The Mal as Almshouses Charity Registration Number 504944 Trustees, Annual Report for the period l January 2023 to 31 December 2023 Ob'ectives and Activities Under a Charity Commissioners, Scheme of 12 April 20(M), the Wigfield and Cholmondeley Almshouses were amalgamated and are now known as The Malpas Almshouses, which is governed by a Trust Deed. This currently comprises five accommodation untts in Malpa5. The Objectives of the Charity are: The provision of housing accommodation for beneficiaries who are aged 60 and over and who have been residing in Malpas and the surrounding area for a period of two years or more. Such charitable purposes for the benefit of the residents as the Trustees decide. The Trustees have had due regard to the guidance issued by the Charlty Commissioft on public benefit and The Malpas Almshouses a members ofThe Almshouse A550ciation. Achlevements and Performance The Charity's five modef nised properties remained fully occupied throughout the year. Contribution5 from Beneftciaries (tenants of the properties) are used to cover the 8eneral maintenance costs of the propertie5 and the running costs of the charity* With the surplus invested in the General Redevelopment Fund to cover future property repairs. The Financial Review below gives further information. The Trustees believe that the provision of the well-matntained affordable housing in Malpas, within the term5 of The Malpas Almshouses Trust Deed, 15 Qf great value to its beneficiaries. Financial Review Income The Charity's five modernised properties {1, 3 and 5 Wigfield Terrace, and l and 2 Cholmondeley Terrace) continued to be fully occupied throughout the year. The redevelopment to combine 1&2 Wigfield Terrace started in June 2021 and was completed in April 2022. A new tenant moved in with effert from I"June 2022. At this time the Contributions frorn Beneficiaries (nt) was increased by 7.073%. This year the rent was increased in August 2023, by 2.46% in Wigfield Terrace and 6.8% in Cholmondeley TerTace, making the monthly Contribution £499 and £469 respectively. As a result of all five properties being fully occupied in the year and the rent increase, the totsi income from Beneficiaries in the year increased to £28,548, which 15 £3,525 higher than the previous year.
Expenses Totsl operating expenses were £14,533, which is £1,379 lower than the previous year. The most significant expense is Maintenance costs at £7,386, which includes £4,767 for new boilers in both Cholmondeley Terrace properties, £1,669 on general repairslmaintenance and £950 on garden maintenance. maintenan costs were higher in 2022 at £11,067 caused by an extensive refurbishment of the Wigfield Terrace Chimneys costing £7,180. There were no costs for utilities or council tax thi5 year due to all properties being fully occupied. There is no Subscription fee for the Almshouse Association this year as it was paid (£173) at the end of 2022 and acwunted for in that year. The Clerk's Honorarium has InCaSed this year to £720 per quarter from £650. In addition, £1,000 was paid in recognition for the additional work required during the redevelopment of 1&2 Wigfield Terrace, making the total expense for the year £3,880, higher than 2022 by £1,280. Professional fee5 of £1,872 relate to the Quinquennial Inspection Reports for all five properties prepared by Bower Edle5ton in August 2023. The net surplus from property rental was £14,255 in 2023, which ts £5.058 higher than last year. Redevelopment of 1&2 Wlgfield Terrace During 2022 the redevelopment of 1&2 Wi8field Terrace was completed, however, sorne further improvements to the roof were carried out in 2023 costin8 £5,205. The Wigfield Redevelopment Fund was £0 at the end of 2022. As there were sufficient funds in the P&L Reserve these costs have been covered by th+s account rather than making a transfer from the Property Repair fund held in the Skipton Building Society Account. The total cost of the redevelopment is now £83,809, plus associated professional fees of £6,120, a total of £89,929. Reserves The Property Repair Fund (held in the Skipton Building Society) earned Interest of £240 in the year. There were suffic7ent reserves in the P&L fund to cover the roof repairs and boiler replacements and so no money was required to be transferred from the Property Repair Fund in 2023. The General Redevelopment Fund has a balance of £97,233 at year end held in M&G Investment Units. The increase in the year of £17,496 comprises twelve monthly £l,(¥)O transfers from the P&L Reserve and an unrealised gain in the value of the M&G units of £5.496. The P&L Reserve (held in the Lloyds Bank) has a balance of £3,761 at year end. The Property Insurers, Royal & Sun Alliance Insurance Ltd, revalued the propertie5 on 30 June 2023 to £981,429, an increase of £149,640 from 2022. Total reserves at 31 December 2023 are £1,091,180, which is £164,188 higherthafi 2022. ui uennial Ins ectlon Bower Edleston inspected all five properties and prepared a report in September 2023.
The key points from their report are as follows: Wigfield Terra- a few points relating to the roof, 8utterin& facia board5 etc- Trustees to look at replacing the roof within the next 2-5 year5 due to its age (last done in 1958) and due to partial listing, Bower Edleston asked to look at the requirements. necessary surveys, etc. Windows to be considered for replacement andlor double glazing. Cholmondeley Terrace- areas of damp/condensation in kitchens and bathrooms- extractor fans to be tested and areas repainted when cause identified and remedied. Look at the need for roof separation between the two properties. ents Bower Edleston Architects, Sweetbriar Hall, Nantwich, Cheshire CWS 5RW Lloyds Bank plc, 25 Gresharn Street, London EC2V 7HN M&G Investments Charities, PO Box 9038, Chelmsford CM99 2XF Trustees Emma Hlggin (nominated by PCC 2014 June Davles (co-opted 2012, nominated by PCC 20171 Guy Myddleton Ictropted June 2020) - Chairman, appointed 29 March 2022 Jenny Humes (cOpted September 2021)- Treasurer, appointed 29 March 2022 The Rector, Reverend Dr. Janlne Arnott, has not accepted the invitatlon to be a Trustee. Re istered Address clo Mrs Alison Shackleton Clerk to the Trustees 9 Depenbech Close Malpas Cheshire SY14 8QS Declarations The Trustees declare that they have approved the trustees, report above. and the attached accounts. Slgned on behalf of the charity's trustre5 Signatures Full Names AKJ¥&£ Posltlon (Secretary. Chair, etc) Date Ilk, u 8 14-.........
THE MALPAS ALMSHOUSES CHARrrY NUMBER 504944 RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Contributions from BÈneficlarles Interest Earned Other Income Tot31 Incorne 28,548.0) 240.47 25,023.00 86.01 28,788.47 25.109,01 Expenses Clerk's Honorarium Clerk's Expenses Council Tax Insurance Malntenance utiiitles Professlonal Fees (Qulnquennlal Report) Subscriptions (The Almshouse Association} Sundries IT Accourtancy Fee 3,880.LM) 2,600.00 75.41 277.65 1,281.77 11,066.67 271.37 1.389.16 7,386.10 0.00 1.872.IXI 339.00 0.00 14,533.26 15.911.87 Surplus from Property Rental 14,255.21 9.197.14 Other Costs Redevelopment Fund Cosls Wigfield 112 Redevelcpment Professional Fees 5,205.40 29,024.10 2,482.90 M&G Investments Loss on Sale Unrealised IGaln)/Loss Total Other Costs -5,496.18 -290.78 -710.15 30,796.85 P4et Transfer to P&L Reseffts 14,545.99 -21.599.71 P&L 23
THE MALPAS ALMSHOUSES CHARITY PIUMBER 504 BALANCE SHEEf 31 December 2023 2023 2022 Flxed Assets 1 & 2 Wigfield Terrace 3 Wigfield Terrace 5 Wigfield Terrace 1-2 Cholmondeley Terrace Total Flxed A55ets As per insurance schedule 2023 189,156.00 189,156.00 189.156.00 413.961.00 981,429.00 160,315.00 160.315.00 160,315.00 350.844.00 831,789.00 Current Assets Bank Account (Uoyd5 Current) M&G Fund (867.514 @ 11,208.26p) Skipton Building Society Total Current Assets 3,761.13 97,233.22 8,757.17 109,751.52 6,951.79 79,737,04 8.516.70 95.205.53 Current Llabllltie5 Accountancy Fee Total Current Uabllltles Totsl Net Current Assets 109,751.52 95,205.53 Total Met Assets 1,091,180.52 926,994.53 Wlgneld Redevelopment Fund Lloyds Bank Skipton Building Society 0.00 Property Repalr Fund IptOn BS) Redevelopment Fund (M&G) General P&L Reserve (Uoyds) 8,757.17 97,233.22 3,761.13 109,751.52 8,516.70 79.737.04 6,951.79 95,205.53 981,429.LKI 831,789.00 Totsl Reserves 1.091.180.52 926,994.53 Bal 5t 23
ThE MALP ALMSHOUSES OIARiff NUMBEIt 51M944 MOVEMENT IN RESERVES to 31.12.23 Wigfield Redev Property General Genral Repalr RedÈv P&L Propffty Totsl Value 8/F 31-(lets22 ,516.70 79,737.01 6,951.79 &11.789.Ixi 926.994.53 ProPitllLoss) for the year Galn on Value of M&G UnFt5 Building Costs Transfers from Current A/C Transfers from Skipton Alc Interest I¢aSe In Insurance Valuatlon Movem*)t in theyear 15205AO) Transfer back to P&L Res Bulldln8 Costs Value CIF 14,545.99 5.496.18 (5.496.18) 5,205,40 12,ofA).rJ) I12,000.(l 0.00 1240.47) 15,205.401 240.47 149,640. 240A7 17A96.18 1014.74 149.640.00 5.205.40 15.205AOI 31.Dec-23 8 757.17 97.233.22 3.761.13 981,429.IX• 1,091,180.52 Attount where reserves slt Skipton M&6 Lloyds Re523
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts ••* Section A Independent Examiner's Report Report lo the trusteesl members of The Malpas Almshouses On accounts for the year endad Charlty no (if any) 31 December 2023 504944 Set out on pages I report to the trustees on my examination of the accounts of the above charity ("the Trust ) for the year ended 3111212023 Rosponslbllities and As the charity trustees of the Trust. you are responsible for the preparation basis of report 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 oul under section 145 of the 2011 Act and in carrying out rny examination, I have followed the applicable Directlons given by the Charity Commission under 8ection 145(5)(b) of the Act. I have completed my examination. I confirm that no material matters have com8 to my attention in connection with the examination which gives me cause to believe that in, any material respect: accounting records were not kept in accordan with section 130 of the Act or the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with Ihe examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Independent examinerfs statement Signed: Date: Name: Helena Johnson Relevant professional qualiflcatlon(s) or body (if any): ACA (1992-2024) Address: The Cape, Church Road, Tilston, Malpas, SY14 7HB Section B Disclosure Only complete if the examiner needs to highlight matters of concem (see CC32, Irbdependent examination of charity accounts: directions and guidance for examiners). IER October 2018