REGISTERED CHARITY NUMBER.. 210468 THE STOSYTH ALMSHOUSE CHARITY ANANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2QZ4 THE ST OSYTH ALMSHOUSE CHARITY CONTENTS OF THE FINANCIAL5TATEMtNTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of thE TrustÈe$ Independent Examlner's Report Statementof Flnanclal Actlvltle5 Balance Sheet Notes to the Flnancial Statements 7 to 16 Detalled Statement of FlnanclalACt￿ElleS 17 to 18 THE ST OSYTH AIMSHOUSf CHARrrY REPORY OFTHE TRUSTEES FOR THE YEAR ENDED JI MARCH 2024 TheTrustees presentthelr report 8lon£ with ihe fin3ntlal statements olthe ¢hHrity for Ehe year ended 31 March 2024. The truste￿ have adopted the provlslons of Ihe Statement of Reiommended Practlce ISORPI "Accountlng Ind ReportinE by Charitles. preparlnE the annual report and flnancial ststements of the charity. The ftnanclal statements have been prepared in a¢cordante wlth the accout*ting polkle5 set out in notes to the accounts on paEe5 7, 8 and 9 and compl¥ wlth the charity's goveinlng document, the Chiritles Att 2011 and Accoulltlng and Reportlng by Charitie5', Statement of Recommended Practlce appllcable to charltlÈs preparing their accounts ac£ordance with the Flnanclal Reporting Standard appllcable in the UK and Republlc of Ireland puNlshed lft Ottober 2019. OBJEcfivESAND ACTIVITIES Obloctlves and aims The aim ol the Char1ty Is the provi51on of almshouses for the beneflclal class ol the Charity - 'poor persons who (except in sp*cl31 cases to be approved by the Icharityl Commi5slonersl shall be Fe5ident In the Par15h of 5t Osyth at the time ef their appolntrnenL The resldents of at1È2st two of the almshavses sha11 be married couples, wldows or splnsters qu4lllied a5 afor*sald' Appllcatlon DI IncDme The Tret income shall bc applied first to rtpalr, Insure and rDeet all other outEoing5 in ¥espett of the Clkrlty'5 propertles and all praper costs of the Charity's adminSst¥atlon and management. Thereafter net in¢ome shall be appl(ed farthÈ benefit of the zlm5people of thE Charlty. SlgnlfScant artlvltie5 The Charity currently provides SIK almshouse prtrpertles and Its 31rn 15 to uJllse these as far as possfble to meet the oblectlve5 of the Ch3rity. Publlc benellt These actfvllles are cwsidered to be forthp. PUNIC benefit 8*d in runnlngthe Charlty theTrustees have regard for the Ch3rlty Commi55ti>n guidan￿ on public beneflt. ACHIEVEMENT AND PERFORMANCE Charltable activlties The Trustees hdd four tneetings during the ye3r, They cothtlnued to be concerned wlth mainten4n£e of the properties and wellbeln8 of resldent5. The Tru5teÈs were delighted that the Charlty w85 the reciplent of 8 slgnificant bequest of £70,1W Irom the e5t3tÈ of Mr and Mrs Norman 8455Ètt, formerly of St Osyih, Thls bequest was invested in the CaF Deposlt Account and would enable the Charlty to commlt to maloT roof work5 rÈquired in the nèar future. The Trustee5 were gr8teful to Mrs Charlotte Siott who had made th15 gift in n)emory ol he¥ ?unt and unde. Duringthe yearthe rear exterior to Clècton Road was redÈc012ted. Boilers were replaced at three propertlP5. FINANCIAL REVIEW The Charlty's financlal posltlon Is as set out In the Balance Sheet on Pa￿ 6 and Is considered sat15factory. Resetves poIIcv The charlty'5 pollcy on reserves 15 to malntsln Sufficient reserves to enable the Ch4rity to contlr*ue to acNevp its princlpal objectives. THE ST OSYTH ALMSHOUSE CHARrrY REPORT OFTHETRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FUTURE PLANS The ￿M$hoUSeS are over 400 yÈÈrs ènd requlre major works to the roof. Thanks to thÈ klnd glf¢ recelved duiing the ye3r and maintenance funds set a51de byTrustees, theTrustees comrnissloned a structural Surveyor and architect to Inspect and thaw up plans lor renovations. The works are due to take place durlng the 2024125 financlal yÈar. STRUCTW8 other than any requirement that the accounts give a true and fair view whlch Is not a m?tterconsldered as part of an Independent exam*natioTh. I have no contÉrns and have come atross no other matters in connettlon with the examlnatlon to whtch atlention shtsuld be drawn in this report In order to enable a proper understsn4Jin8 of the accounts to be rÈathed. Slmon Wellir Certified Accountsnt Haines Watts Town Wall House Balkerne Hill Colthester E55ex C03 3AD Date., THE STOSYTH AiMSHOUSE CHARITY STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2Q24 Total fuMIs 2023 Total Iurhds UnrÈstricted Endowment funds funds Notes INCOMEAND ENDOWMENTS FROM Donatlon5 and legacles 70,000 Charitable artlvlties tnshause actwily 38,271 38,271 34,669 InvestmÈnt Income 5,493 1,76S 7,258 4,604 Total 113,764 1,765 115,529 39,273 EXPENDITURE ON Charitable adlvitle5 AItD5hou5e 8Ctivity 25W9 25,449 24,724 88,315 1,765 90,080 14,549 Ner eain£lllosse51 Dn Investments 1,673 L121 2,794 13,4461 NET INCOME 89.988 2,8B6 92*74 11,103 Other recoEn15ed g31nslllossesl Galns on revaluatlon of fixed assets 319,638 319,638 Net movemetyi In funds 89.9B8 322,524 412,512 LI.103 RECONCILIATION OF FUND5 Total lunds brought lorward 95,779 1,104,253 L200,032 1,188,929 TOTAL FUND5 CARRIED FORWARD 185,767 1,426,777 1.612,544 1,200,032 The netes form of thE5e flnancial st&tements THE 5T OSYFH ALMSHOUSE CHARITY BALANCE SHEET 31 MARCH 2024 2024 Total fund 2023 Total futK15 Unrestfided Endowment runds funds Ntstes FIXED ASSETS Tangible assets Investments io li 61 76,945 1,374,D05 51,772 L374,066 129,717 1.054.438 122.424 77,006 1,426,777 1.503,783 1,176,862 CURRENT ASSETS Debtors C45h 4t bank 12 1,898 109,397 1098 109,397 2,435 24.977 111.295 111,295 27.412 CREDITOAS ArnouTrts falllngdue wSthln one yea¥ 13 12,5341 12,5341 14,242 METCURRENT ASSETS 106.761 108,761 23,170 TOTAL A55ETS LESS CURRENT LIABILlnES 185.767 IA26,777 1,612,544 1,200,032 NET AsseTS 185,767 1.426,777 1.612,544 1,200,032 FUNDS 14 UnrestrictÈd funds Endowment funds 185,767 L426.777 95,779 1.104.253 TOTAL FUNDS 1,612,544 1,200,032 tl I tatemer*t5 were approved by the 8oard of Trustees authorised for Issue o nd were Signed on its behalf bv.. K SitKIBir Trustee J Whlt Trustee The note5 form patt of these flnancial statements THE ST 05YTH ALMSHOUSE CHAR NOTES TO ThE FINANCIALSTATEMEMrs FOR THE YEAR ENL¥ED 31 MARCH 2024 LEGISLATIVE POSITION The Charitv 15 unlDcorporated but is reglsterpd wlth the Charity Commisslon as a Registered Ch¥lty and with the Natlonal knsociation 01￿MShou$es a5 a Registered ￿M$hOuse Charilv. ACCQUNTING POLICIES Basls Df preparlng the finantlal statements The linancial statements of the charityp which Is a public benefit entity u•der FRS 102, have been prepared In accord3n¢e wlth the Charitie5 SORP IFRS 1021 'Accounting Ènd Reporting by charl￿es.. Statement of Retommended Practice appllcable to charitle5 prÈpÈrlng thelr account5 in Bttordance wlth the Financlal Reporting StÈnd2rd appllcable in the UK and Republlc ol Ireland IFRS 1021 leffectwe ljanuary 20191,, F1nanclal ReporbnR Standard 102 'The Flnanclal Reporting Standard appllcable in the UK 3nd Republlc ol Ireland, 3nd the Charitie5 Act 2011. The flnanclal slztemp.nts have been prepared under the h1stori￿1 cost conventlon, vAth the exception that hou51n8 properties are Intluded 8t valuation and investments whkh are ifjcluded at market value. Fund Accountlng Unrestrlcted funds are awallable to spend on activitie5 that further any of the purposes of Charity. Designated funds are unrestricted funds of the charlty whlch the trustees h?ve decided at their discretion to set a5Ide to use for i speclflc p4Jrpose. Restricted funds are funds which the danor has spedfied are to be solcly used for ? particular purpose. Permanent endowment funds are non-eKpendÈble funds which are Dormally held Indeflnitely. Furthei explanation of the nature and pvrpvse of each fund Is included in the notes to the fjnancl81 statements. Golng concern The accounts are prepared on a going conrern basls 45 theTr are no materlal uncertalntle5 about the Charity's abllty to conunue, Income All Income Is recogni5ed in the Statement of Financial Actlvltles et)ce the charity has entltlemenl to the funds, It Is probable thèt the Income will be recElved and the amount can be measured reliablv. Income Irom gove¥nmÈnt and other grants, whethÈr 'capltal' grants or 'rÈvÈnue' grants, is recoÈntsÈd when the Charity h35 entitlement to the funds, aiiy performance condltlon5 attathed to the gfants have bÈEn met. It Is probable that the Income will be received and the amauntcan be measured reliably and Is not deferred. For le8acles, entitlement Is taken a5 the e3rlTrer ol the date on whlch elther.. the a)aflty is awarè thÈt probate ha5 beèn granted. the estate has been fina115ed and notlficatlon has been rnade by the executorl51 to the Charitythat a thstrlbution will be made, or when a d55trlbutlDn Is received from the estate. Donat10￿5 and other voluntary Income are reflected in the account5 for the perlod in which they are reEplved. Donations In kind are recogni5ed by thE Charlty when recewed except In the case o15eNices provlded free or undervalue byvoluntary staff or others whlch are not refletted In the accounts. Interest re¢elvable Interest on fund5 held on deposit is included when recelvabte thÈ tmount can be measured ￿lIablY bythe Charityi thls is normally upon notifl£atlon of the Interest paid or pèyable by the Bank. THE STOSYTH ALMSHOUSE CHARITY NOTESTO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNYING POLICIES.torttlnued ExpEndlture Uabilities are recogaised 85 expendlture as Soon a5 there Is a le831 or tonstructive obllgation tommlttlng the tharlty to that expenditwe, it is probable that a transfer of economlc benefits will be required In settlemEnt and the amount ol th2 obllgatlon Can be me75ured relltbly. Expendstvre is aciounted for on an accru315 basls and has been classlfted under headinES that aE8regatt all cost related to thÈ category. Where costs cannot be directly attrlbJted to partlcular headlngs Ihey have been allwated te actlvltles on a basls conslstent with the use of resources. Repalr5 and malntenan¢e of properiles The charges In the Statement of Financlal Act￿￿ Itles In respect of Cyclic31 Malnten2nce and Extraordln¥y Repair5 ￿lleCt the Trustees. constant concern to keep the properties In good condltlon, and are In accordènce wlth the Almshouse Associ4tions' recommendation thit Alm5hDU5e Charities Should 5Èt aside each year speclflc sums in this respect. Transfers are made from the Accumulated Fund each ye8r to the Extraordlnary Repair Fund tts covÈr extr2ord1nary repairs as they arlse and to the Cycllcal MalntÈ#ance Fund to cover repalrs which 4r15È on a CyGllcal b￿1$. Support Costs The Chèrlty's Bovernance rost5 3re allocated entirely to the Almshouse Cost5 sirEce support costs relating to other activities arp con51dered Immalerial. ranglble flxed assets The housing properlles are included In the accounts at tlieir insurance relnstatement value. Addlti0115 after each revaluatlon dre It)cluded * cost untll a further revaluation. The cost of refurblshment and Improvements to the existlng property are WTltter* off tts thÈ General Fund a5 Incurred. Any malorimprovements or exten￿0￿5 to the property are capltslised. The hou51ng pro*rtles are not depreclated as revaluations are performed wlth sulFicient regularity to ensure thot the carrylng amount5 arè not materlatly mlsstated. The land15 Inclyded at cost and is nDt depreclated. Fixtures and Ilttlngs are induded at cost and are depreci3led over thelr estlmated useful Ilves tssln8 the red￿1Th8 balaace method 4t a rate of 15% per annum. Investments Inve5trnents are shown on the Balgnte Sheet at their market value. Changes in m?rket values durlne an ccount1ng period are refflecttrd In the account5 85 unreali5od galns or losses. Upon disposal of an investment the difference between orlginal cost 2nd dKsposal procee(ts is reflected In the accounts as a rpallsed galn er loss and 3dlustment Is made to vnre31I5ed galns or losses to reverse unreèllsed movement5 In value in earlieryears. Debtor5 Contributlons and other debtors are recognlsed at the settlement amount due, Prepayrnents are valued at the amount prepald netof èny trade discount5 due. Cash at Bank Cash at b3nk and cash in hand includes tash and short term highly liquid investments wlth a short maturlty of three Tnooths orle5s from the date of ètquL8ltlon or opening of thÈ deposit or slmilaF account. THE STOSYTH ALMSHOUSE CHARITY NOTES TO THE FINANCIALSTATEMENYS. contlnyed FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- contlnued Creditors and Provlslons Credltors and pr(pJi5ion5 are recoEni*d where the Charlty has a present oblleatlon re5ulJng from a past event that will probably result In the transfer of funds to a third party and the amount due to settle the obligatlon can be measured or estSmated reliably. Creditors aHd provlslons are r*orm3lly Feco8nlsed at thelr settlement afflount after allowing for trade dlscounts due. Taxatlon The th¥lty1s exempt fram tiy on ks charlt3Ne activltles. INV¥SYMENT INCOM 202a 2023 Dlvldend incorne Ground rent Interèst receivable 5,074 loo 2,084 4,487 loo 17 7,258 4,604 INCOME FROM CHARITABLE AcnvfTIES 2024 2023 Almshouse aCtI￿[v Contributlons receivawe Losses from volds 38,885 16141 36.844 12,1751 98,271 34.669 CHARIYABLE ACTIVITIES COSTS Dlrett Costs15ee note 61 5￿pport costs l.see note /) Totals Almshouse activity 18,742 6,707 25,449 THE ST OSYTH ALMSHOUSE CHARITY NOTES TOTHE FINANCIALSTATEMENTS. rontlnued FOR THE YEAR ENDED 31 MARCH 2024 DIRECT COSTS OF cHARITApLEA￿lvITlE5 2024 2023 v3￿￿t property Costs Water charges Insurance Repairs and malntenan¢e 258 328 994 7,152 6,156 4,398 70 108 13 ¥144 1,97S L749 11,804 ExtraoTdinary repalrs Sundry expenses Depreclition 59 li 18,742 19,477 SUPPORT Cosrs Governance costs Managernent Finance Totals Almsho￿Se actlvlty 5,091 60 1,554 6,707 Support costs, Induded In thÈ above, are as follows.. 2024 2023 Total actI￿tIeS AITn5house attlvity Clerk fees Sub5C¥lPtlons Legal and professional lees Bank charge5 Accountancy fees Independent examlnatlon fee5 1.gjo 343 850 60 1,394 160 a,614 196 25 1.267 145 6,707 5,247 TRUSTEES, REMUNERATION AND BENEFITS There were no trusteeg reTnunerat1on or other benÈflts for the year Énded 31 March 2024 nor for the year ended 31 March 2023. TtW5teo5' expenses There were no trustees. expenses pald for the year efjded 31 March 2024 nor for the year ended 31 March 2023. -io- THE STOSYTH ALMSHOUSE CHARITY NOTESTO THE FINANCIALSTATtMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVE5 FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Endowment funds Total funds INCOME AND ENDOWMENTS FROM Charitable activitles Almshouse activity 34,669 34.669 Investment l#come 3,112 1,492 4,604 Totsl 37,781 1.492 39.273 EXPENOITLIRE CharSlable actlvltles Almshousc activity 24,724 24,724 13.057 1,492 14,549 et galn51llD￿es) on Investments 12,3811 11,0651 13,4461 NEF INCOME 10,676 427 IL103 Tr8nsfersbetween funds I6,￿> Net movement In funds 3,776 7,327 11,103 RECONCILIATION OF FUNDS Total funds brought IDrward 92,iX)3 1,096,926 1,188,929 TOTAL FUNDS CARRIED FORWARD 95.779 J,104,253 J,200,032 -li- THE SYOSYTH ALMSHOUSE cHAR￿y NOTESTQ THE FINANCIAL STATEMENT5-contynued FOR THE YEAR ENDED XI MARCH 2024 io. TANGIBLE FIXED ASSETS Priory Meadow land Flxtures and Houslng properties Totals COST OR VAIiIATION At l Aprll 2023 Revalwtlon5 1.003,7ZI 319,638 50,646 4,180 1,058.547 319,638 At 31 March 2024 1,323.359 5Q,646 4,180 378,185 DEPRECIATION At l April 2023 Ch2rge for ¥e3r 4,109 io 4,109 io At 31 March 2024 4,119 4,119 Nrf BOOK VALUE At 31 March 2024 1,323,359 50,646 61 1,374,066 At 31 MaTch 2023 1,003.721 50,646 71 1,054,438 C05t or valuation at 31 March 2024 is repre5entEd by.. Prloiv Meadow Land Fixture5 and flltlngs Houslng prepertles Totals Accumulated revaluÈtlon gains Cost 965.679 357,6B(k 965,679 412,506 50,646 4180 1,323,359 5Q,646 4,180 1378,185 The hou51ng prtsperties were revalued during the year endpd 31 March 2024 to thelr Insurance relnstatÈment value as at 30 June 2024 of El,322,359 -12- THE STOSYTH ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS-rontlnued FOR THE YEAR ENDEO 31 MARCM 2024 ii, FIXED ASSET INVESTMENTS Inve5tment5 MARKET VALUE Ar l Aprll 2023 Additlons Revalu3tSons 122A24 4N99 2,794 At 31 M8rch 2024 129,717 NEI BOOKVALUE At 31 March 2024 129,717 At 31 Mzrch 2023 122,424 ThÈrÈ were no Investment assets out55de the UK. Cost Dr valu8tlon at 31 Nlarch 2024 15 represented by.. Llsted Investments Accumulated rev31uatlon galns Ctrst 27,006 102,711 129,717 12. DEBTORS.. AMOUNYS FALLlhtG DUE WITHIN ONE YEAR 2024 2023 Contrlbutions In arrears Other debtors Prepayments and 3ccrued lTrcorne 1,254 300 247 644 1.898 2,435 -13- THE ST OSYTH ALMSHOUSE CHARITY NOTESTO THE FINANCIALSTATEMFMfs- ¢ontlnued FOR THÈ YEAR ENDED JI MARCH 2024 13. CREDITOR5.' AMOUNTS FALLING DUE WITHIN ONE YEAR 20VI 2023 Contrlbutlon5 rÈtelved In advance Accruals and deferred ¥ncome 752 1,782 875 3,367 2,534 4,242 14. MOVEMENT IN FUNDS Net movement In funds Transfers between funds At 31.3.24 At 1.4.23 unrestrl￿ed funds AccumulatEd fund Extraordinary Tep3irfund Cy£llcal ma*ntenancefund 1718 46,622 A6,239 87.494 2,763 12691 19,7081 3,684 6,024 80,504 53,269 51,994 95,779 89,988 185,767 Endowment lund5 Perm£nent endowmpni fund HousinE property revaluatlon reserve C2pIt81 recoupment fund 411361 646,Q41 45,851 261 319,688 625 412,622 965.679 48N76 1,104,253 322,S24 L426,777 TOTAL FUNDS 1,200.032 412,512 1.612,544 Net movement In funds, Intluded In the above are as follows.. Incoming resour￿5 Resources expended Gain5 and IDsses Movement In funds Uhrestrftted funds Acrumulated fund Extraordlnary re￿Ir fund Cyclical ma1nteaance fund 111,114 1,704 946 I23,7￿￿> 87,494 2,761 1,059 534 11,7491 113,764 125,4491 1,673 89,988 Endowment fvnds Perrnanent eNJowmentfund Housing praperty revaluatlon reserve Capltal recoupment fur*d 167 94 319,688 I,OZ7 261 319,638 2,625 1598 1,765 320,759 322.524 TOTAL FUNDS 115,529 125,4491 322,43Z 412,512 -14- THE ST OSYTH ALMSHOUSE CHARITY NOTES TO THE FINANCIALSTATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- centlnued Cotnparatlves for mDvement In funds et movement In funds Transfers between funds At 31.3.23 At l.Ik22 UnYÈsirlcted funds Ac