C J Gallard's Almshouses, Charitable Trust Flnaneial statements for the year ended 31st December 2024 RegISred Charity No.. 209787 Index l General information 2 Report of the tNst¢es and statement of respon$ibiliti¢s 5 Ind¢p¢ndent examiner's reporE 6 Stai¢meni of financial aciiviiias 7 St8lement of financial aciiviues - 2023 cornpardtive 8 Balance sheet 9 Noles to the firtancial sta*ments
C J Gallard's Almshouses, Charitable Trust General Information Trustees.. The Charity Tn]St who served during the year were as follows.. Ex-officlo Reverend R Wilson The yar ofihe Parish ofst Thomas, Souihborough Nominative Mrs J Prance appointed by Southborough Town Council Councillor I. Poile appointed by Tunbridge Wells Borough Council Mrs M. Morton appointed by Tunbridge WelLs Borough Council Co-optatlve (persons who have resided or Carried on business in or near Southborough and appointed by the Tnle&S). Mr G J Coventry (Vice Chair) Mr N Powell (Chair) Ms D Hill Mr A Langford Mrs R Wisdom Clcrk and Treasurer to the Trustees.. Mr Philip (Frdin8er Almshouses, Manager: Miss M L M¢Dowall Address.. 27 Gallard's Close. London Road, Southborough, Ken¢ TN4 ONB Bankers.. CAF Bank Lirnited 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, MEI 9 4JQ Sollcltors.. B(Iles Wells 10 Queen Street Plac< London EC4R I BE Accountants.. Begbies Unit 14, Park Bam, Evegate Business ParL Smeeth, Ashford TN25 6SX Member of: The Almshouse Association Billingbear Lodge, Maidenhead Roa(L WokinghanL Berkshire, RG40 5RU
C J Gallard's Almshouses, Charitable Trust Report of the trustees and statement of responsibilities Governance: The Trust is a Registered Charity governed by Schemes made by the Charity Commission having as its principal object the management of the properties known as the C J Gallard's Almshouses, consisting of s¢lf-¢ontained flats in Gallard's Close. London Road. Southborough, Kent, TN4 ONB. Applicants have to be men and women of limited financial means over the age of 55 years who have r¢$ided in Ihe 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 Trtlees which include the Vicar of St Thomas's Church, Southborough, two persons nominated by the Tunbridge Wells Borough Council, one nominated by the Southborough Town Council and five persons who have resided or c8rried out business in or near Southborough. The Trnstees believe that they have complied with the duty in section 4 of the Charities Act 2006 to have due r¢gard to public benefil guidance published by the Charity Commission and thai 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 committees assemble to agree on p)licy matters. obligations under charity law and to monitor the charity's finances and fabric. Review of activities: During 2024 income from the Ark Community and Foresiers Rooms increased once again. We were able to take on a numb¢r of new hirers for the Ark community hall which increased our income further. Following on from the Quinquennial rep)rt earlier in the year we were able to ppoinl a contractor to carry out low level repairs and refurbishment which have much improved the appearance of all the buildings. A number of trnstees attended training courses run by the Almshouse Association including "The Almshouse Way" which helps attendees gain an understanding of the Alrnshouse movement and to share common issues. The Trnstees agreed an incrc&sc in WMC of 6.3Yo from £116.10 to £123.50 for 2024 followin8 an increase of 7 0/0 the previous year. However. a non-ststutory valuation carried out by the Valuation oifice Agency produced an equivalent fair rent figure of £165 providing Trustees reassurance that our charges remain substantially lower than the market level for compardble single bedroomed accommodation in the area. During this period three flats be¢gme v8¢anL and it took some weeks to fill these which meant a temporary drop in income from WMC. However. we Were able to appoint three new residents who have all proved reliable and able to contribute to the community in th¢ Almshouse.
C J Gallard's Almshouses, Charitable Trust Report of the trustees and statement of responsibilities The Almshouse Manager continued to organise social and fundraising events on behalf of various local charities. Financial review: Total income rose to £175.756 in 2024, an incr¢&se of £12.735, which includes £2.676 recovered in respect of prior year legal fees. Expenditure rose £16,574 to £167.575. principally the result of much increased mainnance costs. The surplus before investment revaluations was £8.181 (2023.. £12.020). The prices of the Trust's income and accumulation invcstmcnts rosc, and the overall value of the portfolio increased by £7.224. Overnll. there is a surplus for the year of £15,405. 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 Pennanent Endowment Fund, Extraordinary Repair Fund and Restricted Fixed Asset Funds. totalled £16.759. These Reserve5 enable us ¢0 meet cyclical maintenance costs and in¢lude a provision for special projects and a general reserve. The Trustees. policy is to hold a general SerVe. in addition to the Pemunent End0IDent Fund and restricted and designated funds and reserves, Cquivalent to three months, general expenditure. That level stands at £4,420, an improvement of £4,885 on last year. It is considered that the reserYe5 are adequate to cover kno%1 future needs. Trustees, r¢spon$ibilitks in relation to the financial statements: The charity trustees are responsible for preparing a trustees. annual report and financial stalcments in accordance with applicable law and United Kingdom Accounting Stsnilards (United Kingdom Generally Accepted Ae¢ounting Practice). The law applicable to charities and registered social housing providers in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity &s ai the balance Sheet date, and of its income and expenditure for that period. In preparing the financial slatements the truste are required to: select suitable accounting policies and then apply them consistently: observe th¢ methods and principl¢s in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followe(L subject to any marial departures that must be disclosed and explained in the financial statements. and prepare the aoUnts on the going concern basis unle&s it is inappropriate to presum¢ that the charity will continue on that basis.
C J Gallard's Almshouses, Charitable Trust Report of the trnstees and statement of responsibilities The trustees are SponSIble for keeping proper accounting records which disclose with reasonable a¢cura¢y at any time the financial wisition of the charity and to enable them to ensure lhat the financial statements comply with the Charities Act 201 I, 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 documenL They are also responsible for safeguarding the assets of the charity and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. Approval: The rew)rt was fomally approved by the Trustees at their meetin8 held on 13 March 2025 and is signed on their khalf by: Powel Chair of Trustees: 13 Mar¢h 2025
Independent examiner's report to the trustees of C J Gallard's Almshouses, Charitable Trust I report to th¢ truste¢s on my examinatK>n of th¢ a¢ts of C J Gallard's AlmsFL)uses' Charitable TrLLSt for the year ended 31 December 2024 whieh are Set on pages 6 15. Responsibilities and basis of report As the charity tnJst¢es of th¢ Trust you are reSp)nlRe for the pretmation of the nts in aCrdAnCe with th¢ requirements of the Chariiies A¢1 2011 {Ihe Act?. I rew)rt in resfft of my ¢xamination of the Tws¢e¢s' accounts carried out under 5tion 145 of the 2011 Act and in CITryifi8 Out my ¢xamination I have followrd au th¢ applicable DirectKJLS 8iv¢n by the Charity G)mmtssioner und¢T Section 145{5Xb) of the 2011 Aet. IDdependeDt examiner's $tst¢menl I hav¢ wmpleied my examination. I confirnj that material matters h4v¢ ¢ome to my attemion in connection with th¢ examination givitTrB me eaus¢ to beli¢v¢ that in any mtrial Tesrrtt (l) aecounlin8 r¢wrds were not kept in respeet of the Tn as required by sedion 130 of the Aci. or (2) the accounts do tkit ae¢ord with thox re¢ords,' or (31 the accounts do noi comply with the applicable requ1MeNts LX)nc¢rning the forni and conteni of &c¢ounts Set out in the Chl1]eS (Accounts and Reponsl Regul&tion5 2008 oth¢r than any requirement that the occounts give a true and ftiir vi¢W which is not a matter eonsider¢d as part of an irtdependcnt examin*ion. I hav¢ no con¢errLS and hav¢ come across rKJ other matters in ¢onnectioth with the examination to %thi¢h attention should be drawn in this rcwjrt in order to enable a proper understanding of the accounts to t¢ reached. D¥nlel Valentlne ACA Begbles CharieredA¢eounlonts Unit 14 Park B8rn Evegaie Business Park Smeeth, AJhfoTd TN25 6SX . 2025
C J Gallard's Almshouses, Charitable Trnst Statement of financial activities for theyear ended31st December 2024 Tot81 31 Dee 21124 Totsi 31 Dec 2023 EThdtswmeDt Res¢rirtJ Designted UDrestrided IndS thd Notr4 llleome frorn: Charitable activities - Weekly maintenance Contributions Other activitie5 - Ark CommurtÉty Room lettings tA)natLofL5 Investrnertts Other- r¢Very of legal c4)sts Tot#] Income 3ffj19 156,746 160J65 150.572 3.707 3,767 300 8,648 2.676 3.472 700 8.277 3,413 5232 2h76 3,413 3,922 168.421 175.756 163,021 Expenditur¢ on: Ch8ritsble activities - Almshouses, expenditure - Cyclical maintenance . Management and administration Inter¢si payable Tot1 expendliure 9378 93,578 20.112 34.822 19.063 69,595 15,460 46,017 19,929 20,112 34,822 19.063 20,112 147,463 167,575 151,001 Net Intom¢ befor• g•inJ Ind losses on inveJtmeDts 3,413 (16.190) 20,938 12,020 GAlng1(10sges) on Investment •$8ets 3.743 3,481 7224 3,671 Net In£omel(expeudlture) 3.743 894 {J6,190) 20,958 15,405 15.691 Transfers between fvnd$ 14J73 (16.073) N•t movement In funth 3.743 21367 {14th90) 4085 15.405 15,691 R•coD¢lll4¢lon of thnds: Total fund5 brought forward Tot1 futtds c*rried forwArd 13 2,091J711 27.029 465 2329,820 2,214,129 £2.229.820 13 £115.429 £2,113,037 £12J39 £4.421) 12245,225
C J Gallard's Almshouses, Cbaritable Trust Statement of financial activities for rheyear ended 3Jst December 2023 Comparative Tot&1 31 Dec 21n3 dowment Rutrirted Deslgnlted Inrcstricted funds fund No¢¢5 Ineome from: Charil&ble activities - Weekly mainknatKe cotrtribution Other artLYlties - Lettings Donations LDV¢Stm¢nts 3,562 147,010 150,572 3.472 3.4n 700 8,277 3J76 4,901 Tot91 Incomt 3J76 4.262 155383 163,021 ExndItre on: Chhritable aetivities - Almshouses, cxpenditwe Cyeli¢al maintenance - Monagemeni and admini$lrn¢ion Interest payable Total expendlture 69.595 69.595 15,460 46.017 19,929 15,460 46,017 19.929 15,460 135,541 151.001 Net ltseome before g4lng and losses on investmets 3J76 (11,198) 19.842 12,020 GaIn{lo$S¢s) on Inveltment uets 1,877 3,671 Net ltse¢)mtl(eSP¢Ddlture) 1,877 5.170 (11.198) 19,842 15.691 Triwferj between fun 13.706 (13.706) Net movement Its funds 1.877 18.876 (11,198) 6,136 15,691 Reeothelll*tlon of fundq: TO funds brought forwwd Total thDds earrlod forward 109.809 2,072.694 38,227 6 601) 2,214,129 465 £27,029 £2,229.820 £111.686 £2,091,570
C J Gallard's Almshouses, Charitable Trust Balance sheet 31st December 2024 Nota 21n4 2023 Tangible fixed sets 2J14J26 2,314.326 InvtSttneD 21JO,770 2(M).133 Current DeOr$ c at bank and in hand 380 19.807 20.187 195 19.787 19.982 Creditors: Amounts falling due within one year N¢t ¢urr¢nt liabilitles 21.17 20.130 983 148 Total Itsa eurrent li8bili¢ies 2 J14,113 2.514,311 Creditors: Amounts fa]ling du¢ after mor¢ ihan one year Other creditOf5 268388 284,491 268W8 284,491 £2245225 £2,229,820 CAplt*l And reserves Unrestricted fvnds Genernl reser¥¢ Designated reservcs Restricted fjxed ass¢1 fimds Other restrictcd funds P¢nnan¢n¢ ¢ndowm¢ 12&13 13 13 13 13 4A20 12 J39 2.0298J8 83.199 115,429 (465) 27.029 2,015.265 76.303 111.686 £2245325 £2.229.820 Appn)ved by the Trusteey on 13 Mah 2025 d on th¢ir behalf by Mr iy Powell Chfilr Mr G J Coventry TnLSt¢e
C J Gallard's Almshouses, Charitable Trust Notes to the fmancial statements 3JJt December 2024 l AttountiDg pfrlie (a) Bafis ofpreporaho The accounts have been prepared in accordanLf with i) the Sthtrment of RernMended Practice: A¢counting and Reporting by CharitiCS Preparing thEir aceounts in accordance with the Fina1&7 Reporting Stsndard applicable in th¢ UK and Rcpubli¢ of Irela[ (FRS 102) published on 16 July 2014. ri) the Financial Reportin8 Standard applicable in the UK and Republic of Ir¢land IFRS 102) iiil the Charities Act 2011. The finan¢ia] ststements have been prepAred under the histotieal ws¢ wnventiO as adjusted for the revo]uatioTr of inv¢stsnents. Th¢ tryst ConlIuteS 4 public benefit entity as defitt by FRS 102. ) Sto10ry ba The charity is a re8istered charity with the Charity Comrni5$ion and th mernber of the National Association of Almshous¢5. (¢) Goingc0prn The truste¢s consider that there are no mawial urtewtsinties aknut the tNsfs ebilty ¢0 continue a5 a 80ing C4)n¢ern. (dj Income (ucluding inveslmepugairtT) Income is reeognÈsed once the chprÈty has entltlement w the itkcome, there L$ SUtTi¢ient c¢rtainty of receipt and 50 It is probabl¢ ihe irthme will be received and the amount of in¢om¢ receivable can be m¢Asured reliably. (e) Erpenditsr Expendilure is rewgnised once there is a le8a] or constructive obligation to m¥ke a payment to & third pary, it is probable thai sertlemenl will be rtquired and the amount of the obliwion can be mea5UTed reliably. Yalue odded lor The charity 15 not registered for value added Where applicthle. exitur¢ is shown in¢lusiv¢ of VAT Hotssingproperti Thc fr¢¢h)Id latKI and 0ri8inai 20 flats (M$he9} we tre&ted &8 tTlt81]l &8s¢ts and included 81 nil Yaluol¢ost. Subsequent addilion5 improvement expenditure are stated at (x)st and include attributable finance costs during the development wiod. Subsequent finance LX)Sts we written off in the statement of fanci¥l activities. No depreciation is AS the 81mshous¢5 well-m8intsined. hv¢ a long-life and a stron8 residual value, any depre<110 would be immatrrial. The charity only has financial &ssets fiDanciai liabilities of a kind qualify as ba5i¢ financial instruments. Basi¢ financial i[tnet are iniiially reColS¢d at tratLsa¢iion value and subsequently measured at their settlement value. Bank loans are Subsequtty Mured at aMorti1 wst using the ¢fYectiv¢ interest method and investments are sub5equerrtly measured at their markd valu¢ as at the balanc¢ sheet dare using the closing qted mark¢t price.
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2024 (i) Jprv¢$DMents All gains and losses are takm ts the statanem of fInal&l activities as they arise. Realised gaits and losses on investsnents are u]culated a5 the differen¢e bthwe¢n sa]cs pr(eeds and their tspenin8 canying value or their purchase value if acquÉred subw4u¢ni the first day of the financial year. Unreaiised gains and losxs are calculated as the dIffere t¥en fair value At the year end and their carrying va]ue. Realised and unrealisd inv¢stm¢nl gains arwl lossts combirttd in th¢ 5tat¢menl of fu111 activitie& Designa¢edresétveJ Dcsignated r¢s¢rv¢s are part of WeStri funds 1th hve been e4rnwW by the Tnte¢S for a particutsr Purse. Such designathons may b¢ reversed by future Trustee dexL510n5. (k) R¢strietsdreJer¥ R¢stri¢¢ed fill$ are those wed for particular pur$¢5. narrower than the overall ¢haTitsble purposes of the charity. 2024 2023 2 Income And eIp¢Ddi¢r¢ from tharltble etivitles Weekly rn8lntenaDce comtributlOD$ 160J65 130,572 Almghouses, expendlture Wages and salari¢s IT1¢ 4) Routine m&intenance and servi$ Careline Garden costs Utilities (w4t¢r, elxtricity and w) Insurance TV licence 27,789 37,1S9 SJOO &128 12.280 2054 29.226 13.71%) 5.596 6.139 11.628 2.956 60 £93J78 £69.595 Cycll¢•l m•lneeniD¢e £20,112 £15.460 Ex¢rvordln•ry repjlr flllld MAnagement Dd dmlthi¥tntio Wages and Salaries (note 3) Fees and subscrioions Tel¢phon¢ and TT A¢countsn¢y & independcrrt exarnination Le8al and professional fe¢s St&ff trairting and serninar5 Trav¢1 & subsisience Trustees, expenses Bank charges Administration and sundry expenses 17,077 16,928 1,250 5.109 3,570 14.950 5J30 3th90 4,073 161 249 698 66 3.093 £46.017 73 2,920 £34022 Interut py8bk £19,1163 £19,929 Exp¢Ddhure ehrlt#bie etivitia £167J75 £15l.001 Net ineomt from ehritsble ctivrtits 731 £1429) 10
C J Gallard's Almshouses, Charitable Trnst Notes to the financial statements 31si December 2024 Residents are not tenants benefictaries of th¢ Charity utk&r conditions of a li¢ence o¢cupy an Almshouse flat. They pay a weekty mainl¢nae contribwion (WMC) for the maititen#n¢e atKI s¢tvices provided in ac¢ord8nce with the detsils laid down in the Reside[, HandbooK their lictrtee and original letter of offer. Th¢ WMC rate is determined by the Tr on a non.prtsfit making basis. Vaun¢ flats usually arising from death or from a resident no longer being capoble of independent living. are filled from a list of applilts who have 4Jpli¢d to come and live at Ga]lard'$ C105c. Void losses therefore only arise from th¢ period betwttn a tlat falling Yatht and a neww¢sid¢nt bein8 able to tske up OC¢UPiOEL 2024 2023 3 Stsff eolts and try$tees' remuntrntion •nd tipetss Gross wage5 and salari¢$ Employers, t)aiional in$uranc¢ Employment allowance 44,865 46.154 3J61) 3,408 L3J60[ 3,4081 £44065 £46.154 Allocaied L% follow7.. Almthouse5' expetKlitur¢ Mana8em¢nt and adMinisl0n 27,789 17.077 £44166 29,226 16,928 £46.154 Avern8e no of employee5 No trustees rK¢ived any rtmurrnti in the year (2023..£nill. Expenses of £nil wrre reimburs¢d in the year (2023= £413). 2024 2023 4 Investment Income Bank itjierest Dividend income 199 8,449 £8.648 176 8,101 £8.277 £3.413 (2023.. £1,376) of dividend intome relatrs to inv¢51menrs allocatrd to th¢ reswictrd Extra-ordinary fund. All other investsnent income i5 unr¢thtrd ineome. S Tgxatlon C J Gallard's AlrnslKJuses' Ctwitable Tn is a re8iSt¢red Chrity aTrJ. as su¢K is 1(1&1[Y exempt frsm taxation of its income and gains fallin8 within Income Tax Act 27 Part 10 and the Ttion of Chargeoble GaLn5 Act 1992 $.256 to the extent that they are 8ppli¢d to its ch8ritsble obj¢¢tives. No liability arises it) the year. 11
C J Gallard's Almshouses, Charilable Trnsl Notes to the financial statements 31st De¢ember 2024 6 Tangible fixed ssets Freehold property Ai I st January 2024 At 31st Decemlxr 2024 2J14J26 2J14?26 Nel book volmt.. At 31$t December 2024 £2,314J26 At 31st December 2023 £2,314,326 The Charity owns the freehold of the land a¢ th¢ Jurl0n of London Road and Yew Tree Road in SouihboroU, Keni with 26 flats (alrTL%hou5esl therein, one of which is occupied by the Almshouses. Monager. which is part of the PernwJ¢nt EtklowTh¢nt. The lat)d is vested in the Official Custodian for ¢haritiu by virtu¢ of the Scheme of Regulatvjn dated 2 January 1914 wnfirnieA tn a rvlised Sch¢me dthj 15 April 1969. 7 Investments IYAtlotsl A$8oei*tlon or Almihouses Commo Inv¢stm¢nt Fllnd Type of share$ Income Accumul10Tr Mark¢¢ val TotAI At 1st Janu8ry 2024 Additions Disp)s&ls at etrryÉn8 valu¢ Unre&lised SUTplus on revaluation At 31st Deeember 2(124 111.686 88.447 3.413 110.0001 3,481 200,133 3,413 (10,000) 7.224 3.743 £1 IS429 185J41 £200,770 At 31st December 2023 £109.809 £83.277 £200,133 The investtnenls eowise Income aryl Anlat)n shares with the Natiortal As50fiation of Almshouses Common InvestThRnL Fund INAACIF), adminiskred by M&G Securities Limited. Whi]st the Charities Ad 1992 divests r¢$wJn3ibility for investh)et the Charity T[tee$. the Income units are allated to th¢ P¢tThanent EThdowThenl Fund ond are Reththed capital U[er Charity Commission control ond any ¢xp¢ndiwre could be $ubject to r¢¢oupmwt orders. The Accumulation units are 8]loced to the Extr-ordtnary r¢pair fimd and are Restrirted Capit under the trustees, control. to the multitude of small aquisitions over many years it is not prnctical to dctcrmine historic cost. 2024 2023 8 D¢btors Prepayments and attrued income 195 £380 £195 12
C J Gallard's Almshouses, Ch¥4ritable Trust Notes to the financial ststements 31st December 2024 2024 2023 9 Creditors: Arnounts failing due wtthin one y¢ar Loan rePaents due in less th#n l year PAYE & NIC AnlS 15,600 1880 3h90 14,570 1.990 3.570 £20,130 £21,170 10 Creditorj: Amounts fallin8 du¢ 4ft¢r more than one year Th¢ Charity Bank Limitrd 2024 Totsl 2023 Total Loans £268.888 £268,888 £284,491 Loans are vepayable &s follow5.. B¢ten one and two years Between two and five year5 After more than five yeArs 16.645 56,882 195.361 1&64S 56,882 195J61 15.600 S3.312 215.579 £268.888 £26&888 £284,491 The loons from The Chlty Bank LirniteA ccffjprising adv8nce5 of £150,000 in 2011, £175,000 in 2012, and £140,000 in 2013 are rewable over 25 years and are seeurtsj On the frtthold propety. Interest is payable at 6.S¥d per onnum. I I Anal1$ of net AOtts tWeeTh thDds 2024 Endowthtnt futtd Restrleied DeslgDated UnrTs¢rl¢ted fund Tot81 TAn¥lble nxed •ssets Investments Cash *t Other net turrent iMtt# Creditor5 > l yur 2J14J26 85J41 2J14J26 2,770 19.807 {20.790) 268,888 £2,245225 11SA29 12J39 7368 777 (27J67) £1 IS.429 £2.113.037 £12J39 £14,245 2023 nd Tangible frxed &s5¢ts Investm¢nts Cash at bank Other n¢t Current assc CTediiors > l year 2J14,326 88.447 2.314,326 200,133 19,787 (19.9351 (284,491) £2,229.820 111.686 27.029 {7,242) 6.777 {26,712) (284.4911 £2,091.570 £111.686 £27,029 £{465 13
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2024 12 Genernl reserve At 1st January 2024 Surplu5 for the year (465) 2Q958 Transfer5 to restri¢t¢d fixed asset reserves Chlty Bank IoAn r¢p4yments Boiler fimd Transfer (14J73) 16.073) At 31st December 2024 £4,420 At 31st December 2023 £14651 13 Movunent of fudI Ftsttd balan Lvfwd Fund balAntes elfwd Gltt nd 10sseJ TrADgferg IDcom¢ Eip¢ndltur¢ 2024 Perminertt FThd 3,743 J15,429 R¢J¢ri¢t¢d flxed Anet funds Property fund an reserve 2J14J26 99061 2J14J26 (284,4818 1,029838 14.S73 21115365 14J73 Other reytricted funds Extra4)rdinary repair fund 3.413 3,48] 83,199 76JQS 3,413 3,481 ,199 Unrestrlrted fun G¢neTal reserve 14651 168A21 {147,463) (16m3} 4.420 Unrestrlcted dulgnt¢d fund* Cyclical m&inteThance fund sp1 proj¢cts fimd Boiler fjjnd 24067 . 3th19 (2Q112) 8J74 2,462 IJ03 2.162 I} 27029 3,922 (20,112) I) 12J39 TOTAL 2329J2 17S756 (167575) 7324 2345325 PermaDent eDdowrnent fuDd The Permanent endown¢nt fimd comprises the freelK)Id prDpty held at no va]ue and th¢ ing)m¢ share type invth¢nts. Re5Èricted f•d xsset fvods The restricted fixed &8set fjJnd5 repres¢ni the trustees. InVeskne in housing pft)perties less the outstanding balan¢¢ on the Charity Bank loan. 14
C J Gallard's Almshouses, Charitable Trnst Notes to the financial statements 31st De¢ember 2024 Kxtrthordin•ry fund The extrd.ordinary repair fimd is used for expenditure on nMior repair5 or significant improvements and comprises accumulalion share type investsnents. Cy¢licl The Cyclical Mainten¢< fund is retained by the tnLSt¢es to prtivide for regular upke¢p. including int¢rn and external repair and re-decoration. Special projects fund Thc Special projects fi]nd is used for ¢¥]lUre only on w11Y tiUth projects. Fund Fund balances fwd Gains and losses Income FJpenditswe TranAfer8 2023 Pennanent EndoMYn¢nt Fund 109.809 1.877 111,686 Resiricied fixed asset ProF¢rty fijnd Loan res¢rve 2J14.326 312.767 2,314.326 13.706 1299.0611 2015,265 2.OOIJ59 13,706 Other restricted fut Extraaordinary repair fund 71,135 3.376 76905 71.135 3.376 76J05 Unrestri¢ted fvnd$ (knerAI reserve {6,601) 155 J83 (135J41) (13.706) (465) Unrestricted designaied fiJnd5 Cycli] tnaintettan¢¢ nd Spccial projects furtd 36.765 1.462 3.562 I IS,460} 24,867 2,162 700 38227 4.262 {15,4601 27,029 TOTAL 2,214.129 163,021 (151,0011 3,671 2,229.820 14 ixg•l costs The cllarity has incurred legal ¢o$ts to d* of £89.049 in COreI0 with the termination of a licence to 0UpY one Of the flats. Th¢ ¢haritys legal acuon w&% Su¢¢essl and it w&$ awarded costs of £59.629 plus interest at BOA (from June 2022) in August 2022. £2,676 h&8 been T0Vered to date. Recovery of the balat)¢e is believ1 to be extremely uncertain and thereft)re in accordanrx with the Stat¢m¢nt of Recommended Prxticc, th¢ income h&s N)1 been recogniswj in these accounts. 15