2021-03-31-accounts

THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY

REPORT OF THE TRUSTEES AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2021

THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY

ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2021

INDEX

Report of the Trustees Report of the Independent Examiner Receipts and Payments Statement of Assets and Liabilities Notes to the Accounts	Page 1 - 3 4 5 6 7 - 9

THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMHOUSE CHARITY

REPORT OF THE TRUSTEES

The Trustees submit their report and financial statements for the year ended 31st March 2021.

History, objectives and activities of the Charity

The Charity is regulated by a scheme dated 15th October 1993. The Charity is a registered Charity number 1043589.

The principal activity of the Charity is to provide almshouses in Cirencester and a qualification of residence is that residents shall be poor persons who are inhabitants of the parish of Cirencester and adjoining parishes with preference for persons who are members of the Society of Friends. In the absence of suitably qualified applicants the Trustees may appoint a poor person who is an inhabitant of the County of Gloucestershire.

In planning our activities for the year we kept in mind the Charity Commission guideline on public benefit at our trustee meetings.

Achievements and performance of the Trust

The Charity has 16 almshouses and does not intend to increase its housing stock but focuses mainly on maintaining its present stock in good repair and condition with appropriate facilities to meet the needs of its beneficiaries and to make improvements when the opportunity arises.

During the year one almshouse, No.8 Watermoor Road, having become vacant and been re-furbished, is now occupied by a married couple. Another almshouse, No.11, having become vacant, was re-furbished and is now occupied by the former occupant of No.9, referred to below.

The Trustees have decided to re-new the roofs of Nos.5-21 Watermoor Road and instructed architects to advise and draw up plans. These plans, which the Trustees have approved, include the creation of a W.C upstairs in all of these almshouses but for this work to be carried out as and when they become vacant. When all the necessary planning approvals have been obtained, work will commence, the refurbishment of No.9 referred to in last year’s report will be completed and the almshouse will be occupied by a new beneficiary.

Financial review, investment policy and reserves

Net receipts for the year were £ 39,854 (2020 net receipts - £4,509)

There are no restrictions on the Charity’s power to invest. The Trustees seek advice from stockbrokers. Bearing in mind the Charity’s strong Quaker background the Trustees have adopted a policy of ethical investment and in order to pursue this have appointed Rathbones who provide the relevant specialist advice.

The Charity maintains unrestricted funds, the free reserves of the Charity (those funds which are not invested in fixed assets, designated for a specific purpose or otherwise committed) at a level sufficient to cover expected annual general expenditure. The adequacy of the reserves policy is reviewed annually. It is the intention of the Trustees to add to the Major Repairs Fund at the rate of at least £10,000 per annum.

Management and governance arrangements

The trust deed provides for a maximum of 12 Trustees. Three Trustees are appointed by Cirencester Town Council, five by the Society of Friends and three are co-opted. The incumbent of the benefice of Cirencester is the ex-officio trustee. The Clerk to the Trustees is responsible for the induction of any new trustee which involves awareness of a trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Charity and provides training course opportunities. During the year the Trustees initiated a review of their investment strategy with particular attention to ensuring that the investments held sit comfortably with the ethos of the Trust.

The Trustees who served during the year were:-

Mrs. J. Gunner Mrs P Stevens Reverend Canon G Morris Mrs. A. Boxall Reverend R Franklin Mrs. J. Stringer Mr. G. Adams Mrs S Alexander Mr. P. Freke Mrs. J Hincks

The Trustees annually review the risks that the Charity faces. Recently these have mainly related to investment management and these have been ameliorated by diversified portfolio management.

The Trustees have considered carefully the impact of the COVID-19 crisis on the Charity and consider that it has sufficient reserves to withstand any anticipated financial implications. During the lockdown imposed by the Government during the pandemic the Trustees and their Clerk have endeavoured to maintain regular contact with the beneficiaries, including reminding them of the legal requirements which have been imposed and need to be observed.

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THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY

REPORT OF THE TRUSTEES (CONTINUED)

Trustees, professional advisers and correspondence address

Trustees : Mrs. J. Gunner (Chairman) Mrs. A. Boxall Mr. G. Adams Mrs. S. Alexander Mrs J Hinks Secretary : Mr. R. Evans Treasurer : Ms. A. Pine Independent Miss Ruth Herbert FCCA Examiner : Wenn Townsend Gosditch House 5 Gosditch Street Cirencester Gloucestershire GL7 2AG Bankers : Lloyds Bank plc 14 Castle Street Cirencester Gloucestershire GL7 1QJ Correspondence Address : Sharlands 29 Links View Cirencester Gloucestershire GL7 2NF

Reverend. R. Franklin Mr. P. Freke Reverend Canon G Morris Mrs. J. Stringer Mrs P. Stevens

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THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY

REPORT OF THE TRUSTEES (CONTINUED)

Trustees responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the receipts and payments for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. 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.

R.D. Evans – Secretary

On behalf of the Trustees

Date: 8th July 2021

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THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY

I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31st March 2021 which are set out on pages 5 to 9.

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 Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records.

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.

Name:

Ruth Herbert FCCA

Relevant Professional qualification or body: Address:

Chartered Accountant

Wenn Townsend Gosditch House 5 Gosditch Street Cirencester Gloucestershire GL7 2AG

Date: 9th July 2021

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THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY

RECEIPTS AND PAYMENTS ACCOUNT

FOR THE YEAR ENDED 31ST MARCH 2021

Note Receipts: Maintenance Contributions 1 Dividends and Interest Deposit Interest Investment Sales Total Receipts Payments: Property Expenses: Surveyors Insurance Water Charges and Council Tax Repairs and Maintenance Light & Heat Governance Costs: Secretarial 2 Professional Fees Investment Managers Fees Accountancy Charges Independent Examiners Fees Treasurers Fees 2 Sundries Loan Charges Asset and Investment Purchases and Loan Repaid 3 Total Payments Net Receipts/(Payments) for the Year Transfers between funds 10 Cash Funds brought forward Cash Funds carried forward	Unrestricted Funds 87,224 4,860 656 __ 92,745 73,088 _ 165,833 - 5,745 5,787 13,557 446 25,535 6,000 - 3,115 1,140 780 698 970 150 12,853 87,591 125,979 39,854 - 187,474 £ 227,328 ___	Restricted Total Funds 2021 2020 - 87,224 89,555 - 4,860 5,650 - 656 649 __ _ - 92,745 95,854 - 73,088 118,982 - 165,833 214,836 - - 3,744 - 5,745 5,183 - 5,787 2,333 - 13,557 38,470 - 446 749 - 25,535 50,479 - 6,000 6,003 - - - - 3,115 3,021 - 1,140 1,100 - 780 760 - 698 1,118 - 970 714 - 150 150 - 12,853 12,866 - 87,591 146,982 - 125,979 210,327 - 39,854 4,509 - - - - 187,474 182,965 £ - £ 227,328 £ 187,474 ___

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THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY

STATEMENT OF ASSETS AND LIABILITIES 31ST MARCH 2021

Fixed Assets Housing Properties: Cost Investments Total Fixed Assets Current Assets Debtors Cash Funds Current Liabilities Creditors Net Current Assets Less: Long term liability Net Assets	Note 5 6 7 8 9 9 10	Unrestricted Funds 184,680 __ 368,005 _ 532,685 2,327 227,328 229,655 6,459 223,196 755,881 6,000 £ 749,881 ___	Restricted Total Funds 2021 2020 - 184,680 184,680 __ _ - 368,005 277,727 - 532,685 462,407 - 2,327 2,252 - 227,328 187,474 - 229,655 189,726 - 6,459 8,105 - 223,196 181,621 - 755,881 644,028 - 6,000 9,000 £ - £ 749,881 £ 635,028 ___
			£

These accounts were approved by the Trustees on 8th July 2021 and signed on its behalf by:

………………………………J Gunner

) ) Trustees ) ) ……………………………… )

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THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2021

1. Maintenance Contributions Received

Maintenance Contributions Received
	2021	2020
Maintenance Contributions Received	82,808	85,348
Service Charges Received	4,416	4,207
	______	______
	£ 87,224	£ 89,555
	______	______

2. Emoluments Paid

None of the Trustees received any emoluments. The emoluments paid to the Clerk to the Trustees and the Treasurer were as follows:

		2021	2020
Emoluments (including VAT):
Clerk to the Trustees	£	6,000	£ 6,003
Treasurer	£	698	£ 1,118
	______		______
The total expenses reimbursed to the Trustees £		Nil	£ Nil
	______		______

There were no other remunerated officials or employees of the Charity.

3.	Asset and Investment Purchases and Loan Repaid 2021 2020 Property Improvements - 6,098 Investment Purchases 84,591 137,884 Loan Repaid 3,000 3,000 __ _ £ 87,591 £ 146,982 ___

4. Taxation

The Christopher and Sarah Aldam Bowlys Almshouse Charity is a registered Charity, and is, therefore, exempt from liability to taxation on its Income and Capital Gains.

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THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2021

5. Fixed Assets

Freehold Housing Properties held for Letting

Completed Freehold Housing Properties

Cost:

At 1st April 2020 184,680 Additions in Year - __ At 31st March 2021 184,680 ____

The Housing Properties were donated to the old individual Charities in 1837. There is no record of the original cost and no value is attributed thereto. The above details relate to improvements carried out since 1961, which were part funded by a Social Housing Grant of £17,024.

6. Investments

7. 8. 9.	Market Cost Value At 31st March 2021 £ 290,239 £ 368,005 __ _ At 31st March 2020 £ 262,297 £ 277,727 Debtors 2021 2020 Debtors 1,900 1,900 Prepayments 427 352 £ 2,327 £ 2,252 __ Cash Funds Lloyds 138,532 84,880 Shawbrook 82,399 81,743 Rathbones 6,262 20,821 Petty Cash 135 30 £ 227,328 £ 187,474 Creditors Amounts falling due within one year: Creditors and accruals 3,459 5,105 National Association of Almshouses Loan 3,000 3,000 £ 6,459 £ 8,105 __ _ Amounts falling due in more than one year: National Association of Almshouses Loan £ 6,000 £ 9,000 ___	Market	Market
			Value

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THE CHRISTOPHER AND SARAH ALDAM BOWLYS ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2021

10.	Funds 2021 2020 Unrestricted: General 249,881 285,028 Designated - Planned Repairs and Maintenance Reserve 200,000 200,000 - Major Repairs Reserve 300,000 150,000 Restricted -Endowment - - __ _ £ 749,881 £ 635,028 ___	2020

Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objects. Designated funds are unrestricted funds that have been set aside by the Trustees for particular purposes.

The endowment fund represents those assets which must be held by the Charity. Income arising from the endowment fund can be used in accordance with the objects of the Charity and is included as unrestricted income

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