PAGEIS ALMSHOUSE CHAIUTY UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Dthyshire Accountants Limited Chartera certifi￿ Accountsnts 2 Fairfield Whitchurch PAGE'S ALMSHOUSE CHARITY CHARrrY INFORMATION Trusttts Mr O Collins Mr I Scott Mrs E Lindsay Mrs E Anthony Mrs L Ayland MrDBath Miss A Jamieson Mrs I Martin {Di¢d on 1810112024) Mrs G Patterson (Rcsigned on 0711212024) Mr R Willian)s Mr P Bcntail (Appointed on 0411112024) Mr P Bu￿owS (Appointed on 0411112024) Mr B Foster (Appointed on 02811012024) Mr E Ebole (Appointed on 0111112024) Mr O Cdli]L8 Chairman Seeretsry MTS E Lindsay Treasurer Mr I Scott Charity r¢gistration number 204589 Prineipll place of business 29a and 29 to 39 New lioad Basingstske Hampshirc Independent examintr Charlotte Dcrbyshire FCCA Derbyshire Accowitants Limited 2 Fairfield Whitrhurch Hampshire Bankers Lloyds Bth pl¢ Ma)fair House Basingstoke Hampshjre Chan'ties Offi¢io1 1DV￿lmellt Fund Senator House 85 Queen Vietorio Street London Solicilors Lamb Brooks Victoria House 39 Winchester Str¢et Basingstokc Hampshire PAGE'S ALMSHOUSE CHARITY CONTENTS Page Trustees, report 14 Indepellde￿ examin&s report Statement of fuwicial activities Balance sheet Not¢s to the f￿ancial statements 8-13 Incom¢ and exp¢nditure account 14 PAGE'S ALMSHOUSE CHARrrY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees of Page's Almhouse Charity present their annual rep)rt and financial 5tstements for the year ended 31 December 2024 and confirni they comply with the requirements of the Charities Act 2011. the Trust Deed and the 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 (FRS102) (&s amended for accounting periots commencing from l January 2019). Structur& govern*n¢¢ aDd m￿l%eMent The T￿￿t Deed is dated 2 June 1998. &$ amended on 8 April 2013 by the Charity Commission for England and Wales under the power given in the Charities Act 2011. The charity was registered with the Charity Commission on 2 May 1962. Methodofre¢rnithxnt rfirxflees Trw8tees are recruited from those &8sociated with Basingstoke Uniled Refonned Church. As such they will be in sympathy with and understanding of the provisions of the Trust Deed which favours r&sidents of the bungalows to be persons of B&singstoke United Reformed Church. Prospects"ve candidates names are put forward at a meeting of the trustees. They will be people who are thought to have the skills needed to admll)ister and manage the Trust and bring balance to the body of trustees.The candidates will normally be ￿Ppr￿9Ched by the Chairn)aD who will explam and dis¢uss the duties and rasponsibilities of truste￿. Once approved by the full body of trustees. new tr￿SteeS will attend meetings. They will also be allocated to a sub-committee depending on their experience and skn'lls. New tnLStees are also accompanied by an experienced trustee when carrying out any function. pastoral. main*nance of property. administrative or fuwiciai. The charity is governed by tnLStee& who meet approximately 6 times per year. ID adth.tion there are sub-committees who deal with the maintenance of property. financial matters and pastoral concerns. Matters not delegated for decision making are brought back to the full body of trusiees. When a vacancy occurs in a bungalow. trw8tees are appointed to interview candidates. S¢aten*nl on rAsk •nanogemenrf The trustees have examined the major risks to whi¢h the charity is exposed. The ¢harity reviews and monitors risk on a regular ba8is and confirn)s that systenL% are in place to mitigate the ¢harity's exposure to major risks. These risks include.. financial risks and return on invesknent fimds. This is mitigated by reviewing investments regularly to ensure an appropriate return is achieved. • risk of vacant properties which h&s been mitigated by making a change in 2013 to the Tn￿t to provide the trustees with the provision to appoint a limited number of men or women who are in need but not wociated with Basingstoke Untted Reformed Church. reliance on volunteers. all of whom are tr￿steeS. The charity ertsure5 that volunteers are av￿lab]e to support the objectives of the charity in the provision and nwntenance of almshouses for those in need as Decessary. PAGE'S ALMSHOUSE CHARfTY TRUSTEES. REPORT FOR THE YEAR EIYDED 31 DECEMBER 2024 Public benefit The trustees confirn) that they have referred tr) the guidance contsined in the Charity Commission's g￿eTaI guidance on public benefit when reviewing the charity's aims and objectsves for the year. Obie¢lives andactmlieffw ihepmblic benefv The objectives of the charity continue to be the provision and maintenance of almshouses for two or more needy men or vmmen as set out in the Trust Deed. The charity h&$ the general aim of continuing to provide and maintain almshouses for men or women who are in need by re&son of financial hardship or other thsadvaniages. The major are&s of activities that contribute to the achievemenl of the tharity's objectives are.. financial. • maintenance of property- this involved a major Tefurbishmenl of all the almshouses which was completed in February 2020" legal affairs" ' pastoral care of residents. and selection of residents. The strategies employed to achieve the charity's objectives are.. to ensure that there is provision and maintenance of the bungalows. including regular inspection and updats'ng of the bungalows. and . that monies are well managed and in go(xl ordeT so that sufficient income is available to fund the Trust's operational needs. These strategies are primarily by meetings of trus*es both 18 a full b(Mty and m the smaller SU￿)mMittee5. Achievement and perfornanee The Trust has achieved its aims and objectives by demonstrating that it provides Public Benefit. a key part of the Charities Act 2011. There are two key pnnciples of public benefit. Firstly there must be an identifjable benefit. that is the trust's objective as detailed above. Secondly the benefit must be to the public. or section of the public. that is the tnLSts aim as detailed above. As at 31 December 2024. the trust provides public benefit for seven people who are in conditions of need. hardship or distress. All are rnember5 of. or associated witl4 B&singstoke United Reformed Church. All dwellings were fully occupied in 2024. Finaneial revie The principal funding source is the investment of capitsl. The secondary are donations frorn residents towar(ts the maintenance of property. The funds raised by both have maintained the properties. including the programme of refurbishment whilst continuing to provide a litnited incom¢ for the future. The chaTity ended the year with a surplus before net gal￿ on investments of £23.142 (2023: £34.289). PAGE'S ALMSHOUSE cHAR￿y TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Volunteers The charity would not be able to provide its services if it were for our volunteers who give their time to serve the residents free of charge. As at 31 December 2024 we currently have 12 volunteers (10 in 2023). all of whom are trustees. ￿'Ven their diverse backgrounds it is not possible to quantify their contribution in monetary tern￿. Policy on eipeDses p*id to trustees Approval was given at a meeting of the trustees on I l July 2017 that the Trust should continue to contribuie £25 towards the outgoings made by the trustees in undertaking their work as volunteers. Reimbursemeni is optional and there is a clear auth't tr￿1 with those ¢laimin8 having to complete a declaration provided by the tr￿U[er. No reimbursement payments were made in 2024 (2023: £nil). RvJerYes policy It is the policy of the charity to maintain free reserves at a level which both generates sufficieni income to meet annual expenditure cornmitments and prO￿deS the flexibility to respond to emergency needs as they arise. in adthtion to fimthng the planned refurbishment programme. In previous years the trustees established a designated fund to provide for mainienance work. With the commencement of the refurbtshment programme. this fund was retained to ensure that the cbanty could meet any unforeseen needs ansing. The trustees continue to review annually both the need to retsin designated fimds and the adequacy of their level in light of the charity's ongoing activities. commitments and future plans. At the reporting date the charity held unrestricted general funds of £1.503.139 (2023.. £1.555.084) and unrestricted designated funds of £134.CK)0 (2023: £50.000). The tnLStees consideT the level of reserves held to be appropriate. income acmeved in the year was sutyicient to cover expenthture incurred. Deslgnated reserves are in place for the following purpose5: Long-term refurbishment costs.. An annual designation of £14000.00 has been made since 2018 to provide for future refurbishment expenditure. This designation is intended to build up a fimd over a 25-year period, being the estimated timescale and cost of a full refijrbishment. The most recent refurbishment was caTTi¢d out in 2021. At December 2024. the balance on the designated fimd amounts to £98000. representing seven years at £14000 per annum. BouDdary repair8: The trustees have designated £36.0(Ki towards the ¢harity's contribution to the repair of the boundary wall. Totsl designated ruerves: £l¥OOO Inv¢8tmeDt poliey and objective8 The trustee's investtnent powers are governed by the Trust Deed. The I￿￿ee'S policy is to m&nt8in a sufficient level of income generated to fund the on-going operational needs which arise from time to time. Plans for future periodj It is the tntstee's aim to continue to.. keep the bungalows in good ordeT. following the completion of the reirnbursement of the seven buD8alows in February 2020. To fulfil thi.s plan a full inspection of the seven bungalows and suffounding gardens w&8 undertaken during the year. • invest capital prudently so that the futures of the bungalows and their residents are Secure. This included a revxew PAGE'S ALMSHOUSE CHARrrY undertaken in 2023 of the level of contribution paid by the residenty with the increased level of contribution effective from l April 2024 and this exercise is reviewed annually. PAGE'S ALMSHOUSE CHARTrY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Trujttts, rejponsibilities in relation to tbe fIn*nei￿ statements The truslees are responsible for preparing the Tn￿tees, Annual Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (Ututed Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the tnLStees to prepare financial staternents for each financial year which give a tnje and fair view of the stste of affairs of the charity and of the incoming r&sourc&8 and application of resources of the charity for that period. In preparing these fmancial statements. the tr￿lee5 are required to.. ' select suitable accounting policies 8nd then apply them wnsistently. • observe the methods and principles in the applicable chan'tses statement of recommended practice