## **THE ELVETHAM CHARITIES**
## **FINANCIAL STATEMENTS**
## **YEAR ENDED 31 MARCH 2022**
REGISTERED CHARITY NUMBER 236543
## **FROST & WILLAN CHARTERED ACCOUNTANTS**
## **THE ELVETHAM CHARITIES**
## INDEX
## **Year Ended 31 March 2022**
||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 2022**
|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 2022**
## 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 (2021 - 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 2022, the amount transferred was £21,812 (2021 - £18,138).
## **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 2022, the amount transferred was £9,792 (2021 - £6,325).
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 (2021 - £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 was fully repaid during the year with no amounts remaining outstanding at year end.
THE ELVETHAM CHARITIES
ANNUAL REPORT
Year Ended 31 March 2022
The C8pilal Replacern8nl Fund whlch w8s m8inlain8d lo recoup the capital initially expend8d on the hotnes and former scheme
manager's hous8 W88 incorporated in this fund during M3y 2002.
£104 per year was requlred to be transferred lo this Extraordinary Repair Fund out of Income for 54 y8ars ffom 1972 Icl£use 23 of the
Scheme of 19721.
As a consequenTr of the Irusl&8s' approprlalions on 3 October 1993, and 13 May 1994, the Charily Comtnlssion revok8d
lh& directions for recoupmenl in the 1972 Schetne of £104 per annum to Ihls Fund, and directed Ihal lh8 Fund should be
8dmini51ered as pgrt of the rmanent 8ndowmenl (Trust Fundl. together with the former General Purposè Fund.
Rese
Th8 Trust was crtraled in 1962 with the intention lo provi(le reduced cost accommudatlon lo th8 poorand &ld8rfy.
The Trust aims lo maintsln thé Almshou888 In a flt and habllable slate.
11 Is the Trustees, pollcy lo cover the charity's annual overhead5 and cyclical exp8ndllurÈ in addition lo malnlalning reserves lo fund
longerterm repaif projects and oxlraordinary 8xp8ndilure as and whan it occurs to maintain the ptoperlie5 In a h3biiablè condlllon. Th&
r8seNes are $8greg81ed in the Cyclical M8inlenance Fund and the ExlraordSnary R&palrs Fund. Al 31 March 2022, the Trust hgd cash
r8serve5 of E45.671 12021 £35,365) In lh8 Cydical Maintenance Fund and cash reseTv85 of £18.991 12021 £18,7551 In Ihe
Exlraordln8ry Repairs Fund. Al 31 M8rch 2022. thB TTUSt also had ca8h r8s8rY8s of £71,459 12021- £108.1871 held In the Curfenl
Accounl.
The ITUSt deeds specify that SU of cash not needed for imm8diate working pvtP05es mgy bo Invèsted In 8ny Snv8stm8nl
assets as the Iru5tees See fit.
For and on bshalf of the trusl8as
Date
SIR EUAN A-G-CALTHORPE, BI.
THE ELVETHAM CHARITIES
5
## INDEPENDENT EXAMINER'S REPORT
## **Year Ended 31 March 2022**
## **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 2022 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: 21 June 2022
6
## **THE ELVETHAM CHARITIES**
## RECEIPTS AND PAYMENTS ACCOUNT
## - INCOME ACCOUNT (Calthorpe Houses) (Unrestricted Fund)
## **Year Ended 31 March 2022**
|**Note**
**Income receipts**
Weekly contributions
Rental income - 21 Elvetham Lane
Repayment of loan from ERF
**Total receipts for the year**
**Direct charitable payments**
Water
Electricity
Gas
Insurance
Repairs and maintenance
Gardening
Donation to charity
Sundry expenses
**Non direct charitable payments**
Letting agency fees
Accountancy and bookkeeping fees
1
**Other payments**
Appropriations
- Extraordinary Repair Fund
- Cyclical Maintenance Fund
- Transfers to investments
**Total payments**
**Net (payments)/receipts for the year**
**Cash and bank balance at**
- 31 March 2021
- 31 March 2022|**2022**
**£**
50,559
11,821
5,760
68,140
775
292
2,836
1,002
5,014
1,761
-
1,480
13,160
1,446
2,898
4,344
15,552
21,812
50,000
87,364
104,868
(36,728)
108,187
71,459|**2021**
**£**
47,668
15,000
-|
|---|---|---|
|||62,668|
|||776
249
2,842
974
5,621
1,491
500
312|
|||12,765|
|||-
2,170|
|||2,170
6,325
18,138
-|
|||24,463|
|||39,398|
|||23,270
84,917|
|||108,187|
7
## **THE ELVETHAM CHARITIES**
## RECEIPTS AND PAYMENTS ACCOUNT - CYCLICAL MAINTENANCE FUND (Unrestricted Fund)
## **Year Ended 31 March 2022**
|**Income receipts**
Investment income:
Bank interest
**Other receipts**
Appropriations from Income account
**Total receipts for the year**
**Direct charitable expenditure**
Repairs
**Total payments**
**Net receipts for the year**
**Bank balance at**
- 31 March 2021
- 31 March 2022|**2022**
**£**
4
21,812
21,816
11,510
11,510
10,306
35,365
45,671|**2021**
**£**
7|
|---|---|---|
|||18,138|
|||18,145|
|||8,366|
|||8,366|
|||9,779
25,586|
|||35,365|
8
## **THE ELVETHAM CHARITIES**
## RECEIPTS AND PAYMENTS ACCOUNT
## - EXTRAORDINARY REPAIRS FUND (Endowment Fund)
## **Year Ended 31 March 2022**
|**Income receipts**
Investment income:
Bank interest
**Other receipts**
Appropriations from Income account
**Total receipts for the year**
**Direct charitable expenditure**
Repairs
**Other Expenditure**
Loan Repayment
**Total payments**
**Net (payments)/receipts for the year**
**Bank balance at**
- 31 March 2021
- 31 March 2022|**2022**
**£**
1
15,552
15,553
9,557
5,760
15,317
236
18,755
18,991|**2021**
**£**
4|
|---|---|---|
|||6,325|
|||6,329|
|||330|
|||-
330|
|||5,999
12,756|
|||18,755|
THE ELVETHAM CHARITIES
STATEMENT OF ASSETS AND LIABILITIES
At 31 March 2022
Note
2022
2021
Monetary asset5".
8ank balan¢es'.
Income accounl
Cyclical Maintenance Fund
Extraordinary Repair Fund {Endowment Fund)
71,459
45.671
18.991
108,187
35,365
18,755
Total cash
136.121
162,307
Non.monetary assets:
Extraordlnary Repalr Fund (Endowment Fund)
Freehold land and buildings..
The Almshouses- cost
36.028
38,028
Othor assets
Investments
240,905
176.72D
Llabllltles:
Income account
1.219
990
1,219
g90
prove these accounts.
SIR
N A-G-CAL
HQRPE, Bt.
Trustee
T SOUTHERN ESQ
TrusteE
REVD A SMITH
TrL¢slee
R B PEREGRINE ESQ
Tnjslee
MRS C BAYLIS
Trustee
Date 3010512022
THE ELVETHAM CHARfTIES
STATEMENT OF ASSETS AND LIABILITIES
At 31 March 2022
Note
2022
2021
Mon•t•ry a*s•ts.'
8ank baL3nces-
Income ac¢ouMt
Cydlcal Malntenanco Fund
Extraordlnary Popabr Fund IEndowm&nl Fund)
71,459
45,671
18,991
108.187
35.365
18.755
Total cash
136121
162,307
Nunrymon•tary •s$•ts:
Extr•ordln•ry R•palr Fund (Endom•nt Fund)
Freehold land and bulldlngs:
Th8 Alrnahous8S- ¢O¥t
Oth•r a$$ots
Investm8nts
Llabillties:
In¢ome a¢nI
1.219
1.219
990
Wè approv& tlb2se accounts.
SIR EUAN A.WALTHORPE, BI.
Tru6t••
T SOUTHERN ESQ
Tlustee
REVD A SMITH
Trustee
R B PEREGRINE ESQ
TrLt¥tee
MRS C 8AYLIS
Tnjstee
Dal• 3010512022
THE ELVETHAM CHARITIES
STATEMENT OF ASSETS AND LIABILITIES
At 31 March 2022
Notè
2022
2021
Monetory assets:
B8nk balances-.
Incom8 account
Cyclical MalntenarK& Fund
Exlraordknary Rep8lr Fund (Endowment Fund)
71,459
45.671
18,9g1
108.IB7
35.365
Total B85h
136 121
162,307
Non•mon¢tary assgts:
Extraordlnary Rop3lrFund (Ettdtswment Fund)
Fre8liold land bulldkngs..
The Alm3housos- cost
36,028
38.028
Other a$t8
InyostmEnts
240,905
176.720
Llabllltles:
Incom¢ accounl
1.219
990
1.219
990
We approva these •wunt8.
SIR EUAN A-G-CALTHORPE. 81.
TnsSt8e
T SOUTHERN ESQ
Ttus
REVDA SMITH
Trustee
d•ekQ 3ybCVI *1512£
R B PEREGRINE Esa
Trustee
MRS C BAYLIS
T(ustee
Dalè
pageii of 12
THE ELVEfHAM CHARITIES
STATEMENT OF ASSETS AND LIABILITIES
At 31 March 2022
Not•
2022
2021
Mon•tary a8w¢s:
Bonk b8nce&
Ineome account
CydI1 M8thléngnGe Fund
E%lTJordhary Rèpatr Fund (Enduwmenl FLthdl
71.459
45.671
18.991
108.187
35.365
T(4al ca¥h
182 307
Non-monotary •$s*ts:
Extr¥ordln4ry Rap•lr Fund IEndovmwntFundl
Freeh¢id land and bulldlDgs.'
The Almshou$o$- Cost
Oth•r •¥s•ts
Inve$lman15
LIlI1e$.
Inwme aG¢oml
990
W• approvg theÈa accTht
SIR euAN G¢ALlHoftPE. BL
TwBt••
T SOUTHERN ESQ
REVD A SMITH
Tru5tao
R 8 PEREGRINE ESQ
TiuJts8
MRS C BAYLIS
Twsl•tr
Dale 3010512022
THE ELVETHAM CHARtriES
STATEMENT OF ASSETS AND LIABILITIES
At 31 Mar¢h 2022
2022
2021
Monet•ry ••tI.
Bank bdances,.
Incorne account
Cyclical Maintenance Fund
Extraordinary Repair Fund (Endowment Fund)
71.459
45.671
18,991
108.187
35.365
16,755
Totsl cash
136,121
162.307
Non.mon•tsry m•Mt•:
Extr•ordlnary A•Ir Fund IEndowm•nt Fundl
Freehold land and buildings.
The A1rn5houseg- ¢ost
36.028
36.028
othor i¥••ts
Investments
240,9)5
176.720
Llabllltl•*:
In¢ome account
1.219
1.219
We approve these acccrtmt5.
SIR EUAN A-&CALTHORPE. BI.
T SOUTHERN ESQ
TNita•
REVD A SMITH
Truglge
R 8 PEREGRINE ESQ
Trustee
MRS C BAYLIS
Truslee
Dats I
OL
1?>)
10
## **THE ELVETHAM CHARITIES**
## NOTES TO THE FINANCIAL STATEMENTS
## **Year Ended 31 March 2022**
|**1.**
**Accountancy and professional fees**
Accountancy fees payable to the independent examiner's firm as follows:
- Examination
Bookkeeping fees payable to the accountants|**2022**
**£**
708
2,190
2,898|**2021**
**£**
679
1,491|
|---|---|---|
|||2,170|
||||
|2.
**Liabilities**
- Income Account
Professional fees (Accountancy and independent examination)|1,219|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 £957,093 (2021: £929,213).
11
## **THE ELVETHAM CHARITIES**
## NOTES TO THE FINANCIAL STATEMENTS
## **Year Ended 31 March 2022**
|**4.**
**Investments**
**Holding at 1 April 2021**
**Cost/**
**No.**
**Cost**
**No.**
**(Proceeds)**
**£**
**£**
**Extraordinary Repair Fund**
BLK Charities UK Bond Fund:
483
24,644
95
5,000
BLK Charities UK Equity Fund:
3,003
39,594
913
20,000
64,238
25,000
**Cyclical Maintenance Fund**
BLK Charities UK Bond Fund:
472
24,180
95
5,000
BLK Charities UK Equity Fund:
2,931
44,350
913
20,000
68,530
25,000
Year ended 31 March 2022
132,768
50,000
Year ended 31 March 2021
132,768
-
**Additions/Disposals**|**(Profit) on**
**Disposal**
**£**
-
-
-
-
-
-
-
-|**Holding at 31 March 2022**
**Notional**
**dividend**
**No. Cost**
**No.**
**Cost**
**£**
**£**
**£**
-
-
-
578
29,644
-
-
-
3,916
59,594
-
-
89,238
-
-
-
567
29,180
-
-
-
3,844
64,350
-
-
93,530
-
-
182,768
-
-
132,768
**Transfers**|**Market**
**value at**
**31 March**
**2022**
**£**
29,017
92,563
121,580
28,445
90,880
119,325
240,905
176,720|**Unrealised**
**gain/(loss)**
**£**
(627)
32,969|
|---|---|---|---|---|
|||||32,342|
|||||(735)
26,530|
|||||25,795|
|||||58,137|
|||||43,952|