St Albans Old People's Trust Trustees, Report and Financial Statements for the year ended 31 March 2024 Charlty Number.. 222522
St Albans Old People Trust Contents Reference and Admini5lrative Details of the Charity, its Trustees and Advisors Trustee5' Report for the year ended 31 March 2024... Tnjstees. responsibillty statement...................................................................... Independent Exarninerfs report for the year ended 31 March 2024.........................,.....................................-.. 10 Balance Sheet as at 31 March 2024.. 12 Notes to the Financial Statements 13
St Albans Old People's Trust- year ended 31 March 2024 Reference and Administrative Details of the Charitvi Its Trustees and Advisors Trustees Robert P. Hill (retired 25 October 20231 Arianrhod Pazzt-Axworthy Sudabe Gray (retired 31 July 20241 Caroline Rolfe Shona Hyde lan Johnson Nicholas Hill Charlty registered number.. 222522 Principal office.. 6 Sandringham Road Bedfordshire. MK45 IRW Webslte: www.oldpeoplestru5t.org.uk Secretary: W. Fardell Accountants: Mercer & Hole LLP 72 London Road St Albans Hertfordshire, ALI INS Bankers: CCLA Investment Management Limited One Angel Lane London. EC4R 3AB CAF Bank Ltd 2S Kings Hill Avenue Klngs Hill, West Malling Kent, ME19 41Q Investmtnt holdings: CCLA Inve5trnent Management Limited One Angel Lane London, EC4R 3AB M&G Securitles Limited 10 Fenchurch Avenue London, EC3M SAG
St Albans Old People's Trust- year ended 31 March 2024 Trustees, Report for the year ended 31 March 2024 The Tru5tee5 present their report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordan with the accounting policie5 Set out in note I to the accounts and comply wlth the charlty's Trust Deed. They have a150 been prepared in accordance with'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts In accordance with the Finantial Reporting Standard applicable in the UK and RepL¢blic of Ireland IFRS 1021 (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applie5 from l January 2019. Structure governance and management The Trust 15 8 Tegi5tered charity no. 222522 established by the Trust Deed on 24 July 1947. The charitable object Is Set out in a 5cherne confirmed by the Charity Commission on 30 May 2000. The Trust does not actively fund-raise and has resolved to carry out and continue the objects S out in ihe Trust Oeed through careful stewardship of its investments. Prospective new Trustees, who should be resident In the city and Distrltt of St Albans, may apply to the Secretary or make their interest known to any Trustee. The maximum number of co-opted Trustees is seven and the minimum terrn of office 15 two to four years (although the rormal term Is four years). DtsriTrg the year Robert P. Hill retired 35 3 Trustee. Subsequent to year end, Sudabe Gray retired as Trustee and ChaSrper50n, and Carollne Rolfe wa5 appointed Chairperson. Tru5tee5 Trustees who served during the year throyghout the year and subsequently are given below.. Robert P. Hlll IrelSred 25 October 20231 Arianrhod Pazzi-Axworthv Sudabe Gray Ire5igned as Chairper50n 19 June 2024 and retired a5 Trustee 31 July 20241 Caroline Rolfe lappointed Chairperson 19 June 20241 Shona Hyde lan Johnson Nicholas Hill ITreasurerl The Trustee5 monitor all risks to which the Trust May be exposed and are sat15fied that 5V5tern5 are in place to mitigate all material risks. The Secretary. Mr. William Fardell. is appointed to carry our the day-to-day administration.
St Albans Old People's Trust- year ended 31 March 2024 Oblertlves and actlvltFes Ob'ecttves The objective of the Charity IS the relief of persons over the age of 60, resident wlthln the Clty and District of St Albans, who are in Theed. hardship or distress. Activities st Albans Old People'5 Trust has been operating forover 20 years, fulfilling Its misslon to 5UPPOrt older people across St Albans District who are in need, hardship or dlstress. This SUPPOrt is prtrnarily provided via grants to individuals for free goods and services. The Trust reviews each application against a Set of broad grants guidelines and makes deci51ons accordrngly. 2023 241m act During the year, 21112023.. 2291 rllent5 were 5UPPOrted by the Trust. Fewer grants were given than the prevlous year (see Figure I below). This is in part due to a marked increase In thE TrUTnbEr of applications that were irncornplete 3nd therefore could not be assessed. More cllent5 are present¥ng with rnental health issues, which makes completing application forms and acce55ing supportin8 document5 difficult, despite the assistance provided by staff. 266 242 229 211 182 2019120 2020121 2021122 2D22123 2023124 Figure l Numherof Grants The SLIM of the grants provided for individual clieTht5 totalled £169,49912023.. £221,000) lsee Figure 21. Thi5 reduction in the value of grant-giving iesults from fewer cornpleted grant5 being assessed. as well as the introdurtion of new grants guideline5. which now exclude high value items such as boilers, repairs and detoration. 234 221 169 77 2019120 2020121 2021122 2022123 2023124 Figure 2- Value of Grants to Individuals £'OOO The wide range ol types of item5 and services awarded reflects the broad need5 amongst this older client base Isee Flgure 31. The greatest nurnber of grants awarded are for replacernent kitchen appliances. The Trust also provides a range of services for especially vulnerable and frail clients, including cleanin& meals on wheels and care alarms.
St Albans Old People's Trust- year ended 31 March 2024 Objectlves and artlvltle5 l¢ontlnuedl Handyperson 5eMces Glasses and dental -other Care Alarm5 Household electricals and furniture 8ads Cleaning M&als on Vvhèels Boilers + Plumbing Flooriro Mobility itsms Supermarket Vouchers IAppliances Flgure 3- Grants award6d to Sndlvlduals in 2024 by type Client5 are strongly encouraged to apply for help frorn other sources, e.g.. Government support for gla55e5 and dental treatrnent, to Use food banks and communlty pantries, as well as to approach place-based charitie5 like The Harpenden Trust. Many client5 write to the Trust to express their gratitude for the support the Trust has provided. Here are some of their views-. I thank you from the bottom of my heart for your klndness for my frld8e. l am truly 8rateful. God Bless Thank you for the hoover and shopping voucher- it mean5 a lotl Now l only get fed I day a week at work, my food bills have rocketed. The Trust got me a cooker- it's beautifvl Thank you $0 much for the recllner chair. It 15 totally life-changing for us. Thanks so much for all your help. I hope I look like a dolly bird with my new teeth.
St Albans Old People's Trust- year ended 31 March 2024 Objectives and artivitles Icontinuedl Initiatives to Su ort Older Peo le The Trust ha5 undertaken several non grant-m8king initiatives to further its support for older people. Promotion of uptoke of Pension Credit ondAttendonceAllowunce The Trust produces and di5tribute5 Posters encouragiThg older people to check their entitlement to Pension Credit and Attendance Allowance. The Trust entered its 4th year of a partnership project with Citizen5 Advice St Albans ICASTADI to encourage older people lo apply for Pension Credit. About 1.550 people of pensionable age in rhe district are missing out on Pension Credit and other benefits, including Attendance Allowan¢e and Housing Benefit. As a result of the partnehip project, 295 clients are now more financially Secure with a cornbined annual total increase in income of £583,000. In some cases. the client's monthly income has doubled. The Trustees would like io formally acknowledge the invaluable support that CASTAD'S staff and voSunteer advisors provlde to the Trust's Community Heulthy Hub Purtnership The Trust has a weekly hot-desk within 5t Albans Council's Community Healthy Hub. This provldes an opportunity for many older people who requ1re in-person support, to complete an application form with a member of staff, provSde supporting documents and explain their often-complex circurnstances. Staff can also personally introduce client5 to other Hub partners for financial advice, help with digital skills and accessing a local Community Bank. StAlbLrn5 Old People's Portnership Meering The Trust brought together over 30 charitie5 and statutory agencies, each supporting older people, in a second Partnership meetin& hosted by The Harpenden Trust. Further meetings are planned for 2024125. Co-Produrtion 8ourd The Trust was invited to sit on Hertfordshlre County CouncS1's Co-Productlon 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 to overcome the barriers to social inclusion and can share this with those who are deci5ion- makers around services for older ppIe across Hertford5hire. Troininglrom rhe Assoclation CharNtoble OrgonisotlOn5 St8ff have attended training on fraud prevention, benefits updates, saleguarding and other subjects relevant to the efficient marsagement of a grants process. Grants to Grou The Trust made far fewe¥ grant5 to other charities supporting older people than in previous years, as a number of charities have closed. whilst others had funds remaiTrin8 frorn GovernmeTht and other Covid 8rants. The following Groups benefitted from donations by the Trust..
St Albans Old People's Trust- year ended 31 March 2024 Group Item Cost Citizens Advice St Albans Pension Credit Proje Hert5 Independent Living Service5 Jubilee Chri5trna5 Party London Colney Parish Council Exercise classes for older residents Total £3,000 £320 £5,106 £8,426 Publlc benefft The Trust has complied with the duty in section 17 of the Charitles Act 2011 to have due regard to the public beneflt guidance publlshed by the Chartty Commi55ion. Flnanclal revlew The Trusvs investment assets generated income of £195,93012023.. E202,7281 during the year. The cost of 8enerating this income totalled £19.37512023. £9,569) in respect of property costs. Other expenditure totalled £267,85512023.. E322,4721, resulting in net expenditure of £91,30012023.. £129,313) before investment gain5. The TrusV5 financial investments. that are linked to the performance of financia1 markets, 8enerated a galn of £354,09612023.. loss of E223,3621. A gain of £5,00012023.. £170.0001 wa5 recognised on the revaluation of the Trust's freehold property inve5tment5. ThE above has resulted in a net increase in fund5 of £322,44512023'. net decrease of £182.6751. The Trusys inve5tment5 are being held on a long-term basis and their performance is considered satisfactory on that ba51S. Total fvnds at the end of the year amounted to £6,185,15712023.. £5,862,712) and Consisted of Endowment funds of £2,591,67212023.. £2,378,2611 and unrestrlcted funds of £3,593,48512023'. of £3,484,451). The Trustees are not aware of any materlal uncertainties about the Trust'g abi1Sty to contlnue as a goin8 concern. Policyon reserves It is the policy of the Trust that the capital vale of the Endowment Fund is maintained (subject to unrealised Iluctuations in the market value of the underlying assets) and that adequate unrestritted reserves are held al a level equivalent to a minimum of twelve rnonth5 running costs. The trustees review the capital value of the Endowment Fund annu311y and an amount is transferred to rhe Capiial Depreciation Account from the general fund to protect against inflaion if the trustees deem it necessary. C Rolfe Chalr of the Board of Trustees Date..
St Albans Old People's Trust- year ended 31 March 2024 Trustees, responsibility statement The TrStee$ are responsible for preparing the Tru5tees' Annual Report and the financial statements in accL)rdance with appllcable law and United Kingdom Accounting Standards Iunited Kifigdorn Generally Accepted Accounting Practice). The law applicable to charities in England & Wa5es/Northern Ireland requires the Trustees to prepare tinancial staternents for each financial year which give a true and fair view of the state of affairs of the charity and of the inmming resources and applicaiion of resource5 of the charity for that period. In preparing these financlol statement5. the Trustees are required to.. select sultable accountirbg policies and then apply them consistentlv., observe the method5 and principles in the Charlties SORP 2019 IFRS 1021.. make judgements and e5timate5 that are feasonable and prudent; stale whether applicable accounting standards have been followed, subjert to any material departures disclosed and explained in the financial statements.. and prepare the financial staternent5 on the going concern basis unless It is inappropriate to presume that the charity wlll continue in operation. The Trustee5 are re5pon5ible for keeping proper accounting record5 that disclose with rEa50nable accuracy at anv time the financial position of the charity and enable them to ensure that the financial statements cornply with the Charitie5 Act 2011, the Charities IAccounts and Reports) Aeeulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. C Rolle Chair of the Board of Trustees Date..
St Albans Old People's Trust- year ended 31 March 2024 Independent Examiner's report for the year ended 31 March 2024 I report to the Trustees on my examination of the financial statements of St. Alban5 Old People's Trust I'the charity'l for the year ended 31 March 2024 which comprlse the Statement of Financial Activitles, the Balance Sheet and related notes. This report 15 made solely to the Charit(s Trustees, as a body, in accordance with section 145 of the Charitie5 Act 2011. My work has beeTh undeTtaken 50 that l Might state to the Chzrity's Trustees those matter51 am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the Charity'5 Trustees as a body, for my work. for this report. or for the opinion51 h3ve formed. Responslbllltles and basis of report As the Trustees of the Charity. you are responsible for the preparatlon of the finaneSal statements In accordance wlth the reouirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's financial statements 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 CornmisSlDn under section 14515llbl of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently doe5 not cover all the m3tters that 3n auditor considers in giving their opinion on the financial statements. The planning and ¢ondutt of an audlt goe5 beyond the lirnited assurance that an independent examlnation Can provide. Consequently, l eXpsS no opinion a5 to whether the financial statements present a 'true and fairf view, and my report Is limited to those specific matters set out in the independent examinerfs Statement. Independent examiner'5 StatemeTht I have completed my examination. I confirm that no materlal matters have come to my attention in connection wlth the examlThation giving me cause to believe that in any material respect.. accounting records were not kept in respett of the charity as required by section 130 of the Act,. or the financial statements do not accord wSth those records,. or the financSal statements do not comply wSth the applicable requirements coacerning the form and content of account5 set out in the Charities IAccounts and Report51 Regulations 2008 other than any requirement that the aeeounts give a 'true and falr view, whSch is not a matter consldered as part of an independent examination. I have no concerns and have come acros5 no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the fSnancial statements to be reached. Upshall FCA UlkdL Merctr & Hole LLP- Chartered Accountants 72 London Road St. Albans Hertfordshire ALI INS io
St Albans Old People's Trust- year ended 31 March 2024 Statement of Financial Activities for the year ended 31 March 2024 Unrestrirted fund5 Emduwffleht Total Total fund5 2023 funds funds Note 2024 2024 2024 Income and endowrnent5 from.. Investments 128,670 67.260 195.930 202,728 txpendlture on.. Ra¢sin8 funds 119,3751 119,3751 19.5691 1267,8551 1267,8551 1322.472) 1287.2301 1287.2301 1332,041) Net gains I Ilossesl on investment revaluations 145,685 54,649 212,411 259.096 54,649 153.3621 Profit on disposal of investment propertv Net In¢ome I lexpet)dlturel 41.774 280,671 322,445 IIS2,6751 Transfers between funds li 67,260 167.2601 Net movement in funds 109,D34 213,411 322,445 {1816751 Reton¢llhtlon of fvJhds- Total funds at startof year 3.434,451 2,378.261 5.862.712 6.045,387 Total fund5 at end of year 3,593,485 2,591,672 6.185.157 5.862,713 The comparative Statement of Financial Activities for the prior yeaF is pSented In note IS. The notes on page$ 13 to 20 lorm part of these financial statements. li
St Albans Old People's Trust- year ended 31 March 2024 Balance Sheet as at 31 March 2024 31 March ZOZ4 31 Marth 2023 Note FIMed assets Investments 6.152.987 5.790,17S Current a55ets Debtors 34.829 82,616 Cash at bank and in hand 17,095 10,752 51.924 93,368 Credltor5.' amount5 f3llln8 due wlthln one year io 119,7541 IZO,8311 Net current assets 32.170 72,537 Net assets 6.185,157 5.862.712 Charityfunds Endewment funds 2.591,672 2.378,261 UnrestTlCted fund5 3,593,485 3.484,451 Total fut)ds 6,185,157 5.862,712 The financial statements were èpproved by the Tru5tee5 on and Signed on their behalf, by.. C Rolfe The note5 on pa8es 13 to 20 form part of these financlal statements. li
St Albans Old People's Trust- year ended 31 March 2024 Notes to the Financial Statements l. Accounting Policies Ba515 of preparatlon The financlal staternents have been prepared in accordance with 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Financial Reportlng Standard applicable in the UK ancs Republic of Ireland IFRS 1021 (Second Edition), and the Financial Reporting Standard applicable in the United Kingdorn and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Accounting Pr3Ctice as it applies from January 2015. The financial statements have been prepared to give a'true and fair. view and have departed from the Charities (Accounts and Reports) Regulation5 2008 only to the extent required to provide a 'true and fair view,. This Ileparture ha5 involved following'Accounting and Reporting by Charities.. Statement of Recornrnended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Isecond Edition). rather than the Accounting and Fieporting by Charities.. Ststement of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements have been prepared under the historical c05t convention with items recognised at cost ortransaction value unle5S Otherwise stated in the relevant notelsl to these accounts. The Trust Meets the definition of a public benefit entity under FRS 102. Fund accountlng General funds are unrestricted funds which are avallable for use at the discretion of the Trvstees in furrherance of the general objectives of the charity and which have Thot been designated for other purposes. Designated funds comprise unrestricted funds th3t have been set aside by theTrustees for partlcular purposes. The airn 3nd use of each designated fund is set out in the nDtes to the financial staternents. Endowment funds are to be used in accordance with spe£ific restrictions imposed by the donor. Income All incorne 55 recogni5ed once the charity has entltlement to the income. it 15 probable that the income wlll be received, and the amount of incorne receivable can be me35vred reliably. Investment irncorne 15 recognised when receivable based on notlflcatlon from the Investment managers. Expenditure Expenditure is reio8nised once there is a legal or constructive obligation to make payment to a third party. it is probable that settlement will be required, and the arnount of the obligation can be measured Teliablv. All expenditure Is aecounted for on an accruals basis. All expenses including support costs and 8overnance costs are allocated to the applicable ekpenditure headlngs. Support costs are those costs incurred dlrectly in 5UPPOrt of expenditure on the object5 of the charity. Governance costs are those incurred in connection with adminisiration of the charity and cornpli3nce with constitutional and statijtory requirements. 13
St Albans Old People's Trust- year ended 31 March 2024 Notes to the Financial statements l. Accountlng Policie5 Icontinuedl Grants payable are charged in the year when the offer is made except in those ca5e5 where the offer is conditional. such grants being recognised as expenditure when the condition5 attaching are fulfilled. Golng Concern The Trustees are not aware of any tnaterial uncertainties about the Trust's ability to continue as a going cOnr. Fixed a55et investments Common investment funds and unit trusts are 3 form of basic financial instrument and are inltial recognised at theirtransaction value and subsequently measured attheirfairvaluea5 at the balan sheet date using the closing quoted market price. Inve5trnent properties are init1311y recognised at their transacrion value. Investment properties are professionally valued periodically, and these valuations are reflected in the accounts. The Statement of Fir¢ancial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. allocated to the appropriate fund. Debtors Short term debtors are measured at transaction price. les5 any impairment10sses. Cash at bank and in hand Cash at bank and in hand includes cash and Short term highly liquid investments with 3 Short maturlty of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors znd provlslons Shon term creditors are measured at the transaction price. Financial in5trument5 The Charity only enters into basic fSnanEial instruments transactions that result in the recoEnltion of financtal assets and liabilities such as debtors and creditors. Financial instruments are initially measured at transaction va5ue. They a¥e assessed at the end of each reporting period for objective evldence of impairment. If objective evidence of impairrnent is IDund, an impairment Ioss 15 Tecognised in the Statement of Financial Activities. Jtsdgement5 in applying accountlng poll¢les The preparation of the financial 5tatemeThts requires rnana8ement to make judgrnent5, estimate5 and assumptions that affect the amounts reponed for assers and Ilabilliies at the balance sheet date and the amounts reported for revenues and expense5 during the year. The nature of e5tirnation Means the aUal outcomes could differ frorn those estimates. The key source of estimation uncertainty that could have an impact on the financial statements lateS to the values of inve5trnents held.
St Albans Old People's Trust- year ended 31 March 2024 Notes to the Financial Statements 2. Investment Income Unrestritted Ethdowme#t Total Total lunds 2023 funds fund$ funds 2024 2024 2024 Rental income 20,791 20,791 28,476 Incorne from unit trust5 and common Investment ftJnd5 107.791 67,166 174.957 173,625 Interest receivable 94 94 179 Donatlons rereSwed 88 88 Sundry 128,670 67.Z60 195,930 202,728 Toto12023 136.152 66,516 201728 3. Analysis of Grants Grants to Grantslo Total 2024 Total 2023 2024 2024 G¢3nts payable 8,426 169.574 178,000 Z21,193 Total 2023 9,100 212.093 221,193 15
St Albans Old People's Trust- year ended 31 March 2024 Notes to the Financial Statements 3. Analysis of Grants {continuedl Included within grants are amounts payable to 3 in5titution512023.. 31 as follows.. 2QZ4 Herts Communlty Kltthen Small Act5 of Kindness 1,100 5.000 Citizens Advice St Albans Health & Independent Living Support London Colney Parish Council 3,000 320 3.000 5,106 8,426 9,100 4. Analysls of Resource5 Expended by Expenditure Type 2024 2023 Maintenance and lettin8 eosts of investment propertles 19.375 9,569 Costot ralslw funds 19.375 9.569 Grants paSd athd eommitted (note 31 Mona8ernent ef benefioary process Governance 178,000 221,193 69,810 86,475 4,320 10,484 12,268 7,777 Support costs Charltable actlvllies 267,855 322,472 Total 287,230 332.041 Management of beneficiary process includes the cost of individua15 contracted by Hertfordshire Independent Livlng 5ervite IHILSI to service the charity. Support costs totalling £5.70412023: £8.2251 related to adminlstratlve services provided by W Fardell in ht5 capacity as Secretary to the Trustees. These have been allocated between investment property costs, charitable activitle5 and governance cost5 in the followin8 proportion 20%..60%..20%12023.. 20%..60%.. 20%). Thls allocation is based on time spent administering the relevant area5 of the charity. All costs in 2024 and 2023 relate to unre5trirted funds. 5. Trustee Costs During the year, one Trustee received £18 relating to expenses incurred12023= £nill. 16
St Albans Old People's Trust- year ended 31 March 2024 Notes to the Financial Statements 6. Independent Examinerfs Remuneration 2024 2023 Examination of the financsal statements 945 yoo All other services 1,890 1,800 2,835 2,700 7. Staff Costs The charity has no employees. 8. PropertV• plant and equipment ComTllDn inve5tmefit fvnds and managed funds Freehold properties Total Market value At l Aprll 2023 5,020.175 770,000 5.790.175 Additions 343,716 343.716 Disp05als I90.0> 1250.0001 1340,0001 Revaluations 354,096 5,000 359,096 At 31 March 2024 5,627,987 525,000 6,152,987 Hlstpri¢al cost Mateiial inv*strnentS 2024 2023 COIF Charitles Investment Fund 4,535.236 1,092,751 525,(M)O 3,932,286 1.087,889 520,000 250,000 M&G CharSfund Freehold properly at 20 Dalton Street, St Albans Freehold property at 22 Albert Street, St Alban5 6,152,987 5.790,175 Freehold propertles are stated at their market value. 20 Dalton Street was valued at £S2S.000 in May 2024 by 3 chartered surveyor at Rumball Sedqewick. and this valuation is reflected in the balance sheet as at 31 March 2024. The second property at 22 Albert Street Was SDld January 2024 reali51ng a gain on sale Df £54.649. 17
St Albans Old People's Trust- year ended 31 March 2024 Notes to the Financial Statements 9. Debtors 2024 2023 Cash in tran51t 50,oriJ Rental deposit Prepayments and accrijed income 1.546 1.546 33,283 31,070 34,829 82,616 10. Creditors- amounts falling due within one year 2024 2021 Rental deposit Accrua15 and defeTred Tncome 1,546 1.546 18,208 IY.285 19,754 20,831 Included in accruals and deferred income is deferred income of £nll12023.. £4,903) comprlslng of the receipt of rental income relating to future pertod5. 11. Summary of funds Brought forward Carrled forward 3113124 Incomlng Resources resources expended Transfers inlloLrtI Galn51 Ilossesl 114123 Designated fund5-capital depreciation General lunds 226,907 226.907 200.334 3,366.578 3,257.544 128,670 1287,2301 67,260 3,484,451 128,670 1287,2301 67,260 200,334 3,593.485 EAdowmentlufids 2,378,261 67,260 167,2601 213,411 2,591.672 5,862,712 195.930 1287,2301 413,745 6,185.157 Brought forward IncomlnE Re50urce5 114122 resourtes expended Carried fov•JaTd 3113123 £ Trar15fer5 lthlloutl Galnsl Designated funds- capital depreciatpon General funds 226,907 3,351,397 226,907 3.257.544 136,152 1332,0411 66.576 35.460 3.578,304 136,152 1332,0411 66.576 35,460 3,484,451 Endowmentfund5 2.467,083 66,576 166.5761 188,8221 2.378.261 6.045,387 202.728 1332,0411 153,3621 S,862,712 A designated fund, a Capital Depreciation Account. was set up sn 2010 by transferrlnB unrestricted funds to designated funds15ee note 121. 18
St Albans Old People's Trust- year ended 31 March 2024 Notes to the Financial Statements 12. Analysis of net assets between funds Unfestricted Endowment nds fund5 2024 2024 Totsl lunds 2024 Fixed asset investment5 3,561.315 51,924 119.7541 2,591,672 6,152,987 51,924 119,7541 Current assets Creditors due wlthin one ¥eaT 3.593,485 2.591,672 6,185,157 Unrestrlcted Endowment fund5 fund5 2023 2023 Total f¥nds 2015 Fixed asset Invèstments 3,411,914 93.368 120,8311 2,378.261 5.790,175 93,368 120,8311 cuent assets Creditors due within one year 3,484,451 2.378.261 5.862,712 The endowment fund was set up from the proceeds of the sale of land and it is the TrtTrstees' policy to maintain it5 capital value. The Endowment Fund balance Is reviewed annually by the Trustees and an amount is transferred to rhe Capltal Depreciation Account frorn the General Fund to protect the value of the Endowment Fund If the Trustees deem it necessarv. 13. Related party transactlons One Trustee received expenses Df £18 in the year12023-. nill. Related party transactions in the year came to a total of E43412023.' none). This amount related to expense5 incurred by Mike Gray (husband of Sudabe Gray.. Trusteel incurred on behalf of the trust. 14. Controlling party The charity is controlled by it5 TTU5tees in thi5 and the prior year. Ig
St Albans Old People's Trust- year ended 31 March 2024 Notes to the Financial Statements 15. Comparative statement of financial attivities for the year ended 31 March 2023 UThrestrl¢ted funds 2023 Endowment funds 2023 Total lunds 2023 Note Intome and endowrnents from: Investments 136,152 66,576 202,728 136,152 66,576 202,718 Expet)dlture on: Rai5in8 funds 9.569 9.569 322.472 322,472 322,041 332,041 Net gains I11055esl on Snvestments 35,460 188,8221 153.3621 Net Income I lexpenditurel 1160.4291 66,576 122,2461 166,5761 1182,6751 Transfers between funds li Net movement In funds 193.8531 188,8221 1182,6751 Recontlllation otfLrnds'. Total funds at start of year 3.578.304 2.467,083 6,045,387 Total funds at end of year 3.484,451 2.378,261 5.862,712