LADY MARGARET HUNGERFORD CHARITY
ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
Registered charity No 248575
The Lady Margaret Hungerford Charity Accounts At 31 March 2024
Table of contents
| Page | |
|---|---|
| Information | 1 |
| Trustees' Report | 2 |
| Trustees' Responsibilites | 3 |
| Independent Examiners Report | 4 |
| Income and Expenditure account | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 10 |
The Lady Margaret Hungerford Charity
Accounts as at 31 March 2024
Trustees
Dr C Baker Ms J Battersby Ms S Page Mr F Van Gerwen Mr G Ward Mr S Boydell
Honorary Clerk
Mrs P Freestone
Registered Office
Pound Pill Corsham Wilts SN13 9HT
Governing Document
The Charity is governed by a scheme of the Charity Commisioners dated 19th January 1998
Charity Commission
Registerd number 248575
Bankers
Lloyds TSB plc 29 High Street Chippenham Wilts SN15 3HA
Page 1
The Lady Margaret Hungerford Charity Trustees Report For the Year Ended 31st March 2024
The Trustees are pleased to present the accounts for the year ending 31st March 2024. Over the past year, the Charity has continued to fulfil its mission of supporting beneficiaries and preserving the unique heritage of the Grade 1 listed building under its care.
Financial Performance and Contributions
The Charity has maintained stable financial health, with no Weekly Maintenance Contribution voids during the financial year. In line with the policy of adjusting contributions annually based on the Consumer Price Index (CPI), a 4.2% increase was implemented on 1st April 2023.
Building and Facilities Management
The recently refurbished and repaired schoolroom has been increasingly utilised, offering new opportunities for community engagement. Visitor numbers have risen, with feedback overwhelmingly positive, highlighting the enhanced value of the facility.
Despite these successes, the Charity faces ongoing challenges related to significant structural repair demands associated with the historic building. Preservation efforts remain a priority, necessitating continued focus on funding and innovative resource management.
Fundraising and Community Engagement
This year, fundraising efforts have been notably successful. The Trustees are committed to finding creative ways to increase community awareness and involvement with the building, ensuring its relevance and utility in local life.
Educational Charity Fund
The Educational Charity Fund remains unchanged, with a balance of £4,000, continuing to provide a solid foundation for supporting educational initiatives.
Acknowledgments and Summary
The past year has been marked by significant achievements, including the completion of key projects and the full operational readiness of the building. These milestones would not have been possible without the dedication of the Trustees and volunteers, whose contributions are invaluable.
The Trustees express their gratitude to all who have supported the Charity’s mission this year. With continued collective effort, we look forward to further strengthening the Charity’s impact in the coming year.
Freddie van Gerwen
Chair of the Trustees
The Lady Margaret Hungerford Charity Trustees' responsibilites in relation to the financial statements
The law applicable to Charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and;
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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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 operational existence.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position for the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and provisions of the trust deed. 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.
Page 3
The Lady Margaret Hungerford Charity Independent Examiners' Report
Independent Examiners Report to the Trustees of The Lady Margaret Hungerford Charity
We report to the trustees on our examination of the accounts of the Lady Margaret Hungerford Charity for the year ended 31 March 2024.
Responsibilites 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")
We report in respect of our examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us 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 ot 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.
We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in the report in order to enable a proper understanding of the accounts to be reached.
Karen Sayers Limited Chartered Accountants
29 Silver Street Colerne Wilts SN14 8DY
date
Page 4
The Lady Margaret Hungerford Charity Statement of financial activities for the year ended 31 March 2024
Unrestricted funds
| Total | Total | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Note | £ | £ | |
| Incoming resources | |||
| Donations | 19 | - | |
| Maintenance contributions | 64,183 | 59,690 | |
| Less: Losses through voids | - | - | |
| 64,202 | 59,690 | ||
| Interest receivable and other income | 4 | 13,914 | 12,021 |
| Total incoming resources | 78,116 | 71,711 | |
| Resources expended | |||
| Costs of generating funds | |||
| Post, stationery, publicity, bank charges | - | - | |
| Net incoming resources available | 78,116 | 71,711 | |
| for charitable application | |||
| Charitable expenditure | |||
| Management and administration of the charity: | |||
| Insurance | 7,489 | 6,552 | |
| Repairs and maintenance | 35,447 | 60,494 | |
| School room project | 105,172 | 46,643 | |
| Fees to Almshouse Association | 407 | - | |
| Cleaning and sundry | 5,498 | 3,067 | |
| Rates, electricity, water and telephone | 4,731 | 2,754 | |
| 158,744 | 119,510 | ||
| Goverance costs | |||
| Independent examination and accountancy | 600 | 540 | |
| 600 | 540 | ||
| Net incoming resources | (81,228) | (48,339) | |
| Fund balances brought forward | 563,734 | 612,073 | |
| Fund balances carried forward | 482,506 | 563,734 | |
| Unrealised investment gain / (loss) | 6 | 15,830 | (10,832) |
| 498,336 | 552,902 |
All activities derived from continuing operations.
The notes on pages 7 to 10 form an integral part of these accounts.
Page 5
The Lady Margaret Hungerford Charity Balance Sheet as at 31 March 2024
| Note £ £ Fixed assets Housing property at valuation 5 5,941,560 Current assets Debtors and prepayments - Investments 6 261,394 Cash at bank and in hand 7 78,602 Total current assets 339,996 Creditors: amounts falling due within one year Other creditors 8 100 Net Current Assets 339,896 Creditors: amounts falling due after one year Loans Wiltshire Council - - Total Assets less total Liabilities 6,281,456 The funds of the Charity Unrestricted funds: Unrealised gain on property re-valuation 5,748,869 Unrealised investment profit / (loss) 6 160,450 Unrestricted revenue accumulated funds 11 71,039 5,980,358 Designated loan repayment fund - Designated fabric fund 9 297,098 Designated educational charity fund 10 4,000 301,098 6,281,456 2024 |
Note £ £ Fixed assets Housing property at valuation 5 5,941,560 Current assets Debtors and prepayments - Investments 6 261,394 Cash at bank and in hand 7 78,602 Total current assets 339,996 Creditors: amounts falling due within one year Other creditors 8 100 Net Current Assets 339,896 Creditors: amounts falling due after one year Loans Wiltshire Council - - Total Assets less total Liabilities 6,281,456 The funds of the Charity Unrestricted funds: Unrealised gain on property re-valuation 5,748,869 Unrealised investment profit / (loss) 6 160,450 Unrestricted revenue accumulated funds 11 71,039 5,980,358 Designated loan repayment fund - Designated fabric fund 9 297,098 Designated educational charity fund 10 4,000 301,098 6,281,456 2024 |
Note £ £ Fixed assets Housing property at valuation 5 5,941,560 Current assets Debtors and prepayments - Investments 6 261,394 Cash at bank and in hand 7 78,602 Total current assets 339,996 Creditors: amounts falling due within one year Other creditors 8 100 Net Current Assets 339,896 Creditors: amounts falling due after one year Loans Wiltshire Council - - Total Assets less total Liabilities 6,281,456 The funds of the Charity Unrestricted funds: Unrealised gain on property re-valuation 5,748,869 Unrealised investment profit / (loss) 6 160,450 Unrestricted revenue accumulated funds 11 71,039 5,980,358 Designated loan repayment fund - Designated fabric fund 9 297,098 Designated educational charity fund 10 4,000 301,098 6,281,456 2024 |
£ £ 5,941,560 - 245,564 180,012 425,576 10,160 415,416 - - 6,356,976 5,748,869 154,742 152,267 6,055,878 - 297,098 4,000 301,098 6,356,976 2023 |
£ £ 5,941,560 - 245,564 180,012 425,576 10,160 415,416 - - 6,356,976 5,748,869 154,742 152,267 6,055,878 - 297,098 4,000 301,098 6,356,976 2023 |
|---|---|---|---|---|
| 425,576 10,160 |
||||
| - | ||||
| 5,748,869 154,742 152,267 |
||||
| 6,281,456 | 6,356,976 | |||
| 5,980,358 301,098 |
6,055,878 301,098 |
|||
| - 297,098 4,000 |
||||
| 6,281,456 | 6,356,976 |
Approved by the trustees on
The notes on pages 7 to 10 form an integal part of these accounts.
Page 6
The Lady Margaret Hungerford Charity Notes to the financial statements for the year ended 31 March 2024
- 1 Accounting policies
Basis of preparation of the accounts
The statement of accounts have been prepared in accordance with the Companies Act 2011, the statement of Recommended Practice Accounting Reporting by Charities and applicable accounting standards. Where necessary the headings laid down in the Act have been adapted to meet the specific activities of the Charity. The Charity qualifies as a small company under the Act and the Trustees have elected to take advantage of the exemption under FRS1 not to prepare a cash flow statement.
Insofar as the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England and Wales requires compliance with specific Financial Reporting Standards other than the FRSSE then the specific Financial Reporting Standards have been followed where their requirements differ from those of the FRSSE.
The particular accounting policies adopted are set out below.
Accounting convention
The financial statements are prepared, on a going concern basis, under the historical cost convention.
Incoming resources
Incoming resources are accounted for on a receivable basis deferred as described below.
Investment income
Bank interest is included in the income and expenditure account on a receivable basis.
Recognition of liabilities
Liabilities are recognised on the accruals basis in accordance with normal accounting principles, modified where necessary in accordance with the guidance in the Statement of Recommended Practice for Accounting and Reporting (revised June 2008) issued by the Charity Commissioners for England and Wales.
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which is reported as part of the expenditure to which it relates.
Costs of generating funds
Comprise the costs associated with attracting voluntary income.
Charitable expenditure
Comprise those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
Include those costs associated with meeting the constitutional and statutory requirements of the Charity and include costs linked to the strategic management of the Charity.
Reserves policy
The Charity's policy focuses on the future cost of repairs that will be inevitable and expensive for this unique Grade 1 listed building and it's Grade 2 annex.
The current reserves have come for the careful management of rental income with any excess being allocated to the fabric fund.
The calculation of the level of reserves needed has been taken from a mix of the experience 20 years ago when £1.6 million was spent on refurbishing the building and on the experience of local housing associations. Recent experience such as the discovery of rotted timber lintels and beam ends will be funded from the fabric fund at a cost currently estimated at over £100K. This able demonstrates the need for the level of reserves that the charity has.
The level of reserves will be evaluated quinquennially.
Page 7
The Lady Margaret Hungerford Charity Notes to the financial statements for the year ended 31 March 2024
1 Cont'
Unrealised and realised gains
Realised gains and losses are included in the accounts on the date at which a contractural obligation is entered into.
Unrealised gains and losses are computed by reference to the market value of the investments at the balance sheet date, compared to the brought forward cost or valuation, and gains and losses on similar categories of investment are netted off.
Allocation of costs within types of resources expended
The methods and principles of the allocation and apportionment of all costs between different activity categories of resources set out above are:
All costs are allocated between expenditure categories of the SOFA on the basis designed to reflect the use of the resources. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis, as set out in the notes to the accounts.
2 Winding up or dissolution of the Charity
If upon winding up or dissolution of the Charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the Charity.
3 Surplus for the financial year
| Surplus for the financial year This is stated after crediting: Revenue turnover from ordinary activities and charging: Independent Examiners' fee Interest receivable and other income Bank interest Schoolroom hire Compensation Dividends reinvested Entrance fees |
2024 2023 £ £ 600 540 |
|---|---|
| 2024 2023 £ £ - - 3,480 698 - - 10,122 10,822 312 501 |
|
| 13,914 12,021 |
4 Interest receivable and other income
Page 8
The Lady Margaret Hungerford Charity Notes to the financial statements for the year ended 31 March 2024
| 5 Fixed assets Housing properties Net cost Revaluation |
2024 2023 £ £ 192,691 192,691 5,748,869 5,748,869 |
|---|---|
| 5,941,560 5,941,560 |
The property has been included in the accounts at the current insurance valuation.
| **6 ** | Investments | 2024 | 2023 | |
|---|---|---|---|---|
| £ | £ | |||
| Market value at 1 April 2023 | 245,564 | 345,554 | ||
| Dividends reinvested | 10,122 | 10,822 | ||
| Transfer | - | (100,000) | ||
| Net unrealised (loss)/gain | 5,708 | (10,812) | ||
| Market value at 31 March 2024 | 261,394 | 245,564 | ||
| The investments comprise | No. of | Cost | Market | |
| shares | Value | |||
| £ | £ | |||
| NAACIF accumulated shares | 2280.76 | 80,000 | 261,394 | |
| 80,000 | 261,394 | |||
| **7 ** | Cash at bank and in hand | 2024 | 2023 | |
| £ | £ | |||
| Bank - current account | 26,855 | 112,472 | ||
| Santander | 51,745 | 67,538 | ||
| Petty cash | 2 | 2 | ||
| 78,602 | 180,012 | |||
| **8 ** | Creditors | 2024 | 2023 | |
| £ | £ | |||
| Accruals | 100 | 10,160 | ||
| Wiltshire Council | - | - | ||
| 100 | 10,160 |
Page 9
The Lady Margaret Hungerford Charity Notes to the financial statements for the year ended 31 March 2024
9 Designated fabric fund
Each year the trustees evaluate the required level of the fabric fund taking into account expenditure, inflation and future costs.
10 Designated educational charity fund
During the year there has been no movement in the fund. (2023 - £nil)
11 Movements between funds
| Movements between funds | |
|---|---|
| Unrealised gain on property revaluation Unrealised investment profit / (loss) Unrestricted revenue accumulated funds Total undesignated funds Designated fabric fund Designated educational charity fund Total designated funds Total funds |
Net Unrealised Transfer 1.4.2023 outgoing investment between 31.3.2024 resources gain funds £ £ £ £ £ 5,748,869 - - - 5,748,869 154,742 - 5,708 - 160,450 152,267 (81,228) - - 71,039 |
| 6,055,878 (81,228) 5,708 - 5,980,358 |
|
| 297,098 - - - 297,098 4,000 - - - 4,000 |
|
| 301,098 - - - 301,098 |
|
| 6,356,976 (81,228) 5,708 - 6,281,456 |
Page 10