Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F Charlty nurnber: 222522 ST ALBANS OLD PEOPLE'S TRUST UNAUDITED TRUSTEES. REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST CONTENTS Refergnce and Adminlstrative Datalls of the Charity. its Trustees and Advlsers Trustees. Report Independent Examiner's Report Statement of Flnancial Activitles Balance Sheet 10 Notss to the Flnan¢lal Ststements 12-21
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST AL8ANS OLD PEOPLE'S TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees Robert P. Hill Irelired 29h October 2023 John W. Gladwin (retired 14th Febiuary 20231 ArF8nrhod Pazz1-AorthY Sudabe Gray Caroline Rolfe Shona Hyde lappoinled 111 June 20221 lan Johnson lappointed 201h Oetober 20221 Nicholas Hill lappoinled 22nd February 20231 Rodney C Moss Irelired 31* May 20221 Susan Kealing Irelited 301h June 20221 Charity registered number 222522 Principal offlce 6 Sandringham Road, FI1ck, Bedfordshire, MK45 1RW Trust Web5its www.oldpeopleslrusl.org.uk Secretary W. Fardell Accountants Mwcer & Hole LLP. 72 London Road. Sl Ajbans, Hertfordshwe, AL11NS Bankers CCL4 Investment Management Limited, One Angel Lane, London EC4R 3A8 CAF Bank Ltd, 25 Kings Hill Avenue. Kings Hill. Wesl Malling, Kent, ME19 4JQ Investment holdlngs CCLA Investment Management Limited. One Aruel Lane, London EC4R 3AB M&G Securities Limited, 10 Fenchurch Avenue, London, EC3M SAG Page I
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Tnjslees present their report and financial slalemenls for the year ended 31 March 2023. The financial statements have been prepared in accordanee with the accounting polictes set oijl in note I lo the accounts and comply with the charity's trust deed. They have also been prepared in accordance with 'Ac¢ounling and Reporting by Chaiilies.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporbng Standard applic8ble in the UK and Republic of Ireland IFRS 1021 (Second Edilionl,, the Financial Reporting Standard applicable in the Unilgd Kingdom and Republic ol Ireland (FRS 1021 and the Charities Ael 2011 and UK Generally Accepted PctiCe as il applies from 1 January 2019. Structure, governance and management The Tiusl is a registered charity no. 222522 established by the Trust Deed on 24 July 1947. The charitable object is sel out in a scheme confirmed by the Charity Commission on 30 May 2000. The Trust does not actively fund- raise and has resolved to carry out and continue Ihe objects sel out in the Trust Deed through cafeful stewardship of its investments. Prospective new Trustees, who should be resident in the City and District ol Sl Albans, may apply tg the Secretary or make their interest known lo any Trustee. The maximum number ol co-opted fruslee5 is seven and the minimum term of office is kn to four years lallhough the norrnal term is four years) Ouring the year the following changes occurred.. the retirement of Rodney C Moss as Trustee, John Gladwin as Trustee and Susan Keeling as Trustee,. the appointments ofshona Hyde, lan Johnson, and Nicholas Hill as Trustees and the appointrnent of Sudabe Gray as Chairperson. Subsequent to year end. Nichglas Hrfl was appointed as Treasurer. Trustees who served durlng the year. Suflabe Gray- {appoinled Chairperson 3th April 20221 Rodney C Moss- retired 3151 May 2022 Robert P. Hill- retired 25 October 2023 Susan Keeling- retired 301h June 2022 John W. Gladwin- retired 4th February 2023 Arianrhod Pazzi-Axworthy Caroline Rolfe Shona Hyde- appolnled 1¥1 June 2022 lan Johnson - appointed 201h October 2022 Nicholas Hill- appointed 22M February 2023 and as Treasurer 2151 June 2023 The Trustees monitor all risks to which the Trust may be exposed and are satisfied that systems are in Pla lo miligale all material risks. The Secretary, Mr. Wlliam Fardell. is appointed lo carry out the day-ttrday adminislralion. Objectives and activities The objective of the Charity is the relief of persons L)ver the age of 60. resident wllhin the City and District of St Albans, who are in need, hardship or distress. Page 2
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLO PEOPLE'S TRUST TRUSTEES. REPORT {¢ontlnupdl FOR THE YEAR ENDED 31 MARCH 2023 Objectlves and activitlgs Icontinuedl Activities The Trust has been operating for over 20 yea, delivering its mission lo support older people in the Sl Albans District who a in need, hardship, or distress. This support is prim8rily provided via grants for free go(xls and selvices. Grants vary from around £100 &.9., for a hoover up to £2,500 for a contribution lo a boilei, funeral. or a range of items lo fijrnish an unfurnished flat. The Trust reviews each application on its ¢)wn merit and make decisions accordingly. 2022 /23 Results During the year. 229 clients were supported by the TrusL Fewer grants were given than the previous year {see Figure 1 below). This is partially dLte to Ihe closure of a local mobility Store la key referffrl. the ces5alion of a local government boiler scheme Ito which the Trust conlributedl and clients seeking and being awarded Govemmenl support for grants for their primary priority - energy and food bills. The complexity of clients, needs has increased over the past 5 years.. many more present wlh mental health issues cause<J or exacerb8led by the pandemie which makes completing application forms and accessing gUPPOrting information difficutt. Figure l- Number of Grants 266 242 ,J36 2UIfjIL7 2011118 ?018119 20L9120 20 10121 1021122 2022123 The sum of the grants provided for Clients totalled £221,000 (see Figure 2 belgwl. The cost-of-living crisis affected the Trust. suppliers held prices for as long as possible bul had to Pass on price increases of around 109A. Figure 2- Value of Grants Awarded l£'OOOI .111 7019120 ?02012 I ?021122 20??1?3 Page 3
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 Objectrves and activities Icontlnuedl The wide range of types of items and Services awarded reflects the broad needs amongst this older client base (see Fig 3 below). The greatest number of grants awarded 2re Ih05e lo provide replacernenl kitchen appliances. The Trust also provides a range of services for especially vulnerable and frail Clients, including cleaning, meals on wheels and care alams. Reflecfjng the general increased need for help wllh cosl-of-living costs, the Tnjsl provided superrnarkel vouchers for clients. Figure 3- Grants awarded in 2023 by type Glasses and derttsi Haftdyperson services Funeral costs Care Alarms ousehold elettrlcals and furnirure Othor- Cle8n Meals on WheÈ15 9ollers + Plumblng Mobility Items Superm8rket vouchers Applian$.: Clients are required and encouraged to apply for help frorn ulher sources, e.g.. Govemmènl grants IOT funerals. boilers. glasses, and dental Ire8tmenl. as well as other place-based charities like The Harpenden Trn51. The TNSI has undertaken a number of inilialives to further its support for older people. New Website The Trust's new website. launched in October 2022, provides applicants and referrers with all the information which they need lo prepare an application. It also provides a comprehensive directory of support available lor local older people. Page 4
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST TRUSTEES. REPORT lcontinuedl FOR THE YEAR ENDED 31 MARCH 2023 Objectlves and activities (contlnuedl Christm8s Gift The Trust undertook to provide all 540 ofthe Trusvs client base each with a £50 supermarket voucher. Clients were exceptionally grateful both forthe financial assistance in th8 weeks leading up lo Christmas and fof the fact that the Trust had rememkred them. Pension C411 Initiative The Trust enleied ils 3rd year of a partnership proje¢l with Citizens Advice StAlbans ICASTADI io encourage older people lo apply for Pension Credit. Approximately 1,550 people of pensionable age in the district are missing out on Pension Credit. as we51 as other benefi15 including Attendance Allowance and Housing Benefit. In lots1204 l¢enls a now better off by a combined lolal of £422,000 a year. The Trustees would like lo fomalty ackn¢)wledge the invaluable support that CASTAD'S staff and volunteer advisors provide lo the Trust's clients. Community Hub Partnership The Trust has a weekly hol desk within Sl Albans Council's Community Healthy Hub. This provides an opportunity for older people, many of whom require in person supporL to complete and applicaiion fom. as they are digitally excluded, have a hearing impairment or leaming difficulty. StAlbans Old People's Partne1p Meeting The Trust launched a new initiative. bTinging together over 30 charilles and statutory agencies each SUPPOfting older people. After an in-depth information sharing session. the participants discussed the issues which most negatively affect older people. Further meetings are planned for 2023124. Co-Produclion Bo81 The Trust was invited lo sil on Hertfordshire County Counul's Co-Producli¢)n Board to represent the views of older people. As staff engage with over 1.000 older people each year, they have a clear idea of the key issues which older people face and ways lo overcome the barriers lo social inclusion. Gr8nts to Groups The Tiusl made far fewer grants lo other Charities supportlng Older people Ihan in pVIouS years. as a nijmber of chariltes have closed, whilst others had flfnds remaining from Government and other Covid gfants. The following Groups benefitied from donations by the Trust.. Grou Item C05 Herts Community Kitchen Cooking classes for ol¢Yef firsl-lime cooks £1,100 Citizens Adv¢ce St Albans Money advice workshops £3,000 Small Acts of Kindness Warm In INnler Bags lor older residenL¢ £5,000 Total £9,100 Page 5
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST TRUSTEES, REPORT Icontlnued FOR THE YEAR ENDED 31 MARCH 2023 Public bgneflt The Trust has complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. Flnanclal revlew The Twsl's investment assgls generated income of £202,728 12022.. £151,373) during Ihe year. The eosl of generating this income lotalled £9.569 12022.- £9.7471 in respect of propety costs. Other expenditure lolalled £322,47212022.. £325.6321, resulting in nel expenditure of £129,31312022'. E184,0061 before investment kjsses. The Trust's financial investrnents, that are linked lo the performan of financial market5, incurred a loss of £223,36212022." gain of £465,514). A gain of£170,000 (2022.. £nil} was recognised on the revaluation oflhe Trust's freehold property investments. The above has resulted in a nel deciease in funds of £182,67512022.' nel increase of £281.5081. The Trusvs investments are being held on a long-term basi% and their performance is conSided salisfaelory on that basis. Totsl funds at the end of the year amounted lo £5,8e2,71212022'. £6,045,387) and consisted of Endowment funds of £2,378.261 12022.. £2,467.0831 and unrestricted funds of £3.484.451 12022.. £3,578,304). The trustees are not awa of any material uncertainties aboutthe trust's abil'ty to continue as a going ¢(ceM. Policy on selveS 11 is the policy of the Tiusl that the capital value of the Endowment Fund is m8inlained Isubjecl lo unreallsed fluclualions in the market value of the underlying asselsl and that adequate unrestricted reserves are held lo equivalent lo a minimum of twelve months running costs. The Ituslees review the capital value ol the Endowment Fund annually and an amount is transferied lo the Capital Depreciation Account from the general fund lo protect against inflation if the trustees deem il necessary. S Gray Chair of the Boarfl of Tru$lees Date.. Page 6
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 MARCH 2023 Trustees. responslbilities statement The Trustees are responsible for preparing the Trustees. AnnLtal Report and the financial statements in aecoidance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to ¢harilies in England & WaleslNorthern Ireland requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial stslemenls, the trustees are required to.. select suitable accounting policles and then apply them consislenuy., observe the methods and principles in the Charities SORP 2019 IFRS 1021.. make judgernents and eslimales that are reasonable and prudent,. slate whether applicable accounting standards have been followed, subject io any malerral departures disclosed and explained in the financial slalemenls,. prepafe the financial statements on the going concern basis unless rf( is inappropri* to presume that the challty wll continuè in operation. The Trustees are responsible for keeping proper accounting record5 that disclose with reasonable atturacy al any lime the financial position ol the charity and enable them to ensure that the financial statements comply with the Charities AGt 2011, Ihe Charities (Accounts and Reports) Regulations 21)08 and the provisions of the trust deed. They are also responsible lor safeguardin9 the assets of the charity and hence for laking reasonable steps for the prevention and detection of fraud and other irregularrties Page 7
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Independent Examlngfs Report to the Trustees of St. Albans Old Pgople's Trust for the year ended 31 March 2023 I report to the Trustees on my examination of the financial siatemenis of St. Albans Old People's Tfust I'lhe charity'l for the year ended 31 March 2023 vthich comprise the Statement of Financial Aciivities, the Balance Sheet and related notes. This report is made solely to the Charity's Trustees. as a body, in accor(lan with section 145 of the Charib'es Act 2011. My work has been undertaken so that I might stale lo the Charity's Tse$ those matters l am required lo state to them in this report and for no olher purpose. To the fullest exlenl pemitted by law, I do not accept or assume responsibility lo anyone other than the charity and the Charity's Trustees as a body. for my work. for this report, or for the opinions I have fomied. Responslbilities and basls of report As the Trustees of the Charlty, you are responsible for the preparation of the financial slalements in accordance with the requirements of the Charities Act 20111.lhe Act'l. I report in respect of my examination of the charity's financial statements earned out under secbon 145 of the Act and in carrying out my exaTninatioft I have followed all the applicable Directsons given by the Charity Commission under section 14515llbl of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and eonsequenlly doès not cover all the matters that an audilor considers in giving their opinion on Me financial Slalements. The planning and conduct of an audit goes beyond the limited assufance that an independent examination can provide. cOnsUentIy. l express no opinion as lo whether the financial statements pregenl a 'Irue and fairf view, and my report is limited to those specific matters set out in the independent examiner's slalement. Independentexamlner's statefflent I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respe¢l'. accounting records were not kepl in respect of the charity as required by section 130 of the Act.. or the financial statements do net aecord with those records,. or
the financlal statements do not comply with the applicable reqLtirements concerning the form and conlenl of accounts sel out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the aceounls give a 'lrue and fair view, which is not a matter considered as part ol an independent examination. Page 8
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST INDEPENDENT EXAMINER'S REPORT l¢ontlnuedl FOR THE YEAR ENDED 31 MARCH 2023 I havfy no concerns and have come across no other matters in Gonneclion wlh the examination lo which attention should be drawn in this report in order lo enable a propor understanding of the financial statefflentsto be reached. Do¢uSnId W. 2FOC21325673435 J Upshall FCA 21/1212023 Mercer & Hole LLP- Chartered Accountants 72 London Road St. Albans Hertfordshire AL1 1NS Page 9
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST STA TEPdlENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Unrastricted Endowment funds funds 2023 2023 Total funds 2023 Totsl ftjnds 2022 Note INCOME AND ENDOWMENTS FROM: Investments 136.152 e8,576 202.728 151.3T3 TOTAL 136,152 66.576 202.728 151,373 EXPENDITURE ON: Raising IvrFds Charitable activili 9.569 322,472 9,569 322,472 9, 747 325,632 TOTAL 332.041 332,041 335,379 Nel gains l {105sesl on investments 35.460 88,822} 153.3621 465,514 NET INCOME I (EXPENDITURE} {160,4291 122.246} 1182,6751 281,508 Transfers between funds 66.576 166.5761 NET MOVEMENT IN FUNDS 193.8531 188.822) 1162.6751 281,508 RECONCILIATION OF FUNDS: Total funds at 1 April 2022 3,578,304 2.467.083 6,045,387 5.763,879 TOTAL FUNDS AT 31 MARCH 2023 3.484,451 2.378,261 5,862,712 6.045,387 The compaialive Sialemenl of Financial Activities for the prier year is presented in note 15. The notes on pages 12 to 21 form part of these financial slalements. Page 10
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note FIXED ASSETS Investments 5,790,175 5,992,361 CURRENT ASSETS Debtors 82,616 32.901 Cash at bank and in hand 10,752 49,514 93.368 82,415 CREDITORS.. amounts falling due within one year io NET CURRENT ASSETS 72.537 53,026 NET ASSETS CHARITY FUNDS Endowment funds 11 2,378,261 2.467,083 Unrestricted funds 3,484,451 3,578,304 TOTAL FUNDS The financial statements were approved by the Trustee5 on 131itl71 and signed on their behalf. by.. S Gray The notes on pages 12 10 21 form part of these financial statements. Page 11
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES 1.1 Basis of preparatlon of financlal statemonts The finanrAal statements have been prepared in accordance with 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities pieparing their accounts in accordance with Ihe Financial Reporting Standard aPpIable in the UK and Republic of Ireland (FRS 1021 (Second Edilionl, and the Financial Reporting Standard applicable in the United ngdorn and Republic ol Ireland IFRS 1021 and the Charities Act 2011 and UK Generalty Accepted PractKe as it applies from January 2015. The financial statements have been prèpared to give a 'true and fair, view anij have departed from the Charilies [AoUnt5 and Reports) Regulations 2008 only lo the exlenl required lo provide a 'lrue ancf fair view,. This departure has involved following 'Accounling and Reporting by Charib'es.. Statement of Recommended Practice applicable lo charities preparing their accourts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) (Second Edilionl. rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effect¢ve from 1 Apiil 2005 which has since been withdrawn. The financial statements have been prepared under the historical cost conventson with items recognised at cost or transaction value unlèss otherwise stated in the Televanl nolelsl to these accounts. The Trust meets the definition of a public benefit entity under FRS 102. 1.2 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in hjrtherance of the general objectives ol the charity and which have not been designated forother purposes. Designated funds comprise unrestrtcled funds that have been sel aside by the Trustees for parlar purposes. The aim and use of each designated frJnd is sel out in the notes to the financial statements. Endowment fijnds are to be used in accordance with specific reslriclions imposed by the don. 1.3 Income All income is recognised once the charity has entitlement lo the income, il is probable that the income will be reGeived. and the amount of income receivable can be measured reliably. Investment income is recognised when receivable based on nolificalion from the investment managers. 1.4 Expendlture Expenditure is recognised once there is a lègal or conslruclive obligation to make payrnenl lo a third party. il is probable that selllemenl will be required, and the amount of the obligation can be measured reliabty. All expenditure is accounted foi on an accruals basis. All expenses including support C051s and govemance costs ale Lllocaled lo the applicablo expenditure headings. Support costs are those o)sls incurred directly in support of expenditure on the objects of the charity- Page 12
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Icontinuedl Governance costs are those incurred in connectton with administr81ion of the charity and compliance with onslilulional and slalutory requirements. Grants payable are charged in the year when the offer is made exeepl in ihose eases where the offer is condib'onal, such grants being fecognised as expenditure when the conditions attaching are lfilled. 1 Going concorn The Trustees are not aware of any material uncertaints'es atKJuI iheTrusfs abilty to conts'nue asa going concern. 1.6 Flxed asset investment5 Common investment funds and unit rrusts are a form of basic financial inslrum&nl and are inilk4lly remgnised at their Iransaclion value and subsequently mgasured al their fair value as al the balance sheet date using the closing quoted maikel pllce. Investment properties are initially recognised at their transaction value. Investment properties are professionally valued periodically, and ihese valuations are rellecled in the accounts. The Statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout ihe year. allocated to the appropriate fund. 1.7 Debtoys Short term debtors are measured at transaction price, less any impaimienl losses. 1.8 Cash at bank and in hand Cash al bank and in hand includes cash and short term hlghly liquid investments with a short maturity of three months or less from the date of acquisition or opening ol the deposit or similar account. 1.9 Creditors and provl$ton$ Short term creditors a measured 81 the transacbon price. 1.10 Flnanclal instrument5 The Charity only ènters into basic financial instruments transactions that result in the reCOgniOn of financial assets and liabilities such as debtors and creditors. Financial instruments are initially measured at Iransaciion value. They are a55essed at the end of each reporting period for objective evidence of impairment. If objective evidence of impai¥menl is found. an impairment loss is recognised in the Slalemenl of Financial Activities. 1.11 Judgements in applying accounting pollcies The preparation ol the financial slalemenls requires management lo make judgments, eslimales and assumptions that affect the amounts reported for assets and liabilities al the balanee sheet dale and the amounts reported for revenues and expenses during the year. The nature ol esb'malion means the actual outcomes could differ from those eslimales. The key source of eslimalion uncertainty that could have an impael on the Iinancial 51atemenls relates lo the values of investments held. Page 13
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 INVESTMENT INCOME Unrestricted Endowment funds funds 2023 2023 Total funds 2023 Total funds 2022 Rental income Income from unil trusts and common investment funds Intest receivable Donations received Sundry 28,476 107,228 28.476 173.625 24,386 126,375 66,397 179 179 23 264 589 202 728 151,373 Total 2022 85,858 151373 ANALYSIS OF GRANTS Grantsto Institutions 2023 Grantsto Indivlduals 2023 Toial 2023 Tol81 2022 Grants payable 9.100 212,093 221,193 241,273 Tot812022 8, 729 232,544 241,273 Page 14
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ANALYSIS OF GRANTS Iconunuedl InGlud¢d within grants are amounts payable lo 3 inslttulions {2022.- 41 as follows.. 2023 2022 Herts Community Kilctten Small Acts of Kindness Citizens Advice Sl Alban8 Highlown Housing Association Trinity Cc)mmunity Proje London Colney Parish Council The Friday Drop In Club 1,100 5,000 3.000 159 390 4,830 3,350 Total 9,100 8, 729 ANALYSIS OF RESOURCES EXPENDED B Y EXPENDITURE TYPE 2023 2022 Maintenance and letting costs ofinveslment properties 9,569 9.747 Costs of raislng fund$ 9,747 Grants paid and committed Inole 31 Management ofbeneficiary proGess Govemance Support costs 221,193 86.475 4.320 10,484 241,273 70,115 5,335 8,909 Charltable activttles 322.472 325,632 Total 332.041 334379 Page 15
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE Icontlnuedl Management of beneficiary process includes the cost of individuals ¢ontracted by Hertft)rdshire Independent Living Setvice IHILSI lo service the charity. Support costs lotaling £8,22512022.' £9,249) lated lo adminislralwe services provided by W Farrjell in his capacity as Secretary to the Trustees. These have been allocated been investment propety costs, harilable activities and govemance costs in the following proportion 20%.'60%.'20°A 12022.. 20Qh.'60%'. 20%). This allocation is based on time spent administering the relevant areas of the charity. AJI costs in 2023 and 2022 relate lo unrestricted funds. TRUSTEE COSTS During the year, no fruslees received any remuneration or benefits in kind12022'. £nill. INDEPENDENT EXAMINER'S REMUNERATION 2023 2022 Examination of the finanetal slalements All other seNices 900 1,800 2,700 900 1,800 2. 700 STAFF COSTS The charity has no employees. Page 16
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 FIXED ASSET INVESTMENTS Common Investmgnt funds and managed funds Freehold proport19s Total Market value Al 1 April 2022 Addittons 5,392.361 600,000 5,992.361 51.176 51,176 Disposèls 1200.0001 1200.000) RevaluatKJns {223,3621 170,000 153,3621 At 31 March 2023 5020.175 770 000 5790 175 Historical cosl 2.501,025 175,000 2.676,025 Material investments 31 March 2023 31 March 2022 COIF Charities Investment Fund Freehold property at 20 Dalton Street, St Albans Freehold property al 22 Albert Street. Sl Albans M&G Charifund 3,932,286 520.000 250,000 1,087,889 4,085,428 520,000 80.000 1.306,933 5.790.175 5.992,361 Freehold properties are staled al tsr martel value. 20 Dalton Street was revalued in the year lo 31 March 2016 by Rumball Sedgewick and this open market valuation was ineorpoialed into Ihe accounts. Since that dale, non-professional analysis of the market values of similar locations shows the valuo of the property al 20 Dalbn Street lo have increased to £520,000. The second propety at 22 Albert Street, St. Albans was valued al £250.000 in November 2023 by a charted surveyor al Kirby Diamond, and this valualion is reflected in the balance sheet as al 31 March 2023. The Trustees are satisfied that the value of the property did not materially change from 31 M8ich 2023 to the valuation date in November 2023. PaBe 17
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST AL8ANS OLD PEOPLES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 DE8TORS 2023 2022 Cash in transit Rental (Jeposil Prepaymenb and accrued income 50,000 1,54 31,070 1,546 31,355 32,901 82,616 10. CREDITORS: Amounts falling due wEthln one year 2023 2022 Rentsl deposit Accruals and deferred income 1,546 19,285 20,831 1.546 27,843 29,389 Included in aceruals and deferred income is deferred income of £4,90312022.' £3,891) comprising of the feceipl of nI01 income relaling to future periods. Page 18
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 11. SUMMARY OF FUNDS Brought Forward 1A.22 Carrled FoThvard 31.3.23 Incoming Resources Yesourc•s Expended Transfers Galnsl Inlloutl (Losses1 Designated lunds-capilal Depreciation General fiJnds 226,907 3,351,397 226,907 3,257,544 13e,152 (332,041) 66,576 35.460 3,578.304 136,152 (332,041) 66,576 35,460 3,484.451 Endowment ndS 2.467.083 66,576 {66.5761 (88,8221 2.378.261 6,045,387 202.728 (332,1141) {53,3621 5.862,712 Brought Forward 1A.21 Carrfed Forward 31.3.22 Incoming Resources rèsourc8s expended Transfe Galnsl Inlloutl (Lossesl Designated funds- Capital Depreciation General fund$ 226,907 3,258.917 226,907 3.351.397 85,858 1335,3791 65,St5 276,485 3.485,824 85.858 1335,379) 65,515 276,485 3.578,304 Endowment funds 2.278,055 65.515 165,515 189,028 2.467,083 5,763,879 151,373 1335,3791 465,514 6,045.387 A designated fund, 8 Capital oepreci8llon Account. was sel up in 2010 by transferring unrestn.cled fijnds lo designated funds (see note 121. Page 19
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 •MRCH 2023 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Endowment funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 3,411.914 93.368 PO.8311 2,378,261 5,790,175 93.368 120.8311 3,484,451 2,378,261 5.862.712 Unrestrlcted Endowment funds funds 2022 2022 Total funds 2022 Fixed asset investments Current assets Credttors due within one year 3,525,278 82.415 129,3891 2.467,083 5.992,361 82,415 {29,3891 3,578,304 2,467,083 6,045,387 The endowment fund was set up Ifom the proceeds of the sale of land and il is the Truslees, policy lo maintain ils capital value. The Endowment Fund balance is reviewed annually by ihe Trustees 8nd an amount is Iransfeired to the Capital Depreciation Account from the General Fund lo protectlhe value of the Endowment Fund if the fruslees deem il necessary. 13. RELATED PARTY TRANSACTIONS The Trustees did not recelve any mUneration OT expenses in the year f2022.. £nil). There were no relaled party transactions during the year (2022.. none?. Oonalions were received from trustees during the year amounting to £nil f2022.' £nil). 14. CONTROLLING PARTY The charity is controlled by ils trustees in this and the prior year. Page 20
Docusign En¥ÈlopÈ ID". 3F1C1608-708A4ADO-AF6A-70F44C76C29F ST ALBANS OLD PEOPLE'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. COMPARATIVE sTATEmEr OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted Endowment fund$ funds 2022 2022 Total funds 2022 Notg INCOME AND ENDOWMENTS FROM: Inveslmènls 85,858 65,515 151,373 TOTAL 85,858 65.515 151.373 EXPENDITURE ON: Raising funds Charitable aGlivilies 9,747 325,632 9,747 325.632 TOTAL 335,379 335.379 Net losses on investments 276.486 189,028 465,514 NET INCOME 26.965 254,543 281,508 Tr8nSferboe8n funds 11 65,515 165.5151 NET MOVEMENT IN FUNDS 92,480 189,028 281,508 Total funds al l April 2021 3,4e5.824 2,278,055 5,763,879 TOTAL FUNDS AT 31 MARCH 2022 3.578,304 2,467,Q83 6,045.387 Page 21