2024-12-31-accounts - Christ's Hospital Endowment At Potter Hanworth

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(Charity number 527669)

ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024

(Charity number 527669)

ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024

4[th] March 1982, which updated a scheme made by the Board of Education on 8[th] September 1914, as varied by a scheme made by that Board on 30[th ] January 1925.

The charity is a registered charity, number 527669, with the net income of the charity to be applied in who are or who have a parent or parents

Trustees are appointed in accordance with the Charitable Scheme.

The trustees (known as the governors) of the charity during 2024 were:-

M Andrews Chairman RE Wilford Vice Chairman A Battle Treasurer (resigned 1 February 2024) E Boardman Treasurer (appointed 1 February 2024) CH Butler I Carrington D Collins M Simpson (resigned September 2024)

No remuneration was paid to any of the trustees.

The Clerk to the governors is: -

Mrs M Machin Meadow View Barff Road Potterhanworth Lincoln LN4 2DU

Bankers:

National Westminster Bank Plc 225 High Street Lincoln LN2 1AZ

COIF Charities Deposit Fund CCLA Fund Managers Ltd 1 Angel Lane London EC4R 3AB

Solicitors:

Property Advisers:

Messrs Sills & Betteridge 46 Silver Street Lincoln LN2 1ED

Mess Jas. Martin & Co. 8 Bank Street Lincoln LN2 1DS

Independent Examiner:

Robert Anderson BSc FCA Streets LLP Tower House, Lucy Tower Street Lincoln, LN1 1XW

(Charity number 527669)

ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024

Responsibilities of the Trustees

Charity law requires the Trustees to prepare a receipts and payments account and statement of assets and liabilities for each financial year. The statements should give a true and fair view of the state of affairs of the charity and of its financial activities for that period. They should properly present the period, adequately distinguishing any material special trust or other restricted fund of the charity. In preparing those financial statements the Trustees are required to:-

a) Select suitable accounting policies and then apply them consistently.
b) Make judgements and estimates that are reasonable and prudent.
c) State whether the policies adopted are in accordance with the appropriate SORP on accounting by charities and the accounting regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements.

The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charity, and enable them to ensure that the financial statements comply with the applicable Accounting Standards and Statements of Recommended Practice and the regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

Trustees

All of the governors (trustees) are local with a strong connection to the parish.

Reserves

The Endowment was founded by Dr Richard Smith who died in 1602. The Governors, recognising the long-term nature of the charity aim to maintain the value of the reserves. This is so that future generations as well as the present one may benefit from the endowment.

(Charity number 527669)

ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024

I wish to thank the other governors, clerk and caretaker for their invaluable support over the past year and best wishes to Mike Simpson who stood down as a trustee. We are seeking a suitable replacement.

Turbulent politics and world affairs continue Endowment. Share prices and returns have been low and, in some cases, dropped. We continue to manage the endowment stock and invest prudently to maintain and grow the holdings for the future. The close relationship with Potterhanworth CE Primary School continues to flourish as they are the main benefactors in terms of leasing of the memorial hall, classroom, pre-school and playing field. We have seen the school and pre-school population continue to expand and pupils excel in these key early years. I was delighted to present 22 school leavers with their choisen books, as they head off to secondary education in the summer.

The regular evening hall hirers, pre and post school clubs make the hall a village focal point and we are thankful for their continued support. Of note we particularly want to thank Lindsey Ellis for her many years of running dance classes in the hall and wish her well in retirement.

We made the decision to increase the individual autumn grants to £65 per claimant, as the figure had remained static for several years. We also noticed a steady decline in applications year-on-year and were please to observe a marked increase this year, in part, due to using local social media group postings. We still believe uptake is below that expected based on parish population and are working to improve communication ahead of future grants.

Looking ahead; we are in the process of renewing some of the leases with the school and local authority. We continue to advertise and encourage more evening and weekend hall use. We must endeavour to drive down running costs, predominantly electricity and are considering the feasibility of purchasing battery storage to use in conjunction with the solar PV panels fitted 18 months ago.

Mark Andrews BSc

Chair

Date: 15[th] May 2025

POTTERHANWORTH

(Charity number 527669)

RECEIPTS AND PAYMENT ACCOUNT FOR THE YEAR ENDED 31st DECEMBER 2024

2024 £ £ Charitable Buildings Activity	£ Total	2023 £ £ Charitable Buildings Activity	£ Total
8,786 - - 17 - 16,570 - 10,473 - 6,516 - - - -	8,786 17 16,570 10,473 6,516 - - 42,362 5,969 21,497 3,599 - -	8,598 - - 17 - 16,343 - 9,665 - 5,567 - - - -	8,598 17 16,343 9,665 5,567 - -
8,786 33,576		8,598 31,592	40,190
5,969 - - 21,497 3,599 - - - - -		4,516 - - 17,816 3,364 - 14,870 - - -	4,516 17,816 3,364 14,870 -
9,568 21,497	31,065	22,750 17,816	40,566
	11,297 14,768 11,297 26,065
(782) 12,079		(14,152) 13,776	(376)
		13,735 1,033	15,144 (376) 14,768

Approved by the trustees / governors on 15[th] May 2025 and signed on their behalf by :-

M ANDREWS (CHAIR)

(Charity number 527669)

STATEMENT OF ASSETS AND LIABILITIES AS AT YEAR ENDED 31st DECEMBER 2024

2024 £ Monetary assets National Westminster Bank Plc - Current account C.O.I.F. Deposit Fund account Debtors Preschool Hall hiring Investment assets - Market value 30,721 C.O.I.F. Charities Property Fund 3,565 M & G Charifund 4,879 C.O.I.F. Charities Investment Fund 17,531 BlackRock Charities UK Bond Fixed Assets - Solar Panels Cost - 2023 Depreciation brought forward 248 Annual charge 5% Straight Line. 743 Net book value	£ £ 23,201 2,864 26,065 - - - 31,728 52,485 99,012 24,855 208,080 14,870 991 13,879	2023 £ 14,242 613
		14,855
		- -
		-
		31,578 51,151 96,831 25,946
		205,506
		14,870 248
		14,622

(Charity number 527669)

STATEMENT OF ASSETS AND LIABILITIES AS AT YEAR ENDED 31st DECEMBER 2024

Permanent Endowment. Land Adjoining Memorial Hall, Barff Road including:

Dr Richard Smith Memorial Hall.

Cost - 1993 Cost - 2013 Cost - 2014 Cost - 2015 Depreciation brought forward 129,990 Annual charge 8,233 Net book value Additional Building Cost 2016 Cost 2017 Depreciation brought forward 27,600 Annual charge 3,450 Net book value	108,644 17,150 833 93,930 220,557 121,757 138,223 8,233 82,334 133,353 4,647 138,000 24,150 31,050 3,450 106,950	108,644 17,150 833 93,930
		220,557 129,990
		90,567
		133,353 4,647
		138,000 27,600
		110,400

The total sum insured in respect of the Memorial Hall and the Pre School was £1,549,665 in June 2024.

The annual charge for depreciation is taken into account when the amount available for the grant allocation is calculated. As at 31st December 2024 investments with a market value of £163,564 had been either purchased or allocated to the ''depreciation fund'' (the number of units purchased or allocated are based on the annual depreciation charge). This holding is included within the investments noted above.

The buildings held by the Christ's Hospital Endowment at Potterhanworth are valued at depreciated cost, as there is no market-based evidence of fair value due to their location within the school setting (FRS 102 January 2022 Para 17.15). The depreciation fund is used as a way of preserving the overall balance sheet value of the Christ's Hospital Endowment at Potterhanworth, by formalising that investments should be made at the same rate as buildings are depreciated.

Other assets:-

(A) Land used as the school field at the rear of the Memorial Hall.
(B) Chairs tables and other furniture etc. and equipment within the Memorial Hall held for functional use by the charity. (The aggregate cost of these items has not been quantified).

Approved by the trustees / governors on 15[th] May 2025 and signed on their behalf by :-

M ANDREWS (CHAIR)

(Charity number 527669)

ANNUAL REPORT FOR THE YEAR ENDED 31st DECEMBER 2024

Accounting Policies

a) The Accounts are prepared on a receipts and payments basis in line with the accounting guidelines produced by the Charity Commissioners.
b) Within the statement of Assets and Liabilities, the Dr. Richard Smith Memorial Hall is included at cost and depreciated on a straight line basis over forty years and will be fully depreciated by the end of 2034. Subsequent additions are depreciated on a straight line basis so that they too will be fully depreciated by the end of 2034.

The additional building completed in 2016 and currently occupied by the Potterhanworth Preschool is included at cost and depreciated on a straight line basis over 40 years and will be fully written off by the end of 2055.

c) Expenditure on incidental equipment additions is written off in the Receipts and Payments account in the year of purchase.
d) The fixed assets and investments of the charity are derived from the original holdings of land and the net income arising from them is applied as outlined in the annual report.

Related Party Transactions

During the year grants were awarded to individuals relating to the following trustees:

a) £130 was awarded to A. Battle, Treasurer
b) £130 was awarded to M.Simpson
c) £ 65 was awarded to D Collins
d) £130 was awarded to M.Machin, Clerk

The Trustees are residents of Potterhanworth and are therefore entitled to apply for and receive grants from the charity.

(Charity number 527669)

ENDOWMENT AT POTTERHANWORTH

I report on the accounts of the Trust for the year ended 31 December 2024, which are set out on the attached pages. This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the under section 144 of the Act and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the Charities Act;
to follow the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act; and
to state whether particular matters have come to my attention.

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a

In connection with my examination, no matter has come to my attention which gives me cause to believe that in, any material respect:

the accounting records were not kept in accordance with section 130 of the Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other considered as part of an independent examination.

I have no 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.

Signed:

Dated: 16 June 2025

Robert Anderson BSc FCA STREETS LLP Chartered Accountants Tower House Lucy Tower Street Lincoln LN1 1XW