REGISTERED CHARITY NUMBER: 213463 Report of the Trustees and Flnanclal Ststemonts for the Year Endèd 31 December 2024 for THE GUTBUSH & CORRALL CHARITY
THE CUTBU8H & CORIiALL CHARITY Contgnts of thg Flnanclal Stal?ments for the Y•ar End•d 31 D•c•mb•r 2024 Page Reference and Admlnlstratlve Detalls Report of the Truste8s 2 t¢ 7 Rèport of tho Independent Audltors 8 10 11 Statement of Flnanclal Actlvltles 12 8alancè Sheet 13 Cash Flow Ststement 14 Not9S to the Cash Flow Slatsment 15 Note$ to the Flnanclal Statem9nts 16 to 28 Dotalled Statement of Flnanclal A¢tlvltle8 29 10 30
THE CUTBUSH & CORRALL CHARITY R•f•ren¢g and Adrnlnlstratlve oglalls for Ihg Year Ended 310ecgmber 2024 TRUSTEES C Highwood L H8ggart D Smith G Proud DJOY W CkCr0ft S Morris S Darbyshir R Silkin D Khadka lappolnled 6.2,25) PRINCIPAL ADDRESS College Fam College Avenue Maidslone Kent ME15 6YJ REGISTERED CHARITY NUMBER 213463 AUDITORS Knox Cropper LLP Chartered Accountants and Ststutory Auditors Office Suite 1 H88lemere House Lower Street H88lem8re Surrey GU27 2PE Page 1
THE CUTBUSH & CORRALL CHARITY Report of th• Tru$trg¥ for thg Y8ar Endod 31 Dg¢?mbgr 2024 The Iru$tees pre5enl their report with thg finanoial stalgments of the charity for the yearended 31 Decembor 2024. The Iruslees have adopted the provisions of Accounting and Rèportlng by Charllles= SlaleN*nl of Recommended Practlce applicable lo charities pr8paring their accounts in accordanc8 with thg Financial Reporting Standard 8ppli¢ablé in the UK and Republic of Ireland IFRS 1021 leffectNe 1 January 20191. OBJECTIVES AND ACTIVITIES Oblectlves and alm$ The Charilws objec18 as Set out In the g¢)verning do¢umenl11 S November 2010 and amended 25 March 20251 are.. {al The relief of poverty by the provision of almshouse accommodation for Ihg bonefKiarios', and {bl Such charilable purp05es for tho benefit of the rgsidents as the trustees decid& The beneficiarie5 of the Charrty will be persons in need by reason of age, ill health. dlsability. financial hardship or other disadvantage of not less than lifty years of age. Most beneficiarie3 wll be inhabitants of the Borough of Maidslone, and there is provision lofavour resident$ of Harriet$ham. applicant5 Qver the age of 60 y[$, Freemen ofthe Fishmongers Livery Company and members of the Unitarian Church in the alloc8tion of certain almshous8S. Public benefll The Trustees hove paid due rega lo th8 guidance on public nefIt publlshe(I by the Charity Commission when reviewing tho aims and ObltIVeS of the charity and in planning luiure aclivilies. The Trustees believe that the activities undertaken in th8 y88r for 8chi8vlng the objectives of the Charity have met th$ publlc benefit requirement. Pagg 2
THE CUTBUSH & CORRALL CHARITY Report of the TYust•es for the YgOT Ended 81 Do¢gmb9T 2024 ACHIEVEMENT AND PERFORNcE Charltable actlvltles In 2024, there was an increase in interest from local people wanting to appty ft)r an alm5hou8e174 expro9sion$ of Interest received C[pared lo 66 ni 20231. The Board of Trustees approved 22 new applican15 {including one couple) with sixteen being appointed as beneficiaries of the Charity during the year. There was movement in and or out of 22 almshouses during the Ve-monlh period (compared Its 22 In 2023 and 14 in 20221. A de¢i$ion was made to pause processing of new applications during the final quarter of the year. and approved applicants who had been warting for an offer were priorilised as vacant properties were allocated. Progr8ss ¢onlinutsd lo be made in terms of broadenln9 the range and appeal of community aclivilles and encouraging reswjent participation. In D8Mber2024. a record number of residenls11081 allended the Chri81mas meal arranged by the Charity inéi¢allng cohesK)n within the alrnshouse community and a willingne$$ for neighbours to spend lim8 tog8th8r s[lalIy. Feedback from the Residonl Survey und8rt8ken In August 2024, indicate(I hlgh levels of satlsfacllon lin 8XCeSS 880A very satisfied) in lemis of the service provwjed and ea8e of dealing with the Charity. repairs and maintenance and support provided by workers. A major review of the Weekly Maintenance Charge5 IWMCI took place toward the end of 2023 and following a perh)d of c¢nsutstlon with sIdentS earty In 2024 and after due notice new WMC rates were inlr¢xluced on 1 April 2024. The new IIWC rates promde the Charity with a significant and sustainable incraase In annual incom& and reduces the Charity's previous reliance on income from investments lo support 0rating co8t8. The Charty has ensured that residents have nol sUffed hardship because of the In¢rease lo WMC$ by providing a rebal8 lo thos8 individuals who would be adversely affected financially Icurrenuy rebates are provided to thirteen househo8}. During their Board Meeting 14 November 2024, Trustees resolve(I that il Is In the bast interest of the Charlty 10 become a Charilablo Incorporatgd Organisation ICIOI and a 8mall working group I0 Trustee8 and the Clerk & Chief Officer) will diive the process of transfer fOard with a targèt dale lo complele De¢ember 2026. As part of the CIO transfer pro¢e8s, Tru$le8$ reviewed and vpdaled the Charity's objects to better reflect the needs arKI circumslancas of individuals that require the Charity's support and to provide a clearer description of the people that the Charity can 8UPPOrt. Trustees believe the proposed new ¢bje¢t$ mointaln the Splril of the benefactors wishes and will be workable rbow and for the foreseeable future. A new Independent Living PoliGy was ratified by Trustees16 February 2025). tha policy Sets out the Charity's approach lo indepen(ient living and the actlons the Ch8rlly will lake when a beneficiary is no longer able to live indepandenlly in their home. The proces8 of developing the new policy provlded staff and trusl6es the opportunity lo gahjanlse their understanding of what il moans lo be abte lo live independently, the point al which il becomes untenable foT a beneficiary lo continue living safely in their home and the 8lage at which Twstees wlll tske appropriate steps to sel asKle a beneficiary's appointment Work to convert a two-bedroom detached bungalow on the Coll8ge Walk sile into 8 pair of semi-detsch8d one- bedroom bungalows stsrteoj on sile August 2024 and is due to complete ml(kMay 2025. Planning consent to ¢onvert Ihe three rgmaining bungalows on College Walk remalns in place. Trustees Comp18 their review of risk management arrangements and identified risks with along Yth necessary to reduce the lev61 of risk lo an acceptable level are now all recorded on the Charity's risk regi$ler. The Board retains overall responsibility for risk management and the item now features promIntlY on every Board agenda. Th& process of monilorlng and reviewing pro9$$ continues lo develop. The 2023 Audit Report revealed no crttically important internal control weaknesses. Three deficiencies in internal control were idenlifled as serious and have been addressed as follows.. Page 3
THE CLrrBUSH & CORRALL CHARITY R•port ofth• Tru¥tsg¥ for th Year Ended 31 Decembor 2024 In¢ome Recording- a copy of every residen18' letter of appointment is held on the Charity's ResKlent database and a record kept of the date of appointment. A pr955 has been implemerbled lo ensure that the Hgad of Financ8 & Resources 18 informed ol the dal8 alm$hou$es are vacated Ilhe start of a void peri}. Housing B6nefil Clalm recognition Year erKI proc8dures have been upd81ed to ensure housing benefi't is accrued at year énd. Exp6nditure InvolS - a mor8 proactive approach lo ensvre supporting invoices aré lIable for inspection was taken. Finally, (though the weakness was not slgnificanll,. Fixed Asset Addltions- copy invoices ofall invoices relevantto component repl8ment were hekl on separate fi18 and forwarded lo the Auditor al year end $0 thal the Fixod Asset Re9iSter could be updated lo reflect the yoar4nd position. FINANCIAL REVIEW Flnan¢lal po8ltk)n It is the general pollcy of the Trusla8$ to make sure that the level of weekly maintenance conlribulKJns meets the CO818 of running the charity as idenlrfie(l in Ihe Statement of Flnanclal Acllvltlos. In 2024 the weekly maintenance contribullons amounted to £962,987 (2023.. £740,357) and the c081 of running the charity was £806.53012023.' £777.0371. The nel surplus for the year after adjusllng for gain8 and losses on Investments amounted lo £381,94112023.' nel surplus £223,400)- Tho Accumulated Income Fund Is an unrestricted fund made up of accumulated surpluses of Ineomo and 9xpendilure. The Charity oims to hol(J approximately 6 months of expend[lu as cash and l or easity accgssible reserve$ in thi$ fund. Cash rese¢S held al the year*nd exceeded this amount. Total fund8 at the year4nd amounted lo £12,172,435 {2023'. £11,790,494), ¢1 which £2,221,573 12023- £2,211,645) were held as permanent en(h)wmenl funds, £1.366.020 {2023 £1,381,904} held a5 Testricled funds and £1,246.313 12023.. £1,232,758) held as designated funds. Unreslricled general funds amounle(I lo £7,338.528. after deducting fixed assets held for the charily's own use reservos amounted to £431,386. The Inv8slmenls held as fixed a88ets have produ¢ed an income or £123,764 12023-. £129,691) for the yaar and there was a net increase in their market valuo of £92.36212023: increase £124,202) after taking into account the addillons and disposals In the year. Investment pollcy and obJectlYes Th8 Charity invests its reserves {after retention ofthe requir8d cash reseNesl in 8 diverse range ofslo¢k exchange and property funds with exposure to the UK and worfdwido economies. Investment income from the Permanent Endowment Fund and Extraordinary R8pair funds 18 transferred to thé Accumulated Incom9 Fund to be used for the Charil¢s operations and secondly reinvested when surpluses occur. In August 2025. TnJslee$ agreed il was in the best interest ol the Charity to transfer Canaccord Genuity'8 management of the Charity's inv8slmenls from an 'advisory' basis lo a "discretionary portfolio management basis.. The dixretionary portfolio management basis allows the Investment Managèr to be proacllve in taking inve$tmenl docisions and should reduce the eo$l oftransaction8 as an annual marbagement fee applies. In the 5e¢ond half of the year there was Some extra-ordinary trading actlvty to achieve the Gorred investmont profile and to streamline the portfolio and rid the Charlty of under-performing invgstmenls. Tho Charf(y has In$lrucled Canaccord Genuily to adopt a risk prolile'6' lon scale of 1-91,wlth Trustee's accepting a very hlgh proportion of equity ri8k in return for returns close ID equities. alongside moderately lower losses compared with equities al Ilme8 of market stress. Page 4
THE CUTBUSH & CORRALL CHARITY R•port of thè Trnsts for thg Year Ended 31 Dgcombgr 2024 Golng concern After making appropriate enquiries, the Trustees have a reasonabl8 8XP8Ctation that the charity h88 adequate resources lo conlinug in opgrational gxislence for the foreseeable future. For this reason. th@y continue to adopt the going concern basis in preparing the financial slatemenls. FUTURE PLANS In 2025, Trustees will review and rev18e the Ch8rily'8 exlsling Inv8slmenl & Reserves Policy wlh a view to setting Dul the purpose and objectives of the Charity's investments. The new poll¢y will provide a sufficient sl8erto infomi the Charills Investment M8nagerf8 decisions C8naccord Genuity now working under a discretionary portfolio manag¢m¢nl arrangemgnl. Work lo transfer lo a Charflable In¢orpor*ed Body (CIO) wlll continue in 2025 wfth a target date for Gompleling the transfer al year end 2026. Approval from the Charity Commissign lo update the Charity's obje¢tg {already agreed by Trustees) will be soughl before the Charity engages professional specialist support to facilitate the tran811ion. This will include registering all the Charily's propertios with HM Land registry. As the new Independent Liwng policy is embedded In practlcg, staff will lake every opportunity to ensure béneficiaries ere supported to maintain their independence and remain in control of the important decisions that can affe their quality of lif9 and their ability lo remain safety in their ?Imshouse. Trusloes have made a commitment to continue lo comply with the Government's Minimum Energy Efficiency Standards (MEESI which wll likely entaA every almshouse achieving and Energy Perfomiance R81ing IEPCI C by 2030. In 2025. a relrofil survey of each alm5hou8e archilype will be undèrtaken. The results of the rotrofrt survey and a new Quinquennial Report will help to determine the m051 cosl-effective way to Improv& ènergy efficiency across the portfolio all the lime priorilising the harde511o heat homes. In May 2025, the conversion of a detached 0-bedrooM bungalow on College IAlalk into iwo OnedrooMed semi-delached bungalows will be completed. This will incr&asè the number of almshouses to 155. Pl8nnlng permission lo convert the remaining three bungal¢)ws into six similar properties remains in pl4¢e but no bullding work 1$ planned In 2025. Truslees h8ve identified room for improvement in terms of the Charity's govemanco and this i88ue will be priorilised in 2025 to ensure the Charity Is meeting best practi. STRUCTURE, GOVERNANCE AND MANAGEMENT GoveTnlng document The Cutbush and Corrall Charity is a charity registered by the Charity Commission and governed by the Scheme d8led 15 November 2010 las amended 16 July 2020. 7 June 2023, and 25 March 20251. 11 is an unincorporated assoclallon. Recrultrnent and appolntment of new trustees There are len Trustees when the Board Is complete. There are eight Co-oplatlve Trustees whose term of office endures for five ygars. They are voted onlo the Board by a simple majority of voles c85t by the gxisling Tru8lees al ? Special mgeling of the Trusleos. Tho remaining ttvo Trustees aro nominative Truslegs whos? lem of office endures for four Yea and who are appointed by Maidstone Borough CnCil. The Trustees holding office during the year are detailed on p8ge 1. C8ndid8ture for a co-optalive Trustee is formulated follow1 a ski118 audit undertaken by the Trustees. Organlsatlonal structure The Tw$lee$ meel as a Bo?rd four times a year as well as al any special meeting convened. Some Tnjslees, duties are delegated lo sub-commillees comprising usually four Trustees, the Clerk 8nd Chief Officer arKI other staff as appropilale. Any such 8ub•C(Knmittee reports lo the Board for their acllons and recommendations to be considered. Sub-¢ommillees may deal wilh1$sues like pr¢xesslng of applications for almshouses, scrLrtlny of the budget and buildings mainlonance. Pagè 5
THE CUTBUSH & CORRALL CHARITY Report Trustsè8 for th? Ygar Ended J1 Dergmber 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Clerk and Chief Offi¢er is responBible for the implement8tlon of th8 Trustees. dgcisions and has overall responsibility for the management of the Chartty, During the year. Ihg Clerk and Chief Officer 18 SUPPOrted by thre8 s8nior managers IHead of Finance and R&sourcas, Care and Support Manager and Head of Operations) and a small leam of support staff. Tho Clerk and Chief Officer has aulkjrity lo lake declsion$ hersfrlf relating to day lo day management items bul is always accountabl& for any such decisians lo the Truslegs. lfidu¢tlon and tralnlng of n¢w tru$te&$ All new Trustee8 are given an induction pack by the Clerk and Chlef Officer to include a copy of the Charity Commission Schemg, previous year's AoUnt$. ThAinules of the la$1 Trustee$ Meeting and a Residents Handbook. The respon8ibililies of a Charity Truste8 are also explained by the Cl8rk and Chief Officer. In addttton, the CleTk and Chlef Officer ensures that th8 new Trustee is familiarised lin general lerms} with the housing stock and the day-lo-day workings of the Charity. The Trustees are offered the opportunity of training al the semlnars organised f¢r Ihls purpose by the Almshouse Associallon Key managernent remuneratlon Staff salaries are sel by the Board of Trustee$ In a¢(dance with the Charity's Pay Poli¢y. Rlsk managemgnt The truslegs have a duly lo Identify and rovlew the risks lo which the charity is gxposed and lo ensure aFpropriale controls are in place lo provide reasonable a88urance against fraud and error. Major risks lo which the charity 15 exposed as Identified by the Truste¢$ artr reviewed on a ffjgular basls and syslems or procgduras ara in place lo manage those risks. Trustees review the Charity's risk register at every Board meeting and make necessary adjustments lo iisk scores in accordonc8 with peTceived likelihood and impact. During 2022 Trustee8 identified two issues that carried high rk8k to the Charty.. Durlng 2024 Tru8leg$ identified issues that Garried high risk lo the Charily.. "Financial loss as a consequence of inapproprlate or speculallve Investment, unforeseen severo adverse investment conditions. la¢k of diversity. cash flow diffi¢ultle$ arislng from lack of liquidity". to addre$$ this risk 8nd allow a more proactive and responsive management oflh& Charity's investment portfolio, Trustees agreed lo move from an advisory management lo a discretionary porifolio management arrangement. This Change was implemented in July 2024 with th& Charity's investment manager Icurrenlly Canaccord G8nutyl. During the sectmd half of the year, Canaccord Genulty started lo restructure the Investment portfollowilh the aim ofachieving between 600fi and 80Yo of investments held in equilles whilst malntaining the Charity's risk profile ?t 6. Trustee8 are satislied that the current portlolio managomonl arrangement providos the Charity some protection in these turbulent ecorhomic lim8S. Dlfflcurty recrulting Iccal volunteer Twsleèa wllh r¢qulslte tlme, sklll$ & ¢xp&rien¢¢ r¢¥ults in sub-opts'mal Board effectiveness" _ The Board has had a nominative Trustee vacancy Sin March 2023 and al the end of 2024, the Charity's Igngest serving Trustee had served 24 years on the Board lapw)inled in 20011. The average perfod of Trustee tenure was 12 years. Only Ihree of the Charity's nine incumbent Trustees have sgrvod Igss than ning years on the Board. Trustees are aware that il is to the Charitls benefit lo have progressive refr8shing of the Board and in 2025 will focus on addressing this issue and several other shortcomings identified during the pro58 of revlewng governan¢e rlsks including board effectiveness, decision-making, risk and conlr¢l. P89& 6
THE CUT8USH & CORRALL CHARITY Roport of tho Tru$tsg¥ for thg Year Ended 31 December 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and Unilgd Kingdom Accounting Standards (Unlled Klngd¢Jm Generally Aceeplèd Accounting Praclicel. Th8 law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulatlons 2008 and the provisions of Ihg trust deed requires the Iruslees lo prepare financial Slalements for each financial year which give a true and fair viw of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the char6ty for that period. In prèparlng th05e financial stat9menls, the trustees are required lo select sultable accounting policios and then apply them consislenlty., observe the methods and principles in the Charity SORP.. make judgements and eslimales th81 are reasonablè and prudènl., stale whether applicable accounting Standards have bean foll¢)wed, subject lo any maleTkg1 departures disclosed and explained in the financial slatemenls., prepare the financial slatemonls on Ihg going concem bas18 unless11 Is Inapproprlata lo pmum6 Ihal thé ¢harlly will continu8 in business, The Irusleas are responsible for keeping propér ac¢ounling records which disclose with reason8ble accuracy at any time the flnanclal position of the charity and to enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity {Accounls and Reports) Regulallons 2008 and the provisions of the trust deed. They are a150 responsible for safeguarding the assets of the charity and h&nee for18king reasonable steps for the pr8v8ntion and detection of fraud and olher irwularilies. 19 May 2025 Approved by order of th8 board of trustèes on .....,....................................... and signed on 118 behalf by: Trustee Pago 7
R•port of th¢ IndoPond•nt Audltor8 to th• Tru8ts•8 of Thè Cutbu#h & Corrall Charfty Opinlon W8 have audited the financial statements of The Cutbush & Corrall Charity (the '¢harily') for the year ended 31 December 2024 which comprise the Slalemenl of Financial Activities, the Bolance She81, Ihg Cash Flow Slalement and notes lo the financial stslemenls, includlng a summ8ry of slgnificanl accounting policies. The financi81 reporting framework that ha8 bean ¥plled in their PparatIon is applicable law and United Klngdom Accounting Standards IUnrfLed Kingdom Generally Acc9pled Accounting PrtIce). In our oplnlon the linanckql slalemenls.. give a irue and fair view of the stale of Ihg charity's affairs as at 31 December 2024 and of ils incomiNJ re8ource8 and application of resources, for the year then ended.. have been property prepared in accordance with United Kingdom Generalty Accepted Account1r Practice., and hgve been prepared in accordance with the requirom9nls of the Chariligs Act 2011. Ba51$ for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our respon$ibillli69 undar Ih¢se standards are fvrther described in the Auditors. re5ponsibililies for the audrt of the financial slal$monls socI}n of our report. We ar8 independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial slalements in the UK, including the FRC'S Ethical stand8rd. and we have fulfilled our other elhi¢al re$ponsibililies in accordance wlih these requirements. believe that the audit 8videnc8 w8 h8v& obtained Is sufficient an(18ppropriate lo provide a ba818 for our opinion. oncluslons relatlng to go5ng concern In auditing the finan¢ial statements, we havè concluded Ihal the Iruslees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfoTmed, we have not identified any materlal uncartainlles relating lo events or conditions that, individually or collecliv8ly, may cast significant doubt on the charity's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilitie8 and the r8$ponslbilitio$ of the trustees with respect lo going concem are described in the relevant sections ol this report, othgr Informatlon The truslees are responsible for the other information. The other Information comprises the Inform8tion included in the Annual R8POrt, other than the financial statements and our Report of Ihe Independent Audltors Ihereon. Our opinion on thè financial statements does not cover the other information and. except to tho extent otheiSe expliGilly staled in our report, we do not express any fom of a$$ur8n¢e ¢on¢lusion Ihereon. In connection with our audit of the financral slalemenls, our responsibility 18 to read the other information and, in dolng so, ¢on$ider wh?Iher the other informalion is materialty inconsistent with th8 financial statements or our knowledge obtained in th8 8udll or otherwis8 appears lo be materially mi8slated. If we identify 8uch material Incon$istencles or apparent material misstatements, we are requlred lo determlne whether this gives rls8 to a material misslalement in the fi'n8ncial statement8 themselves. If. based on the work we have performed. we conclude that there is a material misslalement of this other informalK)n, we are required lo report that foGI. We havo nothing lo report in this regard. Page 8
Report of the Ind•p•nd•nt Audltors to th• Truste of Th• Cutbush & Corrall Ch)rfty Matters on whlch we are raqulred to report by excgptlon We have nothing to report in respect of the following matter8 where the Charitie5 IAccounls and Reports) Regulations 2008 requires us lo report to you if, In our opinion.. the inforynalion gwen in the Report of the Trustees18 Inconslstenl in any materi81 respect with the financial 8lalement8- or sufflaent accounting records have not been k8pI: or the finan¢lal statements are not in agreement with the 8ccounling records and returns., or we have not received all the infomalion and explanallon$ we require for our audit. Re$pon$lbllltlos of trustees As explained more fully in the Statam&nt r)f Trustees, Re8ponsibililies. tho trustees are responsible for the pRparation of the financial statements which give 8 true and fair view, and for such internal control as the Iru5tegs d818miin8 is necessary lo enable the preparalton of finan¢lal statements that are free from material misslatgmgnl, whether due lo fraud or error. In preparing the financlal statements, the Iruslees ara r8sponsible for assessing the charity's ability lo conlinuo as a going concern, disclosing, as applicable. mallers related lo golng conrn and using the going concern basis of aoUntIng unless the Iru81ees Bilher intend lo liquidate the tharlly or lo cease operations, or have no realistic 8Stemative but lo do so. Pag9 9
Report of tha Indèpgndent Audltors to the Trustsg? ol Tha CutbuBh & Corrall Charlty Our r8sponslbllltles lor the audlt of the financlal slatements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance wlh Ihe Act and relevant regulations made or hang effect thereunder. Our objeclwes a Its obtain reasonable assurance about whether the financial slalements as a whole are free from material misslatemenl. whether due to fraud or error, and lo issue a Report of th8 Independent Auditor8 that includes our opinion. Reasonable assuianc8 is a high level of a$$uranc?, but is not a gu8ranlee that an audit condueled in accordance with ISAS (UK) will alway5 delecl a material misstatement when it exists. Misslalemenls can arise from fraud or error and are considergd material rf. individually or in the aggregate, they could rea$onably be expected to influence the economic de¢ision$ of users taken on the basls of these finan¢ial Statements. Irregularities. including fraud, are instances ot non-compliance with laws and regulations. We destgn pro¢edure5 in line with our responsibilities, outllned above, lo delecl material mi8Stalemenls in respect of irr¢gul8rilles, including fraud. The extent lo which our pro¢edures are c•able of detecting irregularities, including fraud 18 detailèd below.. We obtained an understanding of the legal and ragulatory frameworks that are applicable lo the charity and detemiined th81 the most significant are the Statement of Recommended Practice 'Accounling and Reportlng by Charities, ISORP), in accordance wtth the Financial Reporting Standard applicable in the UK IFRS 102}. The Charity is required to comply with charity law and, based on our knowledge of Ils activities. we idenlthed th81 the legal Tequirement lo accurately accounl for restricted lunds was of key significance. We undarsloocl how the charity 1$ complying with those frameworks via communicalKJn with those charged wllh governance, together with the rav18w of the charity's documented policies and procedures. We assessed the su5ceplibility of the charlty's financial slalemenls lo material mi$slalemenl. including how fraud might O¢CUT by considering the key risks impg¢ling the financial stalemenls. These included risks 888¢xiated with Revenue Recognition. and Management Ov9rride of Controls, which were discussed and agreed by the audit team. Our approach included agreeing the charlly's recoanition of income lo the terms of the underfying licenses lo occupy and associated corr8spond8nce, the review of journal entries processerl in the accounting records and the invesligalion of significant and unusual Iransactlons idenlrfied from our review of th6 accetIng records. Our approa¢h wa5 also lo chock that 811 r851ricled inoome was properly entIfIed and separately acoounled for. This included reviewing journal adjuslmenl$ and unusual Iransaclions. Based on this understanding we designed our audit prccedures lo identify non-compli8nce with 8uch laws and gulalions. Our prtxedures involved review of the reporting to the Iiustees with resped to the application of the documented policies and procedures and review of the financial statements to ensur8 compliance with thfr reporting requlTements of the charity. There are Inherent limilalion$ In the audit procedures described above and. the further removed non-compli8nce th laws and regulations is from the events and Itansaclions r8flect8d in the financial slalemenls, the less Ilkely w& would bècome aware of it. The ri8k of not d81ocllng a material mls$tslemenl dug lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or inl8nlional misrepre$enlation5, or through collu810n. A further descriplw)n of our responsibi111S8s for the audrt of the financial statements is loGa19d on the Fin8ndal Reporting Councils w&bsite al www.frc.org.uklaudilorsrgsponslbilitie8. This descripllon fomis part of our Report of the Independeni Auditors. Pag¢ 10
Report olthè Indgp¥ndent AudltrJrn to th• Tru8t••8 of Thg ¢utbu8h & Corrall Charlty Uso ofour report This report is made solely to the charily's trustees. as a body. in accordance with Part 4 ofthe Charities (Accounts and Reports) Rggulatlons 2008. Our audit work has been undertaken so that we might stale to thè charity's trus18es those matters we are required lo stale lo them In an 8udilors' report and for no olher purpose. To Ihtr fullest exient pemiillad by law, we do not accept or a98um8 responsibility to anyone other than thg charity and the charity's Iruslees as a body. for our audit work, for this report, or for the opinions we have formed. K_ &prf ILF Knox Cropper LLP Chartered Accountants and Slatulory Auditors Suile 1 Haslem6r& House Lower Street Haslemere Surrey GU27 2PE Date.. 20 Pag811
THE ¢UT8USH &CORRALLCHARITY St4tsm•nt of Fln•n¢lal A¢dvltl•J fortht Yèar Endod 310•tèmber 2024 2024 To131 fund8 2023 Totol funds Unreslrictsd funds Reslriclgd fund End01ent frjnd Noles INCOME AND ENDOWMENTS FROM Donations and lega¢ies 141 141 1.499 Charltable actlvltles Housing 965.846 965,846 742.507 Inve51menl inGom8 Other income 129,522 600 129,522 600 131.679 550 Totsl 1096 109 1096 109 876.235 EXPENDITURE ON Raising funds 3,475 4,486 7,941 s,1 Charltable actlvltles Housing 782 705 798 589 771.136 Total 806 530 777.037 Net ggins on inveslmenls 124,202 NET INCOMEIIEXPENDITUREI TransfeT5 betsveen funds 393,980 {15,8841 3,845 381,941 223,4CKI 18 Net movement In fund$ 387,897 115,8841 9,928 381,941 223,400 RECONCILIATION OF FUNDS Total funds brought fOard 8,196,945 1,381,904 2,211,645 11,790,494 11.567,094 TOTAL FUNDS CARRIED FORWARD 8.584 842 1 386 020 2 221573 172435 11,7SXI,494 The nots8 fomi part ofthese finaneAal 51atements Paga 12
THE CUT8USH & CORRALL CHARITY Balance Sh¢et 31 Deremb•r 2024 2024 2(Y23 Notes FIXED ASSETS Tangible a8se18 Investments 13 14 8N49.579 3,426,632 8,362,490 3,324,275 11,876.211 11.886.765 CURRENT ASSETS Debtors Cash at bank and in hand 15 23,S66 22,138 169,815 369,983 191,953 CREDITORS Amounts falling due withln one year 16 173,7391 188.224} NET CURRENT ASSETS 296 224 103,729 TOTAL ASSETS LESS CURRENT LIABILITIES 12.172A36 11.790.494 NET ASSETS 12 172435 11,790.494 FUNDS Unrestricted fund8 Restricted fund5 Endowment funds 18 8.584,842 1,366,020 2 221573 8,196,945 1.381,904 2211645 TOTAL FUNDS 12 17243S 11.790 494 The financial 8talem8nts were approved by the Board of Truste and authorised for issue on 19.Ma¥,2025......,.. and were Bign8d on its béhalf by.. -rf .R¥dnp.(M4Y.A9.2Q25..11.'si•rol...,.. Trustee The notgs fomi part of these financial statements Page 13
THE CUTBUSH & CORRALL CHARITY C•sh Flow Stat•m•nt lor the Y•ar Endgd 21 De¢gmbgr 2024 2024 2023 Nol85 Cash flows from op&ratlng actlvltl88 Cash generated from operations 92,923 Nel c85h provided by operating aclNilies 92,923 Cash flows frorn Inv85tlng athtles Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Interest received Dlvklends received Mov&ment in inv&stmenl managgr ¢a$h 1226,8151 11,135,644) 1.261.443 5.758 114,170 128 962 1993.0731 406.547 1.788 115.959 370 Nel cash usod In investing tlItIeS 1100501 1468,400 Chany¢ In ¢a$h and cash equlvalonts In th£ raportlng p•rlod Cash and cash &qulvalents atthe beglnnlng of the reportlng poriod 176,582 1375.4861 545.301 Cash and cash equlvalents atthè ènd of the roportlng perlod 169,815 Thg notes forrn part ol these financial stalwngnts Page 14
THE CUT8USH & CORRALL CHARITY Note8 to the C88h Flow Statsmgnt for tho Yéar End•d 31 D•e•mb•r 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nfrt Income for tho roportlng perlod las per th• Statement of Flnanclal Acdvltlesl Adjustments for.. Deprecialhjn charges Gain on investments L08s on disposal of fixed assets Interest re1Ved Dividends received Accumulated divKlends Decrease in debtors (Decreasglfincrease In ¢redilors 381,941 223,400 138,276 192,362) 1,450 {5.758) 1114.170) {9,593} 1,333 14 485) 109.530 I124,22) 2.821 11,788 1115.959 118.779 6.391 9.509 Net cash provlded by operatlons 92,923 ANALYSIS OF CHANGES IN NET FUNDS A11.1.24 Cash fl At 31.1124 N•t cash C?$h at bank and in hand 169 816 176 582 346 397 169 815 Total 169 815 notes fomi part of thos6 flnandal stslaments Pag8 15
THE CUTBUSH & CORRALL CHARITY Nots8 lo th• Flnan¢lal Statemfrnts for th• Y•ar End•d 31 Dgcember 2024 ACCOUNTING POLICIES Basls of preparlng th8 flnanclal statemonts The Culbu5h & Corall Charity is a charity govemed by a scheme dated 15 November 2010, as n9nded on 16 July 2020, and registered as a charity wlth the Charity Commission ol England and Wales. The address of the ragisler8d offic8 is given on Paga 1. The finandal statements of the ¢harily, which15 a public benefrt entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charllies-. Slalement of Recommenfjed Pra¢tice applicablo to charitie8 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 1021 {effeclive 1 January 20191,, Financial Reporting Slandatd 102 'The Financial Reporting Sland8rd applic*)le in the UK and Republic of Ireland, and the Charitiès A¢t 2011. The financial stslemenls have been prepared under the historical cost nventn, with the exception of Inveslmenls which are incluijed al market value, as modified by the revaluatn of certain a8881s. The financi81 slalemenls are pr8sentsd in sterling, which is the fundional Gurrency ol the Charity and are rounded lo the nearest p)und. The accounts have been prepared lo give a Yrue and fair view and have d8parteL% from the Ch8riti8s (Accounls and Reports) Regulations 2008 only lo the extent required lo provlde a 'lrue and fair vievl. This d8P8rture involved folk)wing A¢¢ounling and R¢porting by Charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Irgland {FRS102) i58ued on 16th July 2014 r?therlhan the Accounting and Reporting by Charities Slal8ment of Recommended Pra¢ti¢e effectiv& from 1st April 2005 which has since been withdrawn. Golng concorn The financial statemon15 have been prepared on a golng concem basis as the Trustees believe that no material uncertainlres exist. The Trustees hav8 considered the level of funds held and the oxpecled level of income and expendilurts for12 months from aulhorlsing Ihesefi'nancial stalemenls. The budgeted income and expenditure is suffici8nl with the level of re$&rve$ for the Charity to be able lo continue as a going conc8m. Crltl¢al accountlny ludgèment$ and koy sources of estlrnatlon uncertalnty The followlng are the critical judgements and key sour¢è$ of estimation uncgrtainty that the Board has made in the pro¢e$s of applying the charity's accounting policies and that h8ve the most snIfIcant effe¢l on the amounts recognised in the financial $lat&menls.' Idgnlrfication of housing propgrty wmponenls The charity a¢¢ounts for ils eXpelture on housing prop8rties using component accounting. Under component accounting, the housing propertyls divided into those major components which are considered to hgve substantially different useful economic lives. Judgèment is used in allocating propety costs balw8en components (land, structure. kitchens. bathrth)ms elc) and in determining the useful economic lives of ea¢h cL)mponent. Housing property depreciation is cakulated on a compon8nl-by-componenl basis. The IdentWi¢atlon of such compDn8nls 18 a m8tt&r of judgement and may have a material impact on the depreclalion charge. The components selected are those which reflect how the major repairs to tho proporty are m8naged. Income All incomo recognised in the Ststement of Financial Activitie8 once the charity has enlillemenl lo the funds. it is probable that the income will be received and the amount can be measured reliabty. Pagè 16 contlnugd...
THE CUTBUSH & CORRALL CHARITY Not08 to th• Flngnclal Statgmgnts. conttnuod for th¥ Year Endèd 31 December 2024 AccouKfiNG POLICIES- ¢ontlnued Income For legacies, enlillement is taken as the earlier of the date on which either.. the charity 1$ aware that probate ha8 been grenled, the eslalo has bgen finalised and nolilication has been made by the executors lo the tharily Ihet a dislribullon will be made. orwhen a dlslribution is rec$ivod from the eslale. Receipt of a legacy 18 only considered probabl8 when the amount can be measured reliably and the charity has been nolilied of the 8xecOr'S inl&nlion to make a dlslrlbulion. Vvhere legacies have been notrfied to the charity, or th& charlty is awar8 of the granting of probate, and the ¢riteria for inc¢)me r8cognition hav8 not been met, then the18gacy is Ir881ed as a contingent asset and disclosed rf material. Done1)n$ are recognised in the period in which Ihgy aro received. unless there ¢onditions that have not been met boforg the Charity 1$ enlltled lo the resource. Weekly maintenance contributions and deposit interest are included in the financial statements based on the period for which they relate. Income from Inveslm6nt8 In the fomi of dlvSdend8 and inlgrosl is included in the finan¢ial $talemnls when declargd. Expendlture Liabllilie$ are recognised as expendf(ure a8 soon as thera is a legal or conslnKtive obligation committing the charity lo that expenditure, il is probable that a transfer of economic benefits wll be required in selllement and the amount of the obllgallon can be measured reliably. ExpBndiluro is accounlod lor on an 8ccru8ls basls and has been classified Lbnder headlngs Ihal aggregate 811 cost related lo Ihg category. Where co818 cannot b8 dir8cIIy 8llrlbuted lo particular headings they have been allocated lo adivities on a basis consistent with the use of resourees. Costs of raising fund8 compTises tho ¢osls relating to the investments. Expenditure on charftsble a¢llville$ Inclu(le$ the costs of running and maln18ining th8 almshouses and providing services and benefrts to the residents. Allo¢ation and apportlonmont of costs Support costs are thos9 functions that assist the work of the charfty but do not directly undertake ch8rilablè activitie8. Support costs include office costs, personnel, payroll, and governance costs which support thg charity's programme5 and actDfilies. These costs have been allocatod beeen cost of raising funds and expendtture on charitable activities. Tanglble ffxed a8sots Housing properties are slated ai depreciated cost. The cost of Gompleled housing properties 18 depr8cialed overthe life oflhe properhe8. Prq)erties are accounted for on a component cost basis wilh each component being depreciated over ils estimated economic life. The principal components idenllfied and th depwiation rale applied lo oa¢h ¢omponenl ar& Set out below. Ygars loo 70 40 30 30 30 Fabrlc Roof El&clrics Windows and doors B8lhToom8 Mechanical systems Pago 17 contlnued...
THE CUTBUSH & CORRALL CHARITY Note¥ to th? Flnanclal 8tatements . contlnu?d for the Year End•d 31 D•comb•r 2024 ACCOUNTING POLICIES - contlnued Tanglble flxed assgts Kitchens Bollers 20 15 Computor Equlpment Compul&r Equlpment Is s121ed al depreclaled cost. DePlatIOn 18 provided al 200A on a straight line basis to write off the cost of fixed a8sets over their expected useful Ilve8. Taxatlon The Gh8rity rs exempl from tax on ils charitable activities. Fund ac¢ountlng Unrestricte(I funds can be used in accordance wlth the charitable objectives atthe discretion of the Iru8lees, Restri¢led fund$ Can onty be used for particular restricted purposes within the objects of the charlty, Restriclion5 arlse when specifi'ed by the donor or when funds are rai88d for parti¢ular re$lrl¢ted purposes. Further explanallon ol th& nature and purpose of &a¢h fund 1$ Included in the notes to the financial slalemenl$. Debtors Trade and other debtor5 are recognised al the setllem8nl amount due after any Irad& discount offered. Prepayments are valued al the 8mounl prepaid net of any trade discounts du8. Cash at bank and In hand Cash al bank 8nd c88h in hand include8 ca8h and short term hlghly Ilquid Inv8$tmenls wlth a short maturity of three months or le$$ from the dale of a¢qui$ilion or opening of the deposit or similar account. Crodltors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably resu in the transfer of fund8 to a third party and the amount due to Settle the obligation can be measured or eslimaled reliably. Credltors and provisions are normally recognised at their setllemenl amount after allowing for any trade discounts du8. Flnanclal Instrumonts The charily only has financial assets and financi liabilitles of a klnd that qualrfy 8s baslc ffinanclal instrumènts. Basic financial instrument$ are initially recognised al transaction value and 8ub5equenlly measured at their selllemenl value with the exception of bank108ns which are 8ubsequenlly measured at amort15ed cost using the effective interest method. Investments Investments are a fom of basic financial investment and are initially recogni8ed al their transaction value and subsequgnlly me8sured al fair value as at the balan¢e Sheet dale u$lng the doslng quoted market price. The statement of financial a¢iivitie$ includes the not gains and lossos arising on revaluations and disposals throughout th8 year. Realised gains and losses on Inveslm8nls are calculated as the diff8rèn¢e belwe&n sales pweeds and their opening carrying value or thelr purcha8e value rf acquired subsequent lo the fir81 day of tho financial year. Unreaiised gains 8nd10sse$ are Calculated as the difference between the fair value al the year end gnd their carying volug. Page18 contlnue*J...
THE CUTBUSH & CORRALL CHARITY NOtO8 to tho Flnanclal Statsments . contlnued for the Ygar End8d 31 Dee•mbor 2024 ACCOUNTING POLICIES- contlnued D8btor Recoupment Order The charity is subject to a R6coupm8nt Order mad& by the Charity Commission on 13 May 1993 in resp8cl of historic payments made out ofthe permanent endowment. whlch were expended on Ph£se 11. Culbush & Corrall Court. Payment of up lo £555,000 was permilled bul it was agreed with the Charity Commission that onty £365,000 was used. The recoupment period is 60 y88rs and £6,083.33 per annum is Ihereforo sel aslde and invested in shares each year. The incomg arising from these investments will not form part of the pemian8nt endowment itself, and can be expended by the charity against the general fund. DONATIONS AND LEGACIES 2024 2023 Donations 141 1,499 INVESTMENT INCOME 2024 2023 Investment income Deposit account Interest 123,764 129.891 1.788 129522 131,679 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Housing Housing Housing Housing Activities Residents. activities Room Hire 962.987 2,712 147 740,357 2.091 965,846 Page 19 ¢onOnued...
THE CUTBUSH & CORRALL CHARITY Not•s to thè Flnanclal Statgm•nts. contlnued forthg Year Ended 31 Dgc6mbor 2024 RAISING FUNDS Ralslng donatlon8 and logacles 2024 2023 Support ¢o$ls S.9)1 Investmont management costs 2024 2023 Portfolio manwJement Aggregate amounts 5,901 CHARITABLE ACTIVITIES COSTS Dioet C031s1$8 note 71 Support costs {88e Th)t8 81 Totals Housing 140 115 798 589 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs Christmas bounties lo individuals Vvaler, light, heal and insurance Rates re. empty properties Gardening Property repairs and maintenance Sundrie5 Residents, trip5 and activities Profession81 f88S Christmas paty Tea party Telephone Motor running expense5 Depwialion Loss on sale of assets 219,320 7,250 65,100 1,778 37,555 162,763 8,422 6,392 6,882 6,801 4,415 2,775 7,782 131,789 186.e29 7.300 91.224 17.075 35.941 154.179 13.208 3,441 10.517 4.e36 3.786 9.198 104.216 2,821 658A74 844,371 Page 20 eontlnu8d...
THE CUTBUSH & CORRALL CHARITY Nots8 to the Flnanclal 8tatemon¢g- contlnued for th8 Ygar Endgd 31 Dgcember 2024 SUPPORT COSTS Governance C¢818 Managemgnt Tot81s Housing 128677 Support Gosls, included tho above, are as follows., 2024 2023 Totsl Hou$Sng Wages Watar, light, h&o18nd insurance Telephone Sundries Repairs and improvement5 Prof8S8ional fees Staff training Computer expens88 Bank charges Depreciation of tsngible and h8rilag& asset5 Audhors. remuneration Auditors, remunerallon for non audit work Trustee indemnity insuraneè Trustee8' expense8 83,102 5.829 3.973 7,113 6,438 5,638 2,398 5.628 1,971 80,040 2.673 3,056 6,608 2A53 8.398 1.949 6,073 2.461 6,487 10.000 960 578 6.314 8.012 4.320 1,060 59 132 666 OTHER 2024 2023 Support costs 132.6efj P8ge 21 rL)ntlnued...
THE CUT8USH & CORRALL CHARITY No188 to the FlnanGlal 8tatoments- Gontlnugd forthe Yr Ended 31 December 2024 10. TRUSTEES. REMUNERATION AND BENEFITS There were no Iru5tees' remuneration or other benefrts for th8 year 8ndod 31 De¢embor 2024 nor for the year endgj 31 December 2023. Trustee8' expenses Total expenses reimbursed lo trusle?s in tho year were a5 follows., 2024 2023 Travel 59 Expenses were relmbursed lo O Trusleas In th¢ year12023'. 21. 11. STAFF COSTS 2024 2023 Gross Salaries Social Security Pensions Other Employee Benefits 268.987 19,669 12,141 1.625 239.483 16,335 11,051 302 422 2e6.869 2024 No. 2023 No. Housing 8ctivitl8S Management and administration No employees re¢eived emoluments in excess of £60,000. The key management personnel ol the charity comprise the Clerk & Chief Executive Officer, Head of Finanee and Hfr of Operatn, along with the Trustees. The total remuneration of key management personnel during the y&ar was £131,919 (2023 - £116,590). 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unr8slrict8d funds R•slticled fund Endowmant fvnd Totgl tuN18 INCOME AND ENDOWMENTS FROM DonalDns and legacie8 1,499 1,499 Charltable actlvltles Housing 742,507 742,507 Investment income Other income 131,679 550 131,679 550 Total 876,235 876 235 Page 22 continued...
THE CUTBUSH & ¢ORRALL CHARITY Note8 to thg Flnanclal Statsm•nts- ¢ontlnuèd forthè Yaar Endod 31 D9mber 2024 12, COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued UnreStrt fund8 Restricted fund Endowment fund Tot81 fvnds Raising funds 5,901 5,901 Charltable actlvltles Housing 755 252 Total 761 153 15,884 777 037 Ngt gains on Investments 75.297 48,905 124 202 NET INCOMEIIEXPENDITUREI Transfers b•twe•n funds 190.379 115.884 48,905 223,400 Net movement In funds 184,296 {15,884} 54,988 223,400 RECONCILIATION OF FUNDS Total fund5 brought torward As previously reported Prior year adjuslment 8,118,988 106,3391 1,588,395 190 6071 2,156,657 11,864,040 296 946 AS restated 8,012,649 1,397,788 2.156.657 11.567.L)94 TOTAL FUNDS CARRIED FORWARD 8 196.945 1381904 2211,645 11.790 494 Pagg 23 continued...
THE CUTBUSH & CORRALL CHARI Notss to the Flnan¢lal Sl•tsm•nts- ¢ontlnu•d for th• Y•ar Endèd 31 Dècember 2024 13. TANGIBLE FIXED ASSETS Other Fr8•hold Propety Hou8ing propèrtles Ctsmputèr equlpment Tolals COST At 1 January 2024 Additions Di5posalB 10,239,797 216,293 223,487 2,224 23 325) 3741 19.254 1.104 10.475.344 226,815 27 6991 At 31 Oecember 2024 10 439 959 214 143 20.358 10674480 DEPRECIATION Al 1 January 2024 Charge for year Eliminated on disposal 2.054,583 131,789 21875) 49,314 2,766 8.957 3,721 2,112,854 13B.278 26 2491 At 31 Decèmber 2024 2 164497 12.678 2 224 881 NET BOOKVALUE Al 31 December 2024 8 276 462 7,680 Al 31 December 2023 8,185,214 166.979 10.297 8,362,4WJ 14. FIXED ASSET INVESTMENTS Listsd Investmentg MARKET VALUE At 1 January 2024 Additions Disposals Revaluations Movement in cgsh 3,324.275 1.142.477 11,253,167} 84,085 128962 Al 31 December 2024 3 426 632 NET BOOK VALUE At 31 December 2024 3 426 632 At 31 Dgcember 2023 3,324.275 There were no invesln*nl assets outside the UK. The carrying amount ol linancial assats al falr value through income and expenditure within Investments is £3,287.40512023'. £3,314,010) Induded wkthin Inve81ments is cash of £143,41612023: £11,693) Pagè 24 onlinupd.,.
THE CUTBUSH & CORRALL CHARITY Notss to tho Flnanclal Statsmonts- conllnuod for the Year Ended 31 December 2024 15. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtor8 Other debtors Prepayments and acGrued income 3,006 5,058 1,429 15.651 22.138 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade ¢redltors Taxation and 8ocl81 securlly other creditors 26.412 936 18,521 8,603 e3,100 73.739 88,224 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total fund8 2023 Tolal fvTrJ$ Unrestrlcted funds Restrlcted fvnd dowmgnl fund Fixed assets Inveslm8nts Current assets Current Ilabililies 6,907,142 1,516,659 231,981 1,366,020 176,417 1,909,973 137,982 8,449,579 3,426,632 369,963 8.362.4 3.324.275 191.953 188,2241 8 584 842 1366 020 2 221573 12172435 11780494 Page 25 ¢onlinu9d...
THE CUTBUSH & CORRALL CHARITY Note8 to thg Flnanclal Statsments . contlnued for the Year Ended 31 Decemb•r 2024 18. MOVEMENT IN FUNDS Nel movefflenl n lunds Transfers between fvnd8 At 31.12.24 At 1.1.24 Unre8trl¢tod funds General fund Extraordinary repalrs funé Developmènt fund 6,964.187 1,045,650 291,340 110.142 83,002 7,338,529 1,155.792 8,196,945 393,980 (6.083} .584.842 Restrlcted funds Grant Income fund 1.381.904 115.8841 1,368,020 Endowment funds Endowment funds 2,211,645 3,845 6.083 2,221,573 TOTAL FUNDS 11790494 381941 12172 436 Nel movement in funds, included in the above are as follow$'. Incomlng resources Resour06S èxpandèd Gain$ and 858S Movemgnl in lunds Unrestrlcted funds General fund Extraordinary repairs fund Development fund 1,096.109 1783.4681 {2.7121 (21,301) 112,854 291,340 110.142 1,096.109 1786.1801 84,051 393,980 Re$trlcted funds Grant Income fund 115,8841 116.8841 Endowmont fund$ Endowment funds 14A661 8,311 3,845 TOTAL FUNDS 1096109 806 5301 Pag9 26 c¢)ntinued.,.
THE CUTBUSH & CORRALL CHARITY Note8 to the Flnanelal Stst•m*nts - ¢ontlnu¢d for thè Y•ar Endèd 31 D•eomb•r 2024 18, MOVEMENT IN FUNDS- Gontlnuod ¢omparatlvg8 for movement In funds Prior yoar adjustmènt Net movement in funds Tran8fgrs betsveen funds Al 1.1.23 31.12.23 Unrestrlctsd funds General fund Extraordinary repairs fund Dgvglopm8nl fund 6,249,297 1106.339) 133,815 687,414 8,964,187 1.201,488 668 203 48,068 1203.906) 489.591 1,045.650 187.108 8,118,988 1106,3391 190,379 16,0831 8,196.945 Restrlctsd funds Grant Income fund 1.588,396 1190.6071 115.8841 1.381,904 Endowment funds Endowment fvnds 2.156.857 48,905 8,083 2,211.645 TOTAL FUNDS 11864D40 296.9461 223 400 11,790 494 Comparative nel movement in funds. in¢luded in the above are as follows: IncomiryJ resou5 R@sourc•s èxpenilad Galns 8nd 1¢)8ses Movemgnl In fund8 Unrestrlcted funds General fund Extraordinary repairs fund Devglopment fund 876,235 (761,1531 18,733 48,068 133,815 48,068 876,235 1761,153) 75.297 190,379 Restrlcted funds Grant Income fund 115,884) {15.8841 Endowmont funds Endowment funds 48,905 48.905 TOTAL FUNDS 876 235 777,037} 124202 223 400 The Extraordinary Repair Fund Is malntained out of the income of the charfty for the purpose of provlding for the extraordinary repair. improvement or rebuilding of thè homes and other proparty belonging to the charity- The Tru$lees have decided that the balan on this fund is lo be held al approximatety £1.000,000. An annual transfer is made lo this fund from the accumulalgd income fund if the Trustees consider it nècessary. Page 27 eontinu8d...
THE CUTBUSH & CORRALL CHARITY Not•• to th• Fln•n¢lal Stalement•- oontlnu•d for th6 Ygar Ended 31 D•comb•r 2024 18. MOVEMENT IN FUNDS. ¢ontlnued The Development Fund represents amoun15 88t 8slde for fviure alm$hou8e developments. Tr8n8fer8 10 this fund are mad8 at the discretion of the Trustees. The Roslricted Grant Inrne Fund represents grant monies received frcln th& Homes and Communities Agency towards the building cos1¥ of the new alm8house8 al Hunlsmans Cottage and the renovation ofthg aknshouses at Harrielsham and Sl F8ilh's StreeL The charity has undertaken to continually providè services in accordance with the Slandards of Almshouse M8nagemenl and the grants ar& repayable if the condition8 are not mel. The movement in the period reflects the depreciation on housing propertiès lo write off the grant over the life of the compon8nls of the properties lo which the grants relate. The Permanent Endowment Fund is held on trust lo be reiained for the benefit of the charity as a capltsl fund. The annual transfer in lo the Permanent Endosvment Fund amounting lo £6.083 {2023.' £6,083} has been made in grdance wllh a Recoupment Order, as described in the 8ccounling policie8. 19. RELATED PARTY DISCLOSURES There wère no related paty transactions for the year ended 31 December 2024, 20. CONTINGENT ASSET In the prior year. VAT amounting to £125,044 was incorrectly charged lo the Charity by a con51rudion company that has subsequently gone into admini8lr8ll¢n. The construction company applied the in¢orre¢t VAT fate to the VAT invoices that it issued lor th8 work by charging 20% VAT on the supply ralhor than the 50A VAT that was duo. Cutbush and Corrall hav& pald this VAT to the conlraclor. HMRC have advised th81 the Charity must pursue a clalm for the ovgrpard VAT wlth the receNer. The Charity hos commènced thi8 procéss, but the outcome will not be decided until after the dale Ihal the financial Statements are aulhorised for issue, The ènlity's advisers have indicated that il is more likety than nol (but not virtually certain) that the entlty will receive a refund. The current estimate of recoverable VAT is apPr0MatelY half of the amount due. Page 28
THE CUTBUSH & CORRALL CHARITY Detslled Statsment ol Flnanclal A¢tlvlti for the Year Endod 31 December 2024 2024 2023 INCOME AND ENDOWMENTS DonatSons and legacl8S Donations 1.499 Investment Income Investment income Deposit account Interest 123,764 129.891 1.788 129,522 131.879 Charltable actlvltl85 Housing Activrf(ies Residents, activities Room Hlre 962,987 2,712 147 740.357 2,091 59 965,B46 742,507 Other Income Other income 600 Total Incomlng resourcos 1,096,109 876,235 EXPENDITURE Investment management costs Portfolio management 7,941 Charltable activltle$ Wages Chri51ma51)ounlies lo individuals Water, light, heat and Insur8nc8 Rales re. empty propertigs Gardening Property repairs and maintenan Sundrie8 Residents, lllps and aclwlli8s Professional fees Christmas party Tea party Telephone Motor running expenses Deprecialron of Almshouse8 carri foward 219,320 7,260 65,100 1,T18 37,555 162,763 8,422 5,392 5.8B2 6.801 4,415 2.775 7,782 131,789 657.024 186.829 7.300 91,224 17,075 35.041 154.179 13,208 3.441 10,517 4,e36 3.786 9.198 104.216 641.550 Thls page does not form part olts 8talutory ffingn¢ial stalanènts Page 29
THE CUT8USH & CORRALL CHARITY 0•ts11od Statomant of Flnanclal A¢tlvltlo8 for th? Y•ar Endgd 31 Dg¢?mbor 2024 2024 2023 Charltable a¢tlvltles Brought forward Loss on sale of tangible fixed assets 657,024 641,550 2,821 658,474 644,371 8upport costs Management Wages Water, light. heat and insurance Telephon8 Sundries Repairs and ImproventS Professional fees Staff training Computer expenses Bank charges Depreciation of freehold property Depreciation Depraolalion of ¢ompuler equlpm&nt 83,102 5.829 3,973 7,113 6.438 6,638 2,398 5.628 1,971 2,768 80,040 2,873 3,056 6,eo8 2,453 8,398 1,949 6,073 2,451 5,314 128,577 119,215 Governance costs Audltors, remunerdlion Auditors, remuneration for non-audii work Trustee indemnity insurance Trustses, expenses 10.000 960 578 8,012 4,320 Total resources expended 806 530 777,037 Net Incomo bgforo galns and lossos 289,579 99,198 Reallsed recogn18ed galns and losses Realised galnsl(lo$sesl on flxed 8ss¢1 investments 3,526 Net In¢ome 297 856 102.724 This pagg do95 fOll part of th& slalulory flnanclal slatsments Poge 30
nable Issuer Culbush and Corrall Document g¢n¢rated Mon, 19th May 2025 10'.28'.15 BST Document fing&rprlnt 684¢010a6&9527b3e5917d63a57874ef Partlè$ Involved with this document Do¢ument pro¢e$$èd Party + Flngerprlnt Mon, 19th May 2025 11=51-.21 BST caroline- Signer16469583a74232bd7143fb979c03b25341 Audit history log Date Action Mon. 19th May 2025 10'.28.'16 BST Envelope generated by Natalie W8al131.104.193.2431 Documanl gengr8t6d with fing8iprint 884c010a6e9527b3e5917d63a57674ef131.104.193.2431 Documenl generated with fingeTprinl Mon, 19lh May 2025 10'.28.'20 BST Moii. 19th May 2025 10:28:24 BST 5è20680e8c30f075bdcceSOe21896649131.1 04,193.243) Mon, 19th May 2025 10=41.'Q3 BST Sent the envelope to caroline (chighwood5@gmail.com) for signing {31.104.193.243 Mon. 19th May 2025 10.'41'.03 BST Docurnant 8mail8d lo chighwood5@gmail.com135.179.147.2361 cartsline oned the th)¢ument emall.166.249.93.341 caroline opened the document email.166.249.93.341 taroiline opened th8 document email.166.249.93.341 caroline opened Ihe document email,166.249.93.33) Mon, 19th May 2025 10.'42'.01 BST Mon, 19th May 2025 10'.42.'10 BST Moi). 191h May 2025 10..42..12 BST Mon, 19th May 2025 11.'49.'41 BST Mon. 19th May 2025 11.'49.'46 BST caroline opened Ihe document emall.166.249.93.34) roline vlewed the envelope186.189.192.2251 c8rollne opened the document omall,166,249.93.341 caroline sign1 the envelope18e.189.192.2251 Mon. 19th May 2025 11.'49'.47 BST Mon. 19th May 2025 11.'50.'11 BST Mon, 19th May 2025 11'.51.'218ST Mon, 19th May 2025 11'.51.'21 BST This ènvelope has been signed by all parlies186.189.192.2251