God's Housè in Ev4elmo
Charity numb8r: 200581
Accounts
for tho year endèd
31$t D*¢ember 2023
W&nn TON￿$&￿d
Charterad A￿OUntantS
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 I￿land 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
Proncl￿1 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 E￿IMe 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 revIe￿ng 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 maxiM￿Se 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 ￿S￿lIed 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 tur￿lence, 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 applic*ion 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 $tsled in our report,
we do not express any form of assurance conclusion thereon.
Our responsibilty is lo read the other information and. in doing so, ¢onsider whether the other information is
materially inconsistent the financial stslements or our kno￿edge obtained in the audit or otherwise appears to
be malenally rnis5taled. If we identify such material inconsistencies or apparent material misslalements, we are
required lo determine whether this gives rise to a material misstalemenl in the financial statements Ihem5elve$. 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 If*e 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 conSide￿d 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-c0mpliar￿e 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

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u(£Cl￿ L¥

God's Hou$e in Ev￿lmO
Balance Sha•t
as at 31$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 expectat￿n 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 di￿￿lY 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 mi11st￿8m 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 D￿ember 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 ￿$toratIOn fund
£ 203,728
£ 67.004
£ 152,248
£ 54.613
15. Pgrnianent endowment invèst¢d on a total rotum basts
The ¢harity has exeicised its rights by the Trustees under section 104A of the Charities A¢1 2017. This power
permits the TTustees to invest permanently endowed funds lo maximise total return and therefore appty an
appropriate poition of the unapplied total return to income. The unapplied total return remains invested as
part of the permanent endowment until that power is exercAsed. ￿en exercised It allows the Trustees to
apply an appropriate portion of the unapplled lotol retum to income each year.
The FKssilion on these funds is summari3ed as follows..
Endol￿nent
for
investment
Unappliod
total
retum
Total
endowThgnt
At 1st January 2023..
Gift component of pemianent endowment
Unapplied lolal return brought forward
5.885,120
5.885,120
2,045,158
2,045,158
5,885,120
2,045.158
7,930.278
Movements:
Gains on investment value$
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
<Inc￿ase)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
Endo￿1n9nt 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¢m￿r 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