RINGWOOD UNITED CHARITIES (Charity Registered Number 3070941 28 Christchurch Road Ringwood Hampshire BH24 IDN TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHAIRMAN OF TRUSTEES: Mr D Brown 76 Hinton Wood Avenue Christchurch Dorset BH23 5AJ BANKERS: National Westminster Bank PLC 11 High Street Ringwood Hampshire BH24 IBA CCLA Investment Management Limited One Angel Lane London EC4R 3AB INDEPENDENT EXAMINER: Mrs L Horler, ACMA 27 Dene Close, Poulner Ringwood Hampshire SP6 INQ Page I I
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RINGWOOD UNITED CHARITIES TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, APPROVAL CERTIFICATE As Trustees, we approve the Annual Report and Financial Statements set out on pages I to 13 in all respects. Signed on behalf of the Trustees: D Brown {Chairman) Date: 7 January 2025 Page13
RINGWOOD UNITED CHARITIES TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees have the pleasure in presenting their report together with the accounts of the Charity for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out on page 9 and comply with the Charity Commi55ions Schemes and applicable law. OBJEcfs AND BACKGROUND The Charity was created in its present form, and is governed by, a Charity Commission Scheme of 1959. This brought together several historic endowments, some dating back as far as the171h century. The scheme restricted the Charity to providing benefits to poor people living within the Parish of Ringwood and divided the Charity into two branches. First the Almshouse branch is entrusted with the provision and management of almshouses. The Charity owns the freehold of 8 flats at the Quomp, Ringwood. These were specially built in 1843 under the terms of a bequest dated a few years earlier. The building has been Graded11 Listed. Secondly the Poor's branch holds funds which are to be used for the general benefit of the poor, specifically including providing support to almshouses. The Tru5tees' main concerns are the ongoing preservation, upgrading and maintenance of the property, and ensuring that it provides safe and comfortable homes for the residents. The 1959 scheme envisage that part of the Charity's land could be used for allotments. However, in the 1960's the excess land was compulsorily purchased by Ringwood and Fordingbridge Rural District Council. As part of the purchase agreement the Council undertook to supply and fund a warden in perpetuity. Consequently, the welfare of the residents was overseen on a daily basis however in recent years New Forest District Council have withdrawn this service and the responsibility faSls back, in the main, on Clerk to the Trustees,. In accordance with the original donors, wishes the Charity's founding funds were permanent endowments, and the only funds available to the Trustees from this source are the income generated from investing the capital. Residents of the almshouses are required to make contribution towards maintenance costs, but these contributions are restricted to well below what would be a market rent. A Further Charity Commission Scheme in 1979 brought the Alexander James Memorial Trust Fund within the Charity's resources, and this put the Charity on a more secure footing. However, other than residents, maintenance contribution5 and investment income the Charity today is solely dependent on legacies and other donations. PUBLIC BENEFIT The Charities main area of operation is as a housing organisation providing eight units of self-contained accommodation- each unit comprising of a double bedroom, bathroom, kitchen and living room. Four of the units are based on the ground floor and the other four units are located on the first floor. The Grade 11 Listed Building is situated in close proximity to the town centre and also offers its residence a courtyard and maintained communal gardens in which to relax. As well as providing accommodation the Charity works with the poor of the Parish and has provided direct and indirect support through the disbursement of funds. Vacancies are advertised locally and potential residents are also proposed by the housing authority. The Trustees have taken careful regard of the Charity Commissions guidance on public benefit and believe that by meeting the objectives of the Charity they are fulfilling those requirements. Page14
ACTIVITY DURING THE YEAR Renovation of one of the flats took longer than anticipated resulting in the charity running with an effective vacancy for the full year (87.5 % occupancy) however the work was completed shortly after the financial year end with the resident moving back into their flat and the other propety being advertised and offered to new residence. Work to replace the chimney stacks progressed well and broadly in line with budget but the same could not be said for the roofmg project which seemed beset with a number of minor problems and one significant issue that has caused the work to stall. At the time that the roof was being stripped it was noted that a signifioqnt number of ridge tiles had deteriorated to the point that they could not be reused, they were after all over 180 years old. Further investigation found that the tiles were also of a bespoke design that could neither be purchased new nor obtained from any reclamation yards, this being despite rigorous searcl]ing. The only option open to the Trustees was to commission specialist manufacturer of the tiles but that even with all parties best endeavours this process would take many months to work through and would consequently not only delay the completion of the work but also delay the removal of the scaffolding. Whilst regrettable that the project could not be completed within the current fllwicial year, Trustees are certain that the right solution has been arrived at and that the project will be delivered within the following year. FINANCIAL REVIEW Whilst the Charity continues to invest in the ongoing maintenance of the building the organisations finances remain in reasonable health although the commitment to the chimney stack and roof repairs has made a significant reduction within the major repairs fund and it is important that the Trustees remain mindful that this fund will, over the coming years, need to be replenished. In the year 2023124 the resident's maintenance contribution amounted to £34,868 a reduction of £940 on the previous year. Running costs of the Almshouse [detailed in Note 5{bl on page 131 amount to £89,435 [2022/23 £76,834]. Income from investments amounted to £6,372 an increase of £1,085 over the previous year. The investment funds involved are approved by the Charity Commission and are held for the long term. Overall. The value of the Charities assets decreased by £27,913 [2022/23 increase of £59,187]. The freehold property represents just below 63% of the total asset value of the Charity, based on the 2019 valuation Imarket value £1,178,000], however it remains that there is no expectation that the property will be put up for sale. Under the Trustee5 revaluation policy, the building is professionally revalued every 5 years. The next valuation is to be carried out in early 2025. RESERVES The Charity's founding funds were by way of permanent endowment and only the income generated can be spent. The freehold property owned by the Charity is included in the accounts as an investment asset. By its nature and by the Charity 'S objective it is not expected to be realised. The Trustees ensure the upkeep of the building is constantly under review and take professional advice where appropriate. The Trust Scheme requires the Trustees to designate part of the reserves as an Extraordinary Repair Page15
Fund IERF), holding significant funds available in case of major maintenance requirements. The annual investment is assessed in accordance with guidelines issued by the Almshouse Association. The allocation of resenies, showing those funds which are pemianent, and which are available to meet operating requirements, is shown in Note 6 on page 12. RISK MANAGEMENT The Trustees have considered the risks faced by the Charity which include not only operational risks such as fire and accident, but risks arising from ever-changing legislation and an increasingly litigious society. They have considered the impact of laws on data protection, safeguardin& disability access and the safety of the building is constantly under review. They believe that they have identified the major risks which the Charity faces, and busine55 and operational risks areas far as practicable covered by commercial insurance. Strategic risks are thought potentially to arise from legislative change at either local or national level, and these are monitored to the extent that the Trustees are able. TRUSTEES The Constitution provides for there to be eleven Trustees. The Vicar of the Parish of Ringwood is appointed ex-officio. Ringwood Town Council may appoint up to six Trustees with a further four trustees to be co-opted from persons residing or carrying on business in or near Ringwood. The Trustees at the date of this report and holding office during the year were: Mr David V Brown Mrs Jacqueline C Brown BA Hon Cllrjohn J Haywood Cllrjeremy D Heron Mr Kevin P Jones BA Hon MCIAT Miss Janet A Pankhurst Cllr W Stephen Rippon-swaine Mrjohn A R Smith Vacancy Vacancy Vacancy Chairman Town Council Representative Town Council Representative Treasurer Vice-chairman Town Council Representative The Trustees meet formally six times a year. The quorum for Trustees, meetings is four, to ensure that the Trustee meetings can be quorate in the event that an extraordinary meeting be called to attend to urgent business. As in previous years I would like to thank my fellow Trustees and the Clerk who have supported the charity during the past year. Approved by the Trustees and signed on their behalf by D V Brown Chairman Dated: 7 January 2025 Page16
RINGWOOD UNITED CHARITIES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEE RESPONSIBILITIES APPLICABLE TO THE TRUSTEES OF RINGWOOD UNITED CHARITIES Law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year, which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing accounts giving a true and fair view, the Trustees should follow best practice and: select suitable accounting policies and then apply them consistently, make judgements and estimates that are reasonable and prudent, observe the methods and principles in the Charities Statement of Recommended Practice IFRS1021, state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts, prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the accounts comply with applicable law and regulations. They are also responsible for safeguardinE the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page17
RINGWOOD UNITED CHARITIES {Charity Registered Number 3070941 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RINGWOOD UNITED CHARITIES FOR THE YEAR ENDED 31 MARCH 2024 I report to the Trustees on my examination of the accounts of Ringwood United Charities for the year ended 31 March 2024. RESPEcfivE RESPONSIBILITIES AND BASIS OF REPORT As the Charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the "Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and, in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145{5}Ibl of the Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. Apart from my notes below, regarding the National Westminster 'Business Reserve bank account- APTJames Memorial Trust, the 'BLK Charities UK Bond A, and the status of the 'Alexander James Memorial Trust,, I confirm that no other material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect: Accounting records were not kept in respect of the Trust as required by section 130 of the Act; or The accounts do not accord with those records; or The accounts do not comply with applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. l. National Westminster 'Business Reserve bank account- APT James Memorial Trust,, with fund5 of £2,904.48. This balance can only be verified with an historical bank statement. The National Westminster Bank transferred the funds to a 'Dormant Account, in February 2017 and closed the Bank account. 2. Alexander James Memorial Trust {a dissolved Trust). The Trust and assets have been incorporated into the accounts of Ringwood United Charity. The funds are held in BlackRock; with the account holder named as 'AlexanderJames Memorial Trust,. The income was previously received quarterly and paid into the Bank account noted in point I above. As the investment income, has been by cheques in the name of 'Alexander James Memorial Trust, {the dissolved Trust) there was no facility to bank the items since Nation Westminster has closed the account. The Trustees have stated that they propose to resolve the issue by opening a new bank account in the name of the 'Alexander James Memorial Trust, and incorporate the name into Ringwood United Charities with the Charities Commission. However, the Trustees have not provided any Page18
evidence to support that this action has been taken. The matter has now been outstanding for over 10 years The Alexander James Memorial Trust capital and income continues to be included in the accounts, but no evidence has been provided to the support inclusion due to the lack of resolution. The amount5 included in the accounts, in respect of the 'AlexanderJames Memorial Trust, {the dissolved Trust) are as follows: Capital £ 36,091 Income provided for (Debtor) 2018 £ 836 2019 £ 1,672 2020 £ 1,324 2021 £ 1,567 2022 £ 1,254 2023 £ 1,254 2024 £ 1,254 £ 9,161 I have no other concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Date: 9 January 2025 27 Dene Close Poulner Ringwood Hampshire BH24 IDN SIGNED: E HorlerACMA Page | 9
RINGWOOD UNITED CHARITIES STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Ringwood United Charites Statement of Financial Actlvltes Year Ended March 2024 Alexanderjames Memorlal Trust Fund TOTAL FUNDS Total Funds Poors Fund Notes Main Fund 2024 2023 INCOMING RESOURCES Charitable Activities 41al 34,868 35,808 Grant Income 4{al 510 Investment income 41bl 4,978 1,254 130 4362 5,285 Total income and endowments 39.846 1.254 130 4£230 41,603 RESOURCES EXPENDED Expenditure on. Charitable Disbursements 51al Cost of Charitable Activities: Upkeep of the Almshouses 51b) 89,433 89,433 76,834 Administration 51cl 2.596 2,596 5,793 Professional Fees 51d) 1,9 1,854 Total expenditure 93.929 93,929 84,481 Net income before gains/ Ilossesl (54.083) 0 152,699) 142,8781 Unrealised revaluation gains / Ilossesl: Investments 66,537 {4631 66.480 113,0371 Almshouses MOVEMENT IN FUNDS 12,454 791 536 13,781 155,9151 Balances at l April 2023 I5,460 55,549 5.299 1,966,308 1,966,308 BALANCES AT 31 MARCH 2024 1,917.914 5.835 I.,089 1,910,393 Page | 10
RINGWOOD UNITED CHARITIES BALANCE SHEET AS AT 31 MARCH 2024 Ringwood United Charites Balan Sheet Year Ended March 2024 RESTRicfED FUND5 Alexander James Memorial Trust Fund Total Funds Totsl Funds Main Fund Poors Fund 2023 FIXED ASSErs Almshouses Quomp Ringwood Ilcl and 2 1,178,CiXI 1,178,1 1,178,CO) Investments Ilcl and 6 635,036 30,451 670,3n 616.918 TOTAL FIXED ASSETS L813,036 30,451 4,884 1,848,3n 1.794.918 CURRENT ASSErs Debtors and prepayments 2,435 2,435 9.017 Bank Balan$. Nation31 Westminster Bank PLC Current account 48,592 73,796 Reserve Account 2,905 1905 COIF Deposit Fund 13.430 61,110 62,022 2,905 64,927 137,811 Total current assets 64,457 67.362 146,828 UABILITIES Creditors (falling due withi n one yearl Accruals CURRENT ASSErs 62,557 2.9)5 146.828 TOTAL ASSETS 1,875,593 33,356 4,884 1913,833 1,941,746 Represented bv RESTRicfED FUNDS 1,875,593 33,356 4,884 1.913,833 1,941,746 Page | 11
RINGWOOD UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 I ACCOUNTING POLICIES (a) Basis of accounting The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRSI 02) las applied to small entities by section l A of the standard) and with the Charities Act 2011. (b) Statement of financial activities Classifications within the accounts are chosen to reflect the particular circumstances of the Charity, as permitted by the SORP for entities with gross income not exceeding £250,000. All income and expenditure are recognised in the year to which it relates. (c) Fixed assets The Charity's freehold property is considered to be an investment asset and as such is required to be stated at market value. The Trustees, policy is to obtain a professional valuation every five years, and meanwhile to make their own best estimate of current market value, supported where appropriate by a published index of property values. Other investments are stated at their market value as at the balance-sheet date. Movements in the capital value of retained investments are included in the Statement of Financial Activities as unrealised gains or losses. (d) Restricted funds The charity ha5 a branch structure imposed on it by the 1959 Charity Commi55ion Scheme, and most amounts received have to be allocated to one or the other branch. As the branches have defined purposes within the general objects of the Charity all such amounts, and the value of assets acquired therewith, are classified as restricted funds. 2 FREEHOLD PROPERTY The freehold property was professionally valued at 31 March 2019 by Kent Brennan MSC MRICS an RICS Registered Valuer. The property recorded a market value of £1,178,000 subject to the open market and vacant possession. This method of valuation has been the reported value within the accounts in line with previous years. The professional valuer also provided a value of £550,000 subject to existing licences and restriction. As stated in the financial review, a revaluation will be carried out in early 2025. 3 RELATED-PARTY TRANSAcfioNS No grants were received from Ringwood Town Council, which is considered to be a related party as it has the right to appoint six Trustees by virtue of the terms of the Charity's Constitution. As described in the Trustees, Report, the Council supplied and funded the services of a warden. None of the other Trustees received any remuneration or reimbursement for expenses incurred on the charitls behalf. Page | 12
RINGWOOD UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RESTrICTED FUNDS Charitable Activities Alexanderjames Memorial Trust Fund TOTAL FUNDS Total Funds a) CHARITABLE ACTIVITIES Main Fund Poors Fund 2024 2023 Almspersons 28,624 28,624 35,808 Grant Income 510 Miscellaneous 24624 36,318 4(bl INVEStMENT INCOME Charinco Common Investment Fund 20902.59 Income Units BLK Charites UK Bond Fund A 1,254 1,254 COIF Charities Investment Fund 4129 Income Units- Clark 2,249 2,249 2,249 213 Income Units- Clark 116 116 3687 Income Units- Repairs 211 211 211 22 Income Units- Baldwin 12 12 17 Income units Burch 4 Income Units- Thaine COIF Deposit interest Bank Interest 2,518 2.518 1,434 4,978 6.362 5,287 Page | 13
RINGWOOD UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RESTRICTED FUNDS EXPENDITURE ON Alexanderjames Memorfal Trust Fund TOTAL FUNDS Poors Fund Main Fund 2023 51a) CHARITABLE DISTRIBUTIONS S(bl COSTOF CHARITABLE ACTIVITES Upkeep of Almshouses Repairs- consultancy Refurbish- Comminal Areas Roof / Chlmney Project Refurbish Flat 8 Refurbish Flat 9 Refurbish Flat io Refurbish Flat 11 Refurbish Flat 12 Refurbish Flat 13 Refurbish Flat 14 Council Tax Electricity Gas 9,972 9,9n 3,522 1,450 59,267 95 5,021 313 83 367 954 270 38,470 38.470 3L617 491 924 491 924 91 91 1,398 95 Water Telephone Insvrance Garden Miscellaneous repairs linc gas safetyl 2,119 719 2,102 2,119 719 2,1(r2 2,677 732 375 89,433 76,834 51cl ADMINISTRATION Almshouses Association Clerk's Salary Computer Miscellaneous linc room hirel 4M3 296 1,820 37 296 5.460 37 37 2,596 1596 5,793 51dl PROFESSIONAL FEES Accountancy Property revaluation 1,9CM) 1,854 Page114
RINGWOOD UNITED CHARITIES NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RESTRICTED FUNDS TOTAL FUNDS Totsl Funds Alexanderjames Memorial Poors Trust Fund Fund Main Fund 2023 6 INVESTMENTS Alexanderjames Memorial Trust Fund BLK Charities UK Bond Fund A (income units) Iformerly Charinco Common Investment Fund- income unitsl 01 April 2023 30,914 Unrealised Ilossl / gain forthe year 14631 Valuation at 31 March 2024 30,451 30,914 4631 30.451 36.091 15,177) 30,914 Clarks Fund COIF Charities Investment Fund lincome unltsl 01 April 2023 Unrealised Ilossl / gain for the year Valuation at 31 March 2024 77.363 7.(X)3 3,991 361 4,352 81354 84,554 13,2¢X>I 81,354 88,718 Repairs Fund COIF Charities Investment Fund (income units) 01 April 2023 Unrealised Ilossl / gain for the year Valuation at 31 March 2024 7.251 7.251 656 7.907 12851 7.251 7.907 Baldwin Fund COIF Charities Investment Fund (income units) 01 April 2023 Unrealised1105sI / gain for the year Valuation at 31 March 2024 412 38 412 428 161 412 Burch Fund COIF Charities Investment Fund (income units) OIApril 2023 Unrealised110ss1 / gain forthe year Valuation at 31 m?h 2024 319 28 347 319 331 347 319 Thaine Fund COIF Charities Investment Fund (income units) OIApril 2023 Unrealised Ilossl / gain forthe year Valuation at 31 March 2024 78 131 75 Extraordinary Repalr Fund COIF Charities Investment Fund (income unitsl OIApril 2023 483,566 Investment duringthe year Unrealised Ilossl / gain forthe year Valuatlon at 31 March 2024 483,566 487, 58,850 y1416 5&850 Y2,416 14,3341 Total At Valuation 635.036 30,451 4,884 670.3n fA)3.891 Totsl Unrealised (10551 Igain forthe year 66,537 {4631 406 6fi480 113,0271 Page | 15