## **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 kn*S
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:
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: 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|