Charlty number,. 1195619 Earl of Southampton Trust Trustees, annual report and flnanclal statements For the year ended 31 March 2024 Compass Accountants Ltd Venture House The Tannerles East Street Titchfield H3mpshlre P014 4AR
Earl of Southampton Trust Charlty number: 1195619 Contents Page Legal and administrative information Trustees, annual report Statement of Trustees, responsibililies Report of the Independent Examiner Statement of financlal activities Balance sheet Notes to the financial statements 9-16 Appendix l- Almshouses Income and expenditure account 17
Earl of Southampton Trust Charlty number: 1195619 Legal and administrative information Charlty number 1195619 Principal addre55 24 The Square TitchfiÈld Hampshire P014 4RU Trustees Nominated by Fareham BorouÈh Ctsun¢S1 Mrs F Knight (Chairl Mrs C Hockley Mrs A Dèvoll Mr l BTewerton Co-opted Trustees Mrs M Burner Mrs A Kellv Mrs Kathleen Knights Mr Nlck Glrdler Mr Simon Wardell Mrs Amanda Morait Mrs Helen Devereux Em-offltlo Trustee None at present Clerk to the Tyustees Mrs T l Kennev Independent examiner Kerry Lawrance FCA Accountants Compass Accountants Limited Venture House Yhe Tannerie5, East Street Tltchfleld Hampshlre P014 4AR Bankers CAF Bank Ltd 25 K1ngs Hill AVene Kings Hill, West Malling Kent MEJ9 41Q Sollcltors Lester Aldridge LLP Alleyn House. Carlton Crescent, Southampton S015 2EU Investment advSsers Brewln Dolphin Commerclal Union House 29 Pilgrim Street Newcastle Upon Tyne Northumberland NEI IBR Page I
Earl of Southampton Trust Charity number: 1195619 Report of the trustees for the year ended 31" March 2024 The Tlustees p¥esent their feport and thè finanelal stalements for the year ended 31, March 2024. The Trustees, who served durinE the year and up to the date of thi5 repoTt ale set out on paBe l. The Trustees have had due regard to the Etjidance issued by the Charity CommÈ55ion on Publlc Benefit. Structurei governznce and management Governin Document The Earl of Southarnpton Trust Is registered as a charity with the Charity Commlsslon. A Charit3ble Incorporated Constltution dated 23 August 2021 govern5 the Trust. olntment of Truslees Thp body of Trustees consists of eleven persons being foul Nominated Trustees and seven Co-opted Trustees. The Nominated Tru5tÈes are persons who are resident in or near the Ancient Parish of Titchfi@Id and ère appointed by Fareham Sorough Council. Each term is made for a period Of four years. The Co-opted Trustees are persons whts have special knowledge of the Ancienl Parish of Tltchfield, by way of residence, occupation, employment or otherwise. Each term 15 made for a perlod of flve years. There is currently no Ex-offlcio Trustee (incumbent of the benefice of St Peter, Titchlieldl- Tiustee Induction & trainln There is a formal induction policy in plate for whenever a new Trustee is appointed. Before a new Trustee accepts the appolntment, the elerk provides all new Tru5tee5 Wlth a brleflng pack Containing all relevant Informatlon. The clerk will arrange a tour of the almshouses and meet some of the residents. Or anisation In addition to the body of eleven Trustees, there Is one non-voting Clerk to Ihe Tru5tee5. Related Parties The Charity acts independently from other charities and does not have any related parties. Risk Mana emen There Is a lormal rlsk management policy coverln@ governance. operational, financial, envlionmental and compliance that is Tevi8wed règularly In all areas of the charity's work. Approprlate action is taken to manage the risks that have been identified. Objectives and activities for the public beneflt Ob The obj@ct5 of the CIO, as set out in the Charity Commisslon Constitution of 23, August 2021 for the public benefit are.. al the Telief of finanelal hardship, and the relief of poverty, of people in the beneficial cla%% by= the provision of almshouse accommodation and ancillary eqtslpment, services and financlal relief for almspeisons appointed from the clas5 of beneficiarles- and making grants of money or providing or payln8 for items, services or facilities that Èithèr gènerally or individually will relieve financial hardshlp. bl the ielief of the tharitable needs of elderly people In the Anclent Parish of Titchfield Pa8e 2
Earl of Southampton Trust Charlty number.. 1195619 Report of the trustees for the year ended 31" March 2024 Areas of activl TheTru5t's aclivities are confined to th8 area of thè Anclent Parish of Titchfield which is now Subdivided into the Church of England parlshes of st Peter. Titchlield. St Paul, Sarisbuiy & Whileley, St John, Locks Heath, St Mary Hook with Warsash, Holy Rood, SlubbinBton and St Faith, Lee on Solent. When an almshouse becomes vacant It Is advertlsed throughout the Ancient Parish inviting application5 from people in need. The successful applicant Ès selected by a panel of Tru5tee5 on the basls of the degree of need demonstrated. Most recommendations for Relief In Need Grant5 are made to the Tru51 by the Soclal Servlces, doctors, district nurs@s, local councillois, or ministers of the varlous churches. Grants are made in the light of the degree of need. Decisions regarding the mana£ement of any of the above areas are made by theTru5tee5 at thelr monthly meetings and re carrled out L)v the Clerk. In cases of extrerne urgèncy, Immèdlate asslstance can be given at the direction of the ChairmaTr. Public benefit The Trustees confirm that thoy have rÈfeired to the gtsidan¢e contained in the Charity Commission's general guidance on public benefit when revlewing the Charity's aims and objective5 and in planning future actlvlties. Pro ert During the year, £78,904.4312023'. £45,574.651 was Spent from the maintenance fund for renovations. ort for the Elderl Payments tolaling £10,278.9512023'. £8,960) were made during the year to organisa110115 and Clubs wlthln the Ancient Parish of Titchfield who provide Support to thc cldorly. Charitable Grants Charitable grant payments totalling £18,393.6412023.. £16,399.57) were made during the year. These werè made up as follows.. Appliances Carpets Debts £2,906 £2,393 E775 £150 Food Vouchers Household ItÈms £450 £2,724 Medical Equipment £750 Support to Local Oreanisations £8,245 Flnancial Review The Charlty's flnanclal actlvities for the year are shown on the Statement of Financlal Activities on page 9. Total re5ervÈs of the Charlty 35 of 31 March 2024 amount to £1.818.36012023-. £1,808,946). The Charlty's propertles are included in the account5 at thè hlstorlcal cost value including any property Improvernent expendlture. In the opinion of theTrustees, the market value of the Charity's properties IS £5,099,100 beinE £3,460,956 ih èKCè%% of book value. Accordingly, the Te5erve5 of thè Charity, when the properties are stated at market value, amount to £5.279,31612023.' £5,293,6531. Page 3
Earl of Southampton Trust Charlty number: 1195619 Reportofthe trusteesforthe year ended 31" March 2024 5nvestment owers and ollc Brewin Dolphin are the Trust's Investment advlsors. Re5erve5 PoliE It is the policy of the charlty to maintain un¥estricted re5erve5, which are the free reserves of the charity, at a levèl that provides sufficient funds to cover management 3nd administration and supporl costs to respond to emergency appli¢atiofts for grants that arlse from time to time. The unrestricted general funds al 31 March 2024 amounted to £1,775,54712023.. £1,766,133) of which El,638,14412023.' £1,399.4571 Is Invested in land and property to fulfil the charity's objects, with a lurther investment in propeity of £Nil 12023.. £215,000 - the Investment propeTty belng transferred to freehold land and propeTty in the yearl leavinB free reserves of £137,40312023.' £151.7391 including designared reserves of £139,01312023.. £139,5221. The Trustees consider that the free reserve5 were malntalned al a Suitable lovel throughout the year. Fund Raisln In compliance with the requirements of the Charities Act 2016 and the Fundraising Regulator it is confirmed that the Trust does nol undertakè fundralslng and no professional fundralser has been tnvolved. The Trust occasionally rÈtèlve% sm811 donations. The Trust acknowledges and will comply wlth all requirements to be taken into account for any fundraiiing actlvities it undertakes in the future. Plan5 for future Periods Provide almshouses which are lit for purpose for 21 century living Piovide grant5 to thcse In need and to support educational advan¢ement to those In flnancial hardship Improve link5 to primary schools and vSsibility for access to grants Ralse our profile with gatekeeper5 GTOW our Income and maximise our income from existing sources 6. Attract competent dlverse skllle staff and Trustees to Serve the communitv Mr l Brèwerttsfi On behalf of the Board Date.. Page 4
Earl of Southampton Trust Charlty number: 1195619 statement of trustees, responslbillties for the ye3r ended 31 March 2024 The Trustees are iesponslble for pieparing theTru5tees' Annual Report lincluding the Strate8ic Report) and the financial statements in accordance with United Klngdom Accounting Standards Iunited Klngdom Generally Accepted Accounting Practlcel. The law applicable to Ihdrlties In England & Wal&s YequlrÈs the Trustees to prepare financial Statements for each financlal year which Eive a iruÈ 3nd falr view of the State of affair5 of the charity and of the incoming rÈsources and 8pplicatlon of resources of the tharity for that peiiod. In pparIng these financial statèmènts, the Trustee5 are iequired to.. select suitable ac¢ountlng pollcles and then apply them con%lstently,- observe the. mpthods and principles in the Charities SORP 2019 IFRS 1021,. make judgements and estimates that are reasonable and prudent,. stare whether applicable UK Accountingstandards have been followed, subject to any material departures disclosed and explalned in the financial statpments; prepare the financial statements on the going conrn basi% unless it is inappropriate to presume that the charitable company will continue In operation. The Trustees are responsible for keeping proper accountlng records that disclose wlth reasonable accuiacy at any time the linancial position of the charity and enable them to ensure thai the financlal statements comply with the Charitles Act 2011, Ihe Charity IAccounts and Repoitsl Regulatlons 2008 and the provisions of the trust deed. They arp also responsible for salcguardlng the assets of the charity and hence for takinE reasonable steps for thÈ prevention and delectlon of flaud and other irregularltie5. Mr l Brewerton On behalf of the Board Date: ITh )1 QCQrnber )L)i(k Page 5
Earl of Southampton Trust Charity number: 1195619 Independent examlner'5 report to the Trustees of the Earl of Southampton Trust I report to the charity tru5tee5 on my examSnatlon of the accounts of the charity for the year ended 31sl March 2024 which are set oul Dn pages 7 10 16. Responslbllitles and basls of report A5 the charlty's trustees you are responsible for the preparatlon of the accounts in accordance with the requirements of the Charities Act 20111'the ACYI. I report In respecl of my examinatlon of the charily's accounts carried out under section 145 of the Act and In carrying out my ex3mln8tion I have followed all the appllcable Dlrectlons Eiven by the Charity Commission under section 14515llbl of the Act. Indepertdent examlner's statement I have completed my examlnatlon. I confirm that material matters h8ve come to my attention In connection wlth the examlnation @iving me cause to believe ihat in any material respect- accountlnE records were not kept in respect of ihe charity a5 required by section 130 of the Att,. or the account5 do not accord wlth those records. or the accounts do not comply with the applltable requirements concernIg the form and contenl of accounts set out in the Charitles IAccounts and Report%} Rggulatlons 2008 other than any roquirement that the accounts Eive a 't¥ue and fair view, which Is not a matter considered as part of an independent examination. I have no con¢erns and have come across no other matters in connection with ihe examination lo which altehtlon should be diawn i this report In order to enable a proper understandlng of the accounts lo be rè8thed. Kèrry Lawrance FCA Compa55 Accountants Llmlted Ventyre House The Tannerie5 East Street Titchfleld Han7pshire P014 4AR Date.. 1gm4 tsEc 24 Page 6
Earl of Southampton Trust Charity number: 1195619 Statement of financial activities lintorporatlng the income and expendlture Bccountl For the year ended 31 March 2024 Unrestricted Endowmertt funds funds 2024 Total Unrestrlcted Endowment funds funds 2023 Total Notes Income from.. Charitable aclivities WMC Income 154,317 154,317 65,861 65,861 Grant Income InvesÉmenls 6,156 6,156 1,962 1,962 Total Income 160,473 160,473 67.823 67,823 Expendtture on: Charitable activilies CharSlable grants Almshouse expenditure Other supporl cost5 29,385 93,466 27,543 29,385 93,466 27,543 12,103 26,720 15,808 12,103 26,720 15,808 Total expendlture 150,394 150,394 54,631 S4,631 Net gainsllltsssesl on investments 16651 16651 3,455 3,455 Net incomellexpendllurel 9,414 9,414 16,647 16,647 Transfers belween funds Net movement In furbds 9,414 9,414 16.647 16,647 Reconclllatlon of funds: Total funds brought forward Total lun(Ss transferred from predecessor charity- The Earl of Southampton Trust Icharitv 2385491 1,766,133 42.813 1,808,946 1,749,486 42,813 1.792.299 Total funds carrled forward 1,775,547 42,813 1.818,360 1,766,133 42,813 1,808,946 All recoEnlsed Bains and losses are included in the Statement of fiftanclal activities. The notes on pages 9 to 16 form an Integral pari of these flnanclal statement5. Page 7
Earl of Southampton Trust Charity number: 1195619 Balance Sheet as at 31 March 2024 2024 2023 Notes Fixed assets TangÉble èssets= Other fixed assets Freehold13nd and prope¥tv 1,638.144 1.399,393 1,638,144 1.399,394 Inve51ment5'. ShJrc5 and Securities Investment property 139,013 139.522 215,OLK) 139,013 354,522 1,777.157 1.753,916 Current assets Cash at bank and in hand 71.595 61,750 71,595 61,750 Creditors: Amounts falling due within one year io 16,5771 6,7201 Net current assets 65.018 55,030 Total assets less current liabilities 1,842,175 1,808,946 Creditors: Amounts falling due after more than one year li 123,8151 Net assets 1,818,360 1.808,946 Funds Unrestricted funds Designated funds Endowment funds 12 12 13 1,636,534 139,013 42.813 1,626,611 139.522 42,813 Total funds 1,818,360 1,808,946 The financial statement5 were approved by the Board and signed on its behalf by Mr l Brewerton On behalf of the Board of Trustees Date: I f Ih The notes on pages 9 to 16 form an Integral part of these finantial statements. Pagè 8
Earl of Southampton Trust Charity number: 1195619 Notes to the financial statements for the year ended 31 March 2024 Accountlng policle5 1.1. Charity infomiatlon The Earl of Southampton Trust is a re815tered chaiity, number 1195619. The Earl of Southampton Trust meèts thè deflnitlon of a public benefit entily under section 34 of FRS 102. Assèts and liabilities are SnStlally recognised ai historical c05t or transaction value, unle55 Otheiwise stated in the relevant accountlng polity. The princip31 objectives of the charity are detailed in the Trustees report. 1.2. Basis of preparation of flnan¢lal statements The financial 5tatemeniS have bee¢) prepared in accordance with Accounting and Reporting by CharitSes'. Statement of Recommended Practic2 appllcable to charities preparing theii accounts In accordance wlth the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in Ihe United Kingdom and Aepublic of Ireland IFRS 1021, the Charitles Act 2011, and UK Generally Accepted Accounling Pr8clice. The financlal siatements have been prepaied on a going concern basis as the Trustee believes that no mèterial unceTtaillties exlst. The Trustee has considered the level ol fund5 held and the expected level of income and exppnditur& for 12 months from authorising these financial statements. The budgeted Income and expenditure is sufficient with the level of reserves for the charily to be able to contlnue as a Eoing concern. The financFal statements are presented in sterling which is the ftsnctSonal currency of the company. Monetary amounts In these financial statements are rounded to the nearest £. 1.3. Fund accountlng General funds are unrestricted fund5 which are available for use at the discfelion of the T¥uslee5 in furth@rante of the Beneral objective5 of the Trust and which have not been deslÈnaled for other purposes. Designaled funds comprise unrestricted funds that have been set aslde by the TrustÈes for partlcular purposes. The aim and use of each deslgnated fund is set ovt in the notes to the financial statements. Investment Income. gains and105ses are allocated to the appropriate fund. 1.4. Income Income is reccFgnlsed when the chaTlty ha5 entltlement to the funds, any performance tonditions attached to the itemlsl of income have been mel, It Is probable that the income will be ieceived, and the amount tan be measured reliably. Income from investments is included in the year in whlch it is receivable. Legacies are included when the charlty Is advised by the peisonal representatSve of an estate that payment will be made or property transfe¥red and the amount It)volved can be quantified. 1.5. Investment galns and losses This includes realisod and unreallsÉd galns or losses on the sale of investments, and any gain or loss rÈsultlnE from revalulng Investments to market value al the end of thè year. Page 9
Earl of Southampton Trust Charlty number: 1195619 Notes to the financlal statements for the year ended 31 March 2024 1.6. Expendlture Expenditure 15 recognised on an accrual basis as a liability Is incurred. Expendlture includes any VAT whlch cannot be fully recovered, and is repoited a5 part of the expenditure to which it relates. Charitable expenditurÈ comprises those cost5 incurred by the charity in the dellvery of its activities and servlces foi its beneficiaries. It include5 both costs that can be allocated directly to such actLVltles and those costs of an indirect nature necessary to support them. GovÈinance cost5 include those co5t5 incuired in the governance of the company and its assets and are primarily associated with tonstitutional and statutory requirement5. 1.7. Tangible fixed assets and depreciation Tangible fixed assets with a cost orvalue greater than £l.000 and a useful life exceeding one year Jre ¢apitallsed at hlstorlc cost. Freehold properlies are included in the accounts at their hÉstDrit togt plus improvement expendituie lo date. An estlmate of the current market valve 15 given by the Trustees in nole 7. DepreclatlDn has been Provided at rates calculated to spread the cost of each 3sset over its expected useful life as follows.. Computer and office equipment 33% reduclA8 balance No deprecialion is provided in respect of freehold properties as, in the opinior* of the Trustees, the expected nÈt reallsablevalues are signi1Scantly in exce55 of thoircurrent net book values, and any ie5ulting depreclation charge would be immaterlal. 1.8. Investments Fixed asset investrnent5 in quoted shares, Iraded bonds 01 slmilar, are valued initially at Cost and subsequentlv at falr value In the accounts using their mid-maiket Vdluatlons al the year end. Investment property is carried at falr value determined annually either by the Trustees or by external valuers. No depreciatlon is provlded and change5 in fair value ale recognised in the Statement of Flnancial Activities. 1.9. Basic finantlal Instruments The Tru5t'% financial assets and li3billties con5i5t of cash and cash equivalents, short term investments. trade debtors, trade credltor% and atclued expense5. The fair value of these items approximales their t3rryinE value due to their short-term value. Unless otherwise noted. the Trust is not exposed to slEnlficant interest, forelgn exchange or credil ri5k5 drislng Irom these instruments. 1.10. Cash flow Statement The charily has taken advantage of the small charity exemplion from prepar4ng a tash flow statement. Page 10
Earl of Southampton Trust charity number: 1195619 Notes to the flnancial staternents for the year ended 31 March 2024 Income from Almshouses and other propertv Unrestrlcted funds 2024 Total Unrestrlcted Funds 2023 Total Weekly maintenance contributlon received from Almshouses Car park income Other rent received 148,884 5,433 148,884 5,433 62.277 522 62,277 552 3,032 3,032 154,317 154,317 65,851 65,861 Almshouse expendlture Unrestricted Designated funds lunds 20Z4 Total Unrestricted Deslgnated funds fund5 2023 Total Administration salary Routine maintenènce 8,424 1.380 255 8,424 84,787 255 3,734 1,713 3,734 22,986 83,407 21,273 urS1ilies and sundry expense5 10,059 83.407 93,466 5,447 21,273 26,720 Governance and support costs 2024 2023 Governance costs Governance salary Accountancy Legal fees Support COSt5 stationery and postage Computer consumables Telephone Deprèclatlon and loss on disposal of assets Sundry expenditure 8.423 3,048 11,997 3,799 3,666 7,098 126 577 93 457 50 71 525 715 574 873 55 1,203 Bank tharges Entertainment 27,543 15,808 Page 11
Earl of Southampton Trust Charlty number: 1195619 Notes to the flnanclal statements for the year ended 31 March 2024 Staff costs 2024 2023 Employment costs Wage5 and 5alarles Social security cos15 Pensltsn contributions 16.538 7,468 309 65 16.847 7,533 The average number of employees durlng the year was l. No employee received emoluments of mole than £60,QDD. Trustees, emoluments No trLlStees received remuneration during the period or were relmbursed for expenses incurred12023.. Nonè). Tangible fiKed asset5 Computer and office equipmènt Total C05t Cost brought forward Disposals At 31 March 2024 DepreciatlDn At l April 2023 Charge for the year At 31 March 2024 Net book values At 31 March 2024 At 31 Marth 2023 Page 12
Earl of Southampton Trust Charlty number: 1195619 Notes to the financlal statements for the year ended 31 March 2024 Freehold land and propertv Weekly malntenance Cost Includlng contributlon Improvements recelved at l Aprll 2023 C05t includlhg Market Improvemenls at value at 31 March 2024 31 Marth 2024 Addltlon5 Borry's Cott(3gE5 15 High Street 17 High Slreet 19 High Street Godwins Cottoges 19a South Street 19b South Street Pursons Cottuoes 16 West Street 18 West Street 7,001 7,450 7,001 225,000 225,000 225,000 3,000 3,tx)o 6.981 7,450 136,016 136,016 245,000 245,000 7,001 8,623 6.981 6,981 240,000 240,000 240,000 240,000 278,040 278.040 20 West Street 22 West Street Godfrey s Cottoge 14 Frog Lane Orchord Cottoges 26 Frog Lane 28 Frog Lane 30 Frog Lane 32 Frog Lane 34 Frog Lane Ellis Cottoges 11 Gainsborough Mews Ila Galnsborough Mews Land at Skinhouse Piece Land at rear of 75 West street Barrvs Meadow Car Park Plots 10 & 15 24 The Squ3re 24a The Square (Flat 2 abovel 6 Lower Bèllfleld 8 Lower Bellfield 7,450 166.989 166.989 240,000 7,001 7.002 7,001 6,954 6.957 245,000 245,000 245,000 245,000 245,000 327.860 327,860 8,750 7.001 117,500 117.500 250,000 250,000 600 1.000 2,500 300 300 5.433 2,337 2.337 16,622 23,751 215.000 40,373 215.000 164.165 186,564 250,00 215,000 270,000 270,00 7,848 10.471 6,980 164.165 186,564 154,317 1,399,393 238,751 1,638,144 5.099,lOfl The Investment property al 24a The Square was transferred to freehold land and property In the year. PaEe 13
Earl of Southampton Trust Charity number: 1195619 Notes to the financial statements for the year ended 31 March 2024 Investments Shares and $e¢urltles Book cost Mld-market Galnsl Book cost Mld-market at l Aprll value at l Additions1 (Losses) on at 31 Maich value at 31 2023 Aprll 2023 IDssposalsl Investments 2024 March 2024 Main investment COIF Charitles Deposit fund 8,799 8.799 18,7991 Recoupmentlund Brewin Dolphln Recoupment fund 115,278 115,278 1114.613 16651 Cycliculmuintenoncefund COIF Charities DeposÈt fund 15,445 15,445 123,568 139,013 139,013 139,522 139,522 156 16651 139,013 139,013 Investment propertv Freehold Investment Propertv Valuation At l April 2023 and 31 March 2024 Transferred to freehold land and properly 215,000 1215,0001 io. Creditors: amounts falling due within one year 2024 2023 Almshouse deposlts Accruals Other ¢re(JStors 3,976 2,544 57 3,976 2,694 50 6,577 6,720 ii. Credltors: amounts falling due more than one year 2024 2023 Almshouse inteFest free loan 23,815 23.815 Page 14
Earl of South3mpton Trust Charlty number: 1195619 Notes to the flnancial statements for the year ended 31 March 2024 12. Unrestrlcted funds Galnsl Ilossesl l April 2023 Income Expendlture Transfèrs 31 March 2024 General fund 1,626,611 156,694 193,3171 177.2041 1,612,784 Designated funds: Cyclical maintenance fund Extriiorcflnary repair fund Routine maifttenan fund Recoupment fund 24,244 157 133,8661 131,7821 115,1791 148,478 31,782 15,179 16651 1118,2351 139,013 115,278 3.622 1.766,133 160,473 1174,1441 16651 1,751,797 Galnsl Ilossesl l Aprll 2022 Income Expendlture Transfers 31 March 2023 General fund 1,679,386 133,2951 119,4801 1,626,611 Designated funds.. Cyclical malntenance fund Extraordin8TV repair fund Routlne maintenance fund Recoupment fund 24,244 14.9691 112,4541 13,8501 4,969 12,454 3,850 11,7931 24,244 113,616 3,455 115.278 1,817,246 154.5681 3.455 1,766,133 The following fund5 have been designated by the Trustees.. Cycllcal maintenance fund- the fund was set up to provide for periodic malntenance of the Almshouses, to inclijdè external and internal redecoration. Routine Maintenance fund- the purpose of this fund is thè provSslon of every clay mlnor iepalrs and servlcing. Recoupment fund-the purpose of thi5 fund is to recoup the original purchase and building cost of the AIFllshouses acquired slnce ihe Trust was @5tabli5hÈd. Page 15
Earl of Southampton Trust Charlty number: 1195619 Notes to the flnanclal statements for the year ended 31 March 2024 13. Endowment funds Gains/ IIos5esl l April 2023 Intome Expendlture Transfer5 31 March 2024 Endowment fund 42,813 42,813 42,813 42,813 Galnsl losses) l April 2022 Income Expendlture Transfers 31 March 2023 Endowment fund 42,813 42,813 42,813 42,813 The endowment fund iepie5ents those assets which must be held permanently by thÈ Charity which in this case are. the proceeds arising from the sale of pari of the 18nd situated at Barry's Meadow, to enable an extension to be built to the Jubilee SuTgery. 14. Analysls of net a55ets between funds Tanglble fixed assets Net turrÈnt Long term 2024 Total Investments assets Unrestricted funds De5ignaled funds Endowment funds 1,638.144 22,205 123,8151 1,636,534 139,013 42,813 139,013 42,813 1,638,144 139,013 65,018 123,8151 1,818,360 Tanglble fixed assets Net current assets 2023 Total Investments Unre%tritted Ivnds Designated funds Endowment funds 1.399,394 215,000 139,522 12,217 1,626,611 139,522 42,813 42,813 1,399,394 354,522 55,030 1,808,946 Page 16
Earl of Southampton Trust Charity number.. 1195619 Appendix I Almshouses Income and expenditure account For the year ended 31 March 2024 2024 2023 Income Weekly malntenance contrlb¢Jtion received (note 71 154,317 65,861 Expendlture Malntenance fund 83.407 22,986 Repairs and Renewa15 1,380 Insurance Subscrlptlons and Courses Rates and water 255 Administration Salary 8,424 3,734 93,466 26,720 Net Income from Almshouses 60,851 39,141 Page 17