Registered Charity Number 263259 Plumstead Almshouses Report and Accounts for the Year Ended 31 Dernber 2023 Mattison & Co Accountsnls 70 High Street Chislehurst Kent BR7 5AQ
Plumstead Almshouses Report and Accounts Contents Page Legal and Administrative Information Trustees, Report Independent Examiner's Report Income and Expenditure Income and Expenditure- statement of total recognised gains and losses Balance Sheet Notes to the Accounts Statement of Financial Activities 2,3&4 5&6 10.11 & 12 13
Plumstead Almshouses Legal and Administratlve Infomiation Charity number 263259 Trustees as at 31 December 2023: Jennifer Ball Angus Bearn Jeremy Forty Barbara Harris Michael Maccarthy Allan Nichols Ben Williams Accountants Sandra Hipwell FMAAT Mattison & Co Accountants 70 High Street Chi51ehurst Kent BR7 5A0
Plumstead Alm$houses The Report of the Trustees for the Year Ended 31 December 2023 The Plumstead Almshouses is a small registered charity. It currently oonsisls of 20 apartments set out on the ground and first floor of'¢ottages'. These are situated on the corner of Plumslead Common. The Charity dales from 1896. 11 was founded through the generosity of local people. They wanted to fund a charity to provide aceommodation for needy people in the Parish of Plumslead who were over the age of 55. That tradition continues to this day. Beneficiaries of the charity become residents of the Almshouses. Invariably, they settle in lo enjoy the community and facilities, so vacancies are rare. There were three vacancies during 2023 - a relatively high turnover- which meant that the apartments concemed were refurbished ready for new residents. Even so. during 2023, the occupancy rate was 97.30/0. This high rale of occupancy reassures the Trustees that the charity is doing what it can to provide public benefit through the provision of dwellings. The Plumstead Almshouses are well placed financially. Assets at the end of 2023 were £1,421.232. Historically, expenditure has fluctuated beeen £55,000 and almost Iwice that, depending on the needs of the year. No actual budget is set, bul the financial position is reviewed at each Board Meeting. For 2023, income (from investments and Maintenance Charges) exceeded expenditure al the rate of £116,280 to £82,055. Together with rises in the valuation of investments, £93,301 was added to the amount brought forward from the previous year lo arrive at the £1,421,232 of assets. Various conts'ngencies Isuch as the need for a new roof, garden re-design. and unknown unknown5) suggest that it is sensible to earmark up lo £250k as reserves. This still leaves over £1m unallocated. The Truslees are sure that the spirit of the original founders, plus the obligation lo maximise public benefit. obligates the Charity lo spend this money positively. Options to consider include the purchase or development of more dwellings. To this end, il was resolved to hold a Strategy Day separate from routine meetings. This was seheduled for April of 2024, so more on the outcome of that in next year's Trustee Annual Report. Regarding the monay needed to praserve the buildings an obvious priori the Trustees commissioned and received a five-yearly surveyor's assessment. Happily, it contained no surprises and did not require any extra financial provision. On a routine level gas-safety, insulation, electrical safety, fire checks and so forth - each apartment is up to dale_ In the meantime. residents benefitted from a few additional ¢onsiderations, which the Charity is empowered to make as Trustees see fit. For example. as some of the residents were no longer as active as gardeners, a gardener was engaged. His role is to maintain the communal hedges and lawn, but also lo help residents with their ambitions for their own patches of garden or pots. We shall see how this goes, bul inibal reports are positive. Marks and Spen¢er vouchers to the value ot £50 were issued at Christmas lo ea¢h household. At the suggeslton of one resident, a defibrillator wa5 installed on the grounds. A new door-enlry system for some of the apartments upgraded the deteriorating doorbells.
Plumstead Almshouses The Report of the Trusteès for Ihe Year Ended 31 December 2023 In particular, the Maintenance Charge which residents pay towards the expense of the buildings and services was kept low. Despite inflationary pressures, there was no change during 2023. Residents paid £308 per month for a studio or £321 per month for a one-bedroom apartmenL This is a considerable charitable benefit in the context of London rents. We were fortunate lo receive the Resident Survey conducted by Ben Vmlliams, Trustee. Questions included.. _ How happy are you living at Plumsle8d Almshouses? Fifteen resident5 seored 5 out 5 and one 3oulof5. How happy are you wNth the repairs Seice? Results were ovenNhelmingly positive with 2 residents indicating that sometimes there could be a delay. What could be donè to improve the lives of residents at PlumsteadAlmshouses? Only 3 residents had any suggestion generally related to their own home. One resident suggested circulating a list of residents details to all newcomers to ease IntrLxluctions. Generally, results were thought to be strong, setting a high bar for the charity to jump in future. It is proposed to repeat the survey in the summer of 2024. For the first time in many years, a beneficiary was asked to ave during 2023. 11 appeared that the storage needs of this person were not compatible with the size of the accommodation available. This is in no sense 2 failure. Helping those in most need means that, occasionally. those needs mighl exceed what the Almshouses can provide. That happens, and it shows that the Almshouses is operating where il should, rather than taking a narrow view of who to help. 11 also gave Trustees the useful experience of rnanaging the exit process. Finding people who meet the criteria and who want to live at the Almshouses is done Carefully. The Charity Scheme requires that an advert be issued for each vacancy unless it is less than 12 months since the last adverL In addition to this, a poster was made and taken around the local pubs, cafes, churches and - for example- lo Woolwich Front Room for further dislribulion. This helped lo engage more applicants. In terms ol management, again the Plumslead Almshouses continued in a strong position. Despite the seriou5 illness of one Trustee, all seven Trustees remained on ts)ard for the year. Mikè Anscomb@ continued to provide adminislralion and support services across all areas. The Trustees acknowledged that il is largely through Mr Anscombe's approach to residents that such a good-nalured community has been facilitated. Of course, not everything runs smoothly for ever. By way of risk management, the Trustees reviewed their policies to keep up to date with guidance issued by the Almshouses Association, amongst others. The Risk Register was also reviewed and actions tweaked accordingty. Many thanks to all the Twstees for their p*ience and dedication to these tssks. Upgrading the grounds is a distinct challenge. Redesign must strike a balance beeen providing welcoming, usable communal Spa (unlike the historically bumpy lawnll and yel avoid an institutional feel. It is particularly important to provide space for the upstairs residents who do not have private patios. Sadly, the tendered paving project designed lo gel this work undenNay failed lo attract sufficient conlraclors. Only one quote was received. A reduced 5¢heme will be re- tendered during 2024 to get things underway.
Plumstead Almshouses The Report of the Trustees for the Year Ended 31 December 2023 Overall, the last ten years has been a period of consolidation for the charity. A period in which the building5 and procedures have been brought up to the mark. More importantly. a good standard of accommodation has been made reliably available to the public of PlumsleadlGreenwich. Over the next ten years. the ambition is to expand the accommodation available and the quality of the communal spaces. Given nearly 130 years of history, and the satisfactory operation of the Charity, no-one is in a rush lo disrupt the business model. Nevertheless, the ambition to expand will. with due diligence, gel underway during 2024. SHJned on behalf of trustees by Angus Bearn, Chairman
Plumstead Almshouses Independent Examinerfs Report to the Trustses of the Charity Report of the Independent Examiner to the Trustee$ on the Accounts of the Charlty for the year ended 31 December 2023 I report on the financial statements of the Charity on pages 7 to 10 for the year ended 31 Dernber 2023 which have been prepared in accordance with the Charities Act 2011 and in accordance with FRS102 the Financial Reporting Standard appliGable in the UK and Republic of Ireland las applied to smaller entities by Section 1A of the Standard), adapted to meet the needs of unincorporated organisalions, as modified by the Statement of Recommended Practice for Accounting and Reporting issued by the Charily Commis5i0ners for England & Wales, effective April 2005 as revised in June 2008 Ilhe SORPI, under the historical cost convention and the accounting policies set out on page 10. Respective Responsibllltles of Trustees and Examiner The Charify's Trustees a responsible for the preparation of the financial statements. The Tnjstees are satisfied that the audit requirement of Section 144{11 of the Charities Act 2011 (the Acll does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a consequence, the Tfustees have elected that the financial statements be subject to independent examination. Having satisfied myself that the charity is not subject to audit, and is eligible for independent examination, it is my responsibility to'.- al examine tt)e accounts under section 145 of the Act., b) lo follow the procedures laid down in the General Directions given by the Charity Commission under seelion 14515)Ibl of the Act.. and cl lo stsle whether particular matters have come to my attention. Basis of opinion and scope of work undertaken I conducted my examination in accord8nce with the General Directions given by the Charity Commissioners for England & WaSes in relation to the conducting of an independent examination, referred to above. An independent examination includes a review of the acwunting records kept by the Charity and of the accounting systems employed by the Charity and a comparison of the financial slalements presented with those records. It also includes consideration of any unusual iterns or disclosuie5 Ill the financial statements. and seeking explanation¥ from the Trusto¢g concerning such matters. The purpose of the examination is lo establish as far as possible that there have been no breaches of the Charities legislation and that the financial statements Comply with the SORP. on a test basls of evidgnce relevant tv the arnounts and disclosures in the financial statements. The procedures undertaken do not provide all the evidence that would be required in an audit, and Information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquirie5. and consequently I do not express an audit opinion on the view given by the ffinancial slatemenls, and in parbcular, l express no opinion as to whether the financi81 statements give a true and fair view of the affairs of the charity, and my report is limited to the matters sel out in the ststement below. I planned and perfomied my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report l obtained written assurances from the Trustee5 Of all material matters.
Independent Examiner's Statemont. report and opinion Subject to the limitations upon the scope of my work as detailed above, in connectlon with my examination, I can confirm that this is a report in respect of an examination carried out under section 145 of the Act and in awordance with any directions given by the Commission under subseclion15)Ibl of that section which are applicable,. and that, no matter has come to my attention in connectson with my examination which gives me reasonable cause to believe that in any material respect the requirements (il lo keep accounting COrdS in accordan with section 130 of the Act., li1} to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Act and., liiil that the fi'n8ncial statements be prepared in accordance with the methods and prrnciples set out in the Stslement of Recommended Practice- Accoijnling and Reporting by Charities have not been met., or lo which, in my opinion, attention should be drawn in my report in order lo enable a proper understanding of the o¢counls to be reached. The dale on which my opinion is expressed 15 21 August 2024. Sandra Hipwell FMAAT
Plumstead Almshouses Income and Expenditure for thg year ended 31 December 2023 Total Funds un$trICd Last Year Totsl Funds Unrestricted Notes 2023 2022 Incoming resources Maintenance conliibutions Investment income 74.684 41.596 77,084 39.304 Total Incomlng resources 116.280 116,388 Costs of charitable activities Governance costs 80,915 1,140 52.515 1.080 Total soUrceS expended 82,OS5 53,595 Net incoming resources 34.225 62,793 Other recognised galns and losses Gainslllossesl on investment assets 59,076 1119,4C61 Net movement in funds 93,301 156,6131 Recon¢iliation of funds Total funds brought forward 1,327,931 1,384,544 Total funds carried forward 1A21,232 1,327,931 The net movement in fun(Js rèferred to above is the rbet incoming resources as defined in the SORP nd is reconciled to the total funds ats Shown in the Balan¢0 Sh¢?t on page g as rpquiY•d by the the SORP. All aetivlties derfve from continuing operations The notes on pages 10 to 11 forni an intsgral part of thesp accounts.
Plurnstead Almshouses Income and Expenditure for the year ended 31 December 2023 Statement of Total Recognised Gains and Losses for the year ended 31 December 2023 2023 2022 Excess of income over expenditure before realisation of assets 93,301 156,6131 Net movement in funds 93,301 156,6131 Movements in Revenue and Capltsl Funds for the year ended 31 December 2023 Revenue accumulated funds Total Last year Totzl Funds Unrestrlcted 2022 Funds Unr8Strlcted 2023 Accumulated funds b¥ought forward Recognised gains and losses Closlng revenue accurnulated funds 1,327.931 93.301 1.421.232 1,384.544 156.6131 1.327.931
Plumstead Almshous95 Balance Sheet as at 31 DeGember 2023 Notes 2023 2022 Current assets Debtors Current asset inveslm8nts Cash at bank and in hand Total curr8ntassets 1,4C 1,304,062 115.e24 1,421,292 2,226 1,244,986 80,719 1.327,931 Creditors:_ Amounts due wthin one year Net curnnt assets 1,421,232 1.327,931 Total assets less Cuffentllabllltles 1.421,232 1.327,931 Net asset$ 1,421,232 1,327,931 The funds of the ¢harlty.' Unrestricted revenuè accumulated funds Unrestricted capital funds Designated funds Total unrestricted funds 1.171,232 1.077.931 250,000 250.000 1,421,232 1,327.931 Total charity funds 1.421,232 1.327.931 The accounts have been prepared and delivered tn acrdanCe wth the special provisions applicable to rLsrnpanies subject lo the Small companies regime. Approved by the Board of Trustaes on 21 Augisl 2024. Trustsè A. Beam
Plumstead Almshous•s Notes to th¢ Accounts for the year ended 31 December 2023 A¢¢ountlng policie$ 1 aasi5 of pr8paratlon of the accounts TTr finandal statements have been prepared under the hi$torical tost convention with items recognised at C05t or transaction value unles$ olhetsvise staled in the relevant notes to these aGcounls. The accounts have been prèpared in accordance with the Slaternent of RecommandEd Practire for Accounting and Reporting by Charitie5 preparing their aGcount5 in aGGotdancé with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and with the Charities Acl 2011. In¢oming Resourc85 Residents are required by the Trustees, In accordance wrth th8 terns of th8 scheme goveming the charity. to make contribLrtions tewards the cost of maintaining the homes and essentkal 5etvice5. The contribLrtiOns are Shown as maintenance conlribLrtions In the financial statements. R•sourees Expendod Resources %nded are induded in the Statement of Fin8ncial Activities on an aceruals basis. indusive of any VAT which cannot be recovered. EXpendItu on govemanco costs of the ehèrlty Expenditufft on governanc& costs of the charty includes 811 expènditure not directly related tts the haritable dGtivity Orfurralslfi9 ventures. Invesbnents Listed investmerlts are rneasured at fair value. Changes in fair value are induded in the profil and 1gs$ account. 2023 2022 2 Revenue from ordinary actyvities and bEfore charging.." Ind8pÈnd8nt Exarnlnafs F885 74,684 77.084 1,140 1.080 3 Incom• from Inveslments 2023 2022 Inc(Yne frorn listed current asset invaslments Other bank deposit interest received 40,296 1,300 41.596 39.268 36 39,304 4 P&mnentenOwm6t assets and ¢onWnnl a65ets *¥Glude(l trom the Baianee Sheet The Freehokl of the Almsheuses situated ift He8viiree Road and Waverley Crescent, Plumsie8d * not Included in the financial statemen15 Reliable co$1 inlormation is not av8ilablt for the Almshouses and in thg opinion of the Trustees 8 valuation would Involve S1Th¢ant GOSt5 which would b& onerous compared Wlh any ben&fit derrd by users of the financial statements. Costs of improvements lo the propertie5 are included in Charitable E%nSeS.
Plumstead Almshouses Notes to thè Accounts for the year ended 31 Deeember 2023 5 DebtOY8 2023 2022 Prepaid expans85 1,406 2,226 6 Inve5tmerts lld a$ currentassets 2023 2022 Listed investments 1.244,986 7 Cash at bank and in band Cash brt 80,719 Nèt incoming resources Nèt addltKsn lo inve51menl$ Mov8ment Sn debtor5 Movement in creditor5 34.225 820 60 35.1D5 Cash cjr 115,824 8 Creilltors 2023 2022 A#ountancy fee5 80 9 TMn8adlon8 wlth Trust888 Tlro were no tran5a¢iion$ with Tw5t88$ during the year. 10 Partlculars of Indlvldual Funds analysls of a55ets and liabllities repvesentlng funds At 31 D¢¢embor 2023 Unre5tri¢t*d De8ignated funds fund5 Restricted funds Tc¢tal Funds Curr¢nt Aggets Cuirent Llablllties 1,171.292 1601 1,171,232 250.000 1.421.292 1601 1.421.232 250.000
Plumstead Alm$house$ Notes to the Accounts forthe year ended 31 D•cemb8r 2023 At l January 2023 Unrestrlctsd Designated fund5 fund¥ Restri¢t0d Total lund¥ Fund$ Current As$e15 1.077.931 1,077,931 250,000 250,000 1,327.931 1,327,931 The Sndlvlilual funds Include(S above are:. Funds at 2022 M¥vgm?nt8 Transfers Bett¥een funds Funds at 2023 Funds as below 1.327 931 1.421.232 Anatysi5 of mov¢monts in fvJ)d$ as $hi)wn in the tsblo abovg Incoming Re50urc85 Outgoing REsourGe5 Gain5 8 Losses 141ov8mefit in fund5 f16,280 82,055 59.076 93.301
Plumstead Almshouses Staternent of Financial Actlvities torthe year 8nded 31 December 2023 2023 2022 Income from Investsments Income from listed current asset inveslment5 Other bonk depoort iftteresl recewéd 40.298 1.300 39.288 36 Total Investment Ineome 41,596 39.304 Cost5 of generating funds Prernises Gosts Rates, walef and 8ervits charges Insurance Light and heat Premise5 iTDprovements Pr8mises rep>its and ren8wat5 Garden m8inlenanr 5,198 2,633 4,709 2,416 751 11,986 19.55fj 1.643 16.181 1.522 GwwaladmlnlstrJtive 1)elySe Subscription5 AdmiDi$lrallon costs 83 337 26,492 107 31,e75 1201 41 31.779 Bank ch8rge5 Sundry expenses 26.936 Prnlesslon¥ttf•*slnsLtpport olthJrit•ble aCtleS Legal and professional 7.539 7.539 Total Expend•d on Charitsble Actlvitie8 80.915 52,515 GovemanGe costs that er8 not management funclitsns inherent in gener&ting funds, seNice delivery 4nrlpmgr8mme orprojecl work Speclfic govern¢é Costs IndependEnl Examinerfs Fee 1,140 1,080 Total go¥ernan¢e costs 1,140 1,080 13