Charity registration number 216829 (England and Wales) THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER LEGAL AND ADMINISTRATIVE INFORMATION Co-opted Trustees: Mr C R Mason Ichairman) MrT R Brown Mr S Hatton Mr P Beddoes Mrs K Skudra Mrsj Marshall Mrs A White Mr T Morris Dr N Sharma Mrs B Burton Nominated Trustees Cllr P Wightman Cllr J Sinott Ex-officio Trustee Mayor of Town of Warwick- Cllr O Jacques Iresigned May 20241 and Cllr D Skinner (appointed May 2024 and resigned May 20251 and Cllrj D'Arcy (appointed May 20251 Charity number 216829 Principal addres5 CIO Moore & Tibbits 34 High Stet Warwick Warwickshire CV34 4BE Clerk to the Charity Mrj B Williams Auditors Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Bankers Lloyds TSB Bank plc 10-12 Swan Street Warwick CV34 4BT Solicitors Moore & Tibbits 34 High Street Warwick CV34 4BE
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER LEGAL AND ADMINISTRATIVE INFORMATION Investment Advisors Quilter Cheviot Provincial House 37 New Walk Leicester LEI 6TU CCLA Fund Managers Limited Senator House 85 Queen Victoria Street London EC4V 4ET
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER CONTENTS Page Trustees, report Independent auditor's report 10-13 Statement of financial activities 14-17 Balance sheet 18 Statement of cash flows 19 Notes to the financial statements 20-37
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and financial statements for the year ended 31 December 2024. 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 governing document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effettive l January 2019}" Objectives and activities The principal objects of the Charity are firstly the provision and maintenance of Almshouses for residents who are poor persons who lexcept special cases to be approved by the Charity Commission) are either residents or former residents of the Town of Warwick or who have a long standing association with the town and secondly relieving either generally or individually persons resident in the Town of WaNick who are in conditions of need, hardship or distress. The Charity has a wholly owned charitable subsidiary company, Oken Eyffler Limited which was incorpordted on 12th April 2013 under Registration No. 08485568. This company wa5 formed to pursue the development of investment land with the intention that any profits therefrom can be gifted to the Charity to enable it to pursue its charitable objectives and the company entered into a Deed of Covenant to that effect in November 2020. Public benefit The trustees are satisfied that the Charity's aims are charitable, and that its activities are consistent with those aims. The trustees have referred to the guidance contained in the Charity Commission's general and supplementary guidance on public benefit in their decision making throughout the year. The trustees are satisfied that the opportunity members of the public have to benefit from the Charity's activities is not unreasonably restricted. As well as providing benefit in terms of social housing needs, the Charity's grant making activities also benefit those in need both in the short and longer term by directing grants towards sustainable projects. 5trurture, governance and management The full name of the Charity is The Charity of Thomas Oken and Nicholas Eyffler" constituted originally pursuant to a Deed of Settlement by Thomas Oken made in 1571 and now governed by a Charity Commission of England and Wales Scheme sealed on 18 July 1988, as amended by {11 a scheme dated 9 Ottober 1990, (21 a resolution of the Trustees dated 24 November 2016 and131 resolutions of the Trustees dated 28 January 2021. The Governing Instruments contain specific provision and restrictions on the application of the income and of the management of the properties and funds of the Charity. The Charity have also adopted a comprehensive set of policies and procedures to assist with governance and management. The Governing instruments determine that the Trustees Board shall be made up as follows".
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Ex-officio Trustee The Ex-officio Trustee shall be the Mayor for the time being of the Town of Warwick. 2 Nominated Trustees 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 Council of Warwick. 10 Co-o ted Trustees The Co-opted Trustees are persons who through residence, occupation. employment or otherwise have special 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 applicants, and for general management of Charity assets. In addition, there were several meetings of Sub-committees appointed by the Trustees to deal with specific matters concerning the Charity and to report back with recommendations to the Trustees. The induction process for a new Trustee is as 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 wrrte 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 forthe new Trustee to become familiar with the workings of the Charity. Declaratlon as Trustee No person is entitled to act as a Trustee whether on a first or on any subsequent entry into office until signing a declaration of acceptance and willingness to act in the Trusts of the scheme. Achievements and performance The Charity has had a successful year again, with results very close to the annual budget forecast. No gift aid was ceiVed during 2024, in line with expectations, but the Charity achieved the forecasted investment income and Almshouse income enabling it to continue to fund successful existing grant projects and to commence some exciting, new partner projects.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 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 residents, monthly contributions. The Trustees continued their policy of maintaining these properties in good repair and providing accommodation at affordable cost. The windows at the front of Guild Cottages were replaced in summer 2020 and the rear windows We completed in summer 2021. The refurbishment of bathrooms and kitchens 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 budgeting. This has resulted in significantly lower expenditure on the Almshouses this year with just routine maintenance required. The frve year rent review 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 Policies and Procedures. Grant making We are still not seeing a redurtion in the numbers of "people in need" in the town of Warwick. As a result in 2024, the charity awarded the highest value of grants in the Charity's long history. All of these grants were for three year5 {5ubject to performance) and with inflation will be worth just over £1 million over this period. The Charity could not have done this without the sale of land for development in 2018, this land having been purchased in 1773. Many of our projects are now in their mid-run phase, subject to the usual six monthly review process. The mental health project. GAMME {Groups. Active Monitoring and Mentoring) focused on children and young people was agreed with MIND and launched in July 2023. The three year Family Wellbeing programme with the Parenting Project Charity supporting young families continues until August 2026. The Citizens Advice Reach Out at Home project, focusing on financial problems, a major cause of distress. has been a great success and continues until January 2026 and the Homestart Charity grant, providing support to parents from pre natal to 5 years old, also continues until May 2026. The one year trial of prescribing nurses supporting Hospice at Home by Myton Hospice commenced in May 2023 continues to experience some problems with a lack of referrals from the local NHS Hospital. Senior executives of the hospital and the hospice are working with the Trustees on a solution and the project 15 under regular review. A new three year grant was awarded to the 5afeline Charity, which will provide support to young people in Warwick suffering under sexual violence. The first six months of the project have been very encouraging. A new three year project was commenced in October 2024 with Warwick - A Singing Town, to provide all Warwick residents with acce55 to singing and choral opportunities to promote better mental health and wellbeing. The Charity also continue to fund a three year grant for a musician/singer to play at least three days a week at a local Care Home.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Warwickshire College Group Bursary programme also continues until August 2026. The prlncipal 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 Grants Committee have been clear to all partners that they would not want the recent changes to running costs, with increases in National Insurance and minimun wage, to put any of the projects at risk and there is contingency in the 2025 budget to support them. Financial review The Charity recorded a defictt for the year of £8,16512023 surplus of £85.7371, which was very close to budget. In line with expectations, it received no Gift Aid income this year12023 £189.5001 from its subsidiary company. It reported a gain on investment values during the year amounting to £269,456 {2023 gain of £758.395) which was below, but not significantly, the market comparators. Investment income held up well which has enabled the significant expenditure on grants to continue. Due to the structure of these grants supporting three year projects, five year forecasts are produced and regularly VIewed. This gives the trustees confidence in the healthy state of the charity's finance5 and the ability to award substantial grants in accordance with the charity's objective in addition to maintaining the Almshouses in a very good condition. In conclusion. the Charity's total assets less current liabilities are £11,680,7441£11,419,453 at 31 December 20231.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves policles The Charity currently holds Permanent Endowment Funds amounting to £3,578,20612023.' £3,510,734). These reserves arise from the original capital bequeathed to the Charity and are non-expendable. They are maintained primarily in Freehold properties and long-term investments and any income which is 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 Permanent Endowment fund, which at 31 December 2024 amounted to £7,009,14212023 £6,848,695). This fund may be used to invest in the long term capital base of the charity to ensure its continued ability to serve its beneficiaries, subject to the restrictions as set out in the Charity's constitution. 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 2024 stood at £143,893 {2023 £139.4111. The Charity's policy for the maintenance of unrestricted funds, which are free reserves of the Charity, is to ensure. in the event there is a loss of income, that the Charity has retained sufficient reserves which would enable it to continue meeting the costs of operating the Almshouses and the Charity as well as continuing to provide a level of grant funding for a period of at least 12 months. The Trustees consider that, based on current expenditure levels, an appropriate level of unrestricted reserve would amount to £500,000. The policy will be Subject to regular review by the Board of Trustees to ensure it remains appropriate for the Charity and its beneficiaries. At 31 December 2024. the Charity held £949,503 of unrestricted reserves 12023 £920.6131. The Trustees noted that the current level of unrestricted reserves exceeds the level recommended by their reserves policy. They have considered this when carrying out their review of the Charity's 5 year plan and are taking Steps to increase grant payments in order to reduce the reserve level within the foreseeable future. Investment policy The strategic approach of the Charity towards investment is 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 investment5. commercial property and land with mediumllong term development potential. The investment policy 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 ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Mana ed stock Market investments A significant proportion of the funds available for investment is held in managed stock market investments and so represents the principal investment activity of the Charity. The Charity has two appointed investment managers who are responsible for managing stock market investments on a discretionary basis for the Charity. The investment policy 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 income) of inflation plus 3.5% with a medium term objective of 6% - The financial markets performed well in 2024. Generally. in developed economies interest rates started to fall as inflation declined. Much of the 2024 performance was underpinned by the seven largest Tech companies which, in itself, was a concern. Donald Trump was elected President of USA in the autumn of 2024 and his threat5 of tariffs with a potential trade war caused concern to the financial markets. The first few months of 2025 has seen significant volatility in the markets as Donald Trump's threats of tariffs became a reality. The Charity's investment manager5 performed below their respective comparators in 2024 but did produce total returns of 6.3% and 5.0% respectively. CPI for the year was 2.6%. The investment managers remain confident that the investment objectives of the Charity are achievable within the 10 year time horizon. The Charity will carry out an independent review of the performance of the investment managers in 2025 in accordance with the policy of the Charity. Commercial Pro The Charity owns the Thomas Oken Tea Rooms in WaiCk and has further indirect commercial property interests through the managed stock market investments. The Charity will consider further suitable commercial property investments either direct or indirect so that the total funds invested do not represent more than 30% of the total funds of the Charity available for investment. Any such investment will be medium to medium/high risk profile. Land The Charity will consider investing in land with medium to long term capital growth potential although recognising that income returns can be as low as 1% in the shorter term. To avoid significant impact on the income of the Charity any such investment will not exceed 20% of the total funds of the Charity available for investment. Mana ement of the Investment Poli The Finance Committee are responsible for the day-to-day management of the investment5 and have authority to make and implement decisions relating to investments and agreeing Statements of investment policy with investment managers subject always 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 Finance Committee report on investment performance on a quarterly basis to the Board of Trustees.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Key risks and uncertaintles The Trustees regularly consider the major strategic, business and operational risks which the Charity faces so that they can confirm that systems have been established to enable regular reports to be produced and the necessary steps taken to mitigate such risks. The Charity maintains a risk register which is reviewed annually by the Trustees. Given the nature of the activities of the Charity the Trustees consider that there are two key risks for the Charity as follows: Unexpected major repairs and/or dilapidations of properties owned by the Charity some of which date back to the 16th century. 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 inspection every five years informs the Committee of likely future maintenance/repair requirements. Unexpected loss of value and/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 carries appropriate cash reserves. Accordingly it Is well placed to withstand losses in value and/or income and to continue its normal activities. Fundraisin Polic The charity does not engage in fundraising activities directly with the general public or through third party professional fundraisers and therefore has received no fundraising complaints during the year.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for the Future The Charity has medium/long term strategy which is updated annually and reviewed every three years; the next review will take place in 2026. 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 continuation this year of Homestart supporting the prenatal to five year age group and prescribing nurses for Hospice at Home plus this year's new partnerships and grants with the Safeline Charity and Warwick Independent Schools Foundation the Charity's grant strategy is virtually complete for the next couple of year5. The Charity continues to work very closely with the senior Management at the local NHS Hospital, Medical Centres, Care Homes. Hospice5, Schools, Colleges and specialist charities to improve the care and education currently provided which will determine the charity's grant strategy beyond 2026. This work has recently resulted in the Charity awarding a grant of £200,000 in January 2025 to a newly formed Warwick Charity {Project Pools Charity} over a three year period towards the cost of building a new community centre at a total cost of £2 million. This grant will be paid from unrestricted endowment. Statement of trustees, responsibilities The Trustees a responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 (Untted Kingdom Generally Accepted Accounting Practice}.
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Audltor During the year Burgis & Bullock, Chartered Accountants, were reappointed as auditors to the Charity and Group. Disclosure of information to auditor Each of the Trustees has confirmed that there 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 establish that the auditor is aware of such information. The trustees, report was approved by the Board of Trustees. Mr C Mason (Chairman) Trustee Dated: A! Mrs J Marshall Trustee
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 (the 'Charity') for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the yearthen ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) 11SAs IUKI} and applicable law. Our responsibilities under those standard5 are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audtt of the financial statement5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities 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 relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's abilFty to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 10-
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 Other information 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 report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wlth the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports} Regulations 2008 requires us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees, report: or sufficient accounting records have not been kept; or the financial staternents are not in agreement with the accounting records. or we have not received all the information and explanations 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 satisfied that they give a true and fair view, and for such internal control as the Trustees 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 assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so. Auditor's SponSibl11t1es for the audit of the financial statements We have been appointed as auditor 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 obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision5 of users taken on the basis of these financial statements. 11
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 Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud. 15 detailed below. We gained an understanding of the legal and reEulatory framework applicable to the charity and the sector in which it operates and assessed the extent of compliance with these laws 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 Charities 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: Identifying and assessing the design effectiveness of controls in management have in place to prevent and detect fraud. Challenging assumptions and judgments made by management in their significant accounting estimates and assessing if these indicate evidence of management bias; Reviewing the accounting records for large and unusual journal entries and testing any identified and in particular the rationale for any transactions outside the charity's normal course of activity. Reviewing the accounting record5 for large and unusual bank payments and testing any identified and in particular the rationale for any transactions which appear to be outside of the charity's objectives. Testing a sample of debit entries in the profit and loss account to check they are bona-fide costs in accordance with the charity's objectives. Testing for the existence of related party transactions and confirming identity of relevant parties with Trustees. Making enquiries of those charged with governance as to any instances of non-compliance with laws and regulations. Reviewing minutes and correspondence for evidence of non-compliance with key laws and regulations. Because of the inherent limitation5 of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions 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 responsibilities is available on the Financial Reporting Council's website at: httPS://www.frc.org.uVauditorsresponsibilities. This description forms part of our auditor's report. 12-
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 ol our report This report is made solely to the charlty's trustees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required 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 responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Fkth?a Wende Hubbard FCCA (Senior Statutory Auditor) For and on behalf of Burgis & Bullock, Statutory Auditor Chartered Accountants 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Date: £L.S.Jl 2cas Burgis & Bullock is eligible for appointment as auditor of the Charity by virtue of it5 eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 13-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Current financial year Unrestrictsd Designated Endowment lunds funds funds 2024 2024 2024 Total Total 2024 2023 Notes Income from: Donations and Grants received Charitable activities Almshouses Income Oken's Feast Investment income 39,617 39,617 229,500 73.692 73,692 67,741 6,675 291,673 305,305 3,684 308,989 Total income 418,614 3,684 422,298 595,589 Ex enditure on: Raising funds 2,915 15,187 18,102 20,009 Charitable activities Almshouses management Grants payable 38,433 316,223 2.191 11.935 52,559 316.223 113,445 336,215 Total charitable expenditure 354,656 2,191 11.935 368,782 449,660 Governance and Administration 12 43,579 43,579 40.183 Total resources expended 401,150 2.191 27,122 430,463 509,852 Net income for the year 17,464 1,493 {27,122} (8,1651 85.737 Net g3ins/(Ios5esl on investments 13 12,624 2,989 253.843 269.456 758,395 14-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Designated Endowment funds funds funds 2024 2024 2024 Total Total 2024 2023 Net incomlng resources befo transfers 30,088 4,482 226,721 261,291 844,132 Gross transfers between funds 11,1981 1,198 Net movement in funds 28,890 4,482 227,919 261,291 844,132 Fund balances at l January 2024 920,613 139,411 10,359,429 11.419,453 10,575.321 Fund balances at 31 December 2024 949,503 143.893 10,587,348 11,680,744 11,419,453 15-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER STATEMENT OF FINANCIAL AcfiviTIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Prlor financial year Unrestrlcted Designated Endowment funds fijnds funds 2023 2023 2023 Total 2023 Notes Income from: Donations and Grants received Charitable activities Almshouses Income Oken's Feast Investment income 229,500 229,500 67,741 6,675 288,040 67,741 6.675 291.673 3,633 Total income 591,956 3.633 595,589 enditure on: Raising funds 2.337 17,672 20,009 Charitable activities Almshouse5 management Grants payable 68,626 336,215 32,884 11,935 113,445 336,215 Total charitable expenditure 404,841 32.884 11,935 449,660 Governance and Administration 12 40,183 40,183 Totsl resources expended 447,361 32.884 29,607 509,852 Net gains/{lossesl on investments 13 30.494 11,137 716,764 758,395 16-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Designated Endowment funds funds funds 2023 2023 2023 Total 2023 Notes Net incoming resources before transfers 175,089 {18,114) 687,157 844,132 Gross transfers between funds 116,3521 16,352 Net movement in funds 158,737 {1,762) 687,157 844,132 Fund balances at l January 2023 761.876 141.173 9,672,272 10,575,321 Fund balances at 31 December 2023 920,613 139,411 10,359,429 11.419,453 17
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER BALANCE SHEET ASAf31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets - almshouses Investment property- Oken's House Investments 14 15 16 871,130 400,000 10,069,497 883,065 400,000 9,591,113 11,340,627 10,874,178 Current assets Debtors Cash at bank and in hand Cash deposit accounts 18 52.281 108,383 250,376 32,789 48,512 515.376 411.040 596,677 Creditors: amounts falling due within one year 19 170,923) 151,402) Net current assets 340.117 545,275 Net assets 11,680,744 11.419,453 The funds of the Charity Endowment funds Unrestricted funds - general Unrestricted funds- Designated 20 22 21 10,587,348 949,503 143,893 10,359.429 920,613 139,411 11,680,744 11,419.453 The financial statements were approved by the Trustees on .s.[.107./2S Mr C Mason IChairman} Trustee Mrs J Marshall Trustee 18-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash (ab50rbed by)/generated from operations 27 {305,190) 3,571 Investing activities Purchase of investments Proceeds from disposal of investment5 Investment income received 1568,7211 358,549 308,989 1158,595) 199,929 291,673 Net cash generated from investing activities 98,817 333,007 Net cash used in financing activities Net {decrease)/increase in Cash and cash equiwalents {206,373} 336.578 Cash and cash equivalents at beginning of year 695,085 358,507 Cash and cash equivalents at end of year 488.712 695,085 Relating to: Cash at bank and in hand Cash deposit accounts Short term deposits included in fixed asset investments 108,383 250.376 48,512 515,376 129,953 131,197 19-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information 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 Accounting conventlon The financial statements have been prepared in accordance with the Charity's governing document, the Charrties Act 2011. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FR5 102.1 and the Charities SORP Accounting and Reporting by Charities: 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 IFRS 1021" (effective I January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 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 Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties 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 reasonable 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 basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objettives. Designated funds are set aside to meet property costs during void periods, exceptional and uninsured expenses relating to the Almshouses. The funds of the charity include restricted fund5 which under the provision5 of the Charity's Governing Instruments it must maintain or which represent unexpended balances of donations and grants held on trust for specific purpose5. 20-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Endowment funds a subject to specific conditions by donors that the capital must be maintained bv the Charity. Income arising from these assets is transferred to the general fund. 1.4 Income Grant income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Rental income is accounted for in the period to which it relates. All investment income excluding deposit interest is shown on the ba515 of amounts receivable in the year and includes any tax credit or income tax which is recoverable by the charity. Deposit interest is Shown on the basis of amounts credited in the year. 1.5 Expenditu Expenditure is accounted for on an accruals basis. Grants are paid out in accordance with the charity'5 stated objectives. 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 impairment losses. Depreciation is Cognised so as to write off the cost or valuation of assets le55 their residual values over their useful lives on the following bases: Almshouses 50 years straight line Freehold land totalling £298,266 (2023 - £298,266) 15 not depreciated. The gain or loss arising on the disposal of an asset is determined as the difference 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 renta15 and/or for capital appreciation, is initially recognised 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 is recognised in the statement of financial activities. 1.8 Flxed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/lexpenditure} for the year. Transaction costs are expensed as incurred. 21
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 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 is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities of three month5 or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FR5 102 to all of its financial instrLtments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilitie5 are offset, with the net amounts presented in the financial statements, 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 assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective Inte$t method 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. Basicfinuncial liobilities Basic financial liabilitie5, including creditors and bank loans are initially recogni5ed at transaction price unless the arranEement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method. 22-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles (Continued) Derecoqnition offinancial liobllitles Financial liabilities are derecognised when the Chariws contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may drffer from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised the period in which the estimate is ViSed where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty l. Freehold and investment property valuations The trustees use key estimates and judgements in determining the fair value of the investment property and the freehold properties held at each year end. Income from donations and legacies Unrestricted Unrestricted funds funds 2024 2023 Gift Aid from subsidiary Legacies Grants 189,500 5,000 34,617 40,000 39,617 229,500 -23-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies (Continued) Unrestricted Unrestricted funds funds 2024 2023 Grants Warwick Relief in Need Warwick United Charities Warwick Provident Charity King Henry Vlll 8.606 4,327 4,375 17,309 10,000 5,000 5,000 20,000 34,617 40,000 Grants of £34.617 (2023: £40,000} were received from other Warwick charities to support the MIND Active Monitoring in Warwick project. Charitable activities Almshousesoken's Feast Income 2024 Total Almshousesoken's Feast 2024 Income 2023 Total 2023 2024 2023 Income within charttable activities 73,692 73.692 67,741 6,675 74,416 24-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investment income Unrestricted Unrestricted funds funds general Designated 2024 2024 Total Unrestricted Unrestricted funds fund5 general Deslgnated 2023 2023 Totsl 2024 2023 Rental income Income from listed investments Income from unlisted investments Interest receivable 16,500 16,500 16,500 16,500 94,178 94,178 83,064 83,064 176,856 17,771 3.684 180,540 17.771 176,752 11,724 3,633 180,385 11,724 305.305 3,684 308,989 288,040 3.633 291.673 Investment income derived from Endowment fund investments is taken to general unrestricted income funds. Expenditure on raising funds Unrestricted Endowment fvnds funds 2024 2024 Total unStrICted Endowment fijnds funds 2023 2023 Total 2024 2023 Investment management 2,915 15,187 18.102 2,337 17,672 20.009 Investments held and managed by CCLA are subject to central fund management charges which are not specifically allocated to the individual charities invested in their funds. The CCLA current published rate of fund management charge is 0.68% and 0.86% for ongoing charges. 25-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activlties Almshouses management Grdnts payable Total 2024 Total 2023 Depreciation and impairment General repairs & refurbishment Insurance Light and heat Maintenance of gardens Water rates and charges Miscellaneous expenses Residents, Christmas gifts Oken's feast Advertising 11,935 23,419 4,805 895 3,592 3,840 2,545 i.1(10 11,935 23,419 4,805 895 3,592 3,840 2,545 I,ioo 11,935 70,381 4.029 542 4,385 3,630 3,542 5,500 9,123 378 428 428 52,559 52,559 113,445 Grant funding of activitieslsee note 91 316.223 316,223 336,215 52,559 316,223 368,782 449,660 Residents, Christmas gifts amounting to £1,100 {2023 £5,500} were paid in recognition of the continuing c05t of living situation. Net movement In funds 2024 2023 The net movement in funds is stated after charging/lcreditingl: Fees payable to the charFty's auditor: for the audit of the charity's financial statements for other financial services Depreciation of owned tangible fixed assets 8,760 17,400 11,935 8,760 15,600 11,935 -26-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable 2024 2023 Grants to institutions: Safeline Myton Hospice South Warwickshire & Worcestershire Mind Ltd CASW Warwickshire Care Services Warwickshire College Group Parenting Project Warwick Independent School Foundation Lord Leycester Hospital Home-start South Warwickshire 20.964 49,318 82,421 40,559 14,560 10,000 51,666 8,250 48,727 97,039 37,291 48,189 10,000 47,149 500 25,000 17.320 38,485 316,223 331,215 One-off individual grant 5.000 316,223 336,215 10 Trustees None of the Trustees {or any persons connected with them) received any remuneration or benefits from the Charity during the year {2023- none). No trustee was reimbursed expenses during the year 12023: One trustee reimbursed for Oken Feast expenses- £301, 11 Employees There were no employees during the year. -27-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Governance and Admlnistratlon 2024 2023 Audlt fees Clerk's fees and expenses Accountancy fees Legal and professional fees 8,760 17.000 17,400 419 8,760 14,600 15,600 1,223 43,579 40,183 28-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tangible fixed assets Almshou$ Cost or valuation At l January 2024 895,000 At 310ecember 2024 895,000 Depreciation and impairment At l January 2024 Depreciation charged in the year 11,935 11,935 At 31 December 2024 23,870 Carrying amount At 31 December 2024 871,130 At 31 December 2023 883,065 Guild Almshouses and Castle Hill Almshouses land and buildings were valued by the Trustees, having sought professional advice by way of an independent valuation undertaken by Godfrey-payton Chartered Surveyors on 30 September 2022 and 5 October 2022 respectively and are included at an 'Existing Use Value, valuation. At 31 December 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment 105ses. their carrying amount would have been approximately £70,94612023 £72,488). The original Almshouse properties were gifted to the charity, so there is no historical cost. 15 Investment property 2024 Fair value At l January 2024 and 31 December 2024 400,000 The Thomas Oken Tea Rooms have been designated as an investment property, and consequently no depreciation charge is considered necessary. The Trustees revaluated the investment property to a market value of £400,000 based on an independent valuation obtained by Godfrey Peyton Chartered Surveyors on 7 November 2022. They have reviewed this valuation and they consider this valuation to still be representative of theirfair value as at 31 December 2024. The Thomas Oken House was donated by SirThomas Oken hence there is no historical cost.
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THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Other investments comprise: Notes Investments in subsidiaries 25 Ftxed asset investments revalued Historical cost of listed investments amounted to £3,021,10112023.. £2,744,472) 17 Financial instruments 2024 2023 Carrying amount of financial assets Equity Instruments measured at fair value through proftt or loss 10,069,497 9,591,113 18 Debtors 2024 2023 Amount5 falling due within one year: Debtors Amounts owed by subsidiary undertakings Prepayments and accrued income 604 1,800 49.877 4,429 28,360 52,281 32.789 19 Creditors: amounts falllng due within one year 2024 2023 Credltors Tenant rent deposit Accruals and deferred income 24,459 8,250 38.214 14,724 36,678 70,923 51,402 Accruals and deferred income include deferred income is respect of grants received in advance amounting to £10,384 {2023'. £10,384) 32-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Endowment funds At l January 2024 Resources expended Transfers Gains and losses At31 December 2024 Permanent endowments Permanent endowment 3,510,734 124,3211 1,008 90,785 3,578,206 Expendable endowments Expendable endowment 6,848,695 12,801) 190 163,058 7,009,142 10,359,429 {27.1221 1,198 253.843 10,587,348 Previous year: At l January 2023 Resources expended Transfers Gains and losses At31 December 2023 Permanent endowments Permanent endowment 3,377,696 125,4741 2,640 155,872 3,510,734 Expendable endowments Expendable endowment 6,294,576 14,133) {2.6401 560,892 6,848,695 9,672,272 129.6071 716.764 10,359,429 Endowment funds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. The Trustees have set aside an amount of reserves, mainly arising from the donations received from its trading subsidiary company, which are now reserved for investment in the long term capital base of the charity to enable future generations to continue to benefit from its charitable activities. The fund may only be expended in line with the provisions of the Governing Document. -33-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 31 DECEMBER 2024 21 Unrestricted funds - Designated The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: At l January 2024 Incoming resources Resources expended Transfers Galns and losses At31 December 2024 Major Refurbishment Fund 139,411 3,684 12,191) 2.989 143,893 Previous year: At l January 2023 Incoming resources Resources expended Transfers Gains and losse5 At31 December 2023 Major Refurbishment Fund 141.173 3,633 132,884) 16,352 11.137 139,411 During the year. transfers amounting to £nil12023 - £16,352) were made from unrestricted funds bank accounts to the Repair Fund which is held as a designated fund. This transfer was made towards the costs of refurbishing the Almshouses. 22 Unrestrlrted funds At l January 2024 Intoming resources Resources expended Transfers Gains and losses At31 December 2024 General funds 920,613 418,614 {401,1501 11,1981 12,624 949,503
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Unfe5tricted funds (Continued) Previous year: At l January 2023 Incoming resources Resources expended Transfers Gains and losses At31 December 2023 General funds 761.876 591,956 1447,3611 {16,352} 30,494 920,613 During the year. transfers amounting to £1,198 were made in relation to income received in the endowment income account which relates to unrestricted income. In 2023 £16,352 of transfers were made from unrestricted funds bank accounts to the Repair Fund which is held as a designated fund. This transfer was made towards the costs of refurbishing the Almshouses. 23 Analysis of net assets between funds Unrestricted Unrestricted Endowment funds funds funds general Designated 2024 2024 Total 2024 2024 At 31 December 2024: Tangible assets nvestment properties Investments Current assets/lliabilities) 871,130 871.130 400,000 41)0,000 9,320.046 10,069,497 {3,8281 340.117 614,132 335,371 135,319 8,574 949,503 143,893 10.587,348 11,680,744 -35-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Analysls of net assets between funds (Continued) Unrestricted Unrestricted Endowment funds funds funds general Designated 2023 2023 Total 2023 2023 At 31 December 2023: Tangible assets Investment properties Investments Current assets/{liabilitiesl 883,065 400.000 9,079,893 13,5291 883,065 400,000 9,591,113 545,275 378,890 541.723 132,330 7,081 920,613 139,411 10.359,429 11.419,453 24 Related party trnnsactions Gift Aid income amounting to £nil 12023: £189,500) was receivable from the Charity's subsidiary company in the year. Gift Aid payments still outstanding at year end were £nil12023- £nill. 25 Subsidiaries The charity is the beneficial owner of Oken EyFfler Limited (Reg. No. 084855681, by virtue of its 100% holding of the company's issued share capital which was set up to hold, develop and sell land. Details of the Charity's subsidiaries at 31 December 2024 are as follows: Name of undertaking Registered office Nature of business Class of % Held shares held Direct Indirect Oken Eyffler Ltd UK Land development Ordinary share loo.00 26 Analysis of changes In net funds The Charity had no debt during the year. -36-
THE CHARITY OF THOMAS OKEN AND NICHOLAS EYFFLER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Cash generated from operations 2024 2023 Surplus for the year 261,291 844,132 Adjustments for: Investment income recognised in statement of financial activities IGain}/loss on disposal of investments Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets {308.989} 146,047) (223,409) 11,935 1291,673) 2,153 1760,548) 11,935 Movement5 in working capttal: {Increa5e)/decrease in debtors Increase in creditors 119,492} 19,521 180,878 16,694 Cash (absorbed byl/generated from operations 1305,1901 3,571 -37-