Charity r¢gis(raiion numbeT.' 236518 The Charity of Mrs Mabel Luke A1U1 Report Financial Stskments for th¢ Year Ended 31 December 2023 UHY Ross Brooke 31a Charnham Street Hun8¢rford B¢rkshire RG170EJ
The Charity of Mrs Mabel Luke Contents R¢feTen¢e and Athnini8tr¥tiYe Dethil$ TnL8tee's Report 2to8 Statem¢nt of Tnte¢,$ Responsibilities tndep¢ndt Examinely R¢port 10 Ststement of Financial Aelivities 11 to 12 Balance Sh¢¢t 13 Cash Flow Slat¢m¢ni 14 ¢$ to the Financial Statcmcnts 15to21
The Charity of Mrs Mabel Luke Reference and Adminlstratlve Det4ils Trurtee Mabel Lwk¢ Trustee L Dlreetors Mabel Luke Trn$tee Ltd E J Gatward (Chair) L Coyle {resign¢d 1316123) P M¢Auliffe J McDougall A Hyde E Layto M Thomas K Howlett (appointed 1219123) A Hami¢r (appointed IK5124) Ch•rlty Regi%tr*tl•n Number 236518 Prlnelp#l Office CIO UHY Ross BTookc 2 Old Bath Road Newbury Berkshire RG14 IQL Independent Exxmlner UHY Ross Brooke 3 la Charnharn Str¢et Hungerford B¢iksbire RG170EJ Sollcltsr8 Qardner Leader White Hart House Market Place Newbury Berkshir¢ RG145BA Bankers Metro Ban 64-65 Nortbbrook Strc¢t Newb Berkshirc RG14 IAE Page I
The Charffity of Mrs Mabel Luke Trustses, Report The Tntee presents the annual rqjort tog¢ther with th¢ r]nancial statements of thc Cbarity for the year ended 31 Dember 2023. ObJ¢ctlve$ and attlvitles Objects and•YithS The provisioffj of social housing ID the forni of almshou5¢ accommodation for the benefit of th¢ sidellts of, and persous connected to, Newbury St the parish of Gre¢nham (the'ar¢a of benefit?. Hls¢ory ofihe Chaiylji The Charity was ¢reated iti 1928 with five building plots at 11-17 Mill IAne, Newbury, RG14 5RE. now known as Mab¢l Luke Place. InitialIy, four houses weie built on three of th¢ plots, with two plots remaining wideveloped. Following advice from the A]rnshouse Association in 2013. th¢ then Tntsttts undertook a major red¢v¢lopment pmjecL Sixteen newly-bullt flats in thre¢ blocks were built itt three ph&4es at Mabel Luk¢ Place, ¢ompleted in e&rly 2018 and fully let by the middle of the year. The propety compri5¢4 twelve two-bedded and four 4)ne-bedded flats, designcd for people of working 48¢ either residcnt in or with connection to the ofbenefit, with thc larg¢r tlais avail&bl¢ for howeholds with ¢hildren. The flats are let on licenees, with residents paying Weekly Mainlen#n¢¢ ContnlJuti¢)ns comprising a reni-equivalent elem¢nt, set ai below market rent levels. and a service charge. The Charity does not provide personal sUprt seivices to iesidents. Prior kn th¢ re-developmenL in considerdtion of the risks to tbe individual Trustees of the Charity and io f4¢ilita* the proce&s of requesting grants and tllortg8ges, the Trustees re8iStored Mabel Lukc T$t¢¢ Ltd {'MLT'I. i Compatsy Limited by Guarant¢¢, at COpanICS Houge on 20 June 2016, with th¢ then Trustees as Directors. The TrnsteLs also rdi$¢d a Supplffliental De¢d to the Charity Scheme of17 November 1982, making th¢ Company the Sole TTUStee, aod this w2S Strdled by th¢ Charity CorAtnission for Englalld aDd Wales oll 22 Jun¢ 2016 attd took eff¢ct by Order of the Commission on 6 October 2016. Publ1¢ benefii Thc Charity provides general ne¢ds housing &t affordable reni4 w01n8 elos¢ly with West Berkshir¢ CounciL which has ttominati<>n rights io nin¢ of the $ixte¢n Aats. The remaining seven flats are let directly to people who meet the Cbarity's criteria or ate offered to the Counctl for additional nojninations from the Housing R¢8isl¢r. On 31 Dec¢mber 2023. th¢ hOthOld$ hous¢d at Mabel Luke Plac¢ ¢ompTised: 8 households wnsisiing of couples with on¢, two or thr¢¢ children 3 bousehold5 consisting of Single peopl¢ with one or ttvo children I households consisting of a couple without children 3 households consisting of Single adults In tolal, 24 adults, all of working a8< md 16 children were ID r¢siden¢e at 31 Deeembcr 2023. Poge 2
The Charity of Mrg Mabel Luke Trustees, Report (eontinued) The Ttustee eonfirn)s tb8t it has compli¢d witb th¢ requirements of section 17 of the Charities Act 2011 to have thie regard to thc public benefit guidance publish¢d by the Charity Commission for England and Wale& sI)ecifilI. Publi¢ Benefit .. Th¢ Public Ben¢fit Requiremenl PBI Public Benefii .. Rwjnillg a Charity PB2 Public BeDefit .. Reportin8 PB3 GrqnimAkinxpolicie$ Tht Charity does rlot mak¢ grants. Aehi¢vements and perfonnonte Keyfinanci&lperformffR¢¢ Indle4ts•rs Regulator for Social Ho%ng Value foT Mon¢y metrics Metric l - Rcinvcsttnent 0.9/0 (2022_ 0.52•/fy) Metr1¢ 2- New supply delrvercd A-. N¢w sw)ply delivered (socia] housAD8 units) OYTr (2022_ OfjA) B.. N¢w supply d¢liYered (nonTh8ocial housing urits) OYO (2022- 00/•) Melrlc 3 - Gearing 37.79Y. (2022- 38.17•/•) Metr1¢ 4- Earnings Before Int¢r¢sL Tai Depreciation, Atnortisalion, Maj(Trr Repairs Included (EBITDA MIU) Enteresl Cov¢r 118•A (2022- 24kn) Metr1¢ 5- Headlinc social housing cost pcrunit £8.019 (2022 - £4,768) Metrlc 6- Operating Margin A. Operating Mar8in (Social I$]ng lettitigs only) 70.02% {2022- 78.720A) B. Operating Mar8in (overall) 68.870/. {2022 - 78.18°A) Metric 7- Return on capitol employed (ROCE} 3.79Y• {2022- 4I2•h) Dutittg the Y the Charity had void loss¢s of £4,161 (2022 - £1,582) as a result of163 days {2022- 73 days) of lost maintenanc¢ contribution$ due to properti¢s being uno¢¢upied. The Tn]Ske collsid¢r8 that thesc Kpfs confirni that tbe Charity's finances remain on a stable and sustiinabl¢ basis. Du¢ to the increase in irttcr¢st rates, intcrest covu bas fallen aud the headlin¢ s181 housing Costs perunit has in¢rea$ed. The Charity has no plans to provide fiJrth¢r coMMOdation. The Charity considers that it fully COTnplies with the Governance and Financial Standard requiremmts set out by the regu14tyr. Page 3
The Charity of Mrs Mabel Luke Trustees, Report (continued) Fknanfial review Othcr th#n small bank aceovnl interest paym¢nts, the Cbarity's otdy income is from tbe We¢kly Mhilltetjanct Contriblltions (WMC) made by residents. In s¢tiing the budget for 2023, Direetors Ikcided to k¢ep WMC as low a5 possible, despite the high Tate of inflation lt thc time, in order to mitigate the impact of the cost of living ¢ri51s on thc Charity's residents. Th¢ ov¢rall tll¢ruse in WMC was th¢r¢fore restricted to 20/•. The budget for 2024 includ¢s an uplift of 7Yo. Tbe iThweas¢s in the Bank of England Base Rate dwing the y¢ar fed through into th¢ interesi r41e chgr8¢d on the Charity's mortgagc at Mabel Luke Pla¢¢. As a r¢sulr, inter¢st chargcs in¢urred on the mort8ag¢ nearty doubled comparcd with previous yeats, totalltng £85.797 (2022.. £45,812}. Whilst Base Rate and inter¢si rateg 8energ4lly r¢ w]dcly predicted io fall in the seeond half of 2024 and thereafter, their declin¢ is exp¢¢t¢d to be more 8radual thatt their rAsc and the lev¢] eventsally reached may b¢ some way above rates in the ree¢nt pasL Th¢ other Significant factor in the decline in net in¢onie to £15,864 (2022: £64,818) was higber expetmlinwe on repairs and maintenance. This was largely due to th¢ Charity's success in finding a local fimi tbat was wAlling to de81 with aecurnulated relatively small reir jobs. togetherwith ¢05ts associated with a small illcr¢ase in re-lets. five years on from the initial letting$ after the re4evelopment. Policy ON reserv Funds held at th¢ year-end ar¢ £1.552,311 (2022- £1536.4491. Re5tri¢ted thnds totsl £1,440.569 {2022 - £1.4(M>,856) and consist of th¢ Mabel Luke Fund (£1,407,659). an Extraordinary AIr Fund (£16,910) and a Cyclical Maintenance Fund (£16.0(10). UnT¢stricted fi]nds of £l11.742 (2022 - £135,591) d¢Tive from WMCS I&s5 exwises. Together wilb restrtcted fimds these are cot)sider¢d sufficient to Jncd the Charity's needs. The ChRTity had Cash reserye fijnds of £104.059 on de[11 at the ¢nd of 2022 (2022- £101,6921 The Charity's policy is to maititain a SDMII surplus of WMC iti¢ome over expdituTE and so to st¢adily build those w8erves. Funds are s¢t &8ide to Ver cy¢lical al other planned maintenanct. The Charity has developed plann¢d maintenance programm¢, tskitig into account int¢mal and external dxoration and also replacerncnt cycle for the main applIanS ptovid¢d in ihe kitcben. Rather than ¢stoblish a ri8id cycltcal intern81 redecordtionlreplacemcnt pmgramme, Directors decided that the bu]k of sucb work could rnost effici¢ntly b¢ done thing the pro¢ess of re-letting flats, following inspcction and assessment of condition. This would avoid both the inlrnsion into residents, quiet ¢njoymcnt of their homes that such prograrnmes rnight otherwis¢ entail and the umiecessary replacem¢nt of appliances and redeeordtion UTJwarranted by condition. The Board has been pleased to note that in several re-lets to date there has b¢en littl¢ or no requirernent for end-of-r¢sidency ¢Ivdning. let alone redecoTation or appliance rqilacernent. Pagc 4
The Charlty of Mn Mabel Luke Trustees, Report (Continued) Pplncipthlfvnding sour¢e$ The fifjance for thc building of the sixteen flats- in 2017118 coJwis¢d of loans from th¢ Charity Bahk.. West Berkshire Council {WBC) Section 106 GrallL Hom¢5 England (at tbe time HCA} GTant' ffijnthaising, ineluding grant from a local trllsi matth-fijnditig othcr local fundraising,. and th¢ ch)riS resetyes. To be eligible for HCA grant the Charity applied to be a Regtstered soci Howing Provid¢r and w&% aeceptl on 17 J8Duary 2017. Th¢ Charity joined the Almshowse Consortium Ltd to bid for HCA grant in tbe 2013-2018 and 2016-2021 applications routtd%. The Charity provid¢d tFtree loaths. ail of which wer¢ fully drawn: . Loan I: a r¢paymenl lo of £918,673, Tepayable ov¢t 25 years. with only interest payabl¢ for the yaT following fJr5t drawdown. Capitsl repaymcnts started on 12 Novemb¢r 2018. The rate of iDtcrest payabl¢ is 2.75 /0 per annwn aknve base rate, mlTrg thc rate appliuble at the Start of the accounting p¢riod 6.25¥•, risin8 to 8•/4) al the ¢Dd of the accounting period. Loan 2.. a bridging 108n of £140,1M)O to be rcpaid 8fter practical completion from the prn¢ti¢al completion payment of th¢ HCA Grant. This was r¢]wid in full on 12 Jllly 2018 . 3: a T¢payment loan of £358,972, repayable over 25 year& with only interest payable lor the fjrst yeaT following ftrst drawdown. Capitsl rep8ymtnts stsrted on 12 August 2018. Th¢ rdte of interesl payable As 2.75Q/ty p¢r anoum above base rate, making the rat¢ Applicable at the start of the accounting period 6.25/0, rising to 8O1ty at the end of th¢ accounting perioiL At the cDmpl¢tion of the building proje¢l in 2018. the Charity'5 outslanding loans from the Cbarity Balll T¢payable over 25 year$ totall¢d £1,277.645. Regular mortgxge payments w¢r¢ made ill 2023 and th¢ outstandltig loan at 31 De¢¢mb¢r 2023 was £1,091.945 {2022- £1,118.747). A SWTrity deposit of £25,000 from the Charity is held by the Charity Bank in th account for the Cbarity. The balance on this ac¢ount at 31 D¢¢¢mber 2023 w2$ £26,363 (2Q22- £25,746). The WBC grant for 12 properties was £238.176. 50% pb on ¢ommen¢ement was rc1Ved in May 2017 and the balance on 24 July 2018. This grant is subject to a FuttditiE & Nomination Agreement giving WBC nomination rigbtS to 12 flats tn the rst rond of letting and th¢reafter 9 fiats to 2142 {125 years). A I IingS Plan agreed with WBC in 2022 specifies th¢ 9 fiats now subj¢¢t to the Agreemeftt. The HCA grant for Phas¢s l & 2 was £420,000. 500A payable on comrn¢nc¢mellr was rcc¢ived in Mareh 2017 atsd thc balance on 4 July 2018. The HCA grat for Phas¢ 3 was £140,000. 75Yo was re¢eived on 13 April 2018 and the b&l8n¢e on 4 Juty 2018. The Greenham TNst grant of £125,000 wo5 Match-nded to funds raised from other sources paid through The Good Exchange, and also to thc WBC grxnt. It was paid at 6.10/* of construdion valuation each month, with th¢ outsranding balance paid at pTrctical coAnpl¢tio Grants total]ing £3.188 w¢r¢ t¢ceivcd from Newbury Town Council IMat¢h-fuTCd by GreenhAm TTUSt). Gr¢¢tthaJn Parish Council, Englefield Tnjst, other donors and Gift Aid. All grdnts received h&v¢ been recognised in th¢ Statement of Financial Aetivilies, with n(Trn¢ ¢aTried foLward as deferred income at 31 De¢ember 2023. The Cbariry's rrVeS were a180 ¢on]m7tted to tb¢ PTojecL The Project Manager was a credIr with a £60.000 f¢e to be repaid ID five yearly stages. The fu1 payrn¢nl of £12,01)O was ttMde in 2023, byinging the amount outstandin8 at 31 Dec¢mber 2023 to £Ni]. This aoUnt is dedu¢t¢d from Unyestrict¢d funds. Pag¢ 5
The Charlty of Mrs Mabel Luke Thistee$' Report (Continued) Investhenipolicy •Yndobieeliv¢s At pres¢nk the Charity's SU cash is held on depo$iL The Directors keep the inv<%iment poli¢y Ulld¢r review. Strnttsre. g•v¢rDaDee #nd mna%ement Rec1¢1 4nd4pptsiMtment ofdireclors Directors of MLT Bre r¢¢TUited by udyertising on the Charity's website. on othcr volunteer agen¢y web51t¢s and through professioDal netwo$. Pot¢ntial Dir¢¢tors inteThiewed by th¢ Chair attd one or two other Directors and if suitabl¢ ar¢ proposed for appointmcDt at a Board Meeting, wbicb they attend as observeTS. Last year's Report Doted that the Tr¢ssurer had stood down in December 2022 and that pending ¢rUit[ncnt of her succ¢ssor, tbe Chair. & qualified tt¢countant, was combining th¢ two roles. UnfoThttately. despite advertising in A local VoluDl¢¢r Hub, local newspapers and a profc5sional volunteer recruithient website, no appointment Was mad¢ during 2023. However, a well-qualified candidat¢ was identifi¢d An April 2024 and following the presS OUt]ined above was appoint¢d 8s Treawrer following a Board me¢ting in May 2024. Apart ftom thai one Director resigned in the ygar and on¢ new Director w&$ appointd The appointment of the TTeasur¢I in 2024 brought the Board up to its f&voured siz¢ of eight Directors. All Directors are actively engaged with the running of the ChaTity and have a wid¢ range of skills and cxperience beh¥e¢o them. The Board has tbrec Committe¢5. dealiDg with Finance. Residents and Property; all Committ¢e memb¢rs aTe Currently Dir¢ctors blll the Articles of Association allow co-optiijn. Armngementsforsetting key man17gemlwnotsH¢Ire#fteT¥IoN The Direetots aTe all unpaid volunteer& drawtDg only oul-of-pockct expenses from the Charity. Direcwrs attend ourses from time to tim¢ tt) enhanc¢ their understallding of the 8CCtor and their roles and wher¢ these COUTses harge att¢Ddaoc¢ f¢es th¢ Charity will pay th¢m on behalf of the Directors. The Charity does not generally usc vohmteers in other rol¢s. Th¢ Clerk wa5 th¢ sole employee during Ibe year working an averag¢ of 10 hours pcr week for most of the year. This itiCTcas¢d to 15 hours in the auwn)n, reflecting the ne¢d for the new Clerk to leam the Charity's systems and procedures whi15t dealing with the WOTkloid and to give her some space to develop th¢ use of Google Drive. The Cletk's I¢munu8tlQD, ternh$ and eonditions h&ve been s¢t by the BoaTd with regaTd th gtyjd practice and to local market Tates for SimilpositIOns. Contractors ar¢ selected for specific purposes on a best value basis. The Charity maintaiw a slate of trusted tradespeople who deal with th¢ great majority of Common repair and nltellnCe t&gk8 that the Clerk accumulates into viable packages. Page 6
The Charity of Mrs Mabel Luke Trustees, Report (continued) As previously explained, thc existiD8 Trusts of the unincoJpoTated Charity are set oul in th¢ Scheme dated 17 Novernb¢r 1982, a8 am¢nded by the Suppl¢metttal D¢ed of 22 June 2016. The Cbarity is governed by the Charity S¢heme of 6 October2016. by which MLT was apDiinted Js the sole trustee of the Charity. The DitorS of MLT Ère therefore responsible for administering th¢ Clwity, which is 8 Registered Social Housing Provid¢r regulated by the Regulator of Social Hou$itig. The propety owD¢d by the Charity Is v¢st¢d in the Official Custodian for Ch8riti¢s (see further detsib undet 'Pisk cofjsideration.). The DiTe¢tors have thpt¢d for th¢ir Code of Governanc¢'. "fjood Gov¢rnonce. A Code for th¢ Voluntary and Community Se¢tor, Version for Srnall Org&nisatioJL%" The Board of MLT me¢ts on a &weekly Cycle. Board age1a5 foew on fuCe at the m¢dings following quarter-ends at on residents and property matters at the int¢ryening m¢etings. All meeting8 allow tim¢ for 5tsnding itcms su¢b as IT. Safe8uarding, Health & Safety and the review of policles aDd procedures. doll¢ on a 3-year rotation. Since the rc.development, the CFkarity had employed a part-timt Clerk. who resi8ned in July 2023, overlapping with h¢T repla¢em¢Dt to ensure continuity. Th¢ new Clerk cuttently works for 15 hours per w¢¢k, on a fl¢xibl¢ Sis. Like her predecessor. the Current Clerk is an exp¢rieD(xd bookkeeper and continues to use Quickbooks. DuTing the year. one of the Dirtttors with An IT ba¢kgTound led a review and enhanc¢ment of the Ch4rity's website (www.mabelluke.co.uk) and also intr(xluced Google Drive to provide the Charity wilh th¢ basis for secure online fTIiDg system accessible to all Directws the Cl¢rk. Work is contitiuing to transf¢r the Clwity's substantial electronic arehive inio Google Drive aod to dev¢lop a eommon folder structtw¢ suited to the ChBrity's opeIaiii>nal and archival reqUiremts. Th¢ Directors are taking the opportunity to strengtho) mpliatt¢¢ witb th¢ GenerAI Dats Protc¢tion Regulatiolls. protecting sensittye infornjation about resident$ in particular by removing the necd for paper files. MlljorTisk& ofthom r Riske0ndertIO The Ch8rity took on a substantial loan from Chgrity Bank to fijnd the re4levelopment of Mabel Luke Pla¢e. As the only source of income T$ the WMCS, the pemjanent financial Ti5k is that voids rise to the point 2t which incom¢ 15 Teduced to unsustainable level$. The Cbarity therefore seeks to nyaintain higb o¢cupan¢y," with procedures in plAe¢ to minimise void periots during r¢-lettinw the number of which naturally 18 Starting to rige six years after initial lettings. As the p88¢ two y¢At5 have shown. another key Ti5k for an Orgati1¢1OD with substantial borrowings is rise$ in interest rates. Bctwfxn 2021 and 2023 the iner¢ase6 in th¢ Bank of England Base Rate hav¢ led to the Charity's annua] interest costs risitjg by 155 /&. from £33.478 in 2021 to £45.812 in 2022 and £85,797 tn 2023. While it is generally ¢onsidered that Basc Rate will Start to fall in the second half of 2024, it IS UDlik¢ly that Iterest rates will return lo levels Seen prioT to 2022 in the foreseeable fvture and reduction$ in Btse Rate may be adual. Dir¢¢tors will perIodTlyeV1e the mortgage markei for better deal$. Page 7
The Charity of Mr8 Mabel Luke Trustees, Report (continued) A signifi¢8nt risk in the lon8er tern) is that th¢ costs of maintaining the propety in a sound state of T¢pair rise b¢yond th¢ financial eapacity of the Charity. This risk is low in th¢ short to medium temi bxause the property was buili only six years ago and in the longer lerni be¢4use th¢ external finishings arc d¢signed to minimise mainteJwi¢¢ costs. As already 51at¢d under Reserves Policy. the Charity is sdtithg aside fimd$ to help m¢¢t th&8¢ ¢05ts. The Clwity has built up a list of prov¢n contr8¢lor5 to deal with day-t0418y repair Th¢ ChRrity inspects ea¢h flat annually to ensure tbe residents are maintaining it in a reasonabl¢ state. Provisi¢) is made for the costs of redeeoration alld equipment Teplacement, on the basis thai ihcse will generdlly b¢ lllcued wben fiats are vacated prior to r¢-letting, whtch k¢¢ps them low and minimi5es disruption to households. The communal are&8 - hallways and stair¢S - are designed easily maintained and at¢ regularly ckalled. The Charity actively manages tesident arrear4 which at £5,733 at 31 Deeernb 2023 (2(122 £5227) are considered rewnable. A significant ¢lement of arrears arises because the timing of Universal Credit and other betsefii paym¢nts to resid¢nts is Oui of step with the Charity's onthlY WMC payment datcs. Such 'tecbnical arrears, are rwouped iti thc course of each month. Atyears are regularly reviewed and Directors visit households where arreaTS are higb or rtsing to diKuss why this is happening and to see if th¢ Chariry offer h¢lp, Such as allowing redu¢¢d payments for 8 tirne on the understanding of lat¢r iepaymenl. In some ¢a8es. with the resident's agrem¢nt the Chlty has srranged direct paym¢nt of Universal Credit by the DepaTtrnent for Work and Pension5. The builditigs, public, employus and trustee liability risks are insurtd by Royal attd Sun Allianc¢ through Grout Ingllrance Brok¢rs Ltd. Th¢ insur#llc¢ cover was extended to includ¢ ernployer's liability 08 from l January 2022, svhen the Ckrk becsrn¢ a diTeet ¢mployee of the Clwity. The Charity was a member of the A]mshouse Consortium Ltd I'ACL,) UDtil Mah 2022, when the Homes EngI8nd fvnding programrn¢, from which ACL assisted the Charity to apply for grants. drew to a close. As member, the Charity also benefited from advice and support dwing the r¢4evelopment. Th¢ Charity is also a member of the Almthouse Assoctatioll. The Charity has a suit¢ of policics and procedures and other strategic and working docum¢nts that are developed and agr¢¢d by the Board. These are shar¢d with new Board tnembeTS. Tbe deeds for the Properties and IAnd are held, for security, by Gardner Leader, Newbury> th¢ Clwity's solicitOTS. The annual report approved by the Trustee of the ¢barity on............................ and signed on behalf by: E J Gahvard Chair Mabel Luke Tntee Ltd Page 8
The Cbarlty of Mrs Mabel Lllke Statement of Trustees Re$ponsibilitles The Trnstee is responsible for preparttig th¢ Trnslees, pOrt and the financial statements in aCrdanCe with the United Kingdom A¢counting Standards (United Kingdom Generally Accept¢ii Accounting PTactiee) and ppIic8bl¢ law and r¢8ulation8. The law appli(xble to ¢hari¢ies requires ibe Trustee to prepare financial Statemettts for each finan¢ial year which give a truc and fair vt¢w of the st8t¢ of affair5 of the Cbarity and of thc incoming resowces and application of r¢sour¢es of the Charity for that perio(L Jn pr¢paring the$¢ fjnancial statctnents, the Tne¢ is reqllir¢d to.. 8¢lect suitabl¢ accounting policies and ihcn apply them consislently" observe the m¢thods attd principles in the chltieS SORP. make judgements And estimates that are reasonable alld prude stat¢ wheth¢r gpplicabl¢ accounting standards have been follow¢d $ubje¢t to any material departures diwlosed aDd explained in the finan¢ial statements- and prcpaTe the financial st8t¢ments on th¢ goillg eott¢em basis unless it is inappropriate 10 presum¢ that the ChArity will eontinue ill business. The is responsible for keeping proper accounting re¢orth th&t disclos¢ with rwsonable accuracy at any time tbe financial position of the Charity and enable them to ensure that the financial statements comply with the Clwiti¢s Act 2011, the Charities (Accounts and R¢ports} Regulations 2008, and the provisions of the VDStitution. The Trnst¢e is also responsible for safeguarding the ass¢ts of the Chllrity and benc¢ for takthg r¢4sonabl¢ steps for the prevention and detection offraud and other irregularities. ApproveAI by th¢ Trnstee on ................................... and signed on its bebalf by: E J Gatward Chair MaE¢l Luke TnJ5tee Ltd Pag¢ 9
The Cbarity of Mrs Mabel Luke Independent Examiner'$ Report to the Trustee of The Charity of Mrs Mabel Luke I report to the Trustee on tny examination of the accounts of Th¢ Charity of Mrs Mabel Imke for the ycar end&1 31 Dxember 2023. Re8pon8lbilitles bAs1s of report As th¢ charity Trustee of The Charity of Mr$ Mab¢l Luke you are responsible for the preparation of th¢ accounts in a¢COTdance with the requir¢ments of the chpri1i Act 20111'th¢ A¢t'). I r¢port in res of my aMInatE0 of The Charity of Mrs Mxbd Luke's a¢count5 Cri out seciion 145 of the 2011 Act and in carrylng out my examinats.on I hav¢ followed all the applicable Directions gtven by th¢ Charity Conm]i$6iOD under 8e£tion 145(5)(b) of the Aet. Indepettdtttt examiDer'$ ststement I have Completed my eXaMinlon. I confirni that no material matters havc Come to my attention in conthection with the examination giving me cause to believ¢ that in any material r¢sp¢ct'. accounting rc¢ords were not kept ill respect of Th¢ Charity of Mrs Mabel Luk¢ as rwuired by seetton 130 of th¢ Act,. or 2. the accowits do not a¢c4)rd with ITrM)se records. or 3. th¢ arxounts do not compty with the ac¢ounting requirements con¢¢ming the forn) and contsnt of accounts 8¢t out in the Charities {Ac¢ouDts and R¢ports) Regulations 2008 other than any requirement that the a¢wunts 8Lve a 'true and fair view, whith is not a matt¢r ¢oDsidered as part of In independent ¢xaminatiott. I bave no concerns and have eom¢ acTOSS no other matters in cont)ection with th¢ ¢xaminalion to whi¢h attenlion should be drawn in tbis report in Ord to enable a prop¢r undcrstandin8 of th¢ acwunts to be reached. Kcry Hawkins, FCCA, UHY Ross Brooke 31a Charnham Street Hung¢rford RG170EJ Daie:...................-......-.- Page 10
The Charity of Mrs Mabel Luke Statement of Financial Acllvitles for the Year Ended 31 December 2023 Unrestri¢t¢d fundj R¢strietsd rund$ Total 2023 Total 2022 Io¢otne and End•wmett¢J from: Investtncnt in¢oll)e Service charge iwome Weekly maittt¢nanc¢ contnbutions Oth¢T inc4)m¢ 2.367 7,731 2.367 7.731 817 6.943 134,077 134.077 133,186 155 Total kn¢ome 144.175 144.175 141,101 Expenditure Staff eosts Independent Bxaminer's remuneration Allocat¢d wpport costs (10,442) {10,442) (8,461) (4.020) 1113.8491 {4,020} 113,849) {3.990) 163,8321 Total Expenditur¢ 128 1128,311) 176,283) Net in¢ome Gmss transfers beh¥eell funds 15,864 39.7131 15.864 64,818 39.713 Nct movcm¢Dt in f(mds {23,849) 39,713 IS,864 64,818 Re¢tsn£lll*tlon of fsttd8 Totsl fiJnd4 brought forward 135,591 1,400 856 1536 447 1471,631 Totsl funds Carried fonvard 14 111.742 1440.569 1,552.311 1536 449 The tleS on pages 15 10 21 forn) an integtal p8rt of these fmancial statements. Pa8e 11
The Charity of Mrs Mabel Luke Statement of FinancfiAI Actlvlties for the Year Ended 31 De¢ember 2023 Unrestrlcted fundi Restrletsd funds Total 2022 Note Ineome and Endowments from: Investm¢nt income Service charge in¢orne Weekly nltell2t¢ contributions Other An¢ome 817 6.943 133,186 155 817 6.943 133,186 155 Totsl In¢ome 141,101 141,101 Expendhure OD: Staff ¢osls Indep¢o(kn¢ Examiner's TeMunatiOn Allocated support costs {8,461) (3,990) 163.8321 (8,461) {3.990) 63.832) Total Expenditte {76.283} 76.283 N¢t inwrn¢ Gross transfm bettv¢ell fun 64,818 147.440) 64.818 47,440 Net mov¢ment ill fimds 17,378 47,440 64.818 Recon¢lllthin (Iffynds Total funds brought forward 118.215 ,353,416 1,471,631 Total n8 ¢arried forward 14 135,593 400,856 153&449 All of the charl$ hctivities derive fiDm continuing op¢rdtions during the above two period$. Th¢ funds breakdown foT 2022 is shovT in not¢ 14. The notes on pages 15 to 21 forni au intewdl part of thcse financial statements. Page 12
The Charity of Mrs Mabel Luke (Reglstration number: 236518) Balance Sbeet as at 31 Detember 2023 2023 21122 Note Fixed assets Tangible assets 2.499.603 2.499.603 Current assets Debtors Cash at bank and in hand io 7211 147244 154,455 6,645 164.671 171.316 Credltort: Amounts falling due wtthlD one ye*r l¥et ettrrent awts 12 135,775). 1512451 118,680 120.071 Total assets lus cllrrtn¢ IlabElitle5 2,618,283 2.619,674 Credltor$". Amounts filling due aft¢r more thaD one year Net assets 13 {1,065,972 11,083,225) ,552,311 l.536,449 Fundj of tbe cb•rlty: Restricted Ineome fund$ Restricted funds 1,440,569 1,400,856 Unre5tr1eted income funds Unt¢stricted funds 111,742 135.593 Totsl funds 14 1,552,311 1,536,449 The fthancial stAiements on page I I to 21 were approved by the Trnstee, and authoiis¢d for issue on .. and signed on their behalf by.. E J Gatwml Chair Mabel Luke Trnstee Ltd Th¢ notes on pages IS to 21 fornj int¢gral part of these financial stat¢ments. Pa8¢ 13
Tbe Charfty ofmrs Mabel Luke Cash Floiv Statement for the Year Ended 31 December 2023 2023 2022 Note C*sh flows from operatlng grtivltles Net movement in funds Ittv¢stment income included in inv¢stm¢nt activiti¢s 15,864 2,369 13,495 64.818 1817 64,001 Wfjrkkng ¢apitAI adJ•stments Increase in debtors DKrease its ¢T¢ditors io (566) (5,922) (1,511) 13.585) 48,905 Nel casb flows from operating activities C8sh flows from Investing Aedvhles Interest receivable and stlIar incom¢ 7,CM)7 2,367 817 Caih fftiws from fiDaJelng Odivltles Net of new108ns received and capital repayments mad¢. Net (d¢creas¢yincre4se iti ¢Èsb and casb quivalents Cash and cash ¢quivalents at l January Cash and ¢ash equivalents at 31 December (17,427) 12,281 164.671 152,390 All of the cLqh flows ate derived from ¢onlinuing op¢rations during the aErt)ve two peritsds. Th¢ notes on pag¢$ IS to 21 fonn an ltiteal part of these finaneial 8taternents. Page 14
The Charlty of Mr8 Mabel Luke Notes to the FIDaneial Statements for the Year Ended 31 Detember 2023 l Aeeountillg policies S¢atemtn¢ of ¢ompllaD¢e The flnanciat statements have bcen pr¢parcd iti accordance with the seeond edition of the Charitie5 Statement of Reeommcllded Practice issued in O¢tobcr 2019, the Financial Reporting StandaTd applicable in the UDited Kingdom and Republi¢ of Ireland (FRS 102) #ttd the Chwitie5 A¢¢ 2011. Ba$1$ of pr¢parndon The Charity of Mrs Mabel Luke meets the definitiiTrn of a publi¢ b¢nefit ¢ntity under FRS 102. The aOunt$ (fthancial staiem¢nts) hav¢ been prepared under th¢ historical cost ¢onvelltion with items recognised at wst or tratuaction value unless oth¢rwi8e stated iti the relevant notels) to th¢se &ccowJts. Golng ¢oneer The Tnlstee coDsid¢rs that there are no m8tCTial unecrtainti¢s about tbe cl15 ability to continue as a going COnCVD. Expendlture All expcndibJTr is reeognised once therc is a legal or eonstructive obliglon to that ¢xpenditur¢, it is probable settlement is r¢quired the amount can be Tncasured reliably. All costs are allocated to the applicable expenditur¢ heading that aggregate similar ¢osts to that cat¢gory. Ch44rltable 4ctiwilies Charitable exp¢nditure compris¢s thos¢ ¢osts ineutTed by the charity tn the delivery of its aetiyities and setvices for its benefieiaTie8. It IludeS both ¢o$ts that can be allocated dtr¢ctly to such activities and those c05rs of an indirect natUTe necessary to support them. Tangible fixed assets Indivithial fixed a%sets are initially rec4)rded at eosL le any subsequent accumulated depTlatiOn and subsequent accumulated impainnent losses. No depreciation is charged OD Land and Lluildings due to the high Tesidual value of the Alrnthouses. Cash and ¢4sb equivalents Casb and cash cquival¢nts comprise cash on band alld 11 deposits, and oth¢1 sbot1-terni highly liquid investments that are readily conv¢rtible to a known amount of cash and ar¢ subject to an Insilfie&nt risk of hange in value. Trade eredltor Trade creditthS 8re Obligati to pay for goods or services thai have been acquired in tb¢ ordinary courtse of operations from suppliers. Accounts payable ar¢ classified as eurtent liabilities if the charity does tt hav¢ unconditional Tight, at the cnd of thc reFOrting period, tt> def¢r settlement of the craitor for at least tw¢lve months afteT thc Teporting date. If there is an unwndiiional right io defer settlement for at l¢ast Iwelv¢ months after th¢ reporting date, they are presented as non-a]rr¢ni ljaknljti¢$. Page 15
The Charffity of Mrs Mabel Luke Notes to the Finaneial Statements for the Year Ended 31 December 2023 (continued) Borrowings Interest-bearing b0WingS are initially rttorded at fair value, net of transa¢tion eosts. Interest-bearittg borrowings are subsequently ¢arrAed at amortised cost, with the difference between tbe proceeds, net of transa¢iftott costs, and th¢ amount du¢ on r¢demption b¢in8 rC¢Ognis as 4 charge to the Statem¢nt of Financial Activities over the perifyd of th¢ ielevallt borrowing. Interest expense is recognised ¢)n the basi$ of the effective int¢rest method and As included ill interest payable and similar Charges. Boftowitig5 are ¢14ssified a8 current liabilities uuless th¢ chhTity has an onditional right to defrr settlemeni of the liability foy at le&st twefve months after the r¢portittg date. Fwid $trUrtre Unrestricted incom¢ lld5 are general fut)ds that &r¢ available for us¢ at the Trustee's di¥¢r¢tion ID fiutheranc¢ of the objectives of the charity. R¢strict¢d in¢ome fiIDds arc those donated for use in a partllar area or for specifie purposes, the use of which is restrictsd to that ar¢2 or purpos¢. 2 InveBtmentkneome UDrestrlet fud9 General Tot*1 lld$ Interest r¢ceiv8ble St similar ittcome. Int¢rest r¢¢eiwdble oll bank deposits Total for 2023 2,367 2,367 2,367 2J67 Totsl for 2022 817 817 3 Otber Income Unre5trlcted ruDd$ General Totsl funds Weekty maintettanee Contributions Total for 2023 141808 141,808 141808 Tot41 for 2022 140 284 140284 P¥ge 16
The Charfty of Mrs Mabel Luke l%otes to the Finandal Statements for the Year Ended 31 December 2023 (continued) 4 Other expeDditUTe Unrestrlc¢ed fullds T•tsl 2023 Totsi 2022 General Repairs and mainteDaDce Bad debts written off Rates In5urattce Computer software and maintenance ¢osts Sundry ¢wnses Advertising Accountancy fe¢s Other illtere8tpayable 22,609 772 590 2,164 434 1,057 22.609 772 13.IK)I 590 863 1,922 480 1.327 55 372 45,812 63,832 2,164 434 .057 426 85,797 113.849 AII 2023 and 2022 exp¢nditur¢ was l0¢ad to the UDrestri¢ted Fund. 426 85,797 113,849 5 Trnjtee remMneratloD and expensei During the year £426 (2022 . £372) was paid by the charity for the accounting fees ot M&bel Luk¢ Trustee Limite¢t During th¢ yearthe ¢haTity Diade the following trattsa¢tion5 with dir¢¢tors of Mab¢l Luk¢ Trus¢ee Ltd: S J Smith £Nil (2022.. £Nil> of exp¢ttses were reimbursed to S J Smith dwitig the year. P McAuliffe £Nil (2022.. £Nil) orexpaS were reimbursed to P McAu]iffe during th¢ year. E J Gatw•rd £Nil (2022.. £180) of expenses wcre reimbursed to E J Gatward during th¢ year. A Hyde £Nil {2022.. £181 of ¢xpens¢5 were Teimburs¢d to A Hyd¢ during the year. E LA)rton £Nil (2022.. £123) of expenses were reimbursed to E Layton during th¢ year. J MeDou%all £Nil (2022.. £18) of expenses wett Teimbursed to J M¢Dougall during the y¢ar. M Thomaj £Nil (2022.. £18) of expenses were r¢imbllrsed to M Thom&s duTing the year. Neither the Tnte¢ nor any petsons nn¢¢ICd with the Tn]stee have rttcived any remuttetation from the dwftty during the year. Neither the TTU8tee nor any peTsons wnnwte41 with the Trustee have Te1ved any oth¢r benefits from the charity during the y¢8r. apart frotn a pre-payment of £315 to the Ahnthous¢ Association for an ]ndon ¢ours¢. in April 2024. 10 be att¢nded by A Hyd¢. M Thomas and K Howlett as part of Director training. Page 17
The Charity of Mrs Mabel Luke Note$ to the Finaneial Statements for the Year Ended 31 December 2023 (contlnued) 6 Staff costs Th¢ a88regate payroll costs were a8 follows.. 2023 21122 Staff tosts durlng the ye*r were: Wages and salari¢8 Social $e¢urity costs Pension costs 10,084 73 285 8,381 25 55 8,461 The monthly average number of perwns {tncludin8 senior management I leadership team) employed by the ¢harity duTing the year expressed as 1[ time equivalents was as follows: 2023 2022 Staff nuTnbers No emplo¢ Teceiv¢d emoluments of more than £60.000 during the y¢8r No key matsagemenl personnel r¢ceived any r¢mun¢r8tion or consideration during th¢ year. 7 ltylepeDdeDt examther's remMneTatioty 2023 2022 Examination of th¢ financial statements 4,020 3,990 8 Tazation The charity is a TegisteTed ¢lwity 8nd is therefore ex¢mw from taxation. Page 18
The Charlty of Mrs Mabel Luke Notes to the Financial Ststements for the Year Ended 31 Detember 2023 (continued) 9 Tangible fixed as#ets Land 4Dd buildinES Total Co$t At l January 2023 2.499,603 2,499.603 At 31 December 2023 2,499.603 2.499.603 DepreelAtioD At 31 December 2023 Net book v4lue At 31 December2023 2 499,603 2 499,603 At 31 De¢ember 2022 2 499 603 2 499 603 10 Debtors 2023 2022 Prepayments Rent not yet (C1ved 1,478 1.418 5,227 11 Cisb and cash equlv*lents 2023 2022 Cash At bat 147244 164,671 12 Creditors: amounts f4]JIDg due wlthin one year 21123 2022 Bank loaths Other CTeditors A¢¢ru8is 25,973 82 9,720 35,775 35,521 124 15.000 51.245 The loans are secured by a fix eharge on thc fre¢hold tnteTe5t in the propety. Page 19
The Charfty Of Mrs Mabel Luke Notes lo the Financial Statements for the Year Ended 31 De¢enJber 2023 (continued) 13 Credltor$: amollts flllng due fter one year 2023 2022 Bank lo&ns 1.065,972 ,083.225 The102ns are 5ccured by a red charge on thc freehold inter¢si in the proity. 14 Funds Bl4nce at J January 2023 Balance at 31 De¢ember 2023 ID¢omlng Yesouree¥ Resource$ expended TrIsfer Unrestrlet¢d Gen¢rdl Gencrdl Funds 135,591 144,175 (128,311) (39,713) 111.742 Rtstrieted Mabel Luke Pkn¢¢ Extraordinary Repair Fund Cy¢]ical Maintettance Fund 1,377,946 11,910 11,000 1.400.856 29.713 5,000 1,407,659 16.910 16.OlX) 1.440,569 39,713 Totsl fvnds 1,536,447 144,175 1128,311} 1,552Jll Th¢ r¢strict¢d fund ¢onsists of the Construction and l¢gal cost$ for th¢ bullding of new almshouses. BalaDee *t i January 2022 alan¢¢ at 31 December 2022 InMing remmreei Resour¢e$ expended Transfers UDrestrieted Ger1 Gencral Funds 118215 141,101 (76283) (47,440) 135,593 R¢$trirted Mabel Luke Place Extraordinary Repair Fund Cych¢81 Maint¢nan¢e Fund 1,340,506 6,910 6.(M)O 1.353,416 37,440 5,000 1.377.946 11.910 I I,01)o 1,400 856 Totsl funds 1.471.631 141 101 {76 83) 1536 449 Page 20
The Charity of Mrs Mabel Luke Notes to the Finandal Statements for the Year Ended 31 December 2023 (eontfinued) 15 ADotysi5 of net *$sets between fund% Unr¢slrlrted funds General Totthl fuDds at 31 D¢cember 2023 Re8trl¢tsd Tangible fixed assets Cuffent assets Current liabilities credito over l year Totsl n¢t assets 2.499,603 32.912 {25.974) 1065 972 2,499,603 154.455 (35,775) 11,065,972 121,543 {9,801) 111742 iJnr#tricted funds General 1440 569 ,552,311 Trfjtsl funds at 31 December 2022 Restrieted Tangible fix assets Cuttent a&%cts Current liabilities Creditors over l year Total ttet assets 2.499,603 19,998 <35,520) - ]083,225) 2.499,603 171.316 (51245) 110832251 151.318 (15.725) 135 593 1536 449 Page 21