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 p￿sent 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 HoS￿tal1ty 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 a￿1
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 un￿len￿n9.
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 relati￿3 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 (m￿1e 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
rn￿ntenanCe 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 p￿SSUre 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 AlMSh￿Se
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 year*nd 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£t￿ntsng 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
R￿trIct
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 aS￿ts
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 p￿pare 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 Y￿thdrawn.
The financial statements are prepared in sterling, which is the functional ajrrency of the o*arty. 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 athV￿e3.
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 Impalm￿nt 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 liabil￿es.
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 beC0￿￿S 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 Inte￿St method.
Derecogniti"on of financlal liabilftles
Finanaal liabilitses are derecognised when the charity's contractual obligations expire or a￿ discharged or
can￿lled.
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 SoUr￿s. 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
prOpe￿eS 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 finar￿la1
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
G￿n￿(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 proPe￿e8.
The Emergency Repairs Fund is fvnds set aside in inVeStff￿ntS 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~