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 ex￿pt 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 COn￿rnS 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 ALr￿sHOUsE 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 a￿oUntS (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless Othe￿ISe 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