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2023-03-31-accounts

REGISTERED CHARITY NUMBER: 207805

TRING CHARITIES TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1

TRING CHARITIES FINANCIAL STATEMENTS 31 MARCH 2023

TABLE OF CONTENTS

Page
ANNUAL REPORT OF TRUSTEES 3
REPORT OF THE INDEPENDENT AUDITORS 8
STATEMENT OF FINANCIAL ACTIVITIES 12
BALANCE SHEET 13
NOTES TO THE FINANCIAL STATEMENTS 14

2

TRING CHARITIES ANNUAL REPORT OF TRUSTEES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

The Charity , known as Tring Charities, is registered with the Charity Commission No. 207805.

Registered Office

21 Bunyan Close, Tring, Hertfordshire, HP23 5PS.

Trustees

The Trustees serving during the year, and since the year end were as follows:

Mr C R Stevens Chairman (Co-optative Trustee) Mr C Gregory Vice Chairman (Co-optative Trustee) Mrs V A Carr Co-optative Trustee Mrs S B Todd Co-optative Trustee Mr N Cave Co-optative Trustee Mr B P Johnson Co-optative Trustee Cllr Mrs P J Hearn Nominated by Tring Town Council Mr H T Grace Co-optative Trustee Mr E T Oram Nominated by Tring Town Council Mr D C R Chalmers Nominated by Tring Rural Parish Council (Resigned 19 May 2022)

The Chief Executive Officer, who is responsible for day to day management, is Mrs E Winter.

Bankers

National Westminster Bank PLC, 9 Bank Court, Hemel Hempstead, Hertfordshire HP1 1BS

Solicitors

Wilkins Solicitors, Lincoln House, 6 Church Street, Aylesbury, Buckinghamshire HP20 2QS

Investment Managers

Churches, Charities & Local Authorities (CCLA) Investment Management Ltd One Angel Lane, London EC4R 3AB

Auditors

Haines Watts (Berkhamsted) Limited, 4 Claridge Court, Lower Kings Road, Berkhamsted, HP4 2AF

Structure, Governance & Management

Governing Document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The Trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The Trustees have adopted the provisions of Accounting and Reporting 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) (effective 1 January 2019).

3

TRING CHARITIES ANNUAL REPORT OF TRUSTEES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Continued

Appointment of Trustees, Induction and Training

The Governing Document requires that there be eleven Trustees, two nominated by Tring Town Council, two nominated by Tring Rural Parish Council and seven co-opted. Each Trustee is appointed for a period of four years and can be re-appointed at the end of that period.

In appointing Trustees, regard is had for the skills and experience required to maintain a balanced board capable of meeting the management requirements of the charity. On appointment, and periodically thereafter, Trustees are informed of their responsibilities and liabilities. Particular reference is made to the Governing Document, the Charity Commission publication “Responsibility of Charity Trustees” and the Almshouse Association publication “Standards of Almshouse Management”, copies of which are available to each Trustee. Trustees are encouraged to attend appropriate external events, where this will facilitate the undertaking of their role.

Organisation

The Board of Trustees administers the charity and meets a minimum of three times a year. There are subcommittees covering housing applications and allotment management. Other sub-committees are formed from time to time to deal with specific projects. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the Trustees, for operational matters, including financial and premises management.

Related Parties

The charity works closely with the Almshouse Association for advice and guidance on operational issues, the Charity Commission for assistance with, and approval of, governance issues and changes, and with Dacorum Borough Council on housing matters.

Risk Management

The Trustees have a risk management strategy, which comprises regular reviews of the risks associated with its activities. Systems, procedures and, where relevant, insurance covers are established to mitigate these risks and to minimise any potential impact. A key element in the management of financial risk is the setting of a reserves policy, and its regular review by the Trustees.

Objectives and Activities

The objects of the charity are the provision of housing accommodation for beneficiaries who are in financial need, the relief of financial hardship, either generally or individually of beneficiaries, and the relief of beneficiaries who are sick, disabled or aged. Beneficiaries, with certain exceptions, must be resident in the area of benefit, which is the Ancient Parish of Tring (comprising the town of Tring and the villages of Long Marston, Wilstone and Puttenham) and the adjacent villages of Wigginton, Aldbury, Marsworth and Pitstone.

The charity's objects and aims are met from year to year by the efficient management of almshouses and other property owned by the charity.

4

TRING CHARITIES ANNUAL REPORT OF TRUSTEES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 Continued

The majority of income arises in the form of weekly maintenance contributions (“WMC”) from residents and property rent, and the remainder almost entirely from investment income. WMC and property rent is reviewed annually and fixed, taking due regard of the Local Housing Allowance advised by the Valuation Office Agency and Almshouse Association guidelines. The charity does not canvass actively for donations. Income is used to meet approved budgeted expenditure and to make transfers to reserves within agreed parameters.

Achievements and Performance

Almshouses are situated in Tring (the land and buildings are owned by Tring Charities) as follows:

Ash Road 7 Units Vestry Hall 3 Units Westron Gardens 20 Units

All of the units are occupied currently; those at Vestry Hall by younger people who, for a number of reasons, are unable to compete in the commercial market for properties. The remaining properties are occupied by people aged 55 and above. Voids were nil this year. Income and expenditure was close to that budgeted. All of the properties have been maintained in a satisfactory condition and there is an on-going programme of routine and cyclical maintenance. Tring Charities also owns and lets a garage and hall at Vestry Hall, Tring and a property in Dundale Road, Tring.

Land is held:

  1. 5.22 acres of arable agricultural land at Wilstone,

  2. 0.58 acres of allotment gardens at Potash Lane, Long Marston,

  3. approx. 2 acres of allotment gardens at Mortimer Hill, Tring and

  4. approx. 3.5 acres of recreation ground at Mortimer Hill, Tring.

The agricultural land at Wilstone is let, partly to a local Allotment Association.

All the allotments at Long Marston are managed by Tring Charities (half on behalf of Long Marston Church). The recreation ground at Mortimer Hill is managed by Dacorum Borough Council and no charge is made by Tring Charities for its use at present.

General benefit for the poor continued to be a feature of the charity’s work. Donations amounting to £3,600 (2022: £3,975) were made during the year.

The Millennium Education Foundation was launched in 1999 and is a separate charity under the control of Tring Charities, numbered 1077157. The Foundation provides grants to impecunious students from Tring and surrounding villages towards the cost of higher education, and its work continued through the year.

5

TRING CHARITIES ANNUAL REPORT OF TRUSTEES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Continued

Financial Review

The Trustees aim to provide sufficient income from almshouses, other property and investments to cover anticipated charitable expenditure, including depreciation. Total incoming resources amounted to £287,032 (2022: £257,231) and total resources expended were £171,001 (2022: £176,046). There were no additions to fixed assets.

Investment Powers and Policy

Under the governing document, the charity has the power to invest in any way the Trustees wish. By investing in income and growth funds, the Trustees aim to maintain sufficient assets to secure the benefits of both present and future beneficiaries. The net loss on revaluation of investments in the year was £106,375 (2022: £196,223 gain).

Reserves Policy

In addition to general reserves for working capital purposes, reserves are required to fund future medium-term expenditure in the form of cyclical maintenance costs, extraordinary unforeseen repair costs and, in the long term, the cost of rebuilding freehold premises. Regular transfers to reserves are made each year to meet these eventualities. Actual reserves at the end of the year were:

£
Cyclical Maintenance Fund 414,373 (2022: £400,650)
Extraordinary Repair Fund 250,400 (2022: £242,039)
Property Sinking Fund
 1,895,249 (2022: £1,867,812)

Separate designated investments are held in respect of these funds and the investment performance is reflected in the above figures.

The Trustees review regularly the reserves policy and the performance of the underlying investments to satisfy themselves that the reserves are adequate for their purpose. Amounts have been transferred to Designated Reserves (see note 13) in line with Almshouse Association recommendations.

Plans for Future Periods

Tring Charities will continue to help meet the needs of qualifying beneficiaries, especially in the fields of housing and education.

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Law applicable to charities in England & Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the Trustees are required to:

6

TRING CHARITIES ANNUAL REPORT OF TRUSTEES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Continued

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ascertain the financial position of the charity and to ensure that the financial statements comply with the Charities Act 2011 and the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Annual report of Trustees was approved by the Board of Trustees on 21 September 2023.

Colin R. Stevens

Chairman of Trustees

7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TRING CHARITIES

Opinion

We have audited the financial statements of Tring Charities (the 'charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the year then ended;

-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and -have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TRING CHARITIES Continued

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TRING CHARITIES Continued

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud and error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those

risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TRING CHARITIES Continued

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Bianca Permal FCA (Senior Statutory Auditor) For and on behalf of Haines Watts (Berkhamsted) Limited 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF

27/09/2023 Date: .............................................

11

TRING CHARITIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Note
Incoming resources
14

Charitable Activities
Weekly Maintenance
Contributions (“WMC”)
& Rents

Generated Funds
Investment income

Bank interest

Other Income

Total incoming resources

Total resources expended
Charitable Expenditure
14

Net incoming/(outgoing)
resources before other
recognised gains and losses

Net Gain/(Loss) on revaluation of
investments & property
2 & 3

Net movement in funds

Reconciliation of funds
Total funds brought forward

Total funds carried forward









The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

12

TRING CHARITIES BALANCE SHEET AS AT 31 MARCH 2023

Notes
TANGIBLE FIXED ASSETS
2

INVESTMENTS
3



CURRENT ASSETS
Debtors
4
5,307
Cash at Bank
5
157,938
_
CREDITORS
163,245
Amounts falling due within one
year
6
(12,027)
_
NET CURRENT ASSETS

TOTAL ASSETS LESS
CURRENT LIABILITIES

UNRESTRICTED FUNDS
Designated Funds
13

General Funds

 2023
£
2,582,914
2,685,741
__
5,268,655

4,342
128,284
_
132,626
(22,939)
_
151,218
___
£5,419,873
2,560,022
2,859,851

___
£5,419,873		 2022
£
2,659,414
2,641,116
__
5,300,530
109,687
___
£5,410,217
2,510,500
2,899,717
___
£5,410,217

Approved by the Board of Trustees and authorised for issue on 21 September 2023 and signed on its behalf by:

.………………………………………...................…C R Stevens, Chairman of Trustees

The accompanying notes on pages 14 – 22 form part of these financial statements.

13

TRING CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

a) Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities: the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. The presentation currency of these financial statements is in Pounds Sterling.

The charity has elected to apply all amendments to FRS 102, as set out in the Financial Reporting Council's triennial review published in December 2017, and included in Update Bulletin 2 to the Charities SORP (FRS 102), prior to mandatory adoption for accounting periods beginning on or after 1 January 2019.

The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The Trustees have tested their cash flow analysis to take into account the impact on their charity of possible scenarios, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Tangible Fixed Assets

Freehold Property is shown at deemed cost (revalued in 2015 as part of the transitional arrangements allowed following the introduction of FRS 102) and this value is depreciated on a straight- line basis at 2% per year. There are a number of plots of land given to the charity over the years and these have not been attributed a value in the financial statements as it has not been possible to ascertain any cost or to value them with any accuracy. These have been referred to in the Annual Report of the Trustees.

c) Fixed Asset Investments

Investments in equity instruments are initially recognised at transaction price excluding transaction costs and are subsequently measured at fair value with changes recognised in the Statement of Financial Activities.

14

TRING CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Continued

d) Incoming Resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the funds, it is probable that the income will be received and the amount can be measured reliably.

e) Resources Expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer 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 classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

f) Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial instruments at amortised cost

The charity trade debtor and creditor balances are measured at amortised cost taking into account bad debt provision or write offs respectively.

g) Taxation

The charity is exempt from corporation tax on its charitable activities.

h) Pensions

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

i) Funds Structure

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds are unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund are set out in note 12 of the financial statements.

Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions rise when specified by the donor or when funds are raised for particular restricted purposes.

15

The charity has no restricted funds at the Balance Sheet date but should a donor require that a donation be spent on a particular purpose, or should funds be raised for a specific purpose, these would be separately identified.

j) Critical accounting estimates and judgements

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. These assumptions are reassessed annually as part of the accounts preparation process.

The critical judgments that the Trustees have made in the process of applying the charity's accounting policies that have the most significant effect on the statutory financial statements are discussed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for property, plant and equipment is sensitive to changes in useful economic lives and residual values of assets. These are reassessed annually.

(ii) Recoverability of debtors

The charity establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability, the Trustees have considered factors such as the ageing of debtors, past experience of recoverability and the credit profile of individual or groups of customers.

k) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

16

TRING CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 Continued

2. TANGIBLE FIXED ASSETS

COST OR VALUATION
As at 31 March 2022

As at 31 March 2023


DEPRECIATION
As at 31 March 2022
Charge for the Year

As at 31 March 2023

NET BOOK VALUE
As at 31 March 2022


As at 31 March 2023
 Freehold
Property
£
3,825,000
3,825,000

1,165,586
76,500
1,242,086
£2,659,414
£2,582,914

3. FIXED ASSET INVESTMENTS

Listed
Investments
£
COST OR VALUATION
As at 31 March 2022 2,641,116
Additions 151,000
Gains/(Losses) on revaluation (106,375)
As at 31 March 2023 £2,685,741

17

TRING CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Continued

Continued
4. DEBTORS
2023 2022
WMC receivable 1,229 1,152
Prepayments and Accrued Income 4,078 3,190
£5,307 £4,342
5. CASH AT BANK
2023 2022
NatWest Bank 68,518 71,224
Charities Deposit Fund (CCLA) 89,420 57,060
£157,938 £128,284
6. CREDITORS
Amounts falling due within one year
2023 2022
Accruals and Sundry Creditors £12,027 £22,939
7. DONATIONS
2023 2022
Christmas Gifts to Beneficiaries
 2,175 2,175
Sundry Donations 1,425 1,800
__ _
£3,600 £3,975

18

TRING CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Continued

8. TRUSTEES’ REMUNERATION AND EXPENSES

None of the Trustees (or any persons connected with them) received any remuneration benefits or reimbursed expenses from the charity during the year (2022: £Nil).

9. WEEKLY MAINTENANCE CONTRIBUTIONS and SERVICE CHARGES (“WMC”)

There were 30 almshouse units in management throughout the financial year (2022:30).

Total WMC receivable was £175,581 (2022: £174,681). Losses arising from vacancies amounted to £Nil (2022: £2,765). There were bad debts of £Nil (2022: £792). There were WMC arrears of £1,229 (2022: £958) at the year end.

The average WMC per almshouse for the year was £5,853 (2022: £5,823). This represents a nominal increase on the previous year.

10. STAFF COSTS

The average number of persons employed by the charity during the year was 2 (2022:2).

The aggregate payroll costs were as follows:
2023 2022
Salaries, pension and N.I. £30,854 £31,720

No employee benefits exceeded £60,000. (2022 : £0)

19

TRING CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Continued

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Investments
Cash at bank
Other net current assets
12. MOVEMENT IN FUNDS
As at 1 April 2022
Incoming Resources
Expenditure
Transfer from General Fund
Depreciation in Underlying Investments
As at 31 March 2023
COMPARATIVE FOR MOVEMENT
IN FUNDS
As at 1 April 2021
Incoming Resources
Expenditure
Transfer from General Funds
Appreciation in Underlying Investments
As at 31 March 2022



General
Funds
Total
Designated
Funds
2,582,914
-
125,719
2,560,022

157,938
-

(6,720)
£2,859,851
-
£2,560,022


General
Funds
Designated
Funds
2,899,717
2,510,500

287,032

(171,001)

(151,000)
151,000
(4,897)
(101,478)
£2,859,851
£2,560,022
 General
Funds
Total
Designated
Funds
2,582,914
-
125,719
2,560,022

157,938
-

(6,720)
£2,859,851
-
£2,560,022


General
Funds
Designated
Funds
2,899,717
2,510,500

287,032

(171,001)

(151,000)
151,000
(4,897)
(101,478)
£2,859,851
£2,560,022
 Total
Funds
2,582,914
2,685,741
157,938
(6,720)
£5,419,873
Total
Funds
5,410,217
287,032
(171,001)
(106,375)
£5,419,873
General
Funds
 Designated
Funds
Designated
Funds
 Total Funds
Total
Funds





2,933,112
2,199,697
257,231
(176,046)
(125,000)
125,000
10,420
185,803
£2,899,717
£2,510,500		 5,132,809
257,231
(176,046)
196,223
£5,410,217

20

13. DESIGNATED FUNDS Property Cyclical Extraordinary Total
Sinking Maintenance Repair Fund Designated
Fund Fund Funds
As at 1 April 2022 1,867,812 400,650 242,038 2,510,500
Transfers from General Funds 106,000 28,000 17,000 151,000
Depreciation in Underlying Investments (78,563) (14,277) (8,638) (101,478)
As at 31 March 2023 £1,895,249 £414,373 £250,400 £2,560,022

Property Sinking Fund (Represented by CCLA Investment Fund “Ethical AA” and “O3T).

Purpose: To build a fund sufficient to re-build the charity’s Almshouses when no longer fit for repair. Basis of transfers: Each year, 2% of latest re-instatement value as certified at each quinquennial inspection.

Cyclical Maintenance Fund & Extraordinary Repair Fund

Purpose: To build sufficient funds to provide for cost of cyclical repairs (e.g replacement of kitchen and bathrooms) and extra-ordinary repairs relates to unexpected repairs (e.g roof repairs where not covered by insurance)

Basis of Transfers:

Each year, amount per property as recommended by Almshouses Association.

21

TRING CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 Continued

14. DETAILED STATEMENT OF FINANCIAL ACTIVITIES

Charitable

Activities

2023
INCOMING RESOURCES
WMC - Almshouses
175,581

Less Voids
(-)

______

175,581

Rents – Allotments
1,275

Vestry Hall
5,520

Other
9,449

Investment Income 77,360

Bank Interest
302
Other Income
17,545

£287,032

RESOURCES EXPENDED
Repairs & Maintenance
53,123
Service Costs
1,439
Lifeline Rental
2,595
Depreciation (Note 2)
76,500
Donations (Note 7)
3,600
Subscriptions
486
Secretary’s Employment Cost
21,154
Maintenance Officer’s Employment Cost
9,700
Postage, Stationery, Tel. & Travel
868
Legal & Professional Fees
(2,924)
Insurance
4167
Sundries & Bank Charges
Advertising
Bad debts
118
175
-


£171,001
INCOMING/(OUTGOING) RESOURCES
£116,031
 2022
174,681
(2,765)
______
171,916
1,048
4,118
9,662
70,479
8
-
£257,231
43,159
1,290
2,110
76,500
3,975
387
22,370
9,350
814
10,561
3811
73
854
792
£176,046
£81,185

22