REGISTERED CHARITY NUMBER: 1172357 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 FOR PATE HOUSE CHARITY Andorran Limited 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire GL519TA
PATE HOUSE CHARITY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Pa9e Reference and Adrnini5trative Detai15 Report of the Trustees 2 to 3 Independent Examinerfs Report statement of Financial A¢ttvities ststement of Financial Position Notes to the Flnanclal Statements 7 to 12
PATE HOUSE CHARtrY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022 TRUSTEES Mrs C Price Mrs R RovAand D Lawren JACOX G N Gregory N C Fudey Rmay J B Buchanan Mrs M Jacko R B Rimell (appointed 21.10.21) Mrs M J Cowie (appointed 21.10.211 PRINCIPAL ADDRESS 16 Albion Street Cheltenham Gloucestershire GL52 2LP REGISTERED CHARrrY NUMBER 1172357 INDEPENDENT EXAMINER Andotran Limited 6 Manor Parf( Business Centre Mackenzie Way Cheltenham GSoucestershire GL519TX Page 1
PATE HOUSE CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charittes preparing their accounts in accordance with the Financial Reporb"ng Standard applicable in the UK and Republic of Ireland {FRS 1021 leffectiv& 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The Objects of the charity, as registered with the Charity Commission, are the provision of almshouses for poor persons of good character who are not less than 60 years of age or are infirm. are resident or were born in the Borough of Cheltenham provided that preference shall be given lo applicants qualified as aforesaid who are single, wdows oi wdowers. If, on the occasion of a vacancy, there is no suitable applicant who qualifies as af0SaId, the tsuslees may appoinl as a resident a person olhetwse duly qualified who is resident or was bom in the parish of Leigh in the county of G[OustershIre. The charitys Aims are.. lo provide a quality and pfesSIOnal Servi for the well being of the residents of Pate House, Chellenham", to ensure the fabric and e55ential fixtures and ffthngs are maintained at an above good standard as laid down by interested bodies i.e. DSS and the Amshouse Associab"on', to pay due cognisance lo the regulations laid down by the Amshouse Association and other interested bodies in the care for the eldetty., to explore opportunities and take advantage of 5ituab.ons which may lead to the expansion of the current ac£ommodabon undei the care of the Trustees and which will be within the Trust's financial status. Public benerrt In planning the Charity's actNities the trustees kept in mind the Charity Commission's guidance on public benefit. The focus of the Charity's acb"vities during the period. which explains the delivery by the Chartty of public benefit, is sel out below under 'Achievement and performan. and above 5Jnder'Objeclives and aims,. AGHIEVEMENT AND PERFORMANCE Charitable activities During the year Pale House Charity carried out essents.al propety repairs and general maintenance of the residential units. Upgrading of the units is a rolling programme. The energy efficiency of Pate House 15 being reviewed and the trustees hope lo brin9 forward proposals to improve Ihe situation for residents e.g. insulation, secondary glazing. solar panels. Residents generally continue to be in gocAY health but one is gNing us cause for concem and has entered h05Pital. Because of the national lockdowns. indNidual conversatsons were held vrith the residents. giving them the opportunity to discuss any problerns or shortaimings in service. FINANCIAL REVIEVV Reserves policy The unrestricted resetves are av8ilable foi the day io day running for the charity. The overall policy is to be in a FM)sition to have sufficient reserves for new builds, acquisib'ons orjoint ventures and this is conbnuousty explored. The present levels of reserves are nol sufficient for the trustees lo progress with any of the proposals put forward to date. It is the trustees, intention to build the charity'5 re[yeS lo enable them to be utilised or this purrrt)se. FUTURE PLANS The iTrcrease in rental income Is now enabling the reserves lo be increased. Page 2
PATE HOUSE CHARtrY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Pates Eslate was founded in 1574 and the Foundabon was formed in 1881. In 1811 Pate House moved lo the present site and in 1987 the rear block was built. After the new Education Act of 1980 the Charity Commission recommended that Pate House become an Independent Charitable Trust which was set up in 1987 and registered with the Charity Commission under reference 220805_ On 18 August 2001 the Tnjst deregistered from the Housing Corporation_ In April 2018 the activities of the Charitable Trust were transferred to this entity, a Charitable Incorporated Organisalion ICIOI with the same name and objectives. The activities of the charity are therefore governed by the incorporation document of the CIO. Induction and training of new trnstees The Trustees are appointed from three sources - Pate's Grammar School Foundation, Corpu5 Christi Oxford and Co-opted Trustees. New Trustees are appointed by the source trom which the vacancy arises. Trustee, when nominated, has lo be approved both by the relevant source nominating himlher and by the full Pale House Chanty Trustees. Two new twstees- Mrs Maggie Cow"e and Mr Robert Rimell - were appointed during the year. Risk manageme The trustees have a duty to identsfy and review the risks to whh the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. STATEMENT OF TRUSTEES. RESPONSIBILlEs The Iruslees are responsible for prepanng the Report of the Trustee5 and the financial statements in accordance with applicable law and United Kingdom Accountsng Standards (United ngdorn Generally Accepted Accounting Practice). The taw applicable to charities in England and Wales, the Charitses Act 2011. Charity (Accounts and Reports) Regulab"ons 2008 and Ihe provisions of the trust deed fequires the Iruslees to prepare financial statements for each financia5 year which gNe a true and fair view of the stste of affairs of the chatity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial ststements. the trust are requireil to select suitable accounting pjlicies and then appty them consistenty," observe the methods and principles in the Charity SORP., make judgements and estimates thal are reasonable and prudent. prepare the financial statements on Ihe 90ing concem basi5 unless li is inappropriate to presume that Ihe charity will conts'nue in business. The trustees are responsible for keeping proper accounting records which disclose wth reasonable accuracy al any lime the financial FKJsition of the charity 2nd to enable them to ensure that the financial slalemenls comply with the Charities Act 2011, the Charity {Accounls and Reports) Regulations 2008 and the provisions of the ttusl deed. They are also reswnsible for safeguarding the assets of the charity 2nd hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board ol trustees on 28 Juty 2022 and signed on its behalf by.. N C Fud8y - Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PATE HOUSE CHARITY Independent examinerfs report to the trnslees of Pate House Charrty I report to Ihe charity trustees on my examination of the acoJ)unts of Pate House Chanty (the Trust) for the year ended 31 March 2022. Responsibilities and basis of report As the charity tnjslees of the Trust you are responsible for the preparats'on of the accounts in accordance with the requiretnents of the Chanties Act 2011 {'Ihe Acf)- I report in respect of my examinat"Ton of the Trusfs accounts camed out under seth.on 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 14515llb) of the Act Independent examinetrs statement I have completed my examination. I confim that no matertal matters have come to my attention in connection with the examination giving me cause lo be5ieve that in any material respect.. accounting records were not kept in respect of the Trust as required by seth.on 130 of the Act," 01 the accounts do not accord with those records", or the accounts do not comply wlth the applicable requirements Conrning the form and content of accounts set out in the Chatrtie5 IAGGounts 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 concems and have come across no other matters in connecb.on with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Roger Dowmes FCA ICAEW And0an Limited 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire GL519TX 28 July 2022 Page 4
PATE HOUSE CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 31.3.22 Unrestricted fvnds 31.3.21 Total ftjnds Notes INCOME AND ENDOWMENTS FROM Charitable activities Chantable activities 43,712 58,009 Investment income Other income 665 33 400 350 Total 44,410 58,759 EXPENDITURE ON Charitable activitie5 Charttable activities 38,099 39,235 Net gains on investments 1,360 2,664 NET INCOME 7,671 22,388 RECONCILIATION OF FUNDS Total funds brought forward 294.425 272,037 TOTAL FUNDS CARRIED FORWARD 302.096 294.425 The notes fomi part of these financial statements Page 5
PATE HOUSE CHARtrY STATEMENT OF FINANCIAL POSITION 31 MARCH 2022 31.3.22 Unrestricted funds 31.3.21 Total funds Notss FIXED ASSETS Tangible 2ssetg Investments 304,921 29.050 320,970 17,027 10 333,971 337.997 CURRENT ASSETS Prepayments and accrued income Cash al bank 417 22,589 409 19,283 23.006 19.692 CREDITORS Amounts falling due within one year 11 {7.631) {9,7141 NET CURRENT ASSETS 15,375 9,978 TOTAL ASSETS LESS CURRENT LIABILITIES 349,346 347,975 CREDITORS Amounts falling due after more than one year 12 147.2501 {53,5501 NET ASSETS 302,096 294,425 FUNDS Unrestricted funds 14 302,096 294,425 TOTAL FUNDS 302,096 294,425 The financial statements were approved by the Board of Trustees and authorised for issue on 28 July 2022 and were signed on rts behalf by= N C Fudey- Trustee J A Cox - Trustee The notes fomi part of these financial statements Page 6
PATE HOUSE CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES Basi5 Of preparin9 the flnanclal statements The financial statements of the charity, which is a publr benefit entity under FRS 102, have been prepared in accordance with the Chanlies SORP IFRS 1021 'Accounting and Reporting by Charities.. statement of Recommended Pract"ce applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191,, Financial Reporb"ng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the chanb.es Act 2011. The financial statements have been prepared under the historical cost convention, with the exptIOn of investments which are included at market value, as modified by Ihe revaluation of rtain asseis. The trustees have considered the cash flow requiiements of the charity for a penod of greater than elve months from the dale of approval of these financial statements, paying swific attention to the financial effects of the uncertaintses created by the outbreak of the covid-19 pandemic. Whilst acknowledging that times remain highly uncertain, but encouraged by the continuation of incorne stream5 throughout the outbreak lo date, the trustees are confident that they can generate the income streams necessary lo cover the charity's outgoings for the foreseeable fvture and that, as a result, the charrty remains a going concern. The trustees have consequently drawn up the financial Statements Oll that ba515. Income All income is reco9nised in the Statement of Financial Activities once the charity has entrtiement to the funds. il is probable that the income V11 be received and the amount can be measured reliably_ Expendituro Liabilities a recognised as expenditure as soon as there is a Segal or constrltctive obligation cornmitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amounl of the obligation can be measured reliably. Expenditure is accounted for on an acctuals basis and has been classified under heading5 that aggregate all cost related to the category. Where costs cannot be direcuy attn"buted to paCular headings they have been allocated to activities on a basis consistent the use of resources. Tangible fixed assets Housing property is stated at cost less depreciabon. Depreciab"on is calculated on 8 straight line basis over 25 years frorn 2018. Other assets are capitalised based on their expected use1 life and being of a value that would be deemed not to be general operating expenditure. Taxation The charity 15 exempt from tax on its charitable acttvities. Fund accounting Unrestricted funds can be used in accordance wilh the charitable objectives at the discretion of the trustees. Restricted funds can only be used for parb"cular restn.cted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted puiposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Inveslrnents Investments are valued at market value at the balan sheet date, being the Midd prices provided by the managers. Profits or losses arising on realisation and unrealised gains and losses at year*nd are dealt with Ihrough the Statement of FinanGial kntsvibe5.. Page 7 continued...
PATE HOUSE CHARrrY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022 INVESTMENT INCOME 31.3.22 31.3.21 Investment income Deposit account interest 663 378 22 665 400 INCOME FROM CHARrrABLE ACTIVITIES 31.3.22 31.3.21 Activity Maintenance contribub'ons Charitable activFb'es Grants Charilable activities 43,712 38,009 20,000 43,712 58,009 Grants received, included in the above, are as folk)ws: 31.3.22 31.3.21 Almshouse Association 20,000 OTHER INCOME 31.3.22 31.3.21 Gift Aid 350 CHARITABLE ACTWThIES COSTS Direct Costs (see note 6) Support costs (see note 7) Totals Charitable a¢VibeS 28.084 10,015 38,099 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.22 31.3.21 Cleaning Insurance Subscriptions other property costs Repair5 and maintenan Establishment costs DepieGiabon 1.117 1,411 261 45 7.174 2.027 16,049 426 1,260 182 45 2,811 3,008 16,049 28,084 23,781 Page 8 continued...
PATE HOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS - contlnu•d FOR THE YEAR ENDED 31 MARCH 2022 SUPPORT COSTS Govemance costs Charitable activtties 10,015 Support Cosls, included in the above. ate as follows." 31.3.22 Charitable activibes 31.3.21 Total activib'es ndependent examiners fee Secretarial assistance Office costs Legal fees Loan arrangement fee 1,128 8,205 682 1,136 8,229 689 2,400 3.000 10.015 15,454 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other beneffts for the year ended 31 March 2022 nor for the year ended 31 March 2021. Trustees. expenses One trustee received reimbursement of £1,03812021-. £1,755) for expenses incurred on the charity's behalf. TANGIBLE FIXED ASSETS Freehold propety COST At 1 April 2021 and 31 March 2022 370,453 DEPRECIATION At 1 April 2021 Charge for year 49,483 16,049 At 31 March 2022 65,532 BOOK VALUE At 31 March 2022 304.921 At 31 March 2021 320.970 Pate's Almshouse was nStrUCted in the late Nineteenth Century and extended in the late tsventieth. There is no record of the original cosL which for FRS102 purposes in 2018 was taken as being £100 plus the cost of extension in 1980 of £75,235. Further addrtions since then are shown al cost. The number of units of Housing Accommodation remained al 10 uniis throughout the year. having been increased from 8 to 10 duiing the previous year. Page 9 continued_..
PATE HOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2022 10. FIXED ASSET INVESTMENTS Unlisted investments MARK VALUE Al 1 April 2021 Additions and dividends reinvested Revaluations 17,027 10,S63 1,360 At 31 March 2022 29.050 NET BOOK VALUE At 31 Maich 2022 29.050 At 31 March 2021 17,027 There were no investment assets outside the UK. Cost or valuation at 31 March 2022 Is represented ty- Unlisted investments Valuatson in 2020 Valuation in 2021 Valuation in 2022 Cost (1,4861 2,864 1,360 26,312 29,050 The investments at matket value ¢omprise the following.. 2022 2021 Accumulalion of Income 1,191.745 {2021. 755.8251 BLK Charities UK Equity Futbd A Ac£ 17.486 BLK Charities UK Bond Fund A Acc 28,172 878 16,106 921 29,050 17,027 Page 10 continued...
PATE HOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022 11. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 31.3.22 31.3.21 (Xher loans {see note 131 Trade creditors Other creditors Accrued expenses 6,300 6,300 97 2,129 1,188 1,237 7,631 9,714 12. CREDITORS: AMOUNTS FALLING DUE AER MORE THAN ONE YEAR 31.3.22 31.3.21 Other loans (see note 131 47,250 53,550 13. LOANS An analysis of the malurity of loans is gNen tloW.. 31.3.22 31.3.21 Amounts falling due wthin one year on demand.. Almshouse Asswialion loan 6,300 6,300 Amounts falling between one and hvo years". Almshouse Association loan 6.3CHJ 6.300 Atnounls falling due betw Iwo and five yeat5". Almshouse Association loan 18,900 18,900 Amounts falling due in more than fve years: Repayable by instalmenls= Almshouse Association loan 22,050 28,350 14. MOVEMENT IN FUNDS Net movement in funds At 31.3.22 At 1.4.21 Unrestricted funds General fund 2g4.425 7.671 302,096 TOTAL FUNDS 294,425 7.671 302,096 Nel movement in funds, included in the atxjve are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 44.410 138.099) 1.360 7,671 TOTAL FUNDS 44.410 138.099) 1,360 7,671 Page 11 continued...
PATE HOUSE CHARttY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022 14. MOVEMENT IN FUNDS - Continued Comparatives for movement in funds Net movement in funds Al 31.3.21 At 1.4.20 Unrestritted fvnds General fund 272.037 22,388 294,425 TOTAL FUNDS 272,037 22,388 294,425 Comparative nel movement in funds, included in the above a as follows: In(xJming Resour5 resour$ expended Gains and Movement losses in funds Unrestricted funds General fund 58.759 {39.235) 22,388 TOTAL FUNDS 58.759 {39,2351 2.864 22.388 Designated Funds Cyclical Repairs and Maintenance Reserve Reserve for regular prcMJr2mme of cyclical repairs and maintenance. 15. RELATED PARTY DISCLOSURES Aspey Lawrence & Co Ltd A company in which Mr D Lawrence is a direetor and shareholder Dunng the year the charity plxed insurance business vthh the related party on an amis, length basis. The value of premiums paid was £21512021= £215). Page 12