C J Gallard's Almshouses, Charitable Trust
Financial statements for the year ended
31st December 2023
Registered Charity No: 209787
Indei
Gener&1 infomalion
2 Ret)ort of the iruste¢s and slafrment of responsibilities
5 Independent examiner's report
6 Statement of financial activities
7 Statement of financial activities- 2022 comparative
8 Balance sh¢¢t
9 Notes to th¢ fiTJan¢ial statements

C J Gallard's Almshouses, Charitable Trust
General Information
Trustees: The Charity Trustees who served during th¢ year were as follows:
Ex-officio
Reverend R Wilson
Revcrcnd S Hills
The Vicar of ihe Parish ofst Thomas, Southborough
(resigned l June 2022)
Nominative
Mrs J Prance
appointed by Southborough Town Council
Councillor T Poile appointed by Tunbridge Fvells Borough Council
Mrs M. Morton
appointed by Tunbridge Wells Borough Council
Co-optative Ipersons who have resided or carried on business in or near
Southborough and appointed by the Trustees)=
Mr G J Coventry (Vice Chair)
MrN Powell
(Chair)
Ms D Hill
Mr A Langford (appointed 9 March 2023)
Mrs B Wisdom
Clerk and Treasurer to the Trustees:
Mr Philip Grainger
Almshouses, Manager:
Miss M L McDowall
Address..
27 Gallard's Close, London Road, Southborough, Kent, TN4 ONB
Bankers..
CAF Bank Limited
25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
Solicitors..
Bates Wells
10 Queen Street Place. London EC4R IBE
Investment Advisers:
Courtney Havers LLP
5A, Valley Industries, Cuckoo Lane, Tonbridge, Kent TN I I OAG
A¢¢ounÉants:
Begbies
Unit 14. Park Bary Evegate Business Park, Smeeth, Ashford TN25 6SX
Member of..
The Almshouse Association
Billingbear Lodge, Maidenhead Road, Wokingham, Berkshire, RG40 5RU

C J Gallard's Almshouses, Charitable Trust
Report of the trustees and statement of responsibilities
Governanee:
The Trust is a Registered Charity govemed by Schemes made by the Charity
Commission having as its principal object the management of the properties known
as the C J Gallard's Almshouses, consisting of self_contained flats in Gallard's
Close. London Road, Southborough, Kent, TN4 ONB. Applicants have to be men
and women of limited financial means over the age of 55 years who havc resided in
the Borough of Tunbridge Wells with priority given to applicants from
Southborough. The Charity is financed by Weekly Maintenance Contributions
("WMC") from the residents, income from Investments and Ark Community Room
lettings and donations. Any surplus must be applied for the benefit of the residents.
The Trust is administered by a body of up to nine Trustees which include the Vicar
of St Thomas's Church. Southborough. two person5 nominated by the Tunbridge
Wells Borough Council, one nominated by the Southborough Town Council and five
persons who have resided or carried out business in or near Southborough.
The Trustees believe that they have complied with the duty in section 4 of the
Charities Act 2006 to have due regard to public benefit guidance published by the
Charity Commission and that they comply with the Governance and Financial
Viability Standard published by The Homes & Communities Agency.
In addition to the trustee meetings held every two months. sub committccs assemble
to agree on policy matters, obligations under charity law and to monitor the charity's
finances and fabric.
Review of activities:
During 2023 life began to retum to nom)ality following Covid and income from the
Ark Community and Foresters Rooms increased once again. We were able to take on
a number of new hirers for the Ark Community hall which increased our income
further.
We were able to welcome Mr Andy Langford as a new co optative trustee who, as a
qualified quantity surveyor. has been instrumentsl in carrying out our Quinquennial
Report.
The Trustees agreed an increase in WMC of 7.5 % from £108 to £116.10 for 2023
following an increase of 8.5 /0 the previous year. However, a non-statutory valuation
carried out by the Valuation oifi¢e Agency produced an equivalent fair rent figure
of £165 providing Trustees reassurance that our charges remain substantially lower
than the market level for comparable single bedroomed accommodation in the area.
Following a prolonged and expensive legal dispute with one resident a final court
order was obtained in January 2023 and repossession granted.
We were able to welcome two new residents from the local area.

C J Gallard's Almshouses, Charitable Trust
Report of the trustees and statement of responsibilitles
Financial review:
Total income rose to £163,021 in 2023, an increase of £8,941. Expenditure fell
£1,833 to £151,001 but remained historically high as a result of the significant legal
costs already referred to. The surplus before investment revaluations was £12,020
(2022.. a surplus of £1,246).
The prices of the Trust's income and accumulation investments rose. and the overall
value of the portfolio increased by £3,671.
Overall, there is a surplus for the year of £15,691.
Reserves policy:
The Reserves held by the Charity support the main objective of the provision of
accommodation at C J Gallard's Almshouses for the benefit of eligible residents of
the Borough of Tunbridge Wells. The reserves, excluding the restricted Permanent
Endowment Fund. Extraordinary Repair Fund and Restricted Fixed Asset Funds,
totalled £26,564. These Reserves enable us to meet cyclical maintenance costs and
include a provision for special projects and a general rescrve. The Trustees, policy
is to hold a general reserve, in addition to the Pem]anent Endowment Fund and
restricted and designated funds and reserves, equivalent to three months, general
expenditure. That level stands at a deficit of £465, an improvement of £6,136 on last
year.
It is considered that the reserves are adequate to cover known future ne¢ds.
Trustees, responsibilitie5 in relation to the financial statements:
The charity trustees are responsible for preparing a trustees, annual report and
financial statements in accordan¢e with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice}.
The law applicable to charities and registered social housing providers in England
and Wales requires the trustees to prepare F￿ancial statements for each financial
year which give a true and fair view of the state of affairs of the charity as at the
balance sheet date, and ol its income and expenditure for that period. In preparing
the financial statements the trustees are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the applicable Charities SORP.
make judgements and estimates that are reasonable and prudent-
state whether applicable accounting standards have been followed, subject to
any material departures thal must be disclosed and explained in the financial
statements, and
prepare the a¢counts on the going concern basis unless it is inappropriate to
presume that the charity will continue on that basis.

C J Gallard's Almshouses, Charitable Trust
Report of the trustees and statement of responsibilities
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, the applicable Charities (Accounts and Reports) Regulations, the Housing &
Regeneration Act 2008 and the Accounting Direction for Private Registered
Providers of Social Housing 2015 and the governing document. They are also
responsible for safeguarding the assets of the charity and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Approval:
The report was fornlally approved by the Trustees at their meeting held on 9 May
2024 and i
ned on their behalf by:
N Powell,
air
Trustees:
9 May 2024

Independent examiner's report
to the trustees of
C J Gallard's Almshouses, Charitable Trnst
I report to the trustees on my examination of the accounts of C J Gallard's Almshouses. Charitabl¢ Tn￿ for th¢ year
ended 31 December 2023 which are set out on pages 6 to IS.
Responsibilities basis of report
As the Gharity trustee5 of the Trust you are resTK>n5ible for the preparation of the accounts in accordance with th¢
requirements of the Charitle5 Act 2011 I'the Act'l.
I report in respect of my exatnination of the Tru5tees' accounts carried out under section 145 of ihe 2011 Act and in
carrying out my examination I have followed all the applicable Directions giv¢n by the Charity Commissioner und¢r
Section 145{5)Ibl of the 2011 Act.
Independent examiner's statement
I have c4)mpleted my examinatiot). T cotjfim that no material matters have come to my attention in conncction with the
examination giving me cause to believe that in any material respect..
{11 accounting records were not kept in respect of the Trust as requtred by section 130 of the Aci. or
121 the accounts do not a¢cord with those records. or
131 the accounts do not comply with the applicable r¢quir¢ments ¢on¢eTning the fortn and content of account5 set out
in the Charities (Account5 and Reports) RegulatlOT15 2008 other than any requirement that the accounts give a
true and fair view, which is not a matter considered as part of an independ¢nt examination.
I have no concerns and have come across no other matters in cotjnection with the examination to whi¢h attention should
be drawn in this report in order to enable a proper understanding of the ac¢ovnts to be reached.
Daniel Valentine ACA
Begbies
CharÉevgdAcCo￿￿Èu￿IS
Unit 14
Park Barn
Evegatc Business Park
s￿eeth, A5hford
rN25 6SX
1615
2024

C J Gallard's Almshouses, Charitable Trust
Statement of financial activities
for theyear ended 31st December 2023
Totgl
JI Dec
2023
Total
31 Dec
2022
Endowment
fund
Restricted Designated Unrestricted
funds
funds
Notes
Incorne from:
Charitablc activities
Weekly maintenart¢e wntribution5
Other activities
- Ark Community Room lettings
Donations
Investment5
3,562
147.010
150.572
142,542
3.472
3,472
700
,277
4,017
700
3,376
4,901
7,521
Total income
3J76
4262
15SJ83
163.021
154,080
Expendiknre on:
Charitable activiiies
Almshouses, expenditure
Cyclical tnaint¢nanc¢
Extra-OTdinary repair
Manag¢ment and administration
Interest payable
Total expenditure
69.595
69,595
15,460
59,006
7,273
2,142
63,682
20,731
15,460
46.017
19,929
46.017
19,929
15,460
135.541
151.001
152,834
Net ineome before gains and
losses on investmeThts
3,376
111,198)
19,842
12.020
1,246
G*lnslOossesl OD investfflent 1$8et5
1,877
1,794
3,671
(5,9501
N¢t iDcomel(expenditllre)
1,877
5,1711
(11.198)
19,842
15,691
{4,7041
Tran$fer$ between funds
13,706
(13.706)
Net movernent in fvnds
1077
18,876
111.198)
6,136
15,691
14.704)
Re¢onciliatiDn of funds..
Total fvnds brought forward
Tot81 funds earried forward
13
109,809
2,072,694
38227
£27.029
(6.601
£(46SI
2214,129
2,218,833
£2.214,129
13
£111,686
£2,091570
£2,229,820

C J Gallard's Almshouses, Charitable Trust
Statement of financi21 activities
for theyear ended 31st December 2022
Comparative
Total
31 Dec
2022
Endowment
fund
Restricted Designated Unrestricted
funds
fund$
fund
Note5
Income from..
Charitable a¢tivities
Weekly maintenanc¢ cotjtributiort
Other activitie5
Lettings
Investments
3.925
138,617
142,S42
4,017
4.449
4,017
7.521
3,072
Tot91 income
3.072
3,925
147,083
154,080
ExpeDditure on:
Charitable activities
Almshouses, expenditure
Cyclical maintenance
Extra-ordinary repair
Management and administration
Interest payable
59,006
59,006
7.273
2.142
63,682
20.731
7.273
2,142
63.682
20,731
Total expenditure
2,142
7,273
143,419
152,834
Net income before gains alld
losses on investments
930
13,348)
3,664
1.246
Gain51(losses) on inv£stm¢nt gssets
13.5311
(2,4191
15.950)
Net iThcotne/{expenditure)
13,5311
(1.4891
13,348>
3,664
(4.704)
Transfers between funds
12,903
112,903)
iyet movernent ID fullds
11.414
13,3481
19,2391
{4,7041
Reconciliation of funil5:
Total fund5 brought for￿rd
Total fund$ earrled forward
113,340
£109.809
2,061.280
41,575
2,638
2,218.833
£2,072,694
£38,227
£16,601)
£2,214,129

C J Gallard's Almshouses, Charitable Trust
Balance sheet
31st December 2023
Notes
2023
2022
Tangible fixed assets
2J14J26
2,314,326
lThwestments
200.133
193,086
Current assets
Debtors
Cash at bank and in hand
195
19,787
19.982
412
26.91
27.323
Creditor5: Amtsunts falSing due
within one year
Net cllrrent (liabilities) assets
Totol assets less turrent liabilltles
(20,130)
(21,545)
{148)
2,514,311
5,778
2.513.190
Cveditor5: Atnounts falling due
after more than one year
Other creditOT5
io
284.491
299.061
(284.491)
£2.229.820
{299,0611
£2.214.129
CApital and reserves
Unrestricted fvnds
General resC￿e
Designat¢d reserve5
Restrictcd fixed as5ei ￿ndS
Other re5thct¢d fvnds
Perrnanent endowment
12&13
13
13
ij
13
(465)
27,029
2.015,265
76,305
111,686
£2,229J20
(6,6011
38,227
2,001,559
71.135
109,809
£2,214,129
Approved by the Trustee5 on 9 May 2024
and
igne
their behalf by
Mr N Powell
Chalr
Mr G J Coventry
Trustee

C J Gallard's Almshouses, Charitable Trust
Notes to the financial statements
31Jt December 2023
l AeeountlDg policies
(a) Busis ofpreparolio
The accounts hav¢ been prepared in a¢¢ordan¢e with il the Statement of Recommended Practice.. Accounting
and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard
applicable 2n the UK and Republic of Ireland IFRS 1021 published on 16 July 2014, ii) the Financial
Reportirtg Standard applicable in the UK and Republi¢ of Ireland {FRS 102) and iiil the Charities Act 2011.
The finan¢iAI statements have b¢en pr¢par¢d under the historical cost ¢onventio]L as adjusted for th¢
revaluation of investm¢nts.
The tnjst ¢onstitutes a public benefit entiiy as defined by FRS 102.
(b) Siaiiilory basis
The charity is a registered charity with th¢ Charity Commission and a member of the NatiOTLal Association of
Almshouses.
(c) GoEng concer
The trustees eon5ider that there are no material uncertainties about the trust's ability to continue as o going
con¢ern.
(d) Jv¢ome (exclydiF7g investFkReni gL7ins)
Income 15 recognised once th¢ Gharity ha5 entitlement to the in¢ome, there is sufficient Certainty of Teceipt
and 50 It is probable that the incotne will be received, and the amount of income receivabl¢ ¢an be measured
reliably.
(e) Expendi£￿re
Expenditllre is recognised once there is a legal or constructive obligation to make A paY￿ent to a third party,
it is probabl¢ that settlement will b¢ required and the amount of the obligation can be measured ￿lIablY.
Value oJdedt(LY
The charity is not registered for value added tax. Where applicable. expenditure is shown inclusive of VAT
(g) Housingproperfies
The freehold land and original 20 flats lalmshous¢s) are tTeated as non-capitalised assets and included at nil
walu¢l¢ost. Subsequent additions and improvetnent expenditure are stated at C05t and include attributable
rinanc¢ Gosts durin8 the development period. Subsequent fJnanc¢ costs aTe writtetl off in the ststeTnent of
financial activities.
No depreciation Es charged. As the almshouses are well-maintained, have a long-life and a strong residual
value, any depreciation would b¢ immaterial.
(h) Financial ins1rtlme￿Is
The charity only has financial assets and finan¢ial liabilities of a kind that qualify a5 basic financial
instwments. Basic financial instruments are inttially recognised at iransa¢tion value and subs¢qu¢ntly
measured at their settlement value. Bank loans are subsequently measured at atnortlsed cost llsing th¢
effective interest method and investments are subsequently measured a¢ their m&rket value as at ih¢ balanc¢
sheet date using the closing quoted tnaTket price.

C J Gallard's Almshousesl Charitable Trust
Notes to the financial statements
31st December 2023
(i) lJvvesÉmeF7ts
All gains and 105ses are taken to the statement of financial activities as they arise. Realised gains and 105ses
on investments are calculated as the difference between salts proceeds and their opening carrying value or
their purchas¢ value if acquired subsequent to the first day of the financial y¢ar. Unrealised gain5 and losses
are calculated as the difference between fair value at the year end and their ¢anying value. Realised And
unrealised inv¢stm¢nt gains and losses are combined in the statement of financial a¢ttvitie$.
Q) Designaled resenrs
Designated re5er¥es are part of unrestricted funds which hav¢ been earniarked by the Trustees for a particular
purpose. Such designations may be reversed by future Trustee decision5.
Ik) RestriciedreseFves
Restricted funds are those used for particular purpose5, narroweT than the overall charitable purposes of the
charsty.
2023
2022
2 Income and expenditure from charitiblt attivitie5
Weekly maintenance Conthbutions
Income froTn eharltable activities
150,572
£150,572
142.542
£142,542
Almshouses, expenditure
Wages and salaries (note 41
Routine maintenance and services
Careline
Garden costs
Utilities {water. eleclricity and gasl
Insurance
TV li¢en¢e
29.226
13,790
5,596
6.139
11,828
2,956
60
27,037
10,686
4,760
4,254
9.231
2,814
224
£69J95
£59,006
Cyclical mAinteDanee
£15,460
£7,273
Extra-ordinary repair fund
£2,142
Management and administration
Wage5 and Salaries (note 31
Fees and subscriptions
Telephone and IT
AccountanGy & independent examin&51ac¢ountant's report
Legal and professional fees
Travel & subsistence
Trust¢es' expenses
Bank charges
AdThinistrAtion and sundry expenses
16,928
1,250
5,109
3370
14,950
249
698
66
3.093
£46,017
15,567
596
4,764
3,750
36,438
263
33
2,190
£63.682
Interest payable
£19929
£20,731
Expenditure On charitable activities
£151,001
£152,834
Net iDcome froTh charitable activities
£(429)
£110.292)
10

C J Gallard's Almshouses, Charitable Trust
Notes to the financial statements
31st December 2023
Residents are tLOt tenants but beneficiaries of the Charity under COTLditions of a licence to occupy an Almshouse
flat. They pay a weekly maintenan¢e ¢ontributitsn IWMC) for the maintenance and services provided in
accordance with the d¢tails laid down in the Residents, Handbook, their licen¢e and OTiginal letter of offeT. The
WMC rate is determined by the Trustees on a non-profit making basis.
Vacatit tlats, usually arising from death or from a resident no longer being Capable of independettt living. are
filled from a list of applicants wljo have applied to come and live at Gallard's Close. Void losses therefore only
artse from the period between a flat falling vacant and a new resident b6ing able to take up occupatioll.
2023
2022
3 Staff eosts and trustees, rernllner8tion and expenses
Gr05s wages and salaries
Employers, national insurance
Employtnent allowance
46,154
3.408
(3,408)
£46,154
42,604
3.080
{3,080)
£42,604
Allo¢at¢d as follows-.
Altnshouses, expenditurc
Management and adtninistration
29,226
16,928
£46,154
27,745
14,859
£42,604
Average no of employees
No trustees re¢¢ived any remuneration in the year (2022..£nil). Expenses of £698 were Tcimbursed in the year
12022.. £33).
2023
2022
4 Imvestrnent income
Bank interest
Dividend income
176
8,101
£8,277
97
7,424
£7,52
£3.376 {2022.- £3,072) of dividend income relates tt> inve5trtLents allocated to the restricted Extra-ordinary fund.
All other investment income is unrestricted ￿e0]ne.
S TaxAtion
C J Gallard's Almshouses, Charitable Trust is a regist¢r¢d Charity and, as such, is potentially exempt froTn
taxation of its incom¢ and gains falling within Income Tax Act 2007 Part 10 and the Taxation of Chargeable
Gains Act 1992 5.256 to the extent that they are applied to its ¢haritable obj¢ctiv¢s. No tax liability arises in the
year.
11

C J Gallard's Almsbouses, Charitable Trust
Notes to the financial statements
31si December 2023
6 Tangible fixed gssets
Freehold
property
Cosl..
At 1st January 2023
At 315t Deeember 2023
2,3J4,326
2,314,326
book volue..
At 31st Deeember 2023
£2 J14,326
At 315t December 2022
£2.314,326
The Charity oivn5 the freehold of the land at the junction of London Road and Yew Trtt Road in Southborough,
Ktnt with 26 flats {altn5hous¢sl therein, one of which is occupied by the Almshouse5' Manager, which is part of
the Pernianent Endowmcnt. The land is vested in the Offjcial Custodian for Chatities by virtue of the Scheme of
Regulatiot] dated 2 January 1914 and confiTmed in a revised S¢heme dated 15 April 1969.
7 Investmethts
Tr*at101191 Association of
Alm$house5 Comrnon
Investment Fund
Type of share5
Income
Accumulation
Matkel value
Total
At 1st January 2023
Additions
Unreali5ed surplus on revaluation
At 315t December 21123
109,809
83.277
3,376
1,794
193.086
3,376
3,671
1,877
£111,686
£88.447
£200,133
At 3 1st D￿ernber 2022
£109,809
£83.277
£193,086
Th¢ investmetjts COTnprise Income and Aecumulation shares wsth the National Association of Almshouses
Comtnon Investment Fund (NAACtF}, administered by M&G Securities Limited. Whilst the Charitie5 Act 1992
dive5t5 r¢sponsibility for investments to the Charity Trustees, the In¢ome units are alloGat¢d to the Pernian¢nt
Endowment Fund and are Restricted capi¢al under Charity Conuni5SLon control and any expenditure could be
subject to recoupment orders. The Accumulation units are allocated to the Extra-i)rdinary repair fvnd and are
Restricted capital undeT th¢ trustees, control. Dur to the Multi￿de of Small acquisitions over many years it is not
pra¢ti¢al to d¢terniine hi51oTl¢ ¢OSt.
2023
2022
8 Debtors
Prepaytnents and a¢crued income
195
412
£195
£412
12

C J Gallard's Almshouses, Charitable Trust
Notes to the financial statements
31sl December 2023
2023
2022
9 Creditors: Amounts falling due within one year
Loan repayments due in less than l year
PAYE & Ntc
Accruals
14,570
1.990
3,570
13,706
1.899
5,940
£20,130
£21,545
10 Creditors: Amounts falling due aft¢r more than one year
The Chtrity
Bank Lllnitcd
2023
Tot91
2022
Total
Loans
£284.49]
£284,491
£299,061
Loans are repayable as follows..
Between one and two years
Between two and fjvc years
After more than five year5
13,706
46,832
223.953
13.706
46,832
223,953
3,706
46,832
238,523
£284,491
£284,491
£299,061
Th¢ loans from The Charity Bank Limited comprising advan¢e$ of £150,04JO in 2011. £175,000 in 2012. and
£140.000 in 2013 are repayable over 25 years ond are secured tsn the freehold property- Interest is payable at
6.50/D per annum.
11 AThalysi5 of net asset5 between funds
2023
Endowment
fund
Restricted
funds
Designated Unrestritt¢d
funds
rund
Total
Tangible fixed a85ets
Inve5tment5
Cash at bgnk
Other net current assets
Creditors > l year
2,314,326
88,447
2,314,326
200,133
19,787
{19,9351
(284.4911
£2,229,820
111,686
27,029
(7242)
6.777
(26,712)
(284.491)
£2.091,570
£111,686
£27,029
£(465
2022
Endowtnent
fund
Restricted
funds
D¢$ignaled
funds
Unr¢stricted
fund
Total
Tangible fixed ass¢ts
lllve5tments
Cash al bardo
Other net current assets
Creditors > l yeaT
2,314.326
83,277
2,314.326
193,086
26.911
121,133)
1299,061
109,809
38,227
125,8481
299,0611
4,715
£109,809
£2.072,694
£38,227
£16,601)
£2,214.129

C J Gallard's Almshouses, Charitable Trust
Notes to the financial statements
31st December 2023
12 Getleral reserve
At 1st January 2023
Surplus for the year
(6,601)
19,842
Transfers to restricted fLxed asset res¢ry¢s
Charity Bank loan repayments
Cyclical maintenance fund
Transfer
{13,706)
13.706)
At 31$t Deeember 2023
£(465)
At 3 1st December 2022
U6,6011
13 Movement of funds
Fund
balances
Fund
balances
clfwd
Ggin5 and
lo&%
blfwd
Income Expenditure
Transfers
2023
Permanent Endowment Fund
109009
1I77
111.686
Restricted flxed asset funds
PToperty (und
Loan reserv¢
2J14J26
2J14J26
{312.767)
13,7116
(299.061)
2,001,559
13,7116
2.015.265
Other restrlcted funds
Extra.ordinary repair fund
71.135
3,376
1.794
76,305
71,135
3,376
1,794
76J05
Unrestricted funds
General reserve
(6,601)
155.383
(135,541)
(13.706)
(465}
Unrestricted designated funds
CyGli¢al tnainlenance fund
Spe¢ial proje¢ts fund
36.765
3,562
(15,460)
24,867
1.462
700
2,162
38,227
4.262
{15,4601
27,029
TOTAL
2,214,129
163,021
(151.001)
3,671
2.229,820
Permanent eDdowment fund
The PernJanent endownent fund comprises the freehold property held at no value and the inco]ne share type investments.
Restricted fixed 95set funds
The r¢slri¢t¢d fixed asset fund5 represent the trustees, investment in housing properties less the outstanding balance on the
Charity Barth loan.
14

C J Gallard's Almshouses, Charitable Trust
Notes to the financial statements
31st December 2023
Extra-ordingry repair fund
The extra-ordinary repair fvnd is used for expenditure on major repairs or significant improvements and COTnpfise5
accumulatloll Share type investments.
Cyclical mgintenance fund
Th¢ Cycli¢al rnaintenance fund is rctained by the trustee5 to provide for regular upkeep, including internal and extemal
repair and re-decoration.
Special project5 fund
The Spe¢ial proje¢ts fund is used for expenditure only otl specially authorised projects.
Fund
balances
blfwd
Fund
balances
clfwd
Gaills and
losses
Income
Exp¢nditure
TratJ5fer5
2022
Pemanent End0%￿￿ent Fund
113,340
3,5311
109.809
R¢5tricted fixed asset funds
Property fund
Loan reserve
2,314,326
{325.6701
2.314.326
12,903 ￿312,767)
12,903
2,001,559
1,988,656
Other restricted ￿rtdS
Extra-ordinary repair fvnd
72,624
3,072
(2.142)
{2.419)
71,135
72,624
3,072
12,1421
2,419
71.135
Unrestricted funds
Gen¢ral resejve
2,638
147,083
(143.419)
(12,9031
16,6011
Unrestri¢ted designated fvnds
Cyclical maintenance fund
Special PTOj¢Ct5 fvnd
40,113
3,925
17,273)
36,765
1,462
1,462
41.575
3.925
17,273)
38,227
TOTAL
2,218,833
154,080
1152,834)
15,950)
2,214,129
14 Legal costs
The charity has incllrred legal costs to date of £87,549 in connection with the t¢Ttnination of a licence to occupy one of the
flats. The charity's legal a¢tio¢i was su¢¢essful and it was awarded costs of £59.629 plus interest at go/0 (from June 2022} in
August 2022. R¢¢ov¢ry is believed to bt eKtremely uncertain and therefore in accordance with the Stai¢m¢nt of
Recommended PTa¢tice, the income has not been recognisd ill these accounts.
15