Charity number: 219033 BUXTON COTTAGES TRUST UNAUDITED GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BUXTON co￿AGEs TRUST CONTENTS Page Refgronco and administrative details of the charity. its governors and advisers Chairman's $tatement Governors. report Independent examiners report Statement of flnanclal actlvltles Balance shMt 10 Note$ to thfr flnan¢ial $tatomonts BUXTON co￿AGEs TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Governors Mr M R Copestake, Chaimian Mrs M Howarth Mr M B Hawley Mr G M Beeley Reverend M Pop, ex•officio govemor Mr P Cordin Mrs P Smith (appointed 26 O¢tober 20231 Charity registered number 219033 Accountant Jonathan Wilson Chartered Accountant Cromwell House 68 Wesl Gate Mansfield Nottinghamshire NG18 1RR Bankers HSBC PLC 1 Leeming Street Mansfield Nottinghamshire NG18 1LU Soll¢ltor8 Sha¢klo¢ks LLP Sl Peter's House Bridge Street Mansfield Nottinghamshi NG18 1AL Invostmfrnt advisers Sha¢klo¢ks LLP St Peter's House Bridge House Mansfield Nottinghamshi NG18 1AL Clerk to the govgrnors Manon Vesey St Peterfs House Bridge Street Mansfield Nottinghamshire NG18 1AL BUXTON co￿AGEs TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The chaimian presents his ststement for the year. It has been a very busy year for the Trust. Al our June 2023 meeting we were pleased to welcome Pauline Smith, a prospecb.ve new Governor, to observe our activities and were delighted that she subsequendy agreed lo become a Governor. The year was very much dominated by the bathroom project al the Cottages. Four companies were invited to quote and three completed applications. Durham Heating Services of Retford provided the lowest price and Governor Philip Cordin confirmed that he had experience of dealing with them for another Charity and was happy to award the contract lo them. All Cottages were supplied with similar fittings. shower cabinets rather than wel room arrangements. Smaller water healing systems were also fitted, which will be more economical for the Residents. The works were completed to all 8 Cottages by the beginning of November 2023. The Residents were all extremely happy that the finished articles were better than they ever thought possible. The Residents coped admirably during the disruption, using the vacant Cottage number 8 during the day and slaying in their own Cottages al night, using a commode when works were being completed in their Cottage. Many thanks go to Ourhams and their sub-contractors, Alan Joyce Architects who supervised the works in a very professional manner, and Philip Cordin who looked after our interests and those of our Residents for what was an excellent project. During the period of the works, cracks were identified in the block of Cottages 6, 7 & 8, and investigations were carried out using a Chartered Slruclural Engineer recommended by our Archilecls. A report was prodU￿d by the Engineer showing subsidence which had occurred over many years. A claim was made and information passed to the Trust's Insurance Broker. A Loss Adjuster attended the Cottages in January 2024, and we continue to chase for action. Trees on our boundary with houses on Paulsons Drive have been attended lo by Tree Surgeon The Arborist, after a few complaints of branches overhanging the wall. Al our January 2024 meeting il was agreed to obtsin quotes for deC￿rating inside and outside of the Cottages. which had been delayed due lo Covid. The annual accounts show that totsl funds carrred forward al 31 March 2024 were £735,948. compared with £827,415 the previous year, 8 decrease of £91,467 or 11.1%. on￿ again my thanks lo my fellow Govemors for their help and support during the year, and also lo Marion Vesey and Amy Spencer of Shaeklocks for 811 their work on behalf of the Trust. M R Copestake, Ch8innan Date.. 31 October 2024 BUXTON co￿AGEs TRUST GOVERNORS. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The governors present their annual report together with the financial statements of the charity for the year 1 April 2023 to 31 March 2024. The govemors confimi that the annual report and financial statements of the charity comply with the current ststutory requirements, the requirements of the charity's goveming document and the provisions of the Ststemenl of Recommended Practice ISORP), applicable to charities preparing their financial slalemenls in accordance with the Financial Reporting Stsndard FRS 102 (effective 1 January 20151 and updated in 2019. Objectlves and actlvltles . Pollcles and obJectlve8 Aims of the charity.. The aim of the 8uxton Cottages Trust is to provide good quality accommodation al a reasonable price as envisaged by the will of the late Mrs Buxton under which the trust was estsblished. Through offering this facility, the governors aim to provide a life ¢h8nging facility for those who are appointed lo the cottages as they are often people experien¢ing a¢¢ommodation diffi¢ullies whose lives ¢an be much improved by the move lo occupy one of the ￿ttages. In setting objectives and planning for adivities, the govemors have given due consideration to general guidance published by the Charity Commission ￿lating to public benefit, including the guidance 'Public benefit.. running a charity IPB21'. b. A¢tlvltlK undortak•n to •¢hl•vo objoctlvos The Charity's main objectives for the year 12023120241: For the year in question the specific objectives of the charity are to maintsin the buildings in good order to provide the best quality accommodation available al reasonable cost from it5 resources in accordance with the main objectives of the charity. It is also an objective of the chanty for the current year lo maintain fvll or near full occupancy levels wherever possible. Should vacancies arise dunng the course of the year, steps will be taken to publicise the vacancy an to fill the vacancy with a suitable candidate with minimum delay. Strategies for achieving objects'ves.. The governors aim to achieve the above objectives as follows.. Maintenance programme.. The governors will use income lo cover the cost of routine maintenance and will engage trusted local tradesmen to cary out this work. Occupancy levels.. The governors will, as usual, instruct the clerk lo take pre-agreed steps to facililale the filling of vacancies with all speed once vacancies have arisen and been reported. A vacancy in cottage 8 arose in October 2022. Given the imminent work to the bathrooms and full decoration in each cottage, it was decided by the Trust that cottage 8 would not be advertised unt'l after the refurbishments are completed. BUXTON co￿AGEs TRUST GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actlvlties Icontlnued) c. Maln actlvltles undertaken to further the charlty's purposes for the publSc beneflt Objectives of the charty.. The main objective of the charity is to provide accommodation to those in need and who qualify for such accommodation under the terms of the trust. The governors confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives. Achlevements and perfomiance •. Revlow of a¢tlvltloS Occupancy levels.. The governors would set as their preferred benchmark a desire that no dwelling should remain vacant wilhoul the payment of ¢onlribulions for a period in ex¢ess of Ihree months in re$pe¢l of each va¢an¢y unless there are exceptional circumstances arising. Factors within and outside the charitls control which a￿ ￿levant lo the achievement of ils objectives.. The charity has ¢apitsl funds which are invested and the investment performance in respect of those funds will have an influence on capital refvrbishmenl project5 going forward. The income of the charity is sufficient lo meet expenditure of a normal recurring nature. The capitsl projects will be fvnded from lin the mainl capital reserves. Where Improvement lo the dwellings is to be undertaken and where services are purchased by the governors, they have no control over labour arbd material costs and the vanatsons in those c051s that might arise from lime to lime. However, the extent of any such expenditure is well controlled and well planned and therefore it is unlikely that any variations will disrupt the plans of the governors given that a substantial proportion of any of the refurbishment or improvement camed out, lends lo be al the behest of the govemors seeking to improve the conditions of residence rather than to be driven by other extemal events. b. Investment policy and performance The govemors have as their investment objective the generation of income lo meet some of the Irusl's oulgoings. Part of the objective is lo ensure that they can continue lo provide a subsidy lo the residents of the almshouses by having sufficient income to discharge oulgoings lo maintain the level of contribution of the residents at as low a level as possible without having to enforce increases. In addition, the governors also wish to try to achieve some potential growth on the capital lo try lo keep pa￿ with inllalion. The governors see equity-based investments as satisfying their medium lo long temi growth requirements and are mindful of the need lo maintain adequale cash reserves to meet short term needs and lo consider the use of other asset classes (such as fixed interest) from time to time as appropriate, to ensure that they hold a well balan￿d portfolio. BUXTON co￿AGEs TRUST GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 FSnanclal revlew . Golng concern After making appropriate enquiries, the govemors have a reasonable expectslion that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial statements. Further detsils regarding the adopb'on of the going concern basis can be found in the accounting policies. b. Reserves pollcy Reason for holding reserves.. The governors wish lo maintain a level of reserve, whreh is capable of being invested lo generate an income, which will meet some of the outgoings of the Irusl. Part of the objeelive is to ensure th81 they Can Continue to provide a subsidy lo the residents of the almshouses by having sufficient income to discharge oulgoings to maintsin the level of Contributions of the residents at as low a level as possible without having lo enforce in¢rease$. In addition, the govemors also wish to try to achieve some potential growth on the capitsl lo try to keep pace with inflats'on. Level of reserves.. The governors wish lo maintain a level of reserves suffioent lo enable repairs and additions to be carried out to the property and lo give them the potenbal to further the aims of the trust by the addition of fvrther premises or facilities if appropriate. The govemors are also mindftjl that they have no other regular source of income (excluding the contributions towards maintenance and healing by the re51denlsl and that they therefore need to maintain sufficient level of reserves to generate a high enough level of income lo ensure that they are always able lo meet their oulgoings. Designation of re5erves'. Part of the reserves has been designated as a sinking ftjnd for the longer term, for partial or lolal refurbishment in the long term future. The remainder are short to medium term reserves. designed primarily lo generate income lo enable the trust lo continue to have a regular source of income lo meet ils financial obligations an objectives. c. Flnancial highlights The governors report that outgoing resources exceeded incoming resources by £131,436 12023 resour￿$ exceeded incoming resources by £6,968). outgoing After taking into account the realised and unTealised gains of £39,￿9, the trust showed a nel decrease in funds of £91,467 compared with a net decrease in funds in 2023 of £29,765. Tolal funds carried forward at 31 March 2024 amounted to £735,948, 11.1 Qh lower than al 31 March 2023. BUXTON co￿AGEs TRUST GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Structure. governance and management Constltutlon 8uxton Cottages Trust is a registered charity, number 219033, and is constituted by the will of Mrs Emily Buxlon which was proved on 27 September 1946. Date of will.. 1 April 1946 The desire to set UP 8 charity lo provide housing for the eldedy was conceived by the late Mr Albert Sorby 8uxton, who died in 1932, and his wife, Emity, who suNived him for fourteen years. In her will Mrs Buxton sel aside certain monies representing a considerable part of the proceeds of the sale of her estate, and enlrusled il to people whom She wished to be known as Ihe govemors of Buxton Cottages, to administer the charity. The monies were left in order that the governors might purchase a plot of land in Mansfield as a site for cottages for the housing of old men and women of the middle ¢las$, of good character, being ￿sIdentS of Mansfield who had resided in Mansfield for not less than ten years. Various legal problems under the will had to be decided before the monies were handed over to the governors, with the result that the first meeting of the govemors was nol held until 27 May 1960. Under her will. Mrs 8uxlon provided that the govemors should comprise the vicars for the lime being of the parishes of Sl Peter. Sl John. St Mark. St Lawrence and the minister of the Old Meeting House. all in Mansfi'eld. Furtherrnore, she named certain other local business and professional people whom she wished lo act as cooplative governors, all of them being well known to her. b. Methods of appolntment or electlon of governors As a preliminary lo appoinlmenl, potential govemors are Identified by the current board of governors and are invited lo allend a business meeting of the govemors lo familiarise themselves with the charity and lo establish whether they would like lo become governors if invited to do so. The clerk 15 also available at those meetings and al other limes to discuss the role of the govemors. their responsibilities and duties and any other issues that might be relevant. Having established that a potential governor may be interested in becoming a full govemor, the current board of governors debate the issue and lif appropTialel issue an invilalion to the potential governor lo attend the next meeting at which time an election will lake place and the candidate infomied whether they have been appointe as a governor. c. Oryanisational structure and decision-making policies The affairs of the trust are administered by a board of unpaid govemors al regular four-monlhly meetings and sub 735,948 735,948 Analysls of not assets between funds - prlor perlod Unrestricted fvnds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 72,562 742,245 19,665 17,0571 72,562 742,245 19,665 17,0571 827,415 827,415 15. Rglatod party transactions There have been no related party transactions during the year that require disclosure. BUXTON co￿AGEs TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Indgmnty insurance The charity paid for the insurance premiums to indemnify the govemors from any loss arising from neglect or defaults of the governors and any consequent loss.