THE SPRINGETT ALMSHOUSES TRUST A Charitable Incorporated Organisation {Charitable Registration No 1195134) TRUSTEES REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2024 INDEX PAGE REPORT OF THE TRUSTEES FOR THE YEAR TRUSTEES, RESPONSIBILITIES STATEMENT OF FtNANCIAL ACTIVITIES BALANCE SHEET NOTES FORMING PART OF THE FINANCIAL STATEMENTS INDEPENDENT EXAMfNER'S REPORT TO THE TRUSTEES io Registered Address: Springetts Almshouses Horns Road Hawkhurst Cranbrook TN18 4QZ
The Springett Almshouse$ Trust A Charitable Intorporrdted Organlsation (Charitable Registration No 1195134 - R¢gistered An England & Wales) knowTh as THE SPRINGETT ALMSHOUSES CHARITY Report of the Trustees for the year ended 31 December 2024 The Trustees submit their annual report and the financial ststements of the Springett Almshouses TTUSt for the year ended 31 December 2024. The trustees have adopted the Provision of Accounting and Reporting by Charities: Statement of Recommended practice applicable to charities prarIng their accounts in accordance with th¢ Financial R¢porting Standard applicabl¢ in the UK and Republic of Ireland (FRS102) (effeetiv¢ l January 2015). INCORPORATION AS A CHARITABLE INCORPORATED ORGAINISATIOIY A new Charitable Incorporated Organisation, The Springetts Almshouses Trust was regist¢red on 12 July 2021. A Tesolution was passed on 3 August 2021 that all th¢ propety and assets of the Eliza Springetts Trusi (Charitable Registration No 242035) be transferred to the Springetts Almshouscs Trust. This transfer took place on 26 May 2022. REFEREf4CE AM) ADMif4IsTRATIVE DETAIL Tlic Eliza SpTiiisctt Trust ('%bc TtU5V') wa5 a Ch"Itable Tt C5tablishcd utLdcr a D¢cd of Foundation dat¢d 25 S¢pt¢nib¢r 1871 by Jcssc PiprA" tli¢ Eldci of Congliw5t Hawkliui5t Kcllt wlio gave to the charity the then existing four cottages and land in Homs Road, Hawkhurst which still ranain in th¢ ownership of th¢ charity and a cash Sum of £1,170. Elizabcth Duant and IIannah Durrant (sisters of the late Eliza Springctt) gave the cash sum of £1,930 as a gift to the Charity in memory of John Springett, his wife Eliza Springett and their deceased daugbter Margaret Hannah Spring¢tL The endowment is represented by the Origin gift of land and four cottages (now wnverted into five flats) and an additional three attached bungalow dwellings constrncted out of capital fijnds together with any unexpended part of the cash sums of £1,170 and £1,930 forming part of the Capital Fla. The Endowment is to be held in pery)etuity and the income derived therefrom is to be applied towards the aims as noted below. STRUCTITRE COYERNANCEAND NAGEMENT Ihe Trustees who served during theyear were.. _ A Paul- Chairman P Jeffrey Mrs ME Taylor Mrs B J Cowdery- Resigned 8 July 2024 J Stoughton Mrs MDigman Mrs TCLing Mrs E Felton-Gerber Mrs L Z Thirkell- Appointed 15 Julv 2024
The Springett Almshouses Trust A Charltable Incorporated Organisation Report of the Trustees for the year ended 31 Decernber 2024 contlnuÈd REFERENCE AM) ADMINISTIL4TIVE DETAIL (Continued) AII Trnstees are now Co-opted. i.e. co-opted by the existing Trustees for a term of three yean8. New tnjstees are appointed as required by the existing Trustees and given an appropriate induction into the Trust. The TTUStees together have sole responstbility for all decision making. The Trustees met three times during the year to discuss policy, review the progress of the charity and to plan for the tllre. They also continued to pay particular regard to the wmfort, welfare and security of the residents. Trustees conduct a visual inspection of the property every six months. A Trustee or the Clerk to the Trustees is available to meet the Tesidents on a weekly basis. The Trust takes out insurance to cov¢r the Trustees for their actions in that role. OBJECTIVES AND ACTIVITIES 'L he aims ot-the Trust are to provide almshous¢ accommodation for poor persons who have resided in the Yansh of Hawkhurst or within surrounding parishes to a 10 mile radius for not less than tbree years and under conditions prescribed in a scheme of the Charity Commissioners dated 3 April 1970, an order dated 3 bq)tember 2OU4 and amendment dated 8 February 2005. The Governing Document was amended on the formation of the Charitable Incorporated Organisation on 4 February 2020. DurAng the year the Trustees undertook work to rnaintain the propety to the highest standard. Th¢ TSteeS will ¢onlinuc tu upgrade th¢ individual flats as they become vacant. RISK MANAGEMENT Tlic Tiu5tcts liav¢ asr5&r lli¥ rnajvr libks to which the charity is exposed, in particular those relating to the building, operations and finances of the rhaTity and are satisfied that systems are in plac¢ to mitigate their exposure to th¢ major risks. FINANCIAL REVIEW During the previous year, work was cotnpleted on a fijrther thTee flats within th¢ grounds, with a cornmon room for the use of all residents, a small kit¢h¢nette and wheelchair a¢s$ibLe toilet. Residents moved into the new flats in D¢¢¢mb¢r 2023. Additional costs of £68,943 incurr¢d d]8 the cUellt year have been capitalised as fixed assets for the fmal fit out of the flats. This has been fLded by the sale of investments generating funds of £115,866 in the year. In total, £856,859 is reflected within freehold propety before depreciation. The valu¢ of thc invcstmcnts at th¢ yr ¢nd after disposals has dmpped to £31,948 with a gain of £2,570. £23,757 from the General Fund have been transferred to the cyclical maintenance ftuld during the year. Cash held was £79,822. Th¢ fund8 have increased by £9,406 before the movements on investments and d¢pTeciation. This is after ¢yc.lical maintenAnee expendittwe of £23.570 relatin8 to the refitrbisbment of the exi8ting flats. Investments The ghare8 are held in Fidelity Fiinds Network and administrated by Fidelity. The Trustees will continu¢ to monitor their investment strategy.
The Springett Almsbouses Trust A Charitable Incorporated Organlsation Report of the Trustees for the year ended 31 December 2024 continued RESERVES POLICY It is the policy of the Charity to maintain unrestricted filllds, which are the free reserves of the Ch&rAty, at a level that equates to approximately six months Unrestrict ¢xp¢nditure. This provid¢s sufficient fimds to cover management and administration costs and to respond to emergency expenditure that may arise from time to time. Unrestricted funds were maintained at this level throughout the year. PLANS FOR THE FUTURE The Trustees are constantly r¢viewing the level of maintenance of the almshouses in order to pmvide a comfortable and secure home for th¢ residents whilst seeking ways of reducing the annual running costs wnsistent with this overall aim. Properties are updated when the opportunity arises and annual budgets allow for this expenditur¢. PUBLIC BEIYEFIT The Tntee$ confinn that they have referred to th¢ guidance contained in the Lharity LommLssion's general guidance on public b¢n¢fit when reviewing the Trust's aims alld objectiV&8 and in planning futur¢ aotiviTi¢s. TRUSTEES, RESPONSIBILITIES The Trust¢¢s ar¢ r¢quired to prepare finan¢ial stateTn¢nts for each financial year which give a true and fair Triew of thc stat¢ of affairs of the Trust and of th¢ SUTplus or deficit of the Trust for thdt period. In preparing those financial statements, th¢ TTUSte¢s are required to: sclcct suitablc ac¢ountxng poli¢i¢s and thcn apply thcm consist¢ntly' make judgements and estimates that are reasonable and prudent. prepare the financial statements on th¢ going concern basis unless it is inappropriate to presume that the Tst will continue. The Trugtees have overall responsxbility for ensuring that the charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper a¢¢ounting records whtch disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ell]re that the financial statements comply with the Charitxes 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 irregulaTities. This report w&s approved by the Trustees and signed on its behalf by Trust¢¢ A Paul Trustee E Felton-Gerber Trustee J Stoughton
Th• 5pAnEattm5h¢WÈl Trust STATEMENTOF FINAIICIALACTIVITIES INCORPORANG INCOME AND RXPENDITUREACCOUNY FOR THEYEARENDED 31 DECEMBER 2Q24 S¢b¢lo bdow G¢n 2024 2W Ct Cy¢1 Fund rdknvy nt•nlln INCOME AND ENOOWMENTS FF¢Otr¢ 71977 313 3M 73.744 7l?77 TOTAL INCOMEAND ÈP4DOWMENTS 73.744 Sl.982 EXPENDITURE ON.. ServKe5 &503 1.544 31,206 NtNe Reydehtr¢W exfftojrè iJ,syo 7,635 23,570 49,212 3&644 L•91 and prdésslorAlf• IndeyndertE%amrdtlon 5,256 5,2S1 9th) Trustee hiuranLE 333 40.711 333 Z92 305 49,821 TOTAL EXPENDITURE 23,570 NETINCOMEEXPENOITURE 33,021 1.457 DEPRECIATION Freéthld Frr (23,570) (7,é8SI NET INCQMEIEXPENDITURE BEFORE GAINS OM INVESTMENTS (2J,570) 1S,815 .6151 9,401 NET GAINS(LOSSES) ON INVESTMENTS GnsIL0$s02On Invostmon NETIN¢OM*EXPENDITURE 2,414 (21.084} 2,$70 21,445 23,605 B£ TRAN5FER$ BETWEEN FUNDS TraN(e CYclI31 Pd 2J.757 (2J.7$7) NET MOVEMEP IN FUNDS 671 (7.B71> 1S.115) 23,6Q5 RECONCILIATION OF FUNDS TOTAL FLfND$ÈROUGHT FORWAR 12,144 29.277 170,161 •55,U3 931.658 TOTALFUNP5 CARRIED FORWARD 22,8H 7J2,947 950,141 95%263 ¢deSaI1S4d
The Sprlngett Almshou$e5 Trust BALANCE SHE AS AT 31 DECEMBER 2024 2024 2023 Noto FIXED A$5Ers Freehold prcpery SpringetES Mmshou5es Investsnen¢5 839,721 787,916 31.948 144,860 CURRENT ASSETS Debtors Prepayrnpnts 1.428 Bank Balances Lloyd5 Current Account cambrid & coun¢8 Lloyds Instant AccÈsg 16.438 53,383 10.fy)o 29,124 10.o(M) 81,250 40,395 CURRENT LIABILITIES Accrued expenses 12,7ni 117,9081 N¢t Curront Assets 78,47? 22,487 Net assets 950.148 955.263 FUNDS Capital Fund- Restrlcted Funds Unrestricted Funds Extraordinary Repairs nd Cytlieal Maintenance Fund Geral Fund Total Unrestricted Funds 22,864 22,864 732.947 31.948 162,390 927,284 732,861 29,277 170,262 932.399 950,148 955,263 Approved by the Tte¢S and $ied on their behaw by Trustee Tru5tse Th¢ notes on page 6 to 9 forni part of these financi statements
The Spring¢tt Almshouses Trust A Charitable Incorporated Organisation Notes to the aeeounts for the year ended 31 December 2024 ststutory Information 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. Th¢ presentation currency of the financial statements is the Pound St¢rling (£). Accounting policies Basi5 of preparation of financial statements The financial statements of the charity, which is a public b¢nefit entity under FRS 102, hav¢ been prepared in accordance with the Charities SORP (FRS 102) 'A¢counting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in cordance with the binalleial R¢porting Standard applicable in the UK and Republic of Ireland (FRS 102) (¢ffectiv¢ l January 2015),, Financial Reporting Standard 102 'The F'inancial lieporting Standard applicable ITh the UK and Republic of Ireland, and the Charities Act 2011. Ihese financial statements havc been prepared under the historical cost convention, with the exception of investtnents which are included at market value. Going Concern Tli¢ Ti LLblrrb iviibidrr iFidl lh¥ ChaTity has sufficient fund5 to rne¢t any financial liablllties for the foreseeable tllre and that the are therefore no material uncertainties regarding going Concern. As a rcsult thc accounts have been PTcparcd on a going concern basis. Merger Accounting A new Charitabl¢ IncoTporatcd organisatio The Springctt5 Almshouscs Tnt was iegi5tu-cd oil 12 July 2021. A resolution was passed on 3 August 2021 that all th¢ propety and assets of the Eliza Springetts Tnt (Charitable Regtstration No 242035) be transfett¢d to the Springetts Alsmhous¢s Trnst. This took place on 26 May 2022. Th¢ a¢¢ounts in thc ycar of transf¢r w¢re pPar¢d as merger accounts reflecting th¢ results of Eliza Springetts Trust to the date of transfer and for the Charitsble Incorporated Organisation for the remainder of that year. Fund accollnting General fimds are unrestricted fimds which are available for use at the discretion of the tLUStees in filltherance of the general objectives of the charity and which bave not been desiated for other piirpo.qe.8. The Extraordinary Repairs Fund and Cyclical Maintenance Fund are designated fijnds for replacement expenditure, exceptional improvements or maintenance and routine periodic maintenance. Incoming resources Incoming resources are included in the SOFA when the Charity is legally entitl¢d to the income and it can be quantified with reasonable accuracy. Investment income is accounted for in the period ta which it relates. Income due at the y¢ar ¢nd is recognised as debtors.
The Springett Almshouses TTUSt A Charitable Incorporated Organlsation Notes to the accounts for the year ended 31 December 2024 continued Resources expended All expenditure is accounted for on an accruals basis. Management and a(hninistration costs are those incurred in connection with the admiillstration of the charlty &Thd complianc¢ with constitutional and statutory requir¢m¢nts. Freehold property The original propety has no known value. The new flats finished in the previous year, with some further fit-out costs incUed in the current yeaT, are valued at the cost of construction. Depreciation is charged at 20/0 on a straightlin¢ basis trom when the &ssets are brought into us¢. The new flats were 0¢pIed in Decernb¢r 2023 so a full year's dcpreciation has b¢¢n charg¢d in this year. Investments Investments are stated at market value at the balance sheet date. The SOFA includes the net gnS and losses arising on revaluations and disposals throughout the y¢ar. Freehold Property Freehold Property Total Cost or valuation: At l January 2024 Additions Dxspogals Transfer on completion At 31 D¢¢¢mbw 2024 787,916 787,916 68,943 68,943 856,859 856,859 Depreciation: At l January 2024 Charge for year Disposals At 31 DerefflbcT 2024 17,137 17,137 17,137 17,137 Net book value At 31 December 2024 839.721 839,721 At 31 December 2023 787,916 787,916
The Springett Almshouses Trust A Charltable Incorporated Organisation Notes to the accounts for the year ended 31 December 2024 Freehold Property continued The original cost of Springetts Almshouses is not ascertainable. HoweveT, under cuffent accounting policies the cost would have been fully depreciated many years ago? producing a net book vue of nil. During the previous year, tbe Trnst finished building an extension which includes three additional flats with a common room for the use of all residents, a small kitchenette wheelchair accessible toilet. Tenants moved into them at the end of 2023. Additional costs of £68,943 incurred during the Ye have been capitalised as hxed assets t.or the tinal tit out of the flats. As the assets were completed at the end of the 2023, a full year's depreciation has been charged in this year. Capital Fulld An examination of th¢ acuuulltin¥ r¢Luidb (a th¥ rninut¥¥ vf th¢ Trust¥ ¥in¥¥ th¥ *tIOn of th ¢haTity have not revealed an auditable trail of the cash sums of £1,170 and £1,930 given to th¢ Trust 111 1871 £uid 1872. 11 ib ILUI wliriliri IILf WLlbli"ublivIi uf Ilir Llll"rr bwigaluw dwrlliIigb exhausted the endowment fimds 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 fimd and any un¢Ap¢nd¢d part of th¢ origixlat thsli sums fonning part of th¢ orisinal wdowm¢nt. Inv¢stm¢nts Cy¢li¢al MainteE)an¢¢ Main investment Fund (ERF) Fulld Total Market valuation.. At l Jonuary 2024 Additions 115,583 29,277 384 144,860 384 Dispo8&ls Reall0110 (115,669) (197) (115,866) Realised Gai 86 ios Unrealised Gain At 31 De¢emb¢r 2024 31,948 31,948
The Springett Almshouses Trust A Charitable Incorporated Organisation Notes to the accounts for the year ended 31 December 2024 Investments continued During the year, a fiher £384 was invested in the units in the Fidelity Funds Network and £115,866 was Tealised on disposal of units with a realised profit of £108 and an unrealised profit on market value of £2,462. At the year enQ the investments held had a mket value of £31,948 (2023: £144,860) with a cost of £29,432 (2023: £140,333). At the year end the following were held. 377.78 Baillie Gifford Managed Fund accumulation units. 2,331.UL) b'idelity Lash Tr'und W accumulatton umts. 2,082.00 Liontrnst Sustainable Future Managed Funds Cl&ss net accumulation units 1,564.21 Royal London Sustainable World tLUSt C accurnulation units 23.00 Vanguard Lifestrategy 60 /0 Equity accumulation units. 452.32 WavertotL Multi Asset Growth P acclllnulation UDits. Related Party Transactions There have been no transactions with related parties during the year. Trusts¢ R¢niun¢ration and Exp¢ns¢s Non¢ of the Trustees received any Temulleration or expenses from the Charity.
io The Springett Almshouses Trust A Charitable Incorporated OrgAnisation Independent Examiner's Report to the Trustees of The Springett Almshous Trust We report on the accounts of the Trust for the year ended 31 D¢¢¢mb¢r 2024, which are set out on pages I to 9. Respective responsibiliti of trustees and examiner As the charity's trustees you are responsible for the preparation of the accounts J you consider that the audit Tequir¢ment of section 144 of the Charities Act 2011 (the Act) does not apply. It is my responsibility to examin¢ the accounts (undet section 145 of the 2011 Act, to follow procedures laid down in the General Directions given by th¢ Chartty Commissioners under section 145(5)(b) of the 2011 Act and to state whether particular matt¢rs hav¢ 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 Commissioners. An examination includes a review of the accounting records kq)t by th¢ chariry and a copatIbn uf th¢ aknuuunt¥ pr¥¥wt with Ihvs¥ TTa. li ulbu iIiLILLd&ty WilderatIV ufaTry lU¥Ul iluny vr dibLlubut¥b lli Lb¥ It11b brrkiIL¥ rAylalldLiuLlb fiuiii yvu &s tLu¥lrrb concen]ing any such EnatteTS. Th¢ proc¢dut¢s und¢rtak¢n do not provid¢ all th¢ evidence th&t would b¢ A'f4UAitsI iii wi audit, wid uoiisc4UClltly wc do Llot cxpicss audit opiilioii oil dic vi¢w giv¢ii by the accounts. Independent examiner's Statement In conncction with my examinatio no matter has come to our attention: (l) which gives me reasonable cause to believe that in any rnaterial Tespect the requirements to kp a¢counting records in accordance with seotion 130 of the Act. and to prare a¢counts which accord with the accounting records and to comply with the a¢¢ounting requirements of the Act have not been met. or (2) to whid4 in my Opinio attention should be drawn in order to enable a proper understanding of the accounts to be reached. DBO er Mccabe Ford Williams Chartered Aeeountant Bank Chambers High Street Cranbrook Kent TN17 3EG