1
PETLEY AND DEAKINS ALMSHOUSE CHARITY
TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
| Page 1 | Index |
|---|---|
| Page 2 | Reference and Administrative Information |
| Pages 3 & 4 | Report of the Trustees |
| Page 5 | Independent Examiner's Report |
| Page 6 | Statement of Financial Activities |
| Page 7 | Balance Sheet |
| Pages 8 to 11 | Notes to the Financial Statements |
2
PETLEY AND DEAKINS ALMSHOUSE CHARITY
REFERENCE AND ADMINISTRATIVE INFORMATION
REGISTERED CHARITY NUMBER 209248 REGISTERED ADDRESS 30 Great Bounds Drive Tunbridge Wells TN4 0TR TRUSTEES Rev Mark Barker (Chairman) Mr Tom Chaloner Mrs April Clark Mrs Frani Hoskins Mrs Helen Noble Dr Juliet Roberts Mr Michael Shackleton TREASURER Mr Nikolai Naylor CLERK TO THE TRUSTEES Mrs Kathy Bamblett BANKERS Lloyds TSB Bank plc 82 Mount Pleasant Road Tunbridge Wells Kent TN1 1RP INDEPENDENT EXAMINERS Perrys Audit Ltd Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR
3
PETLEY AND DEAKINS ALMSHOUSE CHARITY
REPORT OF THE TRUSTEES
The Trustees present their Report and Financial Statements for the year ended 31 December 2023.
REFERENCE AND ADMINISTRATIVE INFORMATION
Details are shown on page 2. The present incumbent of St Peter and St Paul's Church, the Reverend Ben Thorndike, has indicated, as a result of other commitments, that he is not willing to act as an ex officio Trustee, and he is therefore not listed as such in these Financial Statements.
OBJECTIVES AND ACTIVITIES
The objective of the charity is to provide accommodation for poor persons of good character ordinarily residing in the Ancient Parish of Tonbridge.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Petley and Deakins Almshouse Charity was founded in the 18th Century and is currently regulated by an order of the Charity Commissioners approving a Scheme including appointment of Trustees dated 15 September 1970.
The Trustees meet at regular intervals during the year. The day-to-day administration is carried out by the Clerk to the Trustees and the Treasurer, both of which are voluntary appointments, in collaboration with the Chairman.
PUBLIC BENEFIT
In meeting the objectives the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and judge that all their activities meet this guidance.
ACHIEVEMENTS AND PERFORMANCE
All of the flats were occupied throughout the year. The flats were maintained as was required throughout the year.
FINANCIAL REVIEW
The results for the year are shown on the Statement of Financial Activities. The financial position of the charity continues to be most satisfactory with sufficient funds to meet emergency costs that are uninsured.
Reserves
Reserves of £20,000 are held to cover refurbishment costs. Reserves above this amount are accumulated in a Future Property Fund until there is enough in the fund to purchase a further property, in order to further carry out the charity's objectives.
FUTURE PLANS
It is anticipated that work will start on updating all bathrooms at Petley Court in the Summer of 2024. The aim is to buy a new property once funds are sufficient to further the Almshouse outreach in our local area.
4
PETLEY AND DEAKINS ALMSHOUSE CHARITY
REPORT OF THE TRUSTEES, CONTINUED
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Charity Law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing those Financial Statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether the policies are in accordance with applicable accounting standards;
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prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the Financial Statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees :
Reverend Mark Barker Chairman of Trustees
Helen Noble Trustee
Dr Juliet Roberts Trustee
Date:
5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PETLEY AND DEAKINS ALMSHOUSE CHARITY
We report on the Financial Statements of the Charity for the year ended 31 December 2023 which are set out on pages 6 to 11.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The Trustees are responsible for the preparation of the Financial Statements. The Trustees consider that an audit is not required for the year (under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is our responsibility to:
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examine the Financial Statements (under section 145 of the Act);
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b ) of the Act); and
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to state whether particular matters have come to our attention.
BASIS OF INDEPENDENT EXAMINER'S REPORT
Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the Financial Statements presented with those records. It also includes consideration of any unusual items or disclosures in the Financial Statements, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the Financial Statements present a 'true and fair view' and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with our examination, no matter has come to our attention:
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(1) which gives us reasonable cause to believe that in any material respect the requirements:
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to keep accounting records (in accordance with section 130 of the Act); and
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to prepare Financial Statements which accord with the accounting records and comply with the accounting requirements of the Act.
have not been met; or
- (2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the Financial Statements to be reached.
Steve Hale FCA FCCA on behalf of Perrys Audit Ltd
Churchdown Bordyke Tonbridge Kent TN9 1NR
6
PETLEY AND DEAKINS ALMSHOUSE CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
| Notes Income from: Maintenance contributions Electricity generation Investments Expenditure on: Charitable activities: Day to day maintenance and services Cyclical maintenance Residents' welfare Governance: Accountancy and Independent Examiner's fees Sundry expenses Net income Gain/(loss) on revaluation of investments Endowment Fund 4 Net movement in funds Total funds brought forward Total funds carried forward 8 |
2023 £ £ 40,272 2,702 211 43,185 6,379 11,660 500 900 47 19,486 23,699 13 23,712 457,851 481,563 |
2023 £ £ 40,272 2,702 211 43,185 6,379 11,660 500 900 47 19,486 23,699 13 23,712 457,851 481,563 |
2022 £ £ 38,336 1,225 30 39,591 6,121 52,201 400 888 - 59,610 (20,019) (24) (20,043) 477,894 457,851 |
2022 £ £ 38,336 1,225 30 39,591 6,121 52,201 400 888 - 59,610 (20,019) (24) (20,043) 477,894 457,851 |
|---|---|---|---|---|
| 43,185 19,486 |
39,591 59,610 |
|||
| 23,699 13 |
(20,019) (24) |
|||
| 23,712 457,851 |
(20,043) 477,894 |
|||
| 481,563 | 457,851 |
There were no other recognised gains or losses during the current or previous year.
The Notes on Pages 8 to 11 form part of these Financial Statements.
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PETLEY AND DEAKINS ALMSHOUSE CHARITY
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible fixed assets 3 Housing Properties Equipment Investments Endowment Fund 4 Total fixed assets Current assets Debtors 5 Cash at bank and in hand: COIF Charities Deposit Account Lloyds TSB bank accounts Total cash at bank and in hand Total current assets Creditors: Amounts falling due within one year 6 Net current assets Creditors: 7 Amounts falling due after more than one year Net assets Capital and Reserves Unrestricted funds |
2023 £ £ 659,133 - 659,133 736 659,869 160 102 155,558 155,660 155,820 2,245 153,575 331,881 481,563 481,563 |
2023 £ £ 659,133 - 659,133 736 659,869 160 102 155,558 155,660 155,820 2,245 153,575 331,881 481,563 481,563 |
2022 £ £ 659,133 - 659,133 723 659,856 - 97 132,000 132,097 132,097 2,221 129,876 331,881 457,851 457,851 |
2022 £ £ 659,133 - 659,133 723 659,856 - 97 132,000 132,097 132,097 2,221 129,876 331,881 457,851 457,851 |
|---|---|---|---|---|
| 659,133 736 |
659,133 723 |
|||
| 659,869 153,575 331,881 |
659,856 129,876 331,881 |
|||
| 155,660 155,820 2,245 |
132,097 132,097 2,221 |
|||
| 481,563 | 457,851 | |||
| 481,563 | 457,851 |
The Notes on Pages 8 to 11 form part of these Financial Statements.
The Financial Statements were approved by the Trustees on :
Reverend Mark Barker Chairman of Trustees
Helen Noble Trustee
Dr Juliet Roberts Trustee
8
PETLEY AND DEAKINS ALMSHOUSE CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting Policies
A summary of the principal accounting policies is set out below.
1.1 Basis of Accounting
The Financial Statements have been prepared under the historical cost convention with the exception that investments are valued at market value. The Financial Statements are in accordance with applicable accounting standards, the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS102) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.
Housing Properties
Housing properties are stated at cost. As the premises are maintained in a continual state of sound repair such that their estimated residual value is not less than the cost, there is no annual charge for depreciation as it is not considered appropriate. Provision will be made should any permanent diminution in the value of properties occur.
Housing Association Grant
Housing Association Grant (HAG) was paid by the Department of Environment to reduce the cost of any approved scheme to the amount which it was estimated could be serviced by the net annual income of the scheme. HAG is repayable under certain circumstances, primarily following the sale of property, but would normally be restricted to net proceeds of sale. This grant was in respect of "Petley Court" itself and does not relate to any other properties now or in the future. It was a condition of eligibility for grant that a benefiting body became a housing association and that their name be placed on the Register of Social Landlords. In exercise of the power conferred by Section 4 (4) of the Housing Act, 1996 and having received certain undertakings from the Charity trustees, the Board of the Housing Corporation agreed on 9 September 1997 to the deregistration of Petley and Deakins Almshouse Charity.
Capital Fund
The Capital Fund represents the cost of the Housing properties net of Housing Association Grant.
Maintenance Fund
The Maintenance Fund represents amounts set aside to meet repair costs of a major and recurring nature in respect of housing properties where such costs cannot be met from current income.
Future Property Fund
The Future Property Fund represents surplus funds designated to finance the purchase of a new almshouse property.
Value Added Tax
The Charity is not registered for Value Added Tax. Where appropriate, expenditure is shown in the accounts inclusive of VAT.
Going Concern
The trustees consider that there are no material uncertainties about the ability to continue as a going concern.
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PETLEY AND DEAKINS ALMSHOUSE CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2. Officers' emoluments
The officers are defined as the Trustees and the Clerk to the Trustees, none of whom received emoluments or expenses in the year (2022 - none).
There were no related party transactions (2022 - none).
3. Fixed Assets - Housing Properties Petley and Deakins Almshouses were founded at the beginning of the 18th Century from bequests of George Petley and Thomas Deakins. Constructed originally in High Street, Tonbridge, the Almshouses were erected on their present site fronting Pembury Road, Tonbridge in 1875. No value is included for the original costs of construction amounting to £1,866. Major alterations and modernisation of the accommodation have been completed, funded by way of Housing Association grant and a contribution from the Charity's own resources. The details below include the cost of earlier improvements financed by a combination of grant, mortgage loan and Charity funds.
In June 2011 a Leasehold Property at 4 St. Eanswythe's Court, Tonbridge, Kent, TN9 8BF was purchased comprising a Ground floor Flat and a Parking Space at a total cost of £141,778. The lease is for 125 years from 25 March 2006.
In June 2014 a Leasehold Property at 1 St. Eanswythe's Court, Tonbridge, Kent, TN9 8BF was purchased comprising a Ground floor Flat and a Parking Space at a total cost of £153,164. The lease is for 125 years from 25 March 2006.
| Fixed assets Cost At 1 January 2023 Purchase in the year At 31 December 2023 Depreciation At 1 January 2023 Depreciation in the year At 31 December 2023 Net book value At 1 January 2023 At 31 December 2023 |
Freehold Leasehold Fixtures land and land and fittings and buildings buildings equipment £ £ £ 364,191 294,942 12,400 - - - 364,191 294,942 12,400 - - 12,400 - - - - - 12,400 364,191 294,942 - 364,191 294,942 - |
Total £ 671,533 - |
|---|---|---|
| 671,533 | ||
| 12,400 - |
||
| 12,400 | ||
| 659,133 | ||
| 659,133 |
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PETLEY AND DEAKINS ALMSHOUSE CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
4. Investment- Endowment Fund
The original cost of assets representing the Charity's Endowment fund is not known. Shares in the National Association of Almshouses Common Investment Fund were purchased in 1971 at a cost of £280 from the proceeds of an earlier investment. This amount has been attributed as base cost.
On 15 November 2019 the NAACIF fund merged into the M&G Charity Multi Asset Fund.
| The investment comprises the following: 819 (2022:819) M&G Charity Multi Asset Fund shares Base cost Market Value at 1 January 2023 Increase/(decrease) in value Market Value at 31 December 2023 5. Debtors Contributions receivable Electricity generation income receivable Interest receivable 6. Creditors - Amounts falling due within one year Accountancy & Independent Examiner's Fees Contributions overpaid Maintenance costs |
2023 £ 280 723 13 736 2023 £ - - 160 160 2023 £ 1,788 457 - 2,245 |
2022 £ 280 |
|---|---|---|
| 747 (24) |
||
| 723 | ||
| 2022 £ - - - |
||
| - | ||
| 2022 £ 1,764 457 - |
||
| 2,221 |
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PETLEY AND DEAKINS ALMSHOUSE CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
7. Creditors: Amounts falling due after more than one year
| Housing Association Grants | 2023 £ 331,881 |
2022 £ 331,881 |
|---|---|---|
(only payable under certain circumstances, such as the sale of Petley Court itself, see note 1.1)
8. Movement in funds
| Unrestricted funds Revenue Fund Capital Fund Maintenance Fund Future Property Fund Endowment Fund |
Balance at Income 1.1.23 and gains £ £ - 43,185 327,252 - 20,000 - 109,876 - 723 13 457,851 43,198 |
Expenditure £ (19,486) - - - - (19,486) |
Transfers £ (23,699) - - 23,699 - |
Balance at 31.12.23 £ - 327,252 20,000 133,575 736 |
|---|---|---|---|---|
| 481,563 |
An Order of the Charity Commissioners dated 15 September 1970 requires that the Charity make a contribution each year of not less than £360 to an investment representing the Extraordinary Repair Fund. The Extraordinary Repair Fund is now the Maintenance Fund. Refurbishment expenditure has been carried out in recent years so the current level of the fund has been maintained at £20,000. The £20,000 level is considered to be far in excess of the £360 per year requirement.