into them. As the assets were only completed at the ¢nd of the year, no depreciation has been charged and will start with effect from l January 2024. Capital Fund An examination of the accounting records and the minutes of the Trustees since the creation of the charity have not revealed an auditable trail of the cash sums of £1,170 and £1,930 given to th¢ Tntst in 1871 and 1872. It is not l(nowTh whether the constrnction of th¢ thiee bungalow dwellings ¢xhausted the endowment funds represented by those cash sums. The capital fund is represented by the accumulation of income arising on the investments held in respect of the capital fund and any unexpended part of the original cash sums forming part of tbe original endowrnent. Investments Cyclical Maintcnance Main investment Fund (ERF) Fund Total Markct valuatio At l January 2023 Additions 482,540 330,464 (713,429) (2,313) 16,686 1,625 115,583 23,989 506.528 330,464 (713,577) Disposals Reallocation (149) 2,313 22 Realised IKTrss Uwealised Loss 16,718 4,727 144 860 At 31 Decemb¢r 2023 29,277 The Springett Almshouses Trust A Charitable Incorporated Organis8tion Notes to the accounts for the year ended 31 December 2023 Investments continued During the year, a furthcr £330,464 was invested in the units in the Fidelity Funds Network and £713,577 was realised on disposal of units with a realised profit of £16,718 and an unrealised profit on market V￿lle of £4,727. At the year end, th¢ investments held had a market value of £144,860 (2022: £506,528) with a cost of £140.333 (2023.. £531,810). At the year end the following were held. 377.78 Baillie Gifford Managed Fund accumulation UDits. 109,730.14 Fidelity Cash Fund W acclunulation units. 2,082.00 Liontrust Sustainable Future Managed Funds Class net accumulation units 1,586.59 Royal London Sustainable World trust C accumulation units 23.00 Vanguard Lifestrategy 600/0 Equity accumulation units. 461.32 Waverton Multi Asset Growth P accumulation units. Related Party TrAnsaction$ There have been no transactions with related parties during the year. Trustee Remuneration and Expenses None of the Trustees received any remuneration or eKpens¢s from the Charity. io The Springett iilmshouses Trust A Charitable Incorporated Organisation Independent Examinergs Report to the Trustees of The Springett Almshouses Trust We Tei)ort on the accounts of the Trust for the year ended 31 December 2023, which are set out on pages I to 9. Respective responsibilities of trustees and examiner As the charity's trustees you are responsible for the preparation of the accounts. you consider that the audit requir¢m¢nt of section 144 of the Charities Act 2011 (the Act) does not apply. It is my responsibility to examine the accounts (under section 145 of the 2011 ACL to follow procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act and to state whether particular matters have Come to our attention. Basis of independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Conlmissioners. An examination in¢lud¢s a review of the accounting records kept by tbe charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items OT disclosures in the accounts and seeking explanations from you &8 trustees concerning any such matters. The procedures undertak¢n do not proNide all the evidence that would b¢ required in an audit, and cons¢qu¢ntly we do not express an audit opinion on the view given by the accounts. Ind¢p¢ndent examiner's statement In connection with my examination, no matter has come to our attention.. (l) which gives me reasonable cause to b¢li¢v¢ that in any Material respect the requirements to keep accounting records in accordance with section 130 of the Act. and to prepare accounts which accord with the accounting records and to comply with the aceounting requirements of the Act have not been met. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. D Boobby¢r Mccabe Ford Williams Chartered Accountant Bank Cbambcrs High Street Cranbrook Kent TN17 3EG [ ] September 2024