## **HITCHIN UNITED CHARITIES**
Charity No 236308
## TOGETHER WITH
## **HITCHIN APPRENTICING FOUNDATION**
Charity No 312143
## **POLLARD COTTAGES**
Charity No 211545
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST MARCH 2026
## HITCHIN UNITED CHARITIES
YEAR ENDED 31ST MARCH 2025
## CONTENTS
Pages
- 1 Report of the Trustees 8 Independent Examiner’s Report 9 Statement of Financial Activities 10 Balance Sheet 11 Notes to the Financial Statements
## HITCHIN UNITED CHARITIES REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2026
The trustees present their annual report together with financial statements for the year ended 31st March 2026.
The trustees have adopted the provisions of _Accounting and Reporting by Charities: Statement of Recommended Practice_ applicable to charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1st January 2019).
## Objectives and Activities
## _**Objectives**_
The main objective of Hitchin United Charities is to provide and maintain almshouses in Hitchin in accordance with the governing scheme.
## _**Significant activities**_
HUC’s almshouse objectives are achieved by collecting a monthly maintenance contribution from the almspeople who occupy their almshouses, together with returns from investments that are also under the control of the trustees.
The income is used as governed by the scheme in maintaining, repairing and refurbishing as necessary the almshouses; spent on necessary support costs for the functioning of the charity; and occasionally providing grants appropriately applied for and approved.
## _**Public Benefit**_
The trustees have paid due regard to the Charity Commission’s guidance on public benefit and have complied with section 17(5) of the Charities Act 2011 in exercising their powers and duties. They have sought to demonstrate that the charity continues to provide benefits to suitable persons who relate directly to its objectives as set out in their governing scheme. All applications are subject to due process and consideration without discrimination.
## Achievements and Performance
## _**Charitable activities**_
The trustees are responsible for 25 almshouses on three sites in Hitchin. They are the Biggin (11 units, Grade II*), Skynners’ (8 units, Grade II) and Warner’s (6 units). Through the Pollard Cottages, the trustees are responsible for a further 2 units (1 on a long lease to North Herts Council) in the village of Pirton. The almshouses provide subsidised, secure accommodation for their occupants, who are required by the governing scheme to be “poor persons of good character”.
1
The charity has essentially been loss making in recent years. It has also not sufficiently contributed to an extraordinary repair fund over many years. This year, the trustees took stock of their arrangements with a view to making the operation sustainable.
First, the trustees decided to bring their charging structure in line with Almshouse Association best practice. This has meant setting the monthly maintenance contribution at a rate equivalent to that able to be reclaimed by way of local housing allowance (currently £775) and introducing a separate service charge for cost recovery of utilities. The trustees decided to phase the implementation of these changes, which will be fully in place by April 2027. Across the estate, only two almspeople decided not to accept the new arrangements, and they have found other accommodation without dispute. The trustees are committed to accompanying the new arrangements with real contributions from 2027 to the scheme-required extraordinary repair fund, based on a quinquennial survey.
Secondly, the trustees recognised that significant fire safety works were required at Warner’s to implement recommendations of an independent assessment and the opinion of local fire officers. At the end of the financial year, those works were nearing completion.
Perhaps most importantly, the trustees decided that the Biggin, an important C16 building with C14 origins, last modernised in 1960, was no longer fit for occupation and required comprehensive works to repair the fabric, update services and refurbish the units. The trustees instructed the local firm of Michael Collins Architects to draw up plans, which were submitted for planning permission and listed building consent towards the end of the year. On current professional estimate, the works will cost £1,700,000: such a scheme will require significant grant funding if it is to be implemented. An application to the Architectural Heritage Fund was unsuccessful. The trustees regret that an application to the Valuation Office Agency to have the empty units delisted for council tax was also unsuccessful, for the increasing amount of council tax only serves to reduce the funds available for the renovation. The trustees further regret that VAT is imposed on repairs to preserve a significant heritage asset for future generations and to provide subsidised housing for those in need.
In addition, the trustees registered their land holdings. This valuable exercise was led by two trustees, Mr David Walmsley, assisted by Mr Brent Smith.
## Financial Review
## _**Financial position**_
The financial results for the year reflect the maintenance contributions collected from almspeople, investment income received in the year, the costs incurred in collecting the income, maintaining the properties and support costs and the financial state of affairs of the charity at 31st March 2026. Overall the net movement in funds for the year was a deficit of £32,408 (2025: surplus £304). The assets of the charity as at 31st March 2026 were £2,832,819 (2025: £2,865,227).
2
## _**Principal sources of income**_
The major sources of income are:
- monthly maintenance contribution from almspeople
- investment income from investments
- rental income from car park controlled by the trustees
Due to the slow and consensual emptying of the Biggin of occupants, receipts from the maintenance contribution decreased from £104,679 to £97,819. Investment returns decreased slightly from £9,059 to £8,936. This resulted in an overall decrease in income of £6,983 (2025: decrease of £3,855).
## _**Principal items of expenditure**_
The trustees continue to monitor and control costs that are incurred after due consideration. The main item of expenditure incurred continued to be the maintenance, repair and refurbishment of the properties under the control of the trustees.
Repair costs were roughly stable at £29,907 (2025: £28,213). In addition to (continuing) significant fire safety works at Warner’s, costs for 2026 included electrical and plumbing repairs, and general maintenance.
There has also been significant expenditure on professional services. These reflect the architect’s (and associated professionals’) fees relating to the Biggin, legal advice relating to the status of the almshouses and funds, and a significant increase in clerks’ fees due to the volume of work as the charity has sought to update its operations.
This resulted in an increase in total expenditure of £38,144 (2025: decrease of £30,433). Overall in the year there was net expenditure before gains and losses of £45,270 (2025: £143).
Due to the Biggin being unoccupied and continued expenditure on renovations and incorporation, the trustees expect a significant deficit in 2026-27 but, assuming the works are completed by the end of that year, receipts from the newly occupied property should take the charity into sustained surplus in subsequent years.
## _**Freehold properties**_
The almshouses are functional permanent endowment: the trustees are obliged by their trust to hold the buildings and operate them as almshouses. The properties have been included at their 31st March 2001 values as an approximation of their cost or market value when first bequeathed to the charity, see note 8.
## _**Investment policy**_
Consideration is given to the requirement to incur costs as required and provide charitable resources as requested. Having considered the options available, the trustees
3
have decided to retain excess funds in recognised charity investment funds that are fairly easily accessible.
## _**Reserves policy**_
The governing scheme requires the trustees to maintain and contribute annually to an extraordinary repair fund. In future years, this fund will appear as a separate hypothecated fund in the accounts.
The policies adopted to date by the trustees are such that invested monies are carefully managed with a low risk, to ensure sufficient funds from the investments and contributions from residents are available to meet the main objectives of the charity.
Regular meetings of the trustees means that all aspects of administering the charity are fully reviewed and monitored. The resources are monitored between the various designated funds. The trustees consider the new level of maintenance contribution, car park rental and investment income together with reserves is sufficient to ensure the present ordinary charitable activities can be maintained for a twelve-month period. The present level of necessary resources is in the region of £150,000 but this is kept under review. The renovation of the Biggin is an extraordinary project which will require a combination of secured debt (itself requiring the permission of the Charity Commission) and grant funding.
## _**Risk management**_
The trustees continue to assess and monitor the major risks to which the charity is exposed, in particular in relation to insurance, operations and finance.
## Structure, Governance and Management
## _**Governing document**_
Hitchin United Charities is governed by a scheme dated 5th April 1963 and registered with the Charity Commissioners on 26th October 1964 (charity number 236308). The occupational address of the charity is Shilcock House, 99 Bancroft, Hitchin SG5 lNQ.
## _**Organisational structure**_
The charity is unincorporated but has taken the decision in principle to incorporate as a CIO.
The scheme provides for a Board of thirteen trustees, seven nominated and six cooptative. The nominated trustees are appointed as follows:
- 5 by North Hertfordshire District Council
- 1 by Langley Parish Council
- 1 by Preston Parish Council
Under the scheme, the nominated trustees serve for a term of four years (though the nominating authority insists on annual appointments); the co-optative trustees for a term of five years. The co-opted trustees are required to be persons residing or
4
carrying on business in or near Hitchin. The trustees are from a variety of backgrounds.
Four trustees resigned or retired in the course of the year. The trustees wish to pay particular tribute to _Mr David Walmsley_ and _Mr Brent Smith_ , who gave nearly a century of service between them. They also thank _Rev. Christopher Bunce_ and _Mrs Jane Marland_ for their contributions. Mrs Joan Kirby, the exceptionally longstanding and valued chairman, gave notice in the course of the year of her intention to retire shortly before the AGM at which this report was considered.
In the course of the year, the trustees established committees on almspeople, fabric and finance. For the first time, this draft report and financial statements was considered at the AGM on recommendation of the Finance Committee.
The trustees are supported by a clerk provided by _ClerCarit_ . The current clerk is Mr Andrew Mackersie. He provides advisory and administrative services to the board of trustees and communicates their instructions to their agents. Their principal agents are John Shilcock Ltd (who collect the maintenance contribution and manage Skynners’ and Pollards) and L M Trading Ltd (trading as Belvoir property management) (who do the same for the Biggin and Warner’s).
## _**Trustees’ induction and training**_
New trustees receive briefings on the charities’ activities, plans and their responsibilities. All existing trustees and proposed trustees are issued with a copy of the Charity Commissioners’ _The Essential Trustee_ , a copy of the scheme and copies of these financial statements. They also have access to the Almshouse Association manual _Standards of Almshouse Management_ .
## Reference and administrative details
**Name** Hitchin United Charities **Number** 236308 **Address** Shilcock House, 99 Bancroft, Hitchin SGS 1NQ
## **Trustees on the date of the approval of this report**
|**_Co-opted trustees_**||**Appointed**|
|---|---|---|
|Mrs Joan Kirby|Chairman|5 December 2025|
|Mr Mark Seaman-Hill||18 July 2025|
|Mrs Joan Joe||5 December 2025|
5
Mr Stephen Wilson 1 January 2026
## _**Nominated trustees**_
_North Hertfordshire District Council nominated trustees_ Cllr Ian Albert 22 May 2025 Cllr Val Bryant 22 May 2025 Cllr Keith Hoskins 22 May 2025 Cllr Claire Strong 22 May 2025 Cllr Dave Winstanley 22 May 2025 _Langley Parish Meeting nominated trustee_ Mr Derrick Ashley 14 August 2025 _Preston Parish Council nominated trustee_ Mr Michael Bradly-Russell 14 July 2025 **Others who served as trustees in the reporting period Name Cessation date** Rev’d Chris Bunce 18 August 2025 Mr Brent Smith 9 March 2026 Mr David Walmsley 31 December 2025 Mrs Jane Marland 15 April 2025
**Holder of title** Official Custodian
## **Clerk**
_Until 15 May 2025_ Mr Mark Seaman-Hill (provided by John Shilcock Ltd)
_From 15 May 2025 ClerCarit_ (Mr Andrew Mackersie)
## _**Statement of Trustees’ Responsibilities**_
The trustees are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
6
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 requires the trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of the charity and of the incoming resources and applications are resources, including the income and expenditure, of the charity for that period.
In preparing these Financial Statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the Financial Statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by order of the board of trustees on 6 July 2026 and signed on its behalf by
Stephen Wilson Val Bryant Trustee Trustee Chairman
7
## **HITCHIN UNITED CHARITIES INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2026**
I report to the Charity’s trustees on my examination of the Financial Statements of Hitchin United Charities (the Charity) for the year ended 31st March 2026, which are set out on pages 9 to 16.
## Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the Financial Statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
Having satisfied myself that the Financial Statements of the charity are not required to be audited and are eligible for independent examination, I report in respect of my examination of your charity’s Financial Statements as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the Financial Statements did not accord with the accounting records; or
3. the Financial Statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the Financial Statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
4. the Financial Statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the Financial Statements to be reached.
Philip Dean FCA Hicks and Company Chartered Accountants 6 July 2026
8
## **HITCHIN UNITED CHARITIES STATEMENT OF FINANCIAL ACTIVITIES**
## **(Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31ST MARCH 2026**
|**Note**
**Income**
**4**
**Income from charitable activities:**
Maintenance contributions from residents
**Investment income:**
Dividend income
Bank interest
Rental income
**Total income**
**Expenditure**
**5**
**Cost of raising funds:**
Cost of collecting maintenance
contributions
Investment management costs
**Expenditure on charitable activities:**
Charitable activities
**Total expenditure**
**Net expenditure before gains and losses**
**Other recognised gains and losses**
Gain on revaluation
of investments
**9**
**Net income/(expenditure)**
**before transfers**
**Transfers between funds**
**3, 8, 9**
**Net movement in funds**
**Reconciliation of funds**
**Total funds brought forward**
**Total funds carried forward**
**12, 13**|**Permanent**
**Unrestricted Restricted**
**Endowment**
**Funds**
**Funds**
**Funds**
**2026**
**£**
**£**
**£**
**£**
**97,819**
**-**
**-**
**97,819**
**7,846**
**-**
**-**
**7,846**
**1,090**
**-**
**-**
**1,090**
**10,250**
**-**
**-**
**10,250**
**117,005**
**-**
**-**
**117,005**
**6,917**
**-**
**-**
**6,917**
**2,951**
**-**
**-**
**2,951**
**152,408**
**-**
**-**
**152,408**
**162,276**
**-**
**-**
**162,276**
**(45,271)**
**-**
**-**
**(45,271)**
**-**
**12,863**
**-**
**12,863**
**(45,271)**
**12,863**
**-**
**(32,408)**
**(2,536,117)**
**332,367**
**2,203,750**
**-**
**(2,581,388)**
**345,230**
**2,203,750**
**(32,408)**
**2,865,227**
**-**
**-**
**2,865,227**
**283,839**
**345,230**
**2,203,750**
**2,832,819**|2025
£
104,679
7,808
1,251
10,250|
|---|---|---|
|||123,988|
|||6,953
2,102
115,076|
|||124,131|
|||(143)
447|
|||304
-|
|||304
2,864,923|
|||2,865,227|
The notes on pages 11 to 18 form part of these Financial Statements.
All of the above results are derived from continuing activities. There are no other recognised gains or losses other than those stated above.
Page 9
## **HITCHIN UNITED CHARITIES BALANCE SHEET FOR THE YEAR ENDED 31ST MARCH 2026**
|**Note**
**Fixed assets**
Properties
**8**
Investments
**9**
**Total fixed assets**
**Current assets**
Debtors
**10**
Cash at bank
**Total current assets**
**Current liabilities**
Creditors:
Amounts falling due within
one year
**11**
**Net current assets**
**Net assets**
**The funds of the charity:**
**12, 13**
Unrestricted funds
Restricted funds
Permanent Endowment funds
**3, 8, 9**
**Total Funds**|**Permanent**
**Unrestricted**
**Restricted**
**Endowment**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**-**
**-**
**2,203,750**
**-**
**345,230**
**-**|**2026**
**£**
**2,203,750**
**345,230**
**2,548,980**
**2,199**
**307,772**
**309,971**
**26,132**
**283,839**
**2,832,819**
**283,839**
**345,230**
**2,203,750**
**2,832,819**|2025
£
2,203,750
332,368|
|---|---|---|---|
||**-**
**345,230**
**2,203,750**||2,536,118|
||**2,199**
**-**
**-**
**307,772**
**-**
**-**||11,779
353,006|
||**309,971**
**-**
**-**||364,785|
||**26,132**
**-**
**-**||35,676|
||**283,839**
**-**
**-**||329,109|
||**283,839**
**345,230**
**2,203,750**||2,865,227|
||||2,865,227
-
-|
||||2,865,227|
The notes on pages 11 to 18 form part of these Financial Statements.
The Financial Statements were approved by the Board of Trustees on 6th July 2026 and were signed on its behalf by:
_______________________________ Mrs. J. Kirby Trustee
_______________________________
Trustee
Page 10
**HITCHIN UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2026**
## **1. Objective**
To provide Almshouses in Hitchin and District and to provide for the general charitable needs of local people.
## **2. Status and Basis of Accounting**
## **Status**
The charity being a registered charity is not liable for taxation on any of its investment income, nor any other gains derived from carrying out its charitable activities.
## **Basis of accounting**
The Financial Statements of the charity, which is a public benefit entity under FRS102, 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 1st 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 modified to include properties and investments at valuation.
## **3. Accounting Policies**
## **Income**
- Maintenance contributions represents contributions from residents or social services on behalf of residents of the properties under the control of the trustees and are included on an entitlement basis.
- Income from investments is included in the year when it is receivable.
- Investment gains or losses are recognised as a result of disposing of investments and the revaluing of investments.
## **Expenditure**
- All expenditure is included on an accruals basis and is recognised where there is a legal or constructive obligation to pay for expenses. All costs have been directly attributed to one of the functional categories of resources expended.
- Costs of raising funds comprise the costs of collecting maintenance contributions and investment management costs. - Charitable activities expenditure comprise those costs incurred in the delivery of the charities activities and services for its beneficiaries together with support costs associated with meeting the constitutional and statutory requirements.
## **Tangible fixed assets and depreciation**
Properties have been included at their 31st March 2001 values as an approximation of their cost or market value when first bequeathed to the charity, see note 8. No depreciation is charged as the trustees believe that the residual value of the freehold property is in excess of the carrying value in the Financial Statements.
During the year, the trustees sought independent professional advice regarding the appropriate classification of the charity’s property assets. Having considered this advice, the trustees concluded that the properties should be treated as forming part of a permanent endowment fund rather than the unrestricted fund.
## **Fixed asset investments**
Investments quoted on a recognised stock exchange are included at market values at the balance sheet date. During the year, the trustees sought independent professional advice regarding the appropriate classification of the charity’s investment assets. Having considered this advice, the trustees concluded that the investments should be treated as forming part of a restricted fund rather than the unrestricted fund.
## **Taxation**
The charity's surpluses are derived from, and are applied towards, the maintenance of charitable activities and as such are not subject to taxation.
## **Fund accounting**
The capital of the various charities’ funds is in each case a restricted fund as it is not expendable. All other funds held by the charity are considered unrestricted designated funds and are available to be used in accordance with the charitable objectives of each fund at the discretion of the trustees.
Details of the nature and purpose of each fund is set out in note 12.
Page 11
## **HITCHIN UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2026**
|**4.**
**5.**|**Income**
**Income from charitable activities:**
Maintenance contributions from residents
**Investment income:**
Dividend income
Bank interest
Rental income
**Total income**
**Analysis of expenditure**
**Cost of raising funds:**
Cost of collecting maintenance contributions
**Investment management costs:**
Clerk's fees and expenses
Investment transaction costs
**Expenditure on charitable activities:**
Managing agents fees
Gardening and cleaning
General rates
Water rates
Electricity
Gas
Insurance
Repairs to properties
Fire and emergency lighting maintenance
Alarm control
Clerk's fees and expenses
Legal and professional fees
Advertising
Sundry expenses
Independent examiner's fee
Trustees' insurance
**Total expenditure**|**2026**
**£**
**97,819**
**7,846**
**1,090**
**10,250**
**117,005**
**2026**
**£**
**6,917**
**2,666**
**285**
**2,951**
**6,917**
**8,163**
**7,249**
**3,442**
**2,726**
**24,241**
**12,373**
**29,907**
**3,332**
**240**
**23,993**
**21,539**
**-**
**1,210**
**6,552**
**524**
**152,408**
**162,276**|2025
£
104,679
7,808
1,251
10,250|
|---|---|---|---|
||||123,988|
||||2025
£
6,953|
||||1,832
270|
||||2,102|
||||6,953
4,551
1,202
3,395
2,960
18,525
12,219
28,213
4,879
240
7,331
16,128
177
1,156
6,552
595|
||||115,076|
||||124,131|
The charity paid £6,287 (2025: £9,412) to John Shilcock Ltd a company in which Mr. M.W. Seaman-Hill is a director, in respect of costs of collecting maintenance contributions and managing agents fees.
The charity paid £nil (2025: £9,163) to John Shilcock Ltd a company in which Mr. M.W. Seaman-Hill is a director, in respect of clerk's fees and expenses.
The charity paid £263 (2025: £nil) to John Shilcock Ltd a company in which Mr M. W. Seaman-Hill is a director, in respect of professional fees.
Page 12
## **HITCHIN UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2026**
## **6. Comparatives for the Statement of Financial Activities**
|Note
**Income**
4
**Income from charitable activities:**
Maintenance contributions from residents
**Investment income:**
Dividend income
Bank interest
Rental income
**Total income**
**Expenditure**
5
**Cost of raising funds:**
Cost of collecting maintenance contributions
Investment management costs
**Expenditure on charitable activities:**
Charitable activities
**Total expenditure**
**Net expenditure before gains**
**Other recognised gains and losses**
Gain on revaluation of investments
9
**Net movement in funds**
**Reconciliation of funds**
**Total funds brought forward**
**Total funds carried forward**
12, 13|Permanent
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
£
£
£
104,679
-
-
7,808
-
-
1,251
-
-
10,250
-
-
123,988
-
-
6,953
-
-
2,102
-
-
115,076
-
-
124,131
-
-
(143)
-
-
447
-
-
304
-
-
2,864,923
-
-
2,865,227
-
-|2025
£
104,679
7,808
1,251
10,250|
|---|---|---|
|||123,988|
|||6,953
2,102
115,076|
|||124,131|
|||(143)
447|
|||304
2,864,923|
|||2,865,227|
## **7. Trustees' remuneration and benefits**
There were no trustees' remuneration or other benefits for the year ended 31st March 2026 nor for the year ended 31st March 2025.
Page 13
## **HITCHIN UNITED CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2026**
|**8.**|**Tangible Fixed Assets**
**Properties**
**Historic valuation:**
At 1st April 2025 and 31st March 2026
**Illustrative alternative valuations:**
Rebuild valuation for insurance purposes
Number of units
Monthly maintenance contribution per unit
Annualised contribution
Gross yield (%)
Indicative capitalised contribution figure|**The**
**Skynners**
**Warner's**
**Pollards**
**Biggin**
**Almshouses**
**Almshouses**
**Cottages**
**Hitchin**
**Hitchin**
**Hitchin**
**Pirton**
**(i)**
**(ii)**
**(iii)**
**(iv)**
**£**
**£**
**£**
**£**
**1,025,000**
**666,250**
**410,000**
**102,500**
**3,000,000**
**2,800,000**
**2,000,000**
**400,000**
11
8
6
1
625
625
625
625
82,500
60,000
45,000
7,500
5%
5%
5%
5%
**1,650,000**
**1,200,000**
**900,000**
**150,000**|**Total**
**£**
**2,203,750**|
|---|---|---|---|
||||**8,200,000**|
||||26
2,500
195,000|
||||**3,900,000**|
Properties (i), (ii) and (iii) are either listed buildings or located within the Hitchin Conservation Area. The trustees believe that the residual value of the freehold property is in excess of the carrying value in the Financial Statements.
Under the provisions of the Charities SORP (FRS 102), the Almshouse properties can either be stated at a value based on a formal valuation or at capitalised historic cost. For this charity, neither approach gives a straightforward indication of the practical, economic or realisable value of the Almshouse properties.
In previous years, the trustees have revalued the properties to the value used for insurance purposes. However, the trustees no longer believe it is appropriate to use the insurance value as the carrying value in the Financial Statements. The original cost or market value when the properties were first bequeathed to the charity is not known, even if it were recorded, the historic acquisition cost would be negligible. The first known value placed on the four properties in the charity's Financial Statements was on 31st March 2001.
The previous valuations based on the insurance reinstatement valuations are not market valuations. They estimate the cost of reinstating the buildings for insurance purposes and are materially inflated affected by the age, construction, condition and listed status of the properties. The Biggin is Grade II* listed, Skynners’ is Grade II listed and Warners is locally listed. In practical terms, these characteristics impose significant obligations on the trustees and may mean that reinstatement values rather exceed realisable market values.
In addition as stated below, Properties (i), (ii) and (iii) and (iv) are functional permanent endowments. They are required to be retained and used as Almshouses. They are therefore not ordinary investment properties and cannot be understood simply by reference to unrestricted market value.
To give readers additional context, the trustees have included an illustrative capitalised contribution figure. This takes the maximum annual maintenance contributions and capitalises that amount at a 5% gross yield. The resulting figure is not a formal valuation, not an accounting carrying value, nor even an estimate of unrestricted sale proceeds. It is included only as a broad indicator of the scale of the charity’s operational property base, given the limitations of both historic cost and insurance reinstatement value.
The anticipated annualised contribution has not and will not be realised in full in the coming year because the Biggin is currently empty pending renovation. In any year, the amount actually received may also be reduced by voids, arrears, concessions, or other operational factors.
In view of the restrictions outlined above, as well as the difficulty and expense of obtaining a formal valuation, as at 31st March 2022, the trustees reduced the carrying value of the four properties to the 31st March 2001 values as an approximation of their cost or market value when first bequeathed to the charity.
Page 14
## **HITCHIN UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2026**
## **8. Tangible Fixed Assets (continued)**
During the year, the trustees sought independent professional advice regarding the appropriate classification of the charity’s property assets. Having considered this advice, together with the terms under which the properties were originally bequeathed, the trustees concluded that the properties should be treated as forming part of a permanent endowment fund rather than the unrestricted fund. This change does not affect the overall net assets of the charity but provides a more accurate presentation of the nature and restrictions of the funds held.
## **9. Fixed Asset Investments**
|**Quoted Investments**
Market values at 1st April
Additions
Equalisation
Gain/(loss) on revaluation of investments
Market values at 31st March
Historic cost at 1st April
Equalisation payment
Historic cost at 31st March|**COIF**
**Barclays**
**Charity**
**M&G**
**Investment**
**Total**
**Fund**
**Investments Management**
**2026**
**£**
**£**
**£**
**£**
90,439
61,545
180,383
332,367
-
-
-
-
-
-
-
-
(7,710)
6,983
13,590
12,863
**82,729**
**68,528**
**193,973**
**345,230**
49,703
40,003
104,341
194,047
-
-
-
-
**49,703**
**40,003**
**104,341**
**194,047**|Total
2025
£
331,921
-
-
447|
|---|---|---|
|||332,368|
|||194,047
-|
|||194,047|
During the year, the trustees sought independent professional advice regarding the appropriate classification of the charity’s investment assets. Having considered this advice, together with the terms under which the investments were originally bequeathed, the trustees concluded that the investments should be treated as forming part of a restricted fund rather than the unrestricted fund. This change does not affect the overall net assets of the charity but provides a more accurate presentation of the nature and restrictions of the funds held.
|**10. **
**11. **|**Debtors**
Rent in arrears after provisions
Refund due from Eon
Prepayments
**Creditors: Amounts Falling Due Within One Year**
Creditors
Rent in advance
Clerk's fees and expenses
Other creditors - key deposits
Accruals|**2026**
**£**
**939**
**795**
**465**
**2,199**
**2026**
**£**
**1,760**
**3,943**
**-**
**100**
**20,329**
**26,132**|2025
£
2,112
-
9,667|
|---|---|---|---|
||||11,779|
||||2025
£
8,129
3,596
9,163
100
14,688|
||||35,676|
Page 15
## **HITCHIN UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2026**
## **12. Funds**
## **The Almshouse Charities/Pollards Cottages, Pirton**
To manage the properties by administering maintenance contributions from residents to ensure that the properties are fully insured, maintained and looked after.
## **Ransom & Seebohm Charity**
To be used for the erection, renovation, enlargement, reconstruction, modification, improvement, repair and maintenance of any present or future Almshouses (including The Biggin at Hitchin) forming part of the property of the said United Charities. Also, for the benefit of the Hertfordshire Rural Music School.
## **The Pension Charities**
To provide alms to persons fitting the requirement.
## **The Eleemosynary Charities**
To provide ecclesiastical funds, funds, allowances, gifts, grants and assistance for the benefit of the poor in the designated area, and if appropriate in augmenting the income of the Almshouses.
## **Hitchin Apprenticing Foundation**
To provide grants and donations to suitable local people undergoing appropriate apprenticeship schemes.
## **Extraordinary Repair Fund**
To provide a fund for the extraordinary repair, improvement or rebuilding of the Almshouses belonging to the Almshouse Charities.
## **Permanent Endowment Funds**
The endowment funds represents the Almshouse properties of each fund. Under paragraph 2.25 of the Charities SORP (FRS 102), income arising from the properties is allocated to unrestricted funds and may be applied for the charity’s purposes.
Page 16
## **HITCHIN UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2026**
|**12. **|**Funds (continued)**
Balances
Transfers
1st April
between
Investment
2025
Incoming
Outgoing
funds
revaluation
£
£
£
£
£
**Unrestricted Funds:**
The Almshouse Charities
2,526,101
107,944
(158,246)
(2,318,658)
-
Ransom and Seebohm
-
138
-
-
-
The Pension Charities
15,773
250
-
(5,417)
-
The Eleemosynary Charities
82,674
1,187
-
(25,727)
-
Hitchin Apprenticing Found.
153,099
2,566
-
(81,983)
-
Pollards Cottages, Pirton
87,580
4,920
(4,030)
(104,332)
-
Designated Funds:
Extraordinary Repair Fund
-
-
-
-
-
2,865,227
117,005
(162,276)
(2,536,117)
-
**Restricted Funds:**
The Almshouse Charities
-
-
-
214,423
16,156
Ransom and Seebohm
-
-
-
2,985
339
The Pension Charities
-
-
-
5,417
614
The Eleemosynary Charities
-
-
-
25,727
2,899
Hitchin Apprenticing Found.
-
-
-
81,983
(6,989)
Pollards Cottages, Pirton
-
-
-
1,832
(156)
-
-
-
332,367
12,863
**Permanent Endowment Funds:**
The Almshouse Charities
-
-
2,101,250
-
Pollards Cottages, Pirton
-
-
102,500
-
-
-
-
2,203,750
-
2,865,227
117,005
(162,276)
-
12,863
Balances
Transfers
1st April
between
Investment
2024
Incoming
Outgoing
funds
revaluation
£
£
£
£
£
**Unrestricted Funds:**
The Almshouse Charities
2,527,542
115,019
(120,284)
-
3,824
The Pension Charities
15,412
235
-
-
126
The Eleemosynary Charities
80,963
1,118
-
-
593
Hitchin Apprenticing Found.
154,576
2,529
-
-
(4,006)
Pollards Cottages, Pirton
86,430
5,087
(3,847)
-
(90)
2,864,923
123,988
(124,131)
-
447|Balances
31st March
2026
£
157,141
138
10,606
58,134
73,682
(15,862)
-|
|---|---|---|
|||283,839
230,579
3,324
6,031
28,626
74,994
1,676|
|||345,230
2,101,250
102,500|
|||2,203,750|
|||2,832,819|
|||Balances
31st March
2025
£
2,526,101
15,773
82,674
153,099
87,580|
|||2,865,227|
Page 17
## **HITCHIN UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2026**
## **13. Analysis of Assets and Liabilities to Funds**
|Current
Current
Properties
Investments
Bank
assets
liabilities
£
£
£
£
£
**Unrestricted Funds:**
The Almshouse Charities
-
-
180,569
2,199
(25,627)
Ransom and Seebohm
-
-
138
-
-
The Pension Charities
-
-
10,606
-
-
The Eleemosynary Charities
-
-
58,134
-
-
Hitchin Apprenticing Found.
-
-
73,682
-
-
Pollards Cottages, Pirton
-
-
(15,357)
-
(505)
Designated Funds:
Extraordinary Repair Fund
-
-
-
-
-
-
-
307,772
2,199
(26,132)
**Restricted Funds:**
The Almshouse Charities
-
230,579
-
-
-
Ransom and Seebohm
-
3,324
-
-
-
The Pension Charities
-
6,031
-
-
-
The Eleemosynary Charities
-
28,626
-
-
-
Hitchin Apprenticing Found.
-
74,994
-
-
-
Pollards Cottages, Pirton
-
1,676
-
-
-
-
345,230
-
-
-
**Permanent Endowment Funds:**
The Almshouse Charities
2,101,250
-
-
-
-
Pollards Cottages, Pirton
102,500
-
-
-
-
2,203,750
-
-
-
-
2,203,750
345,230
307,772
2,199
(26,132)
Fixed assets:|Net assets
31st March
2026
£
157,141
138
10,606
58,134
73,682
(15,862)
-|
|---|---|
||283,839
230,579
3,324
6,031
28,626
74,994
1,676|
||345,230
2,101,250
102,500|
||2,203,750|
||2,832,819|
|**Unrestricted Funds:**
The Almshouse Charities
The Pension Charities
The Eleemosynary Charities
Hitchin Apprenticing Found.
Pollards Cottages, Pirton|Current
Current
Properties
Investments
Bank
assets
liabilities
£
£
£
£
£
2,101,250
217,408
230,126
11,319
(34,002)
-
5,417
10,356
-
-
-
25,727
56,947
-
-
-
81,985
71,114
-
-
102,500
1,831
(15,537)
460
(1,674)
2,203,750
332,368
353,006
11,779
(35,676)
Fixed assets:|Net assets
31st March
2025
£
2,526,101
15,773
82,674
153,099
87,580|
|---|---|---|
|||2,865,227|
Page 18