## **THE BROWNE AND WINGRAVE ALMSHOUSE CHARITIES**
**FINANCIAL STATEMENTS AND REPORTS FOR THE YEAR ENDED 31ST MARCH 2024**
**Registered Charity No. 214152**
**THE BROWNE AND WINGRAVE ALMSHOUSE CHARITIES**
## Contents
||**Page**|
|---|---|
|Legal and Administrative Information|1|
|Trustees’ Report|2 - 4|
|Independent Examiner’s Report|5|
|Statement of Financial Activities|6|
|Balance sheet|7|
|Notes to the Financial Statements|8-10|
**THE BROWNE AND WINGRAVE ALMHOUSE CHARITIES**
**LEGAL AND ADMINISTRATIVE INFORMATION**
## **Constitution**
The Almshouses were originally established by the will of Sir Anthony Browne in 1567.
Sir Anthony Browne’s Charity – regulated by a Scheme of the Charity Commissioners of 27 May 1938, as effected by an Order of the Commissioners of 23 September 1955, and a Scheme of the Commissioners of 1 April 1964.
The Charity of William Wingrave – founded by the Will proved on 9 October 1909.
Under a Scheme of the Charity Commissioners of 25 March 1968 the Browne and Wingrave Almshouse Charities was formed from the two charities and the registered charity number is 214152. It is a member of the Almshouse Association, number 463. The 1968 Scheme has been amended by resolutions by the Trustees dated 29[th] January 2009, 15[th] January 2015 and 11[th] April 2016 the latter to amend the qualification criteria for eligibility for Almshouse selection.
## **Administration**
The Charities are administered by a body of trustees, consisting of up to nine persons residing, or carrying on business, in or near the ancient parish of South Weald. Seven of the trustees are appointed for a term of seven years and a further two can be co-opted on a year-by-year basis. No trustees were remunerated or reimbursed expenses during the year ended 31[st] March 2024.
At their meeting held in January 2024 the trustees re-appointed Mrs. Wendy Beach as Chairman and Mr. Patrick Stroud as Vice-Chairman.
**Trustees:** Mrs W Beach Mr P Stroud Mr J Blunden Mrs J Everitt Mr J Ellis Mr D Laycock Mr P Shah Rev J Bradbury (resigned as a trustee April 2023) Mrs D Swallow (resigned as a trustee Sept 2023) **Clerk & Principal Office:** Mr K Harris 9 Bannister Drive Shenfield, Essex CM13 1YX **Independent examiner** Mr C von Wielligh M J Bushell Audit LLP 8 High Street, Brentwood, Essex. CM14 4AB **Bankers** CAF Bank 25 Kings Hill Avenue West Malling, Kent. ME19 4JQ
Page 1
## **THE BROWNE & WINGRAVE ALMSHOUSE CHARITIES**
## **ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024**
The trustees present their annual report together with the financial statements for the year ended 31[st] March 2024. The legal and administrative information as set out on page 1 forms part of this report.
## **Accounting convention**
In preparing the annual report the trustees have adopted the provisions of the Charities Statement of Recommended Practice FRS 102 (published in July 2014 and effective for accounting periods beginning on or after 1[st] January 2015).
Charities Statement of Recommended Practice FRS 102 requires that component accounting should be adopted unless impractical or involving undue cost or effort. After due consideration the trustees decided that the cost of undertaking a valuation of the properties is not warranted bearing in mind our charitable activities and long-term commitment to the provision of almshouse accommodation.
## **Objects of the Charities**
The purpose of the Charities is to provide accommodation for qualifying persons, as set out in the Scheme. Under the Scheme, almshouses are provided for the residence of poor people who satisfy the qualifications and conditions set out therein. In setting these objectives, the trustees have considered the Charities Commission’s general guidance on public benefit in deciding what activities the Charities undertake.
## **Organisation**
The Charities are organised as an independent association of trustees comprising of up to nine trustees who are appointed at the discretion of the board, and who are responsible for all decision making related to the Charities. New Trustees are briefed by the clerk on the history and activities of the Charities and who helps with detailing their responsibilities and providing guidance on being a Trustee.
The Charities set aside reserves in accordance with the Scheme and the recommendations of the Almshouse Association. The trustees are required to maintain an Extraordinary Repair Fund and shall pay an annual sum of not less than £25 into this fund out of the income of the Charities. The net income is applied for the benefit of the almspeople. Funds are invested in suitable charitable investments, which are reviewed on a regular basis.
## **Activities**
Throughout the year the trustees have continued to provide homes for the elderly poor of the area in 12 one-bedroom bungalows. The trustees have devoted considerable time during the year to discussing the needs of the residents and to consider what measures can be taken to ensure their safety and comfort and the impact it has on the Browne & Wingrave Almshouse community. The trustees are pleased to report that there were no voids during the past 12 months.
The clerk carries out the day to day running of the Charities under the guidance and supervision of the trustees who normally meet four times a year, or more frequently when there is business to be transacted. Their focus is on the following activities;
- the welfare of the residents;
- the upkeep of the properties;
- the financial stability of the Charities.
Page 2
**THE BROWNE & WINGRAVE ALMSHOUSE CHARITIES**
## **ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024**
Contd/……………
Key activities associated with the welfare and community needs of the residents have included
- arranging for an annual contract for the maintenance/servicing of the alarm system, the smoke and carbon monoxide detectors and a safety inspection of the gas boilers. Landlord’s Safety Certificates were obtained as required;
- the trustees presented Christmas hampers to each resident and held a summer party on the Almshouse lawns.
- regular visits and telephone calls to check on the residents’ health and requirements;
- appropriately supporting individual residents’ specific needs as they became known.
The upkeep of the properties has centred on:
- redecorating and carrying out minor repairs to the properties as part of the cyclical maintenance program and painting various parts of the site as and when required;
- ensuring all Health and Safety hazards were identified and where possible made safe for the residents.
- replacing all the external security lights to more efficient and cheaper LED lighting;
- the continuing general maintenance of the almshouses and overall site;
- actioning items identified in the last quinquennial building and electrical survey’s;
The financial stability of the Charities has been ensured by:
- maintaining adequate reserves (see below);
- actively monitoring the Charities’ investments (see below);
- raising the weekly maintenance charge in line with inflation.
## **Reserves policy**
The Charities have two reserve funds, the Cyclical Maintenance Fund (‘CMF’), used for the internal and external redecoration works and the Extraordinary Repair Fund (‘ERF’) used for major repairs and renovation work. Contributions from the revenue account to both funds are made in accordance with the Almshouse Association recommendations.
The Charities continue to benefit from the Christopher Tower Bequest Fund. There are no restrictions on the use of this fund and the interest that is earned is allocated, as far as is possible, to the two reserve funds.
The revenue reserves are required to meet the day to day running costs of the Almshouses and to ensure that the Charities can continue to operate on a going concern basis.
## **Investment powers, policy, and performance**
The Trustees note that the financial position of the Charities remains good with a reasonable level of reserves. Under the terms of the trust document, the trustees can invest sums of cash not needed for immediate working purposes ‘in the name of the Official Custodian for Charities unless the Charity Commissioners otherwise direct’. The trustees have interpreted this statement to mean that investments are restricted to recognised charity funds (COIF, M&G, CAF etc.) or ‘safe’ investments such as National Savings.
Page 3
**THE BROWNE & WINGRAVE ALMSHOUSE CHARITIES**
## **ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024**
Contd/……………
investment objectives for the Charities’ reserves are to:
- maximise return on capital;
- select investments which comply with the restrictions of the trust scheme;
- select investments which are compatible with the charitable sector;
- maintain a mixed portfolio of equities and fixed interest stocks; and
- maintain adequate funds in cash to cover anticipated medium-term needs.
During the year the trustees invested in the Charity Multi Asset Fund and the Charibond Charities Fixed Interest Fund – a mixed portfolio of equities and fixed interest stocks managed by M&G. Funds are also held on deposit with the CCLA and on the CAF Bank/Flagstone Platform, with the remainder of the cash held in a current account to cover day to day running costs.
The Trustees review the Investment Policy regularly during the year and make decisions based on risk and the current global financial situation. Most of the Charities financial reserves are held in cash, but this is reviewed at each trustee meeting.
## **Risk management**
The trustees perform an ongoing review of the major strategic, business and operational risks which the Charities face and have maintained appropriate systems and controls to enable regular reports to be produced and to ensure that necessary steps are taken to mitigate the risks. During the year the Trustees have continued to review all the Charities’ policies and procedures, and where necessary updated them to comply with guidance provided by the Almshouse Association.
## **Trustees’ responsibilities in relation to the financial statements**
The trustees are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and the Charities SORP (FRS102).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements which give a true and fair view of the situation of the charities and of the income and expenditure of the charities for that year. In preparing these financial statements the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102).
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charities will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charities and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the Charities and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on ………………………………..…… and signed on their behalf by:
………………………….. W Beach, Chairman of the Trustees
………………………….. P Stroud, Vice Chairman of the Trustees
Page 4
## **THE BROWNE AND WINGRAVE ALMSHOUSE CHARITIES**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE BROWNE AND WINGRAVE ALMSHOUSE CHARITIES**
I report to the Trustees on my examination of the financial statements of The Browne and Wingrave Almshouse Charities for the year ended 31 March 2024.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Corné von Wielligh ACA**
MJ Bushell Audit LLP 8 High Street Brentwood Essex CM14 4AB
Dated: .........................
Page 5
## **THE BROWNE AND WINGRAVE ALMSHOUSE CHARITIES**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **For the year ended 31st March 2024**
|**NOTE**
**INCOME FROM:**
**Donations and legacies**
Donations
**Charitable activities**
Residents' maintenance contributions
3
**Investments**
4
**Total income**
**EXPENDITURE ON:**
**Charitable activities**
Repairs & maintenance
5a
Services & utilities
5b
**Other**
6
**Net income/(expenditure)**
**Net gains/(losses) on investments**
**7**
**Net income/(expenditure)**
**Transfers between funds**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**2024**
**2024**
**2024**
**UNRESTRICTED**
**DESIGNATED**
**TOTAL**
**FUNDS**
**FUNDS**
**FUNDS**
**£**
**£**
**£**
300
-
300
75,600
-
75,600
9,214
-
9,214
85,114
-
85,114
12,496
18,845
31,341
16,634
-
16,634
14,965
-
14,965
44,095
18,845
62,940
41,019
(18,845)
22,174
5,810
-
5,810
46,829
(18,845)
27,984
(15,142)
15,142
-
31,686
(3,703)
27,983
276,453
84,858
361,311
308,139
81,155
389,294|**2023**
**2023**
**2023**
**UNRESTRICTE**
**D**
**DESIGNATED**
**TOTAL**
**FUNDS**
**FUNDS**
**FUNDS**
**£**
350
-
350
72,000
-
72,000
2,847
-
2,847|
|---|---|---|
|||75,197
-
75,197|
|||12,192
13,105
25,297
9,845
-
9,845
14,125
-
14,125|
|||36,162
13,105
49,267|
|||39,035
(13,105)
25,930
(522)
-
(522)|
|||38,513
(13,105)
25,408
(24,308)
24,308
-|
|||14,205
11,203
25,408
262,248
73,655
335,903|
|||276,453
84,858
361,311|
Page 6
**THE BROWNE AND WINGRAVE ALMSHOUSE CHARITIES**
## **BALANCE SHEET**
## **As at 31ST MARCH 2024**
|**NOTE**
**Current assets**
Debtors
Investments
7
Cash at bank -COIF deposit
-CAF/Flagstone deposit platform
-CAF bank current account
-CAF deposit account
Cash in hand
**Current liabilities**
Creditors-amounts falling due within one year
8
**Net assets**
**Funds**
Unrestricted funds
9
Designated funds
10
Total funds|**2024**
**£**
5,770
109,621
78,724
186,47
6
4,624
5,147
57
390,419
1,125
389,29
4
308,13
9
81,155
389,29
4|**2023**
**£**
-
78,811
75,074
181,666
10,391
15,855
82|
|---|---|---|
|||361,879
568|
|||361,311|
|||276,453
84,858|
|||361,311|
Approved by the trustees on and signed on their behalf by:
………………………………… W Beach
………………………………… P Stroud
Page 7
**THE BROWNE AND WINGRAVE ALMSHOUSE CHARITIES**
## **Notes to the financial statements**
## **For the year ended 31st March 2024**
## **1. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **2. Accounting policies**
The financial statements have been prepared under the historical cost convention, as modified by the inclusion of investments measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the Charities, and rounded to the nearest £.
## **Turnove** r
Turnover represents maintenance contributions receivable from the residents.
## **Investment Income**
Income from investments is accounted for in the period in which the Charities are entitled to receipt.
## **Resources expended**
Expenditure is included on an accruals basis. Expenditure includes any irrecoverable VAT and is reported as part of the expenditure to which it relates.
## **Housing properties**
As stated in the trustees report, the trustees consider that the cost of undertaking a valuation of the properties is not warranted.
Furthermore, the Charities did not have sufficient accounting records to determine the historical cost of the original Almshouses and consequently the current value of the properties is not reflected in the financial statements.
The buildings are currently insured for some £1.9m.
## **Investments**
Listed investments are stated at market value at the balance sheet date.
Realised gains and losses on investments are calculated as the difference between sale proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the year of disposal.
Unrealised gains and losses represent the movement in market value during the year and are included in the Statement of Financial Activities.
## **Fund accounting**
Unrestricted funds are available to use to further any of the purposes of the Charities. Designated funds are unrestricted funds of the Charities which have been set aside to fund future activities of the Charities.
## **3. TURNOVER**
All turnover and operating costs relate to the provision of almshouse accommodation.
**2024 2023 £ £**
Residents’ contributions receivable 75,600 72,000
Page 8
**THE BROWNE AND WINGRAVE ALMSHOUSE CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST MARCH 2024**
|**4 INVESTMENT INCOME**
Bank deposit interest
**5 EXPENDITURE ON CHARITABLE ACTIVITIES**
**a: Repairs and maintenance**
Garden & handyman expenses
Routine repairs & maintenance
Health & safety maintenance contracts
Extraordinary repairs
Cyclical repairs
**b: Services and utilities**
Heating
Chapel heating
Communual lighting
Septic tank emptying
Refuse bin rental
Insurance
**6 OTHER EXPENDITURE**
Clerk's salary
Clerk's expenses
Postage, stationery, and sundry expenses
Subscription
Independent examiner's fees
**7 LISTED INVESTMENTS**
At 1st April 2022
Additions
Realised and unrealised gains
At 31st March 2024
**8. Debtors**
**9. Expense Creditors**|**GENERAL**
**DESIGNATED**
**FUNDS**
**FUNDS**
**2024**
**2024**
**£**
**£**
**9,214**
**-**
3,109
-
7,033
-
2,354
-
-
18,485
-
360
**12,496**
**18,845**
10,584
-
105
-
2,507
-
320
-
512
-
2,605
-
**16,634**
**-**
12,000
-
473
-
927
-
455
-
1,110
**14,965**
**-**
**£**
**£**
78,811
-
25,000
-
5,810
-
**109,621**
**-**
5,770
-
1,125
-|**GENERAL**
**DESIGNATED**
**FUNDS**
**FUNDS**
**2023**
**2023**
**£**
**£**|
|---|---|---|
|||**2,847**
**-**|
|||3,024
-
6,647
-
2,521
-
-
11,419
-
1,686|
|||**12,192**
**13,105**|
|||5,271
-
134
-
963
-
858
-
403
-
2,216
-|
|||**9,845**
**-**|
|||11,300
-
452
-
1,038
-
285
-
1,050
-|
|||**14,125**
**-**|
|||**£**
**£**
59,333
-
20,000
-
-522
-|
|||**78,811**
**-**|
|||-
-
568
-|
Page 9
**THE BROWNE AND WINGRAVE ALMSHOUSE CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST MARCH 2024**
|**10 UNRESTRICTED FUNDS**
At 1st April 2023
Transfer to SOFA
Internal transfer
Almshouse Association recommended contribution
Allocation of other income
At 31st March 2024
**11 DESIGNATED FUNDS**
At 1st April 2023
Internal transfer
Almshouse Association recommended contribution
Expenditure
At 31stMarch 2024
**12 WAGES**
Gross salary
The average weekly number of employees was:
Clerk
No employees were paid more than £60,000 per annum|**CHRISTOPHER**
**GENERAL**
**TOWER**
**TOTAL**
**FUNDS**
**BEQUEST**
**FUNDS**
**2024**
**2024**
**2024**
**£**
**£**
**£**
226,453
50,000
276,453
46,528
-
46,528|
|---|---|
||272,981
50,000
322,981
6,446
-
6446
(21,588)
-
(21,588)
300
-
300|
||**258,139**
**50,000**
**308,139**|
||**EXTRAORDINARY**
**MAINTENANCE**
**TOTAL**
**REPAIR FUND**
**FUND**
**FUNDS**
**2024**
**2024**
**2024**
**£**
**£**
**£**
28,859
55,999
84,858
13,197
(19,643)
(6,446)
7,944
13,644
21,588
(18,485)
(360)
(18,845)|
||**31,515**
**49,640**
**81,155**|
||**2024**
**2023**
**£**
**£**
12,000
1
11,300
1
1|
**13**
**TRUSTEES' REMUNERATION AND EXPENSES**
No trustees received any remuneration or expenses during the year.
Page 10