**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.
- 2 -
## **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
- 4 -
## **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
- 5 -
## **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.
- 9 -
## **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|
- 11 -
## **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|
- 12 -
## **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|
- 13 -
## **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.
- 14 -
## **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|
- 15 -
## **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).
- 16 -
## **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**
**£**
-|
- 17 -
## **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.
- 18 -
## **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.
- 19 -
## **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.
- 20 -
## **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).
- 21 -