Reglslered Charity Number 205887 MARY DREW ALMSHOUSES REPORT OF THE TRUSTEES AMD UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MARY DREW ALMSHOUSES CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 PAGES Report of the Trustees Statement of Financial Activth'es Balance Sheet Notes to the Financial Slalemenls 6-10 Independent Examiner's Report
MARY DREW ALMSHOUSES TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report with the financial statements of the Charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charilies.. Slalemenl olRecDmmended Pr8clice applicable to charities preparing their accounts in accordance wi(h Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. leffeclive 1 January 2019}- Charlty reglstration- Mary Drew Almshouses Reg. Charity No 205887 Address.. clo The Hon Secretary, Mrs Sheenagh Robert$ 9 Clarence Drive Englefield Green Egham TW20 ONL Trustees.. Hugh Meares - Chaimian Peley Taylor- Ve Chaimian Nick Prescol Mfs Michelte Younger- Property Administrator Mfs Sheenagh Roberts- Hon Secretary The Reverend Canon Judith Allford lex officio) Mrs Wendy Locker Treasurgr: Mrs Shu Slaler Bankers: CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4TA Structure. Govemance and Managèment The Charity is consli£uted as a trLssI under a S¢heme of the Charty Commissioners dated 17 August 1994 Ilhe 'Scheme'}. Three Trustees are nominated by Ihe Runrbymede Borough Council. Others are Coryopled by resolution of the Trustees. The Charity operates under 9uidan¢e of a board of Trustees., this board meets twice ea¢h year, in March 8nd O¢lobeT, OT otherwise lo conduct urgent business requiring a decision by the tull board. Day lo day adminislralion is ¢onducted by the Hon Secretary, the Piopety Administrator and other Trustees as necessary (see above). The Trustees are considered to be the key management of the Charity. They give their time volunlarity and. in compliance with the terms of the Scheme, ieceive no remuneration.
MARY DREW ALMSHOUSES TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The principal risks to which the Charity is exposed are.. is Mili ation Darnage to or destruction 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 Mutti Asset fund and are eonsidered lo be fully reli8bte. Objective5 and Activities The Charity provides o place of residence for POOT married couples, or single persons if no qualtyirbg married couple Can be found. being not under sixty years of age, and who have been resident in the area of the fornier civil parish of Egham for al least ttyo years. Six houses were provide(l on a sile in Albert Road, Englefield Green. Occupants of these houses may continue in occupation so long as basic rules are observed and thè resKlenls are able lo live alone Iwilh Adult Social Care and other publicly funded Support as nece5saryl. The houses are maintained in good and safe order and the Trustee5 employ suitable tradesmen as required lo deal with any repairs, shortcomings or defeds in the house and equipment. A maintenance Charge is made lo and collected monthly from residents, and in appropriate cases (by agreemenll may be collected by way of direct payment of Housing Benefit from the Borough Council. The Trustèes have noted the Chafity Commiss¢on s guKlan¢e regarding the publ benefit, including the guidance on provision of places of residence. Achievements and Performance The Almshouses were all occupied during the year wrth no voids. A full inspection of all the roofs was carried Olrt and new insulated flat roofs installed lo the utilty rooms of Nos. 2 and 5. Gitters. downpipes and drainage were repaired and replaced where necessary. The bathroom al No.5 was fully renovated wfÉh Council support lo make il suitabte for disabled use. Flnancial Review The investments with the M&G Charity Multi Asset fund (formerly NAACOIF} had been drawn down lo pay lor the capital works in the previous year which had been partly funded by an interest free five year loan from the Almshouses Association. Capital repayments of £5,250 were made during the year. Bank balances al the end of the year were £75,210 with the TrL>Stees considering that surplus funds should be reinvested as soon as they could be confident that the markets had stabilised. Accumulated funds continued lo be in surplus at the year end al £35,791 {2023.. £14,118). Wrth all properties Occup and no major repair works, 2025 is also expected to show a surplus will allow the Extraordinary Repair Fund lo be replentshed as required by the Charty Scheme.
MARY DREW ALMSHOUSES TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees have not formally set 8 tsTget level of free reserves for the Charty to hold. The maintenance charge paid by residents is utilised first towards the costs of ongoing and recurring maintenance and secondly to ensure that the free resetves are maintsined at an appropriate level and as required by the tem)s of the Scheme. There is one property still to be modemised and the Trustees consider that the level of reserves should be maintained at an amount concordant to the capitsl cost of an individual property refuTbishmenL The maintenance charge is raised as properties are modemised so as lo bring charges in line with those charged at other similar properties. Insurance cover foT Trust property was £1.438,233 at renewal {mid-2024112023.. £1,410,032) and includes public liability cover of £5 million. The policy indudes Charity and Charity Trustee Liabilty cover of £100,000. Signed on behalf of the Charity's Twstees on... . 2025. Hugh Meares
PIARY DREW ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 2023 INCOME Charitable actlvltles Contributions from residents Investment income 41.880 305 41,880 241 42,185 42,121 EXPENDITURE Charstable activitie$ 20,596 15,990 20,596 21,589 15,990 26,131 Not income {expenditure} Gains (losses) on listed investments 45 Net movement In fund$ 21,673 26,176 RECONCILIATION OF FUNDS Totsl funds brought fOard 14,118 112,0581 TOTAL FUNDS CARRIED FORWARD 35,791 14,118
MARY DREW ALMSHOUSES BALANCE SHEET AS AT 31 DECEMBER 2024 Notes 2024 2023 FIXED ASSETS Investments 2.354 2.270 CURRENT ASSETS Prepayments Cash at bank 124 75,210 124 58.527 75.334 58.651 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 16.824) (6,730) NET CURRENT ASSETS 68.510 51.921 TOTAL ASSETS LESS CURRENT LIABIUTIES 70,864 54,191 CREDITORS: AMOUNTS FALLING AFTER ONE YEAR 135.0731 (40.0731 NET ASSETS 35.791 14.118 FUNDS Unrestricted funds TOTAL FUNDS 35,791 35.791 14.118 14.118 These accounts were approved by the Trustees on ....... 2025. Trustee. Hugh Meares Trustee." Peter Taylor
MARY DREW ALMSHOUSES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles {al General infomiation and a¢UntIng convenllon Mary Drew Almshouses c'the Charty'l is an unincorporated charity, regislergd in England and Wales. The registered and principal office is disclosed on page 1. The Charity Scheme sets out that the Charity's principal activities are lo provide a place of residence for poor married couples, or single persons if no qualfying marrd couple can be found, being not under ssxty years of age, and who have been resident in the area of the lomier civil parish of Egham for at least two years. The accounts have been prepared under the historical cost convention lex¢ept that investments are shown at mad(el value) and in accordance with the requirements of the Stslemenl of Recommended Practice "Accounting and Reporting by Charrties. effective 1 January 2019, the Financial Reporting Stsndard applicable on the UK and Republic of Ireland IFRS1021 and the Charities Act 2011. The Charity constitutes a public benefit enlsty as defined by FRS 102. The functional and presenlalional currency of the charitable company is Sterling. This is the curiency of the primary economic environment in which the Charty operates. Golng Concern After reviewing the charitable company's forecasts and proieclions and taking into account the economic conditions and possible change in trading performance, the trustees have reasonable expectation that the charilable company has adequate resources to continue in operation for the foreseeable future. The Char*ty therefore continues to adopt the going concern basis in preparing ils financial stalemenls. The principal aGcounting policies for the charitable company are $et out below.. Ibl Investments Investments quoted on a re¢ognised stock exchange are valued at market value al the year end. Icl Incomlny resources Incoming resources are included on the Slalemenl of Financial Aclivi(ies when the charity is regally entitled lo the income and the amount ¢an be quantified wf(h reasonable accuracy and are rognISed in the period lo which they Telate. {dl Resourcgs expended Liabilf(ies are recognised as expend(ture as scon as there is a legal or conslruclive obligation committing the Charity lo that expenditure, (( is probable Ihal 5ettl&menl will be required and the amount of the obligation Can be measured reliabty. All expenditure is accounted on an accrual basis. All expenses including support osts and governance costs are allocated or apportioned lo applicable expendrture headings. Resources expended comprise.. Costs ol The charitable activities flow from the Charity's purpose as Sel out in haritable the Charity's Trust Deed. which are highlighted in the Trustees, activities Report
MARY DREW ALMSHOUSES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 {el Taxation The charty 15 an exempl charty within the meaning of schedule 3 of the Charities Act 2011 and 15 considered lo pass the lesls set out in Paragfaph 1 Schedule 6 Finan¢¢ Act 2010 and therefore rt meets the definilKJfi of a charitable company for UK corporation tax purposes. If) Fund accounting Unrestricted income funds comprise those funds which the Iruslees are free lo use for any purpose in furtherance of the charrtable obiects. Igl Cash Flow Statement The charity is exempl from presenting a cash flow statement, as rt qualifies as a srnall charty under the SORP. (h) Cash and Ilquid assets Cash at bank includes cash and short lemi highly liquid investmènts with an original maturity dale of three months or S5. 11) Judgmgnts and key sources of estimation uncertalnty The following are the significant management judgements made in apptying the accounting policies of the Charity that have the most significant effect on the financial slalemenls.. Investments are carried al fair value al the year-end as the investments are public traded. All changes tn valuation are iecognised through the Slalement of Financial Activities. Invostrnent Income 2024 2023 Listed investment income Deposit account interest 94 211 157 305 241 Charitable actlvlties 2024 2023 Premises maintenance Energy costs Insurance Legal & professional fees Sub$criplions Accountancy fees Independent Examiner's fees Bank charges Loan arrangemonl fees 14.745 11.971 200 1,358 1.297 1.794 342 250 1,858 60 250 196 225 1.730 60 250 20,696 15,990
MARY DREW ALMSHOUSES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Bequeithed asso1$ The six almshouses owned by the Mary Drew Almshouses are not included in the balance Sheet. These were origin811y bequeathed to the trust al no cost, and the Trustees have not considered it necessary to obtain estimates of market value. Investments Units 2024 Unlts 2023 M&G Charity Mulli Asset accumulation shares M&G Charty Mulli Asset income shares 176 182 2.347 2,179 2,347 2,108 2,354 2,270 The movement in carrying value is wholly 8ttribulable to unrealised gains. Credltors: amounts falllng due whhln one year 2024 2023 Other loans Accruals 6.000 1,824 6,824 5,000 1,730 6.730 crltOrs. amounts falling due after more than one year 2024 2023 Other loans 35.073 35,073 40,073 40,073 Loan maturity Debt due in one year or less Due in more than one year bul not more than two years Due in more than year5 but not more than five years Due in more than five years by instalmenls 5,000 5,000 5.000 5.000 15,000 1 S.000 15,073 20.073 40.073 45,073 In 2022, the charity obtained two loans from the National Association of Almshouses, for £25,000 each. Both loans are lepayable over 10 years and are interest free.
MARY DREWALMSHOUSES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Movoment in fvnds AI 1.1.2024 Not rnov•ment At 31.12.2024 in funds Unrestricted funds General fund 14,118 21,673 35.791 TOTAL FUNDS 14,118 21,673 35.791 Incoming ResoUe5 Gains and Movement resources expended 1055es in funds Unrestrlcted funds General fund 42.185 120,5961 84 21.673 TOTAL FUNDS 42.185 120,5961 84 21.673 At 1.1.2023 N•t movom•nt In fund¥ At 31.12.2023 Unrestrlcted funds General fund 12,0581 26,176 14.118 TOTAL FUNDS 112,0581 26.176 14,118 Incoming Resources rèsources expended Gains and Movement losses In funds Unrèstricted fund$ General fund 42,121 115,9901 45 26,176 TOTAL FUNDS 42.121 115,9901 45 26,176
MARY DREW ALMSHOUSES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal instruments The carrying amounts of Charty's financial inslrumenls are as follow8-. 2024 2023 Financial 8ssels Measured al falr valL¢e through the statement of financial aclwities". Fixed asset listed investments Inote 51 2,354 2,270 Financial liabilitS Measltred al amortised c08t other loans Inoles 6 and 7) 40,073 45,073 The income. expense$, nel gains and net losses attribLtsble to the Charity's financial instruments are summarised as follows.. 2024 2023 Income and (expense) Financial assets measured al fair value through the stslemenl of financial 8¢tivities Nel gains and (losses) (including changes in fair value) Financi31 assets measured at fair value through the slalemenl of financial activities 45 10. Related party transactions and transactions with trustses The trustees are considered lo be key management of the charity. They receivèd no remuneration during the year12023". Nonel. Orse Iruslee received expenses of £143 during the year 12023.. £250 paid to one trusleel. There were no other related party transactions in the year12023. None}. 10
MARY DREW ALMSHOUSES INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS I report on the a¢¢ounls of Mary Drew Atmshouses {'The Charrty'l for the year ended 31 December 2024, which are sel out on pages 4- 10. RESPONSIBILITIES AND BASIS OF REPORT AS the Charity's Trustees you are responsible for the preparation ofthe accounts in accordance with the requirements of the Chafilies Act 2011 I'the Act.). I report in respect of my examination of the Charity'$ accounts carried out under section 145 of the Charities Act 20111.the Acl'l, and in carrying out my examination I folSDwed all the applicable Directions given by the Charty Commission under s.145151(bl of the Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirni no material matter5 have come to my attentK)n in connection with the examination giving me cause to believe that in any material respeel.. accounting recofds were not kept in respect of the Charty as required by sectlon 130 of the Act., 2. the accounts do not accord wfÉh those records". or 3. the accounts do not comply with the applicable requirements concerning the forni and ontenl of accounts sel out in the Charities (Accounts and Reports} Regulations 2008 other than any requiremer>l that the ac¢ounls give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Katy She an FCA Azels Audit Services Egham 2025