Charfty reglstratlon number 207042 (England and Wales) BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trust•eg Mr3. F. Evans MBE (Chair) Mr. T. Machisa (freasurer) Dr. N. Ineson (Deputy Chair) Mr. R. B. Frost Mr. P. Mould Rev. R. M. Banham Cllr. M. Devonish Mr. M. Tunstall Ms. H. Kozan Charity number 207042 Rogisterod offic• 19 The Almshouses St Mary's Close Wafford Hertfordshire 180EQ Indep•ndent examlner Gary Howard FCA Howard Wilson Chartered Accountants 36 Crown Rise dttord Hertfordshire WD25 ONE Bank•fS Nab"onal Westminster Bank plc 72[74 High Street Watford Hertfordshire WD17 2GZ Investment advlsorn CCLA Investment Management Ltd COIF Chanty Funds OneAngel Lane London EC4R 3AB M&G Investment Management Ltd 10 Fenchurch Avenue London EC3M SAG
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY CONTENTS Pago Trustees report Independent examinerfs report Statement of finanaal activities Balance sheet Notes to the financial ststements 8-17
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees psent their pOrt and financial statements for the year ended 31 December 2024. The financ4al statements have been prepared In accordanc with the accounts.ng policies set out in the notes to the financial statements and compty wth the chanty's goveming document, the Chanties Act 2011 and "Accounting and Reportsng by Chan'tses: Statement of Recommended Practice applicable to charibes preparing their accounts In accordance with the Finanaal Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102) (effective 1 January 2019)". Obj•ctlv•s and actlvltl•• The chanty's objects are to provide almshouses for poor women or married couples of good character who are resident at tsme of appointment In the areas comprising the ana'ent parishes of Wafford, Chenies and Langley Marsh or the area which. on 18 December 1918, comprised the parishes of Wafford Urban. Oxhey and Watford Rural. Publoc benefft statem•nt The Tntstees have paid due regard to guidance issued by the Charty Commission in deading what a¢v,e6 the charty should undertake. Review of 2024 This report looks back on a very productive and successfvl year in the developffEnt of the Almhouses strategic management and maintenance of the site, both buildings and gardens. r agreed themes of Heritsge, Home and HoStal1ty have driven distinct areas of work and enabled Trustees to tske forward individual areas of responsibility and interest Eath Trustee has an agreed area of responsibility, and this has enabled the Board to be dynamic a1 cdlaboratsve. Trustee meetings are now focused and productive and demonstrate active parb"apatson from eath Trustee. However, rt should be noted that the Maintenance Trustee, Mike Tunstall, has bome a huge workload as the demands from the preservation of the 'Heritsge' of the site are many and unlenn9. Trustees lead on the following Roles and Responsibilities as below Feliaty Evans Nigel Ineson Tanyaradzwa Mischa Mike Tunstall Marilyn DevonishlHutya Kozan Peter MouldTrlulya Kozan Peter Mould Nigel Ineson Poly, wocedure, safeguarding, minutes FinarKX arNJ accounts maintenar. Trade Management, Repairs Social and relati3 with Residents Communicabons (Websrte and Newsletters) Fund Raising Minutes se(x Reverend Tony Rindl transferred to a new post in Bimiingham leaving the Vicar of St Mary's role vacant in 2024. Subsequent to the year end, Reverend Richard Banham has been apppointed Vicar of St Mary's and has taken his place on the Trustee Board. After a comprehensive intervithv process, we were delighted to offer Flat Number 13 to a new resident Flat 13 had been empty for some bme following the relocabon of our Bursar and Archiwst, Carson Murphy. to Settle in North Yorkshire. The resident was also offered the Wdrden role alongside another resident who was already in place as Warden. This resident had been the only Warden for Several months filling the void left by previous Warden who was (m1e to conbnue due to illness. e new resident has brought many skills to her new role. Their warmth and ability to make good relationships wth felkny residents is notsble. The two rdenS make a fabulous team and given the extent of the rnntenanCe schedule and garden refvrbishment over the year, have had a great deal of work to do ensun'ng at the workforce on-site is organised, efficlent and well received. Almshouses are rrentlY at capaaty although following the serlous illness and dedining health of one esident, a flat remains empty whilst the resident's family and the Local Authonty Adult Soaal Care department nda Itable aftematsve accommodats'on. Once that is secured, the flat will be vacant.
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The maln areas of activity for note in this Annual Report are: Contrncts The impact on the Charity budget from the rise in the Nl contributions ouuined in the Budget November 2024. Supervision for the Wardens to be introduced on a regular basis from April 2025. Policles and Guidelinos The introduction of a schedule of review for all Policies Agreed Bultying and Harassment Policy Maintonanc• General upkeep and maintenance spreadsheet created to keep track of works and ensure minimal delay Process for maintaining buildings agreed Unrt by unrt VIeW and upgrade of the bathrooms. offi refurt)ishment agreed and completed. Instsllation of washing machine in the office cupboard to Servi the guest room. Extensive replacement windows project completed for the Cordery building. Detailed research to establish window upgrades for the Cottsges Shed n0VatiOn to provide a drying room for Residents- in progress In(xeased pSSUre for the water supply following negotiats.ons with Affinty Water Plumbing emergenaes addressed at speed Drainage and electrical works for gardens completed to future proof site. Site securty improved: CCTV installed, the perimeter fence repaired and replaced where necessary. Srt&4vide WFI installed. Gard•n Renovation Plan to refurbish the gardens to increase the well-being of the Residents and provide them v tranquil communal space to use. consultsb.on with Residents to agree the garden refurbishment Plans agreed and prospeth've garden designers interviewed. The Gazebo sold and replaced with a Pergola New seatsng purchased and secured on site. Washing lines replaced with Oak uprights ndcw boxes and hanging baskets instslled Garden restorabon commissioned from the charity, 'Sunnyside Rural Trust, to indude a sensory theme th rose beds and better4efined walkways - in progress New S(JJlptural Bird Bath created by local Sculpture Group reflecting the origin of AlMShSe Landscaping commissioned and in progress. R•latAonshlp bulldlng to support r•8ld•nts lI4>•Ing Annual Welfare visits agreed for Tru8tee8 to visit in pairn, each resident annually, to ensure welkbeing, satssfacb.on accommodab'on and to gather idea8 for future development. Birtt)day cards to be given from Trustees to Residents: organised by Deputy Warden. Regular ResKJent CA)nwltation on big decisions that affect them. Complaints and concems about Residents or their issues acted on Immediately. Workforces on site vetted for good liaison. Tralnlng As part of the Job Descmpts'on revi8ion, (202314) the Warden and Deputy Warden are now required to hold a St John Ambulance Emergency FirstAid Course ce.fiCa'0n. The Ward8n attended and is certified for 3 yearn. (From Odober 2023) New Deputy Warden has attended and is also certified (From March 2024) Defibnllator training available onlone from British Heart Foundation
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Publlclty and awareness Websrte updated with all new policy guidance and News section Membersh'p of the Wdfford Chamber of Commerce mairrtained and represented by Hutya Kozan and Tanya Mischa. Monthly Residents Newsletter distributed to all Residents, copy on website and copied to Watford Herrtage Officer. Soclal actlvlty Regular monthly coffee morning held for Residents with guest speaker3. Coffee rTK)mings are also used to consult Residents on decisions and developments that may affect them. Evening soaal events planned by Wardens Garden Party planned for 21 st June to celebrate the refurbishment of the gardens, the Blue Plaque and the bespoke bird bath installation. Many high profile guests from within the Watford area and Hertfordshire County to be invrted to the Garden Party to increase the profile of and knowledge about the history and significance of the Almshouses. The catered Christmas Lunch to be reviewed following a consultation wrth the Residents. Attendance on a Friday lunthbme is low, and all efforts are to be made to enable as mary Residents as FX)ssible to attend by changing the format. Flnancial rovi•w The Charty generated income £95,541 (2023: £85,422) as detailed in the Ststement of Financial A(vities. This rrnney will be kept arKI used for the benefit of the Residents and maintenance of the estate. The Charty spent £162,950 (2023: £63,205) on running and maintsining The Almshouses and other associated Our routine repairs and maintenan expenditure for 2024 was £23,660 (2023 £9,852). Additionalty, we incurred ¢3prtal expenditure of £42,220 to upgrade windows on the flats: £16,629 to revamp the garden £7,542 to refurbish the Offi and £4.221 to set up site-wide wi-fi accessible to all residents. We also spent £1,055 on new office equipment and tethnology as well as £981 for CCTV equipment. A summary of the works carried out dunng 2024 Is show in the "Analysis of Repairs and Maintenance" induded with the yearnd accounts. At 31st December 2024 the Chanty held unrestricted funds of £3,110,470 (2023: £3,725,429) of which £3,053.692 (2023: £3,601,934) We ts'ed up in fixed assets and investments. leaving free reserves of £57,414 (2023: £127,477). The free reserves indude a COIF deposit account of £Nil (2023: £30,894) and a Natwest (rrent ac£ount of £56,617 (2023; £92,177). Our investments held within the M&G Chanty Mults" Asset Funds fluctuated during 2024 showing an overall increase in valuats'on of £49.315 at the end of 2024. The chanty also has a small restri(Xed fvnd balance at the end of the year of £636 (2023: £Nil). The aluab.on of our property has been tsken as the market value as established by local charted surveyors & valuers (Stsmpsons) on 19th August 2024. We did not transfer any funds from the General Account to the M&G Chanty Mulb Asset Funds during 2024. R•SerV pollcy The Trustees aim 16 to maintain free reserves which cover three to six months expenditure, our current free reserve level is in line wth this amount
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for tho futurn Complete the general maintenance schedule to Indude considering the upgrading of windows In the cottages accordance to heritage maintenance stsndards Review the possible use of Solar Panels on the New Block to improve Carbon Footprint. Conts'nue to re-develop the garden, replaang seating. and improve general accessibility and landscape. Replace and rationalise the dothes drying faalrties. Hold a Garden Paty for all Residents and Significant Warford figure8 to prorThJte the Almshouses and build greater profile and helpful relationships. This event will unveil the Blue Plaque. With the Watford Museum, plan an exhibition on the Almshouses for 2025 Promote the meets'ng room to generate funds. Negotiate wrth Wattord Palace Theatre to give Residents reduced price access. Forge professional links the local Aduft SeNices Social Care Team for support and guthnce. Risk management The Trustees have assessed the major risks to which the chanty is exposed, and are sab'sfied that systems are in pla to mitigate exposure to the major risks. Structurn, gov•rnance and management The chanty is conststuted under a Trust Deed dated 7 October 1960 as amended by a Chanty Commission Stheme dated 14 April 1970. The maximum number of trustees who can serve is 9 made up as follows: The vicar of St Mary's Parish Churth 3 trustees nominated by the Borough of Watford 1 trustee nominated by the Parish Council 4 ctroptative trustees being persons residing or working in or near the Borough of Watford. Nthy ¢XKiptsb"ve trustees are appointed by existing trustees. The Trustees who seNed during the year and up to the date of signature of the financial ststements were: Mrs. F. Evans (Chair) Dr. N. Ineson (Deputy Chair) Mr. T. Mathisa (freasurer) Mr. R. B. Frost Mr. P. Mwld Rev. R. M. Banham Cllr. M. Devonish Mr. M. Tunstall Ms. H. Kozan The Trustees report ? approved by the Board of Trustees. Mrn. F. Evan• Chair of Truste ated.. 16 Sept¢rnber 2
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY l port to the Trustees on my examinab'on of the financial 8talements of Bedford, Morison and Cordery Almshouse Chanty (the chanty) for the year ended 31 December 2024. R•3ponsiblliti•s and baslg of r•port As the Trustees of the chanty you are responsible for the preparation of the finanaal ststements in accordance wrth the requirements of the Chantses Act 2011. l port in respect of my examination of the charity's finanaal statements carried out under seth'on 145 of the Chantses Ad 2011. In carrying out my examination I have followed the Direth'ons given by the Chanty Commission under sectson 145(5)(b) of the Charities Act 2011 Ind•p•ndent •xaminerfs statemont Y¢)ur attenb.on is drawn to the fact that the charity has prepared the finanaal ststements in a¢xx>rdance with the relevant version of the Ststement of Recommended Prath'ce applicable to chanb'es prepanrvJ their finanaal ststements In accordance wrth the Financial Reporb'ng Standard applicable In the UK Republic of IrelarKJ (FRS 102) In preference to the Accounting and Reporting by Charities: Statement of Recommended Pradice issued on 1 Apnl 2005 %thich is referred to in the extant regulab'ons but has now been wthdrawn. l understsnd that this has been done in order for the financial ststements to provide a true and fair view in accordance wrth UK Generally A(xepted Accounbng Pracb"ce. I have c£Ynpleted my examination. I confirm that no matters have come to my attenb'on in connethon wrth the examinats.on giving me cause to believe that in any material respect aC£tntsng records were not kept in respect of the charty as required by sedion 130 of the Chanbes Act 2011. the finanaal statements do not accord with those records: or the finanaal statements do not comply with the applicable requirements conceming the form and content of financial statements set out in the Chanties (Accounts and Repofts) Regulab.¢S 2008 other than any requirement that the financial statements give a true and fair view, bthidi is not a matter considered as part of an independent examinab'on. I have no concems and have come auoss no other matters in conneth.on wrth the examinati( to whth attents.on should be drawn in this report In order to enable a proper understanding of the finanaal statements to be rea¢)led. ry Howard FCA Howard Wlson Chartered Accountsnts 36 Crovm Rjse Watford Hertfordshlre 25 ONE 14 Ocaober 2025
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE AccouKr FOR THE YEAR ENDED 31 DECEMBER 2024 Unrnstrlctod funds 2024 RtrIct funds 2024 Totsl Unrngtrlctsd fund• 2023 2024 Not•9 Income from: Donatsons and legacies Charitable activities Investments 1,023 82,409 11.473 636 1,659 82,409 11,473 720 74,133 10.569 Total Incom• 94,905 636 95,541 85,422 Expendlture on: Chantable activib.es 162,950 162.950 63,205 Total expenditur• 162,950 162.950 63,205 Net gain(lOSses) on investments 10 49,315 49,315 34.286 Net Incomel(exp•nditure) (18,730) 636 (18,094) 56,503 Other rocognlsed gains and losses: Revaluation of tangible fixed assets (596,229) (596.229) 243.028 N•t movement In funds (614.959) 636 (614,323) 299,531 R•conciliation of funds: Fund balances at 1 January 2024 3,725,429 3,725.429 3,425,898 Fund balanc•s at 31 D•comb•r 2024 3,110,470 636 3,111,106 3,n5,429 The ststement of finanaal a(*'vits'es indudes all gains and losses recognised in the year. All income and expenditure derive from conb'nuing acts'vibes.
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notes Flxed assots Tangible assets Investments 12 13 2.262,654 791,038 2,860.211 741,723 3.053,692 3,601,934 Curr•nt assets Debtor3 Cash at bank and in hand 14 2,258 56,618 124,425 58,876 124.425 Creditors: amounts falling due within on• y•ar 15 (1,462) (930) Net curr•nt aSts 57,414 123.495 Total assets lass current Ilabilities 3,111.106 3,725,429 The fvnds of tho charlty Restnded income funds Unresthcled funds 16 18 636 3,110,470 3.725.429 3,111,106 3.725.429 The finanaal statements were approved by the Trustees on 16 September 2025 Mr3 F Ewans MBE Trust•eg Mr T Machisa Trustses
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcl Charlty Infomiatlon Bedford. Monson and Cordery Almshouse Charity is a charitable trusL 1.1 Accounting conventlon The financial statements have been prepared in accordance wrth the charity's goveming document, the Chanties Act 2011 and "Accountsng and Reports'ng 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) (effectsve 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The chanty has taken advantage of the provislons in the SORP for charities applying FRS 102 Update Bulletin 1 not to ppare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has Involved following the Ststement of Recommended Practice for charities applying FRS 102 rather than the Versi of the Statement of Recommended Praclice which is referred to in the Regulations but whith has since been Ythdrawn. The financial statements are prepared in sterling, which is the functional ajrrency of the oarty. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modffied to indude the revalLAation of freehold properties and to indude investment properb'es and certain financial instruments at fair value. The principal accounts'ng policies adopted are set out below. 12 Golng concern At the b.me of approving the financial statements, the Trustees have a asOnable expectation that the thanty has adequate resources to continue in operats'onal existence for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounb.ng in preparing the financial statements. 1.3 Charttsblo funds Unrestn'(Xed funds are available for use at the discretion of the Trustees in fvrtherar£e of their ¢ritable obje(ves. esth(Xed funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1A Incom• Incoff is recognised when the charity is legally entitled to it after any performance conditsons have been met, the amounts can be measured reliably, and it is probable that income wll be received. Cash donations are recognised on receipt. Other donatlons are recognised once the tharity has been notsfied of the donatson, unless performance conditions require deferral of the amount. 1.6 Expondltur• Expendrture 18 recognised when a constructive or actual liability exists. In respect of awards made, this is when the trustee8 have approved the award arKI communicated their decision to the recipienL 1.6 Tanglbl• fix•d a•s•ts Tangible fixed assets are Initially measured at cost and subsequenty measured at cA)st or Valuats.. net of depreaats'on and any impairment losses.
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Contlnued) Depreaation is recognised so as to wnte off the cost or valuats'on of assets less their residual values over their useful INes on the follow'ng bases: Freehold land and buildings Fixtures and fittings nll 25 % straight line The gain or loss arising on the disposal of an asset 18 determined a8 the difference between the sale proceeds and the carrying value of the asset, and is recognlsed In the 8tstement of financial athVe3. The land and buildings represent the Essex Almhouses held for the functional use by the charty and are stated at their insured value which the Trustees consider to be equivalent to the depreoated replacement cosL 1.7 Flx•d asset Inv•stm•nts Fixed asset investments are initially measured at transaction price exduding transaclion costs, and are subsequentty measured at fair value at each PortIng date. Changes in frair value are recognised In net Incomel(expenditure) for the year. Transaction costs are expensed as Inajrred. 1.8 Impairment of fixed assets At each repo"ng end date, the charity rewews the carying amounts of rts tangible assets to determine whether there is any indicatson that those assets have suffered an Impalmnt loss. If any suth indKab" exists, the recoverable amount of the asset is ests'mated in order to determine the extent of the Imparment loss (rf any). 1.9 Cash and equivalents Cash and cash equivalents indude cash in hand. deposits held at call with banks. other shcKHemi liquid investrnents with original maturiti'es of three months or less, and bank overdrafts. Bank overdrafts are shown wrthin borrwngs in ajrrent liabiles. 1.10 Flnanclal instruments The olanty has elected to apply the provisions of Section 11 'Basic Finanaal Instruments, and secb.on 12 'Other Financial Instruments Issues, of FRS 102 to all of Its financial instruments. Finanaal instruments are recognised in the charity's balance sheet when the tharty beC0S party to the contra(Xual provisions of the instrument. Finanaal assets and liabilits.es are offset, with the net amounts presented in the financial ststements, when there is a legally enforceable right to set off the recognised amounts and there is an Intenti( to settle on a net ba&6 Of to realise the asset and settle the liability simultaneously. Baslc flnanclal assets Basic finanaal assets, whith indude debtors and cash and bank balances. are inib'alty measured at transacb.on price induding transadion costs and are subsequently carried at amortised cost using the effeth've interest method unless the arrangement constrtutes a financing transacbon, where the transath.on is measured at the present value of the fvture receipts discounted at a market rate of interesL Financial assets da$fied as receivable wrthin one year are not amorts'sed.
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Continued) Baslc flnanclal Ilabillties Basic financial liabilities, induding creditor3 and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilth'es dassified as payable within one year are not amorts'sed. Debt instruments are subsequently carried at amortised cost, using the effectlve interest rate method. Trade credrtors are obligations to pay for goods or service8 that have been acquired in the ordinary course of operatsons from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not. they are presented as nOn-rrent liabilities. Trade rnlitor3 are recognised inth'ally at transath'on pri and subsequently measured at amortised cost using the effecb've InteSt method. Derecogniti"on of financlal liabilftles Finanaal liabilitses are derecognised when the charity's contractual obligations expire or a discharged or canlled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Temiinabon benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employrr£nt of an employee or to provide temiination beneffts. Critical accounting estlmatss and Judgements In the applicati of the tharity's accounting policies. the Trustees are required to make judgements, esbmates and assumptions about the carrying amount of assets and liabilities that are not readity apparent fr(xn other SoUrs. The estimates and associated assumptions are based on historical expenence and other factors that are considered to be relevant. Actual results may differ from these estimates. The ests"mates and underlying assumptions are reviewed on an ongoing basis. Revisions to a(ntIfyj esbmates are recognised in the period in which the estimate is revised where the revison affed3 onty that penod, or in the period of the revision and future periods where the revision affects both (xrrent and future periods. 10
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Incom• from donatlons and legacl•• Unrestrlct•d Rostrlct•d funds funds 2024 2024 Total Unrestrlctod Restrlcted funds funds 2023 2023 Total 2024 2023 Donations and gifts Grants 1,023 1,023 636 720 720 636 1,023 636 1,659 720 720 Grdrrts Watford Borough Council 636 636 636 636 Income from charitable actlvltles Unrestrlctod Unrestrlctod funds funds 2024 2023 Charitable actlvlties Contnbutson from residents 82.409 74.133 Incom• from Investm•nts Unrnstrlct•d Unr•strlct•d funds funds 2024 2023 Investment income Interest receivable 9,821 1,652 9,215 1,354 11,473 10,569 11
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activitles 2024 2023 Staff costs Depreaation Light and heat Water services Counal tax Insuran Repairs and maintenance (see analysis below) Postage and stationery Computer costs Telephone, TV and intemet Travel Sundry expenses Legal and professional costs Subs(xiptions Health & safety costs Governan costs 15,618 1,328 11,539 907 1.731 1,929 111,917 896 4,221 1,717 12,465 1.328 11,563 2,040 1,735 1,971 19,025 61 2.449 1,790 320 1,508 1.338 4,488 1,703 72 3,954 930 3.736 930 162,950 63.205 Anatysls of Repalrs and Malntenance 2024 2023 Eledrical repairs Plumbing and heating Water testsng Pest o)ntrol prOpeeS refurt>ishment Trjow deaning Pipe insulation 2.371 8.570 1.787 1,T16 17.103 750 9.520 42.220 20,634 2,059 4.881 2,218 4,595 1,158 GardenirvJ & garden refvrbishment Fire and safety costs Sundry items 1,785 1,889 440 7,186 111.917 19,025 Net movement In funds 2024 2023 The net movement In funds is stated after thargingl(credib'ng): Fees payable for the independent examination of the chantys finarla1 statementg tkprecjats' of owned tangible fixed assets 930 1,328 930 1,328 12-
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the chanty dunng the year. Five trustee8 received a total of £4.659 (2023: 5 trustees £1,021) for reimbursed repairs and maintenance, computer, office, travel costs and sundry expenses in the year. Employ••s Number of •mployo•s The average monthly number of employees during the year was: 2024 Numb•r 2023 Numb•r Charrtable actsvities Employm•nt costs 2024 2023 Wages and salaries 15,618 12,465 There were no employees whose annual remuneration was £60,000 or more. 10 Galns and loss•s on Investments Unrestrictod Unr•strlct funds funds 2024 2023 Gn(lOsSes) ansing on: Revaluation of investments 49,315 34,286 11 Taxatlon The tharty Is exempt from taxats'on on Its ath'vrties because all its income is applied for chantable purposes. 13~
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Tanglble flxod a888ts Fr••hold land Flxtur•• and and bulldlngs ffttlng• Totsl Cost or valuation At 1 January 2024 Revaluation 2,856,229 (596,229) 5,310 2,861,539 (596,229) At 31 December 2024 2,260,000 5,310 2,265,310 Depreciation and Impalrn)•nt At 1 January 2024 Depreuation charged in the year 1,328 1,328 1,328 1,328 At 31 December 2024 2,656 2,656 Carrying amount At 31 December 2024 2,260.000 2,654 2.262.654 At 31 December 2023 2,856,229 3.982 2.860,211 The carying value of land induded in land and buildings comprises: 2024 2023 Freehold 2.856.229 2,856.229 The land and buildings represent the Essex Almshouses held for functional use by the thanty. The land and buildings were professionally valued by Stimpsons. Chartered Surveyors, during the year and are stated at their rrent market value subject to the current lease terms 14-
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Flx•d ass•t Investments Llsted Investrn•nts Cost or valuatlon At 1 January 2024 valuats.on changes 741,723 49,315 At 31 December 2024 791,038 Carrylng amount At 31 December 2024 791,038 At 31 December 2023 741.723 2024 2023 Investsnents at fair value comprise: M&G Chanty Mulb" Asset Funds- 4.674 Accumulats'on Shares M&G Chanty Mults. Asset Funds- 242,506 Income Shares 565.920 225,118 523,904 217.819 791,038 741,723 Fix•d au•t investm•nts revalued The historic cost of listed investments induded above is £220,000 (2023. £220,000). 14 Debtorn 2024 2023 Amounts falling du• within one year Other debtors 2,258 15 Cr•ditor•: amounts falling du• withln one year 2024 2023 Other cxedrtor3 Acuuals and deferred Income 532 930 930 1.462 930 15-
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 R•gtrlct•d funds The restn'(Xed funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 January 2024 Incoming At31 r•sOurC DK•mb•r 2024 Watford Borough Council grant 638 636 The grant from Watford Borough Council was to fvnd a blue plaque for the building. 17 Anatysls of net assets between funds Unr•strlcted R•strlct•d funds fvnds 2024 2024 Total 2024 At 31 December 2024: Tangible assets Investments Current assetsl(liabilities) 2,262.654 791.038 56.T78 2.262,654 791,038 57.414 636 3.110.470 636 3,111,1( Unr•strlct•d R•strlctod fvnds funds 2023 2023 Total 2023 At 31 D•umber 2023: Tangible assets Investments Current assetsl(liabilrtie8) 2,860,211 741,723 123,495 2.860,211 741.723 123,495 3,725,429 3,725.429 16-
BEDFORD, MORISON AND CORDERY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Unrnstrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to speafic conditions by donors and grantors as to how they may be used. These indude designated fvnds which have been set aside out of unrestricted funds by the trustees for speafic purposes. At 1 January 2024 Incomlng R•sourc•s r•sourc•s •xp•nd Galns and 1088•S At31 DK•mber 2024 Fixed Asset Fund Emergency Repair Fund Cornm maintenan Fund Investments - Revaluation Reserve General fvnds 2,856,229 101,201 118,799 (596,229) 2,260,000 101,201 118,799 521,723 127,4TI 49,315 571,038 59,432 94,905 (162.950) 3,725.429 94,905 (162,950) (546,914) 3,110.470 Prnvious year. At 1 January 2023 Incomlng Resources resources expended Gains and At31 loss•s Docemb•r 2023 Fixed Asset Fund Enwency Repair Fund CcxnnKm Maintenance Fund Investments - Revaluab'on Reserve General fvnds 2,613,201 101,201 118,799 243,028 2.856,229 101,201 118,799 487,437 105,260 34,286 521,n3 127.4TI 85,422 (63,205) 3,425,898 85.422 (63.205) 277,314 3.725,429 The Fixed Asset Fund represents funds tied up in the charity's tangible fixed assets. These assets are shown at insurance value as no histonc cost figure is available. The majority of the fvnd represents revaluabon gains on the proPee8. The Emergency Repairs Fund is fvnds set aside in inVeStffntS to cover the future costs of emergency repairs. The market value of the emergency repair fund investrnents is £565,920 of which the original cost of £101.201 is shown above and the revaluats'on surplus of £464,719 is shown in revaluab'on reserves.£225,118 of whith the original cost of £118,799 18 shown above and the revaluab'on surplus of £106,319 is shown in revaluat res•rv•s. Investments - Revaluation Reserve represents the unrealised gain between the market value of the thanty's investments at the year end and their original cosL 19 R•lat•d party tranuctlon• There were no disdosable related party transactions during the year (2023 - none). 17~