Bedford, Morrison & Cordery Almshouse Charity Charity Number 207042 Trustees. Draft Accounts for the year ended 31st December 2023
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY Trnstees. Report For the year ended 31 December 2023 The trustees present their report and annual aOUnts for the year end8J 31 DecEmber 2023. Refence and administrative details of the charity, its trustees and advisors The Bedford, Morison and Cordery Almh(MJse Chartty is register&Y as a charity in EnglarKJ and Wales (No.. 207042). The operating address of the charity is. 19. The Almshouses, SL Mary's Close. George Stree( Walford, Herfdordshire. WD18 OEQ. The charity trustees who served throughoul the year and up to the date of this report were.. Mrs. E Nelson Walker (Chair) January- May 2023 Mrs F Evans MBE (Chair) June- December 2023 Dr_ N Ineson (Deputy Chair) Mr R B Frost ITreasurer) Mr T. Mischa (Appointed September 2023) Mr. P Mould Rev. T Rindl Mr. N H Tytwhitt Cllr. M Devonish Mr M Tunstall Ms. H. Kozan {Retir&J June 2023) (Appointed April 2023) The charity's principal advisors are: Bankers: National Westminsler Bank plc 72174 High Street Wattord WD17 2GZ Independent Examiner. Gary Wilson FCA Howar(S Wilson Chartered Accountsnts 36 Crown Rise Watford WD25 ONE Investment Advisors: The M&G Investment Management Ltd 10 Fenchurch Avenue London EC3M SAG CCLA Investment Management Ltd COIF Charity Funds One Angel Lane Lon(Jon EC4R 3AB
Trust Re ortf r ended r 2023. Financial Review The Charity generated income £84.068 {2022: £69.992) as detailed in the Statement of Financial Activities. This money will be used for the benefit of the Residents and maintenance of the estate. The Charity spent £53.11512022: £47,242) on running and maintaining The Almshouses and other associated support costs. Our routine Repair5 and Maintenance expendtture for 2023 was £13.652 {2022: £19.613}. Additionally. we made Capital Expenditure of £6,798 to replace the 2 gas boilers and upgrade insulation to the system: £3855 to replace the 8utterin8 and downpipes on the Flats and £3360 to build a new web site for the Charity. The balance of expendrture was for routine maintenance. A summary of the work5 carried out during 2022 is shown in the -Analysis of Repairs and Maintenance- included with the year-end accounts. One flat was empty at the start of the year but was occupied in February 2023 by our newly employed Bursar. All properties were occupied for the rest of the year. At 31 December 2023 the Charity held unrestricted fund5 of £3,721,54712022; £3.435,898 'revisedl of which £3,598,02212022; £3.320.638 "revised) were tied up in fixed assets and investments, leaving free reserves of £124.42512022: £106,160). The free reserves include COIF deposit account of £32,248 {2022- £30.8941 and Natwest current account of £92.177 12022; £75,266} Our investments held within the M&G Charity Multi Asset Funds fluctuated durin8 2023 showing an overall increase in valuation (£34,286) at the end of 2023. The valuation of our Property has been taken as the insured value. Two figures are shown on the insurance document, one as at insured start date, 28 June. the other. a figure allowing a 15% cost increase during the insured year. The accounts have been showing the latter figure and have therefore overstated our valuation. "This has been corrected to use the start date valuation. During 2024 we plan to appoint local surveyors & Valuers to establish the current asset value of the Estate in place of using the Insured re-instatement valuation. We did not transfer any funds from the General Account to the M&G Charity Multi Asset Funds during 2023. The Trustees aim is to maintain free reseeS which cover three to six months normal expenditure, however wtth the Planned Capital Expenditure in 2024 to replace all the windows of the Flats. our current free reserve level is above that which we would nomially hold. er Frost Trustee nreasurer
THE BEDFORD MORISON AND CORDERY ALMSHOUSE CHARITY Balance Sheet for the year ended 31st December 2023 31st D•cÈmbw 315t December 2023 2022 an Ible Flxed Assets FrÈÈhold of land and propety As at day one valuation 30 June Fixed Asset Investments 2.856.299 2.613.201 M&G 4674 Acojmulation Shares M&G 2425( Inme Shares 523. 217,819 493.280 214.157 Total Flxed Assets 3.938,022 3,320.638 CurTrnt Assets Nat West Current AJC COIF Deposit alc 2,17T 32,248 75,266 30,894 124.425 106.160 Current LiabllFiies Creditors Net Currents Assets 123,525 105,2fA) Total Net Assets 3.721.547 3,425.898 Funds ofth• Cha . UnTestrided fund5 3.721,547 3.425.898 Total funds £3.721.547 £3.425.898 Approved for a1 on bghalf of the Trustees R.B. Frost F. Evar Date. 16th April 24
THE BEDFORD MORISON AND CORDERY ALMSHOUSE CHARITY Receipts & Payments Account for the year ended 31st December 2023 2023 2022 Dividend on M&G Investrnent Ac(xJunts 9215 8,488 Inte$t on COIF Reserve AcwJnt 1354 298 Total 10.569 8,786 Maintenance Receipts from Residenls Donations received 74133 720 61,138 297 Total Reeelpts 85422 70.221 Deduct.. Direct Charitable Expenses Deduct.. Investment of fvnds Deduct.. Capital Expenditure -53115 47.242 -14043 -7,979 Excess Incom& over Expenditure £18.264 £15.000 Balance at Natwest Bank 1st January £75.266 £60.664 Balancg at Natwest Bank 31st December £92,1TI £7S,266
THE BEDFORD MORISON AND CORDERY ALMSHOUSE CHARITY ststement of Financial Activities for the year ended 31st December 2023 INCOME Residents Maintenance Payments M&G Investment in¢ Donations 74133 9215 720 61138 297 Total Income £69,923 EXPENDITURE Staff costs Light & Heat Water servi Insuran Tèlephon8 TV & intemet Council Tax Heatth & Safety 8280 6626 1481 1805 11565 2040 1971 1790 1735 3736 2255 2970 k jj Postage, Stath?nery Compulef & Copier Costs SubriptIons Legal & Profe&8ional Fees Twstees Personal Expenses Sundry costs Repairs & Maintenance Total Charitable Expendlture 61 169 169 292 875 432 1323 19,613 £47,243 1019 122 1707 13652 £53.115 Tcrtal Capital Expenditure £14.043 £7.979 Total ExpendTture £67.158 £55.221 Excess Income over (Expendilurel £16.910 £14.702
THE BEDFORD MORISON AND CORDERY ALMSHOUSE CHARITY Analysis of Repairs & Maintenance for the ygar ended 31st December 2023 2023 2022 Electrical repairs Plumbing & Heating Water lesling Pest control Properties Refurbishment Window & Bin cleaning Repairs RE.. Quinquennial Survey Window I gutterlsundry repairs Gardening Fire & Security costs Sundry ttems 2,059 3,833 2.218 2,436 7,399 2.141 710 1.158 4,325 1,028 510 1,350 1,785 1,890 £13.652 £19.613 Analysis of Capital Expenditure PIL(mbing & Heating Window I gutterlsundry repair5 Build New Web Sites 6.798 3,885 3.360 £14,043