God's Housè in Ev4elmo Charity numb8r: 200581 Accounts for tho year endèd 31$t D*¢ember 2023 W&nn TON$&d Charterad AOUntantS Oxford
God's Hou$• In Ewelme Trustegs, Report for the yoar ended 31st Decomber 2023 The Tru$lees present their report and audited accounts for the year ended 315t December 2023. The accounts have been prepared in accordance with the accounting policies Sel out in note 1 to the account$ and comply with the ¢harity's trust deed, the Charrtles Act 2011 and A¢counling and Reporting by Charib"e3." Stslemenl of Recommended Practice applicable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Stsndard applicable in the UK and Republic of Iland published on O¢tober 2019. Administrativo dotsil$ TRUSTEES: The trustees who served d*Jring the year were.. Ex-¢>ffl¢i¢: The Master The Incumbent ofthe present benefice of Benson with Ewelme The Lord of the Manor of Ewelme Ivacanll Coryoptsd: Mrs l Birch Reynardson (serving S years from April 20201 P W Chamberlain IseNing 5 years from November 20221 K L Cooper Iserving 5 years trom April 20201 P H B Gossellserving 5 years frorn November 20221 Mrs V M Slattersfield (retired October 20231 M J Tait lappoinled 30 January 20241 Dr D T R Wilson (appointed 30 January 20241 Proncl1 oddres$: 30 Sl Giles. Oxford Trust Managor: A Saunders (from February 20231 Receiver to th• Trustees: A J Robson Auditor: Wenn Townsend. 30 Sl Glles, Oxford Aggnts: Sidleys, 6 King Edward Street. Oxford Bankers: Baiclays Bank plc Commarkel Street, Oxford Invostmont advlsors: Cazenove Capital Management (part of the Schroders Group), 12 M¢)oigate London
God's House In Ewelme Tru$tee5' Report Icontlnued) for the year ènded 31st Decemb&r 2023 History God's House in Ewelme (Charity No. 200581}, also known as Ewelme Almshouse Charty. was estsblished in 1437 by the Duke and Duchess of Suffolk. It was endowed with eslates in Oxfordshire, Buckinghamghire, Hampshire and Wiltshire and was established lo provide almshouses in Ewelme, Oxfordshire. for the benefft of thirteen POOT men and two piiesls and for the free education of the children of the eslales. For this latter purpose. a chanty school was established in Ewelme. The Charity is regulated by a Scheme, approved by the Charity Commissioners. the most recent of which was sealed on 21st July 1992. The almshouses remain in use and have been expanded lo provide a total of 23 units in Ewelme and in Marsh GibboTrn. Buckinghamghire for both men and women with connections to the e51ates. The education objects of the Charity were separated in 1899 to form the Ewelme Exhibition Endowment (Charity No. 3092401 under a related 8oard of Govemors and the Ewelme Elementary Educatronal Foundation (Charity No. 309281), under the Charity's trusteeship. The Charity is also Tesponsible for the upkeep of Sl John the Bapts"sl'5 chapel in Ewelme parish church adjoining the original almshouses, which contains the tomb of Alice, Duchess of Suffofk, was Geoffrey Chaucer's granddaughter. Structure and Governance The Charity is govemed by a board of trustees. which meets quarterty lo Consider strategic. residential and estsle management matters. These normally arise trom re¢c*mmendalions by three Comrnittees Ways anrl Means. Estates and the Almshouse and Community ¢ommillee- which are appointed by the Trustees and meet between Trustees. meeting5. The Board comprises up to ten Trusteeg. There are bNo active ex-offlcio appointments- the Master, currently the Regius Profe550r of Medicine, and the Rector of Benson wtth Ewelrne- with the remainder of Trustees being ¢( opted. Trustees a appointed lo the 8¢ard for a term of 5 yoars, whlch can be renewed. Followng a number of trugtee vacancjes, the most recent arising from Mrs V. Slattersfield's retirement in O¢tober 2023, the Board ol Trustees undertook a locussed recruilwenl exercise during 2023. Following a Needs Analysis, il identified areas where expertise was need&d and advertised across ts area of operation. There was a significant amount of interest in the vacancie$ and followng a competitive interview process, the Board appointed four new trustees, who ale to join the Charity in early 2024. An Induction event is organised for all new trustees. which introduces them to the Charity. ts history. evolution and Current operation. All new Irijslees are provided with the Charity's Governing Scheme, relevant Minutes and Accounts from the preceding year and Charty Commission 9uidance on The Essential Twslee. Alongside this, new Iruslees have the opportunity to visit the Charity's estates in Buckinghamshire and Hampshire, as well a$ vising the almshouse sites and meeting residents. Management The Charity is administered by the Trust Manager. This role was vacant for the first month of the year, with a new Trust Manager, Angharad Saunders. joining the Charity in February. The Trust Manager uver5ees the day-to-day operation of the Charity, which involve5 all aspects of administration. compliancelpolicy development and project delivery, and guides Trustees ¢)n Strategic development. The estates are managed by the Receiver. a Chartered Surveyor and Land Agent, who reports to the Trustees through the Estates Committee. Professional advice is also obtained as appropriate from the audilorg, fitsm investment managers and from legal professionals.
God's House in Ewelme Tru5tees' R¢port Icontinu8d} forthè y¢ar ended 31st December2023 The Charty employ$ a Warden, along with a relief-warden, to attend to the wellbein9 of tho residents. The Warden is based in Ewelme and regularly visits resi<Jenls in Marsh Gibbon. Residents all live independently, but the Warden is on-hand to offer practical assistance and support wellbging where necessary. Al the close oftheyear, the Warden who has served the Charity for over 25 years, expressed her intention lo retire. The review of the Warden role and the recruitment of a new Warden wll be a priority for the newyear. The Charity also employs a Trust Chaplain, who supports the work of the Charity through advising on pastoral matters, attending interview5 with potential resldenls, and nurturEng the relationship between the Charity. the church an¢J the community. Objo¢tives and activities for the publlc bènofit The objectives of the Charity are to maintain its property and invest in fiJnd5 to secure the future of its almshouses and commercial property. After defraying the costs of maintaining the Charity's propety and ils administrab'on, surplus income for the year is applied ftsr the benefft of the residents of the almshouses of the Charlty, or any of them in such rnanner as the trustees think f With 23 almshouses and 24 residents, the trustees manage the needs of residents through the Alm$house and Community Commfftee. This is a relatively new committee and is designed lo respond to, and anticipate, the social. residential and pastoral needs of the Charity's residents.11 is responsible for appointing and inductin9 newresidents, managing resident issues. organi5ing social events. triaging malnlenance concerns and addressing and reviewn9 feedback and complaints. Beneficlaries of almshouses must be individuals of limited means, wlh preference given to those who are inhabitants of. or in the immediate vicinity of the Charity's estates in Ewelme, Oxfordshire, Marsh Gibbon, Buckin9hamshl and Ramridge, Hampshire. Residents all live independently, and staff work closely wth re$idenls' families. local health and social ¢are providers to ensure that residents ¢an remain in their almshouses for as long as they are able or until they are assessed by the appropriate atslhorilies as ne$ding residential or nursing care. The almshouses are maintained lo a very high Standard and are generously appointed, with modern kitchens and bathrooms., there is a programme of improvement as vacancies occur. The Tru51ees charge a nominal Weekly Maintenance Contribution. which is $ignificantly below the Fair Rent level, and subsidise the operat'ng costs of the a1rn5houses fiom the Charity's yearly income. Trustees are continualty reviewing demand and need wthin the Iwal area and are exploring opportuniti'es lo provide further assistance for people in need of housing wthin ils area5 of operation. Aftei meeting the needs of its almshouse residents, the Charity also p¥y$ an annual grant to the Govemors of the Ewelme Exhibition Endowment Icharity No 3092401. 11 may also make occasional donations lo voluntary organisalions in the local area, whose aims and elh05 chime wlh those of the Chartty. In followng the Charity's aims and objectives, and in exercising their powers and duties. Trustees have had regard lo the Charity Commission's guidance in section 17151 ot the Charities Act 2011 on public benefit. The provision of almshouse accommodab'on forthose in need is an idèntffiable Pliblic benefit which is directly in line with the Charity's aims. Beneficiaries of almshouses must be individuals of limited means, wth preference given to those vh)0 are inhabitants of, or in the immediate vicinity of our estate3 in Ewelme, Oxfordshire, Marsh Gibbon. Buckn'nghamshire and Ramrldge. Hampshire.
God's Hous¢ in Ewelmg Tru$tses' Report Icontlnuedl fctr th8 year &nded 31st Decamber 2023 Achltrvements and rforManCe With the appointment of a new Trust Manager in February, the Charity embarked on a systematic VIeW of its operational delivery. This has involved assessing compliance and policy work, developing and refie5hing inlemal procedures and creating new documentation lo support the Charty's work with ils residents. Some of the more visible aspects of this have been the development of a new website, new marketing material and acttvities lo foster stronger relationships wlh residents and the local community. As noted above, the Charity has also reviewed its Board of Trustees and made appointments lo enable il to develop ¢ts operational eapabilitses. Despite an uncertain financial climate, the Charty's income and investments have performed as expected. Demand for its almshouse5 iemains strong and occupancy of 115 investment PFC•perties remains quite stable. The Charity ensures its property portfolio is of a high standard and there is a rolling programme of modernisation of almshouses and investment properties as necessary. The trusteès are mindful of the historic nature of much of the Charity's portfolits, not least, ils original almshouses. Inevitably, these Carry a financial burden, but the trustees ale attentive lo their duty lo maintain these a$sel6 for future generations. Financial review The Charity's income in the year was £1.058,82512022'. £956,604) and was obtained Primarily from ils investment properties and its porrfolio of quoted investments. The Charity spent £251,06212022'. £198,815} on the upkeep and maintenance of ils almshouses and other historic buildings, £312,876 12022.. £726,220) on maintaining Ils other properties, in¢urred £55.650 12022.. £69,049> on support and govefflance costs, defrayed £29,37812022'. £28,6531 on Almsmen's Account. made other grants and donab'on$ of £10512022.. £11.1051 and with £300.000 {2022.' £270,000> due lo the EIMe Exhibition Endowment, and £3,208 (2022.. £1.325} due lo the Ewelme Elornentsry Educational Foundation, this left a surplus for the year before investment gains of £83,335 12022.. deficit £394,364>. There were investment gains of £9.650.02412022.' losses of £521,787), resulting in an overall gain for the year of £9.650,02412022.' los$ of £916,151). The nel assets of the Charity amounted ¢0 £51,808,43012022'. £41.895,0711 al 31st December 2023. The Trustees consider that the net assets are adequate lo generate sufficient income lo enable tho Charity to meet ils objectives. The Charity's quoted investments are held by Cazenove Capital Managernenl. Over the yeai, the Charity's quoted investments have Tisen in value by £40,050 {2022.' decrease of £1,044.3851 and this was due lo a rise in market value of £600,122 and disposals being in excess of additions. Key managemont personnel remunerafjon The Trustees consider the Board of Trustees and the Trust Manager as ¢omprising the key man8gernenl personnel of the charity in ¢harge ol directing and controlling the charity and running and operating the chaiity on a day-tO- day basis. All Trustees give of their lime freely and no Tmstee remuneration was paid in the year. There were no Trustee expenses or related party transactions in the year. see note 16 the accounts. Trustees are required to di$¢lose all relevant interests and register them with the Trust Manager and in accordance th the Trust's policy vwilhdraw from decislon8 where a conflict of interest arises. The pay oflhe Trust Manager is rewewed annually and is normally increased in accordance average eamings. The remunerats'on is reviewed lo ensure that il is fair and not out of line wlh similar roles.
Go(F'$ House in Ewelmg Trusteos. Report lcontinuedl for th¢ year ended 31st Docèmber 2023 Investmont policy and perfomian¢e The Trustees review the Investment Policy annually and have the following investment obje¢lives'. The overall investment objective is lo pr¢)du¢e the best financial return wth an acceptable level of risk. In the case of general fvnds the object¢ve is to produce a steady income flow while minimising the risk ot capitsl losses. In the case of the General Fund the objective Is lo mantain a risk-free sum lo enable regular maintenance of the Charity's investment properties to be undertaken a5 needed. In the case of the Extraorrtinary Repair and Restoration Fund the aim is to maximise capital growth including re-investment of income and is used for maintaining the historic fabric of the Charity's assets. bl d} The Charrty uses Cazenove to manage ts investments in stocks and Shares. Cazenove has been instructed to maximise capital growth without undue risk, and their investment activity 19 Subject lo the Charity's specific objective of generating income of approximately 3.5% of the value of the portfolio. Cazenove provide regular performance monrtoring data to Trustees to enable thern to make informed decisions about the Charity's Investments going forward. Given the Charity's level of commilrnenls, the Trustee$ had set a largel for income of £lmilllon for 2023, lISt maintaining the capital value of its investment assets over the long term. Total income includes interest from cash dep051ts. almshouse maintenance contributions and sundry in¢ome as well as income from inveslrnenls. The Trustees are sa115fied with the level of investment pertormance lch is adequate lo fund the Charity's current level of activity and maintain an adequate level of resetves. Pemlanent Endowment Investod on Total Retum Basis In 2021 the Trustee5 resolved lo adopt a lolal return basis on the Charity's quoted investments portfolio. This allows any increase in investrllent to be used as income. thereby giving the Charrty greater flexibility lo respond to its beneficiaries, needs. A base value for the available unapplied total reluin was established as at 1st January 2021. Professional advice was taken from Wenn Townsend, Chartered Accountants in calculating this base value. The base value lor the unappli¢d total return was calculated by revIeng the investment gains on the quote(t investtnents sin¢e 1995. Endowment funds invested with Cazenove are accounted for on a totsl return basis with no annu81 uplift lo the investment funds being considered necessary. The Trustees consider that the permanent endowment ofthe Charity s suffi¢ienl lo meet the needs of current and future beneficiaries. The gain in investment propety value is considered annually by the Trustees and allocated lo income as seen fft or as required lo support the charitable objectives of the fvnd. Reserves poll¢y The Charity needs lo meet its objectives in providing almshouses in both Ewelme and Marsh Gibbon. maintain its historic buildings and fund its two rdaled ¢harilie5. The annual cost of maintaining and improving those almshouses and historic buildings is in the order of £190,000 as averaged over the last 5 years. The Charity's income has been more than adequate to meet this and it is expected that this will continue lo be the Case for the foreseeable knlure. It is the policy of the Trustees., to maintain sufficient unrestricted reserves to protect the Charity from unforeseen falls in income and a level of six months of normal expenditure levels 15 considered adequate lo do this. This figure is estimated at £350,000. lo hold sufficient unrestricted reserves lo meet exceptional propety and repair expenses in relation to the charity's investment properties and £250,000 is considered lo be adequate for this. to set aside a designated reserve to Tneet extraordinary repairs and restoration of almshouses and other historic buildings of the Charity. An amount of £250,000 is consldered adequate for this funrl. bl
God's Hou$e in Ewelme Trustg9$' Report (contlnuedl for the year &ndod 31st December 2023 At the end of 2023. the charity had unrestri¢led reserve5 Of £10,727,658 12022.. £1.297.1931. Of this amount, £250,000 wll be held in the designated fund as abtsve. The target level of unrestricted reserves is £850,000 las detsiled in a, b and c above). Within this figure. £250.000 is designated and £600.000 is 'free'. The Trustees are happy with the level of re$eNes held with gard3 lo the target figure. Principal risks and unc8rtaintiOS The Iruslees have identified the major risks lo which the Charity is exposed and systems have been èstablished lo mrtigale those risks. Risk assessments are reviewed every year by the Trustees. The prin¢ipal risks faced by the charity are failure of investments or catastrophic destruction of the historic buildings. The Charity employ investment managers lo manage the Charity's investment$ within agreed parameters. These are monitored by the Ways and Means Committee on a regular basis. Sidleys provides estate management services for the Charity and the Receiver advises on the best way to maxiMSe fftlurns on the Charity's portfolio. The Charity seeks professional advice on $8fety procedures and risk management for its properties. Annual Fire Risk Assessfflents, regular inspections of firefighting equipment and alarms is undertaken lo ensure the Charity is compliant with sector requirements. Thls year has also seen an unprecedented increase in the cost of living. Rising energy PTice$, 5uppIy-side challenges and on-going political uncertainties, have SlIed In rising costs in all sectors of operation. The charity has sufficient SerVeS lo absorb these rising Costs. an¢J risk assessments have been amended to plan for managing this issue going forward. Plans for Future Perlods The Trustees will continue to maintsin the Charty's investments and histori¢ properties and wll discharge their charrtable ¢bligations to the best of their ability. They plan to in¢r¢ase support for the almshouse r¢sidenls and other qualifying people in need as opportunities arise. Following extensive research into possible future charitable a¢tNilies relating to almshouses for younger people and community support, Trustees continue to moniltsr opportunities for developing almshouse provision and addressing need wlhin the Charity's area of benefit. Trustees look the decision this year lo apply to the Charity CommF8sion for a cy pres s¢heme to add a grant giving object to their powers. Followng significant research, Trustees agreed that a grant scheme to support local organisations workfng within the Charty's areas of operation and with ils beneficiary groups was in keeping wlh the spirit of the original gift. The Charity awaits a decision from the Charity Commission. Covid 19 The Charity has evolved its practices to live with Covid 19. Al the height of the pandemic every aspect of the Charity's worked was affected and as restrictions lifted, the Charity remained cautious in how il dealt with a return to face-to-face activity and the re-opening of site5. Pandemic precautions remain written into the Charity'$ risk assessments and disaster plans to secure the heatth and safety of its residents. stsff an¢J Trustees. The Chafily's finances are still feeling the Tepercussions of the pandemic. Income from investments is re¢overing, bul has subsequently been challenged by inflab'onary turlence, rising interest rates and political uncertainty. The Charity's adequate capital base and reserves have allowed the tru$lees lo continue unrestricted operats.ons over the course of the year. Collection ¢f rents from residential and eslale property has Similarly been affected, and the Reeeiver has worked conslruclively wth tenants lo address arrears.
God's House In Ewelme Trusteè$' Report Icontinu8d) for the year end•d 31st December 2023 Responsibilitiès of Trustees The Trustees are responsible for preparing the Trustee$, Annual Report and the financial statements in accordance wlh applicable law and United Kingdom Accounting Standards (United lQngdom Geneially Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of th& incoming resources and application of resources of the charty for that period. In preparing these financial statements, the trustees are required to.. select 5uilable accounting policies and then apply them ¢onsislently' bseNe the methods and principles in the Charities SORP.. make judgements and e5tsmales that are reasonable and prudent.. 51ale whether applicable a¢¢ounling standards have been followed, subjecl lo any mater departures disdosed and explained in the financial statements-, prepare the financial statements on the going ¢oncem basis unless il is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeping proper accounting records that dis¢lgse with reasonable a¢¢ura¢y at any lime the financial position of the charty and enable them to ensure that the financial statements comply wlh the Charitses A¢1 2011. the applicable Charities IAccounls Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other iriegulaiitie$. Approvèd by the Trustees on .. 2024 and signad on thelr b•half by: A Saundgrs Trust Manager
God's House in Ew&lm9 Ind8p8ndént Auditor's Rèport to the Trustees of God's Hous& in Evmlmg Oplnion We have audited the finan¢ial statements of God's House in Ewelme {the 'charity'l for the year ended 31 $1 Decertber 2023 which comprise the Slalement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes lo the financ¢al slatemenls, including a summary of significant accounting policies. The financial reporting framework that ha$ been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunlled Kingdom Generally Accepted Accounting Practieel. In our opinion the financial statements.. give a true and fair view of the stale ol the charity's affaiis as al 31st December 2023, and ot ils incorning resources and applicion of resouices, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance wth Inlernalional Standards on Auditing {UKI (ISA5 IUKI) and applicable law. Our responsibilities under those standards are further described in the Audrtor's responsibilf(ies for the audit of the financial statements section of our report. We are independent of the charity in accordance wrth the ethical requirernents that are relevant to our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other elhical respon51bilities in accordance wrth these requirernents. We believe that the avdit evidence we have ol)tsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have con¢luded that the trustees, use of the goin9 concem basis of accounting In the preparation of the ftnancial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubt about the ¢harity's ability to conts.nue a5 a going concern for a period of al least twelve months from the date when the financsal statements are aulhorised for issue. Our responsibilTties and the responsibilities of the trustee5 With respect lo going con¢em are described in the relevant se¢lions of this report. Other Infomiatlon The other information comprises the information included in the Iruslees, annual report, other than the financial slalements and our auditor's report Ihereon contained within the annual report. Our opinion on the financial stslemenls does not cover the other information and. except to the extent othenNise expli¢illy $tsled in our report, we do not express any form of assurance conclusion thereon. Our responsibilty is lo read the other information and. in doing so, ¢onsider whether the other information is materially inconsistent the financial stslements or our knoedge obtained in the audit or otherwise appears to be malenally rnis5taled. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise to a material misstalemenl in the financial statements Ihem5elve$. If. based on the work we have performed, we conclude that there 15 a material misslalemenl of this other information, we are required to report that fa¢t. We have nothing lo report in this regard. Matters on which we are rnquirod to rèport by exeoptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in tsur opinion". the informatlon gNen In the financial stslements is inconsistent in any material respect with the trustees, p¢rt. or sufficient accounting records have not been kept.. 01 the financial statements are not in agre@menl with the acctsunling records., or we have not recelved all Ife information and explanations we Tequire for our audit.
God'$ House in Ewelme Indèpendènt Auditor's Report to the Trust8as of God'$ House in Ewelme Icontlnugd) Responsibilities of trustèe$ A5 explained more fully in the trustees. responslbililies statement set out on page 7, the tru51ees are responsible fcir the preparation of financial statements which give a true and fair view, and for such inlemal eonlrol as the Iruslees determine 1$ ne¢essary lo enable the preparation gf finan¢ial ststements that are free from material misslaternent. thether due to fraud or error. In preparing the financial stslements, the Iruslees are responsible for assessing the charity's abilty to continue as going concern, disclosing. as applicable, matters related lo going ¢on¢efn and using the going concern basis ol accounting unless the trustees either intend lo liquidate the charity or to ceas& operations, or have no realistic atternative but to do so. Auditoes responsibilities for the audit of th& financial statements We have been appointed as audrtor under section 144 01 the Charit$ Act 2011 and report in accordance with regulations made under section 154 of that Act. Our obje¢lives are to obtsin reasonable ass*Jrance about whether the financial statements as a whole aro free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes tsur opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audfi conducted in accordance th ISAS {UKI always delecl a material misstatement when il exists. M15s1alements can arise from fraud or error and are conSided material if, individually or In the a99regate, they could reasonably be expected lo inflLtence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non<ompliance with laws and regulations. We design procedures in line th OLJr responsibilities, outlined above, to detect material mi$stslements in respect of irregularities, including fraud. The specific procèdures for this engagement and the extent lo which these are capable of detecting irregularities, including fraud is detsil&d below. Enquiry of management and those charged with governonce around actual and potential liligalion and claims.. Enquiry of entity Staff in tsx and Compliance functions to identify any instsnces of non-compliance smth laws and regulations.. Reviewing minutes of meetings of those charged with governan¢e', Reviewing financial statement disclosures and lesling to supporting documentation lo assess compliance wlh applicable laws and regulations., Performing audit work over the risk of management override of contro15, including testing of journal entries and other adjustments for appropriateness, evaluating the bu$ine$s rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for bias. Because of the inhefent limitations of an audit. there is a risk that we wll not detect all irregularities, including those leading lo a material misstatement in the financial stslemenls or n0n-c0mpliare with regulation. This rtsk increases the mole that compliance wth a law or regulation is removed from the events and transactions reflected in the financial statements, as we wll be less likely to become aware of instsnces of non-cornpliance. The risk is also gfftaler regarding irregulanlies O¢CLJrring due to fraud rather than error. as fraud involves intentional concealment, forgery. eollusion. omission or misreprgsentatiot). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's websf(e al.. www.frc.org.uklaudrtorsTesponsibililies. This description forms part of our auditor's report. We communicate wrth those charged wlh governance regarding, among other matters. the planned scope And liming of the audit and $i9nifi¢ant audit findings, including any significant deficiencies in intemal Control that we identify during our audit.
God's House in Ewglmfr Independènt Auditorfs Report to tho Trustea$ ofGod's Housè in Ewelmo Iconllnu•dl U$* of our report This report is made solely lo the charity's Iruslees, as a body, in accordance with Part 4 of the Charities (Accounts and Reptrrtsl Regulations 2008. Our audit work has been undertaken $0 that we might slate to the charity's Iruslees those matttrrs we are required lo slate to them in an auditor's report and for no other purpose. To the fvllest extent permitted by law, we do not a¢cepl Qr assume responsibility to anyone tsther than the charty and the charity's trustees as a body. for OUT audit work, for this report, or for the opinions we have formed. Wenn Town$end, StstLrtory Auditor Oxford . 2024 Wenn Townsènd is elwibls to acl 8s an auditorin term5 of s8Ction 1212 of lh8 CompaniesAcl 2006. 10
tNO ryLO v) o* 40 Op ryo rV> O¢D ov 00 000 00 ¢Yr7YJ 00 -& c VJJo<<fDv) u(£Cl L¥
God's Hou$e in EvlmO Balance Sha•t as at 31$t Do¢ember 2023 2023 2022 Fixed assets Tangible assets Investment propert*'es Quoted Investments 11 12 12 3,219,011 38.938,308 9,009,406 3,219,011 29,448,589 8.969,356 51,166.725 41.636,956 Currènt a$$ets Oeblors Bank deposit accounts Bank current accounts and pety cash Due from Ewelme Exhibition Endowment 172,925 317,606 21,416 2,433 164,798 129.195 42,272 7,105 514.380 343.370 Currgnt liabilities Other creditors 10 172,6751 185,2551 172.6751 185,255} Net currént a$$ets 441,705 258,115 Net assets 51,608,430 41,895,071 Roprasantsd by: Permanent endowment funds Unrestricted funds 13 14 50.184,031 1,424,399 40.597,878 1.297.193 51,608,430 41,895,071 These accounts wgrè approved at a moettng of tho Trustses on ... . 2024 P W Chamb8rlain pL4LU GL l Trustses K L Cooper A4e< 12
God's House In Ewelmo Stat•ment of Cash Flov For the year ended 31st Oecember 2023 2023 2022 Net cash used in operating a¢tÉvities Inote 181 {176.3401 1626,6651 Cash flow from invg$tlng activities: Interest and dividends 223,640 220,264 Proceeds from sale of investments 3,082.068 4,294,639 Purchase of investments 12,961,813) 13.905.496) Not cash {used inllprovSdod by investing a¢tivities 343,895 609,407 Chang& in cash ond cash equivalent5 in the year 167,555 117.2581 Cash and cash equivalents brought forward 171.467 188,725 Cash and cash equivaknts carried forvard 339,022 171,467 13
God's Hous• in Ewolme Not&s to the Accounts for the year endgd 31st December 2023 A¢¢ounting policigs The followng accounting policies have been used con$i$lenlly In dealing with itsms which are considered material in relation lo the accounts of the Charity. Basis of prgparation These accounts have been prepared on an accruals basis and include ineome and expenditufft os they are earned or incurred. rather than as cash is received or paid. The accounts have been prepared in accordance th the Statement of Recommended Practice.. Accountsng and Reporb'ng by Charitie5 preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 published October 2019 and the Financial Reporting Standard applicable in the United Sfjngdom and Republic of IreFand IFRS 1021 and the Charities Act 2011. The Charity conslilutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the Charity's ability to continue as going concern, as detailed in the Trustees ReporL Fund structuro 11 Unrestricted funds consist of a general fund which the Trustees may use, forthe furtherance of the objects of the Charity, at their di$¢relion. ill Designated funds comprise unrestricted funds that have been set aside by the Trustees for part¢cular purposes. The aim and use of these funds is set out in the notes to the accounts. iiil Permanent endowment funds represent funds which musl be held permanently, or if sold Cannot be used as if they were Income but must be reinvested. The income of these funds may be used by the Trustees for the furtherance of the objects of the Charity. al their discretion. Propgrties The Char¢ty's properties are included in the a¢¢ovn15 as be. All significant expenditure of a capital nature is capilalised. i} Tangible fixed assets afe properb'es held to fuWII the Charity's objects, and are included in the accounts al depreciated replacement cost. These properties are maintained by a programme of refurbishment such that the residual value is not less than the value in the accounts. No depreciation is therefore considered to be necessary. ii) Investment properu'es are properties held for investment purposes, and are included in the accounts at open market value. Quoted invèstments Quoted investments are included in the accounts at market value at the year end. Gains or losses arising on revaluation are recognised in the Slalemenl of Financial Activities as unrealised gains or losses. Gains or losses arising on disposal aTe recognised in the Statement of Financial A¢kn"vilie5 as iealised gains or lo$$es. Grants payable Grants payable are included when the recipient ha5 a reasonable expectatn that they will Fecetve a grant and when any conditions attached lo Itle grant are fuMlled. Debtors and creditors receivabl8lpayable within one year Debtors and ueditors receivablelpayable within one year are recorded al transaction price. 14
God'$ Housg in Ewelme Notes to the A¢¢ounts Icontinuodl for tho year onded 31st December 2023 Accounting poll¢le$ Icontlnuodl In¢ome recognltlon All income is recognised in the Statement of Financial A¢livilies when the Charity is legally enlilled to Ihg Income, the amount can be quantified wth reasonable accuraey and it is probable that the income will b received. Expandlture r•cognitlon All expenditure is accounted for on an accruals basis and Is recognlsed when there 1$ a legal or ¢onstructive obligation lo pay. it is probable that selllemenl will t* required and the amount of the obligation can be measured reliably. Charitable expenditure comprises those costs incurred by the Charity in the delivery of ils activities and services for ils beneficiaries. It includes both costs that can be allocated dilY to such aclivilieg and those costs of an indirect nature necessary lo support them. Govemance costs include those costs a$sixialed with meeting the constitutional and statutory requirements of the charity and include the audit fees and Gosls linked to the strategic management of the Charty. Support ¢osts are those w51s that. whilst necessary to deliver an activty, do not themselves produce or constitute the outptrt of the charitsble activity. Irr8covorable VAT Irfe¢overable VAT 1$ charged against the expenditure heading for which it was in¢uffed. Upkeep and maintènance of Almshouses and the South Aisle and SL John's Chapel of Ewolme church 2023 2022 Council lax, water rates and insurance Repairs Fuel oil Electri¢ity Cleaning Garden upkeep 28,048 133,097 34,116 23,030 5,413 27,358 17.868 76.333 47,707 23,365 6.115 27,427 251.062 198,815 15
God's House In Ewelm8 Not8$ to tho Accounts l¢ontinuedl for the year ènd•d 31st December 2023 Expenditure on Alm$men's Account 2023 2022 Attendance on almsmen Chaplain's salary Telephone Sundry expense5 17,392 7,000 3,671 1,315 17.351 7.000 2.940 1.362 29.378 28.653 Expenses of proporti0s 2023 2022 Repairs and maintenance Professional charges re repairs and maintenance Re¢eiver'5 management fees and expenses Insurance Rates, heat and light Other professnnal charges Bad debts 94,124 15,905 108,861 63.392 3,061 27,533 467.219 46,098 110,103 60,785 12,677 30,123 17851 312,876 728.220 Amount payable tol{rèc&ivable from) the Ewelme Exhibition Endowment 2023 2022 Annual grant payable lo the Ewelme Exhibition Endowment Amount paid In year Amount outstanding al beginning of year Administrative salary paid 300,000 1292,8951 17,10SI {2,4331 270.000 1270.0001 864 (7.9691 Total due at 31st December 2023 12,4331 17,1051 Grants and Donatlons 2023 2022 Grants and donations include the following.. The mi11st8m Day Centre Other grants under £1,000 11,000 105 105 105 11,105 16
God'$ Hous8 in Ewelme Notes to the Accounts Icontinuedl for the year ended 31st D¢¢¢mber 2023 Support and governance costs 2023 2022 The breakdown of support costs and 9overnance costs is.. Support costs Trust manager's salary induding Social Security Sundry expenses 7,743 4,713 12.046 9,033 12,456 21.079 Governance costs Trust manageffs salary including Social Securtty Auditor's fees audit non audit Trustees, indemnity insurance 18.068 14,196 5.560 5,370 28,107 12.948 3,600 3,315 43,194 47,970 Totsl costs. all allo¢at•d to charitable actlv5tle$ 55,650 69,049 Staff ¢osts 2023 2022 Salarie5 and wag8S Pension costs Social security costs 52,127 946 62.586 940 829 Total staff costs 53.073 64,355 The average number of employees during the year wa5 4 12022.. 41 all employee time involved in providing either support lo the governance of the charity or support services lo charrtable activities. The charity considers ils key management personnel comprise the Trustees and the Trust Manager. The t¢Jtal remuneration in¢luding employer pension contributions of the key management personnel was £32.868 12022". £40.0041. No employtres received rernuneralion in excess of £60,00012022'. none). 17
God's House in Ewelmo Notès to the Accounts (continued) lor the yoar gnded 31st Decomber 2023 Debtors 2023 2022 Rents and maintenance contributions receivable Prepayments and accrued income 94,465 78,460 99,994 64.804 172,925 164,798 10. Creditors: due within one year 2023 2022 Repairs to propety Accruals and deferred income Surveyors, fees and professional charge$ Other creditors 5,596 66,296 9.808 74,719 132 596 783 72,675 85.255 11. Tangible fixed assots 2023 Freehold property 2022 Freehold property Value at 1 sl January 2023 and 31st December 2023 3,219.011 3.219.011 Historical cost at 31st December 2023 250,183 250.183 The lan9ible fixed asset5 of the Charity are the Almshouses. The valuation of these assets was reviewed by the trustees during the year. wlh the assistance of a RICS regulated firm. The Iru51ees will continue lo consider any material impact on t*)eir carrying value annually. 18
God's House in Ewolme Not8s to tho Accounts Icontlnugdl for the year ended 31st December 2023 12. Fixed asset investmènts al God's House in Ewelme - Charlty 2023 2022 Quoted investmènts Market value at 1st January 2023 Additions al cost Increaselldecreasel In market value Disposal proceeds Loss on disposal Increaselldecreasel in eash pending investments 8.969.356 2.959,128 600,122 13,082.0681 {253.3571 {183.7751 10,013,741 3,689,446 {532.7371 {4,294,6391 10,951 82,594 Market value at 31st December 2023 9,009.406 8.969.356 Invgstm¢nt properties Market value al 1st January 2023 Aclditions Revaluation 29,448,589 186,460 9,303,259 29,315,133 133,458 Market value at 31st December 2023 38,938.308 29.448,589 Totsl 47,947,714 38,417,945 bl The valuation tsf these assets was reviewed by the trustee$ during the year, with the assistance of a RICS regulated fim). The Itustees wll continue to consider any material impact on their carryin9 value annually. All properties are wthin the UK. cl The historical cost ofthe Quoted investments al 31st December 2023 was £8,308,237131st December 2022.. £8,179,674). The historical cost of investment properties al 31st December 2023 was £3,603,946 131st December 2022.. £3,417.486). 13. Permangnt ondowmont funds Pèmiangnt Endoyanent Furrfl Balance al 1st January 2023 Increase in market value of quoted investments Increase in market value of investment properties Loss on disposal of quoted investments 40,597,878 536,251 9,303,259 1253.3571 Balance al 31$1 December 2023 50,184,031 Balance al 1st January 2022 Increase in market value of quoted inveslmenls Loss on disposal of quoted investments 41,074,759 1487.8321 10,951 Balance al 31st DeGember 2022 40,597.878 19
God's Houso in Ewelme Notès to the Accounts l¢ontinuedl for the year endod 31st Decembgr 2023 13. Pemlanent endowmènt funds {continugdl al The permanent endowment fund is represented by investment propety, quoted investments and fixed assets. bl Included within the above funds are unrealised gains laTising from changes in market value of quoted investments, investment properties and fixed assets) as follows:_ 2023 2022 Permanent endowrnent Quoted investments Investment properties Fixed assets 430,437 £ 35,327.669 £ 2,968.828 582,821 £ 26,024.410 £ 2.968.828 14. Unrestrict•d funds Exlraordlnary repair and restoration fund General fund 2023 Total Balance at 181 January 2023 1,047.193 250.000 1.297,193 SurplusllDeficitl for the year {Decreasellincrease in market value of quoted investments Transfer of funds 63,335 63,335 76,262 112,3911 112.3911 12,391 63,871 Balance at 31st DeceTnber 2023 1.174,399 250.000 1,424,399 Extraordlnary repair and restoration fund Gènèral fund 2022 Total Balance al 1st January 2022 1,486.463 250,000 1.736,463 Deficit for the year (Decreasellincrease in market value of quoted investments Transfer ot funds {394.3641 1394,3641 (36,1941 18,7121 {8,7121 8,712 144,9061 Balance at 31$1 December 2022 1.047,193 250,000 1,297,193 20
God's House in Ewelme Notes to the Accounts {¢ontinuod) for the year •nded 31st Dember 2023 14. Unrèstricted funds (continued) a) The extraordinary repair and restoration fund is lo provide funds for such repairs and restoration lo the Almshouse5 and other tangible fixed assets which are considered extraordinary In nature. bl The extraordinary repair and restoration fund is represented by quoted investmen15 and cash. As per the reserves policy. the appropriate level for this fund is £250,000. A transfer of funds lo the general fund has been made lo reflect this. cl Included within the above fvnds a unrealised gains (arising from changes in market value of inveslmentsl as lollows:_ 2023 2022 General fund Extraordinary repair and $toratIOn fund £ 203,728 £ 67.004 £ 152,248 £ 54.613 15. Pgrnianent endowment invèst¢d on a total rotum basts The ¢harity has exeicised its rights by the Trustees under section 104A of the Charities A¢1 2017. This power permits the TTustees to invest permanently endowed funds lo maximise total return and therefore appty an appropriate poition of the unapplied total return to income. The unapplied total return remains invested as part of the permanent endowment until that power is exercAsed. en exercised It allows the Trustees to apply an appropriate portion of the unapplled lotol retum to income each year. The FKssilion on these funds is summari3ed as follows.. Endolnent for investment Unappliod total retum Total endowThgnt At 1st January 2023.. Gift component of pemianent endowment Unapplied lolal return brought forward 5.885,120 5.885,120 2,045,158 2,045,158 5,885,120 2,045.158 7,930.278 Movements: Gains on investment value$ Transfers out 282.894 282,894 1186,4601 1186,460) 5,698,660 141.458 1141,458) 2,328,052 57,789 157,7891 8,026.712 199,247 1199,247) Unapplied total return income in year Dividend relum allocated to income Gift component of pemianent endowment Unapplied total relum Carried forward S,698,660 5.698,660 2,328,052 2.328,052 Total at 31st December 2023 5,698.660 2,328,052 8,026,712 21
God's Housè in Ewglme Notgs to the Accounts Icontinu&dl for the year ènded 31st tlecgmber 2023 16. Twstse's remuneration and int¥r•sts No remuneration was paid or expenses reimbursed lo the Twslee5 during the year12022' £Nill. No Trustees have declared an interest, other than as Trustees, in the affairs of the Charity or its wnnected charities. 17. Ewelmè Exhibition Endowmont and Ewelme Elementsry Educational Foundation As noted in the Trustees, Report. God's House in Ewelme is related lo both of these registered charities. Ewelme Exhibition Endowment receives an annual grant from God's House in Ewelme and then grants awards for educational purposes. to and on behalf of young people under the age of 25. The amtsunls involved here are shown in note 5. Ewelme Elementary Educational Foundation is responsible for the repairs lo Ewelme School and the School Master's House. God's House in Ewelme pays these ¢o$ls on behalf of thi5 Charty which tolalled £3.208 in the year12022". £1.325}. 18. R•con¢lllation of net movèment in funds to net cash flow from oporatlng activiti8$ 2023 2022 Net movement in funds IDeductlladd ¢hange in market value of investments IDeducll/increase in market value of investment properties Deduct interest income shown in investing a¢tivf(ies Deduct lossesllgains) on investments <Incase)Idecrease in debtors Increaselldecreasel in ¢reditors 9.713,359 1600,1221 (9.303,2591 {223,6401 253.357 13,455) 112,580} 1916,1511 532,737 (220,2641 110,9511 12,1531 19,883) Net cash u$ed in operating activities 1176,3401 1626.6651 22
God's Hou59 in Ewelmè Notes to the Accounts l¢ontlnued} for the year ended 31st D8c8mbgr 2023 19. R8conciliatlon of funds Pormangnt Endo1n9nt Unrestricted Totals 2023 At 1st January 2023 40,597,878 1,297,193 41,895,071 Nel movement in funds 9,586,153 127,206 9,713.359 At 31$t Dec¢mr Z023 50,184.031 1,424.399 51,608.430 Represonted by: Debtors Cash al bank and in hand Creditors due within one year 175,358 339,022 172,675} 175,358 339,022 172,675) Net current assets 441,705 441,705 Quoted investments Investment property Tangible fixeil assets 8,026,712 38,938.308 3,219,011 982,694 9,009,406 29,635,049 3,219,011 50,184,031 1.424,399 51.608,430 P¢mian•nt Endotbvmènt Unr¢stri¢ted Totals 2022 At 1st January 2022 41.074,759 1.736,463 42,811,222 Net movement in funds 1476,881) (439.2701 1916,151) At 31st December 2022 40,597,878 1,297.193 41.895,071 Represantod by: Debtors Cash al bank and in hand Creditors due wthin one year 171,903 171,467 {85,2551 171,903 171.467 185,2551 Nel current assets 258,115 258,115 Quoted investments Investment property Tangible fixed assets 7,930,278 29,448,589 3,219,011 1,039,078 8,969,358 29.448,589 3,219,011 40,597,878 1,297.193 41,895.071 23