"stntion Number 23 ER2 ONTE Trustees. Annual Report Independent Examiner's Report ReIpts and Payments A¢xount statement of Assets and Liabilities CHARTERED AC UNTAN
Registered Chadty No 231021 Reglstered Address clo Rosehlll Advlso 13 Glahouse 5tJ0los Fryem Cuurt Road Fard'r.gbridge Harlre SP6 IQX Trustees Mr Philip Chiwll Nomlnated by Parnphlll & Shap¥Ylck Pansh Council Mr Joiatian Cutts Nomliated by Hjlt Parish Coundl lappolnteJ l June 2023) Mrs Sus2n Fmst N?mliated by qolt l¥r15h nl {rlned 31 May 20231 air Apn tiaber -r..'-3ted by W".mbome MlnsEerTown Counal Shldey Kerfey Co-OQted ILnt I September 20261 Dr Jajie Flen Ce-OPLEd (LIYI V.2rh 20251 Mr Ge¢ffvey Hann Co-wtd iundl v.a 20261 Mr Nitrolas Lock lundl Mam 20261 Clerk to the Trustees Mr D Pa.Oe clo Rose4111 Advisor5 Independent Examiner N A Halls Fletther & Partners Crown Chatrber5 Brfdge Street Sal'stury wirshlre SPI 2LZ Lond Agents Rosehlll Ad$0 13 G'as5hw StudlD5 Fryern Cuurt Road Fort..ngbidge Hampshlre SP6 IQX Solicitu M5 S Russell Wilsans Solicitor5 Alexandra Hou 5t Johns 5tree- 58lisbJry 'IItsPlre SPI 25B Banke 1-2 High West street Oorche.er DTL ILIG LEGAL STATUS The Sl Margaret's and Stone's Charfty is (Jnstitured and regulated by the ChaAty Commisone Stheme dated 31 Nay 1989, whlch amalgamated the followlng charltles.. • st Margaret's Hospltsl W11113m Stone's Charity Ifoundee by Wl'.I dated t? Yay IS65) Glllingham's Alm_£houw (regulated by Charty CsmTr,;'ssienets Stheme of 17 July 19741 Pamphlll AlmshoJses Co31 Trust {regulated -y the Cnarsty ComtlliSsoner5 Sthefflp of 17 Ju'y 19741, an the Ctrédty Commiioners Schemes dated IS Marc? 1993. 21 March 1997. 30 Au-ust 2000 and IB January 2007. In June 2006, under a scheme approved by the Charfty Comrnisaon dated S January 2006, Studland AlmshoLJses were transferred to St Maroarts and stone'5 tharity. These were In 2010 and the prOed5 Invested. The Charfty Tnjstees dudng the year to 31 Decernber 2023 were apFX)intred a5 rk*ed above.
AIMS AND ORGANISATION The Dbiett of the ch8rlty is to prtsde affoable accommad3llon for needy rred Fersons frorn the a0 of beneftt. the town of Wlmborne Mlnster, tre parlsh of Paw.phlll & Siapwi£k, tk.e Jartsh of Holt. part of the par.57 of Colehlll, tnd the ptrtsh of Studland. There a-, e now 16 unit5 of 6ccotnmodation. Tr.e reg.dents contr.byte B weeY amgun- towards the rn4inten4nce of the almshouse propertyes. Other lano a4d bu'.Idl.Igs are held as fridcwrier.ts end are .et to provlde 8ddlbonal Incow.e for the charlty. The Trustees normally meet at least twi"e a year. .1C co-op=ed truste aro tÈtrurted on the re£ommÈndation of the Éxithng body of trusteÈs. In exera51ng their pawer5 Qr e5. the Tree5 have complied Iheir duty to have due regard to the guldance pub115hed by the Chartty ComrnlsslJn publlc benefit. XNVEsfMENT POWERS The truste shall let and otherwlse manage all tr.e lands belonolnG to the tharlty not requlred to be retalned or occupled for charitable purpBse5. The Trustee Att 2000 applie5 Effett from l February 2001. RESERVES POLICY The charfty's pol."cy 15 to allow the reserve5 to build u? ur.tii the fuT5 held 4? of a that when sold they generate enough nds to purchase another clmshouse pmperty. Surplus li Invested in M&G Chafund aecdmdlation u. The unrÈstritted bjnd held 237.788 units at a tost tsf £56.487 a: the #èrt -f the year and 50.337 units weTÈ sold dunno the year, thu5, at the end o". the yeor the unrestrlcted fund he'.d a totsl of 187.4i- units at a total cost of £44,529.70 and a arket value of £56.229.23. In 2020 the Trustee5 aed not to tnake further .'nvestrnents into the M&G EquiUes Investment Find for Charities Icharrfundl for the ForE5eeable lrture due to the turbJlence in the stock market due to the COVID-19 pandemlc. The Trustees are stil" waiting for the Wulence cal by thls and other facrors tr settle down. REVIEW OF PROGRESS AND ACHIEVEMEKrs The c.)arlty provlded accom.08ton for 2" alm5 people In 16 Cottages during the year. Expenditure on repair work and redecoration exceeGed budyet th"'s year as one a1 hoJ5e arnd two investent propert1 fell vacant dufing tyls financial year, all of whlch requlred rp.furt)Ishment works to bdng thery. to a modeTr, st?nknard for ne res.'dents and Lenarts, In ad¢.Itlon, some reiatrvely Ya'or extemal werks were ur.dertaken on-ie In¥t.ent p.tperits Yrfhid) had been delayed previous yeats dLe kn lod(dowrL%, poor ww.her laok o.. wcrkforce. ReJa.'r5 C05Ung É31.029 were ur.dertaken to varlous 4lm5hou5es In the year. Repairs c05tlno £37,443 were undertaken to tiie Investmer.t prorertes durfng the year. The Charity continue5 to rnDnitor heating costs in the altn5hoLse5 to see wb"Ih tnetkod of heating is the ttK)5t efflclent and c05t effective. Modern night storage heaters were =hosen for the rer01.Ment Lndertaken thls year. A very long-standlng almshouse reslder.t movec Into a ca h-me dLfinG year. and Trntses took the opportunity to refutbish the cob anc thatcF.ed property prior to appointsn5 a new This ptDperty had not had any rnaintenance work undettoken on It Since 1984, $0 a frJll sctr.edule o.. upgTrding woTs was necessary ificluding some liw p13Stering, install',ng pressurised F.ot water system, nev¢ storage heaters, loft. insulatto. mDval of a tsa and rÈplacÈmÈnt of all bathroom fittlngs to Include 8 shower, partial r2wlring 2nd installlng new kitthen fings ar.d carpets. The works st a total of E24.555 In thls current year Iwkn futhe-. charges to cornel and thls wa5 Put down to capltal Srnprovements. The renalnlng costs of £19,265 fro[ the refurbishment 5ta.ted in the prewau5 year was &1so itKJuded in £apitai Irr.prvvements. The new car 3rea qt the a1rn5hou5es w?s cornpleted and is much aFpreciate(I by'ie rwidents and thelr guests. AcCS for emeryency vehides to the centre of the Cite is much improved. The reluced garteo slzes to almshouses 4 and 5, vthich accomtnodatÈd the tar Fark extension, have FVed to be muth fflore tnènageable by the residents. An updated relnstatement cost assessment a$ required In accordance w'.th the terrns of the Charfty's NFU Insurnnce pollcy on the following properbes.. Tr.e Chapel- nurnbe 1, 6. 7. 8, 9 St Nargaret's Hill- nurnber5 Ba & Bb West Row and numbers 8, 9, 10, 11, L2, 123 & 14 Wt street, WIMrne. This valuation was corHlucted by an independeni valuer and SU[ted In an upllft the property Insurance premlum of É85.08. É15,000 was drawn down from the M&G Charifund to contAbfft towards the cost of the tÈfiJrbishment rkS to the vatant almshouse and the external worf<s t? the Inve¢.m=nt propertles. AcrivrriES AND AFFAIRS The annual accounts have oeen prepared on the 'Retsipts and Payments" b$ and comply wtth the requirements of S133 or the Charitie5 Art 2CII. ThÈ CharS totsl rÉcÈipts wÈrÈ £174,285 for the year. includino rÈsNJÈtrts' contribubtins of E46.824. invÈstmÈnt intome or £109,252 ap.d a s?le o" Investments r2Tslig £15,000. Total payments wefft £200,937. a)arlt8ble activities cost £51.688. managetr£nt and adrnini5traton -05t5 were £72.040 of which É37,443 rElated to mlnor pepairs and redecoralion to verigus investsner4t properties. A farther £43,34D refurblshment Costs atTrd £27,080 car park costs vie also made In the year and refurbishment work on Investment properties of £6,789 were all pIta..1sÉd. During the year £nll wa5 Invested in the unrethLtrd fund held In M&G Charifund unit5. The char,ty's cash resou5 decreased by É26,652 during the year. Inve5ttnent assets ¢e(Teased overoll by £245,716 of hlch the insu value of investrnent properti'es decreased in value by E247,66L and the investrnent in the M & G Charifund accumula0 unlts Ineased by El,945. The trustees conslder the tharws fin3ndal poSJ0Th to be 5adsfaciory. The tnlee$ connrm that the accounts comply wlth the requlrements of the Chartties Att 2-11. Approved on behalf of the Trustees ènd signed by.. N8me: N Lock, Chaimran artd TrnsLee Date..
Pa Independent examlner's report to the trustees of The St Mar9areVs and Stone's Charity I rÈport to the trusteÈs on my examlnation of the acts)unt5 of The 5t Margarfs and Stone's Charity (the Ch6rftyl for the year end& 31 Decernber 2023, whic4 Ore Set out on page5 4 ttb 7. Responslbllltles and basls of report tr ¢harify trustees of the Charity you respotsible fvr the pparatiOn of the accounts in ardan with the requlrements of the thar.ttes Att 2011fthe ACVI. I report In respect of my exam'.natlon of the a)arlty'S accourts out under secbon 145 of the 2011 Act and In carrylng out my exarninatlon J h2ve followed a.l the applicable Direttions given by the ChErity Commlsslon under sectlon 14515llb) of the Act. Independent exarnlner's statement I have completed rry examir%3on. I confitin that no materfal matters have corne to my attenb.on in conrCtIOn with the exarnination glg me cause to believe that in any rnaterial respect.. 11) accounting record5 were nDt kept In respett of the Charity as requir1 by Section 130 of the Act., or 12) the a(Eounts du not accord with those rEcord5' I have no co.Iterns ard h3ve tome across no ot.iÈr mattÈrs in nnectiOr Ynth the Exarnin3tion to which attentli)n should be dft¥vn In this port in order to enable a proper Under*ing of the accounts to be reached. Signed.. N8me.' Nlcola A Halls Relevant professional qualification tsr mb¥ShIp of profe55iDnal body= FCA Add.. Fletcher & Partner5. Crown Chambers. Bddge 5tree¢ Salisbury SPI 211 Date:
RFCEIPTS Resldents, contrtbutlons St Narga.*t's Almsholtses Rer.tal frorn investment propertle5 Don8tiLns Grazlfjg rights Renewable heat Incentlve stheme ank compeDSa:lOn Insurance claim 46.824 109.252 223 li 2.975 46,824 109,252 223 44,514 106,620 155 li 3,793 2.975 159.285 15.000 159.285 15,000 155,093 60,000 Sale of inYe5ttnentS TOTAL RECEIPTS 174,285 174,285 215,093 PAYMENTS Charitsble Actiwty.. epalrs and Improvements ta alm5houseslchapel Gardening Water Insurance cf alrnshouses Televlslcn Ilcentrs Rates and eleetriclty {duV.ng vacancy) chri<.$ presents for alrnspeople Lifellne monitoring Advertislng vacant property SubScrtp0n to The Almshouse ASSOCIaOn 31,029 6.001 6.799 3.821 15 31,029 6.001 6,799 3.821 15 8,273 6,042 2,896 3.291 30 1,550 2,008 58 407 1,550 2.008 58 407 (251 2,677 65 455 51,688 51,688 23,704 Manallement and Administration: Repa1 and lrnprovements to Investm=It properMes Insurance of inv't properties tTh'5tees n5ur6n Landlord's electrlclty Landlord's SeNice tharges - BeèuFort Cotrage Land ager.t'5 fees for manag.'ng propertles Professiono. ftes In coineLton with revaluing properbes for insurance Accountancy and Independent examSnatlon ank charges Sundry charges 37.443 7,35C 1,369 312 18.072 3.954 2.820 243 477 37,443 7,350 1,369 312 18,072 3,954 2,820 243 477 40,779 6.388 332 503 17,154 2,700 278 72,04D 72,040 68,134 Subvtotal 123.72B 123,728 91,838 OTHER PAYMENTS.. Capital expendlture on refvrbishment of Investment propertles Capital experkdlture on car park Capltal eKpendltyJre on refiJrblshment of St Margaret's 6.789 27.080 6.789 27,080 3,877 24,796 77.209 77,209 90,427 TOTAL PAYMENTS.. 200.937 200.937 182,265 RECEIwfs / (PAYf4ENTS) FOR THE YEAR 126.652) 126,6521 32.828 cOnnUed on paoe 5
Pa FOR ThE YEAR ENDED 31 DECEMBER 2 2023 NET (PAYMENTS) / RECEIPTS FOR THE YEAR (26,652) 32,82B BANK BALANCES AT 31 DECEMBER 2022 44,154 11,326 BANK BALANCES AT 31 DECEMBER 2023 £ 17,502 44,154 Approved by the fru5tee5 on-. nd Signed on their behalf by Thjstee
CurrÉnt account 17,501.57 44,154.D7 Re5'.dent5' COftributions/housing benefit orrears Propayment - Insurance Renewable heat Incentlve scheme 1,087.71 3,801.47 235.00 275.81 2,678.00 213.00 £5,124.18 £3,166.81 LIABILITIES: Accountency I lidepe?dent examination accrual EDHA Llfellne Mon1thn9 Land agents, fees Becember 2023 Te wredltor5 & accruals W6ter & Sewerage Llqht and heat Bark chorqes ReSlwents' Christmas olfts - pald by aoent Investment property repa,. Repairs to alrhouSe5 and chapel Residents, contributiOll5 reiVed in advance Rental for Investment propertles received In advan 3,030.DO 1,053.72 1,512.OD 2,820.00 L,440.OD 2,270.00 439.47 21.10 2,431,00 300.74 21.10 750.00 3,144.58 26.659.38 551.36 4.876.46 3,533.95 L43,658.Q7 £11,296.79 Prope.ties h&ld for investment pury)0se5 and belonging tts the Perniant Endowment Fund- Per valuauon comJletEd in year Insurance Valu6tion Freehold PropertiÈs'. No 8 West Ste=, WlmbDme No 9 West stree". WIMMe No 12 West Street, wimborne 1,146,000.00 400,800.00 74,400.00 1,369,443.00 549,803.00 72,208.00 No 10 West street, Wlrnborne No 11 West Street, Wlmborne Ntr 12A West Street. Wimborne No 14 West street, Wlmborne 399,6JO.00 428,4JO.00 417,6aO.00 414 OGO.00 393,983.00 35?,977.00 421,853.00 420 587.00 E3,280,8?0.00 £3,583,854.00 Common Wghts.. Hinton & P1115moor- one quarter beast grazfng Flght These Investrnent properknes were revalued during the year by Barrett Corp Hanlngton on 11 Ottober 2023. bl Propertles held for investment purposes and belDngiDg to the Unrestrtcted Fund.. Insuran Valuayon at A NI 2023 Insuran v8lua.lon aeaufort Cottage, 23 West streeL Wlmbtsme 451 909.00 396 516.00 The West street propertses werE gifted tu St margat'S by Wlll."am Stone pre 1800. Ftillcwiny a tnalor pair and Improvement prcgrarnme over the Jast 15 years the propertks are In a 9d state of repair. BÈaufort cottagÈ ¥vas purthasÈd in 2014, ttE purthasÈ bEillg financaj by Ihe sale of ac(wrnulab"on unlts from the unrestricted Investment in the M&G IarrfUnd - The Eoulues Investtnent Fund for Charitie5. rhls Investment property wa5 revalued durlns the year by Barrett Corp Harrlngton on I:. October 2023.
Pa IES SAT I DECEMBE in bl Market value Narket value M&G Charifund - The Equlties Investment Fund for Chariti&S 187.451 accumulatlon unlts {2022- 237.788 Kcurnul6tion ufiitsl £56,229.23 £68,830.49 Cost £44,530 (2022 - £56,487) Market value 2023 Market value 2022 M&G ChafUnd - The Eqults'es Investment Fund for Charities 1384.611 èccumulatlen unlts 12022 - 1384.611 unit51 E415,338.44 £400,791.72 Cost £194,323 12022 £194,323) FIXED ASS5 FOR CHARrrY's OWN USE. For use by the charity and belonging to the Permanent Endowment Fund.. Insurance Valuation t October 2023 Insurance V3luatiD atse tember 202 FehOld PrOrtIeS- Standard construrtion: Na's 1, 2 & 3 St Margareys & Stone's Atmshouses No's 4 & 5 st Nargaret's & Stone's Almshouses No's 12 & 13 St Margaret's & Stone's Almshouses No's 14 & 15 St Margaret's & Stone's Alrnshouses No's 16 & 17 st Margaret's & Stone's Alrnshouses Thatched.. No 5 6, 7 & 8 5t Margaret's & Stone's Almshouses No 9 St Margaret's & Stone's Alrnshou5es No IOIII St Margaret'5 & Stone's Almshouses 900,715.00 418,702.00 402,819.00 437,471.00 521 213.00 817,102.00 367,38D.00 353.444.00 383,848.00 457 325.00 757,200.OD 266,400.00 326 298.00 587,804.00 200,158.00 286 302.00 Chapel at st Margaret's & Stone's Alfflshouse5 432,000.00 382,582.00 £4,462,818.00 £3,835,945.OD The Almshouse propertses No. I to No. 15 have belong to the charity Sin at least 1660. The construttion of the new propertie5 No. 16 and No. 17 was completed in 2008. Propertie5 1, 6, 7, 8 and 9 St Margaret's are valued as per the valuauon by Barrett Corp Harrington as aL 11 October 2023. The remaining properties are valued as per the Insurance portfollo In Aprll 2023, Durlng the year expenses of £Nil (2022 .. £Nil) were pasd to the Tnlstees.