ST. MARY'S HOMES GODSTONE ANNUAL REPORT AND ACCOUNTS st Year Ended 31 December 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST. MARYIS HOMES I re￿rt on th¢ accounts of the Homes for the year ended 31 December 2023 set out on pag¢s ]- 8 of the accounts. R¢speetfve responsfibilltle8 of trnste¢8 and exAmiDer As the Charity's In￿le¢S you are responsibl¢ for the preparation of the accounts; you consider that the audit requirements of Section 144 of the Charities Act 2011 (the Act) does not apply. It is my responsibility to state. on ihe basis of the proccdur¢s specified in the General Directions given by the Charity Commissioners under Section 145{5)(b) of th¢ A¢t whether particular matters have come to my attention. B￿19 of ittdepeDdent examiner'j report My examination was carried out in accordance with the General Dirwtions given by the Charity Commissioners. An examinalion includes a review of the accounling records kcpt by the charity and a comparison of th¢ accounts pr¢s¢nted with those cords. It a]so includes consideration of any unusual items or di￿103vreS in the accounts, and $¢eking explanations from you As trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not ¢xpress an audit opinion on the view giv¢n by the accounts. IndepeDdeDt ¢xamlner'8 Statem¢ot In connection with my examination no matter has come to my attention: (i) which gives me reasonable cause to believe that in any material respect th¢ r¢quirements:. to keep accounting records in accordance with Section 130 of the Act. and to prepare accounls whieh accord with the accounting records and to comply wilh the accounting r¢quirements of th¢ Act hav¢ not been met, oth¢r than in respect of the exclusion of tangible histori¢ fixed assets commenied on in Note 2 to th¢ Accounts, or (2) to which, in rny opinion. attention should be drawn in order to enable a proper understa1￿1ng of the accounls to be Teached. Signed Name fVIP(Lki NNOAJ Dale...... ST. MARY%S HOMES GODSTONE TRUSTEES Rev Peter O'connell (ex officio) Chairn]8n Graham Millar (ex officio) Louise Case (ex officio until 9 of May 2023)) Philip Anderson (resigned 25 July 2023) Joamia Gregory Nicholas Bark¢r Katharine Eberhart (appoinled 9th May 2023) Louise Case (appointed 10th of May 2023) Jonathan Oaks (appointed 15th Feburary 2023) Ic Andrew Turner (resigned 9th of May 2023) Andr¢w Tumer (resigned 30th of November 2023) Assistant Tr￿urer Honorary Tr￿Surer Janet MacKinnon Independent Examiner ADDRES St. Mary's Homes Church Lane Godstone Surrey RH9 8BW BANKERS Lloyds Bank SOLICITORS Dollman & Pritchard 8 The Square Caterham Surr¢y CR3 6XS HISTORY St. Mary's Homes were founded in 1872 in the quiet and pleasant Church Town area of Godstone. They were designed bv Sir George Gilbert Scott and comprise eight residential units and a small chapel. Eacb of the units consists of at'least a sitting room, bedroonL bathroom and kitchen. The buildings are arranged around three sides of a courtyard in the centre of which stands an old well. The Homes were founded through the sol¢ g¢n¢rosity of Mrs. Augusta Nona Hunt who moved to Wonham House in the parish of Godston¢ with her infant daughter. Mabel Fanny, havin8 been suddenly widowed at a young age. Contemporaries record the personality and piety of the young widow and describe her as being "of a singularly lovable nature, devoted to everything that is pur¢ and beautiful and giv¢n to good works" Tragically Mabel Fanny died on 2￿ June 1872 shortly after her eighteenth birthday and Mrs. Hunt resolved I￿er that year to comm¢morat¢ h¢r daughter by establishing St. Mary's Homes. Over the years accommodation has been provided for many local people in need. It was not originally necessary for the residents to contribute to the running of th¢ Homes but. due to increased mainlenance costs and in partlcular. the rising price of fuel and other public utilities. the residents have b¢¢n required to make weekly contributions since 1971. When they were built th¢ standard of the Homes was basic but conSide￿d acceptable for the times. In order to keep up with the rising standards expected from this type of accommodation successive generations ot trustees have carried out improvements to enhan¢¢ thc comfort and amenities of the ￿cOmmodation. In addition to the residents, contributtons the maintenance of the Homes by the Trustees benefits from an income derived from endowments. bequests and donalions from local resid¢nts and visitors. TRUSTEES REPORT The Trustees present their report and the examined financial statements for the year end¢d 31 December 2023. This report is prepared in accordance with the Chariti¢s Act 2011 and Th¢ Charities {A¢counts and Reports) Regulations 2005 and 2008. The trustees have adopted the provisions of the Statement of Recommended Practice - Accounting and Reporting by Charities 2016 (SORP FRS 102) in preparing this annual report and financial ststem¢nts. Strn¢ture, Govern*nee aDd Management After Mrs. Hunt's death in 1878, the Homes were maintained by her famlly until 1901 when th¢ir administration was taken over by T￿￿te¢S apN)inted from the parish of Godstone under a Deed Poll dated 4 January 1901. This states that the Homes should be used to accommodate people in financial need who are "aged or infimi persons of good character" preference being given to those applicanls residing in the parish of Godstone or havxng some longstanding connection with it. The Homes are a Registered Charity (no. 206075), members of The National Association of Almshouses and English Heritage. The Homes have also historically been known a8 Augusta Nona Hunt for Almshouses. Th¢ chainnan of Trustees is designated to be the Rector for the Parish of Godstone and both the Rector and the churchwarden(s) of the Parish are apN)inted ex-officio. Other new trust¢es are appointed at the discretion of the current trustees. The trustees recognise the need for the appropriate induction of new t￿￿teeS and the training of existing trust¢¢s. The organisational structure ofthe charity is that the truste¢s are reswnsible for rLuming of the Homes on a volunteer basis. There are no employees. The trustees meet at le&st twice a year to approve the budget, set maintenance contrlbutions and approve the financial accounts. Risks The trustees review the risks to which the charity is ex￿sed and seeks lo mitigate those risks. The tNslees commissioned a Fire Risk Assessment in September 2022 and are currently implementing the recommendations wet out in the report. It is considered that the primary economic risk facing the Homes 15 the likelihood that in the future it will be difficult to find suitable residents who will regard the Homes as an attractive place to Rsi(k. This would have a profound impact on the viability of the Homes. The trustees have adopted a Disaster Recovery Plan which has been circulated to all those who might be called upon to help in the event of an emergency. This plan is updated as nrxessary. Inswan¢e cover is reviewed on an annual basis. Obleetfvej and aetlvltiej In accordance with the spirit of the founding documents, the objects of th¢ ¢haTity are still to provide accommodation to single persons or couples, who are either aged or infirmed, in financial need and who are able to maintain themselves. Wherever possible pr¢re￿nce will be given to applicants who have a connection with Godstone and its environs. Aehlevement and Performance The Homes have been fully occupied for most of the year. FinAncial Review The financial position of the Homes as at 31 December 2023 w&s satisfactory with & surplus in the general fund of £7,759, after transfers to reserves and before revaluation of the investment assets, as shown in the accounts. The rising costs of energy h&s Si8nificantly added to the ruftni￿ costs of the homes. The investment assets held by the charity comprise the Endowmenl Fund and the General Fund together with two Reserve Funds which have been built up and authorised at rates approved by the Almshouse Association and the Charity Commission. These reserve funds comprise an Extraordinary Repair Fund ("ERF") and a Cyclical Maintenance Fund ("CMF"). Although the fully authorised amount capable of transfer to the ERF h&8 always been achieved, this h&s nol always been wssible for the CMF to limited resources. It is th¢ tkilicy of the TnJst¢es to maximi5¢ available reserves commensurate ￿ryth, firstly, likely future maint¢nance requirements and, secondly. keeping residents, weekly contributions at an acceptable level. Investment lic The investment policy adopted by the trustees is to seek to secure a balance between m&¥imising income to supplement residents, weekly contributions whTrlst maintaining and enhancing capitsl values to keep pace with inflation and the likely fuDJre costs of ensurlng the objects of the charity are achievable and sustainable in the future. Rathbone Investment Management Ltd manage the Homes investment portfolio on behalf of the trustees. Realised and unrealised gains and losses on investments are summrrised in the accounts to refl¢ct changes over the preceding 12 months. uivalent Fair Rents In May 2016 the Valuation Office Agency visited the Homes in OTd¢r to evaluate appropriate open market rental values for the flats. Equivalent fair rents for the flats excluding s¢rviees were estimated as follows. Flats I Flat 8 Flat 9 £135 per v￿ck £170 per week £170 per week The contributions currently paid by residents remain substsntially below th¢se levels and the above valuations are now hisloric. The trustees have submitted a request for an updated review to the Valuation Offjce Ag¢n¢y and are awaiting a result. Plans for the Future The Trustees are aware of the need for continual improv¢ment to the standard of accommodation in order to maintain a high occupancy level thereby ensuring the viability of the Homes. It is intended to continue with the policy of improving the facilities of the Homes ￿ and when opportunities occur and funds pern]it. By Order of the Trustees r4 IY tes to Acco Accounting polici¢s." these accounts have been prepared on th¢ accruals basis under the historical cost convention and in accordance with, except where specifically stated. The Charities (Accounts and Reports) Regulations 21)05 and 2008 and the Charities SORP 2016 (Ststem¢nt of Recommended Practice - Accounting and Reporting by Charities). 2. The land and listed buildings comprising St. Mary's Homes are inalienabl¢ and historic freehold tangible fixed assets which are not included in the accounts ontrary to SORP 2005 para 253. TheK ass¢ts were gifted to the original Trustees over 100 year5 ago and the Trustees do not believe that a current value placed upon them is necessary for a proper appreciation of thes¢ accounts. Th¢y are valued for insurance purposes at £3.310,502. The title to the Homes remains unregistered at the L￿d Registry. On 12 June 1956 th¢ Homes and accompanying land were vested in the oifici81 Custodian for Charities. This Order together with the original Deed of Gift (Deed Poll) of1901 are held on behalf of the trustees by Dollman & Pritchard. 3. None of the investments are irredeemable and weTe valued by Rathbones as at 31 Decemb¢r 2023. Invesknent gains and losses comprise aclual acquisitions and disw>sa15 and any incr¢as¢ or d¢crease in value since 31 Decemb¢r 2022. 4. Investments are held by the nominee company of Rathbone Investment Management Ltd for the benefii of the Homes. 5. The Homes have no ¢mployees. 6. During the period reimbursed expenses incurred by the trustees, the officers of the ¢harity and the ind¢pendent examiner did not ¢xce¢d £200. This figure does not include direct costs attributable lo the Homes but disbursed by the trustees or offic¢rs personally An the first inslance. 7. Provisions for the Extsaordinary Repair Fund and the Cyclical Maintenance Fund are in accordance with the recommended scale laid do￿ by the Charity Conunis5ioners aod the Almshouse Association, 8. The￿ are no loans outstanding. 9. Fixed assets comprise endowed investment funds which arise from generous Iwuests received in the past ￿ folloNT; Augusta Nona Hunt Bequest Robert and Marie Lindley Fund Parker Smith Fund Mary Stubbings Gift Brazier Gift Robert Goodwin Steer Memorial Fund Miss Lindley Bequest io. Current assets comprise gen¢ral unrestrict￿ funds of the Homes together with the Extraordinary Repair Fund {"ERF") and the Cyclical Mainlenance Fund ("CMF-). The Extraordinary Repair Fund is used for excepiional repairs and refurbishments and building works. The Cyclical Maintenance Fund is reserved where possible for repairs and renovations of a recurring and cyclical nature.