## **THE COLLEGE OF MATRONS, SALISBURY** ## **REPORT OF THE TRUSTEES** ## **AND** ## **STATEMENT OF ACCOUNTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **CONTENTS** ## Page |1. - 4.|Trustees' Report| |---|---| |5.|Independent Examiner's Report| |6. - 7.|Statement of Financial Activities| |8.|Balance Sheet| |9. - 15.|Notes to the Accounts| |16. - 17.|Detailed Income and Expenditure Account| ||(for Trustees' use only)| ## **FLETCHER & PARTNERS** ## **CHARTERED ACCOUNTANTS** ## **SALISBURY** Page 1 **THE COLLEGE OF MATRONS, SALISBURY** ## **TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** The Trustees present their annual report and financial statements of the Charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Schemes, 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. ## **PATRON AND VISITOR:** The Right Reverend The Lord Bishop of Salisbury |**GOVERNORS:**|The Dean & Residentiary Canons of the Cathedral Church of the Blessed| |---|---| ||Virgin Mary in Salisbury| |**TRUSTEES:**|Mrs Patricia Dragonetti
Re-appointed 2021| ||Mr Charles Greville- Heygate
Appointed 17 July 2020| ||Mr Christopher Macey
Resigned 2023| ||Mrs Rosslyn O'Connor
Retired 2023| ||Mrs Sarah Wheeler
Re-appointed 2019| ||Mrs Jayne Davies
Appointed 18 November 2022| ||Mr Alastair Malcolm
Appointed 18 November 2022| ||Mrs Jane Lax
Appointed 17 November 2023| ||Mr Roy Bexon
Appointed 17 November 2023| ||All the Trustees are co-opted.| |**PRINCIPAL OFFICER:**|Mr Nicholas Stiven, Steward| ||The Old Laundry, 42A The Close, Salisbury, SP1 2EL| |**CHARITY ADDRESS:**|The Old Laundry, 42A The Close, Salisbury, SP1 2EL| |**ADVISERS:**|Bankers
-
Lloyds Bank Plc, 38 Blue Boar Row, Salisbury,| ||SP1 1DB| ||Solicitors
-
Parker Bullen, 45 Castle Street, Salisbury, SP1 3SS| ||Independent
-
Mrs N A Halls FCA , Fletcher & Partners,| ||Examiners
Crown Chambers, Bridge Street, Salisbury, SP1 2LZ| ||Surveyor
-
The Diocesan Surveyor, Church House, Crane Street,| ||Salisbury, SP1 2QB| ||Investment
-
CCLA Investment Management Ltd,| ||Advisers
One Angel Lane, London, EC4R 3AB| **REGISTERED CHARITY NUMBER:** 201720 (England and Wales) Page 2 **THE COLLEGE OF MATRONS** ## **TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **LEGAL STATUS** The College of Matrons is a registered Charity number 201720 and until June 2005 was also a registered Housing Association number A2289. It was founded by Seth, Lord Bishop of Sarum, in 1683, and is now regulated by a Charity Commission Scheme dated 9 March 1979, as amended by a Scheme dated 22 July 1993, a further scheme dated 28 October 1996, which authorises the new almshouses built in Wilton and an amendment pursuant to Section 280 Charities Act 2011 dated 6 August 2018. ## **GOVERNORS** The Governors are responsible for the general management of the almshouses of the Charity and for the discipline and arrangements for the welfare of the Matrons. ## **OBJECTS** The principal object of the Charity is to provide accommodation for eligible women in the premises of the College in The Close in Salisbury and at St John's Priory in Wilton. Matrons shall be needy and deserving women resident within the area of benefit with a preference being given to widows and daughters of Ministers of the Church of England. By a revised Scheme of July 1993 the area of benefit was extended to cover the Dioceses of Bath and Wells, Exeter, Portsmouth, Salisbury, Truro and Winchester. There has been no change in objects during the year. ## **POLICIES** The College houses 15 Matrons and a warden in 16 units of accommodation in Salisbury and 12 Matrons in the 12 units at Wilton. The Matrons contribute a set monthly sum towards the maintenance of the almshouses. The Charity's endowments are invested to provide income to cover the running costs and management expenses of the Charity. Any surplus income may be applied for the benefit of the Matrons in the almshouses as the Trustees think fit or for relief in need by making grants of money or providing items, services or facilities to reduce the need, hardship or distress of persons resident in the area of benefit. ## **RESERVES POLICY** The Trustees of the Charity are able to use the surplus accumulated income over expenditure on future projects, to improve the facilities for the Matrons and the operation of the Charity. The last quinquennial report notes that the majority of the structural repairs and conservation work had been carried out. The trustees maintain two property reserve funds, the Extraordinary Repairs Fund (ERF) and the Cyclical Maintenance Fund (CMF) as required by the Charity Commissioners. At 31 December 2023 the ERF stood at £64,439 (2022: £71,691) and the CMF at £5,334 (2022: £4,735). The trustees aim to keep free reserves between £100,000 and £200,000 (6 to 12 months' worth of expenditure) to cover unforeseen costs, to help provide further income by investing surplus accumulated profits and to be able to pay the almshouse running costs when voids occur. The free reserves at 31 December 2023 totalled £192,442 (2022: £164,705). ## **RISK** The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks. ## **ORGANISATION** The Charity is managed by seven Trustees who meet three times a year. The Governors appoint a Steward who acts on their behalf, and on behalf of the Trustees, and deals with the day- to- day administration of the Charity. Trustees are appointed for terms of five years. New trustees are recruited and appointed after receiving a personal recommendation from the existing trustee body. ## **TRUSTEES' RESPONSIBILITIES FOR THE PREPARATION OF ACCOUNTS** The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year. The trustees have chosen to prepare accruals accounts which must give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. Page 3 **THE COLLEGE OF MATRONS** ## **TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **TRUSTEES' RESPONSIBILITIES FOR THE PREPARATION OF ACCOUNTS (Continued)** In preparing these financial statements the trustees are required to **:** - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **INVESTMENT POWERS** Sums of cash at any time belonging to the Charity and not needed for immediate working purposes shall be invested in accordance with the Trustee Act 2000, which came into force on 1 February 2001. The investment objective of the Trustees is that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash, through charitable collective investment funds. Investment income is required to help meet the costs of the Charity. The Trustees have selected a balanced investment objective with medium risk. The proportions invested in equities, fixed income stocks and cash shall be reviewed from time to time by a suitably qualified adviser to provide guidance on the on-going suitability of that element of investment policy. Ethical issues have also been taken into consideration. ## **REVIEW OF ACTIVITIES AND ACHIEVEMENT** During 2023, 15 Matrons were housed in the Salisbury almshouses and 12 in Wilton. There were two vacancies during the year, both in Wilton. Refurbishment work was dominated by the two void properties. Nevertheless: - (a) A new kitchen was fitted in 25, St John's Priory. (b) All the radiators in 40-42, The Close were replaced following significant build-up of corrosive sludge. The annual programme of home visits to Matrons by Trustees, principally to acquaint themselves with the quality of the housin g stock but also to enable Matrons to meet the Trustees and raise issues, continued. One Trustee resigned and one Trustee retired, and replacement Trustees were elected. The Trustee body continues to include a retired chartered surveyor and a lawyer amongst their number. Page 4 **THE COLLEGE OF MATRONS** ## **TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **PUBLIC BENEFIT** The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. The charity meets its public benefit remit by providing subsidised housing for needy and deserving women within a secure environment. A preference is given under the Constitution to widows and unmarried daughters of Ministers of the Church of England. ## **REVIEW OF TRANSACTIONS AND FINANCIAL POSITION** The Charity's total income for the year was £230,771 (2022: £215,144) including investment income of £72,892 (2022: £72,060). Expenditure for the year was £234,993 (2022: £276,248), donations of £300 were made in the year (2022: nil). Overall, the value of the investments increased by £239,000 during the year and gains of £776 were realised on the sale of investments worth £20,000 from the Extraordinary Repair Fund. The trustees invested £5,000 into the Extraordinary Repair Fund. Depreciation of £21,005 was charged on the properties, as required by the accounting policy, and was allocated to the fund which provided the finance for the purchase of the relevant property. Overall, therefore, the Charity's resources increased by £235,554 during the year (2022: decreased by £396,007). Under the cost-sharing arrangements, Matrons College continues to contribute to St John's Hospital, Wilton 40% of the cost of the warden at Wilton, 40% of the cost of gardening and fire and security support contract, together with its share (2/3) of the cost of communal electricity and water rates for the 12 Matrons' flats in the new block of flats in Wilton. The total endowment capital spent on building the 12 flats at Wilton almshouses and improving No 47 The Close was £762,553 which is being recouped over 50 years from 2000 to 2049 by investing £15,252 per annum from the Charity's surplus income. The Trustees have taken independent financial advice as to appropriate common investment funds into which to invest this money. As at 31 December 2023, the recoupment fund stood at £624,819 all of which was held in investments. The Charity had net assets of £3,623,287 at the end of the year, including investments worth £2,746,449 but not reflecting the value of the original listed Salisbury almshouses which are insured for approximately £5.2 million. The Trustees consider the financial position of the Charity to be satisfactory and confirm that the assets held are adequate to fulfil the obligations of the Charity. Approved by the Trustees and signed on their behalf by R Bexon ................................................ Trustee Approved by the Trustees on: 15 March 2024 Page 5 **THE COLLEGE OF MATRONS** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COLLEGE OF MATRONS, SALISBURY** I report to the trustees on my examination of the accounts of The College of Matrons (the Charity) for the year ended 31 December 2023, which are set out on pages 6 to 15. ## _Responsibilities and basis of report_ As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the require ments 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 2011 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 2011 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 examinat ion giving me cause to believe that in any material respect: (1) 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 (3) 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’ wh ich 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 draw n in this report in order to enable a proper understanding of the accounts to be reached. Signed: Nicola A Halls Name: Nicola A Halls Relevant professional qualification or membership of professional body (if any): FCA Address: Fletcher & Partners, Crown Chambers, Bridge Street, Salisbury SP1 2LZ Date: 15 March 2024 Page 6 **THE COLLEGE OF MATRONS, SALISBURY** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** |INCOME FROM:
Donations and legacies
Investments
Other income
Charitable activities:
Provision of accommodation
TOTAL INCOME
EXPENDITURE ON:
Charitable activities:
Provision of accommodation
Donations and grants
TOTAL EXPENDITURE
NET GAINS/(LOSSES) ON INVESTMENTS
Realised gains/(losses) on investments
Unrealised gains/(losses) on investments
NET INCOME/(EXPENDITURE)
BEFORE TRANSFERS
TRANSFERS BETWEEN FUNDS
OTHER RECOGNISED GAINS/(LOSSES)
NET MOVEMENT IN FUNDS
FUND BALANCES AT 1 JANUARY 2023
FUND BALANCES AT 31 DECEMBER 2023
12,
12,|**Notes**||Unrestricted
Funds|Unrestricted
Funds||Endowment
Funds|Endowment
Funds|Endowment
Funds||Restricted
Funds|||Total
2023|||Total
2022| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||2
3
4
5
5
9
12, 14
13, 14
13, 14|||£
5,000
72,892
838
152,041
230,771
219,442
300
219,742
776
18,757
30,562
(15,252)
15,310
-||||£
-
-
-
-
-
15,251
-
15,251
-
220,243
204,992
15,252
220,244
-||£
-
-
-
-
-
-
-
-
-
-
-
-
-
-|||£
5,000
72,892
838
152,041
230,771
234,693
300
234,993
776
239,000
235,554
-
235,554
-|||£
-
72,060
1,225
141,859
215,144
276,248
-
276,248
(5,959)
(328,944)
(396,007)
-
(396,007)
-| |||||||||||||||||| |||||||||||||||||| |||||||||||||||||| ||||||||
|||||||||| |||||||||||||||||| |||||15,310
372,832
£388,142||||||-
160,817
£160,817||||||| - The notes on pages 9 to 15 form part of these accounts. Page 7 ## **THE COLLEGE OF MATRONS, SALISBURY** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** 2022 COMPARATIVE INFORMATION ONLY |2022 COMPARATIVE INFORMATION ONLY||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |INCOME FROM:
Donations and legacies
Investments
Other income
Charitable activities:
Provision of accommodation
TOTAL INCOME
EXPENDITURE ON:
Charitable activities:
Provision of accommodation
Donations and grants
TOTAL EXPENDITURE
NET GAINS/(LOSSES) ON INVESTMENTS
Realised gains/(losses) on investments
Unrealised gains/(losses) on investments
NET INCOME/(EXPENDITURE)
BEFORE TRANSFERS
TRANSFERS BETWEEN FUNDS
OTHER RECOGNISED GAINS/(LOSSES)
NET MOVEMENT IN FUNDS
FUND BALANCES AT 1 JANUARY 2022
FUND BALANCES AT 31 DECEMBER 2022
12,
12,|**Notes**||Unrestricted
Funds|||Endowment
Funds|||Restricted
Funds|||Total
2022| ||2
3
4
5
5
9
12, 14
13, 14
13, 14|||£
-
72,060
1,225
141,859
215,144
260,997
-
260,997
(5,959)
(23,027)
(74,839)
(15,252)
(90,091)
-|||£
-
-
-
-
-
15,251
-
15,251
-
(305,917)
(321,168)
15,252
(305,916)
-||£
-
-
-
-
-
-
-
-
-
-
-
-
-
-|||£
-
72,060
1,225
141,859
215,144
276,248
-
276,248
(5,959)
(328,944)
(396,007)
-
(396,007)
-| |||||||||||||| |||||||||||||| |||||||||||||| |||||||||||||| |||||||||||||| |||||(90,091)
462,923
£372,832||(305,916)
3,160,000
£2,854,084|||-
160,817
£160,817||(396,007)
3,783,740
£3,387,733|| Page 8 ## **THE COLLEGE OF MATRONS, SALISBURY** ## **BALANCE SHEET** ## **AS AT 31 DECEMBER 2023** |FIXED ASSETS
Tangible Assets
Investments
CURRENT ASSETS
Debtors
Cash at bank and in hand
LIABILITIES
Creditors: Amounts falling due within one year
NET CURRENT ASSETS
NET ASSETS
THE FUNDS OF THE CHARITY:
ENDOWMENT FUNDS
RESTRICTED FUNDS
UNRESTRICTED FUNDS
Designated
General
TOTAL CHARITY FUNDS|Notes
8
9
10
11
12
13
14
14
15|2023
£
£
813,461
2,746,449
3,559,910
15,696
61,035
76,731
13,354
63,377
3,623,287
£
3,074,328
160,817
99,199
288,943
388,142
3,623,287
£
-|2022
£
£
834,466
2,506,421
3,340,887
2,398
56,236
58,634
11,788
46,846
3,387,733
£
2,854,084
160,817
107,691
265,141
372,832
3,387,733
£|2022
£
£
834,466
2,506,421
3,340,887
2,398
56,236
58,634
11,788
46,846
3,387,733
£
2,854,084
160,817
107,691
265,141
372,832
3,387,733
£| |---|---|---|---|---| |||||3,340,887
46,846| |||||3,387,733
£| |||||2,854,084
160,817
372,832| |||||3,387,733
£| |||||| These financial statements were approved by the Trustees on 15th March 2024 and signed on their behalf by: R Bexon Trustee S Wheeler Trustee The notes on pages 9 to 15 form part of these accounts. Page 9 **THE COLLEGE OF MATRONS** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** **1. PRINCIPAL ACCOUNTING POLICIES** The financial statements of the Charity are 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) (effective from 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The accounts (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 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. These financial statements are drawn up on the historical cost accounting basis except that investment assets are carried at market value. The charity constitutes a public benefit entity as defined by FRS 102. A summary of the more important accounting policies is set out below. Estimates and underlying key assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Management do not consider there to be any significant management judgements and estimates made in the preparation of the financial statements. ## Preparation of the accounts on a going concern basis The trustees have reviewed the anticipated performance for a period of at least twelve months from the date of approval of the financial statements which demonstrate that there is no material uncertainty regarding the board's ability to meet its liabilities as they fall due, and continue as a going concern. On this basis, the trustees consider it appropriate to prepare the financial statements on a going concern basis. ## a) Cash flow The accounts do not include a cash flow statement because the Charity, as a small reporting entity, is exempt from the requirement to prepare such a statement. ## b) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds represents the Housing Association Grant which is repayable in certain circumstances, primarily following sale of a property but will normally be restricted to net proceeds of sale. Endowment funds are permanent trusts whose income is intended for the benefit of the charity. ## c) Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from the provision of accommodation represents maintenance contributions and service charges receivable, after deduction of voids. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon receipt of income into the bank account. Bank interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. All investment income arising on endowment funds is unrestricted as to its use. ## d) 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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. ## e) Charitable activities Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in note 5. Housing services includes the costs necessary to maintain the housing properties for the residents including utilities, gardening, and wardens' salaries and housing costs. ## f) Allocation of support and governance costs Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees together with an apportionment of overhead and support costs. Salaries of the Steward are apportioned 2/3:1/3 between "Housing Services" and "Governance costs". The allocation of support and governance costs is analysed in note 5. Page 10 **THE COLLEGE OF MATRONS, SALISBURY** ## **NOTES TO THE ACCOUNTS (Continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## g) Housing Properties - Valuation: The College of Matrons in The Close in Salisbury has existed on its present site since 1683. It is a listed building and the original cost of numbers 39-46 and 47 The Close is thought to be £1,194. As at 31 December 2023, the Trustees insured the value of numbers 38, 39-46 and 47 The Close at £8,132,088. The construction of new almshouses at Wilton cost £811,898 in 1997. Improvements to No. 47 The Close commenced in 1999 and were completed in 2001. The capital costs were £120,070 and the balance of £102,182 was written off as major repairs. ## h) Housing Properties, other fixed assets, and Depreciation: All assets, including their finance costs, costing more than £1,000 are capitalised and valued at historical cost. Depreciation has been charged to write off tangible fixed assets over their useful economic lives by equal instalments. The following rates are used: 38 The Close, Salisbury - over 40 years 47 The Close, Salisbury - over 50 years St Johns Priory, Wilton - over 50 years Land at Wilton - no depreciation Depreciation is charged to the fund(s) which provided the finance for the property, hence part of the annual charge is apportioned to Designated and Endowment Funds in the Statement of Financial Activities. Property refurbishment costs and minor improvements are written off in the year. Other small fixed assets such as office equipment are not capitalised. The Housing Association Grant (HAG) received to assist with development costs of housing properties is no longer set off against the cost of the asset. Instead such grants are recognised as income when receivable and credited to restricted reserves. ## i) Fixed Asset Investments: Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. ## j) Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are not combined in the Statement of Financial Activities. ## k) Debtors Debtors are measured at the amounts the charity anticipates it will receive from a debt or the amount it has paid in advance for goods or services. ## l) Cash at bank and in hand Cash at bank and in hand includes cash and cash on deposit. ## m) Liabilities Liabilities are measured at the amounts the charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or services it must provide. ## n) Financial Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. They are recognised at amortised cost, except for investments which are measured at fair value with changes recognised in the Statement of Financial Activities. |**INVESTMENT INCOME**
Income from unlisted investments
**OTHER INCOME**
Sundry income|2023
2022
£72,892
£72,060
2023
2022
£838
£1,225
Unrestricted funds
Unrestricted funds| |---|---| ## **2. INVESTMENT INCOME** ## **3. OTHER INCOME** Page 11 ## **THE COLLEGE OF MATRONS, SALISBURY** ## **NOTES TO THE ACCOUNTS (Continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** |**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
RESIDENTS' CONTRIBUTIONS
2023
Salisbury
15 at £5,580 pa [2022: 15 at £5,340pa]
83,700
1 Warden at nil
-
Wilton
11 at £5,580 pa [2022: 11 at £5,340 pa]
61,380
1 at £5,820 pa [2022: 1 at £5,580pa]
5,820
150,900
Less:
Voids
(2,781)
148,119
Service Charges
Heat and Light
3,702
Laundry contributions (Salisbury)
220
3,922
£152,041
**5.**
**BREAKDOWN OF COSTS OF CHARITABLE ACTIVITIES**
Housing services
Repairs and maintenance and improvements
Support costs - Other Management expenses
Support costs - Governance costs
Depreciation
Depreciation is split between the funds of the charity as follows:
Endowment funds
Designated funds
General fund
All other charitable expenditure is attributable to unrestricted funds for 2022 and 2023.
Governance costs comprise:
1/3 of the Steward's salary costs
Independent Examiner's Remuneration
In their capacity as Examiners
Accountancy fees for advice and preparation of the statutory accounts
In 2023 and 2022, repairs included minor projects and void works.|2022
80,100
-
58,740
5,580
144,420
(6,906)
137,514
4,203
142
4,345
£141,859
2023
2022
105,596
97,871
83,991
142,058
14,001
5,647
10,100
9,667
21,005
21,005
£234,693
£276,248
2023
2022
15,251
15,251
1,839
1,839
3,915
3,915
£21,005
£21,005
2023
2022
5,070
4,737
1,490
1,460
3,540
3,470
£10,100
£9,667
Unrestricted funds| |---|---| ## GRANTS: In 2023 a grant was made to a resident whilst their accommodation was inaccessible.(2022 £nil). ## **6. a) TRUSTEES' AND GOVERNORS' REMUNERATION** The Trustees and Governors received no remuneration and received no other benefits (2022 - £nil) from an employment with the charity or a related entity. No trustee was reimbursed during the year for expenses (2022 - £nil). Page 12 **THE COLLEGE OF MATRONS, SALISBURY** ## **NOTES TO THE ACCOUNTS (Continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **7. STAFF COSTS** |**STAFF COSTS**||| |---|---|---| |Salaries and wages
Social security costs
Pension costs|2023
39,922
257
324
£40,503|2022
35,510
136
221| |||£35,867| The employed wardens received rent- free job- related accommodation on site. The average number of employees during the year was 6 (2022: 6) with all employee time involved in providing either support to the governance of the charity or support services to its charitable activities. The charity considers its key management personnel comprise the trustees and the Steward. The total employment benefits of the key management personnel were £15,211 (2022: £14,212). No employee had employee benefits in excess of £60,000 (2022: none). ## **8. FIXED ASSETS - FREEHOLD HOUSING LAND AND BUILDINGS** |COST
As at 1 January 2023
and at 31 December 2023
DEPRECIATION
As at 1 January 2023
Charge for the year
As at 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022|39-46
The Close
Salisbury
1,194
-
-
-
£1,194
£1,194|39-46
The Close
Salisbury
1,194
-
-
-
£1,194
£1,194||38
The Close
Salisbury|47
The Close
Salisbury|47
The Close
Salisbury|St Johns
Priory Land
& Buildings|St Johns
Priory Land
& Buildings|Total Land
& Buildings|Total Land
& Buildings|Housing
Association
Grant
38 The Close
-
-
-
-
-
£
-
£|Housing
Association
Grant
38 The Close
-
-
-
-
-
£
-
£||Total| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||||255,445
54,412
2,366
56,778
£198,667
£201,033||120,069
55,230
2,401
57,631
£62,438
£64,839||940,874
373,474
16,238
389,712
£551,162
£567,400||1,317,582
483,116
21,005
504,121
£813,461
£834,466||£||1,317,582
483,116
21,005
504,121
£813,461
£834,466| |||||||||||||||| |||||||||||||£||| According to records, the original cost of No 39-46 The Close was £1,194 in 1682. The building is listed. The insured value of properties is approximately £9.6 million. St John's Priory, Wilton, land and buildings includes land costing £128,976 on which no depreciation is charged. The net book value of freehold land and buildings is made up as follows: |Cost of No 39-46 The Close in 1682
Cost of No 38 The Close in 1981
Improvements to No 38 The Close
Land at Wilton
New Almshouses at Wilton
Improvements to No 47 The Close
Depreciation
The above assets were financed by:
Restricted Fund - Housing Association Grant
From the Charity's own resources
Accumulated income
Charitable Fund Property
Reserve
Endowment capital|39-46
The Close|39-46
The Close|38
The Close|38
The Close|47
The Close|47
The Close||Land at
Wilton|Almshouses
at Wilton
811,898
(389,712)
£422,186
88,097
334,089
£422,186||Total| |---|---|---|---|---|---|---|---|---|---|---|---| |||1,194
£1,194
1,194
£1,194|
£
£|170,815
84,630
(56,778)
198,667
160,817
8,424
29,426
198,667||120,069
(57,631)
£62,438
62,438
£62,438||128,976
£128,976
128,976
£128,976|||1,194
170,815
84,630
128,976
811,898
120,069
(504,121)
£813,461
-
160,817
-
96,521
29,426
-
526,697
£813,461| A Recoupment Fund has been set up to recover the Endowment Capital used to finance the new Wilton almshouses and improvements to No 47 The Close. Page 13 **THE COLLEGE OF MATRONS, SALISBURY** ## **NOTES TO THE ACCOUNTS (Continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** |**9.**
**FIXED ASSETS**
**Unlisted Investments**
Market value at 1 January
Additions at cost
Disposals at opening value
Unrealised investment gains/(losses)
Market value at 31 December
Historical cost at 31 December|2023
2,506,421
20,252
(19,224)
239,000
£2,746,449
£1,513,077|2022
2,911,672
20,252
(96,559)
(328,944)| |---|---|---| |||£2,506,421
£1,505,347| All investments are made in common investments funds of the CBF Church of England Funds. All investments are carried at their fair value. Holdings in common investment funds are at the bid price at 31 December 2023. Opening values are at bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). ## **10. DEBTORS** |**DEBTORS**||||| |---|---|---|---|---| |||2023|2022|| |**Due after more than one year**||||| |**Due within one year**||||| |Residents' Contributions|- Wilton|2,325||-| ||- Salisbury|4,185||-| |Prepayments||||| |Insurance||5,792||-| |Alarm service and Aid calls||2,229|1,407|| |Stair lift maintenance||-||75| |Subscriptions||582||333| |Parking||583||583| |||£15,696|£2,398|| ## **11. CREDITORS: Amounts falling due within one year** |**11. CREDITORS: Amounts falling due within one year**||||| |---|---|---|---|---| |Trade Creditors
St John's Hospital re shared costs
Social security costs
Accruals
Independent Examination and Accountancy fees
Heat and Light
Warden Heat and Light
Water Rates
Warden water rates
**12. ENDOWMENT FUNDS**
Balance
01.01.2023
Capital fund
2,298,093
Recoupment fund
555,991
£2,854,084
Balance
01.01.2022
Capital fund
2,546,477
Recoupment fund
613,523
£3,160,000|Resources
expended
(15,251)
-
£ (15,251)
Resources
expended
(15,251)
-
£ (15,251)|Transfers
-
15,252
£15,252
Transfers
-
15,252
£15,252|2023
1,420
2,189
1,213
5,030
2,866
228
380
28
£13,354
Realised and
unrealised
gains
166,667
53,576
£220,243
Realised and
unrealised
gains
(233,133)
(72,784)
£ (305,917)|2022
115
2,733
1,396
4,930
1,666
310
589
49
£11,788
Balance
31.12.2023
2,449,509
624,819
£3,074,328
Balance
31.12.2022
2,298,093
555,991
£2,854,084| |||||| |||||| The Recoupment Fund was set up in accordance with Charity Commission Schemes of 1996 and 1999 in order to repay £762,553 used from the Endowment Fund to finance the building of new almshouses at Wilton and works to 47 The Close. The annual repayments amount to £15,252. Income arising is unrestricted as to its use. Page 14 **THE COLLEGE OF MATRONS, SALISBURY** ## **NOTES TO THE ACCOUNTS (Continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **13. RESTRICTED FUNDS** |**RESTRICTED FUNDS**

Property Fund - HAG

Property Fund (Restated) - HAG|Balance
01.01.2023
£160,817
Balance
01.01.2022
£160,817|Incoming
resources
-
£
Incoming
resources
-
£|Resources
expended
-
£
Resources
expended
-
£|Balance
31.12.2023
£160,817
Balance
31.12.2022
£160,817| |---|---|---|---|---| The Restricted Fund holds the Housing Association Grant (HAG), paid by the Housing Corporation to reduce the cost of development. The Housing Association Grant is repayable in certain circumstances, primarily following sale of a property but will normally be restricted to net proceeds of sale. ## **14. UNRESTRICTED FUNDS** |**UNRESTRICTED FUNDS**||||||||| |---|---|---|---|---|---|---|---|---| |Designated funds
Cyclical Maintenance Fund
Extraordinary Repairs Fund
Charitable Property Fund
General fund
Designated funds
Cyclical Maintenance Fund
Extraordinary Repairs Fund
Charitable Property Fund
General fund|Balance
01.01.2023
4,735
71,691
31,265
107,691
265,141
£372,832
Balance
01.01.2022
49,168
126,198
33,104
208,470
254,453
£462,923|Incoming

resources
-
-
-
-
230,771
£230,771
Incoming

resources
-
-
-
-
215,144
£215,144|Resources
expended
-
-
(1,839)
(1,839)
(217,903)
£(219,742)
Resources
expended
-
-
(1,839)
(1,839)
(259,158)
£(260,997)|Net
Transfers
-
(15,000)
-
(15,000)
(252)
£(15,252)
Net
Transfers
(40,600)
(45,000)
-
(85,600)
70,348
£(15,252)|Realised and
unrealised
gains/(losses)
599
7,748
-
8,347
11,186
£19,533
Realised and
unrealised
gains
(3,833)
(9,507)
-
(13,340)
(15,646)
£(28,986)|Balance
31.12.2023
5,334
64,439
29,426
99,199
288,943
£388,142
Balance
31.12.2022
4,735
71,691
31,265
107,691
265,141
£372,832||| ||
||||||

|| |||||||||107,691
265,141| ||||||||£372,832|| ## Cyclical Maintenance Fund/Reserve: This reserve represents amounts set aside for ordinary cyclical maintenance to meet costs in excess of budgeted expenditure for the year, and which occur at infrequent intervals. The fund is represented by investments in CBF Investment Fund Accumulation units. ## Extraordinary Repairs Fund: This reserve represents amounts set aside to carry out extraordinary repairs, improvement or rebuilding of the Housing Properties, in accordance with the Charity Commission Scheme of 1979. The fund is represented by investments in CBF Investment Fund units. During the year 2023 the trustees withdraw £20,000 for extraordinary repairs and invested the sum of £5,000 from General Funds to the Extraordinary Repairs Reserve. ## Charitable Property Fund/Reserve: This represents that proportion of the cost of properties which was financed by the Charity's own resources. The Charitable Property Reserve also includes depreciation equal to loan repayments provided in previous years. The fund is represented by housing land and buildings at No 38 The Close. Page 15 **THE COLLEGE OF MATRONS, SALISBURY** ## **NOTES TO THE ACCOUNTS (Continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **15. ANALYSIS OF NET ASSETS BETWEEN FUNDS** |**At 31 December 2023**

Housing Land & Buildings
No 39-46 The Close
No 38 The Close
Land at Wilton
New Almshouses
No 47 The Close
Investments
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year|Recoupment
& Endowment
Restricted
Designated
Funds
Funds
Funds
1,194
-
-
-
160,817
29,426
128,976
-
-
334,089
-
-
62,438
-
-
526,697
160,817
29,426
2,547,631
-
69,773
-
-
-
-
-
-
-
-
-
£3,074,328
£160,817
£99,199
Unrestricted|General
Fund
-
8,424
-
88,097
-
96,521
129,045
15,696
61,035
(13,354)
£288,943
Funds|Total
1,194
198,667
128,976
422,186
62,438
813,461
2,746,449
15,696
61,035
(13,354)
£3,623,287| |---|---|---|---| At 31 December 2023, £96,521 of the total of £288,943 held in General Fund is represented by housing land and buildings, which leaves £192,422 available for future use by the charity. In addition there are two Designated Repairs Reserves totalling £69,773. |**At 31 December 2022**
Recoupment
& Endowment
Funds
Housing Land & Buildings
No 39-46 The Close
1,194
No 38 The Close
-
Land at Wilton
128,976
New Almshouses
346,939
No 47 The Close
64,839
541,948
Investments
2,312,136
Debtors
-
Cash at bank and in hand
-
Creditors: amounts falling due within one year
-
£2,854,084|Restricted
Designated
Funds
Funds
-
-
160,817
31,265
-
-
-
-
-
-
160,817
31,265
-
76,426
-
-
-
-
-
-
£160,817
£107,691
Unrestricted|Restricted
Designated
Funds
Funds
-
-
160,817
31,265
-
-
-
-
-
-
160,817
31,265
-
76,426
-
-
-
-
-
-
£160,817
£107,691
Unrestricted|General
Fund
-
8,951
-
91,485
-
100,436
117,859
2,398
56,236
(11,788)
£265,141
Funds|Total
1,194
201,033
128,976
438,424
64,839
834,466
2,506,421
2,398
56,236
(11,788)
£3,387,733| |---|---|---|---|---| |||||| ## **16. CAPITAL COMMITMENTS** At 31 December 2023 there were no contracted capital expenditure commitments (2022 - £nil). Recoupment Fund contributions to recover endowment capital expended on the new Wilton almshouses and No 47 The Close will cost £15,252 pa for 50 years from 2000 to 2049. ## **17. RELATED PARTY TRANSACTIONS** There were no related party transactions in 2023.