REGISTERED CHARITY NUMBER: 207805 TRING CHARITIES TRUSTEES? REPORT AND FINANCIAL STATEMEY4TS FOR THE YEAR ENDED 31 MARCH 2024 TRING CHARITIFS FINANCIAL STATEMENTS 31 MARCH 2024 TABLE OF CoY4TE￿s Page ANNUAL REPORT OF TRUSTEES REPORT OF THE INDEPENDENT AUDITORS STATEMENT OF FINANCIAL ACTIVITIES 12 BALANCE SHEET 13 NOTES TO THE FINANCIAL STATEMENTS 14 TRING CHARITIES ANNUAL REPORT OF TRusfEES FOR THE FIIYANCIAL YEAR ENDED 31 MARCH 2024 The Charity, known as Tring Charities, Is registered with the Charity Commission No. 207805. Registered Office 21 Bunyan Clos4 Triw Hertfordshir¢, HP23 5PS. Trustees Tk Tr￿tee$ serving during ih¢ year, and since the year end We￿ as follows: Mr C R s￿vens Mr C Gregory Mrs V A Carr Mr5 S B Todd MrN Cave Mr B P Johnson Cllr Mrs P J H¢am Mr H T Grace MrETOr8m Chainnan (Co-optative Trustee) Vice Chainnan (CO￿ptatIve Tru5te¢) Co-optative Trustee Co-oplative Trustee co￿p1alIVe Trustee Co-opialive Trustee Nominaled by Tring Town Council Co-oplative Trustee Nominated by Tring Towm Coun¢il The Chief FJtecutive Officer, who is re5POrtsible for day to day management, 15 Mrs E Wittter. Bank¢rs National Westminster Bank PLC, 9 Bank CourL Hemel H¢mpstead, Hertfordshire HPI I BS Sollcltors Wilkins Solicitws. Lincoln House. 6 ChuTch StreeL Ay1¢5bury, Bu¢kinghamshiTe HP20 2QS Invostment Mxnggers Churches, Charities & Local Authorilies (CCLA) Inv¢5tm¢nt Management Ltd One Angel Lane, London EC4R 3AB Audilo Dux Advisory Ltd. Kennel Club House. G8leF￿￿S¢ Way, Aylesbury. Buckingham5hir¢. HP19 8DB Structure. Governan¢e & Managemtnt Governing Document The charity is controlled by its goveming document, a deed of trust and wn5titutes an unincorporated charity. The Trustees present their report with the financial siatemenls of the charity for the year ended 31 March 2024. The TTUSiees have Adopted tk provisions of Attounting and Reporting by Charities: Statemenl of Recomrnended Practice applicable ¢0 charities preparing th¢ir accounts in accordance with the Financial Reporting Stsndard 4pplicable in the UK and Republic of Ireland {FRS 102} (effective l January 2019). AKNUAL REPORT OF TRUSTEES FOR THE FINANCIAL YEAR EIWED 31 MARCH 2024 Continued Appolntmenl ofTrastw Inauctitsn and TrainlD8 Th¢ Governing Docwnentrequires that there be two T￿￿t¢S nominated by Tring TO￿ Council, two Tr)minated by Tring Rurdl Parish Council and scvcn co-opted. Each Trustee is appoinied for a period of four yegts and can be re-appointed at the end of that Perio￿ Vacancies continue to exist for suitabl¢ nominees by Tring Rural Parish Council. In appointlne Tru5tee5, regard is had forthe skills pnd expertenee required to maintain a balanced lwd capable of meeting the management requirements of thc charity. On appoinlmenl and periodically thereafter. Trustees are infonned of their responsibilities and liabilities. Particular referen¢¢ is made to the Governing DocumenL the Charity Commission publication"Respon$ibility of Charity Trnstees-andihe Almshouse Association publi¢ation "Siandards of Almshouse Management", Copies of which are available to each Tntstee. Trust¢es eneouraged to attend appropriate e￿ernal events where this will facilitste th¢ underlaking of their role. Organlsatlon The Board of Trustees administers the ¢harity and mKts a minimum of three times a year. There a￿ 5ub- committees coverin8 housing applications and allotment management. Other sub-¢ommittees arg fonned from time to time to deal with SFccific projects. To fa¢ilitale effective operations. the Chief Executive has delegated authority, within leThns of d¢l¢8ation approved by TnWee4 for operational matter& in¢Judn)g financial and premises managemenl. R¢l*ted Partle5 The charity work8 closely with ihe Almshouse Associalion for 8dvi¢e ar￿ guidance on operational issue4 the Charity Commission for assistance with, and approval of, 8overJwice issues and ch8ng¢4 and with Daeorum BOr0￿h Council on housing matters. Risk Management The Trustees have a risk rnana8ement strategy. which cornprise5 regul￿ reviews of the risks asso¢iaied with its activities. Sysiern& procedures an￿ where relevanL insuranee ¢overs are estsblished to miligate these risks and to rninimise any w)tential impact. A key ¢lemeni in th¢ management of finaneial risk is the setting of a rcserve5 poli¢y, and its regular review by the Trustees. Obje¢tiv&% and Actlvltlts The objects ofthe Charity are the provision of housing accommodation forbeneficiarie$ who are in financial need the Teli¢fof financial hardship> either gener8lly or individually of beneficiarie4 and the ttliefof beneficiaries who are sick, disabled or aged. Beneficiaries, with certain exceptions, musl be resident in th¢ area of benefiL which is the Ancient Partsh of Tring (comprising ihe town of Tring and thc village5 of Long mars¢0￿ Wilstone and Puttenham) and the adjattnt villages of WigBiT]lon. Aldbury. M8rsworth and Pitstone. The chaTitys objects and aim5 are m¢t from year to y¢ar by the efficiem mana8ement of almshouses and thher proFety ovmed by the charity. TRING CHARITIES ANNUAL REPORT OF TRUSTEFS FOR THE FINAY4CIAL YEAR ENDED 31 MARCH 2024 Continued The majority of income arisc5 in the form of weekly maintenance contribulions ("WMC"") from residcrfs ind property rent, and tk remainder almosi entirely from investment iTKome. WMC and property rent is reviewed annually and fixed, iaking duc regard of the Local Hou5tn8 Alloivance advised by the Valuation Office Agency and Almshouse Association guidelines. The charity does not canvass actively for donaiions. In¢omc is used to meet opprovcd budgeted expenditure and to make transfers to rnerves within agreed paramctcr5. A¢hl¢v¢ments amd Performance Almshouses are siluated in Tring (the land aFKi buildings ar¢ owncd by Tring Charities) as follows: Ash Road Vestry H811 Westron Gardens 7 Units 3 Units 20 Units All of the units arc oecupied cuThently' those at Vesty Hall by younger people who, for a number of r¢&8ons, unable to ¢omp¢te in the commercial market for properties. The remaining properties are occupied by people aged 55 8nd aboye. Voids amounted to £4,006 this year. Income and expenditure was close lo ihat budgeied. All of the properties have been maintained in a satisfactory condition and there is an on-going programme of Toutine arml cyclical maintenance. Tring Charities a150 oivns and lets a gardge and hall at Ve￿ry Hall, Tring and a property in Dundale Road, Tring. Land is held: 1. 3.22 acres of ardble agricultural land al Wilstone, 2. 0.58 acres of allotment gardens ai Polash Lane, Long MaT310n, approL 2 acres of allotn)enl gardens at Monimer Hill, Tring and appTOX. 3.5 acres of re¢r¢ation ground at Mortimer Hill, Tring. The agricultural land ai Wilstone is let, partly ts) a local Allotment Association. All th¢ allotments at Long Marst wer¢ made during the year. The Millennium Educalion Found8tion was launched in 1999 and is a separate charity under the conlrol of Tring Charities. numbered 1077157. The Foundation provides gt8nts to impecunious Siud¢nts from Tring and surrounding villa8es towards the cos¢ ofhi8her edu¢alion. and its work continued through the year. TRING CHARITIES ANNUAL REPORT OF TRUSTEES FOR THE FINANCIAL YEAR EKDED 31 MARCH 2024 Continu¢d FinanclAI Review The TTUStees aim to provide sufficient income from almshouses, other property and investments to eover anticipated charitable expenditUT¢. including depreciation. Total Tficorning resources amounted ill £282.138 (2023: £287.032) and total resources expended w¢re£228,256 {2023: £171,001). There We￿ no addilions to fixed assets. Invatment Powers And Poli Under ihe governing document. the chartty has the power to invest in any way th¢ Trthes wish. By invesling in income and growth funds, the Trustees #im lo matnlain sufficient assets to secure the benefits of both present and firture beneficiaries. The net gain on revalu81ion ofinvestments in the year was £267.834 (2023: £106.375 loss). Reserves Policy In addition lo general reserves for WOTking capital purpow. T￿erveS are required to fund fijture medlum-tem expenditure in the forni of ¢yclical maintenan¢e ¢osts. extraordinary unfores¢en repair costs and, in the long tem the cost of rebuilding freehold premises. Regular transftts to reservtt Are m*le each year to meet thes¢ ¢ventualities. Actual reserves at the end of th¢ year weyv. Cyclical Maintenance Fund E￿raOrdI￿ry Repair Fund Propeny Sinking Fund 486,058 293.965 2,?￿.283 (2023: £414.373) (2023: £250.400) (2023: £1.895.249) Separate designated investments are held in respe¢t of thes¢ fi￿d$ and the investment perfonrAnc¢ is reflec4ed in the aEM)ve figures. The Trustees review regularly the reserves policy and the perforn)an¢e of the underlying investhients to satisfy themselves that the reserv¢s are adequaie for their puryosc. Amounts have been trdnsferred kn tksigtthd Reserve5 (see note 13) in line wilh Alrnsho￿e Associalion r¢Lx)mmendations. Plans for Future Periods Tring ChaTities will continue to help meet the needs of qualifying beneficiaTi¢S, espeeially in the fields ofb)usin8 and education. Statein¢Dt of Trustees, Respon51billtks The Tru51ees ar¢ Teswisible for PTeparAng the Annual Rqx)rt 8nd the financial statements in accordan￿ with appli¢able law and regulations. Low applicable to charities in England & Walt4 the Charities Act 2011, Charity (Accounts and Reptsrts) Regulation5 2008 and the provisions of ihe trust deed requires the Tn￿¢¢5 to prepare financial Statements for eaeh financial year. which 8ive a true and fair view of ihe charitys financial activities during the year and of its rinancial position at the end ofthe year. In preparing th¢se financial staternents. the Trustee5 are required to: select Suitable aceounting policies and then apply thern Consi￿ently. make judgements and estimates that are rea8on&ble and prLthL TRING CHARITIES ANNUAL REPORT OF TRUSTEKS FOR THE FINANCIAL YEAR EIYDED 31 MARCH 2024 Continued state whether applicable UK a¢counling ￿andardS and ststements of r¢commended pr￿liCe have been followed. subjecl to any material departures disclosed and explained in ihe financial statements. prepwe the financi81 stsiements on the going concern t*sis unless it is inappropriate lo presume that the charity will wntinue in operatio The TrU￿CeS are restN)n5ible for keeping accounting records ihat dis¢lose with reasonable accuracy ai any time the financial position of the charity and whith enable them to ascertain the financial FK)sition of the ¢harity and to ensure thai the financial ststements comply with the Charitie5 Act 2011 and ihe trust deed. They are also r¢s￿nSIble for safeguardin8 the 85sets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irr¢gulariiies. The Annual repon of Trustees WAS approv¢d by the Board of Tru￿¢¢5 on 19 September 2024. Colin R. Stsyens Cbairman of Trnsie¢s REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTELS OF TRING CHARITIES Opinlon We have auditedthe financia15&t¢mentsofTring Charities (the'clwity? fortheyearended 31 Mar¢h 2024 whieh comprise the Statement of Financial Activitie4 Ihe Ba]an¢e Sheet and notes to the financial statements, including a surnmary of significant a¢¢ounting policies. The financial reporting fram¢work that has been applied in iheir preparation is applicable law and Uniied KTngdom A¢¢ounling Standards (United Kingdom G¢nerally Aceepted Accounting Practice In our opinion the financial statements: -give a true and fair vtew of th¢ stste of the charity's hffairs as at 31 March 2024 and of its incorning resourLYs and application of resour￿s. for the year then ended. -have been properly P￿par￿ in accordance with United Kingdom Gen¢rnlly Ae¢ep*d A￿untIng Practice" arttl -h•ve been prepared in accordance th the requirements of the Cjwities Act 2011. Basls for opinion We cOndu￿ed our audit in￿￿rdAnCe with Jntern&lional Stsndardson Auditing (UK) (ISAS (UK))and applicable l&w. Our responsibilities under those Standards are fiwther des¢ribed in the Auditors, resFx)nsibiliti¢s forthe audit of the financial statements section of QUT report. We are independent of the chartty in accordance wlth thc ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standart and we have fylfillcd our other ¢thical zesponsibiliti¢s in a￿ordanCe wilh th￿e requirements. We believe that the audit evidence Nve have obtsined is sufficient and appropriate to provide a basi$ for our opinion. Con¢lu$loMs relating to going concern In auditing ihe financial ststements. we have ¢oncluded that the Trustttg use of the going eoncern basis of accounting in the preparation of the finaneial thiements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or ¢onditions Ihai. individually or collectively, may cost significant doubl on the Charity's ability io ¢ontinue as a 80in8 concem for a period of at least hvelve montlL¢ from WI￿ the financial slatements are authorised for issue. Our r¢sponsibilities aTKI th¢ T¢SJKJTh8ibilities of ihe Tru*es with respect to going ¢onc¢rn arc described in the relevant sections of this reporL Oth¢r infonnatio The T￿￿ are restK)n5ible thr the other infomialion. Th¢ other infonnation ¢ornprises the infonnation included in the An￿￿] Repon. other than Ihe financial statements and our Rcpcrt ofthe Independent Auditors thereon. Our opinion on the financial statements doe5 not cover other infonnation an￿ except to the extent otherwise explicitly stated in our report. we do not eXPr￿S any forni of assurane¢ conclusion tlveon. REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TRJNG CHARITIFS Continuaj In connection with our audit of the financial statements. our rg5p)nsibility is to r¢ad the other infornialion and. in doing so, consider wh￿her the oiher inforn7ation is materially I￿onsI$tent wilh the financial stat¢ments or our knowledge obtained in the audit or oiherwise appeaTS to Ix makrially rnisstated. If we identify swh material inconsistencies or app￿t material misslat¢ments, we are required to detennine whether this give5 rise to a material misstatement in the financial slatements themselve5. If, based on the work we hav¢ perfornicd, we conclude that there is a rn&teTial misslalement of this other inforniatiofy w¢ arc rcquired to [c￿)rt that fact. We have nrfhing to rep)rt in this regard. Oplnlons on other rn#tters prescribed by the Companie8 Act 2006 In our opinion. based on the work undertaken in the course of the a￿All. the informalion given in the Report ofthe Trustees forthe financial year for which the financial staternents ar¢ pryared 1$ consislent with the financial stsiemenls" and the R¢wrt of the Trusl¢es has been prepared in accorda￿£ with appIl￿ble legal requirements. Matter8 on whieh we are r¢qulred to report by exeepilon In the light of the knowledge 2nd understanding of the charity and its envirorni¢nt obtained in the course of the audit, we have not identified material misstatements in ihe Report of the Trustee& We have nothing to report in reSt￿t of ihe following matters where the Companies Act 2006 requires us to report lo you if, in our opinion: adequat¢ accounling ￿COrdS have noi Ixen kept or reiums adequ￿¢ for our audit have not be¢n Teceiv from branche5 not visiied by us: or the financial statements are not in agreement wilh the accoulliing record5 and r¢tum5' or certain disclosures of Trustees, remuneration specified by law are not rnade" or we havc not received all the infomiation and explBnations we require for our audit" or the Trustees wer¢ not entitled to take advanlage of the small companies. exemplion from the requirement to pre￿re a Strategic R¢port or in prtporing th¢ Report of th¢ Tn￿tee$. Responsibilities ofTrusttts As explained more fully in the Staternent of Truslees, Responsibilities, the Tru5t¢es are responsible for the preparation ofihe financial slalements which give a true and fair view, and forsuch internal conirol as the Trustees d¢t¢miiiK IS 1￿CeSSary io ¢nab]e Ihe prepaTation of finaneial slalements Ihal are free from malerial misstatement. wh¢iher due to fraud or e￿or. In preparing the financial statements, the TTUStees are responsible for assessing ihe charity's ability to continue as 8 goin8 concern, di5c105ing, as applicable, rnatters relatd to going concern and using the going Concern basis of accounling unles5 the Trusttts ei¢her intend to liquidale ihe ch8rity or to cease operations, or have no realistic altemative but to do so. REPORT OF THE INDEPENDEI¥4T AUDITORS TO THE TRUSTEES OF TRING CHARITIES Continued Our responglbl]lrfes for the audit ofthe th14n¢lal ststements We have bcen appointed as auditors under Section 144 of the Charities A￿ 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Ourobje¢tiv¢5 arc to obtain reasonable assurance about whether the financial stsiements as a whole are free from material misstatemenL whether due to frnud or error. and to issue a Report of the Indepcndent Auditors that includes our opinion. ReL8onabJe assurance is a high level of ossuran¢4 but is not a gurntee that an audit conducted in a￿L}rdanCe with ISAS (UK) will always detect amatwial misstatement wh¢n it exists. Misstaternents ¢an arise from frdud or¢rrorand are considerd material if, indtvidually or in the aggregate, they could reAwnably expectrd to influenee the economic decisions of users taken on the basis of thes¢ financi81 st*em¢nts. The objectives of our audit are to identify and assess the of material misstatement of the financial statements due to fra￿ and error. to obtsin sufficient appropriale audit evidence regarding the wessed Tisks of material misstalement due to or eTh>r' and to resFoNI appropriately to those risks. Owing to lh¢ inhcreni limitations of an audit, there is an unavoidable risk that material misstatements in th¢ finAneial siatements may not be detected, even though the audit is properly planned and perfornied in aecord&nc¢ with the ISAS (UK). In id¢ntifyin8 and ￿SeSsing risks of material misstatement in respect of irregularities, includin8 fra￿1 and non- mpliance with laws and regul*ion& our prc¢edures included the following: We obtained an undern1￿ding of the IEgal and regul￿Ory frameworks applicable to th¢ ¢harity and the s¢cior in which it op¢raies. We detennined that the laws 2nd regulations that were mosi signifieant: The Charili¢5 Act2011, UK GAAP, The Data Protection Act and Occupational Health and Safety regulations. We obtained an tmderstanding of how the Charity is ¢ornplying with those legal and regulatory frameworks and made enquiries to the management and Trustees of knovm or suspected inslances of fraud and non-compliance with laws and regulalion& W¢ corrobo￿￿ our enquiries through our review of board minutes, other relevant meeting rninutes and Teview of corr¢spondence with ffgulatory bodies. We assessed the swceptibility of the Charities financial statements to material mis51&temenL including how might occur. Audit prOc￿￿reS performed by the audit team included: o Identifying and 8S5¢5sing the controls management has in place to pment and detect frnud: o Understanding how those char8ed wilh govemance considered and addressed the wtential for override of Controls or oth¢r inappropriaie influence ov¢r the financial reporting prctess; Challenging assumptions and judgments made by management in its 5ignifi¢ant aecounling estimates and judgments. in particular relation to the recognition of Land & Buildings Id¢niifying and testing journal entries. in particular jourrnl entries posted with un￿￿al account nbinations. Assessing the extent of compliance with the r¢lcvart laws and ￿gUlations. There are inherent limitation$ in the audit PTocedures described above and the further removed nOn￿OmplIan¢C with laws and regulations are from thc events and transaction5 reflected in the final￿]dI stAtements, the less likely we would become aware of it. Also. the risk of not detecting a material misststement due to fraud is higher than the risk of not detecting one r¢suIting from ernr, as fraud may involve deliberate eoncea]ment by. for example, forgery or AntentionaI mi5rcpresentation4 or through collusions, io REPORT OF THE INDEPENDENT AUDITORS TO THE TRusfEES OF TRING CHARITIES Continued A further description of our res￿nSibilItieS for the audit of the financial statements is locatcd on the Financial eporting Council's website at wwiv.frc.owuWauditorsr¢sponsibiliti¢s. This description fom15 part of our Rep)rt of the Independent Audilors. Use of our report This report is made solely to the chgrity's Trustees. as a body. in accordance with Part4 ofthe Charities (Accounls and Report5) Regulations 2008. Our audit work has been undertaken so thal we might slal¢ to the ¢harity's Trustees those matteTS we are required to slate to thern in an auditors, rep)rt and for no other purp)se. To th fulles1 exteDt pemitt¢d by law. we do not accept OT assume rc5ponsibility to anyone other than ihe charity and the charbty's Trustees as a body. for our auijit work. for this repon, or for the opinions we have forn]ed. 6 PoMTr Bianca P¢rn￿l FCA (S¢nior Staiutory Auditor) For and on behalf of Dux Advi50ry Lid Kennel Club House Galehouse Way Aylesbury Buckinghamshire HP19 8DB Date: .. TRtYC CHARITIES STATEMENT OF FINANCJAL Acfiv111ES FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 2023 Incoming rnqources ChaTitable Activities Weekly MaintenaT Contributions fWMC' &ReT Generaied Funds Imiestment income Bank interest 14 195,813 191,825 85564 761 77.360 302 Other Income 17,545 Tolal thcoming resourees 282,138 287,032 Total resources expeDd¢d Charitsble Expenditure 14 (228256) (171.001) Net itteomlngJ(outgoRn%) resourc￿ before other rteognised gains #nd losses Net Gainl(U)ss) on Tevaluation of investhients & proixrty 53.882 116.031 2&3 267.834 (106,375) Net movememt In funds 321,716 9.656 Re¢onelliAtlon of funds Total funds broughi forward 5.419.873 5.410.217 Total funds carried fonvard £5.741.589 £5,419.873 The sthtement of financial activities inelude5 all gains and losses in the year. All incoming resources and sourees expended derive from conttnuing activitie& 12 TRING CHARITIES BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 TANGIBLE FIXED A&SETS 2,506,414 2,582,914 INVESTMENTS 3,109.575 2,685,741 5.615.989 5.268,655 CURRENT ASSETS Debtors Cash at Bank 4,714 138,782 5.307 157,938 CREDITORS Amounts failin8 due within cffie 143,496 163245 (17.896) (12.027) NET CURRENT ASSErs 125,600 151.218 TOTAL ASSETS LESS CURRENT LIABILITIES £5,741 J89 £5.419,873 UNRESfRICTED FUNDS Designated Funds General Funds 13 2,972,306 2,769,283 2.560,022 2,859,851 £5.741,589 £5,419.873 Apwsved by the Tr ees and aulhorised for issue on 19 September 2024 and signed on its behalf by: ..C R Siev¢n4 Chairnian of T￿￿te¢S The ￿COMPanY1Th8 notes on pages 14- 22 forni part of th¢5e financsal 5ts1¢ment& 13 NOTES TO THE AccouNrs FOR THE YEAR ENDED 31 MARCH 2024 I. ACCOUNTING POLICIES a) Basls of pr¢p#ring the financlal st*tements The financial staiements ofthe charity, which is & public benefit entity ￿derFRs 102.have been preparcd in ac¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS IU2). Accountin8 and Reporting by Charities.. the Ststement of Recommended Prxtice fox charities applying FRS 101 the Charities Act 2011 and UK Generally Accepted Accounting Practice. The fin￿181 stalements hRve been prepared under the historieal cost convention. &s modified by the r¢valuatioD of certain assets. The presentation currency of these financial statements is in Pounds Sterling. The charity has elected to apply all 8rnendments to FRS 102, as Set0￿1n the Financial Reporting Council's triennial review published in December 2017, and included in Update Bulletin 2 to the Ctwiiies SORP (FRS 102), Prior to mandatory adoption for a¢¢ounting pertods beginning 011 OT aller l January 2019. The financial ststements have been prepared to give a and fairf view and have d¢par*d from the ChaTSties (Accounls and Reports) Regulations 2￿8 only to the extent requi￿1 ty provide a'true and fair, view. This departure h8s involved following th¢ Charities SORP (FRS 102) published on 16 July 2014 rather th8n the Ac¢ounting and Reporting by Chariti& Statemmt of Recommended Practice effe¢¢ive from l April 2005 which has sinc¢ been withdrawn. The financial stat¢ments have been prepared on a going concern basis. The Trust¢¢s have reviewed and considered relevant infornution, including the annual budget and future cash flows in making their 8ssessmenL The Trusle¢s have tested their rash flow analysis to take inlo a¢count the impact on their charity of possibl¢ s¢¢llATiOS, alongside the rneaswes that they can lake to miligate the impact. Based on these assessments. given thc m¢asures that could be undertaken to mitigate the CUTrentadveTse conditions, and the current resources availabl¢, the Trustees have concluded that they can continue to adopi the going conc¢m basis in preparing the annual Teport and accounts. The principal a¢eoufflin8 policies adopted are set out below. Thesepolicies have i￿en consistently applicd to all years un1¢55 Otherwise staled. b) TanEiblÈ Flxed Assets Freehold Propety is Sho￿ at deemed ¢ost (Tevalu¢d in 2015 85 Part of the tsansilionai aTJzngements allowed following the intr(NJuciion of FRS 102) and 980/0 of this value is depreciated on a straight- line basis at 2Vo per year. There aTe a number of plots of land. giv¢n to the charity over the yeaTS and these have not been attTibuted a value in th¢ financial smternents as it has not been possible to asceffain any cost or to value them with any accurncy. These have been referred to in the Annual Report of the Trustees. c) Fixed Assel Knve51ments Jnv¢sthients in equity instruments are initially recognised at transaction price excluding transaction costs and are subsequently mcasured at fair value with chan8es re¢oEnised in the Statement of Financial Aciivities. 14 TRING CHARITIES NOTES TO THE ACCOiiNTS FOR THE YEAR ENDED 31 MARCH 2024 Conlinued d) Intomittg Resomrees All incoming re50uwes are included in the statement of financial aclivitie5 when the charity is ¢ntitled to the fund$, it is probable thai the income will be reeeived and the amounl can be measured reliably. e) Resourtes Expettded Liabilities are recognised as expenditure as soon as there is a legal or conslru¢tivc obligation committing Ihe charity to that expendiiure, it 15 probable thai a transfer of economic ben¢fits will be required in s¢ttlem¢nt and the amount of the obligation ¢an be measured reliably. Expenditure is a¢eounied for on an accruals basis and has been classified under heudings that aggffgate all cost relaied to Ihe category. Wher¢ cost5 cannot be diTectly atiributed to particulor headings they have been allocated io activities on & basis consistent wilh the use ofresowce5. Q FiDanci*l Instrumejts The charity has elected to apply tk provisions of Section I I 'B&%ic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 lo all of its financial instruments. Finan¢i&l instrument5 arc recognised in the ¢harity's bolance sheet wkn the charity becom¢s party to the contrnciual provisions of the instrument. Financial assets and liabilities are offset, wtth the net amounts pregented in the financial sta*ment& when there is a1¢8ally enforceable right lo offset the recognised amounls and there is an intention to settle on a net basis or to r¢8lise the asset and Settle the liability simult8neously. FiDaneial inslrum¢nls at *mortixed cosl The charity trade debtor and creditor balances are measured at amortised cost taking into account bad debt provision or write offs ￿SpectIve1y. 8) Taxation Thc charity is exempt from ¢orpralion tsx on its charitable activitl¢5. h) Penslons The charity operates a defined coniribulion pension scheme. Contributions payable to ihe clrdrily's pension scheme are charged to ihc Statemenl of Fina￿1&1 Aotivities in ihe period io which ihey relate. i) FuDds Struclure General funds are unrestricted funds which are available for use at the dis¢relion of the TTU5tees in furtherance of ihc 8en¢ral objectives ofthe Charity and whi¢h have not becD de518naied forotlKr purposes. Designated funds ar¢ un￿strICted funds that have been set aside by the TTUStees for particular purposes. Th¢ aim and use of each desi8nOted fund are set out in note 13 of ihe financial 5ts1ernenls. 15 TRING CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Continued Restrfftcted funds can only be used for particuler restrict￿ purposes within the obje¢ts of the Charity. Restrictions rise when specified by the donor or when fiinds are raised for particular restricted purposes. The ¢harity has rAO restricted ￿rtdS at the Balance Sheet d￿e but should a donor require that a donation be Spent on a particular purpose, or should funds be raised for a specific pury)os4 these would be separately identified. j) Criti￿1 accounthig L8timatss and judgements In preparing financial statements it is necessary lo make ¢¢rtain judgementy estimates and assumptions that afftct the amounts Tecognised in the financial Statements. These assumptions gtt reassessed annually as part of the accounts preparation process. The CTitical judgments that the TTUStees have made in the process of applying charity's accounting poli¢ie5 that have the most significant effect on the statutory financial ststem¢nts arc discussed below. (i) Useful economic lives of tangibl¢ assets The annual depreciation charge ftir property, plant and equiprnent IS 5ensittve to charges in useful economic lives and regidual values of assets. These are T¢as5essed annually. (ii) lieeoverability of debtors The charity establishes a provision for debtors th* are eslimat¢d not to be re¢overabl& When assessing rceoverdbility, the T￿￿te¢S have considered factors $u¢h as the ageing of debtor& past experience of r￿0Ve￿bilIty and the credit profjle ofindividu&l or groups of ¢u5tomer& k) Cash 2nd cash tquivalents Clsh and Cash equivalents include cash in hand. deposits held ￿ call with bank& oth¢r short-tern highly liquid investments with original maturities of three monihs or les$ and bank overdrafts. Bank overdrdfts. when applicable, att sknwn withiTJ borrowings in curreni liabilities. 16 TRING CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Continued 2. TAY4GIBLE FIXED ASSETS Freehold Proptrty COST OR VALUATION As at 31 Ma￿h 2023 3,825,0(K) As at 31 March 2024 3,825.000 DEPRECIATION As ai 31 March 2023 Charge for the Year 1241086 76,5(K) As at 31 Ma￿h 2024 lJ18.586 NET BOOK VALUE As at 31 M&rch 2023 £2582.914 As at 31 March 2024 £150&414 3. FIXED ASSET INVESTMENTS List¢d Investments COST OR VALUATION As at 31 Mar¢h 2023 Additions GoinS1(￿SSes) on revaluation As ai 31 March 2024 2,685.741 156,000 267,834 £3.109￿75 17 TRING CHARITIES NOTES TO THE ACCOiJNTS FOR THE YEAR ENDED 31 MARCH 2024 Continued 4. DEBTORS 2024 803 3,911 2023 1,229 4.078 WMC rK¢iv74bl¢ Prepayments and A￿rU¢d In￿rne £4,714 £SJ07 S. CASH AT BANK 2024 2023 Natwest Bank Charities Dep051t Fund (CCLA) 39,799 98.983 68,518 89,420 £138,782 £157J38 & CREDITORS Amounts falling due within one year 2024 2023 A¢Gruals and Sundry Creditors £17096 £12,027 7. DONATIONS 2023 Christmas Gifts to Beneficiaries Sundry Donations 2,403 7.530 1175 1,425 £9933 £3ffi00 18 TRING CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR E]YDED 31 MARCH 2024 Continued . TRUSTEES* REMUNERATION AND EXPENSES None of the Trustee5 (or any persorfj connc¢ied with ih¢m) received any remunerntion benefits or reimbursed expenses from the cFArity during the yeor (2023. £Nil). 9. WEEKLY MAINTENANCE c￿RIB￿rIoNs and SERVJCE CHARGES ("WMC") There VKre 30 almshouse units in marogement throughoui the finaTKial year (2023.30). To￿1 WMC receiv8ble w8s £1 83,562 (2023: £175,581). Losw arising from vacanciesarnountedto £4,IX)6 (2023". £Nil). TI￿re wer¢ bad debis of £Nil (2023: £Nil). There were WMC arrears of £803 12023: £1229) ai the y￿r Tlx aveTage WMC per almshous¢ for the year was £6,118 (2023: £3,853). This represents an increase of Svo on the previous year. 10. STAFF COSTS AND AUDITORS, REMUNERATION The average number of persons employed by the charity during ihe year was 2 (2023.2). No employee b¢nefils ex¢eeded £60,000. (2023 . £0) The aggregate payroll cosls were os follows: 2024 Sa]arie4 pension and N.1. £12,932 0,854 Auditors, R¢rnun¢r*ion 2024 2023 Audit Other Services 5,400 476 S876 8,034 19 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Continued 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS General Funds Total De5ign•ted Funds Total Funds Tangible fixed assets Investments Cash at bank Other nel current assets 2.506,414 137269 138,782 2,506,414 3,ILV),575 138,782 82 2972.306 £2.769383 £2972J06 £S741J89 12. MOVEMENT IN FUNDS Genernl Funds 2.159.851 282,138 (228.256) (156.000) 156.000 2S6 11550 ￿84 De5igDat¢d Funds 60.022 Totsl Funds 5,419,873 282,138 (228250 As at l April 2 Incoming Resour¢es Expenditure Trnnsfer from General Fuml Appreciation in Underlying Investmems 267 834 As at 31 MJrch 2024 74 COMPARATIVE FOR MOVEMENr IN FUNDS General FuDd$ Dosignated Funds Total Funds As at l April 2022 Incoming Resourtts Expenditure Transfer from General Funds Depreciation in Underlyin8 Investments 1899.717 287,032 (171.001) {151.000) 1510,500 5.410217 287.032 (171.001) 151.000 101478 As at 31 March 2023 £2 560 022 20 TRING CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 inued 13. DESIGNATED FUNDS Property Cyclical Sinking Fund Maintenance Fund Extraordinary Repir Fund Totsl Designated Funds As at l April 2023 Transfers from Gen¢ral Funds Appreciation in Underlying Investments 1,895.249 106.000 414J73 31,OtXI 40.685 250,4 19.OCKI 2.560,022 156.000 256.284 As at 31 Mar¢h 2024 £2,192,283 £486,058 £293,965 £2 972J06 Prnperty Sinking FuDd. Purpose: To build a fund sufficienl to re-butld the charity's almshouses when no longer fil for repair. Basis of trartsftTS: Each year, 2Vo of latest re-instatemcnt value as certified at each quinquennial insFrttion. Qdlcgl Malntenanee Fund & Extrnordinary Repwir Fund Purpose: To build sufficient funds to provide for cost of cyclical repairs (e.g replacemeni of kitehens aThl bathrooms) ttnd eXtra￿rdinary unexpecled repairs le.g roof repairs where nol covered by insurance) Basi5 of Transfers: Eaeh year. amouni per property as recommended by Th¢ Alrnshouse AS￿l8t10n. 21 TRING CHAIUTIES NOTES TO THE ACCOUNTS FOR THE YEAR EfiDED 31 IWiCH 2024 Continued 14. DETAILED sfATEMENT OF FINANCIALACllVrnES Charitabk Aetivitks 2023 2024 rNCOMING RESOURCES WMC- Almshouses Less Voids 183.562 (4.006) 175581 179,556 175.581 R¢nts- Al1otm￿ts Vesty Hall Other Investment Income Bank In*rest Other Incorne 1.075 5520 9.662 85,564 761 1275 5.520 9.449 77J60 302 17.545 £282,138 £287.032 RESOURCES EXPENDED Repairs & Maintenance Service Costs Lifeline Rentsl Depre¢iation (Note 2) DonatiOL8 (Note 7) Subscriptions Se¢Tetary's Employment Cost Maintezwice Offictt's Ernployrnent Cost Postsge. Ststionery, Tel. & Travel Legal & Professiornl Fees Insurance Sundries & Bank Char8e5 Advert15ing 89,636 933 3.190 76,500 9.933 770 22.732 102(KJ 1.120 8.034 4.487 70 53.123 1,439 2.595 76,500 3.600 486 21,154 9.700 868 (2,924) 4167 118 £17 INCOMINGIIOUTGOING) RESOURCES £iiQ031 22