THE HERMITAGE ALMSHOUSES TRUST CHARITY NO: 231011 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE HERMITAGE ALMSHOUSES TRUST INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trustees. Report Independent Examinerfs Report Income and Expenditure Account Balance Sheet Notes to the Accounts THE HERMITAGE ALMSHOUSES TRUST THE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Trustees: {as al 31 March 2024) Mrs. R Black (Chairperson) Mr. C Hopkins Mr. C Kennedy Mrs C Mills Revd. J Mintem Mrs. K Pear Dr H Powell Mr. N Tatman Ms. R Wheeler (Clerk to the Trust) THE HERMITAGE ALMSHOUSES TRUST THE TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trust The Hermilage 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 202312024 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 202312024 One of the units has had a full refurbishment of the kitchen and living areas to create more spac£. Renee Wheeler Clerk to the Trust 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 2024 which ar8 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 Truslees consider knat an audit is not required for this year (under section 43(21 of the Charities Act 1993 (the 1993 Acl)) and thal an independent examination is needed. It is my responsibility to.. Examine the Accounts (under section 4313)lal ofthe 1993 Act).. To follow the prO￿dureS laid down in the General Directions given by the Chanty Commissioners (under section 43171{b) of the 1993 Act), and To state whether particular matters have come to my attention. Basis of Independent Examinerfs Report My examination was carried out in accordance wilh the General Directions given by Ihe 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 Con￿rning 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 Examinerfs Statement In connection with my examination, no matter has come to my attention. 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 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 14 April 2024 THE HERMITAGE ALMSHOUSES TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 UNRESTRICTED FUNDS 2024 2023 Income Resources Deposit Interest Grants Re￿iVed Legacies & Donations Investment Income Rental (Wardens, House) Residents, Dues Sundry Income 114 46682 8617 9396 40856 272 10054 9816 41498 104 Total Income Resources 61586 105763 Resources Expended Bank Charges Building Refurbishment Electricity Emergency Call Service Garden Maintenance Heating Oil Insurance Maintenance & Renewals Salaries Subscription Sundry Expenses Water 61 13782 1326 564 6210 7658 2166 5778 2766 343 564 1410 60 21483 876 530 4850 12796 1906 4699 2068 192 435 2208 Total Resources Expended 42628 52103 Net Incoming (Outgoing) Resources before Transfers 18958 53660 Net Incoming IOutgoing} Resources for the year 18958 53660 GainsllLosses) on Investment Revaluation 31507 (12217) Net movement in funds Balance brought fotward at 1 April 2023 50465 446523 41443 405080 Balance carried fo%ward at 31 March 2024 496988 446523 THE HERMITAGE ALMSHOUSES TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Noles Fixed Assets Tangible Fixed Assets Investments 47764 407297 47764 345790 455CE1 393554 Current Assets Cash at Bank Cash on Deposit 9427 32500 52969 41927 52969 Total Net Assets 496988 446523 Funds Unrestricted Restricted 496988 446523 Total Funds 496988 446523 THE HERMITAGE ALMSHOUSES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 A¢counting Policies The Accounts are prepared under the historical cost convention, eX￿p1 that investments held as fixed assets are stated at market value. They are also prepared in accordan￿ with applicable accounting standards and the Statement of Recommended Practice for Accounting by Charities. lal (bl Grants receivable Grants made toward5 the cost of acquiring fixed assets are capitalized and written off over the useful life of the assets as recommended by Standard Accounting Practits 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. (cl Depreciation Depreciation is not provided in respect of the freehold propety which is repaired and maintained on a regular basis as required. The Trustees consider that the value of the property is in eX￿sS of the cost figure shown on the BalanTr Sheet. (dl Transfer be￿een funds Transfers are made from unrestricted funds to restricted funds to the extent that expenditure is in excess of income. Tangible Asset Freehold Property 2024 2023 Freehold Property Cost at 1 April 2023 and 31 March 2024 47,764 47,764 Net Book Value At 1 April 2023 and 31 March 2024 The Freehold Propety consists of nine freehold almshouses and a bed roomed house. 47,764 47,764 THE HERMITAGE ALMSHOUSES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Fixed Asset Investments 2024 2023 Units Opening Valuation at 1 April Cash Added to Investment Portfolio 18455.33 1478.35 345790 30000 308007 50000 375790 358007 Gainl(Loss) on Investment Revaluation 31507 12217 Closing Valuation at 31 March 19933.68 407297 345790 The book cost of the Investments is £312,91412023 £282,914). Inveslments are in Income Unils of the COIF Charilies Investment Fund managed by CCLA Fund Managers Ltd Approved by Ihe Trustees at their meeting on 15 May 2024 and signed on their behalf by.. Mrs. R Black Trustee Ms.R eeler Clerk l Trustee