REGISTERED CHARITY NUMBER: 201542
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023
for
Mrs Uttersons Almshouses
Monahans Chartered Accountants 14a Forest Gate Pewsham Chippenham Wiltshire SN15 3RS
Mrs Uttersons Almshouses
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |
|---|---|
| Chair's Report | 1 |
| Report of the Trustees | 2 to 3 |
| **Chartered Accountant’s Report ** | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 13 |
Mrs Uttersons Almshouses
Chair's Report for the Year Ended 31 December 2023
The Trustees held four Ordinary meetings during the year.
In April, Rev Rod Key ( as ex officio Trustee ) retired from his position as Vicar of St. Andrew's. The process to recruit successor was still ongoing at the end of the year so we were one Trustees down for much of the year. The Trustees agreed that the Charity should pay for the Maintenance Coordinator's subscription to the Society for the Protection of Ancient Buildings ( SPAB). In November two Trustees, Richard Spencer and Jenny Norris, attended a one day Almshouse Association course' The Almshouse Way'.
The Programme of maintenance and renewal continued throughout the year. Two properties were supplied with new boilers. As another property had a new boiler installed last year that just leaves two properties likely needing replacement boilers in the next couple of years. The Quinquennial inspection in March 2023 raised a number of issues which are being dealt with.
The annual review of the Charity's long-term finances in 2022 indicated that an increase in the Maintenance Contribution of 5% was required with effect from 1 January 2023 to ensure that adequate funds are available to meet the cost of future cyclic maintenance and extraordinary repair items.
The Trustees confirm that they have had due regard to the Charity Commission General Guidance on Public Benefit, particularly when reviewing the Charity's aims and objectives for the year. I am grateful to my fellow Trustees for their hard work and support during the year and to the Residents for their friendship and in helping to maintain the Almshouses and grounds in good order.
J Norris Chair
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Mrs Uttersons Almshouses
Report of the Trustees for the Year Ended 31 December 2023
The trustees present their report and financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The provision of Almshouse accommodation for beneficiaries in the Chippenham and North Wiltshire area.
ACHIEVEMENT AND PERFORMANCE Charitable activities
The charity manages five almshouses for elderly residents in Chippenham.
FINANCIAL REVIEW
Principal funding sources
Most of the charity's income is derived from maintenance contributions from residents.
Investment policy and objectives
The charity holds investments with COIF, M&G and Black Rock.
Reserves policy
The charity holds free reserves of £69,859 (2022: £68,102) which the trustees regard as sufficient to enable them to continue to operate. Funds totalling £34,312 (2022: £34,312) have been set aside by the Trustees as designated funds for the purposes of ensuring the maintenance and upkeep of the Almshouse accommodation. Further details can be found in the notes to the accounts.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The charity is set up by a scheme dated 1 December 2009.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Public benefit
The trustees confirm that they have had due regard to the Charities Commission's general guidance on public benefit, particularly when reviewing the charity's aims and objectives for the year.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
201542
Principal address
4, New Houses Lowden Chippenham Wiltshire SN15 2BN
Trustees
Mr Richard Spencer Mrs Jenny Norris Mrs Eileen Yates Rev Rod Key (resigned 30.4.23) Cllr Mrs Jennifer Budgell Mr Michael Sivewright Mr Paul James
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Mrs Uttersons Almshouses
Report of the Trustees
for the Year Ended 31 December 2023
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Simon Cooper Monahans Chartered Accountants 14a Forest Gate Pewsham Chippenham Wiltshire SN15 3RS
Bankers
Lloyds Bank plc 29 High Street Chippenham Wiltshire
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mrs Jenny Norris - Trustee
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Chartered Accountant’s Report to the Trustees of Mrs Uttersons Almshouses
In accordance with our engagement letter, we have prepared for your approval the financial statements of Mrs Uttersons Almshouses for the year ended 31 December 2022, which comprise the Statement of Financial Activities, Balance Sheet and related notes, from the charity’s accounting records and from information and explanations you have given us.
As a practicing member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/ members handbook.
This report is made solely to the Board of Trustees as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of the charity and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Board of Trustees as a body, for our work or for this report.
It is your duty to ensure that the charity has kept proper accounting records and to prepare accounts that give a true and fair view of income and expenditure of the charity. You consider that the charity is exempt from the statutory requirement for an independent examination or an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Simon Cooper
Monahans Chartered Accountants 14a Forest Gate Pewsham Chippenham Wiltshire SN15 3RS
Date: .............................................
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Mrs Uttersons Almshouses
Statement of Financial Activities
for the Year Ended 31 December 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Provision of accommodation 20,400 Investment income 2 4,834 Total 25,234 EXPENDITURE ON Charitable activities 3 Provision of accommodation 20,308 Net gains/(losses) on investments 1,522 NET INCOME/(EXPENDITURE) 6,448 RECONCILIATION OF FUNDS Total funds brought forward 681,414 TOTAL FUNDS CARRIED FORWARD 687,862 |
Restricted Endowment fund fund £ £ - - - - - - - - - 3,321 - 3,321 - 35,545 - 38,866 |
2023 Total funds £ 20,400 4,834 25,234 20,308 4,843 9,769 716,959 726,728 |
2022 Total funds £ 17,610 4,793 22,403 29,772 (15,638) (23,007) 739,966 716,959 |
|---|---|---|---|
The notes form part of these financial statements
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Mrs Uttersons Almshouses
Balance Sheet 31 December 2023
| Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Endowment funds TOTAL FUNDS |
2023 £ 576,000 129,448 705,448 579 22,432 23,011 (1,731) 21,280 726,728 726,728 687,862 38,866 726,728 |
2022 £ 579,000 123,493 702,493 611 15,355 15,966 (1,500) 14,466 716,959 716,959 681,414 35,545 716,959 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mrs Jenny Norris - Trustee
The notes form part of these financial statements
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Mrs Uttersons Almshouses
Notes to the Financial Statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Mrs Uttersons Almshouses is an unincorporated charity registered in England and Wales. The address of the registered office is given in the reference and administrative information on page 2 of the financial statements. The nature of the charity's operations and principal activities are included within the Trustees' Report.
The charity constitutes a public benefit entity as defined by FRS 102. The accounts have been prepared in accordance with 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 (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The accounts have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The accounts are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
Income
All incoming resources are recognised in the Statement of Financial Activities once the charity is legally entitled to the income after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably.
Incoming resources from charitable activities represents maintenance contributions received from residents and
is recognised when entitlement has occurred.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable 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 cost 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.
Mrs Utterson's Almshouses is not registered for Value Added Tax and therefore where applicable expenditure is shown inclusive of VAT.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Mrs Utterson's Almshouses were constructed in the late Nineteenth Century. It was considered that they had a value for insurance purposes of approximately £600,000 in the year ended 31 December 2015. This value has been used as the deemed cost of the properties as at 1 January 2015, this being the date of transition to the SORP (FRS102).
Property is depreciated on a straight line basis over 200 years.
Housing Association Grant funding was received towards the cost of the development and this is repayable under certain circumstance, primarily following the sale of the property, but this will normally be restricted to the net proceeds of sale. A contingent liability has been included within the accounts to reflect a potential liability of repayment were the property to be sold.
There are 5 units of housing in management.
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Mrs Uttersons Almshouses
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES - continued
Tangible assets
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably.
Financial instruments
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:
Financial assets - prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Financial liabilities - accruals are financial instruments and are measured at amortised cost as detailed in note 9.
Taxation
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Cyclical repairs and maintenance
Mrs Utterson's Almshouses has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Revenue Account in the year in which they are incurred.
Going concern
The accounts have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Investment income | 4,834 | 4,793 |
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Mrs Uttersons Almshouses
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
3. CHARITABLE ACTIVITIES COSTS
| Provision of accommodation SUPPORT COSTS Provision of accommodation |
Support Direct costs (see Costs note 4) Totals £ £ £ 16,053 4,255 20,308 Governance costs £ 4,255 |
|---|---|
4. SUPPORT COSTS
5. TRUSTEES' REMUNERATION AND BENEFITS
The charity considers its key management personnel comprise the trustees. There were no trustees' remuneration of other benefits for the year ended 31 December 2023, nor the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
No trustees (2022: two) were reimbursed for travel and subsistence expenses in 2023 (2022: £123).
6.
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Endowment funds fund fund £ £ £ INCOME AND ENDOWMENTS FROM Charitable activities Provision of accommodation 17,610 - - Investment income 4,793 - - Total 22,403 - - EXPENDITURE ON Charitable activities Provision of accommodation 29,772 - - Net gains/(losses) on investments (10,962) - (4,676) NET INCOME/(EXPENDITURE) (18,331) - (4,676) RECONCILIATION OF FUNDS Total funds brought forward 699,745 - 40,221 TOTAL FUNDS CARRIED FORWARD 681,414 - 35,545 |
Total funds £ 17,610 4,793 22,403 29,772 (15,638) (23,007) 739,966 716,959 |
|---|---|
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Mrs Uttersons Almshouses
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
7. TANGIBLE FIXED ASSETS
| COST At 1 January 2023 and 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
Freehold property £ 600,000 21,000 3,000 24,000 576,000 579,000 |
|---|---|
Mrs Utterson's Almshouses were constructed in the late Nineteenth Century. It was considered that they had a value for insurance purposes of approximately £600,000 in the year ended 31 December 2015. This value has been used as the deemed cost of the properties as at 1 January 2015, this being the date of transition to the SORP (FRS102).
8. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2023 Additions Revaluations At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 There were no investment assets outside the UK. Investments are represented by: COIF Charities Investment Fund Charity Multi Asset Fund BLK Charities UK Bond Fund A Acc |
2023 £ 38,866 62,736 27,847 129,449 |
Unlisted investments £ 123,493 1,112 4,843 129,448 129,448 123,493 2022 £ 35,545 61,681 26,267 123493 |
|---|---|---|
Investments are stated at market value, i.e. fair value. The fair value of investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.
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Mrs Uttersons Almshouses
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses |
2023 £ 15 564 579 2023 £ 1,731 |
2022 £ - 611 |
|---|---|---|
| 611 | ||
| 2022 £ 1,500 |
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Deferred income relates to maintenance contributions received from residents in advance
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted funds £ Fixed assets 576,000 Investments 90,582 Current assets 23,011 Current liabilities (1,731) 687,862 |
Restricted Endowment fund fund £ £ - - - 38,866 - - - - - 38,866 |
2023 Total funds £ 576,000 129,448 23,011 (1,731) 726,728 |
2022 Total funds £ 579,000 123,493 15,966 (1,500) 716,959 |
|---|---|---|---|
12. MOVEMENT IN FUNDS
| At 1.1.23 £ Unrestricted funds General fund 113,452 Cyclical Maintenance 34,312 Revaluation Reserve 533,650 681,414 Endowment funds Permanent Endowment 35,545 TOTAL FUNDS 716,959 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 25,234 Cyclical Maintenance - Revaluation Reserve - 25,234 Endowment funds Permanent Endowment - TOTAL FUNDS 25,234 |
Net movement in funds £ 11,631 (2,418) (2,765) 6,448 3,321 9,769 Resources expended £ (15,125) (2,418) (2,765) (20,308) - (20,308) |
Transfers between At funds 31.12.23 £ £ (10,109) 114,974 10,109 42,003 - 530,885 - 687,862 - 38,866 - 726,728 Gains and Movement losses in funds £ £ 1,522 11,631 - (2,418) - (2,765) 1,522 6,448 3,321 3,321 4,843 9,769 |
|---|---|---|
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Mrs Uttersons Almshouses
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Cyclical Maintenance Revaluation Reserve Endowment funds Permanent Endowment TOTAL FUNDS |
At 1.1.22 £ 124,414 38,916 536,415 699,745 40,221 739,966 |
Net movement in funds £ 2,853 (18,419) (2,765) (18,331) (4,676) (23,007) |
Transfers between funds £ (13,815) 13,815 - - - - |
At 31.12.22 £ 113,452 34,312 533,650 681,414 35,545 716,959 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 22,403 | (8,588) | (10,962) | 2,853 |
| Cyclical Maintenance | - | (18,419) | - | (18,419) |
| Revaluation Reserve | - | (2,765) | - | (2,765) |
| 22,403 | (29,772) | (10,962) | (18,331) | |
| Endowment funds | ||||
| Permanent Endowment | - | - | (4,676) | (4,676) |
| TOTAL FUNDS | 22,403 | (29,772) | (15,638) | (23,007) |
Fund descriptions
Cyclical Maintenance Fund (CMF)
A designated reserve fund for both maintenance occurring at regular intervals (but not annually) and future maintenance expenditure as identified in the Asset Management Plan (AMP). This covers all cyclical maintenance and longer term expenditure including, for example, re-roofing as well as periodic replacement of kitchens and bathrooms. With this in place the trustees do not see the need for separate funds for 'improvements to property' or 'extraordinary repairs'.
Future contributions to the CMF will be reviewed annually in line with the AMP.
Permanent Endowment Fund (PEF)
A fund that holds investments where the capital must be retained in the charity but the income may be used to support the general fund.
Transfers between funds
The surplus before gains/loss generated during the year on the general fund of £10,109 (2022: £13,805) has been transferred to the Cyclical Maintenance Fund to be set aside for future maintenance expenditure.
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Mrs Uttersons Almshouses
for the Year Ended 31 December 2023
Notes to the Financial Statements - continued
13.
CONTINGENT LIABILITIES
Housing Association Grant funding of £20,612 towards the cost of development of the freehold property was previously received by the charity . Under certain circumstances this is repayable, primarily following the sale of the property.
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the years ended 31 December 2023 or 31 December 2022.
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