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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 229908

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Eustace Hook & Drummond Memorial Almshouse

McLean Reid Chartered Accountants

1 Forstal Road Aylesford Kent ME20 7AU

Eustace Hook & Drummond Memorial Almshouse

Contents of the Financial Statements for the Year Ended 31 December 2023

Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 11

Eustace Hook & Drummond Memorial Almshouse

Report of the Trustees for the Year Ended 31 December 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity was formed to provide low cost housing for poor persons who are not less than sixty five years of age and who were born in, or have been an inhabitant for not less than ten years of, the Parish of Snodland, Kent.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Public benefit

In managing the charity's activities and finances during the financial year, the trustees were aware, and had due regard to, the Charity Commission's guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The trustees are happy to report that the Eustace Hook and Drummond Almshouses Trust is still very much a going concern. A building inspection is due to be carried out in 2024.

A rising damp problem was found in Flat 6 and following investigation a specialist company was employed to rectify it. The problem ran all along the south facing wall and had to be taken back to brick and treated. We have been given a ten year guarantee for the work, which has made the flat a lot warmer.

The refurbishment of kitchens and wet rooms is still on hold as the residents of the last three flats still have nowhere to stay during the work.

The Trust's accounts are stable and in a good condition and all flats are occupied and maintenance charges paid regularly.

Hopefully the Trust will go on for many years to come.

FINANCIAL REVIEW

Financial position

During the year ended 31st December 2023, the charity collected contributions from residents towards the maintenance of the almshouses amounting to £44,367 (2022: £44,152) and generated other investment income of £11,291 (2022: £7,041). The total income was £55,658 (2022: £51,193) and of that amount £47,940 (2022: £64,596) was expended , giving a surplus of £7,718 (2022: deficit of £13,403) for the year before movements on investments of £5,657 surplus (2022: deficit of £7,026).

This unrealised surplus of £5,657 (2022: deficit of £7,026) was recognised in respect of the charity's listed investment portfolio during the year. There were no realised gains or losses during the year (2022: £nil).

The overall surplus for the year was £13,375 (2022: deficit of £20,429).

As at 31st December 2023, the charity's total funds amounted to £340,637 (2022: £327,262).

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 229908

Principal address

27 Hollow Lane Snodland Kent ME6 5LP

Page 1

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Eustace Hook & Drummond Memorial

Almshouse

Statement of Financial Activities for the Year Ended 31 December 2023

2023
Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
44,367
Investment income
2
11,291
Total
55,658
EXPENDITURE ON
Charitable activities
Low cost housing
45,940
Other
2,000
Total
47,940
Net gains/(losses) on investments
5,657
NET INCOME/(EXPENDITURE)
13,375
RECONCILIATION OF FUNDS
Total funds brought forward
327,262
TOTAL FUNDS CARRIED FORWARD
340,637		 2022
Total
funds
£
44,152
7,041
51,193
58,206
6,390
64,596
(7,026)
(20,429)
347,691
327,262

The notes form part of these financial statements

Page 4

E $18ce Hook Drummond Memorial Alm Balan 31 D8c8mb¢r 202 2023 UnTestricled fitnds 2022 Total nds FIXED ASSETS Tangibkd 8&8ets Inv8strnents 18,757 166.127 180.304 180,304 184.884 CURRENT ASSETS Cbtors Cash at bank 1,128 162,811 746 143,632 163,939 144,378 CREDITORS Amounts falling dw within ona year 13,6C61 12,0(K)I NET CURRENT ASSETS 160.333 142,378 TOTAL ASSETS LESS CURRENT UABIUTIES 340,637 327,262 NET ASSETS 340,837 327,262 FUNDS Unragtrictal fiAnd 10 340,637 327,282 TOTAL FUNDS 340,637 327.262 The finanaal stat￿ents 4)proved by the Board of Trustees and authorod for isgue on 20 Awl 2024 and we 9￿￿ on ts tehalfby.. AA$￿)ee- Trustee V TIFP- TrLF5tee The note$ fonn part olthè89 finantsal $tstements Page 5

Eustace Hook & Drummond Memorial Almshouse

Notes to the Financial Statements for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

No material uncertainties that may cast significant doubt about the ability of the charity to continue as a going concern have been identified by the trustees.

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

Maintenance contributions from residents are recognised as income when received by the charity.

Grants, donation income and income from investments are recognised when receivable.

Expenditure

All expenditure is accounted for on an accruals basis. Expenditure is allocated to cost categories based on the amount attributable to that activity in the year. Irrecoverable vat is allocated against the related expense.

Tangible fixed assets

Tangible fixed assets (including social housing properties) are stated at cost. The cost of housing properties includes the following:

These costs are either termed 'qualifying costs' for the approved housing association schemes and are considered for mortgage loans by the appropriate lending authorities, or are met out of the charity's reserves.

The cost of acquiring the charity's housing land and buildings, however, is not included. Title to the almshouses is vested in the charity under the terms of the trust deeds dated 30th July 1900 and 10th may 1904. the charity has therefore never incurred any cost in acquiring its land and buildings.

The cost of housing and land and buildings is depreciated over the period to 2023. the trustees consider this to be a reasonable reflection of the expected useful life of the development cost.

Housing properties in tangible fixed assets are valued at deemed cost at 1st January 2014.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 6

continued...

Eustace Hook & Drummond Memorial Almshouse

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Impairment of fixed assets

At each reporting date, the charity reviews the carrying values of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

2. INVESTMENT INCOME

Income on investment fund
Deposit account interest		 2023
£
6,510
4,781
11,291		 2022
£
5,989
1,052
7,041

3. INDEPENDENT EXAMINERS' REMUNERATION

The independents examiner's fee is £2,000 (2022: £2,000).

4. TRUSTEES' REMUNERATION AND BENEFITS

The secretary received aggregate fees for her work amounting to £1,789 (2022: £1,789).

No other trustees received remuneration from the charity during the year (2022: £nil).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

5.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 44,152
Investment income 7,041
Total 51,193
EXPENDITURE ON
Charitable activities
Low cost housing 58,206
Other 6,390
Total 64,596
Net gains/(losses) on investments (7,026)
NET INCOME/(EXPENDITURE) (20,429)
RECONCILIATION OF FUNDS
Total funds brought forward 347,691
TOTAL FUNDS CARRIED FORWARD 327,262

Page 7

continued...

Eustace Hook & Drummond Memorial

Almshouse

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

6. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST
At 1 January 2023 and 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Freehold
property
£
538,176
519,419
18,757
538,176
-
18,757

At the balance sheet date, the charity owned property which contained ten (2022: ten) dwelling units. All ten units were in use throughout the year for the one principle activity of the charity.

The cost of acquiring the charity's housing land and buildings is not included in the above.

Title to the almshouses is invested in the charity under the terms of the trust deeds dated 30th July 1900 and 10th may 1904. The charity has therefore never incurred any cost in acquiring its land and buildings.

7. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 January 2023 166,127
Additions 7,912
Revaluations 6,265
At 31 December 2023 180,304
NET BOOK VALUE
At 31 December 2023 180,304
At 31 December 2022 166,127

There were no investment assets outside the UK.

Cost or valuation at 31 December 2023 is represented by:

Listed
investments
£
Valuation in 2023 64,438
Cost 115,866
180,304

Listed investments are valued at closing mid market value at the balance sheet date. the historical cost of fixed assets investments is £115,866 (2022: £107,954).

Material investments (comprising more than 5% of the charity's overall share portfolio by value) at the balance sheet date were as follows:

Market value
£
M&G Charity Multi Asset Fund Accumulation Units 105,952

Page 8

continued...

Eustace Hook & Drummond Memorial Almshouse

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

7. FIXED ASSET INVESTMENTS - continued

Blackrock Charities UN Equity Fund A Accumulation Units
Blackrock Charities UN Bond Fund A Accumulation Units
Blackrock Charities UN Equity Fund A Income
Blackrock Charities UN Bond Fund A Income
8.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
10.
MOVEMENT IN FUNDS
At 1.1.23
£
Unrestricted funds
General fund
142,378
Fixed assets fund
3,562
Investment fund
166,127
Other fund
15,195
327,262
TOTAL FUNDS
327,262
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
49,288
Fixed assets fund
-
Investment fund
6,370
Other fund
-
55,658
TOTAL FUNDS
55,658		 62,064 62,064
8,121
3,861
306
Net
movement
in funds
£
20,105
(3,562)
12,027
(15,195)
13,375
13,375
Resources
expended
£
(29,183)
(3,562)
-
(15,195)
(47,940)
(47,940)		 2023
2022
£
£
1,128
746
2023
2022
£
£
3,606
2,000
Transfers
between
At
funds
31.12.23
£
£
(2,150)
160,333
-
-
2,150
180,304
-
-
-
340,637
-
340,637
Gains and
Movement
losses
in funds
£
£
-
20,105
-
(3,562)
5,657
12,027
-
(15,195)
5,657
13,375
5,657
13,375

Page 9

continued...

Eustace Hook & Drummond Memorial Almshouse

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

10. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.1.22 in funds funds 31.12.22
£ £ £ £
Unrestricted funds
General fund 145,038 5,354 (8,014) 142,378
Fixed assets fund 7,124 (3,562) - 3,562
Investment fund 165,139 (7,026) 8,014 166,127
Other fund 30,390 (15,195) - 15,195
347,691 (20,429) - 327,262
TOTAL FUNDS 347,691 (20,429) - 327,262

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 51,193 (45,839) - 5,354
Fixed assets fund - (3,562) - (3,562)
Investment fund - - (7,026) (7,026)
Other fund - (15,195) - (15,195)
51,193 (64,596) (7,026) (20,429)
TOTAL FUNDS 51,193 (64,596) (7,026) (20,429)

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.1.22 in funds funds 31.12.23
£ £ £ £
Unrestricted funds
General fund 145,038 25,459 (10,164) 160,333
Fixed assets fund 7,124 (7,124) - -
Investment fund 165,139 5,001 10,164 180,304
Other fund 30,390 (30,390) - -
347,691 (7,054) - 340,637
TOTAL FUNDS 347,691 (7,054) - 340,637

Page 10

continued...

Eustace Hook & Drummond Memorial

Almshouse

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

10. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 100,481 (75,022) - 25,459
Fixed assets fund - (7,124) - (7,124)
Investment fund 6,370 - (1,369) 5,001
Other fund - (30,390) - (30,390)
106,851 (112,536) (1,369) (7,054)
TOTAL FUNDS 106,851 (112,536) (1,369) (7,054)

Fixed asset fund - this fund holds the investment property which is used as the main premises of the charity and for income generation.

Investment fund - these funds are invested to maximise total return and generate income.

Other fund - these funds relate to a Government grant first issued in 2004, which is being written down on a straight line basis to 31st December 2023.

The fixed asset fund and other fund are partly re-designated as investment fund in line with the depreciation of fixed assets.

The charity maintains reserves which the trustees believe is adequate to ensure proper maintenance and renovation of the almshouses.

11. RELATED PARTY DISCLOSURES

Note four explains the related parties transactions in 2023 and 2022..

Page 11