REGISTERED CHARln NUMBER: 210687 CHARITY OF LIONEL ANN RANT FOR ALMSHOUSES TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR T ED 5TH APRIL 2023 ANDREW WIGGETT Accountants & Tax Advisers CHA ITY FLIO NNE LEY DORANT FOR ALM HOUS HARITY INFO TRUSTEES Mrs E. H3yward (Chairman) Dr S. Boffey Mrs B. Brennan Mrs G. Clark Cllr. S. Howland (appointed 5th July 2022) Cllr. J. Murray (appointed 5th July 2022) Mrs J. Singleton ADMINISTRATOR Mrs J. Hayv4ard OFFICE ADDRESS 73. Pondfield Crescent. St. Alban5, Herttordshire, AL4 9PA ALMSHOUSE ADDRESS Dorant House, New Greens Avenue, St Albans, Herttord5hire AL3 6HT REGISTERED CHARITY NUMBER 210687 INDEPENDENT ACCOUNTANTS Andrew Wiggett Accountants & Tax Advisers Unit 43. Thrales End Business Centre, Thrales End Lane, Harpenden, HeTtfordshire. AL5 3NS PRINCIPAL BANKERS Barclays Bank PLC., 16- 18 st Peters Street, St Albans. Herlfordshire. AL3 4DZ CONTEFUS Pages Trustees. Annual Report Independent Examinees Report Statement of Financial Activities Balance Sheet Staternent of Cash Flows 12 Notes to the Accounts Page I HARITY OF LIONEL ANNESLEY IX)RANT F R ALMSHOUSES TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 5TH APRIL 2023 The Trustees, present their annual rewrt and financial statements for the year ended 5th April 2023. ORGANISATION AND MANAGEMEfr The Charity operates under the name Doranl House and provides sheltered accommoéation for the elderly from Its property. of the same name. al New Greens Avenue, St Albans AL3 6HT. The Charity is constituted under a Trust Dwl dated Ioih March 1976. It is a registered charity and a member of The National Almshouse Association. The Trustees meet regularly to manage the Charit￿5 affairs_ There is a paid administrator who is responsible for day to day management and a resident warden who looks after the house and its residents. POLICIES AND PROCEDURES TO APPOINT NEW TRUSTEES Trustees are appointed in accordance with the Charity Commission document dated 14th April 1982 8r)d shall consist. when complete, of not less Ihan seven and not more than nine competent persons being three Nominative Trustees {appointed by St Alb3ns District Council) and not less than four and not more than six Co-optative Truslees recruited for their interest and expeTlise. REVIEW OF CHARITY PERFORMANCE AGAINST OBJECTIVES FOR THE PUBLIC BENEFIT The Charity has continued to provide nineteen units of reasonable rale accommodation to its residents throughout the year, with an occupancy rate of 74%- The Trustees have complied with their duty section 4 of the Charity Act 2006 to have regard to the public benelit guidaTr￿ when reviewing Ihe Trust's aims. objectives a￿d luture activities. REVIEW OF FINANCIAL INCLUDING INVESTMENT PERFORMANCE AGAINST OBJECTIVES The Charity's investment in the National Aswciation of Almhouses Common Investment Fund decreased by £12,894 {2022-.Increase £35.586)- During the year further shares were purchased to the value of £5,000 (2022 £5.000) and the fund received dividends of £18,947 (2022 £15.771) which were reinvested. Valuation at the year end eX￿ed$ accumulated cost by £145,224 (2022 . £158,118). The house at 49 Partridge Road. St Albans, formerly the warden's house, continued to be let commercially under an assured 5horthold ten3ncy_ The net income from this letting contributed to the surplus an amount of £11.819 (2022- £12,688). The investment property has been valued, during the year, by Leaders. Estate Agenls, for the purpose of inclusion in these accounts and subject to the tenancy, is valued at £61)0.000. The transfer to the Extraordinary Repair Reserve was £5:000 (2022 - £5.000), which is in excess of the £900 minimum required by Ihe Charity Commission. The balance sheet shows nel current assets of £529.383 (2022 £5 10, 198) including cash balances of £527,602 (2022 £515,206). The Charity's financial position has continued to improve over the year 2023-24 and it has sufficient resources at the balance Sheet date to mainta5n Its activities for the forseeable future. Page 2 QHARITY OF LIONEL ANNESLEY DORANT FOR ALhlSH SE TRUSTEE ' ANNUAL REPORT FOR THE YEAR ENDED 5TH APRI (continued) 23 REVIEW OF m￿lOR RISKS The Tru5tee5 have reviewed the maior risks to the Charity and consider these to be potential damage lo the building. To mitigate this risk to the Charity, the Extraordinary Repair Fund is being built up to fund any major work that may be required to the building. The Charity also ensures that there are contracts to maintain fire alarms and extineuishers. RESERVES POLICY The Charity is required to maintain an Extraordinary Repair Fund by Supplemental Order of the Charity Commission, dated 19th November 1980. General reserves are kept at a suitable level to fund the day to day expenses of the Charity. FUTURE PLANS The future aims of the Charity are to continue to offer a high quality sheltered environment for the alms people. TRUSTEES The Trustees who held office during the year were as follows Mrs E. Hayward . Chairman Mr S Boffey Mrs B. Brennan Mrs G_ Clark Mrs J_ Singleton Cllr. S Howland (appointed 5th July 2022) Cllr_ J. Murray (appointed 5th July 2022) This report was approved by the Trustees on Ilth December 2023 and signed on its behalf. E Hayward Chairman ot Trustees Page 3 INDEPENDENT EXAMINERS. REPORT TO THE TR TEES O CHARITY OF LIONEL ANNES_LEY DORANT FOR ALMSHOUSES I report to the trustees on my examination of the accounts of the Charity for the year ended 5th April 2023. which are set out on pages 4 - 12. RESPONSIBILITIES AND BASIS OF REPORT As trustees of the Charily you are responsible for the preparalion of the accounts in accordance with the requirements of the Charitie5 Act 2011 ('the Act.). I report in respect of my examination of the Trustee's accounts carried out under s.145 01 the 201 l Act and in carrying out my examination I have followed all the applicable Directions given by the Charily Commission under s. 145{5Xb} of the 2011 act_ INDEPENDENT EXAMINER'S STATEMEKr I have completed my examination. I corkfirtn that no material matters have come to my attention in connection with the examination giving me cause to believe thal in any material respect.. 11] accounting records were not kept in respect of the Charity as required by s. 130 of the Act- [2] the accounts do not accord with those records-, or [3] the accounts do not comply with the applicable requirements concerning the tom) 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 independenl examination. I have no concerns and haye come acr055 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. ANDREW YIIGGE Accountants & Tax Advisers Unit 43. Thrales End Business Centre, Thrales End Lane, Harpenden, Hertfordshire, AL5 3NS Ilth December 2023 Page 4 CHARITY OF LIONEL ANNESLEY DORANT FOR ALMSH SES TATEMENT OF FINANCIAL AC IE FOR THE YEAR ENDED 5TH AP 23 restricted Funds Desi ed Funds Notes General Fund Total 2023 INCOME FROM Charitable Activity.. Contributions by Almspeople Investments other Income 113,309 24.465 260 113,309 43.412 260 110,674 33.775 18.947 Total income 138.034 18.947 156,981 144.449 EXPENDITURE ON Raising funds= I￿VEStMent property expen*s Charitable Activity: Residential charges collection fees Property repairs and maintentance Lift maintenance Light and heat I nsurance Water charges Garden maintenance Council Tax Warderk's salary Warden Cal Telephone Administrator's fee Governance costs Depreciation SuTrdry expenses 5,335 5.335 4,787 2.982 39,750 1.802 11,468 2.812 2,213 1.387 7,905 15,808 1.188 833 7.841 11.551 5.219 975 2,982 39.750 1.802 11.468 2.812 2,213 1,387 7.905 15,808 1,188 833 7.841 11,551 5.219 975 2,738 44,001 1,686 12.631 2.612 2,190 1,570 8.714 15,263 1,188 765 7,500 11,548 5.392 1,008 Total expenditure 119.069 119,069 123,593 Net income before gains/(losses) on investment assets 18.965 18.947 37,912 20,856 Gain/(Los5) on investment assets- Unrealised - Investments Unrealised - Investment properties 12 12 (12.912) 125.000 (12,912) 125,000 35,616 112,088 112,088 35,616 Net surplus/(deficit) for year before twansfers Transfers between funds 18.965 (698) 131.035 698 150.000 56,472 io Net movement in funds Fund balan￿ brought forward at 6th April 2022 18.267 131.733 150,000 56,472 516,310 1.456.757 1,973.067 1,916,595 Fund balance carried forward at 5th April 2023 £ 534.577 £ 1.588.490 £ 2,123.067 £ 1.973,067 The notes on pages 7 to 12 form part of these financial statements. Page 5 CHARITY OF LIONE ANNESLEY DORANT FOR ALMSHOUS NCE SHEET AS AT 5TH APRIL 2023 2023 FIXED ASSETS Tangible assets Inveslments li 12 464.268 1,129,416 469,487 993,382 1.593.684 1,462.869 CURRENT ASs￿s Debtors Cash with dep05it takers Cash at bank and in hand 13 15.161 434.287 93.315 11,142 426,985 88,221 542.763 526,348 CREDITORS: amounts falling due within one year 14 (13,380) (16, 150) NET CURRENT ASSETS 529,383 510.198 Nrr ASSETS 15 £ 2.123.067 £ 1,973,067 UNRESTRICTED FUNDS Designated Capital Designated - ERF 16 16 1,059.380 529,110 938,700 518,057 1.588,490 534.577 1,456,757 516,310 Genèral TOTAL CHARITY FUNDS £2.123.067 £1.973,067 Approved by the Board of Trustees on Ilth December 2023 and signed on its behalf. E Hayward C,hairman and Trustee S Boffey Trustee The notes on pages 7 to 12 torm part of these financial statements. Page 6 HARITY IONEL ANNE5LEY DORANT FOR ALhl HOUSES STATEMEN ASH FLOW FOR THE YEAR ENDING 5TH APRIL 2 23 202 2022 RECONCILIATION OF INCOME TO NEf CASH FLOW FROM OPERATING ACTIVITIES Net incomel(deficit) tor the year (page 4) Adjustments for.. Net {8ains)/losses on iTrvestments Depreciation charge Inveslment income (I ncrease)/Decrease in debtors Increase/(Decrease) in creditors 150.000 56,472 (112,088) 5.219 (43,672) (4,019) {2,770) (35,616) 5,392 (33,775} 2,972 2,900 Net Cash generated/(absorbed) by operations (7.330) (1,655) CASH FLOWS FROM INVESTING ACTIVITIES Investment income Purchase5 of investTnents 43.672 (23.946) 33,775 (20,77 1) Net cash generated from investing activities 19.726 13,004 Change in cash and cash equivalents in the reporting period 12,396 11,349 Cash and cash equivalellts at 5th April 2022 515.2 503.857 Cash and cash equivalents at 5th April 2023 Cash with deposit takers and at bank £ 527.602 £ 515,206 Comprising: Cash with deposit takers (page 5) Cash at bank (page 5) 434,287 93,315 426,985 88,221 £ 527,602 £ 515,206 Page 7 CHARITY OF LIONEL ANN SLEY DORAN FOR ALMSHOU ES TE THEA U1￿5 F R THE YEAR ENDED 5TH AP ACCOUNTING POLICIES (a) Basi5 of preparation of statements The accounts have been prepared under the historical cost convention with the exception that fixed a55et investrnents and the investment property are included at fair value. The account5 have been prepared in accordance with Accounting and Reporting by Charitiès.. Statement of Recommended Przctice applicable to charities prepBring their accounts in accordance with the Financial Reporting Starydard applicable in the UK (FRS 102) (effective I st January 2019) (Charities SORP (FRS 102)). The charity 15 a public benefit erktity under FRS 102. (b) Tangible fixed assets and depreciation Tangible fixed assets are included at cost. where that is greater Ihan £1,000. Cost Include5 the original purchase price of the asset and cost attributable to bringing the asset to its working condition for its intended use. Depreciation is provided so as to write off the cost of fixed assets overtheir expected useful economic lives as follows.. Freehold land Freehold Building Subsequent Expenditure - Replacement windows Furniture, Fittings & Equipment Not depreciated 0.510 Oll Teducing balance - Over 20 years trom 2013 15% on reducing balance (c) Fixed asset investments Investments. induding the investment property, are included within the Balance Sheet at their market Value at the balance sheet date_ The StateTnent of Financial Activities includes the net gains ènd losses arising on revaluation and disposals during the year. (d) Income All incoming resources are included in the Statement ol Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specified policies are applicable to particular categories of income- [1] Investment income is included gross for amounts receivable at thè Balance Sheet date. [11] Contributions trom Almspeople are Included in the period in which they are receivable. (e) Expenditure Expenditure is recognised on an accruals basis as 3 liability is incurred. Expenditure includes i rrecoverable VAT and is reported as part of the expenditure lo which it relates= [1] Charitable expenditure comprises those costs incurred by the charily in the delivery of its activities and services for its beneliciaries. It includes l)oth costs that can be allocated directly to such activities and those costs of an indirect nalure, necessary to support them. [11] GovornancÈ costs irtclude those costs associated with meeting constitutiot)al ar>d statutory requirements of the charity and include independent examination lees and costs linked lo the strategic management of the charity_ lili] Costs that are directly attributable are allocated on a charitable activity basis alld support costs are then added. Supt)ort costs are apportioned to the charitable activities on a reasonable and consistent basis such a5 on the basis of time spent. {0 Fund Accounting [1] Unrestricted Funds Unrestricted funds are available for use at Ihe discretion of the Trustees in furtherance of the general objective as they see fit. li1] Designated Funds Designated funds are unrestricted funds earmarked by the Truslees for a particular purpose. [iiil Revaluation Reser¥es Revaluation reserves consist of the part ot the charity's designated funds which comprise the difference betweer5 the market Value ol the investments and iAvestment property. respeciively. at the balance sheet date and the original cost ol the investment asset together with additions and reinvested dividends_ Page 8 CHARITY OF LI NEL ANNESLEY DORANT FOR AL SE NOTES TO T FINANCIAL STATEMENTS FOR THE YEA (continued) DED 5TH APRIL ACCOUNTING POLICIES (continued) Going concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist_ The Trustees have considered the level of funds held and the expected level of income and expenditure for the twelve months trom authorising these financial statements. The budgeted Income and expenditure is sufficient with the level of reserves for the charity to be abse to continue as a goirkg concern. [21 INVESTMENT INCOME nrestrict ted ner Fund Oesi Fun 202 2022 Rent5 Teceivable NAACI F Accumulation Units: Distributions Invested Col F Income Units-. Distributions received Interest Receivable 17.154 17,154 17,475 18.947 18,947 15,771 7.302 7,302 520 £ 24.465 £ 18.947 £ 43.412 £ 33,775 13] INVESTMENT PROPERTY EXPENSES Agent5 and prolessional fees Repairs and rraintenance 4,014 1.321 3,582 1,205 5,335 4,787 [41 PROPERTY REPAIRS AND MAINTENANCE 2022 Flats refurbishfflent Repaint/refurbish front doors Electrical installation reports Electrical work5 - Flats Outdoor lighting Decoration - communal areas Electrical servicing Boilei service and repairs Electrical works . Commom Areas Fi re equipment mainlenan General repairs and maintenance 13,103 27,613 3.989 4,030 4.997 2,049 800 600 1,375 1,456 13,084 395 4,666 2,206 3,388 £ 39,750 £ 44,001 Page 9 CHARITY OF LIONEL ANNESLEY DORANT FOR ALMSHO ES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED (continued) TH APRIL [5] STAFF COSTS 2023 Wages, Nl and pension costs 15,808 £ 15,263 Average weekly number of persons empl(ryed during the year" House staff - Warden [6] SUPPORT COSTS ritable activi Governa 2023 2022 Administrator's fee 7.841 £ 7,841 £ 15.682 £ 15,000 page 4 {note 7) [7] GOVERNANCE COSTS 202 2022 Annual Accounts and Examiner's Fee other fees Accountancy Services Subscription - NM Support Costs {note 6) 3,240 3,120 618 310 7.500 470 7,841 11.551 £ 11.548 [8] PAYMENTS TO TRUSTEES No trustee received any t￿Yment for remuneration or expenses for their work as trustees In either the current or preceding period. [9] TAXATION AND CHARITABLE STATUS The charity is constituted under a Trust Deed daled 10th March 1976 and registered under the Charities Act 2011. charity number 210687 and as such ts not liable to tsx on its income and gains for charitable purposes_ [10] TRANSFER BETWEEN FUNDS inar air Fur 022 Fun Total Amount of tTan51er £ (4.302) £ 5.000 £ 698£ 687 The transfer trom general Fund to the Capital Fund comprises the release of resources required to fund the balance sheet carrying value ot the lixed asset property investments. The transfer from General Fund to the Extraordinary Repair Fund of £5.000 is for the purpose of providing resources for major repairs lo the charity's housing property. Under a supplemental order of the Charity Cotnmission dated 19th November 1980 the minimum annual payment to be made into the Extraordinary Repair Fund is £900. Page 10 HARITY O LIONEL ANNESLEY DORANT FOR ALMSHOU NOTES TO THE FINAN AL TATEMENT FOR THE YEAR ENDED 5TH APRIL 2023 (continued) [III TANGIBLE FIXED ASs￿s Furniture fittin Fr ro rt ment Total Cost At 6th April 2022 AdditlOll5 548,628 66.686 615,314 At 5th April 2023 548,628 615.314 Depreciation At 6th April 2022 Charge for year 85.253 4.302 60,574 917 145,827 5,219 At 5th April 2023 89,555 61,491 151,046 Net book value At 5th April 2023 £ 459,073 £ 5,195 £ 464,268 At 6th April 2022 £ 463,375 £ 6,112 £ 469,487 All tangible fixed assets were used for charitable purposes. The charity's freehold proFeTty comprises the housing property known as Dorant House, New Grèens Lane, St. Albans. Herttordshire AL3 6HT. Cost includes the purchase Cost of the site incurred in 1978 amounting to £30.000 and subsequent expenditure on building costs amounting to £518,628 and ex￿ndit￿re ot) replacement windows incurred in 2012-13 and 2014-15. The site acquisition cost is not depreciated. The vacant possession market value of the property is estimated by the Trustees to be of the order of £1.5m at 5th April 2023. [12] FIXED ASSET INVESTMENTS nated Fu Ixlraordinar Fu Investment Pro Fu.nJ. Fund Inv ment Inve COIFCIF NAACIF At 6th April 2022 at valuation Additions at cost Distributions reinvested U nrealised gains/(losses) 475.000 324 518,057 5,000 18,947 (12.894) 993.381 5,000 18,947 112,088 125.000 (18) AT 5th April 2023 at valuation £ 600,000 £ 306 £ 529,110 £ 1.129,416 All investment assets are held within the UK and in order to provide an investment return for the charity. Page 11 QHARITY OF LIONEL ANNESLEY DORANT F ALMSHOUSES NOTES TO THE FINANCIAL TATEMENTS FOR THE YEAR ENDING 5TH (continued) 2023 [121 FIXED Ass￿ INVESTMENT (Continued) The charity's investment property held in the Capital Fund is the detached house at 49 Partridge Road. St. Albans AL3 6HT, formerly used to provide wardens accommodation, currently let on an assured shorthold tenancy_ The original cost ol the property wa5 £49,403_ The property has been valued for the purposes of inclusion in these accounts by Leaders, Estate Agents at £600,000. The charity's investment held In CCLA Investment Management Limited COIF Charities 5nvestment Fund Income Unit5 is stated at market valuè at 5th April 2023. Historical cost is not identified. The charity's investment held in the National Association of Almshouses Cornmon Irlvèstment Fund Accumulation Shares are stated at market value at 5th April 2023 Histoiical cost, comprising the original investment. subsequent additions and accumulated dividends amounled lo £383.886 at 5th April 2023 (2022- £359.939). [13] DEBTORS 2022 Due within one year Conlributions receivable Prepayments 10,293 4,868 9,282 1.860 15,161 £ 11,142 [14] CREDITORS: AMOUNTS FALLING DUE YIITHIN ONE YEAR 2023 Social Security and other taxes Resident payKnents in advaTrce Accruals 99 1,748 11,533 362 1,131 14,657 13.380 £ 16.150 [151 ANALYSIS OF NET ASS￿5 BE[y￿EN FUNDS Extraordina General Ne sets Fund Fun Tangible fixed assets Fixed asset investments Debtors Cash with deposit takers Cash at bank Creditors < l year 5.195 459.073 600,306 464,268 1.129,416 15,161 434,287 93,315 (13,380) 529,110 15.161 434,287 93.315 (13.380) £ 534.578 £ 1,059,379 £ 529.110 £ 2,123,067 Page 12 CHARI LEY DORANT FOR ALM HOUSES NOTES TO THE FINANCIAL STATEMENTS FOR TH (continued) YEAR ENDING 5TH APRIL 2023 [161 FUNDS - ALL UNRESTRICTED Incomin Out oin Forward at Resouces ￿50 rces 06.04.22 Year Year Carrie Forward 5.04.23 GENERAL Accumulated Surplus 516,310 138,034 (I l9.069) (698) 534,577 IGNATED ital Fund Accumulated resources Investments-. Revalution Reserve 512,779 (4.302} 508,477 425.921 124,982 550,903 938,700 124.982 (4,302) 1.059,380 Extraordina Re Accumulated resources Investments.. Revaluation Reserve 359,939 18.947 5,000 383,886 158,118 (12.894) 145.224 518.057 6.053 5.000 529,110 Total Designated Funds 1.456.757 131.035 698 1,588,490 Total Funds £ 1.973.067 £ 269,069 £ {L19,069) £ £ 2,123,067 General Fund The General Fund comprises the accumulated revenue surpluses available on the charity's general objectives as the Trustees see fit_ Capital Fund The Capital Fund comprises the charitys own accumulated resources expended on the acquisilion of the housing investment properties and in bringing Ihose assets to their existing condition together with the as50ciated investment and investment property revaluation reserves. Extraordinary Repair Fund The Extraordinary Repair Fund comprises the accurnulated resources desigllated by the Trustèes to be set aside to meet major buildings repairs, together with accumulative investment distributions and unrealised investffletbt gains.