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2024-03-31-accounts

BRISTOL AND ANCHOR ALMSHOUSE CHARITY REPORT & FINANCIAL STATEMENTS 31 MARCH 2024

Charity Number: 1075673 Tenants Service Authority Number: A4256

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

Contents Page
Reference and Administrative Information 1
Trustees’ Annual Report 2 – 5
Independent Auditor’s Report 6 - 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 – 21
The following page(s) do not form part of the statutory financial statements
which are the subject of the independent auditor’s report.
Almshouse and Beehive Centre Income and Expenditure 23

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

REFERENCE AND ADMINSTRATIVE INFORMATION

YEAR ENDED 31 MARCH 2024

Legal and operating name

Bristol & Anchor Almshouse Charity

Charity registration number

1075673 (England & Wales)

Tenants Service Authority registration number

A4256

Principal Office and Contact Details

The Beehive Centre 19a Stretford Road, Whitehall Bristol BS5 7AW

Tel: 0117 9354471 Email: jessica@thebeehivebristol.co.uk Web: https://www.thebeehivebristol.co.uk/

Trustees

William Durie Derek Cann Rev Nicola Coleman Beverly Holtum Peter Woolf Elizabeth Welling Michael Bothamley

David Bateson Elizabeth Evans – Resigned June 2024 Richard Jarratt Asher Craig – Resigned March 2024 Ann Smith

Independent Auditor

Burton Sweet Limited Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

Bankers

HSBC Bank 62 George White Street Bristol BS1 3BA

Investment Advisors

Brewin Dolphin 40 Queen Square Bristol BS1 4QP

1

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

1. Introduction

The trustees have pleasure in presenting their report and financial statements for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (FRS102 SORP) ‘Accounting and Reporting by Charities’ in preparing the annual report and financial statements for the charity.

2. Objects and activities of the charity

The objects of the Bristol and Anchor Almshouse Charity (the Charity) set out in the governing document the Charity Commission Scheme of 16 November 1998 is the relief in need in relieving either generally or individually persons resident in the city of Bristol, who are in conditions of need, hardship or distress by making grants of money or providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of such persons, with preference to be given to persons resident in the ancient parish of St John The Baptist and subject thereafter to persons resident in the ecclesiastical Parish of St Ambrose, Whitehall.

3. Residents

In total there are 22 almshouses, 14 flats built in 2000 and 8 Victorian cottages. The 22 almshouses are on one site in Whitehall, Bristol. The accommodation is for independent living although, as residents get older, the Charity continues to support them for as long as possible and allows residents to receive care packages, social service assistance and support from the mental health team, as required.

Bristol and Anchor Almshouse Charity is a social housing provider registered with, and regulated by, the Homes and Communities Agency (HCA) as well as a registered charity and regulated by the Charity Commission. Applications for housing are encouraged from anyone who believes they fulfil the three basic criteria (housing need, financial need and social need). All applicants are assessed in line with an internally approved policy. A sub-committee is responsible for interviewing and assessing new applicants and allocating vacant almshouses. The site has a Clerk, a Centre Manager and an Administrator available during office hours who oversee the site, along with a Handyman and cleaning staff. The eight cottages are historic buildings.

Residents at the Charity live independently and need to be mobile. The Clerk and Staff’s remit is to ensure the daily well-being of all residents and to assist them with day to day living although they are not medically trained and do not provide personal care. Their role can be described as “being a good neighbour”. The Clerk and staff maintain regular contact with family members when necessary and in particular when a resident is unwell. The Trustees and Clerk meet regularly to discuss management and resident issues.

Residents pay a weekly maintenance contribution for their licence (as opposed to a rent) and a contribution to water, gas and electric. Weekly maintenance contributions vary between £125 - £170 per week depending on the accommodation that is provided. In addition, all residents pay a £30 per unit weekly contribution to water, electricity and gas, and communal services plus between £26 and £29 per week for heating and lighting. The Trustees aim to keep residents’ costs as low as possible taking into account target rents from the HCA and equivalent fair rent assessments from the Valuation Office Agency. In addition, the Clerk consults with Bristol City Council on any rent increase ensuring that those residents who require assistance can access 100% of the weekly maintenance contribution payments through housing benefit if eligible.

Trustees and staff are aware of the implications of the proposed Care Act which brings social housing providers within the care sector and gives a greater role for social housing within care assessments. Policies to incorporate this role have been prepared and approved. The Trustees strive to ensure a fair, consistent, and transparent process when allocating Almshouse accommodation. There is an

2

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

approved policy within the Charity consisting of a comprehensive application form, an informal interview, a points system, and continual review of applicants known to us who are waiting for accommodation.

The Charity also provides a wide range of social activities to which residents are invited, but not obliged to attend. These take place in the Community Centre known as the Beehive.

4. The Beehive Community Centre

The Beehive Centre, previously the St Ambrose church hall, is an intergenerational community space for people living in the neighbourhood and nearby. The centre hosts approximately 3,500 attendances each month.

The Beehive Centre is a fully accessible community hub and meeting place. It aims to reduce social isolation and loneliness in the community by offering a wide range of daily activities for mixed ages and abilities that also promote health and wellbeing.

The Charity’s volunteers are led by fully trained tutors and volunteers. The centre also hosts many other groups and organisations.

The centre is a not-for-profit community-based organisation, which provides information and assistance to local residents and implements programmes to meet community needs.

It aims to establish a thriving, dynamic, community centre in the heart of Whitehall and St George, Bristol that:

Thus far the Charity funds 100% of the Beehive Centre from its own resources. The Beehive Centre currently runs at an annual deficit of about £50,000.

The Charity is looking to obtain outside funding to assist with the running of the Beehive Centre. It will be looking for grants over the next financial year to ensure the Centre maintains the high standards and offers a comprehensive programme of activities to local residents and continues to be a destination place for people to come in St George.

5. Financial Review

In 2023-24 the Almshouse generated a surplus of £115,221 and the Beehive a deficit of £50,000, resulting in a surplus for the Charity of £65,221 in 2023-24 (previous year £65,516 deficit) on income of £300,147 and expenses of £313,820. The difference between the surplus in 2023-24 and the deficit in 2022-23 is mainly accounted for by changes in the value of the investment portfolio.

The Charity has funded all the costs and deficit of the Beehive Centre from April 2020 when the LinkAge (West of England) charity, the previous organisation to operate in the Beehive Centre, closed down. In light of the current and anticipated cost of living pressures, the Beehive Community Centre will be looking for grant assistance to continue its programme of activities.

3

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

6. Reserves Policy

It is the Trustees’ policy to hold free reserves equal to between six and nine months expenditure. It is also the Trustees’ policy to generate annual surpluses to cater for future requirements and growth.

As at 31 March 2024 the charity held free reserves of £434,608, representing 16 months expenditure (previous year £396,943 and 16 months). The free reserves over and above that required for the reserves policy is being set aside for future improvements to the accommodation units and the fabric of the buildings.

7. Public Benefit

The Trustees confirm that they ensure that they meet the objects of the Charity for the public benefit, as defined by the Charities Act 2011 and have proper regard to the guidance published by the Charity Commission in respect of the subject of public benefit.

8. History, Structure, Governance and Management of the Charity

Bristol and Anchor Almshouse Charity is an unincorporated charity, established under a Charity Commission Scheme dated 16[th] November 1998. The Charity was brought into a single scheme by three former Almshouse charities, Bristol (St John the Baptist and St Ambrose) Charity, Hill’s Almshouse Charity and Whitson Street Almshouse Charity. A new building, comprising fourteen two bedroom flats, was completed in May 1999 and a Day Centre (now known as the Beehive Centre) was constructed in the former Church Hall of St Ambrose, Whitehall. The eight cottage dwellings, formerly owned by Bristol (St John the Baptist and St Ambrose) Charity, were re-furbished and modernised in August 1999.

The developments were financed by the reserves of the three charities, including the proceeds of sale of the properties of Hill’s Almshouses and Whitson Street Almshouse Charity, by grants from the Anchor Society and the Housing Communities Agency (HCA) and a by mortgage from Bristol and West Building Society.

The Trustees administer twenty-two units of accommodation for older people and the Beehive Centre at the Almshouse site.

Governing Document

Bristol and Anchor Almshouse Charity was founded as an unincorporated charity under a Charity Commission Scheme of 16th November 1998. The charity is in the process of changing to a Charitable Incorporated Organisation.

The Trustees meet formally on a quarterly basis. Between meetings, responsibility for the management of the charity lies with the Chair of the Board of Trustees, the Treasurer and the Clerk to the Trustees. The key management personnel of the charity are the Chair and the Treasurer of the Board of Trustees and the Clerk to the Trustees.

The Board of Trustees consists of not less than twelve and not more than fourteen persons being:

Each nominated Trustee appointment shall be made for a term of four years at a meeting convened and held according to the ordinary practice of the appointing body. Co-opted Trustees are appointed

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BRISTOL AND ANCHOR ALMSHOUSE CHARITY

TRUSTEES’ ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

for a term of five years by a resolution of the Trustees passed at a special meeting of which not less than 21 days’ notice has been given.

Induction and training of new Trustees follows the National Almshouse Association guidelines.

Risk Management

Trustees regularly log major strategic, business, financial and operational risks which the Charity faces and have established procedures to manage organisational risks to ensure compliance with best practice and legislation and to cover the delivery of projects.

9. Statement of trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient 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 2008 and the provisions of the Charity Commission Scheme. 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.

28 Nov 2024

Approved by order of the trustees on …………………. and signed on its behalf by:

Ann Smith, Chair

5

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

INDEPENDENT AUDITOR’S REPORT

YEAR ENDED 31 MARCH 2024

Independent auditor’s report to the members of Bristol & Anchor Almshouse Charity

Opinion

We have audited the financial statements of Bristol & Anchor Almshouse Charity (the “Charity”) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial

6

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

INDEPENDENT AUDITOR’S REPORT

YEAR ENDED 31 MARCH 2024

statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities to the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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BRISTOL AND ANCHOR ALMSHOUSE CHARITY

INDEPENDENT AUDITOR’S REPORT

YEAR ENDED 31 MARCH 2024

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditors/audit-assurance-ethics/auditorsresponsibilities-for-the-audit. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of the Act. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Burtou Sweet Litutted

Burton Sweet Limited Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR

28 Nov 2024

Date:…………………………………..

Burton Sweet Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

8

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds 2024 2023
Note £ £ £ £ £
Income and endowments from:
Donations and legacies 2 7,313 - - 7,313 2,588
Charitable activities 3 271,908 - - 271,908 246,084
Other trading activities 4 6,496 - - 6,496 3,829
Investments 5 14,430 - - 14,430 16,605
Total income 300,147 - - 300,147 269,106
Expenditure on:
Raising funds 6 7,993 - - 7,993 7,154
Charitable activities 7, 8 305,827 - - 305,827 276,613
Total expenditure 313,820 - - 313,820 283,767
Net gains/(losses) on investments 13 76,954 1,325 615 78,894 (50,855)
Net income/(expenditure) 63,281 1,325 615 65,221 (65,516)
Transfers between funds 16 (8,800) - 8,800 - -
Net movement in funds 54,481 1,325 9,415 65,221 (65,516)
Total funds at 1 April 16 1,771,025 20,564 1,640,005 3,431,594 3,497,110
Total funds at 31 March 16 1,825,506 21,889 1,649,420 3,496,815 3,431,594
----- End of picture text -----

The charity has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the charity are classed as continuing.

The comparative funds are set out in note 18.

The notes on pages 11 to 21 form part of these financial statements

_________________

9

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

BALANCE SHEET

AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
12
Investments
13		 2024
2023
£
£
2,497,285
2,480,469
989,920
934,945
Current assets
Debtors
14
Cash at bank		 3,487,205
3,415,414
12,657
10,451
25,216
29,830
Creditors : Amounts falling due
within one year
15		 37,873
40,281
(28,263)
(24,101)
Net current assets 9,610
16,180
Net assets 3,496,815
3,431,594
Funds
Endowment funds
17
Restricted funds
17
Unrestricted funds
General funds
17
Revaluation reserve
17		 1,649,420
1,640,005
21,889
20,564
1,097,968
1,043,487
727,538
727,538
3,496,815
3,431,594

28 Nov 2024 Approved by the Trustees on ….......................... and signed on their behalf by:

Ann Smith

Richard Jarratt

The notes on pages 11 to 21 form part of these financial statements

_________________

10

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1 Accounting policies

Basis of preparation

Bristol & Anchor Almshouse is a registered unincorporated charity under the Charities Act 2011 (registered number 1075673), and is registered with the Tenant Services Authority as a registered provider (number A4256).

The financial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The housing units are fully occupied and there is a waiting list. The Beehive Centre is operating at near to capacity. Income and expenditure are under control. In the opinion of the Trustees, the charity has sufficient reserves to be able to meet any challenges.

The charity is a public benefit entity as defined under FRS102.

Income

Income is recognised in the Statement of Financial Activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity's assets or reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

Rental income is recognised in the month it falls due. Unpaid rent is accounted for in debtors and any rents received in advance are accounted for as deferred income.

Dividend income is recognised when it has been received by the charity's fund manager.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Governance costs are included within charitable activity support costs.

Expenditure on raising funds consists of investment management fees in respect of the investments held.

_________________

11

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

Allocation of costs

Direct costs that are specifically related to an activity are allocated to that charity. Shared direct costs and support costs are apportioned between activities.

The basis of apportionment, which is consistently applied, and proportionate to the circumstances is:

Staffing - on the basis of time spent in connection with any particular activity.

Premises related costs - on the proportion of floor are occupied by a particular activity.

Non specific support costs - on the basis of the usage of resources, in terms of time taken, capacity used, request made or other measures.

Fixed asset investments

Fixed asset investments in quoted shares, traded bonds, investment properties are shown at their market value at the balance sheet date at the end of the financial period. The Statement of Financial Activities includes net gains and losses arising on revaluations and disposals throughout the year.

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation. Cost value includes all costs expended in bringing the asset into its intended working condition. Capital items with purchase price of more than £200 are included within fixed assets.

Deprecation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful life.


their estimated useful life.
Freehold property No depreciation charged (see note 12)
Leasehold improvements 10% straight line
Plant and machinery 10% straight line
Motor vehicles 20% straight line
Computer equipment 25% straight line

Old Almshouse building, St John's House, and the new Bristol and Anchor House are classed as freehold property per the financial statements. The trustees of the charity carry out an impairment review where there are indicators of possible impairment.

Freehold property is subject to a policy of professional revaluation every 7 years.

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Cash at bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

Creditors and provisions

A creditor and provision are recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Pensions - defined contribution scheme

The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities in accordance with FRS102.

Any liabilities and assets associated with the scheme are shown under debtors and creditors.

Taxation

The charity is exempt from corporation tax on its charitable activities.

_________________

12

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

Funds

General funds are unrestricted funds available for use at the discretion of the Trustees in the furtherance of the charitable purposes of the charity.

Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Expenditure which meets these criteria is charged to the fund.

Permanent endowment funds are resources received by the charity that represent capital. A feature of endowment funds is that charity law requires the trustees to invest or retain the funds for the charity’s purposes. The term endowment applies to permanent endowment, where the trustees have no power to convert it into income and apply it.

2 Income from: donations

Donations and gifts
Grants		 Unrestricted
Restricted
Endowment
Total Funds
Total Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
2,813
-
-
2,813
2,588
4,500
-
-
4,500
-
7,313
-
-
7,313
2,588

Income from donations in the prior year was unrestricted.

3 Income from: charitable activities

Provision of housing accommodation
Beehive day centre		 Unrestricted
Restricted
Endowment
Total Funds
Total Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
212,984
-
-
212,984
200,216
58,924
-
-
58,924
45,868
271,908
-
-
271,908
246,084

Income from charitable activities in the prior year was unrestricted.

Solar panel income
Other		 Unrestricted
Restricted
Endowment
Total Funds
Total Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
4,686
-
-
4,686
3,829
1,810
-
-
1,810
-
6,496
-
-
6,496
3,829

Income from other trading activities in the prior year was unrestricted.

_________________

13

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

5 Income from: investments

Dividend income Unrestricted
Restricted
Endowment
Total Funds
Total Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
14,430
-
-
14,430
16,605
14,430
-
-
14,430
16,605

Income from investments in the prior year was unrestricted.

6 Expenditure on: raising funds

Investment management costs Unrestricted
Restricted
Endowment
Total Funds
Total Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
7,993
-
-
7,993
7,154
7,993
-
-
7,993
7,154

Expenditure on raising funds in the prior year was unrestricted.

7 Expenditure on: charitable activities (by cost)

Beehive day centre
Wages and salaries
Pension contributions
Rent, rates and water
Insurance
Electricity and gas
Office and similar costs
Security, out of hours warden
Almshouse repairs and renewals
Cleaning
Gardening and site maintenance
Beehive repairs and renewals
Legal and professional
Bank charges
Depreciation
Governance costs		 Unrestricted
Restricted
Endowment
Total Funds
Total Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
28,867
-
-
28,867
29,729
75,129
-
-
75,129
60,405
9,258
-
-
9,258
7,684
5,726
-
-
5,726
4,471
8,574
-
-
8,574
8,273
30,574
-
-
30,574
40,584
24,825
-
-
24,825
25,228
1,648
-
-
1,648
1,211
35,758
-
-
35,758
17,486
11,151
-
-
11,151
8,537
10,757
-
-
10,757
6,558
7,537
-
-
7,537
6,555
3,648
-
-
3,648
-
268
-
-
268
297
37,877
-
-
37,877
44,595
14,230
-
-
14,230
15,000
305,827
-
-
305,827
276,613

Expenditure on charitable activities in the prior year was unrestricted.

8 Expenditure on: charitable activities (by activity)

Provision of housing accommodation
Beehive Day Centre		 Activities
Support
undertaken
costs
Total Funds
directly
(note 9)
2024
£
£
£
224,585
46,410
270,995
28,867
5,965
34,832
253,452
52,375
305,827

_________________

14

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

8
Expenditure on: charitable activities (by activity) (continued )
Activities
undertaken
directly
£
Provision of housing accommodation
186,992
Beehive Day Centre
29,729
216,721
9
Support costs
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
£
£
£
Bank charges
268
-
-
Depreciation
37,877
-
-
Governance costs
Auditor's fee
14,230
-
-
52,375
-
-
Support costs in the prior year were unrestricted.
10 Net income/expenditure for the year
This is stated after charging:
Auditor's fee:
Audit fee
Other services
Depreciation
Trustees' and connected persons' remuneration
Reimbursement of Trustees' expenses
11 Staff costs and numbers
The aggregate payroll costs were:
Wages and salaries
Employer's pension		 Support
costs
Total Funds
(note 9)
2023
£
£
51,676
238,668
8,216
37,945
59,892
276,613
Total Funds
Total Funds
2024
2023
£
£
268
297
37,877
44,595
14,230
15,000
52,375
59,892
2024
2023
£
£
11,220
12,900
3,010
2,100
37,877
44,595
-
-
-
-
2024
2023
£
£
75,129
60,405
9,258
7,684
84,387
68,089

The average weekly number of employees, based on headcount during the year, was 5 (2023: 4).

No employee received employment benefits of more than £60,000 in the current or preceding year.

The key management personnel of the charity includes the Trustees and the Clerk . The employment benefits paid to key management were £17,647 (2023: £17,921).

_________________

15

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

12 Tangible fixed assets
Cost
At 1 April 2023
Additions
Transfers
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Transfers
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
Housing Properties		 Land &
Buildings
£
2,270,000
-
-
2,270,000
-
-
-
-
2,270,000
2,270,000		 Leasehold
Plant &
Improvements
Machinery
Total
£
£
£
123,801
517,624
2,911,425
-
54,693
54,693
28,406
(28,406)
-
152,207
543,911
2,966,118
12,276
418,680
430,956
12,380
25,497
37,877
14,222
(14,222)
-
24,656
444,177
468,833
127,551
99,734
2,497,285
111,525
98,944
2,480,469
Bristol &
St John's
Anchor
House
House
Total
£
£
£
645,000
1,625,000
2,270,000

The properties were originally valued in April 2001 by Alder King, property consultants, on the basis of the open market value.

The properties have not been depreciated as the trustees consider that the depreciation would be immaterial on the basis of the properties', high intrinsic value. The properties have not been impaired in any respect.

The properties were revalued by RD Harrison of Alder King Property Consultants, an independent valuer, at 31st March 2021 on the basis of Fair Value.

The original cost of the properties was £1,542,462 and a social housing grant of £253,000 was received.

In the calculation of historical cost it has been assumed that one third of the value of the properties is attributable to land.

Housing Stock
The number of housing units in management at 31 March was:
Housing accommodation for letting		 2024
2023
No.
No.
22
22

_________________

16

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
13 Fixed asset investments
2024 2023
Listed investments £ £
At 1 April 2023 919,718 1,024,246
Acquisitions at cost 239,859 101,854
Proceeds on disposal (271,329) (155,527)
Net gain/(loss) on revaluation 78,894 (50,855)
At 31 March 2024 967,142 919,718
Cash or cash equivalents 22,778 15,227
989,920 934,945
14 Debtors
2024 2023
£ £
Trade debtors 4,557 2,751
Prepayments 8,100 7,700
12,657 10,451
15 Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,937 1,401
Accruals and deferred income 24,620 22,700
Other creditors 1,706 -
28,263 24,101
16 Movement in funds
At 01 April Gains and At 31 March
2023 Income Expenditure Transfers losses 2024
£ £ £ £ £
Endowment funds
Property Endowment Funds 1,106,387 - - - - 1,106,387
Parochial Charities 7,901 - - - 421 8,322
Sermons Charity 2,115 - - - 194 2,309
Margaret Tindall's Charity 214,602 - - - - 214,602
Bristol Archdeaconry Charities
Capital Sum 133,000 - - - - 133,000
Recoupment fund 176,000 - - 8,800 - 184,800
1,640,005 - - 8,800 615 1,649,420
Restricted Funds
Extraordinary repair 20,564 - - - 1,325 21,889
20,564 - - - 1,325 21,889
Unrestricted Funds
General Funds 1,043,487 300,147 (313,820) (8,800) 76,954 1,097,968
Revaluation reserve 727,538 - - - - 727,538
1,771,025 300,147 (313,820) (8,800) 76,954 1,825,506
Total funds 3,431,594 300,147 (313,820) - 78,894 3,496,815
----- End of picture text -----

_________________

17

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

16 Movement in funds ( continued )

Prior year comparatives

Endowment funds
Property Endowment Funds
Parochial Charities
Sermons Charity
Margaret Tindall's Charity
Bristol Archdeaconry Charities
Capital Sum
Recoupment fund
Restricted Funds
Extraordinary repair
Unrestricted Funds
General Funds
Revaluation reserve
Total funds		 At 01 April
Gain and
At 31 March
2022
Income Expenditure
Transfers
losses
2023
£
£
£
£
£
1,106,387
-
-
-
-
1,106,387
8,166
-
-
-
(265)
7,901
2,197
-
-
-
(82)
2,115
214,602
-
-
-
-
214,602
133,000
-
-
-
-
133,000
167,200
-
-
8,800
-
176,000
1,631,552
-
-
8,800
347
-
1,640,005
20,337
-
-
-
227
20,564
20,337
-
-
-
227
20,564
1,117,683
269,106
(283,767)
(8,800)
(50,735)
1,043,487
727,538
-
-
-
-
727,538
1,845,221
269,106
(283,767)
(8,800)
(50,735)
1,771,025
3,497,110
269,106
(283,767)
-
(50,855)
3,431,594

Description and purpose of funds

Unrestricted general funds

These funds are held for meeting the objectives of the charity, and to provide reserves for future activities and, subject to charity legislation, are free from all restrictions on their use.

Unrestricted revaluation reserve

This fund represents the unrestricted surplus arising on the revaluation of the charity's assets.

Extraordinary repair

The Extraordinary Repair Fund is a restricted income fund and is a requirement of the Charity Commission Scheme of 16 Nov 1998. The fund is to finance the "extraordinary repair, improvement or rebuilding of the almshouses and other

It is funded by 191 NAACIF Accumulation units, value £21,889 (2023: £20,564).

_________________

18

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

16 Movement in funds (continued)

Property Endowment Funds

The Property Endowment Funds represent capital sums given to the charity and currently held in the form of Almshouse properties which facilitate the charity's ongoing work.

These funds originated from mergers of Ambrose Charity, Hill's Almshouses Charity, Whitson Street Almshouse Charity with the Bristol and Anchor Almshouse Charity, and a further capital grant from the Anchor Society.

Parochial Charities and the Sermons Charity Endowment Funds

These were received as investments in NAACIF and COIF units and the Trustees are currently investigating the nature and purpose of these funds in order to determine their future application.

Margaret Tindall's Charity Endowment Fund

In 2001 Margaret Tindall's Charity Endowment Fund was received as a portfolio of investments valued at £201,991.

Having been unable to separate the investment assets to determine the value of this fund over the years, the Trustees took advice and decided in June 2020 that it was reasonable to fix the value of the Margaret Tindall Charity fund at a value of £214,602, with the income being applied for the ongoing work of the charity. These funds remain part of the capital of the charity and only the income can be spent.

Bristol Archdeaconry charities

Capital sum endowment and Recoupment Fund

The Bristol Archdeaconry Charity capital sum is a commuted capital sum. Bristol & Anchor Almshouse charity was entitled to receive 20% of the income from the St John and St Peter Church Lands Charity. The Trustees of the Bristol Archdeaconry Charities, who administered the St John and St Peter Church Lands Charity, approached the Charity Commission, with a view to restricting the charity. As a result of this decision, Bristol & Anchor Almshouse charity received a commuted sum of £353,000.

£220,000 of the £353,000 capital sum was applied to repaying a mortgage taken out to build the 14 new Almshouse flats. The £220,000 capital sum is being recouped at £8,800 pa for 25 years via a Recoupment fund.

_________________

19

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

17 Analysis of net assets between funds

Unrestricted Funds
General Funds
Revaluation reserve
Restricted Funds
Extraordinary repair
Endowment funds
Property Endowment Funds
Parochial Charities
Sermons Charity
Margaret Tindall's Charity
Bristol Archdeaconry Charities Capital Sum
Recoupment fund
Prior year comparatives
Unrestricted Funds
General Funds
Revaluation reserve
Restricted Funds
Extraordinary repair
Endowment funds
Property Endowment Funds
Parochial Charities
Sermons Charity
Margaret Tindall's Charity
Bristol Archdeaconry Charities Capital Sum
Recoupment fund		 Net
Tangible
current
fixed assets
Investments
assets
Total
£
£
£
£
663,360
424,998
9,610
1,097,968
727,538
-
-
727,538
-
21,889
-
21,889
1,106,387
-
-
1,106,387
-
8,322
-
8,322
-
2,309
-
2,309
-
214,602
-
214,602
-
133,000
-
133,000
-
184,800
-
184,800
2,497,285
989,920
9,610
3,496,815
Net
Tangible
current
fixed assets
Investments
assets
Total
£
£
£
£
646,544
380,763
16,180
1,043,487
727,538
-
-
727,538
-
20,564
-
20,564
1,106,387
-
-
1,106,387
-
7,901
-
7,901
-
2,115
-
2,115
-
214,602
-
214,602
-
133,000
133,000
-
176,000
-
176,000
2,480,469
934,945
16,180
3,431,594

_________________

20

BRISTOL AND ANCHOR ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

18 Prior year fund comparatives for the Statement of Financial Activities

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
Net movement in funds
Total funds at 1 April
Total funds at 31 March		 Unrestricted
Restricted Endowment
Total Funds
Funds
Funds
Funds
2023
£
£
£
£
2,588
-
-
2,588
246,084
-
-
246,084
3,829
-
-
3,829
16,605
-
-
16,605
269,106
-
-
269,106
7,154
-
-
7,154
276,613
-
-
276,613
283,767
-
-
283,767
(50,735)
227
(347)
(50,855)
(65,396)
227
(347)
(65,516)
(8,800)
-
8,800
-
(74,196)
227
8,453
(65,516)
1,845,221
20,337
1,631,552
3,497,110
1,771,025
20,564
1,640,005
3,431,594

19 Related party transactions

There are no related party transactions in the year (2023: nil).

_________________

21

MANAGEMENT INFORMATION YEAR ENDED 31 MARCH 2024

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

The following page(s) do not form part of the statutory financial statements which are the subject of the independent auditor's report on pages 6 to 8.

_________________

22

BRISTOL AND ANCHOR ALMSHOUSE CHARITY

ALMHOUSES AND BEEHIVE CENTRE INCOME AND EXPENDITURE

YEAR ENDED 31 MARCH 2024

2023-24 Actual Almshouses Beehive Centre
WMC Income and Similar
Weekly Management Charges 212,984 212,984 -
Other Income 23,553 14,430 9,123
Total WMC Income and Similar 236,537 227,414 9,123
Beehive Events Income and Expenditure
Beehive income from events 58,924 - 58,924
Beehive cost of events 17,362 839 16,524
Net Beehive Income and Expenditure 41,562 (839) 42,401
Professional Fees and similar
Legal and Professional fees 25,871 25,871 -
Total Professional Fees and similar 25,871 25,871 -
Administrative Costs
Office Costs
Salaries, E'er NI, Pension 84,386 37,340 47,046
Staff Travel, Training, etc. 3,377 3,232 145
Fire, Perils, Liability Insurance 8,574 5,744 2,830
Office Costs - Phone, IT, etc. 9,478 4,886 4,592
Annual Subs - Almshouse Assn, etc 4,787 2,687 2,100
Total Office Costs 110,603 53,890 56,713
Buildings and Site Costs -
Repairs & Renewals- Almshouses 35,758 35,758 -
Repairs & Renewals- Beehive 7,537 7,537
Statutory compliance - H&S, etc. 7,865 7,865 -
Gas & Electricity 41,397 30,574 10,823
Income from Solar Panels (4,686) (4,686) -
Security, Gardening, Cleaning, etc. 23,557 12,872 10,684
Rates, Water, Sewerage 5,725 5,170 555
Total Buildings and Site Costs 117,152 87,554 29,599
Bank Charges 268 129 139
Depreciation 37,877 22,804 15,073
Total Administrative Costs 265,901 164,377 101,524
Total Overheads 291,772 190,248 101,524
Gains/(Losses) on Investments
Gains/(Losses) on revaluation of
Quoted Investments 78,894 78,894 -
Surplus/(Deficit) for Period 65,221 115,221 (50,000)

_________________

23