The Cornforth Homes
Charity Registration No. 241482
Report and Accounts for year ended 31 December 2024
The Cornforth Homes
Report of the Trustees for the year ended 31[st] December 2024
Legal and Administrative Details
The Cornforth Homes Charity was established by a scheme of 5[th] May 1969 as amended on 08 September2022.The Charity’s objects are to provide almshouses for poor people of good character of not less than 50 years of age who were born in the Parish of King’s Cliffe and have resided therein for not less than seven years next preceding the time of their appointment.
Trustees
Mr Ian Balmer (Chair)
Mr Christopher Jackson
Mr Barry Hurcombe
Mr Clive Giddings
Correspondence Address:
2 Walkers Field
Kings Cliffe PE86YQ
Independent Examiner:
G Scotney
10 Willow Lane Kings Cliffe PE86XT
Bankers:
Barclays Bank Leicester LE87 2BB
Public Benefit
The Trustees, confirm that they have complied with the duty set out in Sect4 of the Charities Act2011 to have due regard to the Charity Commission’s general guidance on public benefit when reviewing aims and objectives.
Objects for the Year
Activities and achievements during the year
- The Work recommended by the recent quinquennial inspection continues to be scheduled and carried out. The year saw all urgent repairs being completed.
-Work to adapt one of the homes to meet the medical needs of our newest resident were completed.
-Work continued to review and potentially update the Charity’s objectives and more detailed governing documents. Discussions with the Charity Commission continue.
-A recruitment process to find a new Chair/Trustee was established.
Objectives for 2025
-Recruit a new Chair of Trustees .
- Ensure a smooth handover of Treasurer role.
-Conclude discussions with Charity Commission regarding updated . Objectives
-Recruit new Trustee.
-Update residents handbook.
-Complete remainder of low priority works as recommended by the quinquennial inspection.
-Review Reserves policy.
Reserves Policy
The Trustees seek to maintain a level of reserves which provide a sustainable future for the Charity. This includes maintaining adequate reserves to deal with any unexpected repairs or damage to the homes and the consequent financial expense.
Investment Policy
The Charity wishes to derive a sustainable income which also maintains, as far as is reasonable the capital value of the fund. The investment managers hold two funds on behalf of the charity, one of which is entitled ‘the extraordinary repair fund’.
Trustees intend to invest on a responsible investment basis and in reaching decisions regarding investments the Trustees give due regard to the Charity Commission guidance for Trustees on Investing Charity Money.
Risk Assessment
The Trustees have reviewed and will continue to review major risks to which the Charity is exposed and will put in place action to reduce those risks.
Grants Policy
The Charity will consider the need to provide differential financial assistance ( by way of charges levied to residents) on an individual basis either on a permanent basis or as a result of a particular issue faced by a resident.
Weekly Maintenance Charge(wmc) Policy
This policy aims to reflect the equivalent fair rent, as provided by the valuation office, but allowing Trustees to retain the flexibility to ensure the Charitable Objectives can be met. Need will be judged on a case by case basis when new applications are approved and a level of charitable support will be determined.
Financial Review
The Charity has reserve funds as a result of its original legacy and ongoing income streams. These funds are currently managed by M and G PLC December 2024 the two accounts totalled in their Multi Asset Fund. As at 31[st] £ 8,101.25 and £142,394.62 ( exceptional repair fund).
As at 31[st] December 2024 £33,930.53 was held by Barclays Bank.
The Charity’s income for the year comprised £19,103 contribution from residents and investment income of £11,174.
Statement of Trustees Responsibilities
The Trustees are responsible for preparing the trustee’s annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards(United Kingdom Generally Accepted Accounting Practice)
Charity law requires the trustees to prepare financial statements for each financial year that gives a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for the year. In preparing those financial statements the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and accounting estimates that are reasonable and prudent;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made thereunder. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees.
Ian Balmer ( Chair) Date: 23 April 2025
INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS OF THE CORNFORTH HOMES
I report to the Trustees on my examination of the Accounts of the above Charity ("the Trust") for the year ended 31st December 2024.
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 201 1 (the Act")
I report in respect of my examination of the Trusts accounts carried out under section 145 of the 201 1 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.
Independent examiner's statement
I have completed my examination. I confirm no material matters have come to my attention in connection with the examination which give me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records: or
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the accounts did 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.
G Scotney 10 Willow Lane Kings Cliffe Peterborough
2 April 2025
STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024 GENERAL FUND
| RECEIPTS Contributions PAYMENTS Repairs 595.00 Homecare 619.20 Insurance 1,288.12 Quinquennial Survey 960.00 Administration 902.50 SURPLUS FOR THE YEAR BALANCE at 1.1.2024 BALANCE at 31.1.2024 CORNFORTH HOMES INVESTMENT BALANCE at 1.1.2024 Gain in Value BALANCE at 31.12.2024 EXTRAORDINARY REPAIR FUND INVESTMENT BALANCE at 1.1.2024 Gain in Value BALANCE at 31.12.2024 STATEMENT OF ASSETS Barclays Current Account M & G Investment - 3321 M & G Investment - 3322 |
19,103.42 4,364.82 |
|---|---|
| 14,738.60 19,191.93 |
|
| £33,930.53 | |
| 7,499.78 601.47 |
|
| £8,101.25 | |
| 131,822.70 10,571.92 |
|
| £142,394.62 | |
| 33,930.53 8,101.25 142,394.62 |
|
| £184,426.40 |