| Page | |
|---|---|
| Referenceandadministrativeinformation | 2 |
| ReportofthedirectorsoftheCorporateTrustee | 3-8 |
| Independentauditor'sreport | 9-11 |
| Statementoffinancialactivities | 12 |
| Balancesheet | 13 |
| Statementofcashflows | 14 |
| Notestotheaccounts | 15-27 |
| Unrestricted | Endowment | Unrestricted | Endowment | ||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Total | Funds | Funds | Total | ||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||
| Notes | £ | £ | £ | £ | £ | £ | |
| Incomefrom: | |||||||
| Investmentincome | 2 | 337,141 | 337,141 | 381,718 | 381,718 | ||
| Othertradingactivities | |||||||
| (Privatelettingincome) | 88,633 | 88,633 | 80,728 | 80,728 | |||
| Charitableactivities | |||||||
| (Contributionsfrom | |||||||
| residents) | 435,324 | 435,324 | 418,188 | 418,188 | |||
| Totalincome | 861,098 | 861,098 | 880,634 | 880,634 | |||
| Expenditureon: | |||||||
| Investmentmanagement | 90,471 | 90,471 | 563 | 72,891 | 73,454 | ||
| Charitableactivities: | |||||||
| .Almshouses | 3,5 | 644,527 | 644,527 | 539,019 | - | 539,019 | |
| .Grants | 3,6 | 294,841 | - | 294,841 | 288,248 | - | 288,248 |
| Totalexpenditure | 939,368 | 90,471 | 1,029,839 | 827,830 | 72,891 | 900,721 | |
| Net(expenditure)income | |||||||
| beforegainson | |||||||
| investments | (78,270) | (90,471) | (168,741) | 52,804 | (72,891) | (20,087) | |
| Investmentgains | 10 | 161,344 | 1,242,308 | 1,403,652 | 65,968 | 506,648 | 572,616 |
| Netincomefortheyear | 83,074 | 1,151,837 | 1,234,911 | 118,772 | 433,757 | 552,529 | |
| Otherrecognisedgains | |||||||
| andlosses | |||||||
| Revaluationoffreehold | 9 | ||||||
| property | - | 665,146 | 665,146 | 5,070,751 | 5,070,751 | ||
| Netmovementinfunds | 13 | 83,074 | 1,816,983 | 1,900,057 | 118,772 | 5,504,508 | 5,623,280 |
| Reconciliationoffunds | |||||||
| Fundsbroughtforward1 | |||||||
| January | 3,160,491 | 46,247,576 | 49,408,067 | 3,041,719 | 40,743,068 | 43,784,787 | |
| Fundscarriedforward31 | |||||||
| December | 14 | 3,243,565 | 48,064,559 | 51,308,124 | 3,160,491 | 46,247,576 | 49,408,067 |
| 31 | 31 | ||
|---|---|---|---|
| December | December | ||
| 2024 | 2023 | ||
| Notes | |||
| FIXEDASSETS | |||
| Tangibleassets | 9 | 34,699,658 | 34,195,258 |
| Investments | 10 | 16,626,504 | 15,160,077 |
| 51,326,162 | 49,355,335 | ||
| CURRENTASSETS | |||
| Debtors | 11 | 63,910 | 49,907 |
| Cashatbank | 4,483 | 91,785 | |
| 68,393 | 141,692 | ||
| CREDITORS:Amountsfallingduewithinoneyear | 12 | (86,431) | (88,960) |
| NETCURRENT(LIABILITIES)/ASSETS | (18,038) | 52,732 | |
| NetAssets | 51,308,124 | 49,408,067 | |
| THEFUNDSOFTHECHARITY | |||
| ENDOWMENTFUNDS | 13 | ||
| Almshousebranch | 43,988,174 | 42,171,191 | |
| Reliefinneedbranch | 4,076,385 | 4,076,385 | |
| 48,064,559 | 46,247,576 | ||
| UNRESTRICTEDFUNDS | 13 | ||
| Almshousebranch | 3,243,565 | 3,160,491 | |
| Reliefinneedbranch | |||
| 3,243,565 | 3,160,491 | ||
| 51,308,124 | 49,408,067 |
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cashflowfromoperatingactivities: | |||
| Netcashusedinoperatingactivities | A | (361,418) | (198,704) |
| Cashflowfrominvestingactivities: | |||
| Dividendsandinterestfrominvestments | 336,891 | 381,718 | |
| Proceedsfromthedisposalofinvestments | 9,051,210 | 12,216,287 | |
| Purchaseofinvestments | (9,113,986) | (13,221,435) | |
| Netcashprovidedby(usedin)investingactivities | 274,115 | (623,430) | |
| Changeincashandcashequivalentsintheyear | (87,303) | (822,134) | |
| Cashandcashequivalentsat1January2024 | |||
| 91,785 | 1,345,272 | ||
| Cashandcashequivalentsat31December2024 | B | ||
| 4,482 | 91785 |
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Netmovementinfunds(asperthestatementoffinancial | |||
| activities) | 1,900,057 | 5,623,280 | |
| Adjustmentsfor: | |||
| Depreciationcharge | 160,746 | 96,000 | |
| Gainsonrevaluationoftangiblefixedassets | (665,146) | (5,070,751) | |
| Gainson investments | (1,403,652) | (501,650) | |
| Dividendsandinterestfrominvestments | (336,891) | (381,718) | |
| (Increase)indebtors | (14,003) | (18,285) | |
| (Decrease)increaseincreditors | (2,529) | 54,420 | |
| Netcashusedinoperatingactivities | (361,418) | (198,704) | |
| B | Analysisofcashandcashequivalents | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Cashatbankandinhand | 4,482 | 91,785 | |
| Totalcashandcashequivalents | 4,482 | 91,785 |
| 2 | INVESTMENTINCOME | |||
|---|---|---|---|---|
| Reliefin | ||||
| Almshouse | Need | 2024 | ||
| Branch | Branch | Total | ||
| £ | £ | £ | ||
| Listedinvestmentincome | 208,899 | 128,242 | 337,141 | |
| 208,899 | 128,242 | 337,141 | ||
| INVESTMENTINCOME | ||||
| Reliefin | ||||
| Almshouse | Need | 2023 | ||
| Branch | Branch | Total | ||
| £ | £ | £ | ||
| Listedinvestmentincome | 240,618 | 141,100 | 381,718 | |
| 240,618 | 141,100 | 381,718 | ||
| 3 | ANALYSISOFCHARITABLEEXPENDITURE | |||
| Direct | ||||
| costs | Support | |||
| (Note | costs | 2024 | ||
| 5&6) | (Note4) | Total | ||
| £ | £ | £ | ||
| Almshouses | 572,957 | 71,569 | 644,527 | |
| Grants | 264,170 | 30,672 | 294,841 | |
| 837,127 | 102,241 | 939,368 | ||
| Direct | ||||
| costs | Support | |||
| (Note | costs | 2023 | ||
| 5&6) | (Note4) | Total | ||
| £ | £ | £ | ||
| Almshouses | 417,356 | 121,663 | 539,019 | |
| Grants | 236,107 | 52,141 | 288,248 | |
| 653,463 | 173,804 | 827,267 |
| Total | Total | |
|---|---|---|
| 2024 | 2023 | |
£ |
£ |
|
| Staffcosts(note8) | 45,197 | 109,810 |
| Administrativeexpenses | 36,450 | 43,527 |
| Governance(note7) | 20,594 | 20,467 |
| 102,241 | 173,804 | |
| Supportcostshavebeenallocated: | ||
| Almshousesexpenditure | 71,569 | 121,663 |
| Reliefinneedexpenditure | 30,672 | 52,141 |
| 102,241 | 173,804 |
| ALMSHOUSESEXPENDITURE-DIRECTCOSTS | ||
|---|---|---|
| 2024 | 2023 | |
| Total | Total | |
£ |
£ |
|
| Residents'benefits | 8,308 | 7,177 |
| Staffcosts(note8) | 121,493 | 93,017 |
| Propertyservices | 110,927 | 150,495 |
| Repairsandmaintenance | 171,483 | 70,667 |
| Depreciation | 160,746 | 96,000 |
| 572,957 | 417,356 | |
| RELIEFINNEEDEXPENDITURE | ||
| 2024 | 2023 | |
| Total | Total | |
£ |
£ |
|
| Grantstoindividuals | 21,295 | 55,060 |
| Grantstoorganisations | 242,075 | 179,647 |
| Pensions | 800 | 1,400 |
| 264,170 | 236,107 |
| 7 | GOVERNANCECOSTS | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Total | Total | ||
£ |
£ |
||
| Trusteeindemnityinsurance | 1,372 | 2,352 | |
| Auditfees | 12,000 | 11,250 | |
| Accountancy | 1,009 | 6,092 | |
| Legalfeesandotheradvisoryfees | 6,213 | 773 | |
| 20,594 | 20,467 | ||
| 8 | STAFFCOSTS | ||
| 2024 | 2023 | ||
| Total | Total | ||
£ |
£ |
||
| Salariesandwages | 152,864 | 187,557 | |
| Employers'nationalinsurance | 8,398 | 12,547 | |
| Pensioncontributions | 5,428 | 2,723 | |
| 166,690 | 202,827 | ||
| Staffcostshavebeenallocatedas | |||
| follows: | |||
| Supportcosts(note4) | 45,197 | 109,810 | |
| Almshousesexpenditure(note5) | 121,493 | 93,017 | |
| 166,690 | 202,827 |
| Fixtures | |||||
|---|---|---|---|---|---|
| Artefacts | Freehold | Plant& | Fittings& | Total | |
| Costorvaluation | £ | Property | Machinery | Equipment | £ |
| £ | £ | £ | |||
| At1January2024 | 88,759 | 33,257,252 | 1,607,459 | 16,372 | 34,969,842 |
| Additions | - | - | - | - | - |
| Revaluation | - | 665,146 | - | 665,146 | |
| At31December2024 | 88,759 | 33,922,398 | 1,607,459 | 16,372 | 35,634,988 |
| Accumulateddepreciation | |||||
| At1January2024 | 758,212 | 16,372 | 774,584 | ||
| Chargefortheyear | 160,746 | - | 160,746 | ||
| At31December2024 | - | 918,958 | 16,372 | 935,330 | |
| NetBookValue | |||||
| At31December2024 | 88,759 | 33,922,398 | 688,501 | - | 34,699,658 |
| At31December2023 | 88,759 | 33,257,252 | 849,247 | - | 34,195,258 |
| Permanent | Unrestricted | ||
|---|---|---|---|
| Endowment | funds | ||
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| Marketvalueat1January2024 | 12,690,397 | 2,038,327 | 14,728,724 |
| Additions | 8,345,397 | 768,589 | 9,113,986 |
| Disposalsatbookvalue(proceeds | (8,696,928) | (631,822) | (9,328,750) |
| £9,293,178realisedlossesof£1,673) | |||
| Unrealisedinvestmentgains | 1,243,979 | 161,346 | 1,405,325 |
| Marketvalueat31December2024 | 13,582,845 | 2,336,440 | 15,919,285 |
| Cashheldbyinvestmentmanager | 653,985 | 53,234 | 707,219 |
| Totalmarketvalueat31December | 14,236,830 | 2,389,674 | 16,626,504 |
| 2024 | |||
| Costoflistedinvestmentat31December | 11,889,264 | 2,187,358 | 14,076,622 |
| 2024 |
| INVESTMENTS | Listedinvestments | Listedinvestments | |
|---|---|---|---|
| Permanent | Unrestricted | ||
| Endowment | funds | ||
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Marketvalueat1January2023 | 11,717,741 | 1,504,185 | 13,221,926 |
| Additions | 11,947,298 | 1,274,137 | 13,221,435 |
| Disposalsatbookvalue(proceeds | (11,341,356) | (763,076) | (12,104,432) |
| £12,216,286;realisedgainsof£182,822 | |||
| Unrealisedinvestmentgains | 366,714 | 23,081 | 389,795 |
| Marketvalueat31December2023 | 12,690,397 | 2,038,327 | 14,728,724 |
| Cashheldbyinvestmentmanager | 382,995 | 48,358 | 431,353 |
| Totalmarketvalueat31December2023 | 13,073,392 | 2,086,685 | 15,160,077 |
| Costoflistedinvestmentat31December | 12,573,021 | 2,073,213 | 14,646,234 |
| 2023 |
| Listedinvestments | Listedinvestments | |||
|---|---|---|---|---|
| Permanent | Unrestricted | |||
| Endowment | funds | |||
| 2024 | 2024 | 2024 | ||
£ |
£ |
£ |
||
| Fixedinterest | (12%) | 1,665,590 | 211,780 | 1,877,370 |
| UKequities | (10%) | 292,309 | 1,278,391 | 1,570,700 |
| Globalequities Property |
(67%) (3%) |
10,611,846 482,688 |
100,444 61,931 |
10,712,290 544,619 |
| Alternativeassets | (4%) | 530,411 | 104,844 | 635,255 |
| Liquidassets | (4%) | 653,985 | 632,285 | 1,286,270 |
| Marketvalueat31December2024 | 14,236,829 | 2,389,675 | 16,626,504 | |
| Listedinvestments | ||||
| Permanent | Unrestricted | |||
| Endowment | funds | |||
| 2023 | 2023 | 2023 | ||
£ |
£ |
£ |
||
| Fixedinterest | (13%) | 1,800,470 | 231,615 | 2,032,085 |
| UKequities | (16%) | 1,297,707 | 1,178,371 | 2,476,078 |
| Globalequities | (52%) | 7,851,597 | 7,851,597 | |
| Property | (4%) | 488,647 | 62,695 | 551,342 |
| Alternativeassets | (9%) | 1,251,976 | 161,154 | 1,413,130 |
| Liquidassets | (6%) | 382,995 | 452,850 | 835,845 |
| Marketvalueat31December2023 | 13,073,392 | 2,086,685 | 15,160,077 | |
| Materialinvestmentholdingsat31 | ||||
| December2024: | %ofcombined | |||
| portfolio | ||||
| SarasinThematicGlobalEquityClassI | 8 | |||
| Materialinvestmentholdingsat31 | %ofcombined | |||
| December2023: | portfolio | |||
| SarasinResponsibleCorporateBondClassI | 10 | |||
| SarasinThematicGlobalEquityClassI | 7 |
| 11 | DEBTORS | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Sundrydebtors andprepayments | 31,460 | 21,853 | ||
| Accruedinvestmentincome | 32,450 | 28,054 | ||
| 63,910 | 49,907 | |||
| 12 | CREDITORS | |||
| 2024 | 2023 | |||
| Amountsfallingduewithinoneyear: | £ | £ | ||
| Accruals | 56,064 | 42,758 | ||
| Tradeandothercreditors | 30,367 | 46,202 | ||
| 86,431 | 88,960 | |||
| 13 | MOVEMENTINFUNDS | Balanceat | Balanceat | |
| 1January | Movement | 31 | ||
| 2024 | infunds | December | ||
| £ | £ | 2024 | ||
| £ | ||||
| ALMSHOUSEBRANCH | ||||
| EndowmentFunds | 42,171,191 | 1,816,983 | 43,988,174 | |
| UnrestrictedFunds | 3,160,491 | 83,074 | 3,243,565 | |
| RELIEFINNEEDBRANCH | ||||
| EndowmentFunds | 4,076,385 | - | 4,076,385 | |
| 49,408,067 | 1,900,057 | 51,308,124 | ||
| MOVEMENTINFUNDS | Balanceat | Balanceat | ||
| 1January | Movement | 31 | ||
| 2023 | infunds | December | ||
| £ | £ | 2023r | ||
| ALMSHOUSEBRANCH | ||||
| EndowmentFunds | 36,818,677 | 5,352,514 | 42,171,191 | |
| UnrestrictedFunds | 3,041,719 | 118,772 | 3,160,491 | |
| RELIEFINNEEDBRANCH | ||||
| EndowmentFunds | 3,924,391 | 151,994 | 4,076,385 | |
| 43,784,787 | 5,623,280 | 49,408,067 |
| 2024 | |||||
|---|---|---|---|---|---|
| Gains, | 2024 | ||||
| 2024 | 2024 | lossesand | 2024 | Movement | |
| Income | Expenditure | revaluations | Transfers | infunds | |
| £ | £ | £ | £ | £ | |
| ALMSHOUSEBRANCH | |||||
| EndowmentFunds | — | (90,471) | 1,907,454 | - | 1,816,983 |
| UnrestrictedFunds | 735,914 | (675,199) | 23,235 | (876) | 83,074 |
| RELIEFINNEED | |||||
| BRANCH | |||||
| EndowmentFunds | — | — | — | ||
| UnrestrictedFunds | 125,184 | (264,169) | 138,109 | 876 | |
| 861,098 | (1,029,839) | 2,068,798 | - | 1,900,057 | |
| 2023 | |||||
| Gains, | 2023 | ||||
| 2023 | 2023 | lossesand | 2023 | Movement | |
| Income | Expenditure | revaluations | Transfers | infunds | |
| £ | £ | £ | £ | £ | |
| ALMSHOUSEBRANCH | |||||
| EndowmentFunds | - | (72,891) | 5,425,405 | - | 5,352,514 |
| UnrestrictedFunds | 739,534 | (539,582) | 65,968 | (147,148) | 118,772 |
| RELIEFINNEED | |||||
| BRANCH | |||||
| EndowmentFunds | 151,994 | - | 151,994 | ||
| UnrestrictedFunds | 141,100 | (288,248) | - | 147,148 | |
| 880,634 | (900,721) | 5,643,367 | 5,623,280 |
| ANALYSISOFNETASSETSBETWEENFUNDS | ||
|---|---|---|
| UnrestrictedEndowment | 2024 | |
| Funds Funds |
Total | |
| £ £ |
Funds | |
| £ | ||
| Fundbalancesat31December2024arerepresentedby | ||
| Tangiblefixedassets | 777,26033,922,398 | 34,699,658 |
| Investments | 2,389,67514,236,829 | 16,626,504 |
| Netcurrentassets(liabilities) | 76,630 (94,668) |
(18,038) |
| Totalnetassets | ||
| 3.243,56548 064,559 | 51,308,124 |
| ANALYSISOFNETASSETSBETWEENFUNDS | |||
|---|---|---|---|
| Unrestricted | Endowment | 2023 |
|
| Funds | Funds | TotalFunds | |
| £ | £ |
£ |
|
| Fundbalancesat31December2023arerepresentedby | |||
| Tangiblefixedassets | 938,006 | 33,257,252 | 34,195,258 |
| Investments | 2,086,685 | 13,073,392 | 15,160,077 |
| Netcurrentassets(liabilities) | 135,800 | (83,068) | 52,732 |
| Totalnetassets | 3,160,491 | 46,247,576 | 49,408,067 |
| Thetotalunrealisedgainsasat31December2024comprisemovementson | Thetotalunrealisedgainsasat31December2024comprisemovementson | revaluationsas |
|---|---|---|
| follows: | ||
| 2024 | 2023 |
|
| £ | £ |
|
| Reconciliationofmovementsinunrealisedgains | ||
| Unrealisedgainsat1January | 82,490 | (854,212) |
| Less:inrespecttodisposalsintheyear | 354,848 | 546,908 |
| Add:netgainsarisingonrevaluation | 1,405,325 | 389,794 |
| Totalunrealisedgainsat31December | 1,842,663 | 82,490 |