Charity registration number 216829 THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER LEGAL AND ADMINISTRATIVE INFORMATION Q>opted Trustee5'. Mr C R Mason (Chairman) Mrs J Marshall MT T R Brown Mrs A White Mr S Hatton Mr T Morris Mr P Beddoe5 Dr N Sharma Mrs R Mccarthy Ire5i8ned October 20231 Mrs B Burton (appointed October 20231 Mrs K Skudra Nominated Trustees Cllr M A Grain8er Iresigned May 20231 Cllr N Butler (resigned May 20231 Cllr P Wightman lappointed May 20231 Cllr J Sinott (appointed May 20231 Ex-officio Trustee Mayor of Town of Warwick- Cllr P Singh Birdi IResigned May 20231 and Cllr O Jacques (Appointed May 2023 and resigned May 20241 and Cllr Dave Skinner (Appointed May 20241 Charity number 216829 Principal address CIO MO0 & Tibbits 34 High Street Warwick Warwickshire CV34 4BE Clerk to the Charity Mr l B Williams Auditors Burgis & Bullock 23.25 Waterloo Plate Leamington Spa Warwickshire CV32 SLA Bankers Lloyds TS8 Bank plt 10-12 Swan Street Warwick CV34 4BT Solicitor5 MO0 &Tibbits 34 Hlgh Street Warwick CV34 4BE
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER LEGAL AND ADMINISTRATIVE INFORMATION Investment Advi50rs Quilter Cheviot Provincial House 37 New Walk Leicester LEI 6TU CCLA Fund Manager5 Limited Senator House 85 Queen Wictoria Street London EC4V 4ET
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER CONTENTS Page Trustee5' report Independent auditor's report 9-12 Statement of financial activities 13-16 Balance Sheet 17 Statement of cash flows 18 Notes to the financial statements 19-35
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES. REPORT FOR ThIE YEAR ENDED 31 DECEMBER 2023 The Trustees present thelr report and financial ststement5 forthe year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial Statements and comply with the Charity's govemirbg document. the Charities Act 2DII and "Accounting and Reporting by CharilTres'. Statement of Recommended Prartice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20191 Objertives and activities The principal objects of the Charity are firstly the provlslon and maintenance of Almshouses for residents who are poor persons who lexcept special cases to be approved by the Charity Commissionl are either re5ident5 or former residents of the Town of Warwick or who have a long Standing association with the town and secondly relievinB either generally or indivldually persons resident in the Town of Warwick who are in conditions of need. hardship or distress. The Charity has a wholly owned charilable Subsidiary company, oken Eyffler Limited which was incorporated on 12th April 2013 under Registration No. 08485568. This company was formed to pursue the development o investment land wrth the intention that any profits therefrom can be gifted to the Charity to enable it to pursue it5 charitable objertives and the company entered into a Deed of Covenant to that effect in November 2020. Public benefit The trustee5 are sat15fied that the Charity's aims are charitable. and that its acttvities are consistent with those aim5. The trustees have referred to the guidance contained in the Charity Commission's general and supplementary gLtidance on public benefit in their decision making throvghout the year. The trustee5 are sat15fied that the opportunity members of the public have to benefit from the Charity's attivities is not unreasonably restricted. As well as providing benefit rn terms of social housing needs, the Charity's grnnt making activtties a150 benefit those in need both in the short and longer term by directing grants towards sustainable projects. Structure governance and management The full name of the Charrty 15 "The Charity of Thomas Oken and Nichola5 Eyffler" constituted originally pursuant to a Deed of Settlement by Thomas Oken made in 1571 and now governed by a Charrty Commlssion of England and Wales Scheme sealed on 18 july 1988, as amended by111 a scheme dated 9 Ottober 1990,121 a resolution of the Trustees dated 24 November 2016 and131 re501utions of the Trustees daied 28 january 2021. The Governing Instruments cont8in spetiflc provision and restriction5 on the application of the income and of the management of the properties and funds of the Charity. The Charity have also adopted comprehensive set of policies and procedures to assist with Eovernance and management. The Governing instwments determine that the Trustees Board shall be made up as follows..
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 The Ex-officio Trustee The Ex-officio Trustee shall be the Mayor for the time being of the Town of Warwick. 2 Nominated Tru5tee5 The Nominated Trustees shall be persons who through residence, occupation or employment or otherwise have special knowledge of Warwick, and shall be appointed by the Town Councll of Warwick. 10 Co-o ed Truste The CtFopted Trustee5 are persons who through residence, occupation, employment or otherwise have spetial knowledge of the Town of Warwick. The Trustees met on four occasions during the year to receive reports on the funding of the Charity and allocation of accommodation to suitable applitants. and for general management of Charity èssets. In addrtion, there were several rneetlngs of Sub-committees appointed by the Trustees to deal with specific matter5 concerning the Charfty and to report back wlth recommendations to the Trustees. The induttion process for a new Trustee Is a5 follows.. The Chairman will meet the new Trustees to explain all aspects of the Charity and to provide all relevant information regarding it. The Clerk to the Trustees will write to the new Trustee with a copy of the scheme governing the charity and a copy of the last set of accounts. The Chairman and the Clerk to the Trustees will also provide all assistance and information necessary for the new Trustee to become familiar with the workings of the Charity. De¢laratlon as Trustee No person is entitled to act as a Trustee whether on a first or on any SLÈbsequent entry into office until signing a declaration of acceptance and willingness to att in the Trusts of the scheme. Achievements and performance In July 2023 the Charity'5 Trustees and Grant Partners, Warwick Town Councillors, Wafwick Court Leet Officers and local dignatories attended a dinner at Warwick Castle to celebrate the 450th Anniversary of Thomas Oken who gifted his exterksive estate into the formation of a Charity to help people in need in the town of Warwick and decieed that there should be an annual Feast. It wa5 a wonderful event and all in attendance were of the view that Thomas would be proud that his Charity continues to prosper.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Charity has twelve Almshouses at Castle Hill and Guild Cottages in Warwick. The costs of providing this accommodation are financed by investment income, rent from Oken's House and resident'5 monihly contributions. The Trustees continued their policy of maintaining these properties in good repalr and providing accommodation at affordable cost. The window5 at the front of Guild Cottages were replaced in summer 2020 and the rear wlndows We completed in summer 2021. The refurbishment of bathrooms and kitchen5 Started in Summer 2022 and was completed in Spring 2023. The quinquennial survey of all the Almshouses took place in March 2022 and a five-year maintenance plan was submitted which will be used by the Almshouse Committee for annual budEeting. The five year rent VIeW took place in April 2023 and the recommended increases took effect from January 2024. During the year the Trustees reviewed and updated, as necessary, all the existing Policie5 anil Procedures. Grant making The rampanl Inflatlon and after effert5 of Covid thal we experienced in 2022 have shown some improvement but we are not seeing a reduction in the number5 of "people in need" in the town of Warwick. As a resutt in 2023, the Charity awarded the highest value of grants in the Charity's long history. All but one of these grants wefe for three yeats Isubjett to perforrnancel and with inflation will be worth jLtst over £1 million over this period. The Charity could nDt have done thi5 Without the sale of land for development in 2018, this lanLI having been purchased in 1773. The 3 year Artive Monitoring IAMI mentsl heatth project with MIND was very successfvlly completed in June 2023. The NHS and local GP'S took over the funding and expanded the project across South Warwitkshire which was the ultimate objective. A new mental heahh projert, GAMME IGroups, Active Monitoring and Mentoring) focused on children and young people for longer period5 than AM was agreed with MIND and launched in July 2023. The three year Family Wellbeing programme with the Parenting Project Charity supporting young families was 50 successful that r( was extended by three years until Au8USt 2026. The Citizen5 Advice Reach Out at Home project which was revised to focu5 on financlal problems, which is the major cause of dist$5, has been a great suc¢e5s and was extended by two year5 until January 2026. The one year trial of prescribing nurses supporting Hospice at Home by Myton H05pice commenced in May 2023 has experienced some problems with a lack of referrals from the local NHS Hospital. Senior executives of the h05Pltal and the hospice have committed to solve thi5 155ue by May 2024. A new three year grant was avlarded to the Homestart Charity which will provide 5UPPOrt to Parents from pre natal to 5 years old. The first Six months results were very encouraging. A one off grant was awarded to Warwickshire Care services Woodside Vlllage Care Home for a minibu5 to take residents regularly to local attrartion5 and events which they are thoroughly enjoying. The charity also awarded a three year grant for a mvsicianl5inger to play on at least three days a week at this Care Home which is much appreciated. The Warwickshire College Group Bursary programme was extended by three years to August 2026. The principal change was to reduce the Qualifying age from 18 to 16 which has led to an uptake in applications. Travel costs and laptops remain the biggest drivers of the grant requests.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT ICONTINUED} FOR THE YEAR ENDED 31 DECEM8ER 2023 Financial review The Charity recorded a surplus for the year of £85.737 12022 £208,022) after recording a gift aid contribution, amounting to £189.50012022 £184.0001 from Its subsidiary company reflectin8 the result5 of that company's land development project5. It also reported a gain on investment values during the year amounting to £758,39512022 Ios5 of £1,113.2521 which reflerts the volatility in the markets. In addition to this the investment income ha5 held up well and the investment of the Gift Aid received over the last few years has enabled 5iEnificant expenditure on grant5. Due to the nature of these grant5 SUPPOrting sSgnificant three year projert5, five year foreca5t5 are produced and regularly reviewed. This gives the trustees confidence in ihe healthy State of the charity's finances and the ability to make substantial grdnts in accordance with the charity'5 objectives. Thi5 15 in addttion to keeping the Almshou5e5 to a very good standard. In conclusion. the Charity's total assets les5 current liabilrties are £11,419,453 1£10.575.3213t 31 December 20221. Reserves policies The Charity currently holds Permanent Endowment Funds amounting to £3,510,73412022'. £3,377,696). These reserves arise from the original capital bequeathed to the Charlty and are non-expendable. They are maintained primarily in Freehold properties and long-temi investments and any income which 15 earned from these assets may be treated as unrestricted Income for use by the Trustees in furtherance of the Charity's objectives. Following the introduction of the new constitution in April 2021, the Trustees were able to set aside an Expendable Perfflanent Endowment fund, which at 31 December 2023 amounted to £6,848.695 12022 £6,294,576). This fund may be used to invest in the long terrn capital base of the charity to ensure its continued ability to serve Its benefici3rie5. To ensure that the permanent endowment properties continue to be maintained in an adequate state of repair, the Trustees have designated a Major Refurbishment Fund which at 31 December 2023 stood at £139.41112022 £141,173). The Charity's policy for the maintenance of unrestricted funds, which are free serveS of the Charity, has been to build up reserves for working capital and to meet the cofttinuing costs of operating the Almshouses and any liabilitie5 3ri5ing from a termination of a gfant agreement. At 31 December 2023, the Charity held £920,613 of unrestricted reserves12022 £761,876). Investment pollcv The strategic approach of the Chartty towards investment 15 to maximise the return whilst having regard to medium and long term growth. This could be achieved by a mix of investment types including managed stock market investments, commercial property and land with medium/long term development potential. The investment pollty requires that any investment by the Charity should be within the medium to medium to higher risk profile.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Mana ed Stock Market investments A signwFicant proportion of the funds available for investment is held In managed Stock market investments and so represents ihe principal investment attivity of the Charity. The Charity has two appointed investment managers who are responsible for managing stock morket investments on a discretionary basis for the Charity. The investment poliry of the Charity sets certain principles for such investments including a 10-year time horizon. a target income return of circa 3% and a minimum total return (capital and intomel of inflation plus 3.5% with a medium terrn objective of 6% - 8%. The financial markets were very volatile in 2022 and the value of the Charity'5 stock market investments reduced significantly. In 2023 the equity markets performed strongly, particularly in North America, and by the end of 2023 a Significant proportion of the 2022 losses had been recouped. Income leve15 have been maintained with some growth and the Charity hès been able to take advantage of higher interest rates on its cash deposits to supplement the income from investments. Inflation has continued to be a factor but both Investment Managers produced total returns in 2023 at or above inflation. The Investment Managers remain confident that the irsvestment objectlves remain achievable within the 10 year time horizon. Commercial Pro The Charity own5 the Thomas Oken Tea Rooms in WaNlck and has further indirert commerclal property inte5t$ through the managed stock market investments. The Charity will consider further suitable commercial property investments etther direct or indirect so that the total fund5 invested do not represent MO than 30% of the lotal fund5 of the Charity available for investment. Any such ieStMent will be medium to mediumlhigh risk profile. Land The Charity will consider investing in land with medium to long term capital @rowth potential ahoUgh recognising that income returns can be as low as 1% in the shorter term. To avoid signiftcant irnpact on the iricome of ihe Charity any such investment will not exceed 20% of the total funds of the Charity available for investment. Mana evnent of the Investment Poli The Finance Committee are responsible for the day-to-day management of the investments and have authority to make and implement decisions relatlng to inve5trnent5 and agreeing statement5 of investment policy with investment managers subject alway5 to the principles set out In the investment policy of the Charity. Any decision to buy commercial property or land, change the investment managers or the investment policy must be approved by the Board of Trustees. The Finante Committee report on investment performance on a quèrterFy basis to the Board of Truslees.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT {CONTINUEO) FOR THE YEAR EIVDED 31 DECEM8ER 2023 Key risks and uncertainties The Trustees regularly consider the major strateglc, buslness and operational risks which the Charity face5 so that they can confirm that Svstems have been established to enable regular report5 to be produced and the necessary steps taken to mitigate such risks. The Charity maintalns a risk register which is reviewed annually by the Trustees. Given the nature of the activrties of the Charity the Trustees consider that there are two key risks for the Charity as follows.. l. Unexpected major repair5 andlor dilapidation5 of properties owned by the Charity some of which date back to the 16th tentury. The properties are managed by the Almshouse Committee members of which have appropriate expertise in such matters. Properties are inspected regularly and subject to regular maintenance. A professional quinquennial inspertion every five years informs the Committee of Ilkely future maintenancelrepair requirernent5. l. Unexpetted loss of value ?nd/or income from the managed stock market investments. The risk profile and quality of the investments means that any losses should be temporary. The Charity is invested for the long term and has significant distributable reserves. It also carrie5 appropriate cash reserve5. Accordingly it Is well placed to with5t3nd 1055es in value andlor income and to continue its normal activities. Fundraisin Poli The chèrity doe5 not engage in fundraising artivitie5 dirertly with the general publlc or through third partv professional fundraisers and therefore has received no fundraising complalnts during the year.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2023 Plans for the Future The Charity has medium/long term strategy which is updated annualty and reviewed every three years the last time being in Ortober 2022. The grant strategy is concentrated on the Care Sector from pre natal to end of life and the Charity has made significant progress in the last six years as investment income has increased. With the introduction this year of Homestart supporting the prenatal to flve year age group and prescribing nurses for Hospice al Home plus next year new PartnehIpS and grants are planned with the Safeline Charity and Watv4ick Independent Schools Foundation the charity's grant Strategy Is virtually complete for the next three years and with the unanimous approval of the Trustees will need to go into reserves. The Charity continues to work very closely with the senior Management at the local NHS Hospital, Medlcal Centres. Care Homes, Hospices. Schools. Colleges and specialist charities toimprove the care and education currently provided which will determine the charity's grant strategy beyond 2026. Statement of tru5tees' responslbiltties The Trustees a responsible for preparing the Trustees, Report and the financial statements in accordance wlth applicable law and United Kingdom Accounting Standards Iunlted KinBdom Generally Accepted AccountinE Practice). The law appllcable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then appty them consistently.. obseNe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent.. state whether applicable accountlfl8 Standards have been followed, subject to any material departures disc105ed and explained in the financial 5tatements,' and ppare the financial statements on the going concern basis unle55 It Is inappropriate to presume that the charity will continLte in operatlon. The Trustees are responsible for keeping suffltient accounting records that disc105e with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Auditor During the year Burgls & Bullock, chartered Accountants, were reappointed as auditors to the Charity and Group. Disc105ure of inlormation to auditor Each of the Trustees has confirmed that thefe is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to e5tabli5h that the auditor is aware of such information. The trustees, report was approved by the Board of Trustees. Mrc Ma50n Ichairmanl Trustee Dated Mrs J Marshall Trustee Dated..
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER Opinion We have audited the financial statements of The Charity of Thomas Oken and Nicholas Eyffler Ithe 'Charitv'l for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the fSnancial statements, includin8 signrficant accounting policies. The firhancial reporting fiamework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including FRS 102 'The FSnancial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our oplnion, the financial statements.. give a true and fair view of the state of the charity'5 affairs a5 at 31 December 2023 and of ils incomlfig resources and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance wlth the requirements of the Charities Acl 2011. Basis for oplnk•n We conducted our audlt in accordance with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our re5ponsibilitie5 under those Standards are further described in the A4Jditors responsibilitie5 for the audit of the finonciol 5tutements sectÉon of our report. We are indepèndent of the Charity in accordance with the ethical requirements that are relevant to our audit of the finantial statements in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilrties in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the tru5tees' use of the goSng concern basis of accounting in the preparation of the financial statements is appropriate. 8ased on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity'5 ability to continue as a going concern for a period of ai least twelve months from when the financial statements are authori5ed for issue. Our responsibilrf(ies and the responsibilities of the Tru5tee5 Wlth respect to going concern a described in the levant sections of this report.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE TRUSTEES OF THE CHARITh OF THOMAS OKEN AND NICHOLAS EYFFLER Other informallon The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual ieport. Our opinion on the financial statements does not cover the other information and we do not express any form of assur8nce conclusion thereon. Our responsibility is to read the other information and, in doing so, conslder whether the other information is materially inconslstent with the financial statemen15 or our knowledge obtained in the ¢our5e of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistenties or apparent matèrial mi55tatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselve5. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are reguired to report that fact. We have nothing io report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charitles IActounts and Reports) Regulations 2008 require us to report to you if, in our opinion= the information given in the financial statements 15 incon515tent in any material respect with the trustees, report- or 5ufPicient accounting records have not been kept,. or the financial statements are not in agreement wtth the accounting e0rd5,. or we have not received all the info¥mation and explanation5 we require for our audit. Responsibilities of Trustees As explained more fully in the statement of trustees, responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfleil that they give a true and fair view, and foT such internal control as the TTU5tees determine is necessary to enable the preparation of financial statements that are fe from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for a55e55ing ihe Charity's ability to continue as a going concern, disclosing, as applicable, matters related to Boing concern and usirtg the going concern basls of accounting unless the Trustee5 either Intend to cease operations. or have no realistic alternative but to do so. Auditoi's responsibllltles for the audit of the financial statements We have been appointed a5 audltor under section 144 of the Charitie5 Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtaln reasonable a55urance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audrtor'5 report that includes our opinion. Rea50nable assurance is a high level of a55urance but is not a guarantee that an audit conducted in accordance wilh ISAS IUKI will always detect a material misstatement when it exists. Mi55tatements can arise from fraud or errur and are considered materlal rf, individually or in the aggregate. they could reasonably be expetted to influence the economlc decisions of users taken on the basi5 of these financial statements. 10.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE CHARITY OF THOMAS OK£N AND NICHOLAS EYFFLER Irregularities, including fraud, are instances of non-compliance wlth laws and regulations. We design procedu5 in line with our responsibilities, outllned above, to detect material misstatement5 in respect of irreEularitie5, including fraud. The extent to which our procedu$ are capable of detecting irre8ularities, including fraud, is detailed below. We gained an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates and assessed the extent of compliance with these law5 and regulations as part of our procedures on the related financial statement items. Based on our understanding of the charity we identified that the principal risk of non-compliance with laws and regulations related to breaches of the Charitie5 Act 2011,. Safeguarding and GDPR regulations,- and the charity's constitution. We also evaluated management incentive and opportunities for fraudulent manipulations of the financial statements. Audit procedures performed included.. Identrfying and assesslng the design effectivenes5 of controls in management have in place to prevent and detect fraud. Challenging assumptions and judgments made by management in their signrficant accounting estimates and assessing if these indicate evidence of management bias- Reviewing the accounting record5 for large and unusual journal entries and testing any identified and in particular the Tationale for any transactions outside the charity'5 normal covrse of activity. Reviewing the accounting records for large and unusual bank payments and testing any identified and in particular the rationale for any transaction5 which appear to be outside of the charity's objectives. Testing a sample of debit entrie5 in the profit and 105$ account to check they are bona-fide costs in accordance with the charity's objectives. Testing for the existence of lated party transattions and confirming identity ol relevant partie5 Wlth Trustees. Making enquiries of those charged wrth governance as to any instances of non-compliance with law5 and regulations. Reviewing minutes and correspondence for evidence of non-compliance with key laws and regulations. Because of the inherent limitations of an audlt, there is a risk that we will not detert all irregularities, including those leading to a material rnisstatement in the financial statements or non-compliance with regulation. This risk increa5e5 the more that compliance with a law or regulation is removed from the events and transaction5 reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilitie5 is available on the Financial Reporting Council's website at: http5'.Ilwww.frc.org.uVauditorsresponsibilitie5. This description fom15 part of our auditor's report.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER Use of our report This report is made solely to the charty'5 trustee5, as a body, in accordance with part 4 of the Charities IAccounts and Report51 Regulation5 21K)8. Our audit work has been undertaken so that we might state to the charity's trnstee5 those matters we are qUIred to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibllity to anyone other than the charity and the charity'5 trustees as a body* for our audit work, for this report, or for the opinions vde have forme(l. (X Wende Hubbard FCCA {Senior Statutory Audltorl lor and on behalf of Burgl5 & Bullock Chartered A¢¢ountants Statutory Auditor 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Burgis & Bullock is eligible for appoivitment a5 auditor of the Charity by virtue of its eligibility for appointment as audttor of a corTlPallY under section 1212 of the Companies Act 2006. 12-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 2023 Current financial year Unrestrirted Designated Endowment fund5 funds funds 2023 2023 2023 Total Total 2023 2022 Notes Income from: Donation5 and Grants received ChaTltable arttvities Almshouses Income Oken'5 Feast Investment income 229,500 229,500 224,(1 67,741 6,675 288,040 67.741 6.675 291,673 68,781 3,960 273,099 3,633 Total income 591,956 3,633 595,589 569,840 Ex enditure on: Raising funds 2,337 17,672 20,009 16,241 Charitable activities Almshouses management Grants payable 68,626 336,215 32.884 11,935 113,445 336,215 95,839 201.530 Total charitable expenditure 404.841 32,884 11,935 449,660 297,369 Governance and Administration 12 40,183 40,183 48,208 Total resources expended 447,361 32,884 29,607 509,852 361.818 Income/lexpenditurel for the year 144,595 129,2511 129,6071 85,737 208,022 Net gainslllossesl on investmerrts 13 30,494 11.137 716,764 758,395 11,113.2521 13-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED} FOR THE YEAR ENDED 31 DECEM8ER 2023 Unrestricted Desi8nated Endowment fvnds funds fund5 general 2023 Total Total 2023 2023 2023 2022 Net incoming/lout8olngl resources before transfers 175,089 118.1141 687,157 844.132 1905,2301 Gross transfers between funds 116,3521 16,352 Net In¢omlng/{out8oln81 resources 158,737 11,7621 687,157 844,132 1905,2301 Other recognised gains and losses Revaluation of tangible fixed assets 1288,3331 Net movement In funds 158,737 11,7621 687,157 844.132 11,193,563) Fund balances at l January 2023 761,876 141,173 9,672,272 10,575.321 11,768,884 Fund balan¢e5 at 31 December 2023 920,613 139.411 10,359,429 11,419,453 10,575,321 14-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER STATEMENT OF FINANCIAL AcfiviTIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Prior financial year Unrestricted Deslgnated Endowment funds funds fvnds 2022 2022 2022 Total 2022 Notes Income from: Donations and Grants recelved Charitable activities Almshou5e5 Income Oken's Feast Investment Income 224,OCK) 224.000 68,781 3,960 269,480 68,781 3,960 273,099 3,619 Total income 566,221 3,619 569,840 Ex enditure on: Raising funds 1,954 14.287 16,241 Charrtable activitie5 Almshouses management Grants payable 46,196 201,530 49,643 95.839 201.530 Total charitable expenditure 247,726 49,643 297,369 Governance and Admlnistratlon 12 48,208 48,208 Total resources expended 297,888 49,643 14,287 361,818 Net gains/llossesl on inve5tment5 13 148,1091 116,1781 11,048,965) 11.113,2521 15-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER STATEMENT OF FINANCIAL AcfiviTIES {CONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2023 Unrestricted Designated Endowment funds funds funds 2022 2022 2022 Total 2022 Notes Net incomin8/loutgoingl resources before transfers 220.224 162,2021 11,063,252) 1905.2301 Gross transfer5 between funds 154,1171 54,117 Net incominglloutgoingl resources Revaluatlon of tangible fixed assets 166,107 18,0851 11,063.2521 1905,2301 1288,3331 1288,3331 Net movement In funds 166,107 18,0851 11,351,585) 11,193.5631 Fund balance5 at l JanLtary 2022 595,769 149,258 11,023,857 11,768,884 Fund balances at 31 December 2022 761.876 141.173 9,672,272 10.575,321 16-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER BALANCE SHE AS AT31 DECEMBER 2023 2023 2022 Note5 Fixed assets Tangible assets almshouses Investment property- Oken's House Investments 14 15 16 883,065 400,000 9,591,113 895,000 400.000 8,848,883 10,874,178 10,143,883 Current assets Debtors Cash at bank and in hand Cash deposit accounts 18 32,789 48,512 515,376 213,667 97,103 155,376 596,677 466,146 Creditors: amounts lalllng due wlthln one year 19 151.4021 134,7081 Net current assets 545.275 431,438 Net assets 11,419,453 10.575,321 The funds olthe Charity Endowment fund5 Unrestricted funds- general Unrestricted funds- Designated 10,359,429 920,613 139,411 9,672.272 761,876 141,173 21 11,419,453 10,575,321 The financial statements were approved by the Trustee5 on Mr C Mason (Chairman) Trustee Mrs J mahall Trustee 17-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash generated from/lab50rbed by) operations 27 3,571 1245,9571 Investin8 artivities Purchase of investments Proceeds from disposal of investments Investment income received 1158,5951 199,929 291,673 1727,6091 639.288 273,099 Net ¢a$h 8enerated from investing actlvities 333,007 184,778 Net cash used In flnancing activitie5 Net increase/(decreasel In ¢ash and <ash equivalents 336,578 161.1791 Cash and cash equTvalents at beginning of year 358,507 419,686 Cash and cash equivalents at end of year 695,085 358,507 Relatln8 to: Cash at bank and in hand Cash deposit accounts Short term deposits Included in current asset investments 48,512 515,376 97,103 155,376 131,197 106,028 18
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Charity Infom7atlon The Charity of Thomas Oken and Nicholas Eyffler is an unincorprated charity governed by a Scheme sealed on 18 July 1988, a Supplemental Clause sealed on 9 October 1990 and a resolution passed 28 January 2021. 1.1 Ac¢ountlng convention The financial statements have been pPared in accordance with the Charity's 8overnlng document, the Charitie5 Art 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Iharitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20191. The Charity is a Public Benefit Entity as defined by FRS 102. The financial ststements have departed from the Charltles (Accounts and Reports) Regulations 21x18 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Prartice which is referred to In the Regulations but which has since been withdrawn. The financial 5tatement5 are prepared in sterlin& which Is the functlonal currency of the Charity. Monetary amounts in these financial statements a rounded to the nearest £. The financial Statements have been preparetl under the historical cost convention, modified to include the revaluation of freehold propertie5 and to include the investment property and certain financial Instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reè50nable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern ba515 of accounting in pparIng the financial 5taternents. 1.3 Chartable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Designated funds are set aside to meet property costs during void periods, exceptional and uninsured expenses relating to the Almshouses. The fijnds of the charity include restrlcted funds whlch under the provisions of the Charity's GoveminB Instruments It must maintain or which represent unexpended balances of donatlOfF5 and grants held on trust for specific purposes. 19-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountin8 policies (Continued) Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity. Income arising from these assets is transferred to the general nd. 1.4 Income Grant income is recogni5ed when the Charity is legally entitled to it after any performance conditlOllS have been met, the amounts can be measured reliably, and it is probable that income will be received. Rental income ts accounted for In the period to which it relates. All investment income excluding deposlt interest is shown on the basis of amounts ceIVable in the vear and includes any tax credkt or income tax which is recoverable by the chartty. Dep051t interest IS shown on the basis of amounts credited in the year. 1.5 Expenditure Expenditure is accounted for on an accruals basi5. Grant5 are paid out in accordance wrth the charity's stated objective5. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment10sse5. Depreciation is recoEnised $0 as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases- Almshouses 50 years straight line Freehold land totallinB £298,26612022- £298.2661 is not depreciated. The gain or105s arising on the disposal of an asset Is determined a5 the drfFeTence between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Investment property Investment property, which is property held to earn rentals andlor for capltal appreciation, is initially cognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation 15 recognised in the stalement of financial activities. 1.8 Flxed asset in¥estment5 Fixed asset investments are initially measured at transartion price excluding transaction costs, and a subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incUrd. -20-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TOTHE FINANCIAL STATEMENTS (Co1lNUED> FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies {Continuedl 1.9 Impairment of fixed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there 15 any indication that those assets have Suffered an impairment loss. If any such indlcatlon exists, the recoverable amount of the asset 15 estimated in order to determine the extent of the impairment loss lif anyl. 1.10 Cash and ¢a$h equIdIentS Cash and cash equNalents 1nclude tash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three monihs or less, and bank overdrafts. 8ank overdrafts are shown within borrowings in current liabilitie5. 1.11 Financial instruments The Charity has elected to appfy the provisions of Section 11 'Basic Financlal Instruments, and Section 12 '0ther Financial Instrument515sue5' of FRS 102 to all of its financial instruments. Financial Instruments are recognised in the Charity'5 balance sheet when the Charity becomes paty to the contractual provisions of the instrument. Financi?1 assets and liabilities are offset, with the net amounts presented in the financial 5tatementS, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basicfinancial assets Basic financial a55ets. which include debtors and cash and bank ljalances. are initially measured at transaction price including transaction c05t5 and are subsequently carried at amortised cost using the effective interest rnethod unless the arrangement Constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 8asicfinondol Iljbllltles Basic financial liabilities, including Creditors and bank loans are initialty recogni5ed at transaction price unless the arrangement constitutes a financing transaction, where the debt instrumenl is measured at the present value of the future payments discounted at a market rate of inteTe5t. Financial liabilities ¢la55rfied a5 payable within one year are not amort15ed. Debt instrument5 are subsequently carried at amortlsed c05t, Using the effertive interest rate method. Creditors are obligations to pay for good5 or Services that have been acquired in the ordinary course of operations from stsppliers. Arnount5 payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Creditors are recognised initialty at transattion price and subsequently measured 3t arnortised cost uslng the effective interest method. 21
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (coriNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Derecognitioft oAfinancialliobilitses Flnancial liabilities are derecogni5ed when the CharItS contractual obligations expire or are d15charged or cancelled. Critital ac<¢untin8 e5timale5 and judgements In the application of the Charl$ accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilitie5 that are not readily apparent from other sources. The estimates and assoclated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing ba515. Revisions to accountin8 estimates are recognised in the period sn which the estimate 15 revised where the revision affects onlv that perlod, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estlmatlon uncertalnty l. Freehold and investment property valuallons The tTU5tees use key estimate5 and judgements in determining the fair value of the Investment property and the freehold properties held al each year end. Grants and donations received 2023 2022 Donatlons and 81fts Gift Aid from subsidiary Grants received Warwick Relief in Need Warwick United Charities Warwick Provident Charity King Henry Vlll 189,500 184,0 lo,0 10,000 5,000 5,000 20,000 20,000 229,500 224,0Th) Grant5 of £40,00012022.. £40,0001 were received from other WaTwick charities lo support the MIND Active MonitorinB in Warwick project. -22-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltsble activities Alm5house5 Inrn Oken's F•att Almsho5¥ In¢tynt OIEn'5Fe45t 2023 2021 2023 2011 2022 ZO2Z Income within charitable activities 67,741 6,675 74,416 68,781 3,960 72,741 Investment income UnTe5tricted Unrestrirtpd funds funds neral Designated 2023 2023 Totsl Unre$trl¢ted Unrestricted fvnds lunds general Desl8nated 2022 2022 Total 2023 2022 Rental income Income from listed investments Income from unlisted investments Interest receivable 16,500 16.500 15,1)Xl 15,OC(I 83,064 83,064 79,937 79.937 176.752 11,724 3,633 180,385 11,724 173,592 951 3,619 177,211 951 288,040 3,633 291.673 269,480 3,619 273,099 Investment income derived from Endowment fund investments is taken to general unrestricted intome funds. Expendlture on raising funds Unrestrirted Endowment fund5 funds 2023 2023 Total Unrestricted Endowment funds funds 2022 2022 Totsl 2023 2022 Investment management 2,337 17.672 20.c9 1,954 14,287 16,241 -23-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS IcoKfiNUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditu 011 rai5in8 fund5 Icontinued) Investments held and managed by CCLA are subject to central fund management charges which are not specific311y allocated to the individual charities invested in thelr funds. The CCLA current published rate of fund management charge 15 0.68% and 0.9% for on8oinB charges. Charitable activities Almshouses management Grants poyable Total 2023 Total 2022 DepClatIon and Impairment General repairs & refurbishment Insurance 11,935 70,381 4,029 542 11,935 70,381 4,029 542 68,959 4,341 550 3,168 3,180 4,288 Light and heat Maintenance of gardens Water rates and charge5 Miscellaneous expenses Resident's Christmas gifts Oken's feast Advertlsing 4,385 3,630 3.542 5,5 9.123 378 4,385 3,630 3,542 5,51KJ 9,123 378 5,353 113,445 113,445 95,839 Grant funding of attfvlties (see note 91 336.215 336,215 201,530 113,445 336,215 449,660 297,369 Residents, Christmas gifts amounting to £5,500 12022 - £6,000) were paid in reco8nttion of the continuing cost of living situation. -24-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Net movement in funds 2023 2022 The net movement in fund5 is stated after charging/lcreditingl-. Fees payable to the charitvs auditor.. for the audit of the charity'5 finaneial 5tstement5 for other financial services for depreciation of owned tangible fixed a55et5 8,760 15,600 11,935 8,400 16,000 Grants payable 2023 2022 Grants to instltutlons.. Myton Hospice South Warwickshire & worcestershi Mind Ltd South Warwickshire Citizens Advice Bureau Warwick5hire Care Services Warwickshire College Group Parenting Project Warwick Independent School Foundation Lord Leycester Hospital Home-start South Warwick5hire 48,727 97.039 37,291 48,189 10.0 47.149 5(K) 25,000 17,320 32,693 94,609 28,960 43,768 1,500 331,215 201,530 One-off individual grant 336,215 201,530 10 Trustees None of the Trustees lor any persons connerted with them? received any remuneration or benefits from the Charity during the year12022-. none). One trustee was reimbursed expenses for Oken Feast costs of £30 during the year12022'. One trustee reimbursed- £4971. -25-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Employees There were no employees during the year. 12 Govemance and Administration 2023 2022 Audit fees Clerk's fees and expenses Accountancy fees Legal and professional fees 8,760 14,600 15,600 1,223 8.400 17,6C 16,0(K) 6,208 40,183 48,208 -26-
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THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEM8ER 2023 14 Tangible fixed ossets JthDU5es Cost or valuation At l January 2023 895,OCKI At 31 December 2023 895,OCrf) Depre¢latlon and impairment Depreciation charged in the year 11,935 At 31 December2023 11,935 Carrying amount At 31 December 2023 883,065 At 31 December 2022 895.OL)O Guild Almshouses and Castle Hill Almshouses land and buildings were valued by the Trustees. having sought pmfessional advice by way of an independent valuation undertaken by Godfrey-Payton Chartered Surveyors on 30 Septembef 2022 and 5 October 2022 respectively and are included at an 'E¥isting Use Value, valuation. At 31 December 2023, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment 105ses, their carrying amount would have been approximately £74,03012022 £74,030). The original Almshouse properties were grfted io the charitv, so there is no historical cost. 15 Investment priwerty 2023 Fair value At l January 2023 and 31 December2023 400,000 The Thomas Oken Tea Rooms have been designaled as an investment property, and consequently no depreciation charge is considered necessary. The TTU5tees revaluated the investment property to a market value of £400,000 based on an independent valuation obtained by Godfrey Peyton Chartered SuTheyors on 7 November 2022. They have reviewed this valuation and they consider this valuation to still be representative of thelrfair value as at 31 December 2023. The Thomas Oken House was donated by Sir Thomas Oken hence there 15 no historical cost. -28-
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THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Other investments comprise: Notes Investments in subsidiaries 25 Fixed asset investments revalued Historical cost of listed investments amounted to £2.744.47212022.' £2,790,352) 17 Flnanclal InrUments 2023 2022 Carrying amount of Ilnan¢lal assets Equity Instruments measured at fair value through profrt or loss 9,591,113 8,848,883 18 Debttxs 2023 2022 Amounts fallln8 due wlthln one year: Trade debtor5 Amounts owed by subsidiary undertaking5 Prepayments and accrtjed income 4,429 6,130 5,070 202,467 28,360 32,789 213,667 Included in accrued income 15 £nil 12022.- £184,000) due from the subsidiary company under the terms of its Deed of Covenant. 19 Creditors: amounts falling due withln one year 2023 2022 Trade creditors Accruals and deferred income 14,724 36,678 2,749 31,959 51,402 34,708 Accruals and defeired income include deferred income is respect of grants received in advance amounting to £10,38412022.. £10.3841 30-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Endowment funds At l January 2023 Resources expended Transfers Gains and losses At31 December 2023 Pernianent endowments Permanent endowment 3,377,696 125,4741 2,640 155,872 3,510,734 Expendable endowments Expendable endowment 6,294,S76 14,1331 12,6401 560,892 6.848.695 9,672,272 129,6071 716,764 10,359,429 Prevlous year: At l January 2022 Resources expended Trnnslers Gains and losses At31 December 2022 Permanent endowments Permanent endowment 3,908,873 114,2871 1516,8901 3.377,696 Expendable endovnnents Expendable endowment 7,114,984 1820,4081 6.294,576 11,023,857 114.2871 11,337,298) 9,672,272 Endowment fijnds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objec15 of the Charity and is included as unrestricted income. Any capital gains or losses arislng on the assets form part of the fund. The Trustees have set aside an amount of reserves, mainly arislng from the donations received from its tradinB subsidiary cornpany. which are now Served for investment in the long term capital base of the charity to enable future generations to continue to benefit from its charitable activttles. The fund may only be expended in line with the provisions of the Governing Oocument. 31
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL sfATEMENTS {coMfiNUED) FOR THE YEAR ENDED 310ECEM8ER 2023 Zl Unrestrlrted funds- Designated The income funds of the charity include the following designated funds which have been set aside out of unrestritted funds by the trustees for specific purposes: At l January 2023 InwminB resources Resources expended Transfers Galns and losses At31 December 2023 Major Refurbishment Fund 141,173 3,633 132,8841 16,352 11.137 139,411 Previou5 year: At l January 2022 In¢omln8 resouTce5 Resources expended Translers Gains and 10s5es At31 December 2022 Major Refurbishment Fund 149,258 3,619 149,6431 54,117 116,1781 141.173 During the year, transfers amounting to £16,35212022 - £54,117) were made from unrestrirted funds bank actounts to the Repair Fund which 15 held as a designated fund. This transfer was made toward5 the costs of refurbishing the Almshouses. 22 Unrestrirted fvnd5 At l January 2023 Incoming resources Resources expended Tran5fer5 Gains and losses At31 DKember 2023 General funds 761,876 591.956 1447.3611 116,3521 30.494 920,613 -32-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 22 Unrestrirted funds Icontlnuedl Prevlous year.. At l January 2022 Inc*)ming resources Resources expended Tronsfers Gains and losses At31 Oecember 2022 General funds 595,769 566,221 1297,8881 154.1171 148,1091 761,876 During the year, transfers amounting to £16.35212022 £54,1171 were Made from unre5trirted funds bank a¢counts to the Repair Fund which is held as a designated fund. This transfer wa5 made towards the costs of refurbishing the Almshouses. 23 Analysls of net assets between funds Unrestrlcted Unrestricted Endowment fvnds funds funds general Desl8nated 2023 2023 Total 2023 2023 At 31 December 2023: Tangible assets Investment properties Investments Current assets1lliabiif(iesl 883,065 400,O¢JO 9,079,893 13.529} 883,065 400,OCK] 9,591,113 545,275 378,890 541,723 132,330 7,081 920,613 139,411 10,359,429 11,419,453 Unrestricted Unrestrirted Endowment funds funds funds general Designated 2022 2022 Total 2022 2022 At 310ecember 2022: Tangible assets Investment propertles Investments Current assetsllliabilitiesl 895,10 400,000 8,377,261 li 895,0(Xl 400,000 8,848,883 431,438 350,429 411,447 121,193 19,980 761,876 141,173 9,672,272 10,575.321 -33-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 Related party transactions Gift Aid income amounting to £189,50012022: £184,000) was receivable from the Charity's sub51diary company in the year. Gift Aid payrrents still outstanding at year end were £nil12022.. £184,LKOI. During the previous year, the tharity made loans to the subsidiary amounting to £5,070. During the year, this loan was repaid in full and the balance owing as at 31 December 2023 was £nil 12022: £5,0701. 25 Subsidlarles The charity 15 the beneficial owner of Oken Eyffler Limited (Re8. No. 084855681, by virtue of its lOO% holding of the company's i$5ued Share capital which was set up io hold, develop and sell land. Detai15 of the Charity's subsidiarie5 at 31 December 2023 are a5 follows.. Name of undertaking Registered office Nature of buslness Class of % Held shares held Direct Indlrert Oken Eyffler Ltd UK Land developrnent Ordinary share ioo.c 26 Analysss of changes In net fund5 The Charity had no debt during the year.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 27 Cash generated from operation5 2023 2022 Surplus/ldeficitl for the year 844,132 1905,2301 Adju5tment5 for: Investment income retognised in slatement of financial activitles L0$5 on di5P05al of irive5trnent5 Fair value gains and1055e5 on investrnent properties Fair value gains and losses on investments Depreciation and impaimient of tangible fixed as5etS 1291,6731 2,153 1273,0991 86,878 I50,0) 1,076,374 1760,5481 11.935 Movements In working capital.. Decrease/lincreasel in debtors Increase/ldecreasel in creditors 180,878 16,694 1161,2951 119,5851 Cash generated from/labsorbed by) operotlons 3,571 1245.9571 35-