Charity number: 1198776 UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE VERNEY ALMSHOUSE CHARITY cio
THE VERNEY ALMSHOUSE CHARITY CONTENTS Page R•f•renc• and admini8trativo details of th• Charrty, its Trust•es and advis•rs Trust••s' report Slatemtnt of finathcial activiti•s Balance sheet Notes to th• financial statements 6-10
THE VERNEY ALMSHOUSE CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Sir E Vèmey N Vemgy A Vemey Charlty re9iSt•red nurnber 1198776 Prin¢lpal otN¢e Claydon Estate Offiee MdIe C18ydon BuCnghrn MK18 2EX Page 1
THE VERNEY ALMSHOUSE CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trust866 present their annual rgpwt ioggther 1h the financial statsmonts ofthe The Vemey m¥hSe Charity forth• ygar 1 Jnu8ry 2023 to 31 December 2023. The charity was règbtèrèd As 8 CIO with 8 chaiity ragi5tr8tion number 011198776 on 28 April 2022. Thè chority èffoctlvely took over the operations of Aknshou$• Chaity of Slr Ralph Vemfry l¢hW number 2034371 on 1 January 2023 with the lomial transfer date being registered al the Charity Ctsmrnisslon as 8 Seplember 2023 and the property trlo r¢gi$lor <la¢& bakng 31 May 2023. To aid tho understandlng of the activity of the charity. the comparatfva figums stated are for the accounts of Almshouse Charly of Slr Ralph Verw lor the year ended 31 D8cember 2021. Oble¢tlves and actlvltl . Polici•s and obtly•S Th& charitls main objective is thg rglief of poverty, hardshlp or distr6ss throu the tovision of almslb)usg accommodatio to People who meetthe ¢harltys quallfi¢atKJn Ixiieria. In selling objectivès Ènd plAnnlng for acttvitl&s, the Trustee8 have given due consideralon to general guldance publlshed by the Charity Commison Telating to public benefit. including the guldance Public benefiL running a tharity IPB2}'. b. Activities und•rtak•n to a¢hl•v• obl•¢tlv•s The chanty provides lour low cost a1rn5hous&s persons wlthln the ¢hwity's defined ar88 of bènefit and meet the Charlty's qualification critglia. Thg residents of the almshouses pay a malntenance cOntribuOn during the terrn ol their oceupatknn whlch is set 8t an appropriate level to avoid c8u$lng hardshlp. Fifi•n¢lal rnvl•w •. Golng con¢em After making 8pprtspri8te enouhles, the Trustees have a reasonatle expe¢tsliM thot Iho Charity hos adequale resourceB to wnllnue In operaJonal exisience for th8 for8so&abb futur8. For this reason. they continue to adopt the going concern basls in preparfng the flnarKlal 5tstemenls. Further details regaidin9 the adoptlon of the gokng con¢em b4$i$ ran bo fouThJ in tht accountsng wlicies. b. Revi•w ofth• The accounts as sel out below reeord thè income And expendlbjre h)WTred in the year. Thg Incom8 expon¢Jiiur6 levels romain h)w. As at 31st D•cèmber 2(f23 all four of the tharity's 8lmshou5es ar8 Vacant And in need ol refurbishment. The Twstegs prgviousty 8ngag8d M8nrfoSt Deslgn W0$hOp Ltd. but have now engaged Wollaston Ri)se Arthitects to advise on Ihe future of the alrnshouses and thelr rèfurbishment. Wollaston Rose Archilects speryali3? In hi¥toric bulldlng conservatlon and hav6 excellent experlen(£ of working gn 8lm$hous8s and with alm5hou$e ¢haritSe$. As at 315t Decernber 2023 w018¢0n Rose Architecis have con7ptèd an inffjal'optkjns appraisaf for ¢on$id8rathon by the Trustse5. It is hoped Ihal expkjration ol the options will take place 88rfy in 2024, th lurther acllon agreed thereafter leadmg to the preparation of 8 clèar plan for the almshouses. The Trustees wll need to ra15e lunds grants and ¢Jonatior to compht¢ thg rÉfvrbishm8nt ofthe almshou50S. StnKtur•. gov•rnance and managemenl a. Cor7sUtutlon The Vemoy Almshouse Charity CIO is a re9iSter8d charity, number 1198776. and rJ n$14tU1ed under a Constitution of Charitable Incorporatsd Organlsation dated 28th Aprfl 2022. Pa9e 2
THE VERNEY ALMSHOUSE CHARITY TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 b. M•thods of appolntment or elecllon of Tvu$t••s Th8 managamont of th8 Charty is thg r9$ponbilIty of the Twstees ¥tho are elected and ctropted und•r the tarms of the Trust do9d. Statèment of Trustees. responslblllllg8 The Truste88 are responsiblè for preporkng the Trust06s' report and Ihe finanoal statemonts In accordanco wlh applicabl law and United Klngdom AntIng Standards [unrt Kingdom Generally Accepted A¢wunting Practr"rkl. The 18W 8pplicable to charitlès In England & Wal88 rewire$ the Trustèès to pr8par& financlal statemgnts for each finartial year which give a true and fair vi8w of the 5tatts of affalrs ol the Charity and of rts incoming r8$our$ and application of rèsources. including n)me and expenditure, forthal parfod. In preparin9 thgsg financial siatements, the Trustses ar required to.. select suitable 8ccountW policies and then opply them consist•nUy' obse0 the methods and princlples ofthe Charities SORP IFRS 1021- make judgments and accounting estimates that ère reasonable and prudent,. slale ther applicaL)lè UK Accounting Standards IFRS 1021 have been followed. subjed to any material dep8rtures dIlosed and explainèd in th8 financi81 statements., prepare the financAal Stalennts *)n the gthng concem basis unbs8 il is inappropriate to presume that the Charlty will conlinue in business. The TNste88 are responSIb lor koWng ad?quate accounTrg records Ih8t ar8 suffidant to show and expf8in the Charitys transactlons and disclose with reasonable accuracy at any tirne the financi81 posltlon of1h8 Charity and enable them to nsura thal the finanual staternents cornply with the Charth"os Act 2011, the Charity (Accounts and Reportsl Regulations 2008 8nd the provisions of the Tnjst deed. They are also respon5ibl8 for safeguarding Ihe a5sels of Ihè Charity and hence fortaTr9 reasonablè 5tw lor the prevention and d8t8Ction of fraud and other Irregularits88. Approved by order of the membèrs of boaril of Trustees and signed on their behaw by,. N V•m•y Dale.. Page 3
THE VERNEY ALMSHOUSE CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unmtrlcted lund$ 2023 Tot¥ funds 2023 fvnds 2022 Not• Incom• from: D¢n•tion$ And bgaci6s Charitablo acbvities Investments 2.500 2.1100 1,037 1500 2,000 1.037 5.620 975 Totsl In¢om S.537 5.537 6.595 Expendlture on: charItab acbvitbs 20,974 20.974 14,298 Total •xp•ndliurÈ 20,974 20,974 14.298 Net expenditure befr>r• nèt galnsl{los$•sl On IbWe$tm•nts Net gainsllbs88s1 on inve8tment8 115,4371 7.951 115,43n 7AS1 f7,703) (3.468) N•t mDv•m•nt In lund$ 17,4861 17N86} (11,771) RecolI1¥t[On offunds: Totsl funds brought forward Net movement in funds 142.676 17A861 142,676 17A86} 153,847 (11,171) Tgtwl funds carrf•d fa 135.190 135,190 142,676 Th9 Ststemt of finandal aCtItIeS Indudes all gains and loss$s rwnised in the year. Thg notss on pag9$ 6 to 10 fomi part of th•s• flnancAal 5tstemenls. Page 4
THE VERNEY ALMSHOUSE CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Tangible assets Investments 129,165 121.214 129.165 121.274 Current assets Cash at bank and in harHI 6.025 21,462 Net current assets 6.025 21.462 Totsl net assets 135.190 142,676 Charrty funds Unr83tricted funds 135.190 142,676 Total funds 135,190 142,676 The finar4a1 statements were approved and authorised for issue by th& Tru8ts08 antl $lgngd on the behalf by- N V•rn•y [. 07. 282+ The notes on pag85 6 to 10 form part of these financial 8tat8ments. Pago 5
THE VERNEY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ountlng poll¢le$ 1.1 Bas6s ol y•paratlon of fln¥tn¢lal $tstomtnts The finanual statèmènts have been propared in 8ccordanc8 with thè chari8 SORP IFRS 1021 . Attoun16ng and Reporting by Charl'8s.. Stat8ment of Recommended PrdCtiC8 applicable to eharflies preparing thoir accounts In accordan¢e wilh the Fin8hcfjal Reporting Standard applicable in th8 UK and Republi¢ ol Ireland IFRS 1021 leffective 1 January 20191. the Financial Reporting Stsndarfl 8FvIKable in th& UK and Repu1¢ of Ireland IFRS 1021 and lh6 Charities Act 2011. The financial statements have been prepared to give a IrLt8 and fair, vlew Jnd have departed from the Charlligs IAccounls and R•portsl R•gulatKn$ 2008 only to tht èxtent required to provide a Iru8 and lèirf view. Thls departure ha8 Involved foll0vn9 Iho Charlties SORP IFRS 1021 publlshod kn October 2019 rather than Ann9 and Reporting by Charitles.. Statement of Recornm¢nd•d Praellce effective Imm 1 April 2005 which has since been wlthdrawn. The Vèmey Almshouse CharSty meets the d8finitioD of 8 public benefrt entity under FRS 102. Ass8t5 and abilities are initialty rèeognisèd at hlstorical co$t or transaction value unss otheise slated in Ihe relevant accoljnting pO¢y. Tha d)arty was registsfed as a CIO with a ¢harity r8gi5tration numb of 1198776 on 28 A1 2022. The charity effgctively took over th8 op8ratw)n$ of Almshouse Charity of &r Ralph Vemey (charity numbèr 2034371 on 1 January 2023 wh the fowmal transfer date being regi81eTed 91 the Charity Commlssbn as 8 Seplernb•r 2023 and the propety title registèr dAts boing 31 May 2023. To aid the undèrstandSng of the ath.mty of the charty, thè comparative figures stated are forth8 final aceounts ofAlmshou8e Charity of Sir Ralph Vemey for the year ended 31 D¢cemtr 2021. 12 In¢om• Al incom 1$ re¢OgSed Or the Charfty has entitlern8nt to thè inr, tt Is probable that the Income 11 bo rKoived and th8 amount of incorn• refvable can be measured reliably. I16 tax rocovorable in relatIC trj Inv¢stmènl ineomè Is r8cognlse(l at thg tsmg th8 4nveslrnent income is eivable. 1.3 Exp•ndMwe Exponditure Is rocognSsed once there Is 8 leg81 or congtructfv8 obligation to transler economic benefit to a Ihird party. it is probable that a transfer of erxjnomlc ben8fit5 will be reqUId in settbmenl and tho amount ol the obli9ation can b8 rneasurod r•liabty. ExperÈdilurg is classified by ÈdNity. The costs of earh adivty are made up of the total of direct costs and shared costs. induding $uppNt costs Invve in undertaking each actiwty. Dlrect Costs attributable to a SIne actlvtty are allocated directly 19 that actity. Shared cost5 whlch contribute to more than one acdvlty and support costs which a nol attributable to a 5gI8 actiwty are apportioned bemeen those actmts.es on a basis con818tent wlth the use of SourCes. Central staff wsts ars alh)cated on the b8$is of )mg 5penl, and dpreciation Charoes allocated OA ttta portion of the a$sel's use. Expendiiure on ch8ritab18 8¢tiviti8s is incurred on underlaknng the activtb8s vthich lurther Ihe Charitys obJectNes. as wel a$ any assouxted support costs. All exp8nditure is indusNe of Irrecover8b VAT. Page 6
THE VERNEY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 AccountIg p¢ll¢l•s {¢ontknugdl IA Ib)ve8tments FrAed asset investments are a lomi of ffinan#1 instrument and are init91 reeognised at thelr trans8¢iron cost and $ubsequ8ntty m8asureil at fair value at lh8 b81ance sheet date, unless the v81ue cannot be measured rèliably In which case il is rngasured al cost less imp8irrn8nt. Invgstment 9alns and Ioss8s, whethei realised or unrealised. are combined and wesontÈd as 'GaSnsllLoss&sl on invastments, in the starnent of flnanrAal activitb$. 1.5 Fund accounting General funds are unr85trKted funds %thlch a availablg for usa at the discTetlon of the Tru5t885 wi furtherance ol the general obkctives of the Ch8rity and whiL* have not been dèsignated for other purposgs. Inveslrnent income. gain5 and losses a allocated to the appnprfate fund. Incom• from donatlonq and 1ogaci•s Unr•strlèd fvnds 2023 Total fund 2023 Tol funds 2022 Donations 2.500 2,500 Income from eharitablo actlvhhs Unrestricted funds 2023 Total funds 2023 Total funds 2022 Ineome frc#n charilablo 3¢tNltia$ 2,000 5,620 Total 2022 5,620 5,620 Page 7
THE VERNEY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Inv•slment In¢om• Unrestrlcted lund8 2023 Total funds 2023 Tot81 funds 2022 Invtstrnenl irtome 1,037 1,037 975 Total 2022 975 975 Anatysls of •xp•nditur• by •ctivi¢i¥¥ A¢tivilie$ undèrtak•n diréctly 2023 Total fund8 2023 Tot81 lunds 2022 Diract costs 20,974 20.974 14.298 Total 2022 14,298 74.298 Analyals of diro¢t ¢osts Total fvnds 2023 Tol&l runds 2022 Aclivlt1•6 2023 Almsh¢Juse rates 8.445 8.445 5.139 90 2,101 1.265 Electsicity Rèpair$ and malntenarKe Insurance Sundry expenses Profossronal Fee$ 126 5,448 126 5.446 844 6,113 6.113 5,404 20,974 20.974 14.298 Total 2022 74,298 14,298 P8ge 8
THE VERNEY ALMSHOUSE.CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 TNstee•' Temuneralion and expense$ During the year. no Twslees received any rtmunerats.c or other bengffta {2022- £NILI. During Ihe year endgd 31 Dcemb8r 2023. Th) Twstee expgn$85 have been Incurred (2022- £NIL). Tangible ffix•d assots The chorlty holds a number of 17th C•ntury properti8$ in the babnce sh8•t, transforred from Almshouse Charity of Sir Ralph Vèmoy. ènd Ihe original cost 18 de8m8d te be negligible. It was not consid&red to be of ben8frt to use charity funds for a fomal Valuaon and thereforg, as at the balancè sh8•t date they have a t bc¥)k value of £Nil {2022'. £NI.I Flxed 4¥8gt i•41n$ Unlist•d Inv•8tmw Cost or valuation At 1 Januwy 2023 Revaluatbns 121,214 7.951 At 31 Decernber 2023 129,165 Summary ol funds Summary ol fund8- ¢urr•nl #T Balance at 31 D•¢omb•r 2023 Balan¢e at 1 January 2023 Galnsl ILo8¥9¥1 Income ExpèndStur• General fuNJs 142,676 5.537 {20.9741 7.951 135.190 Summary offvnd¥ . wlory•ar Balancg * l J8nu8ry 2022 B818nce 8t Gein* 31 Dmb (Loss85J 3032 Inm ExperNj General funds 153,847 6.595 (Y4,2D8J (3.4681 142.676 Pag8 9
THE VERNEY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Analysis of net assets belwn fund• Analysls of net a58eis b•iw••n fund$- current year Unr•strkted funds 2023 funds 2023 Fued asset Investmenls 129.165 6.025 129.105 6.025 Current •$sst$ Total 135.190 135.190 Analys1$ •f ngt ass•ts b•tw••n funds- pritir y•ar un$tricted fvnds 2022 Tot funL15 2022 Fixed asset investments Current assets 121,214 21,462 121.214 21.462 142,676 142,676 Page 10