## **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:
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: 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|