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 C￿kCr0ft
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 Obl￿tIVeS 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 PERFOR￿NcE
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 D8￿Mber2024. 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 0￿rating co8t8.
The Charty has ensured that residents have nol sUffe￿d 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
househo￿8}.
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 I￿0 Trustee8 and the Clerk &
Chief Officer) will diive the process of transfer fO￿ard 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 Comp￿18￿ their review of risk management arrangements and identified risks with along Y￿th 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 promI￿ntlY 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 pr￿955 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 Invol￿S - 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 repl8*ment 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 On￿edrooMed
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 C￿nCil. 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 A￿oUnt$. 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 pro￿58
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 P￿paratIon is applicable law and United Klngdom
Accounting Standards IUnrfLed Kingdom Generally Acc9pled Accounting Pr￿tIce).
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 othe￿iSe
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 con￿rn and using the going concern basis of
a￿oUntIng 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 ha￿ng 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$slalemenl. including how fraud
might O¢CUT by considering the key risks impg¢ling the financial stalemenls. These included risks 888¢xiated with
Revenue Recognition. and Management Ov9rride of Controls, which were discussed and agreed by the audit
team.
Our approach included agreeing the charlly's recoanition of income lo the terms of the underfying licenses lo
occupy and associated corr8spond8nce, the review of journal entries processerl in the accounting records and the
invesligalion of significant and unusual Iransactlons idenlrfied from our review of th6 acce￿￿tIng records.
Our approa¢h wa5 also lo chock that 811 r851ricled inoome was properly ￿entIfIed and separately acoounled for.
This included reviewing journal adjuslmenl$ 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
End01￿￿ent
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 fO￿ard
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$h
1226,8151
11,135,644)
1.261.443
5.758
114,170
128 962
1993.0731
406.547
1.788
115.959
370
Nel cash usod In investing ￿t￿lItIeS
1100501
1468,400
Chany¢ In ¢a$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 r￿e1Ved
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
I124,2￿2)
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 ￿nvent￿n, with the exception of
Inveslmenls which are incluijed al market value, as modified by the revaluat￿n 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 s￿nIfIcant effe¢l
on the amounts recognised in the financial $lat&menls.'
Idgnlrfication of housing propgrty wmponenls
The charity a¢¢ounts for ils eXpe￿lture 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$ivod from the eslale. Receipt of a legacy
18 only considered probabl8 when the amount can be measured reliably and the charity has been nolilied
of the 8xec￿Or'S inl&nlion to make a dlslrlbulion. Vvhere legacies have been notrfied to the charity, or th&
charlty is awar8 of the granting of probate, and the ¢riteria for inc¢)me r8cognition hav8 not been met, then
the18gacy is Ir881ed as a contingent asset and disclosed rf material.
Done1￿)n$ 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 be￿een 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. DeP￿latIOn 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 Y￿r 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 Operat￿n￿, 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 D￿9mber 2024
12, COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued
UnreStr￿t
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
resou￿5
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 In￿rne 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 g￿rdance 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 apPr0￿MatelY 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 Improv￿entS
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 fO￿ll part of th& slalulory flnanclal slatsments
Poge 30

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