**THE HERMITAGE ALMSHOUSES TRUST CHARITY NO: 231011** 

**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** 



## **THE HERMITAGE ALMSHOUSES TRUST INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** 

|Trustees' Report|**1-2**|
|---|---|
|Independent Examiner's Report|**3**|
|Income and Expenditure Account|**4**|
|Balance Sheet|**5**|
|Notes to the Accounts|**6-7**|





## **THE HERMITAGE ALMSHOUSES TRUST THE TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023** 

## **Trustees:** 

(as at 31 March 2023) 

Mrs. R Black (Chairperson) Mr. C Hopkins Mr. C Kennedy Mrs. C Mills Revd. J Mintern Mrs. K Pearce Dr H Powell Mr. N Tatman Ms. R Wheeler (Clerk to the Trust) 

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## **THE HERMITAGE ALMSHOUSES TRUST THE TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023** 

## **The Trust** 

The Hermitage Almshouses Trust is a registered charity, No 231011, under the Charities Acts of 1992 and 1993. 

The property owned and administered by the Trust consists of nine self-contained bungalows, suitable for both single and double occupancy and a Wardens House. 

No rent is charged. However, dues are charged monthly in order to contribute towards the running costs of the properties and their environment. 

## **Overall objectives of the Trust** 

To provide accommodation for retired professional persons who are unable, due to lack of capital, to purchase their own home, or have difficulty securing suitable rented accommodation. 

## **Overall objectives of the Trust in the year 2022/2023** 

• To continue to maintain and improve the fabric of the buildings and to improve the comfort of the residents without the need to increase the dues in disproportion to the cost of living index and improve safety standards where possible. 

• To maintain our ongoing record of care and support of all residents. 

## **Achievement of objectives in the year 2022/2023** 

One of the units has had a refurbishment to the bathroom, converting it to a walk-in shower. The boiler, which provides heating and hot water to all the units, was replaced. 

## **Renee Wheeler** 

Clerk to the Trust 

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## **THE HERMITAGE ALMSHOUSES TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES** 

I report on the Accounts of the Trust for the year ended 31 March 2023 which are set out on pages 4 to 7 

## **Respective Responsibilities of Trustees and Examiner** 

The Charity's Trustees are responsible for the preparation of the Accounts. The Charity's Trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act)) and that an independent examination is needed. 

## It is my responsibility to: 

- Examine the Accounts (under section 43(3)(a) of the 1993 Act): 

- To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and 

- To state whether particular matters have come to my attention. 

## **Basis of Independent Examiner's Report** 

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently, I do not express an audit opinion on the view given by the Accounts. 

## **Independent Examiner's Statement** 

In connection with my examination, no matter has come to my attention. 

1. which gives me reasonable cause to believe that in any material respect, the requirements: 

   - to keep accounting records in accordance with section 41 of the 1993 Act; and 

   - - to prepare Accounts which accord with the accounting records and to comply with the accounting requirements of the 1993 Act 

   - have not been met; or 

2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached. 

D N Blackwell FCA Pigeon House Eastbury Hungerford Berks RG17 7JQ 08 June 2023 

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## **THE HERMITAGE ALMSHOUSES TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 UNRESTRICTED FUNDS** 

|||**2023**|**_2022_**|
|---|---|---|---|
|||**£**|**_£_**|
|**Income Resources**||||
|Deposit Interest||0|_0_|
|Grants Received||0|_0_|
|Legacies & Donations||46682|_0_|
|Investment Income||8617|_8448_|
|Rental (Wardens’ House)||9396|_9036_|
|Residents' Dues||40856|_39031_|
|Sundry Income||212|_80_|
|**Total Income Resources**||105763|_56595_|
|**Resources Expended**||||
|Bank Charges|60||_15_|
|Building Refurbishment|21483||_34072_|
|Electricity|876||_588_|
|Emergency Call Service|530||_530_|
|Garden Maintenance|4850||_5400_|
|Heating Oil|12796||_10585_|
|Insurance|1906||_1783_|
|Maintenance & Renewals|4699||_2136_|
|Salaries|2068||_2388_|
|Subscription|192||_187_|
|Sundry Expenses|435||_273_|
|Telephone|-||_51_|
|Water|2208||_1122_|
|**Total Resources Expended**||52103|_59130_|
|**Net Incoming (Outgoing) Resources**||||
|**before Transfers**||53660|_(2535)_|
|**Net Incoming (Outgoing) Resources for**||||
|**the year**||53660|_(2535)_|
|Gains/(Losses) on Investment Revaluation||(12217)|_24470_|
|**Net movement in funds**||41443|_21935_|
|Balance brought forward at 1 April 2022||405080|_383145_|
|Balance carried forward at 31 March 2023||446523|_405080_|



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## **THE HERMITAGE ALMSHOUSES TRUST BALANCE SHEET AS AT 31 MARCH 2023** 

|||**2023**|**_2022_**|
|---|---|---|---|
||**Notes**|**£**|**_£_**|
|**Fixed Assets**||||
|Tangible Fixed Assets|<br>2|47764|_47764_|
|Investments|<br>3|345790|_308007_|
|||**393554**|**_355771_**|
|**Current Assets**||||
|Cash at Bank and in hand||52969|_49309_|
|**Total Net Assets**||**446523**|**_405080_**|
|**Funds**||||
|Unrestricted||**446523**|**_405080_**|
|Restricted||0|_0_|
|||**446523**|**_405080_**|



Approved by the Trustees at their meeting on 21 August 2023 and signed on their behalf by: 

Mrs. R Black 

………………………………………………………………….. 

Trustee 

Ms. R Wheeler 

………………………………………………………………….. Clerk / Trustee 

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**THE HERMITAGE ALMSHOUSES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023** 

## **1. Accounting Policies** 

- (a) The Accounts are prepared under the historical cost convention, except that investments held as fixed assets are stated at market value. They are also prepared in accordance with applicable accounting standards and the Statement of Recommended Practice for Accounting by Charities. 

## (b) Grants receivable 

Grants made towards the cost of acquiring fixed assets are capitalized and written off over the useful life of the assets as recommended by Standard Accounting Practice 4. 

Other grants of a revenue nature are included in the income and expenditure account in the same period as the expenditure to which it relates. 

## (c) Depreciation 

Depreciation is not provided in respect of the freehold property which is repaired and maintained on a regular basis as required. The Trustees consider that the value of the property is in excess of the cost figure shown on the Balance Sheet. 

## (d) Transfer between funds 

Transfers are made from unrestricted funds to restricted funds to the extent that expenditure is in excess of income. 

## **2. Tangible Asset Freehold Property** 

||**2023**|**_2022_**|
|---|---|---|
||**£**|**_£_**|
|Freehold Property|||
|Cost at 1 April 2022 and 31 March 2023|47,764|_47,764_|
|Net Book Value|||
|At 1 April 2022 and 31 March 2023|47,764|_47,764_|



The Freehold Property consists of nine freehold almshouses and a two bed roomed house. 

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## **THE HERMITAGE ALMSHOUSES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023** 

## **3. Fixed Asset Investments** 

|Unit<br>s<br>Opening Valuation at 1 April<br>15816.75<br>Cash added to Investment Portfolio<br>Gain/(Loss) on Investment Revaluation<br>Closing Valuation at 31 March<br>18455.33||2023<br>£<br>308007<br>50000<br>358007<br> (12217)<br> <br>345790||_2022_<br>_£_<br>_283537_<br> _-_<br>_283537_<br> _24470_|
|---|---|---|---|---|
||||||
|||||_308007_|



The book cost of the Investments is £282,914 (2022 £232,914). Investments are in Income Units of the COIF Charities Investment Fund managed by CCLA Fund Managers Ltd 

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