LANGLEY MARISH UNrrED CHARITIES ANNUAL REPORT AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 LANGLEY MARISH UNITED CHARMES LEGAL AND ADMINisfRATIVE INFORMATION Trustees DT Eli2abeth Campbell Mr5Josephlne H￿reV Mr Mark Instont MrsAn8ela ￿rk Mr RaYrn￿d Lws Mfs Maria Chal D C Iller Mrjohn Whltby Rev C Fèrris IApptslnted 7June 20231 Ch•rfty number 2151824 Independtntexamlner St11￿ & Company 2 Lake End Court Taplow Road Taplow Mahlenhead Berkshire 5L60JQ LANGLEY MARISH UNITED CHARITIES CONTENT5 Trustees. report Independent examlnerfs report Statement of financial aCtI￿tieS Balance sheet Notes to the finanual statements 8-17 LANGLEY MARISH UNITED CHARMES TRUSTEES, REPORT FOR ThIE YEAR ENDED 31 MARCH 2024 The trustees presentth￿r annual report and financlal statements forthe year eTrJed 31 Marth 2024. The financial statements have been prepared in accordan￿ with the accounts￿ pollc(es set out in note I to the financial ststements and comply with the charity's goveming document, the Charities Act 2011 and "Accounting and Reporting bv Charities.. Ststement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Flnanclal Reporting Standard applicable in the UK and RepublK of Ireland IFKS 1021" leffettive l January 20191. Oblertlves and artI¥l￿e5 The primary objective of the Charity 15 to provide social hou5in& at affordable cost, forthe benefit of qualif￿￿8 residents. This is achieved thr￿jgh making available 22 units for ￿CUpatIon. being a mixture of 7 17th Cen￿ry Grdde 2 Listed house5. 4 bun8alows dating from 1955 and 11 tWO-Story flats bult in 1972. The Trustees are anxious that fvll occupation of the properties 15 achieved at all times, thereby achieving the utmost Charitable Public 8enefit. Swift action is tsken to find a new resident as and when any property becomes vacant. There is currently a waiting list of people who wish to be considered for a place. During the financial year two properties became available. with them being vacant for periLxls one and four months - primarity to allow any necessary works of repair improvement to be undertaken. As at 3113124 there wasfvll occupancv. The Charity has been approached by a developer interested in taking an opti¢)n ￿ land owned by the Charity that is outSiLle of the Almshouses Complex site. The Trustees have Spent a considerable amount of time and effort in exploring the possibilty, Implicatlons and le8al ability, to agree to the proposal. This has involved consuhation vAth the Charity Commission and also taking extensive le8al advlce. The legal costs involved so far are refiected in the annuèl accounts. If the Trustee5 were to actept this offer and then the option was subsequently e¥erci5ed by the developer, it would provide a substant131 sum of rnoney to the Charity. The intention of the Trustees is thaL rf and when this should happen, the money generated from the sale of land would be used to improve the ￿rrent hOU￿n8 stockand possibly addin8 to it. For reasons of commercial sensitivity. the identity of the developer and the amount of rnoney involved must ￿rna1n confidential at this tlme. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in decidingwhat activf(ies the charity should undertake. Achievements and performance Sionificont artivities cnduchievements ogolnstobiertives Making tirnely works of repair and maintenance to the charities propertie5 15 one of the key responsibilltles of the Trustees. We strive to ensure that the highest possible standard of accommodation is maintained. In additton to srnall work5 of iepair and maintenance undertaken throughout theyear, the significant work carried out wa5 the repair ol the roof to number 14 and the complete internal redecoration of number 44, including in5trdllation of new loft insulation. LANGLEY MARISH UNITED CHARrriES TRusfEE5' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 In recognition that some of the properties are Grade 2 bsted, the supervision of an A￿hIteCt thosen from the Almshows Association panel of approved practitioners is used whenever vA)rk ￿ carried out to those propertie5. The Trustees are aware of repalrwofk that ￿ currenty required and have the fiJndln¥ to pay for tt. lyjt ￿1$ provlng difficult to flnd contractors who are 5ultsbly qualified and experienced enough to Underta￿ thts special￿wO1￿ An Internal inspertion of each property by varKJus Trustees. Vrith the resident present, began during QI 2024 and we condnulng at the end of the finandal year. The objective is to Identify any repair and malntenance work required. The findin8S are beln8 collated and a plan put In place to ensure all rernedial action 15 undertaken. From tlme to tlme the Trustees ￿Kanise social e*pnts for the resldents. to both encwrage a 8reater sense of communlty and a150 pro￿lde an opportunity for residents to meet with the Trustees. Of partiojlar rbote in 2023 was the O￿anIsatIOn of Corw*ion celebration event forthe resident The org3nlsat50ft31 restrurturing and decision to no longer have an on-site Warden and Deputy Wardens has had no obvlous detrlmental effert on the da*to-d￿ experlences of our ￿Idents I￿n£ on the cornplex. The TrUS￿S are unaware of any complalnts, or Issues that have arlsen, ￿nce the thange was made and certalnly none were fflent￿ned dursng the intemal Inswrtlon of every property. Fknandal r•¥lew The prlmary Sour￿ of Unrestrfrted income b the maintenance contributions made ty the resldents. whlth totaled É120,370 compared to EllS,053 In the prevlous finandal year. Unre5tri¢ted Income from inbtstments vrds £38,095 compared to £36.637 In the p￿￿)y$financial year. Restricted income from investments was £4&J compared to £259 kn the p￿0v5f(￿andal year. Total recelpts for onlinary Unrestricted Funds ware £158.465 and for Restricted Furwjs £4f￿1. Al a￿ detsiled in the financial ststements. Unrestricted expenditure on tharitsble èdivmes was W.S02 direcicosts and W,319 in support & pvemance costs, giving total of £136.821. T1￿$ compare5 to £115,027 ab)d £34.4Y Itotsl £149,461) reSp￿t￿￿ty Én the previou5financizl year. The net result for the year was an excess of Unrestrfcted iftcome over unrestric￿ expenditure of £21,644 whith was added lo our reserves. 7here was no expenditure from Restrlcted Fund5. Addin8 the balances brou8ht foNwd at the beginning of the finantial year. the totsl Assets balance carfled forwa￿ at 311t March 2024 was £6,986,760. Thls was splr( £6,968.958 for Unrestricted Funds lof which £5.410,(XIO k property assets) and £15,802 for Restrlcled Funds. The Trustees view is that it wa5 a 5at15factory year from z finanaal a5pecL a growth in income and a reduction in expenditure compared to the prewousfinancial year. Reservespolicy It Is the Trustees pollcy to malntsln a balance of Unrestricted fvnds whlch equates to three months. average unrestrlcted payments, to provlde for emergency slwations that may arise from tlme to time. The balan￿ of £110,158 Inet of flxed and Investment assets) atthe finanaal year-end metth15target. LANGLEY MARISH UNITED CHARrnES TRusfEES' REPORT (COMTINUED) FOR THE YEAR ENDED 31 MARCH2024 InvestmentpolK The Trustees have continued the poly. set some ypars a80 ty eartler Trustees, of 1rNeStir￿ the major part of the LMUC non- property assets in 4 rnain Fund5. listed below in order of the curnentvaluatyon amunts ofeath.. COIF tharities Inveslrnent Fund Ilncome Shares) M&G Charty Mutti Asset Fund Ilncome Units) BLK Charities UK Equity Fund I'A. Income Unftsl M&G (hairbond Charities Fixed Interest Fund Ilncome Uni15} In addliion, money is inv*￿ed In the cai COIF Charitses De￿￿1t Fund, to earn interest whilst havin8 the funds ea%ly avallableat short notice rf required. Struttvts. gfftmano and maw*ment The oriains of the CharSty can be traced back as far as the year 1617 and ￿ has a history of providing social houslng to the local commurblty for over4Wyears. The current Charity ts the re5uk of the amalgamation of swal small local tharltks over the years and thls Is reflerted kn the namè. La￿eV Marfsh ￿n￿ed Charftles. The adrninistrdtion of the Charity is governed by a 5cherne of the Charity CiJmmissI￿ sealed on 29th June 1956. wf(h several subsequent amendments. The scheme stipulates that cash not needed for immediateworkin8 purposes be Invested under the authiwltyof the Charlry Commlssioners in the narne of the OFficial Truste£s of Chartable Funds. No restrictions on borr0wfjr￿ are placed cffi the TrLStees. The conduct of Business ha5 been dealt wtth through regular quarterty TTUSree meetings. supplemented by addttional meetings, often with a one item focus. zs may be required to deal with particwlarlssues. There ha5 been a quorum present at every meeting. The Trustees had for some tlme been Tewewing the d3V-tTrday rnanzgement and oP￿atIOnal Str￿re for the Almshouses Compl￿ taking atcount of the chan8in8 profile and needs of the residents. In addttFon. It was dear that from a financial petspective the cost of contlnulrsg wrth the status quo was unsustainable. A decision wa5 reached that a restructure was necessary. whlch induded making the positions of Warden and Deputy Wardens redundant. This was Put into effert in May 2023 and the cost of the resulting redundancy payments is induded in the accounts. A new role ol LMUC Adminlstrator wa5 ueated and Miss Jacqueline was ap￿Inted to tNs posltlon. She ￿ntInUed to be the Secretaryfor the Trnstees tbut Is not a Trustet hersew). The actlon tsken bythe Trustees has been vindltated ￿the reducth)n in employment costs. net of the redundancy costs, over the tourse of the financial year. The full benefits will be realised in the financial yearendin8 311312025 when no redundancy tosts are anticlpated. The trustees who ser4*d durfngthe yearand up to the date of signature ofthe finanlial statements we¥e: Dr Elizabeth Campbell Mrs J05ephlne Hanney Mr Mark Instone Mrs An8ela Kirk Mr Raymond Lewls Mts Maria Challen Mrs D C Iller Mr John Whitby Rev C Ferris (Appointed 7 J￿e 20231 LANGLEY MARISH UNITED CHARITIES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Recrnitment ondoppointmentof twstees The recruitrnent and appointment of Tru5tee5 is govemed by the reqU1￿ments of the Charity Commlssion Scheme documerrt for LMUC dated 2VJune 1956. but as amended by an order issued bythe Charitycommission on 29thJune 1971. A maxirnurn of ten Tnjstees is allowed. fovr of whom are known as -Representstive Tnsteerf and appointed by Slough Borough Council131 and Wexham Parish Council111. They Serve for a temi of 3 year5. The other 5t%Trustees are known as.ctr optative Trustees. who are required to be persons who reside or woik in, or near. the Ancient Parish of L3n8ley Mari5h. These six Trustees are recruited and appointed by the current Corts allo¢ated to atti¥ltles {Continuedl 2024 2023 Governance costs comprne: Audit fees Legal and professional Payroll fee5 Secreiary salary Secretary telephone 5,259 20.834 792 10,753 681 2,567 20,210 834 10,360 463 38,319 34.434 Net movement In funds 2023 The net movement in fund5 is stated afterchargingllcredtttngl- Fees wyable for the Independent examination of the chariVs financial Statements Depreclation of owned ts￿ible fixed assets 5.259 346 2.567 Trustees None of the trustees lor any petsons connected with them) receNed ary remuneration or benefrts from the charity dvrinethe year. Érnployees The average monthly number of employee5 duringthe year was: 2024 Number 2023 Number Redundancyand terrnination payments totalling £17,575 We￿ made in thereporting period. There were no employees whose annual remuneratlon was more than £60JXY). 10 Gain5 and losse5 on In¥eslments Unrestrlrted funds 2024 Totsl Unrertrl¢ted Restrlcted fids funds 2023 Total fvnds 2024 2024 2023 Gainslllossesl arising on- Flxed asset Investments 108,438 325 108,763 143.7181 13321 144,0501 13- LANGLEY MARISH UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 TaN*ion The charity 15 exemptfrorn taxation on its art￿t￿ because all its income15 applied forcharitsbte purposes. Ta￿lble fixed 055¢ts C•myrtèrs Cost Additions At 31 March 2024 L038 Deprwiwtlon and Impalm* Dépredation char8ed in the year 346 At 31 March 2024 CxrylTr8 amount At 31 March 2024 692 13 Irhvtstment property 2024 Falr ¥a￿e At l April 2023 and 31 March 2024 5,410,CO) The trustees considered the value ofthe propertie53nd aS￿rtained there *dS M thange in thefairvalue. 14 Flyad asset Investrnents Llsted C05t or¥aluatlon At l Aprll 2023 Additlons Net unrealised gain5/llossesl 1.362,114 108,763 At 31 March 2024 1,472,877 Carry1￿ amount At 31 March 2024 1,472,8TI At31 Marth 2023 1.362,114 14- LANGLEY MARISH UNrrED CHARITIES NOTES TO THE FINANCIAL STATEMEpifs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Debto 2024 2023 Amountslalllw thjewllhln onew. Trade debtor5 Prepayments and accrued income 3,043 666 1,306 3,709 iJ06 16 Credltors: amounts falllni dwewlthln onew•r 2024 2023 Trade creditors Accruals and deferred in¢crfne 4,505 4.462 1.806 353 8.967 2.159 17 Restrktsd funds The restrlrted fvnds of the charity comprise the unexFended balances of donations and grants held on trust subject to speclfic condStlons by donors a5 to howthry may be used. AtiW12023 Incoml TransfewsGains and loss At 31 Marth 2024 Capitsl acquired from Langley Church House Estale Charity Net un￿aliSed 8ains and105se5 on Investment Assets 15.017 15,477 325 325 15.017 325 15.802 pr￿louS y*ar: At i April 2022 In¢omlni TraTh5Ier5Gal￿ and lossÈs At 31 Marth Caplt31 acqulred from Langlev Church House E5tste Charity Net unrealised gains arnd losses on Investsnent A55ets 13.518 259 1.572 15.349 13321 13321 13,518 259 1,572 13321 15,017 15- LANGLEY MARISH UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Unre￿rItted fvnds The unres1rlct￿ funds of ihè tharity compr¥se the unexpended balances ol donations and grants which are Dot subjert to specific conditions by donors and grant0￿ as to how they may be used.These include designated fvnds which have been set aside out of unrestricted funds bythe trustees for5pecific purposes. Al l Aprll 2023 Incomln Resources TRn5fersGalns and losses At 31 Marth 2024 Gener31 Fund E￿raordInary repalr fund Revaluation account 1574.179 158,465 1136,8211 12,1MJOI 96,748 L690,571 179,618 11.690 193,308 5,085,079 5,085,079 6.838.876 158,465 1136,8211 108,438 6.968,958 Prevlous ￿or.. At l April 2022 In¢omlng TrdnsfersGalns and10sses At 31 March 2023 expended General Fund Extraordinary repairfund Revaluation account 1,621,279 151.690 1149,4611 13.5721 145,7571 1,574,179 175,579 2,039 179.618 5.085.079 5.085.079 6,881,937 151.6 149,461 11.5721 143.7181 6,838,876 19 Analy515 of net 35sets between funds Unre5trided funds 2024 Restrfrted fun& Totsl 2024 2024 At31 Marth 2024: Tangible a55ets Investmenr properties Investments Current assetsllliabilitiesl 692 5,410,¢XIO 1,459,366 98.9￿) 692 5,410.C¥)D 1,472,877 101.191 13.511 2,291 6,968,9S8 15.802 6,984,760 16- LANGLEY MARISH UNrrED CHARITIES NOTES TO THE FINANCIAL STATEMEKtS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analysts of net¥59ets bet*wi fvnd5 {Continuedl Restrkted fuTrds 2023 Totsl fvnds 2023 At 31 Marth 2023: Inve5trnent properfes Investments Current a55etsllliabilitiesl 5.410.C 1,348,928 79.948 5.410,000 1,362,114 81.779 13.186 IA31 s￿38.816 15.017 6.853,893 20 Relatsd partytransathns There were no disclo$a￿e related party trdW￿l0nS durww tt* ￿ar(2023- nonel. 17-