REGISTERED CHARITY NUMBER: 236699
Croston United Charities
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2023
Croston United Charities
Contents of the Financial Statements
for the year ended 30 June 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 13 |
Croston United Charities
Reference and Administrative Details for the year ended 30 June 2023
| TRUSTEES | GM Kearton |
|---|---|
| K Almond | |
| AC Marston | |
| MJ Driver | |
| M Woods | |
| BRP Paillusson | |
| SJ Myers | |
| JR Taylor | |
| HM Lloyd | |
| D Blackburn (resigned 18/5/2023) | |
| PRINCIPAL ADDRESS | 28 Eaton Avenue |
| Matrix Office Park | |
| Buckshaw Village | |
| Chorley | |
| Lancashire | |
| PR7 7NA | |
| REGISTERED CHARITY | 236699 |
| NUMBER | |
| INDEPENDENT EXAMINER | McMillan & Co LLP |
| Chartered Accountants | |
| 28 Eaton Avenue | |
| Matrix Office Park | |
| Buckshaw Village | |
| Chorley | |
| Lancashire | |
| PR7 7NA |
Page 1
Croston United Charities
Report of the Trustees for the year ended 30 June 2023
The trustees present their report with the financial statements of the charity for the year ended 30 June 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects are:
-
The provision of housing accommodation for beneficiaries;
-
Such charitable purposes for the benefit of the residents as the trustees decide; and
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The relief of persons resident in the area of benefit who are in need, hardship or distress.
The area of benefit is the ancient parish of Croston (Bispham, Bretherton, Croston, Hesketh-with-Beconsall, Mawdesley, Rufford, Tarleton and Ulnes Walton) with a preference for the ancient township of Croston.
To further the objects the Charity has thirteen almshouses, nine of which each have an internal floor area of between 31.2 and 35.3 square metres compared with the minimum recommended for a single person of 34.0 square metres. The Charity has four recently modernised almshouses two with two bedrooms and two with double bedrooms. The almshouses are maintained in good condition for the use of the beneficiaries.
The weekly maintenance contributions received from the almshouse residents are used to cover the cost of insurance and general maintenance as well as to provide funds for periodic upgrades, improvements and refurbishments.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Charity follows The Almshouse Association's "Standards of Almshouse Management" and has issued a Resident's Handbook, based on their example.
The Quinquennial report, undertaken by Bernard Taylor Partnership (BTP) in 2022 on all of the properties highlighted areas where work is required to meet the charities obligations and to meet legal requirements. Work this year has focussed on the major refurbishment of the Shevington Causeway properties, as well as addressing the recommendations from the Quinquennial report as part of a five-year maintenance and improvements programme. This has incurred an expense of over £124,000 in this financial year leaving limited opportunity for other than urgent works until the maintenance funds are replenished. All of our Statutory Gas and Electrical Inspections are up to date
There have been a number of initiatives on the second and third objects stated above and this will continue with a modest budget.
Investment performance
Investment Managers advise on the listed investments.
FINANCIAL REVIEW
Investment policy and Objectives
The investments, including the Emergency Repair Fund, are held with the total return (combined income and capital) being of prime importance.
Page 2
Croston United Charities
Report of the Trustees for the year ended 30 June 2023
FINANCIAL REVIEW
Reserves policy
The unrestricted funds are to cover general maintenance and periodic upgrades, improvements and refurbishment of the almshouses and other projects and developments which have yet to be approved in detail.
An Emergency Repair Fund for the almshouses is intended to be maintained in Common Investment Funds (as a designated fund) in line with the recommendations of The Almshouse Association; there is no separate Cyclical Maintenance Fund or Routine Maintenance Provision.
FUTURE PLANS
The Trustees have embarked on a five year pro-active maintenance and improvements programme that has encompassed the refurbishment of the four Shevington Causeway properties as a priority. The aim is to ensure that all our properties are as energy efficient as possible within the constraints of the Grade II and Conservation Area listing.
Ongoing work to convert the existing charity to a new Charitable Incorporated Organisation - Croston Almshouses Charity - was due to be completed by 30th June 2023 but will now happen later in the year.
The new charity will have the same objectives and responsibilities for the upkeep of the almshouses but has a more modern legal structure.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Governing Document is a Charity Commission Scheme sealed on 12 March 2007, the format of which followed the recommendations of The Almshouse Association.
The Charity comprises the following constituent charities:
The Old Almshouses (Croston's Almshouse & Wilson's Charities) The Jubilee Almshouses Mrs Margaret Jackson for Almshouses Mrs Margaret Jackson for the maintenance and repair of Almshouses Poor's Stock (including John Hough & George Norris Charities) William Dandy Thomas Norris
The trustees comprise:
3 Ex officio - the Rector and Church Wardens of St Michael's and All Angels, Croston;
3 Nominated - appointed by Croston Parish Council (the person need not be a member of the Council) for a period of four years; and 4 Co-opted - for a period of five years.
Mr D Blackburn resigned as a co-opted trustee on 18 May 2023.
The term of office as nominated trustee of Mrs SJ Myers was extended for a further term on 12 March 2023.
Related parties
There are no related parties.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Page 3
Croston United Charities
Report of the Trustees
for the year ended 30 June 2023
Approved by order of the board of trustees on 3 October 2023 and signed on its behalf by:
AC Marston - Trustee
Page 4
Independent Examiner's Report to the Trustees of Croston United Charities
Independent examiner's report to the trustees of Croston United Charities
I report to the charity trustees on my examination of the accounts of Croston United Charities (the Trust) for the year ended 30 June 2023.
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').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other 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.
JFD McMillan FCA
McMillan & Co LLP Chartered Accountants
3 October 2023
Page 5
Croston United Charities
Statement of Financial Activities
for the year ended 30 June 2023
| 2023 Unrestricted Endowment Total funds fund funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Charitable activities Almshouses 48,370 - 48,370 Investment income 3 169 2,679 2,848 Other income - - - Total 48,539 2,679 51,218 EXPENDITURE ON Charitable activities Almshouses 145,962 - 145,962 Other 880 - 880 Total 146,842 - 146,842 Net gains/(losses) on investments - (170) (170) NET INCOME/(EXPENDITURE) (98,303) 2,509 (95,794) Transfers between funds 10 2,679 (2,679) - Net movement in funds (95,624) (170) (95,794) RECONCILIATION OF FUNDS Total funds brought forward 103,476 2,162,567 2,266,043 TOTAL FUNDS CARRIED FORWARD 7,852 2,162,397 2,170,249 |
2022 Total funds £ 52,680 2,007 1,000 55,687 40,029 600 40,629 (2,269) 12,789 - 12,789 2,253,254 2,266,043 |
|---|---|
The notes form part of these financial statements
Page 6
Croston United Charities
Balance Sheet 30 June 2023
| Unrestricted Endowment funds fund Notes £ £ FIXED ASSETS Tangible assets 6 - 2,080,145 Investments 7 - 82,252 - 2,162,397 CURRENT ASSETS Debtors 8 1,695 - Cash at bank 6,997 - 8,692 - CREDITORS Amounts falling due within one year 9 (840) - NET CURRENT ASSETS 7,852 - TOTAL ASSETS LESS CURRENT LIABILITIES 7,852 2,162,397 NET ASSETS 7,852 2,162,397 FUNDS 10 Unrestricted funds Endowment funds TOTAL FUNDS |
2023 Total funds £ 2,080,145 82,252 2,162,397 1,695 6,997 8,692 (840) 7,852 2,170,249 2,170,249 7,852 2,162,397 2,170,249 |
2022 Total funds £ 2,080,145 82,422 2,162,567 1,556 102,520 104,076 (600) 103,476 2,266,043 2,266,043 103,476 2,162,567 2,266,043 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 3 October 2023 and were signed on its behalf by:
MJ Driver - Trustee
The notes form part of these financial statements
Page 7
Croston United Charities
Notes to the Financial Statements
for the year ended 30 June 2023
1. GENERAL INFORMATION
The charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is 28 Eaton Avenue, Matrix Office Park, Buckshaw Village, Chorley, PR7 7NA.
There are no material uncertanties about the charity's ability to continue.
The presentational currency of the financial statements is the Pound Sterling (£).
The amounts in the financial statements have been rounded to the nearest £1.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
There is no record of the original purchase cost of the tangible fixed assets and the cost of major expenditure (less grants received) on refurbishing the almshouses since 1 July 1986 has been capitalised. Tangible fixed assets are included at market value on the basis of vacant possession.
No depreciation is provided on the almshouses as it is the Charity's practice to maintain these buildings to a high standard and accordingly the trustees consider that the lives of these assets are so long and residual values are such that their depreciation is insignificant.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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continued...
Croston United Charities
Notes to the Financial Statements - continued for the year ended 30 June 2023
2. ACCOUNTING POLICIES - continued
Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.
Investments
There is no record of the original purchase cost of the listed investments or the agricultural land. The market value of listed investments at 1 July 1991 has been taken as an indication of cost at that date. Investments are included at market value at the year end, for Common Investment Funds being based on the bid price and for agricultural land on the basis of vacant possession.
3. INVESTMENT INCOME
| Investment assets Interest |
2023 £ 2,679 169 2,848 |
2022 £ 1,996 11 |
|---|---|---|
| 2,007 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Endowment funds fund £ £ INCOME AND ENDOWMENTS FROM Charitable activities Almshouses 52,680 - Investment income 11 1,996 Other income 1,000 - Total 53,691 1,996 EXPENDITURE ON Charitable activities Almshouses 40,029 - Other 600 - Total 40,629 - |
Total funds £ 52,680 2,007 1,000 |
|---|---|
| 55,687 | |
| 40,029 600 |
|
| 40,629 |
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Croston United Charities
Notes to the Financial Statements - continued for the year ended 30 June 2023
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Endowment funds fund £ £ Net gains/(losses) on investments - (2,269) NET INCOME/(EXPENDITURE) 13,062 (273) Transfers between funds (18,004) 18,004 Net movement in funds (4,942) 17,731 RECONCILIATION OF FUNDS Total funds brought forward 108,418 2,144,836 TOTAL FUNDS CARRIED FORWARD 103,476 2,162,567 6. TANGIBLE FIXED ASSETS COST At 1 July 2022 and 30 June 2023 NET BOOK VALUE At 30 June 2023 At 30 June 2022 |
Total funds £ (2,269) 12,789 - 12,789 2,253,254 2,266,043 Freehold property £ 2,080,145 2,080,145 2,080,145 |
|
|---|---|---|
The almshouses were valued at 30 June 2006 on the basis of vacant possession by Peter E Gilkes & Company, Chartered Surveyors. Subsequent additions are at cost which the Trustees consider to be their market value. The historical cost is £499,247 (2022: £499,247).
7. FIXED ASSET INVESTMENTS
| Shares Agricultural Land |
2023 £ 70,252 12,000 82,252 |
2022 £ 70,422 12,000 |
|---|---|---|
| 82,422 |
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Croston United Charities
Notes to the Financial Statements - continued for the year ended 30 June 2023
7. FIXED ASSET INVESTMENTS - continued
Additional information as follows:
| Listed | |
|---|---|
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 July 2022 | 70,422 |
| Revaluations | (170) |
| At 30 June 2023 | 70,252 |
| NET BOOK VALUE | |
| At 30 June 2023 | 70,252 |
| At 30 June 2022 | 70,422 |
There were no investment assets outside the UK.
The historical cost of the listed investments is £65,752 (2022: £65,752).
Investments (neither listed nor unlisted) were as follows:
| Agricultural Land 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
2023 £ 12,000 2023 £ 1,695 2023 £ 840 |
2022 £ 12,000 |
2022 £ 12,000 |
|---|---|---|---|
| 2022 £ 1,556 |
|||
| 2022 £ 600 |
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continued...
Croston United Charities
Notes to the Financial Statements - continued
for the year ended 30 June 2023
| 10. MOVEMENT IN FUNDS Net movement At 1/7/22 in funds £ £ Unrestricted funds General fund 103,476 (98,303) Endowment funds Permanent endowment 2,162,567 2,509 TOTAL FUNDS 2,266,043 (95,794) Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 48,539 (146,842) Endowment funds Permanent endowment 2,679 - TOTAL FUNDS 51,218 (146,842) Comparatives for movement in funds Net movement At 1/7/21 in funds £ £ Unrestricted funds General fund 108,418 13,062 Endowment funds Permanent endowment 2,144,836 (273) TOTAL FUNDS 2,253,254 12,789 |
Transfers between funds £ 2,679 (2,679) - Gains and losses £ - (170) (170) Transfers between funds £ (18,004) 18,004 - |
At 30/6/23 £ 7,852 2,162,397 2,170,249 Movement in funds £ (98,303) 2,509 (95,794) At 30/6/22 £ 103,476 2,162,567 2,266,043 |
|---|---|---|
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Croston United Charities
Notes to the Financial Statements - continued for the year ended 30 June 2023
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 53,691 | (40,629) | - | 13,062 |
| Endowment funds | ||||
| Permanent endowment | 1,996 | - | (2,269) | (273) |
| TOTAL FUNDS | 55,687 | (40,629) | (2,269) | 12,789 |
Permanent endowment fund
The permanent endowment fund is the property of the charity (including land, buildings and investments) which the trustees may not spend as if it were income. The permanent endowment fund must be held permanently and produces an income for the charity.
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2023.
Page 13