REGISTERED CHARITY NUMBER: 209189
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
THE ASHFORD ALMSHOUSES
Cassidys Chartered Accountants South Stour Offices Roman Road Mersham Ashford Kent TN25 7HS
THE ASHFORD ALMSHOUSES
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
THE ASHFORD ALMSHOUSES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principle object of the charity is to provide housing accommodation for poor persons of good character who are inhabitants of Ashford, Kent.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit when reviewing the charity's aims and objectives and in planning future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The income of the charity from rents and investments is used to maintain and keep in good repair the properties belonging to the charity.
During the year the property held has continued to be rented to those considered to meet the charity's requirement.
FINANCIAL REVIEW
Reserves policy
The trustees maintain reserves at a level they deem sufficient for the future needs of the charity.
It is the charity's policy to maintain a balance of at least 3 months average expenditure in current accounts held at Lloyds, to meet its' day to day running costs.
In addition, the charity holds cash on deposit via the Church of England to fund large one-off repairs costs and also to generate additional investment income.
FUTURE PLANS
The trustees are satisfied that the investment strategy adopted will enable them to continue to maintain the properties of the charity in good order and thus continue the provision of accommodation in accordance with their charitable objects in the future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Under a scheme established by the Charity Commissioners on 30 September 1992, the property and investments formerly administered as asset of Ashford Almhouses and other Charities and Crothall Almshouses were to be administered as the property of this charity.
In addition, under a scheme approved by the Charity Commissioners on 8 April 1998, the property and investments formerly administered as assets of The Sidney and Lillian Howland Trust (AL) were to be administered as property of this charity.
Page 1
THE ASHFORD ALMSHOUSES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The board of trustees when complete, is made up of four trustees from the Borough Council, the Rector of Ashford and the remaining trustees are individuals with local knowledge. The appointment of trustees from the council takes place within the council and the appointment of the Rector of Ashford is automatic with his position. For an individual to be appointed, they must be proposed by one of the existing trustees; then seconded by an existing trustee, and all other trustees must agree.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 209189
Principal address
11 Bank Street Ashford Kent TN23 1DA
Trustees
B J Heyes R Blount L W Krause J D Hudson Rev. Canon J Worthen Cllr L Suddards (resigned 7.6.23) Miss C S Hannah Dr C J Hallett (appointed 7.6.23) Cllr E E Wright (appointed 7.6.23) J K Fox (appointed 17.11.23)
Independent Examiner
S G Whorlow FCA Cassidys Chartered Accountants South Stour Offices Roman Road Mersham Ashford Kent TN25 7HS
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... Rev. Canon J Worthen - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ASHFORD ALMSHOUSES
Independent examiner's report to the trustees of The Ashford Almshouses
I report to the charity trustees on my examination of the accounts of The Ashford Almshouses (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S G Whorlow FCA
Cassidys Chartered Accountants South Stour Offices Roman Road Mersham Ashford Kent TN25 7HS
Date: .............................................
Page 3
THE ASHFORD ALMSHOUSES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.12.23 Unrestricted fund £ 63,538 19,229 31,730 50,959 13,155 25,734 2,860,828 2,886,562 |
31.12.22 Total funds £ 55,322 |
|---|---|---|
| 19,661 24,146 |
||
| 43,807 | ||
| 590,635 | ||
| 602,150 2,258,678 |
||
| 2,860,828 |
The notes form part of these financial statements
Page 4
THE ASHFORD ALMSHOUSES
BALANCE SHEET
31 DECEMBER 2023
| Notes FIXED ASSETS Investment property 6 CURRENT ASSETS Debtors 7 Investments 8 Cash at bank NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
31.12.23 Unrestricted fund £ 2,410,000 407 239,205 236,950 476,562 476,562 2,886,562 2,886,562 2,886,562 2,886,562 |
31.12.22 Total funds £ 2,410,000 233 226,050 224,545 |
|---|---|---|
| 450,828 | ||
| 450,828 | ||
| 2,860,828 | ||
| 2,860,828 | ||
| 2,860,828 | ||
| 2,860,828 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
Page 5
THE ASHFORD ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
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 Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Rents received | 56,148 | 51,879 |
| Deposit account interest | 6,422 | 2,548 |
| Dividends received | 968 | 895 |
| 63,538 | 55,322 |
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continued...
THE ASHFORD ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
3. RAISING FUNDS
| Investment management costs | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Property repairs | 15,999 | 16,461 |
| Maintenance charges | 3,230 | 3,200 |
| 19,229 | 19,661 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 55,322 |
|---|---|
| 19,661 24,146 |
|
| 43,807 | |
| 590,635 | |
| 602,150 2,258,678 |
|
| 2,860,828 |
continued...
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THE ASHFORD ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. INVESTMENT PROPERTY
| FAIR VALUE At 1 January 2023 and 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 Fair value at 31 December 2023 is represented by: Valuation in 2018 Valuation in 2022 Cost 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 8. CURRENT ASSET INVESTMENTS Listed investments 9. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
At 1.1.23 £ 2,860,828 2,860,828 |
31.12.23 £ 407 31.12.23 £ 239,205 Net movement in funds £ 25,734 25,734 |
£ 2,410,000 |
||
|---|---|---|---|---|---|
| 2,410,000 | |||||
| 2,410,000 | |||||
| £ 420,000 590,000 1,400,000 |
|||||
| 2,410,000 | |||||
| 31.12.22 £ 233 31.12.22 £ 226,050 |
|||||
| At 31.12.23 £ 2,886,562 |
|||||
| 2,886,562 |
continued...
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THE ASHFORD ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 63,538 | (50,959) | 13,155 | 25,734 |
| TOTAL FUNDS | 63,538 | (50,959) | 13,155 | 25,734 |
Comparatives for movement in funds
| At 1.1.22 £ Unrestricted funds General fund 2,258,678 TOTAL FUNDS 2,258,678 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 55,322 (43,807) TOTAL FUNDS 55,322 (43,807) |
Net movement in funds £ 602,150 602,150 Gains and losses £ 590,635 590,635 |
At 31.12.22 £ 2,860,828 |
At 31.12.22 £ 2,860,828 |
|
|---|---|---|---|---|
| 2,860,828 | ||||
| Movement in funds £ 602,150 602,150 |
||||
| 602,150 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.22 £ 2,258,678 2,258,678 |
Net movement in funds £ 627,884 627,884 |
At 31.12.23 £ 2,886,562 |
|---|---|---|---|
| 2,886,562 |
continued...
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THE ASHFORD ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 118,860 | (94,766) | 603,790 | 627,884 |
| TOTAL FUNDS | 118,860 | (94,766) | 603,790 | 627,884 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
Page 10
THE ASHFORD ALMSHOUSES
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| 31.12.23 | 31.12.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents received | 56,148 | 51,879 |
| Deposit account interest | 6,422 | 2,548 |
| Dividends received | 968 | 895 |
| 63,538 | 55,322 | |
| Total incoming resources | 63,538 | 55,322 |
| EXPENDITURE | ||
| Investment management costs | ||
| Property repairs | 15,999 | 16,461 |
| Maintenance charges | 3,230 | 3,200 |
| 19,229 | 19,661 | |
| Other | ||
| Wages | 5,040 | 4,800 |
| Rates & Water | 3,401 | 3,483 |
| Insurance | 2,292 | 2,076 |
| Electricity charges | 7,272 | 4,130 |
| Gas | 8,586 | 8,187 |
| Sundry expenses | 4,238 | 646 |
| Clerks expenses | 206 | 170 |
| Subscriptions | 233 | 222 |
| 31,268 | 23,714 | |
| Support costs | ||
| Governance costs | ||
| Accountancy and legal fees | 462 | 432 |
| Total resources expended | 50,959 | 43,807 |
| Net income before gains and losses | 12,579 | 11,515 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 13,155 | 590,635 |
| Net income | 25,734 | 602,150 |
This page does not form part of the statutory financial statements
Page 11