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2020-12-31-accounts

The Anchor Society CIO

Trustees’ report and unaudited financial statements for the year ended 31 December 2020 Charity registration number 1167933

The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Contents

Page
Report of the Trustees 1
Statement of Trustees’ responsibilities 5
Report of the Independent Examiner 6
Statement of financial activities 7
Balance Sheet 8
Notes 9

The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Trustees’ Report

The Trustees present their report and the financial statements of the charity for the year ended 31 December 2020. The Anchor Society CIO (‘The Society’) is a Charitable Incorporated Organisation and was registered with the Charity Commission on 29[th] June 2016.

The trustees have adopted the provisions of 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 2015).

Reference and administrative details

The Anchor Society CIO is registered with the Charity Commission, number 1167933.

Registered address Bennetts Solicitors
Barley Wood Stables,
Long Lane
Wrington
Bristol BS40 5SA
Office address 29 Alma Vale Road
Clifton
Bristol BS8 2HL
Independent examiner Lawes & Co UK Limited
Boyce’s Building
40-42 Regent Street
Clifton
Bristol BS8 4HU
Solicitors Bennetts Solicitors
Barley Wood Stables,
Long Lane
Wrington
Bristol BS40 5SA
Bankers HSBC UK Bank Plc
62 George White Street
Cabot Circus
Bristol BS1 3BA
Investment advisers Brewin Dolphin Ltd
The Paragon
Counterslip
Bristol BS1 6BX
Smith & Williamson Investment Management LLP
Portwall House
Portwall Lane
Bristol BS1 6NA
Chief Executive RN Pendlebury

1

The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Trustees’ Report (continued)

Trustees

The following served as Trustees during the year:

FGD Montagu President 2019-20 WJ Marshall President 2020-21 JJ Lacey President 2021-22 (appointed 14 November 2020) HL Wallington Hon Secretary RE Evans Hon Treasurer PNC Rowe (resigned 9 July 2020) RH Jarratt WHR Durie RP Kennedy HLM Bothamley (appointed 9 July 2020)

Structure and Governance

The charity is controlled by its governing document, the Constitution, and is managed by the Trustees, who comprise the Honorary Secretary and Honorary Treasurer, the current President of the Society, the immediate past President and the President designate, together with four additional trustees. The Trustees are empowered by its constitution to appoint additional trustees.

Training is assured by the succession process involved in the President's appointment. All Executive members, whether Trustees or Secondees, are appointed from the Society's membership and are assessed by the Executive as having the required skills and experience to fulfil their responsibilities. The Chief Executive holds a manual of procedure of the Society which is available to all Trustees. Decisions are made by the Trustees who meet on a quarterly basis.

Objectives and activities for the public benefit

The Anchor Society was formed as an unincorporated charity in 1769 and was registered with the Charity Commission (No 208756). The Anchor Society CIO (The Society) was entered on the Register of Charities on 29[th] June 2016 (No 1167933). On 31 December 2016, The Anchor Society CIO acquired the assets and liabilities of The Anchor Society.

The Society assists older people (over 55) in need within Bristol and the surrounding area in a number of ways. It provides financial assistance through the payment of regular and single payment grants to assist with urgent personal needs. The Society often also makes one-off payments in the winter months to assist with heating expenses. The Society also operates a befriending service that is provided by volunteers. Grant applications are considered by a committee of Trustees and are made on their merit.

The Society is involved in the development of sheltered housing and day care provision for older people in the city. New Anchor House in Knowle provides 21 flats and was developed by the Society in conjunction with the Guinness Trust who manages the property. The freehold reversion remains with the Society and the Guinness Trust have a long lease. The Society was also involved with Guinness in the development of Southlands residential care home in Knowle and Lincolns Gardens in Redfield. Both properties are owned and managed by the Guinness Trust, and the construction of the Day Care Centres at both Southlands and Lincolns Gardens was financed by long-term loans from the Society.

The development of affordable housing at Coopers Close in Lawrence Weston was completed in 2013. It is a development of eight chalet bungalows providing sheltered accommodation for the elderly on a long-leasehold tenure; the bungalows are owned either outright or on a shared-equity basis with the Society. The development is adjacent to Blaise Weston House, a residential care home operated by Hanover.

The charity’s trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission on public benefit.

2

The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Trustees’ Report (continued)

Review of developments, activities and achievements

The principal fundraising event in the year is the President’s collection, which in 2020 raised over £100,000. This is directed towards the Society's traditional activity which is to support older people in need, either by way of regular annuities or specific, small grants towards urgently needed improvements or repairs to their homes.

The Society is exploring the use of technology in supporting independent living for older people and the provision of improvement loans to enable them to remain in their own homes.

Key strands of the Society’s strategy are to:

Grants

We are finding a higher demand for our grants for older people facing severe poverty. We are providing increasing numbers of people needing furniture, white goods and carpets, particularly when moving into sheltered accommodation. We work closely with our referrers to ensure those in real need are supported.

Technology

The Society has invested in a three year lectureship in digital health for older people as part of the University of Bristol SPHERE project. We are delighted that our grant has enabled substantial amounts (in excess of £5 million) of further grants to be received for the development of digital solutions for health care in the first year of this project. In 2020 the project had two major challenges: the person holding the lectureship moved to another position and the University was severely affected by the Covid-19 pandemic. The Anchor Society will be reviewing the project with Bristol University in 2021.

This year Anchor project Active Ageing Bristol worked with a research team comprising of Bristol Robotics Laboratory and Allied Health Professionals (both from University of the West of England), with Bristol Health Partners, Bristol City Council and the Red Cross, on a project to test the acceptability of technology to promote physical fitness in the home. The technology tested included Fitbits, Amazon Echo and a telepresence robot. The study engaged participants with mobility issues and asked them questions about the suitability of these technologies in daily use. The study is ongoing, but early indications were very positive and evidenced that these devices could make a real difference in the home.

3

The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Trustees’ Report (continued)

Ageing population

We have a joint project with Business in the Community to enable over 55s to return to work. In the first two and a half years we are very pleased that half of those involved in the project have found employment, or are volunteering with a view to paid work. We are delighted that as a result of this pilot, the Aviva Foundation gave a grant £200,000 over 2 years to substantially develop this programme in Bristol.

During the year the Anchor project was suspended due to Covid-19, however, in November 2020 it restarted online with a new cohort attending a 6 week course to boost the opportunities for the over 55s to gain employment.

Improving the lives of older people

We are pleased to be working with a number of different grant giving charities in Bristol through the Older People’s Funding Network. This group provides grants through its partnerships to support older people in the city. This year we gave grants in the sum of £6,761 to 2 organisations in the city. The overall fund gave £51,893 through the partnership this year and nearly £220,000 since inception 3 years ago.

We have been encouraging older people to remain active by improving their health and wellbeing. In partnership with Bristol Sport Foundation and St Monica Trust, the Society has been funding a project to enable older people to participate in walking sports and other activities that build strength and resilience. Each partner contributed £20,000 a year for an initial 3 years into the project with some excellent results. A key activity has been the annual walkfest where over 7,000 people were engage in walking for health. In 2020 the Anchor Society and St Monica Trust agreed to continue to fund the project in partnership with and under the management of Age UK Bristol.

Annual dinners

During the year, the Society celebrated 250 years since its formation. This was marked by a dinner attended by past presidents. Sadly, the pandemic precluded the holding of the annual dinner in November 2020, the first year in the Society’s history that this has not been held.

Financial review

On 31[st] December 2020, the reserves of the Society, which stand at £4,209,789, are mostly invested in long term, designated schemes (£3,312,839). Its general reserves amounted to £896,950. In addition there were restricted funds of £29,080. The level of reserves held by the Society is reviewed at each meeting of the Trustees. They aim to ensure that there are sufficient reserves to meet any shortfall in future income, which due to its voluntary nature, is uncertain and to meet any unforeseen circumstances.

The Society’s principal funding sources are the President’s collection, which is held annually during November, and income from investments.

The investment advisers have been set an investment objective of RPI plus 3%, which for the year was 4.2%. During the year under review 2.1% was achieved. In view of the effects of Covid-19 on the markets, the trustees consider this a satisfactory result. The investment strategy is reviewed regularly, at least every three years.

In last year’s report, the trustees reported the fall in the value of the Society’s investments of £349,000 during the first three months of 2020, as a result of the Covid-19 pandemic. The trustees are pleased to report that this fall in value was fully recovered by 31 December 2020, and that a surplus for the year of £12,336 is included in the financial statements.

The Society reviews the level of cash and investments held at each meeting of the Trustees to ensure there are sufficient liquid funds to meet its commitments over the coming 12 months.

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The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Trustees’ Report (continued)

It is planned to continue the existing policy of assisting those in need by the making of small grants.

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure proper controls are in place to provide reasonable assurance against fraud and error. Risks and their management are formally reviewed every year.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution 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, including the income and expenditure, of the charity for that year. In preparing those financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Approved by order of the Board of Trustees on 21[st] April 2021 and signed on its behalf by:

WJ Marshall President and Trustee

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The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Report of the independent examiner to the Trustees of The Anchor Society CIO

I report to the charity trustees on my examination of the accounts of The Anchor Society CIO (‘the Trust’) for the year ended 31 December 2020.

Respective responsibilities of trustees and examiner

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

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

Independent examiner’s statement

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

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

Mr PA Freeman BA FCA FCCA

for and on behalf of Lawes & Co UK Limited

Boyce’s Building 40-42 Regent Street Clifton Bristol BS8 4HU

Dated: 27[th] May 2021

6

The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Statement of financial activities

for the year ended 31 December 2020

(including income and expenditure account)

2020 2019
Restricted Unrestricted Total Total
Funds Funds
Note £ £ £ £
Income from:
Donations and legacies 2 10,997 102,969 113,966 144,542
Other trading activities 3 - 9,674 9,674 13,103
Investments 4 - 45,177 45,177 57,592
10,997 157,820 168,817 215,237
Expenditure on:
Charitable activities 6 19,413 219,326 238,739 327,365
Raising funds 7 - 1,607 1,607 4,683
19,413 220,933 240,346 332,048
Net income/(expenditure) (8,416) (63,113) (71,529) (116,811)
Other recognised gains/losses:
Gains/(losses) on investment assets:
Listed investments 12 - 12,336 12,336 240,686
Unlisted investments 12 - 10,800 10,800 19,441
Net movement in funds (8,416) (39,977) (48,393) 143,316
Reconciliation of funds:
Funds brought forward 37,496 4,249,766 4,287,262 4,143,946
Funds carried forward 29,080 4,209,789 4,238,869 4,287,262

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

7

The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Balance sheet

at 31 December 2020

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors
Amounts falling due within one year
14
Net current assets
Net assets
Represented by:
Restricted funds
15
Unrestricted funds
15
Designated Funds
General Funds		 2020
2019
£
£
£
£
1,151,328
1,151,328
2,895,994
2,859,504
4,047,322
4,010,832
12,026
10,983
187,537
274,994
199,563
285,977
(8,016)
(9,547)
191,547
276,430
4,238,869
4,287,262
29,080
37,496
3,312,839
3,302,039
896,950
947,727
4,209,789
4,249,766
4,238,869
4,287,262		 2020
2019
£
£
£
£
1,151,328
1,151,328
2,895,994
2,859,504
4,047,322
4,010,832
12,026
10,983
187,537
274,994
199,563
285,977
(8,016)
(9,547)
191,547
276,430
4,238,869
4,287,262
29,080
37,496
3,312,839
3,302,039
896,950
947,727
4,209,789
4,249,766
4,238,869
4,287,262
4,010,832
276,430
4,287,262
37,496
4,249,766
4,287,262

These financial statements were approved by the trustees on 21[st] April 2021 and signed on its behalf by:

WJ Marshall President and Trustee

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The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Notes

(forming part of the financial statements)

1 Accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.

Basis of preparation

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) “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 2015)”, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Income

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:

9

The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Notes (continued)

Allocation and apportionment of costs

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned.

Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer Equipment: Straight line over 3 years.

Depreciation is not provided on freehold buildings as their estimated useful economic life exceeds 50 years, they are well maintained by a programme of continual repairs and improvements and their expected residual value exceeds cost. Having adopted this policy, the Society will carry out annual impairment reviews to ensure that any diminution in value is written off in the Statement of Financial Activities.

Assets with a value of less than £1,000 are not capitalised.

Listed investments

Listed and unlisted investments, and investment properties are included at market value at the balance sheet date.

Leased assets

Rentals in respect of operating leases are charged directly to the statement of financial activities in the period in which they fall due.

Taxation

The charity is exempt from tax on its charitable activities.

Revaluation gains

The revaluation gains shown in the Statement of Financial Activities include both realised and unrealised gains and losses.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. In addition to the elderly and needy of the Bristol area, such funds may be held in order to finance capital investment and working capital.

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.

Designated funds are those which the charity may, at its discretion, set aside for a specific purpose which would otherwise form part of the general reserves of the organisation.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Notes(continued)
2
Donations and legacies
Donations
Restricted funds
Unrestricted funds
3
Other trading activities
Anchor Dinner
Rents
4
Income from investments
Listed investments
Cash investment income		 2020
£
10,997
102,969
113,966
2020
£
-
9,674
9,674
2020
£
45,040
137
45,177		 2019
£
44,478
100,064
144,542
2019
£
4,410
8,693
13,103
2019
£
56,300
1,292
57,592

5 Analysis of expenditure by activity

Grants made
to assist older Support
Note people costs Total
£ £ £
Grants to institutions 6 106,606 - 106,606
Grants to individuals 6 41,606 - 41,606
Expenditure on raising funds 7 - 1,607 1,607
Governance costs 8 - 90,527 90,527
148,212 92,134 240,346

11

The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Notes (continued)

6 Expenditure on charitable activities

Grants to institutions:
Age UK Bristol – Active Ageing Bristol
Age UK Bristol – Leg Ulcer Clinic
Age UK Bristol – LinkAge
Bristol After Stroke
Bristol and Avon Chinese Women’s Group
Bristol Music Trust
Business in the Community
Dementia Action Alliance
Elderly People’s Club
Fareshare SW
The Anchor Society Ltd – Intergenerational Project
Trinity Community Arts
University of Bristol Sphere Project
University of the West of England – Robotics Project
Grants to individuals
Governance costs
8
7
Expenditure on raising funds
Investment property costs
Anchor dinner costs		 2020
£
16,667
-
45,000
1,174
-
5,000
12,000
-
-
6,087
2,200
4,478
14,000
-
106,606
41,606
90,527
238,739
2020
£
1,607
-
1,607		 2019
£
20,000
16,410
45,000
-
3,000
-
12,000
5,000
3,950
-
14,218
-
56,000
12,000
187,578
47,584
92,203
327,365
2019
£
239
4,444
4,683

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The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Notes(continued)
8
Governance costs
Note
Staff costs
9
Premises
Printing, postage and office expenses
General insurances
Independent examiner’s remuneration
Legal and professional costs
Other costs
9
Staff costs
Wages and salaries
Social security costs
Pensions costs
Average monthly number of employees
during the year		 2020
£
52,626
9,073
5,133
1,576
2,280
19,002
837
90,527
2020
£
49,384
1,941
1,301
52,626
2		 2019
£
52,052
9,088
5,980
1,552
2,400
18,411
2,720
92,203
2019
£
49,276
1,517
1,259
52,052
2

No employee received emoluments totalling more than £60,000 during the year.

10 Trustees’ remuneration and benefits

There were no trustees’ remuneration or other benefits for the year ended 31 December 2020 (2019: £Nil) and no trustees’ expenses were paid for either year.

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The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Notes (continued)

Notes(continued)
11
Tangible fixed assets
Land and buildings
Cost
At 1 January and 31 December 2020
Depreciation
Net book value at 31 December 2020
The net book value of land and buildings comprise:
Freehold property
New Anchor House, Wells Road, Knowle, Bristol
Leasehold Property
Shared ownership – Coopers Close		 £
1,151,328
-
1,151,328
£
929,778
221,550
1,151,328

New Anchor House is managed by the Guinness Trust.

The leasehold property at Coopers Close represents sheltered accommodation for the elderly. The current market value is based on the disposal value of a unit which was sold in December 2017.

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The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Notes (continued)

12 Fixed asset investments

Net Book value at 1 January 2020
Additions
Disposals
Revaluations
Net book value at 31 December 2020		 Land and
buildings
Listed
investments
Unlisted
investments
Total
£
£
£
£
170,000
1,788,793
900,711
2,859,504
-
476,045
-
476,045
-
(462,691)
-
(462,691)
-
12,336
10,800
23,136
170,000
1,814,483
911,511
2,895,994

Land and buildings

The net book value of land and buildings comprise:

£
Freehold property
Land and buildings at Home Farm, Yate 170,000

Home Farm was previously valued by Morgan Beddoe in accordance with the provisions of the Royal Institution of Chartered Surveyors (RICS) Valuation Standards Manual in March 2011. The farmhouse at Home Farm was sold previously. The Trustees have reviewed the book value of the remaining land and buildings and consider the net book value reflects the current market value.

Listed investments

The book cost of investments is £1,523,004. There are no investment assets outside the UK.

Unlisted investments

These comprise two loans of £300,000 each made to The Guinness Trust for the purpose of providing very sheltered housing.

The loans are repayable in 80 years from payment in May 2084 and February 2087 respectively. They will be repayable earlier in the following circumstances:

ii) where the property ceases to be used for the agreed use.

The value of the loans has been adjusted in line with the retail price index to recognise the change in value during the year in accordance with the loan agreement. The revaluation is recognised in the Statement of Financial Activities.

15

The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Notes (continued)

13 Debtors falling due within one year

Prepayments
Gift Aid tax repayment
Sundry debtors
14
Creditors falling due within one year
Taxation
Accruals
15
Movement in funds
Restricted
Funds
Designated
Funds
£
£
At 1 January 2020
37,496
3,302,039
Net movement in funds
(8,416)
10,800
At 31 December 2020
29,080
3,312,839		 2020
£
1,031
7,825
3,170
12,026
2020
£
831
7,185
8,016
General
Funds
£
947,727
(50,777)
896,950		 2019
£
999
9,784
200
10,983
2019
£
1,451
8,096
9,547
Total
£
4,287,262
(48,393)
4,238,869

Net movement in funds, included in the above are as follows:

Income
Expenditure
Gains and losses
Net movement in funds		 Restricted
Funds
Designated
Funds
General
Funds
Total
£
£
£
£
10,997
-
157,820
168,817
(19,413)
-
(220,933)
(240,346)
-
10,800
12,336
23,136
(8,416)
10,800
(50,777)
(48,393)

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The Anchor Society CIO Trustees’ report and financial statements 31 December 2020

Notes (continued)

Designated funds are those which the charity may, at its discretion, set aside for a specific purpose which would otherwise form part of the general reserves of the organisation. Specifically, the charity sets aside funds which represent the investment made in freehold and leasehold property, fixed assets for use by the charity and long-term loans to other charities for the provision of services to older persons in Bristol and the surrounding area. In addition, specific substantial legacies are designated funds.

Restricted funds are donations that have been received by the Society for specific purposes:

Brought Income Expenditure Carried
forward forward
£ £ £ £
Sports projects 4,478 498 4,478 498
Intergenerational developments 30,782 - 2,200 28,582
Small grants 2,236 10,000 12,236 -
Foodstock 2020 - 500 500 -
Total restricted funds 37,496 10,998 19,414 29,080

Restricted funds are held in a separate bank account.

16 Related party transactions

During the year, the following relevant transactions occurred:

17