## **Annual General Mee+ng The Henry Poad Trust** 

1[st ] January – 31[st] December 2023 17[th] April 2024 

## **Venue:** Clerk’s home 

**Time:** 7.30 p.m. 

## 1. Welcome: 

The Chairman welcomed his fellow trustees and the Clerk to the Annual General MeeHng of the Henry Poad Trust for the financial years 2023.  The Trust has had to come to terms with the financial consequences of two major problems associated with the external structure of the building.  Fortunately, the Trust has, through its relaHonship with CCLA, been able to save on a regular basis.  The value of Trust’s holdings (COIF units) have gained in value.  In addiHon, the Trust has been able to increase the rate at which it regularly purchases COIF units.  Without the Trust’s prudent cash-flow management and Hmely sale of COIF units, the outcome could have presented the Trust with difficult decisions. 

## **2. Apologies for absence:** 

There being no absences, the Chairman moved on to next item on the agenda. 

## **3. Minutes of the previous mee<ng:** 

A copy of the previous AGM (FY 2022) was forwarded to the Trustees.  However, a paper copy is available on request.  The Chairman asked if there were any ma\ers arising from the previous minutes? 

## **4. Ma>ers arising:** 

The trustees, having read the minutes of the Annual General MeeHng – FY 2022, idenHfied the need for a new trustee, following the sad death of Mrs Marilyn Maddever.  Fortunately, Celia Maddever agreed to fill the vacancy, thus maintaining the Trust’s close relaHon to the Maddever family. 

## **5. Chairman’s Report:** 

The Chairman opened his remarks by staHng that he was certain that everyone around the table would like to pay tribute, not only to the passing of our most oldest resident, but to a courageous, kind and considerate man,  Mr Herbert (Bert) Sandilands. Cra`sman Sandilands landed in the early morning on Gold Beach, 6[th ] June 1944, in Normandy, with determinaHon and courage. His job was to ensure that 



possible.  It was Bert’s job to keep the tanks moving and to repair those that suffered mechanical damage and return them to full fighHng efficiency.  At one point, Bert was shot through the upper arm by a 20mm canon shell fired from an Me 109 fighter aircra`.  Fortunately the shell had lost most of its momentum by the Hme it struck Bert  He was moved to a Field Hospital, but within five days he returned to the FrontLine.  Bert supported the BriHsh armoured advance right into the heart of Germany. When asked by the Clerk how he managed to survive the hardships at the Front, Bert reckoned, “It wasn’t too bad!” 

The Rev Li Selman carried out the burial of Bert and Gladys’s ashes in Menheniot grave yard.  The ashes of Bert and his beloved Gladys were buried together, with their ashes, arranged side by side as though they were sleeping in their bed in Poads Trust.  The Rev Li had earlier prepared the small grave and, having interred the loving couple, she then covered their remains.  Her Majesty the Queen had earlier sent the sent the couple a card to mark their SixHeth Wedding Anniversary.  Gladys died age 100 years, whilst Bert, died a year later, aged ninety-nine years.  A wonderful, loving and devoted couple. 

Last summer, several of the Poads Trust residents joined together to grow their own tomatoes and cucumbers.  The result was masses of tomatoes and cucumbers of outstanding quality.  In addiHon, several of the other residents were involved in growing new plant varieHes and also improving the display in the garden. 

Finally, I should menHon the Trust employment of contractors to: a. paint the exterior of the rear of the Poads Trust, and b. subsequently, to carry out an extensive amount of major structural stabilisaHon of chimneys, walls, and parts of the roof.  During the cleaning and preparaHon of the exterior, it became apparent that extensive structural repairs were required to roof, including to Hles, the roof lead flashing and other areas prior to painHng  The Clerk will provide a detailed descripHon of the work.  The cost of the rebuilding work, repairs and painHng was in excess of £47,000.  Again, the Clerk will provide details of the impact on Trust finances. 

Finally, the Trust was met with the need to carry out the replacement of certain fixtures and fikngs whilst two vacant properHes undergoing upgrade/maintenance. However, by prudent management of the Trust’s funds and savings, together with careful planning of all of the work undertaken, the rear of Trust external structure is 

## **6. Clerk/Treasurer’s Report:** 

embodies both good and bad news: the good news is that the exterior of the rear of the Poads Trust has undergone major improvements.  Since the repairs and exterior painHng of the rear of the Poads Trust, I understand from the residents that they are proud to live there.  However, the amount of work undertaken has had a major cost 



implicaHons for the Trust.  The following paragraphs will show the extent of the problems idenHfied and the consequenHal costs associated with the work. 

## **Part 1 – Clerk’s Report - Review of the work required to stabilise the Poads Trust’s exterior (rear)** 

C. J. Jenkins Builder & PainHng Contractor, together with R. Jenkins, his son, were selected to undertake the re-decoraHon of the rear of the properHes.  Their esHmate for the work was approximately £20,000.  This price may, at first sight appear to be on the high side.  Unfortunately, we have just lived through a level of inflaHon and levels of taxaHon (not to menHon COVID) not been experienced in the UK for many years.  The price of materials, fuel, labour and levels of taxaHon, both direct and indirect, have led contractor’s price increases: contractor overheads have increased by 40-50% or more. 

paint-work was cleaned thoroughly.   It became immediately apparent that considerable work was required (including structural work) to recHfy defects in the exterior walls, chimneys and roof areas.  I, therefore, requested a reliable local builder,  F. D. Hall & Son to undertake a survey of the work necessary to restore the structural integrity of the property.  It was necessary to erect scaffolding to facilitate access to the roof and to ensure personnel safety.  The work idenHfied (I was involved at each stage of the work – I visited the roof areas on several occasions) was as follows: 

- Power washing of the roof (above Nos 1, 2, 3, 4 & 6 Poads Trust) to remove large amounts of moss and to idenHfy Hles that required refixing or replacing; 

- Major secHons of wall rendering (cracked,  and crazed allowing rainwater to enter the spaces above the properHes below; 

- One chimney (actually on the point of collapse) required complete reconstrucHon, including strengthening with concrete plus stainless steel bands, to restore its structural integrity and to ensure its appearance met the Grade II lisHng requirements; 

- where necessary, of slate roof Hles; 

- and repair and replacement of Hles; 



- Removal, cleaning, unblocking where necessary, of gu\ering and downcomer pipework and their subsequent replacement and /or re-installaHon and/or modificaHon to ensure proper drainage of roof water; 

- The above work-scope was agreed in detail and prices approved (F D Hall & Son). 

above the following properHes (8, 10 & 12 Poads Trust): 

- The three chimneys above the properHes required power washing; 

- to be replaced within 1 – 5 years – major cost implicaHons; 

- Areas of the roof between N[o] s 10 & 12 Poads Trust that were lekng water and were repaired; 

- The whole end of the roof secHon (above 8 Poads Trust) ro\ed-out, completely removed, new Hmber fascia board fi\ed, water-proof membrane fi\ed, followed by facing off with fresh cement  and sealing using lead flashing to ensure the integrity of the roof; 

- The whole of the rear of the Poads Trust properHes were then power-washed and all loose paint-work removed walls or Hmber clad areas prepared as appropriate; 

- The rear exterior of all of the properHes, including chimneys (seven in number) were treated with a damp-resistant product, followed by three coats of Dulux Masonry paint in Gardenia. 

- work was painted in exterior Dulux black (two coats undercoat+ three coats top coat); 

- Lower level - the railings (N[o] s 7, 9 & 11) were painted in black Hammerite gloss paint; 

- The kitchen of N[o] water on to the load-bearing interior wall. This required the removal of a large wall cupboard, prior to stripping of all plaster from that wall, the removal of a large area of the kitchen ceiling (affected by damp), followed by reinstatement of the wall and ceiling.  The enHre kitchen was cleaned and repainted and the large wall cupboard unit replaced. 

- All the external walls were then treated with a damp-resistant paint, followed by three coats of Dulux Masonry paint (Gardenia). 



## **Part 2 – Treasurer’s Report: Review of the Poads Trusts’s Financial Posisi<on:** 

The cost of this work is shown at Appendix 1 to the Balance of Accounts. 

The opening of FY 2023 found the Trust in the following posiHon: 

- Treasurer’s Account: £22, 323.14 

- ContribuHon Income:  £50,632.88 (almshouse equivalent of rent) 

- EDF – overpayment: £401.00 

- Safe Custody Box refund: £40.00 

- COIF interest FY 2023: £929.51 

- COIF Funds Transferred to Treasurer’s Account: £15,000.00 

**Total funds paid into Treasurer’s Account during FY 2023: £89,326.53, less £4,900.00 (funds transferred to CCLA for purchase of COIF units: £84,426.53.** 

**COIF unit savings rate as of 31[st] December 2023:** 

Trust rate of purchasing COIF units: £700.00 per 28-days, disconHnued August 2023 and recommenced September through  January 2024 at the rate of £800.00 per 28day. 

Total transferred to CCLA for the purchase of COIF units FY 2023 was: £4,900.00. 

During FY 2023, the level of the Trust’s savings with CCLA (COIF units) was as follows: 

COIF units savings as of 1[st] January 2023 was £35,666.80.  This figure fell to £22, 907.75, partly due to the transfer of £15,000.00 to the Treasurer’s Account. Although, £4,900.00 was transferred during FY 2023 to CCLA it only parHally offset the fall in the Trust’s savings, a fall in stock market value (Ukraine and Israel/Hamas wars) led to a reducHon in the COIF funds held by CCLA.  With the fall in inflaHon and a general marking up of stocks and shares in the London market, a recovery in CCLA held COIF units will follow market trends. 

Of the twelve Poads Trust properHes only two now require to be substanHally upgraded (potenHal cost of approximately £35-40K per property).  It is unlikely that either resident of these properHes will look for alternaHve accommodaHon.  The ages of these residents are: 85, 72 & Mr H. Sandilands (died age 99)  respecHvely. 

The upgraded properHes, as anHcipated, have required a below average level of maintenance.  However, the complete re-decoraHon of the exterior of the Poads Trust (to be conducted in two phases for reasons of cash-flow) was anHcipated to cost approximately £40K.  The first phase, the re-decoraHon of the exterior of the rear of the Poads Trust properHes planned to begin in July.  As explained above, it became apparent that an extensive programme of building work would also be necessary. 



The Trust has been paying down an interest free loan of approximately £17,000 to the NaHonal AssociaHon of Almshouses at the twice annual rate of £1,470.50  This loan is due to be discharged in 2033. 

Two apartments fell vacant during FY 2023.  N[o] 10 Poads Trust had been occupied by Mr H. Sandilands & his wife, Gladys for 35 years and required extensive upgrading and modernisaHon. The property was unoccupied following the death of Mr Sandilands, aged 99 years, for the period of the upgrade.  This led to addiHonal charges being incurred over and above the redecoraHon and upgrade cost of £2,376.56.  The property was subsequently occupied by Ms C. Vincent on 11[th] May 2023 (See Appendix 1 to the Balance of Account). 

The second apartment, N[o] 8 Poads Trust, was vacated by Mrs Kathleen Farrow (she moved to the Isle of Wight) was vacant from mid-July unHl 4[th] September when it became occupied by Mrs M. Broughton.  Prior to her occupancy, the property was redecorated and two modificaHons made to the posiHon of electric wall heaters to accommodate Mrs Broughton’s furniture arrangement.   The costs associated with redecoraHon of both N[o] s 8 & 10 Poads Trust are included withing Mr G. & Mr R. Jenkin’s prices for contracted work. 

The list of contractors at Appendix 1, together with costs incurred, demonstrates the dramaHc rise in contractor’s cost of upgrades, repairs and general maintenance, plumbing and electrical equipment.  Cornwall Council awarded a contract to Conserve to undertake the management of the resident’s emergency alarm system, present cost £683.76.  It is anHcipated that this cost will rise well above inflaHon next year, as will the cost of replacement of defecHve equipment. 

The total amount of funds deposited into the Treasurer’s Account was £89,326.53. This figure was reduced by £4,900.00 (transferred to CCLA for the purchase of COIF units) leaving a figure of £84,426.53.  The total expenditure for the FY 2023 was £81,845.08,  Thus, the Trust ended the financial year (31[st] December 2023) with a balance of £2,581.45. 

With major expenditures in mind, the Trustees approved a request to increase the level of the ContribuHon from £90.00 per week to £100.00 per week to beginning 1[st] January 2024.  The level of the ContribuHon remains below the Local Housing Allowance for a one-bedroomed house/apartment in Plymouth/South-East Cornwall area, thus those claiming Housing Allowance and/or Council Tax Allowance remain unaffected by the rise in the ContribuHon. 

By prudent management of funds in the Treasurer’s Account and by drawing upon the Trust’s savings, the Trust will be able to fund the parHal redecoraHon of the Front elevaHon of the Trust’s properHes (i.e. the Grade IIA properHes) whilst improving its finances – see Planned work-scope FY 2024.   I apologise for the length of this report, but the extensive nature of the work and costs involved required an explanaHon. 



## **7. Planned work-scope for FY 2024:** 

the redecoraHon of the front elevaHon of the Poads Trust is required: a. to ensure the integrity of the windows, doors, gu\ers and downpipes and b. to ensure that the Poads Trust provides homes that current residents are proud of and future applicants will wish to apply. 

The redecoraHon of the total secHons of the front elevaHon of the properHes is currently esHmated to cost £15-20K.  Again this figure may seem high, but contractor’s costs (materials, labour, transport etc) contribute to this element.  In addiHon, proper preparaHon of wood/masonry/metal surfaces, undercoat and two coats of gloss topcoat carefully applied requires Hme (cost) and experHse. 

The second element of planned work is the essenHal and earliest replacement of the Glass Reinforced PlasHc (GRP) walk-way surface above the following ground-floor homes: N[o] s 1, 2, 3, 4 & 5 Poads Trust.  During FY 2023, it was discovered that water was seeping through cracks in the GRP.  Generously, the Trust’s plumber carried out, free of charge, a temporary repair unHl the Trust could implement a long-term soluHon.  Mr G. Jenkins (Builder) has offered to undertake the work once the weather is warmer and more predictable.  I am awaiHng an esHmate for materials and labour. 

## **8. Charity Commission Annual Return FY 2023:** 

Following the Annual General MeeHng for FY 2023, and subject to the approval of the Trustees, the Clerk will submit the annual return to the Charity commission.  The Clerk experienced a minor illness in early January 2024 and this delayed the preparaHon of the accounts by approximately six weeks.  The Clerk would like to request that the AGM be held at his home this year, commencing at 7.30 p.m. on a date convenient to the Trustees.  The Clerk will email the documents to the Trustees at least two weeks prior to the AGM to permit sufficient Hme for scruHny.  It is requested that any modificaHons/changes to the text be sent to the Clerk in Hme for changes to be incorporated before the AGM. 

## **9. Dra] Budget FY 2024:** 

In the management of property it is anHcipated that approximately 5-10% of income is normally set aside for general maintenance.  The maximum income derived from the ContribuHon alone in FY 2024 could be £57,200.00.  Allowing a 10% reducHon to cover voids, then the Trust’s maximum available income could be £51,480.00. However, the Trust is due to transfer £10,040.00 to CCLA and £2,835.00 to the NaHonal AssociaHon of Almshouses (draw-down of loan) and to pay £9,600.00 (salaries – Warden/Clerk) leaving £28,645.00 available for all other expenditures. It is recommended that the planned work-scope for FYs 2024 is modified as follows: 



- A. It is recommended that the water-Hght integrity of the properHes N[o] s 1, 2, 3, 4 & 5 Poads Trust (facing St Lalluwys Church) are of prime concern.  The Clerk should seek an esHmate from G. Jenkins (Builder & Painter) when pracHcable.  Once the price is agreed with the Trustees and G. Jenkins, then a start date could be agreed. 

- B. It is also recommended that for the eight properHes facing St Lalluwys Church, viz: N[o] s 5/6, 7/8, 9/10 & 11/12 Poads Trust, should be re-decorated in FY 2024, funds permikng.  These properHes comprise those parts of the property that are Grade IIA listed.  In addiHon, these properHes are subject to the full force of the weather: i.e. from the SW gales and associated rainfall. 

- C. It is further recommended that properHes N[o] s 1, 2, 3, 4 and including those parts of N[o] s 5/6 Poads Trust that fronts on to East Road, should be redecorated early as possible in FY 2025.  In **this** manner it should be possible to undertake the most urgent repair/restoraHon work first, whilst opHmising 

- D. The past payments made in paying down of the loans from the NaHonal AssociaHon of Almshouses are shown below.  Without increasing the rate of repayment, the first loan (£10,500.00 including administraHon charge) is due to be paid off by December 2032.  The second loan (£17,850.00 including administraHon charge) is due to be paid off September 2031.  Should funds permit, it is recommended that first loan is paid off early in FY 2029. 

||**THE ALMSHOUSE ASSOCIATION**|||
|---|---|---|---|
||**M1300 - HENRY POAD TRUST**|||
||**LOAN STATEMENT TO 31 MARCH 2024**|||
|**DATE**|**DESCRIPTION**|**AMOUNT (£)**|**BALANCE (£)**|
|12/02/2021|Almshouse Association Loan|17,000.00|17,000.00|
|12/02/2021|Almshouse Association Admin Fee (5% Principal)|850.00|17,850.00|
|21/02/2022|Loan Repayment|892.50|16,957.50|
|22/08/2022|Loan Repayment|892.50|16,065.00|
|20/02/2023|Loan Repayment|892.50|15,172.50|
|22/08/2023|Loan Repayment|892.50|14,280.00|
|20/02/2024|Loan Repayment|892.50|13,387.50|
|**31/03/2024**|**Closing Balance**||**13,387.50**|



## **10.** 

As Clerk/Treasurer to the Trustees, and with respect, the level of my remuneraHon is sufficient.  The Trust is passing through temporary financial constraints due to having undertaken major planned and unplanned work, with concomitant cost impacts and so needs to reduce expenditure. 

The Clerk/Secretary was requested to leave the room to allow the Trustees to discuss a proposal for the Clerk’s salary to be increased in spite of his wishes. 



Following a short discussion, the Clerk was asked to return and then informed by the Chairman that the trustees had unanimously approved a salary increase from £6,000.00 to £6,500.00 per annum. 

With regard to the Warden, she has undertaken her duHes with care and sensiHvity. Her knowledge of the village and the backgrounds of its individuals and families, both good and ill, has been and conHnues to be invaluable.  I have, at the Warden’s request, provided her with a broadband, which also replaces the exisHng landline telephone system (the old copper wire system will be superseded within the next two years).  In view of paying for this service (partly for the benefit of residents/Warden) I recommend a raise of £100.00 per annum for FY 2024.  In addiHon, the ContribuHon has increased by £10.00 per week, represenHng a benefitin- kind to the Warden of an addiHonal £520.00 per annum. 

## **11. Any other business:** 

arising from the minutes under discussion or and other related ma\ers. No issues were raised. 

## **12. Date of next mee<ng:** 

To be convened as required. 

**Chairman:** Mr Stephen Pearce 

**Signature** : ………………………………………… 

## **Clerk/Treasurer** : John Marrio\ 

**Signature** : ………………………………………….. 



The Henry Poad Trust Statement of Accounts 01/01/2023 – 31/12/2023 24[th] June 2024 

## **Balance of Account as of 1[st ] January 2023** 

## **£22,323.14** 

## **Income for period 1[st] January – 31[st] December 2023:** 

Contribution Income for period 1[st] January – 31[st ] December 2023 **£50,632.88**[4] 

## **Additional income – from all sources:** 

EDF Energy – overpayment £401.00 Safe Custody Box refund £40.00 COIF Interest FY 2023 £929.51 COIF Funds Transferred to Treasurer’s Account: £15,000.00[2 ] **Total Funds Deposited in the Treasurer’s Account  FY 2023: £89,326.53** 

## **Total Funds Deposited in the Treasurer’s Account  FY 2023:** 

## **CCLA Account:** 

Treasurer’s Account Funds for the purchase COIF units FY 2023: £4,900.00[1 ] Total COIFF Savings Held as of 1[st] January 2023: £35,666.80 Total COIF Savings Held as of 31[st ] December 2023: £22,970.75 Number of units held as of 1[st ] January 2023: 11,133.92 Number of units held as of 31[st] December 2023: 7,631.480 **Total income for period 1[[st]] January – 31[[st ]] December 2021 £84,426.53** 

## **Total income for period 1[[st]] January – 31[[st ]] December 2021** 

## **Expenditure:** 

Total expenditure for period 1[st] January – 31[st ] December 2023: **£81,845.08[3 ] Balance of Account as of 31[st ] December 2023 £2,581.45** 

Notes: 

1. During FY 2023 the Trust made savings into its COIF account at the rate of £700.00 every twenty-eight days for the period (January – July 2023).  For reasons of cash-flow, instructions to purchase of COIF units was discontinued until December 2023, whereupon the future level of Trust purchase of COIF units was increased to £800.00 every twenty-eight days (first purchase of units effective January FY2024). This figure was partly in recognition of the increase in the Contribution; however, it is essential that the Trust restores its 



previous level of savings as soon as possible.  In addition, the Trustees’ objective is raise the level of savings such that the Trust could, in the event of a significant adverse event (serious fire for example) affecting income, survive should the Trust be partially or wholly destroyed: subsequently require the property to be rebuilt. 

2. With the approval of the Chairman and trustees, COIF units to the value of £15,000.00 were sold (cash paid into the Treasurer’s Account- September 2023) to fund extensive work to the exterior of the Poads Trust properties whilst ensuring a positive cash-flow.  The work included: the complete rebuilding of one chimney, repairs to two other chimneys, significant repairs to the exterior of the rear of the Trust exterior walls and repairs to the roof.  All gutters were cleaned, unblocked and replaced and/or repositioned to improve roof/gutter water run-off. In addition, the whole of the rear of the property’s exterior was extensively cleaned, prior to undergoing significant structural work to the exterior walls, followed by damp treatment and three coats of exterior paint.  The several rows of slate tiles had to be removed, damaged tiles replaced and rehung on the front elevation of the Poads Trust properties. Work was also undertaken to repair ingress of water into the kitchen of 2 Poads Trust. The ceiling of the kitchen needed to be replaced and replastered, the plaster-work of the main interior kitchen wall had to be removed, replastered, skimmed and the kitchen completely re-decorated and cleaned. Finally, scaffolding erection, rental and removal required for safe repairs to the chimneys and various areas of the roof + the cost of Local Authority safety approval for inhibiting access to the pavement.   The total cost of all building work was £48,016.39.  The work specification, project management and budget control was carried out by the Clerk to the Trustees, The Henry Poad Trust. 

3. A listing of the Trust’s expenditure is available at Attachment 1 to this document. 

4. With the Contribution being unchanged at £90.00 per week for four years, the maximum possible level of the total Contribution is £51,480.00.  However, one resident decided to take up an opportunity of a home on the Isle of Wight. Our oldest resident, Mr Herbert Sandilands died aged ninety nine years of age.  Whilst one apartment required an extensive re-decoration, the second property (untouched for thirty five years) required extensive building and electrical work to modernise the property.  This meant that both properties represented a significant void in occupancy: therefore a loss of income. 



## Mr S. Hitchens 

## 27[th] June 2024 

10 Poads Trust Menheniot, Liskeard Cornwall PL14 3SS Tel: 01579 346472 

Mr J. W. Marrio* Clerk to the Trustees The Henry Poad Trust C/o 5 The Rodings Menheniot Liskeard, Cornwall PL14 3SS 

Dear Mr Marrio*, 

I have examined the accounts of the Henry Poad Trust and have undertaken a reconciliation of the Trust’s bank account, both income and expenditure, together with the Trust’s holding of COIF units as requested. The Trust’s accounts provide an accurate record of its financial affairs for the period 1[st ] January 2023 – 31[st ] December 2023. 

The Trust’s finances have been affected by the unanticipated expenditure (emergency repairs) to the exterior of the Poads Trust’s building (for details see Section 7 of the Minutes of the Annual General Meeting, dated 17[th] April 2024).  The emergency works were identified part-way through the planned refurbishment and painting of the exterior of the rear of the Poads Trust.  The cost of the emergency repairs undertaken by F. D. Hall & Son amounted to £27,675.39.  The painNng of the exterior of the rear of the Poads Trust, plus the emergency repairs and re-decoraNon of the kitchen of 2 Poads Trust amounted to £20,341.00.  The Trust’s total expenditure for FY 2023 amounted to £81,845.08, of which £48,016.39 was spent on planned and emergency work as detailed above. 

The Trustees prudently agreed to supplement the Trust’s income by selling COIF units to the value of £15,000, which ensured that the Trust’s cash-flow remained positive throughout FY 2023, in spite of the exceptional nature of repair and refurbishment costs incurred. The Trust’s holdings of COIF units on 19[th] September 2023 was £36,860.13.  Following the sale of units to the value of £15,000, the Trust’s COIF holding fell to £21,887.08 as of 21[st ] September 2023. 

The Trust suspended its purchase of COIF units during the months of September, October, November and December 2023. However, in late December 2023, the Trust instructed CCLA to resume the purchase COIF units at the rate of £800.00 every twenty-eight days (which became effective 4[th] January 2024).  The Trust’s purchase of COIF units during the Financial Year 2023 amounted to £4,900.  As of 31[st] December 2023, the value of the Trust’s COIF unit holdings amounted to £22,970.75. 



Assuming the Trust continues to purchase COIF units at the rate of £800 every 28days, then with prudent management of Trust’s finances during Financial Years 2024/25, it will recover its COIF unit holdings to £36,900 (its holding 19[th] September 2023) within eighteen months (June 2025). 

Yours sincerely, 

## S. Hitchens 

## **Note:** 

The Trustees agreed that the ‘Contribution’ (the equivalent of ‘rent’ for almshouses) should be increased from £90.00 per week (unchanged for three years) to £100.00 per week commencing 1[st] January 2024, thus increasing the Trust’s annual income by £5,720 (assuming no voids).  The Trust’s prudent financial policy has ensured that it has maintained a positive cash-flow, in the face of significant challenges to its finances, during the Financial Year  2023.