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2024-12-31-accounts

THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

Charity number: 200406

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 3
Trustees' report 4 - 7
Independent examiner's report 8 - 9
Statement of financial activities 10
Balance sheet 11
Notes on accounts
 12 – 14

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Mrs M Thomas
Mrs J Randell
Mrs S Ralling
Mr W Walsh
Mr S Groves
Charity registered number 200406
Principal office 3 Shrubbs Lane
Rowledge
Farnham
Surrey
GU10 4AZ
Independent Examiner Mr Calum Mercer
Bellevue
1 College Place
Alfred Road
Farnham
GU9 8JE
Bankers National Westminster Bank Plc
Farnborough C Branch
31 – 37 Victoria Road
Farnborough
Surrey
GU14 7NR
Investment Managers M & G Securities Limited
PO Box 9038
Chelmsford
Essex
CM99 2XF

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the financial statements of the charity for the period 1 January 2024 to 31 December 2024.

1. The Trustees

The trustees who served the charity during the period were as follows: Mrs M Thomas until 4 November 2024

Mrs J Randell Mrs S Ralling Mr W Walsh Mr S Groves

2. Structure, governance and management

The McDonalds Almshouses and Trimmers Almshouses Charities are administered and managed together as one charity under a scheme approved on 24 February 1988. The Charity called McDonalds' Almshouses was previously regulated by a scheme of the Commissioners dated 3 December 1970. The charity called Trimmers' Almshouses was previously regulated by a declaration of trust dated 13 July 1893 as affected by Schemes of the Charity Commissioners of 26 January 1971 and 10 December 1973. New Trustees are appointed by the existing Trustees.

2.a. Financial controls

The Trustees meet the cost of maintaining the property out of the income of the charity. An Extraordinary Repair Fund was established to provide for extraordinary repair, improvement or re-building of the Almshouses, which belong to the charity. The fund is maintained out of the income of the charity by transfer to the fund of a yearly sum of not less than £4,032. Details of how the financial records are maintained are set out in the Finance Policy dated 17 May 2022.

2.b. Investment powers and restrictions

The Trustees may at their discretion use the capital and income of the charity for its charitable purposes or invest money and apply the income arising for trust purposes. Any investment in leasehold property must have at least fifty years to run.

2.c. Risk management

The Trustees have examined the risks which the charity faces and have produced a Risk Assessment, which identifies the actions identified to reduce the risks. Systems have been established to enable regular reports to be produced so that steps can be taken to minimise these risks.

2.d. Reserves

The Trustees continue to ensure that sufficient reserves are maintained in order to keep the Almshouses in good repair for both the short and long term.

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

3. Objectives and Activities

The object of the charity is to appropriate and use the Almshouses belonging to the charity, and the property occupied therewith for the accommodation of the residents in accordance with the scheme dated 24 February 1988. Residence is provided for the people in need in the Parishes of Farnham, Tilford, Frensham and Dockenfield. Residents contribute a monthly sum towards the cost of maintaining the Almshouses and essential services therein, but so that it does not cause hardship to him or her, and in accordance with the approval of the Trustees.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit (PB3) when reviewing their aims and objectives and in planning their future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

4. Achievements and performance

In 2024 the Trustees were able to complete all the maintenance work identified in the inspection of November 2023. The gardens continue to be maintained in a neat and tidy condition.

In February the resident of No 1 McDonald passed away and the property was vacated by the end of April. The Shower had to be replaced as the water had been flowing into the Kitchen and some of the Kitchen cabinets had to be repaired. The whole property was cleaned, painted and new flooring was put down before the property was ready for the new resident, who took up residence in August. Since the property did not require a full refurbishment, it was decided to concentrate in getting this property ready for occupation first.

In March the resident of No 4 McDonald moved into a care home while her kitchen and bathroom floor were replaced, as identified in the inspection. The resident was expected to return when the work had been done but eventually decided to stay in the care home. The property was not vacated until June and work is now underway to completely refurbish the property. It is expected that the property will be ready for a new resident in March.

The resident of No 2 McDonald was moved into a care home in January, but the property was not completely vacated until March. The property has been completely refurbished, and a new resident took up residence on 1 December.

At the start of the year there were old Baxi boilers in No 2, 4, 6 and 7 McDonald and all but No 4 boilers with associated heating systems have been replaced during the year. No 4 will be replaced in 2025 during the refurbishment. There are still old Baxi boilers is No 4 and 7 Trimmer. Following the failure of the old Baxi boiler in No 6 McDonald, it has been agreed that the Baxi boilers and heating systems in No 4 and 7 Trimmer should be replaced as soon as sufficient funds are available in 2025.

During 2024 Waverley Borough Council have fitted new bathrooms in No 7 and 8 McDonald and No 8 Trimmer, replacing the bath with a shower. This work was carried out at no cost to the Charity.

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

The cost of gas for 5 to 8 Trimmer has increased considerably this year. This is because the fixed term contact for No 1 McDonald and 5 to 8 Trimmer ran out in January 2024 and the rates when the contract was renewed were very high. The bills for 5 – 8 Trimmer have been about 3 times more than 1 to 4 Trimmer although the gas used was about the same as expected. No 1 McDonald has been unoccupied most of the year, so the higher rates were not noticed. The agent who deals with all gas and electricity contracts (at no cost to the charity), has now negotiated a new contract at the current cheaper rates for 5 – 8 Trimmer. The Agent has already negotiated a new contract for all the other Gas contracts which end in September 2025 with rates a little higher than the current contracts but not as high as it was in January 2024.

All the gas boilers have as usual been serviced and a Gas Certificate obtained for all gas equipment in the Property. In order to achieve this the fires installed by Farnham Marble had to be modified by Farnham Marble at their cost. All fires are now in good working order.

At the end of 2024 all 16 properties except for No 4 McDonald were occupied. As usual the monthly maintenance charge was increased in July.

5. Financial review

At the year end the charity had net assets of £616,996 (2023: £657,065). The charity made a net surplus for the year of -£40,069 (2023: -£23,817). The annual transfer from the current account to the Extraordinary Repair Fund (ERF) of £4,032 was made.

By careful planning the cost of all maintenance and gardening work was covered by the current account, however the full refurbishment of two properties and partial refurbishment of one property did require a withdrawal of £80,000 from the ERF. The cost of the partial refurbishment of No 1 McDonald was £19,916. The cost of the full refurbishment of No 2 McDonald was £55,887. It is expected that the current funds with the income will cover the cost of refurbishment of No 4 McDonald as long as no other work, requiring considerable expenditure, has to be undertaken before May and the utility bills do not increase. The cost of replacing a boiler and heating system is in the region of £8,000. The expected monthly income from the Maintenance charge would be £8,282 at the current rate if all properties were occupied.

There are still 4 properties, which will require an almost full refurbishment, No 1 and 7 Trimmers and No 5 and 7 McDonald. The Trustees are aware that the cost of refurbishing the remaining properties may not be covered by the ERF if we also have to replace the roof of McDonald, and this is being taken into consideration when planning the work.

The trustees of the charity have looked at the cash flow requirements of the charity given its current financial position and consider the charity is a going concern for a period of greater than 12 months from the date of approval of these accounts. In coming to this conclusion, the Trustees have considered the risks and uncertainties faced by the charity and believe that the policies in place have mitigated these risks to an acceptable level.

The Trustees confirm that all invoices and commitments that were issued during the reporting period were settled as they became due.

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

6. Independent Examiner - Mr Calum Mercer has been appointed by the Trustees as independent examiner for the ensuing year.

Approved by order of the members of the board of Trustees and signed on their behalf by:

3 March 2025

................................................ Mr William Walsh

……………………………….. Date

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/
members of
On accounts for the year
ended
Set out on pages		 McDonald and Trimmers Almshouse Charity McDonald and Trimmers Almshouse Charity McDonald and Trimmers Almshouse Charity
31 December 2024 Charity no: 200406
10 to 14

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/12/2024 As the charity trustees of the Trust, you are responsible for the preparation of Responsibilities and basis the accounts in accordance with the requirements of the Charities Act 2011 of report (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention ~~(other than that disclosed below *)~~ in connection with the examination which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. * Please delete the words in the brackets if they do not apply.

Signed:
Name:
Relevant professional
qualification(s) or body:
Address:		 09/07/2025
Mr Calum Mercer

Institute of Chartered Accountants of Scotland
Bellevue, 1 College Place, Alfred Road, Farnham GU9 8JE

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

Section B Disclosure

Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

Give here brief details of any items that the examiner wishes to disclose .

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

Statement of Financial activities for the year ended 31 December 2024

Note
Income:
Charitable activities
2
Investments
3
Total Income
Expenditure on:
Raising funds
Charitable activities
4
Total expenditure
Net income/(expenditure)
before net gains on
investments
Net gains/loss on
investments
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Net movement in funds
Total funds Carried
forward		 Endowment
funds
£
335,743
0		 Unrestrict
ed funds
Total
Funds
2024
Total
funds
2023
£
£
£
85,850
85,850
90,541
11,495
11,495
11,884
97,345
97,345
102,425
0
0
0
149,890
149,890
134,083
149,890
149,890
134,083
-52,545
-52,545
-31,658
12,476
12,476
7,841
-40,069
-40,069
-23,817
321,322
657,065
680,882
-40,069
-40,069
-23,817
335,743 281,253
616,996
657,065

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

Balance sheet as at 31 December 2024

Note
Non current assets:
Tangible assets
5
Investments
3
Current assets:
Cash at bank and in
hand
3
Total net assets
Endowment funds
3
Unrestricted funds
3		 2024
£
335,743
256,439
592,182
24,814
616,996
335,743
281,253
616,996		 2023
£
335,743
308,436
644,179
12,886
657,065
335,743
321,322
657,065

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................

Mr William Walsh

Mrs Jane Randell

Date: 3/3/2025

Date: 3/3/2025

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

Notes on financial statement

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Charity Commissions guidelines for receipts and payments accounts. The Governance document of the charity does not state any preference as to the type of accounts, which should be produced, and the use of receipt and payments accounts does not contravene any other known requirement. To the extent that the preparation of these accounts has deviated from the guidelines it is in order to promote clarity and consistency.

The McDonald & Trimmer Almshouse Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Income

Income, including investment income, is accounted for when received.

1.3 Expenditure

Expenditure is accounted for when paid and is analysed by type. The Charity has no paid staff or employees. Trustees may claim out of pocket expenses but not remuneration.

If the Trustees are aware of any significant liability or impending liability at the year end, then this will be reported and explained in the Trustees report.

1.4 Tangible non-current assets and depreciation

All tangible non-current assets are initially recorded at cost.

Depreciation is not charged on the freehold property. This is on the basis that the land has a higher value than the value reported in the accounts.

Apart from the freehold property there are currently no other non-current assets, which have not been fully written off. If non-current assets are purchased in the future the following policies will be applied.

Assets costing below £1,000 will not be capitalised.

Depreciation will be provided at a rate calculated to write off the cost, less estimated residual value, over the useful life of the asset.

1.5 Investment Assets and income

Investments are stated at market value at the balance sheet date. Investment income is included in the receipts and payments accounts when it is received by the charity.

1.6 Financial Instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments and it is intended that this should continue to be the case.

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

2. Income from charitable activities

Income from tenants
Sundry income		 2024
2023
£
85,828 88,659
22
1,882
85,850 90,541

Notes on Sundry Income: a) The residents refund the charity for the TV licence, which is arranged by the Charity.

3. Investments and Funds

UNRESTRICTED
FUNDS
Designated
Funds:
Extraordinary
repair fund M&G
Total Designated
funds
General Reserves
TOTAL
UNRESTRICTED
FUNDS
ENDOWMENT
FUND
TOTAL OF
FUNDS		 Balance at
01/01/2024 Income
Expend-
iture
Transfer
in/out
Gain/
Loss
£
£
£
£
£
308,436
11,495
-75,968
12,476		 Balance at
31/12/2024
£

256,439
308,436
11,495
0
-75,968
12,476
12,886
85,850
-149,890
75,968
256,439
24,814
321,322
97,345
-149,890
0
12,476
335,743
657,065		 281,253
335,743
616,996

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THE MCDONALD & TRIMMER ALMSHOUSE CHARITY

4. Analysis of expenditure

Administration (expenses)
Maintenance
Water rates
Electricitysee note b
Gassee note a
Insurance
Council tax on empty properties
Almshouse Association
Refund of overpaid rent
TV licence		 2024
2023
£
£
28
188
120,401 109,344
3,063
3,186
4,068
804
18,478
15,660
3,193
3,418
210
0
419
407
0
1,038
30
38
149,890 134,083

Notes:

5. Tangible assets

The tangible assets are the properties, which are rented out to tenants. These are expressed at historical cost and are not depreciated. These tangible assets also constitute the endowment funds. All other tangible assets have been fully depreciated.

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