REGISTERED CHARITY NUMBER: 201098 Report of the Trustees and Unaudited Flnantial Statements for the Year Ended 31 December 2023 for The Gyde Almshouses Charitv f?; xeinadin 701 Stonehou5e Park Sperry Way Stonehouse Gloucestershire GLIO 3UT
The Gyde Almshouses Charity Contents of the Financial Statements for the Year Ended 31 December 2023 Page Report of the Trustees Independent Examiner's Report Statement of Flnancial Activltles Balance Sheet Notes to the Financlal Statements 7 to 14 Detailed Statement of Financial Atti¥itie5 15
The Gyde Almshouses Charity Report of the Trustees for the Year Ended 31 December 2023 The Trustees present their report with the financial staternents of the Charity for the year ended 31 December 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charlties preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBJECTIVE5 AND ACTIVITIES Objectives and aims The Charity maintains and manages ten semi-detached houses at Gyde Road, Painswick, Gloucestershire, whith are occupied by residents appointed by the Trustees. Applicants must have been resident in the Parish of Painswick.. l. For the preceding five years, or have been a resident for 10 years at any time 2. And be at least 55 years of age On 24th July 2002, the Charity Commission agreed to alter the scheme to allow Trustees in exceptional circumstances to appoint a resident who lives Outside the area of benefit but is otherwise qualified. The number of residents appointed under this sub clause must not exceed 4 at any one time. Public benefit The Trustees are aware of the Public Benefit provisions of the Charities Act 2011 and of the guidance on them published by the Charity Commission. They are satisfied that the objects of the Charity and the activities of the Charity are within the definitions of the Charitable Purpose5 as set down in the Act. The Trustees are not aware of any public detriment caused by the Charity's objects or activities, and nor are they aware of anyone receiving any private benefit from the Charity's activities. FINANCIAL REVIEW The financial statements for the year to 31st December 2023 show an increase in the value of the Charity's investments with the market value being £348,46812022.. £322,768). The Charity's investments comprise of Charitie5 Official Investment Funds and M&G Charity Multi Asset Funds. The Trustees are satisfied with the investment performance after what has been a yet another turbulent year due to the War in Ukraine. The weekly maintenance contributions have increased. Investment policy and objectives The Trustees seek to grow the capital value of the fund subject to an appropriate level of risk. Investments are held in collective unit funds specifically designed for Charity investment. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial ststements. Page I
The Gyde Almshouses Charlty Report of the Trustees for the Year Ended 31 Decernber 2023 FINANCIAL REVIEW- continued Reserves pollcy The Charity carries a level of free reserves to ensure that it is able to carry out any major repair work on the properties at relatively short notice. STRucfuRE, GOVERNANCE AND MANAGEMENT Charity constitution and governing document The Gyde Almshouses Charity Inumber 2010981 Is an unincorporated association and it is governed by Deed of Trust dated 15th July 1910. The Charity de-registered as a social landlord registered with the Housing Corporation under the Housing Act 1996 on 8 March 2005. Correspondence should be addressed to Mrs S Baker, Clerk to the Trustees, 14 Green Close, Uley, Dursley, Gloucestershire, GLII 5TH. Recruitment and appointment of new trustees There shall be 9 trustees appointed for a term of 7 years as follows.. Ex Officio Trustee.. Chairman of Stroud District Council (currently no representative) Representative Trustees121 Painswick Parish Council Co-opted Tru5tees161 Induction and training of new trustees The Trustees who have particular knowledge or skills appropriate to the Charity are invited to join. On appointment the Trustees receive a copy of the governing documents and Charity Commission guidance regarding trusteeship. New Trustees are briefed on the history, backEround, and work of the Charitv. Rlsk management The Trustees have a duty to identify and review the risks to which the Charlty is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have considered the following risks and mitigation.. inflation and fall in capital values mitigated through investment in appreciating assets or fixed deposit accounts fall in value or failure of specific investment vehicles mitigated by diversification of inve5tment5 failure of investment counterparties mitigated by requiring a minimum 'A' credit rating for deposit taking institutions and a maximurn £200,000 cash deposit per counterparty. The Trustees recognise that internal financial controls are essential checks and procedures that allow it to meet legal duties to safeguard the Charity's assets, administer the Charity's finances and assets in a way that identifies and manages risk. The policies and procedures are reviewed regularly. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 201098 Principal address Shani Baker Clerk to the Trustees 14 Green Close Uley, Dursley, Gloucestershire, GLII 5TH Page 2
The Gyde Almshouses Charlty Report of the Trustees for the Year Ended 31 December 2023 Trustees Mrs J Nash Mrs A Danie15 Mrs C Irving Mrs S Welbourne Mr N Cooper Ms R Nash Mr l Massey Mrs M Radway MrA Gyde appointed 3 October 2023 appointed 11 july 2023 There is currently a vacancy for Ex-officio trustee representative from Stroud District Council. Independent Examiner S T Dipple FCA Xeinadin 701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GLIO 3UT Investment Advisors CCLA Investment Management Ltd COIF Charity Funds Senator House 85 Queen Victoria Street London EC4V 4ET M&G Investments Governors House S Laurence Pountney Hill London EC4R OHH Approved by order of the board of trustees on and signed on it5 behalf bv.. NJCL Mrs J Nash - Trustee Page 3
Independent Examlner's Report to the Trustees of The Gyde Almshouses Charity Independent Examiner's report to the trustee5 of The Gyde Almshouse5 Charlty I report to the Charity Trustees on my examination of the accounts of The Gyde Almshouses Charity Ithe Trust) for the year ended 31 December 2023. Responsibilities and basls of report As the Charity Trustees of the Trusti you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 14515}Ibl of the Act. Independent Examiner'5 Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the Trust as required by section 130 of the Act,. or 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 IAccount5 and Reports) Regulations 2008 otherthan any requirement that the accounts give a true and fair view which 15 not a matter considered as part of an independent examination. I have no concerns and have come across no other matter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understandinE of the accounts to be reached. S T Dipple FCA Xeinadin 701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GLIO 3UT Date.. Page 4
The Gyde Alrnshouses Charity Statement of Financial Artivities for the Year Ended 31 December 2023 2023 Total funds Iunrestrictedl 2022 Total funds Notes INCOME AND ENDOWMENTS FROM Maintenance contributions from residents 27,615 26,378 Investment income 11,078 10.902 Total 38,693 37,280 EXPENDITURE ON Charitable activities Charitable activitles 31,048 27.334 Total 31,048 27.334 Net gains/llosses1 on investments 20,315 129,4411 NET INCOME/(EXPENDITURE) 27,960 119,4951 RECONCILIATION OF FUNDS Total funds brought forward 449,588 469,083 TOTAL FUNDS CARRIED FORWARD 477,548 449,588 The notes form part of these financial statements Page 5
The Gyde Almshouses Charitv Balance Sheet 31 December 20Z3 2023 Total fund5 (Unrestricted) 2022 Total funds Notes FIXED ASSETS Tangible assets Investments 118,285 348,468 109,673 322,768 466,753 432,441 CURRENT ASSETS Debtors Cash at bank 1,085 11,916 1,052 18,184 13,001 19,236 CREDITORS Amounts falling due within one year 12,2061 12,0891 NEf CURRENT ASSETS 10,795 17,147 TOTAL ASSETS LESS CURRENT LIABILITIES 477,548 449,588 NET ASSETS 477.548 449,588 FUNDS Unrestricted funds io 477,548 449,588 TOTAL FUNDS 477,548 449,588 The financial statements were approved by the Board of Trustees on signed on its behalf by.. and were Mrs J Nash - Trustee The notes form part of these financial statements Page 6
The Gyde Almshouses Charity Notes to the Financial Statements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Flnancial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Income All income 15 recognised in the Statement of Financial Activities once the Charity has entitlement to the funds. it is probable that the income will be received, and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or construrtive obligation committing the Charity to that expenditure, it is probablè that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Cycllcal repair5 and malntenance The Trustees have established a regular programme of cyclical repairs and maintenance. Costs are charged to the Revenue Account iti the year in which they are incurred. Extraordlnary repairs Costs of extraordinary repairs, unless representing improvements to the properties, are charged to the Revenue Account in the year in which they are incurred. Tanglble flxed assets The freehold property consists of ten semi-detached houses at Gyde Road, Painswick, Gloucestershire. The land was gifted to E F Gyde in order to set up the Charity in 1910, together with funds which were used to build the houses. For thi5 reason, a cost figure cannot be shown for thi5 asset in the Balance Sheet. The freehold land and building are insured for £2,280,000 which 15 an estimate of their replacement cost. Since l January 2001, all property improvements costs have been capitalised and depreciated at 5% on cost. Taxatlon The Charity is exempt from tax on its charitable activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Page 7 continued...
The Gyde Almshouses Charlty Notes to the Financial Statements- continued forthe Year Ended 31 December 2023 ACCOUNTING POLICIES- continued Fund accounting Restricted funds can only be used for particular restricted purposes Wlthin the objects of the Charitv. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. INVESTMENT INCOME 2023 2022 Investment income Deposit account interest 11,078 10,902 11,078 10,902 Investment income includes accumulation units dividends declared for which no cash was received and cost adjustment was made to investments instead. TRUSTEES, REMUNERATION AND BENEFITS There were no Trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Tru5tees' expenses There were no Tru5tee5' expen5e5 paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. srAFF COSTS The average monthly number of personnel dijring the year was as follows.. 2023 2022 Warden Iself-employment basis) Page 8 continued...
The Gyde Almshouses Charity Notes to the Financial Statements- continued for the Year Ended 31 December 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES IN 2022 Unrestricted fund5 INCOME AND ENDOWMENTS FROM Maintenance contributions from residents 26,378 Investment income 10,902 Total 37,280 EXPENDrruRE ON Charitable activities Charitable artivities 27,334 Total 27,334 Net gain51llossesl on investments 129,4411 NET INCOMEIIEXPENDITURE} 119,4951 RECONCILIATION OF FUNDS Total funds brought fonvard 469,083 TOTAL FUNDS CARRIEO FORWARD 449,588 Page 9 continued.
The Gyde Almshouses Charity Note5 to the Financial Statements- contlnued for the Year Ended 31 December 2023 TANGIBLE FIXED ASSETS Improvements to property COST At l January 2023 Addition5 199,995 18,095 At 31 December 2023 218,090 DEPRECIATION At l January 2023 Charge for year 90,322 9,483 At 31 December 2023 99,805 NET BOOK VALUE At 31 December 2023 118,285 At 31 December 2022 109,673 Not included in cost of land and buildings are freehold land and buildings valued for insurance purposes at £2,280,000 which is not depreciated. FIXED Ass INVESTMENTS Listed investments MARKET VALUE At lJanuary2023 Additions adjustment to cost Disposals Revallsations 322.768 5,385 20.315 At 31 December 2023 348,468 NET BOOK VALUE At 31 December 2023 348,468 At 31 December 2022 322,768 There were no investment assets outside the UK. Page 10 continued...
The Gyde Almshouses Charity Notes to the Financial Statements- continued forthe Year Ended 31 December 2023 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Prepayments 1,085 1,052 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other creditors 2,206 2,089 10. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.12.23 At 1.1.23 Unrestrirted funds General fund Cyclical repairs and maintenance fund Extraordinary repair fund Charitable wide range fund 126,712 107 132,830 189,939 18191 12,6141 8,246 23,147 3,081 2,614 128,974 107 141,076 207,391 15,6951 449,588 27,960 477,548 TOTAL FUNDS 449,588 27,960 477,548 Net movement in fund5, included in the above are a5 follows.. Incoming resource5 Resources expended Gains and losses Movement in funds Unrestricted funds General fund Cyclical repair5 and maintenance fund Extraordinary repair fund Charitable wide range fund 27,615 128,4341 12,6141 18191 12,6141 8,246 23,147 5,385 5,693 2,861 17,454 38,693 131,0481 20,315 27,960 TOTAL FUNDS 38,693 131,0481 20,315 27,960 Page 11 continued.
The Gyde Almshouses Charitv Notes to the Financial Statements- continued for the Year Ended 31 December 2023 io. MOVEMENT IN FUNDS- continued Cornparatives for movement in funds Net movement infunds Transfers between funds At 31.12.22 At 1.1.22 Unrestricted funds General fun Cyclical repairs and maintenance fund Extraordinary repair fund Charitable wide range fund 101,996 107 152,048 214,932 16801 12761 782 119,3211 25,396 276 120,0001 15.6721 126,712 107 132,830 189,939 469,083 119,4951 449,588 TOTAL FUNDS 469,083 119,4951 449,588 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement 105ses in funds Unrestricted funds General fund Cyclical repair5 and maintenance fund Extraordinary repair hjnd Charitable wide range fund 26,378 127,0581 12761 16801 12761 782 119,3211 5,230 5,672 14,4481 124,9931 37,280 127,3341 129,441} 119,4951 TOTAL FUNDS 37,280 127,3341 129,4411 119,4951 Page 12 continued...
The Gyde Almshouse5 Charitv Notes to the Financial Statements - contlnued for the Year Ended 31 Decernber 2023 io. MOVEMENT IN FUNDS- continued A Current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31.12.23 At 1.1.22 Unrestrirted funds General fund Cyclical repairs and maintenance fund Extraordinary repair fund Charitable wide range fund 101,996 107 152,048 214,932 11.4991 12,8901 9,028 3,826 28,477 2,890 120,0001 111,3671 128,974 107 141,076 207,391 469,083 8,465 477,548 TOTAL FUND5 469,083 8,465 477,548 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resource5 expended Gains and losses Movement in funds Unrestricted funds General fund Cyclical repairs and maintenance fund Extraordinary repair fund Charitable wide range fund 53,993 155,4921 12,8901 11,4991 12,8901 9,028 3,826 10,615 11,365 11,5871 17,5391 75,973 158,3821 19,1261 8,465 TOTAL FUNDS 75,793 158,3821 19,1261 8,465 Page 13 continued...
The Gyde Almshouses Charltv Notes to the Financial Statements- continued for the Year Ended 31 December 2023 11. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 Oecember 2023. Page 14
The Gyde Almshouses Charity Detailed Statement of Financial Artivities for the Year Ended 31 December 2023 2023 2022 INCOME AND ENDOWMENTS Contributions received Maintenance contributions from residents 27,615 26,378 Investment incorne Investment income Deposit account interest 11,078 10,902 11,078 10,902 Total Incoming resources 38,693 37,280 EXPENDITURE Charltable actlvltles Warden's salary Rates and rents Insurance Repairs to property Office supplies and sundrv Residents, gifts Fees and licence5 Clerk's fee lone halfl Improvements to property depreciation 6,672 1,286 2,138 2,614 158 355 57 3,280 9,483 6,172 2,018 276 157 354 1,794 3,030 8,928 26,043 22,729 Support cost5 Governance costs Clerk's fee lone half) Accountancy fees 3,280 1,725 3,030 1,575 5,005 4,605 Total resources expended 31,048 27,334 Net income l{expenditurel before galns and losses 7,645 9,946 Realised recognised gains and losses Realised gainslllossesl on fixed asset investments 12601 Net Income I lexpendlture) 7.645 9,686 This page does not form part of the statutory financial statements Page 15