REGISTERED CHARITY NO 200671
NEWBURY ALMSHOUSE TRUST
FINANCIAL STATEMENTS
FOR THE PERIOD TO 31 DECEMBER 2022

NEWBURY ALMSHOUSE TRUST
ANNUAL REPORT 2022
CHARITY NAME: Newbury Consolidated Municipal Charities
OTHER NAMES THE CHARITY IS KNOWN BY: Newbury Almshouse Trust
Newbury Almshouse Trust is constituted by a scheme of the Charity Commissioners
dated 14 July 1986 and is a registered charity No.. 200671.
The registered address at which the Charity can be contacted is:
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB
TRUSTEES:
Newbury Almshouse Trustee Ltd
CO-OPTED:
Richard J Papworth
Michael C Hart
Rosalind l Morris
Sarah Edmond
Adrian Edwards (resigned 10th March 2023)
John Craig (Chairman)
Russell Shackleton (resigned on 4th November 2022)
Ian David Mills (appointed 27th April 2022)
Justin James Macgregor Percival (appointed 27th April
2022)
With effect from 14 January 2020 the Trust was governed by
a Corporate Trustee in the name of Newbury Almshouse Trustee Ltd (114634081
As approved by an amendment to the scheme dated 30 December 2019 and with the
Directors being= John Craig (Chairman), Michael Hart, Richard Papworth, Rosalind
Morris. Sarah Edmond, Adrian Edwards (to 10th March 2023), Russell Shackleton (to
4th November 2022), lan Mills (from 27th April 2022) and Justin Percival (from 27th
April 2022).
There are currently 2 vacant Directorships, and the Trust is now actively recruiting to
fill these positions.
INDEPENDENT EXAMINERS:
M Bath Bsc FCA DChA
James Cowper Kreston Audit
2 Communications Road
Greenham Business Park
Greenham
Newbury, Berkshire RG19 6AB
Page I

NEWBURY ALMSHOUSE TRUST
ANNUAL REPORT 2022
(CONTINUED)
CHANGE TO THE ACCOUNT YEAR END
At a meeting of the Board of Directors on the 11 May 2021 it was agreed that the
accounting year end for the Trust should be changed to 31 December. This was agreed
by the Charity Commission. This means that the report for comparative period covers a
17-month period and making any comparisons between this report and the previous
report should make allowances for the different account periods.
AIMS AND ORGANISATION:
The governing document of the charity states that the objects of the Newbury Almshouse
Trust are..
"The provision of Iow-cost housing for older needy people with at least three years,
residence In Newbury or its former (1974) Rural District. This involves the management
of the Trust's five groups of Almshouses comprising 42 dwellings, and of its property
and investments.
The Directors see it as their duty to manage the almshouses for the public benefit within
the terms of the Charity's governing document, which restricts the area of benefit and
stipulates certain specific qualifying requirements relating to age and financial need.
The Board of Direttors meets a minimum of four times a year and is chaired in
accordance with the Articles of Association.
The Directors all serve in a voluntary capacity and have a genuine interest in the
objectives of the charity. Currently there are 2 Director vacancies. Currently the Board
is actively recruiting to fill these vacant positions. They are seeking pro-active volunteers
with experience in project management, building maintenance, and social support. New
Directors are provided with background information on the Trust, as well as being
encouraged to read information provided by the Charity Commission and Almshouse
Association. New Dirertors are encouraged to visit the almshouses, and to meet the
residents.
A Proctor is appointed or each group of almshouses. The role of the Proctor is to be the
first point of contact between residents and the Trust. They resolve minor maintenance
works and report on more serious issues relating to the properties. The Proctors will give
support to residents on other matters although do not offer specific advice. The
additional support to residents can be considered a signposting service. There are
currently three Proctors who have responsibilities for the following properties..
Lower Raymonds and St. David's Road..
Upper Raymonds and St Mary's Bungalows:
St Bartholomews, Argyle Road=
Mr Mike Hart
Mrs Rosalind Morris
Mr Richard Papworth
They visited the almshouses regularly and reported at the Board of Directors meetings
on the condition of the almshouses and the re5ident5' health and wellbeing.
Page 2

NEWBURY ALMSHOUSE TRUST
ANNUAL REPORT 2022
(CONTINUED)
REVIEW OF THE YEAR TO DECEMBER 2022
The period was dominated by recovery from the effects of the Covid pandemic. Face to
face meeting resumed which was much appreciated by all.
Maintenance and repairs were recommenced with additional work required due to the
Covid backlog.
During the past year, the Trust has authorised repairs and improvements to the
Almshouses at a cost of £275,675 (period ending 31st December 2021.. £139,602).
The current accounting system splits out maintenance costs between minor repairs,
major property works, and ground maintenance. It is anticipated that that there will be
an increase in the amount of Maintenance work carried out in 2023 as some major
maintenance projects have been identified.
The Trust continues to undertake an annual review of the Weekly Maintenance
Contributions IWMCI made by residents, specifically to address differences in the
amounts being paid. Due to the increases in fuel costs the Board agreed not to increase
the WMC for 2022. In early 2023 the Trust will be developing a 5-year financial plan
which will define the process for review WMC and the principles of annual increases.
The Trust owns a commercial property at 59 Cheap Street, which is currently leased in
two separate areas, the ground floor as a dry cleaner and the upper floor5 as offices and
a flat.
The Trust continues to be a beneficiary of the John Maxwell Penn Will Trust. However,
payments from the fund are frozen for a period whilst the John Maxwell Penn Will Trust
undertakes renovations to the Trust's property. Currently we do not have an anticipated
date for the resumption of legacy payments.
The Trust is a beneficiary of the St Barts School Foundation Trust and received an
amount of £123 for the period.
Maintenance and refurbishment costs continue to be the major expenditure for the Trust,
and with the Covid backlog and frozen WMC income there was a deficit of income over
expenditure of £220, 198 for the period. £IOO,000 of this deficit was due to the transfer
of funds into an investment fund with CCLA.
£50,239 from the extraordinary repair fund was allocated to some of the major repair
work.
The Directors take advice where necessary from the Almshouse Association, the advisory
body for all almshouse trusts, and from professional service providers.
Page 3

NEWBURY ALMSHOUSE TRUST
ANNUAL REPORT 2022
(CONTINUED)
POLICY ON RESERVES
The Trustees aim to ensure that there are sufficient funds for the maintenance and repair
of the forty-two almshouses in their care, thirty-four of which are Listed Grade 11. This
includes routine and cyclical maintenance and the provision of an appropriate
extraordinary repair fund as required In paragraph 31 of the Charity Commission
Scheme { 19861. This requires the Trustees to establish and maintain a reserve fund to
be entitled the Extraordinary Repair Fund, for providing for the extraordinary repair,
improvement or rebuilding of the almshouses. At the end of the period this reserve fund
had a value of £73,313. This policy permits the Trust to carry out repairs promptly,
preventing deterioration and more extensive and costly repai rs later, as well as ensuring
the comfort and convenience of residents. They also take into account the possible need
for unpredictable and expensive repairs to the listed buildings, which are over 200 years
old and subject to the Local Authority Conservation Officer's requirements.
The total cash reserves of the charity in the period ended 31 December 2022 stand at
£315,215 (31 December 2021.. £535,413). The Trust consults its external advisors for
advice whenever appropriate for larger or more diffficult projects.
POLICY ON INVESTMENTS
In accordance with paragraph 32 of the Charity Commission Scheme, the Trustees 'shall
apply the income of the Almshouse Trust so far as requisite for the benefit of the
residents in the almshouses of the Charity" This Involves the maintenance and
operation of the Trust's forty-two almshouses, of which thirty-four are Listed Grade II.
The Trust currently has investment with M&G, and these were valued at £329,233 as of
31 December 2022.
The Trust currently has investment with CCLA, and these were valued at £97,021 as of
31 December 2022.
An ongoing financial review is looking at the current assets and consider how they may
be better used to support the beneficiaries of the Trust.
Signed:
John Craig (Chairman)
Dated.. 24th April 2023
On behalf of the corporate trustee Newbury Almshouse Trustee Ltd
Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
OF NEWBURY ALMSHOUSE TRUST
I report to the charity trustees on my examination of the accounts of the charity for the
period ended 31 December 2022 which are set out on pages 6 to 9.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in
accordance with the req uirements of the Charities Act 2011 ('the Act,).
I report in respect of my examination of the charity's accounts carried out under section
145 of the Att and in carrying out my examination I have followed all the applicable
Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my
attention in connection with the examination giving me cause to believe that in any
material ￿$pert=
accounting records were not kept in respect of the charity as required by section
130 of the Act. or
the accounts do not accord with those records.
I have no concerns and have come across no other matters in connection with the
examination to which attention should be drawn in this report in order to enable a proper
understanding of the accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part
4 of the Charities (Accounts and Reports) Regulations 2008. My work has been
undertaken so that I might state to the charity's Trustees those matters l am required
to state to them in an Independent examiner's report and for no other purpose. To the
fullest extent permitted by law, I do not accept or assume responsibility to anyone other
than the charity and the charity's Trustees as a body, for my work or for this report.
Signed
Michael Bath Bsc FCA DChA
James Cowper Kreston Audit
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire RG19 6AB
Dated 26 April 2023
Page 5

NEWBURY ALMSHOUSE TRUST
ESTATES ACCOUNT
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2022
2022
Extraordinary
Repair Fund
2022
General
Fund
2022
Total
Funds
2021
Total
Funds
RECEIPTS
Activities..
Residents, maintenance
contributions
Other:
Donations and legacies received
Sundry receipts
154,445
154,445 228,335
123
123
5,535
139
RECEIPTS FROM ASSETS
Rent 59 Cheap Street Newbury
Bank and Building Society Interest
21,000
938
21,000
938
29,919
Total receipts for period
176 506
176 506 265 708
PAYMENTS
Charitable activity direct
expenditure:
Grounds maintenance
Routine property maintenance
Major property works and
renovations
Property clearance
Light, power and heating
Almshouse Council Tax
Almshouse insurance
Resident checks
other expenditure:
Advertising and marketing
Audit and accountancy fees
Bookkeeping and administration
Postage, freight and courier
General expenses
Office expenses
Legal expense5
Professional fees
TV licence
Printing and stationery
IT software and consumables
Meeting rent
Resident gifts
Subscriptions
3,048
5,483
216,905
3,048
3,197
5,483
24,987
267,144 111,068
50,239
350
634
(503)
3,902
12
1,036
2,292
4,258
1,036
2,292
4,258
30
1,584
7,777
289
30
1,584
7,777
289
504
1,003
9,901
156
138
238
420
13
15
229
529
45
60
295
351
500
1,482
{7)
90
619
29
153
351
500
1,482
(7)
90
619
29
153
Page 6

NEWBURY ALMSHOUSE TRUST
ESTATES ACCOUNT
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2022
(CONTINUED)
Telephone and internet
Travel
Van hi
Bad debts
Refreshments
Trustee training
314
159
314
159
250
15
81
520
48
26
48
26
Total payments for the period
246 465
296 704 158 059
Investment purchases
Net receipt5/(payments)
(50,239)
(169,959) (220,198) 107,649
Transfer
3,075
(3,075)
Cash funds at 31 July 2021
120,477
414,936
535,413 427,764
Cash funds at 31 December 2022
Both the General Fund and the Extraordinary Repair Fund are unrestricted.
Page 7

NEWBURY ALMSHOUSE TRUST
STATEMENT OF ASSETS AND LIABILITIES
AS AT 31 DECEMBER 2022
2022
2022
Extraordinary General
Repair fund
Fund
2022
Total
Funds
2021
Total
Funds
Monetary Assets
Royal Bank of Scotland
Newbury Building Society
Virgin Instant Access Account
Virgin Money Current Account
Skipton Building Society
226,295
196,872
102,246
10,000
73.313
24,097
97.410
102,514 102,514
115,291 115,291
Investments
M&G Investments - National Association of Almshouses Common Investment Fund
Opening Balance
2318116 £199,822
3019116 £37,000
Total Invested: £236,822
CCLA Investments - COIF Charities Investment Fund Accumulation Units
Opening Balance
2212122 £50,000
2412122 £50,000
Total invested.. £lOO,000
Shop at 59 Cheap Street, Newbury let to Barrett Dry Cleaners, with Offfice and residential
accommodation above let to Banks & Co., at a total rent for both leases of £1,750 per
calendar month.
Fixed Assets retained for the charity's own use:
Almshouses (Freehold Property)
12 Houses at Lower Raymond's, Newbury
10 Houses at Upper Raymond's, Newbury
12 Houses at St Bartholomew's, Newbury
04 Bungalows at St Mary's, Newbury
03 Bungalows at Hunt's, Newbury
01 House at 8 Derby Road, Newbury
Trustees Expenses
During the period three Trustee Di rector5 were reimbursed a total of £1,277 (2021- one
Trustee Director £333). These expenses related to offfice expenses, travel, key cutting
and board meeting expenses.
Page 8

NEWBURY ALMSHOUSE TRUST
STATEMENT OF ASSETS AND LIABILITIES
AS AT 31 DECEMBER 2022
(CONTINUED)
APPROVED BY THE BOARD OF TRUSTEES ON 12th April 2023
SIGNED:
John P Craig
On behalf of the corporate trustee Newbury Almshouse Trustee Ltd
Page 9