Charity No : 201068 RSL No : A2481
ANGIERS ALMSHOUSE CHARITY TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ANGIERS ALMSHOUSE CHARITY
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Information | 1 |
| Trustees’ Report | 2 |
| Independent Examiner’s Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Accounts | 6 |
ANGIERS ALMSHOUSE CHARITY
REFERENCE AND ADMINISTRATIVE INFORMATION
Nominative Trustees:
Mrs P Hayton Mrs R Lester Mrs Unsworth Mr B Tyrell Mr R Hogg (appointed 12 June 2023) Mrs E Carter (appointed 12 July 2023) Mrs C Sandall (appointed 20 May 2024)
Co-optative Trustees:
Mr A Rogers (resigned 5 February 2024) Mrs T Harrison Mr V Kerrigan Mr J Winters Mr R Wall (appointed 12 June 2023) Mr P Smith (appointed 12 June 2023) Rev S Nesbitt (appointed 20 May 2024)
Charity No:
201068
Housing Corporation No: Charity Offices:
A2481
8A Castle Street Wallingford Oxon OX10 8DL
Independent Examiner:
Stuart Bates Wenn Townsend Chartered Accountants 10 Broad Street Abingdon Oxon OX14 3LH
Page 1
ANGIERS ALMSHOUSE CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their report together with the financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and relevant regulatory and legal requirements.
Trustees
The trustees who have served during the year are shown on page 1. Appointment of trustees is governed by the deed of amalgamation issued by the Charity Commissioners in 1985. The nominative trustees are appointed by Wallingford Town Council. Co-optative trustees are appointed by a resolution of the trustees.
Constitution, objects and policies-
The Charity was created in 1985 by the amalgamation of several small charities by order of the Charity Commission and is governed by a deed of amalgamation. It is registered with the Charity Commission No. 201068 and Housing Corporation No. A2481.
Angiers Almshouse Charity owns the property entitled “The Almshouse” which it maintains and administers. The Almshouse is used for the accommodation of elderly persons who have resided in or have strong links with Wallingford. The object of the charity is to apply the income for the benefit of the residents of the almshouse.
All major policies are approved by a meeting of the trustees. The trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
Development, activities and achievements
The details of incoming resources and of resources expended are shown on page 4. The trustees consider that the results for the year were satisfactory.
Risk management
The trustees actively review major risks the charity faces on a regular basis and believe that maintaining reserves at current levels will provide sufficient resources in the event of adverse conditions. The trustees also review other operational and business risks faced by the charity in order to mitigate the significant risks.
Reserves policy
The trustees operate a policy whereby unrestricted funds are maintained at sufficient levels to enable unrestricted expenditure to be adequately funded.
Investment policy
The charity invests funds set aside for exceptional expenses into funds managed by the National Association of Almshouses. The charity also has other unrestricted investments as shown in note 9 of the accounts.
Approval
This report was approved by the trustees on 25 September 2024 and signed on their behalf by:
P Hayton
.................................................................. Trustee
T Harrison
.................................................................. Trustee
Page 2
ANGIERS ALMSHOUSE CHARITY
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ANGIERS ALMSHOUSE CHARITY
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024, which are set out on pages 4 to 11.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act 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 matter has come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Stuart Bates BA FCA
Wenn Townsend Chartered Accountants 10 Broad Street Abingdon Oxon OX14 3LH
Date: 30 September 2024
Page 3
ANGIERS ALMSHOUSE CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes | Total | Total | |
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| 2024 | 2023 | ||
| £ | £ | ||
| INCOMING RESOURCES | |||
| From charitable activities: | |||
| Weekly maintenance contribution – almshouse | 2 | 24,291 | 23,400 |
| From generated funds: | |||
| Investment income | 3 | 1,450 | 412 |
| Other income: | |||
| Donation | 75 | - | |
| ——— | ——— | ||
| TOTAL INCOMING RESOURCES | 25,816 | 23,812 | |
| ——— | ——— | ||
| RESOURCES EXPENDED | |||
| Charitable activities | 4 | 11,180 | 16,265 |
| Other costs | 5 | 1,905 | 2,017 |
| ——— | ——— | ||
| TOTAL RESOURCES EXPENDED | 13,085 | 18,282 | |
| ——— | ——— | ||
| NET INCOMING RESOURCES FOR THE | 12,731 | 5,530 | |
| YEAR | |||
| Unrealised investment gains/(losses) | 9,308 | (1,333) | |
| ——— | ——— | ||
| NET MOVEMENT IN FUNDS FOR THE YEAR | 7 | 22,039 | 4,197 |
| Total funds brought forward | 218,637 | 214,440 | |
| ——— | ——— | ||
| TOTAL FUNDS CARRIED FORWARD | 240,676 | 218,637 | |
| ===== | ===== |
There were no recognised gains or losses for 2024 or 2023 other than those included in the statement of financial activities.
Approved by the Trustees on 25 September 2024 and signed on their behalf by:
P Hayton T Harrison ………………………………….. …………………………………………… Trustee Trustee
Page 4
ANGIERS ALMSHOUSE CHARITY
BALANCE SHEET AS AT 31 MARCH 2024
| Notes | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| FIXED ASSETS | 9 | |||||
| Housing properties | 8,229 | 8,229 | ||||
| Investments – Extraordinary repair fund | 114,150 | 105,109 | ||||
| Investments – General fund | 9,493 | 9,226 | ||||
| ——— | ——— | |||||
| 131,872 | 122,564 | |||||
| CURRENT ASSETS | ||||||
| Debtors | 10 | 1,742 | 2,171 | |||
| Cash at bank and in hand | 108,478 | 94,764 | ||||
| ——— | ——— | |||||
| 110,220 | 96,935 | |||||
| CREDITORS: | Amounts falling due | |||||
| within one year | 11 | 1,416 | 862 | |||
| ——— | ——— | |||||
| NET CURRENT | ASSETS: | 108,804 | 96,073 | |||
| ——— | ——— | |||||
| NET ASSETS | 240,676 | 218,637 | ||||
| ===== | ===== | |||||
| FUNDS | ||||||
| Unrestricted funds | 15 | 240,676 | 218,637 | |||
| ===== | ===== |
Approved by the Trustees on 25 September 2024 and signed on their behalf by:
P Hayton T Harrison …..……………….................. …..……………….................. Trustee Trustee
Page 5
ANGIERS ALMSHOUSE CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdon and Republic of Ireland (FRS 102), the Charities Act 2011, the Statement of Recommended Practice: Accounting by Registered Social Landlords, issued in May 2005 and the Accounting Requirements for Registered Social Landlords General Determination 2006.
1.2 Tangible fixed assets for use by the charity
Angiers Almshouse Wallingford was constructed in the seventeenth century and there is no record of the original cost and no value is attributed thereto.
The housing properties’ cost relates to improvements carried out since 1981 which were funded by a Housing Corporation Grant; a mortgage loan from the Housing Corporation secured by a charge on housing, land and buildings and from the Angiers Almshouse Charity’s own resources. As the properties are maintained in a state of repair such that their residual value is not less than their improvement cost or carrying amount, the annual charge for depreciation is nil.
1.3 Incoming resources
Weekly maintenance contribution income and investment income are included in incoming resources when they are receivable.
1.4 Resources expended
Expenditure in included on an accruals basis.
Expenditure on the almshouse comprises all the costs of running and maintaining the property, including the cost of cyclical maintenance and extraordinary repairs.
Other costs comprise costs for the running of the charity itself as an organisation.
1.5 Housing Association Grant
Housing Association Grant (HAG) is paid by the Housing Corporation to reduce the cost of development and is, therefore, shown as a deduction from the cost of housing properties on the balance sheet. HAG is repayable under certain circumstances, primarily following the sale of a property but repayment is usually restricted to net proceeds of sale.
1.6 Value Added Tax
Angiers Almshouse Charity is not registered for Value Added Tax. In these financial statements, where applicable, expenditure is shown inclusive of VAT.
1.7 Investments
Investments are included at market value.
Page 6
ANGIERS ALMSHOUSE CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1.8 Fund accounting
Funds held by the charity are either:
Unrestricted general funds – these are funds, which can be used in accordance with the charitable objects at the discretion of the trustees.
Designated funds – these are funds set aside by the trustees out of unrestricted general funds for specific future purposes.
Further explanations of the nature and purpose of each fund are included in the note 15.
2. PARTICULARS OF INCOME FROM RESIDENTS
| 2. PARTICULARS OF INCOME FROM RESIDENTS |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Maintenance contribution due | 25,038 | 23,400 |
| Less voids and write offs | (747) | - |
| ——— | ——— | |
| 24,291 | 23,400 | |
| ===== | ===== | |
| 3. INTEREST RECEIVABLE AND OTHER INCOME |
||
| 2024 | 2023 | |
| £ | £ | |
| Bank interest | 1,043 | 46 |
| Listed investments (all UK) | 407 | 366 |
| ——— | ——— | |
| 1,450 | 412 | |
| ===== | ===== | |
| 4. EXPENDITURE ON CHARITABLE ACTIVITIES | ||
| 2024 | 2023 | |
| £ | £ | |
| Expenditure on almshouse | ||
| Insurance | 1,992 | 1,717 |
| Electricity and gas | 858 | 494 |
| Water | 755 | 399 |
| Repairs and maintenance | 7,575 | 13,655 |
| ——— | ——— | |
| 11,180 | 16,265 | |
| ===== | ===== | |
| 5. OTHER COSTS | ||
| 2024 | 2023 | |
| £ | £ | |
| Governance | ||
| Administration | 250 | 250 |
| Training | 95 | - |
| Telephone | 62 | 62 |
| Website expenses | 60 | 172 |
| Accountancy | 720 | 660 |
| Subscriptions | 568 | 516 |
| Sundries | 150 | 357 |
| ——— | ——— | |
| 1,905 | 2,017 | |
| ===== | ===== |
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ANGIERS ALMSHOUSE CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. TRUSTEES’ EMOLUMENTS
None of the trustees received any emoluments. A contribution was paid to Wallingford Town Council as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Use | of facilities | £250 | £250 |
| ==== | ==== | ||
| 7. | NET MOVEMENT IN FUNDS FOR THE YEAR | ||
| 2024 | 2023 | ||
| The | net movement in funds for the year is stated | ||
| after charging - | |||
| Independent Examiner’s fee | £720 | £660 | |
| ==== | ==== | ||
| 8. | TAXATION |
Angiers Almshouse Charity is a Registered Charity, and is, therefore, exempt from liability to taxation on its income and capital gains.
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ANGIERS ALMSHOUSE CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9. FIXED ASSETS: Housing properties
| £ | |
|---|---|
| Cost of improvements: | |
| As at 1 April 2023 and 31 March 2024 | 157,976 |
| Less Housing Association Grant: | |
| As at 1 April 2023 and 31 March 2024 | 149,747 |
| ______ | |
| Net book value: | |
| As at 31 March 2023 and 31 March 2024 | 8,229 |
| ===== |
The almshouses were constructed in the seventeenth century. There is no record of the original cost and no value is attributed thereto. The above details relate to improvements carried out since 1981 which were funded by Housing Corporation grants totalling £149,747 and a residual mortgage loan of £14,217 which has been repaid.
Investments – Extraordinary repair fund
| Investments – Extraordinary repair fund | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Market value as at 1 April 2023 | 105,109 | 106,050 |
| Net gain/(loss) on revaluation | 9,041 | (941) |
| ——— | ——— | |
| 114,150 | 105,109 | |
| ===== | ===== | |
| Investments (all UK) at market value comprised: | ||
| 996 National Association of Almshouses | ||
| Investment Fund Accumulation Shares | 114,150 | 105,109 |
| ====== | ====== |
These investments have been purchased from funds set aside for extraordinary repairs. Gains on these investments are allocated to the Designated Extraordinary Repair Fund.
| Investments – General fund | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Market value as at 1 April 2023 | 9,226 | 9,617 |
| Net gain/(loss) on revaluation | 267 | (391) |
| ——— | ——— | |
| As at 31 March 2024 | 9,493 | 9,226 |
| ===== | ===== | |
| Investments (all UK) at market value comprised: | ||
| 10,301 National Association of Almshouses | ||
| Investment Fund Income Shares | 9,365 | 9,097 |
| 88.39 BlackRock Charities UK Bond Fund A Income Shares | 128 | 129 |
| ——— | ——— | |
| 9,493 | 9,226 | |
| ===== | ===== | |
| Cost as at 31 March 2024 | 3,322 | 3,322 |
| ===== | ===== |
Page 9
ANGIERS ALMSHOUSE CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. DEBTORS
| 10. | DEBTORS | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Weekly maintenance contribution due | - | 451 | |
| Prepayments | 1,742 | 1,720 | |
| —— | —— | ||
| 1,742 | 2,171 | ||
| ==== | ==== | ||
| 11. | CREDITORS: Amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Accruals | 1,416 | 862 | |
| ===== | ===== |
12. CAPITAL COMMITMENTS
Angiers Almshouse Charity has no capital commitments
13. CONTINGENT LIABILITIES
At 31 March 2024 and 2023 there were no known contingent liabilities.
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| General | Designated | Total | |
|---|---|---|---|
| Funds | Funds | Funds | |
| £ | £ | £ | |
| Tangible fixed assets | 8,229 | - | 8,229 |
| Investments | 9,493 | 114,150 | 123,643 |
| Current assets | 110,220 | - | 110,220 |
| Current liabilities | (1,416) | - | (1,416) |
| ——— | ——— | ——— | |
| Net assets at 31 March 2024 | 126,526 | 114,150 | 240,676 |
| ===== | ===== | ===== |
Page 10
ANGIERS ALMSHOUSE CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 15. FUNDS |
||||||
|---|---|---|---|---|---|---|
| At 1 April | Incoming | Outgoing | Invest- | At 31 | ||
| 2023 | resources | resources | ment | Transfer | March | |
| gains | s | 2024 | ||||
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds: | ||||||
| Designated cyclical | ||||||
| maintenance fund | 4,575 | - | - | - | (4,575) | - |
| Designated extraordinary | ||||||
| repair fund | 105,136 | - | - | 9,041 | (27) | 114,150 |
| Designated revaluation fund | 5,903 | - | - | 267 | (6,170) | - |
| General funds | 103,023 | 25,816 | (13,085) | - | 10,772 | 126,526 |
| ______________ | ||||||
| 218,637 | 25,816 | (13,085) | 9,308 | - | 240,676 | |
| ______________ | ||||||
| At 1 April | Incoming | Outgoing | Invest- | At 31 | ||
| 2022 | resources | resources | ment | Transfer | March | |
| losses | s | 2023 | ||||
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds: | ||||||
| Designated cyclical | ||||||
| maintenance fund | 7,864 | - | (6,169) | - | 2,880 | 4,575 |
| Designated extraordinary | ||||||
| repair fund | 105,688 | - | - | (942) | 390 | 105,136 |
| Designated revaluation fund | 6,294 | - | - | (391) | - | 5,903 |
| General funds | 94,594 | 23,812 | (12,113) | - | (3,270) | 103,023 |
| ______________ | ||||||
| 214,440 | 23,812 | (18,282) | (1,333) | - | 218,637 | |
| ______________ |
Purposes of designated funds:
Cyclical maintenance fund
The trustees have decided that this fund is no longer required, and the balance has been transferred to General funds.
Extraordinary repair fund
Providing for the extraordinary repair, improvement or rebuilding of the almshouse.
Revaluation fund
The trustees have decided that this fund is no longer required, and the balance has been transferred to General funds.
Page 11