The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDING 28TH FEBRUARY 2025
Anrpt 28th Feb 2025
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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 28TH FEBRUARY 2025
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. Terms for the 106 lease renewal have been agreed and are expected to be completed in 2025.
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 28th Feb 2025
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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 £29,854 for the current year. In the longer term, with full occupation of the building, the reserves are forecast to increase by £20/30,000 per year.
The sum of £5,000 has been paid to the Vine for the upgrade of the client showers. Materials were supplied by Wicks.
A substantial reserve (£302,616) 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. Two additional accounts have been opened with different banks to deposit reserves, as funds in our main banker exceeded 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, continued to act as our managing agent during the year and Herrington & Carmichael provide our legal services.
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 Bundy-Smyth Chairman (Previously Lesley Buckland) Richard G Hickman Treasurer Gareth Palmer Secretary Keith Bean Sue Hathaway Rachel Winkworth
Board of Trustees April 2025
Anrpt 28th Feb 2025
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The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
The Institute Today
Yesteryear
Anrpt 28th Feb 2025
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The Aldershot Institute Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
Anrpt 28th Feb 2025
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The Aldershot Institute
Registered Charity 301720 Station Road, Aldershot, Hampshire GU11 1BA
ACCOUNTS FOR THE YEAR TO
28TH FEBRUARY 2025
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AI Acc 28 Feb 2025
Income and Expenditure Account
for the Year ended 28 February 2025
INCOME
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Shop Rents | |||||
| 102 Victoria Road | 12,625 | 12,500 | |||
| 104 Victoria Road | 9,100 | 9,100 | |||
| 106 Victoria Road | 10,000 | 31,725 | 9,876 | 31,476 | |
| Other Rents | |||||
| The Vine | 12,500 | 12,500 | 10,500 | 10,500 | |
| Other Income | |||||
| Bank Interest | 5,627 | 4,722 | |||
| Reimbursements | 1,870 | ||||
| Total Income | 49,852 | 48,568 | |||
| EXPENSES | |||||
| 2025 | 2024 | ||||
| Building improvements | |||||
| Building Insurance | 150 | 6,122 | |||
| Property Taxes | |||||
| Professional Fees | |||||
| Architects/Planning | |||||
| Estate Agent | 5,907 | 5,637 | |||
| Legal/Consulting | |||||
| Other Fees | 4,598 | 10,505 | 1,854 | 7,491 | |
| Water | |||||
| Gas | |||||
| Electricity | |||||
| Waste Disposal | |||||
| Repairs & Maintenance | 4,343 | 5,672 | |||
| Office Costs | |||||
| Donations | |||||
| Trustee Expenses | |||||
| Total Expense | 19,998 | 19,285 | |||
| NET INCOME | 29,854 | 29,283 |
Page 2 of 7
AI Acc 28 Feb 2025
Balance Sheet at 28 February 2025
| At 29 Feb | At 29 Feb | |
|---|---|---|
| 2024 | 2024 | |
| CURRENT ASSETS | ||
| Balance at Bank | ||
| Interest Account | 67,537 | 76,321 |
| Current Account | 32,810 | 108,604 |
| CCLA Deposit Account | 92,249 | 87,837 |
| CCBank Deposit | 35,010 | |
| CAF/Shawbrook Deposit | 75,010 | |
| 302,616 | 272,762 | |
| LESS CURRENT LIABILITIES | ||
| Account Inspection | ||
| NET CURRENT ASSETS | 302,616 | 272,762 |
| Represented by | ||
| RESIDUE ACCOUNT | ||
| Reserves brought forward | 272,762 | 243,479 |
| Excess Income (Expenditure) | 29,854 | 29,283 |
| 302,616 | 272,762 |
Treasurer/Trustee The Aldershot Institute March 2025
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AI Acc 28 Feb 2025
Notes to the Account for the year to 28 February 2025
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 of funds.
Expenses
Expenses are recognised on receipt of a bill or invoice for supplies/services.
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 Deposit Accounts CCLA, London EC4 - COIF Charities Deposit Account CCBank, Leicester LE1 6TE – Deposit Account CAF/Shawbrook Bank, Essex CM13 3BE – Deposit Account
- 4 The Balance Sheet has not been adjusted to include the following fixed assets, which are noted at the May 2024 estimated reinstatement cost prepared by Praise MathewJohnson:
Building (Freehold) Rebuild £2,092,473 inc VAT Loss of Rent 24 months
- 5 The Building Insurance was paid and recovered directly from clients by our Agent.
6 Movement on Reserves
Reserves of £272,762 were bought forward at 1 March 2024 and a surplus of £29,854 was achieved in the year ending 28 February 2025. Reserves of £302,616 are carried forward at 1 March 2025.
7 The reserves are held in a Barclays Current Account and four savings accounts, recognising the £85,000 FSCS banking guarantee.
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AI Acc 28 Feb 2025
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Income 2024125 Interest Ices Sh Expenditure 2024125 Repairs & Maintenance, 4.3 other costs, 5,(KK) Building Insurance, 150 Professional Fees. 10.505 AI Acc 28 Feb 2025 Page6 of7
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Reserves
350,000
300,000
250,000
200,000 | [|] CAFBank Sav
| [|] CCBank Sav
150,000 | [|] CCLA Dep
| [|] Barclays Sav
100,000 | | Current Ac
50,000
-
2024 2025
Year
Funds, £
----- End of picture text -----
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AI Acc 28 Feb 2025