The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDING 28TH FEBRUARY 2022
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Anrpt 28th Feb 2021
The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
REPORT OF THE TRUSTEES OF THE ALDERSHOT INSTITUTE FOR THE YEAR ENDING 28TH FEBRUARY 2022
Background
The Aldershot Institute is a charity registered in September 1962 and owns the three story building on the corner of Victoria/Station Road. The building dates from the late 1880’s.
The ground floor has been let commercially for many years as three shop units, the leases for which provide the major funds to maintain the building. With no car parking facilities at hand and no lift to the public rooms on the first and second floors, there was no interest in using the premises for social activities as originally envisaged. After many years of little use, the Hampshire Youth Bureau was housed on the second floor until its closure in 2010. It was confirmed that this letting came within the terms of the Charitable Status and the upper floor space has been leased to other similar organisations since that time. A lift was installed in 2012/13 to allow full access to all floors.
Current Position
The premises have been let for the past year as follows: -
Ground Floor Shops: 102 Victoria Road – Belvoir Lettings Agency 104 Victoria Road – Nepalese Travel Agency 106 Victoria Road – Nepalese Clothing Retailer
The shops at 102, 104 and 106 are let on commercial leases. The leases on 102 and 104 were renewed in 2019 and a new lease for 106 was agreed during 2020. The lease on 102 was reassigned to another Belvoir franchisee in early 2021.
First and Second Floors:
The Vine Charity, who took up occupation in October 2012, have continued to occupy the upper floors and to expand their services to the local community. The lease was renewed from October 2017 for five years. Renewal terms for a further five years have been agreed and the legal documents are being prepared.
Current Year Activities
Wendage Pollution Control have continued to maintain and monitor the cellar automatic water extraction system. The system appears to remain satisfactory. Access to the cellar remains available from the rear of the building.
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Anrpt 28th Feb 2021
The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
The reduction in high street activities caused by the measures to control the spread of the Corona Virus pandemic continued into 2021. A rent holiday was offered to our tenants at the start of lockdown but was only taken up by shop 106 for one month. Repayment was made in March 2021.
Income received from the lettings continues to be retained to maintain and gradually improve the building. Building expenditure during the year was on repairs and maintenance and a payment to The Vine to enable redecoration, resulting in a surplus of £27,546 for the current year. In the longer term, with full occupation of the building, the reserves are forecast to increase by £15/20,000 per year.
A substantial reserve (£220,483) remains accumulated at the year-end as a safeguard against any excessive costs, which may arise with such an old building and with a long-term aim to restore the building as near as possible to its original condition. This reserve has been lodged mainly with CCLA to improve return while maintaining security. An alternative account needs to be arranged as funds in our main banker now exceed the £85,000 FSCS banking guarantee. The Trustees have discussed the level of these reserves and agreed that it would be prudent to retain one year’s normal expenses (£50,000) as a minimum. Funds more than the minimum may be committed to further building improvements, although there are no specific plans at this time.
Future Plans
Howard Emberson of Emberson & Co Ltd continues to act as our managing agent.
The Corona Virus pandemic restrictions have been removed but uncertainties remain, although the effects on the Institute are limited. The longer-term decline in the high street could eventually cause the income received by the Institute from its three high street shops to be reduced. A vacated shop becomes a liability after three months due to the loss of income and the additional requirement to pay the business rates on empty properties.
All capital plans remain subject to the availability of funds and the need to maintain a reserve for unforeseen expenses.
Trustees
Lesley Buckland Chairman Richard G Hickman Treasurer Gareth Palmer Secretary Keith Bean from 1[st] March 2021 Sue Hathaway Rachel Winkworth from 1[st] March 2021
Board of Trustees April 2022
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Anrpt 28th Feb 2021
The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
The Institute Today
Yesteryear
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Anrpt 28th Feb 2021
The Aldershot Institute
Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
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Anrpt 28th Feb 2021
The Aldershot Institute
Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
ACCOUNTS FOR THE YEAR TO
28TH FEBRUARY 2022
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AI Acc 28 Feb 2022
Income and Expenditure Account
for the Year ended 28 February 2022
INCOME
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Shop Rents | |||||
| 102 Victoria Road | 12,500 | 12,500 | |||
| 104 Victoria Road | 8,750 | 8,750 | |||
| 106 Victoria Road | 11,875 | 33,125 | 6,751 | 28,001 | |
| Other Rents | |||||
| The Vine | 10,000 | 10,000 | 9,250 | 9,250 | |
| Other Income | |||||
| Bank Interest | 24 | 171 | |||
| Reimbursements | |||||
| Total Income | 43,149 | 37,422 | |||
| EXPENSES | |||||
| 2022 | 2021 | ||||
| Building improvements | 3,780 | ||||
| Building Insurance | 3,190 | 2,765 | |||
| Property Taxes | |||||
| Professional Fees | |||||
| Architects/Planning | |||||
| Estate Agent | 5,775 | 6,210 | |||
| Legal/Consulting | . | 1,500 | |||
| Other Fees | 5,775 | 215 | 7,925 | ||
| Water | |||||
| Gas | |||||
| Electricity | |||||
| Waste Disposal | |||||
| Repairs & Maintenance | 2,858 | 3,619 | |||
| Office Costs | |||||
| Donations | 5,000 | ||||
| Trustee Expenses | |||||
| Total Expense | 15,603 | 19,309 | |||
| NET INCOME | 27,546 | 18,113 |
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AI Acc 28 Feb 2022
Balance Sheet as at 28 February 2022
| As at 28 Feb | As at 29 Feb | |
|---|---|---|
| 2022 | 2021 | |
| CURRENT ASSETS | ||
| Balance at Bank | ||
| Interest Account | 45,551 | 45,546 |
| Current Account | 92,524 | 65,002 |
| COIF Deposit Account | 82,623 | 82,604 |
| 220,698 | 193,152 | |
| LESS CURRENT LIABILITIES | ||
| Account Inspection | (215) | (215) |
| NET SURPLUS (DEFICIT) | 220,483 | 192,937 |
| Represented by | ||
| RESIDUE ACCOUNT | ||
| Surplus (Deficit) brought forward | 192,937 | 174,824 |
| Excess Income (Expenditure) | 27,546 | 18,113 |
| 220,483 | 192,937 |
Treasurer/Trustee The Aldershot Institute April 2022
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AI Acc 28 Feb 2022
Notes to the Account for the year to 28 February 2022
1 Accounting Policies
Basis of Preparation
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice “Accounting for Charities”.
Income
Income received is recognised on receipt.
Expenses
Expenses are recognised on receipt of a bill or invoice for supplies
2 Controlling Party
The ultimate controlling party of the Charity are the Trustees
-
3 There is an estimated liability of £215 to pay for the account inspection.
-
4 The Charities Bankers are:-
Barclays plc, Aldershot Branch - Current and Interest Accounts CCLA, London EC4 - COIF Charities Deposit Account
4 The Balance Sheet has not been adjusted to include the following fixed assets, which are noted at the June 2014 estimated reinstatement cost prepared by Vospers Chartered Surveyors:
Building (Freehold) £2,245,000 Loss of Rent 24 months
5 The Building Insurance was paid and recovered directly from clients by our Agent, except for The Vine which is paid by The Institute.
6 Movement on Reserves
Reserves of £192,937 were bought forward at 1 March 2021 and a surplus of £27,546 was achieved in the year ending 28 February 2022. Reserves of £220,483 are carried forward at 1 March 2022.
- 7 The £138,024 held in Barclays Accounts exceeds the £85,000 FSCS banking guarantee requiring the opening of an alternative account.
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AI Acc 28 Feb 2022
ij 13 BthRoad GU148PG Al Aec 28 Feb 2022 Page5 of8
Income 2021122 Interest ces 5 Year Income Sources 50,000 45,000 40,000 35,000 30,000 Reirrt)ursements 25,000 I nterest 20,000 Offices 15,000 Shops 10,000 5,000 2018 2019 2020 2021 2022 Al Aec 28 Feb 2022 Page6of8
Expenditure 2021122 I[T1prrri]L essional fees Maintr.n Ihihlding InsurarbC.e. 5 Year Expense Summary 35,000 30.000 Other costs 25,000 Cleaning 20.000 Utilities Prolessional Fees 15,000 Building Insurance 10,000 Repairs & Maintenance Building rovements 5,000 2018 2019 2020 2021 2022 Year Al Aec 28 Feb 2022 Page7of8
5 Year IncomelExpense Summary 50,000 45,000 40,000 35,000 30,000 25,000 iilii Income 20,000 15,000 10,000 5,000 2018 2019 2020 2021 2022 Year Reserve Forecast 250.000 200.000 15U,UW Year Start 100.000 Year End 50,000 i I I I I I I I I I 2018 2019 2020 2021 2022 Budget Al Aec 28 Feb 2022 Page8 of8