## **THE ELVETHAM CHARITIES** ## **FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** REGISTERED CHARITY NUMBER 236543 ## **FROST & WILLAN CHARTERED ACCOUNTANTS** ## **THE ELVETHAM CHARITIES** ## INDEX ## **Year Ended 31 March 2021** ||Page| |---|---| |Annual Report|2-4| |Independent examiner's report|5| |Receipts and payments accounts:|| |- Income account (Calthorpe Houses)|6| |- Cyclical Maintenance Fund|7| |- Extraordinary Repair Fund|8| |Statement of assets and liabilities|9| |Notes to the financial statements|10-11| **THE ELVETHAM CHARITIES** 2 ## ANNUAL REPORT ## **Year Ended 31 March 2021** |Reference and administration information|| |---|---| |Registered charity number|236543| |Trustees|Sir Euan A-G-Calthorpe, Bt.| ||T Southern Esq| ||R B Peregrine Esq| ||Mrs C Baylis| ||Rev'd A Smith| |Principal office|The Elvetham Estate Office| ||Hartley Wintney| ||Hampshire| ||RG27 8AW| |Secretary|Mrs A Parr| ||The Elvetham Estate Office| ||Hartley Wintney| ||Hampshire| ||RG27 8AW| |Bankers|Lloyds Bank Plc| ||174 Fleet Road| ||Fleet| ||Hampshire| ||GU13 8DD| |Independent examiner|D C Mellor ACA CTA| ||Dixon Wilson| ||22 Chancery Lane| ||WC2A 1LS| |Investment advisors|Black Rock Investment Management (UK) Limited| ||33 King William Street| ||London| ||EC4R 9AS| |Accountants|Frost & Willan| ||The Old Post Office| ||High Street| ||Hartley Wintney| ||Hampshire| ||RG27 8NZ| **THE ELVETHAM CHARITIES** 3 ## ANNUAL REPORT ## **Year Ended 31 March 2021** ## Structure, Governance and Management The Charity was created by deed on 21 March 1962 which was amended by a deed dated 8 September 1972. The accounts are prepared on a receipts and payments basis and in accordance with the Charities Act 2011. The Trustees who served during the year are as shown on page 2. The Trustee Body comprises five competent persons including one Ex-Officio Trustee who is the Rector of Hartley Wintney with Elvetham; one Nominative Trustee nominated by the Parish Council (appointed for a term of 4 Years); three Co-opted Trustees who through residence, occupation, employment or otherwise have special knowledge of the Parish of Hartley Wintney with Elvetham. The Trustees collectively propose and agree suitable nominations for the Co-opted and Nominative Trustees. ## Objectives and Activities The main object of the Charity is to provide almshouses for those in need in the local parish. The trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charites Act 2011, consider that the purpose and activities of the Charity satisfy the requirements of the public benefit test set out in section 4 of the same Act. ## Achievements and Performance During the year the Charity supplied accommodation for 9 people (2019 - 9 people) taking a weekly contribution towards cost of maintaining the homes and essential services therein, so that the amount of the weekly sum shall not cause hardship to him or her. The charity receives full market rent for the house previously used by the former Scheme Manager. ## Financial Review ## **Income Account** The surplus prior to appropriations, in respect of Calthorpe Houses, together with investment income and deposit interest is dealt with in this account. ## **Cyclical Maintenance Fund** For many years the trustees have, by way of appropriation, set aside cash to this fund for "ordinary repairs", designed to spread the impact of periodic redecoration etc, and to avoid fluctuations in the Income Account. In the year ended 31 March 2021, the amount transferred was £18,138 (2020 - £10,562). ## **Extraordinary Repair Fund** This is maintained for the "extraordinary repair, improvement or rebuilding of the homes or former scheme manager's house". Not less than £1,890 per year is required to be transferred to this Fund out of income (clause 25 of the Scheme of 1972, as subsequently amended) by way of appropriation. In the year ended 31 March 2021, the amount transferred was £6,325 (2020 - £8,323). Historically, a greater proportion of the charity's income has been transferred to the Cyclical Maintenance Fund on an annual basis despite the Extraordinary Repair Fund consistently incurring the greater costs. Periodically, the Cyclical Maintenance Fund makes appropriations to address this. No appropriation was made during the year (2020 - £Nil). During the year to 31 March 2016 the Income Account made an inter-fund loan of £5,760 to the Extraordinary Repair Fund, this remains outstanding as at the date of this report. THE ELVETHAM CHARITIES ANNUAL REPORT Y•ar End•d 31 March 2021 Rep*¢•ment Fund mairtsin•d to r•coLV thé eapilal In1￿1￿ expend•d on the home$ and foTher¥cheme m•naggrf8 hol￿& was itKowr•i¢d io lh￿ luThl durfng May 2002. £104 par year was rwuY¢d to be hn¥letr¥J 10 IhKs Extraordnwy Rep4w out of wKom• lor 54 yearn from 1972 Idwoe ZJ of 19721. A8 a corwquancé olthè tfu$IIo5' approwobong on 3 Orlober 1993. and 13 May 1994. the Chanty Corrmr4sK•n w•vok•d the dIr•cl￿n5 foi recoupmenl in the 1972 Schern of £104 por Innum tc tbi5 Fund. and dlr•d•d Ih•t th• FuTrJ Shtsu￿J be athin￿tal8d as Mofthe Perrna￿￿t?n￿)l￿thtftl (Tr￿t FU￿). togethèr*ilh th fomier G6n6r•l Fur TnAtw•# ¢r•ated in intsn&on Ir• pro¥th cwt •c£ommoJ•tron to the ptsoi •klartrJt. Ttttyt¥im• to mi￿￿1n thoAh&hou808 in ¥ rrt habllat4• 8tr19. It Is the Twslaes, poly to ¢•%*rlhe ch•rWa aDnv81 and cyclcal expenditure in addit*￿ to m8intaining r•g•Tv•s lo fvTrJ lonqor 18rrn repaIrpr0￿¢th •Atr•Jrdin•ry exp¢ndrture •* and ￿eft it o¢¢ur8 lo m•inthin propertE5 In • h•bit•bl• o)nditk?n. Tho re￿￿•5 are 8egrogal8d in th• Cydlcal Mamt8nanc• FuTrJ aThl th• E¥traordin•ry Rewr• FurO. At 31 M•rth 2021. lh• Tnnt had cash r•g•m¥ oIE35.63512020-£25.5e61 ir% the Cydiul M•infqn•rK• and c•sh reser￿ of £18.75512D20- £12.7551 In lh¢ Ex1t￿rdi￿ry Rap•irs FuTrJ. At 31 2021, tP• TFU$t•l%o rwh re¥erw8 01£108,18712020- £84,917) h8&J in th• CurreniknounL Tho Irusl dwds $pgth that olwh nul lor Th￿d￿lI• wyklng purpo¥# m•y b• irW￿l•d In inv•¥kn•nt •5set• •$ Iru¥t•w ¥••fil. Fcr Dnd on b•haN of the tru*et oilo611, SIR ELIAN A4G4LTMORPE. BL THE ELVETHAM CHARITIES 5 INDEPENDENT EXAMINER'S REPORT **Year Ended 31 March 2021** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ELVETHAM CHARITIES** I report to the Trustees on my examination of the accounts of the Trust for the year ended 31 March 2020 which are set out on pages 6 to 11. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement. ## **Independent examiner's statement** I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales. 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 Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records. I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. D C MELLOR ACA CTA Dixon Wilson, 22 Chancery Lane, London WC2A 1LS Date: 25 June 2021 6 ## **THE ELVETHAM CHARITIES** ## RECEIPTS AND PAYMENTS ACCOUNT ## - INCOME ACCOUNT (Calthorpe Houses) (Unrestricted Fund) ## **Year Ended 31 March 2021** **----- Start of picture text -----**
Note 2021 2020
£ £
Income receipts
Weekly contributions 47,668 46,001
Rental income - 21 Elvetham Lane 15,000 15,000
Total receipts for the year 62,668 61,001
Direct charitable payments
Water 776 916
Electricity 249 181
Gas 2,842 2,869
Insurance 974 941
Repairs and maintenance 5,621 2,615
Gardening 1,491 1,306
Donation to charity 500 -
Sundry expenses 312 169
12,765 8,997
Non direct charitable payments
Letting agency fees 0 179
Surveyor fees 0 1,800
Accountancy and bookkeeping fees 1 2,170 2,507
2,170 4,486
Other payments
Appropriations - Extraordinary Repair Fund 6,325 8,323
- Cyclical Maintenance Fund 18,138 10,562
24,463 18,885
Total payments 39,398 32,368
Net receipts/(payments) for the year 23,270 28,633
Cash and bank balance at - 31 March 2020 84,917 56,284
- 31 March 2021 108,187 84,917
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7 ## **THE ELVETHAM CHARITIES** ## RECEIPTS AND PAYMENTS ACCOUNT - CYCLICAL MAINTENANCE FUND (Unrestricted Fund) ## **Year Ended 31 March 2021** **----- Start of picture text -----**
Note 2021 2020
£ £
Income receipts
Investment income:
Bank interest 7 10
Other receipts
Appropriations from Income account 18,138 10,562
Total receipts for the year 18,145 10,572
Direct charitable expenditure
Repairs 8,366 612
Total payments 8,366 612
Net receipts for the year 9,779 9,960
Bank balance at - 31 March 2020 25,586 15,626
- 31 March 2021 35,365 25,586
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8 ## **THE ELVETHAM CHARITIES** ## RECEIPTS AND PAYMENTS ACCOUNT ## - EXTRAORDINARY REPAIRS FUND (Endowment Fund) ## **Year Ended 31 March 2021** **----- Start of picture text -----**
Note 2021 2020
£ £
Income receipts
Investment income:
Bank interest 4 5
Other receipts
Appropriations from Income account 6,325 8,323
Total receipts for the year 6,329 8,328
Direct charitable expenditure
Repairs 330 2,533
Total payments 330 2,533
Net (payments)/receipts for the year 5,999 5,795
Bank balance at - 31 March 2020 12,756 6,961
- 31 March 2021 18,755 12,756
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THE ELVETHAM CHARITIES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2021 2021 202D Mon•t•ry ••Mts: B•nk b•l•nc•s'. Inp)mg account CydirAI Maintenance Fund Exlr•)rdinary Rylr Fund (Endo￿nent Fund) 108,187 35.365 18,755 84.917 25,586 Total ¢08h 162.307 123259 Nonwmon•t•ry Mg•ts: Extraordln•ry R•p•lr Fynd IEndowm•nl Fund Fre•l￿rd land and bulklin￿.. Th•AlmShrJu￿$. Cost 36.028 Oth•r •M•t* Invg&lrnents 176.no Ll•biMies: Incom• xcount pro ese accounts. SIR EUANA'￿LT ORPE. 8t. Trustee T SOUTHERN ESQ TNBtee REVDA SMrrH TruBlee R B PEREGRINE ESQ Trustee MRS C &4YUS TruBlee THE ELVETHAM CHARITIES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2021 Notè 2021 2D20 hlonotary assets: Bank bal0￿￿.. Income account CycHcal Malntsn8n¢g Fund ExtraordSnary Repair Fund IEndovMenl Fund 108.IB7 35,3fj5 18,755 84.917 26.s86 12,756 Totgl cash 162.3C17 123.259 Non4non•t4ry a$￿t0.. Extraordlnary R•palr Fund (Endowmènt Fund) Freehold bnd and buildlngs: Thg MJmshou6es- cost 38,028 36,028 Other &ss8ts Invostrn$nts 176.720 132.7fj8 Ll#bllltle8: Ino3m¢ ac**Accountancy and professional fees**
Accountancy fees payable to the independent examiner's firm as follows:
- Examination
Bookkeeping fees payable to the accountants|**2021**
**£**
679
1,491
2,170|**2020**
**£**
654
1,853
2,507| |---|---|---| |2.
**Liabilities**
- Income Account
Professional fees (Accountancy and independent examination)|990|990| |---|---|---| ## 3. **Freehold land and buildings** Freehold land and buildings represent Almshouses which were built in 1964, and are made up of 9 bungalows, a house which is rented out and a boiler house. The Almshouses form part of the permanent endowment of the charity. It is the policy of the trustees to maintain these to a high standard. The insured value of these is £929,213 (£1,114,272 including VAT) (2020: £929,213). 11 ## **THE ELVETHAM CHARITIES** ## NOTES TO THE FINANCIAL STATEMENTS ## **Year Ended 31 March 2021** **----- Start of picture text -----**
4. Investments Holding at 1 April 2020 Holding at 31 March 2021
Additions/Disposals Market
(Profit) on value at
Cost/ Disposal Notional Transfers 31 March Unrealised
No. Cost No. (Proceeds) dividend No. Cost No. Cost 2021 gain/(loss)
£ £ £ £ £ £ £ £
Extraordinary Repair Fund
BLK Charities UK Bond Fund: 483 24,644 - - - - 0 - 483 24,644 25,431 787
BLK Charities UK Equity Fund: 3,003 39,594 - - - - 0 - 3,003 39,594 63,988 24,394
64,238 - - 0 - 64,238 89,419 25,181
Cyclical Maintenance Fund
BLK Charities UK Bond Fund: 472 24,180 - - - - 0 - 472 24,180 24,831 651
BLK Charities UK Equity Fund: 2,931 44,350 - - - - 0 - 2,931 44,350 62,470 18,120
68,530 - - 0 - 68,530 87,301 18,771
Year ended 31 March 2021 132,768 - - 0 - 132,768 176,720 43,952
Year ended 31 March 2020 131,468 1,300 132,768 147,778 15,010
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