REGJSTERED CHARITY NUMBER: 207304 REPORT OF THE TRUSTEES AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR MARY HOUGHAM ALMSHOUSES TRUST Mccabe Ford Williams Chartered Accountants Charlton House Dour Street DOVER Kenl CT16 IBL
MARY HOUGHAM ALMSHOUSES TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Reference and Administrative Details Report of the Truslees Independent Examiner's Report Statement of Financial Activitie5 Balance Sheet Notes to the Financial Statements 7 to 12 Detailed Statement of Financial Activities 13
MARY HOUGHAM ALMSHOUSES TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES Ms D Grossman B Garthier (resigned 5.6.24) P Dodkins A Friend PDJull Mrs J Arfinan M Conelly (resigned 5.6.23) G Cowan (appointed 6.6.23) Dr L Leith {appointed 14.8.24} PRINCIPAL ADDRESS 70 St Leonards Road DEAL Kent CT14 9AY REGISTERED CHARITY NUMBER 207304 INDEPENDENT EXAMINER Mccabe Ford Williams Charteied Accounlants Charlton House Dour Street DOVER Kent CT16 IBL CLERK AND TREASURER Mrs B Ransom INVESTMENT HOLDER CCLA 85 Queen Victoria Street London EC4V 4ET Page I
MARY HOUGHAM ALMSHOUSES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ¢ trnstees present their report with the fjnancial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Sthtement 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 I02) (effective l January 2019). The Mary Hougham Almshouses Charity was set up by a conve)'ance dated 25 March 1890 and schemes which regulate the operations of the Charity dated 23 February 1981 and 7 April 1986 as amended on 14 February 2018 and 21 October 2020. The Charity became a registered Housing Association on 16 June 1986 and was deregistered on 19 September 2001. OBJECTIVES AND ACttVlTIES Objectives and aims a) The objective of the charity is to procure, maiThtain and let 12 Almshouses in Deal. The residents shall be aged and infum Deal Boatsnen and subject thereto poor. aged and infm persons thlLO are inhabiLqnts of the former Borough of Deal a5 constited on the 31 March 1974. b) Whilst there are only 12 units, and vacancies generdlly occur rdrely. applications for occupancy are invited annually t1)Ugh public notice in the local press and on notice boards of the Deal Town and Walmer Parish Councils and references from the Dover District Council. Residents are then selected having regard to the aims of the Charity, its approved criteria and following intervieiv. c) After complying with the financial requirements, detailed in the Scheme of Administration, the income of the Charity shall be applied for the benefit of the occupants or any of them in such a manDer as the Trustees think fil from time to time. d) The occupanis were granted a sum in respect of each Property equivalent to the Water Charge5 payable for the year. Administration Trustees rnet a total of six times dunno the year. three additional meetings ivere held to discuss a serious issue regarding thc contract for the back window replacements. The Trusiees had instnicted a business to undertake the works and had the previous year paid a s/0 deposit of £45,58 l. After seN"eral start dates had elapsed, Trustees N*ere made aiTr47re that the owner had County Court Judgements against him. The Clerk infornied the Charities Commission of the potential SI1]ricant loss and the required report was filed in accordance ii-ith the reoulations. The Clerk filed a report i1.ith the Fraud Invesligaiion Service. Trustees reviewed the policies and procedures and iiere salisfied that these had been followed. Despite havin2 a meeting with the business olimer and going throuJtF ihe mediaiion process li was not possible to negotiate any refund of the dep051t. The owner l.as subsequentl). made bankrupt. The Charity registered the loss with the administrators and updated and closed the repori ii-ith the Charities Commission. Tii'o vacancies arose during the year" one dwelling undeThvent a partial refiwbishment whilst the other needed a complete refurbishment before new residents could move in. Tersons (Managing Agent) maintained a personal link with the residents and continued to respond speedily to needs associated wilh housing, repairs and initial health issues. Publie Benefit When rcvieiving the Charity's aims and objectives, measuring performance and planning future activities, trustees have had regard to the Charity Commission's guidance on public benefit. Revaluation Investments are revalued at each year end and the iThcreasei'decrease in value is charged to the applicable funds at the year end. The change is not directly distributable to the resident5.
INDEPENDENT EXAMINER'S REPORT TO TH E TRUSTEES OF MARY HOUGHAM ALMSHOUSES TRUST .ependen¢ examiner's report to the trustees of Mary Hougham Almshouses Trust ,tport to the charsty trnstees on my examination of the accounts of Mary Hougham Almshouses Trust (the Trnst) for e year ended 31 March 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (Ihe Act). I report in respect of my examination of the Trust's account5 carried out under Section 145 of the Act and in Carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5){b) of the Act. Independent examiner's stalement I have completed my examination. I confirn] that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting record5 were not kept in respect of the Tnt as required by Section 130 of the Act" or the accounts do not accord with those records- or the accounts do not comply wilh the applicable requirements concerning the forn] and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a trne and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mr J Sheather Bsc FCA Mccabe Ford Williams Chartered Accountants Charlton House Dour Street DOVER Kent CT16 IBL Date.. Paoe 4
MARY HOUGHAM ALMSHOUSES TRUST STATEMENT OF FINANCIAL ACTtVlTIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Total fimds 2023 Total fimds Unrestricted funds Restricted fimds Endowment fund Notes INCOME AIND ENDOWMENTS FROM Residents mainienance contributions Investment income 69,834 5,858 69,834 5.858 64,934 9,496 Total 75.692 75.692 74,430 EXPENDITURE ON Charitable activities Operating ¢05ts 87.050 87.050 230,294 Net gains/(losses) on investments 10.636 10.636 (28,884) NET INCOMEI(EXPENDITURE) (722) (722) (184,748) RECONCILIATION OF FUNDS Total funds brought forward 315,020 2.600,000 2,915,020 3,099,768 TOTAL FUNDS CARRIED FORWARD 314.298 2.600,000 2,914,298 2,915,020 The notes forn part of these financial statements Patie 5
MAR Y HOUGHAM ALMSHOUSES TRUST BALANCE SHEET 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible a55etS Investments 2.600.000 24,390 2,600,000 23,356 2,624,390 2,623.356 CURRENT ASSETS Debtors Investments Cash at bank 892 246,607 44,259 46,542 187,005 61,687 io 291,758 295.234 CREDITORS Amounts falling due within one year (1.850) (3,570) NET CURRENT ASSETS 289,908 291,664 TOTAL ASSETS LESS CURRENT LIABILITIES 2,914.298 2,915,020 NET ASSETS 2.914.298 2,915,020 FUNDS Unrestricted fimds.. Generdl nd Capital Fund Cyclical Maintenance Fund Eitra Ordinary Repair Fund Expansion Fund 13 42.775 24,916 25,664 25,664 195,279 18,132 23.882 40,420 45,581 187,005 314,298 315,020 EndoiTrTnent funds 2.600,000 2.600,000 TOTAL FUIYDS 2,914,298 2,915,020 The fmancial statements i*'ere approved by the Board of Truslees and authorised for issue 147...j.Q.:..l.P..l..Kl......... and were signed on its behalf by: on D Grossman- T te The notes forni part ofthese financial slatements Paoe 6
MARY HOUGHAM ALMSHOUSES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Mary Hougham Almshouses Tnt is an uninconx)rated charity. The presentation currency of the financial statements is the Pound Sterling (£). ACCOUNTING POLICIES Basis of preparing the financial statements The Financial statements of the charity, which is a public benefit entlty 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 accordan¢¢ with the Financial Reporting Standard applicable in the UK and Republic of Iieland (FRS 102) (effective l 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 preped under the historical cost convenlion. with the exception of investmenls which are included at market value. as modified by the revaluation of certain assets. The trustees consider that there are no tnaterial uncertainties about the Charitys ability to continue as a going concern. 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. Income represents Maintenance Contributions receivable. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constrnctive obligation committing the charity to that expenditure, it is probable that a trdnsfer 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 classif1ed under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular hiadings they have been allocated to activities on a basis consistent with the use of resources. Tangible filed assels MaTh, Houoham Almshouses were constructed in the late nineteenth Century. The original cost included the improvernenls carried out since 1987 which were funded by a Housing Corporation Grant, a mortgage loan from the Dover District Council secured by a charge on housing, land and buildings and from Mary Hougham Almshouses Charity's own resources. As the properties are rnaintained in a 5tatc of repair such that their estimated residual value is not less ihan their improvement cost or carrying amount, no dcprcciation is applied.The properties are included at markei value. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance 1th the charitable objectives at the discretion of the trustees. Unrestricted investments have been presented ai iheir fair value. as at the year end. 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. Cyclical Maintenance Fund (CMF). This reserve represents designated amounts set aside for Cyclical Maintenance lo meet cosis in excess of budgeted expenditure for any year. If unused it will be used to expand the amount of properties held by the charity. Extra Ordinary Repairs Fund (ERF).: This reserve represents des7.lated amounts set aside to cany out major repairs on housing properties. If unused it i¥ill be used io expand the amount of properties held by the charity. Page 7 continued...
MARY HOUGHAM ALMSHOUSES TRUST NOTES TO THE FJYANCIAL STATEMENfs - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- eonlinued Fund 2ccountlDg Expansion Fund. This reserve represents designated sums set aside to expand the amount of properties held by the charity. Capital fund. This consists of designated reserve5. made up of unrestricted donations received by the charity. Endowment fimd. This con5l5ts of freehold property of the charity. Investments Investments are stated at their lair value and the increase/ decrease in value is charged to the applicable funds at the year end. The change is not directly distributable to the tenants. RESIDENTS MAINTENAIYCE CONTRtBUTIONS 2024 2023 Resident maintenance 69,834 64,934 INVESTMENT INCOME 2024 2023 Investment income Interest receivable 5,209 649 9,233 263 5.858 9,496 TRUSTEES, REMUNERATIO]Y AND BENEFITS There iyere no trnstees. remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 20?3. Trustees, expenses There ii'ere no trustees, expenses paid for the Ye ended 31 March 2024 nor for the )'ear ended 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINAIYCIAL ACTIVITIES Unrestricted Restricted funds funds EndOqnenl fund Total funds INCOME AND ENDOWMENTS FROM Residents maintenance contributions Inveslmenl income 64,934 9.496 64,934 9,496 Total 74.430 74,430 EXPENDITURE OIY Charitable activities Operating costs 230,294 230,294 Net gains/(losses) on investments (28.884) (28,884) NET INCOMEI(EXPEliDITURE) (184,748) (184,748) Page 8 continued...
MARY HOUGHAM ALMSHOUSES TRUST NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowinent funds nds fund Total n(ts RECONCILIATION OF FUNDS Total funds brought forward 499.768 2.600,000 3,099,768 TOT AL FUNDS CARIUED FORWARD 315,020 2,600,000 2.915,020 TANGIBLE FIXED ASSETS Freehold property COST OR VALUATION At l April 2023 and 31 March 2024 2,600,000 NET BOOK VALUE At 31 March 2024 2,600,000 At 31 March 2023 2,600,000 Cost or valuation at 31 March 2024 is represented by: Freehold property Valuation in 2022 Cost 1,924,414 675,586 2,600,000 The freehold properties were valued by the trnstees al market value at 31 March 2024. FIXED ASSET INVESTMENTS Unlisted investments MARKF,T VALUE At l April 2023 Revaluations 23,356 ,034 At 31 March 2024 24.390 NET BOOK VALUE At 31 March 2024 24,390 At 31 March 2023 23,356 There were no investment assets outside the UK. continued...
MARY HOUGHAM ALMSHOUSES TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 FED ASSET INVESTMENTS - continued Cost or valuation at 31 March 2024 is represented by: Unlisted investments 115 (369) (1,902) (1.470) 1,034 26.982 Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Cost 24,390 DEBTORS: AMOUNTS FALLING DUE WITHIN OIYE YEAR 2024 2023 892 46,542 Debtors and prepayments io. CURRENT ASSET INVESTMENTS 2024 2023 Purchase Units Market Market Cyclical Maintenance Fund Extra Ordinary Repairs Fund Expansion Fund 25.000 25,000 206,983 20,870 20,870 I58.802 25,664 25,664 195,279 187.005 256,983 200,542 246,607 187,005 ii. CREDITORS: AMOUNTS FALLING DUF. WITHIN ONE YEAR 20?4 2023 1.850 3,570 Sundry creditors 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted funds fimds 2024 Total tunds 2023 Total funds Endowment rund Fixed asse15 Invesmients Current assets Cuent liabilities 2,600,000 2,600,000 24,390 291,758 (1,850) 2,600,000 23,356 295,234 (3,570) 24.390 291.758 (1,850) 314,298 2,600,000 2,914.298 2,915.020 Page 10 continued...
MARY HOUGHAM ALMSHOUSES TRUST NOTES TO THE FINANCIAL STATEMENTS- conlinued FOR THE YEAR ENDED 31 MARCH 2024 13. MOVEMENT IN FUNDS Net movement in funds Transfers between fid5 At 31.3.24 At 1.4.23 Unrestricted funds General fund Capital Fund Cyclical Maintenance Fund Extra Ordinary Repair Fund Expansion Fund 18.132 23,882 40,420 45,581 187,005 34,223 1,034 664 (44,917) 8.274 {9,580) 42,775 24,916 25,664 25,664 195,279 (15,420) 25,000 315.020 {722) 314.298 Endowment funds EndOlDellt Fund 2,600.000 2,600.000 TOTAL FUNDS 2,915,020 (722) 2,914,298 Net movement in fimds, included in the above ale Ls follows= Incoming Resources expended Gains and losses Movement in funds Unrestricted funds General fund Capital Fund Cyclical Maintenance Fund Extra Ordinary Repair Fund Expansion Fund 75,692 (41,469) 34,223 1,034 664 (44,917) 8,274 1,034 664 664 8,274 (45,581) 75.692 (87,050) 10.636 (722) TOTAL FUNDS 75.692 (87,050) 10.636 {722) Comparatives (or movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestrieled funds General fund Capital Fund Cyclical Maintenance Fund Exira Ordinary Repair Fund Expansion Fund 7,196 10,936 (1.470) (119,245) (54,658) (20,311) 18,132 23,882 40,420 45,581 187,005 159,665 100,239 207,316 499.768 (184,748) 315,020 End0'MeTrt funds EndoiTrTnent Fund 2.600.000 2,600,000 TOTAL FUNDS 3,099,768 (184,748) 2,915,020 Pagell continued...
MARY HOUGHAM ALMSHOUSES TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 13. MOVEMENT IN FUNDS - continued Comparative net movernent in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fimd Capital Fund Cyclical Maintenance Fund Extra Ordinary Repair Fund Expansion Fund 74,430 (63,494) 10,936 (1,470) (119,245) (54,658) {20,311) (1,470) (9.593) (5,510) (12,311) (109,652) (49,148) (8,000) 74,430 (230,294) (28,884) (184,748) TOT AL FUNDS 74,430 (230.294) (28,884) (184,748) 14. RELATED PARTY DISCLOSURES There were no related party transaclions for ihe year ended 31 March 2024. Page 12
MARY HOUGHAM ALMSHOUSES TRUST DETAILED STATEMENT OF FINANCIAL AcfIvITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Residents maintenance contribulions Resident maintenance 69.834 64,934 Investment ineome nvestment income Interest receivable 5,209 649 9,233 263 5,858 9.496 Tot21 incoming resources 75,692 74.430 EXPENDITURE Charitable activities Rates and Nvater Insurance Sundry expenses Management fecs Unidial charges Stair lift maintenance Service charges National associatton of almshouses Ombudsman Repairs and maintenance Room hire Repairs - Electrical ivorks RLpairs - Fire protection Repairs - Gas Fires Repairs - Water Refurbishment Loss of deposit due to supplier insolvency Independent examiner's fee Clerk's expense5 Accountancy and adTninistrdtion Professional fees 2,597 2,373 145 7.200 931 624 4.101 311 58 1.480 131 971 32 2,759 1,819 11,924 45,581 1,782 1.728 503 2,125 3,071 117 15,600 1,830 1,721 1.905 198 55 1,930 74 552 497 4,555 192,476 1,512 1.224 780 72 87,050 230,294 Total resources expended 87,050 230,294 Net expenditure before gains and losses {11,358) (155,864) Realised and unrealised recogni5ed gains and 105se5 Surplusldeficit on invL'stments 10,636 (28,884) Net expenditure (722) (184.748) This page does not forni part of the statulory financial statements Page 13