THE STABLE ALMSHOUSE TRUST TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024 CHARITY REGISTRATION NUMBER 810281 Bank: Charities Aid Foundation Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Independent Examiner: SA(D££QIQ)JVI£s Accountants c£ fAlSOrS (op Eloor, West ffillyiozLse West ffill (Dartfor Kent (DJI 2£U
THE STABLE ALMSHOUSE TRusr Chari re istration 810281 ort of the Trustees for the Year Ended 31st December 2024 Annual Re The trust comprises four self- contained flats known as the almshouses, one house and a small single storey building providing office space to St Paulinus Church. The properties are situated in 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. In November 2024 the house (16) was let at a residential rent, (previously under the Fair Rent Act) the surplus 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. Liverniores Estate Agents manage the properties. In 2021 sound and fireproofing 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 the chimney stscks of the almshouses were made safe. In 2024 the house became vacant. It needed a major renovation which was catried out over 6 months at a cost of £165,000. Reserves: In 1976 the trustees set up a repair fund for the property, which is invested in the Charities Official Investment Fund (COIF) to be used as a long-terni investment for future repairs and there is a cyclical maintenance fund for routine repairs invested in a COIF deposit fund. Due to the renovation of the house, no transfers have been made into these reserves. The house is now leL and this should over time, replenish the reserves. Trustees: Andrew Sinclair (Chair), Carol Demuth (Treasurer), David Day, Revd. Paul Prentice (Rector rd St Paulinus Church). Cllr. Geraldene Lucia-Hennis (resigned 3 October 2024) 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 fmancial 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 suitsble 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 fmancial statements. 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 Stsble Almshouse Trust Charity registration 810281 Statement of Assets and Liabilities as at 31st December 2024 NOTE 2024 2023 FIXED ASSETS Housing and other properties Investments 54,153.44 13,152.50 67,305.94 54,153.44 100,104.62 154,258.06 CURRENT ASSETS Balance at bank: Current Balance at bank.. Deposit Debtor- Livermores 4,858.34 4,411.85 469.92 9,740.11 8,129.65 43.408.08 2.078.66 53,816.39 CREDITORS: Amounts falling due within one year NET CURRENT ASSETS (500.00) 9.240.11 (500.00) 53,116.39 TOTAL ASSETS LESS CURRENT LIABILITIES £76,546.05 £207,374.45 FUNDS OF THE CHARITY Property reserve: restricted Endowment Fund: restricted Cyclical Maintenance Fund:designated Extraordinary Repair Fund:designated Accumulated General Reserves 54,153.44 646.00 8,343.18 4,163.32 9,240.11 £76,546.05 54.153.44 646.00 28,343.18 71,115.44 53.116.39 £207,374.45 These financial statements were approved by the trustees on Si ned on behalf of the trustees.. Andrew Sinclair (Chair) Date 11- r1(LLlL Jo
The Stable Almshouse Trust Charity registration 810281 Statement of Financial Activities for the Year Ended 31st December 2024 Unrestricted Funds 2024 2023 NOTE INCOMING RESOURCES Income from Charitable Activities Income from Permanent Endowment Donation from Swaisland Trust Profit from sale of ERF units Deposit account interest Current account interest TOTAL INCOMING RESOURCES 27.041.00 71.25 10,000.00 46,953.33 2,190.93 28.87 86,285.38 30,492.00 70.28 21,186.34 1,425.49 19.94 53.194.05 RESOURCES EXPENDED Management expenses Repairs & Maintenance-routine Repairs & Maintenance-non routine TOTAL EXPENDITURE 38,785.39 12,846.94 165 576.00 217,208.33 7,856.64 6,654.00 16 158.00 30,668.64 NET OUTGOING IINCOMING (130,922.95) 22,525.41 TRANSFERS FROM FUNDS TO GENERAL Cyclical Maintenance Fund withdrawal Extraordinary Fund addition Extraordinary Fund withdrawal 20,000.00 (5,685.00) (3.310.00) 14.238.60 67 046.67 87,046.67 NET MOVEMENT IN FUNDS (43.876.28) 27,769.01 GENEIIAL FUNDS BROUGHT FORWARD 53,116.39 25,347.38 GENERAL FUNDS CARRIED FORWARD £9,240.11 £53 116.39
The Stable Almshouse Trust Charlty registration 810281 Notes to the Accounts 31st December 2024 ACCOUNTING POLICIES 1.1 Ba51s of proparatlon of accounts The financial statements are prepared under the historical cost convention and include the result of the charlty's operations which are described in the Trustee's Report and all of which are ¢ontinuing. 1.2 Tanglble fixed assets for use by the charity and depreclation. Tangible fixed assets for use by the charity are slated al valuation by the trustees at 3rd October 1994. Grants reiVed by the charity have been shown as a deduction from the valuation of the hlstorlcal eosl. All tangible red assets are held to benefit the charitys beneficiaries. Depreciation has not been charged as the market value exceeds the historical cost valuation. 1.3 In¢ome The income from rents and investments are shown gross. Income from pemartenl endowments have been received in the period as staled in the accounts. 1.4 Taxation Value added tax is not COVerable by the charity. and as such is induded in the relevant Costs In the Statement of Financ¢al Activities. The charlty does not pay lax as it does not Irade. 2 ORIGIN The Charity was created by Indenture dated 4th October 1876 to recognise and comm8moTate the material assistan given by Sophia Swaisland and Ellen Stable, in the charitable work of Henry Moreland Austen, fonner Rector of Crayford. 3 FREEHOLD PROPERTY 2024 Valuation made 311011994 Less: Housing Association Grant Swaisland Trust Donatiorb Bexley Council Grant 171.592 96.039 3.000 18,399 117.438 NET BOOK VALUE £54.154 The almshouses and other properties We constructed in the late Nineteenth Century. There is no record of the original cost. The freehold was gifted lo the charitable trust in 1876. The above details relate lo major improvements carried out in 1994, which separated Ihe two shared houses into four independent flats. This upgrade was funded by 8 Housing Association grant. a grant from Bexley Council and an interest free unsecured loan from the Almshouse Association. The 5 properties are insured for £1,397,716 and a desktop valuation for rebuilding was carried out November 2023.
The Stsble Almshouse Trust Charity registration 810281 Notes to the Accounts 31st December 2024 4 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 as base ¢ost. Income is transferred straight to general reserves (Note 7) 2024 2023 Bas¢ cost Market value at the end of year @ £19.845 per share { £18.1749 per share 2022) The market value in total is £93.07 less than the 2021 value. 646.00 646.00 £2,560.00 £2,560.00 4.2 Extraordlna Ir Fund The ERF was established in 1976 and consists COIF Charities Investment Fund a¢¢umulation units. This is a long term investment to meet costs of major structural repairs and improvements in the future. Re ERF 2024 71,115.44 2023 79,084.04 3,310.00 2,960.00 14,238.60 71,11 6.44 Cost attributable at beginning of year.. 598.01 units Additions to fund- O units Net distributions reinvested Sale of 444.74 units at cost Cosl attributable at end of year. 17.6829 units 94.55 67,046.67 4.163.32 Market value at beginning of year Increase due to distributions reinvested Additions to fund Proceeds of sale Increase in rnarket value I Idevaluationl Market value at year end @ £26.06156 per unlt 114,680.30 94.55 131.980.21 2.960.00 3.310.00 135.424.94) 11.855.03 114,680.30 (114,000.00} 3,833.59 4.608.44 444.74 COIF accumulation units were sold in 2024 to help fund the renovation of number 16. 4.3 C cllcal Malntenance Fund MF Lon temi de osit Established by transfer of general reserves in 1999 to meet maintenance oc¢urring at regular intervals such as internal or 8Xtemal de¢orations, repairs and renewals. 2024 28,343.18 2023 22,658.18 5.685.00 1,046.82 1,046.82 £28.343.18 COIF Charities Deposit Fund bfivd Additions Interest Transfrried to General Reserves 1,187.16 21.187.16 £8,343.18 Total cost { notes 4.1, 4.2, 4.3,) -all inve$tments £13.1 S2.SO £100,104.62 2024 469.92 2023 2,078.66 5 DEBTOR: Llv6mores Managlng Agent CREDITORS: Amounts falling dug Wlthin oneyear Independent examination fee Carol Demuth honorarium 500.00 500.00 £soo.00 £500.00
The Stable Almshouse Trust Charity registration 810281 Notes to the Accounts 31st December 2024 6 PROPERTY INCOME 2024 Full income 11.110.00 22,600.00 2024 Income rec'd 4.441.00 22.600.00 6,669.00 33,710.00 Resldential rent receivable {excluding almshouses) Contributions receivable from almshouse tenants Rent losses from void$ 33,710.00 The average assured tenancy rent assuming no voids for housing ac¢omodation15 dwellings) is £6,742 which is a 10.5% increase on 20231£6.098.401 based on full income. INVESTMENT INCOME Net distribution COIF pem)anent endowment fvnd. 2024 71.25 71.25 023 70.28 70.28 MANAGEMENT EXPENSES Est8tg costs Vacant propety expenses Insurance Gas Servi contracts Gardening and tree work 2024 2023 954.94 1,798.75 804.00 30.550.00 34,107.69 1.546.61 1.068.00 1.365.00 £3,979.61 Management Agent's commlsslon ¢ountancy Independent examinerfs fee Bank charges Subscriptions 3,902.55 2,927.28 300.00 408.00 60.00 181.75 3,877.03 408.00 60.00 307.15 4,677.70 oth8r operating costs TV Licence Total Managemont Costs 38,785.39 7,856.64 Restricted Restricted Designated Designated Unrestricted Property Endowmen Cyclical Extraordinar General Reserve Maintenance y Repair reserve 54.153.44 646.00 28.343.18 71,115.44 53.116.39 207,374.45 71.25 1,187.16 94.55 87,046.67 88,399.63 (71.25) (21,187.16) (67,046.67) (130,922.95) (219,228.03) Total Reserves Movement In Funds Brought forward Additions Withdrawals Transfers Carried fOard 54,153.44 646.00 8,343.18 4,163.32 9.240.11 76,546.05
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE STABLE ALMSHOUSE TRUST CHARITY REGISTRATION NUMBER 810281 5t I report on the accounts of the Trust for the year ended 31 December 2024. which are set out on pages I to 6. Respective responsibilities of the trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 201 l Act) or under Regulation l O(l)(d) of the Charities Accounts (Scotland) Regulations 2006 (the 2006 Accounts Regulations) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act 2011 to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 201 l Act" and to state whether particular matters have come to my attention. Basis of independent examiner's report 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 seeking 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 consequendy no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention: (l) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the 201 l Act" and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met" or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name: Date: 2slosl2QLS Sadler Davies Accountants & Tax Advisors Top Floor West Hill House Dartford Kent DAI 2EU