The Talbot Village Almshouses Trust Financial Statements Year Ended 31 December 2023 Charity registration number.. 249348
The Talbot Village Almshouses Trust Financial Statements Year Ended 31 December 2023 Contents Page Charity Reference and Administrative Details Tnjslees, Annual Report Independent Examiner's Report Slaternenl of Financial Activities Balance Sheet Notes to the Financial Statements 8-14
Tho Talbot Village Almshouses Trust Trustees. Annual Report Year Ended 31 December 2023 Charity registration number 249348 Address do Savills Wessex House Priors Walk Wimborne BH21 1PB Trustees Nicholas Ashley-cooper, The 12 Earl of Shaftesbury Sir Christopher James Lees Bart. Chair Cecilia Mary Bufton James Randolf Gibson Fleming Esq Mary Elizabeth Riall Sir George William Owen Tapps Gervis Meyrick Bart Richard Anthony Culler Independent examSner Daniel Tout FCA PKF Francis Clark Towngale House 2- 8 Parkstone Road Poole BH152PW Chief Executive Caroline Coob8n Solicitor Lester Aldridge LLP Russell House Oxford Road Bournemouth 8H8 8EX Bankers Barclays Bank PIC Investment managers Rathbone Investment Management Ltd 1 Curzon Street London W1J 5FB Other Advlsors Savills {UKI Limited
The Talbot Villagè Almshousos Trust Trustees, Annual Report Year Ended 31 December 2023 The Trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporbng by Charities" IFRS 1021 in preparing the annual report and financial statements of the charty. The financial slalements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's goveming document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance Wbth the Financial Reporting Standard applicable in the UK and Republic of Ireland. Trusteos of the charity The Trustees who have served during the year and since the year end were follows.. Nicholas Ashley-cooper, The 121h Earl of Shaftesbury Sir Christopher James Lees Bart Cecilia Mary Bufton James Randolf Gibson Fleming Esq Mary Elizabeth Riall Sir George William Owen Tapps Gervis Meyrick Bart Richard Anthony Cutler The Trustees act in an entirely voluntary Capacity, and their roles are unpaid. The Trustees of the charity are also Trustees of Talbol Village Trust. Objectives and activities The Trust's powers are sel out in a Scheme approved by the Charity Commissioners on 14th November 1995, and has an incorporated trustee body, as amended on 11th November 2021. Under that Scheme the Trust has powers lo support the Talbol Village Almshouses. The TrLJStees have prepared a five-year rolling plan which is reviewed once a year, incorporating the continued support of the Almshouses, by which they keep under review their constilulional and adrninislralive structures and responsibilities. The main elements of this plan are the charity's ongoing objective to maintain a constant level of accommodation at a high standard. Public benefit statem8nt The Trustees have given due regard lo public benefit when planning the charity's aclivilies, in accordance with the Charity Commission's Guidance on Public Benefit. The charity achieves ils principal objects and purposes through the continued support of the Almshouses. These benefits are directly related lo the aims of the charity and are fully compliant with the Charity Commission Principles on Public Benefit. A¢hievgmgnt$ and performance The Trust continues lo manage Almshouses al Talbol Village, Bournemouth which was part of the original endowment. 11 is the Trustees, policy to maintain and preserve the properties lo a good standard. Compliance inspections and planned preventative Maintenan checks were maintained throughout the year. No significant works were undertaken in 2023 bul one kitchen was replaced during the year.
The Talbot Village Almshouses Trust Trustees, Annual Report Year Ended 31 December 2023 Financial review (including reserves policy) During 2023 the Trust's financial advisers continued lo actively manage the Trust's investèd funds in accordance with the Trusfs policy of trying lo achieve a fair balance between capital growth and income. This policy was adopted by the Trustees al their meeting in May 2005 and has been revised annually thereafter. The capital value of the Trusvs invested securities iTrcreased from £138,902 10 £147.525. Total income for the year was £38,36312022.. £32,840). Of this, £5,651 {2022.' £5,128) was generated from the Trust's invested funds. The balance of £32,71212022'. £27,712) is attributable to grants and donations received from the Talbol Village Trust. {See Note 21. The Trustees endeavour to maintain sufficient reserves lo support 1 10 2 years, future potential expenditure, subject to the support they receive from the Talbot Village Trust. Al the year end, unrestricted reserves were £146,288. Reserves currenly meet this objective. Plans for future perlods The Trustees will continue lo implement their five-year plan in relation to their ongoing support of the Almshouses and investment perfomance, the plan is reviewed annually. structure, governance and management The Chairman is responsible for ovorseeing the management and administration by the Trust Executive as directed by the Trustees. There are two general meetings of the Trust each year. Spocial meetings are arranged when appropriate. Trustees undertake an annual review of the major risks lo which the Trust is exposed and the procedures currently in place lo mitigate these. The management of these and any other risks will be kept under annu81 review. The Trust Is 8 member of rhe Almshouse Asswialion. The Trustees have a strategy which comprises- An annual review of the principal risks and uncertainly that the charity faces.. The eslablishmenl of policies, systems and procedures lo mitigate those risks identified in the annual review.. and The implementation of procedures designed lo minimise or manage any potential Imp8¢1 on the charity should those risks malerialise. This work has identified financial, management and compliance as areas of risk however due to the Trustees, conservative investment policy and use of specialist external advisers il is felt that these risks can be effectively managed. The Trustees keep under revlew any gaps in the range of skill sets pr6sent on the Board and recruit for specific areas of experienoe and expertise keeping in mind the need to meet diversity in all ils forms. All new Trustees are provided with the Trustees Handbook, which includes the Charity Commission Schemes and policy documents, together with other important documents including the Charity Commission publication "The Essential Trustee" New trustees are also invited lo tour Talbol village in which the Almshouses are located as part of their induction. The Trustees are kept up to dale of their responsibilities by the professlonal advisers as appropriate. Investment powers The Tmsl is subject to the provisions of the Trustee Act 2000.
The Talbot Village Almshouses Trust Trustees, Annual Report Year Ended 31 December 2023 Trustees. responslblllties The Trustees are responsible for preparing the Trustees. Annual Report and th& financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principlgs in the Charities SORP 2019 IFRS 1021., make judgements and eslimales th81 are reasonable arid prudent.. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate 10 presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounls and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection irf fraud and other irregulariligs. Details of the independent examiner and their responsibilities are referred to on pago 5 as part of the Report of the Independent Examiner to the Trustees. On behalf of the board Sir Christopher James Lees Bart, Chairman Dale.. 23 July 2024
The Talbot Village Almshouses Trust Independent Examiner's Report Year Ended 31 December 2023 Independent Examiner's Report to the Trustees of The Talbot Village Almshouses Trust report to the Trustees on my examination of the accounts of The Talbot Village Almshouses Trust (the Trust) for the year ended 31 December 2023. Responsibilities and basis of report As the TTuslees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Acl'l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 34515llbl of Ihe Act. Independent examinerfs statement I have completed my examination. I confim) that no m8terial matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act., or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the applicable requirements conMIng the form and content of accounts sel 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 maller 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. Daniel Toul FCA IA partner ofj PKF Francis Clark, Chartered Accountants Towngate House 2- 8 Parkslone Road Poole BH152PW Date.. 8 August 2024
The Talbot Village Almshouses Trusl Statement of Financial Activities Year Ended 31 December 2023 Unr8Strict funds Endowment funds 2023 Total 2022 Total Note Income: Charitable activities Investments Donation 27.712 5,651 5,000 27.712 5.651 5,000 27,712 5,128 Total Income 38,363 38,363 32,840 Expendituro on: Charitable activities 37,286 37.286 28,328 Total expenditure 37,286 37,286 28.328 Nel galns I Ilossesl on Investments 2,858 2,858 15,015) Net Income l (expendlturel 3,935 3,935 1503) Transfers between funds 12 Net movement In funds 12 3.935 3.935 15031 Reconciliation of funds.. Total funds brought foNard 12 142.353 4,762 147,115 147.618 Total funds carried forward 12 146,288 4,762 151,050 147,115 l income and expenditure derive from continuing aclivilies. The notes on pages 8 to 14 form part of these financial statements.
The Talbot Village Almshousos Trusl Balance Sheet Year Ended 31 December 2023 2023 2022 Note Fixgd assets Investments 147,525 138,902 147,525 138.902 Current assets Debtors Cash at bank and in hand 10 5,956 1,644 8,630 3,850 7,600 12,480 Credltors: amounts falllng due wlthln one year 4,075 4.267 Net ¢urrgnt assets 3.565 8.213 Net assets 151.050 147,115 Charity Funds Permanent endowment fund Unrestricted funds 12 12 4,762 146,288 4,762 142,353 Total charlty funds 12 151,050 147.115 The financial statements were approved and authorised for issue by the Board. Signed on behalf of the board of Trustees Sir Christopher James Lees 8art, Chairman Date= 23 July 2024 The notes on pages 8 10 14 form part of these financial statements.
The Talbot Village Almshouses Trust Notes to the Financial Statements Year Ended 31 December 2023 Summary of significant accounting policies la) General information and basis of preparation The Talbot Village Almshouses Trust is a registered charity, registration number 249348. registered in England and Wales. The address of the charity is given in the charity information on page 1 of these financial slalemenls. The nature of the charity's operations and principal activities are described in the Trustees, annual report set out on pages 2 - 4. The charity constilLJtes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 IFRS 1021. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The financial statements are prepared on a going concem basis and under the historical cost convention, modified to include certain items al fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded lo the nearest £. The significant accounting policie5 applied in the preparation of these financial statements are sel out below. These policies have been consislenlly applied to all years presented unless otherwise staled. Ib} Funds Unreslricled funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Endowment funds represent those assets which musl be held permanently by the charity, principally fixed assets, tangible and investrnenls. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unreslricled income. Any capital gains or losses arising Dn the investments form part of the fLJnd. Investment management charges and legal advi relating to the fund are charged against the fund. {cl Incomg rgcognition All incoming resources are included in the Slalemenl of Financial Activities {SoFAI when the charity is legally entitled lo the income after any perfom)ance conditions have been met, the amount can be measured reliably and il is probable that the income will be received. Investment income is earned through holding assets for investment purposes such as shares and property. 11 includes dividends. interest and rent. Dividend income comprises dividends declared during the accounting period. Income from short term deposits is accounted for by reference lo the amount receivable, calculated on a daily basis. Rental income is accounted for on the basis of the amount receivable for the financial year on an accruals basis. Income from charitable activities includes grants paid from the Talbol Village Trust and Almshouses rents due during the accounting period. These are recognised on a receivable basis. Income from endowment funds is unrestricted.
The Talbot Village Almshouses Trust Notes to the Financial Statements Year Ended 31 December 2023 {dl ExpenditUTe recognition All expenditure is ac¢ounled for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal OT constructive obligation to make payments lo third parties, it is probable that the selllement will be required and the amount of the obligation can be measured reliably. le) Support costs allocatlon SupFX)rt costs are those that assist the work of the charity bul do not directly represent charitable activities and include office costs, governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated lo expenditure on charitable activities on a basis consislenl with use of the resources. The analysis of these costs is included in note 5. lfj Investments Investments are recognised initially at fair value which is normally the transaction prfce excluding transaction costs. Subsequently. they are measured at fair value with changes recognised in 'nel gains I (losses} on investments. in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. {gl Debtors and credltors recelvable I payable wlthln one year Debtors and creditors with no staled interest rate and receivable or payable within one year are recorded al transaction price. Any losses arlslng from impairment are reco9nised in expenditure. {hl Tax The charlly Is an exempl charity within the meaning of schedule 3 of th& Charities Act 2011 and is considered to pass the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it eets the definillon of a charitable company for UK corporation tax purposes. li) Alms Houses The Talbol Village Alms Houses are included on the balance sheet of the connected charity (see the Trustees report), The Talbol Village Trust, within ils tangible fixed assets and shown at their existing use value as determined at 31 December 2000.
Tha Talbot Village Almshouses Trust Notes to the Financial Statements Year Ended 31 December 2023 Income from charitable activities 2023 2022 Grant equivalent to o¢Gupational charges received from Talbol Village Trust 27,712 27.712 Donations received from Talbot Village Trust 5,000 32,712 27,712 Income from charitable activities was £32.712 {2022 - £27,712} all of which was attributable to unreslricled funds. Income from Investments 2023 2022 Dividends- equities Interest 5,625 26 5,124 5,651 5.128 Income from investment was £5,646 {2022 - £5,128) all of which was attributable to unrestricted funds. Analysis of expenditure on Charitable aetlvities Support costs Total 2023 Total 2022 Charitable activities 37,286 37,286 28,328 37.286 37,286 28,328 £37,286 {2022 - £28,328) of the above costs were attributable lo unrestrided funds. 10
The Talbot Village Almshouses Trust Notes to the Financial Statements Year Ended 31 December 2023 Allocatlon of support costs Support cost Basis ol allocation Total 2023 Total 2022 Gov8rnanc8 Other See note 6 See b81ow 1,500 35,786 2,196 26,132 Tolal 37.286 28.328 Analysls of other support costs Total 2023 Total 2022 Establishment costs Repairs and maintenance Sundry and other Legal and professional fees 1,442 29,559 195 4,590 2.438 20,450 195 3,049 Total 35,786 26,132 Govèrnancè Costs Totsl 2023 Total 2022 Accountancy fees Independent examiner's fee 275 1.225 1,176 1,020 1.500 2,196 Independent examlner's remuneratlon The Independent examiner's remuneration amounts to an independent examination fee of £1,225 12022- £1,02018nd other services of £27512022 - £1,176). Trustoe$' and key managemenl personnel remuneration and expensas The Trustees neither received nor waived 8ny remuneration during the year12022 - £nill. The Trustees did not have any expenses reimbursed during the year12022 - £nil}.
The Talbot Village Almshous85 Trust Noles to the Financial Statements Year Endod 31 December 2023 Fixed asset investments Listed investments Cost or valuation Al 1 January 2023 Additions Disposals Revaluation Al 31 December 2023 138.902 5,765 2.858 147.525 Impairment Al 1 January 2023 Written off Written back Eliminated on disposals Al 31 December 2023 Carrying amount= Al 31 December 2023 147,525 Al 31 December 2022 138,902 Investments at fair value compromise.. 2023 2022 Equities 147,525 138,902 147.525 138,902 10 Debtors 2022 2021 Prepayments and accrued Income 5,956 8,630 5,956 8,630 12
The Talbot Villago Almshousas Trusl Noles to the Flnanclal Statements Year Ended 31 December 2023 11 Creditors: amounts falling due within one year 2023 2022 Trade creditors Accruals and deferred income 1,600 2,475 564 3,703 4,075 4,267 12 Fund reconciliation Unrestricted funds alanceal I Gains I (losses) Ba1an¢eal 31 January 2023 Income Expenditure Transfers Detsmb¥2023 Unrestricted 142,353 38,363 137,286) 2.858 146,288 142,353 38.363 137,2861 2,858 146,288 Endowmont funds Balanreal 1 Gains I Ilossesl Balarth at31 January 2022 Income Expenditure Transfers Decemb¢r2022 Pem)anent endowment 4.762 4,762 4,762 4,762 Fund descriptions a} Unreslricled funds Unreslricled funds are for use al the csiscrelion of the Trustees in furtherance of the general objectives of the charity. bl Endowment fvnds Endowment funds represent fixed assets held pemianenlly by the charity, freehold propety and investments. Income arising on the endowment funds is used in accordance with the objects of the charity. 13
The Talbot Village Almshouses Trust Notes to the Financial Stalements Year Ended 31 December 2023 13 Analysls of net assets between funds 8$tCted lund5 Endowment Total 2023 (unds Fixed assets Cash Other current assets 142,763 1,644 1,881 4,762 147,525 1,644 1,881 Total 146,288 4,762 151,050 14 Relatgd party transactions Talbot Village Trust supports ils connected charity (see the Tnjslees, report), The Talbot Village Almshouses Trust by way of a grant and donation. The grant and donation for the year amounted lo £27,712 and £5,00012022.. £27,712 and nill. Al the year end an amount of £5,05012022.. £7,7351 was due to thg Talbol Village Almshouses Trust from Talbol Village Trust in rospect of Iransf&r5 of Almshouses occupational charges less accountancy fees paid by Talbot Village Trust on behalf of Talbol Village Almhouses Trust. 14