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 a￿OUnts for the year end8J 31 DecEmber 2023.
Refe￿nce 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 rese￿eS 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(￿ In￿me 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 a￿1 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
Sub￿riptIons
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