Charlty numbèr: 245824 The Cooper and Adkinson Almshouse Charity Unaudlted Trustees. report and financlal statements For the year ended 31 March 2024
Tho Cooper and Adklnson Almshouse Charlty Content8 Page Tru8to•$ Rofergnce and adminlstrative detalls of the charlty and advlsers Tru8t8e$' roport Indepèndont examlnorfs report statement of financlal actlvlti88 Balance S0t Notes to the flnanclal statements 10-19
The Cooper and Adkln$on Almshouso Charlty Trustees For tho year end•d 31 March 2024 Trustees & offlcars Rev M Griffln, Ex-officio Trustee (resigned 31 March 2024) Mrs C Robinson. Ex-officio Trustee {reslgned 14 May 20241 M Keeler-walker Esq, Ex-officio Trustee C B Wacher Esq - Chairman. Coryoptative Trustè8 Mrs P Coare, Co-optative Tmstee Canon C Gower, C0ptaIVe Trustee T B Wacher Esq - Traasurer, Co-OPtBtlve Trustee S Anderson Esq. Co4OPtativ8 Trustee {appolnled 22 August 2024) Mrs K Lovell, Co-optatlve Trustee (appolnled 22 Augu512024) L G Andrews Esq, Trustee Emeritus (deceased 17 Sept6mber 2023) Mr R Crick, Clerk Page 1
The Cooper and Adklnson Aimshouso Charlty Rofvrence and adminlstrJtlv• details of the charlty and advlsorg For tho year ondad 31 March 2024 Regulator of Soclal Houslng registratlon number A3783 Charlty reglstered numbèr 245824 Prfnclpal offlce St Martin and St Paul'8 P8rlsh Office Church Street (St P8uls) Canterbury Kent CT11NH A¢¢ount4nts B8t¢h8lor Coop Llmlted Charterèd AccoLJntants The New Bam Mill Lane Eastry Kent CT13 OJW Bankers Lloyd8 Bank plc 49 Hlgh Street Canterbury Kent CT12SE Pag8 2
The Cooper and Adkln8on Almshouse Charlty Trustee8' report For the year ended 31 March 2024 The Trustees presènt their annual report together wlth thè financlal statements of the Charity for the year 1 April 2023 to 31 March 2024. Objectives and Actlvitiès Polleles and oblectlvès The Charity Commission scheme governlng the chadty provldes that almshouses shall be provided for poor persons of good character who lexcepl In special cases to be approvgd by the Charity Commis5ion} are inhabitants of Canterbury with, where possible, Iwo almshouses being occupied by poor widows previously resident in the former ecclesiastical parish of St Paul Canterbury. Actlvitles for achieving objectives The main objeclSve of the Charity is mel by ihe provision of alrnshouse accommodation in 6 almshousas at Lower Chantry Lane, Canterbury. Further to this. the Charity will insure, repair, maintsin and improve the Almshouse propertigs in Its possession. The Trustees have a dlscretion to apply surplus Income for the benefit of any or all of th8 resldents. Subject to the above provisions conGernin9 the qualifi¢aknons for houslng and to the practical limitations in the nature of the accommodation, including Ihal no warden or c8re facS1itles are provlded. the Truslees do not discriminate on grounds of race, rellgion, disablllly or other protected characterlsllcs and will Consider applicants from all parts of the community. In pursuance of the Charity's objectives for the year, the Trustees have considered the Charities Commis5i0n guidance on publlc bènefit and conslder that this has been complled with. Achlevements and performance Key flnanclal pèrformance Indlcators The Charills key flnanclal performance indicator Is the level o181m8hou8e occupancy. Durfng the year, the Charity achieved 1000/0 occupancy (2023., 10001.). The Charity also monitors Ihe need for rnainlenance to Ihe almshouses and the level of expenditure on Ihe maintenance of thé alrnshouses. During Ihe ar malnlenance expenditure was £31,038 {2023.. £7,883). The level of expenditure incurred in any yèar reflects the implemenlalion of recommandations arising out of the Charills last Quinquennial inspection and other matters identified as qUiring attention in each period. During the year, the chariws listed investments showed an overall return Icomprislng tha movement in the underlylng asset value and distributlons received) of a positiv8 9.401012023: nogatlve 0.601.), this compares to a total return on the FfsE all share indox of positive 7.6010 (2023 posltlve 3.Ol/lDI. Review of actlvltios The Trustees mel five Ilm8s from 1 Aprll 2023 to 31 March 2024. The full board was chaired by Chrlslopher Wacher with Pamala Coare facilitating meeting5 of the Executive Subcommittee in 8SSlSting the Trustees lo fulfil the Charllls stated alms and oblectlves. The Ch8rity is activ8ly looking to fill co-oplative trustee vacancies (posts filled after year-end> and awaits the appolntment of a new benefice incumbent to be an ex officio trustee. Trustees, and officers, commltment has been signiflcant with administralive work being carried out through maetings and via email. Not insignificant physical works have beon C2rri6d out to the almshouses during the course of the year. Shortly after the year end one resident sadly died and the vacated almshouse wlll now ne6d Substantial refurbishment before being appointed to a new resldent. Major support to re51dents (partlcularly those with health problems) has been provlded by the pastoral team particularly ¢omprising: Pamela Coare, Christine Robinson (now reslgned) and Jennlfer Lleweltyn. Page 3
The Cooper and Adklnson Almshouse Charity Trustees. report (contlnued) For the yoar endftd 31 March 2024 Rovlew of actlvltles Icontlnuedl Wllhin the requirements of (he Bribery Act 2010 the Trustees continue lo recognise their legal duty to safeguard the Charlly's assets 3nd lo act wSlh such skill and care as is reasonable in all circumstances, wher8 appropriate uslng professlonal sklll and knowledge. Annual Returns required by Home5 England and the Charlly Commis51on w8re completed and submStted by Tom Wacher (Hon Treasurer and Irusteel. The 2023124 budget was dlscussed and agreed wlth the Weekly Maintenance Contributions paid by each resldenl bglng slightly Increased (generally to £75 a week}. Golng conGern After maklng approprlale enqulrles, the Tru8tee5 have a reasonable expectatlon thal the Charity has adequate resources to conllnue in operalional existen¢e for the foreseeable future. For thls reason, Ihey continue lo adopt the going concern basls in preparing the flnanclal statement8. Further dolalls regardlng the gdopilon of the 9olng concem basis can be found In the accounting polScies. Prlnclpal rlsks and uncertalntlos The principal Tlsks whlch the Charity faces are in rèlation lo Ihe16vel of almshousé occupancy that the Charity achleves, the malnlenance of the Charltls almshouses and the perfomiance of the Charitys Investments. These risks and uncertainties are monitored through the use of key performance indicators as set out above. Flnanclal review Ilneludlng reserves and Investment pollcyl The Charlly's total reserv8s are £495.20Q12023: £495,958). Of this £258,019 {2023,' £256,019) relales to the cost of Ihg Charlty's property and £93,79612023'. £85,916) of PBrmanont endowment funds are held In incom8 generallng Inveslmenls, The rem8lning £145,385 (2023., £154.023) Is available for the Ch8rltl8 everyday expendllure and other designated purposes, of this £85,860 (2023: £82,863) is held in Income generallng Investments wlth the b8lance h61d on short 16rm deposit or Instant access account8. Reserves are rèviewed on an ongolng bashs to ensure that they are adequa16 lo fulfil the Charity's continulng obligations. strueturo. govemance and management Constitutlon The Charlly Is managed under a Charity Commisslon Schem8 dated 7 Seplomber 1987, a5 amended by Trustee resolution of 8 July 2021, from an amalgamation of the Thomas Sankey Cooper and Henry Cooper Almshouses and Ihe Charity of John Adkinson for Almshouses. The Charlty was registered by tha Charlty Commisslollers for England and Wales on 13 December 1965 an(J numbered 245824. It is also regisl(8red wSlh the Regulalor ol Soclal Houslng Iprevlously the Homes and Communilles Agency and the Tenant Sorvices AuthoTltyl as a Houslng Association numbered A3783. There have been no changes In tha objectlves slnce the last annual report. Method of appolntmènt or electlon of Trustees Ex-offlclo Trustees aro the Rector and ChurGhwardens of the Eccleslastlcal Parish of St Martin and Sl Paul, Canlerbury. Co-oplalive Trustees are appointed for a term of five years by resolution of the Trusle8s. The names of the Truste6s who seNed during the year are shown on page 1. Pollcle$ adoptsd for the Induction and tralning of Trustees Once a new Trustee Is appointed, they are given a copy of the Charity Commission Scheme, a sel of the last accounts and a brief history of the Charlly. They are encouraged to wsit an alm8house to belter their understanding of the Charivs a¢tivities. Trustees are kept up to date as they recelve regular update5 from the Charity Commisslon. Future developments The Charity wlll conllnue to monitor the lovel of Its maintenance contributions and the standard of ils almshous8 properties to achieve a5 high a level of occup8ncy as possible. Over the last 5 years, occupancy has averaged 100 /# and the Chartty budgets to achieva an occupancy level of 92.5Q/o. Page 4
The Cooper and Adklnson Almshouse Charlty Trustees. report {contlnuedl For the year ended 31 March 2024 As noted above, during the year, the Charity continued its investment In the maintenanc8 and improvement of the almshouses resulting in total repair and maintenance expenditure Df £31,03612023: £7.883). In addillon to providing for gengral mainl8nanc8 costs, the Charity sets aside amounts for cycllcal and extraordinary maintenanc8 C0515 In Ilne with the guidance provided by the Almshouse Associatlon which in the year totalled £9.708 {2023.' £8,682}. Designated balances carried forward on these fund5 total £48,285 (2023: £63,203). Costs can fluctuate sigriificanlly beeen actual and amounts set aslde dependlng on the schedullng of works arising from the Charit15 latest Quinquennial inspection and matters arising in the year. The Charivs Executive committee monilor Ihe performance of the Charity's Investments to ensure that the relL3rn generated on the investments is appropriate to the risk profile of those investments and the Charity's own risk profile. Trustees. responsibilities Statement Th& Trustees are responsible for preparing the Truste8s' rèport and the flnanclal statements In accordanc8 with applicable law and Unlled Kingdom AcGounting Standards IUnit8d Klngdom G8n8rally AGcapted Accounting Practice). The law applicable lo charities in Engl8nd & Wales r8qulres the Trustees to prgp8re financl81 statements for each financial y9ar which give a true and fair view of Ihe state of affalrs of Ihe Charity and of Ihe incoming resour¢es and application of resources of the charily for that perfod. In preparing these financial statements, the Trustees ar8 required lo,. select sultablp accounting policies and then apply them ¢onslstenlly,' observe th8 methods and prin¢lples in the Charities SORP (FRS 1021., make judgments and accounllng eslimates that are reasonable and prudent., state whether 8pp1icable UK Accounting Standards IFRS 1021 have been fallowed, subject to any material d8partures disclosed and explainad in the financlal slalemenls., prepare the financial statements on the going concem basis unless it is inappropriate to presume th8t the charity wlll continue In op8ralion. The Trustees are responsible for keeplng proper accounting records that are sufficl8nt to show and explain th& Charitys tr8nsactions and disclose with reasonable accuracy at any time the financial position of the charity and en8lJe them to ensure that thè nnanclal statements comply with the Charlties Act 2011, the Charity (Accounls and Reports) R8gulalions 2008 and thè provlsions of thé trust deed. They are asso rèsponsible for safeguarding the assets of the Charity 8nd hence for taking reasonabl8 steps for the prevèntion and detection of fraud and other Irregularitles. This reportwas approved by thé Trustees, on and signed on their behalf by: C B Wacher Esq- Chairman, Ca-optalive Truslee Mrs P Coare, Co-oplalive Trustee Page 5
The Coopor and Adklnson Almshouse Charlty Independent 6xamlnerfs report For the year ended 31 March 2024 Independent 6xamln8r's report to tho Trustees of The Cooper and Adkinson Almshouse Charlty {the 'charlty') I report to the charity Tru51ees on my examination of the accounts of Ihe charity for the year ended 31 March 2024. Thls report Is mado solely lo the Charills Trustees, as a body, In accordance wlth Part 4 of the Charities IA¢count5 and R8POrts} Regulations 2008. My work has been undertaken so that I might stste to the Charitvs Trustees those matters l am required to state lo Èhern in an Independent examiner's report and for no other purpose. To the fullest extent permitled by law, I do not accepl or assuma responsibility to anyone other than the Charity and the Charivs Trustees as a body. for my work or for this report. Responsiblllties and basls of report As the Trustees of the Charfty YOU are responsible for the preparatlon of the accounts in accordance wlth the requir8menls of th8 Charlli8s Act 2011 ('the 2011 Act'l. I report In respect of my exgmlnatlon of Ihe charStys account5 carrl8d out under section 145 of thè 2011 Act and In Carrying out my examinallon I have followed all the applicable Direcli¢ns given by the Ch8rSty Commlsslon under secllon 145{5}{b) of the 2011 Act. Independent examlnpf's Statement Your attontlon is drawn to the fact Ihal the charity has prepared the accounts in accordance with Atscountlng and Reportlng by Charities.. Stalemenl of Recommended Pr8cllce 8pplicable to charllies preparlng Ihelr 8ccounts acoordanc8 Wlth the Financial Rèporting Standard appllcable In the UK end Republic of Ireland (FRS 1021 In prefBrence to the AccounlSng and Reportlng by Charllles.. Statoment of Recommended PractlGe Issued on 1 Aprfl 2005 whl¢h Is referred lo in the oxtant regulations but has been withdrawn. l under6tand that this has been done In order for the accounts to provld8 a true and falr view in accordance wlth Ihe Generally Accepted Accounting Practice offectiv& for reporllng periods beginning on or aft8r 1 January 2019. I have completed my examination. I can confirm Ihat no matters have corne to my attention in connection with Ihe exarninatlon giving me ¢ause lo belSeve that in any materlal respect: accounting records were not kept In respecl of the charity as required by seclion 130 of the 2011 Act,. or the aG¢ounts do not accord with those records.. or the accounts do not comply wblh the applicable r8quSrernents conc8rnlng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requlrement Ihat the accounts glve a 'true and fair, view which is not a matter considered a5 Part of an Indopendent ex8mination. Page 6
Th¢ Cooper and Adklnson Almshouse Charlty Indopendent examlnerfs report l¢ontinued) For the year ended 31 March 2024 I have no concams and have com8 across no other matters in connection wlth the examinatlon lo whlch attention should be drawn in thls raport in order to enable a proper underslanding of the a¢Unts to be reached. Slgned: Dated.. $0fv120,. M Batchelor FCA Batchelor Coop Limited. The New Bam, Mill Lane, Eastry, CT13 OJW Kent CT12TU Page 7
The Cooper and Adklnson Almshouso Charlty statement of flnan¢lo1 actlvlties For the year ended 31 March 2024 Endowmènt Unrestricted fvnds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Charitable actlvStles Investments 21,268 5,288 21,268 5,288 21,038 4,840 Tolol Income and endowments 26,556 26,556 25,878 Expendlturo on: Charitable advities 38,192 38,192 14,402 Total axpendlture 38,192 38,192 14,402 Nèt Income l (expendlture) before Investment galnsl{losses) Net gainslllosses) on investments Nèt Income l (expendlturel before oth6r ro¢ognlséd galns and losses Net movoment In funds (11,636) 2,996 (11,636) 10,877 11.476 14,323) 7,881 7,881 (8,640) (759> 7,153 7,881 (8,640} (759) 7,153 Reconciliatlon of funds: Total funds brought forward 85,915 410,044 495,959 488,806 93,796 401,404 495,200 495,959 Total funds carrl8d forward The notes on pages 10 10 19 form part of these financial statements. Page 8
The Cooper and Adklnson Almshousè Charlty Balance sheet As at 31 March 2024 2024 2023 Note Flxed assels Tangible assets Investments 256,019 179.656 256,019 168,780 435,675 424.799 Current assets Debtors Cash at bank and in hand 592 60.332 507 72,053 60,924 72,560 Credltors: amounts falling due within one year 10 (1.399) 11,400) Net curront assets 59,525 71,160 Net assots 495,200 495,959 Charlty Funds Endowment funds Unrestricted funds 12 12 93,796 401,404 85.915 410,044 Total funds 495,200 495,959 The financi81 slatem8nts were approved by th8 Trustees on and signed on their behalf, by: C B Wa¢her Esq - Chairman, Co-optatlve Trustee Mrs P Coarè, Co.optatlve Trustee The notes on pages 10 to 19 form part of these financial stat8ments. Page 9
The Cooper and Adklnson Almshouse Charlty Note$ to the financlal statemenls For the year endod 31 March 2024 Accounting poll¢lo$ The Cooper and Adkinson Almshouse Charity is an unlncorporated charity registered in England and Wales. Th8 Charity's principal office is at st MartSn and St Paul's Parish Office, Chur¢h Streat (St Pauls), Canterbury, Kent, CT1 1NH. 1.1 Basls of preparatlon of flnanclal statements The financl81 slalemènts have been pr8pared to glve 8 'true and falr, vlew and have departed from the Charilles (Accounls and R6ports) Regulatlon$ 2008 only to lh6 extent requlred lo provlde a 'lrue and falrf view. This departure has Involved followlng the CharitS6s SORP IFRS 102} published on 16 July 2014 rather than the Accounting and Reporting by Char511es.' Statement of Recommended Practlce effective from 1 Aprll 2005 whloh has since b&en withdrawn. The flnanclal statemenls have been prepared under the hlslorical Gosl ttinventlon with items re¢ognlsed at cost or Iransactlon value unloss olhewise slated In Ihe relovant notes to Ih95e accounts. The financial stal8monts have been prepared in accordance with the Slalement of Recommended Practice.. Accounting and Reporting by CharilleB preparing their accounls in accordance with the Financial Reporting Slandard applicable In Ihe UK and Republic of Ireland IFRS 102) (effective 1 January 20191, the Financial Reporiing Standard 8ppllcable in the United Klngdom and Republic of Ireland IFRS 102} and Charilies A¢t 2011. The Cooper and Adkinson Almshouse Charity constitutes a publlc benefit entlty as defined by FRS 102. 1.2 Golng concern The Trustees assess whether the usè of golng concern is approprlate 1.8. whether there are any materlal uncertalnties related to events or condltlon5 that may cast signlficanl doubl on the ablllly of the Charlty to conlSnue as a going concern. The Trustees make Ihls assgssment In re5pecl of a perlod of al least ona year from the dale of authorlsation for Issue of the financial statements and have concluded Ihal the Charily has adequate resources to conlinue in op6ralional existence for the foreseeable future and there are no malerfal uncertainlles about the Charltls ablllty lo continue as a going concèm, thus they conllnue to adopl Ihe golng ¢onGern basls of accounting in preparlng the financial slaternènts, 1.3 Investments Flxed assel investments are a form of flnancial instrument and are Initially recognlsed al their transactlon cost and subsequently measured at fair value at the Balance Sheet date, unless falr value cannot be measured rellably In whlch case they are measured at cost less impairmont. Investment gains and losses, whether reallsed or unrealised, are combined and shown in the heading 'Gainsl(losses1 on inv8slmenl8' in the Statement of financial adivities. Page 10
The Cooper and Adklnson Almshouse Charity Nota$ lo tho flnan¢ial Stalomonts For thé year ended 31 March 2024 Accountlng policles (contlnuedl 1.4 Tangiblo flxed assets and dépreclatlon Tanglble fixed assets are slated at cost less depreclatlon. The Cooper and Adkinson Almshouses were conslrucled circa 1900 and £1,750 has been attrlbuted lo the original cost. The Housing propervs costs relate to Improvements carried out slnce 1987 which were funded by a Housing Association grant,. a mortgag8 loan from Housing Corporation secured by a charge on housing. land and buildings: and from the Charivs own resources. The Charity capitalises expenditure in relation to the construction or extension of its propertles. Expenditure relating to the replacement of an asset that already exists. including expenditure when due to the passage of time the replacement asset is considered to be an improvement on the original asset, is written off to the income and expenditure accounl. The e8timated residual values of the ChariW8 freehold properlies are Gonsldered to be in excess of this nel book value. The Trustees are of the opinion that any depreciation in respect of the Charivs freehold properties would be immaterlal and consequently no provision Is made in the accounts for such depreciation in order to achieve a fair pr8senlalion. The Trustees will review these propertles on an annual basls on order lo ensure that no provislon for Impalrmenl 18 requlr8d. 1.5 Fund accountlng General funds are unrestricted funds which arè available for use at the discretion of the Trust86s in furtherancé of the general objecllves of the Charity and which have not been designated for other purposes. Designated funds comprlse unreslrict8d funds that have b8en set asld8 by the Trustees for particular purposes. The aim and use of each designaled fund is set out In the notes to the financial slatements. The Permanent Endowment Fund Is managed on an income only basis. Monies are held In fixed asset investments wlth the Income from these investments being applied to further the objectives of the Charity. Movements In tha capital value of the investments are retained within tha Permanent Endowment Fund. Inv8Stment income, gains and losses are allocated io the appropriate fijnd. 1.6 Income All Income is recognised once the charity has entitlement to the Income, it is probable thal the incom8 will be received and Ihe amount of income receivable can be measured reliabty. 1.7 Expendlture Expenditure is recognised once there is a legal or construclive obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of tho obligation can be measured reliably. Chorltabl8 aclSvltles and Governance Bosts are costs incurred on the charitvs operallons, Including support costs and costs relating to the govemance of the charily apportioned to charltable activities. Page11
The Cooper and Adklnson Almshouse Charlty Notes to th• financlal stotemants For the year ended 31 March 2024 Ac¢ountlng polieies (continuèd) 1.8 Government granls The Charity has received Housing Association Grant {HAG) from the Housing Corporation towards tho cost of flxed asset devèlopment. Und8r the Charitles SORP 2019, the Charlty has recognised all of thls Income as grant Income in the year th81 it is recelved and the performance condlllons are met. HAG Is repayable under Certain circumstances, primarlly following the sale of a property but will nomially be restricted to net proceeds of sale. 1.9 Interest receivable Interest on funds held on depos11 is included when receivable end Ihe amount C8n be measured reliably by the Charity- this is normally upon notification of the intorest paid or payable by the Bank. 1.10 Cash at bank and In hand Cash at bank and In hand includes cash and short term highly liquid invèstments wlth a short maturity of three months or less from the date of acquisition or openlng of the deposit or similar account. Investment incomo Endowment Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 othar inveslment Income 5,288 5,288 4,840 Totsl 2023 4,840 4,840 Incomlng resources from charltable actlvltles Endowment Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Weekly maintenanGe contributions 21,268 21,268 21,038 Total 2023 21,038 21,038 Page 12
The Cooper and Adklnson Almshouse Charlty Nole5 to the financlal 5tatem¢nts For tho year ended 31 March 2024 Charltable aetlvltles Endowment Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Insurance Repairs and maintenance Gifts to residents Essantial services grants Electricity and water rates Gardening Window c18aning Subscriptions Sundry Honoraria A¢counlancy fees 1,527 31,036 1,050 1,500 263 1,020 210 473 13 750 350 1,527 31.036 1,050 1,500 263 1,020 210 473 13 750 350 1,291 7.883 450 1,410 230 1,000 150 524 62 500 902 Total 38,192 38,192 14,402 In 2023, all 8xpenditure was from unre$trictod funds. Net Incomèl(expendlture} During the year, no Tnjstees received any remuneration {2023 - £NILI. Durlng th8 year, no TnJstee8 received any beneflts in kind (2023 - £NIL). 1 Truste8 rècelved relmbursement of expenses amounting to £663 in the CUrrt year. (2023 Trustees- £NIL>. Auditors, remuneration Thè Independent Examinerfs remuneration amounts to an Independent Examination fee of £ 35012023 - £ 902). Page 13
The Cooper and Adkinson Almshouse Charlty Notes to the financlal ststement8 For the yèar endod 31 March 2024 Tanglble flxed assets Houslng Land and buildlngs Cost At 1 April 2023 and 31 March 2024 256,019 Depreciation At 1 April 2023 and 31 March 2024 Net book value At 31 March 2024 256,019 At 31 March 2023 256,019 The Almshouses were constructed circa 1900. £1,750 is attributed to Ihe origlnal cost, The above delalls relate to the origin81 cost and improvements carried out slnce 1987 which were funded by a Houslng Corporation Grant of £178,697 and Residual Mortgage Loan of £33,355 now fully repaid. The balance of £43,968 was provided from the Charitls own resources. All the land and buildings held are freehold and all the properties are for the OGGupation of alm5persons. There are 6 Almshouses. Thè carrylng value of the Almshouse5 is substantially less than its market value In the opinion of the Trustees. The almshouses are currently insured for £1,384,062 (2022.. £1,150 032). Page 14
The Cooper and Adklnson Almshouse ChaTity Notes to the flnancial statements For the yoar ended 31 March 2024 Flxod asset Investments Llsted securlties Market value At 1 Aprll 2023 Revaluations 168,780 10,876 At 31 March 2024 179.656 Historical cost 108.9S6 Material investment$ 31 March 2024 31 March 2023 COIF Charllies Investment Fund - Income units Schroders Equity Fund accumulatlon units M&G NAACIF- income units 93,796 26,451 59,409 85,915 24,494 58,371 179,856 168,780 Malerlal restrlctlons The scheme for the regulation of the Charity provides that up to £28,537 may be applied towards the cosl of r8palrlng end modemislng the Almshouses but that any such loan by the Permanent Endowment Fund shall be repaid by a sinking fund over a period of thity yéars by investment into a separale designatéd account. Debtors 2024 2023 Olher debtors and prepayments 592 507 10. Creditors: Amounts falling due withln one year 2024 2023 Trade creditors Other creditors and acGruals 750 649 500 900 1,399 1.400 Page 15
The Cooper and Adkln80n Almshou8e Charfty Not05 to tho flnanclal statsments For the y•ar and•d 31 Mar¢h 2024 11. Analysls of nèt assets between funds Analy818 of net a$$ets btheen funds - current yoar Endowment Unre5trlctsd funds funds 2024 2024 Total funds 2024 Tanglble fixed assets Fixed asset Investments Current assets Credltors du8 withln one year 256.019 85,860 60,924 11,3991 256.019 179.656 60,924 (1,399} 93,796 93.796 401A04 495,200 Analysls of net assets between funds - prlor year Endowmeni Unrestrfcted fund8 funds 2023 2023 Total fvnds 2023 Tangible fixed assets Flxed asset investm8nls Current assets Credltors due wlthln on8 year 256,019 82,865 72,580 {1,400) 256,019 168,780 72,560 {1,400) 85,915 85,915 410,044 495.959 Page 16
The Cooper and Adkln8on Almshouse Charlty Notes to the flnanGlal statements For the year ended 31 March 2024 12. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance al 1 Aprll 2023 Transfers Inlout Gainsl (L05ses) Income Expenses Designated funds Cyclical Repair Fund Extraordinary Repair Fund 43,783 19,420 127,269) 6,024 3,684 22,538 2S,747 2.643 63,203 (27,269 9,708 2,643 48,285 General funds General Funds 346,841 26.556 110,923) (9,708} 353 353,119 Total Unr95tricted fund5 410,044 26,556 (38,192) 2,996 401,404 Endowment funds Endowment Funds 85,915 7,881 93,796 Total of funds 495,959 26,556 138,192) 10,877 495,200 Slatement of funds . prior year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Galnsl (Losses) Income Expenses Deslgnated funds Cyclical Repair Fund Extraordinary Repair Fund 39,907 21,083 (1.512) (4,957) 5,388 3,294 43,783 19,420 60,990 16,469) (7.933) 8,682 63,203 General Funds 338,565 25.878 {8,6821 {987) 13,3361 346.841 Endowment Funds 8g,251 85.915 Page 17
The Cooper and Adklnson Almshouse Charlty Notes to the financlal statements For the year onded 31 March 2024 12. Statement of funds {continued) Summary of funds- current year Balance at 31 March 2024 Balance at 1 Aprll 2023 Transfers Inlout Galnsl (Losses) Income Expenses Designated funds General funds 63,203 346,841 (27.269) (10,923) 9,708 (9.708) 2,643 353 48,285 353.119 26,556 410,044 85.915 26,556 (38,192) 2,996 7,881 401,404 93,796 Endowment funds 495,959 26,556 (38,192) 10,877 495,200 Summary of funds - prlor year Balance at 31 March 2023 Balance at 1 Aprll 2022 Transfers inlout Gainsl (Losses) Income Expenses Designated funds General funds 60,990 338.565 16,469) {7,9331 8,682 (8.682) 63,203 346,841 25,878 {987) 399,555 89.251 25,878 {14,402) {987) (3,3361 410,044 85.915 Endowment funds 488,806 25,878 114.4021 (4,323} 495,959 D&slgnat8d fund - Cycllcal Ropalr Fund The scheme for the regvlatlon of the Charlly roquires that the Trustees shall eslabllsh a res8rve fund for the purpose of providlng for those items of ordlnary malntenance and repair whSch r8cur 81 Infrequent InteNals. The minlmum annual sum to be set aslde as advlsed by the Almshouse assoclallon Is £1,004 per dwelling (total £6,Q24}. Costs are charged lo the Income and expendlture account In the year In whlch they are incurred. Designated fund- Extraordlnary Repair Fund The scheme for the regulation of the Charity requir&s that the Trusteès shall Bstablish a r&serv8 fund for the purpose of providing for extraordinary repaif. Improvoment or rebullding of the Almshouses. The minimum annual sum to be sel aside as advlsed by the Almshouse associalion Is £614 per dwelllng (lolal £3,684). Costs of exlraordinary repalrs are charged to the income and exp6n(iiturè account In the year in which thay are incurred, costs of rebuilding the Almshouses would be Ire8ted as capll&l expend11ure, Endowment fund Income from the Charivs permanent endowment is avallable to be applled against the CharlW5 general expenditure. Movements in the value of the permanent endowment funds held as fixed asset investments are retained in the pomianenl endowment fund to fund future exp8nditure. Page 18
Thè Coopèr and Adklnson Almshouse Charlty Notè5 to the flnancial $lat•m&nts For th• year ènded 31 March 2024 13. Related party traniactlons Except as d16¢1osed In not8 5 above, there have been no transactlons wlth any relatéd partles of the Charity. Page 19