THE BRIGSTOCKE ALMSHOUSES
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
THE BRIGSTOCKE ALMSHOUSES (REGISTERED CHARITY NO: 203960)
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Page
Charity Information 1
Report of the Trustees 2 - 4
Independent Examiner's Report 5
Receipts and Payments Account 6
Statements of Assets and Liabilities 7
Notes to the Financial Statements 8
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THE BRIGSTOCKE ALMSHOUSES
CHARITY INFORMATION FOR THE YEAR ENDED 31 MAY 2025
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TRUSTEES Rev Heath Monaghan - Chairperson (appointed 19 August 2024)
Steven Sheridan - Treasurer
Janis Mundell
Alois Temel (resigned 2 October 2024)
Anthony Bicknell (resigned 2 October 2024)
Deborah Savill (resigned 2 October 2024)
ADDRESS 65 Argyll Street
Ryde
Isle of Wight
PO33 3BY
REGISTERED CHARITY NUMBER 203960
GOVERNING DOCUMENT Deed of Trust dated 10 September 1891
INDEPENDENT EXAMINERS Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
BANKERS Lloyds TSB Bank PLC
35 Union Street
Ryde
Isle of Wight
PO33 2HL
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THE BRIGSTOCKE ALMSHOUSES (REGISTERED CHARITY NO: 203960)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2025
Financial review
The trustees present their report together with the financial statements of the charity for the year ended 31 May 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice (SORP FRS102).
Constitution
The Brigstocke Almshouses is registered with the charity commission and governed by a constitution document. Deed of Trust dated 10 September 1891
Governance and Operational management
The organisation has a board of trustees who operate in a voluntary capacity. They meet several times each year to govern the organisation. They ensure full accountability and transparency are in place.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with Statements of Recommended Practice and the regulations made under the Charities Act 2011.
They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Trustee selection
A skills-based analysis will be used to help identify what skills are required for the effective running of the organisation and this means recruitment can be specifically focused on recruiting trustees with the best skill base where there are identified gaps. This leads to a robust board who are able to make good and well thought through decisions. It is envisaged that if merger of the two . charities develops that representatives from each will form a new board of trustees
Risk Management
The trustees routinely examine the business, reputational and operational risks when preparing strategic plans and developing projects. Strategies for handling finances are in place to enable good stewardship of all finances.
This includes regular reports of financial viability at trustee meetings and also a separate independent examination of accounts. As a member of The Almshouse association we have access to a good range of policy documents that we can / are adopting to underpin how the organisation operates is fair, consistent and can demonstrate good practice.
Objects & Aims
The object of the charity is that of providing housing for 6 elderly females, who must be residents of the Parish of Ryde (former Parish of Newchurch) and be "poor and of good repute" and "being members of the Church of England or dissenters therefrom".
Reserves policy
The Trustees policy is to try to hold sufficient reserves to ensure any emergency repairs can be carried out without delay. A large part of the current reserves will be used to finance the comprehensive five year maintenance programme indicated from the quinquennial inspection, however the Trustees believe that sufficient funds are held to finance these repairs and to ensure any emergency repairs could still be carried out as necessary.
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Investment policy
Where we hold excess funds over our projected expenses over a 3 month period, we invest the balance in short term interest bearing call or notice accounts, so that we retain quick access funds as we need them
Main sources of income
We have maintained a high level of occupancy for the past year, after maintenance costs of ~£12k, the charity showed a surplus of £16k for the period.
Reserves continue to be healthy at >£130k and certainly sufficient to continue to maintain the building to a good standard for the foreseeable future.
Expenditure supporting charitable objectives
Income has wholly been used for charitable activities in furtherance of our charitable objectives. To operate and maintain the almshouses.
Financial sustainability looking ahead
Building upon our good financial data will enable us to develop good budgets in the future and help us to identify trends. Developing further our amount of reserves will help to mitigate any future cash flow difficulties & enable us to stay well within with our reserves policy.
Even allowing for the future expansion of the works through further development of the property or purchasing additional property.
Activities and Main Achievements of the year
The trustee group have operated with care and commitment to provide accommodation that is safe and affordable to women who are experiencing financial poverty.
Working well as a group of trustees to keep the properties in good order and fully occupied.
A new season is envisaged with many of the trustees resigning after playing their part for a good number of years.
Discussions have been held with another Almshouse charity with near identical aims and objectives and maintaining Almshouse property in the same town.
Looking ahead
There are so many potential benefits and considerations of merging the two almshouse charities Both organizations share similar aims: providing housing and support for individuals in need, preserving charitable traditions, and ensuring long-term sustainability.
The Rationale for charities Merger
Shared Mission and Objectives
Both charities aim to provide affordable housing and care for vulnerable individuals. A merger would align resources toward a unified mission, reducing duplication of efforts.
Geographical Overlap
Operating in the same town creates opportunities for consolidation of administrative functions and property management, leading to cost savings.
Financial Sustainability
Combining assets and income streams can strengthen financial resilience, enabling better maintenance of properties and improved services for residents.
Governance Efficiency
A single board and management structure would streamline decision-making and reduce administrative overhead.
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Benefits of the Merger
Economies of Scale : Shared resources for maintenance, staffing, and procurement.
Stronger Community Presence : A unified charity may have greater visibility and influence in local fundraising and partnerships.
Challenges and Considerations that we will explore in the next year are:
Legal and Regulatory Compliance : Charitable merger requires approval from the Charity Commission and adherence to governing documents.
Cultural Integration : Each charity may have distinct traditions and operational styles; careful planning is needed to preserve heritage. Stakeholder Engagement: Residents, staff, and donors must be consulted to ensure support and smooth transition.
Hopefulness and Outlook
The alignment of aims and proximity of operations create a strong foundation for a successful merger. Early discussions indicate goodwill among trustees and shared recognition of the benefits.
With transparent communication and strategic planning, the merger could result in a more robust and impactful charitable entity serving the town for generations to come. Whilst we have taken some steps there is still much to do including consultation.
SIGN
…………………………………………………………………………………………………
S Sheridan - Trustee
4 February 2026
Date: ………………………………………………………
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THE BRIGSTOCKEAIMSHOUSES (REGISTERED CHARrrY 140.. Z039601 INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2025 I report on the accounts of thÈ charftyforthe year ended 31 May 2025, which are setout on pages4-6. RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER The charity's twstees 3re rp.sponsible for the preparation of the accounts. The £haritV'5 trustees consider that an audit 15 not qUired for this year under 144 121 of the Charlties Att 2011 (the 2011 Act) and that an Independent examination is needed. is the exatninErs resPOn5ibS1ity to.. examine the Jccounts undersÈttlon 145 ofthe 2011 Art,. to follow the wocedures laid down in the general directions given by the Charity Commlsslon under section 14515llbl o*the 2011 Act,. and to State whether particular rnatter5 have cometo ffly attention. BASISOF INDEPENOENT EXAMINER'S REPORT My ex8mination was carried OLJt in accordance with the 8eneral direttions given by the Ch8rity Commission. An examination includes a review of the aciourttSng record5 kept by the charity and 3 comparison of the accounts presented with those rewrds. It also includes corsideration of any unusual item5 or disclosures in the actounts, and sÈeking explanations from you as trustees concernin¥ any such tnatters. The procedLJrÈs undertaken do nDt provide all the ev1rfen that would bÉ required in 3n audit and consequently no opinion is gwen as to wheLher the accounts present a 'true and fair wew. and the report is limited to those matters set Ctut in the statèment below. INDEPENDENT EXAMINER'5 STATEMENT In connection with my examination, Do mailer has come to my attention.. whlch Èlves me reasonable cause to beliÈvethat in any material re5pertthe requirements.. to keep accDUntin8 record5 in accord3nce with section 130 of the 2011 Act.. and to prepare account5 which accord with the atfDunting records comply with the accounting requirernents of the 2011 Act have not been met.. or to which, in my opinion, attention shr¥Jld be drawn in order to enable a proper understandlng of the 8ccount5to be reachpd. Mark Paxton FCCA Bright Brown Limited Exchange House 5t. Cross Lane Newport. Isle of Wi8ht P030 5BZ Date.. Page S
THE BRIGSTOCKE ALMSHOUSES (REGISTERED CHARITY NO: 203960)
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
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Unrestricted Endowment Total Total
Funds Funds 2025 2024
£ £ £ £
RECEIPTS
-
Maintenance charges 28,723 28,723 28,097
Investment income 3,955 - 3,955 3,780
Donations 500 - 500 500
TOTAL RECEIPTS 33,178 - 33,178 32,377
PAYMENTS
Light, heat and water - - - 30
Insurance 716 - 716 2,021
-
Building repairs and gardening 12,050 12,050 7,584
Subscriptions 425 - 425 434
Independent examiners remuneration 570 - 570 522
Professional fees 2,000 - 2,000 5,263
Bank charges 18 - 18 45
Misc expenses 51 - 51 144
Gifts and grants to individuals 600 - 600 500
-
16,430 16,430 16,543
ASSETS AND INVESTMENT PURCHASES
BlackRock charities investment transfer (331) 331 - -
(331) 331 - -
TOTAL PAYMENTS 16,099 331 16,430 16,543
NET INCREASE/(DECREASE) IN CASH FUNDS 17,079 (331) 16,748 15,834
NET MOVEMENTS IN CASH RESERVES
-
Cash funds brought forward 112,175 112,175 96,341
Net movement in reserves 17,079 (331) 16,748 15,834
CASH FUNDS CARIED FORWARD 129,254 (331) 128,923 112,175
The notes on page 6 form part of these accounts.
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THE BRIGSTOCKE ALMSHOUSES (REGISTERED CHARITY NO: 203960)
STATEMENT OF ASSETS AND LIABILITIES
AS AT 31 MAY 2025
| CASH FUNDS Current account COIF charities deposit account Deposit account United Trust account INVESTMENT ASSETS BlackRock Charities Charishare Common Investment Fund Accumulation Cyclical maintenance fund Extraordinary repair fund General fund Permanent endowment ASSETS RETAINED FOR THE CHARITY'S OWN USE Land together with six almshouses and offices (market valuation 2021) |
Unrestricted Funds 2025 £ 23,405 33,210 35,188 - 91,803 Current Value £ - - 31,720 5,813 37,533 Current Value £ 735,000 |
Unrestricted Funds 2024 £ 34,230 31,681 11,381 77,292 Current Value £ - - 29,483 5,403 34,886 Current Value £ 735,000 |
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The notes on page 6 form part of these accounts.
Approved by the Board of Trustees on ……………………………………… and signed on its behalf by: 4 February 2026
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SIGN
…………………………………………………………………………………………………
S Sheridan - Trustee
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THE BRIGSTOCKE ALMSHOUSES (REGISTERED CHARITY NO: 203960)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
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Transfers
As at Incoming Resources Between As at
01 June 2024 Resources Expended Funds 31 MAY 2025
£ £ £ £ £
MOVEMENTS IN FUNDS
UNRESTRICTED FUNDS
General fund 112,175 33,178 (16,099) - 129,254
DESIGNATED FUNDS
- - - - -
Cyclical Maintenance Fund
- - - - -
Extraordinary Repair Fund
TOTAL DESIGNATED FUNDS - - - - -
TOTAL UNRESTRICTED FUNDS 112,175 33,178 (16,099) - 129,254
RESTRICTED FUNDS
Permanent Endowment - - (331) - (331)
TOTAL FUNDS 112,175 33,178 (16,430) - 128,923
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