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2025-03-31-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 2025

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
Cash Flow Statement 16
Notes to the accounts 17 – 36

Henley Municipal Charities

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

For the year ended 31 March 2025

Trustees – Henley Municipal Charities

Ex-Officio Cllr Mr T Buckley (Town Mayor) (appointed June 2025) Cllr Mr R Hunt (Town Mayor) (resigned May 2025) 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 Maritime Place Quayside Gillingham Chatham ME4 4QZ

Page 1

Henley Municipal Charities

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

For the year ended 31 March 2025

Bankers

Lloyds Bank plc 125 High Street Carfax Oxford OX1 4AB

Solicitors

Clarkslegal One Forbury Square The Forbury Reading Berkshire RG1 3EB

Page 2

Henley Municipal Charities

Trustees’ report

For the year ended 31 March 2025

The Trustees present their annual report together with the audited financial statements of the charity for the year ended 31 March 2025.

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. Governance and management

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.

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.

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 2025, the Trustees elected Mr T Stubbs unanimously to the position of Chairman and Mr M N Forsdike was unanimously appointed Deputy Chairman to provide continued support in succession. A quorum for each monthly meeting is 5 Trustees.

Page 3

Henley Municipal Charities Trustees’ report for the year ended 31 March 2025 (continued)

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, the retail units and residential flat at 1-3 Duke Street 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 and commercial properties, and liaising with the maintenance contractors. As and when necessary the Clerk works with the Chairman, Deputy Chairman and sub committees 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:

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.

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.

• Failure to maintain or repair the almshouses

The residents are visited on a monthly basis by a rota of Trustees to ensure any maintenance and repair issues are reported on a timely basis, with a programme of work carried out as required.

With the help of advisors as appropriate, the Charity checks regular updates and advice from the government and Almshouse association.

Page 4

Henley Municipal Charities Trustees’ report for the year ended 31 March 2025 (continued)

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

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.

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant making policy for the year.

Achievements and performance

a. Review of activities

Activities/achievements

Page 5

Henley Municipal Charities Trustees’ report for the year ended 31 March 2025 (continued)

Finance and reserves

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 21. 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 for the year ended 31 March 2025 (continued)

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 2026.

At 31 March 2025 designated funds amounted to £338,226 (2024: £358,592) 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 £7,651,153 (2024: £7,534,207) 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. The priority is to focus on the progress of the 1-3 Duke Street project that will in turn, assist in funding future almshouse objectives. 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.

The Trustees are considering all available assets to assist with the growing social housing needs in the area of benefit.

Page 7

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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 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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:

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:

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:

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:

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

Statutory Auditor and Chartered Accountants Springfield House Springfield Road Horsham West Sussex RH12 2RG

Date: 03.10.2025

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

Page 11

HENLEY MUNICIPAL CHARITIES

Statement of Financial Activities for the Year ended 31 March 2025

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
2
2
3
4		 (Unrestricted Funds)
Part 1
Part 2
Part 3
Almshouses
Relief in
Educational
Charity
Need
Charity
3,892.94
9,350.00
-
167,083.96
-
-
215,797.28
-
-
46,523.00
10,545.54
7,005.99
433,297.18
19,895.54
7,005.99
116,024.17
-
-
220,437.68
8,766.69
5,311.80
336,461.85
8,766.69
5,311.80		 Part 4
Bridge
Charity
-
-
41,120.98
43,138.64
84,259.62
2,896.30
2,375.00
5,271.30		 Part 5
Church
Charity
-
-
41,120.98
2,834.86
43,955.84
2,896.29
30,000.00
32,896.29		 Total
13,242.94
167,083.96
298,039.24
110,048.03
588,414.17
121,816.76
266,891.17
388,707.93		 Comparative
31 March 2024
19,771
157,514
274,364
104,380
556,029
26,241
212,498
238,739

Page 12

HENLEY MUNICIPAL CHARITIES

Statement of Financial Activities for the Year ended 31 March 2025 (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
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
96,835.33
11,128.85
1,694.19
78,988.32
(255.69)
(11,537.59)
(9,527.94)
(48,743.51)
96,579.64
(408.74)
(7,833.75)
30,244.81
-
-
-
-
96,579.64
(408.74)
(7,833.75)
30,244.81
14,007,799.64
341,182.78
240,429.47
2,692,569.03
14,104,379.28
340,774.04
232,595.72
2,722,813.84		 Part 5
Church
Charity
11,059.55
(1,145.40)
9,914.15
-
9,914.15
79,526.77
89,440.92		 Total
199,706.24
(71,210.13)
128,496.11
-
128,496.11
17,361,507.69
17,490,003.80		 Comparative
31 March 2024
317,290
335,089
652,379
-
652,379
16,709,129
17,361,508

Page 13

HENLEY MUNICIPAL CHARITIES

Balance Sheet as at 31 March 2025

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
Part 3
Part 4
Almshouses
Relief in
Educational
Bridge
Charity
Need
Charity
Charity
6,188,125.00
-
-
-
5,199,259.98
-
-
1,300,000.00
1,912,099.02
260,438.49
215,074.88
1,100,290.25
13,299,484.00
260,438.49
215,074.88
2,400,290.25
43,319.85
2,179.83
1,648.02
9,086.15
158,754.56
-
-
-
735,628.50
86,455.72
18,391.82
322,372.44
14,843.84
-
-
2,559.28
952,546.75
88,635.55
20,039.84
334,017.87
(37,370.15)
-
-
(8,725.00)
(14,843.84)
-
-
(2,559.28)
(5,213.65)
-
-
-
(90,223.83)
(8,300.00)
(2,519.00)
(210.00)
(147,651.47)
(8,300.00)
(2,519.00)
(11,494.28)
804,895.28
80,335.55
17,520.84
322,523.59
14,104,379.28
340,774.04
232,595.72
2,722,813.84		 Part 5
Church
Charity
-
-
25,855.23
25,855.23
398.74
-
72,121.95
2,559.28
75,079.97
(8,725.00)
(2,559.28)
-
(210.00)
(11,494.28)
63,585.69
89,440.92		 Total
6,188,125.00
6,499,259.98
3,513,757.87
16,201,142.85
56,632.59
158,754.56
1,234,970.43
19,962.40
1,470,319.98
(54,820.15)
(19,962.40)
(5,213.65)
(101,462.83)
(181,459.03)
1,288,860.95
17,490,003.80		 Comparative
31 March 2024
6,188,125
6,451,875
3,584,968
16,224,968
32,080
86,511
1,089,168
19,742
1,227,501
(53,376)
(19,742)
-
(17,843)
(90,961)
1,136,540
17,361,508

Page 14

LEI'.MI'ThJCIPAL C B8l#nee Sheet Rs at 31 Mftreh 2025 Cont,. Part I Almshous¢s Chllrlt Part2 Relief in Part3 EdUcitio￿al ChArl Part 4 Brid¥e Charit Part 5 Churc Chllrit ComparAtive 31 f*lA Yell 2024 'rot81 CHARITY FUNI DS Unrestricted Fund5 EKp¢ndable Liidowm¢nt Fund 16 6,115,000.00 6,115,000.00 0.1 l5,000 Designated Funds 16 338,225.94 338,225.94 358,592 Genei'al Reserves TOTAL VUNDS 16 7,651,153,34 14,104.379,28 340.774.04 340.774.04 232,595.72 2.722,813,84 232,595.72 2,722,813.84 89,440,92 89.440,92 11,036,777,86 17,490.003,80 10.887,916 17.161.508 Appruved by the ¢rus¢eei on 22nd September 2025 und slgned on their behalf by: Mr T A Stubb5 ICh#lnnthn)

HENLEY MUNICIPAL CHARITIES

Part 1
Part 2
Part 3
Almshouses
Relief in
Educational
Note
Charity
Need
Charity
Net cash provided by/(used in)
operating activities
A
(111,913.62)
8,864.71
(2,802.40)
Cash flows from investing activities
Dividends, interest and rents received
262,320.28
10,545.54
7,005.99
Purchase of property, plant and equipment
(47,384.98)
-
-
(Decrease)/Increase in cash and cash equivalents
103,021.68
19,410.25
4,203.59
Cash and cash equivalents at the
beginning of the year
806,205.22
67,045.47
14,188.23
Cash and cash equivalents @31 March 2025
909,226.90
86,455.72
18,391.82
A. RECONCILIATION OF NET INCOME/(EXPENDITURE)
TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net Income/(Expenditure)
including gains/(losses) on investments
96,579.64
(408.74)
(7,833.75)
Adjustments for:
Net (gains)/losses on investment assets
255.69
11,537.59
9,527.94
Investment income included in investing activities
(262,320.28)
(10,545.54)
(7,005.99)
(Increase)/Decrease in debtors
(24,430.55)
(18.60)
(9.60)
Increase/(Decrease) in creditors
78,001.88
8,300.00
2,519.00
Net cash provided by/(used in) operating activities
(111,913.62)
8,864.71
(2,802.40)
B. ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents
Cash at Bank @ 31 March 2025
909,226.90
86,455.72
18,391.82
Cash at Bank @ 31 March 2024
806,205.22
67,045.47
14,188.23
Change in cash and cash equivalents in the year
103,021.68
19,410.25
4,203.59
Cash Flow Statement for the year ended 31 March		 Part 4
Bridge
Charity
(4,532.80)
84,259.62
-
79,726.82
245,204.90
324,931.72
30,244.81
48,743.51
(84,259.62)
(99.73)
838.23
(4,532.80)
324,931.72
245,204.90
79,726.82
2025		 Part 5
Church
Charity
(32,051.78)
43,955.84
-
11,904.06
62,777.17
74,681.23
9,914.15
1,145.40
(43,955.84)
6.28
838.23
(32,051.78)
74,681.23
62,777.17
11,904.06		 Total
(142,435.89)
408,087.27
(47,384.98)
218,266.40
1,195,420.99
1,413,687.39
128,496.11
71,210.13
(408,087.27)
(24,552.20)
90,497.34
(142,435.89)
1,413,687.39
1,195,420.99
218,266.40		 Comparative
31 March 2024
(68,160)
378,744.00
-
310,584
884,837
1,195,421
652,379
(335,089)
(378,744)
(8,465)
1,759
(68,160)
1,195,421
884,837
310,584

Page 16

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025

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 accordance 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) 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.

(iii) 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 exist in relation to the almshouse property values. The terms of the endowment allow the capital of the fund to be spent if the trustees so determine.

Further details of each fund are disclosed in note 16.

(iv) 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.

Page 17

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

NOTE 1 Accounting Policies (Cont….)

(v) 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 (viii) below.

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

(vi) Irrecoverable VAT

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

(vii) Defined contribution pension scheme

The pension costs charged to the Statement of Financial Activities represent the amount of contributions payable to the scheme in respect of the accounting period.

(viii) 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).

(ix) 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.

Page 18

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

NOTE 1 Accounting Policies (Cont….)

(x) 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.

(xi) 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.

(xii) 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 acquisition or opening of the deposit or similar account.

(xiii) 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 ofFinancial Activities as a finance cost.

(xiv) 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 19

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

NOTE 1 Accounting Policies (Cont….)

(xv) 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 and Investment properties

The Charity has recognised tangible fixed assets and investment properties with a carrying value of £12,687,385 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 and investment assets may be impaired the 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 foreseeable future which do not include any restructuring activities that the Charity is not yet 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 20

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

NOTE 2 Investment Income
Rents receivable:
The Angel Hotel
24 Hart Street - Front shop
- Flat
- Rear Offices
- Studio
- Garden
1, 1a & 3 Duke Street
1 Duke Street - Shop
,
25 Market Place - Shop
-Flat
Insurance rechargeable to Tenants
Other Income
Dividends-UK-listed
Deposit Interest
Wayleave - SSE		 Part 1
Part 2
Part 3
Almshouses
Relief in
Educational
Charity
Need
Charity
134,500.00
-
-
28,600.00
-
-
11,613.82
-
-
7,700.00
-
-
1,533.97
-
-
900.00
-
-
45.00
-
-
23,437.50
-
-
-
-
-
-
-
-
7,466.99
-
-
215,797.28
-
-
16,621.50
7,718.10
6,373.71
29,415.50
2,827.44
632.28
486.00
-
-
46,523.00
10,545.54
7,005.99		 Part 4
Bridge
Charity
-
-
-
-
-
-
-
-
32,500.00
8,075.00
545.98
41,120.98
32,606.95
10,531.69
-
43,138.64		 Part 5
Church
Charity
-
-
-
-
-
-
-
-
32,500.00
8,075.00
545.98
41,120.98
766.21
2,068.65
-
2,834.86		 Total
134,500.00
28,600.00
11,613.82
7,700.00
1,533.97
900.00
45.00
23,437.50
65,000.00
16,150.00
8,558.95
298,039.24
64,086.47
45,475.56
486.00
110,048.03		 Comparative
31 March 2024
134,500
28,600
13,200
7,029
-
900
180
-
65,000
18,335
6,620
274,364
63,284
40,683
413
104,380

Page 21

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

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		 Part 1
Part 2
Part 3
Almshouses
Relief in
Educational
Charity
Need
Charity
11,341.59
-
-
53,630.44
-
-
42,289.69
-
-
8,762.45
-
-
116,024.17
-
-
-
8,766.69
5,311.80
126,171.95
-
-
94,265.73
-
-
220,437.68
8,766.69
5,311.80		 Part 4
Bridge
Charity
1,161.91
780.00
704.50
249.89
2,896.30
2,375.00
-
-
2,375.00		 Part 5
Church
Charity
1,161.91
780.00
704.50
249.88
2,896.29
30,000.00
-
-
30,000.00		 Total
13,665.41
55,190.44
43,698.69
9,262.22
121,816.76
46,453.49
126,171.95
94,265.73
266,891.17		 Comparative
31 March 2024
9,006
11,673
5,562
-
26,241
51,293
94,554
66,651
212,498

Page 22

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

Part 1
Part 2
Part 3
Almshouses
Relief in
Educational
Charity
Need
Charity
Charitable Expenditure (Cont….)
NOTE 5 Grants Payable in furtherance of Charities Objects
Parochial Church Council - St. Mary The Virgin
-
-
-
Educational Grants
Gillotts School
-
-
2,474.00
Nettlebed Community School
-
-
1,757.80
Sacred Heart Catholic Primary School
-
-
-
Trinity Church of England Primary School
-
-
-
Other Grants for individuals
-
-
1,080.00
Other Distributions
Almshouse Residents Assistance & Xmas Gifts
-
8,300.00
-
Henley & District Handibus
-
-
-
Henley Choral Society
-
-
-
Henley Youth Festival
-
-
-
Home-Start Southern Oxfordshire
-
-
-
Other Distributions for individuals
-
466.69
-
-
8,766.69
5,311.80		 Part 4
Bridge
Charity
-
-
-
-
-
-
-
50.00
525.00
1,800.00
-
-
2,375.00		 Part 5
Church
Charity
30,000.00
-
-
-
-
-
-
-
-
-
-
-
30,000.00		 Total
30,000.00
2,474.00
1,757.80
-
-
1,080.00
8,300.00
50.00
525.00
1,800.00
-
466.69
46,453.49		 Comparative
31 March 2024
30,000
4,000
-
1,000
2,000
-
7,900
-
-
960
1,000
4,433
51,293

Page 23

HENLEY MUNICIPAL CHARITIES

NOTE 6 Costs of Activities in furtherance of
Charity's Objects - Almshouse Expenses
Insurance
Water
Gas
Electricity
Repairs & Cleaning
Professional Fees
Gardens
Alarm
Official Notices
Sundry Expenses		 Part 1
Part 2
Part 3
Part 4
Almshouses
Relief in
Educational
Bridge
Charity
Need
Charity
Charity
19,419.42
-
-
-
-
-
-
-
59.63
-
-
-
128.95
-
-
-
94,249.93
-
-
-
126.00
-
-
-
11,031.65
-
-
-
304.52
-
-
-
-
-
-
-
851.85
-
-
-
126,171.95
-
-
-
Notes to the Accounts as at 31 March 2025 (Cont….)		 Part 5
Church
Charity
-
-
-
-
-
-
-
-
-
-
-		 Total
19,419.42
-
59.63
128.95
94,249.93
126.00
11,031.65
304.52
-
851.85
126,171.95		 Comparative
31 March 2024
15,167
38
861
316
66,916
126
9,819
304
387
620
94,554

Page 24

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (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
Sundry Expenses
Management Salary and Expenses
Other Costs
Subscriptions
Trustee Indemnity Insurance
Auditor's Remuneration
Accountancy		 Part 1
Part 2
Part 3
Almshouses
Relief in
Educational
Charity
Need
Charity
928.93
-
-
1,072.70
-
-
7.84
-
-
1,832.87
-
-
3,178.94
-
-
563.52
-
-
369.80
-
-
7,954.60
-
-
59,931.85
-
-
586.25
-
-
-
-
-
9,600.00
-
-
16,193.03
-
-
94,265.73
-
-		 Part 4
Bridge
Charity
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Part 5
Church
Charity
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
928.93
1,072.70
7.84
1,832.87
3,178.94
563.52
369.80
7,954.60
59,931.85
586.25
-
9,600.00
16,193.03
94,265.73		 Comparative
31 March 2024
3,346
1,123
37
1,560
1,406
446
129
8,047
37,210
395
776
7,800
12,423
66,651

Page 25

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (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		 Other
Governance
Support
Related
Costs
795.46
7,159.14
5,993.18
53,938.67
586.25
-
-
-
9,600.00
-
-
16,193.03
16,974.89
77,290.84		 Total
Allocated
7,954.60
59,931.85
586.25
-
9,600.00
16,193.03
94,265.73		 Basis
of
Apportionment
Staff time
Staff time

Allocation on staff time is based on analysis of time spent at trustee meetings.

Governance Costs

Office Expenses
Management Salary and Expenses
Subscriptions
Trustee Indemnity Insurance
Auditor's Remuneration		 Total
795.46
5,993.18
586.25
-
9,600.00
16,974.89		 Comparative
31 March 2024
805
3,721
395
776
7,800
13,497

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

Page 26

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (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 Social Security Costs
Employers Pension Costs
Total Staff Costs		 Charitable
Activity
126,171.95
126,171.95		 Support and
Governance
Costs
Total
94,265.73
220,437.68
94,265.73
220,437.68		 Comparative
31 March 2024
192,679
192,679
Total
55,713.00
1,433.19
2,785.66
59,931.85		 Comparative
31 March 2024
192,679
192,679
Total
55,713.00
1,433.19
2,785.66
59,931.85		 Comparative
31 March 2024
35,438
-
1,772
37,210
192,679
192,679
Total
55,713.00
1,433.19
2,785.66
59,931.85

The average monthly number of employees during the year was 1 (2024 : 1) and the average monthly number of employees during the year expressed as full time equivalents was 1 (2024: 1).

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

The charity contributes towards a pension scheme. The scheme is defined contribution and the charity has no further liability over and above the contributions made during the financial year.

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 (2024 : Nil).

Page 27

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

Charitable Expenditure (Cont….)

NOTE 11 Auditor's Remuneration

The auditor's remuneration constituted an audit fee of £9,600 (2024 : £7,800) and additional tax advisory work of £3,000 (2024 : Nil).

NOTE 12 Trustees Remuneration and Expenses

The Trustees were not remunerated and were not paid any expenses during the year (2024 : Nil).

NOTE 13 Related Party Transactions

During the year the charity made a payment of £30,000 (2024: £30,000) to The Parochial Church Council of the Ecclesiastical Parish of St. Mary The Virgin, Henley on Thames, a Charity of which Reverend J Tayler is a Trustee.

At the year end there was no outstanding balance (2024: Nil).

During the year the charity made a payment of £525 (2024 : 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 (2024: Nil).

Page 28

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (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/Studio/Garden)
The Angel on the Bridge
25 Market Place
Total Property Value
Analysis of opening and closing carrying amounts
Market Value at 31 March 2024
Additions during year
Increase in Market Value for year
Market Value at 31 March 2025		 Part 1
Part 2
Part 3
Part 4
Almshouses
Relief in
Educational
Bridge
Charity
Need
Charity
Charity
6,115,000.00
-
-
-
73,125.00
-
-
-
6,188,125.00
-
-
-
1,100,000.00
-
-
-
949,259.98
-
-
-
3,150,000.00
-
-
-
-
-
-
1,300,000.00
5,199,259.98
-
-
1,300,000.00
11,387,384.98
-
-
1,300,000.00
11,340,000.00
-
-
1,300,000.00
47,384.98
-
-
-
-
-
-
-
11,387,384.98
-
-
1,300,000.00		 Part 5
Church
Charity
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
6,115,000.00
73,125.00
6,188,125.00
1,100,000.00
949,259.98
3,150,000.00
1,300,000.00
6,499,259.98
12,687,384.98
12,640,000.00
47,384.98
-
12,687,384.98		 Comparative
31 March 2024
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
12,640,000
-
-
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 2025.

Page 29

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (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
Basis of Valuation
1,200,000.00
Existing use value for social housing
1,575,000.00
Existing use value for social housing
3,340,000.00
Existing use value for social housing
73,125.00
Open market value subject to existing use
6,188,125.00

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/Studio/Garden)
The Angel on the Bridge
25 Market Place		 1,100,000.00
949,259.98
3,150,000.00
1,300,000.00
6,499,259.98

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 30

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

FIXED ASSETS (Cont….)
NOTE 15 Investments
COIF Ethical Investment Fund
Accumulation Units
Number of Units
Investments at Original Cost
Increase in Market Value
over Original Cost to 31 March 2024
Market Value at 31 March 2024
Increase/(decrease) in Market
Value for Year
Market Value at 31 March 2025
COIF Ethical Investment Fund
Income Units
Number of Units
Investments at Original Cost
Increase in Market Value
over Original Cost to 31 March 2024
Market Value at 31 March 2024
Increase/(decrease) in Market
Value for Year
Market Value at 31 March 2025
Total - COIF Ethical Investment Fund		 Part 1
Part 2
Part 3
Part 4
Almshouses
Relief in
Educational
Bridge
Charity
Need
Charity
Charity
156,776.09
-
-
-
40,744.57
-
-
-
783,976.05
-
-
-
824,720.62
-
-
-
(12,150.15)
-
-
-
812,570.47
-
-
-
189,095.67
87,805.03
72,511.00
370,955.21
193,959.28
66,382.52
53,966.57
360,206.17
391,764.56
205,593.56
170,636.25
788,827.59
585,723.84
271,976.08
224,602.82
1,149,033.76
(24,847.17)
(11,537.59)
(9,527.94)
(48,743.51)
560,876.67
260,438.49
215,074.88
1,100,290.25
1,373,447.14
260,438.49
215,074.88
1,100,290.25		 Part 5
Church
Charity
-
-
-
-
-
-
8,716.91
3,649.02
23,351.61
27,000.63
(1,145.40)
25,855.23
25,855.23		 Total
156,776.09
40,744.57
783,976.05
824,720.62
(12,150.15)
812,570.47
729,083.82
678,163.56
1,580,173.57
2,258,337.13
(95,801.61)
2,162,535.52
2,975,105.99		 Comparative
31 March 2024
156,766
40,744
687,340
728,084
96,637
824,721
729,084
678,164
1,375,446
2,053,610
204,727
2,258,337
3,083,058

Page 31

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

FIXED ASSETS (Cont….)
NOTE 15 Investments (Cont….)
Courtiers UK Equity Income R Acc Fund
Accumulation Units
Number of Units
Balance at 1 April 2024
Purchased/(Sold) during year
Balance at 31 March 2025
Courtiers Global (Ex-UK) Equity Income R Acc Fund
Accumulation Units
Number of Units
Balance at 1 April 2024
Purchased/(Sold) during year
Balance at 31 March 2025
Courtiers Cash Account
Balance at 1 April 2024
Income/(Expenditure) during year
Balance at 31 March 2025
Investments at Original Cost
Increase(Decrease) in Market Value
over Original Cost to 31 March 2024
Market Value at 31 March 2024
Increase/(decrease) in Market
Value for Year
Market Value at 31 March 2025
Total - Courtiers Investment Services Limited		 Part 1
Part 2
Part 3
Almshouses
Relief in
Educational
Charity
Need
Charity
154,281.82
-
-
(4,300.44)
-
-
149,981.38
-
-
137,385.87
-
-
2,544.79
-
-
139,930.66
-
-
-
-
-
2,767.67
-
-
2,767.67
-
-
500,013.70
1,896.55
501,910.25
-
-
36,741.63
-
-
538,651.88
-
-
538,651.88
-
-		 Part 4
Bridge
Charity
-
-
-
-
-
-
-
-
-
-
-
-
-		 Part 5
Church
Charity
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
154,281.82
(4,300.44)
149,981.38
137,385.87
2,544.79
139,930.66
-
2,767.67
2,767.67
500,013.70
1,896.55
501,910.25
36,741.63
538,651.88
538,651.88		 Comparative
31 March 2024
146,628
7,654
154,282
129,333
8,053
137,386
-
-
-
500,014
(31,829)
468,185
33,725
501,910
501,910

Page 32

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

FIXED ASSETS (Cont….)
FIXED ASSET SUMMARY
Tangible Assets
Investment Properties
Investment - COIF Ethical Investment Fund
Investment - Courtiers Investment Services Limited
Total Capital Investment at 31 March 2025		 Part 1
Part 2
Part 3
Part 4
Almshouses
Relief in
Educational
Bridge
Charity
Need
Charity
Charity
6,188,125.00
-
-
-
5,199,259.98
-
-
1,300,000.00
1,373,447.14
260,438.49
215,074.88
1,100,290.25
538,651.88
-
-
-
13,299,484.00
260,438.49
215,074.88
2,400,290.25		 Part 5
Church
Charity
-
-
25,855.23
-
25,855.23		 Total
6,188,125.00
6,499,259.98
2,975,105.99
538,651.88
16,201,142.85		 Comparative
31 March 2024
6,188,125
6,451,875
3,083,058
501,910
16,224,968

Page 33

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

NOTE 16 Statement of Funds- Current Year
ALMSHOUSE CHARITY (Part 1)
Balance at 1 April 2024
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
Balance at 31 March 2025
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
285,360.54
62,939.00
-
-
-
-
36,000.00
12,000.00
11,607.09
1,978.24
(36,999.05)
(43,344.44)
-
-
295,968.58
33,572.80
306,490.07
34,017.78
879.56
97.62
919.35
-
(12,320.40)
(542.60)
295,968.58
33,572.80		 Routine
Upkeep Fund
10,292.62
-
-
12,000.00
298.38
(13,906.44)
-
8,684.56
7,090.94
20.36
2,441.72
(868.46)
8,684.56		 General
Reserves
7,534,207.48
96,835.33
-
(60,000.00)
(13,883.71)
94,249.93
(255.69)
7,651,153.34		 Total
14,007,799.64
96,835.33
-
-
-
-
(255.69)
14,104,379.28

Page 34

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

NOTE 16 Statement of Funds (Cont….) - Prior Year
ALMSHOUSE CHARITY (Part 1)
Balance at 1 April 2023
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
Balance at 31 March 2024
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
257,412.46
79,579.04
-
-
-
-
36,000.00
12,000.00
12,742.56
3,326.23
(20,794.48)
(31,966.27)
-
-
285,360.54
62,939.00
290,591.88
62,863.18
1,032.82
223.42
-
-
(6,264.16)
(147.60)
285,360.54
62,939.00		 Routine
Upkeep Fund
12,053.36
-
-
12,000.00
394.15
(14,154.89)
-
10,292.62
7,704.60
27.40
2,630.62
(70.00)
10,292.62		 General
Reserves
7,147,721.30
212,573.21
-
(60,000.00)
(16,462.94)
66,915.64
183,460.27
7,534,207.48		 Total
13,611,766.16
212,573.21
-
-
-
-
183,460.27
14,007,799.64

Page 35

HENLEY MUNICIPAL CHARITIES

Notes to the Accounts as at 31 March 2025 (Cont….)

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

RELIEF IN NEED/EDUCATIONAL/BRIDGE/CHURCH CHARITY
Balance at 1 April 2024
Movements during Year
Net movement in Funds for the Year
Transfer to Almshouse Charity
Increase in Market Value Of Investments
Balance at 31 March 2025
NOTE 16 Statement of Funds (Cont….) - Prior Year
RELIEF IN NEED/EDUCATIONAL/BRIDGE/CHURCH CHARITY
Balance at 1 April 2023
Movements during Year
Net movement in Funds for the Year
Transfer to Almshouse Charity
(Decrease) in Market Value Of Investments
Balance at 31 March 2024		 Part 2
Part 3
Part 4
Relief in
Educational
Bridge
Need
Charity
Charity
General
General
General
Reserves
Reserves
Reserves
341,182.78
240,429.47
2,692,569.03
11,128.85
1,694.19
78,988.32
-
-
-
(11,537.59)
(9,527.94)
(48,743.51)
340,774.04
232,595.72
2,722,813.84
Part 2
Part 3
Part 4
Relief in
Educational
Bridge
Need
Charity
Charity
General
General
General
Reserves
Reserves
Reserves
305,737.76
220,109.14
2,508,120.31
10,789.37
(40.76)
80,284.50
-
-
-
24,655.65
20,361.09
104,164.22
341,182.78
240,429.47
2,692,569.03		 Part 5
Church
Charity
General
Reserves
79,526.77
11,059.55
-
(1,145.40)
89,440.92
Part 5
Church
Charity
General
Reserves
63,395.12
13,683.94
-
2,447.71
79,526.77

NOTE 17 Capital commitments

Capital expenditure authorised and contracted for but not provided in these financial statements amounted to £Nil (2024 :£ Nil).

NOTE 18 Contingent liabilities

At 31 March 2025 there were no known contingent liabilities (2024 :£ Nil).

Page 36