THATCHAM PAROCHIAL ALMSHOUSE CHARITY
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Charity registered number: 239850
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
FINANCIAL STATEMENTS For the year ended 31 December 2023
| CONTENTS Trustees and professional advisers Report of the Trustees Independent Examiner's report Statement of financial activities Balance sheet Notes to the accounts |
PAGE |
|---|---|
| 1 2 to 3 4 5 6 7 to 9 |
Page 1
THATCHAM PAROCHIAL ALMSHOUSE CHARITY TRUSTEES AND PROFESSIONAL ADVISERS
Name
Nominating body
Trustees:
Christopher Trevor Druce (Chairman) Michael Jon de Courcy Cole Brian George Wheeler (left in Dec 2023) Gary Puffet Prudence Fenn
Thatcham Town Council Thatcham Town Council Cold Ash Parish Council Greenham Parish Council Midgham Parish Council
Ex officio
Revd. Mark Bennet Rector St Mary's Thatcham Christine Rice (left in Jun 2023) Church Warden Paul Bullock (left in Jun 2023) Church Warden Colin Waters Church Warden Michael Watson (joined in Jun 2023) Church Warden Susan Ball (joined in Jun 2023) Church Warden
Clerk to the Trustees: Mrs J A Davis Charity Office Thatcham Parochial Charities Council Offices Brownsfield Road Thatcham RG18 3HF Bankers: Lloyds TSB 5 Bridge Street Newbury RG14 5BQ Fund Managers: BlackRock 12 Throgmorton Avenue London EC2N 2DL Independent Examiners: Tax Avenue Turnfields Gate Turnfields Thatcham RG19 4PT
Page 2
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
REPORT OF THE TRUSTEES For the year ended 31 December 2023
Trustees' responsibilities
The Charities Acts 1993 and 2006 require us, as a Trust, to prepare financial statemen each financial year which give a true and fair view of the state of affairs of the Charity and of the results of the Charity for that period. In preparing those financial statements we are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
prepare financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue.
We are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity and enable us to ensure that the financial statements comply with the Charities Acts 1993 and 2006.
We are responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Constitution
This Charity is governed by a Charity Commission Scheme dated 30.8.88 as amended by an Order of the Commissioners dated 18.3.96 to provide for appointment of ex-officio Trustees where a Team Ministry exists, and amalgamates the following Charities:
| Thomas Loundyes | 1446 | John Hunt for the Poor | 1590 |
|---|---|---|---|
| Nine Shilling Houses | 1585 | John Hunt for his poor Kinsfolk | 1590 |
| Richard Bye | 1585 | John Sargood | 1826 |
| George James Fyfield | 1943 |
The scheme states that nine trustees should manage the Charity. Four ex-officio, the current Rector and Churchwardens of the Ecclesiastical Parish of St. Mary, Thatcham and five nominated trustees appointed by local councils, each for a period of four years.
The Charity is a member of the Almshouse Association.
The principal address of the Charity is c/o Clerk to the Trustees, Mrs J A Davis, Council Offices, Brownfield Road, Thatcham, RG18 3HF
Page 3
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
REPORT OF THE TRUSTEES - CONTINUED For the year ended 31 December 2023
Principal activities and review
The object of the Charity is to provide almshouse accommodation for people aged over 55 years who are in housing need & are from within the the parishes of either Thatcham, Cold Ash, Greenham or Midgham.
The Trustee board met for the four scheduled meetings throughout 2023. There were 3 changes to the Trustee board during the year. Our Cold Ash parish council representative trustee retired after 55 years of dedicated service to the charities. The occasion was marked at his final meeting in December. The trustee board continues to bring a broad range of skills and expertise to support the work of the charity and a new trustee will be actively sought in the new year.
The Trustees agreed unanimously not to increase the weekly maintenance contributions in May & there continues to be no increase since 2017. The variable energy costs still present a challenge & trustees are very keen not to increase the heating and lighting contributions after the last increase in 2022. Income & expenditure for H&L are reviewed at each meeting & residents are aware of this & the fact that the charity does it's very best to seek the most cost effective contracts & continue to emphasise that no resident will be put into any financial hardship.
During the year we said a sad farewell to two very long standing residents. One lady passed away in the latter half of 2023 & not long after her neighbour moved out of her almshouse accommodation & into more sheltered accommodation. These neighbours had created a very happy environment within their community & are missed by everyone. This means that currently, there are 2 vacant flats are within the oldest almshouse building & so there is a more internal works to be carried out before the charity can welcome new residents in the first half of 2024. With the unpredictable & rising costs of services & materials, 2023 was another year of substantial expenditure & with similar if not more, forecast for 2024. Investment into the ERF during 2023 has therefore been limited.
Independent Examiner
A resolution to re-appoint Tax Avenue as independent examiner was put to the Trustees following the adoption of the annual accounts and agreed unanimously.
Clerk to the Trustees Date:
Mrs J A Davis
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THATCHAM PAROCHIAL ALMSHOUSE CHARITY
I report on the accounts of the Charity for the year ended 31 December 2023, which are set out on pages 5 to 9.
Respective responsibilities of the Trustees and the Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 43 of the 1993 Act
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to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and
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to state whether particular matters have come to my attention.
Basis of the Independent Examiner's Report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity, and a comparison on the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
In connection with my examination, no matter has come to my attention:
1 which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 41 of the 1993 Act, and to prepare accounts in accord with the accounting records and to comply with the accounting requirements of the 1993 Act have not been met; or
2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mrs Monika Tabatabaian ATT MAAT
Tax Avenue Turnfields Gate, Turnfields Thatcham, Berkshire RG19 4PT
Date: 24 June 2024
Page 5
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2023
| Notes Resources arising: Investment income Deposit account interest Income 2 Gross resources for the year Resources used: Expenditure 2/3 Changes in resources before transfers and valuations Transfers (Loss) gain on revaluation - investments (Loss) gain on revaluation - property Net movement in resources for the year RECONCILIATION OF FUNDS Balance brought forward Adjustment for provisions Net movement in resources Balance carried forward Represented by: Property Investments Current assets |
Unrestricted Total Accumulated Moor Permanent 2023 Income Meadow Endowment £ £ £ £ 1,267 1,551 40,624 43,442 423 - - 423 90,130 90,130 91,820 1,551 40,624 133,995 113,600 581 - 114,181 (21,780) 970 40,624 19,814 41,594 (970) (40,624) - 50,253 2,323 57,430 110,006 - - 125,863 125,863 70,067 2,323 183,293 255,683 633,199 43,839 4,030,714 4,707,752 - - - - 70,067 2,323 183,293 255,683 703,266 46,162 4,214,007 4,963,435 - - 3,020,748 3,020,748 634,391 46,162 1,193,259 1,873,812 68,875 68,875 703,266 46,162 4,214,007 4,963,435 Restricted |
Total 2022 £ 42,057 22 92,313 |
|---|---|---|
| 134,392 | ||
| 114,140 | ||
| 20,252 - (88,277) 284,529 |
||
| 216,504 | ||
| 4,491,248 - 216,504 |
||
| 4,707,752 | ||
| 2,894,885 1,753,806 59,061 |
||
| 4,707,752 |
Page 6
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
BALANCE SHEET As at 31 December 2023
| Notes FIXED ASSETS Property 3 Investments 4 Total fixed assets NET CURRENT ASSETS Current account Deposit account Petty cash Sundry debtors/(creditors) Total net current assets Total assets FUNDS Restricted funds Permanent endowment 5 Moor Meadow 5 General fund Accumulated income fund 5 Total funds |
2023 £ 3,020,748 1,873,812 4,894,560 12,708 55,527 18 622 68,875 4,963,435 4,214,007 46,162 703,266 4,963,435 |
2022 £ 2,894,885 1,753,806 |
|---|---|---|
| 4,648,691 | ||
| 11,474 46,663 48 876 |
||
| 59,061 | ||
| 4,707,752 | ||
| 4,030,714 43,839 633,199 |
||
| 4,707,752 |
Trustees:
Chairman Date: 1 July 2024 Trustee Date 1 July 2024
Page 7
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
NOTES TO THE ACCOUNTS For the year ended 31 December 2023
1 Accounting policies
The accounts have been prepared on the receipts and payments basis.
| 2 Accumulated income fund Income Almshouses Maintenance Heating Donations received Administration fee from Relief in Need Expenditure Almshouses Repairs Light and heat Alternative accommodation Water Telephone Emergency care Window cleaning TV Licences Total Almshouse expenses Adminstration expenses Salaries Insurance Office rent Office service charge General expenses and stationery Subscriptions Telephone and internet Printing Examination fees Total administration expenses Total expenditure Excess of income over expenditure 3 Moor Meadow fund Payment of 6/16 of investment income to Thatcham Vicars and Churchwardens |
2023 £ 73,535 13,845 - 2,750 90,130 50,556 20,416 2,142 2,468 2,072 474 1,080 547 79,755 24,688 3,027 1,261 2,023 592 - 848 331 1,074 33,844 113,599 (23,469) 581 |
2022 £ 76,020 13,543 - 2,750 |
|---|---|---|
| 92,313 | ||
| 61,550 12,897 700 2,530 2,389 913 1,080 759 |
||
| 82,818 | ||
| 21,806 2,665 1,230 2,000 524 615 716 172 1,032 |
||
| 30,760 | ||
| 113,578 | ||
| (21,265) | ||
| 562 |
Page 8
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
NOTES TO THE ACCOUNTS - CONTINUED For the year ended 31 December 2023
3 TANGIBLE FIXED ASSETS
| At cost or valuation At 31 December 2022 Increase in value in the year At 31 December 2023 Depreciation At 31 December 2022 Charge for the year At 31 December 2023 Net book value at 31 December 2023 Net book value at 31 December 2022 |
45/47 Chapel Nine Shilling Street House Total £ £ £ 1,360,597 1,534,288 2,894,885 512,267 386,404 - 125,863 |
|---|---|
| 1,872,864 1,147,884 3,020,748 |
|
| - - - - - - |
|
| - - - |
|
| 1,872,864 1,147,884 3,020,748 |
|
| 1,360,597 1,534,288 2,894,885 |
The properties 45,47 Chapel Street and Nine Shilling House have been revalued at 30 June 2023 at the insured cost of £3,020,748 in accordance with the BIA House Rebuilding Cost Index by the insurers Ecclesiastical Insurance Office plc.
| 4 INVESTMENTS MARKET VALUE At the beginning of the year Additional investment Net investment gain (loss) At the end of the year COST at 31 December 202x HOLDINGS - AT MARKET VALUE Bid price £ 31.12.2023 Permanent Endowment 91,725.000 Charinco Distribution 1.483 145,125.403 Charishare Distribution 7.285 Total Extraordinary Repair Fund (Surplus Income) 1,432.918 Charinco Accumulation 46.278 20,774.211 Charishare Accumulation 25.557 Total Moor Meadow Fund 1,630.742 Charinco Distribution 1.483 6,004.849 Charishare Distribution 7.285 Total Surplus Income 3,068.363 Charinco Distribution 1.483 4,475.005 Charishare Distribution 7.285 Total |
2023 £ 1,753,806 10,000 110,006 1,873,812 795,812 Value Bid price £ £ 31.12.2022 136,067 1.459 1,057,192 6.904 1,193,259 66,312 43.652 530,929 23.403 597,241 2,419 1.459 43,743 6.904 46,162 4,552 1.459 32,598 6.904 37,150 1,873,812 |
2022 £ 1,827,083 15,000 (88,277) |
|---|---|---|
| 1,753,806 | ||
| 785,812 | ||
| Value £ 133,856 1,001,973 1,135,829 60,527 478,237 538,764 2,380 41,459 43,839 4,478 30,896 35,374 |
||
| 1,753,806 |
Page 9
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
NOTES TO THE ACCOUNTS - CONTINUED For the year ended 31 December 2023
5 FUNDS
| Permanent Endowment Moor Meadow Accumulated fund Surplus income Extraordinary Repair Fund Cash and tangible assets Total |
Actual Balance net gain Balance 31 Dec 2022 (loss) 31 Dec 2023 £ £ £ 4,030,714 183,293 4,214,007 |
|---|---|
| 43,839 2,323 46,162 |
|
| 35,374 1,776 37,150 538,764 58,477 597,241 59,061 9,814 68,875 |
|
| 633,199 70,067 703,266 |
|
| 4,707,752 255,683 4,963,435 |
6 NOTES ON FUNDS
Extraordinary Repair Fund
The Trustees are required to maintain this fund under the terms of the scheme.
Trustees are reviewing the recommendations of the quinquennial report on property condition before setting aside additional money in the Extraordinary Repair Fund. The long term aim for this fund is to establish it at one third of the insured value of the properties held by the charity.