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2024-03-31-accounts

Trustees’ Annual Report for the period 30 June 2023 to 31 March 2024 THE FINCH ALMSHOUSES, RAVENSTONE

Charity registration number: 1201122

Objectives and Activities

SORP
reference
Summary of the purposes of the
charity as set out in its
governing document		 Para 1.17 The Charity’s purpose is the relief of poverty,
hardship or distress through the provision of
almshouse accommodation.
Summary of the main activities
in relation to those purposes for
the public benefit, in particular,
the activities, projects or
services identified in the
accounts.		 Para 1.17 and
1.19		 The Charity’s main activity is the ownership,
management and operation of six almshouses
located in the village of Ravenstone,
Buckinghamshire.
The Charity uses these properties to provide
long-term housing for residents who meet the
qualifying criteria set out in the Charity’s
constitution and who have been assessed as
being in housing need.
Statement confirming whether
the trustees have had regard to
the guidance issued by the
Charity Commission on public
benefit		 Para 1.18 The trustees have considered the guidance
issued by the Charity Commission on public
benefit and confirm that the Charity’s purpose
and activities arein full accordance with these
principles

Additional information (optional)

You may choose to include further statements where relevant about:

SORP reference
Policy on grant making Para 1.38 Not applicable
Policy on social investment
including program related
investment		 Para 1.38 Not applicable
Contribution made by
volunteers		 Para 1.38 Not applicable
Other Not applicable

Achievements and Performance

SORP reference
Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to the
circumstances of its
beneficiaries and any wider
benefits to society as a whole.		 Para 1.20 ACHIEVEMENTS
During the year, the Charity:
•
Completed its formation into a Charitable
Incorporated Organisation and the
vesting of assets from its predecessor,
the Ravenstone Hospital Charity.
•
Secured long-term funding from the
Charity Bank to enable phased
improvement works to the estate.
•
Substantially completed Phase 1 of the
improvement works, bringing 2 vacant
units back into occupation.
•
Completed the preconstruction stage for
Phase 2 that will extend the scheme of
works to a further two units
BENEFITS
The Charity believes that these achievements
have benefited residents, the community and
other stakeholders.
(a)Improved the amenities, safety and
energy performance of the housing stock
for residents.
The reconfigured units have an improved
protected means of escape, a shower
room and WC at first floor and a
designated eating area. Thermal
insulation was upgraded and the space
heating replaced with a more energy
efficient system.
(b)Expanded the provision of affordable
housing in the village.
The lack of affordable housing in the
village was widely identified by residents
as an issue of primary concern during
the consultation for the Local Plan in
2017. Two vacant units were made
available in the year. The improvement
works have also expanded the appeal of
the Charity’s housing stock to a wider
range of applicants as the unimproved
configuration had potentially restricted
the number of applicants.
(c)Maintained the stewardship of historically
significant buildings and local heritage
The Charity took a historically
sympathetic but practical approach to the
Grade II* listed properties which are
prominent features within the village. The
Trustees consider that keeping the
buildings occupied and income-
generating will ensure their viability for
future generations, thereby preserving an
important part of the local heritage.

Additional information (optional)

You may choose to include further statements where relevant about:

Achievements against
objectives set		 Para 1.41 Not applicable
Performance of fundraising
activities against objectives set		 Para 1.41 Not applicable
Investment performance against
objectives		 Para 1.41 Not applicable
Other

Financial Review

Review of the charity’s financial
position at the end of the period		 Para 1.21 The Charity’s activities began on 30 June 2023
on the completion of the vesting order from
Ravenstone Hospital (charity number 251169).
Under the terms of this order, the assets of
Ravenstone Hospital were transferred to the
newly incorporated Charity.
The freehold title to the almshouses was
transferred at the value determined by by a
registered valuer in February 2023 (£1,700,000),
plus the cost of the improvement works
(£256,601).
Quoted securities were transferred at the quoted
open market at the date of transfer.
In the 9 months ending 31 March 2024, the
Charity generated a net income of £8,551.
Statement explaining the policy
for holding reserves stating why
they are held		 Para 1.22 The Charity requires sufficient realisable
reserves to cover (1) day to day costs of
maintaining and operating the almhouses (2)
provision for reactive repairs and unplanned
maintenance and (3) cyclical maintenance plans.
Amount of reserves held Para 1.22 At 31 March 2024 the Charity’s reserves were
£1,756,601, comprising the freehold to the
almshouses, cash and investment less Charity
Bank mortgage secured on the almshouses.
Reasons for holding zero
reserves		 Para 1.22 Not applicable
Details of fund materially in
deficit		 Para 1.24 Not applicable
Explanation of any uncertainties
about the charity continuing as
a going concern		 Para 1.23 At the time of approving the financial statements,
the Trustees have a reasonable expectation that
the Charity has adequate resources to continue
its operations for foreseeable future. Accordingly,
the trustees continue to adopt the going concern
basis of accounting in preparing the financial
statements.

Additional information (optional)

You may choose to include further statements where relevant about:

The charity’s principal sources
of funds (including any
fundraising)		 Para 1.47 The Charity’s principal sources of income are the
Weekly Maintenance Contributions received from
Residents and, to a lesser extent, the investment
income on quoted investments.
Investment policy and
objectives including any social
investment policy adopted		 Para 1.46 The Charity invests a proportion of surplus cash
in quoted investments managed by CCLA, an
asset manager. The investment objectives are to
provide a long-term total return comprising
growth in capital and income, to match the
Charities long-term liabilities associated with the
maintenance and support of the almshouses.
A description of the principal
risks facing the charity		 Para 1.46 (1) Sustained increase in maintenance and
repair costs that consistently exceed the
income that can be recovered through
the Weekly Maintenance Charges.
(2) Major damage to the almshouses by fire
or flood
(3) Almshouses become obsolete and no
longer provide the amenities or attain the
housing standard required by residents.
Other None

Structure, Governance and Management

Description of charity’s trusts:
Type of governing document Para 1.25 The Finch Almshouses Ravenstone is a
Charitable Incorporated Organisation under a
Constitution registered on 23 November 2022.
How is the charity constituted? Para 1.25 Charitable Incorporated Organisation under
number 120122
Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of any
person or body entitled to
appoint one or more trustees		 Para 1.25 Under the terms of the Charity’s constitution,
there must be at least 5 trustees:
1 x Ex-officio Trustee being the Vicar of the
Ecclesiastical Parish of All Saints, Ravenstone,
Buckinghamshire
1 x Hereditary Trustee
3 x Co-optative Trustee: Appointed for a term
of 5 years and recruited by a formal application
and interview process.
Every trustee must be a natural person

Additional information (optional)

You may choose to include further statements where relevant about:

Policies and procedures
adopted for the induction and
training of trustees		 Para 1.51 None
The charity’s organisational
structure and any wider network
with which the charity works		 Para 1.51 None
Relationship with any related
parties		 Para 1.51 None
Other

Reference and Administrative details

Charity name THE FINCH ALMSHOUSES, RAVENSTONE
Other name the charity uses None
Registered charity number 1201122
Charity’s principal address Priory Lade, North End, Ravenstone, Olney, Bucks, MK46 5AN

Names of the charity trustees who manage the charity







 Trustee name Office (if any) Dates acted if not for whole
year		 Name of person (or body) entitled
to appoint trustee(if any)
Abigail White Co-Chair
Co-optative Trustee:
Debbie Saunders Co-Chair
Co-optative Trustee:
Ian Anderson Co-optative Trustee:
Glynis Bailey Co-optative Trustee:
George Harry Finch Hereditary Trustee
The Rev Canon
Christa Pumfrey		 Ex-officio Trustee
Richard Macgowan Co-optative Trustee:

– Corporate trustees names of the directors at the date the report was approved Director name None

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year
None

Funds held as custodian trustees on behalf of others

Description of the assets held in None this capacity Name and objects of the charity None on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe None custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address
adviser

Name of chief executive or names of senior staff members (Optional information)

Not applicable

Exemptions from disclosure

Reason for non-disclosure of key personnel details Not applicable

Other optional information

Not applicable

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Abigail White (Jan 28, 2025 11:02 GMT) Full name(s) ABIGAIL WHITE Position (eg Secretary, CO-CHAIR Chair, etc) Date 28/Jan/25

THE FINCH ALMSHOUSES, RAVENSTONE THE FINCH ALMSHOUSES, RAVENSTONE THE FINCH ALMSHOUSES, RAVENSTONE Charity No
(if any)		 1201122
Annual accounts for theperiod
Period start date 30-Jun-23 To Period end
date		 31-Mar-24
Section A Statement of financial activities
Recommended categories by
activity
Guidance Notes
Incoming resources (Note 3)
Income and endowments from:
Donations and legacies
S01
Charitable activities
S02
Other trading activities
S03
Investments
S04
Separate material item of income
S05
Other
S06
S07
Resources expended (Note 6)
Expenditure on:
Raising funds
S08
Charitable activities
S09
Separate material item of expense
S10
Other
S11
S12
S13
Net gains/(losses) on investments
S14
S15
Extraordinary items
S16
S17
S18
Other gains/(losses)
S19
S20
Reconciliation of funds:
S21
S22
1
Total
Net movement in funds
Total funds brought forward
Total funds carried forward
Total
Net income/(expenditure) before investment
gains/(losses)
Net income/(expenditure)
Transfers between funds
Other recognised gains/(losses):
Gains and losses on revaluation of fixed assets for the charity’s own use		 Unrestricted
funds
Restricted
income
funds
Endowment
funds
Total funds
Prior year
funds
£
£
£
£
£
F01
F02
F03
F04
F05
- - - - -
- - - - -
18,469 - - 18,469 -
- - - -
- - - - -
- - - - -
18,469 - - 18,469 -
- - - -
- - - - -
- - - - -
9,918 - - 9,918 -
9,918 - - 9,918 -
8,551 - - 8,551 -
- - - - -
8,551 - - 8,551 -
- - - - -
- - - - -
- - - - -
- - - - -
8,551 - - 8,551 -
- - - - -
8,551 - - 8,551 -

Section B Balance sheet

Fixed assets
Intangible assets (Note 15)
Tangible assets (Note 14)
Heritage assets (Note 16)
Investments (Note 17)
Total fixed assets
Current assets
Stocks (Note 18)
Debtors (Note 19)
Investments (Note 17.4)
Cash at bank and in hand (Note 24)
Total current assets
Creditors: amounts falling due within
one year (Note 20)
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after
one year (Note 20)
Provisions for liabilities
Total net assets or liabilities
Funds of the Charity
Endowment funds (Note 27)
Restricted income funds (Note 27)
Unrestricted funds
Revaluation reserve
Total funds
Signed by one or two trustees on behalf of all
the trustees
Abigal		 Fixed assets
Intangible assets (Note 15)
Tangible assets (Note 14)
Heritage assets (Note 16)
Investments (Note 17)
Total fixed assets
Current assets
Stocks (Note 18)
Debtors (Note 19)
Investments (Note 17.4)
Cash at bank and in hand (Note 24)
Total current assets
Creditors: amounts falling due within
one year (Note 20)
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after
one year (Note 20)
Provisions for liabilities
Total net assets or liabilities
Funds of the Charity
Endowment funds (Note 27)
Restricted income funds (Note 27)
Unrestricted funds
Revaluation reserve
Total funds
Signed by one or two trustees on behalf of all
the trustees
Abigal		 Guidance Notes
B01
B02
B03
B04
B05
B06
B07
B08
B09
B10

B11
B12
B13
B14
B15
B16
B17
B18
B19
B20
B21		 Unrestricted
funds
£
F01
Restricted
income
funds
£
F02		 Endowment
funds
Total this
year
£
£
F03
F04		 Endowment
funds
Total this
year
£
£
F03
F04		 Total last year
£
F05
- - - - -
1,922,926 - - 1,922,926 -
- - - - -
51,369 - - 51,369 -
~~1,974,295~~ ~~-~~ ~~-~~ ~~1,974,295~~ -
- - - - -
8,059 - - 8,059 -
- - - - -
~~10,582~~ ~~-~~ ~~-~~ ~~10,582~~ -
~~18,641~~ ~~-~~ ~~-~~ ~~18,641~~ -
36,335 - - 36,335 -
~~- 17,694~~ ~~-~~ ~~-~~ ~~- 17,694~~ -
~~1,956,601~~ ~~-~~ - ~~1,956,601~~ -
200,000 - - 200,000 -
- - - - -
1,756,601 - - 1,756,601 -
- - -
- - -
1,756,601 - 1,756,601 -
-
~~1,756,601~~ ~~-~~ ~~-~~ ~~1,756,601~~ -
alf of all Signature Print Name Date of approval
dd/mm/yyyy
ABIGAIL WHITE 28/Jan/25
Abigal
~~e an , :~~

CC17a (Excel)

28/01/2025

2

Section C Notes to the accounts

Note 1 Basis of preparation

This section should be completed by all charities .

1.1 Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with:

the Statement of Recommended Practice: Accounting and Reporting by Charities • and with  preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 • and with  the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) • and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.* 

1.2 Going concern

If there are material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern, please provide the following details or state "Not applicable", if appropriate:

An explanation as to those factors that support NOT APPLICABLE the conclusion that the charity is a going concern; Disclosure of any uncertainties that make the NOT APPLICABLE going concern assumption doubtful; Where accounts are not prepared on a going NOT APPLICABLE concern basis, please disclose this fact together with the basis on which the trustees prepared the accounts and the reason why the charity is not regarded as a going concern.

1.3 Change of accounting policy

The accounts present a true and fair view and the accounting policies adopted are those outlined in note { }.

Yes
No		 * -Tick as appropriate

Please disclose:

Please disclose:
(i) the nature of the change in accounting policy; NOT APPLICABLE
(ii) the reasons why applying the new accounting policy
provides more reliable and more relevant information;
and		 NOT APPLICABLE
(iii) the amount of the adjustment for each line affected
in the current period, each prior period presented and
the aggregate amount of the adjustment relating to
periods before those presented, 3.44 FRS 102 SORP.		 NOT APPLICABLE

1.4 Changes to accounting estimates

No changes to a ccounting estimates have occurred in the reporting period (3.46 FRS 102 SORP). estimates have occurred in the reporting period (3.46 FRS 102 SORP).
Yes
No		 * -Tick as appropriate
Please disclose :
(i) the nature of any chan ges; NOT APPLICABLE
(ii) the effect of
assets and liabi		 the chan
lities for t		 ge on income and expense or
he current period; and		 NOT APPLICABLE
(iii) where pract
more future per		 icable, th
iods.		 e effect of the change in one or NOT APPLICABLE

1.5 Material prior year errors

No material prior year error have been identified in the reporting period (3.47 FRS 102 SORP).

Yes  * -Tick as appropriate NoPlease disclose: NOT APPLICABLE

Please disclose: NOT APPLICABLE
(i) the nature of the prior period error;
(ii) for each prior period presented in the accounts, the NOT APPLICABLE
amount of the correction for each account line item
affected; and
(iii) the amount of the correction at the beginning of the NOT APPLICABLE
earliest prior period presented in the accounts.

CC17a (Excel)

28/01/2025

3