e>P srEWART'S AND BUDGEN'S ALMSHOVSES FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2023
'STewARfs AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2023 INDEX TO ThE FIPIANCIAL STATEMEtirs Page Assodatlon Infomiatlon Report of the Trustees 24 Audltorfs report Income arKI expendlture account Balance sheet Notes to the finandal statements 9-14
'STEWARfs AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2023 205886 HOMES tIlGLAND: A3722 Mrs J Reyndds (Ch)inn In year) Mw5 D 8ri&dl Mr H Shjh Mr R 8onk5 Mr5 C Sea MrT SimmL rsSLee Mrs S Fordham {YegW 27Juty 2023> Mrs A Edgar Ms T Dallman (appolnted 7 July 2023) Mr R P*)vrtillski (ap[¥)In 14 Decemter 20231 Mr H Shah Mr A IleY 77-79 H4h Street E9ham Sur Ian S AThYers Chartered Aecourtsnt & Slatut(Ky Audltor MaM1enhead BeShIre SL6 4LW BAMKERS: Barrjays Bank PJ¢ 210 mh Street TW3 IDL Horne Engel & Freeman 473 Hh Street TW20 9ES
. STEWARfs AND BUDGEN'S ALMSHOUSES For the year ended 31 Decanber 2023 REPORT OF ThE TRusfEES for the Year Ended 31 De4mber 2023 The Trustees prEsent thelr rerrt. whith IncorFthtes the requirtyrts cl a strJtsgK Re[rt. tC#Jether wlth the financial statements for the year ended 31 December 2023. ConstAuUon and Prlnclpal Actlvlty stewart's and Budgen's Almshouses rthe is a regi#ernJ social landlord with charltabbe statu5. 0gInatIng trust ¢Jeed was dated 16 October 1925 and was varied by schemes dated 12 January 1962 and 27 Januory 1966, as amende(l on 20 Febrry 2020. The As9xiatson was registered with the Charity Commission in englartd and Wales on 14 June 1962. The Ass(thtion is subject to regulation by HorTS Errfjland and the Regulator of Soaal HovsiThJ. The A55¢oation provldes almshouses for sin9k wklowed women of not less than 45 years of age who have been parlshloners or inhabitsnts of the Egham area fcf not bess than 20 years. Maln polnts of Intere9tr Thls revlew was written by JS11 ReyrKJd5. sadty pass8J away in Mar¢h 2024. In the maln 2023 has been a fairly uneptIonol year for the cty. wth one noticeable exceptlon. as ted below. Otherwise. ¥¥e have had full (Kcupancy and setued aThJ harrronlous groups of residents at sites. Health issue5 have continued for several resth)ts but they have been ¥11 SLJPiKJrted by family and our two Almshouse Trustees who show great Wisdom artd sknll in thelr ntart with the residents. We are fortunate to have suth dediuted Tnjstees. The one diffiwlty we ha(J Tn 2023 was the rdpK11y deteriorating health and behavfjour of one residen¢ diagnos&J with dementia In 2022. This has been a situation ftr the Trustees and myself and the year hos been a hard one as we endeaVOu Inib"ally to sUt the resident in her own almshouse but subsequently, for her own safety, needed to work with the CourKil in re-housing her bn a sUltse ca home where she was safe. The lengthy episode t(N)k its tdl on Twstees has fLtussed mLth thought and discusslon as we ackn¢)wledge the IlkelihLX)d of a &mllar Incldent in the future with the se in the Nmbers of those bdentyfied as havirwJ dementia In the communlty. Cydical ¢hecks and repalrs have been ctyiiplew sati¥•Xorily, our one remalning kltchen at the Pcdey Green slte finlshed in for Chrfjstmas. The building5 are now in gK<x1 Sha fr)r the coming years. in no small part Ixcause our excelknt contractors but also auSe of the th0gh arn1 routine health theck of all the operties by our Trustees. Lee and Tlna Searte. Warm thanks to them th. Other relUeS Investment Incrxne for the year of £50.221 was up ty over 12¢h over last yearfs figu of £44.625. Portfolio values Our investment policy has been to sed( a I)etWe mcthrate cakNtal Oth and good Income retums, obviously taken over a tern) of years. To date, we have continued our tlouS policy of primar41y investing in the M & G's Charifund income units to achleve a balanced thm. However. these Investments reftt the gerral market trend and. whilst income has increased. in 2023 there was a mcwjest detrease In value of 1%, with our Investments value at the yearrKI anding at E810.398 12022 E819,755). Thè Trustees tommissthed review of the Assoclation's Investments and rts perf0r[Twn and wdl be seektng to implement appropriate rettJmmen¢JatSons. In that regard. Sin the year end. our new Tw5urtr has prtrJu¢ed a paper for the Trustees to consider our onwng Investment FdKy. The Trustee5 took wofessional a(fvI In December 2015 aThJ ralved the housing st accordlngly in the 2015 flnanoal statements. The Trustees believe that, given the restrtted charitable objects of the Association, there ha5 treen no material change In value to the balaKe sheet date. The Twstees are consclous of the guldance recommendlng periclic [OfeSsional valuations, but feel the benefit would be marginal given the cost of su¢h a further review. PolKy regarding the Assooation s Reserves . £1.346.035 31 Decem2023 The Assockation's reserves comprlse unrestrKied fvnds rf £1.625,073, woth a mc¢Jest attrityjtion of É3,686 to des19rted Extraon1inary repaSr lunt1. Given the freehohy woperties represent assets of E703.095. free reserves are essentr.ally represented by the liquid assets. As ouulned in previou5 repJrt5 our present assessment is that In the Charity's local area benefit, another AImSSe devepIt wouk1 not be viable. However. the Trustees do not dtscount the tossits.lity in the knger term. current view 15 that the income from our 110 shwld Supp the needs of the tenants of our 11 woperb.es (vh*n fully occupieij) whose abillty to Ilve Independent Ilve5 in their own Iw)me demands some degree of domtlllary help. We do provi¢Je support from tfjme to tlme. but it has to date required the Chartty to contribvte finarlal1Y on a very mincr scale. Our idents. needs vary wtdety from one year to another, so we shall not te cortemed rf we carry a significant surplus In any one year.
STEWARfs AND BUDGEN'S ALMSHOUSES For the year ended 31 Dernmber 2023 REPORT OF THE TRusfEES for the Yèar Ended 31 December 2023 {C•ntinu•d) Rk Management The Trustees have sought to identify the mahir risks to which the Assttiaiion is exposed and wfjthSn reason for small charity. where intemal controls are rcessorily limited. have esiablish8J systems to ensure that these risks are reviewed and are minimised as far as pos9ble. In settlng our view5 herÈin and in managerrtht of the Charty generdlly. the Trustees have given carefvl ¢onslderdon to the Charity Commlssknn's gufjdèe on publK benefit. Accomm¢xlatlon of good qualtty In the TfUStees' tyinh)n the charity mK1es eXlIalt value for money and gr•1 quality accommodation for its reSIdts at low cost. Our visiting team of Trustees conknnLd as before, with responsitxlity for the Manor Fami almshouses wlth Mrs Susan Lee and Mrs Chrisne Searte for the Pcdey Green woFthes. with the Chaimk4n providing sUPP)rt ror tr)th locations. Perwnnel The Trustees In Offi thls year are detsiled on Page l.The Trvstee eoan1 has seen $e rrernent in 2023 wlth the SIgnatyOn of Mrs Fordham in 2023 and the aftival of Pls T. Dallman and Mr Ryszard Nowobllskl In the OUrnn of that year. Thls briThJs the Tnjstee Board to a totsl of 10. As Chalr I have been very thankftjl fty the exputyse and d9jlcaon shcMTn by the Trustee Board. They. together wlth our Treagjrer. HemarKJ Shah and the Charity Secretsry, Andrew Riley. are professional and thorough in all their work for the Charity and have been a great SUPF#Yt to me. As I Ic)k to rement in Marth 2024 1 can only e thanklul for my thirty Ilve years with the Chbrity; it has dwnpj Immeasurnbly in that time but Its core values of servi. respect and kirKkne5S Still prevall. may that contlnue. Afternote: Sadly Mrs Reynohls passed away unexpectedty è few days befwe her final rneeng Chair of the Charlty. Although she Is not here to read this. the Trustees would like to put on record their grab.tude for her devotion and efforts on behalf of the Charity and its gster tharityes, Egham Educati¢)n Trust and egham United Charity. Following1 her retirement the Trustees had resolv8J to app)int Mr Ryszard NOWbI15k1 as the new Chair. HIS appointment has now been ¢CffifirmI with the Charity Commission. The Trustees believe they have complied wtth rekvant reqvirements of the Govwnance and Finandal viablllty Standord, so far as appllcable to a small regi#ered gxial houslng provider. The Trustees a responsfjble for keeping rryer ac£ountirvJ CordS which dlsdose wlth 8$Onable accuracy at any kn.me the financial position of the Assooation and to enab the Trustees io ensure that the financial statemènts compty with the wulrements of the Charities Att 2011 and the kcounn9 Direttion for prfvate reglstered providers of scclal housiThJ in England 2019. The Trustees are also responsible fcf safeguardlt)g the assets of the Asscthtkm and heno fty tsklTh3 reasonat step5 for the wevention and detecuon of fraud and other irregukrrts. Tax Status The Trustees are of the opin)n that the As9xiaC Os notloble trxation on Ots ttoritjbk ?ctfvitles. Extenwl Audltor A reluOn to reapFdnt the auditor. lan S Ande. will be prDFwJ at the Annual General Meevng. statement As To Dlsdosurn Of InforOn To Audltws So far as the Trustees are aware, there is M relant audlt Infomiation rf whh the Association's auditor Is unaware. and each fnjstee has tsken all the steps that he or she tsught to have taken as a Trustee In onler to make themselves awa of any rele4ani a*t lnrrymatl and io establt5h that the Assttiation's audltor is aware of that Infrym?tion.
. srEWART'S AND BUDGEN'S ALMSHOUSES For the year ¢rtded 31 December 2023 for the Year Ended 31 December 2023 (CoThtlnued) Approval of Flnahclal Statèmefits The ftnanclal statements are apwcwal by the Trustees subnissh?n aThJ approval by the Audltor of the Assoclation. BY ORDER OF THE TRusfEES Draft Andrew fvley 24 July 2024
STEWARfs AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2023 Oplnlon I have audtsj the finamal statemerts of Stewarfs and BLKW'S Almsfv)uses fthe knwation? M pages 7 to 14. The AsSocIaOn Is both a reg15tered charity aTrJ a registered 5ttitil larnlknrd and these flnandal statements have been pwared In atton1ance the Trust Deed dabj 16 Octobw 1925 (as •merthd). the Statement of Recommended Pracbce {SORP): countlng by Rg3iste Scoal Houslng ProvKIw5 (UpJ 20181. the Houslng and Regwwdtyon 2008 and the Lcounting Dlrth for private reglstw&J providers Iws1 in EngkirK1 2022. in cOMlan wth United Kingdom Accountlng Standards (United Kingdom Ger[W AcceFted kcounting Prnciicel indLvJing FRS 102 Tr Rnandal ReportlrvJ staftdards apIcable in tt UK and Re1C d IrdaNr. rn my oplnlon the finanoal Strtents: gNe a truè and fair view of the stats of the Asscoakn's affairs as * 31 mber 2023 arKI cl totsl recognised result the yèar then ended; aTh1 have been pmperfy preparey In acCor(lae wth the Trust Deed dknj 16 Orlobw 1925 (as omendedl and United Klngdom Generalty Accepted knunting Prdcbce; have been proFeriy prepared in aCcrrKe Mth the requirets of the Charftles Ad 2011, thè Hw5ing and Regenerntron Art 2008 Acownb"ThJ rAretti regt51ered pn)viders cl s131 hrAASing in England 2022. Basls for oplnlon I conducted my audlt In accordan with intematioMI Stards on Audiling (UK) (ISAS (UK)) and appluble law. l am Independent of the Asxxration in accordan with the eihical ulfnts that are rekvant to my audit of the financial statements in the UK. induding the FRC'S Ethiol Stsnt1ard. aThJ klie¥e that the audit evidence obtaIr is stffioent and appropriate to provide a basls for my opinkjn. I have nothirKJ to [rt In respect of the following matters whid) the ISAS (UK) QUi me to rer(rt to you Whe.. the use of the 90ing ccrttrn basis of accounting in the preparation of the financial statements is not apprvpriate; ty the finarKial statewrents fail to disdose any identified matersal unrta5nes that may cast slgnlficant doubt on that bass a terK4J of at least twelve months from the date when the flnan¢ial statements are authorised for Is9Je. Othr IntOrnOn The Trustees a resp)nsible for the other infCmati induded in the annual report other than the finandal statements and my auditorfs report thtreon. My Opinic on the finanaal statements does Th)t cover the oth Information and I do not express any form rf assuran cOr510n thereon. In connettlon vth my avdlt of the financial statements, my responsknilrty is to read the other information and. in dolng 1. consSder whether the crther informatoon Is materially inconsistent with the financial 5taternents or my knowledge obtsined in the audit or othenise appears to be materially mi55tsted. If. based on the work I have performed, I condude that there is a materi•l misStatemt of this other informatlon. J am requlred to rert that facL I hove thIng to rep)rt in this 0rd. Matt•rn on which I am r•qulr•d to r•port by xcepikn I have nothlng to report in respttt of the folkjwing matt&s where the aThJ RegeneratN)n P£t 2008 4nd the charte5 Art 2011 requfj me to p)rt to you if. in my opinion: The Informaon In the Tmstees, Repjrt is Iwsistent in any material aSFect wfjth the financial statsments: or A satisfactory system of contrtl over transactions has teen maintslned: or sufficient atcountin9 records have not txen kept: the flnandal statemenrs are not in agreement with the accountong records aN1 retUrn5: or I have not recelva1 all the Infomiation and explanatbjns I Trqyire tr my alIt. As explained more fulty In the Tnjstees, Res[51b11eS Ststement. the trustees are responsible for the preparatSon of financkl stateThwts whth 9lve a true and fair vlew. and for suth internal control as the Trustees determine Is necessary to enable the preparabon of financial ststements that a fre¢ from materfial mlsstaterrrt whether due to fraud or error. Further, the Trustees are resFon&ble for assessing matters rdatirKJ to gcrfng conrn and fty the use of the 9¢ng concern basls for acc{Junng. Aud5torfs responslbllltles for the audlt of the Ilnancial slatents I have been app)Inted as audltor under secbty) 145 of the (Jant5 Att 2011 and reFYt In acctrdarKe wlth regulatlor made under Section 154 of that ACL My reSkKJnsillty is to aud and exwess an otynlon on the flnancial staterrnts In attOrdan with applicoble Traw and Internatlonal Stsndarts on Auditing {ISAs (UKI. My objecknve5 are to obtain reasonable assuran atKJut whether the financijl statements as a vthole are free from material mlsstatement. whether due to fraud or error, and to issve a Report of the Audltors that Includes my oplnlon. Reasonable assurance Is a hKJh level of assurance, Ixrt is not a 9uardntee that an aLJit conducted in aCcOrdar wlth ISAS (UK) will always detert a material misststeThnt when it exists. Misstatements can arise from fraud or error and are consldered material if, indivKlually or in the a99regate. they could rea9)MIYy be eXpted to influence the Èconomic decisions of u5er5 taken on the basls of these financial ststwnerts. Irregularities. induding fra1. are Instan ( non-(40anee with taws and regulauons. I d9n wc(edu$ in line with my spOnSIbl11t1e5. Outjined at¥)ve. to dett material misstatements in respect of Irwularities, includln9 fraud. The extent to whlth my procedures are capable d detectlng Irregularities, induding frau¢J Is ¢Jetailed belgw..
srEWARfs AND 8UDGEN'S ALMSHOUSES For the year ended 31 Derymber 2023 As part of an oudit In accordan with ISAS {UK). l exercise profesgwl judgment maintsMI professl¢)nal sceptiasm throughout the audit. l also.. l. Identlfy and asstts the rlsks of materfjal rThsstrternent of flnancoal statements. whether due to fraud or error, deslgn and p¥fvrm aud procedures reSkK)n5i¥e to those rfjsks, and obtain Ju¢Jit eviden that Is sufftdent and appropriate to prDvlde a basts for my opinion. The risk of not ¢Jetectln9 a rrkiterial misstatement resulting Irom frnud Is hlgher than fLr one resuitirrfj from enw. as may Involve collusi¢)n, ftygery Intentlonal omlsslons. mi5represent•tyons. or the of Internal control. 2, Obtaln an understsndlThJ rf irttemal cMlrol rebevant to the audlt In der to <sl9n audlt prcKedures that Jre ppropriate in the cIrcumstan. but Thjt for the puryw of exwessln9 an 4Mnlon on the effethveness ol the Assocktlon's Internal control. 3. Evaluate the approprlateness of accountfjThJ polKles used a1 the rea50er of Jccountlrwj estlm)tes nd related dlsd05ures made by the trustees. 4. Conclude on the approprlaleness of the Trustees. w of the goln9 Cortem bas1$ of Kcounting Jnd, based on the audlt evldence obtslned, whether a materlal uncertalnty exlsts r%lated to events or condltlons that may cast significant doubt on the Assttiatb)n's ats'lity to ¢tinUe •$ o wng concern. If I conclude that a materlal uncertslnty exlsts. l am reoulred to dfaw attenon In my alIt0$ reixxt to the relate(I dL$closu In the flnala1 ststements or. If such dlsclosures are Inadequatr. to modlfy my opinion. My condusion5 are based on the audlt evldence obtslned up to the ot my audIts$ rwt. H(rrn. future events or Condbtlons may use the Asxxlatlon to cease to coDtlnue as è 9¢n9 concem. 5. EvJlu•te the overall presentstkjn. Strtre a1 omttht ¢Y the fin•nd•l stètsmerts. Indudlnq the Olxlosures, ond whether the flnandal ststements rewesent the un(Y1Th0 tran5aCthJns and events In manner that a¢hleves falr presentatton. A lurther deSCptIl)n of my responlbllltles lty alIt 15 kated In the Fn•1 Reportlng Coundl's webslte at . Thls descrlptlon lorms part of my Judlt**s rep)rt. I• of my rnport Thls report bs m&Je solely to the Asscdavon's trustets, a bth. In accordan wlth re9tIM$ under sectlon 154 of the Charifies Art 2011 and sectyon 137 cl the Nourj aTrJ Reqrntknn Art 2LM)8. My audlt ¥¥ork has been undertsken $0 thot I mlght Ste to the Assodatron's trustees those ffotters l am reouktrj tts state to them Sn an alItOrf$ rewrt and for no other purkk)5e. To the lullest extent pemiltted by l)w. l ¢10 Kcept or assufft re¥tyslblllty to anyone other than the and Its trusiees Js 4 boty. fty my alIt wo. thls reF#Yt, •y onI)n5 I have forff. lan S An(JersL Chartered Accwntsnt & Ststutwy AudKry Greengarth Thlcket Grove Maldenhead. Berksh1 SL6 4LW Datsl: 24 July 2024
. srEWARfs AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2023 STATEMENT OF FINANCIAL ACTIVITIES srATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDrnIRE ACCOUNT) for the Year Ended 31 December 2023 2023 2022 41,198 39,332 Operating costs {49,237) (48,117) Optr*ing surplus/ (defidt) (8.039) (8,785) Infrrest receivable and other income Interest payable and simllar charges SO,221 44.625 Surplusl {Deficit) on ordinary actlvlttes befove tsx•tlon 42.182 35,840 Tax on result of ordlnary artivitres Surplus/ {D•fidt) for the year after taxatlon 15 42,182 35,840 other recognlsed galns and losses: Revaluation of tsngible fixed assets Movement in investment Values Profft on Sale of investments li (14,049) {44,889) Total Comprehens1 In¢ome/ (dofidt) for the year 28.133 (9,051) All of the activities of the charity are dassed as conuIng. On behalf of the Trustees: Mrs D Brlckell Mr R Nowobilskl Dated: 24 July 2024
srEWARfs AND BUDGEN'S ALMSHOUSES For the year ended 31 Oecember 2023 BALANCE SHEET As at 31 December 2023 2023 2022 Tangible assets 703,095 709,081 Current assets Debto Investments Cash at bank io li 12 3.447 810,398 537,957 2,409 819,755 495,532 1,351,802 1,317,696 Less: Creditors Amounts falling due within one year 13 5,767 5,780 1,346,035 1,311,916 Total assets less rrent liabilities 2.049.130 2,020,997 Provisions for liabi1Stles and charyes 14 3,686 Capltal and rès•rv Income and expenditure account Revaluation reserve 15 15 1,625,073 420,371 1,596.940 420,371 2.049.130 2,020,997 These finanaal statements were approved by the Tntstees and authorised for issue on 24 July 2024 and are slgned on their behalf by: Mrs D Brlckdl Mr R Nowobilski
. srEWARfs AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2023 NOTES TO THE FINANCIAL sfATEMENTS for the Year Ended 31 December 2023 ACCOUNTING POLfciES The fin3noal statements have been prepared in accordan wfth applicable Finantial Reporting Standards In the United Kingdom (induding the Statemert of Recommended Pratttce (SORP).. Accounting by Reglstered Social Housing Providers (Update 2018) and the Accounting Direction for private registered providers of social housing In England 2022 and FRS 102 Ihe Financial Reporting Stsndard5 applicable in the UK and Republic of Ireland" as apICable to small entities per amerbJments publlshed March 2018. Subjett to the foregoing the polioes a conslstent wth prevlws years. A summary of the more important accounting poliaes is set out below. General Inforniatlon and basls of accountln9 Stewarts's and Budgen's Almshouses 15 a private registered kyovider of soaal housing in the Unlted Klngdom. The address of the registered office is as detailed for the Secretary on page l. The Assoaation is a public benefit entity and the nature of the AsSOQation'5 operatlons and prinapal activity is as an almshouse charity. The finanaal statements are prepared i)n the historical o)st basls of accounting subiect to the annual revaluation of inve5tsnent ats and perlodlc revaluation of its Freehold property wlthin Tangible fixed assets. Golng Concern In the current economlc condltlons The trustees have a reasonable expectation that the Assooation ha5 adequate resources to continue in operational existence for the foreseeable future. In their opinion the impatt of Brexft and the present Covid-19 ufisis is not a concern to their adoption of the going conrn basis in preparing the annual report and accounts. As per FRS 102 published March 2018 by the Finala1 Reporting Cou61, as a small entity the Assoaation 15 n?t required to Produ a cash flow statemenL Turnover Turnover represents rental income re1¥able. Freehold Propertles are induded at 2023 valuatn. based on the professional valuation in the 2015 financial ststements. Deprectation on tlIdIng5 is drye on a straight line ba95 over the useful life of the building - 50 year5. As regards other fixed assets, the A550ciation's pollcy Is to charge expeThllture on minor Items to tr* Ststement of Finanaal Activities. Major Repalrs The Assoaation provldes for future major repair expenditure on all housing properties developed under the original 1988 Houn9 Act arrangements and for other properties In so far as the major repair5 expenditure is not eligible for grants from Homes England or local authorities. Social Housing Grant Where developments have been finaftd wholly or partly by-housing a550clation" grant, the c05t of those developments has been reduced by the afflount of the grant received. Investments Listed investments are recognised at mid-market value at the balance sheet date. Both realised and unrealised gains and losses on investments are reflerted in the statement of financial activities. Investment income Is credlted to the statement of financial artlvttles on an accruals basis, indusive of taxation credit where applicable. expendlture Expenditure Is allocated to expense headings either on a dirert cost basis or apportioned according to time spent. The irrecoverable element of VAT Is included with the item of expense to which fc relates.
srEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2023 NOTES TO THE FINANCIAL sfATEMENTS for the Year Ended 31 December 2023 TURNOVE opeRAllNG SURPLUS AND SURPLUS BEFORE TAXATION 2023 2022 Tumover from lettings: Eleven units on average (2022 11 units) Rent losses frorn volts and provisions 42,143 (945) 41,543 (2,211) 41.198 39.332 Rental irKome per unit was intreased in April 2018 by 1.6%. Rents have been increased by 2% effertive April 2023. One unlt whith had been vacant from October 2023 has been reoccupied from May 2024. Those tenants reNing housing subsidy a treated 4 weekly in arears by the Councll whereas rentsl is stricuy due on a monthly basis in advance. Tenants, who pay all or part of the rental ¢Jue, do so on that basls. 2023 2022 Operating costs: Malntenance and runnlng costs of Amshouses Support costs G)vemance 42,218 1,258 5.761 41,202 1,208 5,707 49.237 48,117 I governan costs are attrilmrtable to the Issociabon's principal artivity. TRusfEES' EI4OWMENTS & RELATED PARTIES The were no Trustee emoluments paid durfry the perfod {2022 £ th1). Reimbursed expenses of £250 {2022 £200) were payable relating to costs expended on behalf of the Charity. The Trustees also administer two other Charities whith Serve the same area of benefit: Egham Education Trust and Egham United Charity. Apart from sharing of meeting premlses, no transactions took place between the three charitie5 in the year under revlew. Copies of the accounts of the charlties may be obtained from the Secretary. EMPLOYEE INFORMATION The Secretary to the Trustees appointed in the year has daimed no honorarium. The Atting Secretary until September 2022 was in receipt of a small honorarium of £196. These are the only Indlvlduals falling wlthln the remfc of key management personnel. There were no employees during the period. io
. srEWART'S AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2023 NOTES TO THE FINANCIAL sfATEMENTS for the Year Ended 31 December 2023 INTEREsf RECEIVABLE AND SIMILAR XACOME 2023 2022 Investrnert income Bank and buildlng soaety interest 45,653 4.568 44.033 592 50.221 44,625 INTEREsf PAYABLE AND SIMILAR CHARGES 2023 2022 Interest payable The Assooatlon has bank overdrafts or loans SURPLUS 2023 2022 Surplus on ordinary artivities before tsxation is stated after charging: Audltorf5 remuneration (incl.VAT £560: 2022 £560) in their capadty as auditor5 Other governance costs Depreaation - buildings 3,360 2,401 5,986 3,360 2,347 5,986 TAXATION The Tnjstees a of the opinion that the A550ciation is not liable for taxatlon on its charitable actlvitles. TANGIBLE FIxeD ASSErs Freehold Properties 2023 Freehokl Properties 2022 cosr OR VALUAnOM: Valuation as at l January 2023 Addition in year 750,984 750.984 As at 31 Dember 2023 750,984 750.984 DEPRECIATION: As at l January 2023 Charge for year Release on revaluation 41.903 5,986 35,917 5.986 As at 31 December 2023 47,889 41,903 NET BOOK VALUE: At l January 2023 709,081 715,067 At 31 December 2023 703.095 709,081 li
srEWARfs AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2023 NOTES TO THE FIfiANCIAL sfATEMEP4TS for the Year Ended 31 December 2023 TANGIBLE FIXED ASSEfs (continued) The freehold propertles were professionally revalued on 16 December 2015 on an existiThJ Use basis, wtth a revaluation reserve of £420.371 arising. The above value also includes the cost of par*ing space for £10,983 in 2017. The Trustees believe that, in the light of property valuations generalty and the speofic cirojmstances relating to the almshouses, that the valuation remains valid for these finanoal statements. For 2016 onward5 depreciation on the deeffled buildings element is charged over 50 years useful life. Housing properties at cost less trbmes England grart and internal fuThding account were: 2023 2022 Cost of properties Registered Social Landlord grarts from (now) Homes EnglaThl intemal fvnding account 637,512 637,512 (226,258) (3.497) {226,258) (3.497) 407.757 407.757 io. DEBTORS 2023 2022 other debtor5 Prepayments and accrued income 1,228 2,219 1,071 1.338 3.447 2,409 I debtor5 are due within one year. 11. INVEsfMENTS 2023 2022 Quoted investments Market value brought foThdard Accumulated income for year Addition5/Di5P05als at cost Reallsed {gains)Ilosses Unrealised galnsl {losses} for year 819,755 4,692 860.374 4.270 (14.049) (44,889) Aggregate market value of listed investments 810.398 819,755 Breakdown of Investment retums: Charity Multi A55et FurKI . Accurnulation shares 27.961 49,868 45,104 27,961 45.176 42,611 Accumulated Income Unrealised gains Market vdue 122.933 115,748 12
STEWARfs AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2023 NOTES TO THE F114ANCIAL ATEmENTs for the Year Ended 31 December 2023 ii. INVESTMENTS (contlnued) 2023 2022 Charifijnd - Income Units 468,599 468,599 Additions at Cost Unrealised gain 218.866 23S,408 Market value 687.465 704,007 Totsl cost Addition51DtSP05als at cost Acwmulated income Unrealised gain5 496,560 496,560 49,868 263,970 45,176 278,019 Totsl market value 810,398 819,755 12. CASH AT BANK 2023 2022 Virgin Saver account Buslness saver account Community current account 80,000 455.132 2,825 80,000 413.532 2,000 537,957 495,532 13. CREDtTOR&. AMOUNTS FALLIIIG DUE WmllN ONE YEAR 2023 2022 Accruals and deferred Income 5,767 5.767 5,780 13
SfEWARfs AND BUDGEN'S ALMSHOUSES For the year ended 31 December 2023 MOTES TO THE FINANCIAL 5TATEMEp¥f5 for the Year Ended 31 December 2023 14. PROVISIONS FOR LIABILITIES AND CHARGES Extraordinary repair fund 2023 Total 2022 A5 at l January 2023 Transferred from operating costs: Income aThl expenditure account 3,686 A5 at 31 Dernber 2023 3.686 15. RESERVES Income and Expenditure account Revaluatlon Reserve As at l January 2023 1,596,940 420.371 Surplusl (deficit) for the year Transfer to Extraordinary repair fiJThJ Increase/ (decrease) in value of inve5trnerts Revaluation of freehold property 42,182 (14,049} Surplus carrled forward 1,625,073 420,371 14