THE ELVETHAM CHARITIES
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
REGISTERED CHARITY NUMBER 236543
FROST & WILLAN CHARTERED ACCOUNTANTS
THE ELVETHAM CHARITIES
INDEX
Year Ended 31 March 2024
| 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 2024
| 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 |
| 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 2024
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 (2023 - 10 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 2024, the amount transferred was £16,246 (2023 - £19,507).
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 2024, the amount transferred was £7,155 (2023 - £13,585).
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 (2023 - £Nil).
4
THE ELVETHAM CHARITIES
ANNUAL REPORT
Year Ended 31 March 2024
The Capital Replacement Fund which was maintained to recoup the capital initially expended on the homes and former scheme manager's house was incorporated in this fund during May 2002.
£104 per year was required to be transferred to this Extraordinary Repair Fund out of income for 54 years from 1972 (clause 23 of the Scheme of 1972).
As a consequence of the trustees' appropriations on 3 October 1993, and 13 May 1994, the Charity Commission revoked the directions for recoupment in the 1972 Scheme of £104 per annum to this Fund, and directed that the Fund should be administered as part of the permanent endowment (Trust Fund), together with the former General Purpose Fund
Reserves Policy
The Trust was created in 1962 with the intention to provide reduced cost accommodation to the poor and elderly. The Trust aims to maintain the Almshouses in a fit and habitable state.
It is the Trustees' policy to cover the charity's annual overheads and cyclical expenditure in addition to maintaining reserves to fund longer term repair projects and extraordinary expenditure as and when it occurs to maintain the properties in a habitable condition. The reserves are segregated in the Cyclical Maintenance Fund and the Extraordinary Repairs Fund. At 31 March 2024, the Trust had cash reserves of £33,903 (2023 - £56,074) in the Cyclical Maintenance Fund and cash reserves of £17,436 (2023 - £25,030) in the Extraordinary Repairs Fund.
At 31 March 2024, the Trust also had cash reserves of £62,613 (2023- £85,443) held in the Current Account and £100,000 (2023 - Nil) held in the Deposit Account.
The trust deeds specify that sums of cash not needed for immediate working purposes may be invested in any investment assets as the trustees see fit.
For and on behalf of the trustees
SIR EUAN A-G-CALTHORPE, Bt.
Date
28/05/2024 : 12:31
THE ELVETHAM CHARITIES
5
INDEPENDENT EXAMINER'S REPORT
Year Ended 31 March 2024
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 2024 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
-
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: 10 June 2024
6
THE ELVETHAM CHARITIES
RECEIPTS AND PAYMENTS ACCOUNT
- INCOME ACCOUNT (Calthorpe Houses) (Unrestricted Fund)
Year Ended 31 March 2024
| Note Income receipts Weekly contributions Rental income - 21 Elvetham Lane Loan from ERF Loan from CMF 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 Payment of repairs on behalf of Cyclical Maintenance Fund Total payments Net receipts for the year Cash and bank balance at - 31 March 2023 - 31 March 2024 |
2024 £ 53,113 16,708 15,000 35,000 119,821 829 481 3,908 1,049 4,275 3,950 769 718 15,979 - 3,271 3,271 7,155 12,290 19,445 3,956 42,651 77,170 85,443 162,613 |
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 |
7
THE ELVETHAM CHARITIES
RECEIPTS AND PAYMENTS ACCOUNT - CYCLICAL MAINTENANCE FUND (Unrestricted Fund)
Year Ended 31 March 2024
| Income receipts Investment income: Bank interest Other receipts Appropriations from Income account Total receipts for the year Direct charitable expenditure Repairs Other Expenditure Loan to Income account Total payments Net (payments)/receipts for the year Bank balance at - 31 March 2023 - 31 March 2024 |
2024 £ 539 12,290 12,829 - 35,000 35,000 (22,171) 56,074 33,903 |
2023 £ 101 |
|---|---|---|
| 19,507 | ||
| 19,608 | ||
| 9,205 | ||
| - | ||
| 9,205 | ||
| 10,403 45,671 |
||
| 56,074 |
8
THE ELVETHAM CHARITIES
RECEIPTS AND PAYMENTS ACCOUNT - EXTRAORDINARY REPAIRS FUND (Endowment Fund)
Year Ended 31 March 2024
| Income receipts Investment income: Bank interest Other receipts Appropriations from Income account Total receipts for the year Direct charitable expenditure Repairs Other Expenditure Loan to Income account Total payments Net (payments)/receipts for the year Bank balance at - 31 March 2023 - 31 March 2024 |
2024 £ 251 7,155 7,406 - 15,000 15,000 (7,594) 25,030 17,436 |
2023 £ 44 |
|---|---|---|
| 13,585 | ||
| 13,629 | ||
| 7,590 | ||
| - 7,590 |
||
| 6,039 18,991 |
||
| 25,030 |
THE ELVETHAM CHARITIES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2024 Note 2024 2023 Monetary assets.. Bank balance8'. Income account Cyclical M2inlenan¢e Fund Exlraordinary Repair Fund (Endowment Fund) 162,613 33,903 17.436 85,443 56,074 25,030 Total cash 213.952 166,547 Non.monetsry assets: Endowment Fund Freehold 18nd and building8.' Th& Almshou5es- cost 36,028 36,028 other assets Investments 252.856 239,186 Liabilities: Income ac¢ounl 1.931 1,728 1,931 1,728 rove e a¢¢ounls, Ak A-G-GALTH RPE. Bt. Trustee T SOUTHERN ESQ Truste8 REVD A SMITH Trust88 R B PEREGRINE ESQ Trusl&e MRS C BAYLIS Tiuslee Date 31.0£.
THE ELVETHAM CHARMES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2024 2024 2023 Bank balances.. Income account Cydic81 Malnton8nca Fund Extr8¢ydinary Repair FUFKII 162.613 33.13 17.436 85.443 56.074 25.030 Total cash 213,952 166.547 Endovfflwnl Fund FrMhokd land ond bulding8.' Th• knh(M*M. CO•t .028 Oth•r ••wl• Inv•$tments InoJTh 4¢Q)unt SIR EVAN ASGALTHORPE. 8L T SOUTHERN ESQ REVD A SIATH Tru8ts• R 8 PEREGRINE ESQ Trustee MRS C BAYUS TnJst•
THE ELVETHAM CHARITIES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2024 Nots 2024 2023 Mon8tary assèts: BaAk balancÈ5', Income awount Cyclical M8intenance Fund Extraordinary Repair Fund IEndDwment Fund) 162,613 33,903 17,436 B5.443 56,074 25,030 Total Cash 213 952 166547 Non-monetary assèts.. Endowm•nt Fund F01 land and buildings." The Almshouses- cost 36,028 36,028 othèr assets Investments 252,856 239,186 Llablllties.. Income account 1,728 1,931 1,728 Wè apprové thèse accounts. SIR EUAN A-G-CALTHORPE, Bt. Tn(stee T SOUTHERN ESQ Trustee REVDA SMITH Trusteg ,°1kJ12fj R B PEREGRINE ESQ Trusteg MRS C BAYLIS Trustèè Dats
THE ELVEfHAM CHARITIES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2024 2024 2023 Mon•tsry •9. Bank balances.. Income 8C(x)unt Cyellcal M8intenanes Fund Extraordinary Repair Ful IEndry•rngnt Fund) 182,613 33.903 17,436 $6,074 25,030 Total c46h 213,952 186,547 Non-monètary atsèts.. Endowm•nt Fund Freehold land and buildings-. The Almshous•s- cwl 38,028 36.028 Investments 2S2,856 239,186 LIabIllO&. Incom& account 1,931 1.728 1.726 We approve these aCnts. SIR EUAN A-G-CALTHORPE, Bt. Trustsè T SOUTHERN ESQ Tru8te¥ REVD A SMITH Trust88 R B PEREGRINE ESQ Trustee RS C BAYUS Trustse Date
THE ELVEThAM CMARMES STATEMENT OF ASSETS AND LIABILITIES At 31 Mlwrh 2024 B5.443 S6.074 2S030 33,gYJ 17.436 Eth(rf&7aryRwayFw (EnthyrntFund Tr11 cash 213.9S2 186.547 Endowm•nt J6.028 R B PÉREGRINE ESQ IRS C BAYUS TNSt¢o DJ ,1.12
10
THE ELVETHAM CHARITIES
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2024
| 1. Accountancy and professional fees Accountancy fees payable to the independent examiner's firm as follows: - Examination Bookkeeping fees payable to the accountants |
2024 £ 781 2,490 3,271 |
2023 £ 738 2,310 |
|---|---|---|
| 3,048 | ||
| 2. Liabilities - Income Account Professional fees (Accountancy and independent examination) |
1,931 | 1,728 |
3. Freehold land and buildings
Freehold land and buildings represent Almshouses which were built in 1964 at a cost of £36,028, 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 £1,334,147 (2023: £1,220,629).
11
THE ELVETHAM CHARITIES
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2024
| 4. Investments Holding at 1 April 2023 Cost/ 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 2024 182,768 - Year ended 31 March 2023 182,768 - Additions/Disposals |
Holding at 31 March 2024 (Profit) on Disposal No. Cost £ £ - 578 29,644 - 3,916 59,594 - 89,238 - 567 29,180 - 3,844 64,350 - 93,530 - 182,768 - 182,768 |
Market value at 31 March 2024 £ 26,548 101,060 127,608 26,026 99,222 125,248 252,856 239,186 |
Unrealised gain/(loss) £ (3,096) 41,466 |
|---|---|---|---|
| 38,370 | |||
| (3,154) 34,872 |
|||
| 31,718 | |||
| 70,088 | |||
| 56,418 |