2024-12-31-accounts

THE COLLEGE OF MATRONS, SALISBURY

REPORT OF THE TRUSTEES

AND

STATEMENT OF ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

The Trustees present their annual report and financial statements of the Charity for the year ended 31 December 2024. 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 Resigned 2024
	Mr Charles Greville- Heygate Resigned 2024
	Mrs Sarah Wheeler Re-appointed for one year to July 2025
	Mrs Jayne Davies Resigned 2024
	Mr Alastair Malcolm Appointed 18 November 2022
	Mrs Jane Lax Appointed 17 November 2023
	Mr Roy Bexon Appointed 17 November 2023
	Mrs E Ogilvie Appointed 17 July 2024
	Ms Niki Cartwright Appointed 22 November 2024
	All the Trustees are co-opted.
PRINCIPAL OFFICER:	Mrs Jane Walsham, 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
	- Wilsons Solicitors LLP, Alexandra House, St Johns Street, Salisbury
	SP1 2SB
	- Lester Aldridge LLP, Russell House, Bournemouth, BH8 8EX
	Independent - Mrs N A Halls FCA , Fletcher & Partners,
	Examiners Crown Chambers, Bridge Street, Salisbury, SP1 2LZ
	Surveyor - The Diocesan Surveyor, Emmaus House, The Avenue, Wilton,
	Salisbury, SP2 0FG
	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 2024

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 next quinquennial report is due in 2025, to identify the structural repairs and conservation work required to the charity's buildings. 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 2024 the ERF stood at £62,950 (2023: £64,439) and the CMF at £5,606 (2023: £5,334). 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 2024 totalled £148,536 (2023: £192,442).

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 2024

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 2024, 15 matrons were housed in the Salisbury Almshouses and 12 in Wilton. There was a total of 5 vacancies during the year, two at Salisbury and three at Wilton. All vacancies have been filled.

Refurbishment work was dominated by the following projects:

• a) A new kitchen, part bathroom, new carpets/flooring fitted in 21 St John’s Priory.

• b) Secondary double glazing installed to all windows in attic flat 38E and repair to wooden window frames.

• c) Reproduction and gilding of historic weathervane and presentation of the historic version in the central corridor of 42 The Close. d) Two replacement boiler systems.

• e) Internal repairs to listed outbuilding to strengthen roof and brickwork.

The annual programme of home visits to Matrons by Trustees continued in May.

Three Trustees resigned and two new Trustees were appointed. The board continues to include members who have specialist knowledge in law, project management, engineering, sales and marketing and adult social services and healthcare. Trustees attended the Almshouse Association training in November keeping knowledge up-to-date and enabling networking with other Almshouses.

Page 4

THE COLLEGE OF MATRONS

TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 £238,531 (2023: £230,771) including investment income of £74,407 (2023: £72,892). Expenditure for the year was £296,124 (2023: £234,993). Overall, the value of the investments increased by £64,217 during the year and gains of £952 were realised on the sale of investments worth £15,000 from the Extraordinary Repair Fund. The trustees re-invested £10,000 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 £7,576 during the year (2023: increased by £235,554).

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 2024, the recoupment fund stood at £654,493 all but £7,626 of which was held in investments.

The Charity had net assets of £3,630,863 at the end of the year, including investments worth £2,814,244 but not reflecting the value of the original listed Salisbury almshouses which are insured for approximately £5.3 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

Roy Bexon

................................................ Trustee Approved by the Trustees on: 28 March 2025

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 2024, 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: 28 March 2025

Page 6

THE COLLEGE OF MATRONS, SALISBURY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024 FUND BALANCES AT 31 DECEMBER 2024 12, 12,	Notes		Unrestricted Funds	Unrestricted Funds		Endowment Funds	Endowment Funds		Restricted Funds				Total 2024			Total 2023
	2 3 4 5 5 9 12, 14 13, 14 13, 14			£ - 74,407 1,124 163,000 238,531 280,873 - 280,873 952 5,784 (35,606) (15,252) (50,858) -			£ - - - - - 15,251 - 15,251 - 58,433 43,182 15,252 58,434 -		£ - - - - - - - - - - - - - -				£ - 74,407 1,124 163,000 238,531 296,124 - 296,124 952 64,217 7,576 - 7,576 -			£ 5,000 72,892 838 152,041 230,771 234,693 300 234,993 776 239,000 235,554 - 235,554 -
				(50,858) 388,142 £337,284		58,434 3,074,328 £3,132,762			- 160,817 £160,817		7,576 3,623,287 £3,630,863

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 2024

2023 COMPARATIVE INFORMATION ONLY

2023 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 2023
	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 -
							220,244 2,854,084 £3,074,328				- 160,817 £160,817

Page 8

THE COLLEGE OF MATRONS, SALISBURY

BALANCE SHEET

AS AT 31 DECEMBER 2024

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	2024 £ £ 792,456 2,814,244 3,606,700 2,442 43,432 45,874 21,711 24,163 3,630,863 £ 3,132,761 160,817 96,143 241,142 337,285 3,630,863 £ -	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 £	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 £
				3,559,910 63,377
				3,623,287 £
				3,074,328 160,817 388,142
				3,623,287 £

These financial statements were approved by the Trustees on 28 March 2025 and signed on their behalf by:

Roy Bexon Trustee

A R Malcolm 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 2024

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 charity'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 2024

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 2024, the Trustees insured the value of numbers 38, 39-46 and 47 The Close at £8,328,886. 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	2024 2023 £74,407 £72,892 2024 2023 £1,124 £838 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 2024

4. INCOME FROM CHARITABLE ACTIVITIES RESIDENTS' CONTRIBUTIONS 2024 Salisbury 15 at £5,940 pa [2023: 15 at £5,580pa] 89,100 1 Warden at nil - Wilton 11 at £5,940 pa [2023: 11 at £5,580 pa] 65,340 1 at £6,180 pa [2023: 1 at £5,820pa] 6,180 160,620 Less: Voids (2,729) 157,891 Service Charges Heat and Light 4,846 Laundry contributions (Salisbury) 263 5,109 £163,000 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 2023 and 2024. 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 2024 and 2023, repairs included minor projects and void works.

2023 83,700 - 61,380 5,820 150,900 (2,781) 148,119 3,702 220 3,922 £152,041 2024 2023 119,249 105,596 98,483 83,991 46,100 14,001 11,287 10,100 21,005 21,005 £296,124 £234,693 2024 2023 15,251 15,251 1,839 1,839 3,915 3,915 £21,005 £21,005 2024 2023 5,822 5,070 1,535 1,490 3,930 3,540 £11,287 £10,100 Unrestricted funds

6. a) TRUSTEES' AND GOVERNORS' REMUNERATION

The Trustees and Governors received no remuneration and received no other benefits (2023 - £nil) from an employment with the charity or a related entity. No trustee was reimbursed during the year for expenses (2023 - £nil).

Page 12

THE COLLEGE OF MATRONS, SALISBURY

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

7. STAFF COSTS

STAFF COSTS
Salaries and wages Social security costs Pension costs	2024 41,734 262 564 £42,560	2023 39,922 257 324
		£40,503

The employed wardens received rent- free job- related accommodation on site.

The average number of employees during the year was 6 (2023: 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 £17,465 (2023: £15,211). No employee had employee benefits in excess of £60,000 (2023: none).

8. FIXED ASSETS - FREEHOLD HOUSING LAND AND BUILDINGS

COST As at 1 January 2024 and at 31 December 2024 DEPRECIATION As at 1 January 2024 Charge for the year As at 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023	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 56,778 2,366 59,144 £196,301 £198,667		120,069 57,631 2,401 60,032 £60,037 £62,438		940,874 389,712 16,238 405,950 £534,924 £551,162		1,317,582 504,121 21,005 525,126 £792,456 £813,461		£		1,317,582 504,121 21,005 525,126 £792,456 £813,461
												£

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 (405,950) £405,948 84,709 321,239 £405,948		Total
		1,194 £1,194 1,194 £1,194	£ £	170,815 84,630 (59,144) 196,301 160,817 7,897 27,587 196,301		120,069 (60,032) £60,037 60,037 £60,037		128,976 £128,976 128,976 £128,976			1,194 170,815 84,630 128,976 811,898 120,069 (525,126) £792,456 - 160,817 - 92,606 27,587 - 511,446 £792,456

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 2024

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	2024 2023 2,746,449 2,506,421 17,626 20,252 (14,048) (19,224) 64,217 239,000 £2,814,244 £2,746,449 £1,531,955 £1,513,077

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 2024. 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

Due within one year Residents' Contributions - Wilton - Salisbury Salary overpaid Prepayments Insurance Alarm service and Aid calls Subscriptions Parking CREDITORS: Amounts falling due within one year Trade Creditors St John's Hospital re shared costs Social security and pension costs Residents' Contributions overpaid - Salisbury Accruals Independent Examination and Accountancy fees Heat and Light Warden Heat and Light Water Rates Warden water rates ENDOWMENT FUNDS Balance 01.01.2024 Capital fund 2,449,509 Recoupment fund 624,819 £3,074,328 Balance 01.01.2023 Capital fund 2,298,093 Recoupment fund 555,991 £2,854,084	Resources expended (15,251) - £ (15,251) Resources expended (15,251) - £ (15,251)	2024 - - 68 - 2,374 - - £2,442 2024 4,256 8,198 1,461 30 5,335 1,802 137 465 27 £21,711 Realised and unrealised Transfers gains - 44,010 15,252 14,422 £15,252 £58,432 Realised and unrealised Transfers gains - 166,667 15,252 53,576 £15,252 £220,243	2023 2,325 4,185 - 5,792 2,229 582 583 £15,696 2023 1,420 2,189 1,213 - 5,030 2,866 228 380 28 £13,354 Balance 31.12.2024 2,478,268 654,493
			£3,132,761 Balance 31.12.2023 2,449,509 624,819
			£3,074,328

11. CREDITORS: Amounts falling due within one year

12. ENDOWMENT FUNDS

The Recoupment Fund was set up in accordance with Charity Commission Schemes of 1996 and 1999 in order to repay over 50 years £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 2024

13. RESTRICTED FUNDS

RESTRICTED FUNDS Property Fund - HAG Property Fund (Restated) - HAG	Balance 01.01.2024 £160,817 Balance 01.01.2023 £160,817	Incoming resources - £ Incoming resources - £	Resources expended - £ Resources expended - £	Balance 31.12.2024 £160,817 Balance 31.12.2023 £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 01.01.2024 5,334 64,439 29,426 99,199 288,943 £388,142 Balance 01.01.2023 4,735 71,691 31,265 107,691 265,141 £372,832	Incoming resources - - - - 238,531 £238,531 Incoming resources - - - - 230,771 £230,771	Resources expended - - (1,839) (1,839) (279,034) £(280,873) Resources expended - - (1,839) (1,839) (217,903) £(219,742)	Net Transfers - (5,000) - (5,000) (10,252) £(15,252) Net Transfers - (15,000) - (15,000) (252) £(15,252)	Realised and unrealised gains/(losses) 272 3,511 - 3,783 2,954 £ 6,737 Realised and unrealised gains 599 7,748 - 8,347 11,186 £19,533	Balance 31.12.2024 5,606 62,950 27,587 96,143 241,142 £337,285 Balance 31.12.2023 5,334 64,439 29,426 99,199 288,943 £388,142
								99,199 288,943
							£388,142

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 2024 the trustees withdraw £15,000 for extraordinary repairs and invested the sum of £10,000 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 2024

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

At 31 December 2024 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 27,587 128,976 - - 321,239 - - 60,037 - - 511,446 160,817 27,587 2,613,689 - 68,556 - - - 7,626 - - - - - £3,132,761 £160,817 £96,143 Unrestricted	General Fund - 7,897 - 84,709 - 92,606 131,999 2,442 35,806 (21,711) £241,142 Funds	Total 1,194 196,301 128,976 405,948 60,037 792,456 2,814,244 2,442 43,432 (21,711) £3,630,863

At 31 December 2024, £92,606 of the total of £241,142 held in General Fund is represented by housing land and buildings, which leaves £148,536 available for future use by the charity. In addition there are two Designated Repairs Reserves totalling £68,556.

At 31 December 2023 Recoupment & Endowment Funds Housing Land & Buildings No 39-46 The Close 1,194 No 38 The Close - Land at Wilton 128,976 New Almshouses 334,089 No 47 The Close 62,438 526,697 Investments 2,547,631 Debtors - Cash at bank and in hand - Creditors: amounts falling due within one year - £3,074,328	Restricted Designated Funds Funds - - 160,817 29,426 - - - - - - 160,817 29,426 - 69,773 - - - - - - £160,817 £99,199 Unrestricted	Restricted Designated Funds Funds - - 160,817 29,426 - - - - - - 160,817 29,426 - 69,773 - - - - - - £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

16. CAPITAL COMMITMENTS

At 31 December 2024 there were no contracted capital expenditure commitments (2023 - £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 2024.