Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 **THE SPALDING ALMSHOUSE CHARITY CHARITY COMMISSION REGISTERED NO. 220077** ## **STATEMENT OF ACCOUNTS** **for the year ended 31 December 2024** **Administered by THE SPALDING TOWN HUSBANDS** Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY CHARITY INFORMATION** Registered Address 12 Broad Street Spalding Lincs. PE11 1TB Tel: 01775 768774 Administrator Mrs S. Tweddell Property manager Mr C.J. Penney Co-optative Trustees (appointed under Mr R. Hancox (Chairman) the Scheme for five-year terms by the Mr D.A.J. Gratton (Vice-Chairman) Trustees) Rev. J. Bennett (Resigned 30 June 2024) Mrs D. Clay Mrs P.G. Keeling M.B.E ,D.L. Mr J.H.P. Lister Mr C.R.M. Longstaff Mrs B.K. Ruysen Dr. A. Stone Mr R. Goodliff (Appointed 20 March 2024) Mrs L. Van Egmond (Appointed 20 March 2024) Nominative Trustees (appointed under Cllr. E Sneath the Scheme by the South Holland Mrs J.B. Whitbourn District Council for four-year terms) Bankers Lloyds Bank Plc Hall Place Spalding Lincs. PE11 1SF Independent Examiner K.J. Maggs B.A., F.C.A. Chartered Accountant 16 Hoekman Way Spalding Lincs. PE11 3HE Page 1 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 **THE SPALDING ALMSHOUSE CHARITY TRUSTEES REPORT** **FOR THE YEAR ENDED 31 DECEMBER 2024** The Trustees present their report and accounts for the year ended 31 December 2024. ## **Governance and Management** The Scheme - The Spalding Almshouse Charity is regulated by a scheme of the Charity Commissioners of 13 August 1971 as varied from time to time; registered number 220077. Trustees – The Charity is administered by Trustees known as the Spalding Town Husbands. Particulars of the Trustees and their method of appointment are set out on page 1, together with the address of the Charity’s registered office. On appointment, Trustees are provided with a detailed information pack which covers all aspects of the Charity, its constitution, assets and day to day management. The Trustees consider the information is sufficient for the appointee to be in a position to act in such capacity. The Trustees meet on a quarterly basis, and at other times if the need arises. The Charity was managed on a day to day basis by the Clerk, the Deputy Clerk and the Administrator in consultation, when necessary, with the Chairman. The management of the charity changed from 1 January 2025, with the termination of the existing contract and with the appointment of a new administrator and property manager. They will manage the charity on a day to day basis in consultation with the Chair and Vice-chair as appropriate. The Alms people will have ready access to the property manager and the Administrator should the need arise. At the Annual General Meeting in March 2024, Mr. R Hancox was re-appointed as Chairman of the Trustees and Mr D. A. J. Gratton was re-appointed as Vice-Chairman. At the same meeting, the board were pleased to welcome, Mrs E van Egmond and Mr R Goodliff to the Trustees. Rev. J. Bennett ceased to be a trustee upon his retirement as vicar of St Mary and St NIcholas Church. Risk Management - The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the management of its investments and finances, and are satisfied that the policies and systems in place sufficiently manage its exposure to those risks. Related Party - The Charity is connected with the Spalding Relief in Need Charity, which is also administered by the Spalding Town Husbands under the Scheme. ## **Objectives and Activities** Objects - The Trustees' objects are to provide almshouses for the benefit of alms people. Aims - The Trustees' aims are to maintain the Charity's almshouses to a high standard and to increase the stock of almshouses when resources permit. Alms people - To be selected as such, almshouse people are required under the terms of the Scheme to have been residing in the area of benefit and to be poor persons or (in the case of not less than eight almshouses) poor aged persons. Area of Benefit - This is defined within the Scheme as the District of South Holland in the County of Lincolnshire, with a preference for the area comprising the Urban District Council of Spalding as constituted on 13 August 1971 and the Parishes of Cowbit, Deeping St. Nicholas, Pinchbeck and Weston, in the County of Lincolnshire. The Trustees consider that the objectives and activities of the Charity are in accordance with the Charity Commission's general guidance on public benefit. Page 2 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY TRUSTEES REPORT (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Summary of Main Achievements and Events** During the year, four almshouse vacancies occurred, and new beneficiaries were appointed to fill the vacancies. During the year, the Trustees proceeded with the refurbishment of the remaining kitchens and bathrooms at the Bowditch Road almshouses. During the summer all almshouses were inspected by the Trustees and reports prepared on outstanding issues. ## **Financial Review** The details of the financial transactions during the year are shown in the Statement of Financial Activities, on page 6, whilst the Financial Position is shown on the Balance Sheet on page 7, along with the necessary details in the notes on pages 8 to 19. Restricted Fund – During the year, the Charity has received no restricted funds (2023 - £0). The full details of the Restricted Fund appear in note 10. General Fund and Reserve Funds – The weekly maintenance contributions from alms people and the income from investments forming part of the Endowment Fund are credited to a General Fund. The General Fund is an unrestricted fund, the main purposes of which are to defray routine maintenance expenses and to meet other costs incurred in the management of the almshouses (note 3). In setting the weekly maintenance contributions, the Trustees budget for the cost of maintenance of the almshouses in accordance with recommendations made by the National Almshouses Association. The recommendations are for an amount to be included for the cost of routine maintenance and this is credited to the General Fund, and for further amounts to be included for the costs of extraordinary repairs and cyclical maintenance and these are transferred to two reserve accounts, namely, an Extraordinary Repair Fund and a Cyclical Maintenance Fund. The Extraordinary Repair Fund and the Cyclical Maintenance Fund are also unrestricted funds the main purposes of which are explained in note 11. The full details of the three unrestricted funds are given in such note. During the year, maintenance and repair costs amounted to £188,050 (2023 - £363,790), of which £58,084 was met from the General Fund, £89,219 was met from the Cyclical Maintenance Fund and £40,747 was met from the Extraordinary Repair Fund. During the year, the Trustees decision to upgrade nine of the properties in Bowditch Road and convert another to provide disabled access and facilities, has considerably improved some of the charity’s oldest properties. These works amounted to a total cost of £56,946 (2023 - £247,131). During the year, the Charity has received unrestricted funds of £287,852 (2023 - £269,358). After expenditure, net incoming unrestricted funds amounted to £2,996 (2023 outgoing – £185,540). The level of unrestricted funds at the year end amounted to £310,480 (2023 – £314,522), of which the General Fund represented £80,202 (2023 – £85,962), the Extraordinary Repair Fund represented £291,254 (2023 - £271,266) and the Cyclical Maintenance Fund represented deficit of £60,976 (2023 - £42,706). Endowment Fund – The level of the Endowment Fund at the year end amounted to £712,468 (2023 - £707,028). The full details of the Endowment Fund appear in note 9. Page 3 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Financial Review (continued)** Investments – Investment of the Endowment Fund and the Extraordinary Repair Fund is under the direct control of the Trustees. Common Investment Funds are currently the Trustees’ preferred investment vehicle for surplus cash in such funds as they are specifically designed for charities and therefore manage the risks inherent in the investment markets. BY ORDER OF THE TRUSTEES …........................................... **Mr R. Hancox** Chair Dated: **12 March 2025** Page 4 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE THE SPALDING ALMSHOUSE CHARITY** I report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 6 to 19. ## **Responsibilities and basis of report** As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of England and Wales. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 12-03-25 Dated: **…....................... 2025** …....................................... **K.J. Maggs** B.A., F.C.A. Chartered Accountant Spalding Page 5 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** **----- Start of picture text -----**
Unrestricted Endowment 2024 2023
Note Funds Fund Total Total
£ £ £ £
INCOME
Garage rent 840 - 840 840
Income from investments 2 32,657 - 32,657 34,064
33,497 - 33,497 34,904
Charitable activities
Almshouse management 3 254,355 - 254,355 234,454
TOTAL INCOME 287,852 - 287,852 269,358
EXPENDITURE
Charitable activities
Almshouse management
Direct almshouse costs 3 97,221 - 97,221 98,572
Support costs 3 61,873 - 61,873 50,583
Cyclical maintenance 89,219 - 89,219 235,832
11
Extraordinary repairs 40,747 - 40,747 69,888
Other expenditure 3 2,650 - 2,650 2,650
TOTAL EXPENDITURE 291,710 - 291,710 457,525
Net deficit for the year (3,858) - (3,858) (188,167)
Net gains / (losses) on
5 6,854 5,440 12,294 26,218
investments
NET SURPLUS / (DEFICIT) 2,996 5,440 8,436 (161,949)
Realised gains on investment
5 - - - (371)
assets
Transfers with Restricted Fund 11 (7,038) - (7,038) -
NET MOVEMENT IN FUNDS (4,042) 5,440 1,398 (162,320)
Reconciliation of funds:
At 1 January At 31 December
2024 Movement Transfers 2024
£ £ £ £
Endowment Fund 9 707,028 5,440 - 712,468
Restricted Fund 10 3,137,482 - 7,038 3,144,520
Unrestricted funds 11 314,522 2,996 (7,038) 310,480
4,159,032 8,436 - 4,167,468
**----- End of picture text -----**
_The notes on pages 8 to 19 form a part of these accounts_ Page 6 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY** ## **BALANCE SHEET** ## **AT 31 DECEMBER 2024** **----- Start of picture text -----**
2024 2023
Note £ £ £ £
FIXED ASSETS
Almshouses 4 3,395,339 3,395,339
Investments 5 554,145 536,429
3,949,484 3,931,768
CURRENT ASSETS
Short-term deposits 6 243,393 250,622
Debtors 2,078 725
Prepayments 9,600 3,567
Cash at bank 8,766 38,873
263,837 293,787
CURRENT LIABILITIES
Amounts falling due within one year 7 14,916 34,211
NET CURRENT ASSETS 248,921 259,576
TOTAL ASSETS LESS CURRENT
LIABILITIES 4,198,405 4,191,344
CREDITORS
Amounts falling due after one year 8 30,937 32,312
TOTAL ASSETS 4,167,468 4,159,032
CAPITAL FUNDS
Endowment Fund 9 712,468 707,028
Restricted Fund 10 3,144,520 3,137,482
3,856,988 3,844,510
GENERAL AND RESERVE FUNDS
Unrestricted funds 11 310,480 314,522
4,167,468 4,159,032
**----- End of picture text -----**
The financial statements on pages 6 to 18 were approved by the Trustees on **12 March 2025** and signed on their behalf by: …...................................... …...................................... **Mr R. Hancox Mr D.A.J. Gratton** Trustee Trustee _The notes on pages 8 to 19 form a part of these accounts_ Page 7 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 **THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** The abbreviations ''E.R.F.'' and ''C.M.F.'' as used in these notes mean respectively the Extraordinary Repair Fund and the Cyclical Maintenance Fund particulars of which are given in note 11. ## **1. Accounting Policies** The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **(a) Basis of preparation of financial statements.** The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity. ## **(b) Funds** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. The Restricted Fund represents those assets which have been designated for a specific purpose (see note 10). The Endowment Fund represents those assets which must be held permanently by the Charity (see note 9). The Endowment Fund and the Restricted Fund are represented principally by investments and almshouses. Any capital gains or losses arising on the investments or almshouses fall to be treated as part of the fund of which they form part. Endowment Fund income can be used in furtherance of the general objectives of the Charity and is included as unrestricted income. ## **(c) Income recognition** All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Investment income is recognised in the accounts when the amount can be measured reliably and the Charity's right to receive payment is established. Legacies are recognised in the financial statements at the earlier of receipt or communication from the personal representatives of the estate advising that a payment of the legacy will be made, or that property bequeathed will be transferred. Where a legacy has conditions associated with the payment then the bequest is only recognised when all conditions have been met. Page 8 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 **THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. Accounting Policies (continued)** ## **(d) Weekly Maintenance Contributions** Weekly maintenance contributions from almspeople include the cost of routine maintenance of the almshouses belonging to the Charity and the amounts transferred to the E.R.F. and the C.M.F., all of which are determined in accordance with guidance and regulations issued by the National Almshouses Association. ## **(e) Expenditure recognition** Expenditure is accounted for gross on an accruals basis and has been classified under headings that aggregate all costs related to the category. Charitable activities expenditure include all resources applied by the Charity in undertaking its charitable objectives as opposed to support costs. ## **(f) Almshouses** The almshouses belonging to the Charity have been included at the valuations detailed in note 4. The almshouses are functional assets of the Charity in the furtherance of its objects, but are not depreciated on the grounds provision is made within the E.R.F. and the C.M.F. to ensure that the residual value is not materially lower than the carrying value. ## **(g) Debtors and creditors receivable/payable within one year** Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. ## **(h) Investments** Quoted investments are shown at their fair value at the balance sheet date (see note 5). Any movement in their fair value is recognised in the SoFA. ## **(i) Resources expended** Charitable activities include all resources applied by the Charity in undertaking its charitable objectives as opposed to governance costs. They are the resources expended in managing the almshouses. ## **(h) Going Concern** The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, which is sufficient with the level of reserves of the Charity to be able to continue as a going concern. Page 9 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** **----- Start of picture text -----**
2. Income from investments
Restricted Unrestricted 2024 2023
Funds Funds Total Total
£ £ £ £
Endowment Fund
Black Rock Charities UK Bond
- 2,540 2,540 2,540
Fund A - Inc
M&G Charity Multi Asset Fund -
- 3,317 3,317 2,594
Inc
C.O.I.F. Charities Investment
- 6,921 6,921 6,816
Fund - Inc
I.F.S.L. C.A.F. Fixed Interest B -
- - - 588
Inc
C.O.I.F. Deposit Account - 5,480 5,480 3,980
- 18,258 18,258 16,518
General Fund
C.O.I.F. Deposit Account - 1,983 1,983 2,350
E.R.F.
M&G Charity Multi Asset Fund -
- 1,351 1,351 1,326
Acc
Black Rock Charities UK Bond
- 1,806 1,806 1,714
Fund A - Acc
M&G Charity Multi Asset Fund -
- 2,265 2,265 2,231
Acc
C.O.I.F. Deposit Account - 2,997 2,997 4,835
Virgin charity deposit account - - - 7
- 8,419 8,419 10,113
C.M.F.
C.O.I.F. deposit account - 3,997 3,997 5,083
Total Investment Income - 32,657 32,657 34,064
**----- End of picture text -----**
Page 10 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **3. Almshouse Management Account** |**£**
**£**
**WEEKLY MAINTENANCE CONTRIBUTIONS**
254,355
**EXPENDITURE**
**Direct almshouse costs**
Routine maintenance
58,084
Telephone and Lifeline service
14,340
Water and sewerage charges
24,335
Empty property costs
462
97,221
**Support costs**
Clerks' remuneration and expenses
39,822
Administrator costs
6,335
Professional fees
5,659
National Almshouses Association
420
Comprehensive insurance
7,000
Advertising and website
167
Sundry expenses
35
Social activities
2,435
61,873
**Other expenditure**
Accountants fees
2,650
161,744
92,611
**Excess of income over expenditure before**
**provision for cyclical maintenance and**
**extraordinary repairs (see note 11)**
**2024**|£
£
234,454
58,070
16,018
22,945
1,539
98,572
38,143
-
683
806
6,435
515
433
3,568
50,583
2,650
151,805
82,649
2023| |---|---| The weekly maintenance contributions are subject to assessment under the applicable legislation by the relevant local government officer with a view to ensuring they do not exceed what would be fair rents for the almshouses. During the year, no remuneration was paid to any of the Trustees. ## **Related party transaction** The Spalding Relief in Need Charity is under the control of a common Board of Trustees. Page 11 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** **----- Start of picture text -----**
4. Fixed Assets - Almshouses
2024 2023 2024 2023
Restricted Fund Units Units £ £
Kingston Cottage Homes - 1907
7 South Parade, Spalding A 1 1 29,500 29,500
Masham Homes - 1961
2-8 Green Lane, Spalding A 4 4 126,000 126,000
Mary Gage Homes - 2010
2a & 2b Green Lane, Spalding B 2 2 192,891 192,891
Alice Wilson Homes
169 -179 Winsover Road, Spalding - 1980 C 6 6 258,409 258,409
181 & 183 Winsover Road, Spalding - 2011 B 2 2 156,225 156,225
Adrian Gall Homes - 1968
1 & 3 Clay Lake and 22-48 Bowditch Road,
A 17 17 550,937 550,937
Spalding
Lucille Van Geest Homes - 1994
2 & 4 Hoekman Way, Spalding A 2 2 69,000 69,000
2-24 Hoekman Drive, Spalding A 12 12 408,000 408,000
8a Hoekman Drive - 2011 B 1 1 83,026 83,026
Gamlyn Almshouses - 2008
59-77 Clover Way, Spalding B 10 10 623,475 623,475
John Van Geest Homes - 2015
Rosemary Close & Larkspur Way, Spalding B 10 10 678,579 678,579
18 Brownlow Crescent, Pinchbeck - 2013 B 1 1 78,297 78,297
68 68 3,254,339 3,254,339
Endowment Fund
Edwin Dalton Homes - 1938
1 & 3 West Parade, Spalding A 2 2 66,000 66,000
Turner Almshouses - 1962
37 & 39 Knight Street, Pinchbeck D 2 2 75,000 75,000
4 4 141,000 141,000
Total Book Value 72 72 3,395,339 3,395,339
**----- End of picture text -----**
- **A** Properties are recorded at valuation as prepared by Messrs Munton & Russell in January 1995 in accordance with guide lines issued by the Royal Institute of Chartered Surveyors. - **A** The Bowditch Road properties are included at the valuation as above plus the cost of 32A Bowditch Road when 32 Bowditch Road was converted during 2021. - **B** Properties are valued at cost. - **C** Properties were valued, as above in **A** , in January 1995 at a value of £201,000. The value was increased by the cost of refurbishment during 2011 to two of the original units. - **D** Properties are recorded at valuation as prepared by Messrs Munton & Russell in May 1998 in accordance with guide lines issued by the Royal Institute of Chartered Surveyors. Page 12 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **4. Fixed Assets - Almshouses (continued)** The Edwin Dalton Homes and Turner Almshouses were formerly part of the endowment capital of charities that merged with the Spalding Almshouse Charity. Accordingly they are treated as part of the Endowment Fund. The Trustees estimate that the approximate market value of the almshouse stock would be in the region of £6.75 million. These types of property are unusual in nature and do not often come onto the open market and as a result definitive valuations are difficult and often subjective. The Trustees consider that the cost of obtaining an up to date professional valuation would outweigh any benefit. ## **5. Fixed Assets - Investments** |**Units held**
**at 31/12/24**
**Endowment Fund**
42,326.437
49,511.000
12,510.260
**E.R.F.**
310.000
521.535
48,971.596
**Balance at 31 December 2024**
Balance at 31 December 2023
Black Rock Charities
UK Bond Fund A - Inc
Black Rock Charities
Growth & Income
Fund Class A - Acc
M&G Charity Multi
Asset Fund - Acc
M&G Charity Multi
Asset Fund - Inc
C.O.I.F. Charities
Investment Fund - Inc
M&G Charity Multi
Asset Fund - Acc|Market value
at 01/01/24
£
62,643
73,553
248,266
34,746
58,455
58,766
536,429
505,311|Acquisitions/
(Disposals)
£
-
-
-
1,351
2,265
1,806
5,422
5,271|Movement
in value
£
(2,633)
2,465
5,608
1,435
2,423
2,996
12,294
25,847|**Market value**
**at 31/12/24**
**£**
60,010
76,018
253,874
37,532
63,143
63,568
554,145
536,429| |---|---|---|---|---| Page 13 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **6. Short-Term Deposits** |**C.O.I.F. designated deposits:**
Endowment Fund
General Fund
E.R.F.
C.M.F.
**7. Creditors Amounts falling due within one year**
Mortgage debt (see note 8)
Activity creditors
Accruals and deferred income
**8. Creditors Amounts falling due after one year**
Mortgage debt|**2024**
**£**
104,059
5,340
59,496
74,498
243,393
**2024**
**£**
1,375
9,453
4,088
14,916
**2024**
**£**
30,937|2023
£
98,396
33,419
48,016
70,791
250,622
2023
£
1,375
28,718
4,118
34,211
2023
£
32,312| |---|---|---| The mortgage referred to in this note (and in notes 7 and 10) is in respect of consideration monies left outstanding by South Holland District Council for the site purchased from the Council on which the Mary Gage Homes now stand. The mortgage is interest free, and is being repaid over 40 years by half yearly instalments of £687.50. Page 14 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 **THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **9. Endowment Fund** The endowment capital includes the Edwin Dalton Homes, Turner Almshouses and investments together with the loan capital described below. The fund represents donated monies and assets which are held on trust to provide expendable income for the general purposes of the Charity, this income is credited to the General Fund. The endowment capital is held as follows:- |**Almshouses (see note 4)**
**Loan capital**
- (1)
- (2)
**Investments (see note 5)**
**Inter fund balances**
Due from Restricted Fund
**Balance at 31 December 2024**
Balance at 31 December 2023
**C.O.I.F. deposit account (see**
**note 6)**|Market
value
01/01/24
£
141,000
3,332
79,838
83,170
384,462
98,396
-
707,028
683,808|Movement
in funds
£
-
(3,332)
(5,600)
(8,932)
-
5,663
3,269
-
-|Change
in value
£
-
-
-
-
5,440
-
-
5,440
23,220|**Market**
**value**
**31/12/24**
**£**
141,000
-
74,238
74,238
389,902
104,059
3,269
712,468
707,028| |---|---|---|---|---| Loan capital represents capital monies transferred from the Endowment Fund to the Restricted Fund (with the consent of the Charity Commissioners when required) and comprises the Loan capital (1) represents transferred capital monies used to assist with the cost of constructing the Lucille van Geest Homes (part of the Restricted Fund) and is being repaid over 30 years at an annual rate of £5,724.37. This loan has now been fully repaid. Loan capital (2) represents transferred capital monies used to assist with the cost of constructing the Gamlyn Almshouses (part of the Restricted Fund), and is being repaid over 30 years at an annual rate of £5,600.00. Page 15 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **THE SPALDING ALMSHOUSE CHARITY** ## **NOTES TO THE ACCOUNTS (continued)** ## **10. Restricted Fund** The Restricted Fund comprises donated monies held on trust to be applied for the provision of almshouses and further funds allocated for such purpose by the Trustees from General and Reserve Funds. The Restricted Fund capital is held as follows:- |New monies
received
£
**Almshouses (see note 4)**
-
-
**Short term balances with other funds**
Due to Endowment Fund (see note 9)
-
**Mary Gage Homes:-**
Mortgage (see note 8)
-
**Balance at 31 December 2024**
-
Balance at 31 December 2023
-
**Loans from endowment capital**
**(see note 9)**|Balance
at 01/01/24
£
3,254,339
(83,170)
-
(33,687)
3,137,482
3,124,783|Payments
and transfers
£
-
8,932
(3,269)
1,375
7,038
12,699|**Balance**
**at 31/12/24**
**£**
3,254,339
(74,238)
(3,269)
(32,312)
3,144,520
3,137,482| |---|---|---|---| Page 16 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 **THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **11. General and Reserve Funds** Unrestricted funds of the Charity include, in addition to the General Fund, the two reserve funds which have been set aside by the Trustees for specific purposes, namely the E.R.F. and the C.M.F. Amounts credited to the E.R.F. and the C.M.F. from the Almshouse Management Account are in accordance with the recommendations made by the National Almshouses Association. The purpose of the E.R.F. is to have monies available for the extraordinary repair, improvement or rebuilding of almshouses. The purpose of the C.M.F. is to have monies available to meet maintenance costs occurring at regular intervals, e.g. internal and external redecoration and the cost of professional fees in respect of Quinquennial Inspections and such maintenance is managed in line with the reports generated by such inspections. During the year, the Trustees decision to upgrade nine of the properties in Bowditch Road and convert another to provide disabled access and facilities, has considerably improved some of the charity’s oldest properties. ## **General and Reserve Funds movements** |Refurbishment of
Bowditch Road
Extraordinary and
cyclical maintenance
Balance at 1 January
2024
Change in value of
investments (see note
5)
Almshouse
Management Account
(see note 3)
**Balance at 31**
**December 2024**
Transfers
Other income
Income from
investments (see note
2)|E.R.F.
£
271,266
45,462
8,419
-
(40,747)
-
6,854
-
291,254


|C.M.F.
£
(42,706)
66,952
3,997
-
(32,273)
(56,946)
-
-
(60,976)|General
£
85,962
(19,803)
20,241
840
-
-
-
(7,038)
80,202|**2024**
**Total**
**£**
314,522
92,611
32,657
840
(73,020)
(56,946)
6,854
(7,038)
310,480|2023
Total
£
512,761
82,649
34,064
840
(58,589)
(247,131)
2,627
(12,699)
314,522| |---|---|---|---|---|---| The transfers relate to loans taken out by the Restricted Fund from the Endowment Fund. As the loaned funds have all been used by the Restricted Fund, the transfers to Restricted Funds are needed in order to make the loan repayments. Page 17 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **11. General and Reserve Funds** ## **Made up as follows:** |E.R.F.
£
164,243
59,496
Cash at bank
-
Debtors
-
Prepayments
-
Creditors
-
67,515
291,254
Balances between
funds
**Balance at 31**
**December 2024**
Investments (see note
5)
Short-Term Deposits|C.M.F.
£
-
74,498
-
-
-
(1,424)
(134,050)
(60,976)|General
£
-
5,340
8,766
2,078
9,600
(12,117)
66,535
80,202|**2024**
**Total**
**£**
164,243
139,334
8,766
2,078
9,600
(13,541)
-
310,480|2023
Total
£
151,967
152,226
38,873
725
3,567
(32,836)
-
314,522| |---|---|---|---|---| ## **12. Control** The Charity is controlled by the Trustees as a body. No individual Trustee has any control over the Charity. ## **13. Legacies and Bequests** The Trustees have been made aware that life interest trusts have been established by the Will of the late Handley Tony Stephenson who died in 2004 and the Will of the late Landale Armstrong Scragg (a long serving Spalding Town Husband) who died in 2002, and that each of such trusts names the Charity as the beneficiary of the trust fund on the death of the life tenant. The Trustees have been advised of the death of the life tenant of the Handley Tony Stephenson Will Trust on 2 January 2024; they are awaiting administration of the Estate for details and have been advised that the legacy will be in the region of £175,000 (unrestricted). Page 18 Docusign Envelope ID: A73901F0-5280-4120-8925-3DD45D933540 ## **THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **14. Statement of Financial Activities - Comparatives** |**INCOME**
**Voluntary income**
Garage rent
Income from investments
**Charitable activities**
Almshouse management
**TOTAL INCOME**
**EXPENDITURE**
**Charitable activities**
**Almshouse management**
Direct almshouse costs
Support costs
Cyclical maintenance
Extraordinary repairs
**Other expenditure**
**TOTAL EXPENDITURE**
Net gains on investments
Transfers between funds
**NET MOVEMENT IN FUNDS**
**NET (DEFICIT) / SURPLUS**
Realised gains on investment assets
Profit on disposal of Almshouse|Unrestricted
Fund
£
840
34,064
34,904
234,454
269,358
98,572
50,583
235,832
69,888
2,650
457,525
2,627
**(185,540)**
-
(12,699)
**(198,239)**|Restricted
Fund
£
-
-
-
-
-
-
-
-
-
-
-
-
**-**
-
12,699
**12,699**|Endowment
Fund
£
-
-
-
-
-
-
-
-
-
-
-
23,591
**23,591**
(371)
-
**23,220**|2023
Total
£
840
34,064
34,904
234,454
269,358
98,572
50,583
235,832
69,888
2,650
457,525
26,218
**(161,949)**
(371)
-
**(162,320)**| |---|---|---|---|---| Page 19