The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDING 29TH FEBRUARY 2024
Anrpt 29th Feb 2024
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The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
REPORT OF THE TRUSTEES OF THE ALDERSHOT INSTITUTE FOR THE YEAR ENDING 29TH FEBRUARY 2024
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, and a new lease has been agreed to commence in 2024.
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 2022 for five years. Renewal terms for the renewal have been agreed with service charges now paid by The Vine as with the other leases.
Current Year Activities
Wendage Pollution Control have continued to maintain and monitor the cellar automatic water extraction system. The system has required some repairs during the year. Access to the cellar remains available only from the rear of the building.
Anrpt 29th Feb 2024
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The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
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 providing a surplus of £29,283 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 (£272,762) 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
Nick Henson, trading as Vospers, Friend & Falcke, acted as our managing agent during the year.
The sum of £3,000 has been offered to the Vine for the upgrade of the showers for their clients. It is expected to be paid during 2024.
The long-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 Sue Hathaway Rachel Winkworth
Board of Trustees April 2024
Anrpt 29th Feb 2024
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The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
The Institute Today
Yesteryear
Anrpt 29th Feb 2024
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The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
Anrpt 29th Feb 2024
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The Aldershot Institute
Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
ACCOUNTS FOR THE YEAR TO
29TH FEBRUARY 2024
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AI Acc 29 Feb 2024
Income and Expenditure Account
for the Year ended 29 February 2024
INCOME
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Shop Rents | |||||
| 102 Victoria Road | 12,500 | 12,500 | |||
| 104 Victoria Road | 9,100 | 8,838 | |||
| 106 Victoria Road | 9,876 | 31,476 | 9,500 | 30,838 | |
| Other Rents | |||||
| The Vine | 10,500 | 10,500 | 10,000 | 10,000 | |
| Other Income | |||||
| Bank Interest | 4,722 | 1,262 | |||
| Reimbursements | 1,870 | ||||
| Total Income | 48,568 | 42,100 | |||
| EXPENSES | |||||
| 2024 | 2023 | ||||
| Building improvements | |||||
| Building Insurance | 6,122 | 3,838 | |||
| Property Taxes | |||||
| Professional Fees | |||||
| Architects/Planning | |||||
| Estate Agent | 5,637 | 5,500 | |||
| Legal/Consulting | 4,342 | ||||
| Other Fees | 1,854 | 7,491 | 9,842 | ||
| Water | |||||
| Gas | |||||
| Electricity | |||||
| Waste Disposal | |||||
| Repairs & Maintenance | 5,672 | 5,424 | |||
| Office Costs | |||||
| Donations | |||||
| Trustee Expenses | |||||
| Total Expense | 19,285 | 19,104 | |||
| NET INCOME | 29,283 | 22,996 |
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AI Acc 29 Feb 2024
Balance Sheet as at 29 February 2024
| As at 29 Feb | As at 28 Feb | |
|---|---|---|
| 2024 | 2023 | |
| CURRENT ASSETS | ||
| Balance at Bank | ||
| Interest Account | 76,321 | 75,569 |
| Current Account | 108,604 | 84,258 |
| COIF Deposit Account | 87,837 | 83,867 |
| 272,762 | 243,694 | |
| LESS CURRENT LIABILITIES | ||
| Account Inspection | (215) | |
| NET CURRENT ASSETS | 272,762 | 243,479 |
| Represented by | ||
| RESIDUE ACCOUNT | ||
| Reserves brought forward | 243,479 | 220,483 |
| Excess Income (Expenditure) | 29,283 | 22,996 |
| 272,762 | 243,479 |
Treasurer/Trustee The Aldershot Institute May 2024
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AI Acc 29 Feb 2024
Notes to the Account for the year to 29 February 2024
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 The Trustees during the period are:-
Lesley Buckland – Chairman, Gareth Palmer – Secretary, Richard G Hickman – Treasurer, Sue Hathaway, Rachel Winkworth, Keith Bean
- 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 £243,479 were bought forward at 1 March 2023 and a surplus of £29,283 was achieved in the year ending 29 February 2024. Reserves of £272,762 are carried forward at 1 March 2024.
7 The £184,925 held in Barclays Accounts exceeds the £85,000 FSCS banking guarantee requiring the opening of an alternative account.
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AI Acc 29 Feb 2024
MINER, ST OF I retMt ott the accounts of the Chwity for th yoareDded29 February 2024whi¢h llte 8a Out onth¢ pr¢J]ng paw. Rtspe¢tiv¢ r¢spothslblllltes of trwtees •Dd tmIn¢ A5 th¢ ch4Titys trlts. you are r¢spotk8ibl¢ for the prepa10 of the a. You wnsitsthat the dtsditrequirements of S¢¢tion 144 of th¢ CILariti¢8 Act 2011 d0¢8 Dotllpply. It is my responsibllity to slaK on th¢ basis of procethJre8 wified by th¢ G¢lleral Dir¢ctI wven bythe Charity CollwJiwon¢rs uod¢r S¢¢tion 145(5Kb) ofthe Affj whth partitularmattus hav¢ rAAL¢to my Bgth ofiDdepeDdent EurnlneW$ Rryirt CoDJrniSSi(m¢r5. AD examination iuclude5 a revi¢wof the accountiDgrccord8 keptby the thity and a ¢omparison of th¢ accounts prepared with thes¢ records. It8180 ifjchth coL8ideration of atty ullu¥ua] itWP5 or disclosure8 itl the a¢¢ourkts. s¢¢ktngwlallatiOn5 from you as trstees cOncerniallY suc& rnatt. Th¢ proceduffs adopted do notprovid¢ &ll the evidence thllt w(AJld berequired itt all Audit and COqUentiY I do Dot ¢xpte&8 anopillioD tllthe viewgivenby the accouDts. Illd¢p¢lld¢nt Statem¢nt . to ke llCL¥>untiDg r¢¢wds in accordance with Section 130 of theA¢t . to prepare aoDual accounts wkn'¢h a¢¢ord wAth th¢ IOltigr[ds andth) c4)mptyThiththe accoUntin8r¢quir¢mts of th¢ AL¥ ha thx be¢0 Jll¢L ( accounts to b¢ ached. E M¢L&)ugbliD FCCA Arr 13 BethRoad HoMh¢ GU14 8PG D.. 18 S¢ptcmber2024 Al Aec 29 Fcb 2024 Page 5 of8
Income 2023124 Reimbursements nterest Ices 5 Year Income Sources 50,000 45,000 40,000 35,000 30,000 25,000 Reimbursements Interest 20,000 Offices 15,000 10,000 5,000 Shops 2020 2021 2022 2023 2024 Al Aec 29 Fcb 2024 Page6of8
Expenditure 2023124 Repair Mainten rofessional Fees Building Insurance 5 Year Expense Summary 35,000 30,000 Other costs 25,000 Professional Fees 20,000 Building Insurance 15,000 Repairs & Maintenance 10,000 5,000 Building improvements 2020 2021 2022 2023 2024 Year Al Aec 29 Fcb 2024 Page7of8
5 Year IncomelExpense Summary 60,000 50,000 40,000 30,000 Income 20,000 10,000 2020 2021 2022 2023 2024 Year Reserve Forecast 350,000 300,000 250,000 200,000 Year Start 150,000 Year End 100,000 50,000 2020 2021 2022 2023 2024 Budget Al Aec 29 Fcb 2024 Page 8of8