NORTHCHAPEL PETWORTH AND TILLINGTON ALMSHOUSES CHARITY Oiegistered Charity Number 212320) UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023 NORTHCHAPEL PETWORTH ANDTILLINGTON ALMSHOUSFSCHARITY COIYTENTS PAGE Ref*ye￿e2fftd AdminisEMivedefai15 TTUStee5' RepJrt It￿t Examinths, Rew Sthtemem ofFinaKrdl Aciivi¢ies fortheyeareTrknJ 3Llh Se•bcT2OZ3 BI￿¢ She4¥ * 30th 202J NL*es to the Aeewnts 8- 13 Page I P40RTHCHAPEL PETWORTH AND TILLINGTON ALMSHOUSES CHARITY REFERENCE AIYD ADMP4lSTRATIVE DETAILS Charity registration number.. 212320 Principal address.. The Esta* Office Petworth GU28 ODU Solicitors.. Farrer& Co 66 Lincolrt's lrtrt Field$ London WC2A 3LH Independeni Examirter Mrj A Burn¢tt ACA Martin and Company Chartered Accountsnts 25 St Thomas Srre Winchesier Ha￿￿ShiTe S02J 9HJ Bankers.. N*ional Westi￿1￿$[tr Bathk pl¢ 5 Easi Strttt Chithester West Sussex P019 IHH Managing Agents.. Savills The Estsre oifEce Pfflworth West Sussex GU28 ODU Pag¢ 2 P40RTHCHAPEL PETWORTH AND TILLINCTON ALMSHObSES CHARITY TRUSTEES. REPORT FOR THE YEAR Ef4DgD30TH SEFYEMBER 2023 The Trustees preserbt their report and financial statem￿ts of NorthchatKI Perworth and Tillin￿ Al[￿hOUse5 Charity for the year ended 31hh Septemb¢T 2023. Legal and administrative infomution set out on the infomktjon page fomks part ofthis Th¢ financial state￿￿￿ts have bccn prepared in accordance with the accounting policie$ 5¢¢ out in ih¢ TKrt¢s tothe accounts and cornply with the Charity's Trust Deed. the Charities Act 2011 and Aecounttn8 and RepMin8 by Charities". Statement of Recommend￿1 Ptactice applirabl¢ to chaThti¢s preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland published in (ktober 2019. Constltutlon *Dd Governlng Documemt The charity, Regi$trotion No. 212320. is also known as Thompson's Hospi&l. artd op￿1¢$ from ¢h¢ ThoTnp50n'5 H05Pltal Almshouse building5 in North Street. Petworth. West Su55¢X. The goveming docurncnt is a Charity commissi(￿ schen￿ dated 17th Septcmber 1979, a5 aT[KT￿ed by a scheme datul I Ith March 2(M)5. Orggnlsatlon, Trnstees And MaD*geD￿nt Th¢ Irthstees of the charity at 31hh September 2023. all of whom held officethroug￿l the ye4r (ex¢ept wh¢r¢ indiratedl were.. The Lord E8renK>nt Canon M Gilbert The Reverend Dr D Crcrt)k Mr5 N C Baker Mrs J E Duneion Mr5 S Baring-johnsione Mr A W Br￿ke Mr P A lerrome MBE Mr A C Howard The Scheme notes that the 10 trustees should comprise of ftyjr ex-officiomembers. Lord E8re]Mit and the Tettot5 from the thr¢c parishes of North¢ha￿l. Pctworth and Tillington. thr¢¢ nominative trustees (Or￿ from cach parish). and three ¢(￿0p￿tIVe Irusiees. The nominative trustees seryca term of four yva￿ ar￿ thc c¢wlative t￿Ste¢S Serve for five years. but can be re-elttied. The trustees appoint new rnernb￿ in linc with the TrI￿t tkc4J and take note of the skills requird on the Board when a vacancy arises. The irustees have appointed Savills to manage the day today runthing ofthe charily. The a¢cowits are maintained at Lord Egremont'5 Estate Offjce in Pelworth. The full i%Mrd of tru5tffs [￿5 twice a year. All new trustee5 are fully briefa ort how the organisation operates to ensure that they understsnd theirobligations as a trustee. Poge 3 NORTHCHAPEL PETWORTH AND TILLINGTON ALMSHOUSES CHAIUTY TRUSTEES. REPORT FOR THE YEAR ENDED 30TH SEPTEMBER 2023 Objectlves and A£￿VItieS The Thompson's Hospital Alrnshouse Charity was endow￿ on 23rd (kiob¢r 1624 10 provide for the perpetswl ￿lief of iwelvc aged pwr p¢opl¢ of the parish of Petworth. The ethwment included land at PulFx)TW8h and investments. On 17th September 1979. the charity W45 arnalgarnat¢d with two other chariiies and Vttame known as ihe Nmhchapel Petworth and Tillington AlJnshcMJses Charity. Th¢ Thornpson's Hospital Alm5hous¢ building now consists of seven self containtyl flats. The charity holds its pern￿nent end¢)wment fijnd and applie5 the income the￿fr0Mand from other source5 to the management. maintenance, repair, improvement or rebuilding of the Thompson's H05Pital Almshouse and. subject to meeting these costs. othenvise appli¢s the incotn¢ for the beB¢fit of the residthts in the Al￿￿hoLISe. Public BeTrefi¢ The trustees confimi they have c4>rnplicd wyth the duty tn section 17151 of ¢h¢ 2011 Charitie5 Act to have due regard to guidance published by the Charity Commission. During the yedr ihe charity provided benefit to the genernl public by providing reduced cost accotntnodation for petsons fmn the parishes of NOrth¢ha￿l. TillinwuL Petwonh. Fln#n¢lal R¢vl¢w The charlty made a sU￿lUS of £28.696 (before revaluation of inve5tm¢nt5 and before ttansfer5 to res¢rv¢s) compared with a surplus of £14,637 in the previous year. This is after incuFTing rotsl mainienancc costs and cyclical repairs of £4.5l6 compared with £14.077 in 2022. Profiis on revaluation of invesiments were £7.08912022-10sse5 of £10.5031 resulting in a surplus for the year of £35,785 Compared with a surplus of £4.134 tn 2022. The n¢t ass¢ts at 30th S¢ptember 2023 anM)uni&4 10£716.948 eomp8rtd with £68l.163 at 3ffth Sepiember 2022. Reserve5 Policy The charity aims to maintain an adequate cash re5erye for day today wnning costs including routine rnaintenanctand Tepairs. and to accumulate funds for the future repair a[￿ maintenance of the lyjildirtg. lu5￿ Revlew The major risks to which the charity is exporf as identified by the TTUStce& have bccn reviewed and Syste￿ estsblished to TDitigaie those risks. lttvestmellt Pollcy The inveslTn¢n¢s aTe inv¢*eil in Bla¢k R<*k Charities UK Equity Fund and M&G ChatiLie$ 4Aylti Asset Fund and arcumulation shares to obtoirt a balathced rdurn. The chariiy also owns pasture land which was endowed to it rnany y¢aTS ogo. Page 4 NORTHCHAPEL PETWORTH AND TILLINGTON ALMSHOUSES CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED30TH SEPTEMBER21123 Tru$tees Respon5ibili¢ies In rel#tiott to the Fin*tt¢i•l St•*n*ttts The tnist¢¢s ar¢ rtspon5ibl¢ for preparing th¢Tru5tffs' Annual RcFK>rt and th¢ fin￿¢1#1 stst¢m¢nls in arcordance with applicable law and United Kingdom Standards (United Kingdom Generdlly Accewed Accounring Practice). The law applicable lo charities in England & Wales requires the trustees to prepare financial siaiements for each financial year which give a true and fair view of the state of affairs of the chrity and of the irtcoming resour¢es and application of r¢sourc¢s of the charity for that period. In Preparing these financial state[r￿lS the trustee5 are required to.. - select suitable accounting policie5 and then apply them wnsistently. - observe the rn¢thods and principles in thc Charitie5 SORP- - make judg¢ThKnts and e5tirnate5 that are r¢a50nable and pwdcnt: - stat¢ whethw applicablc xC(R￿tIng 5tsndard5 have b¢cn follow￿￿ 5ubjcd to any JTHterial departur￿ di%105ed and explained in the fithancial statements., - prepare the financial slaiemetlts on a going concern basi5 unless it is inatvrryriateto presume thai the charity will in operatLOn. The I￿￿te25 are Tesponsible for keeping PTtyeraccountin8 teeords which disclose with r¢asonabl¢ arcuracy at any time ihc financial position of the charity and enable them io ensure that the fjnancial stsiemeniscomply wilh the Charities Aet 2011. the Charities IAccoun¢5 and Reports) Regulations and th¢ provision5 of ¢h¢ Iru5t ded. They a150 r¢S￿nsIble for safeguarding the assets of the charity and hence for taking rtasonabltsteP5 for the Preventi￿ and d￿e¢ll0n of frdud and othw irregularities. Signed on behalf of the TA￿ttt$.. Datthl: Lord Eg moni- Chairrnan Pa8e 5 NORTHCHAPEL PETWORTH AND TILLINGTON ALMSHOUSES CHAIUTY REPORT OFTHE INDEPENDENT EXAMl*iER TOTHE TRUSTELS FOR THE YEAR ENDED30TH SEvfEMBER2023 I report 10 the charity tTUStees on my ¢xamirtation of the ac¢(wnts of th¢ ¢hwity forthe year endry] W ScNember 2023 which are s out on pages 6 to 13. Responsibilities and basis of rep)rt As th¢ charity's Irusttts you are r¢sp)nsibl¢ forthe prtparation of the a¢¢(HJnts in acrorthnce with the requiren￿nts of the Charitie5 Art 2011 {'th¢ Ad.). I report in respeci of my examination of the charity's attounts carried out undet section 145 of Act and in Ca￿ying out rny examination I have followed 811 the applicable Direciioiisgivth by the Charity CoTnmission under Kction 14515llbl of the Act. IndependentexamiRer'$ statement I have rornpleted My CKanunaiion. l ¢onfiTm that llo Tr•tttial rnatt¢r5 hav¢rorneto my attention in cortr￿CtIOn Wlth the examination giving tn¢ cau￿ to bcli¢v¢that in any Jrwtwial r￿PeCt-. l. accounting records were kept in respect of the charity as required by section 130 of the Act: or 2. the a¢¢ourtts do not aceord with those rectsTds- or 3. the accounts do not comply with the yplicable Tequiretnertts conternin {Aecounts artd Reports) Re lations 21M) other than any wulr¢[￿nI that matter considered as part o an independent examin811(K). th¢ form atKI content of accounts sd in the Charities c a￿Ounts givca and fair view. which is not I have no concerns and havecome across other mallers in tonneetion with the examitsatith io which attcn¢i¢)n should be drawn in thi5 rq>ort in o cr to enable a proper und t ndingof the ar￿￿Trts to be reached. James Angus Bum IACA M2rtin and Company Chartered Accountants 25 Si Thomas SIT¢d Winchester Hampshire S023 9HI 13, 202t Pa8e6 ORTHCHAPEL PETWORTH AP4D TILLINGfoN ALMSHOUSES CHARITY STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED30TH SEPTEMBER 2023 Tdtsl 2022 20 INCOME FROM". C.harithNc xtiviiies InvesitnenL* 69.093 4.947 69.093 8.074 65.W4 5.396 3.127 TOTAL INCOME 74.lJ40 3.127 77.167 71J(WJ EXPENDITURE ON.. Ch3ritabi¢ ￿11￿￿11¢5 48.471 48.471 56.663 TOTAL EXPENDrruRE 48.471 48,471 56.66J NEf INCOME 25.569 3.127 28.696 14.637 (Lossesllgains rn inv¢stnwts 3.743 576 7M9 110.5031 Tra￿fer bett¥een fuThl% NFf MOVEME￿ IN FUNDS 29J12 3.703 2.770 35.785 4.134 RECONCILIATK)N OF FUNDS Fund ba￿nCeS broughi forward 439.545 161.574 681.163 677.029 FUND BALANCES CARRIED FORWARD 468157 8J.747 164.3 716,948 681.163 NORTHCHAPEL PETWORTH AND TILLINGfoi% ALMSHOUSES CHARITY BALANCE SHEET AS AT 3(rrH SEvfEMBER 21123 z•zJ FIXED ASs￿s Tangible fixoj assets 428J29 9.050 428.529 6.986 E4Uitxnent 437.579 435,515 Investir￿ts 129.320 564.835 578.701 CURRENT ASSEts 4.958 101229 I￿.19? 3.027 95.895 98.922 ai bank CREDrroRS." am0th￿S hllti4th within oneyear Creditors and 26.594 1247 72.328 TOTAL ASSEfs LESS LIABILtfiES 716.948 681.163 ENtK)WMENT FUNDS uNREsTR￿ED FUNDS 164J44 161.574 Incoine Fu￿j Desi8naled Fu￿￿.. - Exiraordinary RerAir Fw - Cycli¢al MainlenarKe Fw¥J 468.857 439.545 21.9M 61.763 20.535 59.5( 83.747 716.948 681.163 ChaiTThan Date". Is PaBe 8 NORTHCHAPEL PETWORTH ANDTILLINGTON ALMSHOUSLS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3•Th SEPTEMBER 2023 STATtrroRY INFORMATIOi¥ othhapel Petw￿h and TillingTh AlrnslKyjstsCh￿ isa charity regL￿￿ in En￿￿¥] aTrJ Walcs. TheChori￿5 regi￿￿ttl numb a￿] r¢giswed addres5w fou￿1 in th¢TnL51e45' R¢¥le irt thty UK I￿1 Republi of Ireland IFRS1021 isgjed In (kiober 2019 rahcr than the AcCO￿l￿gaTh] RqxKting by Charities.. Statemeni of fvir¢ effLriive from IY Arffll 2(MJ5 whKh has sirKelxen wjthJrawD. All irKoine is rwi8•] once the¢FArity ha5 eniitluneni ￿the li is wIMblethathe I￿17 be t&Yiv&l athlcats b¢rtiiably Bank Ittltt￿ is inclthl when Thxthvab]e. Expthditttrt All liabililies are r¢coBni%edas SLWIS there isa legal ￿e{￿*￿tIve0b17pth￿£veytyn15wthtskn io the￿￿kJing5 5inre 1979. Si￿¢ Ihe5ec05ts are 5i8nifi&lntty bwer IhehLildinES likely value. andas tht ￿lming5 in pxyJT¢Hir. the Tnwee5 trtlievethat it is Flxtd asset iAvostments Inv￿lments are valued * mid-rn¥kd ￿l￿al ￿￿TrA￿￿￿5hCeld*. Any 8ain%•KI khs5ts areslmwn as mvcmurt in the Ststemaii of FillarK￿l Activjsjes. Investment property Inve5uneni FKVPthits for wh￿h la]fv￿ut¢An be tdiabty wmluewst tr¢ffw4rt me*Ltyl* fa￿ value4t r rewi#gdait With chw in fair in fidgair6kxsesi￿ in theststanemof Fitwieial Aciivities. Debto C*sh 1¢ B#Trk lo H*•d C45h * knk and in i￿1￿¢&th knd st#Mtkn With4th1 oTI¢65 thE date ofacqu￿]tiOII Oiwitsgof thede￿it OfSimilar*c(w CrodlthrJ TaAJItiDTh The charity is QD irsthm￿l¢￿tsy7tIV Funds EIthw￿¢￿i f￿05¥rE tFrf15¢ fillmts whKh T to lYhelda5 ￿pits1 in the of ￿ve5th￿l￿VE￿ Frtspeni. Th¢ 1]￿QIne g￿vated fmth¢ InVtsb￿ is to k ustd ftrthtdwitsble]AUP￿ClKrt has￿ rt5tsictiw itsY5e. Page 10 IYORTHCHAPEL PETWORTH AP4D TILLINGTOI% ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31)TH SEPTEMBER 2023 INVESTMENT IP4COME UArostrirted U•roMrbrted Endowm￿1 fuNd5 Toi 2023 Total 22 (ith¢•Mt) Id•*trdi 873 2254 3,127 SJ53 2277 eresi 2) 4J03 154 4,952 Reni 4.947 3.127 8.074 5.396 All inve5m￿ inc(xrJE in 2023 WAS COST OF CHARITABLE AcfiviTIES Dir¢a Sypwrt Costs {see nole 51 wte6) Tot•1 2•23 Tot*1 22 40.475 48.471 s6.￿3 DIREcf COSTS Total 202J T•t*l 2022 Funds Fullds Ili¢omE} (Duiwtedl FiNd5 4.J16 4.516 14.077 3.493 5.398 6.157 Management ftts Warden's & gardath sa￿lIeS COW￿11 w aTrJ waler ralfs Ekntrieily 2J(WJ 6.450 450 3.091 14.065 2.691 635 40.475 s.￿)1 14.065 2.691 635 40.475 4.383 2.631 49.672 SUPPORT cosrs UNre5tridcJ Ullrestr*i¢d F￿￿d$ Fmods rot*l 2023 Ttst*l 2022 Administr*i(m chxge TelerA￿ Sutheg 3.llo 2J59 2.559 2.073 6h16 616 5.761 [1th￿dent tRatnin&$ f¢¢ lJ80 1.380 1230 Page 11 IYORTHCHAPEL PETWORTH AND TILLINGTON ALMSHOUSLS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31)TH SEPTEMBER 2023 TRUSTEES REMUNERATION & EXPENSLS No en*lutt￿￿tsUr￿￿Wrar12O22. £Nil TnL4ttS tithmity of upto£l(K).IXK) was I￿7￿1 in the5prciaii%alrrthK￿ witheff from Tenewal in Jule 2023. 12022 £IWXWI. EMPLOYEES T￿1 Tol41 2022 Flltyds F•Ads Wage5 & sa￿lIes Naiional Insura￿e PwLsirnC(*ts 285 242 6.450 242 6.450 5278 from The Eststcs wrolL FIXED ASSETS E4*lpnw To 2023 T•tA] 2022 CosiasAt I,'10,2022 Addiiionsdurin8)rar. C¢￿9$ at 30.'9.2023 428.529 25.708 7.410 454237 7.410 461.647 454237 428.529 454237 a5 * IIIIY2022 Dewe¢ia¢irnClw fvtht Ye 18.n2 18.722 15.229 3.49J 18.722 24.068 24.1)68 knok valueai 30￿.￿3 428.529 9.050 437.579 435.515 N¢t ixy)k Yalueat 30N'2022 428J29 4J5.515 439.IX)8 P4e 12 NORTHCHAPEL PETWORTH AND TILLINGTON ALMSHOUSES CHARITY NOTES TO THE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEvfEMBER 2023 io INVESTMENTS 2•23 2022 Cryin¥ valuelmaTkth vahrl* l (kth2022 129J20 135.620 4.713 4203 Ltss". [Asp￿LS at carrying vdlue Addllk5sI.. Net gath revalu*iLNb 7.089 {10.5031 C8Trying valut(m*Yket *ah*lat 30 Swanber2023 129.320 Comrffisin& The BLK C.Iwiiies UK E4uity Fthl **umukkni shttts Th¢ BLK Cljarities UK Equily irtome shares The M&G Ch3yity MllltkAssei Fund IrKome shar The M&G Cknty MllliFAsset FwKi sh¥<5 19203 18.483 499 102.937 16J65 96.154 129.J20 INVESTMENT PROPERTIFS 2023 2022 SurYey(Ks. al the date of t￿111￿. The vabJatTh Wascarri￿] SinKm Knighi aTrJ in with RJCS SweTnents of A55el Vaiwali￿$ *MI N(ies. The tsustees ¢tytsNltyttlthe v¥iut* 30th Sefftpiyr 202) to￿ the samE. DEBTORS 2013 2022 Rent recLYvabk Prepayments 254 J,027 3.027 4.958 CREDITORS.. f￿1￿ldIe WIt￿ll olle year 2022 TrthcraiiKY5 Rent rweivedthilltyi ifj adv*rtt 4.625 7.676 7J15 16.370 26.594 014NÈcfED PERSON TRANSAcrioNs t>Jfin8 theyear. the ehariiy i1￿￿￿1 expe￿ILl￿tor£S.rflS 12022.£0.(*61 W￿￿￿OrC(￿ts0fln4*0Vttn)￿ts. ￿￿1r5 thinj5rMio charge5 by the L￿-onfIdd Eststes. At 30¢h Semenkn 2023 d*cFArity ow*] E3.47112022. QJ581 knthe Leethifjeid Estates. LoTd E￿￿t. h51ee. LS thesole prorfftetorof ihe LwonfKtd Es￿e$. Pa8e13 NORTHCHAPEL PETWORTH AND TILLINCTON ALMSHOUSES CHARITY NOTES TO THE FII%ANCIAL STATEMENI TS FOR THE YEAR ENDED 30TH SEPTEMBER 2023 MOVEMENT IN FUNDS Nrf Twbrfers Al l.1•22 At 3•.9.11 Rostrlrted fuAds Endowineni fund 161 J74 irn 164.J44 Unre#rl¢t¢d come fund atcd fill¥ls . Extra(YdiNry repir fwxl - C.yrlir¥l rna1ntEnÈ￿e fithl 439.545 29J12 468.857 20.5J5 59.509 519.589 1.449 2254 33.015 21.984 61.763 552.( Trf*l fo￿0$ 681.16J 35.785 716.948 INwrnini Re50urtt5 Movement in fuDds Rostri¢ted fuNd5 2.rn.(Kl 2.770.(X) Uttrextrlrted f￿nd* Ir*(me fllmd 77,783. 48.471.(Kl 29J12 (X) . EXtr￿rdinary reFoir fuThJ .Cyclical ma)Trtywce fvTrJ 1.449. 81.486. 1.449 2254 IM) 33.015 48.471.(X> Tot*1 f•nd$ 84256.IX) 48.471. 35.785.(N) 16 ANALY515 OF NET ASSM Y4rnVEEN VUNDS T*nt*Ae Inve51meni fixtd property Tot Ilabilltk5 Restrlrted fund Endowmem fi￿¥j 67.041 5J.303 164J44 UDrestrie¢td f¥￿0$ 370.538 65.835 32.484 468.857 . Extraordinary rerAir fi￿] - Cycliral mainteNnce fiuyj 21.984 21.984 61.763 61.76J Trf*l furtds 4J7.579 141.122 94247 710.948