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 2025 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 2025 TRUSTEE5' APPROVAL CERTIFICATE As Trustees, we approve the Annual Report and Financial Statements set out on pages I to 15 in all respects. Signed on beh of the Trustees: eron {Chair th Date: 30 March 2026 Page | 3
RINGWOOD UNITED CHARITIES TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees have the pleasure in presenting their report together with the account5 of the Charity for the year ended 31 March 2025. The accounts have been prepared in accordance with the accounting policies set out on page 7 and comply with the Charity Commission's Schemes and applicable law. OBJEcf5 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 the 17th 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 Trustees, main concerns are the ongoing presen4ation, upgrading and maintenance of the property, and ensuring that it provides safe and comfortable homes for the residents. The 1959 scheme envisaged 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 resident5 was overseen on a daily basi5 however in recent years New Forest District Council have withdrawn this service and the responsibility falls 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 contributions and investment income the Charity today is 501ely 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 Grade11 Listed Building is situated in close proximity to the town centre and also offers it5 residence a courtyard and maintained communal gardens in which to relax. A5 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 Commission's guidance on public benefit and believe that by meeting the objectives of the Charity they are fulfilling those requirements. AcfiviTY DURING THE YEAR After running with a vacancy for most of last year renovations were completed on flat 8, the occupant moved back in and the freed-up property was filled with a new resident. Page14
The long running maintenance project to replace the whole roof and a number of the chimney stacks was completed. The Trustees entered into discussions with the Trustees of the Almshouses at Ellingham, with the declining numbers of people available to serve, it was felt that there was an opportunity to bring the charities closer together. FINANCIAL REVIEW Whilst the Charity continues to invest in the ongoing maintenance of the building the organisation's finances remain in reasonable health although the commitment to the chimney stack and roof repairs has made a significant redurtion 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 2024125 the resident's maintenance contribution amounted to £37,796 an increase of £9,172 on the previous year plus a further £2,993 outstanding in contributions owed. Running costs of the Almshouse [detailed in Note 5(b) on page 141 amount to £18,003 [202312024 £89,433]. Income from investments amounted to £5,381. A decrease of £981 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 £30,743 The freehold property represents just below 61% of the total asset value of the Charity, based on the 2025 valuation [market value £1,140,000], however it remain5 that there is no expectation that the property will be put up for sale. Under the Trustees revaluation policy, the building is professionally revalued every 5 years. 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 Fund (ERF), 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 reserves, showing those funds which are permanent, and which are available to meet operating requirements, is shown in Note 6 on page 15. 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, safeguarding, 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 business 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. Page | 5
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 Cllr MaryA K DeBoos Cllr John J Haywood Cllr Jeremy D Heron Mr Kevin P Jones BA Hon MCIAT Miss Janet A Pankhurst Cllr W Stephen Rippon-swaine Mrjohn A R Smith Revd S Miles Vacancy Chairman Town Council Representative Town Council Representative Town Council Representative Treasurer Vice-chairman Town Council Representative Appointed rh January 2025 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. Approve heT an igned on their behalf by eron airman Da th d: 30 March 2026 Page | 6
RINGWOOD UNITED CHARITIES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 (FRS102), 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 safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page | 7
RINGWOOD UNITED CHARITIES (Charity Registered Number 3070941 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RINGWOOD UNITED CHARITIES FOR THE YEAR ENDED 31 MARCH 2025 I report to the Trustees on my examination of the accounts of Ring¥vood United Charities for the year ended 31 March 2025. RESPECTIVE 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 5 section 14515){b) 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- APT James Memorial Trust, the 'BLK Charities UK Bond A, and the statu5 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 {Account5 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 funds 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 'Alexander James Memorial Trust,. The income was previously received quarterly and paid into the Bank account noted in point l 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 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. Page | 8
The amounts included in the accounts, in respect of the 'Alexander James Memorial Trust, (the dissolved Trust) are as follows: Reserve Account £2,905 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 2025 £ 2,064 £ 11,225 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. th Date: 30 March 2026 27 Dene Close Poulner Ringwood Hampshire BH24 IDN SIGNED: E Horler ACMA Page19
RINGWOOD UNITED CHARITIES STATEMENT OF FINANCIAL ACTIVITIES Statementof Financial Activities Year Ending March 2025 TOTAL FUNDS Alexanderjames Memorial Trust Fund Notes Main Fund Total Funds Poor's INCOMING RESOURCES Charitable Activities Grant Income Investment Income 4b Total Income & endowments Fund 2025 2024 4a 38.270 38.270 34,868 3.185 41,455 132 5,381 43,651 6.362 41,230 2.064 132 RESOURCES EXPENDED Expenditure on: Chaiitable Disbursements 5a Cost of Charitable Activities: Upkeep ofthe Almshouse Administration Professional Fees Prior Year Adjustments Tolal expenditure 146 146 5b sc sd 17.816 4,269 {1,900} 13831 19,802 17,816 4,269 11,900) {71) 20,260 89,433 2.596 1.900 12,290 106,219 312 312 146 Net income before galnsl- losses 21,653 1.752 114) 23,391 (64,9891 Unfealised revaluation gainsl- losses Investments Almshouses NETMOVEMENTIN FUNDS 115,090) 138.000) (816) sd {228} (16,1341 138,000) 67,190 131.4371 936 12421 130,743) 2,201 Balance at l April 2024 1.862.069 52.417 5.786 1,920.272 1,917,758 BALANCESAT31 MARCH 2025 1,830,632 53.353 5.544 1,889,529 1.919,959 Page | 10
RINGWOOD UNITED CHARITIES BALANCE SHEET AS AT 31 MARCH 2025 RESTRICTED FUNDS Alexander James TOTAL FUNDS Total Funds Notes Main Fund MemoTial Poors Tfust Fun Fund 2025 2024 FIXED ASSETS Almshouse Quomp Investments TOTAL FIXED ASSETS 1.140.000 619.946 1,759,946 1.140,000 654,237 1,794.237 1,178,000 670.371 1,848,371 29.635 4.656 4.656 CURRENT ASSTS Debtors and prepayments 11.704 11.596 479 11.225 Bank Balances: National Westminster Bank Current Account ReseNe Account COIF Deposit Fund 56,111 9.587 2.905 66.587 2.905 14,096 83.588 48.556 2.905 13,430 64.891 14.096 70.207 12.492 TOTAL CURRENT ASSETS 70,686 23,717 95,292 76.487 LIABILITIE5 Creditors < one year Accruals NET CURRENT ASSET 3,000 70,686 23,717 95,292 73,487 1.921,858 TOTAL ASSETS 1.830.632 53,352 1,889.529 Represented by RESTICTED FUNDS 1,830,632 53,352 5,545 1.889,529 1.921,858 Page 111
RINGWOOD UNITED CHARITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 I ACCOUNTING POLICIES (a) Basis of accounting The financial statements have been prepared under the historical c05t 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 021 {as applied to small entities by section l A of the standard) and with the Charities Act 2011. (b) Statement of financial artivities 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) Flxed 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 has a branch structure imposed on it by the 1959 Charity Commission Scheme, and most amounts received have to be allocated to one or the other branch. A5 the branches have defined purposes within the general objetts 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 21° March 2025 by Simon Hake BSC (Honsl MRICS an RICS Registered Valuer. The property recorded a market value of £1,140,000 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 2030. 3 RELATED-PARTY TRANSACTIONS 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 Chariws 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 charivs behalf. Page112
RINGWOOD UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 RESTRICTED FUNDS Charitable Activities Alexander James TOTAL FUNDS Total Funds Main Fund Memorial Poor's Trust Fund Fund 2025 2024 41a) CHARAITABLE ACTIVITIES Contribution To Maintenance Grant Income 37.796 37,796 28,624 Miscellaneous 474 474 38,270 38.270 28,624 4{b) INVESTMENT INCOME Charinco Common Investment Fund 20902.59 Income Units BLK Charities UK Bond FundA 2,064 1.254 COIF Charities Investment Fund 4129 Income Units- Clark 213 Income Units - Clark 3687 Income Units- Repairs 22 Income Units- Baldwin 17 Income Units - Burch 4 Income Units - Thaine COIF Deposit Interest Bank Interest 2.294 2,294 118 2.249 116 118 216 216 12 211 12 12 666 666 2,518 3,185 132 5.381 6,369 Page | 13
RINGWOOD UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Alexander James TOTAL FUNDS RESTRICTED FUNDS Expenditure On Total Funds Main Fund Memorial Poorfs TwstFund Fund 2025 2024 5a CHARITABLE DISTRIBUTIONS 146 146 51b} COSTOFCHARITABLE ACTIVITES Upkeep ofAlmshouses Repairs - Consultancy Refurbish- CommunalAreas Rooflchimney Project Refurbish - Flat 8 Refurbish - Flat 9 Refurbish - Flat 10 Refurbish - Flat 11 Refurbish - Flat 12 Refurbish - Flat 13 Refurbish - FLat14 Council Tax Electricity Gas 612 612 9,972 1,200 5.973 2,055 1.200 5,973 2,055 38.470 31.617 491 924 431 431 546 91 199 199 900 1.398 1,511 2,374 877 1.511 2,374 877 Water Telephone Insurance Garden 2,119 719 2,102 1,890 30 1.890 Printing Miscellaneous 24 312 858 17,816 312 18,128 89.433 5{cl ADMINISTRATION Clerk's Salary Computers Subscriptions Miscellaneous 3.147 192 3.147 192 1,820 37 796 134 134 296 4,269 4,269 2.596 51dl PROFESSIONAL FEES Accountancy Property Revaluation 11.9001 138,0001 (39,9001 11,900} 138,0001 {39,900) 1,900 1.900 Page114
RINGWOOD UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 RESTRICTED FUNDS Alexander James TOTAL FUNDS Total Funds Main Fund Memorial Poor's Trust Fun Fund 2025 2024 6 INVESTMENTS Alexander James Memorlal Trust Fund BLK Charities UK Bond Fund A (income unlts) 01 April 2024 Unrealised gainlllossl for year Valuatlon at 31 March 2025 30,461 {8161 29,635 30,914 14631 30,451 30.451 18161 Clarks Fund. C3049430-C03049428 COIF Charities Invesiment Fund (income units} 01 April 2024 Unrealised gainlllossl foT year Valuatlon at 31 March 2025 84.366 13,9311 4,352 12031 4,149 88.718 14.1341 84,584 81,354 7.364 88.718 RepalrFunds- C03049427 COIF Charities Investment Fund (income unltsl 01 April 2024 Unrealised gainlllossl for year Valuatlon at 31 March 2025 7,907 13681 7.539 7.907 13681 7.251 656 7,907 Baldwln Fund- C093049429 COIF Charities Investment Fun(J (income units) 01 April 2024 Unrealised gainlllossl for yeaT Vaiuatlon at 31 Mar¢h 2025 450 1211 429 450 1211 412 38 450 Jane Burch Fund- C03049426 COIF Charities Invesiment Fund (income unltsl 01 April 2024 Unreali5ed gainlllossl foryear Valuatlon at 31 March 2025 347 161 331 319 28 347 1161 331 347 Thalne Fund- C03049425 COIF Charities Investment Fund lincome units) 01 April 2024 Unrealised gainlllossl loryear Valuatlon at 31 March 2025 82 141 78 82 141 78 75 82 Extraordlnary Repalr Fund- C03049424 COIF Charities Investment Fun(J (income units} 01 April 2024 Investment dufingthe year Unrealised gainlllossl loryear Valuatlon at 31 March 2025 483,566 542,416 542,416 110.7751 531.641 110.775) 531,641 58.850 542,416 Totsl atvaluatlon 619.946 29,635 654,237 670,371 Total Unreallsed galnllloss) toryear {15,090} 18161 (228} 116.134} 66,480 Page115