**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 $t8ce Hook Drummond Memorial Alm Trustees mbor 2023 lor tha Year En Tru¥tg0• DrA Ashbeè Chair S WG lQngsbury Twslee K15 S L Shaw Trustee Ms v fipp Trustèe M5 S Hellyar TNste8 Ms A co￿$ Trnjglee P M HiGkmott Trust•8 Ind0pWd￿t Examlngr A M Reid FCA McLean Reid Charter&Y Acc£Juntants 1 Fors181 Road Ayksford Kent ME20 7AU Apwoved by ordgr oflhe board oftrustees on 20April 2024 aThJ sgned on ts behalfby.. Ms V T￿)p- Trustee Page 2 Ind en¢Jen Examiner's R rtlotheTr Drurnrnond M Alm$hou8e 8sof Ind•p•ndant •xamlngrf• rgportto th• tr￿1••8 of Eu*t#Co Hook & DNmmond Mamorlal Alrnshou I r8￿rt to the charty trust88s on my examination of the acc4)unts of Eust* Hook & Drummond Memorial Almshous8 (the Trust) the year ended 31 D8cember 2023. Ro•pM•lbllltl•¥ and bas18 of r•port As th8 chanty trustees ol the Trust you ar8 r8sp¢nsitAe for the preparaticn of tr* xo)unts in ￿)[dance the requirements Of1￿ Charitse8 Act 2011 Ilhe Arti. I report in res￿1 of my examination ol the Trusts a¢￿U￿ts lxrt under sect￿ 145 ofthe and in ca￿￿r0 out my exarninaticn I haw foll*Md all 8pp1Kzb￿ L1feGt'C￿ given by Ihè Charity Cornmission und8r Seth"on 145(5llbl ol the Independent •x4mlnof8 8tat•m•nt I have ￿)mpleted my examinabon. l ¢onfirm no material matters haw com& to my attention in conngction wrth th examinabon giwng m¢ lo beI￿ve that in any matenal r•spact ounts'ng records Wafa not kapt in te¥)ect ol Ihe Trust as requir•J by S¥ts"on 130 olthe Att, or the a¢¢¢unts do not a￿rd wth thos8 réu)rd8." or the accounts do not comply with the ap￿ICable requiretnernts conceming the fonn and content of awunts set OLrt in the Char￿.e$ (Accounts and Raportsl Regulations 2008 other than any rèquirement that the ac£ounts give a tn￿ and 18ir wewwhieh is not a matter consMler&4 as part of an independent examinab"on. I have no coneem$ and have ￿rne across no 0￿r matt8rs in eonneth'on wth the e￿•￿In0￿"￿ to hvhKh attentN)n should drawn in thi8 rep¢Jl in order to enab￿ 8 proper understandiro olthe accourts lo b? reach￿1. A M Reid FCA McLean Reid Charter*Y Accountants 1 Forstal RcAd AY￿s(or￿ Kent ME20 7AU 21 April 2024 P800 3 ## 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 $18ce Hook Drummond Memorial Alm Balan 31 D8c8mb¢r 202 2023 UnTestricled fitnds 2022 Total nds FIXED ASSETS Tangibkd 8&8ets Inv8strnents 18,757 166.127 180.304 180,304 184.884 CURRENT ASSETS C*btors Cash at bank 1,128 162,811 746 143,632 163,939 144,378 CREDITORS Amounts falling dw within ona year 13,6C61 12,0(K)I NET CURRENT ASSETS 160.333 142,378 TOTAL ASSETS LESS CURRENT UABIUTIES 340,637 327,262 NET ASSETS 340,837 327,262 FUNDS Unragtrictal fiAnd 10 340,637 327,282 TOTAL FUNDS 340,637 327.262 The finanaal stat￿ents 4)proved by the Board of Trustees and author*od for isgue on 20 Awl 2024 and we 9￿￿ on ts tehalfby.. AA$￿)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': - the requirements of Section 7 Statement of Cash Flows; - the requirement of paragraph 3.17(d); - the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); - the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; - the requirement of paragraph 33.7; - the requirement of paragraph 24(b) of IFRS 6. ## **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: - 1). Development expenditure, including major structural refurbishment works. - 2). Amounts equal to acquisition and development allowances receivable. 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