Reglstered Charity Number 205887 MARY DREW ALMSHOUSES REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
MARY DREWALMSHOUSES CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 PAGES Report of the Trustees Statement of Financial Activities Balance Sheet Notes to the Financial Statements 6-10 Independent Examiner's Report 11
MARY DREW ALMSHOUSES TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report with the financial statemenls of the Charity for the year ended 31 December 2023. The Iruslees have adopted the provisions of AcGounling and Reporting by Ch8ri1s.- Statement of Recommended Practic& applicable lo charities preparing their accounts in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (effeclive 1 January 2019)- Charlty reglstration: Mary Drew Almshouses Reg. Charity No 205887 Address-. clo The Hon Secretary. Mrs Sheenagh Roberts 9 Clarence Drive Englefield Green Egham TW20 ONL Tru¥tees: Hugh Meares - Chalrman Peter Taylor- Vlce Chairman Nick Prescol Ms Michelle Younger- Propety Administrator Mrs Sheenagh Roberts- Hon Secretary The Reverend Canon Judith Allford (ex officlo) Mrs Shu Slaler (resigned 12 April 20231 Mrs Wendy Locker {appointed 12 April 20231 Troasurer: Mrs Shu Slaler Bankers: CAF Bank 25 Kings Hill Avenue West Malling Kent ME194TA Structur¢, Governanc9 and Managem9nt The Charity is Consliluled as a trust under a Scheme of the Charty Commissioners dated 17 August 1994 (the °Scheme"l. Three Twstees are nominated by the Runnymede Borough Council. Others are co-opted by resolul¢on of the Trustees. The Charity operates under guidance of a board of Trustees,. this board meets twice each year, in Mar¢h and October. or otherwise to ¢onducl urgent business requiring a decision by the full board. Day lo day adminislralion is conducted by the Hon Secretary, the Property Administrator and other Trustees as necessary Isee above). The Tru51ees are considered lo be the key management of the Charity. They give their lime voluntarity and, In compliance with the terms of the Scheme. receive no remuneration.
RY DREW ALMSHOUSES TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The prin¢ipal risks lo which the Charity is exposed are.. Risk Mili alion Damage lo or deslruclion of the six almshouses. Appropriate insurance cover is in force and substantial reserve funds are held. The loss of investment capital or income. Apart from bank deposits, all investments are managed under the M&G Charity Mulli Asset fund and are considered to be fully reliable. ObjeGtiVos and Activities The Charity provides a place of residence for poor married couples, or single persons rf no qualifying married couple can be found, being not under slxty years of age, and who have been resident in the area of the former civil parish of Egham for al least two years. Six houses were provided on a sile in Albert Road. Englefield Green. Occupants of these houses may continue in occupation so long as basic rules are observed and the residents are able to live alone Iwilh Adult Social Care and other publicly funded support as nsSary}. The houses are maintained in good and safe order and the Trustees employ suitable tradesmen as required to deal with any repairs, shortcomings or defects in the house and equipment. A maintenance charge is made to and eollecled monthly from r65idenl$, and in appropriate cases (by agreement} may be Collected by way of direct payment of Housing Benefit from the Borough Council. The Tnjstees have noted the Charity Commission's guidance regarding the publ1¢ benefit, Including the guidance on provision of places of residence. AGhiovéments and Perforrnan¢è The Almshouses were all let durin9 the yearwilh no voids. The maintenance contribution levels were revised following extensive refurbishment of the Almshouses in 2022. No signtficanl building works are currently planned although there are works lo the flat roots scheduled for 2024. Flnancial Revlow The investments with the M&G Charity Mults Asset fund (formerly NAACOIF) had been run down lo pay for the capltal works in the previous year. The works which had been partly funded by an interest free ten year loan from the Amshouses As50cialion. The first capital repayments of this loan were made during the year. Accumulated funds returned to SUrS al the year end at £14,118 {2022- deficit of £12.058). With all properties occupied. a surplus is expeded in 2024 which will allow the Extraordinary Repair Fund lo be replenished as required by the Charity Scheme.
MARY DREWALMSHOUSES TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Financlal Revlew Icontinu¢d> The Trustees have not formally set a target level of free reserves for the Charity to hold. The maintenance charge paid by residents Is ulili5ed first towards the costs of ongoing and recurring maintenance and secondly to ensure that the free reserves are maintained al an appropriate level and as required by the terms of the Scheme. There is one property still lo be modernised and the Trustees consider that the level of reserves should be maintained al an amount concordanl lo the capital cost of an individual property refurbishment. The malntenance charge is raised as properties are mcKlernised $0 as lo bring charges in line with those charged at other s5milar properties. Insurance cover for Trust property was £1,410.032 al renewal Imid-2023112022.. £1,195,043) and includes public liability cover of £5 million. The policy includes Charity and Charity Trustee Liability covw of £100,000. Slgned on behalf of Ihe Charity's Trustees on....13...aLth. 2024. Hugh Meare$ (Trusleel
MARY DREW ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Notes 2023 2022 INCOME Charitable activitles Contributions from residents Investment income 41,880 241 31.530 42.121 31.826 EXPENDITURE Charitable activities 15,990 126,454 15,990 26,131 126.454 {94.6281 Net income (expendltura) Gains (losses) on listed Investments 45 {1.433) Net movement In funds 26.176 (96,Q611 RECONCILIATION OF FUNDS Tolal funds brought forward {12,058} 84.003 TOTAL FUNDS CARRIED FORWARD 14,118 12,058
MARY DREW ALMSHOUSES BALANCE SHEET AS AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Investments 2,270 2.225 CURRENT ASSETS Prepayments Cash al bank 124 58.527 112 37.358 TOTAL ASSETS 60,921 39.695 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 16,7301 16,680) TOTAL ASSETS LESS CURRENT LIABILITIES 54,191 33,015 CREDITORS.. AMOUNTS FALLING AFTER ONE YEAR (40.0731 {45,0731 NET ASSETS 14.118 12,0581 FUNDS Unreslricled funds YOTAL FUNDS 14,118 14.118 {12,058 {12.0581 These accounts were approved by Ihe TNstees on .. . 2024. Hugh Meares jTrusteej
MARY DREW ALMSHOUSES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policiès (a) General infonnatlon and accountlng convention Mary Drew Almshouses Ilhe Charity'l is an unincorporated charity, registered in England and Wales. The Tegislered and principal office is disclosed on page 1. The Charity Scheme sets oul that the Charity's principal activities are to provide 2 place of residence for poor married couples, or single persons rf no qualrfying married couple can be found, being not under sixty years of age, and who have been residenl in the area of the former civil parish of Egham for at least two years. The Charity constitutes a public benefit entity as defined by FRS 102. The functional and presentational currency of the charitable company is SleTling. Thls is the Currency of the primary e¢onomic environment in which the Charity operates. Golng ConGern After reviewing the charitable company s forecasts and projections and taking into account the economic conditions and possible change in trading performance, the trustees hav6 reasonable expectation that the charitable company has adequate resources lo continue in operation for the foreseeable future. The Charlty therefore continues to adopt the going Gonrn basis in preparing Fts financial statements. The principal accounting policies for the charitable company are sel out below.. The accounts have been prepared vTrder the historical cost convention lexcept that investment5 are shown al markel value) and in accordance with the requirements of the Sialement of Recommended Practice "Accounting and Reportirig by Charities. effeclwe 1 January 2029, Ihe Finan¢ial Reporting Standard applicable on the UK and Republic of Ireland IFRS102) and the Charities Act 2011. (b) Investments Investments quoted on a recognised stock exchange are valued al market value al the year end. (c) Incoming rgsources Incomin9 resources are included on the Statement of Financial A¢liv.itses when. the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy and are recognised In the period lo which they relate. (d) R0s0urces expended Liabilities are recognised as expenditure as soon as there is a legal or constrLIGlive obligation committing the Charity to that expenditure, il is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual basis. All expenses including support costs and governance costs are allocated or apportioned to applicable expenditure headings. Resources expended comprise: Costs of The charitable activities flow from the Charity's Purpose as set out in charltablo the Charity's Trusl Deed, which are hlghlighled in the Trustees, activiti95 Report
MARY DREW ALMSHOUSES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (e) Taxation The charity is an exempl charity wilhin the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation lax purposes. {fj Fund accounting Unreslricled income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. {g) Cash Flow Statement The charity is exempl from presentin9 a cash low statement. as il qualrfies as a small charity under the SORP. {h) Cash and Ilquid assets Cash at bank includes Gash and short term highly liquid investments with an original malurity dale of three months or less. (11 Judgments and key sour¢¢s of estlrnation uncertalnty The following are the signrficant management judgements made in applying the accounting policie5 of the Charity that have the most significant effect on the financtal stalemenls.. Investments are carried 21 fair value at the year*nd as the shares are publicly traded. I changes in valuation are tecognised through the Statement of FinanGial AclNilies. Investment income 2023 2022 Listed investment income Deposit account inlerest 84 157 239 57 241 296 Charitabl¢ actlvlties 2023 2022 Premises maintenance Energy costs Insurance Legal & professional fees Subscriptions Accountancy fees Independent Examiner's fees Bank charges Loan arrangement fees 11,971 200 1,358 120,621 420 1,159 1.654 187 200 2,121 19 73 196 225 1,730 60 250 15,990 126,454
MARY DREWALMSHOUSES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Bequoathed assets The six almshouses owned by the Mary Drew Amshouses are not included in the balance sheet. These were originally bequeathed lo the trust at no cost. and the Trustees have not considered il ne¢essary to obtain eslimales of market value. Investments Unlts 2023 Unlts 2022 M&G Charity Mulli Asset accumulation shares M&G Charity Mulli Asset income shares 162 152 2,347 2,108 2,347 2.073 2.270 2,225 The movemenl in carrying value is wholly allribulable to unrealised gains. Credltors: amounts falling due within one year 2023 2022 Other loans Accruals 5,000 1,730 6,730 5,000 1,680 6,680 Creditors- amounts falling due after more than one year 2023 2022 Other loans 40,073 40,073 45,073 45,073 Loan maturlty Debt due in one year or less Due in more than one year but not more than Iwo years Due in more than two yeaTS but not more than five years Due in more than five years by inslalments 5,000 5,000 5.000 5,000 15,000 15,000 20,073 25,073 45,073 50,073 During the previous year, the charity obtained two loans from the National Association of Almshouses, for £25.OOQ each. Both loans are repayable over 10 years and are interest free.
MARY DREW ALMSHOUSES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Movement In funds At 1.1.2023 Not movement At 31.12.2023 In funds Unrestricted funds General fund {12,058) 26,176 14,118 TOTAL FUNDS {12,058) 26,176 14,118 Incoming Resources resources expendgd Galns and Movement losses In funds Unrestrlcted funds General fund 42,121 {15,9901 45 26,176 TOTAL FUNDS 42,121 (15,990) 45 26,176 At 1.1.2022 N•t movement At 31.12202Z In funds- Unrestrlcted funds General fund 84.003 {96,061) 112,0581 TOTAL FUNDS 84.003 {96,061) 12,058} Incomlng Rgsourcos resources expènded Galns and Movoment 105$0S in funds Unrestrlcted funds General fund 31,826 1126,454) {1.433) (96.061) TOTAL FUNDS 31,826 1126,454) {1,433) (96.061)
MARY DREW ALMSHOUSES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Financial instruments The carrying amounts of Charity's finanaal instruments are as follows.. 2023 2022 Financial assels Measured al fair value through the Statement of financial activities.. Fbxed asset listed investments Inole 5) 2.270 2.225 Financial li8biliti8s Measured at amortised cost.. Other loans (rleS 6 & 71 45.073 50,073 The inwme, expense5, net gains and nel losses attributable lo the Charity's financial instruments are summarised as follows.. 2023 2022 Income and (expense) Financial assets measured al fair value through the statement of financial activities 239 Net gains and (losses) (in¢luding changes in fair valuej Financial assets measured al fair value throijgh Ihe statement of financial activities 45 {1,433} 10. Related party transactlons and transactions with trustees The trustees are considered to be key management personnel of the charity. They received no remuneration during the year {2022.. Nonel- One Iruslee received expenses of £250 {2022: £200 to one trustee). There were no other related paty transactions in the year12022.. None). 10
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MARY DREW ALMSHOUSES I report on the accounts of Mary Drew Almshouses {'Ihe Charily'l for the year ended 31 December 2023, which are sel out on pages 4 to 10. RESPONSIBILITIES AND BASIS OF REPORT As the Charity's Trustees you are responsible for the preparation of the accounts in accordance with the Tequirements of the Charities Act 20111'the Acl'}. I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 20111.lhe Act") and in carrying out my examination I have followed all th8 applicable DiTeclions given by the Charity Commission under $.14515)Ibl of the Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no material mallers have come lo my attention In connection with the examination giving me cause to believe that in any material resCl.. 1) accounting records were not kept in respect of Ihe Charity 8$ required by section 130 of the Act., 2) the accoLtnts do not accord with those records,. or 3) the accounts do not comply with the applicable requirements concerning the form and contenl of accotsnts sel out in the Charities (AcGounts and Reports} Regulations 2008 other than any requirement that the accounts give a 'true and fair view wnich is not a maller considered as part of an independenl examination. I have no concerns and have come across no olher matters in connection with the examination to which attention should be drawn in this report in order to enable 3 proper undeff '..3nding of the accounts to be reached. Katy Shearman FCA Azels Audit Services Egham . 2024