FELSTED ALMSHOUSE CHARITY REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 UK Registered Charity number: 209111
FELSTED ALIVISHOUSE CHARI REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONTENTS Page Trustees, Annual Report Independent Examinerfs report Statement of financial activities Balance sheet Notes to the accounts 6-12
FELSTED ALMSHOUSF. CHARITY TRUSTEES, ANNUAL P.EPORT FOR THE YEAR ENDEI) 31 MARCH 2024 Reference and Administration details Registered charity nuinber Charity's principal ad(Iress 209111 Felsted School Felsted Essex CM6 3LL Trustee Felsted School Trustee Limited. The Directors of the Trustee Company who served during the year are listed below J Abel Smith Beale (2ppointed Chair 1 September 2024) GP Boult RIC Brown (Chair until 1 September 2024) CA Carrington J Crouch J H Davies OBE Dr J C Nicholson ALM Oxnam L Poston CBE AH Sefton O H J Stocken CBE Rev N Stuchfield W Sunnucks (resigned 30 September 2023) JB StJ Tibbitts (resigned 30 September 2023) PE Wardell J Windsor (appointed 1 October 2023) S WoEfe Clerk to the Trustees Mr A G Clayton Bankers Barclays Bank PIC 1 Bank Street Braintree Essex CM7 9UQ SoliGitors Stone King LLP Upper Borough Court (UBC) Upper Borough Walls Bath BA12RG Independent examinei" Lisa Greenwood FCCA Lambert Chapman LLP 3 Wamers Mill Silks Way Braintree Essex CM7 3GB
FELSTED ALMSHOUSE CHARITY TRUSTEES, ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing documeiit, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reportiiig Standard applicable in the UK and Republic of Ireland published on 16 July 2014. Structurei governance and management Description of the charity's trusts The charity was constituted on 23 October 1876 and is governed by a definitive Trust Deed 2nd Rules dated 23 August 1961 as varied by a further scheme of 18 August 1965 and by Charity Commission Order of 15 April 2013 and Trustee resolution of 15 June 2013. A resolution was passed on 1 December 2012 to approve the appointment of Felsted School Trustee Limited as sole trustee of the charity. Appointment as a director of the Trustee Company is by invitation as and when a vacancy arises. Objectives and activities The purpose of the charity is the operation of Almshouses. The Almshousea caters for 7 people and during the year was fully occupied expt for periods of changeover of tenants and refurbishment of properties. Achievements and performance The trustees have actively sought to continue to maintain the propertie,s at a high standard of decorative repair. Public benefit The Trustees have given due consideration to The Charity Commission pijblished guidance on the operation of Public BeneTIt requirement when Considering the charity's objectives and activities. Reserves The Trustees have considered the reserves held by the Charity as of 31 March 2024. It is ihe Trustees, policy to hold unrestricted reserves to provide for continual improvement to t,ie Almshouses, including making prudent provision of up to ten times annual expenditure to allow for major capital improvements to the properties as required for the safety, health and enjoyinent of the occupants. At the balance sheet date, the free reserves stood at £405,300 and the Trustees believe that this is sufficient ior that purpose at the present time. Total reserves held at 31 M1¢ rch 2024 were £455,036 of which £9,494 is restricted and £31,151 is endowed and these are iiot available for general purposes. Financial review The net movement in funds forthe yearwas £33,356 {2023: £10,821). Durin(J the year, general repairs were carried out to the properties. Declaration The Trustees declare that they have approved the Trustee's Report above. Approved by th Trust and signed on its behalf M Beale Chairman of Felsted School Trustee Limited
Independent examiner's report to the trustees of Felsted Almshouse Charity I report to the trustees on my examination of the accounts of the Felsted Almshouse Charity for the year ended 31 March 20?4, which are set out on pages 4 to 11. Responsibilities and Ekisis of report As the charity trustee of the Felsted Almshouse Charity you are responsible for the preparation of the accounts in accordan INith the requirements of the Charities Act 2011 ('the Act,). I report in respect of mli examination of Felsted Almshouse Charitys accounts carried out under section 145 of the 2011 Act and in carrying OUÉ my examination I have followed all the applicable Directions given by the Charity Commission under section 145<5)(b) of the Act. Independent examineff 5 ststement I have completed my examination. I confirm that no material matters have come to my attention in connection with the exaniination giving me cause to believe that in any material respect: accounting records were not kept in respect of Felsted Almshouse Charity as required by section 130 of the Act; or 2. the accounts do riot accord with those records," or 3. the accounts do not comply with the applicable requirements conceming the form and contenÉ of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other ihan any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an indepeiident examination. I have no COnrnS 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. Lisa Greenwood FCCA Lambert Chapman LLP 3 Warners Mill Silks Way Braintree Essex CM7 3GB Date aq.ai.x02g
FELSTED ALMSHOUSE CHARITY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Restricted Endowment Gene'ral Funds Funds Funds Total 2024 Total 2023 Incotne and endowments from= Donations Charitable activtties (note 4) Investments 50 28,440 2,855 24,440 7,658 24,440 7,658 Total Income 32,098 32,098 31,375 Expenditure on: Charitable activities (note 5) (1,463) (20,d.39) (21,702) (18,063) Total Expenditure (1,463) (20,L39) (21,702) (18,063) Net Income (1,463) 11,859 10,396 13,312 Net Gainl(Loss) on investments 22,960 (2,49 1) Net movement in funds (1,463) 34,819 33,356 10,821 Total funds brought forward 9,494 32,614 379,572 421,680 410,859 Total funds carried forward 9,494 31,151 414,391 455,036 421,680
FELSTED ALrsHOUsE CHARITY BALANCE SHEET AS AT 31 MARCH 2024 Restricted Endowment General Funds Funds Funds Total 2024 Total 2023 Note Fixed assets Tangible assets Investments 31,151 9,091 40,242 41,902 216,390 216,390 193,430 Total fixed 1¢ ssets 31,151 225,481 256,632 235,332 Current assets Debtors Cash at bank and in hand 388 386 329 208,176 217,670 201,108 9,494 Total current assets 9,494 208,562 218,056 201,437 Creditors: amounts falling due within one year 10 (19,652) (19,652) (15,089) Net current assets 9,494 188,910 198,404 186,348 Net assets 9,494 31,151 414,391 455,036 421,680 Funds of the charity Restricted Tunds Endowment funds General funds 11 9.494 9,494 31,151 414,391 414,391 9,494 32,614 379.572 31,151 Total funds 9,494 31,151 414,391 455,036 421,680 The accounts were proved by the Trustee on and signed on its behalf by.. M Beale Chairman of Felsted School Trustee Limited
FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Charity infonnation The charity is unincorporated and registered wwth the Charity Commission in England and Wales (registered number 209111), and domiciled in the UK and is a public benefit entiiy. The address of the registered office is Felsted School, Felsted. Essex, CM6 3LL. Basis of preparation (policy) The principal accounting policies adopted and critical areas of judgnient are as follows: Felsted Alsmhouse Charity meets the definition of a public benefrt eitity under FRS 102. The aoUntS (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless OtheISe stated in the relevant note(s) to these accounts. After making enquiries, the Trustees have a reasonable expectation that the charity has adequate resour$ to continue its activities for the foreseeable future. Accounting policies INCOME Recognition of income Contributions are included in the Statement of Financial Activities (SOFA) when: the charity becomes entiiled t,) the resources; the receipt is probable and the monetary value can be measured with sufficient reliability. This is included in the accounts wheri receivable. This includes any gain or loss on the )ale of investments and any gain or loss resulting from re'rfaluing investments to market value at the end of the year. Investment income Investment gains and losses EXPENDITURE AND LIABILITIES Charttable activities Charitable activities comprise all c()sts which are directly attributable to the objects of the charity. Expenses are recognised when a constructive or legal obligation to the recipient has been Greated by the ch<irity. Include costs of the preparation and pxamination of statutory accounts, the costs of trustee meetings and cost of any lega advice to trustees on governance or constitutional matters. Governance costs ASSETS Tangible fixed assets for use by charity The endowment property of the Charity comprising [2nd at Felsted, Essex with seven almshouses thereon is not valued. Improvement and renovation costs are capitalised as they are incurred and depreciation is charged on the cost of improvemenis at a rate of 20/0 per aniium. Investments quoted on a recognised stock exchange are valued at market value at the year end. Investments
JUDGEMENT Apart from those judgements involving estimations, the management team have not made any judgements in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the accounts. KEY ASSUMPTIONS There are no key assumptions conmIng the future or other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. GOING CONCLRN The trustees consider there are no uncertainties about the charities ability to continue as a going concem nor any signtficant areas of uncertainty That affect the carying value assets held by the charity. Analysis of income from charitable acttvities 2024 2023 Contributions from OCCUP2nts of Almshouses 24,440 28,440 Analysis of expendtture 2024 2023 Charitable activities Insuran Rates Repairs Energy Depreciation Management fee Subscriptions Sundry Governance costs (see below) 1.487 150 14,546 583 1,660 1,500 343 33 1,400 1,325 322 11,633 137 1,661 1,500 196 117 1,172 21,702 18.063 Governance costs 2024 2023 Independent examiner f Professional fees 1,400 1,172 1,400 1,172 The charrty had no employees during the year (2023: nil) 6. Trustee expenses and remuneration There are no trustee expenses and no remuneration was paid to the Trustees in the current or preceding yeai..
FELSTED ALMSHOUSE CHARI NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Tangible Fixed Assets Property Improvements Cost brought forward at 1 April 2023 and carried forward at 31 March 2024 83,046 Depreciation brought forward 1 April 2023 41,14 Charge for the year 1,660 Depreciation as at 31 March 2024 42,804 Net Book Value 31 March 2024 40,242 Net Book Value 31 March 2023 41.902 Invesbnent assets 401.33 COIF Inv Fund Acc units 324.88 1453.83 COIF COIF Inv Inv Fund Fund Acc Acc units units Carrying (market value) at 1 April 2023 Gainl(Loss) on revaluation 91,861 .74,363 27,206 193.430 11,308 9,153 2,499 22.960 Carrying (market value) at 31 March 2024 103,169 29,705 216,390 Debtors (all due within one year) 2024 2023 Prepayments and accrued income 386 10. Creditors (all due within one year) 2024 2023 Management fee Independent Examinerfs fee Other creditors 4,500 3,700 11,452 3000 1,200 10,889 19,652 15,089
FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11. Analysis of Net Assets Between Funds Fund Balances at 31 March 2024 Restricted Funds Endowed Funds General Funds Fixed Assets Investments Net Current Assets 31,151 9,091 216,390 188.910 40,242 216,390 198,404 9,494 Total Funds 9,494 31,151 414,391 455.035 Fund Balances at 31 March 2023 Restricted Funds Endowed Funds General Funds Fixed Assets Investments Net Current Assets 32,614 9,288 193,430 176,854 41,902 193,430 186,348 9,494 Total Funds 9,494 32.614 379,572 421,680
FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12. Endowed and restricted income funds The endowed fund represents the endowed property at Felsted, and the charge for the year is the depreciation thereon. The restricted caprf(al fund represents historical funds set aside for ¢ limited number of uses. Fund Balances Fund Balances at 31 March 2024 Fund name l April 2023 Income Expenditure Gain Restricted Endowed General 9,494 32,614 379,572 9,494 31,151 41a 391 (1,463) (20,239) 32,098 22,960 Total Funds 421,680 32,098 (21,702) 22,960 455,036 Fund Balances at l April 2022 Fund Balances at 31 March 2023 Fund name Income Expenditure Gain Restricted Endowed General 9,494 34,077 367,288 9,494 32,614 379,572 (1,463) (16,600) 31,375 (2.491) Total Funds 410,859 31,375 (18,063) (2,491) 421,680 13. Related party transactions There were no related paty transactions during the year (2023: nil) i)r amounts outstanciing at the year end. 10
FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14. Statement of Financial Activities- Prior Year Comparative Figures By Fund Type Restricted Endowment Funds Funds General Funds Total 2023 Income and endowments from: Donations Charitable activities (no1.e 4) Investments 50 28,440 2,855 28,440 2,855 Total 31,375 31,375 Expenditure on: Charttable activities (note 5) (1,463) (16,600) (18,063) Total (1,463) (16,600) (18,063) Net gain on investment (2,491) (2,491) Net incomel(expenditLire) (1,463) (19,091) (20,554) Net movement in funds (1,463) 12,284 10,821 Total funds brought forward 9,494 34,077 367.288 410,859 Total funds carried forward 9,494 32,614 379,572 421,680