# **PARKER AND ASHCOMBE ALMSHOUSE CHARITY (Charity Registered No. 210835)**
## **STATEMENT OF ACCOUNTS**
**to 31[st] December 2024**
|Trustees’ Report
Auditor’s statement
Statement of Financial Activities
Balance Sheet
Notes to the Accounts|**Content**|Page
2
6
7
8
9|
|---|---|---|
## PARKER AND ASHCOMBE ALMSHOUSE CHARITY
## **TRUSTEES’ REPORT**
The Trustees of the Parker and Ashcombe Charity present its report for the year ended 31 December 2024.
## **Structure, Governance and Management**
## **Legal status**
The Charity was set up in 1965 under a scheme of the Charity Commissioners from an amalgamation of two older charities, namely the 1887 Parish Cottage and Almshouse Charity and the 1918 Charity of the Right Honourable Henry Ashcombe.
The registered charity number is 210835.
## **Trustees**
Graham Peters VL, Trustee/Parish Council Representative (Chairman)
John Barnett, Treasurer/Co-opted Trustee
Phillipa Weddle, Trustee/Secretary/Parish Council Representative(Resigned October 2024)
Ellie Pottinger, Co-opted Trustee
Appointed trustees are chosen according to the individual practice of any appointing body. Persons appointed may, but need not be, a member of the appointing body.
The address of the principal office of the Charity is:
c/o 7 Heathlands Westfield East Sussex TN 35 4QZ
The Trustees engage a Property Agent to manage the maintenance of the charity’s properties.
## **Advisors**
Independent Examiner: Karen Marr, 6 Red Oast Cottages, Flimwell, TN5 7PF
Banking: Nat West Bank, Ashford, Kent.
Investment Management:
CCLA Investment Managers, 85 Queen Victoria Street, London EC4V 4ET, and McInroy & Wood Ltd, Haddington, East Lothian EH41 3SF
PARKER AND ASHCOMBE ALMSHOUSE CHARITY
## **TRUSTEES’ REPORT (continued)**
## **Objectives and Activities for the Public Benefit**
The Charity’s Scheme of Management states that the Trustees shall apply the assets and income of the Charity for the provision of affordable housing accommodation for single mature ladies from the Parish of Bodiam.
The Trustees confirm that they have referred to the recommendations contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and planning future activities. The Trustee’s consider that the Charity’s activities during the year were solely for public benefit.
## **Principal achievements for the year**
The Charity have applied all assets owned and income received during the year to meeting the objectives of the Charity, namely the provision and maintenance of appropriate affordable housing for single older persons and the provision of community assets within the Parish of Bodiam.
To meet its objectives the charity owns two freehold properties in the village of Bodiam, namely the Almshouse Flats, comprising four, one-bed flats providing the means for independent living, along with Rectory Cottage, the commercial rental from which contributes significantly to the running costs of the overall estate.
The long-term resident in Flat 3 vacated the property in December 2023. The vacant property was in need of major refurbishment and a programme of works was undertaken and the flat was re-let from April 2024, in accordance with the Charity’s Trust deeds.
The Charity also own’s and maintains a small adjacent garden area for the flats. The village’s Parish Room, which adjoins Rectory Cottage is owned and maintained by the Charity and is used for hoc village meetings and events and the provision of a full-time pre-school nursery group, itself a charity. The Charity is also responsible for the preservation of a Victorian Icehouse located within the grounds of the Rectory Cottage.
## **Review of Financial Position**
Total Incoming Resources during the year amounted to £31,231 (2023: £22,848). In 2024 £39,097 was spent maintaining and improving the Charity’s assets. (2023: £32,182). A further £8,277 was spent from specific donations in Restricted Funds on the initial stages of a programme of works to improve the Icehouse and its access arrangements, these works continue into 2025 and potentially beyond. (see account note 4)
During the year the Charity continued to invest the majority of its balances in formal investment funds catering specifically for charities and other public bodies. During the year, a £20,000 drawdown was made on Restricted Balance Investments, to support the Charity’s Icehouse Refurbishment Programme.
The remaining investments, both Unrestricted and Restricted Balances, returned a total revaluation gain of £19,810, as a result of some improvement in values in the UK and global markets, significantly below investment performance in 2023. No new investments were made during the year. (See account note 5)
PARKER AND ASHCOMBE ALMSHOUSE CHARITY
## **Plans for 2025 and beyond**
The Trustees will continue to apply the Charity’s assets and income to provide suitable accommodation for the benefit of those in need and in supplying high standard community assets within the Parish of Bodiam.
All properties owned by the Charity have now been refurbished in recent years and the focus will now be on undertaking remedial repairs and maintenance to the external fabric and gardens of the two main property assets and the community Parish Room, particularly joint funding a replacement decking area in the Parish Room. . The costs of these works will be funded by the General Fund.
The Trustees have drawn up a restoration and improvement plan for the Victorian Icehouse in Rectory Cottage grounds along with its associated facilities and access arrangements. Works commenced in 2024 and continue into 2025.
## **Reserves Policy**
The Charity maintains a Repairs Fund to cover unforeseen major repairs needed to the Charity’s owned properties, excluding the Icehouse. The Trustees re-consider the sufficiency of the Repairs Fund at the Annual General Meeting.
## **Rent Deposits**
The Charity holds a rent deposit for Rectory Cottage. The deposit is held with the independent Deposit Scheme and at year-end totalled £550. This balance does not feature in the Charity’s accounts.
## **Investment Policy and Objectives**
In accordance with the Trust Deed, the Trustees have the power to invest in such stocks, shares and property as appropriate to meet the objectives of the Charity. The Trustees have invested the Charity’s surplus general balances, and the DC Bequest balances in investment funds managed separately by CCLA and M&W.
The Charity’s overall policy is for a medium risk ethically based investment approach based on a mix of capital growth and re-invested interest/dividend income.
The Trustees receive quarterly investment reports from both fund managers and the policy, risk appetite and allocations are considered at each Annual General Meeting with presentations by the investment managers as deemed necessary.
## **Valuing volunteers**
In keeping with recommended practice, an approximation of the combined number of hours that the Trustees give to the Charity free of charge during the year has been undertaken and is estimated at 200 hours (2023: 180 hours).
PARKER AND ASHCOMBE ALMSHOUSE CHARITY
## **Statement of Trustees’ Responsibilities**
The law applicable to charities in England and Wales requires trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year.
In preparing financial statements giving a true and fair view, trustees should follow best practice and:
Select suitable policies and apply them consistently;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
Prepare the financial statements on the ‘going concern’ basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which are such as to disclose, with reasonable accuracy, the financial position of the charity at any time, and to enable the Trustees to ensure that the accounts comply with the disclosure regulations (primarily the Statement of Recommended Practice “Accounting and Reporting by Charities” issued in March 2005) and the Charities Act 2011. The Trustees are also responsible for safeguarding the charity’s assets, and hence for taking reasonable steps for the provision and detection of error, fraud and other irregularities.
## **Risk Management**
The Trustees acknowledge their responsibility for the management of risks faced by the Charity. The Trustees, in considering the governance; management; operational; financial/investment and environmental risks, are satisfied, at this stage, that there are no unmanaged material exposures and that there are procedures in place to mitigate all such risks. This will, however, be kept under regular review.
The Trustees have agreed clear lines of delegation and authority and the Trustees and the Property Agent are involved in the recognition of risk in all their activities and roles.
Signed on behalf of the Trustees by:
Chairman of the Board of Trustees
Date:
## PARKER AND ASHCOMBE ALMSHOUSE CHARITY
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF The Parker and Ashcombe Almshouse Charity
for the year ended 31 December 2024
**I report on the accounts of the Charity for the year ended 31 December 2024 which are set out in pages 7 to 12 as required by the Charities Act 2011**
## **Respective responsibilities of the Trustees and Independent Examiner**
The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination, by a fully qualified practitioner is needed.
## **It is my responsibility to:**
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis of independent examiner’s statement**
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion as to whether the accounts present a “true and fair view”, and the report is limited to those matters set out in the statement below.
## **Independent Examiner’s Statement**
In connection with my examination, no matter has come to my attention:
1. which give me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met: or
2. to which, in my opinion attention in connection should be drawn in order to enable a proper understanding of the accounts to be reached.
Karen Marr Address: Teckform, 6 Red Oast Cottages, Flimwell, TN5 7PF Date:
PARKER AND ASHCOMBE ALMSHOUSE CHARITY
## **Statement of Financial Activities for the year ended 31 December 2024**
**----- Start of picture text -----**
2023
Unrestricted Restricted Total Total
Notes Funds Funds Funds Funds
Incoming Resources
Rental/Licence Income 3 30,134 0 30,134 22,803
Investment Income 53 0 53 45
Grant Income 1,044 0 1,044 0
Total Incoming Resources 31,231 0 31,231 22,848
Less Resources Expended
Charitable activities:
Maintenance Costs 3 30,824 8,277 39,097 32,182
Governance costs 4 362 0 362 377
Donations 4 1,000 0 1,000 1,000
Total Resources Expended (32,184) (8,277) (40,463) (33,559)
Net Outgoing/Incoming
Resources (955) (8,277) (9,232) (10,771)
Gain/(Loss) on investments 5 3,920 15,890 19,810 53,267
Net Movement in Funds 2,965 7,613 10,588 42,556
Balances Brought Forward 93,276 589,154 682,430 639,874
Balances at Year-end 96,245 596,767 693,018 682,430
**----- End of picture text -----**
The attached notes form an integral part of these accounts
PARKER AND ASHCOMBE ALMSHOUSE CHARITY
## **Balance Sheet - year end 31[st] December 2024**
**----- Start of picture text -----**
2023 2024
FIXED ASSETS
34,708 Property Improvements (net) 33,222
635,598 Investments (note 5) 635,408
670,306 Total Fixed Assets 668,630
CURRENT ASSETS
12,324 Cash at Bank 23,778
0 Debtors 810
12,324 Total 24,588
less CURRENT LIABILITIES
(200) Creditors (200)
12,124 Net Current Assets 24,388
682,430 NET ASSETS 693,018
Financed by:-
Unrestricted Fund:
63,276 66,245
30,000 Emergency Repairs Reserve 30,000
93,276 Total 96,245
589,154 Restricted Fund: 596,767
682,430
693,018
**----- End of picture text -----**
PARKER AND ASHCOMBE ALMSHOUSE CHARITY
## **NOTES TO THE ACCOUNTS – 31 DECEMBER 2024**
## 1. ACCOUNTING POLICIES
## **a)Accounting Basis**
The accounts are prepared in accordance with applicable accounting standards on a historical cost basis as modified by the revaluation of investments and comply with charity law and with the Statement of Recommended Practice “Accounting and Reporting by Charities” issued in March 2011. The Trustees have determined that the accounts be drawn up on an accruals basis in accordance with the Charity Commission’s requirements regarding the presentation of financial information.
## **b)Fixed Assets**
The Charity owns two principal properties, which are used to support the charity’s objectives. The values of these assets are not brought into the financial accounts as the Trustees are of the opinion that the principal aim of the charity is to maintain the condition and hence the value of these assets in perpetuity. The properties had a combined insured rebuild value of **£1,784,620** as at June 2024.
## **c)Depreciation**
Expenditure of a capital nature on Charity assets, excluding the Icehouse, is to improve the Charity’s assets, and as such is capitalised and depreciated in the accounts, over a four-year period.
## **d) Investments**
Investments are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closed quoted market price.
The Statement of Financial Activities includes those unrealised gains and losses arising from the revaluation of the investment portfolio during the year and does distinguish between the valuation adjustments relating to sales and those relating to continued holdings as they are together treated as changes in the value of the investment portfolio. Investment income is accounted for on a receivable basis.
## **e) Cash and Cash Equivalents**
Cash and cash equivalents include cash at bank and in hand.
## **f) Debts and Creditors**
Debtors and creditors receivable or payable at the year-end are carried at their transaction value.
## **g) Income**
The Statement of Financial Activities is credited, on an accruals basis, with the contributions from residents, commercial rents and hire fees along with investment income receivable.
PARKER AND ASHCOMBE ALMSHOUSE CHARITY
## **h) Costs of Meeting Objectives**
Liabilities are recognised in the Statement of Financial Activities as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and is classified under heading that aggregate all costs related to the category.
## **i)Governance costs**
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice including costs related to independent examination.
## **j) Unrestricted Funds**
The unrestricted funds comprise the accumulated surpluses that have not been designated for specific purposes. These are available, at the discretion of the Trustees, for the furtherance of the objectives of the Charity.
## **k) Restricted Funds**
The restricted funds comprise the balance of funds received for specific purposes or activities.
## 2. VOLUNTARY INCOME
No donations were received during the year.
PARKER AND ASHCOMBE ALMSHOUSE CHARITY
## **3. CHARITABLE ACTIVITIES**
|**PROPERTY MANAGEMENT**
**2024**
**PROPERTY**
**INCOME**
Rents and Licence Fees:
Rectory Cottage
13,200
Almshouse Flats
13,320
Bodiam Pre-School
3,082
Parish Room Grant
1,044
Parish Room Hire
532
Total
**31,178**
Interest
**53**
**PROPERTY EXPENDITURE**
Subscriptions
267
Heat and Light P Rm
1,640
Repairs & Maint.( inc
F3 electricity)
2,019
Led Upgrade (Grant)
1,044
Property Supervisor
3,146
Gardens: Flats
147
Insurance
1,717
Cesspool
559
Water Charges
285
NNDR
80
Lifeline
1,072
Easement
120
Agency Fees
0
Depreciation
18,719
**30,824**
**Ice House Expenses**
**8,277**
4. GOVERNANCE COSTS
**2024**
Admin. expenses
162
Ind. Examination Fees (2024)
200
**Total 362**
Donations:
1,000|Total||**2024**
13,200
13,320
3,082
1,044
532||**2023**|
|---|---|---|---|---|---|
||||||9,900
12,640
263|
||||**31,178**||**22,803**|
||||**53**
267
1,640
2,019
1,044
3,146
147
1,717
559
285
80
1,072
120
0
18,719||**45**
153
1,757
2,902
0
3,442
110
1,693
413
250
79
882
110
0
18,811|
||||**30,824**||**30,603**|
|||||**1579**
**2023**
177
200
**377**
1,000||
PARKER AND ASHCOMBE ALMSHOUSE CHARITY
## 5. INVESTMENTS
follows:
|||**Open**|||||**Closing**|
|---|---|---|---|---|---|---|---|
|**Fund Name**|**Units @**|**Value**||**In - Year**||**Revaluations**|**Value**|
|||**01-Jan-**||||||
||**31.12.2024**|**24**|**Purchase/(Sale)**|||**Gains/(Losses)**|**31/12/2024**|
|**Unrestricted**||||||||
|**Funds**||||||||
|COIF Deposit Acct.|N/A|1,050|||0|0|1,050|
|COIF Global Equity|8,984|48,577|||0|3,920|52,497|
|**Total Unrestricted**||49,627|||0|3,920|53,547|
|**Restricted Funds**||||||||
|**(Bequest Fund)**||||||||
|COIF Invest. Fund|1,157|286,956|||0|14,597|301,553|
|M&W|N/A|299,015||(20,000)||1,293|280,308|
|**Total Restricted**||585,971||(20,000)||15,890|581,861|
|**Portfolio Total**||**635,598**||**(20,000)**||**19,810**|**635,408**|
Investments at the year-end are shown at market value. All quoted investments are held in the UK in two fund portfolio’s managed separately by CCLA and M&W.
## **6. DC Bequest Fund Balances (restricted)**
||**Investments**|**Cash**|**Total**|
|---|---|---|---|
|**Value 1.1.24**|**585,971**|**3,183**|**589,154**|
|Expenditure in year|0|(8,277)|(8,277)|
|New Investments/Withdraws|(20,000)|20,000|0|
|Revaluations|15,890|0|15,890|
|**Value at 31.12.24**|**581,861**|**14,906**|**596,767**|