THE STABLEI ALMSHOUSE TRUST TRUSTEES REPORT AND ACCOUNTS FOR THE AR KNDED 31ST DECEMBER 2023 CHARITY REGISTRATION NUMBER 810281 Banli: Charities Aid FoIdatIon Bank Ltd 25 Icings Hill Avenue Icings Hill West Malliiig IQ¢nt MEI 9 4JQ Independent Examiner: SADLER DAVILI S & CO 3 Li nterprise House 8 Essex Road Dartford Kent DAI 2AU
THE STABLEI ALMSHOUSE TRUST NDEP£t4lDlI NT EXAMINERIS REI PORT FOR TIIE YEAR 31 Dll CEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO TIIE STAJILE ALMSHOUSE TRUST Tliis report on the financial statements of tlie TFIE STABLE ALMSHOUSEI TRUST for tlie year ended 31 December 2023, wliicli are sel on pages I to 6 is in respect ol an examination carried out in accordance with s145 of the Charilies Acl 2011 (the Act). Respective responsibilities of the triistces aud the ex4lminer As the cliarity trustees are responsible for the preparation of the accounts. you consider that the audit reqiiirement of section 144(2) of the Act does not apply and that independent exainination is needed. Basis of independent examiner's report Our examinatioii was carried out in accordaiice with tlie general directions given by tlie Cliarity Conllnission. The examination includes a review of the accounting records kept by tlie Charity and a comparison of the accounts presented witli tliose records. It also includes consideration of ally unusual items or disclosurcs in tlie accounts ]d seekiiig explcinations from you as trustees concerning any such matters. Tjie procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on tlie vicw given by the accounts. Independent examiner's statement lil corniection with our examination, no inatter lias come to our attention: (l) which gives us recisonable cause to believe tliat in any material respect the requirements: to keep accounting records in accord<1nce willi section 130 of the Act. and to pi"epare financial statements wliicli accord witli the accounting records and comply with tlie requirements of the Act: have not been inet" or (2) to which, in our opinion, attention should be drawn iii order to eiiable a proper understanding of tlie accounts to be i"eached" or (3) whicli gives us reasonable cause to believe tliat in any Tnaterial respect tlie accouiiting rules of the cliar ns n have not beeii met. Gemma iogarty riCA SADLER DAVIEI S & CO 3 Enterprise House 8 Essex Road Dartford Kent DAI 2AU 3O,oq. 101
THE STABLE ALMSHOUSE TRUST Chari re istration 810281 ort of the Trustees for the Year Ended 31$t December 2023 Annual Re The trust comprises four self- contained flats known as the almshouses, one house and a small building providing office space to St Paulinus Church. The properties are situated Én Iron Mill Lane, Crayford. Kent DAI 4RW. Ob'ectives and Public benefit: The trust deed, which has been in existence since 1876, provides housing for widows or single women over the age of sixty by way of almshouses (12, 12a, 14, 14a) in Iron Mill Lane. The house (16) is let at a fair rent, the sUlUS from which is to be used to contribute towards the upkeep of the almshouses. 8A is used as the parish office and no rent is charged. Livernlores Estate Agents manage the properties. In 2017 all windows in the properties were replaced with wooden framed double-glazed units at a cost of £40,500. In 2018 the windows for 8a were replaced at a cost of £8,123 and in 2022 the roof was replaced costing £27,219. In 2021 sound and fire proofing was installed between 12 and 12a and the upstairs flat was refurbished at a total cost of £19,100. In 2023 the roof and chimney stacks of no 16 were repaired and in 2024 no 16 will need to be renovated. Reserves: In 1976 the trustees set up a repair fund for the propety, which is invested in the Charities Official Investment Fund (COIF) to be used as a long-tern] investLnent for future repairs and there is a cyclical maintenance fund for routine repairs invested in a COIF deposit fund. Amounts transferred into these reserves each year are in line with the recommendations of the National Almshouse Association. Trustees: Andrew Sinclair (Chair), Carol Demuth (Treasurer), David Day, Revd. Paul Prentice (Rector St Paulinus Church). Cllr. Geraldene Lucia-Hennis and Cllr Melvin Seymour are Local Authority appointed Trustees. Trustees res onsibilities The trustees are required under the Charities Act 2011 to prepare financial statements 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 financial statements giving a true and fair view. the trustees should follow best practice and: (a) Select suitable accounting policies and apply them consistently. (b) Make suitable judgements and estimates that are reasonable and prudent. (c) State whether applicable accounting standards of recommended practice have been followed, subject to any departures disclosed and explained in the financial stateLnents. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. (d) The trustees are responsible for keeping accounting records, which enable them to disclose with reasonable accuracy the financial position of the charity, and for ensuring that they comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Stable Almshouse Trust Charity registration 810281 ststement of Assets and Liabilities as at 31st December 2023 NOTE 2023 2022 FIXED ASSETS Housing and other properties Investments 54,153.44 100,104.62 154.258.06 54,153.44 102,388.22 156,541.66 CURRENT ASSETS Balance at bank: Current Balance at bank.. Deposit Debtor- Livermores Dec rent rec'd Jan2024 8.129.65 43,408.08 2.078.66 53,616.39 4,318.91 20,227.41 1,901.06 26,447.38 CREDITORS: Amounts falling due within one year NET CURRENT ASSETS (500.00) 53,116.39 (1,100.00) 25,347.38 TOTAL ASSETS LESS CURRENT LIABILITIES £207,374.45 £181,889.04 FUNDS OF THE CHARITY Property reseNe'. restricted Endowment Fund.. restricted Cyclical Maintenants Fund:designated Extraordinary Repair Fund:designated Accumulated General Reserves 54.153.44 648.00 28,343.18 71,115.44 53.116.39 £207.374.45 54,153.44 646.00 22,658.18 79,084.04 25,347.38 £181.889.04 These financial statements were approved by the tTustees on ned on behalf of the trustees.. Andrew Sinclair (Chair) 2310412024
The Stable Almshouse Trust Charity registratlon 810281 Statement of Financial Activities for the Year Ended 31st December 2023 Unrestricted Funds 2023 2022 NOTE INCOMING RESOURCES Income from Charitable Activities Income from Permanent Endowment Profit from sale of ERF units Deposit account interest Current account interest TOTAL INCOMING RESOURCES 30,492.00 70.28 21,186.34 1,425.49 19.94 53,194.05 30,552.00 70.01 238.08 11.22 30,871.31 RESOURCES EXPENDED Management expenses Repairs & Maintenance-routine Repairs & Maintenance-non routine TOTAL EXPENDITURE 7,856.64 6,654.00 16,158.00 30.668.64 7,407.78 5,110.00 18,843.12 31,360.90 NET OUTGOING IINCOMING 22,525.41 (489.59) TRANSFERS TO I (FROM) FUNDS Cyclical Maintenance Fund Extraordinary Fund Extraordinary Fund withdrawal {5,685.00) (3,310.00) 14 238.60 4,915.00 (2,960.00) 5,243.60 NET MOVEMENT IN FUNDS 27,769.01 1,465.41 GENERAL FUNDS BROUGHT FORWARD 25,347.38 23,881.97 GENERAL FUNDS CARRIED FORWARD £53 116.39 £25,347.38
The Stable Almshouse Trust Charity registration 810281 Notes to the Accounts 31st December 2023 I ACCOUNTING POLICIES 1.1 Basi5 of proparation of accounts The financial statements a prepared under the historical cost convention and include the result of the charity's operations which are described in the Trustee's Report and all of which are continuing. 1.2 Tangible fixed a888ts for use by the charlty and depreciation. Tangible fixed assets for use by the charity are slated at valuation by the trustees at 3rd October 1994. Grants received by the charity have been shown as a deduction from the valuation ol the histarical cost. All tangible fixed assets are held lo benefit the charity's beneficiaries. Depre¢iation has not been charged as the market value eXed6 the historical cost valuation. 1.3 Income The income from rents and investments are shown gross. Income from pemianent endowments have been received in the period as slated in the aecounts. 1.4 Taxation Value added tax is not recoverable by the chaiity, and as such is induded in the relevant costs in the Stalemenl of Financial Activities. The charity does not pay tsx as it does not trade. 1.5 Management and adrninistration expenditure Expenditure on management and administration of the charity includes all expenditure not directly related to the charitable activity. This in¢ludes costs of a managing agent, independent examiner and 8¢¢ountsncy fees. The accounlanGy fee of £300 is payable to C Demuth who is a Iruslee, and is an honorarium to cover expenses. 2 ORIGIN The charity was creatsd by Indgnture dated 4th October 1876 to recognise and commemorate the material assistance given by Sophia Swaisland and Ellen Stable. in the charitable worl( of Henry Moreland Austen. former Rector of Crayford. 3 FREEHOLD PROPERTY 2023 Valuation made 311011994 Less: Housing Association Grant Swaisland Trust Donation Bexley Council Grant 171,592 96,039 3.000 18,399 117,438 NET 800KVALUE £54,154 The almshouses and other properties were constructed in the late Nineteenth Century. There is no record of the OTiginal cost. The freehold was gifted to the charitable trust in 1876. The above details relate to major improvements carried out in 1994. which separated the shared houses into four independent flats. This UP9Tade was funded by a Housing Association granL a grant from Bexley Council and an interest free un5e¢ured loan from the Almshouse Association. The 6 properties are insured for £1,364.691 in total, after a desktop valuation for bUilding was carried out Nov 2023.
The Stable Almshouse Trust Charity registration 810281 Notes to the Accounts 31st December 2023 INVESTMENTS AND LONG TERM DEPOSITS 4.1 Pemianent Endowment fund The original cost of the 129 COIF Charites Investment Fund income shares is not known and their value at 31 st December 1991 has been attributed 88 base cost. InGome is transferred straight lo general reserves (Note 71 2023 2022 Base co8t Market value at the end of year @ £19.845 per share 1 £18.1749 per share 20221 The market value in total is £93.07 less than the 2021 value. 646.00 646.00 £2,560.00 £2.344.56 4.2 Extraordina Rè alrFund The ERF was established in 1976 and consists COIF Charities Investment Fund accumulation units. This is a long temi investment to meet costs of major structural repaiis and improvements in the future. 2023 79,084.04 3,310.00 2,960.00 14.238.60 71,115.44 2022 73,572.04 2,960.00 2,552.00 Cost attributsble at beginning of year.. 598.01 units Additions to fund.. 14.41 units Net distributions reinvested Sale of 150 units at cost Cost att¥ibulable at end of year: 462.42 units 79,084.04 Mafket value at beginning of year Increase due to distributions reinvestsd Additions to fund Proceeds of sale {for roof & chimney repairs) Increase in market value I Idevaluationl Market value al year end @ £24.80003 per unil 131,980.21 2.960.00 3,310.00 (35,424.941 11,855.03 114,680.30 141.785.93 2.552.00 2,960.00 15.317.72 131.980.21 150 units were sold in November for the paIrS to roof and chimney slacks of 16 and the almshouses. 16 was completed in 2023 and Ihe rest will be carried out in 2024. 4.3 C Ilcal Malntenance Fund CM Lon tenn de Established by transfer of general reserves in 1999 to meet maintenance occurring at gUlar intetvals such as internal or external decoration$. paIrS and neWa1$. 2023 22.658.18 5,685.00 1,046.82 1,046.82 £28,343.18 2022 27,573.18 5,085.00 174.02 10.174.02 £22.658.18 COIF Charities Deposit Fund b Additions Interest Transferred lo General Reserves Total cost ( nots8 4.1. 4.2. 4.3,}-all Investments £100,104.62 £102,388.22 2023 2,078.66 2022 1,901.06 S DEBTOR: Livgrniores Managlng Agent CREDITORS: Amounts falling duo within one year Independent examination fee Carol Demuth honorarium 2021 & 2022 500.00 500.00 600.00 £500.00 £1,100.00
The Stable Almshouse Trust Charity registration 810281 Notes to the Accounts 31st December 2023 PROPERTY INCOME 2023 Full income 8,892.00 21,600.00 2023 Income rec'd 8,892.00 21,600.00 Residential rent CeiVable {excluding almshouses) Contributions receivable from almshouse tenan15 Rent losses from voids 30,492.00 30,492.00 The average assured tenancy rent assuming no voids for housing accomodation1S dwellings) is £6,098.40, which is a 1.25% increase on 2022 (£6,023.40) based on full income. 7 INVESTMENT INCOME Net distribution COIF pemartent endowment fund. 2022 70.01 70.01 70.28 70.28 MANAGEMENT EXPENSES Es18te costs Vacant propety expenses Insurance Gas service contracts Gardening and tree work 2023 2022 89.65 1,234.09 828.00 1.365.00 £3,516.74 1,546.61 1,068.00 1.365.00 3,979.61 M8n8g8ment Agenvs commission Accountancy Independent examineffs fee Bank charges Subscriptions 2,927.28 300.00 408.00 60.00 181.75 3,877.03 2.933.04 300.00 408.00 81.00 169.00 3,891.04 Olh8r operatsng ¢osts TV Licen Total ljlanagement Costs 7,856.64 7.407.78 Restricted Restricted Designated Designated Unrestricted Property Endowment Cyclical Extraordinary General Reserve Inveslments Maintenan Repair reserve Total 646.00 22.658.18 79.084.04 25,347.38 181,889.04 70.28 1.046.82 2,960.00 36,764.01 40.841.11 (70.28) (1.046.82) (14,238.60) (15.355.70) 5.685.00 3,310.00 28,343.18 71,115.44 Movement in Funds Brought forward Additions Withdrawals Transfers Carried forward 54,153.44 8,995.00 53.116.39 207,374.45 54,153.44 646.00