REGISTERED CHARITY NUMBER: 206587
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
THE ANDOVER CHARITIES
Hysons Audit Services Ltd, Statutory Auditor 14 London Street
Andover Hampshire SP10 2PA
THE ANDOVER CHARITIES
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Report of the Independent Auditors | 5 to 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 to 11 |
| Notes to the Financial Statements | 12 to 22 |
THE ANDOVER CHARITIES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The trustees have also prepared the financial statements to comply with applicable law regulations of the Housing Corporation SORP 'Accounting by Registered Social Landlords 2006'.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Scheme defines two branches of the Charity:
a) The Almshouse Branch
To provide accommodation and benefit to alms people, as shown by the Property Fund.
b) The Poor's Branch
To provide benefit to the poor in the Parishes of Andover, Knights Enham and Smannell as shown by the Charity Fund.
The Trustees have considered the activities of The Andover Charities and its achievements in 2023 and its plans for 2024 against the public benefit guidance issued by the Charity Commission. They agreed that the public who benefit from the Charity's work are those who are beneficiaries of the Charity's various objectives and aims as noted above.
Grantmaking
Grants are made from the Charity Fund to qualifying individuals whom the Trustees consider merit assistance and within the terms of the Charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Charity continued to raise funds and maintain the objectives as set out above. During the year, the Charity completed the refurbishment of the Acre Almshouses on Adelaide Road and began to rent the newly refurbished premises in early 2024. The Charity continued to make grants to appropriate beneficiaries.
Investment performance
The listed investments, which were held by the M&G Charity Multi Asset Fund, the Black Rock Charities UK Bond Fund and the COIF Charity Fund, showed an unrealised gain in the year of £17,648 (2022 - loss £26,028).
FINANCIAL REVIEW
Investment policy and objectives
Investments continued to be held in the M&G Charity Multi Asset Fund, the Black Rock Charities UK Bond Fund and the COIF Charity Fund for the purpose of generating income that can be granted to the appropriate beneficiaries.
Page 1
THE ANDOVER CHARITIES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVIEW
Reserves policy
Reserves are held in order to provide adequate funds to maintain the housing stock in good repair and in order to fund future development. At the balance sheet date, the amount held in the unrestricted reserves was £227,824 (2022 - £287,582).
Financial performance
The Charity had a total deficit for the year of £39,488 (2022 - £6,641).
The deficit included unrealised gains on investments for the year of £17,648 (2022 - £26,028 loss).
FUTURE PLANS
The Charity intends to continue with the two main activities as described above.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is an unincorporated Charity, constituted under a scheme dated 9 March 1962 and is a registered Charity, number 206587.
The Trust Scheme provides for a minimum of eleven Trustees, with six appointed by Test Valley Borough Council and four Co-optative Trustees who either reside or carry on business in or near the area of the Parish of Andover. The Ex-officio Trustee is the Vicar for the time being of Andover.
The Nominative Trustees may be, but not necessarily, a member of the Council and are appointed for a term of four years.
The Co-optative Trustees are appointed by the Board of Trustees and serve for five years, after which period they may put themselves forward for re-appointment.
At quarterly Trustees' meetings, the Trustees discuss the activities of the Charity, including investments, reserves and risk management policies and performance. The day to day administration of processing and handling of applications for housing before interview with the sub-committee of Trustees, is delegated to the Clerk and her Assistant. The full Trust body must confirm all house allocations.
The Clerk and her Assistant process grant applications before passing applications for over £75 to the Chairman or one other Trustee for approval. The Clerk and her Assistant are authorised by the Trustees to handle applications for grants up to £75.
Risk management
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
206587
Page 2
THE ANDOVER CHARITIES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
Principal address
c/o Citizens Advice Bureau Chantry House Chantry Way Andover Hampshire SP10 1LZ
Trustees
Councillor J Budzynski Mrs P Woolgrove Mr J Nulty Mrs J Turner Mr J T Barlow Reverend C Bradish Councillor T Burley Councillor D Coole (resigned 19.4.23) Councillor N Lodge Mr M Leech Mr S Hardstaff
Clerks to the Trustees
Mrs K Bird
Auditors
Hysons Audit Services Ltd, Statutory Auditor 14 London Street Andover Hampshire SP10 2PA
Bankers
Lloyds Bank plc 22 High Street Andover Hampshire SP10 1NW
Housing Corporation Number
A0648
Approved by order of the board of trustees on 8 October 2024 and signed on its behalf by:
Councillor N Lodge - Trustee
Page 3
THE ANDOVER CHARITIES
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ANDOVER CHARITIES
Opinion
We have audited the financial statements of The Andover Charities (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Charity's affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011, schedule 1 to the Housing Act 1996 and The Accounting Requirements for Registered Social Landlords General Determination 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ANDOVER CHARITIES
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ANDOVER CHARITIES
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the charity sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, Charities SORP (FRS 102) and Financial Reporting Standard 102;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC, relevant regulators and the charity’s legal advisors.
Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ANDOVER CHARITIES
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Hysons Audit Services Ltd, Statutory Auditor 14 London Street Andover Hampshire SP10 2PA
1 November 2024
Page 8
THE ANDOVER CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 - Charitable activities 4 Property Fund 71,162 Investment income 3 3,621 Total 74,783 EXPENDITURE ON Charitable activities 5 Property Fund 103,539 Charity Fund 41,773 Total 145,312 Net gains/(losses) on investments 367 NET INCOME/(EXPENDITURE) (70,162) Transfers between funds 19 10,404 Net movement in funds (59,758) RECONCILIATION OF FUNDS Total funds brought forward 287,582 TOTAL FUNDS CARRIED FORWARD 227,824 |
Restricted funds £ - - 2,370 2,370 - - - 3,635 6,005 (1,174) 4,831 69,043 73,874 |
Endowment funds £ - - 11,023 11,023 - - - 13,646 24,669 (9,230) 15,439 292,221 307,660 |
2023 Total funds £ - 71,162 17,014 88,176 103,539 41,773 145,312 17,648 (39,488) - (39,488) 648,846 609,358 |
2022 Total funds £ 19,300 72,283 12,744 104,327 54,564 30,376 84,940 (26,028) (6,641) - (6,641) 655,487 648,846 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 9
THE ANDOVER CHARITIES
BALANCE SHEET 31 DECEMBER 2023
| 2023 Unrestricted Restricted Endowment Total fund funds funds funds Notes £ £ £ £ FIXED ASSETS Tangible assets 11 199,639 - - 199,639 Investments 12 - 67,925 260,698 328,623 199,639 67,925 260,698 528,262 CURRENT ASSETS Debtors 13 3,037 - - 3,037 Investments 14 54,069 3,278 46,962 104,309 Cash at bank 38,993 2,671 - 41,664 96,099 5,949 46,962 149,010 CREDITORS Amounts falling due within one year 15 (12,382) - - (12,382) NET CURRENT ASSETS 83,717 5,949 46,962 136,628 TOTAL ASSETS LESS CURRENT LIABILITIES 283,356 73,874 307,660 664,890 CREDITORS Amounts falling due after more than one year 16 (55,532) - - (55,532) NET ASSETS 227,824 73,874 307,660 609,358 |
2022 Total funds £ 70,005 311,233 381,238 2,522 98,972 236,366 337,860 (13,924) 323,936 705,174 (56,328) 648,846 |
|---|---|
The notes form part of these financial statements
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continued...
THE ANDOVER CHARITIES
BALANCE SHEET - continued 31 DECEMBER 2023
| FUNDS 19 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
227,824 73,874 307,660 609,358 |
287,582 69,043 292,221 |
|---|---|---|
| 648,846 |
The financial statements were approved by the Board of Trustees and authorised for issue on 8 October 2024 and were signed on its behalf by:
Councillor N Lodge - Trustee
Mrs P Woolgrove - Trustee
The notes form part of these financial statements
Page 11
THE ANDOVER CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared on a going concern basis.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
Costs are allocated specifically to the activity to which they relate wherever possible. Staff costs are apportioned between the two activities based on an estimation of the time spent on each activity. Auditors remuneration is apportioned 67% to the Property Fund and 33% to the Charity Fund.
Tangible fixed assets
The book cost is calculated as the net figure of the original costs less the social housing grant received at the time.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Social investments
The freehold properties are accounted for at cost less depreciation within tangible fixed assets as they are programme related investments because these assets are held specifically to contribute to the charity's charitable purpose.
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THE ANDOVER CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES - continued
Taxation
The Charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Investments
Investments are stated at market value as at the balance sheet date.
All gains and losses are taken to the statement of financial activities as they arise.
2. DONATIONS AND LEGACIES
| Grants Grants received, included in the above, are as follows: Henry Smith's Charity INVESTMENT INCOME Fixed asset investment income Deposit account interest Current asset investment income |
2023 £ - 2023 £ - 2023 £ 11,464 1,412 4,138 17,014 |
2022 £ 19,300 |
|---|---|---|
| 2022 £ 19,300 |
||
| 2022 £ 10,156 332 2,256 |
||
| 12,744 |
3. INVESTMENT INCOME
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THE ANDOVER CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
4. INCOME FROM CHARITABLE ACTIVITIES
| Maintenance contributions Laundry contributions 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Direct (see note Costs 6) £ £ Property Fund 99,889 - Charity Fund 4,855 35,120 104,744 35,120 6. GRANTS PAYABLE Charity Fund The total grants paid to institutions during the year was as follows: Andover Baptist Church St. Mary's Church The Valley Church Picket Twenty Church |
2023 Property Fund £ 71,162 - 71,162 Support costs (see note 7) £ 3,650 1,798 5,448 2023 £ 35,120 2023 £ 250 250 250 250 1,000 |
2023 Property Fund £ 71,162 - 71,162 Support costs (see note 7) £ 3,650 1,798 5,448 2023 £ 35,120 2023 £ 250 250 250 250 1,000 |
2022 Total activities £ 72,268 15 72,283 Totals £ 103,539 41,773 145,312 2022 £ 24,586 2022 £ 250 250 250 250 1,000 |
2022 Total activities £ 72,268 15 72,283 Totals £ 103,539 41,773 145,312 2022 £ 24,586 2022 £ 250 250 250 250 1,000 |
|---|---|---|---|---|
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THE ANDOVER CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
7. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Property Fund | 3,650 |
| Charity Fund | 1,798 |
| 5,448 |
Support costs, included in the above, are as follows:
Governance costs
| Governance costs | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Property | Charity | Total | Total | |||
| Fund | Fund | activities | activities | |||
| £ | £ | £ | £ | |||
| Clerks' fees | 1,006 | 495 | 1,501 | 1,406 | ||
| Auditor's remuneration | 2,443 | 1,204 | 3,647 | 3,360 | ||
| Legal and professional fees | 201 | 99 | 300 | 1,269 | ||
| 3,650 | 1,798 | 5,448 | 6,035 | |||
| 8. | AUDITORS' REMUNERATION | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Fees payable to the charity's auditors for the audit of the | ||||||
| charity's financial statements | 3,647 | 3,360 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
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THE ANDOVER CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
10. STAFF COSTS
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Clerks' fees | 15,012 | 14,056 |
The Clerk is contracted on a part-time self employed basis and represents the whole of the Charity's staff.
No person included in staff costs received emoluments in excess of £60,000.
11. TANGIBLE FIXED ASSETS
| COST At 1 January 2023 Additions At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 12. FIXED ASSET INVESTMENTS Shares COIF Deposits/Other |
2023 £ 303,386 25,237 328,623 |
Freehold property £ 129,644 132,227 261,871 59,639 2,593 62,232 199,639 70,005 2022 £ 287,056 24,177 311,233 |
|---|---|---|
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continued...
THE ANDOVER CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
12. FIXED ASSET INVESTMENTS - continued
Additional information as follows:
| MARKET VALUE At 1 January 2023 Revaluations At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 There were no investment assets outside the UK. Investments (neither listed nor unlisted) were as follows: Valuation brought forward Additions 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments |
2023 £ 24,177 1,060 25,237 2023 £ 3,037 |
Listed investments £ 287,056 16,330 303,386 303,386 287,056 2022 £ 23,943 234 24,177 2022 £ 2,522 |
|---|---|---|
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THE ANDOVER CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
14. CURRENT ASSET INVESTMENTS
| CURRENT ASSET INVESTMENTS | ||
|---|---|---|
| Listed investments Other |
2023 £ 51,260 53,049 104,309 |
2022 £ 48,147 50,825 |
| 98,972 |
Additional information as follows:
| Listed | Listed |
|---|---|
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 January 2023 | 48,147 |
| Additions | 1,793 |
| Revaluations | 1,320 |
| At 31 December 2023 | 51,260 |
| NET BOOK VALUE | |
| At 31 December 2023 | 51,260 |
| At 31 December 2022 | 48,147 |
There were no investment assets outside the UK.
Investments (neither listed nor unlisted) were as follows:
| Investments (neither listed nor unlisted) were as follows: | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Valuation brought forward | 50,825 | 31,100 |
| Additions | 2,224 | 19,725 |
| Withdrawals | - | - |
| 53,049 | 50,825 | |
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THE ANDOVER CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2023 £ Bank loans and overdrafts (see note 17) 6,491 Trade creditors 295 Grants payable 1,000 Accrued expenses 4,596 12,382 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 £ Bank loans (see note 17) 55,532 17. LOANS An analysis of the maturity of loans is given below: 2023 £ Amounts falling due within one year on demand: Mortgages 6,491 Amounts falling between one and two years: Mortgages - 1-2 years 6,491 Amounts falling due between two and five years: Mortgages - 2-5 years 19,473 Amounts falling due in more than five years: Repayable by instalments: Mortgages - >5yrs 29,568 18. SECURED DEBTS The following secured debts are included within creditors: 2023 £ Bank loans 62,023 |
2022 £ 6,491 3,415 - 4,018 |
|---|---|
| 13,924 | |
| 2022 £ 56,328 |
|
| 2022 £ 6,491 |
|
| 6,491 | |
| 19,473 | |
| 30,364 2022 £ 62,819 |
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THE ANDOVER CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
19. MOVEMENT IN FUNDS
| Net movement At 1.1.23 in funds £ £ Unrestricted funds General fund 287,582 (70,162) Restricted funds Knights Enham and Smannell Charities 44,866 4,946 Mrs Allderidge Legacy 3,914 171 Borsberry repairs and maintenence 20,263 888 69,043 6,005 Endowment funds Designated reserve 266,698 23,134 T W Redman Legacy 25,523 1,535 292,221 24,669 TOTAL FUNDS 648,846 (39,488) Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 74,783 (145,312) Restricted funds Knights Enham and Smannell Charities 1,311 - Mrs Allderidge Legacy 171 - Borsberry repairs and maintenence 888 - 2,370 - Endowment funds Designated reserve 9,924 - T W Redman Legacy 1,099 - 11,023 - TOTAL FUNDS 88,176 (145,312) |
Transfers between funds £ 10,404 (1,174) - - (1,174) (8,132) (1,098) (9,230) - Gains and losses £ 367 3,635 - - 3,635 13,210 436 13,646 17,648 |
At 31.12.23 £ 227,824 48,638 4,085 21,151 73,874 281,700 25,960 307,660 609,358 Movement in funds £ (70,162) 4,946 171 888 6,005 23,134 1,535 24,669 (39,488) |
|---|---|---|
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THE ANDOVER CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
19. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Knights Enham and Smannell Charities Mrs Allderidge Legacy Borsberry repairs and maintenence Endowment funds Designated reserve T W Redman Legacy TOTAL FUNDS |
At 1.1.22 £ 270,317 50,370 3,876 20,067 74,313 284,513 26,344 310,857 655,487 |
Net movement in funds £ 7,343 (4,334) 38 196 (4,100) (10,075) 191 (9,884) (6,641) |
Transfers between funds £ 9,922 (1,170) - - (1,170) (7,740) (1,012) (8,752) - |
At 31.12.22 £ 287,582 44,866 3,914 20,263 69,043 266,698 25,523 292,221 648,846 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Knights Enham and Smannell Charities Mrs Allderidge Legacy Borsberry repairs and maintenence Endowment funds Designated reserve T W Redman Legacy TOTAL FUNDS |
Incoming resources £ 92,425 1,201 38 196 1,435 9,455 1,012 10,467 104,327 |
Resources expended £ (84,565) (375) - - (375) - - - (84,940) |
Gains and losses £ (517) (5,160) - - (5,160) (19,530) (821) (20,351) (26,028) |
Movement in funds £ 7,343 (4,334) 38 196 (4,100) (10,075) 191 (9,884) (6,641) |
|---|---|---|---|---|
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continued...
THE ANDOVER CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
19. MOVEMENT IN FUNDS - continued
Transfers between funds
A transfers totalling of £8,132 were made from the Designated and Restricted reserves to the General fund which represents the income received on the designated and restricted reserve investments.
A transfer of £1,098 was made from T W Redman Legacy to the General Fund which represents income received on the T W Redman Legacy investment.
20. RELATED PARTY DISCLOSURES
During the year, a grant of £250 (2022: £540) was made to St. Mary's Church, which is related to one of the Trustees.
21. RESTRICTED FUNDS
Knights Enham and Smannell Charities
The property of this Charity, made up of investments and a bank account, were taken over on 20 July 2006.
The Investments are a combination of permanent and expendable endowment funds for the purposes as outlined in the scheme dated 5 August 1960.
The bank account is an expendable endowment fund, the income from which is to be applied for the benefit of the poor in the Knights Enham and Smannell Parishes.
Mrs Allderidge Legacy
This is an expendable endowment fund arising from a legacy received from the late Mrs C A Allderidge in 1995.
Borsberry repairs and maintenance
This fund consists of the income received from the T W Redman Legacy and is restricted to be used for the repair and maintenance of the properties at Borsberry Close.
22. ENDOWMENT FUNDS
Designated Reserve
This is a permanent endowment fund for the purposes as outlined in the Scheme dated 9 March 1962.
T W Redman Legacy
This is a permanent endowment fund for the purpose of generating income to be transferred to the Borsberry repairs and maintenance fund.
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