MEDQER'S ALIISHOUSES REPORT OF THE TRUSTEES FOR THE YEAA ENDED 31 DECEMBER 2022 Hédgor s Aknshouses v4as enthxed as a Charty by an InLWlure of 24 Ottober 1805 betw88n JJffl8E Hedger and his 5ws. Hv akwinl8d Ihem a8 TIu8leo8 ol cott8gès hè h&d bJll Èt Hedgor c￿rt, Webb Row kn s￿1hwth. IrKome Irom olher ryrferty an lo ma+niain the eottag•8 for lh• '8UPPOrt and comfort, d a￿￿h1 FXM)r women agod ai lÈasl SO yèirs. The IrKlenlure cowmemorales 19 August 1797 as the FDundat￿n dale. The &hem• was s8818d In 1968 when etghl kxJn9alLM8 wer• buih a nthy s*é al Mèrro*. The main 048(a8 c4 Charity 8r• to provkl8 ar#* malmth a gTOUP housos lor Ihe use ol elderfy *Y>m0n (4 limilod Means. S￿￿.9cl lo this. tha Income MAY bè appled lor Ihe bonoltt ol alty wy ol the from tha lo dme kn such manner as the Trusloos INnk fil. The Truslo8G are responsibbj Icr kgeping Kycpor accourfry rornrds di8do8• wlh roas￿1b￿ accuracy Ihe Ilnanclaj wsitson ol the Tw&. A lull nsk as6ossm￿l mad• and A feS8rves p)Ilcy Implèm8nt¢d as recOmm?￿e￿ by the Chanly Commkssion. are m•n•ged in accofdance vthh Ihis ass8ssm•nt and no r15k Is rBgarded ag high. The Twsle83 8npAJre thal free r888r486 01 £6.LKQ or Itt8 oqulvalonl ol mcnth5 WMC trom two ￿n￿alo*S ar8 kopl availabl8 io alkjw lh8 d)athy lo ooerate lor al lèast Ilx months dunng two wacancaos. Tre TnJsl88s 8r8 also res￿￿ble lor sal8oiiarding Ihe a550ts 01 the TrusL Insura cow•r lor Ihe bLtilJings is now the Aoyal & Sun Alla￿ rAc. lor £1,601.71 Maknienanco and r*p8ir lunds are In ￿a(* to 8nable the charity to mainlaln a corNtanl programme ol i•lJrbi8hm•nl. Thli y88r the bur*J8bows have teen fm8d th cook•r hoc4Js Icrf first limè. kn addit￿ lo cych'cal i•d•ttrfalino. ￿ ieplacad balhrotsm ¢xlract¢r fans and remDv&fj the Iir8F4acK Irom vacanl buiigalows, Thig Iwol¥éd laking ￿J1 long dtsus•d back boilers. which used to heal water. Irom ih•J Iir•pth88, A mossy job but the iesull Is F4ea51TrJ and th• tiled h•artls are nc longer a lrikPTrJ trazard. We sad lo two ol Qui rwidDnl#, Oap*m• frth and R&ch•l Mwlln dl•d OJrfro fv yJaT. Howev•r, wo pleased lo be lo li￿ the vawGi8s ￿l￿1n ihTe8 months In 8B¢h ¢ase, ihanKs to the prompl BIYWG85 01 ljin Loyn88 oui d8c(wafoi, LBwrenr* the ￿lIde1 and WctsJlryG Gleaners. Our Ward8n Sally Ch8pman a ￿r￿da￿ul wppcrt to Oaphne Flachel In their lasl days and Worl4￿ hard 10 lh• wh¥•nlB Wle 4Jffw hgr he¥tr•l Ihank£ In a demand￿0 yow. W? al￿ larvwell ID Jane Peny. vho has Tru8le8 lty hbAlih rga8on%. ￿te has beer •xiremety generous in giwng her Iwn• lo Ho(bJorn, knpul al rrne¥ng4 has b••n irMaluatAe and shal miss fver ￿nthe58 to Ihe r881dfjnl8, ned Et￿r0 M&na¥ng Twsle• D• 20fJ Tryst••• •131.12.202? E C A IAarhngW Avshaf N &nyih Lt•*•. Th• &i••l. Il￿dI1 faN18 QPJ 25 Pjyrcw Ci(11. Vorrow. GUI 2XH Tree Tc4)s ￿41a￿• Ckffj¢, Slth TolFK*# TaB eoT 01 G4rlon A¥ww•, Duknth. SE21 70F 111 Rodrn￿ Avww, SaILkn￿ P142 ePH NCRayn S A Manor Lodo&. Th& Street. Waberton, BNI 8 OPJ Pwl **HEDGER’S ALMSHOUSES MERROW, GUILDFORD Registered Charity No 207728** **FINANCIAL STATEMENTS & TRUSTEES’ REPORT** **31 DECEMBER 2022** ## **HEDGER’S ALMSHOUSES** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** Hedger’s Almshouses was endowed as a Charity by an Indenture of 24 October 1805 between James Hedger and his sons. He appointed them as Trustees of cottages he had built at Hedger Court, Webber Row in Southwark. Income from other property provided an income to maintain the cottages for the ‘support and comfort’ of eight poor women aged at least 50 years. The Indenture commemorates 19 August 1797 as the Foundation date. The current Scheme was sealed in 1968 when eight bungalows were built on a new site at Merrow. The main objects of the Charity are to provide and maintain a group of dwelling houses for the use of elderly women of limited means. Subject to this, the income may be applied for the benefit of all or any of the residents from time to time in such manner as the Trustees think fit. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Trust. A full risk assessment has been made and a reserves policy implemented as recommended by the Charity Commission. Risks are being managed in accordance with this assessment and no risk is regarded as high. The Trustees ensure that free reserves of £ _6,000_ or the equivalent of six months WMC from two bungalows are kept available to allow the charity to operate for at least six months during two vacancies. The Trustees are also responsible for safeguarding the assets of the Trust. Insurance cover for the buildings is now secured with the Royal & Sun Alliance plc. for £1,601,718. Maintenance and repair funds are in place to enable the charity to maintain a constant programme of refurbishment. This year the bungalows have been fitted with cooker hoods for the first time. In addition to cyclical redecorating, we replaced bathroom extractor fans and removed the fireplaces from vacant bungalows. This involved taking out the long disused back boilers, which used to heat the hot water, from the fireplaces. A messy job but the result is pleasing and the tiled hearths are no longer a tripping hazard. We were sad to lose two of our residents, Daphne Smith and Rachel Martin who died during the year. However, we were pleased to be able to fill the vacancies within three months in each case, thanks to the prompt services of Iain Loynes our decorator, John Lawrence the builder and Woodings Cleaners. Our Warden Sally Chapman was a wonderful support to Daphne and Rachel in their last days, and worked hard to make the new residents welcome so we offer her our heartfelt thanks in a demanding year. We also bade farewell to Jane Perry, who has resigned as Trustee for health reasons. She has been extremely generous in giving her time to Hedgers, her input at meetings has been invaluable and we shall miss her kindness to the residents. ## Signed |Edward Martineau, Managing|Trustee
|Date|2023| |---|---|---|---| |**Trustees at 31.12.2022**|||| |E C A Martineau|Manor Lodge, The Street, Walberton, Arundel BN18 0PJ||| |A V Sharpe|25 Merrow Croft, Merrow, Guildford GU1 2XH||| |N Smyth
|Tree Tops, Vicarage Close, Stoke Gabriel, Totnes TQ9 6QT||| |H Henderson-Cleland|91 Carlton Avenue, Dulwich, London SE21 7DF||| |N C Rayner
|111 Rodmell Avenue, Saltdean BN2 8PH||| |**Clerk**|||| |S A Martineau
|Manor Lodge, The Street, Walberton, Arundel BN18 0PJ||| Page 1 ## HEDGERS ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31st December 2022 |**Incoming Resources**
Contributions
Investment income
Bank Interest
Donations
**Resources Expended**
Alarm system (note 5.1)
Clerical & Admin expenses
Electricity (Communal)
NAA
Insurance
TV licence
Water charges (note 5.2)
Warden's Gratuity
Council Tax
Warden's Telephone
Garden
Gifts & excursions
General Maintenance
Cyclical Maintenance (note 5.3)
Creditors amendment (note 5.4)
**Total**
Net incoming/outgoing resources
Transfers between funds
Change in value of investments
Changes in Funds during year
Funds brought forward
Funds carried forward|**Unrestricted**
**Funds**
**Restricted Funds**
**Total Funds**
**Permanent**
**Endowment**
**Extraordinary**
**Repair Fund**
**2022**
_2021_
£
£
£
£
£
35,621
**35,621**
_38,036_
976
4,798
**5,774**
_4,774_
77
**77**
_0_
(Note 3)| |---|---| ||36,674
4,798
0
**41,472**
_42,811_| ||£
£
**£**
_£_
892
**892**
_431_
1,923
**1,923**
_1,810_
252
**252**
_252_
187
**187**
262
1,162
**1,162**
_933_
167
**167**
_159_
37
**37**
_609_
600
**600**
_600_
1,866
**1,866**
_1,787_
853
**853**
_754_
3,974
**3,974**
_5,934_
335
**335**
_335_
6,166
**6,166**
_9,909_
16,817
**16,817**
_34,198_
-2,385
**-2,385**
0| ||32,846
0
0
**32,846**
_57,974_| ||3,829
4,798
0
**8,627**
_-15,163_
-5,600
5,600
**-**
_-_
-1,019
-4,351
-22,701
**-28,072**
_51,926_| ||-2,790
446
-17,101
**-19,446**
_36,763_
27,194
124,182
256,156
**407,532**
_370,769_| ||24,404
124,629
239,055
388,087
_407,532_| Page 2 ## HEDGER'S ALMSHOUSES ## BALANCE SHEET as at 31st December 2022 |**FIXED ASSETS**
Freehold property at cost
note 2
Endowment Investments
note 4
**CURRENT ASSETS**
Bank accounts and cash
COIF Charities Deposit
Free Investments
note 4
Receipts due
**CURRENT LIABILITIES**
Creditors
Net Current Assets
Total Assets
Financed by
Endowment Fund
Extraordinary Repair Fund
Accumulated Surplus|**2022**
**14,215**
**£**
**116,514**
**£**
**130,729**
**£**
**1,516**
**£**
**8,100**
**£**
**247,742**
**£**
**257,358**
**£**
-
£
**257,358**
**£**
**388,087**
**£**
124,629
£
239,055
£
24,404
£
**388,087**
**£**|2021
14,215
£
116,067
£| |---|---|---| |||130,282
£
9,176
£
22
£
270,463
£
26
-£| |||279,635
£
2,386
£
277,250
£| |||407,532
£| |||124,182
£
256,156
£
27,194
£| |||407,532
£| Page 3 HEDGER’S ALMSHOUSES NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2022 ## **1. Accounting Policies** - a) The financial statements have been prepared on a Receipts and Payments basis in accordance with the Charities (Accounts and Reports) Regulations 1995. ## b) Tangible fixed assets and depreciation The Freehold property is included at cost in the balance sheet. Depreciation has not been provided as the residual value of the land is greater than original cost. Fixtures and fittings, furniture and equipment provided for the warden or residents are treated as routine or cyclical maintenance expenses and are therefore written down to nil value in the year of purchase or subsequent replacement. ## **2. Freehold Property** The present site of 0.76 acre was purchased for £1,715 in 1960. Eight dwellings were completed in 1965 at the cost of £12,500. Insurance cover for the buildings and the Charity’s contents was in place for £1,375,503 from July 2022 and for £1,601,718 from July 2023. ## **3. Restricted Funds** The Trust maintains a Permanent Endowment Fund comprising assets listed as belonging to the Charity in the Schedule to the current governing instrument, the Scheme of 17 June 1968. Since then these assets have been treated by the Trustees as capital which is not expendable but is to be invested to provide income. In addition, in accordance with the provisions of the same instrument and supplemental orders and in accordance with current recommendations of the Almshouse Association, the Trust maintains an Extraordinary Repair Fund for major renovation of the dwellings. ## **4. Schedule of Investments at 31.12.2022** |**Market**

**PERMANENT ENDOWMENT**
163.721 M&G Charifund Accumulation Shares

655 M&G Charity Multi Asset Accumulation Shares

**Value of Permanent Endowment Portfolio at end of year**

**FREE PORTFOLIO**
1175.796 M&G Charifund Income Shares


1113.4 COIF Accumulation shares

**Value of Free Portfolio at end of year**

|**Value at 31 December**
**2022**
2021
**£ 47,391**
£ 47,486
**£ 69,123**
£ 68,581
**£116,514**
£ 116,067
**£ 17,279**
£ 18,298
**£ 230,464**
£ 252,165
**£ 247,743**
£ 270,463| |---|---| The land at Merrow and the buildings also form part of the Permanent Endowment Fund. ## **5. Statement of Financial Activities** **1.** All costs incurred during the year have been consolidated into the sub-heading ‘Alarm system.’ **2.** Thames Water overestimated charges for 2021. **3.** Cyclical Maintenance has included the internal redecoration of four bungalows, removal of two fireplaces and the installation of cooker hoods in some of the kitchens. **4.** There has been a creditors balance carried as a liability for a number of years. The Trustees have not been able to identify who the creditors are, nor do they believe there is liability. Therefore, the liability of £2,385 has been written back from the Balance Sheet. Page 4 ## **Independent examiner’s report to the Trustees of Hedgers Almshouses** I report to the Trustees on my examination of the accounts of Hedgers Almshouses for the year ended 31 December 2022. ## **Responsibilities and basis of report** As the Charity’s Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirements that the accounts give a “true 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 matters 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. Signed: Name: Rob Sewell FCA Fellow of the Institute of Chartered Accountants England & Wales (FCA) Address: 17 St Omer Road, Guildford, GU1 2DA Date: 1 November 2023