**REGISTERED CHARITY NUMBER: 200480**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 March 2025**
## **for**
**The Sydney Howard Lovell Memorial Almshouses Trust**
George Hay Partnership LLP Chartered Accountants St George's House George Street Huntingdon Cambridgeshire PE29 3GH
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Contents of the Financial Statements for the Year Ended 31 March 2025**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|4|
|**Independent Examiner's Report**||5||
|**Statement of Financial Activities**||6||
|**Balance Sheet**||7||
|**Notes to the Financial Statements**|8|to|14|
|**Detailed Statement of Financial Activities**||15||
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Report of the Trustees for the Year Ended 31 March 2025**
The Trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives of the Charity are the provision of housing accommodation for beneficiaries and such charitable purposes for the benefit of the residents as the Trustees determine.
Qualifying beneficiaries are known as "residents" and are clearly defined in the governing document. The Trustees are responsible for ensuring that all residents continue to qualify.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities - Performance and public benefit**
The Trustees are pleased with the results for the year and confirm that the Trust concurred with the objectives of providing housing and accommodation for the beneficiaries. The 35 almshouses the Trust are managing were occupied throughout the year except for short periods of changes in residents and while property refurbishment was undertaken.
Licence contributions paid by the residents cover a significant part of the upkeep of the properties.
The Trustees have continued to ensure that the local community understands the criteria of qualifying beneficiaries and availability of the accommodation, so that it can best meet its objective of serving the public. Regular advertisements are placed in Local Parish magazines for potential beneficiaries.
A new gardening contractor was appointed on a three year contract. Regular checks will be made to ensure that the gardens are well maintained.
Car parking was becoming an issue on site so the car parking areas were extended to provide an additional 10 spaces.
The boilers in the properties are now starting to breakdown. Therefore it was decided to start a replacement program. So far 6 boilers have been replaced. The remaining 27 boilers will be replaced when it is deemed not viable to repair them.
The Trustees received the results of the Quinquennial Inspections on the properties and a schedule of works has been put in place in accordance with the recommendations in the report.
One bungalow and two flats became vacant during the year. They were suitably refurbished and a new resident was appointed to the one of the flats, the other will be occupied by a current resident, thus freeing up one further bungalow. This bungalow will require a refurbishment. It is hoped that new residents will be appointed for both bungalows early in the next financial year.
## **FINANCIAL REVIEW**
## **Financial position**
The Trust continues to manage a healthy financial position with strong liquidity and a fair policy of investment in refurbishment and general reserves.
As a result licence receipts have been static, despite some inflationary pressure and the provision of more comfortable properties for our beneficiaries.
## **Principal funding sources**
Each resident must contribute a weekly sum towards the costs of maintaining their home and essential services in them.
The trustees are satisfied that the charity's assets are adequate to fulfil its obligations. They do not seek external funding.
Page 1
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Report of the Trustees for the Year Ended 31 March 2025**
## **FINANCIAL REVIEW**
## **Reserves policy**
It is the policy of the Trustees to hold reserves in its General Fund of monies which have not yet been committed or designated for any particular purpose. The Trustees have set aside these reserves so that the modernisation and future development of the properties can be adequately funded and in order to protect the future operation of the Trust from the effect of any unforeseen variations in its income, as part of a policy of good financial management.
The Trustees determined this policy after undertaking a thorough assessment of the Trust's income. It is considered that the financial reserves of the Trust are unlikely to increase much in the short term, so will be monitored carefully.
The Trustees continue to designate and maintain an "extraordinary repairs fund" of £90,000 to update and refurbish the individual homes/flats as and when required assuming that roughly two properties will require refurbishment each year.
The Trustees decided to add a further £40,000 to the Reroofing Fund making a total of £160,000 set aside for future reroofing of the properties.
Total free reserves at the year end amount to £582,309 (2024: £591,026).
## **FUTURE PLANS**
The Trustees continue to carry-out improvement and modernisation of the almshouses as necessary, when they become vacant.
The Trustees are committed to long term continuation of the benefits the almshouses provide and their charitable status.
The Trust has updated it's Health & Safety Policy and various accompanying procedure documents.
The asbestos register will be updated when required.
The Trustees recognise that in the current commercial environment the Net Book Value of £1.5m for the site is unrealistically low. However, given the Almshouses endowment and the Charitable status of the Trust, the Trustees are content with this valuation.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
Trustees are recruited from competent persons and consist of a maximum of fifteen persons, who are appointed by the board of the Trustees at a special meeting of the Trust, where 21 days notice and an agenda has been given. There is no age restriction and each appointment must be for a term not exceeding four years.
Page 2
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Report of the Trustees for the Year Ended 31 March 2025**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Organisational structure**
The Sydney Howard Lovell Memorial Almshouses Trust is a registered Charity and was founded on 26 January 1926. The Trust currently operates under a Scheme approved by the Charity Commission for England and Wales dated 27 March 2007.
The Trustees meet at least quarterly to review management accounts, consider reports of visits to residents, consider investments and property maintenance issues, and deal with any other matters arising. Ordinary meetings can be called by the elected Chairman or any two Trustees. All Trustees are given at least 10 days notice of a meeting. The meeting is not quorate unless at least 5 Trustees are in attendance and all matters must be resolved by a majority decision of the Trustees present at the meeting.
An investment sub-committee reviews progress and collates reports from advisers. The Clerk is appointed by the Trustees and manages the bank account and ledgers of the Trust and presents quarterly management accounts to the Trustees as well as reporting on management issues raised by the site warden and others. A property maintenance consultant is retained and advises on repairs and refurbishment.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
200480
## **Principal address**
15 Lovell Homes Oakley Bedford MK43 7RY
## **Trustees**
Mr T F Wells - Former Chairman (resigned 5.2.25) Mrs J A Wells (resigned 12.4.24) Mrs R Saunders Mrs A J Beazley Mrs S A Evans Mr S J P Long - New Chairman from 05.02.2025 Mr C M Williams Ms J A Walker Mrs J K Saunders Mrs L J Saunders Mr R Worker (appointed 12.4.24)
Clerk: Mrs A Newton
## **Independent Examiner**
George Hay Partnership LLP Chartered Accountants St George's House George Street Huntingdon Cambridgeshire PE29 3GH
## **Solicitors**
Sharman Law 1 Harpur Street, Bedford MK40 1PF
## **Investment Managers**
BNY Mellon Fund Managers Ltd PO Box 366, Darlington DL1 9RF
Page 3
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Report of the Trustees for the Year Ended 31 March 2025**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Bankers**
HSBC UK
19 Midsummer Place, PO BOX 1888, Milton Keynes, Buckinghamshire MK9 3GB
Approved by order of the board of trustees on 5 December 2025 and signed on its behalf by:
Mr C M Williams - Trustee
Page 4
## **Independent Examiner's Report to the Trustees of The Sydney Howard Lovell Memorial Almshouses Trust**
## **Independent examiner's report to the trustees of The Sydney Howard Lovell Memorial Almshouses Trust**
I report to the charity trustees on my examination of the accounts of The Sydney Howard Lovell Memorial Almshouses Trust (the Trust) for the year ended 31 March 2025.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr C A Airey FCCA
George Hay Partnership LLP Chartered Accountants St George's House George Street Huntingdon Cambridgeshire PE29 3GH
5 December 2025
Page 5
## **The Sydney Howard Lovell Memorial Almshouses Trust**
## **Statement of Financial Activities for the Year Ended 31 March 2025**
|Notes
**INCOME AND ENDOWMENTS FROM**
**Charitable activities**
Licence receipts
Investment income
2
**Total**
**EXPENDITURE ON**
**Charitable activities**
Licence receipts
Accommodation and care
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
221,024
12,220
233,244
84,964
128,720
213,684
11,723
31,283
801,026
832,309|Endowment
fund
£
-
-
-
-
-
-
-
-
1,500,000
1,500,000|31.3.25
Total
funds
£
221,024
12,220
233,244
84,964
128,720
213,684
11,723
31,283
2,301,026
2,332,309|31.3.24
Total
funds
£
217,491
9,353|
|---|---|---|---|---|
|||||226,844|
|||||78,488
96,595|
|||||175,083|
|||||56,281|
|||||108,042
2,192,984|
|||||2,301,026|
The notes form part of these financial statements
Page 6
## **The Sydney Howard Lovell Memorial Almshouses Trust**
## **Balance Sheet 31 March 2025**
|Notes
**FIXED ASSETS**
Tangible assets
6
Investments
7
**CURRENT ASSETS**
Debtors
8
Cash at bank
**CREDITORS**
Amounts falling due within one year
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
10
Unrestricted funds
Endowment funds
**TOTAL FUNDS**|Unrestricted
funds
£
-
635,500
635,500
4,266
202,437
206,703
(9,894)
196,809
832,309
832,309|Endowment
fund
£
1,500,000
-
1,500,000
-
-
-
-
-
1,500,000
1,500,000|31.3.25
Total
funds
£
1,500,000
635,500
2,135,500
4,266
202,437
206,703
(9,894)
196,809
2,332,309
2,332,309
832,309
1,500,000
2,332,309|31.3.24
Total
funds
£
1,500,000
623,777
2,123,777
4,423
180,372
184,795
(7,546)
177,249
2,301,026
2,301,026
801,026
1,500,000
2,301,026|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 5 December 2025 and were signed on its behalf by:
Mr C M Williams - Trustee
Mrs A J Beazley - Trustee
The notes form part of these financial statements
Page 7
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **Investments and property**
Assets held for investment purposes are valued at market value at the balance sheet date. Gains and losses are realised in the Statement of Financial Activities only when sold, otherwise movement in market values for assets held are disclosed as unrealised gains/losses.
The properties are held at the gifted value to the charity. The directors' consider the value in the accounts on an on going basis and agree the cost of the valuation would outweigh the benefits.
Page 8
continued...
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025**
## **2. INVESTMENT INCOME**
|31.3.25
£
Rent of land
565
Bank and investment interest
1,513
Other investment income
10,142
12,220
**3.**
**SUPPORT COSTS**
Finance
Governance
£
£
Licence receipts
60
15,025
Accommodation and care
-
4,466
60
19,491
Support costs, included in the above, are as follows:
**Finance**
31.3.25
Licence
receipts
£
Bank charges
60
**Governance**
31.3.25
Licence
Accommodation
Total
receipts
and care
activities
£
£
£
Accountancy
3,000
-
3,000
Professional Fees
7,559
-
7,559
Clerk
4,466
4,466
8,932
15,025
4,466
19,491|31.3.24
£
-
528
8,825
9,353
Totals
£
15,085
4,466
19,551
31.3.24
Total
activities
£
61
31.3.24
Total
activities
£
3,200
3,400
8,592
15,192|
|---|---|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## **Trustees' expenses**
No trustee's expenses were paid during the year ended 31 March 2025 (2024 £250).
Page 9
continued...
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025**
## **5. STAFF COSTS**
The average monthly number of employees during the year was as follows:
|Charitable activities
Administration|31.3.25
1
1
2|31.3.24
1
1
2|
|---|---|---|
No employees received emoluments in excess of £60,000.
## **6. TANGIBLE FIXED ASSETS**
|**COST**
At 1 April 2024 and 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024|Freehold
property
£
1,500,000
1,500,000
1,500,000|
|---|---|
The valuation of £1.5m represents the Trustees' valuation of the freehold land and buildings, which were originally gifted to the charity.
## **7. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||Listed|
||investments|
||£|
|**MARKET VALUE**||
|At 1 April 2024|623,777|
|Revaluations|11,723|
|At 31 March 2025|635,500|
|**NET BOOK VALUE**||
|At 31 March 2025|635,500|
|At 31 March 2024|623,777|
There were no investment assets outside the UK.
Page 10
continued...
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025**
## **7. FIXED ASSET INVESTMENTS - continued**
Cost or valuation at 31 March 2025 is represented by:
|Valuation in 2025
Valuation in 2024
Valuation in 2023
Valuation in 2022
Valuation in 2021
Valuation in 2020
Cost
**8.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Sundry debtors & prepayments
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Taxation and social security
Other creditors
**10.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.4.24
in funds
£
£
**Unrestricted funds**
General fund
591,026
31,283
Extraordinary repairs fund
90,000
-
Reroofing fund
120,000
-
801,026
31,283
**Endowment funds**
Building capital fund
1,500,000
-
**TOTAL FUNDS**
2,301,026
31,283|31.3.25
£
4,266
31.3.25
£
151
9,743
9,894
Transfers
between
funds
£
(40,000)
-
40,000
-
-
-|Listed
investments
£
11,723
56,281
(15,493)
52,303
78,071
(52,385)
505,000
635,500
31.3.24
£
4,423
31.3.24
£
132
7,414
7,546
At
31.3.25
£
582,309
90,000
160,000
832,309
1,500,000
2,332,309|
|---|---|---|
Page 11
continued...
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025**
## **10. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
Extraordinary repairs fund
Reroofing fund
**Endowment funds**
Building capital fund
**TOTAL FUNDS**|Incoming
resources
£
233,244
233,244||
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
226,844
226,844|Resources
expended
£
(175,083)
(175,083)|Gains and
Movement
losses
in funds
£
£
56,281
108,042
56,281
108,042|
|---|---|---|---|
Page 12
continued...
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025**
## **10. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
Extraordinary repairs fund
Reroofing fund
**Endowment funds**
Building capital fund
**TOTAL FUNDS**|At 1.4.23
£
482,984
90,000
120,000
692,984
1,500,000
2,192,984|Net
movement
in funds
£
139,325
-
-
139,325
-
139,325|Transfers
between
funds
£
(40,000)
-
40,000
-
-
-|At
31.3.25
£
582,309
90,000
160,000|
|---|---|---|---|---|
|||||832,309
1,500,000|
|||||2,332,309|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
460,088
460,088|Resources
expended
£
(388,767)
(388,767)|Gains and
Movement
losses
in funds
£
£
68,004
139,325
68,004
139,325|
|---|---|---|---|
During 2014-15 the Trust invested a significant sum in refurbishing some of the almshouses and upgrading it's heating systems. Following this the Trustees resolved to designate and maintain an "extraordinary repairs fund" of £90,000 being the average anticipated costs of refurbishing three properties.
In 2019, the Trustees resolved to designate a "Re-roofing fund" of £120,000 being the anticipated cost of the work.
During the current year, the Trustees resolved to add a further £40,000 to the "Re-roofing fund" making a total of £160,000.
The work has not yet commenced, however recent projections suggest that further transfers to this fund will be required.
Page 13
continued...
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025**
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2025.
## **12. GOING CONCERN**
The Trustees have had due regard for their financial position and consider that as their licence income is not dependent on their residents' employment or business income, that the financial impact on the Trust is likely to be minor and there are adequate free funds to cope with short void periods or defaults if they arise. They continue to manage demand for their properties, suggesting that any unfortunate circumstances relating to their occupancy rates would be quickly resolved.
Page 14
**The Sydney Howard Lovell Memorial Almshouses Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2025**
|31.3.25
£
**INCOME AND ENDOWMENTS**
**Investment income**
Rent of land
565
Bank and investment interest
1,513
Other investment income
10,142
12,220
**Charitable activities**
Licence receipts
221,024
**Total incoming resources**
233,244
**EXPENDITURE**
**Charitable activities**
Property refurbishment
70,636
Warden
14,726
Garden
27,001
Electricity
9,843
Gas
1,603
Water rates and council tax
12,420
Insurance
4,715
Repair and renewals
50,873
Sundry
2,316
194,133
**Support costs**
**Finance**
Bank charges
60
**Governance**
Accountancy
3,000
Professional Fees
7,559
Clerk
8,932
19,491
Total resources expended
213,684
**Net income before gains and losses**
19,560
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
11,723
**Net income**
31,283|31.3.24
£
-
528
8,825|
|---|---|
||9,353
217,491|
||226,844
42,102
13,875
31,005
4,507
810
10,929
5,148
47,233
4,221|
||159,830
61
3,200
3,400
8,592|
||15,192|
||175,083|
||51,761
56,281|
||108,042|
This page does not form part of the statutory financial statements
Page 15