2023-03-31-accounts

Charity number: 292859

Henley Municipal Charities

comprising

Henley-on-Thames Almshouses Charity No 292855 Henley-on-Thames Relief in Need Charity No 292856 The Stevens Hart and Municipal Educational Charity No 292857 Henley-on-Thames Bridge Charity No 292858 Henley-on-Thames Church Charity No 292859

Trustees’ Report and Financial Statements

For the year ended 31 March 2023

Henley Municipal Charities

Contents

	Page
Reference and administrative details of the charity, its trustees, and	1 – 2
advisers
Trustees’ report	3 – 8
Independent Auditor’s Report	9 – 11
Statement of financial activities	12 – 13
Balance sheet	14 – 15
Notes to the accounts	16 – 34

Henley Municipal Charities

Reference and administrative details of the charity, its trustees and advisers

For the year ended 31 March 2023

Trustees– Henley Municipal Charities	Ex-Officio
	Cllr Ms S Miller (Town Mayor) (appointed May 2023 and
	resigned September 2023
	Cllr Ms M Thomas (Town Mayor) (appointed May 2022
	and retired May 2023)
	Rev J Tayler
	Nominative
	Dr R I Tomlins
	Cllr Miss K Hinton
	Cllr Ms J Robb
	Co-optative
	Mrs G M Ovey
	Mr D A Tate
	Mr M N Forsdike (Deputy Chairman)
	Dr P A Ashby
	Mr T A Stubbs (Chairman)
	Mr G Thomas
	Mrs C Miles-Kingston
	Mrs A Collins
Clerk	Miss W A Bowsher
Treasurer	Mr A Bunce CA
Charities registered numbers	292855
	292856
	292857
	292858
	292859
Principal office	Office to the rear of 24 Hart Street
	Henley-on-Thames
	Oxon
	RG9 2AU
Auditors	Kreston Reeves LLP
	Chartered Accountants
	Registered Auditors
	Montague Place
	Quayside
	Chatham Maritime
	Kent
	ME4 4QU

Page 1

Henley Municipal Charities

Reference and administrative details of the charity, its trustees and advisers (continued)

For the year ended 31 March 2023

Bankers	Lloyds Bank plc
	1 Reading Road
	Henley-on-Thames
	Oxon
	RG9 1AE
Solicitors	Clarkslegal
	One Forbury Square
	The Forbury
	Reading
	Berkshire
	RG1 3EB

Page 2

Henley Municipal Charities

Trustees’ report

For the year ended 31 March 2023

The Trustees present their annual report together with the audited financial statements of the charity for the year ended 31 March 2023.

Structure, governance and management

a. Constitution

The Henley Municipal Charities and the Henley-on-Thames Church Charity are both governed by a Scheme dated 3 July 1984. They are managed on a unified basis.

The Henley Municipal Charities comprises the following individual charities: Henley-on-Thames Almshouses Charity (No 292855) (The Almshouse Charity) Henley-on-Thames Relief in Need Charity (No 292856) (The Relief in Need Charity) The Stevens Hart and Municipal Educational Charity (No 292857) (The Educational Charity) Henley-on-Thames Bridge Charity (No 292858) (The Bridge Charity) The Henley-on-Thames Church Charity (No 292859)

b. Method of appointment or election of Trustees

The Scheme incorporates details of the historic charities forming the basis of today’s 5 Charities.

The areas of benefit covered by the Charities are the ecclesiastical boundaries of the parishes of Bix and Rotherfield Greys and the civic boundaries of the town of Henley-on-Thames.

The Board of Trustees consists of 13 persons being 2 ex officio, 3 nominative and 8 co-optative Trustees.

The ex-officio Trustees (2) are the Town Mayor of Henley-on-Thames and the Rector of the ecclesiastical parish of St Mary the Virgin, Henley-on-Thames. In May 2022, Cllr Ms M Thomas became ex-officio Trustee when elected as Town Mayor and continued to serve until her retirement in May 2023. Cllr Ms S Miller became an ex officio Trustee when elected as Town Mayor in May 2023.

The nominative Trustees (3) are appointed for a 4 year term by the town council of Henley-on-Thames and the parish councils of Bix and Rotherfield Greys. Cllr Ms K Hinton was re-appointed as Henley nominative Trustee.

The co-optative Trustees (8) are appointed by the Board of Trustees for a 5 year term each. Every effort is made by the Board to ensure serving Trustees offer a relevant skill to create a balanced Board capable of administering the requirements of the Scheme in an efficient and timely manner. Past experience shows that local knowledge of potential Trustees has served the Board extremely well over its history.

New Trustees are given details of the Charities in an introductory letter, information pack and may seek further information and guidance at any time thereafter if required from the Chairman, a fellow Trustee or the Clerk.

Trustees meet on a monthly basis where possible and each January elections for the position of Chairman and Deputy Chairman are held. In January 2023, after a ten year period of Chairmanship Mr M N Forsdike stepped down. The Trustees recorded their grateful thanks for the steadfast leadership and guidance of Mr M N Forsdike. The Trustees elected Mr T Stubbs unanimously to the position of Chairman and Mr M N Forsdike was unanimously appointed Deputy Chairman to provide support in succession. A quorum for each monthly meeting is 5 Trustees.

Page 3

Henley Municipal Charities

Trustees’ report (continued)

For the year ended 31 March 2023

c. Organisational structure and decision making

Properties administered by the Board of Trustees within the town of Henley-on-Thames include 23 almshouses located at Church Avenue, Vicarage Road and Western Close and commercial properties namely the retail unit/offices and residential flat at 24 Hart Street; the retail unit and residential flat at 25 Market Place and the public house known as the Angel on the Bridge.

Day to day administration is carried out by the Clerk (sole employee) with responsibility for carrying out the decisions made by the Board of Trustees, managing the maintenance, repairs and requirements of the almshouse properties, and liaising with the maintenance contractor. As and when necessary the Clerk works with the Chairman and Deputy Chairman under delegated powers granted by the Board.

Trustees have a rota to ensure one or more Trustees visit each resident once a month to ensure all maintenance problems are reported and that the general well-being of residents is monitored.

Risk management

The Trustees have identified the following major risks to which the charities are exposed:

• Damage to buildings and property/Collapse of property market A large proportion of the Charity's income is derived from its investment in commercial property, consisting of retail units, public house and restaurant, office premises and flats in Henley-on-Thames.

It is a central objective of the Trustees to optimise the rental income from these properties whilst keeping them in a good state of repair. The rental market has remained stable in Henley-on-Thames and we expect this to be sustained in the immediate future.

Where new tenants are sought Trustees endeavour to ensure that the tenant has good financial strength. Where appropriate Trustees will request a rent deposit and in some cases a guarantor may be requested.

Loss of rent insurance is in place for all commercial properties.

• Financial management Trustees approve all expenditure at monthly meetings. Budgets are prepared annually and monitored on a monthly basis. Quarterly management accounts are approved by Trustees. Duties are segregated to mitigate the risk of fraud or other irregularities.

• Lack of tenants causing a loss in rental income Vacancies are kept to a minimum during refurbishment programmes. Vacancies are advertised and residents placed in accommodation as soon as practicable.

• Investment risk on the COIF and Courtiers investments An ethical investment portfolio is managed by CCLA, one of the UK’s largest charity fund managers and Courtiers Investment Services. The portfolios are diversified to reduce the charity’s risk.

The Trustees are satisfied that all of these risk areas have been addressed and adequate systems are in place to mitigate any losses.

Page 4

Henley Municipal Charities

Trustees’ report (continued)

For the year ended 31 March 2023

Policies and objectives

The 5 Charities encompassed by the working title of Henley Municipal Charities form the “workload” for the Trustees with the Almshouse Charity taking the major role.

Almshouse Charity to provide a quality standard of almshouse for applicants by way of a continuing programme of upgrade/refurbishment of almshouses as and when available. Residents shall be poor persons of good character who (except in special cases to be approved by the Charity Commission) are resident in the areas of benefit at the time of appointment.

Relief in Need to apply the income of the Charity in relieving either generally or individual persons resident in the area of benefit who are in conditions of need, hardship and distress by making grants of money providing or paying for items, services or facilities calculated to reduce the need, hardship and distress of such persons.

Educational Charity to promote education (including social and physical training) of children and young persons who are resident in the areas of benefit and who are in need of financial assistance including among other subjects awards for scholarships, exhibitions, bursaries, purchase of books, outfits, clothing, tools, instruments to assist in the pursuit of their education, a trade, a profession or occupation. Also to provide special benefits of any kind not normally provided by the local education authority.

Bridge Charity to apply the remaining 50% of income remaining after requisite payments for administration expenses and to the Church Charity for the benefit of the almshouse residents or for a charitable purpose within the area of benefit as thought fit by the Trustees.

Church Charity to pay 50% of the annual income derived from the property at 25 Market Place to the Parochial Church Council of the Parish Church of St Mary the Virgin, Henley-on-Thames for use in the upkeep and repair of the Church and the maintenance of services therein.

Strategies for achieving objectives

The Trustees will continue to apply the charity’s income to the objectives as described above.

Achievements and performance

a. Review of activities

Activities/achievements

• While the pandemic passed to a more workable level, the cost of living crisis and cold winter affected many almshouse residents as well as those in the community. The Charities worked hard to support all almshouse residents to ensure they were receiving relevant support and that they had sufficient funds for food and heating.

• During the year all almshouse residents completed a periodic financial review. This brought to light two households that no longer met the Charities criteria and in consultation with the residents they were asked to leave. Full support was given throughout to find the residents other suitable accommodation. The properties were renovated and are now occupied by new residents.

• All commercial and residential properties were occupied and maintained to a high standard.

Page 5

Henley Municipal Charities

Trustees’ report (continued)

For the year ended 31 March 2023

• The 1-3 Duke Street sub-committee continues to manage the conclusion of the long lease of 1-3 Duke Street due to end in the summer of 2024 and also continues to work towards the best optimisation of the property for the benefit to the Charities.

• In the autumn, at the Burgess Homes of Rest all new double glazed windows were fitted and proved to be highly beneficial for the residents during the cold winter and continuing to help the environment.

• Local primary and secondary schools, college and individuals continued to be supported through grant giving for vital equipment to support pupil’s online learning where funding had not been provided elsewhere.

• A summer boat trip was arranged for the almshouse residents, with many residents who had not been able to socialise previously enjoyed the occasion very much. In the winter it was a pleasure to hold the almshouse resident’s luncheon face to face in the Chantry House with Toad Hall Garden Centre generously providing the table decorations, Berries Coffee Shop providing the coffee and Pavilion Foods serving a delightful luncheon enjoyed by all.

• In direct relation to the cost of living crisis the Charities’ worked with the Henry Smith Charity who enabled a significantly higher grant award in recognition of the Charities’ Relief in Need work carried out in the community. For the first time the Charities granted a total of £9,600 to Almshouse residents distributed in two levels for those in the greatest need based on savings. The two single occupancy grant amounts were £300 or £450 and double occupancy £500 or £750.

• Further Relief in Need grants made to the community included an individual grant of £400 to buy a specialist bed, an individual received a grant of £630 towards Pre-School provision, two individual grants of £543.79 and £300 towards heating and an individual received respite pre-school provision of £240. The Henley Lions Club Christmas Parcels Fund received a higher grant of £2,500 in recognition of the increased demand to support more families.

• Grants were made from the Education Fund to Nettlebed Community School, £1,500 to Shiplake Church of England Primary School, £966.85 to Valley Road School £100.

• The Bridge Charity awarded grants to the Henley Youth Festival, £1,000, Henley & District Handibus, £50 and Henley Junior Choral Society, £800.

Finance and reserves

• At the annual review of almshouse maintenance contributions increases were stabilised in accordance with recognised levels of improvements and more in line with the Fair Rent Officer`s rent valuations

• Funds were retained in the Bridge Charity to allow broader grant giving in line with the constitution

b. Investment policy and performance

The Charities’ objective for the investment of funds is to apply such funds so as to achieve a balance between income generation and capital growth over the longer term, consistent with the degree of risk considered acceptable by the Trustees. Accordingly, funds are invested in COIF and Courtiers Investment which are considered to provide an adequate spread of risk and an acceptable return and are monitored regularly by trustees. All investments are used to generate income to meet the Charities’ objectives. Details of the charities’ investment income are shown on page 19. All investments are in COIF or Courtiers Investment products. Further information about the investment properties is given in note 14.

Page 6

Henley Municipal Charities

Trustees’ report (continued)

For the year ended 31 March 2023

c. Fundraising activities

The Charities (Protection and Social Investment) Act 2016 introduced new regulations in respect of a charities fundraising activities.

The charity is not involved in fundraising either directly or by anyone acting on its behalf. There is no requirement to conform to recognised fundraising standards as the charity does not engage professional fundraisers or fundraise on its own behalf. Therefore, there have been no failures to comply with the standard and no fundraising complaints have been notified to trustees. In addition, the public, including vulnerable people have not had unreasonable intrusion into their privacy, unreasonably persistent approaches or undue pressure to give.

Financial review

Reserves policy

The trustees have set up several designated repair and maintenance funds in order to ensure that enough reserves are available to enable the charities to carry out their objectives into the foreseeable future.

During the year the trustees reviewed the current refurbishment programme for almshouses and agreement was reached that the annual funding of the designated reserves was adequate and should be maintained at current levels, £3,000 per month to the Extraordinary Repairs Fund and £1,000 per month to the Cyclical Maintenance Fund and the Routine Upkeep Fund. A further review to be undertaken in January 2024.

At 31 March 2023 designated funds amounted to £349,045 and together with future monthly contributions of £5,000 these were considered by the trustees to be adequate considering the current refurbishment programme.

In addition, the almshouse charity has general reserves of £7,147,721 the majority of which are held as investments, split between investment properties and two share portfolio's. These are detailed in notes 14 and 15 to the accounts and consist of investment properties situated in Henley on Thames and ethical investment portfolio's managed by CCLA and Courtiers investment Services Limited.

Plans for the future

Future developments

The continuing objective of the Trustees is to provide a quality standard of accommodation for almshouse residents. Investigations will continue to be carried out in order to replace the windows at the Church Avenue almshouses to provide longevity, improved insulation, reduced energy usage and in turn helping the environment while maintaining the beautiful historic buildings.

Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 7

Henley Municipal Charilies Trustees, report {continued) For the year ended 31 March 2023 The law applicable to chartbes tn EngLqnd & Wales Tequires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and appli(xtion of resour￿ ofthe Charty for that period. In preparing these financid statemerts. the Trustees are required to." . select suitable accounting poliues and then apply them consistenty" . obseTve the meth)ds and principles in the Charities SORP.. • make judgments and accounting ests"mates that are reasonable and prudent . P￿pare the financial statements on the going o)ncem basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping prO￿r a￿oUntIng records that are sufficierrt to show and explain the Charity's transactiOll5 and disclose with reasonable accuracy at any time the financial position of the Chartty and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charrty (Accounts and ReFkns) Regulations 2CIJ8 and the provisions of the trust deed. They are also respon￿ble for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and deteilion offraud and thr irregulartbes. This report was appn)ved by the Trustees of Henley Municipal Charibes on 25 SepteM￿r 2023 Mr T A Stubbs (Chairman) Mr M N For5dike Deputy Chainnan) Dr R l Tomlins MrDA Tate Mr G Thomas Mrs A Collins Mrs G M Ovey Mrs C Miles-Kingst Ir Miss K Hinton Rev. J Tayl Cllr Robb Page 8

Henley Municipal Charities

Independent Auditor’s Report to the Trustees of Henley Municipal Charities

Opinion

We have audited the financial statements of Henley Municipal Charities (the 'Charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

In our opinion the financial statements:

• give a true and fair view of the state of the Charity's affairs as at 31 March 2023 and of its income and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 9

Henley Municipal Charities

Independent Auditors’ Report to the Trustees of Henley Municipal Charities (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of the Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of investment properties. Audit procedures performed by the engagement team included:

• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and

• Assessment of identified fraud risk factors; and

• Challenging assumptions and judgements made by management in its significant accounting estimates; and

• • Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and

• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and

• Reading minutes of meetings of those charged with governance; and

• Review of significant and unusual transactions; and

• Identifying and testing journal entries, in particular any manual entries made at the year-end for financial statement preparation.

Page 10

Henley Municipal Charities

Independent Auditors’ Report to the Trustees of Henley Municipal Charities (continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.

• Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants Statutory Auditor Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU Date: 21 November 2023

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 11

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Statement of Financial Activities for the Year ended 31 March 2023

Income and endowments: Donations and Legacies Donations Receivable Charitable Activities Almshouse Contributions Investment Income Rents Receivable Other Investment Income Total Income Expenditure: Costs of Raising Funds Investment Management Costs Expenditure on Charitable Activities Total Expenditure	Note	A	(Unrestricted Funds) Part 1 Part 2 Part 3 lmshouses Relief in Educational Charity Need Charity - 11,300.00 - 150,011.09 - - 186,281.64 - - 24,157.48 8,698.13 6,512.07 360,450.21 19,998.13 6,512.07 10,056.64 - - 192,678.69 14,213.79 2,566.35 202,735.33 14,213.79 2,566.35	Part 4 Bridge Charity - - 35,540.70 34,610.15 70,150.85 2,862.85 1,850.00 4,712.85	Part 5 Church Charity - - 35,540.70 1,326.10 36,866.80 2,862.85 - 2,862.85	Total 11,300.00 150,011.09 257,363.04 75,303.93 493,978.06 15,782.34 211,308.83 227,091.17	Comparative 21/22 4,025 145,831 237,068 64,456 451,380 82,600 170,144 252,744
	2 2 3 4

Page 12

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Statement of Financial Activities for the Year ended 31 March 2023 (Cont….)

Note Net income/(expenditure) and net movement in funds before gains and losses on investments Net gains/(losses) on investment assets Net income/(expenditure) Gross transfers between Funds Other recognised gains Gains/(losses) on revaluation of fixed assets for charity's own use Net movements in Funds Reconciliation of Funds Total Funds brought forward TOTAL FUNDS Carried Forward	(Unrestricted Funds) Part 1 Part 2 Part 3 Part 4 Almshouses Relief in Educational Bridge Charity Need Charity Charity 157,714.88 5,784.34 3,945.72 65,438.00 (68,215.01) (12,863.44) (10,622.86) (54,344.94) 89,499.87 (7,079.10) (6,677.14) 11,093.06 - - - - 89,499.87 (7,079.10) (6,677.14) 11,093.06 - - - - 89,499.87 (7,079.10) (6,677.14) 11,093.06 13,522,266.29 312,816.86 226,786.28 2,497,027.25 13,611,766.16 305,737.76 220,109.14 2,508,120.31	Part 5 Church Charity 34,003.95 (1,277.03) 32,726.92 - 32,726.92 - 32,726.92 30,668.20 63,395.12	Total 266,886.89 (147,323.28) 119,563.61 - 119,563.61 - 119,563.61 16,589,564.88 16,709,128.49	Comparative 21/22 198,636 1,121,902 1,320,538 - 1,320,538 1,133,125 2,453,663 14,135,902 16,589,565

Page 13

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Balance Sheet as at 31 March 2023

Note FIXED ASSETS Tangible Assets 14 Investment Properties 14 Investments 15 Total fixed assets CURRENT ASSETS Debtors Cash at bank Current Accounts Deposit Accounts - General - Rent Deposits Total current assets LIABILITIES Creditors amounts falling due within one Year Rents Received in Advance Rent Deposits Taxation and Social Security Sundry Creditors NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES	Part 1 Part 2 Almshouses Relief in E Charity Need 6,188,125.00 - 5,151,875.00 - 1,728,894.44 247,320.43 13,068,894.44 247,320.43 11,251.86 2,042.50 190,114.59 - 390,168.50 56,374.83 14,525.39 - 606,060.34 58,417.33 (38,730.55) - (14,525.39) - - - (9,932.68) - (63,188.62) - 542,871.72 58,417.33 13,611,766.16 305,737.76	Part 3 Part 4 ducational Bridge Charity Charity - - - 1,300,000.00 204,241.73 1,044,869.54 204,241.73 2,344,869.54 1,583.10 8,395.24 - - 14,284.31 165,358.03 - 2,504.38 15,867.41 176,257.65 - (10,502.50) - (2,504.38) - - - - - (13,006.88) 15,867.41 163,250.77 220,109.14 2,508,120.31	Part 5 Church Charity - - 24,552.92 24,552.92 342.15 - 49,002.55 2,504.38 51,849.08 (10,502.50) (2,504.38) - - (13,006.88) 38,842.20 63,395.12	Total 6,188,125.00 6,451,875.00 3,249,879.06 15,889,879.06 23,614.85 190,114.59 675,188.22 19,534.15 908,451.81 (59,735.55) (19,534.15) - (9,932.68) (89,202.38) 819,249.43 16,709,128.49	Comparative 21/22 6,188,125 6,451,875 3,397,189 16,037,189 23,235 91,223 515,012 14,500 643,970 (54,948) (14,500) - (22,146) (91,594) 552,376 16,589,565

Page 14

AI. F.S ncESheeths rch 2023 C nl Pirt I l]nshauy Pnri2 Rdlofl Part3 EducwrtDttAI PHrt4 Part.1 Cbwreh CHAIIITI. VL.NDS L'ni*Jtrfcled Fundi p￿￿4￿1¢ Enduwrnc￿t FiTht 16 6,115.000.th) 11S.NJO.00 AIIS.ODO D¢sl¥nAied Fw 16 349,044.86 349.044.86 398.97 rlgiieral R¢5rrv¢s TOTAL fL.'JDS l6 105.737 76 105 717.76 16 7￿ 128.49 Approved by the Irus￿lI on2Jlh Seplemb¢r2013 ilinwl Ihtlrbeh4leby'.

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023

NOTE 1 Accounting Policies

• (i) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

The financial statements have been prepared in accordnce with the Charities Act 2011, the Charities Statement of Recommended Practice (FRS 102), and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The Trust constitutes a public benefit entity as defined by FRS 102.

(ii) Funds structure

General funds are unrestricted funds which 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.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. These funds have been established mostly under schemes of the Charity Commissioners and are provided for the maintenance, repair, improvement or rebuilding of the almshouses and other properties.

Endowment funds which the trustees are legally prevented from spending, must remain intact as part of their capital. The endowments have been invested to provide income for the charities' activities. The funds comprise permanent endowments of the respective charities. Further details of each fund are disclosed in note 16.

(iii) Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. Legacy gifts are recognised on a case to case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.

Charitable income represents maintenance contributions receivable in respect of the almshouses. Income is recognised in the period to which it relates. Rents receivable on the commercially let investment properties is included on an accruals basis.

Other income is included on an accrual basis. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on funds held on deposit are included on notification of the interest paid or payable by the deposit taker.

(iv) Expenditure recognition

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. For more information on this allocation refer to note (vi) below.

Grants payable in furtherance of the charity's objects are included in the accounts when the offer is conveyed to the beneficiary.

(v) Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Page 16

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

NOTE 1 Accounting Policies (Cont….)

(vi) Allocation of support and governance costs

Support costs have been differentiated between governance costs and other support costs.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit together with an apportionment of overhead and support costs relating to trustee meetings. Governance costs and support costs relating to charitable activities have been allocated to the provision of almshouses (note 9).

(vii) Tangible fixed assets, investment properties and depreciation

Tangible fixed assets are included in the accounts on the following basis of valuation:

Almshouses: Existing use value for social housing Investment properties: Open market value subject to existing lease

Tangible fixed assets are revalued at five yearly intervals, although material changes to asset valuations are adjusted in the interim period, if they occur.

No depreciation is written off tangible fixed assets.

Expenditure on fixtures, fittings and equipment below a de minimis of £3000 are not capitalised.

Improvements to almshouses are written off in the year of expenditure as these are not considered to increase the existing use value for social housing.

(viii) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

(ix) Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(x) Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acqusition or opening of the deposit or similar account.

(xi) Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received in advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

(xii) Financial Instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 17

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

NOTE 1 Accounting Policies (Cont….)

(xiii) Going Concern

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

(xiv) Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Tangible fixed assets

The Charity has recognised tangible fixed assets with a carrying value of £12,640,000 at the reporting date (see note 14) These assets are stated at their market value less provision for impairment. The Charity's accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the Charity determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the Trustees consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.

Where there are indicators that the carrying value of tangible assets may be impaired ther Charity undertakes tests to determine the recoverable amount of assets. These tests require estimates of fair value of assets less the cost to sell and their value in use. Wherever possible the estimate of fair value of assets is based upon observable market prices less incremental cost of disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the Charity's forecasts for the forseeable future which do not include any restructuring activities that the Charity is not yes committed to or significant future investments that will enhance the asset's performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and growth rate used for extrapolation purposes.

Page 18

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

NOTE 2 Investment Income Rents receivable: The Angel Hotel 24 Hart Street - Front shop -Flat - Rear Offices -Garden 1,3 & 5 Duke Street 25 Market Place - Shop -Flat Insurance rechargeable to Tenants Other Income Dividends-UK-listed Deposit Interest Interest on Late Payment of Rent etc Wayleave - SEB	A	Part 1 Part 2 lmshouses Relief in E Charity Need 134,500.00 - 26,986.58 - 12,470.50 - 7,000.00 - 900.00 - 180.00 - - - - - 4,244.56 - 186,281.64 - 16,281.15 7,560.03 7,487.42 1,138.10 - - 388.91 - 24,157.48 8,698.13	Part 3 ducational Charity - - - - - - - - - - 6,243.19 268.88 - - 6,512.07	Part 4 Bridge Charity - - - - - - 25,729.17 9,510.00 301.53 35,540.70 31,939.24 2,670.91 - - 34,610.15	Part 5 Church Charity - - - - - - 25,729.17 9,510.00 301.53 35,540.70 750.53 575.57 - - 1,326.10	Total 134,500.00 26,986.58 12,470.50 7,000.00 900.00 180.00 51,458.34 19,020.00 4,847.62 257,363.04 62,774.14 12,140.88 - 388.91 75,303.93	Comparative 21/22 131,598 26,000 12,000 6,717 900 180 42,813 11,620 5,240 237,068 61,681 531 1,855 389 64,456

Page 19

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Note Costs of Generating Funds NOTE 3 Investment Management Costs Insurance Professional Fees Investment Property Repairs Other Expenses Charitable Expenditure NOTE 4 Expenditure on Charitable Activities Grants Payable in furtherance of Charity's Objects 5 Costs of Activities in furtherance of Charity's Objects - Almshouse Expenses 6 Governance and Support Costs 7		A N	Part 1 Part 2 lmshouses Relief in E Charity Need 5,248.84 - 3,779.00 - 1,028.80 - - - 10,056.64 - - 14,213.79 140,549.03 - 52,129.66 - 192,678.69 14,213.79 otes to the Accounts as at 31 Ma	Part 3 Part 4 ducational Bridge Charity Charity - 669.35 - - - 2,193.50 - - - 2,862.85 2,566.35 1,850.00 - - - - 2,566.35 1,850.00 rch 2023 (Cont….)	Part 5 Church Charity 669.35 - 2,193.50 - 2,862.85 - - - -	Total 6,587.54 3,779.00 5,415.80 - 15,782.34 18,630.14 140,549.03 52,129.66 211,308.83	Comparative 21/22 8,874 20,448 52,601 677 82,600 58,928 63,057 48,159 170,144

Page 20

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

A Note Charitable Expenditure (Cont….) NOTE 5 Grants Payable in furtherance of Charities Objects Parochial Church Council - St. Mary The Virgin Educational Grants Badgemore Primary School Gillotts School Nettlebed Community School Shiplake Church of England Primary School The Henley College Valley Road School Other Grants for individuals Other Distributions Community Parcels Almshouse Residents Assistance & Xmas Gifts Henley & District Handybus Henley Choral Society Henley Youth Festival Henley 60 Plus Social Club Other Distributions for individuals	Part 1 Part 2 lmshouses Relief in E Charity Need - - - - - - - - - - - - - - - - - 2,500.00 - 9,600.00 - - - - - - - - - 2,113.79 - 14,213.79	Part 3 ducational Charity - - (0.50) 1,500.00 966.85 - 100.00 - - - - - - - - 2,566.35	Part 4 Bridge Charity - - - - - - - - - - 50.00 800.00 1,000.00 - - 1,850.00	Part 5 Church Charity - - - - - - - - - - - - - - - -	Total - - (0.50) 1,500.00 966.85 - 100.00 - 2,500.00 9,600.00 50.00 800.00 1,000.00 - 2,113.79 18,630.14	Comparative 21/22 30,000 1,787 1,308 - - 5,684 - 4,119 2,000 3,750 - - - 10,000 280 58,928

Page 21

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

Note NOTE 6 Costs of Activities in furtherance of Charity's Objects - Almshouse Expenses Insurance Gas Electricity Council Tax Repairs & Cleaning Professional Fees Gardens Alarm Official Notices Sundry Expenses	A	Part 1 Part 2 lmshouses Relief in E Charity Need 11,007.28 - 408.22 - 345.54 - 783.72 - 117,323.34 - 1,290.00 - 7,006.00 - 285.80 - 709.63 - 1,389.50 - 140,549.03 -	Part 3 ducational Charity - - - - - - - - - - -	Part 4 Bridge Charity - - - - - - - - - - -	Part 5 Church Charity - - - - - - - - - - -	Total 11,007.28 408.22 345.54 783.72 117,323.34 1,290.00 7,006.00 285.80 709.63 1,389.50 140,549.03	Comparative 21/22 9,637 322 319 2,092 35,533 7,481 7,074 268 286 45 63,057

Page 22

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

Charitable Expenditure (Cont….) NOTE 7 Governance and Support Costs Office Expenses Office Equipment & Supplies Telephone & Communications Photocopying & Postage Gas & Electricity Repairs, Maintenance & Alterations Rates & Insurance Professional Fees Sundry Expenses Management Salary and Expenses Other Costs Subscriptions Trustee Indemnity Insurance Auditor's Remuneration Accountancy	A	Part 1 Part 2 lmshouses Relief in E Charity Need 676.32 - 1,040.15 - 73.05 - 1,324.41 - 633.81 - 292.04 - - - 215.87 - 4,255.65 - 28,875.03 - 315.00 - 776.38 - 6,000.00 - 11,907.60 - 52,129.66 -	Part 3 ducational Charity - - - - - - - - - - - - - - -	Part 4 Bridge Charity - - - - - - - - - - - - - - -	Part 5 Church Charity - - - - - - - - - - - - - - -	Total 676.32 1,040.15 73.05 1,324.41 633.81 292.04 - 215.87 4,255.65 28,875.03 315.00 776.38 6,000.00 11,907.60 52,129.66	Comparative 21/22 1,124 1,030 103 912 908 431 50 92 4,650 27,038 299 776 4,008 11,388 48,159

Page 23

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

Charitable Expenditure (Cont….)

NOTE 8 Allocation of Governance and other Support Costs

The breakdown of support costs and how these are allocated between governance and other support costs is shown in the table below:

Office Expenses Management Salary and Expenses Subscriptions Trustee Indemnity Insurance Auditor's Remuneration Accountancy Allocation on staff time is based on analysis of time spent at trustee meetings.	G	Other overnance Support Related Costs 425.57 3,830.08 2,887.50 25,987.53 315.00 - 776.38 - 6,000.00 - - 11,907.60 10,404.45 41,725.21		Total Allocated 4,255.65 28,875.03 315.00 776.38 6,000.00 11,907.60 52,129.66	Basis of Apportionment
					Staff time Staff time

Governance Costs

Office Expenses Management Salary and Expenses Subscriptions Trustee Indemnity Insurance Auditor's Remuneration	Total 425.57 2,887.50 315.00 776.38 6,000.00 10,404.45	Comparative 21/22 465 2,704 299 776 4,008 8,252

The trustees have decided that all Governance and Support Costs be allocated to the Almshouse Charity (note 9).

Page 24

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

Charitable Expenditure (Cont….)

NOTE 9 Analysis of Charitable Expenditure

The charity undertakes its charitable activities through the provision of almshouses and grant making in furtherance of its charitable activities. As grants payable in furtherance of the charity's objects are not material, all Governance and Support Costs have been allocated to the provision of almshouses as follows:

Costs of Activities in furtherance of Charity's Objects - Almshouse Expenses NOTE 10 Analysis of Staff Costs Gross Wages and Salaries Employers Pension Costs Total Staff Costs		Charitable Activity 140,549.03 140,549.03	Support and Governance Costs Total 52,129.66 192,678.69 52,129.66 192,678.69	Comparative 21/22 111,215 111,215 Total 27,499.98 1,375.05 28,875.03	Comparative 21/22 25,750 1,288 27,038

The average monthly number of employees during the year was 1 (2022 : 1) and the average monthly number of employees during the year expressed as full time equivalants was 1 (2022 : 1).

All employee time is involved in providing either support to the governance of the charity or support services to charitable activities.

No employee received a salary in excess of £60,000 during the year.

The Charity's Trustees are considered to be key management personnel. As noted in note 12, none of the Trustees were remunerated during the year (2022 : Nil).

NOTE 11 Auditor's Remuneration

The auditor's remuneration constituted an audit fee of £6,000 (2022 : £4,008).

NOTE 12 Trustees Remuneration and Expenses

The Trustees were not remunerated and were not paid any expenses during the year (2022 : Nil).

NOTE 13 Related Party Transactions

During the year the charity made a payment of £800 (2022 : Nil) to Henley Choral Society, a Charity of which Dr P A Ashby's wife is a member of the committee. At the year end there was no outstanding balance (2022: Nil)

Page 25

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

FIXED ASSETS NOTE 14 Fixed Assets Tangible Assets Almshouses 24 Hart Street (Rear offices 2) Investment Properties Commercially let properties at Market Value All situated at Henley on Thames, Oxfordshire: 1, 1a & 3 Duke Street 24 Hart Street (Shop/Rear offices 1/Flat/Garden) The Angel on the Bridge 25 Market Place Total Property Value Analysis of opening and closing carrying amounts Market Value at 31 March 2022 Disposals during year Increase in Market Value for year Market Value at 31 March 2023	Part 1 Part 2 Almshouses Relief in E Charity Need 6,115,000.00 - 73,125.00 - 6,188,125.00 - 1,100,000.00 - 901,875.00 - 3,150,000.00 - - - 5,151,875.00 - 11,340,000.00 - 11,340,000.00 - - - - - 11,340,000.00 -	Part 3 Part 4 ducational Bridge Charity Charity - - - - - - - - - - - - - 1,300,000.00 - 1,300,000.00 - 1,300,000.00 - 1,300,000.00 - - - - - 1,300,000.00	Part 5 Church Charity - - - - - - - - - - - - -	Total 6,115,000.00 73,125.00 6,188,125.00 1,100,000.00 901,875.00 3,150,000.00 1,300,000.00 6,451,875.00 12,640,000.00 12,640,000.00 - - 12,640,000.00	Comparative 21/22 6,115,000 73,125 6,188,125 1,100,000 901,875 3,150,000 1,300,000 6,451,875 12,640,000 10,620,000 - 2,020,000 12,640,000

All the above properties are situated in Henley-on-Thames and were valued by Haslams, Chartered Surveyors, in June 2022, with the exception of The Angel on the Bridge which was valued by AG & G Limited, Chartered Surveyors in March 2022. The Trustees are of the opinion that the valuations shown in this years financial statements continue to be a reasonable estimate of the value of the properties on 31 March 2023.

Page 26

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

FIXED ASSETS (Cont….) NOTE 14 Fixed Assets (Cont….)

The values and basis of valuation are given below: Property Almshouses 37-43 Vicarage Road 1-6 Western Close 3-16 Church Avenue Land and Buildings 24 Hart Street (Rear offices 2)	Value 1,200,000.00 1,575,000.00 3,340,000.00 73,125.00 6,188,125.00

Basis of Valuation

Existing use value for social housing Existing use value for social housing Existing use value for social housing

Open market value subject to existing use

Notes

Let on regulated tenancy Let on regulated tenancy Let on regulated tenancy

Charity offices

Rear offices 2 at 24 Hart Street are occupied by the Charity as their administrative headquarters.

Investment Property 1, 1a & 3 Duke Street 24 Hart Street (Shop/Rear offices 1/Flat/Garden) The Angel on the Bridge 25 Market Place	1,100,000.00 901,875.00 3,150,000.00 1,300,000.00 6,451,875.00

Open market value subject to existing lease Open market value subject to existing leases Open market value subject to existing lease Open market value subject to existing leases

Page 27

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

FIXED ASSETS (Cont….) NOTE 15 Investments COIF Ethical Investment Fund Accumulation Units Number of Units Investments at Book Value Increase in Market Value over Book Cost to 31 March 2022 Market Value at 31 March 2022 Increase/(decrease) in Market Value for Year Market Value at 31 March 2023 COIF Ethical Investment Fund Income Units Number of Units Investments at Book Value Increase in Market Value over Book Cost to 31 March 2022 Market Value at 31 March 2022 Increase/(decrease) in Market Value for Year Market Value at 31 March 2023 Total - COIF Ethical Investment Fund	Part 1 Part 2 Almshouses Relief in E Charity Need 156,776.09 - 40,744.57 - 701,903.77 - 742,648.34 - (14,564.50) - 728,083.84 - 189,095.67 87,805.03 193,959.28 66,382.52 366,369.01 193,801.35 560,328.29 260,183.87 (27,702.52) (12,863.44) 532,625.77 247,320.43 1,260,709.61 247,320.43	Part 3 Part 4 ducational Bridge Charity Charity - - - - - - - - - - - - 72,511.00 370,955.21 53,966.57 360,206.17 160,898.02 739,008.31 214,864.59 1,099,214.48 (10,622.86) (54,344.94) 204,241.73 1,044,869.54 204,241.73 1,044,869.54	Part 5 Church Charity - - - - - - 8,716.91 3,649.02 22,180.93 25,829.95 (1,277.03) 24,552.92 24,552.92	Total 156,776.09 40,744.57 701,903.77 742,648.34 (14,564.50) 728,083.84 729,083.82 678,163.56 1,482,257.62 2,160,421.18 (106,810.79) 2,053,610.39 2,781,694.23	Comparative 21/22 156,766 40,744 626,134 666,878 75,770 742,648 729,084 678,164 1,317,120 1,995,284 165,138 2,160,422 2,903,070

Page 28

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

Part 1 Part 2 Almshouses Relief in E Charity Need FIXED ASSETS (Cont….) NOTE 15 Investments (Cont….) Courtiers UK Equity Income R Acc Fund (Previously Courtiers UK Equity Income I Acc Fund) Accumulation Units Number of Units Balance at 1 April 2022 146,627.57 - Purchased/(Sold) during year 7,654.25 - Balance at 31 March 2023 154,281.82 - Courtiers Global (Ex-UK) Equity Income R Acc Fund (Previously Courtiers Global (Ex-UK) Equity Income I Acc Fund) Accumulation Units Number of Units Balance at 1 April 2022 129,332.64 - Purchased/(Sold) during year 8,053.23 - Balance at 31 March 2023 137,385.87 - Investments at Book Value 500,000.00 (Decrease) in Market Value over Book Cost to 31 March 2022 (5,880.88) Market Value at 31 March 2022 494,119.12 - Purchase of Investments at Cost 13.70 - Increase/(decrease) in Market Value for Year (25,947.99) - Market Value at 31 March 2023 468,184.83 - Total - Courtiers Investment Services Limited 468,184.83 - FIXED ASSET SUMMARY Tangible Assets 6,188,125.00 - Investment Properties 5,151,875.00 - Investment - COIF Ethical Investment Fund 1,260,709.61 247,320.43 Investment - Courtiers Investment Services Limited 468,184.83 - Total Capital Investment at 31 March 2023 13,068,894.44 247,320.43	Part 3 Part 4 ducational Bridge Charity Charity - - - - - - - - - - - - - - - - - - - - - - - - - 1,300,000.00 204,241.73 1,044,869.54 - - 204,241.73 2,344,869.54	Part 5 Church Charity - - - - - - - - - - - - - 24,552.92 - 24,552.92	Total 146,627.57 7,654.25 154,281.82 129,332.64 8,053.23 137,385.87 500,000.00 (5,880.88) 494,119.12 13.70 (25,947.99) 468,184.83 468,184.83 6,188,125.00 6,451,875.00 2,781,694.23 468,184.83 15,889,879.06	Comparative 21/22 - 146,628 146,628 - 129,333 129,333 - - - 500,000 (5,881) 494,119 494,119 6,188,125 6,451,875 2,903,070 494,119 16,037,189

Page 29

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

NOTE 16 Statement of Funds- Current Year ALMSHOUSE CHARITY (Part 1) Balance at 1 April 2022 Movements during Year Net movement in Funds for the Year Transfer from Bridge Charity Transfer between Funds Transfer Deposit Interest Earned Expenditure for year (Decrease) in Market Value Of Investments Gains on revaluation of fixed assets for charity's own use Balance at 31 March 2023 Represented by: Held in Deposit Account Deposit Interest Accrued Prepaid Maintenance Contracts etc. Sundry Creditors	Expendable Endowment Fund 6,115,000.00 - - - - - - - 6,115,000.00		Designated Funds Cyclical Extraordinary Maintenance Repair Fund Fund 305,779.41 80,479.04 - - - - 36,000.00 12,000.00 5,484.74 1,707.76 (89,851.69) (14,607.76) - - - - 257,412.46 79,579.04 256,588.52 80,508.52 823.94 258.52 - - - (1,188.00) 257,412.46 79,579.04	Routine Upkeep Fund 12,717.77 - - 12,000.00 199.48 (12,863.89) - - 12,053.36 9,740.00 31.28 2,574.08 (292.00) 12,053.36	General Reserves 7,008,290.07 157,714.88 - (60,000.00) (7,391.98) 117,323.34 (68,215.01) - 7,147,721.30	Total 13,522,266.29 157,714.88 - - - - (68,215.01) - 13,611,766.16

Page 30

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

NOTE 16 Statement of Funds (Cont….) - Prior Year ALMSHOUSE CHARITY (Part 1) Balance at 1 April 2021 Movements during Year Net movement in Funds for the Year Transfer from Bridge Charity Transfer between Funds Transfer Deposit Interest Earned Expenditure for year Increase in Market Value Of Investments Gains on revaluation of fixed assets for charity's own use Balance at 31 March 2022 Represented by: Held in Deposit Account Deposit Interest Accrued Prepaid Maintenance Contracts etc. Sundry Creditors	Expendable Endowment Fund 4,995,000.00 - - - - - - 1,120,000.00 6,115,000.00		Designated Funds Cyclical Extraordinary Maintenance Repair Fund Fund 284,141.14 77,627.09 - - - - 36,000.00 12,000.00 251.87 70.04 (14,613.60) (9,218.09) - - - - 305,779.41 80,479.04 305,650.48 83,923.64 128.93 35.40 - - - (3,480.00) 305,779.41 80,479.04	Routine Upkeep Fund 12,411.09 - - 12,000.00 8.32 (11,701.64) - - 12,717.77 10,121.84 4.28 2,591.65 - 12,717.77	General Reserves 5,749,749.63 220,618.16 - (60,000.00) (330.23) 35,533.33 1,049,594.18 13,125.00 7,008,290.07	Total 11,118,928.95 220,618.16 - - - - 1,049,594.18 1,133,125.00 13,522,266.29

Page 31

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

NOTE 16 Statement of Funds (Cont….) - Current Year

RELIEF IN NEED/EDUCATIONAL/BRIDGE/CHURCH CHARITY Balance at 1 April 2022 Movements during Year Net movement in Funds for the Year Transfer to Almshouse Charity (Decrease) in Market Value Of Investments Balance at 31 March 2023 NOTE 16 Statement of Funds (Cont….) - Prior Year RELIEF IN NEED/EDUCATIONAL/BRIDGE/CHURCH CHARITY Balance at 1 April 2021 Movements during Year Net movement in Funds for the Year Transfer to Almshouse Charity Increase in Market Value Of Investments Balance at 31 March 2022		Part 2 Relief in E Need General Reserves 312,816.86 5,784.34 - (12,863.44) 305,737.76 Part 2 Relief in E Need General Reserves 287,463.04 5,465.98 - 19,887.84 312,816.86	Part 3 Part 4 ducational Bridge Charity Charity General General Reserves Reserves 226,786.28 2,497,027.25 3,945.72 65,438.00 - - (10,622.86) (54,344.94) 220,109.14 2,508,120.31 Part 3 Part 4 ducational Bridge Charity Charity General General Reserves Reserves 217,116.03 2,454,447.90 (6,753.49) 8,557.99 - - 16,423.74 34,021.36 226,786.28 2,497,027.25	Part 5 Church Charity General Reserves 30,668.20 34,003.95 - (1,277.03) 63,395.12 Part 5 Church Charity General Reserves 57,946.12 (29,252.30) - 1,974.38 30,668.20

Page 32

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

NOTE 17 List of Properties and Rents Receivable

All properties situated at Henley-on-Thames Oxon.

Part 1 Almshouses Charity

• 13 Almshouses 6 Almshouses 4 Almshouses The Angel Hotel

• 24 Hart Street - Shop

• Rear offices 1

• Rear offices 2 - Flat

• Garden 1,1a & 3 Duke Street Electricity sub station off Harpsden Road

• 3-16 Church Avenue 1-6 Western Close Burgis Homes of Rest 37-43 Vicarage Road

• 99 year lease from 25/3/1977 - Rent review at 7th and each successive 7th year. Rent currently £134,500 p.a. effective from 26/3/2019.

• 5 year lease granted until 9/11/2027. Rent currently £28,600 p.a. effective from 10/11/2022.

• 5 year lease granted until 16/3/2027.

• Rent currently £7,000 p.a. effective from 17/3/2022. Rent is payable quarterly in advance. Offices occupied by Henley Municipal Charities

Lease commenced on 10/11/2022 for a term of 3 years at a monthly rent of £1,000. Rent currently £1,100 p.a. effective from 10/11/2022.

• Lease for the garden commenced on 19/7/2020 for a term of 5 years at a monthly rent of £75.

• 99 year lease from 24/6/1925 at a rent of £180 p.a. with no reviews.

• 14 year lease from 3/1/2019 with reviews after 2,5,9 and 12 years. Rent currently £388.91 p.a. effective from 3/1/2021.

Page 33

HENLEY MUNICIPAL CHARITIES HENLEY-ON-THAMES CHURCH CHARITY

Notes to the Accounts as at 31 March 2023 (Cont….)

NOTE 17 List of Properties and Rents Receivable (Cont….)

Part 4 Bridge Charity

25 Market Place - Shop

10 year lease granted until 30/8/2031 -Rent review at 5th year. Rent currently £65,000 p.a. effective from 31/8/2022. Rent is payable in advance on quarter days.

• Flat

Lease commenced on 31/8/2021 for a term of 10 years at a quarterly rent of £4,755. Reviews after 2,5, and 7 years. Rent is payable in advance on quarter days.

The clear income is shared equally with Part 5 (Church Charity).

Page 34