## **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.
1
**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
2
## **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
3
**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**
4
**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
______
______
______|
|---|---|---|
5
## **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 ) ) ……………………………… )
6
**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**|
8
## **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
9