2020-12-31-accounts

Charity Registration No. 1154575

THE MELKSHAM ALMSHOUSES CHARITIES

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE MELKSHAM ALMSHOUSES CHARITIES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	J Crook
	D Griffin
	M Sankey
	P Nicol
	P Aves
	B Sanders
	C Andrewes
	P Shea-Simonds
Charity number	1154575
Principal address	Long Barrow
	2 The City
	Edington
	WESTBURY
	Wiltshire
	BA13 4QQ
Independent examiner	Old Mill Accountancy LLP
	Wessex House
	Challeymead Business Park
	MELKSHAM
	Wiltshire
	SN12 8BU

THE MELKSHAM ALMSHOUSES CHARITIES

CONTENTS

	Page
Trustees' report	1 - 4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8 - 21

THE MELKSHAM ALMSHOUSES CHARITIES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “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 ) ” ( effective 1 January 201 9).

Objectives and activities

The charity's objects are for the public benefit, namely:

(1) For the provision of almshouses accommodation in the properties known as The Fowler Almshouses, Melksham, Wiltshire for the benefit of persons over 50 years of age who are in need or financial hardship and living in or near the districts of Melksham Town Council and Melksham Without Parish Council (the area of benefit).

(2) Such charitable purposes for the general benefit of the poor in the area of benefit; or which are beneficial to the inhabitants of the area of benefit as the Trustees decide.

The trustees have established the charity's grant making policy to achieve its objects for the public benefit. The trustees invite applications for grants from individuals and institutions by advertising in the local press.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The Charity continued its consolidation period post the successful refurbishment of the Almshouses in 2014 and is still paying off the Almshouses Association loan without it impinging on its traditional role of an Almshouse Charity.

The security and general maintenance of the Almshouses and the communal gardens were as usual given top priority and all the necessary and all statutory checks were made. In the current pandemic climate the monitoring of the residents well being and welfare was also given top priority. The Charities still have 5 very satisfactory residents who can live responsibly and independently despite having had to fill two vacancies that had to be filled.

Grants totalling £4,200 (2019:£12,425) were given during the year but fortunately this has assisted cash flow with regards to the payment of all the fees regarding the physical maintenance of the Almshouses which this year was well over the average partly due to the vacancies that had to be filled.

The Trustees despite not having had any meetings during the year (due to the pandemic government prohibition on meetings) have been kept fully informed by its Secretary of all matters relating to its finances, the day to day running of the properties and the well being of its residents.

The Trustees of the Melksham Almshouses Charities (the Charity) are therefore pleased to confirm that the Charity is fully succeeding to fulfil its charitable objectives and is still financially secure.

• 1 -

THE MELKSHAM ALMSHOUSES CHARITIES

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

Income for the year amounted to £30,400 (2019:£35,034). This is predominately made up of rental income, which was £23,373 (2019:£26,672) for the year. Charitable expenditure has decreased by £886 to £39,579 (2019:£40,465), including £4,200 (2019:£12,425) paid out in grants to, various institutions. Gains on investments for the year amounted to £15,111 (2019:£39,050). Included in the total net movement in funds, are endowment net incoming resources of £7,460 (2019:£18,589).

The net movement in funds for the year amounted to a surplus of £5,932 (2019:£33,619).

The charity's balance sheet as detailed on page 7 shows a satisfactory position with funds amounting to £502,954 (2019: £497,022).

Included in the charity's net assets of £502,954 (2019:£497,022) are fixed asset investments totalling £248,915 (2019: £233,804). All investments held by the charity have been acquired in accordance with the powers available to the trustees.

The Trustees' consider that the Charity is financially secure and its financial reserves are more than adequate to continue running and fulfilling the Charities objectives.

The Charity received a 10 year interest free loan of £84,000 from the Almshouses Association in 2013, which is being repaid on a six monthly cycle. The total amount outstanding as at 31 December 2020 amounted to £20,200 (2019: £28,600). The Trustees have considered the terms and conditions of the loan and do not believe the annual repayments will have a significant impact on the resources available for general application.

Reserves policy

The Trustees continue to be of the view, as recommended by the Charity Commission, that the Charity should maintain an appropriate level of free reserves (i.e. unrestricted funds not tied up in the charitable fixed assets). The Trustees have decided that the free reserves held should continue to equate to at least six months’ recurring overhead expenditure in order to ensure the continuity of operations in case of unforeseen events.

At 31 December 2020, the level of free reserves was £79,460 (2019:£75,702), equivalent to 24 months (2019: 22 months) of recurring expenditure.

The trustees are comfortable that the current level of free reserves are appropriate to the charity’s circumstances at present. Holding a higher level of reserves ensures that the charity can continue to maintain the Almshouses properties and pay out grants to successful applicants, both of which assist in achieving the charity’s objects. The trustees continue to review each year the level of free reserves.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for the future

The future plan for the Charity remains to the furtherance of the financial consolidation post the 2014 refurbishment project and will continue until the final payment of the Almshouses Association loan in 2024. Therefore whilst the charity continues to pay off the balance of the loan, no major plans are anticipated in the short term.

Structure, governance and management

The charity is registered with and regulated by the Charity Commission as a foundation Charitable Incorporated Organisation (CIO) under Charity no. 1154575, registered on 13 November 2013, governed by its Constitution dated 13 November 2013 as amended by special resolution 02 October 2018.

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THE MELKSHAM ALMSHOUSES CHARITIES

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees who served during the year and up to the date of signature of the financial statements were: J Crook

D Griffin M Sankey P Nicol P Aves B Sanders C Andrewes P Shea-Simonds

As set out in the Constitution there must be a minimum of three and a maximum of nine charity trustees.

Ex Officio Trustee - The Vicar for the time being of the Ecclesiastical Parish of Melksham St. Michaels shall automatically be a charity trustee.

Nominated Trustees - Each of the following bodies may appoint charity trustees as follows: The Town Council of Melksham - two charity trustees Melksham Without Parish Council - two charity trustees

The CIO's day to day activities are managed by its Secretary Russell Lewis.

The following trustees jointly hold the title to the freehold property on behalf of the charity:

Mr J Crook Mr M Sankey Mrs P Nicol Ms P Aves

The Trustees administer two charitable objectives for the benefit of the inhabitants of the parish of Melksham under the terms of its constitution.

• 3 -

THE MELKSHAM ALMSHOUSES CHARITIES

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

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 (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and 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 incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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 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.

The trustees' r eport was approved by the Board of Trustees.

J Crook Trustee Dated: 30 May 2021

D Griffin Trustee Dated:30 May 2021

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THE MELKSHAM ALMSHOUSES CHARITIES

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE MELKSHAM ALMSHOUSES CHARITIES

I report to the trustees on my examination of the financial statements of The Melksham Almshouses Charities (the charity) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no 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 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

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 financial statements to be reached.

Tim Lerwill, FCA Old Mill Accountancy LLP Wessex House Challeymead Business Park MELKSHAM Wiltshire SN12 8BU

Dated: 17 June 2021

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THE MELKSHAM ALMSHOUSES CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Restricted Endowment funds funds funds 2020 2020 2020 Notes £ £ £ Income from: Donations and legacies 3 - - - Charitable activities 4 23,373 - - Investments 5 2,648 4,379 - Total income 26,021 4,379 - Expenditure on: Charitable activities 6 35,379 4,200 - Net gains/(losses) on investments 11 7,651 - 7,460 Net movement in funds (1,707) 179 7,460 Fund balances at 1 January 2020 378,410 - 118,612 Fund balances at 31 December 2020 376,703 179 126,072	Total 2020 £ - 23,373 7,027 30,400 39,579 15,111 5,932 497,022 502,954	Total 2019 £ 1,136 26,672 7,226
		35,034
		40,465
		39,050
		33,619 463,403
		497,022

• 6 -

THE MELKSHAM ALMSHOUSES CHARITIES

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current (liabilities)/assets Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Net assets Capital funds Endowment funds - general 19 Income funds Restricted funds 20 Unrestricted funds Designated funds 21 General unrestricted funds 21	2020 £ 1,580 2,901 4,481 (15,009) 21,056 355,647	£ 276,367 248,915 525,282 (10,528) 514,754 (11,800) 502,954 126,072 179 376,703 502,954	2019 £ 2,457 9,824 12,281 (11,661) 19,810 358,600	£ 282,798 233,804 516,602 620 517,222 (20,200) 497,022 118,612 - 378,410 497,022

The financial statements were approved by the Trustees on 30 May 2021

J Crook D Griffin Trustee Trustee

• 7 -

THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

The Melksham Almshouses Charities is a Foundation Charitable Incorporated Organisation governed by its Constitution on 13 November 2013 as amended by special resolution on 02 October 2018. The charity was registered with the Charity Commission on 13 November 2013.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The Melksham Almshouses Charities constitutes a public benefit entity as defined by FRS 102.

1.2 Going concern

At the year end , the balance sheet shows the charity has net current liabilities. In light of the current coronavirus pandemic, the Trustees have reviewed likely future developments and remain of the opinion that there is no reason to believe that the charity will have to cease operating as a result of inadequate financial resources, or any other foreseeable event, within a period of at least 12 months from the date of the approval of these accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

• 8 -

THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts .

1.5 Expenditure

Expenditure is accounted for on an accruals basis and has been included under expenses categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All grants made are paid out of the New Hall Fund which is a restricted fund to be applied for public purposes beneficial to the inhabitants of the area of Melksham and Melksham without.

Support staff costs are allocated between the Almshouse Fund and the New Hall Fund so as to reflect the proportion of the Treasurer's time spent administering the Almshouses and the grants made to local organisations respectively.

Depreciation of the Almshouses is allocated to the Almshouse Fund.

Property costs and other overheads are incurred in the management and administration of the Almshouses and are therefore allocated exclusively to the Almshouse Fund.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Refurbishment of Almshouses

2% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

The original value of the Almshouses, at the date they were received, is not available. The cost represents the major refurbishment which occurred during 2013.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

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THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings consist wholly of a public benefit concessionary loan. Public benefit concessionary loans are loans received between a public benefit entity and another party at below the prevailing market rate of interest and that are not repayable on demand and are for the purposes of furthering the objectives of the public benefit entity. The accounting treatment for concessionary loans is to initially measure these arrangements at the amount received or paid and recognise them in the statement of financial position. Subsequent years, the carrying amount of the concessionary loans in the financial statements shall be adjusted to reflect any accrued interest payable or receivable. The loan was made on an interest-free basis.

• 10 -

THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Leases

Rental received under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimated useful lives of tangible fixed assets

In determining the estimated useful life the charity considers the expected physical wear and tear of the asset that could lead to obsolescence of the asset. Each year the charity reviews the above to establish if there is any change in the expected useful life of tangible assets.

3 Donations and legacies

	2020	2019
	£	£
Donations and gifts	-	1,136

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THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

4 Charitable activities

	2020	2019
	£	£
Almshouses rent receivable	23,373	26,672

5 Investments

Unrestricted Restricted funds funds 2020 2020 £ £ Investment income - Almshouses Fund 2,648 - Investment income - New Hall Fund - 4,379 2,648 4,379 For the year ended 31 December 2019 2,825 4,401	Total 2020 £ 2,648 4,379 7,027	Total 2019 £ 2,825 4,401
		7,226
		7,226

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THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

6 Charitable activities

Almshouses Fund New Hall Fund £ £ Staff costs 9,500 1,000 Depreciation and impairment 6,431 - Insurance 769 - Telephone 179 - Repairs and renewals 11,616 - Subscriptions 222 - Postage and stationery 224 - Advertising 203 - Water rates 835 - Travelling expenses 1,076 - Sundry expenses 44 - Loan administration charge 400 - 31,499 1,000 Grant funding of activities (see note 7) - 4,200 Share of support costs (see note 8) 1,020 1,020 Share of governance costs (see note 8) 420 420 32,939 6,640 Analysis by fund Unrestricted funds 32,939 2,440 Restricted funds - 4,200 32,939 6,640 For the year ended 31 December 2019 Unrestricted funds 25,505 10,559 Restricted funds - 4,401 25,505 14,960	Total 2020 £ 10,500 6,431 769 179 11,616 222 224 203 835 1,076 44 400 32,499 4,200 2,040 840 39,579 35,379 4,200 39,579	Total 2019 £ 10,500 6,431 1,100 121 3,668 220 407 - 797 992 334 400
		24,970 12,425 2,280 790
		40,465
		36,064 4,401
		40,465
		36,064 4,401
		40,465

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THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

7 Grants payable

Grants to institutions: Hope Debt Advice Agency Melksham Young Melksham Rivermead School Melksham Foodbank AFC Melksham Happy Circle Day Centre Phab Melksham Community Area Back on Track Stroke rehabilitation Melksham Shed Kennet Furniture Refurbiz Support costs Support costs Governance costs £ £ Accountancy 2,040 - Independent Examiner fees - 840 Meeting expenses - - 2,040 840 Analysed between Charitable activities 2,040 840		2020 £ - 3,000 - 500 250 - 350 - - - 100 4,200 2020 £ 2,040 840 - 2,880 2,880	2019 £ 200 3,000 6,175 150 250 1,000 350 500 300 500 -
			12,425
			2019 £ 2,280 780 10
			3,070
			3,070

8 Support costs

Governance costs includes payments to the independent examiner of £ 840 (2019:£780 ) for independent examination fees. Also paid to the independent examiner was £2,040 (2019:£2,280) in respect of accountancy services and bookkeeping.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

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THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

10 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees The average monthly number of employees during the	year was:
	2020	2019
	Number	Number
	1	1
Employment costs	2020	2019
	£	£
Wages and salaries	10,500	10,500

There were no employees whose annual remuneration was £60,000 or more.

11 Net gains/(losses) on investments

Unrestricted Endowment funds funds 2020 2020 £ £ Revaluation of investments 7,651 7,460 Gain/(loss) on sale of investments - - 7,651 7,460 For the year ended 31 December 2019 20,461 18,589	Total 2020 £ 15,111 - 15,111	Total 2019 £ 36,957 2,093
		39,050
		39,050

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THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

12	Tangible fixed assets
		Refurbishment of Almshouses
		£
	Cost
	At 1 January 2020	321,552
	At 31 December 2020	321,552
	Depreciation and impairment
	At 1 January 2020	38,754
	Depreciation charged in the year	6,431
	At 31 December 2020	45,185
	Carrying amount
	At 31 December 2020	276,367
	At 31 December 2019	282,798
13	Fixed asset investments
		Listed
		investments
		£
	Cost or valuation
	At 1 January 2020	233,804
	Valuation changes	15,111
	At 31 December 2020	248,915
	Carrying amount
	At 31 December 2020	248,915
	At 31 December 2019	233,804

Fixed asset investments comprise of: CIOF Charities Ethical Investment Fund £248,915 (2019:£233,804).

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THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

14 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 15 Loans and overdrafts Other loans Payable within one year Payable after one year 16 Creditors: amounts falling due within one year Notes Borrowings Deferred income 18 Trade creditors Accruals and deferred income 17 Creditors: amounts falling due after more than one year Borrowings 18 Deferred income Other deferred income	2020 £ 447 1,133 1,580 2020 £ 20,200 8,400 11,800 2020 £ 8,400 618 3,351 2,640 15,009 2020 £ 11,800 2020 £ 618	2019 £ 924 1,533
		2,457
		2019 £ 28,600
		8,400 20,200
		2019 £ 8,400 - 801 2,460
		11,661
		2019 £ 20,200
		2019 £ -

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THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

19 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as restricted income. Any capital gains or losses arising on the assets form part of the fund.

		Movement in funds	Movement in funds	Movement in funds
	Balance at 1	Incoming	Resources	Revaluations	Balance at 31
	January 2020	resources	expended	gains and	December 2020
				transfers
	£	£	£	£	£
Permanent endowments
New Hall Fund	118,612	-	-	7,460	126,072
	118,612	-	-	7,460	126,072
Prior year		Movement in funds
	Balance at 1	Incoming	Resources	Revaluations	Balance at 31
	January 2019	resources	expended	gains and	December 2019
				transfers
	£	£	£	£	£
Permanent endowments
New Hall Fund	100,023	-	-	18,589	118,612
	100,023	-	-	18,589	118,612

The New Hall Fund investment is a permanent endowment. The capital cannot be spent. The income is restricted and can be used for public purposes beneficial to the inhabitants of the area of Melksham and Melksham Without.

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THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

20 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

		Movement in funds	Movement in funds
	Balance at 1	Incoming	Resources	Balance at 31
	January 2020	resources	expended	December 2020
	£	£	£	£
New Hall Fund	-	4,379	(4,200)	179
Prior year		Movement in funds
	Balance at 1	Incoming	Resources	Balance at 31
	January 2019	resources	expended	December 2019
	£	£	£	£
New Hall Fund	-	4,401	(4,401)	-

New Hall Fund - Income from endowment investments. This income shall be applied for public purposes to benefit the inhabitants of the area of Melksham and Melksham Without.

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THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

21 Unrestricted funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

		Movement in funds	Movement in funds	Movement in funds
	Balance at 1	Incoming	Resources	Revaluations,	Balance at 31
	January 2020	resources	expended	gains and	December 2020
				transfers
	£	£	£	£	£
Designated New Hall Fund	19,810	-	(2,440)	3,686	21,056
General funds	358,600	26,021	(32,939)	3,965	355,647
Total unrestricted funds	378,410	26,021	(35,379)	7,651	376,703
Prior year		Movement in funds
	Balance at 1	Incoming	Resources	Revaluations,	Balance at 31
	January 2019	resources	expended	gains and	December 2019
				transfers
	£	£	£	£	£
Designated New Hall Fund	19,739	-	(10,559)	10,630	19,810
General funds	343,641	30,633	(25,505)	9,831	358,600
Total unrestricted funds	363,380	30,633	(36,064)	20,461	378,410

New Hall Fund - Investment held which is designated for public purposes to benefit the inhabitants of the area of Melksham and Melksham Without.

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THE MELKSHAM ALMSHOUSES CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

22 Analysis of net assets between funds

Unrestricted funds Restricted funds Endowment funds £ £ £ Fund balances at 31 December 2020 are represented by: Tangible assets 276,367 - - Investments 122,664 179 126,072 Current assets/(liabilities) (10,528) - - Long term liabilities (11,800) - - 376,703 179 126,072 Prior year Unrestricted funds Restricted funds Endowment funds £ £ £ Fund balances at 31 December 2019 are represented by: Tangible assets 282,798 - - Investments 115,192 - 118,612 Current assets/(liabilities) 620 - - Long term liabilities (20,200) - - 378,410 - 118,612

Total £ 276,367 248,915 (10,528) (11,800) 502,954 Total £ 282,798 233,804 620 (20,200) 497,022

23 Related party transactions

There were no disclosable related party transactions during the year (2019 - none).

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