DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
**Charity registration number 202892**
## **THE HAVEN OF REST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mrs J Thomas Mr I Thomas Mrs C Rowley Mrs J Cottrell Mrs F Stone Mr T Pottage
**Charity number** 202892
**Principal address** 87 Bridge Road Maidenhead Berkshire SL6 8LZ **Independent examiner** Jeffrey Smith FCA Eacotts International Limited Grenville Court Britwell Road Burnham Buckinghamshire SL1 8DF
DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 12|
DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The Trustees present their annual report and financial statements for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Scheme of 23 October 1986 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 (FRS 102) (effective 1 January 2015)”
## **Objectives and activities**
The charity's objectives are providing Almshouses for men and women who may be married couples living together or single individuals being gentle folks of good character reduced to poverty by sickness, misfortune, age or infirmity.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## Matters Relating to Residents
12 cottages and the 2 flats have been continuously occupied throughout 2023.
There are two prospective residents on the list of applicants as at 31 December 2023.
## Activities of the Trustees
Mrs Jane Cottrell, Mrs Cath Rowley, Mrs Fran Stone and Mr Tim Pottage have continued to be available to visit Residents should the occasion arise. This has proved most beneficial to the overseeing of the health and wellbeing of the Residents.
The Television Licence Concession has been renewed & all but seven residents qualify.
## Property Improvements
The Annual Boiler servicing has been carried out and all certificates have been handed to the Chairman.
The annual fire extinguisher checks have also been completed.
During the year, The Top Flat had the bath removed and a new Shower Room was created. Cottage No. 6 had a new boiler fitted. All the Cottage Flat Roofs have now been replaced.
A total of 15 security lights have been renewed.
## **Financial review**
The financial statements as laid out on pages 4 to 12 comply with current statutory requirements.
Total reserves currently stand at £1,168,753 (2022: £1,130,468).
Net gain before revaluation of investments for the year was £11,916 (2022: deficit of £35,660). The net movement in funds was a gain of £38,285 (2022: deficit of £900).
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DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level sufficient to undertake repairs and maintenance requirements as they arise and accumulate funds in order to undertake major improvements and repairs from time to time. Income that is not immediately required for repairs is invested in two funds approved by the charity commission and monitored regularly.
The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities. This level of reserves has been maintained throughout the year.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The charity was established by a charitable trust deed on 23 October 1986.
The Trustees who served during the year were: Mrs J Thomas Mr I Thomas Mrs C Rowley Mrs J Cottrell Mrs F Stone Mr T Pottage
Trustees appoint members collectively as a body.
All decisions are made by the trustee body as a whole and appropriate powers and authority is delegated to individual trustees who implement the decisions.
The Trustees' report was approved by the Board of Trustees.
..............................
**Mrs J Thomas** Trustee Dated: ......................... 21 May 2024
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DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HAVEN OF REST**
I report on the financial statements of the charity for the year ended 31 December 2023, which are set out on pages 4 to 12.
## **Respective responsibilities of Trustees and examiner**
The charity’s Trustees are responsible for the preparation of the financial statements. The charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
## It is my responsibility to:
- (i) examine the financial statements under section 145 of the 2011 Act;
- (ii) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- (iii) to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement below.
## **Independent examiner's statement**
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 130 of the 2011 Act; and
- (ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
- have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
## **Jeffrey Smith FCA**
Eacotts International Limited Grenville Court Britwell Road Burnham Buckinghamshire SL1 8DF
Dated: ......................... 21 May 2024
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DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**Unrestricted Endowment**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Charitable activities
**2**
44,924
-
Investments
**3**
2,979
-
**Total income**
47,903
-
Charitable activities
**4**
35,987
-
Net gains on
investments
**8**
26,369
-
**Net income/(expenditure) and**
**movement in funds**
38,285
-
**Reconciliation of funds:**
Fund balances at 1 January
2023
445,468
685,000
**Fund balances at 31**
**December 2023**
483,753
685,000|**Total**
**Unrestricted Endowment**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
44,924
35,401
-
2,979
2,675
-
47,903
38,076
-
35,987
78,284
-
26,369
39,308
-
38,285
(900)
-
1,130,468
446,368
685,000
1,168,753
445,468
685,000|**Total**
**2022**
**£**
35,401
2,675
38,076
78,284
39,308
(900)
1,131,368
1,130,468|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2023**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
Investments
**11**
**Current assets**
Cash at bank and in hand
Net current assets
**Total assets less current liabilities**
**The funds of the charity**
Endowment funds
**12**
Unrestricted funds|**2023**
**£**
**£**
685,000
454,635
1,139,635
29,118
29,118
1,168,753
685,000
483,753
1,168,753|**2022**
**£**
**£**
685,000
428,266
1,113,266
17,202
17,202
1,130,468
685,000
445,468
1,130,468|**2022**
**£**
**£**
685,000
428,266
1,113,266
17,202
17,202
1,130,468
685,000
445,468
1,130,468|
|---|---|---|---|
||||1,113,266
17,202|
||||1,130,468|
||||685,000
445,468|
||||1,130,468|
21 May 2024 The financial statements were approved by the Trustees on .........................
.............................. Mrs J Thomas
## **Trustee**
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DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **Company information**
The The Haven of Rest is a registered charity, number 202892, and is constituted under a trust deed dated 23 October 1986.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the charity's trust deed. 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Income relates to rent received from residents and is recognised in accordance with the tenancy agreement.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
**(Continued)**
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. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon receipt of the income in the bank account.
## **1.5 Resources expended**
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.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The charity applied the FRS102 transitional arrangements. As such the property's value became its deemed cost as at 1 January 2014.
Land and buildings are not subject to depreciation because the buildings are considered to have negligible value in comparison to the value of the land.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.9 Financial instruments**
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Other financial assets**_
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
## **2 Charitable activities**
||**Alms houses**|Alms houses|
|---|---|---|
||**2023**|2022|
||**£**|£|
|Sale of goods|44,924|35,401|
## **3 Investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Income from listed investments|1,314|1,309|
|Income from unlisted investments|1,460|1,345|
|Interest receivable|205|21|
||2,979|2,675|
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DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **4 Charitable activities**
|Insurance
Rates
Repairs and maintenance
Subscriptions
Resident Entertainment|**2020**
**£**
1,403
3,935
29,370
720
559
35,987|**2022**
**£**
1,288
718
76,016
262
-|
|---|---|---|
|||78,284|
Charitable expenditure does not include payment to the independent examiner for examination fees or other services.
## **5 Description of charitable activities**
## Alms houses
The charity provides almshouses and all costs incurred relate to the provision of these and services for the benefit of their residents.
## **6 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **7 Employees**
The average monthly number of employees during the year was:
||**2023**|**2022**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
## **8 Gains and losses on investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|26,369|34,760|
|Sale of investments|-|4,548|
||26,369|39,308|
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DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **9 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **10 Tangible fixed assets**
|**Cost**
At 1 January 2023
At 31 December 2023
**Carrying amount**
At 31 December 2023
At 31 December 2022|**Land and**
**buildings**
**£**
685,000|
|---|---|
||685,000|
||685,000|
||685,000|
## **11 Fixed asset investments**
|**Listed**
**investments**
**Unlisted**
**investments**
**£**
**£**
**Cost or valuation**
At 1 January 2023
43,828
384,438
Valuation changes
4,027
22,342
At 31 December 2023
47,855
406,780
**Carrying amount**
At 31 December 2023
47,855
406,780
At 31 December 2022
43,828
384,438|**Total**
**£**
428,266
26,369|
|---|---|
||454,635|
||454,635|
||428,266|
## **Fixed asset investments revalued**
The investments are valued at market value in accordance with the valuation as notified by the fund managers at the year end.
## **Unlisted investments**
The charity holds 38,431 (2022: 38,431) income shares and 3,321 (2022: 3,321) accumulation shares in the National Association of Almshouses Common Investment fund (NAACIF).
## **Listed Investments**
The charity holds 2,411.46 (2022: 2,411.46) units in the COIF Charities Investment Fund (CCLA).
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DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **12 Endowment funds**
Endowment funds represent 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 assets form part of the fund.
|**At 1**
**Permanent endowments**
**Previous year:**
**At 1**
**Permanent endowments**
Endowment fund|**January**
**2023**
**At 31**
**December**
**2023**
**£**
**£**
685,000
685,000
**January**
**2022**
**At 31**
**December**
**2022**
**£**
**£**
685,000
685,000|
|---|---|
Endowment funds represent freehold property at 87 Bridge Road, Maidenhead, Berkshire, SL6 8LZ; comprising of 12 cottages and 2 flats.
## **13 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At 1**
General funds
**Previous year:**
**At 1**
General funds|**January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
**£**
445,468
47,903
(35,987)
26,369
483,753
**January**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2022**
**£**
**£**
**£**
**£**
**£**
446,368
38,076
(78,284)
39,308
445,468|
|---|---|
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DocuSign Envelope ID: CA2B1CFD-A481-4FC9-9A33-B41F41007923
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **14 Analysis of net assets between funds**
|**Unrestricted**
**Endowment**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
**Fund balances at 31 December 2023 are represented by:**
Tangible assets
-
685,000
Investments
454,635
-
Current assets/(liabilities)
29,118
-
483,753
685,000
**Unrestricted**
**Endowment**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
**Fund balances at 31 December 2022 are represented by:**
Tangible assets
-
685,000
Investments
428,266
-
Current assets/(liabilities)
17,202
-
445,468
685,000|**Total**
**2023**
**£**
685,000
454,635
29,118|
|---|---|
||1,168,753|
||**Total**
**2022**
**£**
685,000
428,266
17,202|
||1,130,468|
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