Charfty reglstratlon numbgr 201444 DEVIZES MUNICIPAL CHARITIES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
DEVIZES MUNICIPAL CHARITIES LEGAL AND ADMINISTRATIVE INFORMATION Trusto88 The Trustees a3 at 31 December 2024 and on the dale Ihe Trustees. Rew1 was apwoved were a8 foll¢)WS.' Mr S McGregor-John8on Mr C Lucas Mr JG Jones Mr P Bennett Mr RAkeman Mr DSW Elliott Mr PP Duckett Mrs C Blyth Mr D Burgess Mr P Kent Chairman Joint ce Chairman Jolnt 14lce chai8n Offlc•rs Mr P Bennett Mrs R Jeffries Mrs L McGuffog MrA Ketuety Treasurer crk Assistant Clerk Pr¢Jperties and Maintenance Co-ordlnalor Charlty number 201444 Pilnclpal address The Clerk to the TNStees Slade House St James, Gardens Dev(zes Wiltshire SN10 1EL Indep•ndent examlner David & Co 17 The Markel Pla¢e Dewzes Itshire SN10 1 Bankers Lloyds Bank plc 38 The Market Place Devizes ltshire SN10 1JD Sollclto A44xlry Law 33 St Johns Street Devizes rtshire SN10 1BW In8Ufdnce Gr(MJt Insurance Brokars 2nd Floor Woolwich House 43 Sl Gaorge House Croydon CRO 1LB
DEVIZES MUNICIPAL CHARITIES CONTENTS Page Tw$lees' report Independent examin*s repcrft Sta18ment of financial activities Balance sheet Notes lo the financial statements 6-10
DEVIZES MUNICIPAL CHARITIES TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The tru$lees present Ihelr report and accounts for the year ended 31 Oecemkr 2024. The financial statèment5 have been pr¢pared in accordance wth the accounting policies set out in note 1 to th& financial statements and comply wrth th8 charity's Igoveming documenll, the Charities Act 2011 and 'Accounling and Reporting by Charities: Statement of Recommended Practice appli¢able lo charities preparin9 their accounts in accordance with the Financial Rep¢Jrting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019)" Objectlvos and activities ObJe¢tlves The objective of the charity 18 lo provide funds for.. St John's Church, Oevizes. Wltshire Needy people of th& Parish of St Mary's, Deviztt, Wmshire b} The trustees have paid due regard lo guidance issued by the Charity Commission in deuding what actiwbe$ the harity should und8rtakg. A¢hlevements and perfomi•nco Regular payments continue to be made to St John's Chur¢h. Flnanclal revl&w The k&y objeclive is to provide fvnds to St John's Churth and this obkclive c£tinueS lo be fulfilled. No urgent requests have been received in respect of the St John's and Sl Mary's Poor Fund5 and the InJstee$ hav& r1 idenlffied ony such need. It has been agreed by trustees that St John's Churth is better placed lo id8ntify such needs arKI mechanisms have been pul in place to periodieally pay the income accrued to the thurch lo fvlfil neèds in line with the original spirit of the gift. Reserves Pollcy The balan¢e held as r88tricted fiJnds as at 31 December 2024 wa5 £630.574. The tharity's polcy on holding reserve$ is to ensure sufficient fund8 for the maintenance ef the investment propety, %thich the InBlees anticipate, wll require substanb'al refvrbishment In due course of time. The timing of such future expenditura wll e dependent upon the occupab'on of the property by the len8nt, and any future void period. Fundlng The ¢harity's sole sour¢e of income arfses from investments i.e. investment propety and quoted investments. Investment Pollcy The inve$lmenl policy is to rnaintsin the investh)enl propety. the remainder In readily realisable investrnents should unexpected expenditure be necessary. The trustees consider continuing investrnent in the proFerty lo b8 the most appropriate investment vehid8 for retum$ both in the pre8enl and the future. Rlsk Managemant The twslees have conducted theor own review of the major risks to lch thg tharity18 exposed and systems have been eslabli5he(I lo miti'gate those risks in accordance with best practi¢g. Intemal ri$k$ are minimised by the implementstign of procedures for aulhoris8tion of 811 trartsacth)ns ar prO1ts ané lo ensure consislenl quality of delivery for 811 operats'onal aspects of the Chaty. These procedure8 are periodically reviewed lo ensure that th8y still meet tho needs of the charity.
DEVIZES MUNICIPAL CHARITIES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Pl8n$ for the future The trustaes, in relation to the long-term frJbJre of the investrmenl property will give consideration to the creation of a Development Fund. The need for a Development Fund will be reviewed orb an annual basis and increased as and surplus monies are available. A new lease wlh the cuent tenant at 24 Market Place was completed in 2021 for a 5 year temi. The Development Fund would recognise the need to modemi5e and develop the property when a void period occurs. Structure. govern•nee and managemont Governlng Documonts The charity was originally established 1837 en a number of Small charities previously under the Irusleeship of Borough Burgesses and Churchwardens were brought together and administered ty independent trustee5. The first $¢heme was drawn up in 1877. This was the first official record of the various charities, which comprise e Devizes Municipal Charitses, and its purpose was lo eonfimi the appointment of nèw trustees. The present Scheme is administered under the Scheme of the Charity Commissioners estsblished on 29 Juty 1904. Several smaller charities were removed from the Central Register of Charthes in 1996. The trustees vtho served during the yearvfftre: Mr D S W Elliott Mr C Lucas Mr J G Jone8 Mr RAkeman Mr P P Duck8tt Mr S McGregor-John80n Mr P Bennett Mrs C Blyth Mr D Buryess Mr P Kent Goveming Body The charity is 8dministered and managed by a body of ten trustees. These ten tru5tee8 also be¢ome trustee¥ of the Devizes Almshouse Charity. There are currentty no Injstee vacancies. Oryanisatlon Management The Board of Tru$lees normally meets quwterfy and the day-to-day man•9emenl of the Charity is delegated by the trustees lo the Clerk of the Trustees who worl(s in close Ilaison wlh the Chairman of Tru8te&s. Tralnlng for Trust•e$ New Irustges attend ari Intr¢Jductory event that Sndudes a visrt to the charitys Investment property. Current procedures, policies and responsibilliies are explained and a full briefing pack provided. Further training If required 18 provlded as necessary. Onb the Board of Trustees Mc hnson Chair Dated.. 9 Jun rus 02
DEVIZES MUNICIPAL CHARITIES INDEPENOENT EXAMINER'S REPORT TO THE TRUSTEES OF DEVIZES MUNICIPAL CHARITIES I report lo the trustees on my examination of the financial statements of DeZe$ MunKipal Charities Ithe ch8rity} for the y6ar end•d 31 December 2024. Respon¥ibllltlo8 and basis of report As the trustees of the charity you are respon8ible for the prewation of Ihg financial statements in acccKdance with Ihe requirements ofthe ChariliesAct 2011 Ithe 2011 Act). I report in rpect ¢f my examinab'on of the Charity's financial statements carried out under sedion 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Diredions given by the Charity Commission der secilon 145(5){b) Of1 2011 Acl. Indopendont examlnerfs ststement Your attention is drawn to the fact that th8 eharty has prepared finanryal statements in accorda wilh Aceounling and Reporting by Charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in preference to the Aecounling and Reporting by Charities.. Stslemenl of Recommended Praelice issued on 1 April 2005 whith is referred lo in the ext8nt regulations but has now been thdrawn. l understand that this has been done in order for financial s18tements lo provide a true and fair view in accordanr th Generally kceptedAccounling Practice effectiv& for repotting Feriods beginrHng on or after 1 January 2015. I have completed my examination. I nfim7 that no matters have comg to my att•ntion in connectlon wilh the examinati giving me cause to believe that in any material respect.. ac¢ounling records were not kept in respect of th& charity as required by se¢tion 130 of the 2011 Act.. or the financial slalemenls do not accord with those r8COTd$.' or finanaal statements do not comply wth the applicable requirements cOnmIng the fomi and conl8nl of accounts set out in the Charities (Accounls and Reports) ReguLgtions 2008 other than any requirement that the 8¢counls give a true and tsir view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection wth the examination lo whlch attention should be drawn in this report in order lo enable a proper understanding of the financial statements to be reached. MrAndrew Ce4)mbe8 Davld 0En & Co 17 The Market Pl Devizes Ilshire SN10 1BA
DEVIZES MUNICIPAL CHARITIES STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Ré*ricted fundB 2024 Restri¢t•d funqls 2023 In¢ome from: Investsnents 25,614 25.583 Expendituro on: in Investment man4ement 1,710 1.$00 Charitable activities 13,084 12,974 Total expendrture 14,794 14.474 Nel gains on investments 10,704 6,472 N•t income and mov•m•nl In fund$ 21,524 17,581 Reconclllatlon of funds: Fund balances at 1 January 2024 609,050 591.469 Fund balances at 31 Dgcomber 2024 630,574 609.OSO All irKome arKI enltur6 d1Ve from continulng activSJes.
DEVIZES MUNICIPAL CHARITIES BALANCE SHEET ASAT31 DECEMBER 2024 2024 2023 Notss Flxed assets Investment properties Investments 10 11 405,000 77.545 396,0) 75,841 482.545 471,841 Current as8•ts Cash at bank and In hand 157,043 145,880 Credltor¥: amounts falling due withln ono year 12 19.0141 (8,671) Net Current assets 148,029 137,209 Totsl ass•ts 1088 current Ilablllli•s 830,574 609,050 Income fund8 ReslriGted lund$ 13 630,574 609.050 630,574 609.050 The financi815t8temenls were approved by the Bowd of Trustees on 9 June 2025 and are signed on it5 behalf by.. Mr P Bennett Trustse: Chaimian of the Flnance Commiltse
DEVIZES MUNICIPAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Afxountlng poll¢les Charlty Inforn)atlon Devizes Muniapal Charities is a r6gislered ¢harity. 1.1 Accounting ¢onvontion The financial statements have been prepared in accordancè wth the charivs goveming document. the Charities Act 2011, FRS 102 'The FinarKial Reporting Standard applicable in the UK ané Republic of Ireland. fFRS 102.1 and the Charibes SORP "Accounting and Reporting by Ch8rrbes.' Statement of Recommended Practice applicable to ch8rities preparing their 8cwunts in accordance with the Financial Rewrtirg Standard applicable In the UK 8nd Republic of Ireland IFRS 1021" (effedve 1 Januwy 20191. The ¢harrty is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charrties Th)t to prepare a Statanent of Cash Fl¢ws. The financial statements have dgparted from the Charflles {Accounls and Reports) Regulations 2008 only to the extent required lo provide a true and fair view. This departure has involved followng the Statement of Recommende(I Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been wthdrawn. The finanaal slalements are prepared in sterling, which is the functional currency of Ihg charity. Monetary amcwnts in these financial $latements are rcwnde¢J lo the nearesl £. The financial ststements have been propared under the hlstorical cost conventoon, mocfrfied to include the revaluation of freehold investment properties and certain finanual inslnjments at fair value. The prinopal accounting polie8 adopted are sel out bel¢)w. 1.2 Golng con¢grn At the time of approving the finantial statements, the Irustegs have a reasonable expeCtatiC that the charity has adequate resources to continue in operational existence for the foreseeable fiJlure. Thus the tnBtees continue to adopt the going cern basis of accounting in preparing the financial statomen 1.3 Charltsble fvndg Restricted funds are subject to specific conditions by ¢nOTS or grantors a5 to how they may be used. The purposes and uses of the restricted funds are set OLrt in the notes lo the financial statements. 1.4 Ineomlng resources Incoming resources from investment proFerty rentals and from imiestment8 are included when receivable. 1.5 Resou0$ •xp•ndod Expenditure is recognised once there is a legal or constructive obligats'on lo transfer ewnomic benefil lo third party, f( is probable that a transfer of economic beneffts will be required in settlement, and the amount of the c*ligation can be mèasured reliably. Resources expended are recognised on the accruals basis in the period in whith they ar8 incurred. Resources expended indude attributable VAT which cannot be recovered.
DEVIZES MUNICIPAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcle$ (Contlnued) 1.6 Invgstment propertlos Investhienl propety. which is propety hard to eam rentals andlor for capllal appreclalron, is mea$ur8d using the lair value model and stsled at its falr value as th8 reporting end date. Investment properties are revalued at fair value at balance sheet dale by th8 Trustees based on Infoation provided by the Charity's managing agents. A full professional revaluation took plats during 2022 and the gain tsken to the Statement of Financial Activitie$. The managing agent undertook a bi-annual valuations (via a desktop exercise) as 8131 December 2024. Thè next full valuation 15 due in 2027 to provide upd81es to fréehold values. Gains or losses arising from changes in fair value of Snvestment property are Induded in Statement ol Financlal Activiligs for the period in which they arise. 1.7 Flxed asset invgstsnants QLted investments h&ld as fixed assets are revalued at falr value at the balance sheet date and Lnrealised gains or108ses arising from changes in the fair valu8 of investments are included in Statement of Finanu81 Activities for the period in which they 8ft5e. Incomg from Investments 2024 2023 Rentsl income Income from listed Snvestmenls 23.500 2.114 23.500 2.083 25,614 25.583 Expgndlture on charltable actlvltle8 st John's st John's Church and St Lands Mary's Poor Funds 2024 Totsl St John. StJohn Church and St Lands Mary's Poor Fund$ 2023 Total 2024 2024 2023 2023 Dlr¢ct costs Activib"es undertaken directly 11,000 92 11,092 11,000 90 11.090 Share of support and governance costs {see not• 41 SuFport 750 Goveman¢& 1.242 750 1,242 750 1.134 750 1.134 12,992 13,084 12.884 90 12,974 Analysis by fund Restricled fvnd$ 12.992 92 13,084 12.884 90 12.974
DEVIZES MUNICIPAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocatod to actlvltles 2024 2023 Staff costs Govemance costs 750 1,242 750 1.134 1,992 1.884 Analysed both*•n: Sl John's Church Lands 1,992 1.884 2024 2023 Gov•man¢• ¢ts ¢omprlsg: Accountancy 1,242 1,134 1,242 1.134 Met nVernent In funds 2024 2023 The nel movement in funds is sta18d after d)argingllcrediting)- Fees payable Ihe independent examination of the charty's financial siatements 620 567 Trnstees None of the twslees (or any persons ¢onneded with them) received any remuneration or benefits from thg charty duri the year. Employoes Number of employees The average monthly number ofamkOyees durfng the year was.. 2024 Number 2023 Number Adminiglratbn Employment costs 2024 2023 Wages and salarfes 750 750 There were no employees whose annual r8mun8ration was £60,000 or more.
DEVIZES MUNICIPAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net galnsl{losso$) on Investments 2024 2023 Revaluation of investments Revaluation of invéstment properties 1.704 9.000 6.472 10,704 6.472 Taxatlon The charity 15 exempt froffl laxth'on on ils activities because 811 Its iome is apled for charitable purposes. 10 Inv•stsnent propgrty 2024 Fair valug At 1 January 2024 Net gains rf lossesl through fair value adjustments 396,000 9,000 At 31 D¢¢emb8r 2024 405,000 The histori1 cost of the investrngnt propety is unknown. The investment propety is reviewed at fair value 81 the balan sheet date by the trustees based on valuation infomiation in accordance wth note 1.6. The Property was subject to a professional valuation by Carter Jonas as at 31 Decèmbet 2024 and its vdue intteaseil lo £405,000. 11 Flx•d asset Investments Listed Investments Cost or valuation At 1 January 2024 Valuation changes 75.841 1,704 Al 31 December 2024 77,545 Cavrying #mount At 31 Decembgr 2024 77,545 Al 31 December 2023 75.841
DEVIZES MUNICIPAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 12 Creditor5: amounts falllng due wlthln on• year 2024 2023 Other creditors 9,014 8,671 13 RtrIcI•d funds The income funds of the charity comprise the folknving unexpended balances of dOtionS and grants held cfi trst for speerfic purposes.. Movement In funds Balanco at 1 Incoming Resourcos Invostments Balance at 31 January rnsources expend•d gain•0$5 December 2024 2024 St John'$ ChuKh Lands: General Investment propety fijnd St John's and St Mary's Poor Funds 209,827 396,OCIO 25,522 114,705) 1.640 9.000 222.284 405.000 3,223 92 192) 3.287 609.050 25,614 114,797) 10.704 630,574 Puw• of re8trlthd funds: st John's Church Lands.. The lunds are for St John's Churth, Devizes. Sl. John's and St. Mary's Poor Fund.. This fvnd is for the needy people of the Parish of Sl Mary'¥, Devizes. 14 Related party transactlon8 The Deviz8s Almshouse Charity, a charity wth 8 common history and trustees, providès administratNe 8taff expenses al a cost of £75012023 - £7501. 10-