REGISTERED CHARITY NUMBER: 210687 CHA HOU RT A FINAN HAPR 2024 Accountants & Tax Advisers
CHARITY Ll NEL ANNE SE HARITY INF RMA TRUSTEES Mrs E. Hayward (Chairman) Dr S. Boffey Mrs B. Brennan Mr5 G. Clark Cllr. S. Howland Cllr. J. Murray Mrs J. Singleton ADMINISTRATOR Mrs J. Hayward OFFICE ADDRES5 73. Pondfield Crescent. St. Albans. Hertford5hire. AL4 9PA ALMSHOUSE ADDRESS Dorant House, New Gr*ns Avenue. St Albans, Hertfordshire AL3 6HT REGISTERED CHARITY NUMBER 210687 INDEPENDENT ACCOUNTANTS Andrew Wiggett Accountants & Tax Advisers The East stable. Thrales End Business Centre Thrales End Lane. Harpenden, Hertfordshire, AL5 3NS PRINCIPAL BANKERS Barclays Bank PLC., 16-18 St Peters Street, st Albans, HertFDrdshire, AL3 4DZ CONTENTS Pages Trustees. Annual Report Independent Examine¢s Report Statement of Financial Activities Balance Sheet Statement of Cash Flows 12 Notes to the Accounts
Page I DEDS APRI The Trustees, present their annual report and financial ststements for the year ended 5th April 2024. ORGANISATION AND MANAGEMENT The Charity operates under the name Dorant House and provides sheltered accommodation for the elderly from its property, of the same name, at New Greens Avenue, StAlbans AL3 6HT. The Charity is constituted under a Trust Deed dated 10th March 1976. It is a registered charity and a member of The National Almshouse Association. The Trustees meet regularly to mar¢age the Charitys 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 CK)mmission d¢xument dated 14th April 1982 and shall consist, when complete. of not less than seven and not more than nine competent persons being three Nominative Trustees (appointed by St Albans District Council) and not less than four and not more than six Co-optative Trustees recruited for their interest and expertise. REVIEW OF CHARifY PERFORMANCE AGAINST OBJECTIVES FOR THE PUBLIC BENEFIT The Charity has continued to provide nineteen units of reasonable rate accommodation to its residents throughout the year, with an occupancy rate of 88%. The Trustees have complied with their duty in section 4 of the Charity Act 2006 to have regard to the public benefit guidance when reTr4llewing the Trust'5 aims, objective5 and fvture activities. REVIEYI OF FINANCIAL INCLUDING INVESTMENT PERFORMANCE AGAINST OBJECTIVES The Charity's investment in the National Association of Almhouses Common Investment Fund increased by £10,117 (2023- decrease £12.894). During the year further shares were purchased to the value of £5.000 (2023. 55,(KK)) and the fund received dividends of £21,994 (2023- £18.947) which were reinvested. Valuation at the year end exceeds accumulated cost by £155,341 (2023. £145,224). The house at 49 Partridge Road. St Albans, formerly the warden's house. continued to be let commercially under an assured shorthold tenancy. The net income from this letting contributed to the surplLSS an amount of £14.112 (2023- £11.819). The investTnent property was valued, during 2022123, by Leaders, Estate Agents. and for the purpose of inclusion in these accounts and subject to the tenancy. the property is valued at £600.OW. with no material change to the value In 2023124. On 7th March 2024 the Charity removed £350.000 from bank deposits and invested the funds in COIF Charities Investment Fund Income units. This added to a very small holding from prior years valued at £306. At the end ol the year the valuation of the total holding amounted to £345,179, representing a small unrealised loss of £5,127 in the period_ Consequent to the investment of £350.OCKI cash funds {2023 - £nil), the balance sheet shows reduced net current assets of £211,813 (2023. £529,383) including cash balances of £210,143 (2023- £527,602). The Charity's financial position has continued to improve over the year 2023-24 and it has suff icient resources at the balance sheet date to maintsin its activitie5 for the forseeable luture.
Page 2 HARITY FLI NE NE TRUSTEE 'ANN ALRE R THE YEAR EN (continued) REVIEW OF MAJOR RISKS The Trustees have reviewed the major risks to the Charity and consider these to be potential damage to the building. To rnitigate 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 tire alarms and extinguishers. RESERVES POLICY The Charity is required to maintain an Extraordinary Repair Fund by Supplemental Order ol the Charity Commission, dated 19th November 1980. The transfer for the year to the Extraordinary Repair ReseNe was £5.000 (2023: £5.000), which is in excess of the minimum required by the Charity Commission. The balance on the Extraordinary Repair Fund at 5th April 2024 amounted to £566,221 (2023.. £529, 110). General reserves are deemed to be at a suitable level to fund the day to day expenses of the Charity. FUTURE PLANS The future aims of the Charty are to continue to offer a high quality sheltered environment lor 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 Cllr. J. Murray This report was approved by the Trustees on 9th December 2024 and signed on its behalf. E Hayward Chairman of Trustees
Page 3 INDEPENDE TEE I report to the trustees on my examination of the accounts of the Charity for the year ended 5th April 2024, which are Set out on pages 4- 12. RESPONSIBILITIES AND BASIS OF REPORT As trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the A. report in respect of my examination of the Trustee's accounts carried out under s.145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under s. 145(5Xb) of the 2011 act. INDEPENDENT EXAMINEWS STATEMENT I have completed my examination. I confimi that no material matters have come to my attention in connertion with the examination giving me cause to believe that in any material respect.. [1] 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 form and content of accounts set out in the Charitie5 (Account5 and Report5) Regulations 2008 other than any requirement that the accounts give a 'tnJe and fair view, which is nota matter considered as part of an independent examination. I have no concerns and have come across 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 WIGGErr Accountants & Tax Advisers The East Stable. Thrales End Business Centre Thrales End Lane, Harpenden, Hertfordshire, AL5 3NS 9th December 2024
Page 4 RANT EME NDED 5TH RIL 2024 Notes Fund Funds INCOME FROM Charitable Activity: Contributions by Almspeople Investments Other income 139.786 34,264 50 139.786 56.258 50 113,309 43,412 260 21,994 Totsl income 174,100 21,994 196,094 156,981 EXPENDITURE ON Raising funds.. Investment property expenses Charitable Activity-. Residential charges collection lees Property repairs and maintentance Lift maintenance Light and heat Insurance Water charges Garden maintenance Council Tax Warden's salary Warden Cal Telephone Administrator's fee Governance costs Depreciation Sundry expenses 3,801 3.801 5.335 3,150 60,355 3,579 15,457 3.257 2.433 1,433 3,150 60.355 3.579 15,457 3,257 2.433 1.433 2,084 16.762 1.441 895 8,674 12,421 5,071 928 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 16.762 1.441 895 8,674 12,421 5,071 928 Total expenditure 141.741 141,741 119,069 Net in¢ome before galn$/(losses) on investmenl assets 32,359 21.994 54,353 37.912 Galn/(Loss) on inveslment assets: Unrealised - Investments Unrealised - Investment properties 12 12 (5.127) 10.117 4,990 (12,912) 125,000 (5,127) 10,117 112,088 Net surplu$/(deficit) for year before transfers Transfer5 between funds 27232 (402) 32,111 402 59,343 150,000 io Net movemenl in lunds Fund balance brought forward at 6th April 2023 26.830 32.513 59.343 150.000 534.577 1,588,490 2,123,067 1,973,067 Fund balance carried lorward at 5th April 2024 £ 561.407 £ 1,621,1)03 £ 2.182,410 £ 2,123,067 The notes on pages 7 to 12 form part of these financial statements.
Page 5 ARI FLI RAL SES PR 202 FIXED ASSETS Tangible assets Investments li 12 459.197 1,511,4C() 464,268 1.129,416 1.970,597 1,593,684 CURRENT ASSETS Debtors Cash with deposit takers Cash at bank and in hand 13 14,876 100,628 109,515 15,161 434,287 93,315 225.019 542.763 CREDITORS: amounts falling due within one year 14 (13,206) (13.380) NET CURRENT ASSErs 211,813 529,383 NET A55 15 £ 2,182,410 £ 2,123,067 UNRESTRICTED FUNDS Designated - Capital Designated . ERF 16 16 1.054.782 566,221 1.059,380 529,110 1,621,CK)3 561,407 1.588,490 534,577 General TOTAL CHARITY FUNDS £2,182,410 £2,123,067 Approved by the Board of Trustees on 9th December 2024 and signed on its behalf. E Hayward Chairman and Trustee S Boffey Trustee The notes on pages 7 to 12 form part of these financial ststements.
Page 6 CHARiri FLI NEL ANNESLEY DORANT FOR ALMSHOUSES 202 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net in¢ome/(deficit) for the year (page 4) Adjustment5 for- Net (gains)11055es on investment5 Depreciation charge Investment income Ilncrease)/De¢rease in debtors In¢rease/(Decrease) in creditors 59,343 150,000 (4,990) 5,071 (56,308) 285 {174) (112,088) 5,219 (43,672) {4.019) (2.770) Net ca$h generated/(absorbed) by operations 3.227 ,330) CASH FLOWS FROM INVESTING ACTIVITIES Investment income Purchases of investments 56,308 (376,994) 43,672 (23,946) Net cash generated Irom investing adivlties (320,686) 19,726 Change in cash and cash equivalents in the reporting period (317,459) 12,3% Cash and cash equivalents at 5th April 2023 527,602 515,206 Cash and cash equivalents at 5th April 2024 Cash with deposit takers and at bank £ 210.143 £ 527,602 Comprising= Cash with deposit takers (page 5) Cash at bank (page 5) 100,628 109,515 434,287 93,315 £ 210.143 £ 527.602
Page 7 ACCOUNTING POLICIES (a) Basis of pieparation of ststements The accounts have been prepared under the historical cost convention with the exception that fixed asset investments and the investment property are included at fair value. The accounts have been prepared in accordance with Accounting and Reporting by Charities= ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (effective 1st January 2019) (Charities SORP (FRS 102)). The charity is a public benefit entity under FRS 102. (b) Tangible tixed assets and depreciation Tangible fixed assets are Included at cost, where that is greater than £1,000. Cost includes the original purchase price of the asset and cost attributable to bringing the a55et 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 on reducing balance . Over 20 years from 2013 15% on reducing balance (¢) Fixed asset investments Investrrbents, including the investment property, are included within the Balance Sheet at their market value at the balance sheet date. The Statement of Fillancial Activitie5 includes the net gains and losses arising on revaluation and disposals during the year. (d) Income All incoming reSoUrS are included in the Statement of 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 the Balance Sheet date. [11] Contributions from Almspeople are included in the period in which they are receivable. (e) Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes irrecoverable VAT and is reported as part of the expenditure to which it relates.. [1] - Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature. necessary to support them. [11] Governance costs include those costs associated with meeting constitutional and statutory requirements of the charity and include independent examination fees and costs linked to the strategic management of the charity. [111] Costs that are directly attributable are allocated on a charitable activity basis and support costs are then added. Support costs are apportioned to the charitsble activities on a reasonable and consistent basis such as on the basis of time spent_ (f) Fund Ac¢ountlng [1] Unrestrieted Funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objective as they see fit. [11] Designated Funds Designated funds are unrestricted funds eam)arked by the Trustees for a particular purpose. [iiiJ Revaluation Reserves Revaluatior5 reserves con51St of the part of the charity's designated funds which comprise the difference between the market value of the investments and investment property, respectively, at the balance sheet date and the original c05t of the investment asset together with additions and reinvested dividends.
Page 8 RITY L ANNE RANT FOR A (continued) ACCOUNTING POLICIES {cortinued) (g) 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 lunds held and the expected level ol income and expenditure for the tsvelve months from authorising these f inancial statements. The budgeted income and expenditure is suff icient with the level of reserv85 lor the charity to be able to continue as a going concern. [21 INVESTMENT INCOME nr Rents receivable NA4CIF Accumulation Units: Distributions Invested COIF Income Units.. Distributions received Interest Receivable 17,913 17,913 17,154 21.994 21,994 18,947 16,342 16,342 7,302 £ 34.264 £ 21.994 £ 56,258 £ 43,412 INVESTMENT PROPERTY EXPENSES Agents and professional fees Repairs and maintenance 3,801 4,014 1,321 3.801 5,335 [4] PROPERTY REPAIRS AND MAINTENANCE 2024 2023 Flats refurbishment Flats - fixtures and fittings Electrical EPC reports - flats Electrical works - flats Outdoor lighting Boiler service and repairs Electrical works - communal areas Fire equipment maintenance General repairs and maintenance 39.235 1.585 1,400 3.041 13,103 4,997 2,049 1,456 13.084 395 4.666 7,5 2.833 5.256 £ 60.355 £ 39,750
Page 9 HARITY OF LIONEL ALMSHOUS RIL 24 (continued) [5] STAFF COSTS 2024 2023 Wages, Nl and pension cost5 16,762 £ 15,808 Average weekly number of persons employed during the year: House staff - Warden [6] SUPPORT COSTS Administratorfs fee 8,674 £ 8,674 £ 17,348 £ 15.682 page 4 (note T) [7] GOVERNANCE COSTS Annual Accounts and Examiner's Fee Other fees Accountancy Servi5 Subscription - NA4 Support Costs (note 6) 3,360 3,240 387 8,674 470 7,841 12.421 £ 11,551 [8] PAYMENTS TO TRUSTEES No trustee received any payment 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 dated 10th March 1976 and registered under the Charities Act 2011, charity number 210687 and as such is not liable to tsx on its income and gains tor charitable purposes. [10] TRANSFER BETWEEN FUNDS Ca Re ir Fun Amount of transfer £ (4,598) £ 5.000 £ 402£ 698 The transfer from general Fund to the Capital Fund comprises the release of resources required to fund the balance sheet carrying value ot the tixed 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 to the chariws housing property- Under a supplementsl order ot the Charity Commission dated 19th November 1980 the minimum annual payment to be made into the Extraordinary Repair Fund is £900.
Page 10 AR TH (continued) 111] TANGIBLE FIXED ASSETS Co$t At 6th April 2023 Additions 548,628 66,686 615,314 At 5th April 2024 548.628 66,686 615,314 Depre¢ialion At 6th April 2023 Charge for year 89,555 4.291 61,491 151,046 5,071 At 5th April 2024 93,846 62,271 156,117 Net book value At 5th April 2024 £ 454,782 £ 4,415 £ 459,197 At 6th April 2023 £ 459,073 £ 5,195 £ 464,268 All tangible lixed assets were used for charitable purposes. The charity's freehold property comprises the housing property known a5 Dorant House, New Greens Lane, St. Albans. Hertfordshire AL3 6HT. Cost include5 the purchase cost of the site incurred in 1978 amounting to £30,000 and subsequent expenditure on building costs amounting to £518,628 and expenditure on 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 2024. [12] FIXED ASSET INVESTMENTS IF At 6th April 2023 at valuation Additions at cost Distributions reinvested Unrealised gains/(105ses) 600,000 529,110 5,000 21.994 10,117 1,129,416 355,000 21,994 4,990 350.LY)O (5.127) AT 5th April 2024 at valuation £ 345.179 £ 600.(M)0 £ 566.221 £ 1,511.400 All investment assets are held within the UK and in order to provide an investment return for the charity.
Pa8ell HARITY FLI NEL ANNESLEY DORANT FOR ALMSHOUSES (continued) [12] FIXED Assrr INVESTMEKf (Continued) The charity's investment property held in the Capital Fund is the detached house at 49 Partridge Road. St. Albans AL3 6HT, fomierly used to provide wardens accommodation, currently let on an assured shorthold tenancy. The original cost of the property was £49,403. The property was valued in 2022123 lor the purwses of inclusion in the accounts by Leaders, Estate Agents at £600,000, with no material change to the value in 2023/24. The charity's investment held in CCLA Investment Management Limited COIF Charities Investment Fund Income Unit5 IS stated at market value at 5th April 2024. Historical cost amounts to £350,200. The charity's investment held in the National Association of Almshouses Common Investment Fund Accumulation Shares are stated at market value at 5th April 2024 Historical cost, comprising the original investment, subsequent additions and accumulated dividends amounted to £410,878 at 5th April 2024 {2023. £383,886). [13] DEBTORS Due within one year Contributions receivable Prepayments 10,225 4,651 10,293 4,868 14,876 £ 15,161 [14] CREDITORS: AMOUNT5 FALLING DUE WIThIN ONE YEAR Social Security and other taxes Resident payments in advance Accruals 498 3,192 9,516 99 1,748 11,533 13.206 £ 13.380 [15] ANALYSIS OF Nrr ASSEfs BEfYiEEN FUNDS Tangible fixed asset5 Fixed asset investments Debtors Cash with deposlt taker5 Cash at bank Creditors < l year 4,415 345,179 14,876 100,628 109.515 (13,206) 454.782 600,000 459,197 1.511,400 14.876 100,628 109,515 (13.206) 566,221 £ 561,407 £ 1,054,782 £ 566,221 £ 2,182,410
Pa8e 12 Rl NE EY us Fl AP IL (continued) [16] FUNDS - ALL UNRESTRICTED Inco so rr Accumulated Surplus ITivestments'. Revaluation Reserve 534,577 174.100 (141.741) (402) 566,534 (5,127) (5,127) 534.577 168.973 (141.741) (402) 561,407 Accumulated resources Investments: Revalution Reserve 508.477 (4,598) 503,879 s50.3 550,903 1.059.380 (4,598) 1.054,782 in Accumulated resources Investments.. Revaluation Reserve 383,886 21.994 5.000 410.880 145.224 10.117 155,341 529,110 32.111 566,221 Totsl Designated Funds 1.588.490 32.111 402 1,621,003 Total Funds £ 2,123.067 £ 201.084 £ (141,741) £ £ 2,182,410 General Fund The General Fund comprises the accumulated revenue surpluses available on the charity's general objectives as the Trustèes see fit. Capttal Fund The Capital Fund comprises the charitys own accumulated resources expended on the acquisition ol the housing investment properties and in bringing those assets to their existing condition together with the associated investment and investment property revaluation reserves. Extraordinary Repalr Fund The Extraordinary Repair Fund comprises the accumulated resources designated by the Trustees to be set aside to meet major buildings repairs, together with accumulative investment distributions and unrealised investment gains.