Charity r¢gis(raiion numbeT.' 236518
The Charity of Mrs Mabel Luke
A1￿U￿1 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 Tn￿te¢,$ Responsibilities
tndep¢nd￿t 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 Tn￿tee presents the annual rqjort tog¢ther with th¢ r]nancial statements of thc Cbarity for the year ended
31 D￿ember 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 sUp￿rt 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￿$t¢¢ Ltd
{'MLT'I. i Compatsy Limited by Guarant¢¢, at CO￿panICS Houge on 20 June 2016, with th¢ then Trustees as
Directors. The TrnsteLs also rdi$¢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 w0￿1n8 elos¢ly with West Berkshir¢ CounciL
which has ttominati<>n rights io nin¢ of the $ixte¢n Aats. The remaining seven flats are let directly to people who
meet the Cbarity's criteria or ate offered to the Counctl for additional nojninations from the Housing R¢8isl¢r.
On 31 Dec¢mber 2023. th¢ hO￿thOld$ 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)ecifi￿lI￿.
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- 24￿kn)
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¢ s￿181 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 re￿ir 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 exp￿dituTE 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 applIan￿S 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 th￿ing 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)ri￿S resetyes.
To be eligible for HCA grant the Charity applied to be a Regtstered soci￿ Howing Provid¢r and w&% aecept￿l
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, m￿lTrg 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% p￿￿b￿ on ¢ommen¢ement was r￿c1Ved 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 r￿st ro￿nd of letting and th¢reafter 9 fiats to 2142 {125 years). A I
I￿ingS 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 gra￿t 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-fuT￿Cd 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 r￿rVeS were a180 ¢on]m7tted to tb¢ PTojecL
The Project Manager was a credI￿r with a £60.000 f¢e to be repaid ID five yearly stages. The fu￿1 payrn¢nl of
£12,01)O was ttMde in 2023, byinging the amount outstandin8 at 31 Dec¢mber 2023 to £Ni]. This a￿oUnt 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 m*na%ement
Rec￿1¢￿*￿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￿$. Pot¢ntial Dir¢¢tors inteThiewed by th¢ Chair attd one or two other Directors
and if suitabl¢ ar¢ proposed for appointmcDt at a Board Meeting, wbicb they attend as observeTS.
Last year's Report Doted that the Tr¢ssurer had stood down in December 2022 and that pending ￿¢rUit[ncnt of
her succ¢ssor, tbe Chair. & qualified tt¢countant, was combining th¢ two roles. UnfoThttately. despite advertising
in A local VoluDl¢¢r Hub, local newspapers and a profc5sional volunteer recruithient website, no appointment
Was mad¢ during 2023. However, a well-qualified candidat¢ was identifi¢d An April 2024 and following the
pr￿esS OUt]ined above was appoint¢d 8s Treawrer following a Board me¢ting in May 2024.
Apart ftom thai one Director resigned in the ygar and on¢ new Director w&$ 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 man17gem￿lwnotsH¢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 Simil￿positIOns.
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 n￿l￿tell￿nCe 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 Di￿torS of MLT Ère therefore responsible for administering th¢ Clwity, which is 8 Registered Social
Housing Provid¢r regulated by the Regulator of Social Hou$itig. The propety owD¢d by the Charity Is v¢st¢d in
the Official Custodian for Ch8riti¢s (see further detsib undet 'Pisk cofjsideration.).
The DiTe¢tors have thpt¢d for th¢ir Code of Governanc¢'. "fjood Gov¢rnonce. A Code for th¢ Voluntary and
Community Se¢tor, Version for Srnall Org&nisatioJL%"
The Board of MLT me¢ts on a &weekly Cycle. Board age1￿a5 foew on fu￿Ce at the m¢dings following
quarter-ends at￿ on residents and property matters at the int¢ryening m¢etings. All meeting8 allow tim¢ for
5tsnding itcms su¢b as IT. Safe8uarding, Health & Safety and the review of policles aDd procedures. doll¢ on a
3-year rotation.
Since the rc.development, the CFkarity had employed a part-timt Clerk. who resi8ned in July 2023, overlapping
with h¢T repla¢em¢Dt to ensure continuity. Th¢ new Clerk cuttently works for 15 hours per w¢¢k, on a fl¢xibl¢
Sis. Like her predecessor. the Current Clerk is an exp¢rieD(xd bookkeeper and continues to use Quickbooks.
DuTing the year. one of the Dirtttors with An IT ba¢kgTound led a review and enhanc¢ment of the Ch4rity's
website (www.mabelluke.co.uk) and also intr(xluced Google Drive to provide the Charity wilh th¢ basis for
secure online fTIiDg system accessible to all Directws the Cl¢rk. Work is contitiuing to transf¢r the Clwity's
substantial electronic arehive inio Google Drive aod to dev¢lop a eommon folder structtw¢ suited to the
ChBrity's opeIaiii>nal and archival reqUirem￿ts. Th¢ Directors are taking the opportunity to strengtho)
mpliatt¢¢ witb th¢ GenerAI Dats Protc¢tion Regulatiolls. protecting sensittye infornjation about resident$ in
particular by removing the necd for paper files.
MlljorTisk& ofthom r
Riske0n￿der￿tIO￿
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 I￿terest rates
will return lo levels Seen prioT to 2022 in the foreseeable fvture and reduction$ in Btse Rate may be ￿adual.
Dir¢¢tors will perIodT￿ly￿eV1e￿ 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¢
lllcu￿ed 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 Ch￿lty 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 Ma￿h 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 Tn￿tee Ltd
Page 8

The Cbarlty of Mrs Mabel Lllke
Statement of Trustees Re$ponsibilitles
The Trnstee is responsible for preparttig th¢ Trnslees, ￿pOrt and the financial statements in aC￿rdanCe with the
United Kingdom A¢counting Standards (United Kingdom Generally Accept¢ii Accounting PTactiee) and
ppIic8bl¢ law and r¢8ulation8.
The law appli(xble to ¢hari¢ies requires ibe Trustee to prepare financial Statemettts for each finan¢ial year which
give a truc and fair vt¢w of the st8t¢ of affair5 of the Cbarity and of thc incoming resowces and application of
r¢sour¢es of the Charity for that perio(L Jn pr¢paring the$¢ fjnancial statctnents, the Tn￿e¢ is reqllir¢d to..
8¢lect suitabl¢ accounting policies and ihcn apply them consislently"
observe the m¢thods attd principles in the ch￿ltieS 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 C￿ri￿ 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 eXaMin￿lon. 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 t￿leS 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 n￿l￿tell2t￿¢ 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 TeMun￿atiOn
Allocated support costs
{8,461)
(3,990)
163.8321
(8,461)
{3.990)
63.832)
Total Expenditt￿e
{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¢lll*thin (Iffynds
Total funds brought forward
118.215
,353,416
1,471,631
Total ￿n￿8 ¢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 shov*T 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 st￿lIar 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 ltite￿al 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 a￿Ount$
(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 cl￿1￿5 ability to continue as a going
COnCVD.
Expendlture
All expcndibJTr is reeognised once therc is a legal or eonstructive oblig￿lon 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 I￿ludeS both ¢o$ts that can be allocated dtr¢ctly to such activities and those c05rs of an
indirect natUTe necessary to support them.
Tangible fixed assets
Indivithial fixed a%sets are initially rec4)rded at eosL le￿ any subsequent accumulated depT￿latiOn and
subsequent accumulated impainnent losses.
No depreciation is charged OD Land and Lluildings due to the high Tesidual value of the Alrnthouses.
Cash and ¢4sb equivalents
Casb and cash cquival¢nts comprise cash on band alld ￿11 deposits, and oth¢1 sbot1-terni highly liquid
investments that are readily conv¢rtible to a known amount of cash and ar¢ subject to an Insi￿lfie&nt risk of
hange in value.
Trade eredltor
Trade creditthS 8re Obligati￿ to pay for goods or services thai have been acquired in tb¢ ordinary courtse of
operations from suppliers. Accounts payable ar¢ classified as eurtent liabilities if the charity does t￿t hav¢
unconditional Tight, at the cnd of thc reFOrting period, tt> def¢r settlement of the craitor for at least tw¢lve
months afteT thc Teporting date. If there is an unwndiiional right io defer settlement for at l¢ast Iwelv¢ months
after th¢ reporting date, they are presented as non-a]rr¢ni ljaknljti¢$.
Page 15

The Charffity of Mrs Mabel Luke
Notes to the Finaneial Statements for the Year Ended 31 December 2023 (continued)
Borrowings
Interest-bearing b0￿WingS 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 $trUrt￿re
Unrestricted incom¢ ￿lld5 are general fut)ds that &r¢ available for us¢ at the Trustee's di¥¢r¢tion ID fiutheranc¢
of the objectives of the charity.
R¢strict¢d in¢ome fiIDds arc those donated for use in a partll￿￿ar area or for specifie purposes, the use of which
is restrictsd to that ar¢2 or purpos¢.
2 InveBtmentkneome
UDrestrlet
fu￿d9
General
Tot*1
lld$
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¢a￿d 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) orexpa￿S 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 Tn￿te¢ 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 T￿e1ved any oth¢r benefits from the
charity during the y¢8r. apart frotn a pre-payment of £315 to the Ahnthous¢ Association for an ]nd￿￿on ¢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$: amoll￿ts f*lllng due *fter one year
2023
2022
Bank lo&ns
1.065,972
,083.225
The102ns are 5ccured by a r￿ed charge on thc freehold inter¢si in the proity.
14 Funds
B*l4nce at J
January 2023
Balance at 31
De¢ember
2023
ID¢omlng
Yesouree¥
Resource$
expended
TrI￿sfer*
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
In￿Ming
remmreei
Resour¢e$
expended
Transfers
UDrestrieted
G￿er￿1
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