THE ELVETHAM CHARITIES
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
REGISTERED CHARITY NUMBER 236543
FROST & WILLAN CHARTERED ACCOUNTANTS
THE ELVETHAM CHARITIES
INDEX
Year Ended 31 March 2023
| 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 |
2
THE ELVETHAM CHARITIES
ANNUAL REPORT
Year Ended 31 March 2023
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 | BlackRock Investment Management (UK) Limited |
| 12 Throgmorton Avenue | |
| Drapers Gardens | |
| London | |
| EC2N 2DL | |
| Accountants | Frost & Willan Accounting Limited |
| The Old Post Office | |
| High Street | |
| Hartley Wintney | |
| Hampshire | |
| RG27 8NZ |
THE ELVETHAM CHARITIES
3
ANNUAL REPORT
Year Ended 31 March 2023
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 10 people (2022 - 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 2023, the amount transferred was £19,507 (2022 - £21,812).
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, a ssubsequently amended) by way of appropriation. In the year ended 31 March 2023, the amount transferred was £13,585 (2022 - £15,552).
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 (2022 - £Nil).
THE ELVETHAM CHARITIES ANNUAL REPORT Year Ended 31 March 2023 The C8pilal R8plac8m8nl Fund which wa8 m8iThlalned to recoup the capital Inllvally exp?nd8d on the homey and lotmgr 5Ghemo manage¢s hous8 was Incorporaied in Ihis lund during May 2002. £104 per y9ar was r8qulred lo b8 Itan8feir8d to Ihls Exiraordlnary Repalr Furyj out of Incom8 for 64 years from 1972 l¢louse 23 01 th8 Scheme of 19721. As 8 con88quene8 of the tfu¥lee8' appropiialions on 3 October 1993, and 13 MHY 1994, the Charity Commlsslon ¥evoked the direclions for tecoupmenl In the 1972 SGhemè of £104 p8r annum to this Fund, and dlre¢ied thal ihe Fund shoukl be admln1s1pd as part of the p8rman8nl 8ndowmenl (Trust Fund). logelhervilh the former General Pufpose Fund. Reserves P The Trust wa5 cr0aled 1962 th the Intenllon lo provlde r8du¢d cost aceommodatton to th8 poor 8rKI eklerty. The Twsl alms lo m8lniain Ihe Almshouses In a lil and habitable slate. 1115 Ihe Tw$lÈ88' policy lo cover the charily's annual overheads and cydicol expendllure in oddilion to malnlainlry iesetves Its fund long8r 18rm repair projects and exlraordin8ry expendilurB as when11 omJ15 to Tnainlaln the propertlBS a h3bllable condllEon. The reseNes are segregated In the Gy¢ll¢al Malnienance Fund and the Exlraordinary AairS Fund. Al 31 March 2023. the Trust had Gash r&serves of £56,07412022- £45,6711 in the Cyclical Malntenanct Fvnd cash re5Btves of £25.03012022- £18.9911 In lh8 Exiraordinary Repalrs Fund. Al 31 Mqrch 2023, thé Trust also had cash iesèNès ol £B5,44312022- £71.45&1 hekJ1n the Current Account. Th8 tru81 deeds 8peclfy that Yums ofcash not needed foi Immgdlal8 W91vJ purpo$&$ may bo InSted In any Inveslm8nl 455ets as the Irusl8és see fil. Foi 4nd on behalf ol the Iwslee8 Date S knS SIR EUAW A-G£ALTHORPE. BI.
THE ELVETHAM CHARITIES
5
INDEPENDENT EXAMINER'S REPORT
Year Ended 31 March 2023
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 2023 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:
- 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: 12 June 2023
6
THE ELVETHAM CHARITIES
RECEIPTS AND PAYMENTS ACCOUNT
- INCOME ACCOUNT (Calthorpe Houses) (Unrestricted Fund)
Year Ended 31 March 2023
| 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 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 receipts/(payments) for the year Cash and bank balance at - 31 March 2022 - 31 March 2023 |
2023 £ 50,521 15,942 - 66,463 919 310 2,478 1,022 7,691 2,213 828 15,461 878 3,048 3,926 13,585 19,507 - 33,092 52,479 13,984 71,459 85,443 |
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 |
7
THE ELVETHAM CHARITIES
RECEIPTS AND PAYMENTS ACCOUNT - CYCLICAL MAINTENANCE FUND (Unrestricted Fund)
Year Ended 31 March 2023
| 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 2022 - 31 March 2023 |
2023 £ 101 19,507 19,608 9,205 9,205 10,403 45,671 56,074 |
2022 £ 4 |
|---|---|---|
| 21,812 | ||
| 21,816 | ||
| 11,510 | ||
| 11,510 | ||
| 10,306 35,365 |
||
| 45,671 |
8
THE ELVETHAM CHARITIES
RECEIPTS AND PAYMENTS ACCOUNT
- EXTRAORDINARY REPAIRS FUND (Endowment Fund)
Year Ended 31 March 2023
| 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 receipts for the year Bank balance at - 31 March 2022 - 31 March 2023 |
2023 £ 44 13,585 13,629 7,590 - 7,590 6,039 18,991 25,030 |
2022 £ 1 |
|---|---|---|
| 15,552 | ||
| 15,553 | ||
| 9,557 | ||
| 5,760 15,317 |
||
| 236 18,755 |
||
| 18,991 |
THE ELVETHAM CHARITIES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2023 Note 2023 2022 Mon&tary assèts: Bank balances.. Income account Cyclical Maintenance Fund Exlraordlnary Repalr Fund (Endowment Fund) 85,443 56,074 25,030 71,459 45,671 18,991 Total cash 166.547 136,121 Non-monetary assets.. Exlraordlnary Repalr Fund (Endowmont Fund) Freehold land and buildlngs.. The Almshouses- c081 36.028 36.028 Othèr assets Investments 239,186 240,905 Llabllltl&s: Income account 1,728 1,219 1.728 1,219 rove e Bccounls. SIR UAN A-G-CALTH Tiustee RPE, BI. T SOUTHERN ESQ Tw8t8e REVD A SMITH Trustee R B PEREGRINE ESQ rustee MRS C BAYLIS Trustee Dale
THE ELVETHAM CHARITIES STATEMENT OF ASSETS AND LIABILITIES Al 31 March 2023 Note 2023 2022 Monotary assets: Bank balances.. Income account Cyclical Maintenance Fund Extraordinary Repair Fund (Endowment Fund) 85,443 56.074 25,030 71,459 45,671 18,991 Tolal cash 166,547 136.121 Non4nonetary a$s*ts: Extraordlnary Repalr Fund (Endowment Fund) Freehold land and buildings: The Almshouses - wsl 36,028 36,028 othèr a88ets Invoslments 239,186 240,905 Llabllltle$: Income accounl 1,728 1,219 1,728 1,219 We approve these ac¢ounis. SIR EUAN A-G-CALTHORPE, BI. Trustee T SOUTHERN ESQ Trustee REVD A SMITH Trustee R B PEREGRINE ESQ I ruslee MRS C 8AYLIS Tfuslee Dale
THE ELVETHAM CHARITIES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2023 Nots 2023 2022 Monetary ats. Bank ba¢ance8: Income aount Cyclical Maintenance Fund Extraordinary Repair Fund {Endowment Fund) 85,443 56.074 25.030 71,459 45,671 18,991 Total cash 166.547 136.121 Non.mon•tary a8Jèts'. Exlraordlnary Repalr Fund (Endovdment Fund) Freehold land and buildings.. The Almshouses- cost 36,028 36,028 Other assèts Investments 239,186 240,905 Uabllitlès: Income account 1,728 1,728 1,219 We appTove these aGGounts. SIR EUAN A-G-CALTHORPE. 81. TNstee T SOUTHERN ESQ Trnste$ REVOA SMITH Trusteè R B PEREGRINE ESQ Trustee MRS C BAYLIS Tru3tee Date
10
THE ELVETHAM CHARITIES
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2023
| 1. Accountancy and professional fees Accountancy fees payable to the independent examiner's firm as follows: - Examination Bookkeeping fees payable to the accountants |
2023 £ 738 2,310 3,048 |
2022 £ 708 2,190 |
|---|---|---|
| 2,898 | ||
| 2. Liabilities - Income Account Professional fees (Accountancy and independent examination) |
1,728 | 1,219 |
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 £1,220,629 (2022: £957,093).
11
THE ELVETHAM CHARITIES
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2023
| 4. Investments Holding at 1 April 2022 (Profit) on Cost/ Disposal No. Cost No. (Proceeds) £ £ £ Extraordinary Repair Fund BLK Charities UK Bond Fund: 578 29,644 - - - BLK Charities UK Equity Fund: 3,916 59,594 - - - 89,238 - - Cyclical Maintenance Fund BLK Charities UK Bond Fund: 567 29,180 - - - BLK Charities UK Equity Fund: 3,844 64,350 - - - 93,530 - - Year ended 31 March 2023 182,768 - - Year ended 31 March 2022 132,768 50,000 - Additions/Disposals |
Holding at 31 March 2023 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 - - 182,768 Transfers |
Market value at 31 March 2023 £ 25,837 94,873 120,710 25,328 93,148 118,476 239,186 240,905 |
Unrealised gain/(loss) £ (3,807) 35,279 |
|---|---|---|---|
| 31,472 | |||
| (3,852) 28,798 |
|||
| 24,946 | |||
| 56,418 | |||
| 58,137 |